Tag: Canara bank

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Asian Paints Posts 53% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

Asian Paints Q2 Results: Net profit rises 53% YoY to ₹1,232 crore

Asian Paints reported a 53.3% year-on-year (YoY) increase in net profit to ₹1,232 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue from operations rose just 0.2% YoY to ₹8,478.6 crore during the same period. EBITDA stood at ₹1,716.2 crore, up 39.8% YoY. The company’s board recommended a dividend of ₹5.15 per share.

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Infosys signs 5-year deal with EV firm smart Europe

Infosys Ltd has entered into a five-year collaboration with smart Europe GmbH to provide services related to sustainable electric mobility to its customers. The deal is to refine the company’s direct-to-customer (D2C) business model in the European market, along with providing enhanced customer experience, engagement and personalisation driven by data.

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Canara Bank Q2 Results: Net profit rises 43% YoY to ₹3,606 crore

Canara Bank reported a 43% YoY increase in net profit to ₹3,606 crore for the quarter ended September 2023 (Q2 FY24). The net interest income (NII) grew 19.76% YoY to ₹8,903 crore during the same period. The gross non-performing assets (GNPA) ratio fell from 6.37% in Q2 FY23 to 4.76% in Q2 FY24. 

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Adani Group seeks to raise $4 billion to fund green hydrogen plans

Adani Enterprises Ltd’s subsidiary, Adani New Industries Ltd, is seeking loans from both domestic and international banks to build plants that would produce low-cost green hydrogen. The company is currently in initial discussions with various lenders. This move comes as India aims to reduce its carbon footprint. Gautam Adani has previously stated that 75% of the group’s projected capital expenditure will be directed towards green businesses.

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ACC Q2 Results: Net profit at ₹387 crore

ACC Ltd reported a consolidated net profit of ₹387 crore for the quarter ended September (Q2 FY24). The cement company posted a net loss of ₹87.32 crore in the same quarter a year ago. Its revenue from operations fell 11.2% YoY to ₹4,434.73 crore during the same period. Sales volume (cement & clinker) rose 17.4% YoY to 8.1 million tonnes in Q2.

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ONGC hopes to recover over $500 million dividend as sanctions on Venezuela eased

Oil and Natural Gas Corp (ONGC) is hoping to recover over $500 million in dividends pending since 2014 for its stake in Venezuelan projects as sanctions on the nation were eased. US sanctions had hit Venezuela’s finances and oil output, leading to the accumulation of dividends for foreign companies like ONGC. ONGC Videsh holds a 40% stake in the San Cristobal field in eastern Venezuela’s Orinoco Heavy Oil belt, and 11% in the Carabobo area-1.

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Zen Tech secures ₹100 crore defence ministry order

Zen Technologies secured an order worth ₹100 crore from the Ministry of Defence for its advanced tank training system. The system has been designed, developed, and tested in-house. With this inaugural order for the force-on-force tank training simulators, the company expects strong demand for this product in both domestic and international markets going forward.

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Antony Waste’s subsidiary wins order worth ₹386 crore

Antony Waste Handling Cell Ltd’s subsidiary, AG Enviro Infra Projects Pvt Ltd, secured an order worth ₹386 crore from the Panvel Municipal Corporation in the Mumbai Metropolitan Region (MMR). The contract is for the door-to-door collection and transportation of municipal solid waste by the corporation. The five-year contract has the option of a two-year extension. 

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Kolte-Patil Developers approves issue of NCDs worth ₹113.65 crore

Kolte-Patil Developers Ltd will issue non-convertible debentures (NCDs) worth more than ₹113 crore on a private placement basis. The board approved the issuance of secured, rated, listed, redeemable NCDs with a face value of ₹100,000 each. The debentures will be issued on a private placement basis and will aggregate up to ₹113.65 crore.

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Zomato launches maternity insurance for women delivery partners

Zomato has introduced a  maternity insurance program for its female delivery partners. This insurance coverage caters to a range of pregnancy-related expenses, including childbirth and maternity complications. Operated in collaboration with ACKO, the maternity insurance program is available to female delivery partners who have completed 1,000 deliveries on the Zomato platform.

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PNB Q2 Results: Net profit jumps four-fold to ₹1,756.13 crore

Punjab National Bank (PNB) reported a 327% YoY jump in net profit to ₹1,756.13 crore for the quarter ended September 2023 (Q2 FY24). This is the highest profit recorded in the previous 14 quarters. The net interest income (NII) grew 20% YoY to ₹9,923 crore during the same period. The gross non-performing assets (GNPA) ratio fell from 10.48% in Q2 FY23 to 6.96% in Q2 FY24. 

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ITC to Demerge Hotels Business – Top Indian Market Updates

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

ITC board gives in-principle approval for demerger of hotels business

The board of FMCG major ITC has given in-principle approval for the demerger of its hotel business. Under the new scheme, ITC would hold around 40% stake and the balance will be held by the company’s shareholders (proportionate to their shareholding). ITC currently has over 120 hotels and 11,600 keys across over 70 locations.

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Tata Steel Q1 Results: Net profit falls 92% YoY to ₹634 crore

Tata Steel reported a 92% YoY decline in consolidated net profit to ₹634 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 6% YoY to ₹59,490 crore during the same period. The company said its profitability was affected by non-cash deferred tax charges on account of buy-in transactions at British steel pension scheme.

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TVS Motor Q1 Results: Net profit rises 46% YoY to Rs 468 crore

TVS Motor Company Ltd reported a 46% YoY increase in net profit to ₹468 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 20% YoY to ₹7,218 crore during the same period. The company posted its highest-ever operating EBITDA at ₹764 crore, with a growth of 27% YoY. Total expenses Q1 stood at ₹6,665 crore, up 19% YoY.

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JLR India reports best-ever Q1 sales

JLR India reported its best-ever Q1 sales performance with a growth of 102% in Q1 FY24. The automaker sold 1,048 units in the first quarter of FY24. JLR attributed this growth to a rise of about 209% in Range Rover, Range Rover Sport and Defender sales. The three models contribute to 78% of the current order book.

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Samvardhana Motherson to acquire assets, shares of Dr Schneider Group entities

Samvardhana Motherson International Ltd will acquire assets and shares of Germany-based Dr Schneider Group entities at an overall enterprise value of about 118.3 million euros (over ₹1,070 crore). Dr Schneider Group is a manufacturer of high-end, innovative, and integrated electronic interior polymer components and systems such as smart surfaces and lighting modules.

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Canara Bank Q1 Results: Net profit rises 75% YoY to ₹3,535 crore

Canara Bank reported a 75% YoY increase in net profit to ₹3,535 crore for the quarter ended June (Q1 FY24). Its net interest income (NII) rose 28% YoY to ₹8,666 crore in Q1. Provisions for the first quarter fell sharply by 26% to ₹2,719 crore. The gross non-performing assets (NPAs) ratio improved to 5.15% in Q1 FY24, compared to 5.35% in Q4 FY23 and 6.98% in Q4 FY23.

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Mahindra Group to help US companies set up manufacturing base in India

Mahindra & Mahindra said it will help American companies enhance their international footprint and expand by leveraging the advantages of India as a manufacturing hub. The assistance includes an integrated approach to manufacturing, plug-and-play offerings, regulatory guidance, and a focus on environmental, social, and governance (ESG) principles. 

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IDBI Bank Q1 results: Net profit rises 62% to ₹1,244 crore

IDBI Bank reported a 62% YoY rise in net profit to ₹1,244 crore for the quarter ended June (Q1 FY24). The net interest income (NII) grew 61% YoY to ₹3,998 crore during the same period. The gross non-performing assets (NPAs) ratio improved to 0.44% in Q1 FY24, compared to 1.26% in Q1 FY23.

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Hikal ordered to cease operations at Bharuch plant

Hikal Ltd. received an order from the Gujarat Pollution Control Board to cease operations of its plant in the Bharuch district. The order was issued in light of an alleged violation reported to have occurred in 2021. It is related to alleged violations of certain provisions of the Environment (Protection) Act of 1986.

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Maruti Suzuki recalls 87,599 units of S-Presso and Eeco

Maruti Suzuki has recalled 87,599 vehicles of its S-Presso and Eeco models to replace defective steering tie rods. Affected vehicle owners will receive communication from Maruti Suzuki authorised dealer workshops for inspection and replacement of the faulty part, free of charge. The recall is effective today, i.e. 24th July, 2023.

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Coal India’s Profit Falls 18% YoY to Rs 5,528Cr in Q4 – Top Indian Market Updates

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

Coal India Q4 Results: Net profit falls 18% YoY to Rs 5,528 crore

Coal India reported an 18% YoY decline in net profit to Rs 5,528 crore for Q4 FY23. Its operating revenue rose 17% YoY to Rs 38,152 crore during the same quarter. EBITDA stood at Rs 6,898 crore in Q4 FY23, down 24% YoY. The company’s board has recommended a dividend of Rs 4 per equity share.

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ITC Hotels signs three more Storii properties

ITC Hotels has signed agreements for three new properties under its boutique Storii brand in Goa, Himachal Pradesh, and Uttar Pradesh. The Storii brand is becoming popular in the experiential segment, offering travellers unique local experiences. The Storii Moira Riviera in North Goa features Mediterranean-style architecture and 15 boutique rooms with plunge pools and spa facilities.

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Canara Bank Q4 Results: Net profit rises 90% YoY to Rs 3,175 crore

Canara Bank reported a 90% YoY increase in net profit to Rs 3,175 crore for Q4 FY23. The bank’s Net Interest Income (NII) stood at Rs 8,616 crore, up 23% YoY. Its Net non-performing assets (NNPA) ratio fell from 2.65% in Q4 FY22 to 1.73% in Q4 FY23. The bank’s board has recommended a dividend of Rs 12 per equity share.

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Happiest Minds Technologies Q4 Results: Net profit rises 11% YoY to Rs 58 crore

Happiest Minds Technologies reported an 11% YoY increase in consolidated net profit to Rs 58 crore for Q4 FY23. Its operating revenue rose 26% YoY to Rs 378 crore during the quarter. EBITDA stood at Rs 101 crore, up 23% YoY from Q4FY22. The company’s board has recommended a dividend of Rs 3.4 per equity share.

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ITC launches first millet cookies as part of Sunfeast Farmlite

ITC Foods has launched its first millet cookies under the Sunfeast Farmlite brand as part of the ITC Mission Millet initiative, which aims to develop a “good-for-you” product portfolio, implement sustainable farming systems, and enhance consumer awareness of millets. The cookies come in two variants – Multi Millet & Choco-chip Multi Millet.

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UPL Q4 Results: Net profit falls 7% YoY to Rs 245 crore

UPL reported a 43% YoY fall in consolidated net profit to Rs 792 crore for Q4 FY23. However, its revenue increased 4% YoY to Rs 16,569 crore during the quarter. EBITDA stood at Rs 3,033 crore in Q4 FY23, down 16% YoY. The company’s board has recommended a dividend of Rs 10 per equity share.

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Aditya Birla Fashion to raise up to ₹800 crore for TCNS acquisition

Aditya Birla Fashion & Retail (ABFRL) plans to raise ₹700-800 crore in external debt to finance its acquisition of a 51% stake in TCNS Clothing. ABFRL will also fund the acquisition through internal accruals. The remaining stake in TCNS will be acquired from the founder promoters, and the public shareholders will receive 11 shares of ABFRL for every six shares held in TCNS. The two companies will be merged after the transaction.

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IOL Chemicals gets approval to export paracetamol in European market

IOL Chemicals and Pharmaceuticals has received certification from the European Directorate for the Quality of Medicines & HealthCare, allowing it to export paracetamol to Europe. The Punjab-based company is a manufacturer of Active Pharmaceutical Ingredients (APIs) and specialty chemicals and has a total capacity of 3,600 tonnes for producing paracetamol.

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Pennar Industries secures orders worth Rs 682 crore

Pennar Industries has received orders worth Rs 682 crore across various business verticals. The company won orders from leading players across industries such as Tata Steel, Ashok Leyland, Hindalco, Tata Power, and Kirloskar Toyota, among others. It is expected to execute the orders within the next two quarters.

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Indirect taxes department to soon adjudicate MRF, Bombay Dyeing, and Vedanta for evasion on imports

The Central Board of Indirect Taxes and Customs (CBIC) is reportedly planning to adjudicate show-cause notices issued to importers for Integrated GST (IGST) evasion. The affected importers include Bombay Dyeing, BALCO, Vedanta, JSW Steel, and MRF. In addition, the CBIC has ordered Directorate of Revenue Intelligence (DRI) field formations to begin adjudication in cases of misuse of pre-import and physical export conditions.

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India coal imports surge to 162 MT in FY23

India’s coal imports increased by 30% YoY to 162.46 million tonnes (MT) in the 2022-23 financial year. The import of coking coal rose 5.44% YoY to 54.46 MT in FY23. India is among the top five coal-producing countries in the world. However, some parts of its coal requirement are met through imports as the country is also among the major consumers of the dry fuel.

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India’s Retail Inflation Eases to 5.66% – Top Indian Market Updates

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

Retail inflation eases to 5.66% in March

Retail inflation in India eased to a 16-month low of 5.66% in March 2023 from 6.75% in March 2022 as food inflation moderated on account of falling vegetable prices. The consumer food price index (CFPI) eased to 4.79%, down from 5.95% in February 2023 and 7.68% in March 2022. Rural inflation stood at 5.51%, while urban inflation stood at 5.89%. Retail inflation in India fell marginally but remained above RBI’s 6% upper tolerance band for the second straight month in February 2023.

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IIP data: India’s industrial output rises 5.6% in February

India’s industrial output, as measured by the Index of Industrial Production (IIP) rose 5.6% year-on-year (YoY) in Feb 2023. For the 11-month period from April 2022 to February 2023, industrial output registered a growth of 5.5%. The January IIP growth was revised to 5.2%. 

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TCS Q4 Results: Net profit rises 15% YoY to Rs 11,392 crore 

Tata Consultancy Services (TCS) reported a 16.9% YoY increase in revenue at Rs 59,162 crore while profit rose 14.76% YoY to Rs 11,392 crore in Q4 FY22. Both revenue and profit figures were below Street estimates. The order book for the quarter stood at $10 billion. The IT company’s board has announced a final dividend of Rs 24 per share.

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HDFC Bank signs agreement with Export-Import Bank of Korea for $300M credit line

HDFC Bank has signed a “Master Inter Bank Credit Agreement” with the Export-Import Bank of Korea for a $300 million line of credit. The pact was signed by the two entities at GIFT City in Gujarat. This agreement will help HDFC Bank raise foreign currency funds that it would extend to Korea-related businesses.

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Karnataka Bank authorised to collect direct, indirect taxes

Karnataka Bank has been authorised to collect direct and indirect taxes on behalf of the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC). This authorisation is provided by the Reserve Bank of India. The RBI gave this authorisation on the recommendation from the Controller General of Accounts (CGA).

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Canara Bank, Bharat BillPay partner for cross-border bill payments

Canara Bank and NPCI Bharat BillPay Ltd (NBBL) have announced the launch of cross-border inward bill payment services for Indians based in Oman. NRIs can now leverage the robust platform offered by the Bharat Bill Payment System (BBPS) to make bill payments on behalf of their families through the Musandam Exchange. Canara Bank has become the first Indian public sector bank to offer inbound cross-border bill payments through BBPS.

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Puravankara achieves highest-ever annual and quarterly sales

Puravankara has achieved the highest-ever annual and quarterly sales of any financial year since its inception. The firm has clocked Rs 1,007 crore in sale value in Q4 and a total of Rs 3,107 crore for FY23. The company also recorded a 57% jump in customer collections from the real estate business to Rs 2,258 crore.

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RIL readies $2.4-3 billion InvIT for retail warehousing assets: Report

According to an ET report, Reliance Industries Ltd (RIL) has initiated a process that could see the group unlock value in the backend warehousing and related logistics assets of its retail business through an infrastructure investment trust (InvIT). Reliance Retail Ltd has already started laying the groundwork for the proposed InvIT of its warehousing assets. It registered a trust and Intelligent Supply Chain Infrastructure Trust with the Securities and Exchange Board of India (SEBI) at the end of February.

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BHEL signs MoU with NPCIL for nuclear power plants business

Nuclear Power Corporation of India Ltd (NPCIL) and Bharat Heavy Electricals Ltd (BHEL) entered into a Memorandum of Understanding (MoU) for collaboration for Pressurised Heavy Water Reactor (PHWR) technology-based Nuclear Power Plants. A pressurized heavy-water reactor (PHWR) is a nuclear reactor that uses heavy water (deuterium oxide D2O) as its coolant and neutron moderator.

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Sula Vineyards’ own brand sales volumes cross 1 million cases mark in FY23

Sula Vineyards Ltd said sales volume from its own brands crossed 1 million cases in FY23. Sales volumes in elite & premium wines went past the 5 lakh cases mark for the first time. On a provisional basis, Sula Vineyards said its net revenue for Q4 stood at Rs 104.3 crore from its own brands. For the financial year 2022-23 (FY23), net revenue from own brands stood at Rs 482.5 crore and Rs 45 crore from wine tourism. 

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Axis Bank’s Net Profit Rises 62% YoY in Q3 – Top Indian Market Updates

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

Axis Bank Q3 Results: Net profit rises 62% YoY to ₹5,853 crore

Axis Bank reported a 62% YoY increase in net profit to ₹5,853 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 31% YoY to ₹10,360 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 3.53% in Q3 FY22 to 2.5% in Q3 FY23. Provisions stood at ₹550 crore in Q3 FY23, down 68% YoY.

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IndiGrid to acquire Khargone Transmission for ₹1.497.5 crore

India Grid Trust (IndiGrid) will acquire a 100% equity stake in Khargone Transmission at an enterprise value of about ₹1,497.5 crore. Khargone Transmission was incorporated on November 28, 2015, to improve power supply and grid reliability by delivering 1320 MW of thermal power from Khargone power plant to consumers in the domestic, commercial, agricultural, and industrial segments in the state of Madhya Pradesh and Maharashtra.

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Canara Bank Q3 Results: Net profit rises 92% YoY to ₹2,882 crore

Canara Bank reported a 92% YoY increase in net profit to ₹2,881.5 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 24% YoY to ₹8,600 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 6.37% in Q2 FY23 to 5.89% in Q3 FY23. Provisions stood at ₹3,121 crore in Q3 FY23, up 39% YoY.

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Glenmark Pharma launches medication to prevent chemotherapy-induced nausea

Glenmark Pharmaceuticals Ltd has launched the IV injection formulation Akynzeo IV under an exclusive licensing agreement with Helsinn (a Swiss biopharma group company). It is administered 30 minutes before the start of each chemotherapy cycle which helps prevent both acute and delayed phases of chemotherapy-induced nausea and vomiting. The drug is already being marketed in the EU, the US, and Australia. 

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Route Mobile Q3 Results: Net profit rises 84% YoY to ₹85 crore

Route Mobile Ltd reported an 84.4% YoY increase in consolidated net profit to ₹85.36 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 75.16% YoY to ₹985.72 crore during the same period. EBITDA stood at ₹128.3 crore in Q3, recording a growth of 66.19% YoY. Route Mobile is a cloud communications platform service provider that caters to enterprises, OTT players, and mobile network operators (MNO).

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L&T Construction wins “significant” orders across various businesses

Larsen & Toubro’s construction arm has secured significant orders (in the range of ₹1,000-2,500 crore) for its power transmission & distribution (PT&D) and buildings & factories (B&F) businesses. The PT&D business has bagged a turnkey engineering, procurement, and construction (EPC) order to set up a 112.5 MW solar plant in West Bengal. The B&F business has secured an order from Nanavati Max Super Specialty Hospital to construct a state-of-the-art 600-bed super specialty hospital in Mumbai.

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IDBI Bank Q3 Results: Net profit rises 60% YoY to ₹927 crore

IDBI Bank reported a 60% YoY increase in net profit to ₹927 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 23% YoY to ₹2,925 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 21.68% in Q3 FY22 to 13.82% in Q3 FY23. Provisions came in at ₹784.28 crore in Q3 FY23, down 2.18% YoY.

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Krsnaa Diagnostics opens 14 pathology labs, 64 collection centers in Himachal

Krsnaa Diagnostics has operationalised 14 pathology laboratories and 64 collection centres in Himachal Pradesh. With this, the company has completed 100% of the project implementation in the state. The company had bagged a tender for providing diagnostic services at the Himachal Pradesh Government’s health institutions in the entire state in February 2022.

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Tata Motors partners with ICICI Bank to offer financing solutions to its passenger EV dealers

Tata Motors has partnered with ICICI Bank to offer financing solutions to its authorised passenger electric vehicle (EV) dealers. Under the partnership, ICICI Bank will provide inventory funding to the authorised passenger EV dealers in addition to the bank’s funding to dealers for diesel and petrol models. The EV dealers can avail of flexible repayment tenures through the partnership.

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Tata Power to install public EV charging points at GAIL CNG stations in Bengaluru

Tata Power has signed an agreement with GAIL Gas Limited to install DC fast charging points at two of its CNG stations in Bengaluru. The partnership is in line with Tata Power’s commitment to encourage and promote electric mobility across the country and GAIL Gas’ commitment to delivering convenience to its customers who wish to switch to EVs. Tata Power plans to install 25,000 public EV charging stations across the length and breadth of India in the next five years.

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Reliance’s Net Profit Falls 15% YoY in Q3 – Top Indian Market Updates

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

RIL Q3 Results: Net profit falls 14.8% YoY to ₹15,792 crores

Reliance Industries Ltd (RIL) reported a 14.8% year-on-year (YoY) decline in consolidated net profit to ₹15,792 crores for the quarter ended December (Q3 FY23)— missing street estimates. Profit declined due to higher finance costs and depreciation. Its revenue from operations rose 15% YoY to ₹2.20 lakh crore on the back of improvement in Oil-to-Chemicals (O2C) and the exploration & production (E&P) businesses and retail performance. EBITDA stood at ₹38,460 crore, up 13.5% YoY.

Meanwhile, Reliance Jio Infocomm’s standalone net profit rose 28.3% YoY to ₹4,638 crore in Q3. Its total revenue increased nearly 19% YoY to ₹22,998 crore.

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Dr. Reddy’s Labs completes clinical studies of its proposed rituximab biosimilar candidate

Dr. Reddy’s Laboratories Ltd has successfully completed the full set of clinical studies of its proposed rituximab biosimilar candidate ‘DRL_RI’ for filing in highly regulated markets such as the US, Europe, and other regions. The biosimilar is used in the treatment of adult patients with rheumatoid arthritis, non-Hodgkin’s lymphoma, and chronic lymphocytic leukemia. ‘DRK_RI’ has already been approved for marketing in India and over 25 emerging markets.

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JSW Steel Q3 Results: Net profit falls 90% YoY to ₹474 crore

JSW Steel Ltd reported a 90% YoY decline in consolidated net profit to ₹474 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 3% YoY to ₹39,134 crore during the same period. EBITDA stood at ₹4,547 crore, down 50% YoY. The combined crude steel production of JSW Steel stood at 6.24 million tonnes (MT) in Q3, up 10%.

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NCLT admits Union Bank’s insolvency plea against Rolta

The Mumbai Bench of the National Company Law Tribunal (NCLT) admitted military-focused software developer Rolta India for the corporate insolvency resolution process (CIRP), allowing a petition filed by state-owned Union Bank of India. Union Bank approached the bankruptcy court in February 2020 after the Mumbai-based company defaulted on dues of over ₹1,413 crore to the lender.

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LTIMindtree Q3 Results: Net profit falls 4.7% YoY to ₹1,000 crore

LTIMindtree reported a 4.7% YoY decline in net profit to ₹1,000 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 25.3% YoY to ₹8,620 crore during the same period. The combined entity (after the merger of LTI and Mindtree) has started out a robust order inflow of $1.25 billion. The IT company’s board declared an interim dividend of ₹20 per share.

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Canara Bank sells entire stake in Russian joint venture to State Bank of India

Canara Bank has entered into a share sale agreement with State Bank of India for the sale of equity shares held by it in Moscow-based Commercial Indo Bank LLC (CIBL) for a consideration of $14.67 million. CIBL is a joint venture between SBI and Canara Bank in a ratio of 60:40. The transaction is expected to complete by the end of the current financial year (FY23).

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KPI Green commissions 25 MW solar power project for Greenlab Diamonds

KPI Green Energy has commissioned a 25 megawatts (MW) solar power project for Greenlab Diamonds LLP in Surat. The new project is part of its captive power producer (CPP) segment. The company also announced the appointment of Salim Suleman Yahoo as the new Chief Financial Officer (CFO).

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RBL Bank Q3 Results: Net profit rises 33% YoY to ₹209 crore

RBL Bank reported a 33% YoY increase in net profit to ₹209 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 14% YoY to ₹1,148 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 3.8% in Q2 FY23 to 3.61% in Q3 FY23. The bank’s net advances grew 15% YoY to ₹66,684 crore in Q3.

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GPT Infraprojects secures project worth ₹270 crore in UP

GPT Infraprojects Ltd has secured an order worth ₹270 crore from Bridge and Roof Company Ltd, a Government of India enterprise. The company will construct a railway interchange (flyover) between Allahabad and Bamrauli in Uttar Pradesh. Earlier this week, GPT Infra secured an order worth ₹216 crore from Maharashtra Rail Infrastructure Development Corporation Ltd for the extension of the Ghatkopar Cable Stayed Road interchange in Mumbai.

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HDFC Life Q3 Results: Net profit rises 15% YoY to ₹315 crore

HDFC Life Insurance Company Ltd reported a 15% YoY increase in net profit to ₹315 crore for the quarter ended December (Q3 FY23). Its net premium income (NPI) rose 19% YoY to ₹14,379 crore during the same period. First-year premiums grew 29% YoY to ₹2,724.87 crore. HDFC Life’s total assets under management (AUM) stood at ₹2.33 lakh crore in Q3, compared to ₹1.95 lakh crore a year ago.

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ICICI Bank, Axis Bank to Acquire Stake in IOCL’s JV – Top Indian Market Updates

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

ICICI Bank, Axis Bank to acquire stake in IOCL’s JV

ICICI Bank, Axis Bank, and SBI Life Insurance will acquire a 10% stake each in a proposed joint venture (JV) of Indian Oil Corporation Ltd (IOCL) and Chennai Petroleum. The target entity will be incorporated through seed capital of ₹5 lakh each from the three entities. The JV aims to set up a 9 million metric tonne per annum refinery at Nagapattinam, Tamil Nadu.

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Tata Consumer to buy Bisleri International for ₹7,000Cr: Report

According to an Economic Times report, Tata Consumer Products Ltd (TCPL) will acquire Bisleri International for an estimated ₹6,000-7,000 crore. Ramesh Chauhan, chairman of Bisleri, does not have a successor to take his company to the next level. Bisleri is India’s largest packaged water company. It is expected to report a turnover of ₹2,500 crore and a profit of ₹220 crore in FY23.

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Canara Bank launches Electronic Bank Guarantee with NeSL

Canara Bank has launched an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Ltd (NeSL). With this, the lender now offers an API-based digital workflow of bank guarantees. This platform offers greater transparency, better monitoring triggers, and secured transmission of bank guarantees to beneficiaries.

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Bajaj Electricals partners with Cultinno to kick off innovation challenge

Cultinno has partnered with Bajaj Electricals Ltd to launch the ‘Bajaj Cultinno Challenge’. The two entities are trying to find a solution that will keep water heaters operational despite being under high TDS (total dissolved solids) conditions. Mumbai-based Cultinno is a social impact initiative aimed at driving a culture of innovation

Read more here.

USFDA issues 8 observations to Lupin’s drug, API production facilities in Mandideep plant

The US Food & Drug Administration (USFDA) has issued Form-483 with eight observations each for Lupin Ltd’s product and raw material production centres at its facility in Mandideep (Madhya Pradesh). Form 483 is issued when the investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic Act and related Acts.

Read more here.

Coal stock at thermal power plants may reach 45 MT by March-end

The Indian government is planning to increase coal stock at thermal power plants to 45 million tonnes (MT) by March-end. The Ministry of Coal further plans to increase the stock of fossil fuel at the pithead. The total coal output in the country stands at 448 MT as of October, 18% higher than the production in the corresponding period of FY22. The growth of coal production from Coal India Ltd (CIL) is also more than 17% YoY.

Read more here.

Cipla’s Goa unit continues to be classified as ‘Official Action Indicated’

Cipla Ltd has received a notice from the USFDA stating that the classification of its manufacturing facility in Goa continues to be ‘Official Action Indicated’ (OAI). USFDA may continue to withhold product approvals from this facility till the outstanding observations are resolved. Cipla said it is working closely with USFDA and is committed to addressing all issues at the earliest. 

Read more here.

Sonata Software secures multi-year deal from Global Cloud Xchange

Global Cloud Xchange (GCX) has selected Sonata Software as its technology and business transformation partner in a multi-million, multi-year deal. Sonata will help GCX migrate from legacy technology and platforms while enabling strategic business transformation. GCX is a network service company powering digital transformation for enterprises, new media providers, and telecom carriers.

Read more here.

L&T Construction secures order from Greenko Group

Larsen & Toubro’s construction arm has secured a significant order (in the range of ₹1,000-2,500 crore) from leading global renewable energy company Greenko Group. The order is for the development of an off-stream pumped storage project in Madhya Pradesh. The Gandhisagar Pumped Storage Project (PSP) will be designed to meet a pumped storage capacity of 10,080 megawatt-hours (MWHr).

Read more here.

Laurus Labs to acquire 26% stake in Ethan Energy

Laurus Labs will acquire a 26% stake in solar charger manufacturer Ethan Energy India Pvt Ltd at ₹52.70 per share. The total number of shares to be bought by Laurus Labs will be 7.4 lakh. With this acquisition, the pharma company will be able to consume 100% of Ethan Energy’s 10 MW solar energy plant.

FDI equity inflows fall 24% YoY in Q2: DPIIT

Foreign direct investment (FDI) equity inflows into India fell nearly 24% year-on-year (or 37% QoQ) to $10.3 billion in the September quarter (Q2). In the first half of FY23, FDI equity inflows fell 14% YoY to $26.91 billion. The data was released by the Department for Promotion of Industry & Internal Trade (DPIIT). 

Globally, FDI inflows rebounded in 2021 from pandemic lows. However, it has fallen in 2022 following the start of the Russia-Ukraine war and tight monetary policies in FDI-source countries.

Read more here.

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Adani Group’s ₹493Cr Open Offer for NDTV to Start Tomorrow – Top Indian Market Updates

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

Adani Group’s ₹493 crore open offer for NDTV to start tomorrow

Adani Group’s open offer to acquire an additional 26% shareholding in the media company New Delhi Television (NDTV) from the market will start tomorrow. The offer will close on December 5. If fully subscribed, the open offer will amount to ₹492.81 crore at ₹294 per share. To learn more about Adani’s takeover of NDTV, click here.

Read more here.

RBI allows HDFC Bank, Canara Bank to open Vostro account for INR trade with Russia

The Reserve Bank of India (RBI) has allowed HDFC Bank and Canara Bank to open a special “vostro account” for trade in Indian Rupees with Russia. Vostro accounts are accounts held by a bank on behalf of another (often a foreign bank), and this forms a key part of correspondent banking. Payments can be settled in Rupee for India-Russia trade, enabling cross-border transactions in the Indian currency.

Read more here.

Jindal Steel wins bid to build 300 MW coal power plant in Botswana

Botswana has selected Jindal Steel & Power Ltd (JSPL) to build a coal-fired power plant. The contract is for the design, construction, operation, and maintenance of a 300 megawatts  (MW) net greenfield coal-fired power plant. JSPL will finance the construction of the plant and recoup its investments from selling electricity to the Botswana Power Corporation (BPC) under terms to be negotiated between the two parties.

Read more here.

Aurobindo Pharma aims to complete ₹2,000 crore plant in AP by March 2024

Aurobindo Pharma Ltd aims to complete its ₹2,000 crore Penicillin G (Pen G) plant in Andhra Pradesh by March 2024, even as the trial of the initial batches will take place starting October 2023 onwards. The production capacity of the plant will be around 15,000 tonnes annually. The plant has been approved under the government’s PLI scheme for Key Starting Materials/Drug Intermediates and Active Pharmaceutical Ingredients (APIs).

Read more here.

NCLT clears Jio’s acquisition of Reliance Infratel

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved Reliance Property & Projects Management Services Ltd’s (RPPMSL) acquisition of Reliance Infratel Ltd (RITL). RPPMSL is a subsidiary of Reliance Jio that looks into the telco’s tower business. Jio has to deposit ₹3,500 crore in an SBI escrow account to complete the acquisition of RITL.

Read more here.

Lighthouse India to sell Nykaa shares worth ₹335 crore

Investment firm Lighthouse India will sell shares worth ₹335 crore of Nykaa via a block deal tomorrow at a price band of ₹180-183.50 per share. After the lock-in period expired earlier this month, several pre-IPO investors have been liquidating shares held by them. Last week, investor Mala Gopal Gaonkar sold 5.75 crore shares of Nykaa at an average price of ₹175.48 in a deal worth ₹1,009 crore.

Read more here.

Arvind forms joint venture with PurFi Global to reduce textile waste

Textiles manufacturer Arvind Ltd and US-based PurFi Global LLC will set up a joint venture (JV) to reduce the amount of textile waste going to landfills. The JV plans to set up its first fibre rejuvenation facility near one of Arvind’s manufacturing facilities in India. PurFi’s technology creates a solution that transforms textile waste into virgin-quality fibres.

Read more here.

Ashok Leyland eyeing to launch Dost in Middle East, African markets

Ashok Leyland Ltd is testing its highly popular light commercial vehicle (LCV) ‘Dost’ with left-hand drive (LHD) option as it plans to serve the Middle East and African markets. The company currently sells a range of LCVs under the ‘Dost’ brand with right-hand drive option both in domestic and overseas. In October 2022, sales from the LCVs business grew by 18% YoY to 5,671 units.

Read more here.

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Demat Accounts in India Cross 10 Crore Mark – Top Indian Market Updates

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

Demat accounts cross 10 crore mark in August

The total number of Demat accounts in India crossed the 10 crore mark in August 2022. In August alone, over 7 crore active Demat accounts were registered. CDSL operated 7.16 crore Demat accounts with total assets under custody (AUC) of ₹38.5 lakh crore as of August, while NSDL had 2.89 crore accounts with AUC of ₹320 lakh crore. The culture of equity investing is slowly and steadily picking up in India, especially in Tier-2 and Tier-3 cities.

Read more here.

Blue Star secures two orders worth ₹390 crore from BMRCL

Blue Star Ltd has secured two orders from Bangalore Metro Rail Corporation Ltd (BMRCL) for the upcoming Pink Line of Bangalore Metro Rail Project Phase-II. The first order, worth ₹203 crore, is a turnkey project including maintenance works for Tunnel Ventilation System (TVS) and Environmental Control System (ECS) for six underground stations and associated tunnel sections.

The second order, worth ₹187 crore, is a turnkey project for Electrical & Mechanical (E&M) works for five underground stations and five elevated stations.

Read more here.

Suzlon secures 180.6 MW wind energy project from Sembcorp’s arm

Suzlon Energy Ltd has secured an order to set up a 180.6 megawatts (MW) wind energy project from Singapore-based Sembcorp’s arm Green Infra Wind Energy Ltd. The company will install 86 Wind Turbine Generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located at Bagalkot, Karnataka, and is expected to be commissioned in 2024.

Read more here.

Saregama launches feature phone with pre-loaded Hindi songs

Saregama India Ltd has launched Carvaan Mobile, a keypad feature phone with 1500 preloaded Hindi songs and two screen sizes, priced at ₹2490 and ₹1990, respectively. This is the first feature phone from the music brand. The mobile is available across retail markets and e-commerce platforms such as Amazon, Flipkart, and saregama.com. Saregama also sells Carvaan, a digital audio player with preloaded songs.

Read more here.

Kalpataru Power wins orders worth ₹1,345 crore

Kalpataru Power Transmission Ltd (KPTL) and its international units have secured orders worth ₹1,345 crore. The company has won orders in India and overseas markets in the transmission and distribution (T&D) business. It has also received orders for pipeline laying and metro rail electrification works in India.

Read more here.

Quiklyz to expand presence in the electric mobility leasing space

Quiklyz has announced its expansion plans in the electric mobility leasing space. The company will now offer customized leasing and subscription solutions for electric three-wheelers (3W) and four-wheelers (4W) to its partners. It has financed over 1000 electric vehicles over the past 12 months, including passenger vehicles and 3Ws. Quiklyz is the new-age vehicle leasing and subscription business of Mahindra & Mahindra Financial Services Ltd.

Read more here.

Paytm reports 72% YoY growth in merchant payment volume

Digital payments platform Paytm reported a 72% YoY growth in gross merchandise value (GMV) to ₹2.10 lakh crore for the two months ended August 2022. [GMV is the value of total payments made to merchants through app transactions or payment solutions.] The company distributed 6 million loans during the same period. The average monthly transacting users (MTU) grew 40% YoY to 7.88 crore during July-August 2022. 

Read more here.

Blue Jet Health files papers for ₹1,800-crore IPO

Specialty pharmaceutical and healthcare ingredient company Blue Jet Healthcare filed its Draft Red Herring Prospectus (DRHP) with market regulator SEBI for an initial public offer (IPO). The public issue is entirely an offer-for-sale (OFS) of up to 21.7 million shares by the promoters and other shareholders, aggregating to ₹1,800 crore.

Meanwhile, SEBI has given approval to Concord Enviro Systems (an environmental engineering solutions firm) to raise funds via an IPO.

Read more here.

Canara Bank hikes benchmark lending rate by up to 0.15%

Canara Bank has raised its benchmark Marginal Cost of Funds Based Landing Rate (MCLR) by up to 0.15%, a move that will make loans costlier. The one-year MCLR will be 7.75% from Wednesday onwards, compared to the existing rate of 7.65%. This rate is used to fix most consumer loans such as auto, personal, and home loans. [MCLR is the lowest interest rate that a bank can offer.] 

Read more here.

RIL to acquire 79.4% stake in SenseHawk for $32 million

Reliance Industries Ltd (RIL) has entered into definitive agreements with US-based SenseHawk Inc. to acquire a 79.4% stake in the company for $32 million (~₹255.5 crore). SenseHawk is an early-stage developer of software-based management tools for the solar energy generation industry. It helps accelerate solar projects from planning to production by helping companies streamline processes and use automation.

Read more here.

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Zomato to Acquire Blinkit for Rs 4,447 crore – Top Indian Market Updates

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

Zomato to acquire Blinkit for Rs 4,447 crore

Zomato Ltd’s board has approved the acquisition of quick commerce company Blinkit for Rs 4,447 crore in an all-stock deal. The food delivery firm already holds a more than 9% stake in Blinkit. This acquisition will help Zomato broaden its offerings and fuel its instant grocery delivery play. In March, Zomato had extended a lifeline to cash-strapped Blinkit through a loan of $150 million to its parent company Grofers India Pvt Ltd (GIPL).

Read more here.

Canara Bank to raise up to Rs 9,000 crore via bonds

Canara Bank’s board has approved a proposal to raise up to Rs 9,000 crore via debt instruments. The lender will raise up to Rs 5,500 crore through Basel-III compliant additional tier I bonds and Rs 3,500 crore via Basel-III compliant additional tier-II bonds during FY 2022-23. The proposal is subject to market conditions and necessary approvals.

Read more here.

Raymond aims to be net debt-free company in next 3 years

Raymond Ltd aims to be a net debt-free company in the next three years. According to its latest annual report, the company is focused on liquidity management through cost reduction initiatives and working capital optimisation. For the financial year ended March 31, 2022 (FY22), Raymond’s net debt has been reduced to Rs 1,088 crore. Net debt stood at Rs 1,416 crore in FY21 and Rs 1,859 crore in FY20.

Read more here.

Tata Chemicals Europe opens UK’s largest carbon capture plant

Tata Chemicals Europe (TCE) has officially opened the UK’s first industrial-scale carbon capture and usage plant. The move signals a key milestone in the race to meet UK’s net-zero targets. TCE completed the £20 million investment for the plant in northwest England. The company claims it can now manufacture one of the world’s lowest carbon footprint sodium bicarbonate and sodium carbonate products. These chemicals are used to make a wide array of everyday items seen in many households.

Read more here.

NTPC declares commercial operation of 92 MW floating solar capacity in Kerala

NTPC Ltd has started commercial operations of the last part capacity of 35 megawatts (MW) out of 92 MW Kayamkulam Floating Solar PV Project at Kayamkulam, Kerala. Spread over a 480-acre reservoir, this floating solar project will generate electricity from more than 3 lakh solar PV modules. NTPC’s total installed renewable energy capacity has now crossed the 2 gigawatts (GW) mark.

Read more here.

Tata Steel Mining completes 100% acquisition of Rohit Ferro-Tech

Tata Steel Mining Ltd (TSML) has completed the acquisition of the remaining 10% stake in Rohit Ferro-Tech (RFT) for Rs 20 crore. On April 12, Tata Steel’s subsidiary (TSML) completed the acquisition of a 90% stake in RFT as per the approved resolution plan under the Insolvency and Bankruptcy Code 2016. TSML’s investment in RFT was made through a combination of equity of Rs 10 crore and an inter-corporate loan of Rs 607.12 crore.

Read more here.

Suven Life Sciences to raise up to Rs 400 crore via rights issue

Suven Life Sciences Ltd’s board has approved a proposal to raise up to Rs 400 crore via a rights issue. The company’s board has also approved an increase in the authorised share capital from Rs 20 crore divided into 20 crore equity shares of Re 1 each into Rs 30 crore divided into 30 crore equity shares of Re 1 each and consequential alteration in its Memorandum of Association.

Read more here.

Vodafone Idea opts to pay Rs 8,837 crore dues in six annual installments

Vodafone Idea Ltd (VIL) has opted to pay adjusted gross revenue (AGR) related dues amounting to Rs 8,837 crore for FY18 and FY19 in six equal annual installments starting March 31, 2026. The Department of Telecommunications (DoT) recently offered the option in addition to its support package for the telecom industry announced in 2021.

Read more here.

Dr. Reddy’s Labs acquires branded, generic injectables from Eton Pharma

Dr. Reddy’s Laboratories has acquired a portfolio of branded and generic injectable products from US-based Eton Pharmaceuticals Inc. Under the terms of the agreement, Dr Reddy’s acquired the portfolio for an upfront payment of ~$5 million in cash, plus contingent payments of up to $45 million. These products had a total addressable market value of $174 million as of April 2022 in the US.

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RIL Posts 22% YoY Rise in Net Profit in Q4 – Top Indian Market News

Reliance Industries Q4 Results: Net profit rises 22% YoY to Rs 16,203 crore

Reliance Industries Ltd (RIL) reported a 22.4% YoY increase in consolidated net profit to Rs 16,203 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 37% YoY to Rs 2,11,887 crore during the same period. The results are below Street estimates. Reliance Jio reported a 24.2% YoY increase in net profit to Rs 4,173 crore. The telecom major’s revenue grew 20.4% YoY to Rs 20,901 crore in Q4. RIL’s board has declared a dividend of Rs 8 per share.

Read more here.

ONGC wins 18 out of 21 oil, gas blocks in OALP-VI bid round

Oil and Natural Gas Corporation (ONGC) has won 18 out of the 21 areas offered for finding and producing oil and gas in the sixth bid round under Open Acreage Licensing Policy (OALP). Oil India Ltd (OIL) has won rights for two blocks. Opening up more areas for exploration will help boost India’s oil and gas production and bring down high oil import bills.

Read more here.

Tata Power Q4 Results: Net profit rises 31% YoY to Rs 632 crore

Tata Power Company Ltd reported a 31% YoY increase in consolidated net profit to Rs 632 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 16% YoY to Rs 12,085 crore during the same period. EBITDA stood at Rs 2,253 crore in Q4, up 35% YoY. Tata Power’s board has declared a dividend of Rs 1.75 per share.

Read more here.

Federal Bank Q4 Results: Net profit rises 13% YoY to Rs 541 crore

Federal Bank reported a 13% YoY increase in net profit to Rs 540.54 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) grew 7.38% YoY to Rs 1,525.21 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets ratio (GNPA) stood at 2.8% in Q4 FY22, compared to 3.06% in Q3 FY22. The bank’s provisions declined by 70.4% YoY to Rs 75.24 crore in Q4 FY22.

Read more here.

L&T Infotech announces merger with Mindtree

The Board of Directors of L&T Infotech Ltd (LTI) and Mindtree Ltd approved the merger of both the independently listed IT services companies under the Larsen & Toubro Group. The proposed integration will see LTI and Mindtree join to create a scaled-up IT services provider with a valuation of $3.5 billion. All shareholders of Mindtree will be issued shares of LTI at the ratio of 73 shares of LTI for every 100 shares of Mindtree.

Read more here.

Bajaj Consumer Q4 Results: Net profit falls 34% YoY to Rs 36 crore

Bajaj Consumer Care Ltd reported a 34.5% YoY (or 6.7% QoQ) decline in consolidated net profit to Rs 35.82 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 12.2% YoY to Rs 214.95 crore during the same period. The FMCG company’s expenses stood at Rs 184.98 crore in Q4, down 2.21% YoY. Its board has declared a final dividend of Rs 4 per share.

SJVN secures contract for 30 MW wind-solar hybrid project worth Rs 195 crore

SJVN Limited secured a contract worth Rs 195 crore from the Solar Energy Corporation of India (SECI) for setting up a wind-solar hybrid project with 30 megawatts (MW) generation capacity. The state-owned company bagged the project through a tariff-based competitive bidding process for providing electricity at the rate of Rs 2.54 per unit on a build, own, and operate basis. The project is likely to generate ~1,860 million units (MUs) over 25 years.

Read more here.

Canara Bank Q4 Results: Net profit rises 65% YoY to Rs 1,666 crore

Canara Bank reported a 65% YoY increase in net profit to Rs 1,666.22 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) grew 24.84% YoY to Rs 7,005 crore during the same period. The gross non-performing assets ratio (GNPA) stood at 7.51% in Q4 FY22, compared to 8.93% in Q4 FY21. The bank’s provisions rose 1.54% YoY to Rs 3,708.68 crore in Q4 FY22. The bank’s board has recommended a dividend of Rs 6.5 per share.

Read more here.

Lupin gets USFDA approval for Pregabalin capsules

Lupin Ltd has received approval from the US Food & Drug Administration to market Pregabalin capsules. The drug is used to treat pain caused by nerve damage due to diabetes or shingles infection. The product will be manufactured at Lupin’s facility in Aurangabad, Maharashtra. According to IQVIA data, Pregabalin capsules had estimated annual sales of $263 million (~Rs 2,024 crore) in the US during the 12 months ended March 2022.

Read more here.

LIC IPO subscribed 1.38 times on third day of bidding  

The Rs 21,008.48 crore initial public offering (IPO) of Life Insurance Corporation of India (LIC) was subscribed 1.38 times on the third day of bidding. Retail investors have subscribed 1.23 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 76% and 56%, respectively, against their reserved portions. LIC policyholders have subscribed 4.01 times the portion reserved for them. 

To learn more about the IPO, click here.

RBI approves merger between Equitas Holding and Equitas SFB

The Reserve Bank of India (RBI) has cleared the merger between Equitas Holdings and Equitas Small Finance Bank (SFB). The merger is being effected to comply with the RBI norms on small finance banks, mandating the promoter to reduce the stake in the subsidiary to 40% within five years of commencement of operations by the SFB.

Read more here.

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Vedanta to Invest up to $20B in Semiconductor Biz – Top Indian Market News

Vedanta to invest up to $20 billion in semiconductor business in India

Vedanta Ltd has earmarked $15 billion for its foray into the electronic chip and display manufacturing space. The conglomerate plans to scale up the investment to as much as $20 billion (~Rs 1.49 lakh crore). Vedanta’s group firm Avanstrate will spearhead the semiconductor business. It expects to roll out electronic chips and displays from Indian manufacturing plants by 2025.

Read more here.

Mahindra Holidays & Resorts to sell entire 10.76% stake in Nreach Online Services

Mahindra Holidays & Resorts India Ltd will sell its entire 10.76% stake in Nreach Online Services Pvt Ltd to Gift Management Asia Pte Ltd (GMAPL) for a consideration of Rs 29.31 crore. The company has entered into an agreement with GMAPL for the sale of its entire investment consisting of 5,738 equity shares in Nreach Online Services. The transaction is expected to be completed on or before July 31, 2022.

Read more here.

Coal India’s fuel supply stands at 575 MT so far in FY22

Coal India Ltd (CIL) has supplied 575 million tonnes (MT) of coal so far this financial year (FY22), surpassing the total dispatch of dry fuel in 2020-21. The company had dispatched 574.5 MT of coal in FY21. Meanwhile, coal imports were down to a nine-year low due to a sharp increase in international coal prices. 

CIL has warned that the production of coal may fall if the company is not able to raise prices. It is facing cost pressures from a looming rise in salaries and on higher prices of diesel used to power mining equipment.

Read more here.

IndiGo takes delivery of A320 neo plane powered with sustainable aviation fuel

IndiGo has taken delivery of its first aircraft from Airbus (A320 neo) that operated on a blend of sustainable aviation fuel and normal fuel. The airline’s CEO, Ronojoy Dutta, said they are also talking to a lot of manufacturers on Sustainable Aviation Fuel (SAF). Over a period from 2016 to 2023, IndiGo is aiming at a 16% reduction in carbon emissions.

Read more here.

Domestic air traffic falls 43% to 64.08 lakh passengers in Jan: DGCA

Domestic air traffic fell around 43% to 64.08 lakh passengers in January 2022. The passenger load factors (or occupancy rates) fell for all Indian carriers last month. SpiceJet reported the highest seat occupancy of 73.4% in Jan, compared to 80.2% in December. IndiGo registered a load factor of 66.6% in Jan, compared to 78.1% in Dec. The data was released by the Directorate General of Civil Aviation (DGCA).

Read more here.

Bank of Baroda, Canara Bank announce subscription to IDRCL shares

Canara Bank has picked up a 14.9% stake in India Debt Resolution Company Ltd (IDRCL), while Bank of Baroda bought 12.3% in it. IDRCL is an asset management company set up by the government. It will work in association with the National Asset Reconstruction Company Ltd (NARCL) to clean up the banking sector’s bad loans (NPAs). IDRCL will provide management and resolution of assets acquired by NARCL.

Read more here.

Indian Oil sets up 1,000 EV charging stations

India’s largest oil refiner Indian Oil Corporation Ltd (IOCL) has set up 1,000 electric vehicle charging stations. Now, IOCL has EV charging points in more than 500 towns and cities, including multiple state and national highways. It has collaborated with Tata Power PowerGrid, NTPC, Tech Mahindra, Ola, and BHEL for setting up EV chargers at its fuel stations. The company is targeting to provide EV charging facilities at 10,000 fuel stations in the next three years.

Read more here.

MRF lines up Rs 1,000 crore expansion plan in Telangana

MRF Limited has announced an investment of Rs 1,000 crore for expansion of its facility and creating a new specialty assembly line at Sangareddy, Telangana. The company’s officials also offered Rs 4 crore to the state government’s ‘Mana vooru – Mana badi’ program under its corporate social responsibility (CSR) initiative.

Read more here.