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SJVN to Set Up 1,000 MW Solar Power Project – Top Indian Market News

SJVN to set up 1,000 MW grid-connected solar power project

Satluj Jal Vidyut Nigam (SJVN) has secured a contract to set up a 1,000 megawatt (MW) grid-connected solar power project through the bids floated by the Indian Renewable Energy Development Agency (IREDA). The tentative cost for the construction and development of the project is Rs 5,500 crore. It is expected to generate 2,365 million units (MU) of power in the first year. The power generated from the project will be solely for self-use or use by government entities, either directly or through power distribution companies (DISCOMs).

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Zydus Cadila signs pact with Shilpa Medicare to manufacture ZyCoV-D vaccine

Cadila Healthcare Ltd has entered into a definitive agreement with Shilpa Medicare to manufacture its Covid-19 vaccine ZyCoV-D. Shilpa Medicare will produce and supply the vaccine from its integrated biologics R&D cum manufacturing center at Dharwad, Karnataka. India’s drug regulator had given emergency use authorisation for Cadila’s ZyCoV-D on August 20. It is the world’s first DNA plasmid vaccine that can be administered to adults and children aged 12 years and above.

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NBCC secures Rs 968 crore contract to construct 2,000 flats in the Maldives

State-owned NBCC Limited has secured a contract worth Rs 968.5 crore for the construction of 2,000 social housing units in the Maldives. This project is NBCC’s biggest-ever order in the overseas market. A loan agreement was signed between Fahi Dhiriulhun Corporation Limited (FDC) and Exim Bank of India for financing the project. The project covers over 7.2 acres of land across seven plots.

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Caplin Point Labs’s CRO arm completes USFDA audit with zero observations

The US Food & Drug Administration (USFDA) had completed a virtual audit of Caplin Point Laboratories’ clinical research organisation (CRO) division. The audit ended with zero observations. The pharma company said it is committed to maintaining the highest standards of quality and compliance at all its units. The CRO division, Amaris Clinical, performs clinical studies for submissions to various regulators.

Ircon International to set up 500 MW solar power plant

Ircon International Ltd has won a bid to set up a 500 megawatt (MW) solar power plant through an e-reverse auction under the Central Public Sector Undertaking (CPSU) Scheme-II floated by the Indian Renewable Energy Development Agency (IREDA). The approximate cost of the project is Rs 2,400 crore. State-owned Ircon International is a railway infrastructure company.

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IIFL Finance to raise up to Rs 1,000 crore via bonds

IIFL Finance Ltd will open a public issue of secured bonds on September 27 to raise up to Rs 1,000 crore. It will utilise the funds for business growth and capital augmentation. The bonds offer a yield of up to 8.5% per annum and a high degree of safety. The company will issue secured and redeemable non-convertible debentures (NCDs) aggregating to Rs 100 crore, with a greenshoe option to retain an over-subscription up to Rs 900 crore.

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Global oil and gas investment will be 30% below pre-Covid level: ONGC

Global investment in the upstream oil and gas sector this year will be around 30% below pre-Covid levels according to Oil and Natural Gas Corp (ONGC) Chairman Subhash Kumar. He also stated that industry outlooks expect India’s energy demand to double by 2050 with strong growth in natural gas. Meanwhile, ONGC has started gas production from the second deep-water well in its KG basin block in the Bay of Bengal.

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Auriopro launches ‘AuroPay’ platform to offer wide range of services in payment ecosystem

Aurionpro Solutions Ltd has expanded its footprint in the payment business by launching a payment platform. The company has incorporated Aurionpro Payments Pte Ltd (APPL) as a subsidiary in Singapore. APPL has unveiled ‘AuroPay’, an innovative payment platform that offers secure online payment services. The platform will provide gateway services to merchant organizations and become a one-stop shop covering a wide range of services in the payment ecosystem.

CCI fines United Breweries, Carlsberg in beer price-fixing case

The Competition Commission of India (CCI) has imposed a penalty of Rs 750 crore on United Breweries Ltd. and Rs 120 crore on Carlsberg India for indulging in cartelisation in the sale and supply of beer in the country. The two companies and SABMiller India engaged in price coordination and supply restrictions of beer between 2009 and 2018. CCI has also directed the companies, All India Brewers’ Association (AIBA), and various individuals to “cease and desist” from anti-competitive practices in the future.

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Cabinet Approves PLI Scheme for Textile Sector – Top Indian Market News

Cabinet approves Rs 10,683 crore PLI scheme for textile sector

The Union Cabinet has approved a Production Linked Incentive (PLI) scheme for textiles for man-made fibre (MMF) apparel, MMF fabrics, and 10 segments or products of technical textiles with a budgetary outlay of Rs 10,683 crore over the next five years. The scheme is expected to boost manufacturing activities, add jobs, and help scale up textile exports. Textile factories based around aspirational districts or Tier-3 & Tier-4 cities will be given priority. This move will benefit states like Gujarat, Uttar Pradesh, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, and Telangana. 

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Sun Pharma forays into nutrition bar segment with lunch of Revital NXT

The healthcare division of Sun Pharmaceutical Industries has entered into the nutrition bar segment in India with the launch of Revital NXT. The product is a brand extension of Revital H, a health supplement brand. Revital NXT has been launched in two different variants, Revital Energy NXT and Revital Protein NXT. It contains Ginseng, 16 vitamins and minerals, and triple blend protein. The nutrition bar is currently available on Amazon. The market for nutrition bars in India is growing rapidly due to the increasing focus on fitness and a healthy lifestyle.

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Caplin Point Lab gets USFDA approval for labetalol hydrochloride injection

Capline Steriles, a subsidiary of Caplin Point Laboratories, has received final approval from the US Food and Drug Administration (USFDA) for labetalol hydrochloride injection. The drug is indicated for the control of blood pressure in severe cases of hypertension. According to IQVIA data, labetalol hydrochloride injection had US sales of $6 million (~Rs 44.2 crore) for the 12-months ended June 2021.

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Equity mutual funds record inflows worth Rs 24,392 crore in August

India’s equity mutual funds witnessed net inflows for the sixth straight month, according to data released by the Association of Mutual Funds in India (AMFI). The net equity inflow for August stood at Rs 24,392.2 crore, compared to Rs 20,742.8 crore in July. The inflows pushed assets under management (AUM) of the mutual fund industry to an all-time high of Rs 36.6 lakh crore at the end of August. The industry witnessed an overall net inflow of Rs 32,976 crore across all segments last month, compared to an inflow of Rs 1.14 lakh crore in July.

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JSPL pre-pays $106 million debt of its Australian subsidiary

Jindal Steel & Power Ltd (JSPL) has made a pre-payment of $106 million (~Rs 777.4 crore) to the lenders of its subsidiary Jindal Steel & Power (Australia) Ltd. The pre-payment has helped the company reduce JSPL’s “Australian debt” by approximately 50%. The company is now aiming to clear all its overseas debt in the upcoming quarters.

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Adani Power’s subsidiary declared successful bidder for Gondhkari coal block

Adani Power Maharashtra Ltd (APML) has been declared as the successful bidder for commercial mining of the Gondkhairi coal block in Maharashtra. APML is a wholly-owned subsidiary of Adani Power. It is engaged in the generation and transmission of electricity under long-term power purchase agreements and on merchant basis in India. Adani Power has a power generation capacity of 12,450 megawatts (MW) across the country.

Sansera Engineering IPO to open on Sept 14; price band fixed at Rs 734-744 per share

Sansera Engineering has fixed Rs 734-744 per share as the price band for its upcoming initial public offering (IPO). The public issue will open on September 14 and close on September 16. The IPO consists of a pure offer for sale (OFS) of 1.72 crore shares by its existing shareholders and promoters. On the upper band price, the firm will raise Rs 1,282.66 crore via the IPO. Sansera Engineering is an auto-component manufacturer based in Bengaluru.

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South Indian Bank launches SIB-OneCard credit card

South Indian Bank (SIB), in association with OneCard, has launched the SIB-OneCard credit card. The premium metal card has a unique app-based onboarding process, which is in line with SIB’s vision of digital transformation. The internationally valid credit card on the Visa Signature platform can be controlled through the OneCard App. The SIB–OneCard card comes with features such as lifetime validity, zero joining and annual fees, instant issuance of reward points and easy redemption within the app, etc. 

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RBI removes PCA restrictions on UCO Bank

The Reserve Bank of India (RBI) has lifted the Prompt Corrective Action (PCA) framework on UCO Bank. The performance of UCO Bank was reviewed by RBI’s Board for Financial Supervision. Based on the published results for the year ended March 31, 2021 (FY21), it was noted that the bank is not in breach of the PCA parameters. PCA is a framework under which banks with weak financial metrics are put under watch by the RBI.

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SpiceJet to Transfer Cargo Business to SpiceXpress – Top Indian Market News

SpiceJet seeks shareholders’ approval to hive off cargo, logistics business

SpiceJet Ltd has sought permission from its shareholders to transfer its cargo and logistics business to its subsidiary, SpiceXpress. All related assets and liabilities, including trademark, licenses, franchises, customer contracts, and distribution network will be transferred on a slump sale basis to SpiceXpress. The airline has also sought shareholders’ approval to raise up to Rs 2,500 crore through the issuance of shares via a Qualified Institutional Placement (QIP).

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RBI partially lifts technology-ban on HDFC Bank: Report

According to a report from CNBC-TV18, the Reserve Bank of India (RBI) has partially lifted the technology ban on HDFC Bank with effect from August 17. The central bank has allowed HDFC Bank to source new credit cards. However, the ban on digital launches will continue for the time being. In December 2020, the RBI had banned India’s largest private-sector lender from selling new credit cards and also launching new digital services due to a series of network outages.

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RBI introduces Financial Inclusion Index

The Reserve Bank of India (RBI) has introduced the Financial Inclusion (FI) index to capture the extent of financial inclusion in the country. The FI-Index has been conceptualised as a comprehensive index, incorporating details of the banking, investments, insurance, postal, and pension sectors in consultation with the government and respective sectoral regulators. This was part of the announcements made in RBI’s first bi-monthly monetary policy in April 2021.

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Dixon Tech to manufacture smartphones for Orbic in India

US-based smartphone maker Orbic has partnered with Dixon Technologies to manufacture its smartphones in India. The new Orbic Myra 5G UW will be the first 5G millimeter-wave (mmWave) product to be produced in India for export to the US. The smartphones will be manufactured at Dixon Tech’s facility in Noida. Dixon is one of the 14 local and global companies that has received approval from the Ministry of Electronics and IT under the Production Linked Incentive (PLI) scheme for IT hardware manufacturing.

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Sterlite Power Transmission files DRHP for Rs 1,250 crore IPO

Sterlite Power Transmission Ltd (SPTL) has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise ~Rs 1,250 crore via an IPO. SPTL is promoted by mining magnate Anil Agarwal and Twin Star Overseas. The company manufactures power products and is in the business of power transmission. The proceeds from the IPO will be used to repay or prepay certain borrowings availed by the company and Khargone Transmission Ltd (KTL).

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Dilip Buildcon gets financial closure of NHAI road project in Gujarat

Dhrol Bhadra Highways, a subsidiary of Dilip Buildcon Ltd, has received a financial closure letter from the National Highways Authority of India (NHAI) for a road project in Gujarat. The project consists of four laning of Dhrol-Bhadra Patiya section of NH-151A and Bhadra Patiya-Pipaliya section of NH-151A on a design, build, operate, and transfer (DBOT) basis. The bid project cost is Rs 882 crore.

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Caplin Point’s subsidiary gets approval from Brazil’s ANVISA

Caplin Steriles has received approval from Brazil’s National Health Surveillance Agency ANVISA for its sterile injectable manufacturing site near Chennai, Tamil Nadu. The approval grants the company access to register and market its products in Brazil, the largest pharmaceutical market in Latin America. Caplin Steriles is a subsidiary of Caplin Point Laboratories Ltd.

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Canara Bank opens Rs 2,500 crore QIP; floor price set at Rs 155.58 per share

Canara Bank has launched a Qualified Institutional Placement (QIP) of equity shares to raise ~Rs 2,500 crore. The lender’s Board of Directors has approved a floor price of Rs 155.58 per equity share for the QIP. The Capital Planning Process Committee of Canara Bank’s board will meet on August 23, 2021, to consider the issue price for the equity shares and the number of shares to be allotted to Qualified Institutional Buyers (QIBs).

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Zydus Cadila gets USFDA approval for cancer drug

Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market Lenalidomide capsules. The drug is used to treat various types of cancers. It works by slowing or stopping the growth of cancer cells. The drug will be manufactured at the pharma company’s formulation manufacturing facility at the SEZ, Ahmedabad.

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SBI Cards raises Rs 500 crore by issuing bonds

SBI Cards and Payment Services Ltd has raised Rs 500 crore by issuing bonds on a private placement basis. The company’s Stakeholders’ Relationship & Customer Experience Committee has approved the allotment of 5,000 fixed-rate, redeemable non-convertible debentures (NCDs) of the face value of Rs 10 lakh each, aggregating to Rs 500 crore. SBI Cards will offer a coupon rate of 5.7% per annum on the bonds.

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RailTel Corp secures two orders worth Rs 39 crore

RailTel Corporation of India Ltd has received two works of tunnel communication of Central Railway from Indian Railways. The total anticipated project cost of the work is Rs 38.83 crore. The order has to be completed within 12 months. RailTel is an Information and Communications Technology (ICT) company. It is a wholly-owned subsidiary of the Government of India and is run by the Ministry of Railways.

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Tata Consumer Reports Net Profit of Rs 133 crore in Q4 – Top Indian Market News

Tata Consumer Products

Tata Consumer Q4 Results: Net profit at Rs 133.34 crore

Tata Consumer Products Ltd reported a net profit of Rs 133.34 crore for the quarter ended March (Q4). It had posted a net loss of Rs 50 crore in the corresponding period last year (Q4 FY20). On a quarterly basis, net profit has declined by 44% in Q4 FY21. The company’s revenue from operations rose 26.2% YoY (down 1% QoQ) to Rs 3,037.22 crore during the same period. Tata Consumer opened 39 new stores and entered 7 new cities in FY21. The FMCG firm’s board has declared a final dividend of Rs 4.05 per share.

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Coforge Q4 Results: Net profit rises 17% YoY to Rs 133 crore

Coforge Limited reported a 17.08% YoY increase in consolidated net profit to Rs 133 crore for the quarter ended March (Q4). On a quarterly basis, net profit has risen by 9.02%. Its revenue from operations rose 13.7% YoY to Rs 1,261.5 crore during the same period. The IT firm secured new businesses worth $ 201 million (~Rs 1,482 crore) during the quarter. Coforge’s board has declared a dividend of Rs 13 per share. 

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IEX reports 90% YoY growth in volume of power traded in April

The electricity market at the Indian Energy Exchange (IEX) posted a 90.2% YoY growth in volume to 7,707 million units (MU) in April 2021. The rise in electricity consumption has been the key factor behind the consistent performance of the exchange market. IEX’s real-time market saw its highest ever monthly volume of 1,473 MU in April, up 4.2% from March. Its day-ahead market posted a 54% YoY volume growth to 5,699 MU last month.

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Bajaj Healthcare launches ‘Ivejaj’ tablets for Covid-19 treatment

Bajaj Healthcare Ltd (BHL) announced the launch of its anti-parasitic drug ‘Ivejaj’ (Ivermectin), which is to be used for the treatment of Covid-19 infections. The pharma company has received approval from the Drugs Controller General of India (DCGI) to manufacture and market the tablets. BHL said it has successfully developed the active pharmaceutical ingredient (API) and the formulation for Ivermectin through its own in-house research & development (R&D) team.

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Praj Industries Q4 Results: Net profit jumps 109% YoY to Rs 52 crore

Praj Industries Ltd reported a 109.21% YoY increase in net profit to Rs 52 crore for the quarter ended March (Q4). Its revenue from operations rose 91.4% YoY to Rs 567.10 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 15.11% YoY to Rs 81.07 crore. The company’s board has recommended a final dividend of Rs 2.16 per share.

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CCI orders probe against Tata Motors for alleged unfair business practices

The Competition Commission of India (CCI) has ordered a detailed probe against Tata Motors for alleged abuse of dominant position with respect to dealership agreements. The order was based on two complaints filed against Tata Motors, Tata Capital Financial Services, and Tata Motors Finance Ltd. The CCI has observed that Tata Motors has imposed unfair terms and conditions in the dealership agreement for commercial vehicles in abuse of its dominant position.

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Caplin Point Q4 Results: Net profit rises 35% YoY to Rs 66 crore

Caplin Point Laboratories reported a 35.75% YoY increase in consolidated net profit to Rs 66.37 crore for the quarter ended March (Q4). On a quarterly basis, net profit has risen by 3%. Its revenue from operations rose 22.7% YoY to Rs 288.17 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 12.69% YoY to Rs 242.28 crore.

Subex partners with Snowflake for AI-driven Augmented Analytics

Subex has partnered with US-based Snowflake to bring the power of artificial intelligence (AI)-driven Augmented Analytics to enterprises. Through Subex’s HyperSense platform, both companies will combine competencies to enable enterprises to accelerate their data analytics journey. Through the partnership, Subex and Snowflake aim to bring increased efficiency and agility to enterprises and help them create greater value for their businesses.

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Adani Transmission FY21 Results: Net profit rises 82% YoY to Rs 1,290 crore

Adani Transmission Ltd reported an 82% YoY increase in consolidated net profit to Rs 1,290 crore for the financial year ended March 31, 2021 (FY21). Its revenue from operations declined by 14% YoY to Rs 8,840 crore during the same period. The company added 2,536 circuit kilometers to its transmission network in FY21, taking the total network to 17,276 ckt km. The firm also reported strong transmission system availability at more than 99.87%.

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NTPC Renewable Energy signs PPA with GUVNL

NTPC Renewable Energy, a wholly-owned subsidiary of NTPC Ltd, has entered into a power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) to sell electricity from its 150 megawatt (MW) solar project.  As per the agreement, the project will sell power at a tariff of Rs 2.20 per kilowatt-hour (kWh). With this, NTPC’s total capacity under tariff-based competitive bidding (TBCB) tenders has increased to 1.4 gigawatt (GW).

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Adani Power Q4 Results: Net profit at Rs 13.13 crore

Adani Power Limited reported a consolidated net profit of Rs 13.13 crore for the quarter ended March (Q4 FY21).  It had posted a net loss of Rs 1,312.86 crore in the corresponding period last year (Q4 FY20). Revenue from operations rose to Rs 6,902 crore, compared with Rs 6,327.57 crore in Q4 FY20. Adani Power achieved an Average Plant Load Factor (PLF) of 59.6% and aggregate sales volumes of 14.8 billion units (BU) during the quarter. This is compared with an average PLF of 65.5% and sales volumes of 16.5 BU in Q4 FY20

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Zydus Cadila’s ‘Virafin’ Gets DCGI Approval – Top Indian Market News

Zydus Cadila’s ‘Virafin’ gets DCGI approval for treatment of moderate Covid-19 cases

Zydus Cadila announced that it has received restricted emergency use approval from the Drugs Controller General of India (DCGI) to use antiviral drug ‘Virafin’ (Pegylated Interferon alpha-2b) for the treatment of moderate Covid-19 infections. Virafin will help Covid-19 patients recover faster and avoid much of the complications. The pharma company said 91.15% of the patients treated with the drug were RT-PCR negative by day seven. The treatment significantly reduces the hours of supplemental oxygen in Covid-19 patients.

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HCL Technologies Q4 Results: Net profit falls 25.6% QoQ to Rs 2,962 crore

HCL Technologies Limited reported a 25.6% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 2,962 crore for the quarter ended March (Q4). The IT firm’s revenue rose 1.8% QoQ to Rs 19,642 crore during the same period. HCL Tech registered its highest-ever new deal bookings during Q4 FY21 at $3.1 billion (~Rs 23,230 crore). Its IT and business services segment reported a 4.4% QoQ growth. The company has allocated around Rs 700 crore as one-time bonus to employees. HCL Technologies has declared a final dividend of Rs 6 per share and a special dividend of Rs 10 per share.

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LT Foods expands its premium snacks brand to Australia, UAE

LT Foods Limited has announced the expansion of its premium rice-based snacks brand Kari Kari to Australia and the United Arab Emirates (UAE). The company said its joint venture (JV) firm with Japan-based Kameda Seika has started exporting Kari Kari to the markets of Australia and UAE. Kari Kari is manufactured at LT Food’s manufacturing facility at Sonepat, Haryana, through indigenously grown and sourced ingredients. 

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Wendt (India) Q4 Results: Net profit at Rs 5.30 crore

Wendt (India) Limited reported a consolidated net profit of Rs 5.30 crore for the quarter ended March (Q4). It had posted a net loss of Rs 0.77 crore in the corresponding period last year. The company’s revenue rose 75.61% YoY to Rs 45.15 crore in Q4 FY21. Its board has recommended a final dividend of Rs 20. Wendt India manufactures and sells super abrasives, high-precision grinding machines, and other special-purpose machines.

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PowerGrid InvIT to launch Rs 7,700 crore IPO on April 29: Report

Power Grid Corporation of India (PowerGrid) is set to launch an infrastructure investment trust (InvIT) initial public offering (IPO) on April 29. As per reports, the IPO size is likely to be in the range of Rs 7,700-8,000 crore. This comprises a fresh issue of shares of up to Rs 4,995 crore and an offer for sale (OFS) of up to Rs 3,000 crore. The InvIT is likely to include 11 power transmission lines owned and operated by PowerGrid.

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Aditya Birla Money Q4 Results: Net profit rises 32% YoY to Rs 3.68 crore

Aditya Birla Money Limited (ABML) reported a 31.8% YoY increase in net profit to Rs 3.68 crore for the quarter ended March (Q4). Its revenue from operations rose 10% YoY to Rs 49 crore during the same period. Revenue from its broking business was up 21.2% YoY to Rs 43.69 crore, and revenue from securities trading business rose 41% YoY to Rs 3.78 crore. ABML is a leading player in the Indian broking space. It is a subsidiary of Aditya Birla Capital Limited.

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V2 Retail opens new store at Rourkela, Odisha

V2 Retail Limited has opened a new retail store at Rourkela, Odisha. In line with the company’s strategy to evaluate performance over parameters such as store-wise profitability, the company has closed two retail stores in Chapra (Bihar) and Kota (Rajasthan). V2 Retail currently operates 94 retail stores in India.

GNA Axles Q4 Results: Net profit rises 496% YoY to Rs 27.63 crore

GNA Axles Limited reported a 496.76% YoY increase in consolidated net profit to Rs 27.63 crore for the quarter ended March (Q4). Its revenue from operations rose 71.6% YoY to Rs 310.12 crore during the same period. Net profit has increased by 33.93% YoY to Rs 70.62 crore for the financial year ended 31 March 2021 (FY21). GNA Axles is a leading manufacturer of axle shafts for vehicles.

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Caplin Point’s arm receives USFDA approval for Prochlorperazine Edisylate injection

Caplin Steriles, a subsidiary of Caplin Point Laboratories, has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA)— Prochlorperazine Edisylate injection. The approved product is an antiemetic drug used to control severe nausea and vomiting. According to IQVIA data, Prochlorperazine Edisylate injection had US sales of approximately $17 million (~Rs 127 crore) for the 12-months ended December 2020. 

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UPL to convert 4 nitrogen plants for oxygen production

UPL Limited has announced plans to convert four of its nitrogen production plants to produce oxygen for 4 hospitals in Gujarat and Madhya Pradesh. The company will directly deliver the oxygen tanks to hospital sites. This will help cater to 200-250 beds at each of these hospitals, including ICU patients. There has been a sharp rise in demand for medical oxygen due to the surge in Covid-19 cases in India.

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Indus Towers Reports 38% YoY Rise in Net Profit in Q4 – Top Indian Market News

Indus Towers Q4 Results: Net profit rises 38% YoY to Rs 1,364 crore

Indus Towers Limited reported a 38% year-on-year (YoY) increase in consolidated net profit to Rs 1,364 crore for the quarter ended March (Q4). Its revenue from operations rose 3% YoY to Rs 6,492 crore during the same period. The company added 3,715 towers across 22 telecom circles in India in Q4 FY21. As of March 31, 2021, Indus Towers owns and operates 1,79,225 towers with 3,22,438 co-locations across the country.

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L&T Construction secures order from Oilfield Supply Company Saudi

Larsen & Toubro Limited (L&T) said its construction arm has received a significant order (in the range of Rs 1,000-2,500 crore) from Oilfields Supply Company Saudi to design and build an oil and gas supply base at King Salman Energy Park, Dammam. The project involves the construction of industrial facilities of different sizes, an administration building, associated infrastructure, and storage yards. The project is scheduled to be completed in 30 months.

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Vodafone Idea approaches pension funds to raise $1 billion: Report

As per a report from the Economic Times, Vodafone Idea (Vi) is looking to raise around $1 billion (~Rs 7,500 crore) from pension funds to keep its India business on track. The report states that Vi has approached three Canadian pension funds— Caisse de Dépôt et Placement du Québec (CDPQ), Canada Pension Plan Investment Board (CPPIB), and Ontario Teachers’ Pension Plan (OTPP). It has also approached Norway’s Government Pension Fund Global.

In other news, Vi has rolled out new postpaid plans for businesses and working professionals with benefits such as mobile security, location tracking, data pooling, etc. The plans, which start at Rs 299, are targeted at Small and Medium Enterprises (SMEs) and startups.

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Easy Trip Planners partners with JustDial to offer air travel services

Easy Trip Planners has announced a partnership with local search engine JustDial to offer air travel services. Through this collaboration, EaseMyTrip will be the exclusive service provider for all flight bookings on JustDial. There will be direct API (application programming interface) integration of EaseMyTrip with JustDial wherein real-time bookings can be executed.

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Infosys inks pact with BP to develop integrated EaaS offering

Infosys Limited has signed a Memorandum of Understanding (MoU) with UK-based BP to develop an integrated Energy-as-a-Service (EaaS) offering that will provide end-to-end management of customers’ energy assets and services. The companies will explore opportunities using BP’s energy and mobility expertise and Infosys’ digital capabilities to manage energy assets, provide low carbon power, and low carbon heating/cooling to campuses. The collaboration seeks to apply digital services to integrated energy solutions to help de-carbonize corporations and cities.

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Filatex India Q4 Results: Net profit jumps 5-fold to Rs 118.39 crore

Filatex India Limited reported over five-fold year-on-year (YoY) increase in net profit to Rs 119.39 crore for the quarter ended March (Q4). Its total revenue rose 27.48% YoY to Rs 858.16 crore during the same period. The company’s board has recommended a final dividend of Rs 0.40 per share. Filatex India is a textile production company based in New Delhi.

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Tata Motor’s JLR suspends work at UK plants amid semiconductor shortage

Jaguar Land Rover (JLR) has temporarily shut down production at two of its main UK factories due to a shortage of semiconductors. The shutdown is scheduled to last at least a week, and the company will continue to monitor its chip supply before committing to a reopening date. The semiconductor crisis has been affecting global vehicle production for several months now, following a surge in demand for smartphones and personal computers amidst the impact of the Covid-19 pandemic.

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Visaka Industries Q4 Results: Net profit rises 350% YoY to Rs 30.87 crore

Visaka Industries Limited reported a 350.66% YoY increase in net profit to Rs 30.87 crore for the quarter ended March (Q4). On a quarterly basis, net profit has grown by 33.81%. Its revenue from operations rose 55.47% YoY to Rs 356.60 crore during the same period. The company’s board has recommended a final dividend of Rs 10 per share. Visaka Industries is a leading manufacturer of cement roofing sheets and fibre cement boards in India. 

Caplin Point gets USFDA approval for Neostigmine Methylsulfate Injection

Caplin Steriles, a subsidiary of Caplin Point Laboratories, has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA)— Neostigmine Methylsulfate injection. The approved product is used for the reversal of the effects of non-depolarizing neuromuscular blocking agents (NMBAs) after surgery. As per IQVIA data, the product had US sales of approximately $20 million (~Rs 150 crore) for the 12-months ended December 2020. 

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Subex launches augmented analytics platform HyperSense

Subex Limited has announced the launch of HyperSense, an end-to-end augmented analytics platform. The platform will help enterprises make faster, better decisions by leveraging Artificial Intelligence (AI) across the data value chain. HyperSense’s unique no-code capabilities allow users without a knowledge of coding to easily aggregate data from disparate sources, turn data into insights, and effortlessly share their findings across the organization.

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Tata Elxsi Q4 Results: Net profit rises 40% YoY to Rs 115 crore

Tata Elxsi Limited reported a 40.3% YoY increase in net profit to Rs 115.16 crore for the quarter ended March (Q4). On a quarterly basis, net profit has grown by 9.4%. The IT services company posted an 18.12% YoY rise in revenue to Rs 518.50 crore during the same period. The company’s board has announced a final dividend of Rs 24 and a special dividend of Rs 24.

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ACC Reports 74% YoY Rise in Net Profit in Q1 – Top Indian Market News

ACC Q1 Results: Net profit rises 74% YoY to Rs 563 crore

ACC Limited reported a 74.17% year-on-year (YoY) increase in consolidated net profit to Rs 562.69 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. Its total revenue rose 22.7% YoY to Rs 4,291.97 crore during the same period. Cement sales volumes increased by 21.5% YoY to 7.97 million tonnes in Q1. ACC has commissioned a new grinding unit at Sindri Industrial Township at Dhanbad district in Jharkhand with a capacity of 1.4 million tonnes per annum (MTPA).

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IEX launches cross-border electricity trade on power trading platform

Indian Energy Exchange (IEX) has launched Cross Border Electricity Trade (CBET) on its power trading platform. This will help IEX expand its power markets beyond India to the South Asian region. The government-designated nodal agency for CBET is NTPC Vidyut Vyapar Nigam Ltd (NVVN), a wholly-owned subsidiary of NTPC Limited. Currently, the CBET with neighboring countries for India stands at about 18 billion units (BUs), conducted through medium and long-term bilateral contracts.

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Bajaj Consumer Q4 Results: Net profit jumps two-fold to Rs 55 crore

Bajaj Consumer Care Limited reported over a two-fold YoY increase in consolidated net profit to Rs 54.67 crore for the quarter ended March (Q4). Its revenue from the sale of goods stood at Rs 244.86 crore in Q4, compared to Rs 172 crore in the corresponding period last year. Bajaj Consumer’s net profit for FY 2020-21 rose 20.76% YoY to Rs 223.13 crore. The FMCG firm’s Board of Directors has recommended a final dividend of Rs 4 per share.

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SC stays all further proceedings in Amazon-Future Retail case

The Supreme Court (SC), on Monday, stayed all further proceedings in the Amazon-Future-Reliance case before Single Judge and Division Bench of the Delhi High Court. A bench headed by Justice Rohinton F Nariman said the matter will be finally decided by the SC. The matter will be heard on May 4, 2021. The apex court was hearing an appeal of Amazon.com, Inc. challenging Delhi High Court’s decision to stay an order upholding an emergency arbitrator award restraining Future Retail Limited (FRL) from going ahead with its Rs 24,731 crore assets sale deal with Reliance Retail.

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Infosys partners with Copenhagen Fintech to establish ‘innovation bridge’ between India and the Nordics

Infosys Limited has announced a collaboration with Copenhagen Fintech to strengthen connections across the innovation ecosystem and support the development of new and compelling fintech solutions for the global financial services industry. Both companies will establish a ‘fintech innovation bridge’ between the Nordic countries (Denmark, Sweden, Finland, Norway) and India. This partnership will involve joint participation in events to facilitate the mutual sharing of deep industry expertise with Copenhagen Fintech’s corporate partners.

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Jubilant Pharma develops oral formultion of remdesivir

Jubilant Pharma has developed a novel oral formulation of Remdesivir, an anti-viral drug used to treat patients infected by Covid-19. The company said the oral formulation is likely to ease the capacity constraint that injectable formulations face. It will also ensure wider and timely availability of the drug to Covid-19 patients. Jubilant Pharma has sought authorisation for additional studies of the oral formulation from the Drugs Controller General of India (DCGI).

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Borosil Renewables’ board approves expansion plan with an outlay of Rs 1,000 crore

The Board of Directors of Borosil Renewables Limited has approved an expansion plan to raise its production capacity of solar glass by an additional 1,000 tonnes per day (TPD). The company’s processing capabilities will also be enhanced in one or two phases. The estimated outlay for this expansion plan is Rs 1,000 crore. Mumbai-based Borosil Renewables is the sole manufacturer of solar glass panels in India.

Heranba Industries gets GPCB approval to manufacture products at Saykha

Heranba Industries Ltd has received the ‘Consent to Establish’ (CTE) from the Gujarat Pollution Control Board (GPCB) to manufacture pesticides, fungicides, insecticides, and other products at its plot in Saykha Industrial Estate in Bharuch, Gujarat. The company has a land parcel measuring around 34,600 square metres at Saykha. It plans to set up a manufacturing unit with a capacity of 10,680 tonnes per annum at this plot. Heranba Industries expects to commence commercial production at this unit by September 2022.

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Trident opens six new showrooms across India

Trident Limited has opened six new exclusive showrooms across India for its bed and bath linen collections under Trident Home Decor Design. The newly opened showrooms are located in Kolkata, Jaipur, Chandigarh, Mohali, and Karnal. The total count of its exclusive showrooms has now increased to 18.

Caplin Steriles receives USFDA approval for Milrinone Lactate injection

Caplin Steriles has received final approval from the US Food and Drug Administration (USFDA) for generic Milrinone Lactate injection, used for short-term treatment of patients with acute decompensated heart failure. According to IQVIA data, Milrinone Lactate injection had US sales of around $24 million (~Rs 179 crore) for the 12 months ended December 2020. Caplin Steriles is a subsidiary of Caplin Point Laboratories Limited.

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Indian Oil Corp to supply oxygen to hospitals in Delhi, Haryana, Punjab

Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Limited (BPCL) have begun diverting oxygen produced at their refineries to meet the rising requirements of medical oxygen in states worst-hit by Covid-19. IOCL has begun the supply of 150 tonnes of oxygen at zero cost to various hospitals in Delhi, Haryana, and Punjab. BPCL will supply 100 tonnes of medical oxygen per month at no cost.

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Total Acquires 20% Stake in Adani Green Energy – Top Indian Market News

Total acquires 20% stake in Adani Green Energy 

French oil and energy major Total SE announced the acquisition of a 20% stake in Adani Green Energy Limited (AGEL) from the Adani Group. The company will also buy a 50% stake in a portfolio of solar assets operated by AEGL. Total said it would pay $2.5 billion (~Rs 22,118 crore) as part of the acquisition. AEGL has more than 14.6 gigawatts of contracted renewable capacity, with an operating capacity of 3 GW, another 3 GW under construction, and 8.6 GW under development. The company has plans to achieve 25 GW of renewable power generation by 2025.

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Mindtree Q3 Results: Net Profit rises 66% YoY to Rs 327 crore

Mindtree Ltd reported a 66% year-on-year (YoY) increase in consolidated net profit to Rs 326.5 crore for the quarter ended December (Q3). The IT firm’s revenue rose by 3% YoY to Rs 2,023.7 crore during the same period. The company’s active client base stood at 276, while it added eight new clients in Q3. Mindtree stated that it is witnessing a significant demand for its cloud, data, and analytics capabilities. 

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Three UK partners with TCS to accelerate 5G network rollout

Tata Consultancy Services (TCS) has been selected by Three UK to help configure its mobile network for its ongoing 5G services rollout. Three UK is in the process of deploying a new 5G radio access network, which is already live in 175 towns and cities. TCS’ software will speed-up configuration checking and reduce manual errors, ensuring first-time-right network configuration. TCS will also provide 24×7 support across the network for configuration corrections and ad-hoc site testing. 

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L&T secures order worth up to Rs 5,000 crore from RNVL in Uttarakhand

Larsen & Toubro (L&T) announced that its construction arm has secured a contract worth up to Rs 5,000 crore from Rail Vikas Nigam Ltd (RVNL) in Uttarakhand. The scope of the project includes the construction of tunnels, formation, construction shaft, and other ancillary works between Rishikesh and Karanprayag. L&T said the entire project is to be completed within a stringent timeline of 60 months.

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IndiaMART InterMESH Q3 Results: Net profit rises 29% YoY to Rs 80 crore

IndiaMART InterMESH Ltd reported a 29.35% YoY increase in consolidated net profit to Rs 80.20 crore for the quarter ended December (Q3). Its revenue rose 5.28% YoY to Rs 173.60 crore during the same period. The company’s board has approved fund-raising of up to Rs 1,100 crore via equity and debt instruments. 

Gravita India secures order worth Rs 125 crore from Korea Zinc’s subsidiary

Gravita India has signed an agreement with Sorin Corporation, a subsidiary of Korea Zinc Co Ltd, for supplying approximately 8,000 MT of refined lead. At current lead prices, the contract would be valued at around Rs 125 crore. The agreement will be executed in the calendar year 2021. Gravita India stated that this contract will help the firm strengthen its market presence in the South East Asian market.

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Metropolis Healthcare acquires Hitech Diagnostic Centre

Metropolis Healthcare Ltd has acquired Hitech Diagnostic Centre, a south India-based diagnostics laboratory chain, in a cash and stock deal. The company said it would pay Rs 511 crore in cash and issue up to 4.95 lakh equity shares of face value Rs 2 each on a preferential basis to Hitech’s promoter group. Through the acquisition, Metropolis will get access to 31 laboratories and 68 collection centres of Hitech.

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Motherson Sumi to acquire 75% stake in two companies of Turkey-based Plast Met Group

Motherson Sumi announced the acquisition of a 75% equity stake in two companies of the Turkey-based Plast Met Group through its subsidiary- Samvardhana Motherson Reflectec (SMR). The enterprise value of the deal is €21.78 million (Rs 193 crore). The all-cash deal is subject to regulatory approvals and is expected to be closed in the coming three months. The acquisition will mark Motherson Sumi’s entry into Turkey, which has a vehicle market of 1.4 million units annually.

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Indian Hume Pipe Company receives LoA for water supply project in Uttar Pradesh

Indian Hume Pipe Company Ltd has received a revised Letter of Acceptance (LoA) from State Water & Sanitation Mission (SWSM), Government of Uttar Pradesh for water supply schemes in various villages of Kanpur Division. The project areas of the Kanpur Division are Auraiya, Etawah, Farukhabad, Kanpur Rural, Kanpur Urban, and Kannauj District. The total value of the work order is about Rs 400 crore.

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Snowman Logistics Q3 Results: Net profit stands at Rs 1.4 crore

Snowman Logistics Ltd reported a net profit of Rs 1.42 crore for the quarter ended December (Q3). The company had posted a net loss of Rs 3.4 crore in the corresponding period in FY20. Its revenue increased by 3% YoY to Rs 60.18 crore in Q3 FY21. Snowman Logistics also announced that it has appointed Sunil Prabhakaran Nair as CEO and whole-time director of the firm for a further period of 3 years, with effect from February 13, 2021.

Majesco Q3 Results: Net profit up 23 times to Rs 27.7 crore

Majesco Ltd’s net profit jumped 23 times (or 3,127%) YoY to Rs 27.76 crore for the quarter ended December (Q3). Its total revenue rose by 715% YoY to Rs 38.41 crore during the same period. Majesco had completed a buyback of 15.74 lakh equity shares and paid Rs 133 crore to the shareholders in Q3. The company had also announced an interim dividend of Rs 974 per share during the quarter.

Caplin Point’s arm enters into strategic partnership with Canada’s JAMP Pharma Group

Caplin Steriles, a subsidiary of Caplin Point Laboratories Ltd (CPLL), has entered into a strategic partnership with Canada-based JAMP Pharma Group. The agreement includes six injectable products to be filed for Health Canada approval. Caplin Steriles has already filed some of these products in the United States. [CPLL is engaged in the manufacturing of active pharmaceutical ingredients (APIs), finished formulations, research & development, and clinical research]

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Automakers Fear Container Shortage to Hit Parts Supply, Output – Top Indian Market News

Indian automakers fear container shortage to hit parts supply, output

Automakers in India are bracing for a parts shortage and possible production losses over the next 3-4 months due to a global shortage of available shipping containers. The concern was put forth by the Society of Indian Automobile Manufacturers (SIAM). The trade body stated that shipping freight rates have surged since July and companies are now finding it difficult to sustain normal trade operations. Major auto exporters also have to book containers weeks in advance.

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Aurobindo Pharma & COVAXX to develop Covid-19 vaccine for India, UNICEF

Aurobindo Pharma Ltd has entered into an exclusive licensing agreement with US-based COVAXX to develop, commercialize, and manufacture UB-612 for India and the United Nations Children’s Fund (UNICEF). UB-612 is the first Multitope Peptide-based vaccine to fight Covid-19. COVAXX is currently conducting a Phase-1 clinical trial for the vaccine candidate. Aurobindo Pharma will manufacture the finished doses of UB-612 at its facilities in Hyderabad.

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Adani Power terminates pact to buy 49% stake in Odisha Power Gen Corp

Adani Power, on Thursday, said that the agreement to acquire a 49% stake in Odisha Power Generation Corporation (OPGC) from the affiliates of the AES Corporation has been formally terminated. The Odisha government, which holds a 51% stake in OPGC, had exercised the Right of First Refusal (RoFR) to purchase the 49% stake held by AES. In June 2020, Adani Power had announced a share sale and purchase agreement (SSPA) to acquire a total of 89.3 lakh equity shares (or 49% stake) in OPGC from AES OPGC Holding and AES India Pvt Ltd.

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SpiceJet partners with GMR Hyderabad Air Cargo for Covid-19 vaccine delivery

SpiceJet Ltd announced that it has signed a Memorandum of Understanding (MoU) with GMR Hyderabad Air Cargo (GHAC) to provide cargo services to all vaccine manufacturers in the region. SpiceXpress, the cargo arm of SpiceJet, aims to provide the first-mile pickup and last-mile delivery to carry Covid-19 vaccines across the domestic and international markets. Under the MoU, GHAC will provide the required space for SpiceJet’s vaccine shipments and also train its personnel on the handling of the vaccine.

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Vodafone Idea, Airtel file segmented offer details to TRAI

Vodafone Idea and Bharti Airtel have both complied with the telecom regulator’s (TRAI) recent directive and filed details of all their segmented offers made between January and November 2020. On December 4, TRAI had directed all telecom companies to submit details of all segmented offers made between January and November 2020, including offer name, tariff rates, terms and conditions, validity spans, and benefits- within 15 days. TRAI stated that such disclosures would need to be made on a monthly basis for each service area.

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India challenges Vodafone arbitration ruling in Singapore: Report

According to a report from ET, the Indian Government has challenged the international arbitration court’s ruling in favour of Vodafone Plc in the retrospective tax case. In September 2020, Vodafone had won the long-pending arbitration case against India’s income tax (IT) department that demanded over Rs 22,000 crore on a retrospective basis. The tribunal, in its ruling, had said the government must cease seeking dues from Vodafone and pay more than Rs 40 crore to the company as partial compensation for its legal costs.

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Govt of Himachal Pradesh allots three hydro projects to SJVN

The Government of Himachal Pradesh has allotted three hydro projects of 501 MW capacity in Chenab Basin to SJVN Ltd. In a Cabinet meeting held today (which was chaired by CM Jai Ram Thakur), SJVN was allocated 104 MW Tandi, 130 MW Rashil, and 267 MW Sach Khas Hydro Electric Projects in the Chenab Basin. With the allocation of these three projects, SJVN has now secured six projects with a total capacity of 1279 MW in the Chenab Basin.

Lupin gets tentative nod from USFDA for toenail fungus topical treatment solution

Lupin Ltd announced that it has received tentative nod from the US Food & Drug Administration (USFDA) to market generic Efinaconazole topical solution 10%. The solution is used for treatment of fungal infections of toenails. The product is a generic version of Bausch Health Americas Inc’s Jublia topical solution of the same strength. According to IQVIA MAT September 2020 data, Efinaconazole topical solution 10% had an estimated annual sales of $222.9 million (~Rs 1,640 crore) in the US.

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Central Bank to exit housing finance business; to sell JV stake for Rs 160 crore

Central Bank of India will exit its housing finance joint venture, CBHFL, by selling its entire stake of over 64% to Centrum Housing Finance. Centrum Capital, which is the parent of Centrum Housing, stated that the cost of the acquisition is about Rs 160 crore. Centrum Capital said the deal is expected to be closed in about 2-3 months. CBHFL is a financing and mortgage company jointly promoted by four public sector institutions – Central Bank of India, National Housing Bank, Specified Undertaking of Unit Trust of India (SUTTI), and Housing and Urban Development Corporation (HUDCO).

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Caplin Point receives approval from USFDA for anesthetic injection

Caplin Point Laboratories stated that its subsidiary, Caplin Steriles, has received final approval from the USFDA for etomidate injection USP. Etomidate is a general anesthetic, used for the induction of general anesthesia and for the supplementation of sub potent anesthetic agents. According to IQVIA (IMS Health), etomidate injection USP had US sales data of approximately $9 million (~Rs 66.16 crore) for the 12-month period ending October 2020.

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