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India’s Coal Output Rises 29% in April – Top Indian Market News

India’s coal output rises 29% in April

India’s coal output rose 29% YoY to 66.58 million tonnes (MT) in April. Dispatch of coal to power utilities grew 18.15% YoY to 61.81 MT last month. The Ministry of Coal has been observing a decline in the prices of imported coal since the end of October 2021. India is witnessing a power crisis as coal reserves in several states are running out amid high electricity demand. 

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Asian Paints Q4 Results: Net profit at Rs 850 crore

Asian Paints Ltd reported a consolidated net profit of Rs 850.42 crore for the quarter ended March (Q4 FY22). The company had posted a net profit of Rs 852.13 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations grew 20.6% YoY to Rs 7,889.94 crore in Q4 FY22. Asian Paints faced an exceptional loss of Rs 115.70 crore towards its Sri Lanka business and expected delay in receivable subsidy from the govt. The paint manufacturer’s board has declared a dividend of Rs 15.5 per share.

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Polycab India Q4 Results: Net profit rises 14% YoY to Rs 322 crore

Polycab India Ltd reported a 14.47% YoY increase in consolidated net profit to Rs 322.15 crore for the quarter ended March (Q4 FY22). Net profit rose 2.4% when compared to the previous quarter. Its revenue from operations rose 35% YoY to Rs 3,979 crore during the same period. Polycab India’s board has declared a dividend of Rs 14 per share.

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ICICI Bank partners with Santander for India-UK business ease

ICICI Bank has announced a strategic partnership with Santander UK to facilitate the banking requirements of corporates operating across India and the UK. The private sector bank will provide banking solutions across trade, cross-border payments, supply chain, treasury solutions, and retail banking to the UK corporates operating in India. Santander UK will support Indian corporates and new-age businesses with their banking requirements in the UK.

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Ajanta Pharma Q4 Results: Net profit falls 5% YoY to Rs 151 crore

Ajanta Pharma Ltd reported a 5% YoY decline in consolidated net profit to Rs 151 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 15% YoY to Rs 870 crore during the same period. The pharma company’s board has approved the issue of bonus shares in the ratio 1:2. [One equity share (of the face value of Rs 2) will be issued for every 2 shares (of Rs 2 each) held in the firm.]

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Cipla signs pact with Genes2Me to launch Covid-19 RT-PCR test kit

Cipla Ltd has launched a Covid-19 RT-PCR testing kit in partnership with diagnostics firm Genes2Me. The pharma company will be responsible for the distribution of ‘RT Direct’ kits in India and has commenced supply of the same. The test protocol does not require any RNA extraction process and delivers results in just 45 minutes. 

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MRF Q4 Results: Net profit falls 50% YoY to Rs 165 crore

MRF Limited reported a 50.26% YoY increase in consolidated net profit to Rs 165.21 crore for the quarter ended March (Q4 FY22). Net profit rose 10.6% when compared to the previous quarter. Its revenue from operations rose 10.1% YoY to Rs 5,304.82 crore during the same period. The tyre manufacturer’s board has declared a final dividend of Rs 144 per share.

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Wipro renews IT transformation deal with Crédit Agricole

Wipro Ltd has extended its strategic agreement with Crédit Agricole CIB to fuel the next stage of growth. The IT major will help Crédit Agricole CIB to adopt cloud technologies and agile practices to achieve faster speed-to-market on new products and services. Crédit Agricole CIB is the corporate and investment banking arm of France-based Crédit Agricole Group.

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Vodafone Idea Q4 Results: Net loss at Rs 6,563 crore

Vodafone Idea reported a net loss of Rs 6,563.1 crore for the quarter ended March (Q4 FY22). The company had posted a net loss of Rs 7,022.8 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations rose 6.46% YoY to Rs 10,271.8 crore in Q4 FY22. The average revenue per user (ARPU) stood at Rs 124 in Q4 FY22, compared to Rs 115 in the previous quarter (Q3 FY22). Vi’s average daily revenue growth stood at 7.7% QoQ.

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Mutual Funds see Rs 72,847 crore net inflows in April: AMFI

The Indian mutual fund industry witnessed net inflows of Rs 72,847 crore in April 2022, compared to a net withdrawal of Rs 69,883 crore in March. Equity mutual funds attracted net inflows of Rs 15,890 crore in April, compared to Rs 28,463 crore in March. The monthly Systematic Investment Plan (SIP) contribution dropped to Rs 11,863 crore in April compared to Rs 12,328 crore in March. The data was released by the Association of Mutual Funds in India (AMFI).

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Maruti Suzuki Reports 48% YoY Fall in Net Profit in Q3 – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q3 Results: Net profit falls 48% YoY to Rs 1,011 crore

Maruti Suzuki India Ltd (MSIL) reported a 47.9% YoY decline in net profit to Rs 1,011 crore for the quarter ended December (Q3 FY22). Its revenue from operations fell 1% YoY to Rs 23,246 crore during the same period. The global chip shortage and high commodity costs continued to affect the automaker’s sales. EBITDA stood at Rs 1,559 crore, down 30% YoY. MSIL’s total sales fell 13% YoY to 4.3 lakh units in Q3.

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BPCL to invest Rs 10,000 crore in six new city gas licenses

Bharat Petroleum Corporation Ltd (BPCL) will invest Rs 10,000 crore over the next five years to set up city gas distribution networks in cities for which it secured licenses in the latest bidding round of the Petroleum and Natural Gas Regulatory Board (PNGRB). The company won licenses to retail CNG to automobiles and piped natural gas (PNG) for cooking purposes in the bid-out of six geographical areas.

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Cipla Q3 Results: Net profit falls 2.6% YoY to Rs 729 crore

Cipla Limited reported a 2.61% YoY decline in consolidated net profit to Rs 728.6 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 6% YoY to Rs 5,478.86 crore during the same period. The pharma company’s EBITDA stood at Rs 1,231 crore, up 5.7% YoY. Its India business registered a 13% YoY growth in sales to Rs 2,518 crore in Q3.

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TCS selected as launch partner for Microsoft Cloud for Retail

Tata Consultancy Services (TCS) announced that it is now a partner for the newly-launched Microsoft Cloud for Retail. TCS will help retail clients leverage Microsoft Cloud for Retail to accelerate their growth and transformation journeys. Microsoft Cloud for Retail is an industry-specific cloud that brings together various Microsoft technologies. It connects experiences across the end-to-end shopper journey with integrated and intelligent capabilities.

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Pidilite Industries Q3 Results: Net profit falls 20% YoY to Rs 359 crore

Pidilite Industries Ltd reported a 19.5% YoY decline in consolidated net profit to Rs 359.24 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 24% YoY to Rs 2,850.72 crore during the same period. The company’s total expenses stood at Rs 2,372.9 crore in Q3, up 37.98% YoY. Gross margins were affected due to high input costs. Pidilite Industries is a leading manufacturer of adhesives & sealants, construction chemicals, and craftsmen products.

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Sterlite Tech secures Rs 170 crore deal from Power Grid

Sterlite Technologies Ltd (STL) has secured a deal worth ~Rs 170 crore for building a unified network management system (UNMS) for Power Grid Corporation of India Ltd (PGCIL). STL will fulfill PGCIL’s requirement for high-performance and integrated network management systems across their regional communications networks. PGCIL owns and operates 90% of India’s interstate and inter-regional electric power transmission network.

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United Spirits Q3 Results: Net profit rises 27% YoY to Rs 291 crore

United Spirits Ltd reported a 26.6% YoY increase in consolidated net profit to Rs 291.1 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 7.6% YoY to Rs 8,854.5 crore during the same period. The company’s total expenses stood at Rs 8,463.8 crore in Q3, up 6.5% YoY. A healthy operating cash flow has enabled the liquor maker to achieve a debt-free status as of December 31, 2021.

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Torrent Pharma Q3 Results: Net profit falls 16% YoY to Rs 249 crore

Torrent Pharmaceuticals Ltd reported a 16% YoY decline in consolidated net profit to Rs 249 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 5.7% YoY to Rs 2,108 crore during the same period. The pharma company’s EBITDA stood at Rs 538 crore, up 11.4% YoY. Its US segment revenues fell 20% YoY to Rs 235 crore in Q3, while its India segment revenues rose 15% YoY to Rs 1,072 crore. 

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SRF Q3 Results: Net profit rises 56% YoY to Rs 506 crore

SRF Limited reported a 56% YoY increase in consolidated net profit to Rs 506 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 56% YoY to Rs 3,346 crore during the same period. Revenue from its chemical business grew 58% YoY to Rs 1,428 crore in Q3. The operating profit of the chemical business stood at Rs 419 crore, up 121% YoY. SRF’s board has approved an interim dividend of Rs 4.75 per share.

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Federal Bank Q3 Results: Net profit rises 29% YoY to Rs 522 crore

Federal Bank reported a 29% YoY increase in net profit to Rs 521.7 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 7.1% YoY to Rs 1,538.9 crore during the same period. [NII is the difference between the interest earned on loans and the interest paid on deposits.] The gross non-performing assets (GNPA) ratio stood at 3.06% in Q3 FY22, compared to 3.24 crore in Q2 FY22. Provisions fell 48.3% YoY to Rs 213.98 crore in Q3 FY22.

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Akasa Air plans to commence domestic operations by late May

Rakesh Jhunjhunwala-backed airline Akasa Air is aiming to start flights in late May or early June after getting its first Boeing 737 MAX aircraft in April. The low-cost airline is looking to own and operate 18 planes in its fleet by the end of March 2023. Akasa Air will initially have services from metros to Tier II and III cities.

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Cipla to Launch Covid Drug Molnupiravir in India – Top Indian Market News

Cipla to launch oral anti-viral covid drug Molnupiravir in India

Cipla Ltd has received emergency use authorisation (EUA) permission from the Drugs Controller General of India (DCGI) to launch antiviral drug Molnupiravir. The drug is used to treat mild-to-moderate cases of Covid-19. The pharma company plans to launch Molnupiravir under the brand name Cipmolnu. Cipla will soon make Cipmolnu 200mg capsules available at all leading pharmacies and COVID treatment centers across India. 

The DCGI has also given EUA to Dr. Reddy’s Labs, Natco Pharma, Aurobindo Pharma, and Sun Pharma to manufacture Molnupiravir.

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Bank of Maharashtra enters into co-lending partnership with MAS Financial Services for MSME loans

Bank of Maharashtra (BoM) has entered into a strategic co-lending partnership with MAS Financial Services to offer loans to micro, small and medium enterprise (MSME) borrowers. Under this partnership, MAS Financial Services will originate and process loans to MSME borrowers under priority sector as per jointly formulated credit parameters and eligibility criteria. BoM will take these loans on its books under mutually agreed terms.

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Granules gets USFDA approval for Prazosin Hydrochloride capsules

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for its generic Prazosin Hydrochloride capsules. The drug is indicated in the treatment of high blood pressure. As per IQVIA data, the current annual US market for Prazosin Hydrochloride is approximately $54 million (~Rs 403.14 crore).

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ITC commissions solar plant in Tamil Nadu at an investment of Rs 76 crore

ITC Limited has commissioned its first offsite solar plant in Dindigul, Tamil Nadu, at an investment of Rs 76 crore. The 14.9 MW solar plant will help reduce CO2 emissions over the course of its lifetime. As part of its sustainability agenda, ITC plans to achieve 50% reduction in specific emissions and 30% reduction in specific energy consumption by 2030 over a 2014-15 baseline.

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Ajanta Pharma board approves up to Rs 286 crore share buyback plan

Ajanta Pharma Ltd’s board has approved buyback of up to 11,20,000 fully paid-up shares (of the face value of Rs 2 each) at Rs 2,550 per share. The total pay-out towards buyback of shares will not exceed Rs 356 crore, including a share buyback consideration not exceeding Rs 286 crore and tax not exceeding Rs 70 crore. The record date for the share buyback has been fixed as January 14, 2022.

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Vakrangee to set up Kendra outlets across the network of Nayara Energy

Vakrangee Ltd (VL) has partnered with Nayara Energy Ltd for setting up Vakrangee Kendra outlets at its Nayara retail fuel outlets. Nayara Energy is a privately-held downstream oil company based in Mumbai that encompasses refining, marketing, production, and a network of over 6,000 retail fuel outlets in India. Citizens will be able to visit their nearest Vakrangee Kendra and enjoy a comprehensive range of products and services across banking, ATM, insurance, and financial services.

SEBI extends anchor investors’ lock-in period to 90 days for 50% portion

The Securities and Exchange Board of India’s (SEBI) board took a slew of decisions on Tuesday, including the extension of the lock-in period for anchor investors to 90 days. The decision comes at a time when shares of Zomato and One97 Communications (Paytm) had slipped 9% and 13%, respectively, when the mandatory one-month lock-in period for their anchor investors ended. SEBI ālso cleared changes to regulations on the issue of capital and disclosure requirements and also tightened rules for IPO proceed utilisation.

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IndiGo announces 5-day special domestic sale; offers flight tickets from Rs 1,122

InterGlobe Aviation Ltd (IndiGo) has announced a five-day special domestic sale across 150 domestic flights on its network, with fares starting at Rs 1,122. The offer will be available from December 27-31, 2021, and can be availed on travel between January 15 and April 15, 2022. Passengers can also avail of one free change under this offer if changed more than three days prior to departure.

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Kotak Mahindra Bank’s Net Profit Falls 7% YoY in Q2 – Top Indian Market News

Kotak Mahindra Bank Q2 Results: Net profit falls 7% YoY to Rs 2,032 crore

Kotak Mahindra Bank reported a 7% YoY decline in net profit to Rs 2,032 crore for the quarter ended September (Q2 FY22). Net profit rose 24% compared to the previous quarter. Its net interest income (NII) rose 3% YoY to Rs 4,021 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest paid to depositors]. The bank’s gross non-performing assets (GNPA) ratio stood at 3.19% in Q2, compared to 3.56% in the previous quarter. The figures have beaten street estimates.  

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Reliance BP Mobility launches first mobility station in Navi Mumbai

Reliance BP Mobility Ltd (RBML) launched its first Jio-bp branded mobility station at Navde in Navi Mumbai. RBML is the fuel and mobility joint venture (JV) between Reliance Industries Ltd (RIL) and UK-based energy company bp. The JV operates fuel retail stations and is in the process of rebranding around 1,400 fuel pumps. Jio-bp Mobility Stations will offer additivised fuel, which forms a protective layer on critical engine parts to keep the engines clean.

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Bajaj Finance Q2 Result: Net profit rises 53% YoY to Rs 1,481 crore

Bajaj Finance reported a 53.5% YoY increase in consolidated net profit to Rs 1,481 crore for the quarter ended September (Q2 FY22). Net profit rose 48% compared to the previous quarter. Its net interest income (NII) rose 28% YoY to Rs 5,335 crore during the same period. The company’s gross non-performing assets (GNPA) ratio stood at 2.45% in Q2, compared to 2.96% in the previous quarter. Bajaj Finance’s assets under management (AUM) stood at Rs 1,66,937 crore in Q2, an growth of 22% YoY.

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HG Infra secures order worth Rs 2,297 crore from NHAI

HG Infra Engineering has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for projects worth Rs 2,297 crore. The first project is for the development of six lanes in the Kaliagura-Baunsaguar section of NH-130-CD road under the Raipur- Visakhapatnam Economics Corridor.  The second project is for the development of six lanes in the Baunsaguar-Baraja section of NH-130-CD road.

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Axis Bank Q2 Results: Net profit rises 86% YoY to Rs 3,133 crore

Axis Bank reported an 86% YoY increase in net profit to Rs 3,133 crore for the quarter ended September (Q2 FY22). Net profit rose 45% compared to the previous quarter. Its net interest income (NII) rose 8% YoY to Rs 7,901 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 3.53% in Q2, compared to 3.85% in the previous quarter. Provisions fell sharply by 60% YoY (or 47.5% QoQ) to Rs 1,735.09 crore. The figures are slightly above street estimates.

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Motherson Sumi and Marelli extend cooperation in India

Motherson Sumi Systems Ltd (MSSL) has announced the extension of its cooperation with Germany-based Marelli Automotive Lighting for a new tool room in India. This will be the first-of-its-kind tool room dedicated to specific lighting applications. The toolroom will be an extension of the existing joint venture (JV) company— Marelli Motherson Automotive Lighting India Pvt Ltd. The 50:50 JV was established in 2008 to address the Indian exterior lighting market.

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Ambuja Cement Q3 Results: Net profit at Rs 441 crore

Ambuja Cements’ net profit remained flat at Rs 441 crore for the quarter ended September (Q3 CY21). The company follows the January-December financial year cycle. Its revenue from operations rose 14% YoY to Rs 3,193 crore during the same period. EBITDA stood at Rs 703 crore, up 3.2% YoY. Total operating costs rose 16.7% YoY to Rs 2,534 crore in Q2.

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Bombay HC bars Invesco from calling EGM

The Bombay High Court has granted an interim injunction against Invesco, the largest shareholder of Zee Entertainment Enterprise Ltd (ZEEL). The court has restrained Invesco from going ahead with the demand of an Extraordinary General Meeting (EGM) to remove ZEEL MD and CEO Punit Goenka. The high court reserved its order on the issue last week after ZEEL informed the court that it did not want to hold an EGM of shareholders as requested by Invesco.

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Cipla Q2 Results: Net profit rises 8% You to Rs 712 crore

Cipla Ltd reported a 7.58% YoY increase in consolidated net profit to Rs 712 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 10.3% YoY to Rs 5,485.84 crore during the same period. EBITDA stood at Rs 1,226 crore, an increase of 4% YoY. The pharma company’s North America revenues grew 2% YoY to $142 million (~Rs 1,065 crore) in Q2.

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IRB Infra Q2 Results: Net profit at Rs 42 crore

IRB Infrastructure Developers reported a consolidated net profit of Rs 42.3 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 19.6 crore in the corresponding quarter last year (Q2 FY21). Net profit fell 41% compared to the previous quarter. Its total income rose 28.7% YoY to Rs 1,504.44 crore in Q2 FY22. EBITDA stood at Rs 718 crore, up 29% YoY or 3% QoQ.

The company has announced plans to raise ~Rs 5,347 crore via a preferential allotment of equity shares to Spain-based infrastructure group Ferrovial S.A. and Singapore state investor GIC.

Torrent Pharma Q2 Results: Net profit rises 2% YoY to Rs 316 crore

Torrent Pharmaceuticals reported a 1.98% YoY increase in consolidated net profit to Rs 316 crore for the quarter ended September (Q2 FY22). Net profit declined by 4% compared to the previous quarter. The pharma company’s net sales rose 6% YoY to Rs 2,103 crore during the same period. Its domestic revenues stood at Rs 1,087 crore in Q2, an increase of 13% YoY.

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Adani Ports Gets Approval to Acquire 10.4% Stake in Gangavaram Port – Top Indian Market News

adani ports and sez

Adani Ports gets approval to acquire 10.4% stake in Gangavaram Port

Adani Ports and Special Economic Zone Ltd (APSEZ) has received approval from the Andhra Pradesh government to acquire a 10.4% stake in Gangavaram Port. The consideration to be paid for the acquisition is Rs 644.78 crore. The transaction is expected to be completed within a month. Gangavaram Port is a multi-cargo facility that has a capacity of 64 million metric tonnes (MMT). It handled cargo volumes of 32.81 MMT in FY21.

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FM launches EASE 4.0; reviews performance of public sector banks

Finance Minister Nirmala Sitharaman undertook the annual performance review of public sector banks (PSBs) and launched EASE 4.0 or Enhanced Access and Service Excellence. EASE 4.0 is a common reform agenda for PSBs aimed at institutionalising clean and smart banking. PSBs have been requested to interact with export promotion agencies and chambers of commerce to understand and address the requirement of exporters in a timely manner. The Finance Ministry also urged banks to extend assistance to the fintech sector. 

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Cipla forms JV with Kemwell Biopharma for developing, manufacturing biosimilars

Cipla Ltd and Kemwell Biopharma Pvt Ltd have announced the execution of a joint venture (JV) agreement to develop, manufacture, and commercialise biosimilars for global markets. A joint venture company will be incorporated with an aim to enter the respiratory biosimilars space. The JV will leverage Cipla and Kemwell’s complementary strengths for end-to-end product development, regulatory filings, manufacturing, and commercialisation of biopharmaceutical products.  

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PGCIL commissions 765 kV Vindhyachal-Varanasi transmission line

Power Grid Corporation of India Ltd (PGCIL) has commissioned the 765 kilo-volts (kV) Double Circuit (D/C) Vindhyachal –Varanasi Transmission Line. The project was undertaken by its wholly-owned subsidiary POWERGRID Varanasi Transmission System Limited (PVTSL). This transmission line corridor will provide strong connectivity between Northern Region (NR) and Western Region (WR) and facilitate the reliable flow of power to industries and households.

JSPL plans to spend $2.4 billion to double output

Jindal Steel & Power Ltd (JSPL) has announced plans to spend $2.4 billion (~Rs 17,800 crore) over the next six years to ramp up production capacity. The company aims to raise total crude steel capacity from the existing 8.6 million tonnes (MT) to 15.9 MT by March 2025. JSPL also has plans to more than double pellet production capacity to 21 million tons by 2024.

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UPL’s nature.farm launches program to end stubble burning

UPL’s agri-services subsidiary nature.farm has announced a program to end stubble burning practices in Punjab and Haryana by replacing the matchstick with a spray service for the PUSA decomposer, a bio-enzyme developed by the Indian Agriculture Research Institute (IARI). It decomposes the stubble within 20-25 days after spraying and turns it into manure, which further improves the soil quality. nature.farm has signed up over 5 lakh acres in this program and onboarded more than 25,000 farmers who will be availing this sustainable agriculture practice free of cost. 

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Kaveri Seed board approves Rs 120 crore share buyback plan

The Board of Directors of Kaveri Seed Company Ltd has approved the buyback of equity shares of the company for an aggregate amount of Rs 120 crore. The buyback price has been fixed at Rs 850 per share. The shares of Kaveri Seed closed at Rs 579.15 on the NSE today. Telangana-based Kaveri Seed is engaged in the production and marketing of hybrid seeds.

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Prestige Estates Projects acquires 70% stake in Shipco Infrastructure

Prestige Office Ventures, a wholly-owned subsidiary of Prestige Estates Projects, has acquired a 70% equity stake in Shipco Infrastructure Pvt Ltd for creating logistics and warehousing space. The transaction was valued at Rs 22.68 crore. Incorporated in 2006, Shipco Infrastructure is engaged in the business of real estate development.

Allied Digital Services secures 6-year contract worth $88 million from automotive company 

Allied Digital Services Ltd has secured a six-year contract worth $88 million (~Rs 650 crore) from a global automotive giant. The order consists of transforming the IT operating model and infrastructure landscape across the automotive firm’s workplace management. The transformation will establish a fully scalable on-demand digital IT anytime-anywhere workplace and empower the end-customer to drive business growth.

Centre hikes sugar FRP to Rs 290 per quintal; rules out raising sugar selling price

The Central government has hiked the Fair and Remunerative Price (FRP) of sugarcane by Rs 5 per quintal to Rs 290/quintal for the 2021-22 marketing year. FRP is the minimum price that mills have to pay sugarcane growers. However, the Centre has ruled out any immediate increase in the selling price of sugar. The decision to hike FRP will benefit around 5 crore sugarcane farmers and their dependents. It will also support ~5 lakh workers employed in sugar mills and related ancillary activities.

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GAIL Reports 19% QoQ Fall in Net Profit in Q1 – Top Indian Market News

GAIL Q1 Results: Net profit falls 19% QoQ to Rs 1,530 crore

GAIL (India) Ltd reported a 19.8% quarter-on-quarter (QoQ) decline in net profit to Rs 1529.9 crore for the quarter ended June (Q1 FY22). Net profit has jumped ~500% when compared to the corresponding period last year. Its revenue from operations rose 11.8% QoQ to Rs 17,383.9 crore in Q1. GAIL’s natural gas marketing and liquefied petroleum gas (LPG) gas volumes rose 19.2% QoQ and 17.3% QoQ, respectively in the April-June quarter of FY22.

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Bharti Airtel partners with Google Cloud, Cisco to launch Airtel Office Internet

Bharti Airtel Ltd has announced the launch of Airtel Office Internet in partnership with Google Cloud and Cisco. The enterprise-grade solution will accelerate the digital transformation of small businesses, small offices/home offices (SOHOs), and tech startups. Plans start at Rs 999 and come with a range of add-on services like Static Internet Protocol (IP) addresses and parallel ringing. Airtel Office Internet comes as a unified solution with one plan and one bill. It offers FTTH broadband with symmetric speeds up to 1Gbps and unlimited local/STD calls.

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Adani Transmission Q1 Results: Net profit rises 22% YoY to Rs 433 crore

Adani Transmission Ltd reported a 21.9% YoY increase in consolidated net profit to Rs 433.24 crore for the quarter ended June (Q1 FY22). Net profit has increased by 68.87% when compared to the previous quarter. Its total income rose 15.45% YoY (or 2.1% QoQ) to Rs 2,935.72 crore during the same period. The company’s transmission business delivered an operational revenue of Rs 757 crore in Q1, registering a growth of 11.4% YoY.

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Alembic Pharma gets USFDA approval for OCD treatment drug

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Clomipramine Hydrochloride capsules. The drug is used to treat obsessions and compulsions in patients with Obsessive-Compulsive Disorder (OCD). According to IQVIA data, the estimated market size of the capsules for the 12 months ended June 2021 stood at $32 million (~Rs 237 crore).

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Tata Chemicals Q1 Results: Net profit surges to Rs 342 crore

Tata Chemicals Ltd reported a multi-fold jump in consolidated net profit to Rs 342 crore for the quarter ended June (Q1 FY22). It had posted a net profit of Rs 74.15 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations rose 27% YoY to Rs 2,977 crore in Q1 FY22. The strong performance in Q1 was aided by a rebound in soda ash volumes in the US and India. Revenue from its Basic Chemistry segment grew 30% YoY to Rs 2,173 crore during the same period.

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Reliance BP Mobility partners with Swiggy to build EV ecosystem

Food delivery platform Swiggy has partnered with Reliance BP Mobility Ltd (RBML) to build an electric vehicle (EV) ecosystem in India. The partnership is aimed at promoting the adoption of battery-powered EVs, including the deployment of electric two-wheelers for food delivery. It will be supported by Jio-BP’s network of battery swap stations and Swiggy’s network of delivery partners. RBML is a joint venture of Reliance Industries Ltd (RIL) and UK-based energy major BP plc.

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Cipla Q1 Results: Net profit rises 24% YoY to Rs 715 crore

Cipla Limited reported a 24% YoY increase in consolidated net profit to Rs 715 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 27% YoY to Rs 5,504 crore during the same period. The pharma company’s sales in India grew 68% YoY to Rs 2,710 crore in Q1. Cipla’s operating profit rose 28% YoY to Rs 1,346 crore in the April-June quarter of FY22.

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Panacea Biotec to manufacture 25 million doses of Sputnik V vaccine

Panacea Biotec has entered into a licensing and manufacturing agreement with Russia-based Human Vaccine Limited Liability Company, Generium Joint Stock Company, and Dr. Reddy’s Labs to produce up to 25 million doses of Sputnik V vaccine. The pharma company will produce the Covid-19 vaccine using the ready-to-fill substance manufactured by Generium and then supply the entire quantity to Dr. Reddy’s Labs for distribution in India.

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Escorts Q1 Results: Net profit doubles to Rs 185 crore

Escorts Limited reported a 101% YoY jump in standalone net profit to Rs 185.2 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 57.4% YoY to Rs 1,671.5 crore during the same period. The tractor manufacturer’s EBITDA increased by 95% YoY to Rs 233.2 crore in Q1. Tractor sales grew 42.9% YoY to 25,935 units during the April-June quarter of FY22.

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Prince Pipes Q1 Results: Net profit rises 57% YoY to Rs 17.75 crore

Prince Pipes and Fittings Ltd reported a 57.78% YoY increase in net profit to Rs 17.75 crore for the quarter ended June (Q1 FY22). Net profit has declined by 81.74% when compared to the previous quarter. Its total income rose 8.16% YoY (and declined by 56% QoQ) to Rs 332.8 crore during the same period. Prince Pipes is a leading manufacturer of PVC pipes and multi-polymer processors in India.

Indiabulls Housing Q1 Results: Net profit rises 3% YoY to Rs 282 crore

Indiabulls Housing Finance Ltd reported a 3.3% YoY increase in net profit to Rs 281.69 crore for the quarter ended June (Q1 FY22). Net profit has increased by 1.98% when compared to the previous quarter. Its total income declined by 9.79% YoY (or 4% QoQ) to Rs 2,325.75 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.86% in Q1 FY22, compared to 2.2% in Q1 FY21.

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Bosch Reports 5x Jump in Net Profit in Q4 – Top Indian Market News

Bosch Q4 Results: Net profit jumps 5 times to Rs 482 crore

Bosch Limited reported a 495% YoY increase in net profit to Rs 482 crore for the quarter ended March (Q4). Net profit has jumped 161% when compared to the previous quarter. Its revenue from operations rose 44% YoY to Rs 3,217 crore during the same period. Bosch’s Mobility Solutions Business segment grew 56.6% in Q4. For the financial year ended March 31, 2021 (FY21), net profit has declined by 26% YoY to Rs 480.7 crore. The company’s board has recommended a dividend of Rs 115 per share.  

Read more here.

Cipla launches RT-PCR test kit ‘ViraGen’ in India

Cipla Limited announced the launch of ‘ViraGen’— a polymerase chain reaction (RT-PCR) test for Covid-19 in India. The pharma company will launch the test kit in partnership with Ubio Biotechnology Systems. It will commence the supply of ViraGen from May 25, 2021. This will be Cipla’s third offering in the Covid-19 testing segment. 

Read more here.

HPCL Q4 Results: Net profit rises 28% QoQ to Rs 3,018 crore

Hindustan Petroleum Corporation Ltd (HPCL) reported a 28% quarter-on-quarter (or 400% YoY) increase in net profit to Rs 3017.96 crore for the quarter ended March (Q4). Its total income stood at Rs 85,748 crore in Q4 FY21, compared with Rs 71,978.62 crore in Q4 FY20. The average gross revenue margin (GRM) stood at $3.86 per barrel, compared to $1.02 per barrel in Q4 FY20. HPCL’s board has recommended a final dividend of Rs 22.75 per share.

Read more here.

Unichem Labs receives approval from USFDA for generic antidepressant drug

Unichem Laboratories has received approval for its Abbreviated New Drug Application (ANDA) for Amitriptyline HCl tablets from the US Food & Drug Administration (USFDA). The drug is indicated for the relief of symptoms of depression. It is a generic version of ‘ELAVIL’ of AstraZeneca Pharmaceuticals. The product will be manufactured and distributed from Unichem Lab’s plant in Goa.

Read more here.

Havells India Q4 Results: Net profit rises 71% YoY to Rs 304 crore

Havells India reported a 70.95% YoY increase in consolidated net profit to Rs 303.83 crore for the quarter ended March (Q4). Net profit has declined by 13.2% when compared to the previous quarter. Its revenue from operations rose 50.59% YoY to Rs 3,339.21 crore during the same period. The company’s cable segment grew 50.85% YoY to Rs 1,029.20 crore, while revenue from the lighting and fixtures segment rose 43% YoY to Rs 336.74 crore. The board of Havells India has announced a total dividend of Rs 6.50 per share.

Read more here.

SEBI fines Biocon, senior executive for violating market norms

The Securities and Exchange Board of India (SEBI) has imposed a total penalty of Rs 14 lakh on Biocon Limited and one of its senior executives for violation of market norms. Narendra Chirmule, senior Vice President of Research & Development (R&D), had traded in the company’s shares when the trading window was closed. Biocon failed to notify the particulars of the executives’ trading details to SEBI within the stipulated time. The company is facing a penalty of Rs 9 lakh for violating various provisions of Prohibition of Insider Trading (PIT) norms.

Read more here.

Relaxo Q4 Results: Net profit rises 97% YoY to Rs 102 crore

Relaxo Footwears Ltd reported a 97.23% YoY increase in net profit to Rs 102.17 crore for the quarter ended March (Q4). Net profit has increased by 13.4% when compared to the previous quarter. Its revenue from operations rose 38.3% YoY to Rs 747.68 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 28.86% YoY to Rs 291.56 crore. The company’s board has recommended a final dividend of Rs 2.5 per share.

Read more here.

Steel Strips Wheels secures export orders of over 97,000 wheels for US and EU market

Steel Strips Wheels Ltd (SSWL) has received export orders of more than 97,000 wheels from the trailer and caravan markets of the US and European Union (EU). The orders will be executed by early July 2021 from its plants in Chennai and Dappar (Punjab). SSWL stated that orders of similar capacity are anticipated in the coming months from a similar customer base as businesses continue to recover rapidly.

Zee Entertainment Q4 Results: Net profit at Rs 276 crore

Zee Entertainment Enterprises Ltd (ZEEL) reported a consolidated net profit of Rs 275.8 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 766.70 crore in the corresponding period last year (Q4 FY20). ZEEL’s revenue from operations grew 0.8% YoY to Rs 1,965.8 crore in Q4 FY21. The company’s advertising revenue grew 8.09% YoY to Rs 1,122.96 crore during the same period. ZEEL’s board has recommended a dividend of Rs 2.5 per share.

Read more here.

Happiest Minds signs pact with CyberArk to deliver access management services 

Happiest Minds Technologies has signed a managed service provider (MSP) agreement with CyberArk to deliver end-to-end next-gen privileged access management services to customers across verticals and geographies. CyberArk is an information security company based in the United States. Through this deal, Happiest Minds aims to address the evolving need for credentials management in multi-cloud environments and robotic process automation through end-to-end consulting, implementation, and maintenance services.

Read more here.

Torrent Power Q4 Results: Net profit at Rs 398 crore

Torrent Power reported a consolidated net profit of Rs 398.10 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 273.94 in the corresponding quarter a year ago (Q4 FY20). Its total income rose 3.17% YoY to Rs 3116.54 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has increased by 10% YoY to Rs 1,295.87 crore. Torrent Power’s board has announced a final dividend of Rs 5.5 per share and an interim dividend of Rs 5.5 per share.

Read more here.

JK Lakshmi Cement Q4 Results: Net profit rises 54% YoY to Rs 153 crore

JK Lakshmi Cement reported a 54.22% YoY (or 34% QoQ) rise in net profit to Rs 152.91 crore for the quarter ended March (Q4). Its total income rose 25% YoY to Rs 1,451.72 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 63.5% YoY to Rs 405.38 crore. The company’s board has recomennded a final dividend of Rs 3.75 per share.

Mindtree to acquire L&T’s NxT Digital for Rs 198 cr

Mindtree Ltd has signed an agreement to acquire NxT Digital Business from Larsen and Toubro (L&T) Group for Rs 198 crore. This acquisition would enable Mindtree to capture opportunities in the Internet of Things (IoT) and Industry 4.0 market by leveraging the capabilities of NxT Digital Business to cross-sell and create holistic solutions for new prospects as well as for existing clients. The transaction is expected to be completed by July 31, 2021.

Read more here.

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Zydus Wellness Reports 92% YoY Jump in Net Profit in Q4 – Top Indian Market News

Zydus Wellness Q4 Results: Net profit rises 92% YoY to Rs 133 crore

Zydus Wellness reported a 92.66% YoY increase in consolidated net profit to Rs 133.13 crore for the quarter ended March (Q4). Its revenue from operations rose 24% YoY to Rs 600.75 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 16.22% YoY to Rs 118.73 crore. Its e-commerce business grew by ~250% in FY21, which accounted for nearly 3.6% of its overall domestic revenue. The company’s board has recommended a final dividend of Rs 5 per share.

Read more here.

SBI Cards raises Rs 455 crore via issue of bonds

SBI Cards and Payment Services said it has raised Rs 455 crore by issuing bonds. The Stakeholders’ Relationship Committee of the company has approved the allotment of 4,550 fixed-rate, unsecured, rated, taxable, redeemable, non-convertible debentures (NCDs). Under this, SBI Cards will issue NCDs of the face value of Rs 10 lakh each, aggregating to Rs 455 crore, on a private placement basis. The bonds will offer a coupon rate of 5.70% per annum. It will be listed on the wholesale debt market segment of the BSE.

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Cipla, Lupin, Sun Pharma to manufacture and sell low-cost versions of Eli Lilly’s Covid-19 drug

US pharmaceutical firm Eli Lilly has issued royalty-free, non-exclusive voluntary licenses to Cipla, Lupin, and Sun Pharmaceutical Industries to manufacture and sell low-cost versions of its Covid-19 drug Baricitinib in India. This will enable the Indian pharma companies to leverage their distribution footprints and make the essential drug accessible across the country. On May 3, India’s drug regulator DCGI had given approval for the restricted emergency use of Baricitinib for treating Covid-19 infections. 

Read more here.

Reliance, affiliates buy more than three-fourths of KG-D6 gas volumes: Report

According to a report from Economic Times, Reliance Industries Ltd (RIL) and its affiliates have picked up more than three-fourths of the new gas volumes from the firm’s eastern offshore KG-D6 block. Last week, RIL and its UK-based partner BP Plc auctioned 5.5 million standard cubic meters per day (mmscmd) of incremental gas from the newer discoveries in the KG-D6 block. India Gas Solutions (IGS), a gas sourcing and marketing joint venture of RIL and BP, picked up another 1 mmscmd. The report further states that the remaining volumes were picked up by Adani Gas, IRM Energy, GAIL, and Torrent Gas. 

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Venky’s Q4 Results: Net profit at Rs 77.90 crore

Venky’s (India) reported a standalone net profit of Rs 77.90 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 96.73 crore in the corresponding period last year (Q4 FY20). On a quarterly basis, net profit fell 26.85% in Q4 FY21. The company’s revenue rose 42.44% YoY to Rs 941.35 crore during the same period. Its oilseeds vertical grew 52% YoY to Rs 515.63 crore, while the poultry products vertical grew by 32% YoY to Rs 391 crore. The board of Venky’s (India) has approved a dividend of Rs 17 per share.

Read more here.

Vehicle registrations in India declined 30% in FY21: FADA

According to a report from the Federation of Automobile Dealers Association (FADA), total vehicle registrations in India declined by 29.85% YoY to 1.52 crore units in the financial year 2020-21. Two-wheeler and three-wheeler segments fell 31.51% and 64.12%, respectively, in FY21. Registrations in the commercial vehicles and passenger vehicles segment declined by 49% and 13.96%, respectively (compared with FY20). Total vehicle registrations in April 2021 were down 28.15% at 11.85 units, compared to March.

Read more here.

Federal Bank partners with UAE-based Mashreq Bank to facilitate instant money transfer

Federal Bank has entered into a partnership with Mashreq Bank to facilitate instant money transfers from the UAE to India. This partnership will support Mashreq’s faster payment product— QuickRemit, which was launched in 2017. Mashreq Bank is one of the oldest banks in the UAE and has a presence in twelve countries across Europe, the US, Asia, and Africa.

Read more here.

Vinyl Chemicals Q4 Results: Net profit declines 19% QoQ to Rs 3.87 crore

Vinyl Chemicals India Ltd reported a 19.88% quarter-on-quarter (QoQ) decline in net profit to Rs 3.87 crore for the quarter ended March (Q4). Its revenue rose 31.29% QoQ to Rs 166.88 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 52.14% YoY to Rs 11.35 crore. The company’s board has recommended a final dividend of Rs 3.75 per share.

Vivimed Labs receives DGHS approval to make Favipiravir

Vivimed Labs Limited has received approval from the Directorate General of Health Services (DGHS), Govt of India, to manufacture and market Favipiravir tablets in the Indian market. The pharma company will be marketing the oral anti-viral drug under the brand ‘Favulos’. Favipiravir has been approved for treating patients with mild-to-moderate Covid-19 infections in several countries.

Read more here.

TelOne Zimbabwe selects Tejas Networks’ DWDM solution for network capacity expansion

Tejas Networks Ltd announced that Zimbabwe-based TelOne has deployed its 100G/100G+ coherent DWDM solution for its network expansion. [Dense Wavelength Division Multiplexing or DWDM is a technology used to increase bandwidth over existing fiber networks]. The company’s state-of-the-art solution was selected by TelOne after a competitive bidding process and a successful field trial. Tejas Networks was able to successfully demonstrate the high-speed transmission of multiple 100G lambdas while meeting the stringent performance and reliability requirements in a cost-effective manner.

Dabur India enters pain relief spray category

Dabur India has announced the launch of a pain relief spray under the existing ‘Dabur Rheumatil’ pain-relieving brand, which is used for joint aches. The product has already been launched across e-commerce platforms and through regular retail channels. The Dabur Rheumatil Spray is priced at Rs 130 for a 40g/ 57 ml pack. In this category, Dabur will be competing against Reckitt and Sun Pharma that sell popular pain relief sprays and ointments such as Moov and Volini, respectively.

Read more here.

HFCL Q4 Results: Net profit at Rs 84.6 crore

HFCL Limited reported a net profit of Rs 84.67 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 5.78 in the corresponding period last year (FY20). On a quarterly basis, net profit has increased by 2.95% in Q4 FY21. The company’s revenue from operations rose 109% YoY (or 8% QoQ) to Rs 1,391 crore during the same period. HFCL’s board has recommended a final dividend of Rs 0.15 per share.

IndiGo’s board approves raising up to Rs 3,000 crore via QIP

The Board of Directors of InterGlobe Aviation Ltd (IndiGo) has approved fundraising of up to Rs 3,000 crore through a qualified institutional placement (QIP). The proposal is subject to shareholder and other regulatory approvals. In January 2021, IndiGo had shelved plans to raise funds up to Rs 4,000 crore through a QIP. Instead, the airline opted to raise money through sale and leaseback (SLB) transactions and other alternative options.

Read more here.

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Editorial

How Remdesivir Became A Matter of Life And Death

A group of angry people picketed a chemist at a big hospital in Pune when he said that the injection Remdesivir was out of stock. 6 individuals in Chandigarh,2 in Pune, and probably hundreds of such individuals all across India were arrested by the police after they were caught selling Remdesivir in the black market. There are reports of a single vial of Remdesivir selling for 10x the MRP. So what is this magical drug? Why is there a shortage? Why is there a black market thriving around it? And What is the government doing to solve its shortage? Let’s find out.

About Remdesivir

Remdesivir is an anti-viral medication currently being used to treat the COVID-19. It is originally created and developed by Gilead Sciences. Remdesivir was developed in 2009, to treat hepatitis C and respiratory syncytial virus(RSV) but failed to treat these diseases. In 2015, it was later found effective against Ebola and Marburg Viruses. The drug has currently been given an Emergency Use Authorization(EUA) by the United States Food and Drug Administration(US FDA) as well as Central Drugs Standard Control Organization in India.

The drug is quite expensive and is currently facing a shortage in India. This has caused a vicious cycle of panic-buying, hoarding, and black marketing where people are having to pay more than ten times the MRP for the medication. After the first wave of COVID-19 subsided in India pharma companies cut down on production. After the number of reported cases started to decline in September 2020, the demand for Remdesivir slumped. Companies that were left with excess stockpiles were forced to destroy them. The volume of infections and the severity in the second wave was unprecedented and the demand for the drug went up.  The already expensive Remdesivir was now being hoarded and people had to resort to the black market to buy it. 

The Economics Behind Remdesivir

  • Remdesivir currently is manufactured by 7 major pharmaceutical companies apart from other smaller ones. The companies being Mylan, Hetero, Jubilant Life Sciences, Cipla, Dr. Reddy’s, Zydus Cadila, and Sun Pharma. Hetero is the largest manufacturer of Remdesivir by numbers. India currently has a production capacity of ~38-40 lakh vials per month.
  • According to a statement by Mansukh Manadaviya, the Minister of State for Chemical and Fertilizers,  Hetero produces 10.50 lakh vials a month, Cipla makes 6.20 lakh vials, 5 lakh vials are produced by Zydus Cadila and Mylan produces 4 lakh vials. The remaining drugmakers produce vials in the range of 1 lakh and 2.5 lakh a month. He also stated that the production will be increased to around 78 lakh vials per month soon.  

  • There was a recent ‘voluntary’ reduction in price for the drug by major pharma companies. Since the distribution of Remdesivir is a haywire affair where there is uneven distribution, black marketing, and shortage of the drug, certain state governments have restricted its sale ONLY to hospitals. This move is aimed to reduce the black market of the drug where people end up paying ten times more for the drug. The government has also banned its export and cut down all import duties on the drug.
  • In the past month, the stir around the drug has definitely benefitted the share price of pharma companies. Cadila’s share price has been up by 28% in the past 1 month, CIPLA has been up by 24%, Dr. Reddy’s Laboratories has been up by 19%.
  • There is also a shortage of another drug Tocilizumab. In India, the drug is manufactured only by Cipla in partnership with Swiss-pharma company Roche Holdings AG. Similar to the case of Remdesivir, an excess demand for the drug might positively impact Cipla’s share price and revenue. 
  • While Jubilant Pharmova has been up 16%, its share price surged 8% when it announced that it had developed an oral form of Remdesivir apart from the regular injection administered. Jubilant Pharmova’s share gained special attention a month ago when ace-investors Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala increased their stake in the company.

The Hidden Picture

So far there hasn’t been a strong clinical trial report that supports the use of Remdesivir. What remains unknown is the sudden spike in usage of this one particular drug. World Health Organisation(WHO) had approved the drug for emergency usage only in the case of patients with high symptoms. For patients with mild symptoms, other drugs were prescribed. Dexamethasone is another recommended drug that costs just about Rs 6- Rs 12 in the retail market as against the few thousands paid for Remdesivir. There are other drugs prescribed for patients with mild to moderate symptoms that are cheaper than Remdesivir. 

In November 2020, WHO advised AGAINST the use of Remdesivir for treatment of COVID-19 patients. Excess use of Remdesvir can lead to a severe immunogenic reaction called the Cytokine Storm which can be fatal. The body starts to attack its own cells and tissues instead of just the virus. Even the European Union decided not to go ahead with authorizing Remdesivir after it had stockpiled the drug. Despite the global negative outlook, Indian doctors have continued to prescribe the relatively expensive drug. There might be a false demand being created over here since patients with mild symptoms are prescribed other drugs like Fabiflu, Hydroxychloroquine, Favipiravir. Treating COVID-19 might not be an expensive case after all. 

The director of AIIMS Delhi, Dr. Randeep Guleria has said that Remdesivir isn’t a magic bullet. He also said that ”Giving treatment when it is not required, you may be doing more harm than good”.

Drug Regulators, Health ministers, and agencies have advised doctors to judiciously prescribe Remdesivir, that too only for patients with severe symptoms. While pharma companies struggle to meet demand, they are facing flack from government bodies. Major Remdesivir manufacturers have companies of political pressure, calls from local corporators MLAs, and MPs. 

Pharma companies need to assess ramping up production of these vials as they face the risk of a glut/overproduction. The second wave of the deadly coronavirus has hit with an unprecedented magnitude. Individually, states have started to impose lockdowns. One can expect an increased production of Remdesivir by respective pharma companies. It won’t be before one month that we get a clearer picture of the second wave of COVID-19. Until then, Stay Home, Stay Safe!

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Centre’s Net Indirect Tax Collections Rise 12% in FY21 – Top Indian Market News

Centre’s net indirect tax collections rise 12% in FY21

The Centre’s net revenue collections from indirect taxes witnessed a 12.3% year-on-year (YoY) rise to 10.71 lakh crore in the financial year 2020-21. This was supported by robust growth in receipts from customs duty and central excise (mostly from petrol and diesel). This figure has surpassed both the original as well as upwardly revised estimates for FY21 in the case of customs duty, central excise, and service tax taken together. The Centre collected Rs 1.32 lakh crore in customs duty receipts in FY21, an increase of 21% YoY. 

Read more here.

BPCL partners with Accenture to transform its sales, distribution network

Bharat Petroleum Corporation Ltd (BPCL) has partnered with Accenture to transform its extensive sales and distribution network. Accenture will use its capabilities in data, artificial intelligence (AI), and cloud technologies to build, design, and implement a digital platform, called IRIS. This platform will integrate real-time data from across BPCL’s countrywide network to provide a consolidated view of its extensive operations.

Read more here.

S&P Dow Jones Indices removes Adani Ports from sustainability index

S&P Dow Jones Indices said it is removing Adani Ports and Special Economic Zone Ltd (APSEZ) from its sustainability index due to the company’s business ties with Myanmar’s military, which is accused of human rights violations after a coup in February. APSEZ had earlier announced plans of building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC). The stock will be removed from the index prior to the open on April 15.

Read more here.

L&T begins construction of 300-MW solar power plant in Saudi Arabia

The renewables arm of Larsen & Toubro’s (L&T) Power Transmission & Distribution Business has secured the go-ahead to begin construction of a 300 MW solar power plant in Jeddah, Saudi Arabia. The engineering, procurement, and construction (EPC) order was received from a consortium of Masdar, EDF Renewables, and Nesma Company. Earlier, L&T said it had secured a major EPC order for establishing a 1.5 gigawatt (GW) Sudair solar PV project in Saudi Arabia.

Read more here.

Adani Green Energy’s subsidiary commissions 50-MW solar plant in Chitrakoot

Adani Solar Energy Chitrakoot One Ltd (ASECOL), a subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 50 megawatt (MW) solar power plant in Chitrakoot, Uttar Pradesh. The plant has a power purchase agreement (PPA) with the Uttar Pradesh Power Corporation Ltd at Rs 3.07 per kilowatt-hour for a period of 25 years. This takes AGEL’s total operational renewable capacity to 3,520 MW.

Read more here.

JLR will report significant cash flow in Q4: Tata Motors

Tata Motors Limited said Jaguar Land Rover (JLR) is confident of reporting significant cash flows for the quarter ended March (Q4) and break-even on a cash flow basis for the financial year ended March 31. JLR posted a 12.4% year-on-year (YoY) increase in retail sales to 123,483 units in Q4. Sales of Jaguar declined by 17.1%YoY to 23,463 units, while sales of Land Rover jumped 22.6% YoY to 100,020 units during the same period.

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Ashoka Buildcon declared lowest bidder for Gujarat Rail project

Ashoka Buildcon Limited has emerged as the lowest (L1) bidder for a tender floated by Gujarat Rail Infrastructure Development Corporation. The project consists of Gauge Conversion of Bechraji-Ranuj section to Broad Gauge with 25 kilovolt (kV) AC electrification in Ahmedabad Division of Western Railway. The total project cost is Rs 333.26 crore.

Cipla doubles remdesivir production amid unprecedented demand

Cipla Limited said it has doubled production of Covid-19 medication remdesivir to help meet “unprecedented demand” as India battles the second wave of infections. Recently, the Centre banned the export of the antiviral drug and its Active Pharmaceutical Ingredients (API) to deal with shortages of the medication. The drugmaker is working with authorities to restrict remdesivir supply just to hospitals and areas with a high burden of severe Covid-19 cases.

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NBCC secures order to construct office building in Noida

NBCC (India) Limited has been awarded a work order for engagement as Project Management Consultant (PMC) for the construction of a Fertilizer Corporation of India (FCIL) office building at Noida, Uttar Pradesh. The total value of the project is Rs 65.10 crore at a PMC fee of 7%. NBCC (India) is a Government of India enterprise that provides civil engineering construction services.

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Ramco Systems partners with EXSYN Aviation Solutions

Ramco Systems Limited has partnered with EXSYN Aviation Solutions to jointly offer aircraft data migration solutions to new clients. This partnership will enable new clients that are onboarding Ramco Aviation M&E MRO Suite to trust and rely on the expertise and technology of EXSYN. This will help clients to smoothly migrate their data from existing systems into Ramco applications.

Read more here.

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Editorial

Why are Indian Pharma Companies Investing in ABCD Technologies?

Indian pharma market is one of the biggest in the world. And, it is ready to add a new dimension to it. I am talking about the online business of pharma companies. In the last few days, we have seen reports where the Indian pharma companies are acquiring some stake in the same company. 

India’s top pharmaceutical companies, namely Sun Pharma, Cadila Healthcare, Lupin and Torrent Pharma are reportedly in talks to acquire business-to-business (B2B) healthcare platform Pharmarack. These reports also mention that the above mentioned four companies have invested Rs 40 crore each for 20% in the newly formed venture ABCD Technologies. 

This ABCD Technologies will be renamed IndoHealth Services. Then it will acquire Pune-based Pharmarack which we are talking about. But why is this sudden fuss all about? Pharmarack currently has 3,000-4,000 distributors and 100,000 retailers. The major pharma companies want to facilitate efficient goods distribution and digitalise the healthcare system. 

They want to efficiently utilize the resources of Pharmarack to have a robust presence in the online B2B marketplace and online pharmacy. The plan is that ABCD Technologies will buy full 100% equity in Pharmarack which is eventually owned by the leading pharma companies. A perfect case of acquisitions and mergers! 

The said group of pharma companies have also reportedly hired KPMG to make a strategy that will help them to compete in the online pharmacy segment. We have mentioned four companies above which are Sun Pharma, Cadila Healthcare, Lupin and Torrent Pharma. But according to recent news, even Dr Reddy and Cipla have invested in ABCD Technologies. Thus, things are still very unclear as to which company has bid for what much stake. But one thing which can be said definitely is that the race for the e-pharma market is heating up very fast.

A Fight against Reliance and Amazon

Reliance and Amazon have already started entering the online pharmacy market. Maybe this is why the established pharma companies are trying to stay together and fend off any monopoly to get established. Reliance has been selling healthcare and pharmaceutical products through JioMart since last year. They also acquired Netmeds last year who tags themselves as “India’s most convenient online pharmacy”.

Even Amazon was seen delivering medicines in Bangalore last year which raised a lot of concerns among the All India Organisation of Chemists and Druggists (AIOCD). The organisation represents 8.5 lakh chemists from different parts of the country. Last year, they tried to contest against the entry of corporate giants like Reliance and Amazon in the Indian pharma market. 

AIOCD wrote a letter to many parties including Mukesh Ambani, Amit Shah and PM Narendra Modi expressing their concerns. “It is pertinent to mention that this move will not only threaten the livelihood of millions of our citizens, but it will also create a monopoly in a perfect competition market and of course create a concentration of wealth while taking it away from our citizens and putting it in Reliance’s pocket,” the letter said.

There’s a fear that if Reliance and Amazon are allowed to operate their business freely in this domain, then we might see misuse of antibiotics. Also, the big corporate giants will have the margin to offer deep discounts on their medicines or some other financial incentives to the customers. This will attract customers and leave a very small portion of the current pharmacy market. This might jeopardise hundreds of jobs of chemists. 

E-Pharma to revolutionise the Indian drug market in future?

The Covid-19 has forced people to stay inside their homes. The rise in Covid cases always gives birth to the threat of another lockdown. Since the last 12 months, we have seen people depending on online shopping a lot more than they used to do earlier. In countries like the US and in Europe we are already seeing how nicely the e-pharma space is flourishing. 

Due to the unstructured and fragmented nature of the e-pharma market in India, the success has been slightly delayed. But Covid-19 might act as a perfect stimulus to force this change in behaviour among the people. Covid-19 has also given the opportunity to people to consult their doctors online. Now no longer they are forced to leave their home in sickness and visit a doctor. All this can be done solely on your smartphone or laptop! This has aided the doctors to increase their business as well.

In our opinion, the e-pharma market is the way to go ahead. But the authorities need to regulate the market. It is them who need to be the in-charge of this space. People should get the medicines at a reasonable price and at the same time, there should be no risk to their health. Government has to make sure that e-pharma space does not turn into a monopoly or an oligopoly form of market. In the meantime, let’s sit and see what are the further updates regarding ABCD Technologies in the next few weeks. Till then, keep reading!

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IndiGrid InvIT to Acquire Power Transmission Project From Sterlite Power – Top Indian Market News

IndiGrid InvIT to acquire power transmission project from Sterlite Power for Rs 4,625 crore

India Grid Trust (IndiGrid) has signed a share purchase agreement to acquire NER-II Transmission Limited from Sterlite Power. The indicative value of the acquisition is Rs 4,625 crore. The 830 circuit-km long transmission project is spread across Assam, Arunachal Pradesh, and Tripura. With this acquisition, IndiGrid’s assets under management (AUM) will increase by 35% to over Rs 20,000 crore.

IndiGrid is an infrastructure investment trust (InvIT) that owns inter-state power transmission assets in India.

Read more here.

Jaguar Land Rover to lay-off one-third of its workforce in India

Tata Group-owned Jaguar Land Rover (JLR) has announced job cuts in India in line with this ‘Reimagine’ strategy. As per reports, JLR will lay off one-third of its workforce in the country to cut costs. The layoffs have already started and are likely to continue throughout this month. JLR’s global strategy is to remove about 2,000 employees working in the non-manufacturing departments by the next financial year.

Read more here.

To know more about JLR’s Reimagine strategy, click here. 

Indian Bank to divest stake in asset reconstruction JV ASREC (India)

Indian Bank will divest its stake in joint venture (JV) entity ASREC (India) Limited as part of an asset monetisation exercise. ASREC is an asset reconstruction company in which Indian Bank, Bank of India, Union Bank of India, Life Insurance Company (LIC), and Deutsche Bank are shareholders. State-owned Indian Bank holds a 38.26% stake in the entity. The bank had earlier announced plans to monetise (or sell-off) its non-core assets to boost capital, even as it is looking to raise Rs 4,000 crore through a share-sale.

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Embassy REIT receives approval for simplifying the holding structure of key portfolio assets

Embassy Office Parks REIT announced that it has received approval from the National Company Law Tribunal (NCLT) in relation to the scheme of arrangement among its entities. This consists of restructuring Embassy REIT’s key portfolio assets including Embassy Manyata and Embassy TechZone. Embassy REIT had initiated the scheme to simplify its holding structure by reducing the shareholding tiers, as well as to increase the dividend component of its unit-holders. 

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Cipla announces liquidation of step-down subsidiary Cipla (UK)

Cipla Limited announced that its step-down subsidiary, Cipla (UK), has been voluntarily liquidated with effect from March 5, 2021. The pharma company said that the liquidation was a part of an internal reorganisation and it will not affect the performance or revenue of the firm. [Liquidation is the process of closing or winding down a company and selling off its assets]

Govt open to experimenting with cryptocurrency: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharman has hinted that the Centre may not go for a blanket ban on digital currencies. She said that the government is keeping windows opens for experimentations in the cryptocurrency world. The minister further said that the call on cryptocurrencies will be taken only after deliberations with the Reserve Bank of India (RBI) and cabinet members are over.

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DHFL auditor finds another fraud of Rs 1,424 crore

Dewan Housing Finance Limited (DHFL) said its administrator has filed additional affidavits in NCLT Mumbai in connection with fraud amounting to over Rs 1,424 crore. DHFL’s auditor recently found certain transactions that were undervalued and fraudulent in nature, which amounted to Rs 1,424 core. The company is being run by an administrator in the aftermath of the IL&FS crisis in 2018 and unearthing of massive fraud. DHFL is currently undergoing a corporate debt resolution process in the National Company Law Tribunal (NCLT), Mumbai. 

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TVS Motor Company to provide free Covid-19 vaccination to all employees

TVS Motor Company announced that it has extended free Covid-19 vaccination for all employees and their immediate family members. The vaccination drive will cover 35,000 direct and indirect company employees across India. “With this vaccination drive, we continue our endeavour to prioritise the health and safety of all our employees and their families”, said R Ananda Krishnan, Executive Vice President of Human Resources at TVS.

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Sayaji Hotels to expand its presence to 7 new locations

Sayaji Hotels Management Ltd (SHML), a wholly-owned subsidiary of Sayaji Hotels Limited, has announced plans of setting up properties across seven cities in India. This includes Vizag, Bhuj, Dehradun, Udaipur, Jamnagar, Nashik, and Morbi. This expansion plan will lead to an addition of 476 new rooms and an overall increase of 1,000 rooms into the company’s portfolio by the next financial year (FY 2021-22).