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TVS Motor Exports Over 10 lakh Units in FY22 – Top Indian Market News

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TVS Motor exports over 10 lakh two-wheelers for the first time in a year in FY22

TVS Motor Company Ltd has sold over 10 lakh two-wheelers in overseas markets this year. This is the first time ever that the company crossed the 7-figure sales mark in a financial year. It has a presence across 80 countries in Africa, Southeast Asia, the Indian sub-continent, and Central and Latin America. The company is also looking to enter more markets in Europe and North America. The key exports include the TVS Apache, HLX, Raider, and Neo two-wheelers.

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Dabur India partners with IndianOil for direct-to-home sales

Dabur India Ltd has announced an exclusive partnership with IndianOil to offer its range of products to nearly 14 crore Indane LPG consumers across India. Indane LPG distributors will become retail business partners for the FMCG company. They will help sell Dabur products directly to LPG consumer households through their network of delivery personnel. Both companies are working on technological system integration for seamless supplies across the value chain.

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Adani Enterprises divests stake in DC Development Hyderabad, NDCL

Adani Enterprises Ltd (AEL) has divested its entire stake in DC Development Hyderabad Pvt Ltd and Naida Data Center Ltd (NDCL) to AdaniConnex Pvt Ltd. The two firms have ceased to be wholly-owned subsidiaries of AEL. AdaniConnex is a 50:50 joint venture company of AEL with EdgeConneX Europe B.V.

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Spandana Sphoorty expects to disburse Rs 1,000 cr in Q4 of FY22

Spandana Sphoorty Ltd has resumed disbursements and expects to lend Rs 1,000 crore in the fourth quarter (Q4FY22). The microfinance institution had put disbursements on hold in the previous quarter (Q3) after its managing director Padmaja Reddy resigned abruptly in November 2021. The company has disbursed new loans worth Rs 30 crore so far in February.

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Cadila Healthcare gets USFDA approval for type-2 diabetes drug

Cadila Healthcare Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Dapagliflozin Tablets. The drug is used with a proper diet and exercise program to control high blood sugar in people with type-2 diabetes. It will be manufactured at the Cadila’s formulation manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.

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M&M Finance launches special deposit schemes

Mahindra & Mahindra Financial Services Ltd announced the launch of a special deposit scheme for digitally affluent customers. Depositors will have the opportunity to interact directly with the deposit-taking companies for the placement of deposits. To leverage the opportunity, Mahindra Finance will launch an innovative scheme that will offer 20 basis points (bps) higher interest rates per annum on direct deposits. 

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Vodafone Group looks to sell 5% stake in Indus Towers to Bharti Airtel: Report

According to a PTI report, Vodafone Group is in talks to sell its ~5% stake in Indus Towers (valued at over Rs 3,300 crore) to Bharti Airtel. The proceeds from the sale will be pumped into the loss-making Vodafone Idea Ltd (VIL). During an analyst call earlier this year, VIL’s management had reiterated March 2022 as the deadline for raising capital to finance its operations. This move comes after the telco opted to convert its AGR and spectrum dues into equity, making the Indian government the largest shareholder of the company.

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D-Mart all set to enter GIFT City

Avenue Supermarts Ltd (ASL), which owns and operates D-Mart stores, is all set to open a store in GIFT City, Gujarat. GIFT City is India’s first operational smart city and International Financial Services Centre (IFSC). ASL was recently allotted 70,000 sq. ft. development rights in the smart city. The new store seeks to provide customers with a distinctive shopping experience, comprising a wide range of everyday consumer products.

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India could export $500 billion in green energy over 20 years: Mukesh Ambani

India could become a global green energy superpower with exports of clean energy rising to $500 billion over the next 20 years, said RIL chairman Mukesh Ambani. He added that India should have a strategy to end dependence on fossil fuels in the next 2-3 decades. India would have to follow “low-carbon and no-carbon strategies” in the near and medium-term.

Companies such as Reliance Industries and the Adani Group have announced plans worth billions of dollars to boost India’s renewable energy capacity. You can read all about it here. 

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ZEEL asks NCLT to dismiss IndusInd Bank’s insolvency plea

Zee Entertainment Enterprises Ltd (ZEEL) has filed an application in the Mumbai bench of the National Company Law Tribunal (NCLT), seeking dismissal of IndusInd Bank’s insolvency petition against the company. Earlier this month, IndusInd Bank had moved NCLT against ZEEL under the Corporate Insolvency Resolution Process, claiming a default of over Rs 83.08 crore.

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Tech Mahindra to Acquire 100% Stake in Allyis Group – Top Indian Market News

Tech Mahindra to acquire 100% stake in Allyis India, Green Investments

Tech Mahindra Ltd has approved a proposal for the acquisition of a 100% stake in Allyis India and Green Investments. The total consideration for the acquisition is $125 million (~Rs 929 crore). Allyis offers technology consulting and managed services that help organizations reduce costs and improve performance. The target entity is headquartered in Seattle, USA, and has more than 660 employees. 

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GST Council defers hike on textiles from 5% to 12%

The Goods and Services Tax (GST) Council has decided to defer the rate hike on textiles from 5% to 12%. The issue will be reviewed at the next meeting in February 2022. Various states had opposed the increase in the tax, citing higher compliance costs for the unorganised sector and micro, small, & medium enterprises (MSMEs). They have also claimed that it will make the ‘poor man’s clothing expensive’.

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SBI to acquire 10% stake in India International Clearing Corporation

State Bank of India (SBI) will acquire a nearly 10% stake in India International Clearing Corporation (IICC). IICC is the first international clearing corporation set up at GIFT-IFSC that acts as a central counterparty providing clearing and settlement and risk management services. It clears and settles index and single stock derivatives, currency derivatives, and debt securities. SBI is expected to acquire a 9.95% stake, subject to a maximum investment of Rs 34.03 crore.

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Cadila Healthcare’s US arm gets USFDA approval to market Pimavanserin capsule

Zydus Pharmaceuticals (USA) Inc. has received tentative approval from the US Food & Drug Administration (USFDA) to market generic Pimavanserin capsules. The drug is used to treat hallucinations and delusions associated with Parkinson’s disease psychosis. It will be manufactured at Cadila Healthcare’s formulation manufacturing facility at Special Economic Zone (SEZ), Ahmedabad.

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FMCG distributors in Maharashtra to boycott HUL products from Jan 1

The Maharashtra Consumer Products Distributors Federation has decided to stop supplying Hindustan Unilever Ltd’s (HUL) kissan range of products from January 1 due to the company’s “refusal to engage with them on their concerns”. A section of bulk dealers and stockists warned of halting the supply of the HUL’s products over better terms offered to large and online peers. HUL said it remains committed to ensuring that distributors earn a fair return on investments. 

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CBI conducts raids at official and residential premises of Dilip Buildcon

A Central Investigation Bureau (CBI) team on Friday conducted raids at officials and residential premises of Dilip Buildcon Ltd (DBL) in Bhopal. The action came after CBI caught an executive director of the company three days ago while trying to give a bribe of Rs 20 lakh to an official of the National Highway Authority of India (NHAI). A senior CBI officer confirmed that five persons, including the Regional Officer of NHAI Bangalore and three officials of DBL, have been arrested.

IDFC First Bank board approves merger with promoter entities

The Board of Directors of IDFC First Bank has favoured the merger of IDFC and IDFC Financial Holding (promoter group) with the bank. The bank’s board has constituted and authorised a Capital Raise and Corporate Restructuring Committee to work on the terms of the proposed merger, including finalising the scheme, valuation, and hiring advisors. IDFC Financial Holding Company Ltd (IDFC FHCL) holds a 36.52% stake in the bank as of September 2021, while IDFC Holds a 100% stake in IDFC FHCL.

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PB Fintech to invest up to Rs 1,000 crore in two subsidiaries

PB Fintech Ltd has approved an investment of up to Rs 700 crore in subsidiary Policybazaar Insurance Brokers Private Ltd during FY22 and FY23. It has also approved an investment of up to Rs 299.99 crore in subsidiary Paisabazaar Marketing and Consulting Private Ltd. The investments will allow both the companies to strengthen their financial health and meet general operating expenses.

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Government sets up multiple task forces for 6G development

The Department of Telecommunications (DoT) has formed as many as six academia-driven task forces under the Technology Innovation Group (TIG) on sixth-generation or 6G technology. DoT mandated immediate deliverables by March 31, 2022, including mapping of 6G activities and capabilities worldwide and a white paper on India’s competencies, including research and pre-standardisation activities.

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Passenger Vehicle Sales Fall 19% in November – Top Indian Market News

Passenger vehicle sales fall 19% in November: SIAM

Passenger vehicle wholesales in India fell 19% in November as the semiconductor shortage continued to impact vehicle production. Total passenger vehicle (PV) dispatches last month stood at 2,15,626 units, a decline of 19% from 2,64,898 units in November 2020. Two-wheeler sales fell sharply by 34% YoY to 10,50,616 units. Three-wheeler dispatches stood at 22,471 units, down 7% YoY. The data was released by the Society of Indian Automobile Manufacturers.

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Factory output grows 3.2% in October

India’s factory output, as measured by the Index of Industrial Production (IIP), grew 3.2% in October 2021, led by growth in primary goods. The growth comes on the back of a 4.5% rise witnessed in the same period last year as the economy was recovering from the first round of lockdown-induced contraction. The manufacturing sector’s output grew 2% in October, while mining output surged by 11.4%. Power generation went up by 3.1%.

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LIC gets RBI approval to increase stake in IndusInd Bank to 9.99%

The Reserve Bank of India (RBI) has allowed Life Insurance Corporation of India (LIC) to raise its stake in IndusInd Bank to 9.99%. LIC currently holds 4.95% of the total issued and paid-up capital of the private sector lender. The approval is valid up to December 8, 2022. The RBI norms mandate that an entity that intends to acquire more than a 5% stake in a private bank has to take prior approval from the central bank.

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RIL raises stake in HFCL to 5% via QIP

Reliance Industries Ltd (RIL) has increased its stake in HFCL to 5% by investing in its qualified institutional placement (QIP). HFCL is India’s largest integrated telecom network provider. In an exchange filing, HFCL said its board had approved the allotment of 8.73 crore equity shares at Rs 68.75 per share to qualified institutional buyers (QIBs). The company has raised Rs 600 crore through the QIP issue.

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Cadila gets USFDA approval to start clinical trials in patients with PBC

Cadila Healthcare Ltd has received approval from the US Food & Drug Administration (USFDA) to initiate the Phase 2(b)/3 clinical trials to evaluate the efficacy and safety of Saroglitazar Magnesium in patients with Primary Biliary Cholangitis (PBC). PBC is a severe liver disease that leads to cirrhosis of the liver, liver failure, and possibly death. Nearly 50% of PBC patients are unable to benefit from the existing therapy due to lack of response or intolerable side effects.  

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Sterlite Tech unveils 5G-from-India offering at IMC 2021

Digital networks integrator Sterlite Technologies Ltd (STL) has unveiled its 5G-from-India offering at the India Mobile Congress (IMC) event. The company’s 5G portfolio includes optical, radio, and deployment solutions. STL expects that the end-to-end nature of solutions will fundamentally alter the game for super-fast and high-quality 5G deployments.

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Apollo TeleHealth secures ISO certification from BSI

Apollo TeleHealth (ATH) has become the first-ever organisation in the world to attain the ISO 13131:2021 certification presented by the British Standards Institution (BSI). ISO 13131:2021 belongs to a class of standards that provides flexible, general guidelines that support innovation in healthcare. ATH is a multi-specialty telemedicine network and part of the Apollo Hospitals Group.

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Greenlam Industries temporarily shuts plant in Rajasthan

Greenlam Industries Ltd (GIL) has temporarily closed down manufacturing activities at its plant in Behror, Rajasthan, as per the directions from Commission for Air Quality Management in National Capital Region and Adjoining Areas on December 9, 2021. The company stated that the facts and reports issued by the commission seem improper. GIL has already presented its case before the competent authority in this regard. It is taking the necessary steps to resolve the matter at the earliest.

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Lupin launches diagnostic business; to open 100 labs in India

Lupin Ltd has announced the launch of its diagnostics arm as part of its strategy to provide integrated healthcare services in India. The company commenced operations with 11 labs, including a 45,000 sq. ft. national reference lab in Navi Mumbai and 200 collection centres in West and East India.  The pharma company plans to open over 100 labs across and 1000 collection centres across India in the next three years.

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Alembic Pharma acquires stake in US biotech RIGImmune

Alembic Pharmaceuticals Ltd has made a strategic investment in RIGImmune, a US-based biopharmaceutical research company. The pharma company has acquired shares in RIGImmune that amount to a 19.97% post-money stake in the first closing of the series seed round. RIGImmune focuses on the development of novel treatments for RNA (ribonucleic acid) viruses.

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TVS Motor strengthens product portfolio in Philippines market

TVS Motor Company announced the launch of its premium Apache RR310 and 125cc scooter TVS NTORQ in the Philippines market. The company has launched TVS Apache RR310 with Race Tuned Fuel Injection and feature-rich connected scooter TVS NTORQ 125 for aspirational young customers in the Philippines.

Read more here.

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BPCL to Build India’s Largest Green Hydrogen Unit – Top Indian Market News

BPCL to build India’s largest green hydrogen unit

Bharat Petroleum Corporation Ltd (BPCL) is planning to build India’s largest green hydrogen plant, as it aims to achieve net-zero emissions for its operations by 2040. The company will set up a 20 megawatts (MW) electrolyzer at its refinery in Bina, Madhya Pradesh, to produce green hydrogen. BPCL is working on the details and expects to start establishing its net-zero roadmap by March 2022.

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Thermax secures order worth Rs 830 crore to set up FGD systems

Thermax Ltd has secured an order worth Rs 830 crore from an Indian power sector company to set up flue gas desulphurisation (FGD) systems for three units in Uttar Pradesh. The FGD systems will be installed at the power company’s plant to cut down sulfur oxide emissions and comply with air quality standards. The scope of the order includes design, engineering, manufacturing, civil work, construction, and commissioning of the FGD systems. 

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L&T Infotech enables large scale transformation for PIH Group

Larsen & Toubro Infotech (LTI) has partnered with Qatar-based Power International Holding (PIH) Group of Companies to enable large-scale digital transformation. As part of PIH’s digital transformation journey with LTI, 63 group companies spread across four business domains underwent a transformation of more than 250 processes.

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JSW Steel’s subsidiary acquires a port and maritime services company

Piombino Steel Ltd, a subsidiary of JSW Steel, has acquired West Waves Maritime & Allied Services Pvt Ltd (WWMASPL) for a consideration of Rs 30.67 lakh. WWMASP is engaged in port and maritime services and trading of coal and steel products. Incorporated in 2014, the company reported an annual turnover of Rs 9.91 crore in FY21. The acquisition was done to reorganize and eliminate intercompany loans and simplify the group corporate structure. 

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Sun Pharma loses bid to avoid trial in Ranbaxy antitrust class

Sun Pharmaceutical Industries Ltd has lost a bid to avoid facing a trial over allegations that an Indian drugmaker it acquired engaged in an anticompetitive scheme to delay the launch of generic drugs by rivals. A US District Judge ruled that Sun Pharma failed to compellingly dispute claims by generic drug buyers that they were overcharged for medications as a result of a fraud Ranbaxy Laboratories perpetrated on US regulators.

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Cadila Healthcare signs pact with Lorean Enzychem for DNA Covid-19 vaccine

Cadila Healthcare Ltd has entered into an agreement with South Korea’s Enzychem Lifesciences for its plasmid DNA vaccine ZyCov-D to prevent Covid-19. The deal encompasses manufacturing license and technology for such vaccines. The partnership will result in the manufacturing of 8 crore doses or more of the Covid-19 plasmid DNA vaccine in 2022.

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BLS International’s subsidiary appointed as corporate BC of 2 banks

Starfin India, a subsidiary of BLS International Services Ltd, has been appointed as a corporate business correspondent (BC) of Punjab National Bank and Central Bank of India.  The company will deliver last-mile banking services in rural/semi-urban/urban/metro areas across India. Starfin will initiate more than 30 banking services such as enrollment of customers, debit cards, money deposits, statement of accounts, passbook printing, etc to account holders of both banks.

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India, ADB sign $300 million loan to improve access to healthcare in urban areas of 13 states

The Government of India and the Asian Development Bank (ADB) have signed a $300 million (~Rs 2,235 crore) loan to strengthen and improve access to comprehensive primary healthcare in urban areas of 13 states. This move will benefit over 256 million urban dwellers, including 51 million from slum areas. The programme supports the Centre’s key health initiatives by expanding availability and access to quality primary healthcare services.

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Indian Overseas Bank, Central Bank of India clarify on reports of privatisation

Indian Overseas Bank (IOB) and Central Bank of India (CBI) have informed the exchanges that there has been no information regarding the reported privatisation of the banks. Shares of the two state-owned banks rallied up to 20% today on the back of heavy volumes amid reports that the two financial institutions might be privatised. The Centre has shortlisted CBI and IOB for divestment, according to a report by a TV channel.

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Jindal Steel to Start Building Botswana Coal Mine in 2022 – Top Indian Market News

JSPL to start building Botswana coal mine in 2022

Jindal Steel & Power Ltd (JSPL) will start building a coal mine in Botswana’s southeastern Mmamabula coalfields in 2022, aiming to supply the export market and a planned coal power plant. The company aims for the mine to produce 4.5 million tonnes of coal per year. Despite the global shift from coal, Botswana is pushing ahead with developing its estimated 212 billion tonnes of coal resources. 

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Centre repeals 3 farm bills; PM urges protesting farmers to go home

Prime Minister Narendra Modi on Friday announced that the Centre will repeal the three controversial agricultural laws. He has requested protesting farmers to go back to their fields and homes. “The three laws were in the benefit of farmers but we could not convince a section of them despite our best efforts”, said the PM. To learn more about the three contentious bills and why farmers protested against it, click here.

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ABB Power Products rebrands itself as Hitachi Energy India

ABB Power Products & Systems India announced its rebranding as Hitachi Energy India Ltd. The company has reaffirmed its commitment to accelerating the clean energy transition in India. Hitachi Energy (the parent company) views India among its top five markets for expansion. It aims to expand its portfolio to meet the needs of the evolving energy landscape in India and grow faster than the market.

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Biocon and Viatris to distribute Insulin Glargine through Walgreens in the US

Biocon Biologics and Viatris Inc. announced that they would distribute Insulin Glargine injection through the Walgreens Prescription Savings Club in the US. Members will get savings of up to 80% on the cash price of comparable long-acting insulins purchased at Walgreens. The biosimilar product was co-developed by Biocon Biologics (a subsidiary of Biocon Ltd) and US-based Viatris.

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Zydus Cadila gets USFDA approval for Nelarabine injection

Zydus Cadila has received final approval from the US Food & Drug Administration (USFDA) to market Nelarabine Injection in the US with 180 days of marketing exclusivity. The drug is used to treat certain types of leukemia and lymphoma by slowing or stopping the growth of cancer cells. According to IQVIA data, Nelarabine Injection had annual sales of $34.5 million (~Rs 256 crore) in the US for the year ended September 2021.

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HPCL partners with IDFC First Bank for fuel payments using FASTags

Hindustan Petroleum Corporation Ltd (HPCL) and IDFC First Bank have signed an agreement to facilitate fuel payments by motorists at HPCL’s retail outlets using the bank’s FASTags. IDFC First Bank’s FASTags can now be bought, recharged, and replaced by passenger vehicle users at select HPCL retail outlets.

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Zomato may invest $500 million in Grofers to push its quick commerce play: Report

According to a report from Economic Times, Zomato Ltd is in talks to invest as much as $500 million (~Rs 3,715 crore) in grocery delivery service Grofers. The proposed deal marks an extension of its food delivery battle with Swiggy into the ultrafast commerce segment, which is attracting heavy investor capital globally.

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Railway Board issues order to resume serving cooked meals to passengers on trains

The Railway Board has issued an order to resume serving cooked meals to passengers on trains, a service that was discontinued due to Covid-19 restrictions. The board has asked the Indian Railway Catering and Tourism Corporation (IRCTC) to resume the service. Ready-to-eat meals will also continue to be served to passengers.

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ONGC to invest up to Rs 6,000 crore in its petrochemical arm: Report

According to a report from Livemint, Oil and Natural Gas Corporation Ltd (ONGC) is planning to invest Rs 6,000 crore in its petrochemicals unit ONGC Petro additions Ltd (OPaL). The company already holds compulsorily convertible debentures (CCDs) in OPaL that would be converted into equity worth Rs 6,000 crore. Currently, ONGC holds a 49.4% stake in OPaL, GAIL has a 49.2% stake, and Gujarat State Petroleum Corp Ltd holds 1.4%.

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OIL Reports 111% YoY Jump in Net Profit in Q2 – Top Indian Market News

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Oil India Q2 Results: Net profit jumps 111% YoY to Rs 504.46 crore

Oil India Limited (OIL) reported a 111% YoY jump in net profit to Rs 504.46 crore for the quarter ended September (Q2 FY22). Its turnover rose 52.8% YoY to Rs 3,311.18 crore during the same period. EBITDA stood at Rs 1,290.99 crore in Q2, an increase of 50.9% YoY. Crude oil price realisation for Q2 FY22 rose to $71.35 per barrel, compared to $42.74 per barrel in the corresponding period last year. OIL’s board has recommended an interim dividend of Rs 3.5 per share.

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Bank of Baroda Q2 Results: Net profit rises 24% YoY to Rs 2,088 crore

Bank of Baroda reported a 24.4% YoY increase in net profit to Rs 2,087.9 crore for the quarter ended September (Q2 FY22). Its net interest income (NII) rose 2.11% YoY to Rs 7,566 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 8.11% in Q2, compared to 8.9% in the previous quarter. The bank’s provisions fell 2% YoY to Rs 2,754 crore.

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LTTS partners with Microsoft to offer industrial Io-based smart solutions

L&T Technology Services Ltd (LTTS) has partnered with Microsoft Corp. to offer its Energy & Sustainability Manager (ESM) solution on Microsoft Azure to digitally transform and create sustainable factories of the future. LTTS’ ESM is a comprehensive compliance and standard-driven solution that tracks energy losses across plants. It helps to reduce wastage sustainably throughout a business and provides visibility into utilities and plant equipment.

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Berger Paints Q2 Results: Net profit falls 1% YoY to Rs 219 crore

Berger Paints Ltd reported a 1% YoY decline in consolidated net profit to Rs 219.21 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 27.68% YoY to Rs 2,225.01 crore during the same period. The paint manufacturer’s total expenses stood at Rs 1,939.59 crore in Q2, an increase of 31.7% YoY.

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DLF to add 2.3 million sq. ft. in retail portfolio

DLF Limited will add 2.3 million square feet to its existing 4.2 million sq. ft. of retail portfolio with six new properties as part of its expansion plans. The realty company is introducing a new line of growth with the introduction of premium neighborhood plazas in Gurugram, Chennai, and Delhi. In addition to this, DLF Retail will be entering the Goa market with Patto Plaza, a 0.3 million sq. ft. premium offering at one of the most prime localities in the city. 

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Alembic Pharma Q2 Results: Net profit falls 50% YoY to Rs 169 crore

Alembic Pharmaceuticals Ltd reported a 50% YoY decline in net profit to Rs 169.29 crore for the quarter ended September (Q2 FY22). Its revenue from operations fell 11% YoY to Rs 1,292.32 crore during the same period. The US generics business posted a 40% YoY fall in sales to Rs 348 crore in Q2. Revenue from its domestic formulations business stood at Rs 509 crore, registering a growth of 23% YoY. 

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UCO Bank enters co-lending agreement with Aadhar Housing Finance

UCO Bank has entered into a co-lending agreement with Aadhar Housing Finance to offer home loans at competitive rates. The partnership aims at providing easy and convenient home finance solutions to customers from the economically weaker sections of society. The co-lending framework of the Reserve Bank of India (RBI) provides a tool for banks and non-banks to collaborate, leverage on their respective strengths to give an affordable solution to the unserved and underserved sections.

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Cadila Healthcare gets USFDA approval for pre-surgery injection

Cadila Healthcare has received final approval from the US Food & Drug Administration (USFDA) for Glycopyrrolate injection. The drug is used before surgery to decrease the volume of secretions from the mouth, lungs, and stomach. It will be manufactured at the group’s injectables manufacturing facility at CHL-Jarod, near Vadodara in Gujarat.

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Cabinet approves ethanol price hike by up to Rs 1.4 per litre for blending in petrol

The Union Cabinet has hiked the price of ethanol extracted from sugarcane for blending in petrol by up to Rs 1.47 per litre for the 2021-22 marketing year, starting December. It is part of the government’s target to achieve 20% doping by 2025. Higher mixing of ethanol in petrol will help India cut its oil import bill and also benefit sugar cane farmers and sugar mills.

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Bharti Airtel, Oracle enter into a data centre and cloud deal in India

Bharti Airtel and Oracle have extended their partnership to support the growth of India’s digital economy by bringing a range of industry-leading cloud solutions to more than 10 lakh enterprise customers. Oracle will expand its India West (Mumbai) region capacity with Nxtra by Airtel to support the increasing demand for cloud services in India. Nxtra by Airtel operates India’s largest data centre network of 10 hyper data centres and 120 edge data centres.

Read more here.

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Cadila Healthcare’s Net Profit Jumps Six-Fold in Q2 – Top Indian Market News

Cadila Healthcare Q2 Results: Net profit jumps over six-fold YoY to Rs 3,002 crore

Cadila Healthcare Ltd reported a 534.2% YoY jump in consolidated net profit to Rs 3,002.3 crore for the quarter ended September (Q2 FY22). Net profit jumped 411.29% compared to the previous quarter. Adjusted for exceptional items and one-off gain on the account of sale of a subsidiary, profit after tax stood at Rs 597 crore, up 6% YoY. Its revenue from operations rose 3.4% YoY to Rs 3,784.8 crore during the same period. The sales from its India business grew 12% YoY to Rs 1,591 crore in Q2.

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Tata Steel partners with Tata Power to set up 41 MW solar project in Jharkhand, Odisha

Tata Steel and Tata Power have come together to develop a grid-connected solar project in Jharkhand and Odisha. The companies have signed a Power Purchase Agreement (PPA) for a period of 25 years to set up a 41 megawatt (MW) solar project. It will be a combination of rooftop, floating, and ground-mounted solar panels. Under this partnership, Tata Power will develop photovoltaic (PV) capacities for Tata Steel at Jamshedpur (21.97 MWp) and Kalinganagar (19.22 MWp). 

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UPL Q2 Results: Net profit rises 36.4% YoY to Rs 633 crore

UPL Limited reported a 36.4% YoY increase in consolidated net profit to Rs 633 crore for the quarter ended September (Q2 FY22). Net profit fell 6% compared to the previous quarter. Its revenue from operations rose 18% YoY (or 24% QoQ) to Rs 10,567 crore during the same period.

Tata Motors secures order for 3,500 XPRES-T EV units from BluSmart Mobility

Tata Motors has received an order for 3,500 XPRES-T EV units from electric ride-hailing platform BluSmart Mobility. The XPRES-T EV sedan comes with optimal battery size, captive fast charging solution, which ensures low cost of ownership in addition to safety and passenger comfort. With this order, BluSmart Mobility aims to expand its all-electric fleet multi-fold across Delhi NCR.

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Vedanta Q2 Results: Net profit jumps multi-fold YoY to Rs 4,615 crore

Vedanta Ltd reported a 451% YoY jump in consolidated net profit to Rs 4,615 crore for the quarter ended September (Q2 FY22). Net profit increased 9% compared to the previous quarter. Its revenue from operations rose 44% YoY (or 7% QoQ) to Rs 30,048 crore during the same period. EBITDA stood at Rs 10,582 crore in Q2, a growth of 62% YoY. Higher revenues were supported by improved commodity prices and higher volumes across businesses.

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IndusInd Bank raises Rs 2,800 crore debt capital via bonds

IndusInd Bank has raised Rs 2,800 crore by issuing bonds on a private placement basis. The Finance Committee of the bank’s board has approved the allotment of 2,800 rated, listed, non-convertible, and unsecured Basel-III compliant bonds in the nature of debentures. The bonds carry a coupon rate of 8.11% payable annually. It will mature in 10 years.

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Dr Reddy’s Labs Q2 Results: Net profit rises 30% YoY to Rs 992 crore

Dr. Reddy’s Laboratories Ltd reported a 30% YoY increase in consolidated net profit to Rs 992 crore for the quarter ended September (Q2 FY22). Net profit surged 1.6 times over the previous quarter. Its revenue from operations rose 18% YoY to Rs 5,763 crore during the same period. The pharma company’s proprietary products business registered a 195% YoY jump in sales to Rs 182.9 crore in Q2.

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Vodafone Idea’s board approves deferment of AGR dues payment for four years

Vodafone Idea’s board has approved opting for a four-year moratorium on adjusted gross revenue (AGR) payments. Vi has now accepted both spectrum and AGR moratorium, which will help the cash-strapped telecom operator save ~Rs 1 lakh crore. The company’s decision comes on the back of a relief package announced by the government last month.

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BPCL Q2 Results: Net profit rises 79% QoQ to Rs 2,694 crore

Bharat Petroleum Corporation Ltd (BPCL) reported a 20% YoY increase in net profit to Rs 2,694 crore for the quarter ended September (Q2 FY22). Net profit increased 79.4% compared to the previous quarter. Its revenue from operations rose 15% QoQ to Rs 81,536.7 crore during the same period. Sales volumes rose 2.9% QoQ to 9.91 million metric tonnes (MMT) in Q2. BPCL’s board has declared an interim dividend of Rs 5 per share.

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Adani Power Q2 Results: Net loss at Rs 230 crore

Adani Power reported a consolidated net loss of Rs 230.6 crore for the quarter ended September (Q2 FY22). It had posted a net profit of Rs 2,228.05 crore in the corresponding period last year (Q2 FY21). Its total income fell 36.6% YoY to Rs 5,572 crore in Q2 FY22. EBITDA stood at Rs 1,551 crore, a decline of 69.5% YoY.

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Shree Cement Q2 Results: Net profit rises 6% YoY to Rs 577 crore

Shree Cement reported a 5.6% YoY increase in net profit to Rs 577.7 crore for the quarter ended September (Q2 FY22). Net profit fell 25% compared to the previous quarter. Its revenue from operations rose 5% YoY to Rs 3,205.9 crore during the same period. The company’s cost of raw materials rose 7.2% YoY to Rs 215.7 crore in Q2.

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Zydus Cadila’s ZyCoV-D Gets Emergency Use Approval in India – Top Indian Market News

Zydus Cadila’s ZyCoV-D gets emergency use authorisation in India

The Subject Expert Committee (SEC) of Central Drugs Standard Control Organisation (CDSCO) has recommended the Emergency Use Authorization (EUA) for Zydus Cadila’s Covid-19 vaccine, ZyCoV-D, in India. The three-dose vaccine is applied using a needle-free system known as Tropis, which can also lead to a significant reduction in any kind of side effects. ZyCoV-D has an efficacy rate of 66.6% in a late-stage trial of more than 28,000 volunteers nationwide.

In other news, Zydus Pharmaceuticals Inc. (a subsidiary of Zydus Cadila) has signed a pact with Italy-based CHEMI SpA to launch a generic drug used in the treatment of Deep Vein Thrombosis (blood clot formed in deep veins of the body). 

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Ujjivan founder flags asset quality, attrition concerns as CEO resigns

A day after Nitin Chugh resigned as CEO of Ujjivan Small Finance Bank, Samit Ghosh (the founder of Ujjivan Financial Services) highlighted two major concerns at the bank. The extent of provisions against bank loans over the last year and the high attrition rate (the rate at which people leave) at various levels were concerning. Ujjivan SFB’s board will undertake a review of the bank’s loan book to identify accounts where further provisioning is needed. The bank’s gross non-performing assets (GNPA) ratio jumped from 7.1% in Q4 FY21 to 9.8% in Q1 FY22.

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TTK Prestige to commence normal operations at Khardi unit

TTK Prestige Ltd announced that a long-term settlement has been reached with the permanent workmen at its manufacturing unit at Khardi, Maharashtra. The company’s management had declared a lock-out at the unit on November 17, 2020. Under the new settlement, the workmen have agreed not to indulge in disruptive activities henceforth and have also accepted improved productivity norms. Normalised manufacturing operations are expected to commence on August 23, 2021.

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Ashoka Buildcon secures 1,500 MW solar parks project in Madhya Pradesh

Ashoka Buildcon Ltd has secured an order for a 1,500 megawatt (MW) solar parks project in Madhya Pradesh from Rewa Ultra Mega Solar. The accepted contract price of the project is Rs 186.11 crore. Ashoka Buildcon is a leading construction engineering company based in Nashik, Maharashtra.

SpiceJet launches 14 new domestic flights

SpiceJet Ltd has launched 14 new flights, including 12 industry-first non-stop flights. It will be the first airline to connect Bhavnagar-Delhi, Bhavnagar-Surat, Gwalior-Jaipur, Kishangarh (Ajmer)-Mumbai, Pune-Tirupati, and Varanasi-Dehradun. The airline also plans to launch a non-stop flight connecting Bhavnagar (Gujarat) with Mumbai.

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Natco Pharma faces setback in US patent litigation

A US District Court has ruled against Natco Pharma and its partner Alvogen in patent litigation related to Chicago-based AbbVie’s Pharmacyclics LLC’s Imbruvica. The court upheld Pharmacyclics LLC and Johnson & Johnson’s Janssen Biotech’s four patents related to Imbruvica. AbbVie’s Pharmacyclics owns the patents and markets the drug with Janssen Biotech. Imbruvica is used to treat certain blood cancers.

In 2018, Natco Pharma and Alvogen had filed an Abbreviated New Drug Application (ANDA) for a generic version of Imbruvica.

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Facebook India launches ‘Small Business Loans Initiative’ for SMBs across 200 cities

Facebook India has launched the ‘Small Business Loans Initiative’ to help small and medium businesses (SMBs) that advertise on the social media platform to get quick access to credit through independent lending partners. India is the first Facebook country where this program is getting rolled out. The initiative is open to registered businesses across 200 towns and cities across India. The interest range for these loans is pre-defined between 17-20% per annum.

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Steel Strip Wheels secures export orders worth Rs 81 crore

Steel Strip Wheels Ltd (SSWL) has secured an export order valued at close to $11 million (~Rs 81 crore) from Western Hemisphere. SSWL will complete the execution of the orders by December 2021 from its Chennai and Dappar plants. The company said orders of similar capacity are anticipated in coming months from a similar customer base, as business continues to recover rapidly.

Adani Total Gas to acquire 50% stake in Smartmeters Technologies

Adani Total Gas has executed a Share Subscription and Shareholders’ Agreement (SSSA) with Gujarat State Export Corp Ltd (GSEC) and Smartmeters Technologies Pvt Ltd (SMTPL) to acquire a 50% stake in SMTPL. The acquisition is expected to be completed by September 2021. Gujarat-based SMTPL is a manufacturer of gas meters with end-to-end solutions and services.

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PM Modi Launches Vehicle Scrappage Policy – Top Indian Market News

PM Modi launches vehicle scrappage policy

Prime Minister Narendra Modi has launched the ‘Voluntary Vehicle Fleet Modernisation Programme’ or the automobile scrappage policy. The new policy aims to phase out unfit and polluting cars and commercial vehicles which are older than 20 or 15 years, respectively. The scrappage policy will bring in investments of ~Rs 10,000 crore and help India become an industrial hub of automobile manufacturing. The owners who scrap their vehicles will be eligible for a scrap value of 4-6% of the ex-showroom price of that vehicle.

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L&T secures order for oxidation reactor from Technip Energies

The heavy engineering arm of Larsen & Toubro (L&T) has secured an order for an oxidation reactor from Technip Energies-India. The order for the technologically critical Titanium Clad Reactor is for a public sector petrochemical project for purified Tereplic sector petrochemical project for purified Terephthalic Acid plant. The scope of supply involves the design, material procurement, fabrication, inspection, and testing of the reactor. 

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Purvankara Q1 Results: Net profit at Rs 154 crore

Purvankara Ltd reported a consolidated net profit of Rs 154.14 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 16.9 crore in Q1 FY21 and a net profit of Rs 8.75 crore in the previous quarter (Q4 FY21). Its revenue from operations jumped nearly three-fold YoY to Rs 542 crore in Q1 FY22. The real estate developer posted a 21% YoY decline in sales bookings to Rs 314 crore during the same period.

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Wockhardt partners with RDIF to manufacture, supply Sputnik vaccines

Wockhardt Ltd has partnered with the Russian Direct Investment Fund (RDIF) and Enso Healthcare to manufacture and supply Sputnik V and Sputnik Light Covid-19 vaccines. Dubai-based Enso Healthcare is RDIF’s coordination partner for sourcing Sputnik V vaccines in India. As part of the deal, Wockhardt will manufacture and supply up to 62 crore doses of the two Sputnik vaccines to Enso over the next two years. The first batch of 5-12 crore doses will be delivered by June 2022.

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Zensar Tech secures multi-million dollar contract from the City of San Diego

Zensar Technologies Ltd has signed a four-year, multi-million-dollar contract with the City of San Diego to provide workplace and enterprise management solutions. The company will provide support to more than 1,000 servers and associated storage and software that host over 300 city application systems in San Diego. Zensar will also expand its support to science, technology, engineering, and mathematics (STEM) education for youth by investing in programs in the San Diego region.

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Grasim Industries Q1 Results: Net profit at Rs 481 crore

Grasim Industries Ltd reported a standalone net profit of Rs 481.6 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 282.9 crore in Q1 FY21. Its revenue from operations jumped 182% YoY to Rs 3,762.68 crore in Q1 FY22. The company’s expenses rose 79.3% YoY to Rs 3,282.34 crore during the same period. Grasim said it expects its businesses to resume their growth trajectory, assuming a low impact of a third wave of the Covid-19 pandemic.

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Tata Power Renewable commissions 100 MW solar project in Gujarat

Tata Power Renewable Energy Ltd (TPREL) has commissioned a 100 megawatt (MW) solar project at Raghanesda Solar Park in Gujarat. The installation will reduce 2 lakh tonnes of carbon emission every year. With the commissioning of this project, the total installed capacity of TPREL stands at 2,797 MW, with 1,865 MW of solar power and 932 MW of wind power. TPREL is a wholly-owned subsidiary of Tata Power Ltd.

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Suven Pharma Q1 Results: Net profit rises 14% YoY to Rs 105 crore

Suven Pharmaceuticals Ltd reported a 14% YoY increase in consolidated net profit to Rs 105.08 crore for the quarter ended June (Q1 FY22). Net profit has increased by 26.43% when compared to the previous quarter. Its total income rose 10.5% YoY (or 2.71% QoQ) to Rs 269.58 crore during the same period.

Cadila Healthcare gets USFDA approval for Mesalamine ER capsules

Cadila Healthcare Ltd has received final approval from the US Food and Drug Administration (USFDA) for Mesalamine extended-release (ER) capsules. The drug is indicated for the maintenance of remission of ulcerative colitis (an inflammatory bowel disease) in adults. The approved drug will be manufactured at Cadila’s formulation manufacturing facility as the SEZ, Ahmedabad.

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HAL Q1 Results: Net profit rises 31% YoY to Rs 194 crore

Hindustan Aeronautics Ltd (HAL) reported a 30.9% YoY increase in consolidated net profit to Rs 194.71 crore for the quarter ended June (Q1 FY22). Net profit has declined by 88% when compared to the previous quarter. Its total income declined marginally by 1.01% YoY (or 83.75% QoQ) to Rs 1,765.96 crore during the same period. State-owned HAL is an aerospace and defence company headquartered in Bangalore.

Glenmark Life Sciences Q1 Results: Net profit rises 24% YoY to Rs 101 crore

Glenmark Life Sciences reported a 24.5% YoY increase in net profit to Rs 100.9 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 32.2% YoY to Rs 524.9 crore during the same period. Revenue from the generic Active Pharmaceutical Ingredients (API) segment grew 38.3% YoY to Rs 4,803 crore in Q1. Recently listed Glenmark Life Sciences is a subsidiary of Glenmark Pharma Ltd.

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Cadila Health Reports 29% YoY Rise in Net Profit in Q1 – Top Indian Market News

Cadila Healthcare Q1 Results: Net profit rises 29% YoY to Rs 587 crore

Cadila Healthcare Ltd reported a 29.34% YoY increase in consolidated net profit to Rs 587.2 crore for the quarter ended June (Q1 FY22). Net profit declined by 13.5% when compared to the previous quarter. Its revenue from operations rose 14.5% YoY to Rs 4,025.4 crore during the same period. Revenue from its India business grew 43% YoY to Rs 1,943 crore, while US sales declined by 11% YoY to Rs 1,451 crore in Q1.

The pharma company has also applied to the Drugs Controller General of India (DCGI) for Emergency Use Authorisation (EUA) for its Covid-19 vaccine, ZyCOV-D.

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L&T to divest entire stake in hydroelectric power project to Renew Power

Larsen & Toubro (L&T) has announced the divestment of a 100% stake in the 3×33 megawatt (MW) run of the river hydroelectric power plant owned by L&T Uttaranchal Hydropower Ltd (LTUHPL) to Renew Power Services Pvt Ltd. The sale consideration is Rs 985 crore. This move is in line with the declared L&T focus of divesting non-core assets and improving shareholder value.

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Pidilite Industries Q1 Results: Net profit jumps 721% YoY to Rs 220 crore 

Pidilite Industries Ltd reported a 721.77% YoY jump in consolidated net profit to Rs 220 crore for the quarter ended June (Q1 FY22). Net profit declined by 28.13% when compared to the previous quarter. Its total income rose 116.4% YoY (but declined by 13.7% QoQ) to Rs 1,942.91 crore during the same period. Pidilite Industries is a leading manufacturer of adhesives and sealants, construction chemicals, and polymer emulsions in India.

RBL Bank gets accredited as an Agency Bank to RBI

RBL Bank has been empanelled by the Reserve Bank of India (RBI) as an ‘Agency Bank’ to conduct banking business for the Centre and state governments. The authorization will enable the private sector lender to handle a broad range of transactions related to government business, such as distributing subsidies, pension payments, and collecting taxes. With RBI’s accreditation, RBL Bank will be in a position to offer the government cost and time-efficient products and solutions.

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Kitex Garments Q1 Results: Net profit rises 62% YoY to Rs 20.5 crore

Kitex Garments Ltd reported a 62.13% YoY increase in consolidated net profit to Rs 20.51 crore for the quarter ended June (Q1 FY22). Net profit jumped 148.3% when compared to the previous quarter. Its total income rose 71.9% YoY (or 39.5% QoQ) to Rs 159.04 crore during the same period. Kitex Garments is a leading manufacturer of fabric and readymade garments in India.

KFC, Pizza Hut operator Sapphire Foods files IPO papers with SEBI

Sapphire Foods India Ltd has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise funds via an initial public offering (IPO). The company primarily operates KFC and Pizza Hut outlets in India, Sri Lanka, and the Maldives. The IPO will be entirely an offer for sale (OFS) of up to 1.75 crore equity shares by promoters and existing shareholders. Sapphire Foods is the largest franchisee of Yum! Brands in the Indian subcontinent. It is backed by prominent investors such as Goldman Sachs, Samara Capital, and Edelweiss.

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India Cements Q1 Results: Net profit more than doubles to Rs 37 crore

The India Cements Ltd reported a 120% YoY jump in standalone net profit to Rs 37.4 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 35% YoY to Rs 1,022.5 crore during the same period. EBITDA stood at Rs 165 crore, recording a growth of 3.77% YoY. The company’s cement production rose to 1.88 million tonnes (MT) in Q1 FY22, compared to 1.34 MT in Q1 FY21.

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Zomato divests stake in subsidiary NexTable for $100,000

Food tech startup Zomato has divested its stake in step-down subsidiary NexTable Inc for $100,000 (~Rs 74.2 lakh). The company’s step-down subsidiary, Zomato Inc, had entered into a stock purchase agreement with three individuals— Justin Doshi, Thusith Desilva, and Robert Tyree— for the sale of shares held by it in NextTble. US-based NexTable is a cloud-based restaurant reservation and table management platform.

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Bajaj Electricals Q1 Results: Net loss at Rs 22 crore

Bajaj Electricals Ltd (BEL) reported a consolidated net loss of Rs 21.87 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 15.93 crore in Q1 FY21 and a net profit of Rs 54.6 crore in the previous quarter (Q4 FY21). The company’s total income rose 22.3% YoY (but declined by 26.3% QoQ) to Rs 875.36 crore in Q1 FY22. BEL is a leading consumer electrical equipment manufacturing company based in Mumbai. 

BSE issues clarification on circular regarding additional price surveillance measures

Bombay Stock Exchange (BSE) has issued a clarification on its circular on additional price surveillance measures that had triggered a major sell-off in midcap and smallcap stocks over the past two days. BSE clarified that the add-on measures that sought to limit movement in stock prices beyond their price-band limit on a weekly, monthly, and quarterly basis is only limited to X, XT, Z, ZP, ZY, Y group shares exclusively listed on BSE. The new surveillance measure will only be applicable on shares worth Rs 20 or above and having a market capitalisation of less than Rs 1,000 crore. 

[The securities traded on BSE are classified into different groups. You can learn more about it here]

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Info Edge Reports 157% YoY Jump in Net Profit in Q4 – Top Indian Market News

Info Edge Q4 Results: Net profit jumps 157% YoY to Rs 306 crore

Info Edge (India) Ltd reported a 157.11% YoY increase in consolidated net profit to Rs 306.22 crore for the quarter ended March (Q4). Net profit has declined by 54.9% when compared to the previous quarter. Its revenue from operations rose 9.48% YoY to Rs 296.53 crore during the same period. The total billings growth in Naukri India and 99acres rose 26% YoY and 41.5% YoY, respectively in Q4. Net profit for the financial year ended March 31, 2021 (FY21) jumped 692.16% YoY to Rs 1,407.08 crore.

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Kiri Industries’ 37.57% stake in DyStar valued at $481.60 million

The Singapore International Commercial Court (SICC) has confirmed that the final value of Kiri Industries Ltd’s 37.57% stake in DyStar Global Holdings stands at $481.60 million (~Rs 3,570 crore). Kiri Industries had filed a minority oppression suit against Senda International Capital regarding its minority stake held in DyStar. Following the suit, SICC had directed Senda to buy out Kiri’s minority stake held in DyStar. [Ahmedabad-based Kiri Industries is a leading manufacturer and exporter of dyes and chemicals.]

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Bharti Airtel, TCS announce partnership to build 5G networks in India

Bharti Airtel Ltd has announced a strategic partnership with Tata Consultancy Services (TCS) for implementing 5G network solutions for India. The Tata Group has developed a state-of-the-art O-RAN-based Radio & Non-Standalone (NSA)/Standalone (SA) Core and has integrated an indigenous telecom stack. Bharti Airtel will pilot and deploy this indigenous solution during its 5G rollout. The pilot will begin in January 2022 as per guidelines formulated by the Government of India (GoI).

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Oil India Q4 Results: Net profit declines 8% YoY to Rs 848 crore

Oil India Limited (OIL) reported an 8% YoY decline in net profit to Rs 847.56 crore for the quarter ended March (Q4). Its revenue from operations rose 9% YoY to Rs 3,909.61 crore during the same period. The company received $59.80 for every barrel of crude oil in Q4 FY21, compared to $5.18 per barrel in Q4 FY20. Crude oil production for the financial year 2020-21 declined by 5.42% YoY to 2.964 million tonnes (MT). Oil India’s board has recommended a final dividend of Rs 1.5 per share.

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Maruti Suzuki to hike car prices in Q2 amid rise in input costs

Maruti Suzuki India said it plans to hike the prices of its cars in the July-September (Q2 FY21) quarter due to an increase in input costs. The price hike will vary across different models. The model-wise updated price list will be disclosed soon. In April, the automaker had announced a weighted average price increase of 1.6% in ex-showroom prices (Delhi) across models.

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Route Mobile announces technology partnership with Truecaller

Route Mobile Limited has announced a technology partnership with caller ID platform Truecaller. As part of the partnership, Route Mobile will provide enhanced business identification services to enterprises for building a trustworthy business communication ecosystem. With Truecaller Verified Business Caller ID and configuration capabilities, Route Mobile will empower enterprises to increase their customer outreach and improve response rates. 

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HBL Power Q4 Results: Net profit rises 36% YoY to Rs 9.6 crore

HBL Power Systems Ltd reported a 36.44% YoY increase in consolidated net profit to Rs 9.66 crore for the quarter ended March (Q4). Net profit has increased by 15.97% when compared to the previous quarter. Its total income rose 12% YoY (or 28.12% QoQ) to Rs 302.11 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 47.75% YoY to Rs 12.31 crore. The company’s board has approved a dividend of Rs 0.35 per share. HBL Power Systems is a leading battery and power systems company based in Hyderabad.

JSW Cement forays into ready mix concrete business

JSW Cement Ltd has announced its entry into the ready mix concrete (RMC) business under the brand name ‘JSW Concrete’. The company has set up its first commercial RMC unit in Chembur, Mumbai. This facility has a capacity of 2×60 cubic meters per hour, and will service the concrete requirements of construction projects in Central & South Mumbai. This is part of JSW Cement’s strategy to offer the entire range of building material products to its customers. The firm has plans to expand the RMC business to other locations.

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Cadila and Bayer to extend JV partnership for three years

Cadila Healthcare and Bayer (South East Asia) have decided to extend the operations of their joint venture (JV) by three years, with effect from June 2021. The companies had entered into an agreement in January 2011 to set up a JV, Bayer Zydus Pharma, for the sales and marketing of pharma products in India. Bayer Zydus Pharma will continue to operate in core therapies, including cardiovascular diseases, diabetes, women’s health, etc.

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Dish TV to raise up to Rs 1,000 crore via rights issue

The Board of Directors of Dish TV India has approved a proposal of raising up to Rs 1,000 crore through a rights issue in one or more tranches (rounds). The company will issue fully paid-up equity shares at Rs 10 per share (including a premium of Rs 9 per share) to eligible shareholders. The DTH service provider’s fundraising plan is subject to regulatory approvals.

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CCI approves Heineken’s additional equity stake acquisition in UBL

The Competition Commission of India (CCI) has approved Heineken International B.V’s proposed acquisition of an additional equity stake in United Breweries Ltd (UBL). The CCI added that the acquisition is subject to the outcome of certain court proceedings. Heineken International BV is an investment holding company. It is a direct and indirect shareholder for all non-Dutch companies that form part of the Heineken Group.

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Bharat Dynamics Q4 Results: Net profit falls 15.9% YoY to Rs 260 crore

Bharat Dynamics Ltd (BDL) reported a 15.9% YoY decline in standalone net profit to Rs 260.36 crore for the quarter ended March (Q4). Its revenue from operations fell 21.9% YoY to Rs 1,106.10 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 51.8% YoY to Rs 257.76 crore. The company’s board has approved a dividend of Rs 0.65 per share. BDL is a leading manufacturer of ammunition and missile systems.

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Retail Inflation Eases to 4.29% in April – Top Indian Market News

Retail inflation eases to 4.29% in April; IIP grows 22.4% in March 

Retail inflation in India, measured by the Consumer Price Index (CPI), eased to 4.29% in April 2021. CPI stood at 5.52% in March. This is the fifth consecutive month that retail inflation has come within the Reserve Bank of India’s (RBI) upper margin of 6%. The Consumer Food Price Index (CFPI) eased to 2.02% in April, compared with 4.87% in March. Vegetable prices fell 14.18% in April, while prices of cereals declined by 2.96%.

India’s factory output, measured by the Index of Industrial Production (IIP), witnessed a growth of 22.4% YoY to 143.4 in March 2021. The growth in IIP is mainly on account of the growth in the manufacturing, electricity, and mining sectors. The manufacturing sector posted a growth of 25.8% YoY to 140.4 in March. The electricity and mining sectors grew 22.5% and 6.1%, respectively, during the same month. The index had fallen by 3.4% in February 2021.

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Tata Power Q4 Results: Net profit falls to Rs 481 crore

Tata Power Company Ltd reported a marginal decline in net profit to Rs 481.21 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 474.70 crore in the corresponding period last year (Q4 FY20). Its total income rose to Rs 10,222.48 crore in Q4 FY21, compared with Rs 6,793.95 crore in Q4 FY20. Tata Power’s board has recommended a dividend of Rs 1.55 per share.

The company’s board has also approved fund-raising up to Rs 5,500 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis. The funds raised from this issue will be utilised for refinancing of existing loans.

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Cabinet approves PLI scheme worth Rs 18,100 crore for battery storage manufacturing

The Union Cabinet has approved a Production Linked Incentive (PLI) scheme for promoting battery storage at an estimated outlay of Rs 18,100 crore. With the objective to promote the ‘Make in India’ initiative, the National Programme on Advanced Chemistry Cell (ACC) Battery Storage is expected to attract investments of up to Rs 45,000 crore. The proposal aims to achieve a manufacturing capacity of 50 gigawatt-hour (GWh) of ACC and 5 GWh of niche ACC. Information and Broadcasting Minister Prakash Javadekar said this PLI scheme will promote green growth and use local products like copper and bauxite to a large extent.

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UPL Q4 Results: Net profit rises 34% QoQ to Rs 1,063 crore

UPL Limited reported a 34% quarter-on-quarter (QoQ) increase in net profit to Rs 1,063 crore for the quarter ended March (Q4). Net profit has jumped 72% when compared to Q4 FY20. The company’s revenue from operations rose 40% QoQ (or 15% YoY) to Rs 12,796 crore during the same period. Its agrochemical and other agricultural-related businesses saw top-line growth of 15.7% YoY to Rs 12,331 core. UPL’s board has recommended a dividend of Rs 10 per share.

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Cadila to sell India focused animal health business for Rs 2,921 crore

Zydus Animal Health and Investments Ltd (ZAHL), a wholly-owned subsidiary of Cadila Healthcare, has entered into an agreement with a consortium of financial investors to sell its animal healthcare business Zydus AH for Rs 2,921 crore. The consortium includes Rakesh Jhunjunwala’s RARE Enterprises, Multiples Alternate Asset Management, and Canada Pension Plan Investment Board. Zydus AH is one of the fastest-growing animal health businesses in India. It claims a leadership position across a spectrum of therapeutic and nutritional products for livestock and poultry animal segments.

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JSPL Q4 Results: Net profit jumps multi-fold to Rs 1,900 crore

Jindal Steel and Power Ltd (JSPL) reported a consolidated net profit of Rs 1,900.51 crore for the quarter ended March (Q4 FY21). This includes an exceptional item of Rs 969 crore. It had posted a net profit of Rs 82.13 crore in the corresponding period last year (Q4 FY20). JSPL’s total income rose to Rs 11,903.59 crore in Q4, compared with Rs 6,819.73 crore a year ago. Total expenses rose to Rs 8,082.92 crore in the March 2021 quarter, compared to Rs 6,603.65 crore in Q4 FY20.

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Passenger vehicle wholesales fall 10% in April: SIAM

According to data released by the Society of Indian Automobile Manufacturers (SIAM), total passenger vehicle wholesales in India declined by 10% to 2.61 lakh units in April 2021. This is compared with passenger vehicle sales of 2.90 lakh units in March 2021. Motorcycle sales declined by 33% to 6.67 lakh units in April, compared to 9.93 lakh units in March. Three-wheeler sales fell by 57% to 12.70 lakh units during the same month.

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Voltas Q4 Results: Net profit rises 49% YoY to Rs 239 crore

Voltas Limited reported a 49% YoY increase in consolidated net profit to Rs 239 crore for the quarter ended March (Q4). Its total sales revenue rose 25% YoY to Rs 2,683.24 crore during the same period. The company’s revenue from unitary products grew 20% YoY to Rs 1,437 crore. Its colling products business posted overall volume growth of 18% YoY in Q4. The board of Voltas Ltd has recommended a dividend of Rs 5 per share.

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Asian Paints Q4 Results: Net profit rises 84.5% YoY to Rs 852 crore

Asian Paints Limited reported an 84.5% YoY increase in consolidated net profit to Rs 852.13 crore for the quarter ended March (Q4). On a quarterly basis, net profit has fallen by 31%. Its revenue from operations rose 43.5% YoY to Rs 6,651.4 crore during the same period. The company’s domestic decorative business posted volume growth of 48% YoY, led by strong growth in the premium and luxury product range. The board of Asian Paints has recommended a final dividend of Rs 14.5 per share.

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Apollo Tyres Q4 Results: Net profit falls 35% QoQ to Rs 287 crore

Apollo Tyres Limited reported a 35.27% QoQ fall in net profit to Rs 287.26 crore for the quarter ended March (Q4 FY21). Net profit has jumped 269% when compared to the corresponding period last year. Its total sales revenues fell 3.25% QoQ (up 40% YoY) to Rs 5,025.7 crore during the same period. Apollo Tyres’ sales in the Middle East and African regions rose 49% YoY to Rs 3,688 crore. The company’s board has recommended a final dividend of Rs 3.5 per share.