Tag: coal production

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India’s Manufacturing PMI Slows to 5-Month Low in Sept – Top Indian Market Updates

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

India’s manufacturing PMI slows to a 5-month low in Sept

India’s manufacturing sector slowed to a 5-month low in September 2023. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 57.5 in September, compared to 58.6 in August. The contraction in manufacturing activity was due to a soft increase in new orders, which slowed production.

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

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IHC raises its stake in Adani Enterprises to above 5%

International Holding Co (IHC) has increased its total stake in Adani Enterprises (AEL) to above 5%. The development comes days after it decided to offload stakes in two other group companies as part of its portfolio restructuring/rejig. Although IHC hasn’t disclosed the amount invested in the company, a 5% stake in AEL as of Tuesday is valued at ₹13,600 crore.

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Bajaj Finserv’s insurance arm receives GST Demand Notice

Bajaj Allianz General Insurance Company Ltd (BAGIC) received a show cause cum demand notice from the Directorate General of Goods and Services Tax (GST) Intelligence. The authority alleged a tax demand of ₹1010.05 crore. BAGIC is Bajaj Finserv’s insurance subsidiary. As per the notice, the company failed to pay GST between July 2017 and March 2022.

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PFC sanctions ₹15,000 crore loans, forays into funding of airport projects

Power Finance Corporation (PFC) has sanctioned ₹15,000 crore loans for various projects. Furthermore, it has entered into funding airport projects. As part of its diversification strategy and funding for infrastructure projects, PFC sanctioned its first financing for a greenfield airport project in Andhra Pradesh. PFC’s Board of Directors also reviewed strategic agendas pertaining to the company’s business diversification strategy.

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India’s coal production rises 16% YoY in September

India’s coal output increased 15.81% YoY to 67.21 million tonnes (MT) in September, compared to 58.04 MT in September FY22-23. The cumulative coal production up to September increased to 428.25 MT in the current financial year, over 382.16 MT in the year-ago period. Coal India Ltd’s (CIL) output increased to 51.44 MT in September as against 45.67 MT a year ago. CIL accounts for over 80% of domestic coal production.

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JSPL starts coal production at Chhattisgarh’s Gare Palma mine

Jindal Steel & Power Ltd (JSPL) has started coal production at its Gare Palma IV/6 mine in Chhattisgarh. The mine will support the proposed expansion of its Raigarh integrated steel plant from the existing 3.6 MTPA to a capacity of 9.6 million tonnes per annum (MTPA).

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Vedanta to complete steel asset sale this fiscal year

Vedanta Ltd will complete the divestment of its steel assets by March 2024. The company started the review of its steel and steel raw material business in June. Vedanta is also planning to demerge its business unit into independent companies. Its parent company, Vedanta Resources, has been struggling to raise funds due to rating downgrades and concerns about meeting its debt obligations.

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NCC secures 3 orders worth ₹4,206 crore

NCC Ltd secured three orders worth ₹4,205.94 crore in September from both Central and State government agencies. These orders are to different divisions within the company: ₹819.20 crore for the water division, ₹173.19 crore for the electrical division, and ₹3,213.55 crore for the transportation division. 

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Strides Pharma gets USFDA approval for Ethyl capsules

Strides Pharma Global Pte. Ltd has received approval from the US Food & Drug Administration (USFDA) for its generic version of Icosapent Ethyl capsules. The capsules are used to control triglyceride levels in the blood and is bioequivalent and therapeutically equivalent to the reference listed drug Vascepa of Amarin. As per IQVIA, the product has a market size of around $1.3 billion. Strides Pharma Global Pte. Ltd is a wholly-owned Singaporean subsidiary of Strides Pharma. 

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TRSL secures ₹857 crore order from Gujarat Metro Rail

Titagarh Rail Systems Ltd (TRSL) has secured a contract worth ₹857 crore with the Gujarat Metro Rail Corporation Ltd (GMRC) to manufacture 72 standard gauge cars. These metro cars are destined for the first phase of the Surat Metro Rail Project. The contract for designing, manufacturing, supplying, testing, commissioning, and training for these metro cars. The execution of this contract is scheduled to commence 76 weeks after its signing. 

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Reliance in Talks for $2 Billion Loan – Top Indian Market Updates

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

Reliance in talks for $2 billion loan to fuel expansion

According to a Bloomberg report, Reliance Industries Ltd is in discussions with lenders to secure a foreign-currency loan of up to $2 billion. The company plans to utilise India’s dedicated external commercial borrowing route to obtain the loan. The maturity period of the facility is expected to be between 3-5 years, with the funds intended for capital expenditure and refinancing an existing loan set to mature in September. Notable lenders involved in the talks include Bank of America Corp, Citigroup Inc, and Standard Chartered Plc.

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India’s goods trade deficit hits a 5-month high in May

According to government data, India’s trade deficit for May FY23 narrowed to $10.35 billion, compared to $12.20 billion in the same period in FY22. The trade deficit declined 35.41% for April and May combined. However, the merchandise trade deficit widened to $22.1 billion in May from $15.2 billion in the previous month. This is primarily due to a surge in goods imports, which reached a five-month high.

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Godrej Properties to buy land for a luxury residential project in Kolkata

Godrej Properties Ltd has acquired a 7.44-acre land parcel in the premium residential locality of New Alipore, Kolkata, from West Bengal Housing Infrastructure Development Corporation Ltd. The land has a developable potential of approximately 9.8 lakh square feet, with an estimated revenue potential of nearly Rs 1,200 crore. This marks Godrej Properties’ second luxury development in the city.

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Cochin Shipyard wins Rs 580 crore order for cargo vessels

Cochin Shipyard’s subsidiary Udupi Cochin Shipyard Limited (UCSL) has secured an international order from Norway-based Wilson Shipowning AS. The order is for the design and construction of six new-generation diesel-electric 3800 DWT general cargo vessels. The contract includes an option for an additional eight vessels. Wilson Ship Management AS is one of the largest short-sea fleet operators in Europe, with a fleet of around 130 vessels.

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Titagarh Wagons-BHEL consortium signs ₹24,000 crore contract with Indian railways

A consortium of Titagarh Rail Systems Ltd (TRSL) and Bharat Heavy Electricals Ltd (BHEL) has secured an order worth ₹24,000 crore from Indian Railways to manufacture and supply 80 Vande Bharat sleeper trains. They are responsible for manufacturing fully assembled trains by 2029 and maintaining them for 35 years. The trains’ final assembly, testing, and commissioning will occur at the Indian Railway facilities in Chennai. Each train will consist of 16 coaches, accommodating over 880 passengers.

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Dilip Buildcon Completes Highway Upgrade Project

Dilip Buildcon has announced the completion of the Chandikhole-Bhadrak Section of National Highway 5 (NH5) in Odisha. The project involved the rehabilitation and upgrade of the highway to a six-lane highway. The subsidiary, DBL Chandikhole Bhadrak Highways Ltd, executed the Rs 1,522 crore project under the hybrid-annuity model as part of the National Highways Development Project Phase V.

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TVS Motor Company sells 43.54% stake in Emerald Haven Realty

TVS Motor Company Ltd has announced the sale of its entire stake of 43.54% in Emerald Haven Realty Ltd. The company sold its holding of 11.12 crore equity shares on June 14, 2023.

In other news, the Indian Navy has partnered with TVS Motor Company for a motorcycle expedition in Ladakh as part of the ‘Azadi ka Amrit Mahotsav’ celebrations.

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Jindal Stainless signs deal with Germany’s Dassault Systemes 

Jindal Stainless Ltd (JSL) has entered into a partnership with Germany-based Dassault Systemes to enhance its production and operational functions at its Hisar and Jajpur units. The agreement aims to strengthen JSL’s production planning, scheduling, and execution processes by leveraging Dassault Systemes’ expertise. With the recent merger and capacity expansion, JSL seeks to seamlessly manage end-to-end production and operations between its facilities in Hisar, Haryana, and Jajpur, Odisha.

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Ashok Leyland partners with Aidrivers for autonomous electric terminal trucks

Ashok Leyland has partnered with Aidrivers to manufacture autonomous electric terminal trucks. This collaboration aims to address the port industry’s requirements for net-zero emissions. By combining their expertise, both companies will work towards sustainable autonomous transportation in ports. The initial fleet of vehicles will be manufactured at Ashok Leyland’s facilities. The fleet is projected to be operational for terminal operations by early next year.

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ONGC signs MoU with IndianOil for petrochemicals

ONGC has partnered with Indian Oil Corporation (IOC) to explore opportunities in the petrochemicals sector. The Memorandum of Understanding (MoU) aims to investigate downstream prospects, including greenfield projects and acquisitions, in the petrochemical industry. ONGC already operates two downstream petrochemical plants through its subsidiaries.

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Tata Steel, Germany’s SMS group to explore low carbon steel-making technology

Tata Steel has partnered with Germany’s SMS group to collaborate on the development of a low-carbon steelmaking process. Under a Memorandum of Understanding (MoU), the two companies will engage in technical discussions and take steps towards conducting a Joint Industrial Demonstration of the EASyMelt technology, created by SMS group. Tata Steel plans to demonstrate at its Jamshedpur plant’s E Blast Furnace, aiming to achieve a CO2 emission reduction of over 50% compared to the furnace’s current operation.

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Coal stock grows 44% to over 110 MT

The Ministry of Coal has reported that the total coal stock has increased by 44% YoY to 110.58 million tonnes (MT) . This significant rise in coal stock demonstrates the commitment to ensuring an abundant supply of this essential fuel, which is crucial for electricity generation. The current stockpile at mines, thermal power plants, and in transit has substantially increased compared to the stock of 76.67 MT on the same day last year, emphasizing the improved availability of coal resources.

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India Approves Rs 2,980Cr for Exploration of Coal and Lignite Scheme – Top Indian Market Updates

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

India approves Rs 2,980 crore for Exploration of Coal and Lignite scheme

The union government has approved the continuation of the central sector plan ‘Exploration of Coal and Lignite scheme’ with an estimated expenditure of Rs 2,980 crore from FY 2021-22 to FY 2025-26. The scheme includes promotional exploration and detailed drilling in non-CIL (non-Coal India Ltd) areas to estimate coal resources. The geological reports generated through these explorations are utilized for auctioning new coal blocks.

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Cabinet approves Rs 89,000-crore revival plan for BSNL

The Union Cabinet approved an Rs 89,047 crore revival package for state-run telecom company BSNL. Measures include equity infusion for 4G/5G spectrum and increased authorised capital. BSNL aims to become a stable telecom provider, focusing on remote connectivity. BSNL partnered with TCS for nationwide 4G deployment amidst rivals’ 5G rollouts. The company’s struggle with poor infrastructure and tough competition from Jio, Airtel, and Vodafone Idea prompted this move. 

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NHPC signs agreement for developing 7,350 MW pumped storage hydropower projects in Maharashtra

NHPC has partnered with the Maharashtra government to construct pumped storage hydro projects with a total capacity of 7,350 MW and an investment of Rs 44,000 crore. The agreement also includes the development of other renewable energy projects in Maharashtra. The MoU aims to utilise pumped storage projects as energy storage solutions to support the national objective of achieving 500 GW of renewable energy capacity by 2030 and becoming net zero by 2070.

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Torrent Power to build 3 hydro projects for Rs 27,000 crore in Maharashtra

Torrent Power Ltd has signed a Memorandum of Understanding (MoU) with the Maharashtra government. The agreement is for the development of three pumped storage hydro projects in the state. The projects, with a capacity of 5,700 MW and an investment of around Rs 27,000 crore are expected to create employment for approximately 13,500 people during the construction phase. Torrent plans to complete the projects within 5 years.

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KPI Green Energy gets LoI for 40 MW hybrid project in Gujarat

KPI Green Energy has received a letter of intent (LoI) to develop a 40 MW hybrid green energy project in Gujarat. The project will consist of 21.50 MW wind and 18.5 MW solar capacity. Anupam Rasayan India issued the largest single LoI to KPI Green for this venture. The company sees this LoI as a major achievement, demonstrating its robust presence in the renewable energy sector.

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Allcargo arm to sell stake in logistics parks to Blackstone for Rs 400 crore

Allcargo Logistics Ltd’s subsidiary Transindia Real Estate Ltd is selling the Jhajjar logistics park and a 10% stake in other parks to Blackstone. The Jhajjar Park will be sold for approximately Rs 625 crore. Additionally, the company will divest its 10% stake in various logistics and industrial parks for around Rs 60 crore. These divestments will provide Transindia Real Estate with over Rs 400 crore, supporting its growth, financial capabilities, and strategic investments in new opportunities.

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Coal India free float to increase in FTSE on June 7

FTSE has announced an increase in the free float of Coal India Ltd after a successful Offer for Sale (OFS). The rise in free float could result in an inflow of approximately $18.5 million and 6.6 million equity shares. This adjustment will occur on June 7, affecting indices such as FTSE All-World, FTSE MPF All-World, FTSE Global Large Cap, and FTSE Emerging. The updated shareholder information for Coal India prompted the investability weight change in these indices.

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VA Tech Wabag wins Rs 420 crore project in Maharashtra

VA Tech Wabag has been awarded a project worth Rs 420 crore by CIDCO, a Maharashtra government agency. The water treatment and desalination solutions provider will undertake the design, build, and operation (DBO) of a water treatment plant (WTP) in Jite, Raigad district. The proposed capacity of the plant is 270 Mega Litres per Day (MLD) as per the project details.

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HCL Tech launches 5G test lab in Chennai

HCL Technologies has launched a cutting-edge test lab in Chennai, facilitating global telecom infrastructure OEMs to validate 5G solutions. The facility is equipped with advanced scanners for testing large base stations and small antennas used in various devices. With experienced engineers, HCL Tech ensures precise testing and verification of cellular and non-cellular products.

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Tata Elxsi partners with ISRO to develop crew recovery models for Gaganyaan Mission

Tata Elxsi has partnered with the Indian Space Research Organisation (ISRO) for the Gaganyaan Mission, creating crew module recovery models (CMRM) for training. The mission aims to demonstrate human spaceflight capability, with a 400-kilometre orbit and a three-day mission. Safe crew recovery in Indian sea waters is crucial, requiring minimal time delay.

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India’s Coal Production Grows 7.10% in May – Top Indian Market Updates

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

India’s coal production grows 7.10% to 76.26 MT in May

Domestic coal production in India grew 7.10% YoY in May, reaching 76.26 million tonnes (MT). The Ministry of Coal achieved this milestone, surpassing the previous year’s production. In April-May FY23, cumulative coal production increased to 149.41 MT from 138.41 MT in the corresponding period last year. Coal India Ltd contributed significantly to the overall production, producing 59.94 MT of coal, marking a growth of 9.54% YoY.

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India’s forex reserves fall to $589 billion 

According to the Reserve Bank of India (RBI), India’s foreign exchange (forex) reserves declined to $589.14 billion, reaching a one-month low as of May 26. This marks the second consecutive week of falling reserves, with a decrease of $4.34 billion compared to the previous week. To cushion rupee depreciation, RBI has been intervening in the forex market via both spot and forward positions.

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Bank of Baroda board approves raising additional capital worth Rs 5,000 crore

Bank of Baroda’s board has approved raising additional capital through debt. The bank aims to raise funds up to Rs 5,000 crore through Tier I or Tier II debt capital instruments. The bank also has the option to interchange these instruments within India or outside the country, by the end of the current financial year or at a later date if deemed suitable. Bank of Baroda stated that the capital will be raised when market conditions are favourable.

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Info Edge orders forensic audit of 4B Networks after Rs 280 crore loan impairment

Info Edge Ltd has announced that its subsidiary, Allcheckdeals India Private Ltd (AIPL), has fully impaired its loan of Rs 280 crore to 4B Networks. AIPL is initiating a forensic audit, led by Deloitte Touche Tohmatsu India LLP, to investigate the matter. 4B Networks operates platforms for real estate developers and brokers to communicate and facilitate loan origination.

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GAIL infuses Rs 2,100 crore in JBF Petrochemicals

GAIL (India) Ltd has invested Rs 2,100 crore in JBF Petrochemicals Ltd. The company acquired JBF Petro through bankruptcy proceedings in March 2022. This investment includes Rs 625 crore of equity and Rs 1,476 crore of debt. With this investment, JBF has now become a wholly-owned subsidiary of GAIL, effective from June 1, 2023.

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Grasim starts beta testing its painting service sparkle

Grasim Industries Ltd is beta-testing its painting service ‘Sparkle’ in Mumbai, Pune, and Bengaluru. Initially, it will be available exclusively to Aditya Birla Group staff and their friends and family. The service currently uses paint products from authorized dealers. Any product complaints will be directed to the respective paint companies for warranty claims. 

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Government advances strategic sale of BEML

The Central Government is preparing to proceed with the financial bids for the strategic sale of defence PSU BEML after receiving the necessary clearances from state governments. DIPAM Secretary Tuhin Kanta Pandey confirmed that land clearances have been obtained, with the Karnataka and Kerala governments addressing issues related to land and registration. In January 2021, the government invited bids for selling a 26% stake in BEML.

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Minda Corp board approves Rs 600 crore fundraise

Minda Corporation Ltd’s board has approved a fundraise of up to Rs 600 crore by issuing securities. The company plans to raise funds through various offerings, including preferential issues, qualified institutions placement, and further public offers (FPO). The decision comes as part of Minda Corporation’s efforts to secure additional capital for its operations.

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M&M to strengthen Swaraj brand with multiple tractor launches

Mahindra & Mahindra (M&M) plans to launch multiple tractor models under the Swaraj brand over the next few quarters as the market leader seeks to fill the white spaces in the agriculture and horticulture segment. The company announced its entry into the lightweight compact tractor segment by launching the Swaraj Target. M&M aims to corner a 27-30% share in the 50,000-per-annum lightweight tractor market.

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SBI’s Net Profit Jumps 83% YoY to Rs 16,695cr in Q4 – Top Indian Market Updates

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

SBI Q4 Results: Net profit rises 83% YoY to Rs 16,695 crore

State Bank of India (SBI) reported an 83% YoY increase in standalone net profit to Rs 16,695 crore for the quarter ended March (Q4 FY23). Net Interest Income (NII) stood at Rs 40,393 crore, up 29% YoY. The gross non-performing assets (NPA) ratio fell from 3.14% in Q4 FY22 to 2.78% in Q4 FY23. The bank’s board has declared a dividend of Rs 11.3 per equity share.

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India’s coal production up 8.5% to 73 MT in April

According to the Ministry of Coal, India’s coal production increased by 8.5% to 73.14 million tonnes (MT) in April 2023, compared to 67.20 MT in April 2022. This accounted for 94.89% of the production target set for April 2023. Coal India and its subsidiaries contributed 57.57 MT to the overall production, marking a 7.67% growth from April 2022.

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ITC Q4 Results: Net profit rises 23% YoY to Rs 5,175 crore

ITC reported a 23% YoY increase in consolidated net profit to Rs 5,175 crore in Q4 FY23. Its operating revenue rose 7% YoY to Rs 19,058 crore during the same quarter. EBITDA stood at Rs 6,209 crore, up 18.9% YoY in Q4 FY23. The company’s board has recommended a final dividend of Rs 6.75 and a special dividend of Rs 2.75 per equity share.

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Zydus Lifesciences Q4 Results: Net profit falls 25% YoY to Rs 297 crore

Zydus Lifesciences reported a 25% YoY decline in consolidated net profit to Rs 296.6 crore in Q4 FY23. However, its consolidated total revenue rose 32% YoY to Rs 5,011 crore during the same quarter. EBITDA stood at Rs 1,257 crore, up 75% YoY. The company’s board has recommended a final dividend of Rs 6 per equity share.

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Vedanta to free up cash and raise funds as it nears $500 million bond maturity

According to a Bloomberg report, Vedanta Group seeks to raise funds and generate cash as its $500 million bond matures. The board of Vedanta Ltd. is considering a dividend payout, while the conglomerate is in talks with banks for a potential $500 million raise. Vedanta Resources Ltd. relies on funds from its subsidiaries to reduce debt after a failed zinc mining unit sale.

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Ramco Cements Q4 Results: Net profit rises 23% YoY to Rs 152 crore

Ramco Cements reported a 22.6% YoY increase in net profit to Rs 152 crore in Q4 FY23. Its revenue increased by 50.2% YoY to Rs 2,568 crore during the same quarter. EBITDA stood at Rs 412 crore, up 39.5% YoY in Q4. 

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Paytm partners with NPCI to launch Paytm SBI Card on the RuPay network

One97 Communications Ltd’s Paytm has collaborated with NPCI and SBI Card to launch the Paytm SBI Card on the RuPay network. Customers who join will receive privileges worth up to Rs 75,000, including a complimentary Paytm First Membership with OTT platform access and flight ticket discounts through the Paytm app. Cardholders also get other cashback offers on various transactions.

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Godrej Agrovet and SBI launch finance offering for oil palm farmers

Godrej Agrovet’s Oil Palm Business has collaborated with SBI to launch a finance offering for oil palm farmers. The product aims to support farmers by providing loans for setting up micro-irrigation facilities, implementing fencing arrangements for protection against cattle grazing, and improving tube wells on their oil palm farms. This initiative aims to enhance Fresh Fruit Bunches (FFB) productivity, acting as a catalyst for oil palm growth.

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GAIL shuts Ratnagiri LNG terminal till September, cuts imports

GAIL (India) Ltd has temporarily halted LNG imports at its Ratnagiri plant in Maharashtra since mid-May. The facility is shut down annually during the monsoon season due to operational challenges caused by rain and high tides. A breakwater is currently under construction and is expected to be completed next year, eliminating the need for seasonal shutdowns. GAIL’s last LNG cargo was received on May 11 at the Dabhol port.

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Oriana Power commissions 2.7 MW solar project at IOCL refinery in Haryana

Oriana Power has successfully commissioned a 2.7 MW solar project at the Indian Oil Corporation Ltd (IOCL) refinery in Panipat, Haryana. The project was completed within a record time of three months and is specifically for Indian Synthetic Rubber Private Ltd (ISRPL), a joint venture between IOCL and Trimurti Holding Corporation. This marks the successful establishment of a single rooftop solar power plant at the IOCL refinery.

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Pfizer suspends sale of some popular products due to technical issues

Pfizer Ltd has halted the sale and use of its bacterial infection products in India due to technical issues at a contract manufacturing site. The company has requested a temporary suspension of Magzex, Zosyn, Magnamycin injections, and Magnex forte supplies. Stockists and distributors have been instructed to refrain from selling, distributing, or using the products until further notice from Pfizer.

Read more here.

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IndusInd Bank’s Profit Rises 58% YoY in Q3 – Top Indian Market Updates

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

IndusInd Bank Q3 Results: Net profit rises 58% YoY to ₹1,963 crore

IndusInd Bank reported a 58% year-on-year (YoY) increase in net profit to ₹1,963.64 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 18% YoY to ₹4,495 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 2.48% in Q3 FY22 to 2.06% in Q3 FY23. The bank’s provisions declined 36% YoY to ₹1,065 crore in Q3 FY23.

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AGEL subsidiary to acquire 50% stake in Essel Saurya Urja Company of Rajasthan

Adani Renewable Energy Holding Two Ltd will acquire a 50% equity stake in Essel Saurya Urja Company of Rajasthan Ltd (ESUCRL) from Essel Infraprojects for ₹15 crore. The Government of Rajasthan will continue to hold the remaining 50% stake in ESUCRL. ESUCRL owns and operates a solar park with 750 megawatts (MW) capacity in Rajasthan.

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Persistent Systems Q3 Results: Net profit rises 35% YoY to ₹238 crore

Persistent Systems Ltd reported a 35% YoY increase in net profit to ₹237.9 crore for the quarter ended December (Q3 FY23). The company’s revenue from operations rose 45.4% YoY to ₹2,169.3 crore during the same period. Total expenses stood at ₹1,849.6 crore in Q3, up 43.83% YoY. The IT firm’s board has approved an interim dividend of ₹28 per share.

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Hindalco Industries looking to raise ₹700 crore via NCDs

Hindalco Industries Ltd announced the public issue of non-convertible debentures (NCDs) worth ₹700 crore. The company will allot 70,000 rated, listed, unsecured, redeemable, NCDs of ₹1 lakh each on a private placement basis. The NCDs will be listed on the wholesale debt market segment of the National Stock Exchange (NSE).

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Rallis India Q3 Results: Net profit falls 43% YoY to ₹22.6 crore

Rallis India reported a 43% YoY decline in net profit to ₹22.6 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 0.4% YoY to ₹630.9 crore during the same period. EBITDA fell nearly 21% YoY to ₹53.3 crore in Q3. Tata Group-owned Rallis India is a chemical manufacturing company. 

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Cipla launches testing device for non-communicable and infectious diseases

Cipla Ltd announced the launch of Cippoint, a point-of-care testing device that offers a wide range of testing parameters such as diabetes, thyroid function, cardiac markers, and other health conditions. The device will allow healthcare professionals to get test results in 3-15 minutes. With the launch, the pharma company looks to bridge the current gap in the diagnostic ecosystem in India by providing reliable and accurate tests at affordable prices. 

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RVNL emerges as lowest bidder for 2 projects

The consortium of Rail Vikas Nigam Ltd (RVNL) and Siemens India has emerged as the lowest bidders for two projects. RVNL will supply, test, and commission the power supply receiving & distribution system for Surat Metro Rail Project Phase-I. The consortium also emerged as the lowest bidder for similar work for Ahmedabad Metro Rail Project Phase-II. The cost of the first project would be ₹673.80 crore, and the second project ₹384.30 crore.

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Jubilant FoodWorks brings US chicken brand Popeyes to Chennai

Jubilant FoodWorks Ltd has opened its first restaurant of the American fried chicken brand Popeyes in Chennai. The company inaugurated its first restaurant in Bengaluru, which was followed by rapid expansion to 12 restaurants across the city in less than a year. In Chennai, Popeyes would welcome guests at its first restaurant from January 20 onwards at the Phoenix Marketcity Mall. 

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India’s coal production target at more than 1 billion tonnes for FY24: Govt

The Central government has set a coal production target of more than one billion tonnes (BT) for the next financial year (FY24). State-owned Coal India Ltd (CIL) has been given the task to produce 780 million tonnes (MT) of coal, followed by 75 MT for Singareni Collieries Company Ltd (SCCL) and 162 MT for captive and commercial mines. A total of 290 mines are operational in CIL, out of which 97 mines produce more than 1 MT per year.

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EID Parry commissions 120 KLPD distillery at Andhra Pradesh unit

EID Parry (India) Ltd has commenced commercial operations at the new 120-kilo litre per day (KLPD) distillery at its sugar unit in Sankili, Andhra Pradesh. The company’s Sankili sugar unit has the flexibility to operate with multiple feedstocks— molasses, cane juice, and syrup/grain based. The Indian Government has announced an Ethanol Blending Program of 20% by 2025, and EID Parry intends to avail this opportunity by increasing its entry into Ethanol production.

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.

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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.

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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.

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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.

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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. 

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Market News Top 10 News

RBI Raises Repo Rate to 4.9% – Top Indian Market Updates

rbi

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

RBI raises repo rate to 4.9%

The Reserve Bank of India (RBI) has raised its key repo rate by 50 basis points (bps) to 4.90% to curb the rising inflation in our country. It is the second hike by the RBI in two months and is expected to hike borrowing costs for corporates and individuals. The government has entrusted RBI to ensure that retail inflation remains at 4%, with a margin of 2% on either side. 

Repo rate is the interest rate at which a central bank lends money to all the other banks in the country. A hike in repo rates makes bank loans costlier, leading to lower circulation of money in the economy.

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Ramkrishna Forgings secures order worth Rs 115 crore

Ramkrishna Forgings Ltd (RFL) has received an export order worth Rs 115 crore from a European Tier-1 supplier for a new differential housing case business. This order win will provide a boost to RFL’s geographical diversification strategy and strengthen its European order book. RFL supplies rolled, forged, and machined products.

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India’s coal production rises 34% YoY to 71.3 MT in May

India registered a 33.8% YoY increase in coal production to 71.30 million tonnes (MT) in May. Out of the top 37 coal-producing mines, 23 produced at more than 100% capacity. The performance of 10 mines stood between 80-100%. Coal-based power generation declined by 3.82% YoY to 98,609 million units (MUs) in May.

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Yes Bank to seek another term for CEO, restructure board

Yes Bank will seek shareholder approval for another three-year term for CEO Prashant Kumar and reconstitute the board by adding five new members. Three board members, including chairman and former AIG executive Sunil Mehta, will leave the bank. All three members were appointed by a government notification under a special scheme of restructuring after the bank nearly collapsed due to its failure to raise capital in March 2020.

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Wipro, TCS to work at IBM’s Kochi centre to co-create AI-based automation tech

Tata Consultancy Services (TCS) and Wipro will work at IBM’s new automation innovation centre in Kochi to develop artificial intelligence (AI)-based solutions. The new centre will allow IBM and its ecosystem partners to build automation solutions through their lifecycle— product design, engineering, and support. It will help clients in the areas of business automation, Artificial intelligence for IT Operations (AIOps), and integration.

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Tata Power Solar commissions 450 MW project in Rajasthan

Tata Power Solar has commissioned a 450 megawatt (MW) capacity solar plant for Brookfield Renewable India in Rajasthan. The project will produce over 800 gigawatt-hour (GWh) of clean energy annually and help reduce up to 600,000 tons of annual CO2 emissions. With the commissioning of this project, the company’s total utility-scale solar project portfolio touches 9.7 gigawatt-peak (GWp).

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BLS International’s arm to acquire Zero Mass

BLS E-services Pvt. Ltd (BEPL) will acquire a 100% stake in Zero Mass Pvt. Ltd (ZMPL) for Rs 120 crore. ZMPL undertakes business correspondent services for various banks for last-mile connectivity. BEPL is a wholly-owned subsidiary of BLS International Services, a trusted global tech-enabled services partner for governments and citizens.

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Ujjivan SFB’s board to raise Rs 1,500 crore via NCDs

Ujjivan Small Finance Bank Ltd’s board has approved a proposal to raise up to Rs 1,500 crore through the issue of non-convertible debentures (NCDs). The issue will be on a private placement basis in one or more tranches (rounds).

Lupin gets USFDA approval for cystic fibrosis drug

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) to market Ivacaftor tablets in the U.S. The drug is used to treat cystic fibrosis (a disorder that damages the lungs, digestive tract, and other organs). As per IQVIA March 2022 data, Ivacaftor tablets had estimated annual sales of $109 million in the US.

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