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Tata Steel Announces Mega Merger – Top Indian Market Updates

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

Seven metal companies of Tata Group to be merged with Tata Steel

Tata Group announced the merger of seven of its metal companies into Tata Steel to drive efficiencies and reduce costs. Tata Steel Long Products, Tinplate Company Of India, TRF, Indian Steel & Wire Products, Tata Steel Mining, and S&T Mining will be amalgamated into their parent company Tata Steel Ltd. The resources of the merged entities can be pooled to unlock the opportunity for creating shareholder value.

Read more here.

CIL to sign pacts with BHEL, IOCL to set up four coal gasification projects

Coal India Ltd (CIL) will sign agreements with Bharat Heavy Electricals Ltd (BHEL), Indian Oil Corporation Ltd (IOCL), and GAIL to set up four surface gasification projects. Through the gasification process, coal is converted into syngas (a fuel gas), which can be used in downstream production of value-added chemicals. The government aims to achieve 100 million tonnes of coal gasification in the next eight years to reduce crude oil imports.

Read more here.

Sterling and Wilson Solar to set up solar plants in Nigeria

Sterling and Wilson Solar Solutions (SWSS) and its partner Sun Africa have signed an agreement with the Nigerian government to set up solar power plants aggregating 961 megawatt-peak (MWp). The plants and battery energy storage systems with a total installed capacity of 455 MWh will be set up at five different locations in Nigeria. SWSS is a US-based subsidiary of Sterling and Wilson Solar Ltd.

Read more here.

Mahindra Group, BII commit $500 million for electric SUV space

Mahindra Group and British International Investment (BII) have committed $500 million (over ₹4,000 crore) for the electric sports utility vehicle space. BII has also announced an investment of $250 million in the group’s electric vehicle venture ‘EV Co’. Earlier this month, Mahindra unveiled its first electric SUV (XUV 400), which it plans to launch in early 2023.

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Reliance New Energy acquires 20% stake in Caelux for $12 million

Reliance New Energy Ltd (RNEL) has signed a definitive agreement to acquire a 20% stake in California-based Caelux Corporation for $12 million (~₹ 97.25 crore). Caelux is an industry leader in the research and development of perovskite-based solar technology. Its proprietary technology enables high-efficiency solar modules that can produce 20% more energy over the 25-year lifetime of a solar project at significantly lower installed cost.

Read more here.

Glenmark Pharma, Bausch Health gets approval for RYALTRIS in Canada

Glenmark Pharmaceuticals and Bausch Health announced that RYALTRIS (a nasal spray) has received approval from Health Canada for the symptomatic treatment of moderate to severe seasonal allergic rhinitis (SAR) and associated ocular symptoms. SAR (or hay fever) is an inflammatory condition of the upper airways that occurs in response to exposure to airborne allergens (typically tree, grass, and weed pollens) in sensitized people.

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Manappuram Finance accepts rights issue proposal of Asirvad Microfinance

The Board of Directors of Manappuram Finance has accepted the rights issue proposal of its subsidiary, Asirvad Microfinance Ltd. The Kerala-based company said it is entitled to purchase 90.96 lakh shares at ₹268 per share. The board approved subscription to the rights issue of up to 93.28 lakh shares having a value of ₹250 crore (approx).

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Rupee hits record low against US Dollar

The Indian Rupee (INR) fell 41 paise to an all-time low of 81.20 against the US dollar in early trade today as US Treasury yields rose to fresh multi-year highs and dollar demand from importers. On Thursday, INR suffered its biggest single-session percentage decline since February due to a lack of aggressive intervention by the Reserve Bank of India (RBI) and a hawkish interest rate outlook by the US Federal Reserve.

Traders have asked for the central bank’s intervention to contain INR’s rapid fall.

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Proxy advisor flags governance concerns at PB Fintech

Proxy advisory firm Stakeholders Empowerment Services (SES) has raised certain corporate governance issues at PB Fintech Ltd regarding its amalgamation with Makesense Technologies and grant of stock options. SES has asked shareholders to seek clarification from the company as to why it initially proposed the amalgamation, then withdrew the application, and why it is being proposed again now.

PB Fintech is the parent company of Policybazaar, a one-stop platform for all types of insurance products.

Read more here.

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Adani Group to Build 3 Giga Factories as Part of Green Energy Push – Top Indian Market Updates

adani

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

Adani Group to build 3 giant factories as part of green energy push

Adani Group will build three giant factories in India leading to the world’s most integrated green energy value chains, said Chairman Gautam Adani. The giga factories will manufacture polysilicon for solar modules, wind turbines, and hydrogen electrolysers. In July, the group announced plans to invest $70 billion in green energy transition and infrastructure projects to become a net exporter of clean energy.

Read more here.

NCLT allows to convene shareholders’ meeting to seek approval of ZEEL-Sony merger

The National Company Law Tribunal (NCLT) has allowed Zee Entertainment Enterprises Ltd. (ZEEL) to convene a meeting of its shareholders to seek the approval of its proposed merger with Culver Max Entertainment Pvt. Ltd. (formerly known as Sony Pictures Networks India Pvt Ltd). ZEEL and Sony Pictures Network India signed a definitive agreement to merge the two companies on December 22, 2021.

The broadcasters are yet to receive formal approval from the Competition Commission of India (CCI).

Read more here.

Coal India’s production up by 44.6 MTs in 5 months

Coal India Ltd’s production in the ongoing financial year (FY23) increased by 44.6 million tonnes (MTs) in five months and four days, beating the previous best of 44.5 MTs registered in FY16 (full year). The company is hopeful of reaching close to the apportioned target of 306 MTs in the April-September period (H1) of FY23.

Read more here.

Lupin, DKSH to market Alvotech biosimilars in Philippines

Lupin Ltd has signed an exclusive license and supply agreement with Swiss healthcare distributor DKSH to commercialize five of Alvotech’s proposed biosimilars in the Philippines. Multicare Pharmaceuticals, Lupin’s subsidiary in the Philippines, will file for marketing approval and be responsible for the distribution of the biosimilars once approved. This agreement enhances Multicare’s oncology, rheumatology, gastroenterology, and ophthalmology portfolio.

Read more here.

Bank of Maharashtra raises ₹710 crore via bonds

Bank of Maharashtra has raised ₹710 crore from bonds to fund business growth. The fund was raised via Basel-III compliant Additional Tier 1 (AT1) bonds of Rs 710 crore (including a green shoe option of ₹610 crore) at a coupon rate of 8.74%. The capital raised through the AT1 bonds will support the bank’s business growth.

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Cipla gets USFDA approval for Lenalidomide Capsule

Cipla Ltd has received final approval for its Abbreviated New Drug Application (ANDA) for Lenalidomide Capsule from the US Food & Drug Administration (USFDA). Lenalidomide is an immunomodulatory prescription drug indicated for several hematological malignancies (cancers that begin in blood-forming tissue) in adults. The drug had sales of ~$2.58 billion during the 12 months ended June 2022 in the US.

Read more here.

Max Ventures to acquire Acreage Builders for ₹292 crore

Max Ventures and Industries Ltd (MaxVIL) announced the acquisition of Acreage Builders for ₹291.5 crore. The company executed the share purchase agreement on September 6 for the acquisition of a 100% stake in the realty firm. This acquisition marks MaxVIL’s entry into Gurugram, a key market for Commercial Real Estate (CRE) both within Delhi-NCR and pan-India.

Read more here.

Axis Bank partners with Paynearby; aims to grow loan book organically

Axis Bank has announced plans to grow its Priority Sector Lending (PSL) book organically and make it a profitable business. The bank has partnered with Paynearby, a distribution as a service (DAAS) company. As part of the partnership, Axis Bank will get access to more than 50 lakh micro-retailers and aims to source better lending opportunities on a range of products. 

Read more here.

Maruti Suzuki to enter mid-SUV segment to lift market share to 50%

Maruti Suzuki India Ltd (MSIL) is all set to consider the sports utility vehicle (SUV) segment as the key area to lift its overall market share in India to 50%. The automaker’s overall market share is currently under 45%. It does not have a car in the mid-SUV segment, whose total domestic market size stands at 5.5 lakh. MSIL will launch a model under the mid-SUV segment in the last week of September 2022. 

Read more here.

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India’s GDP Grows at 13.5% in Q1 – Top Indian Market Updates

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

India’s GDP grows at 13.5% in Q1

India’s gross domestic product (GDP) grew by 13.5% during the April-June quarter (Q1 FY23), compared to a 4.1% growth in Q4 FY22. The economy grew at the fastest pace in a year as a favourable base effect and improved activities after the relaxation of Covid-19 restrictions outweighed the effects of geopolitical and global concerns. 

India’s manufacturing sector grew 4.8% in Q1, while the agriculture sector posted a 4.5% growth. The construction segment grew by 16.8% during the first quarter of FY23. The mining & quarrying sector witnessed a growth of 6.5% in Q1.

Read more here.

Inox Leisure to add 834 screens after FY23

Multiplex operator Inox Leisure Ltd has announced an expansion strategy to add 834 screens after FY23. It currently operates 692 screens in 73 cities across India as of June 30, 2022 (Q1 FY23). The company estimates the total screen count to go up to 752 by the end of the ongoing financial year. Inox Leisure has partnered with ICC to screen live matches at selected INOX cinemas. They have also started selling official merchandise of various Disney/Marvel superheroes and sportspersons as an alternate revenue source.

Read more here.

Reliance Industries acquires soft drink brand Campa: Report

As per an Economic Times report, Reliance Industries Ltd (RIL) has acquired homegrown soft drink brand Campa from New Delhi-based Pure Drinks Group for ₹22 crore. Campa will be re-launched nationally by Diwali in three flavours, including its iconic Campa Cola version, lemon, and orange variants. The move comes as Reliance Retail announced plans to roll out its fast-moving consumer goods (FMCG) business.

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Ashok Leyland secures mega order for 1,400 school buses in UAE

Ashok Leyland Ltd has secured orders for 1,400 school buses in the United Arab Emirates (UAE). The total fleet deal for the GCC-made buses has been bagged by Ashok Leyland’s UAE distribution partners— Swaidan Trading-Al Naboodah Group. The company will supply the 55-seater Falcon buses and 32-seater Oyster buses from its state-of-the-art manufacturing facility in Ras Al Khaimah, UAE.

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Havells to invest ₹130 crore at Rajasthan unit to expand production capacity

Havells India Ltd is planning to invest ₹130 crore to expand washing machine production capacity at its Ghiloth plant in Rajasthan. This expansion would be financed through internal accruals. The plant has the capacity to roll out 3 lakh units per annum currently. Havells plans to add an additional capacity of 3.8 lakh units per annum. 

The company is also setting up a cable manufacturing unit at Tumakuru, Karnataka, for a proposed annual capacity of 3,48,000 kilometers with an investment of ₹300 crore.

Read more here.

IndiGo announces codeshare agreement with Virgin Atlantic

InterGloble Aviation Ltd (IndiGo) has announced a codeshare agreement with British carrier Virgin Atlantic. The agreement will help both airlines to expand their access to customers flying to destinations that are serviced by either of them. Customers booking a Virgin Atlantic ticket will be able to fly on the airline’s London Heathrow to Delhi/Mumbai flights and connect to and from 7 additional cities in India.

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Significant reduction in debt burden to ₹1,810 crore till March 31: Coffee Day Enterprises

In its latest annual report, Coffee Day Enterprises Ltd (CDEL) said its debt level has been reduced significantly to ₹1,810 crore as of March 31, 2022 (FY22). CDEL’s debt levels stood at ₹7,214 crore in FY19 and ₹1,898 crore in FY21. However, there have been certain defaults in repayments of principal and interest on loans. Certain lenders have also exercised their rights to recall loans.

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SpiceJet delays salaries for a 2nd consecutive month

Employees at SpiceJet Ltd claimed that their salaries had been delayed for the second consecutive month despite the airline’s claim that payments were being made in a “graded format.” “The salaries being disbursed to captains and first officers are not even 50% of what they used to be before the Covid-19 outbreak in March 2020,” an employee told PTI.

The SpiceJet Human Resources team blamed superlative fuel price hikes and a historically lean period of July-Sept for the delays in salary payments.

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Adani Group to launch open offer for NDTV on Oct 17

Adani Group will launch its open offer on October 17 to acquire an additional 26% stake in media firm NDTV. The open offer for acquiring 1.67 crore equity shares at ₹294 per share will tentatively close on November 1. If fully subscribed at a price of ₹294 per share, the open offer will amount to ₹492.81 crore.

Read more here.

Govt aims to increase coal production to 1.23 billion tonnes by FY25

The Ministry of Coal is accelerating the process to enhance coal production with a target of reaching 1.23 billion tonnes of fuel production by FY25. At this level of production, it is expected that fuel imports may not be required. Also, domestic production would be sufficient to meet the total energy demand. 

Meanwhile, Coal India Ltd (CIL) has adopted an integrated planning approach by strengthening evacuation infrastructure for 1 billion tonnes of production and seamless transportation of coal to the end users. 

Read more here.

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Manufacturing PMI Hits 8-Month High in July – Top Indian Market Updates

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

Manufacturing PMI hits 8-month high in July

India’s manufacturing sector activity hit the highest level in eight months in July 2022, driven by significant growth in business orders. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 56.4 in July, compared to 53.9 in June. Demand continued to advance in July on the back of easing price pressures.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.  


Read more here. 

Auto sales data for July 2022: Highlights  

Maruti Suzuki India posted an 8.3% year-on-year (YoY) increase in total sales to 1,75,916 units in July 2022. Sales of its compact vehicle segment rose 17% YoY to 1,05,151 units. Exports fell 4.3% YoY to 20,311 units.

Tata Motors Ltd registered a 52% YoY increase in total sales to 78,978 units in July. The automaker’s commercial vehicle sales rose 43% YoY to 34,154 units. Overall passenger vehicle sales rose 57% YoY to 47,505 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 28,053 units in July, an increase of 33% YoY. M&M’s tractor sales fell 14% YoY to 23,307 units. 

Bajaj Auto posted a 4% YoY decline in total sales to 3,54,670 units in July. Meanwhile, TVS Motor Company’s total sales stood at 3,14,639 units in July, up 13% YoY.

Read more here.

UPL Q1 Results: Net profit rises 29% YoY to Rs 877 crore

UPL Limited reported a 29% YoY increase in consolidated net profit to Rs 877 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 27% YoY to Rs 10,821 crore during the same period. Revenues remained firm on the back of better product realizations, favourable exchange rates, and higher volumes. EBITDA stood at Rs 2,342 crore, up 26% YoY.

Read more here.

Bharti Airtel acquires 19,800 MHz spectrum in 5G auction for 43,084 crore

Bharti Airtel Ltd has acquired 19,800 megahertz (MHz) spectrum for Rs 43,084 crore in India’s first 5G spectrum auction. It secured a pan India footprint of 3.5 GHz and 26 GHz bands. The telecom company plans to launch 5G services in every part of India, starting with key cities. Airtel is convinced that its higher-quality customer base will adopt 5G devices at a rapid pace in the country.

Meanwhile, Vodafone Idea has acquired spectrum in the 3300 MHz and 26 GHz bands to deliver 5G experience to its customers and strengthen enterprise offerings.

Read more here.

Zomato Q1 Results: Net loss at Rs 186 crore

Zomato Ltd reported a consolidated net loss of Rs 185.7 crore for the quarter ended June (Q1 FY23). The online delivery platform had posted a net loss of Rs 356.2 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 67.4% YoY (or 16.6% QoQ) to Rs 1,413.9 crore in Q1 FY23. Zomato’s gross order value (the total value of all orders placed online on its platform) grew 41.6% YoY to Rs 6,430 crore in Q1, with average monthly transacting customers at 16.7 million.

Read more here.

Coal India’s output rises 11% in July

Coal India Ltd (CIL) produced 47.3 million tonnes (MT) of coal in July, registering a growth of 11% YoY. The state-owned company has maintained a double-digit rising streak for four consecutive months of the current financial year (FY23). CIL produced 207.1 MT of coal during April-July, recording a 24.3% YoY. The company accounts for more than 80% of domestic coal production.

Read more here.

ITC Q1 Results: Net profit rises 34% YoY to Rs 4,390 crore

ITC Limited reported a 34% YoY (or 4.6% QoQ) increase in consolidated net profit to Rs 4,390 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 39% YoY to Rs 19,831.27 crore during the same period. Its FMCG segment posted a 19.5% YoY increase in revenue at Rs 4,451 crore. Revenue from ITC’s hotel segment stood at Rs 554 crore, up 332.8% YoY.

Read more here.

IndusInd Bank partners with Rupyy to offer loans for used cars

IndusInd Bank has announced a strategic partnership with Rupyy– a new-age digital lending platform that offers 100% paperless loan processing. This partnership will allow users of Rupyy to avail of simplified documentation and instant processing of loans for used cars from IndusInd Bank. The bank’s customers can now opt for flexible repayment options while transacting on Rupyy.

Read more here.

GST collections rises 28% to Rs 1.49 lakh crore in July

India’s Goods and Services Tax (GST) collection rose 28% YoY to touch the second-highest level of Rs 1.49 lakh crore in July 2022, driven by economic recovery and steps taken to curb tax evasion. In July, revenues from import of goods were 48% YoY higher, while revenues from domestic transactions (including import of services) were 22% YoY higher. This is the sixth time that the monthly GST collection crossed the Rs 1.40-lakh-crore mark since the implementation of GST in 2017.

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Ramco Cements Q1 Results: Net profit falls 36% YoY to Rs 109.23 crore

The Ramco Cements Ltd reported a 36.37% YoY decline in consolidated net profit to Rs 109.23 crore for the quarter ended June (Q1 FY23). Its total income rose 44% YoY to Rs 1,785.64 crore during the same period. EBITDA fell 17% YoY to Rs 308 crore in Q1, mainly due to a sharp increase in fuel prices and weak cement prices. The company’s sold 3.31 million tonnes (MT) of cement in Q1 FY23, compared to 2.14 MT in Q1 FY22.

Read more here.

Apollo Tyres gears up to meet demand from EV segment

Apollo Tyres Ltd expects electric vehicle (EV) adoption to pick up pace over the next few years and is gearing up to cater to demand both in passenger vehicle and two-wheeler segments. The company has launched two tyre brands— Amperion and Wav— for electric passenger vehicles and two-wheelers, respectively. It is also looking to cater to electric models in the European market through its “Vredestein” brand.

Read more here.

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Coal India’s Capex Jumps 65% in Q1 – Top Indian Market Updates

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

Coal India’s capex jumps 65% in Q1 FY23

Coal India Ltd’s capital expenditure (capex) rose 65% year-on-year (YoY) to Rs 3,304 crore during the quarter ended June (Q1 FY23). The company has sustained its capex growth for the ninth successive quarter. Capex under first-mile connectivity (FMC) projects rose four-fold to Rs 577 crore. Land acquisition at Rs 608 crore accounted for nearly one-fifth of the total capex basket in Q1. 

Read more here.

Kalyan Jewellers to add 10 outlets before Diwali in non-south markets

Kalyan Jewellers Ltd plans to strengthen its retail footprints in the non-south market by adding 10 showrooms before Diwali. The company will invest around Rs 250-300 crore towards this expansion. Kalyan Jewellers ventured into the franchise model of business in June 2022 with the launch of its first franchise-owned outlet in Aurangabad. Of the overall 127 stores spread across India, 77 stores are in the south and 50 in the non-south regions.

Read more here.

NTPC aims to raise Rs 5,000 crore via stake sale in green arm

NTPC Limited plans to raise Rs 5,000 crore by selling a stake in a newly created green energy arm. The state-owned power generation company has appointed SBI Capital Markets to advise on the sale process. On Saturday, NTPC announced plans to hive off 15 of its renewable energy projects into NTPC Green Energy Ltd. The assets being separated have a book value of Rs 10,000 crore.

Read more here.

Paytm’s lending biz clocks Rs 24,000 crore revenue run rate in Q1

Paytm’s lending and disbursements business achieved a milestone Rs 24,000 crore annualised run rate in the April-June quarter (Q1 FY23). The number of loans disbursed through the platform jumped 492% YoY to 8.5 million. Paytm also reached its highest number of monthly transacting users (MTU) at 76 million on its super app in Q1. It registered a 101% YoY increase in merchant payment volumes at Rs 2.96 lakh crore.

Read more here.

Zydus Lifesciences gets final USFDA approval for Type-2 diabetes drug

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Empagliflozin and Metformin Hydrochloride tablets. The drug is used with proper diet and exercise to improve glycemic control in adults with Type-2 diabetes. The drug will be manufactured at the pharma company’s formulation facility at the Special Economic Zone (SEZ), Ahmedabad.

Read more here.

L&T Construction secures order to build data centres in Mumbai, Navi Mumbai

Larsen & Toubro (L&T) Construction has secured significant contracts (in the range of Rs 1,000-2,500 crore) to build data centres of capacities totalling 10.8 megawatts (MW) at Mumbai and Navi Mumbai. The company will design and build the data centres and allied buildings, including fit-outs. 

L&T has also received an order for the engineering, procurement, and construction of The Statue of Adi Shankaracharya at Omkareshwa (‘Statue of Oneness’) in Madhya Pradesh. The 108-feet high bronze statue is scheduled to be completed in 15 months. 

Read more here.

SBI subsidiary signs pact with MEA for Trilateral Development Cooperation Fund

SBICAP Ventures Ltd (SVL) has signed a Memorandum of Understanding (MoU) with the Ministry of External Affairs (MEA) for establishing the Trilateral Development Cooperation Fund (TDC Fund) for joint projects with global partners. The TDC Fund will route India’s commitment of ~Rs.175 crore to the Global Innovation Development Fund (GIP Fund). This fund will invest mainly in small & medium enterprises (SMEs) from India that tackle development challenges.

Read more here.

IOC, BPCL, HPCL may post Rs 10,700 crore loss in Q1: Report

As per a report by ICICI Securities, Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL), and Hindustan Petroleum Corp. Ltd (HPCL) may post a combined loss of Rs 10,700 crore in the April-June quarter (Q1 FY23) on selling petrol and diesel at rates below cost. While crude oil prices soared in Q1, petrol and diesel rates were not revised. This led to marketing losses which offset strong refining margins. IOCL, BPCL, and HPCL control 90% of the retail petrol and diesel sales in India.

Read more here.

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Manufacturing PMI Weakens to 53.9 in June – Top Indian Market Updates

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

Manufacturing PMI weakens to 53.9 in June

India’s manufacturing activity expanded at the slowest pace in nine months in June as high inflation rates dampened demand and production. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 53.9 in June 2022, compared to 54.6 in May. Sluggish increases in production, factory orders, and employment dragged down the PMI. 

PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.  

Read more here.

Auto sales data for June 2022: Highlights  

Maruti Suzuki India posted a 5.76% year-on-year (YoY) increase in total sales to 1,55,857 units in June 2022. Sales of its compact vehicle segment rose 6.8% YoY to 92,188 units. Exports rose 40% YoY to 23,833 units.

Tata Motors Ltd registered an 82% YoY jump in total sales to 79,606 units in June. The automaker’s commercial vehicle sales rose 69% YoY to 37,265 units. Overall passenger vehicle wholesales rose 87% YoY to 45,197 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 26,880 units in June, an increase of 59% YoY. M&M’s exports rose 7% YoY to 2,777 units. 

Bajaj Auto posted a 0.25% YoY increase in total sales to 3,47,004 units in June.  

Read more here.

Coal India registers record 29% growth in output in Q1

Coal India Ltd (CIL) registered a 29% YoY growth in output to 159.8 million tonnes (MT) in the April-June quarter (Q1) of FY23. CIL’s supplies to the power sector rose to a record 153.2 MTs during the quarter, registering a growth of 19.8% YoY. Coal output for June 2022 stood at 51.6 MT, an increase of 29% YoY.

Read more here.

Engineers India signs agreement with CSIR-CSIO

Engineers India Ltd has signed an agreement with CSIR-Central Scientific Instruments Organisation (CSIO) for the joint commercialisation of an earthquake warning system. The “EqWS” system, developed by CSIR-CSIO, is being used by Delhi Metro Rail Corp since August 2015. This agreement will help both entities increase the scope of application areas such as critical infrastructures/installations.

Read more here.

NTPC commissions India’s largest floating solar power project

NTPC Limited has commissioned a 100 megawatt (MW) floating solar photovoltaic (PV) plant in Ramagundam, Telangana. The project’s reservoir spans 500 acres and was built at a cost of Rs 423 crores. One floating platform and an array of 11,200 solar modules make up each block. The presence of floating solar panels also reduces the rate of water evaporation from water bodies, aiding in water conservation.

Read more here.

Import duty on gold hiked to 15% to curb shipments

The Indian government has hiked import duty on gold from 10.75% to 15% in an effort to curb imports as the rupee slumped to a record low. It has also raised the basic import tax on gold from 7.5% to 12.5%. The country is currently staring at higher trade and current account deficits amidst volatile global macroeconomic conditions.

The Centre has also imposed special additional excise duty/cesses on exports of petrol and diesel at Rs 6 per litre and Rs 13 per litre, respectively. A cess of Rs 23,250 per tonne (by way of special additional excise duty) has been imposed on crude.

Read more here.

JB Chemicals acquires pediatric brands from Dr. Reddy’s for Rs 98.3 crore

JB Chemicals & Pharmaceuticals Ltd has acquired four pediatric domestic formulation brands from Dr. Reddy’s Laboratories Ltd for Rs 98.3 crore. The four brands are zinc supplement Z&D, insomnia medication Pedicloryl, antibiotic Pecef, and Ezinapi (used against diaper rashes). The four brands combined had sales of Rs 33 crore in the previous financial year (FY22).

Read more here.

Endurance Tech buys 51% stake in Maxwell Energy to boost foray into EV products

Auto component maker Endurance Technologies Ltd has acquired a 51% stake in Mumbai-based Maxwell Energy Systems Pvt. Ltd for Rs 135 crore. The remaining 49% stake will be purchased in a phased manner in five rounds, spread over the next five financial years. This acquisition will facilitate Endurance Tech’s foray into an electric vehicle (EV)-centric product line as an early participant to offer battery management systems (BMS) to automakers.

Read more here.

Bharat Forge, subsidiary complete acquisition of JS Autocast

Bharat Forge Ltd and its subsidiary BF Industrial Solutions have completed the acquisition of Coimbatore-based JS Autocast Foundry India Pvt. Ltd for Rs 489.63 crore. JS Autocast supplies critical machined ductile castings for wind, hydraulic, off-highways, and automotive applications.

Read more here.

SBI’s gold loan portfolio crosses Rs 1 lakh crore mark

State Bank of India’s gold loan portfolio has crossed the Rs 1 lakh crore mark for the first time. The bank has a 24% market share in gold loans in India. It is bullish on growth in the segment as gold provides investors a safe investment option amid rising inflation.

Read more here.

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Coal India Exploring Green Mining Tech – Top Indian Market Updates

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

Coal India exploring green mining technologies

Coal India Ltd is exploring the deployment of green mining technologies in its mines to minimise adverse environmental impact. The company aims to ramp up its underground (UG) production four-fold to 100 million tonnes (MTs) by FY 2030. UG output is environmentally clean, minimally invasive on land degradation, and society friendly. Around 70% of India’s coal reserves are favourable for UG mining.

Read more here.

PVR launches its first multiplex in Patiala

PVR Limited launched its first multiplex in Patiala, Punjab. The new multiplex is located on the Rajpura Highway, with a total seating capacity of 621 people. The company now has 63 screens in 12 properties in Punjab. In FY23, PVR launched 858 screens at 174 properties in 75 cities (India and Sri Lanka). 

Read more here.

Reliance considering buying out Revlon in US: Report

According to an ET Now report, Reliance Industries Ltd (RIL) may buy out Revlon Inc., days after the cosmetics giant filed for bankruptcy. The New York-based multinational company deals in cosmetics, skincare, fragrance, and personal care. Revlon failed to keep pace with changing tastes, and sales have fallen sharply over the past few years. It has been losing market share to big rivals like Procter & Gamble and newcomer cosmetic lines.

Read more here.

Jio adds 16.8 lakh subscribers in April; Bharti Airtel gains 8.1 lakh users

Reliance Jio Infocomm gained 16.8 lakh mobile subscribers in April 2022, taking its total user base to 40.5 crore. Bharti Airtel added 8.1 lakh users, and its total mobile subscriber count rose to 36.11 crore. Vodafone Idea lost nearly 15.7 lakh mobile subscribers during April. Data from the Telecom Regulatory Authority of India (TRAI) showed that India’s total wireless subscribers count increased marginally to 114.3 crore at the end of April 2022.

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Delhivery announces ‘guaranteed’ same-day delivery across 15 cities in India

Delhivery Ltd has launched its ‘guaranteed’ same-day delivery (SDD) service in 15 cities across India. This new service will allow direct-to-consumer (D2C) brands to deliver their webstore orders on the day the order is received. Delhivery will partner with brands and identify fast-moving Stock Keeping Units (SKUs). These units will be stocked in warehouses within a city, close to the end consumer.

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HUL, Wipro Enterprises get HC relief in case against USV

The Bombay High Court (HC) has restrained USV Pvt Ltd, the Indian distributor of German skincare brand Sebamed, from “disparaging” or “infringing” the brands owned by Hindustan Unilever Ltd (HUL) and Wipro Enterprises Pvt Ltd in any manner. In January 2021, HUL approached the HC, seeking its intervention to restrain USV from running ads that allegedly defamed its Lux, Pears, and Dove brands. Wipro Enterprises also petitioned the court on similar grounds with regard to its Santoor brand.

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Aster DM to open 550-bed super specialty hospital in Trivandrum

Aster DM Healthcare Ltd has launched a 550-bed super-specialty hospital in Trivandrum, Kerala. The company will invest around Rs 500 crore for the entire project, with the first phase having a capacity of 350 beds. Phase-1 is expected to be operational by FY26. This would be the company’s 7th hospital in Kerala and the 16th in India.

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HDFC Life to raise up to Rs 350 crore debt capital via bonds

HDFC Life Insurance Company’s board has approved a proposal to raise up to Rs 350 crore through the issuance of 3,500 non-convertible debentures (NCDs). The bonds will carry a coupon rate of 8.2% per annum. It will be listed on the wholesale debt market segment of the National Stock Exchange (NSE).

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Deltatech Gaming files DRHP for Rs 550 crore IPO

Deltatech Gaming Ltd., a digitally native, technology-led gaming platform, has filed the Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 550 crore through an Initial Public Offering. The IPO comprises a fresh issue of equity shares worth up to Rs 300 crore and an offer-for-sale of Rs 250 crore by Delta Corp Ltd (promoter).

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India’s Industrial Output Grows 7.1% in April – Top Indian Market Updates

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

India’s industrial output grows 7.1% in April

India’s index of industrial production (IIP) grew 7.1% YoY to 135.1 in April 2022, compared to a growth of 1.9% in March. The mining sector rose by 7.8% year-on-year (YoY) to 116.0 in April, the manufacturing sector witnessed a growth of 6.3% to 132.5, and the electricity sector climbed 11.8% to 194.5. 

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Actis acquires road assets of Welspun Enterprises for Rs 6,000 crore

UK-based global investor Actis has acquired a portfolio of six operating highway toll road projects from Welspun Enterprises Ltd for an enterprise value of $775 million (~Rs 6,000 crore). The projects are located strategically across India, including in the most prominent North-South highway corridor. The portfolio benefits from a stable mix of annuity and toll cash flows.

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Alembic Pharma gets USFDA approval for cancer treatment drug

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Dasatinib tablets. The drug is used to treat certain types of leukemia (cancer of the blood cells). As per IQVIA data, Dasatinib tablets had an estimated market size of $1,465 million for the twelve months ended December 2021.

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Coal India to import 6 MT more coal to meet power demand

Coal India Ltd has issued two tenders to import 6 million tonnes (MT) of coal in the next 12 months to meet surging power demand in India. This follows another tender issued on Thursday to import 2.42 MT of the dry fuel for delivery in July-September. These two medium-term import tenders of 3 MT each of coal have the option of increasing the bid quantity by 100% to 12 MT.

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Strides Pharma gets USFDA nod for Ibuprofen suspension

Strides Pharma Science Ltd has received approval from the USFDA to market Ibuprofen OTC Oral Suspension in the US markets. Ibuprofen is a nonsteroidal anti-inflammatory drug used as a painkiller in conditions like headache, dental pain, menstrual cramps, muscle aches, or arthritis. The product will be manufactured at the pharma company’s facility in Bengaluru.

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Bajaj Auto’s arm inaugurates new EV manufacturing plant in Pune

Bajaj Auto’s wholly-owned subsidiary, Chetak Technology Ltd. (CTL), inaugurated its new EV manufacturing plant at Akurdi, Pune. CTL and its vendor partners will invest ~Rs 750 crores in this new facility. Its production capacity will be swiftly increased to manufacture 5 lakh electric two-wheelers per year.

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India’s peak power demand all-time high of 210,793 MW

India’s electricity demand touched a record high of 210,793 megawatts (MW) on Thursday as several regions in the north faced severe heatwave conditions. The highest demand until last year was 200,570MW, recorded on July 7, 2021. This year, the government is projecting peak electricity demand to go up to 215,000 MW once monsoon sets in large parts.

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Total passenger vehicle sales rise 185% YoY in May: SIAM

According to newly released data from the Society of Indian Automobile Manufacturers (SIAM), total passenger vehicle (PVs) sales in May 2022 rose 185% YoY to 2,51,052 units. Three-wheeler sales jumped multifold to 28,542 units in May 2022, compared to 1,262 units in May 2021. Two-wheeler sales rose over 253% YoY to 12,53,187 units.

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Indian crude oil basket hits 10-year high

The basket of crude oil that India buys has hit a 10-year high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain unchanged. The Indian basket on June 9 touched $121.28, matching levels seen in February/March 2012. International oil prices held near a 13-week high on Thursday, supported by robust demand from key buyers like the US.

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Jio-BP to Set Up EV Charging Infra at Omaxe Properties – Top Indian Market Updates

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

Jio-BP to set up EV charging infra at Omaxe properties

Real estate developer Omaxe Ltd has partnered with Jio-bp to establish a battery charging ecosystem for electrical vehicles. Jio-bp is a fuel and mobility joint venture (JV) between Reliance Industries and UK-based bp. The JV will install 24×7 EV charging and swapping infrastructure for two and four-wheelers at Omaxe properties across India.

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Shriram Transport Finance raises $250 million loan from DFC

Shriram Transport Finance Company Ltd (STFCL) has secured long-term funding of $250 million (~Rs 1,944 crore)  from the US International Development Finance Corporation (DFC). The external commercial borrowing is a fixed-rate 10-year loan. The funds raised from DFC will enable STFCL to on-lend for the purchase of new and used vehicles throughout India.

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UltraTech Cement partners with Coolbrook to reduce CO2 emissions at plants

UltraTech Cement has signed a Memorandum of Understanding (MoU) with Finland-based Coolbrook to explore the possibility of reducing CO2 emissions from its cement manufacturing operations. The two entities will explore electrification of the cement kiln heating process. They aim to develop optimal electric process heating solutions for the cement manufacturing process replacing fossil fuels.

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Welspun Corp, Tata Steel to manufacture pipes for hydrogen transportation

Welspun Corp Ltd (WCL) has partnered with Tata Steel to develop the framework and manufacture pipes for transporting pure hydrogen and natural gas-blended hydrogen. Through this strategic collaboration, WCL aims to assess the suitability of its “green” pipes for the transportation of pure hydrogen.

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Fino Payments Bank partners with Go Digit for shop insurance policy

Fino Payments Bank Ltd has exclusively partnered with Go Digit General Insurance Ltd to offer shop insurance policies to small and medium business owners. The tie-up will allow businesses to avail the benefits of Go Digit’s My Business Policy in case of an adverse event. Fino is associated with Go Digit as a corporate agent.

Reliance closes in on Boots acquisition, makes binding offer

The consortium of Reliance Industries Ltd (RIL) and US buyout firm Apollo Global Management Inc. has moved closer to acquiring Walgreens Boots Alliance Inc’s international chemist and drugstore units. The bid for the Boots business is fully backed by committed financing. If completed, the deal will be RIL’s largest cross-border acquisition.

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Coal India floats its first tender for coal imports

Coal India Ltd (CIL) has floated an international competitive bidding e-tender, seeking bids for importing 2.416 million tonnes (MTs) of coal. The coal being sourced on behalf of the state generating companies (gencos) and independent power plants (IPPs) is based on the indents (order) received from them for the period of July-September of FY23. 

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Iraqi Airways goes live on Ramco Systems’ aviation system

Ramco Systems Ltd has successfully gone live at Iraqi Airways with its Aviation M&E MRO Suite V5.9. It has completely digitalized all core business processes of the airways. Ramco’s next-gen digital platform offers Iraqi Airways real-time data availability, ensuring 100% aircraft airworthiness on the release.

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Equity mutual fund inflows rise 16% in May: AMFI

Net investments into equity and equity-linked schemes rose 16% over the previous month to Rs 18,529.4 crore in May. Multi caps witnessed the least investments among all categories, while large caps saw the most. The monthly contribution to systematic investment plans (SIPs) grew by Rs 423.33 crore in May. The data was released by the Association of Mutual Funds in India (AMFI).

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Govt Asks Coal India To Import 12 MT of Coal – Top Indian Market Updates

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

As Shortage Looms, Govt Asks Coal India To Import 12 MT of Coal

According to reports, the government has asked state-owned Coal India Ltd. (CIL) to be prepared to import 12 million tonnes (MT) of coal for power utilities. This comes in a day after a draft cabinet note was issued for listing of 25% shares of CIL’s subsidiary Bharat Coking Coal Ltd. (BCCL).

India is currently facing a shortage of coal and stares at a power shortage. According to an official notification, the government has given an ultimatum till Saturday to state and privately-owned power generation companies to place orders for import of coal, failing which they will be allocated only 70% of their requirement by the government. 

Adani to invest Rs 70,000 crore in Uttar Pradesh

Billionaire Industrialist Gautam Adani said that the Adani Group will invest Rs 70,000 crore in Uttar Pradesh, resulting in the creation of 30,000 jobs in the state. Prime Minister Narendra Modi, who was also present at the Uttar Pradesh Investors Summit 2022, laid the foundation stone for nearly 1,406 projects worth over Rs 80,000 crore.

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Tata Projects to build Noida Intl Airport

Tata Projects has won the engineering, procurement, and construction (EPC) contract to build the Noida International Airport in Uttar Pradesh. Yamuna International Airport Private Limited (YIAPL) has chosen Tata Projects over two other bidders for the same project – L&T and Shapoorji Pallonji. Tata Project plans to complete the project within two years. It will deliver an airport terminal with an annual capacity of 1.2 crore passengers.

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BSNL seeks spectrum worth Rs 61,000 crore for 5G

According to reports, state-run teleco BSNL has asked TRAI for a spectrum worth Rs 61,000 crore in the premium 700 Mhz frequency range and the medium frequency band for 4G and 5G services. The Department of Telecom (DoT) proposed reserving for BSNL 10 Mhz of paired spectrum.

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Aether Industries lists on exchanges at a 20% premium. 

Share prices of Aether Industries, which got listed at a 10% premium from the issue price of Rs 642, further rallied 10% throughout the day. It touched a high of Rs 776.75 per share. NOT TO be confused with the EV-maker Ather, Aether Industries is a Gujarat-based company engaged in producing pharmaceutical, agrochemical, material science, coating, high-performance photography, additive, and oil and gas segments of the chemical industry.

MTAR Tech acquires Gee Pee Aerospace for Rs 9 crore, shares rally 5%

MTAR Technologies Limited has acquired a 100% stake in GEE PEE Aerospace & Defence Ltd for Rs 8.20 crore. The amount is payable in cash after the deduction of borrowings and liabilities. Manufactures high precision components for the defence and aerospace sectors. Gee Pee Aerospace manufactures components for companies such as Hindustan Aeronautics Ltd, Bharat Dynamics Ltd, and Bharat Electronics Ltd.

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Indian exports up by ~15% to $37.3 billion in May; trade deficit widens to $23.33 billion.

According to the commerce ministry, India’s merchandise exports increased by 15.46% to $37.29 billion in May 2022. This is primarily due to a strong performance by sectors such as petroleum products, electronic goods, and chemicals. In the same month, trade deficit widened to $23.33 billion as imports too grew by 56.14% to $60.62 billion.

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Coal India’s Supplies to Power Sector Rise 14% – Top Indian Market News

Coal India’s supplies to power sector rise 14% amid surging demand

Coal India Ltd (CIL) has increased supplies to coal-based electricity generating plants by 14.2% in the first half of April. The company’s supplies have hit 1.6 million tonnes per day (MTPA) during this period. However, soaring power demand due to hotter-than-normal summer seems to have exceeded the upsurge in supplies. CIL is coordinating with the ministries of coal, power, and railways to build up stocks at power plants. 

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Amazon, Reliance, Sony competing for IPL broadcast rights: Report

Amazon.com, Inc., The Walt Disney Co., and Reliance Industries Ltd are among those that have signaled an intention to bid for the broadcast rights of the Indian Premier League (IPL). Sony Group Corp, Zee Entertainment Enterprises Ltd, and fantasy-sports platform Dream11 have also purchased bid-related documents from the Board of Control for Cricket in India (BCCI). The BCCI will be conducting the online auction from June 12 onwards.

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IndiGo, Qatar Airways reactivate codeshare partnership

Qatar Airways and IndiGo are reactivating their codeshare partnership following India’s decision to resume regular international passenger flights from March 27. In a codeshare partnership, each carrier on its distribution system can sell seats of other’s flights. As part of this expanded code-share agreement, Qatar Airways will place its marketing code on IndiGo-operated flights between Doha and Delhi, Mumbai, & Hyderabad, starting from April 25.

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L&T secures orders for its water & effluent treatment business

Larsen & Toubro Construction’s international arm has secured a contract for its water & effluent treatment business to construct and commission water supply schemes for various towns in Tanzania. The project will be funded by the EXIM Bank of India. The company has also received add-on domestic orders from the Uttar Pradesh State Water & Sanitation Mission to implement various rural water supply projects.

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Ajmera Realty targets sales value realisation of Rs 5,000 crore in the next 3-5 years

Ajmera Realty & Infra India Ltd expects to clock in sales worth Rs 5,000 crore in the next 3-5 years from its existing projects and future launches. The company also announced plans to launch six projects in the current and the next financial year with a revenue potential of Rs 4,000 crore. The funding for these new projects will be via a mix of internal accruals, bank funding, and sales advances.

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TCS expands multi-year partnership deal with IRONMAN Group Oceania 

Tata Consultancy Services (TCS) has expanded its partnership with The IRONMAN Group Oceania in a multi-year deal for Sun-Herald City2Surf, the world’s largest fun run. The IT firm will continue to power the official event app, enhancing the fun run experience with live results tracking and leader board data. It will also include custom City2Surf selfie frames and a personalised race-ready checklist.

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Patel Engineering secures contract worth Rs 419 crore from MCGM

Patel Engineering has bagged a contract worth Rs 419.70 crore from the Municipal Corporation of Greater Mumbai (MCGM). The scope of the contract involves the construction of a tunnel from Powai to Ghatkopar high-level reservoir and further up to Ghatkopar low-level reservoir. The work is scheduled to be completed in 51 months as per the contract terms.

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Reliance Jio loses 36 lakh subscribers in Feb, Bharti Airtel adds 15 lakh: TRAI 

Reliance Jio lost 36.6 lakh subscribers in February 2022, taking its total customer base to 40.27 crore. Bharti Airtel gained 15.91 lakh subscribers in Feb, while Vodafone Idea (Vi) lost 15.32 lakh subscribers. Airtel and Vi’s total customer count stood at 35.8 crore and 26.35 crore, respectively. The data was released by the Telecom Regulatory Authority of India (TRAI).

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Reliance Brands to acquire 51% stake in Abu Jani Sandeep Khosla

Reliance Brands Ltd (RBL) has signed a definitive agreement to acquire a 51% majority stake in couturiers Abu Jani Sandeep Khosla (AJSK). AJSK currently has three other labels— ASAL by Abu Sandeep (a formal, occasion & wedding wear, womenswear label) GULABO, and MARD (a formal and occasion wear men’s label). RBL is a subsidiary of Reliance Retail Ventures Ltd.

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CPI Inflation Rises to 17-Month High of 6.95% – Top Indian Market News

CPI inflation rises to 17-month high of 6.95%

Retail inflation in India soared to the highest level since October 2020, led by a rise in the prices of food items. Consumer Price Index (CPI) inflation stood at 6.95% in March 2022, compared to 6.07% in February. Inflation in food items and beverages rose 7.47% in March, compared to 5.93% in Feb. Fuel and light inflation stood at 7.52% last month, compared to 8.7% in February. Inflation in personal care items saw the sharpest monthly rise of 1.7% in March.

India’s Index of Industrial Production (IIP) rose 1.7% YoY in February. The index fell 4.7% on a month-on-month basis. 

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Tata Motors Group global wholesales rise 2% YoY in Q4

Tata Motors Group reported a 2% YoY increase in global wholesales (including Jaguar Land Rover) at 3,34,884 units in Q4 FY22. Global wholesales of its commercial vehicles and Tata Daewoo range stood at 1.22 lakh units, registering a growth of 12% YoY. However, passenger vehicle global wholesales declined by 4% YoY to 2.12 lakh units in Q4.

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Adani Green’s total operational capacity rises 56% in Q4

Adani Green Energy Ltd (AGEL) reported a 56% YoY increase in its total operational capacity to 5,410 megawatts (MW) in Q4 FY22. The sale of energy rose 84% YoY to 29.71 crore units during the same period. AGEL also entered the list of top 10 valued firms as its market capitalisation zoomed over Rs 4.3 lakh crore.

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Shriram City aims to grow gold loan book to Rs 20,000 crore over next 5 years

Shriram City Union Finance Ltd is targeting to grow its gold loan book to Rs 15,000-20,000 crore over the next five years. As of December 31, 2021, the non-banking finance company’s (NBFC) gold loan book stood at Rs 4,110 crore. Shriram City announced the launch of its gold loan product across 70 branches in Punjab, Rajasthan, Haryana, Himachal Pradesh, Jammu & Kashmir, and New Delhi.

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Alembic Pharma’s subsidiary gets final approval for Lidocaine cream

Aleor Dermaceuticals has received final approval from the US Food & Drug Administration (USFDA) for lidocaine and prilocaine cream. The product is indicated as a topical anesthetic for use on normal intact skin for local analgesia and genital mucous membranes for superficial minor surgery. As per IQVIA data, lidocaine and prilocaine cream had an estimated market size of $29 million for the 12 months ended December 2021. Aleor Dermaceuticals is a wholly-owned subsidiary of Alembic Pharmaceuticals Ltd.

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Mahindra Lifespace commits to develop only net-zero buildings from 2030

Mahindra Lifespace Developers Ltd has pledged to develop only net-zero buildings from 2030 onwards. It is part of the company’s commitment to Mahindra Group’s 2040 carbon neutrality goals. As part of this initiative, the developer has launched India’s first net-zero energy project spread over 7.74 acres in Bangalore. The company will invest around Rs 500 crore to develop the project, with estimated revenue of Rs 600-650 crore.

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Coal India capex up 12% to record Rs 14,834 crore in FY22

Coal India Ltd (CIL) scaled up its capital expenditure (capex) to Rs 14,834 crore in FY22, 101% of the set target and the highest spend so far. The capex increase in FY22 was 12% higher than Rs 13,284 crore in FY21. Most of the capex was utilised for procurement of heavy earth-moving machinery (HEMM), setting up silos, and creating rail infrastructure for coal transportation. Land and HEMM combined accounted for 40% of the total capex at Rs 5,867 crore.

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Aditya Birla Capital’s overall lending book grows 10% YoY in Q4

Aditya Birla Capital Ltd’s overall lending book grew 10% YoY to approx. Rs 66,900 crore as of March 31, 2022 (Q4 FY22). In the NBFC segment, gross loan disbursement stood at Rs 9,500 crore in Q4, an increase of 45% YoY (or 43% QoQ). In the housing finance segment, rebound in gross disbursal stood at ~Rs 1,310 crore, a growth of 16% YoY. The total gross written premium of the life & health insurance segment surged 24% YoY to over Rs 13,700 crore in FY22.

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G M Breweries Q4 Results: Net profit falls 11.6% YoY to Rs 40 crore

G M Breweries Ltd reported an 11.6% YoY decline in net profit to Rs 40.08 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 11.15% YoY to Rs 141.94 crore during the same period. Meanwhile, net profit for the financial year 2021-22 (FY22) increased by 16.57% YoY to Rs 83.36 crore. Revenue grew 34.8% YoY to Rs 458.47 crore in FY22.

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BPCL to explore green energy possibilities in Odisha

The Odisha government has signed an agreement with Bharat Petroleum Corporation Ltd (BPCL) for exploring green energy possibilities. BPCL aims to study the feasibility of setting up hydrogen production plants for domestic use and export. The company targets to set up a renewable energy production capacity of 10 gigawatts, with a mix of solar, wind, small hydro, and biomass by 2040.

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