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Nifty Falls Ahead of Jackson Hole Meeting. Bearishness to Continue? – Post-Market Analysis

NIFTY started the day at 19,535 with a gap-up of 91 points (above the important psychological round level resistance of 19,500). It moved with a lot of strength to 19,580 levels, where the index made an evening star pattern, and gave a fall of nearly 200 points to 19,370 (day’s low)— not respecting any supports in between and gave a very bearish closing below 19,400. Nifty closed at 19,386, down by 57 points or 0.29% 

Nifty chart August 24 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,704 with a gap-up of 225 points. Similar to Nifty, Bank Nifty also moved up with a lot of strength initially to 44,950 levels. That level acted as resistance, and the index fell 500 points from the day’s high to 44,430 levels.  BNF closed at 44,496, up by 17 points or 0.04%. 

Bank Nifty chart August 24 - post-market analysis | marketfeed

Nifty PSU Bank saw a decline of 0.65% today, while Nifty IT (+0.6%) gained the most.

Major Asian markets closed up to 2% in the green. European markets are currently trading in the green.

Today’s Moves

BPCL (+1.87) was NIFTY50’s top gainer. 

Indiabulls Real Estate (+10.45%) surged on the back of strong volumes.

Coforge (+9.72%) zoomed after 1.54 crore shares (26% stake) of the company changed hands in a block deal.

Stocks of companies related to the Chandraayan-3 mission Paras Defence & Space Tech (+6.07%), MTAR Tech (+3.8%), and others moved up with strength.

Reliance (-1.68%) was NIFTY50’s top loser. However, reports indicate that experts are optimistic about RIL stock in the wake of QIA’s investment in Reliance Retail.

Brightcom Group (-4.98%) continued its sharp fall. Yesterday, SEBI barred the company’s CEO and CFO from the Board of Directors due to alleged financial fraud. The stock has crashed ~15% in 5 days.

Markets Ahead

As said in our earlier post-market reports, Bank Nifty is looking stronger than Nifty. Today, while Nifty was crashing, Bank Nifty was holding strong. However, both indices have given a closing below major support zones— 19,400 in Nifty and 44,500 in Bank Nifty.

Nifty: Today, the index took support near 19,350-360 levels, and that can be viewed as immediate support. Breaching of these levels can give us targets of 19,300 and 19,250 on the downside. The immediate resistance to watch out for will be 19,400-420 levels. The upside move can be slow after the huge sell-off. But if 19,400 is crossed, 19,500 can be re-tested and the down move could continue.

Bank Nifty: The bearish head and shoulder pattern in Bank Nifty is intact, and the index couldn’t give a closing above it. BNF has been under selling pressure. Now, the immediate support/resistance will be 44,500 levels as the markets have closed just near it. If the market stays below 44,500 levels, 44,200 will be the first target, and 44,000 will be the second target. On the upside, BNF can face multiple rejections. So, wait for confirmation for bullish trades.

Being an expiry today, 19,500 put sellers who sold after the gap-up opening got trapped as markets reversed from there and fell. For non-directional option sellers, it was comparatively easier to manage as puts were gradually increasing. But a directional market is never good for non-directional option sellers, so they must have been a slight loss.

All eyes will be on Federal Reserve Chair Jerome Powell, who is headlining the Jackson Hole conference on Friday. He is expected to outline the US Fed’s positions on rate adjustments and inflation in the near term, among other things.

How was expiry day trading? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

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RIL Reports 46% YoY Rise in Q1 Net Profit – Top Indian Market Updates

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

RIL Q1 Results: Net profit rises 46% YoY to Rs 17,955 crore

Reliance Industries Ltd (RIL) reported a 46.29% YoY increase in consolidated net profit to Rs 17,955 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 54.5% YoY to Rs 2,23,113 crore during the same period. RIL’s oil-to-chemical (O2C) business delivered its best-ever performance in Q1 despite the global challenges.

Reliance Jio Infocomm reported a 24% YoY (or 4% QoQ) increase in net profit to Rs 4,335 crore in Q1. The telecom giant’s revenue grew 21.6% YoY to Rs 21,873 crore. The growth in revenues was driven by an increase in average revenue per user (ARPU) and modest addition to its subscriber base.

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Rupee holding up well relative to advanced, emerging market peers: RBI Governor

Reserve Bank of India (RBI) Governor Shaktikanta Das said the Indian economy is relatively better placed amidst the grim global scenario. He added that the Indian Rupee is holding up well relative to advanced and emerging market peers. “RBI has been supplying US Dollars to the market to ensure adequate supply of liquidity. Also, it is necessary to look at unhedged forex exposures factually, rather than being alarmed by it,” he said.

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UltraTech Cement Q1 Results: Net profit falls 7% YoY to Rs 1,584 crore

UltraTech Cement Ltd reported a 7.4% YoY (or 39.5% QoQ) decline in consolidated net profit to Rs 1,584 crore for the quarter ended June (Q1 FY23). The sharp rise in power and fuel costs had an adverse impact on the company’s profits. Its revenue from operations grew 28.2% YoY to Rs 15,163.98 crore during the same period. UltraTech Cement achieved capacity utilisation of 83% in Q1 FY23, compared to 73% in Q1 FY22.

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Domestic air traffic records 66% growth in January-June period: DGCA

The number of passengers carried by domestic airlines grew 66.73% YoY to 343.37 lakh in the January-July period. The passenger load factor (PLF) or occupancy rates for IndiGo was 78.6% and 84.1% for SpiceJet during this period. IndiGo had the largest market share in the April-June quarter (Q1 FY23) at 56.3%, followed by Go First at 10.4%, and SpiceJet at 9.7%. The data was released by the Directorate General of Civil Aviation.

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Bandhan Bank Q1 Results: Net profit jumps 137% YoY to Rs 887 crore

Bandhan Bank reported a 137% YoY jump in net profit to Rs 886.5 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 18.9% YoY to Rs 2,514.4 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 7.25% in Q1 FY23, compared to 8.18% in Q1 FY22. Total deposits increased by 20.3% YoY to Rs 77,336 crore.

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Tata Motors wins tender for 1,500 electric buses from DTC

Tata Motors Ltd has received an order of 1,500 electric buses from Delhi Transport Corporation (DTC) as part of a larger tender by Convergence Energy Services Ltd (CESL). The automaker will supply, operate and maintain these buses for 12 years. To date, Tata Motors has supplied over 650 electric buses across multiple cities in India.

Read more here.

JSW Steel Q1 Results: Net profit falls 86% YoY to Rs 838 crore

JSW Steel Ltd reported an 85.8% YoY (or 75% QoQ) decline in consolidated net profit to Rs 838 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 32% YoY to Rs 38,086 crore during the same period. The rise in the cost of raw materials, power, fuel, and other expenses severely impacted the company’s margins. EBITDA stood at Rs 4,309 crore in Q1, down 58% YoY.

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Olectra Greentech to supply 300 electric buses worth Rs 500 crore to Telangana

Olectra Greentech Ltd has received an order for 300 electric buses from Telangana State Road Transport Corporation (TSRTC). The value of this order is approximately Rs 500 crore. These 12-metre, low-floor, non-AC buses have a seating capacity of 35 and wheelchair accessibility. The lithium-ion (Li-ion) battery installed in these buses enables them to travel nearly 200 kilometres on a single charge at 80%.

Read more here.

Coforge Q1 Results: Net profit rises 21% YoY to Rs 150 crore

Coforge Ltd reported a 21.1% YoY increase in consolidated net profit to Rs 149.7 crore for the quarter ended June (Q1 FY23). Net profit declined by 27.9% when compared to the previous quarter. Its gross revenues grew 25.2% YoY (or 5% QoQ) to Rs 1,829.4 crore during the same period. The IT company secured orders worth $315 million (~Rs 2,514 crore) in Q1. Coforge Ltd’s board has declared an interim dividend of Rs 13 per share.

Read more here.

Hindustan Unilever to invest Rs 700 crore in Uttar Pradesh by 2025

Uttar Pradesh is set to see investments worth Rs 700 crore from Hindustan Unilever Ltd (HUL) by 2025, said the state’s Chief Minister Yogi Adityanath. The FMCG firm will create lakhs of direct and indirect employment opportunities in the region in the next three years. CEO Sanjiv Mehta and UP CM virtually unveiled HUL’s new spray-dried detergent factory and co-located distribution centre in Hamirpur district.

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Maruti Suzuki Reports 62% QoQ Fall in Net Profit in Q1 – Top Indian Market News

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

Maruti Suzuki Q1 Results: Net profit at Rs 441 crore

Maruti Suzuki India Ltd reported a standalone net profit of Rs 440.8 crore for the quarter ended June (Q1 FY22). Net profit has declined by 62% when compared to the previous quarter. It had posted a net loss of Rs 249 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations fell 26% QoQ to Rs 17,770 crore in Q1 FY22. The automaker posted a 25% QoQ decline in total sales to 3.53 lakh units during the April-June quarter.

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Yes Bank, Indiabulls Housing Finance sign co-lending agreement

Yes Bank has entered into a co-lending agreement with Indiabulls Housing Finance for home loans. The partnership aims at integrating capabilities to provide an efficient and seamless experience to retail home loan customers. The Reserve Bank of India’s co-lending framework provides a collaboration tool to benefit from the low-cost funding model of a bank and the cost-efficient sourcing and servicing capabilities of a non-bank.

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Nestle India Q2 Results: Net profit rises 11% YoY to Rs 539 crore

Nestle India Ltd reported an 11% YoY increase in net profit of Rs 538.6 crore for the quarter ended June (Q2 CY21). The company follows the January-December financial year cycle. Its revenue from operations rose 14% YoY to Rs 3,476 crore during the same period. Nestle’s domestic sales grew 13.7% YoY, while export revenues grew 17.7% YoY in Q2 CY21. The company’s board has approved the sale of a 20% stake in Sahyadri Agro due to a change in business conditions. 

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IDBI Bank Q1 Results: Net profit jumps four-fold to Rs 603 crore

IDBI Bank reported a 318% YoY jump in standalone net profit of Rs 603.3 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 41.4% YoY to Rs 2,506 crore during the same period. The gross non-performing assets (GNPA) ratio declined to 22.71% in Q1 FY22, compared to 26.81% in Q1 FY21. IDBI Bank’s provisions for bad loans and contingencies rose 97.2% YoY to Rs 1,751.80 crore in the April-June quarter of FY22.

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Shilpa Medicare gets WHO approval for Tenofovir Disoproxil Fumarate

Shilpa Medicare has received approval from the World Health Organisation for Tenofovir Disoproxil Fumarate. The drug is used to treat chronic Hepatitis B and prevent and treat HIV AIDS. Shilpa Medicare is a leading manufacturer of Active Pharmaceutical Ingredients (APIs), intermediaries, and formulations in India.

Coforge Q1 Results: Net profit rises 55% YoY to Rs 124 crore

Coforge Limited reported a 54.7% YoY increase in consolidated net profit to Rs 123.6 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 38.3% YoY to Rs 1,461.6 crore during the same period. The IT company’s total order book executable over the next 12 months rose 38.7% YoY to $645 million as of June 30, 2021. Coforge Ltd’s board has declared an interim dividend of Rs 13 per share.

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Sanofi India sells nutraceuticals business to Universal Natruscience for Rs 587 crore

The Board of Directors of Sanofi India Ltd has approved the sale and transfer of its nutraceuticals business to Universal Nutriscience Pvt Ltd for Rs 587 crore. Universal Nutriscience is a strategic partnership between Kedaara Capital (a private equity firm) and Universal Medicare (a nutraceuticals company). Sanofi India’s nutraceuticals business comprises 16 brands and 30 stock-keeping units (SKUs) 

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SRF Q1 Results: Net profit jumps 123% YoY to Rs 395 crore

SRF Limited reported a 123% YoY jump in consolidated net profit to Rs 395 crore for the quarter ended June (Q1 FY22). Net profit has increased by 67.2% when compared to the previous quarter. Its revenue from operations rose 75% YoY to Rs 2,699 crore during the same period. The company’s chemical business posted a 59% increase in revenue to Rs 1,114 crore in Q1. SRF’s board has declared an interim dividend of Rs 12 per share.

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Welspun India Q1 Results: Net profit jumps 343% YoY jump to 217.53 crore

Welspun India Ltd reported a 343.12% YoY jump in consolidated net profit to Rs 217.53 crore for the quarter ended June (Q1 FY22). Net profit has increased by 67.2% when compared to the previous quarter. Its total income rose 83.15% YoY (or 2.47% QoQ) to Rs 217.53 crore during the same period. Welspun India is a multinational conglomerate based in Mumbai. Its crore industries include steel, energy, and textiles.

Mahanagar Gas Q1 Results: Net profit jumps 351% YoY to Rs 204 crore

Mahanagar Gas Ltd (MGL) reported a 351% YoY jump in consolidated net profit to Rs 204.08 crore for the quarter ended June (Q1 FY22). Net profit has declined by 4% when compared to the previous quarter. Its revenue from operations rose 140% YoY (it fell 14% QoQ) to Rs 615.49 crore during the same period. MGL posted a 22.5% QoQ decline in CNG sales to 141.11 million standard cubic meters (MSCM) in Q1. Total gas sales fell 17% QoQ to 2.398 MSCM per day.

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

Tata Consumer Products

Tata Consumer Q4 Results: Net profit at Rs 133.34 crore

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

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

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

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

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

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

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

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

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

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CCI orders probe against Tata Motors for alleged unfair business practices

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

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

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

Subex partners with Snowflake for AI-driven Augmented Analytics

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

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

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

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NTPC Renewable Energy signs PPA with GUVNL

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

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Adani Power Q4 Results: Net profit at Rs 13.13 crore

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

Read more here.

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HDFC Bank Reports 18% YoY Rise in Net Profit in Q4 – Top Indian Market News

HDFC Bank Q4 Results: Net profit rises 18% YoY to Rs 8,186 crore

HDFC Bank reported an 18.2% year-on-year (YoY) rise in standalone net profit to Rs 8,186.5 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined 6.5%. Net interest income (NII) increased by 12.6% YoY to Rs 17,120 crore during the same period. The bank’s gross non-performing assets (NPAs) ratio stood at 1.32% in Q4, compared to 1.38% in the October-December quarter (Q3). Total deposits grew 16.3% YoY to Rs 13.35 lakh crore. 

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Glenmark Pharma’s subsidiary files paperwork for IPO with SEBI

Glenmark Life Sciences Limited (GLSL) has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). GLSL is a wholly-owned subsidiary of Glenmark Pharmaceuticals Limited. The IPO will consist of a fresh issue of shares worth Rs 1,160 crore and an offer for sale (OFS) of up to 73.05 lakh shares. 

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ICICI Lombard Q4 Results: Net profit rises 22% YoY to Rs 345.68 crore

ICICI Lombard General Insurance Company Ltd reported a 22.6% YoY increase in net profit to Rs 345.68 crore for the quarter ended March (Q4). Total revenue rose 22.4% YoY to Rs 3,489.39 crore during the same period. Its gross direct premium income (GDPI) rose 9.4% YoY to Rs 3,478 crore in Q4 FY21. The company’s board has proposed a final dividend of Rs 4 per share.

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Adani Green Energy secures 15 MWac solar power project in Gujarat

Adani Renewable Energy Holding Fifteen Ltd (AREHFifteenL) has secured an order to establish a 150 MWac (megawatt, alternating current) solar power project in Gujarat. AREHFifteenL is a wholly-owned subsidiary of Adani Green Energy Limited (AGEL). The fixed tariff for this project capacity is Rs 2.22 per kilowatt-hour (kWh) for a period of 25 years. The project is expected to be commissioned by Q3 of FY 2022-23.

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India’s pharma exports grew 18% to $24.4 billion in FY21

According to the Pharmaceuticals Export Promotion Council of India, pharma exports increased by 18% year-on-year (YoY) to $24.44 billion (~Rs 1.82 lakh crore) during the financial year 2020-21. The figure stood at $20.58 billion in FY20. Exports grew by 48.5% YoY to $2.3 billion in March, the highest ever in FY21. Country-wise exports to the US, Canada, and Mexico have recorded a growth of 12.6%, 30%, and 21.4%, respectively.

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DoT allocates 4G spectrum to Reliance Jio, Bharti Airtel

The Department of Telecommunications (DoT) has completed the process of allocating spectrum to successful bidders of the auctions conducted in March. Reliance Jio Infocomm has paid Rs 2,149.59 crore for its share of airwaves, while Bharti Airtel has deposited Rs 157.38 crore. Thus, the government has received Rs 2,306.97 crore from the telecom spectrum auctions so far.

Read more here. 

Coforge Limited’s board approves issue of NCDs for Rs 340 crore

The Board of Directors of Coforge Limited has approved the issuance of up to 3,400 listed, redeemable non-convertible debentures (NCDs) of the face value of Rs 10 lakh each— aggregating to Rs 340 crore. The NCDs will be issued on a private placement basis. Coforge is a leading global IT solutions provider based in Noida.

Indiamart’s subsidiary to acquire 22% stake in Truckhall

Tradezeal Online Private Limited, a wholly-owned subsidiary of Indiamart Intermesh Limited, will acquire a 22% stake in Kolkata-based TruckHall Pvt Ltd. The total cost of the acquisition is Rs 9.68 crore. TruckHall is engaged in the business of creating an online marketplace and software development for the logistics industry. This investment is in line with Indiamart Group’s long-term objective of offering various Software-as-a-Service (SaaS)-based solutions for businesses.

Prestige Estates acquires stake in partnership firms with land parcels in North Bengaluru

Prestige Estates Projects Limited said it has acquired a 45% stake in Century Megacity and a 55% stake in Century Landmark. Century Megacity is a partnership firm that holds land parcels in North Bangalore, which will be developed into an office space soon. Century Landmark is also a partnership firm holding land parcels in North Bangalore, which will be developed into a commercial space in the near future. 

Read more here.

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TCS Reports 15% YoY Rise in Net Profit in Q4 – Top Indian Market News

TCS Q4 Results: Net profit rises 15% YoY to Rs 9,246 crore

Tata Consultancy Services (TCS) reported a 14.8% year-on-year (YoY) increase in net profit to Rs 9,246 crore for the quarter ended March (Q4). The IT firm’s revenue rose 9.4% YoY to Rs 43,705 crore during the same period. The company’s revenue from the Banking, Financial Services, and Insurance (BFSI) vertical rose 15% YoY to Rs 17,559 crore. TCS’s board has recommended a final dividend of Rs 15 per share. 

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Retail inflation rises to 5.52% in March; IIP contracts 3.6% in February

Retail inflation in India, measured by the Consumer Price Index (CPI), rose to 5.52% in March 2021. The CPI had increased steeply from 4.06% in January to 5.03% in February— due to a surge in food and fuel prices. Meanwhile, the Index of Industrial Production (IIP) contracted by 3.6% in February. The overall industrial output had contracted by 1.6% in January. The manufacturing sector output contracted by 3.7% in February, while mining output declined by 5.5%.

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Flipkart partners with Adani Group to strengthen logistics, data centre infrastructure

E-commerce major Flipkart has entered into a commercial partnership with the Adani Group to strengthen its logistics and data centre capabilities. Flipkart will work with Adani Logistics (a wholly-owned subsidiary of Adani Ports) to strengthen its supply chain infrastructure and further enhance its ability to serve its rapidly growing customer base. The Walmart-owned company will also set up its third data centre at AdaniConneX’s Chennai-based facility. This partnership will create around 2,500 direct jobs.

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Sputnik V vaccine recommended for emergency use approval in India

The Subject Expert Committee of the Drugs Controller General of India (DCGI) has recommended the use of Russia’s Sputnik V Covid-19 vaccine in the country. Sputnik V will be the third vaccine to be used in India after Serum Institute’s Covishield (developed by Oxford-AstraZeneca) and Bharat Biotech’s Covaxin. Sputnik V, manufactured in India by Dr. Reddy’s Laboratories, has an efficacy rate of 91.6%.

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Man Industries secures order worth Rs 766 crore

Man Industries (India) Limited has received an order worth Rs 766 crore from the domestic hydrocarbon sector. With this new order, the company’s total order book to be executed this year stands at approximately Rs 1,900 crore. Mumbai-based Man Industries is a leading manufacturer and exporter of large-diameter Carbon Steel Line Pipes used for various high-pressure transmission applications.

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Coforge to acquire controlling stake in SLK Global Solutions

Coforge Limited has signed definitive agreements to acquire a controlling stake in Bengaluru-based SLK Global Solutions. This is part of the company’s efforts to strengthen its financial services vertical. Coforge will acquire an 80% stake in the business process transformation (BPT) enterprise over the next two years (in various tranches). The acquisition of the first 60% stake is for a cash consideration of Rs 918.3 crore. 

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Passenger vehicle sales in India decline by over 2% in 2020-21: SIAM

According to a report by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales in India declined by 2.24% YoY to 27.11 lakh units in the financial year 2020-21. The figure stood at 27.73 lakh units in the previous financial year. Total commercial vehicle sales declined 20.77% YoY to 5.68 lakh units in FY21. Two-wheeler sales fell by 13.19% YoY to 1.51 crore units during the same period.

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JMC Projects receives new orders worth Rs 1,262 crore

JMC Projects (India) Limited has secured building projects in India worth Rs 1,059 crore. The company has also received a water project worth Rs 203 crore from the Maldives. Its total order wins for FY 2020-21 was around Rs 7,900 crore. JMC Projects is a civil engineering and EPC company. It is a subsidiary of Kalpataru Power Transmission Ltd.

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Praj Industries to set up ethanol plant for Godavari Biorefineries

Praj Industries Limited has secured an order from Godavari Biorefineries to set up a sugarcane syrup-based ethanol plant in Karnataka. Under the contract, Praj Industries will expand the existing ethanol manufacturing capacity of the plant to 600-kilo liter per day (KLPD), from the existing 400 KLPD, using sugarcane syrup. When commissioned, it will become India’s largest capacity syrup-based ethanol plant. 

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Solara Active Pharma’s board approves merger with Aurore Life Sciences

The Board of Directors of Solara Active Pharma Sciences Ltd has approved a merger with Hyderabad-based Aurore Life Sciences Pvt. Ltd with itself. After the merger, Solara will hold a 67% stake in Aurore Pharma Pvt., while promoter shareholding in Solara will increase from 42.57% to 55.15%. Solara’s board has also approved the merger of Empyrean Lifesciences and Hydra Active Pharma Sciences with itself.

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