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Reliance Jio Rolls Out 5G Services in 20 Cities – Top Indian Market Updates

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

Reliance Jio rolls out 5G services in 20 more cities

Reliance Jio has expanded its 5G services to 20 more cities across 11 states and Union Territories. With the launch, Jio 5G services are now available in 277 cities. The new cities where Jio today launched its 5G services include Sivasagar, Bhagalpur, Mormugao, Diu, Gandhidham, Bokaro Steel City, Hazaribag, Raichur, Satna, Chandrapur, Faizabad, Firozabad, Muzaffarnagar.

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NTPC Green Energy to raise up to Rs 9,000 crore term loan

NTPC’s subsidiary NTPC Green Energy Ltd (NGEL) has invited bids for rupee-denominated term loan of up to Rs 9,000 crore. NGEL intends to raise fresh debt and repay outstanding liability of Rs 8,200 crore towards NTPC by March 31, 2023, along with applicable interest costs. Funds to the tune of Rs 800 crore would be required for additional debt liability and balance capex payments of projects which are yet to achieve full commercial operations.

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Lumax Auto Technologies signs pact to acquire majority stake in IAC International Automotive India

Lumax Auto Technologies signed an agreement to acquire a majority stake in IAC International Automotive India from the International Automotive Components (IAC) Group at an equity valuation of Rs 587 crore. As part of this deal, 75% of the stake will be bought through an acquisition vehicle at Rs 440 crore, which will be paid in cash funded by debt and internal accruals. 

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HPCL switching from dollar to dirham & rouble to pay for Russian oil to avoid price cap issues

Hindustan Petroleum Corp Ltd (HPCL) is increasingly switching from dollar to dirham and rouble to pay for Russian oil to avoid trouble arising from the price cap imposed by the G-7 countries. HPCL is shifting to the currencies of the UAE and Russia following foreign banks’ refusal to process payments in dollars.

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EV sales rise 28% in Q4 in India, mostly electric two-wheelers: Report

The sale of electric vehicles rose 28.86% quarter-on-quarter (QoQ) in Q4 2022 (October-December), according to the latest report of JMK research. The report claimed that a total of 3,57,248 EVs were sold in the quarter, the majority of which were electric two-wheelers. Nine electric two-wheeler models, six electric three-wheeler models, and five electric cars were launched in Q4

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HPCL’s Rajasthan Refinery Project to be fully functional by 2024

Union Petroleum Minister Hardeep Puri said the HPCL Rajasthan Refinery Ltd (HRRL) project will be ready by January 2024 and fully functional by 2024. The project cost was Rs 43,000 crore in 2018 and now, it has gone up to Rs 72,000 due to cost escalation. The minister also said this refinery would bring down India’s import bill by Rs 26,000 crore.

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NSE in preliminary discussions with market participants for extending trading hours

The National Stock Exchange (NSE) is in preliminary discussions with market participants regarding extending trading hours for equity derivative contracts. Exchanges are of the view that the current trading hours are pushing volumes offshore. The discussions are centered around extending trading hours for equity derivative contracts, which could potentially allow investors to react to global events faster.

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Cyient partners with Thingtrax to enable manufacturers cut costs

Cyient Ltd. has entered into a partnership with Thingtrax to improve efficiency and cut costs for manufacturers. With the help of artificial intelligence-led data, the Cyient-Thingtrax partnership will enable manufacturers globally to improve their performance throughout the entire range of manufacturing operations.

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Adani staff manipulated information, removed warnings on website: Wikipedia

Nearly a month after Hindenburg Research posted serious allegations against billionaire Gautam Adani, Wikipedia editors now said employees of the Adani Group have “almost certainly” manipulated Wikipedia entries with non-neutral PR versions. Short-seller Nate Anderson (founder of the Hindenburg Research) said the new article shows how Adani systematically manipulated its Wikipedia entries using sock puppet accounts and undisclosed paid editors.

Read more here.

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An Analysis of India’s Booming AI Industry

Three-dimensional synthesis of works, on behalf of the future of science and technology, network communications, digital age

We live in a world where intelligent computers or machines recognise and interact with human speech and objects. It can even strategise and solve problems like humans. Smartphones, banking systems, and social media platforms are able to analyse our behaviour patterns and help enhance the quality of everyday life. Self-driving or autonomous cars are finally a reality.

In this article, we explore an industry that is considered vital for India’s growing economy— the artificial intelligence (AI) industry! We shall also find out who the top players in this field are.

What Exactly is AI?

In simple terms, Artificial Intelligence (AI) is a branch of computer science that builds smart machines capable of performing tasks that typically require human intelligence. We can create algorithms (a set of rules) to classify, analyse, and draw predictions from extensive data. Thus, smart machines can learn from new data, act on it, and efficiently solve problems in our personal and professional lives. AI is capable of making decisions and performing tasks at a much faster speed with accuracy. It is essentially creating a world where human intervention is not required.

Meanwhile, Machine Learning (ML) is a division of AI wherein systems can identify patterns and link them by analyzing data made available to them.​​ Many enterprises use ML to track and understand customer behavior and operational business patterns.

AI can now drive vehicles, detect cancer cells, help with facial recognition, and even make financial decisions! Law enforcement agencies and court systems use AI. Repetitive tasks such as clerical work, invoicing, and management reporting can be automated to save time and costs. Many factories use AI-powered robots to increase productivity and improve accuracy. You may not even realise it, but AI can be found everywhere: the Google Assistant and Siri on your devices, conversational bots, email spam filters, restaurant or OTT movie recommendations, etc.

Now, let’s look at the top five companies leading the AI revolution in India:

Tata Elxsi Ltd

Tata Elxsi Ltd is a company that often goes under the radar of most investors. It is one of the leading providers of design and technology services in the world. With the help of digital technologies such as Internet of Things (IoT), Cloud, Mobility, Virtual Reality, and AI, Tata Elxsi develops smart products and services for their customers. All these applications will be used on a massive scale in the future as the world shifts toward AI and data analytics.

The Bengaluru-based firm serves the automotive, home appliances, semiconductor, media, broadcast, communications, rail, and healthcare industries. It has received considerable recognition in the fields of self-driving cars, video analytics solutions, and healthcare monitoring. In the current influencer era, Tata Elxsi has delivered AI solutions for content curation, moderation, understanding trends, and recommendation of ad insertion.

The Artificial Intelligence Centre of Excellence (AI CoE) by Tata Elxsi deals with the growing need for intelligent systems.

L&T Technology Services Ltd

L&T Technology Services (LTTS) offers engineering, research, and development services across India, North America, and Europe. The company builds automation and process control systems for factories/plants across multiple industries. Moreover, it offers cloud, Internet of Things (IoT), artificial intelligence (AI), and data analytics services.

Last year, US-based Mavenir and NVIDIA selected LTTS to accelerate the adoption of the industry’s first converged AI-on-5G. NVIDIA’s AI-on-5G is a platform that will accelerate the digital transformation of enterprises across all industries. Meanwhile, LTTS also developed an AI-based smart parking solution with Intel Corporation. 

Happiest Minds Technologies Ltd

Happiest Minds Technologies is a leading IT solutions and services provider based in Bengaluru. They offer AI, cloud, Internet of Things (IoT), blockchain, and robotics services across industries. The company uses artificial intelligence for language processing, image analytics, object identification, and video analytics to provide technology solutions. Happiest Minds also works on emerging technologies like augmented reality (AR) and virtual reality (VR). The mid-cap IT company is currently planning to acquire firms with expertise in automation and AI.

Cyient Ltd

Hyderabad-based Cyient offers geospatial, IT, and data analytics solutions in Asia, North America, and Europe. It is one of the Top 30 outsourcing companies in the world. They primarily develop and use AI for remote sensing, navigational data mapping, and other location-based services. 

Mphasis Ltd

Mphasis is an information technology solutions provider that specializes in cloud-based AI services worldwide. It offers blockchain, business process, enterprise automation, design, infrastructure, and cloud services. In July 2021, the United States Patent and Trademark Office (USPTO) awarded Mphasis a patent for its AI-driven application and infrastructure management solution. It predicts errors and failures of any application and enables preventive maintenance measures. The company also aims to expand its portfolio of AI/ML innovation in the coming years.

Conclusion

After realising its true potential, Indian enterprises have been investing heavily in artificial intelligence solutions to reduce costs and improve customer retention. Other important companies in the AI/robotics industry include Zensar Technologies Ltd, Persistent Systems Ltd, Tata Consultancy Services (TCS), and Affle India Ltd. A research report by International Data Corporation (IDC) forecasts the Indian market for AI software and hardware services to grow at a CAGR of 20.2% to a whopping $7.8 billion! Indian organisations plan to use AI extensively for customer support, IT automation, security, supply chain management, and much more. 

If developed ethically and morally, AI could contribute significantly to the betterment of society.

What are your views on the evolving AI industry in India? Let us know your views in the comments section of the marketfeed app!

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Akasa Air Gets DGCA License to Fly – Top Indian Market Updates

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

Akasa Air gets airline license from DGCA

Ace investor Rakesh Jhunjhunwala’s Akasa Air has received the Air Operator Certificate (AOC) from the Directorate General of Civil Aviation (DGCA). The grant of the AOC marks the satisfactory completion of all regulatory and compliance requirements for the airline’s operational readiness. The airline will start commercial operations later this month. Akasa Air will be the eighth airline to operate domestically.

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BHEL commissions 100-MW floating solar PV plant in Telangana

Bharat Heavy Electricals Ltd (BHEL) has commissioned a 100 megawatts (MW) floating solar photovoltaic (PV) plant at NTPC Ramagundam, Telangana. The plant is installed across a natural raw water reservoir, saving valuable land resources and also conserving water by reducing evaporation. The plant will produce clean power with innovatively engineered layouts and arrangements for the solar PV modules, electricals, and floaters.

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JSW Steel’s consolidated output rises 16% to 5.88 MT in Q1

JSW Steel Ltd’s combined crude steel production for Q1 FY23 stood at 5.88 million tonnes (MT), registering a growth of 16% YoY. On a quarter-on-quarter (QoQ) basis, crude steel production was 2% down from 5.98 MT in January-March 2022 (Q4 FY22). The decline is due to the preponement of certain scheduled shutdowns during the financial year 2022-23.

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Glenmark Pharma launches Sitagliptin in India

Glenmark Pharmaceuticals Ltd has launched Sitagliptin and its fixed-dose combinations (FDCs) for adults with Type-2 diabetes in India. The pharma company has introduced 8 different combinations of Sitagliptin-based drugs under the brand name SITAZIT and its variants. It will help diabetes patients to manage their glycemic levels effectively.

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Ajmera Realty Q1 sales bookings jump over 3-fold to Rs 400 crore

Ajmera Realty & Infra India Ltd reported a 261% YoY jump in sales to Rs 400 crore for the quarter ended June (Q1 FY23). The company sold 1.57 lakh sq. ft. carpet area, registering a growth of 155% YoY. Collections increased by 126% YoY to Rs 210 crore in Q1. Despite the high input cost scenario and projected high-interest environment, Ajmera Realty is observing a positive momentum from home buyers.

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Kalyan Jewellers’ revenue jumps 105% YoY in Q1

Kalyan Jewellers India Ltd’s (KJIL) consolidated revenue grew 105% YoY during the quarter ended June (Q1 FY23). The company witnessed more than a 115% YoY growth in revenue from its India operations and 65% YoY from Middle Eastern operations. KJIL saw an improvement in gross margin in Q1, driven by an increase in the studded jewellery mix and share of business from non-south markets.

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Cyient partners with IIT Hyderabad to nurture India’s entrepreneurial talent

The Cyient Foundation and the Shibodhi Foundation have partnered with IIT Hyderabad to develop the BVR Mohan Reddy School of Innovation and Entrepreneurship (BVR SCIENT) on its campus. BVR SCIENT aims to nurture and develop world-class innovation and entrepreneurial talent from India. Cyient Foundation is the Corporate Social Responsibility (CSR) arm of Cyient Ltd.

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RBI eases overseas borrowing to boost forex inflows

The Reserve Bank of India (RBI) has announced several temporary measures aimed at boosting foreign exchange (forex) inflows. The steps include doubling borrowing limits for companies from overseas to $1.5 billion during a financial year. Interest rate ceilings for foreign currency deposits by non-resident Indians’ (NRI) will be removed. The move comes at a time when persistent capital outflows and a widening trade deficit have led to a sharp depreciation in the value of the Indian Rupee to new record lows against the U.S. Dollar.

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G M Breweries Q1 Results: Net profit rises 39% YoY to Rs 16.16 crore

G M Breweries Ltd reported a 38.8% year-on-year (YoY) increase in net profit to Rs 16.16 crore for the quarter ended June (Q1 FY23). Its revenue from operations jumped 103.8% YoY to Rs 142.02 crore during the same period. Total expenses rose 106% YoY to Rs 531.18 crore in Q1. G M Breweries manufactures and markets alcoholic beverages such as country liquor (CL) and Indian-made foreign liquor (IMFL).

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Power Grid, Tata Projects executives arrested in bribery case

The Central Bureau of Investigation (CBI) has arrested Executive Director of Power Grid Corporation of India B S Jha and five officials of Tata Projects in connection with alleged bribery to favor the private company. The agency had conducted searches in Ghaziabad, Noida, and Gurugram, during which Rs 93 lakh cash was recovered from the offices of Jha.

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Tata Motors Secures Biggest Ever EV Fleet Order – Top Indian Market Updates

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

Tata Motors bags biggest ever EV fleet order in India

Tata Motors Ltd has secured an order for the supply of 10,000 XPRES-T EV units from BluSmart Electric Mobility. The deployment of 10,000 units makes this the biggest ever EV fleet order in India. The vehicles will be used across India for commuters, helping minimise the carbon footprint.

In other news, Tata Motors has partnered with Kolte-Patil Developers Ltd to set up EV charging infra across Pune, Mumbai, and Bengaluru.

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Adani Enterprises to set up hyper-scale data centre at Bengal Silicon Valley

The West Bengal government has given approval to Adani Enterprises to set up a hyper-scale data centre at Bengal Silicon Valley. The project will come up on 51.75 acres of land. Bengal Silicon Valley is an innovative information technology hub. It is envisioned to attract investment in IT and telecom projects with employment potential.

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Zydus Lifesciences gets USFDA approval for Famotidine tablets

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Famotidine tablets. The drug is a histamine H2 receptor blocker, which works by reducing the amount of acid in the stomach. The pharma company will manufacture the product at its drug formulation facility at SEZ, Ahmedabad.

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TVS looks to raise up to Rs 5,000 cr in EV push: Report

TVS Motor Co. Ltd is reportedly in advanced talks to raise Rs 4,000-5,000 crore from private equity firms to fund the expansion plan of the group’s newly formed electric mobility arm. The company aims to consolidate its position as a leader in the EV segment through relevant product offerings and increase its network presence across India.  TVS has achieved a 19% market share in the highspeed electric scooter segment in FY 2021-22.

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Cyient to acquire Portugal-based Celfinet for €41 million

Cyient Ltd has signed a definitive agreement to acquire Celfinet, a Portugal-based wireless engineering services firm, for €41 million (~Rs 341 crore). Celfinet offers end-to-end network planning and performance optimization services. This acquisition will help Cyient strengthen its wireless engineering practice to support Communication Service Providers (CSPs) and enterprises to deploy their connectivity networks at scale.

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Automobile retail sales remained low in May compared to pre-Covid period: FADA

As per data from the Federation of Automobile Dealers Association (FADA), total retail vehicle sales stood at 16,46,773 in May 2022, compared to 5,36,795 units in the same period last year. Sales were lower by ~10% compared with the pre-covid month of May 2019. FADA said the government’s reduction in fuel prices will tame inflation and boost vehicle sales.

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L&T Construction to construct Bandra wastewater treatment facility

The Water & Effluent Treatment business of L&T Construction has secured a large order (in the range of Rs 2,500-5,000 crore) from the Brihanmumbai Municipal Corporation (BMC). The project involves the construction of a state-of-the-art wastewater treatment facility with best-in-class treatment standards.

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Power Mech Projects secured orders worth Rs 522 crore

Power Mech Projects Ltd (PMPL) has received a Letter of Award (LoA) for five separate work orders worth Rs 521.95 crore. The company bagged an order worth Rs 119 crore from BHEL for civil structural works for the flue gas desulphurization (FGD) system in the existing 1×800 megawatt (MW) North Chennai Thermal Power Plant. PMPL has secured an order worth Rs 126.91 crore from Thyssenkrupp Industries India for supplying structural steel fabricated items.

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IRB Infra Developers offers Vadodara Kim Expressway to IRB InvIT Fund

IRB Infrastructure Developers Ltd has offered Vadodara Kim Expressway to IRB InvIT Fund. The Vadodara Kim stretch, part of the Delhi-Mumbai Expressway (DME), is 23.740 km long and has a project cost outlay of Rs 2,094 crore. IRB InvIT Fund is a publicly offered and listed infrastructure investment trust (InvIT).

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Govt to Sell 1.5% Stake in ONGC to Raise Rs 3,000 crore – Top Indian Market News

ONGC market updates | marketfeed

Govt to sell up to 1.5% stake in ONGC to raise Rs 3,000 crore

The Indian govt will sell up to 1.5% stake in Oil & Natural Gas Corporation Ltd (ONGC) to raise Rs 3,000 crore. The offer for sale (OFS) by the government will be open on March 30 and 31. The floor price for the OFS has been set at Rs 159 per share. This price is at a 7% discount to the Rs 171.05 stock closing price of ONGC on the BSE today. The Central government currently holds a 60.41% stake in the country’s largest oil and gas producer.

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HDFC Bank to infuse Rs 3 crore to acquire stake in IDRCL

HDFC Bank has signed an agreement to invest Rs 3 crore in the first tranche to acquire a stake in India Debt Resolution Company Ltd (IDRCL). Incorporated on September 3, 2021, IDRCL operates as a debt management company. The private sector lender will infuse Rs 7.50 crore in various tranches to acquire up to 15% equity holding in IDRCL.

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Bharti Airtel completes acquisition of 4.7% stake in Indus Towers

Bharti Airtel and its subsidiary Nettle Infrastructure Investments Ltd have acquired 12.71 crore equity shares (or 4.7% stake) in Indus Towers from Vodafone Group. The consideration paid for the acquisition is ~Rs 2,388 crore. The proceeds from the sale will be infused into Vodafone Idea Ltd for clearing its dues. Indus Towers (formerly Bharti Infratel) owns, deploys, and manages telecom towers and communication structures across India.

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IDBI Bank board approves rupee bond borrowing limit of Rs 8,000 crore for FY23

IDBI Bank’s board has approved the rupee bond borrowing limit of Rs 8,000 crore for the next financial year beginning April 1. It will comprise additional tier I (AT-1) bonds up to Rs 3,000 crore and senior/infrastructure bonds up to Rs 1,000 crore by way of private placement during FY23. 

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Fuel prices hiked for 7th time in 8 days

Fuel prices were increased again on Tuesday for the seventh time in the last eight days. In Delhi, petrol rates were hiked by 80 paise a litre to cross the Rs 100 mark and diesel by 70 paise a litre. Globally, oil prices dropped today as Ukraine and Russia headed for peace talks and on fears of a decline in fuel demand in China after the financial hub of Shanghai shut down to curb a surge in Covid-19 cases. 

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Engineers India wins consultancy services contract for green hydrogen plant

Bharat Oman Refineries Ltd (BORL) has selected Engineers India Ltd for providing consultancy services for an electrolyzer-based green hydrogen plant at Bina Refinery. It will be one of the largest green hydrogen plants in India, with a capacity of ~8.5 tonnes per day (TPD). State-owned Engineers India provides indigenous design and technology solutions primarily for hydrocarbon projects.

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Cyient launches Firmware Over-the-Air solution for connected devices

Cyient Ltd has announced a pre-built solution for managed Firmware Over-the-Air (FOTA) updates from its CyientflQ innovation platform. CyientflQ helps to correct technological disruptions and enables the development of new solutions in collaboration with partners. The FOTA solution is designed to further boost the development of intelligent and connected products for Cyient’s customers. 

Embassy REIT to enter into Rs 950 crore debt financing agreement with Golflinks Software Park

The Board of Directors of Embassy Office Parks Management Services has approved a debt financing agreement between Embassy Office Parks REIT and its investment entity, Golflinks Software Park (GLSP), for ~Rs 950 crore. Embassy REIT will subscribe to privately placed unlisted non-convertible debentures issued by GLSP (REIT Debt Financing). To learn more about REITs, click here.

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Alembic Pharma acquires 100% stake in Aleor Dermaceuticals from JV partner

Alembic Pharmaceuticals Ltd has acquired the balance 40% stake in Aleor Dermaceuticals from its joint venture (JV) partner Orbicular Pharmaceutical Technologies. Through this acquisition, the pharma company aims to strengthen its skin-related manufacturing and marketing footprint. Aleor’s product offerings include creams, gels, ointments, shampoos, lotions, sprays, etc.

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PNC Infratech secures NHAI road project worth Rs 1,575 crore

PNC Infratech Ltd was declared the lowest (L-1) bidder for a project tendered by the National Highways Authority of India (NHAI). The project includes the construction of a six-lane access controlled greenfield highway from the MIVKN Border (Badadat) to the Maradgi S Adnola section of NH-150C in Karnataka. The total bid cost of the project is Rs 1,575 crore.

In other news, the NHAI declared Ashoka Buildcon Ltd as the lowest bidder for a greenfield highway project worth Rs 1,079 crore.

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IT Dept raid at Hero MotoCorp reveals Rs 1,000 crore bogus expenses: Report 

As per reports, the Income Tax Department is analysing nearly Rs 1,000 crore in expenses that are suspected to be bogus in a probe at Hero MotoCorp. The department is going through digital data and various other documents as part of its investigation. Further, the IT dept is also probing the deal of a farmhouse on the outskirts of Delhi where cash worth Rs 100 crore was allegedly paid.

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Reliance to Step Up Fuel Exports to Europe – Top Indian Market News

Reliance Industries to step up fuel exports to Europe

As per reports, Reliance Industries Ltd’s Jamnagar facility is lifting crude processing and deferring planned maintenance to take advantage of surging demand for diesel in Europe. RIL is already sending shipments of the fuel to Europe. The complex in Gujarat can process 1.36 million barrels of crude per day from two refineries and can export most of the fuel. 

Various Asian refiners are looking to send diesel abroad as crude oil prices surge in Europe following Russia’s invasion of Ukraine.

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Coal India receives 100% booking in its first single-window e-auction

Coal India Ltd’s first-ever offer of nearly 5.2 lakh tonnes (LT) of coal under the single-window e-auction received an encouraging response from coal consumers. 100% of the offered quantity was booked. After the merger of multiple auction windows into a solitary outlet, CIL conducted an e-auction in two of its subsidiaries on March 3, 2022. 

Cyient partners with iBASEt to drive business growth

Cyient has entered into a strategic partnership with iBASEt, a company that simplifies how complex products are built and maintained. iBASEt’s industry-leading manufacturing software solutions complement Cyient’s experience in implementing manufacturing execution solutions. 

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L&T Construction bags significant order from Delhi Metro

The heavy civil infrastructure business vertical of L&T Construction has won a significant order (in the range of Rs 1,000-2,500 crore) from the Delhi Metro Rail Corporation Ltd (DMRC). The scope of work includes the design and construction of 5 km of twin tunnel by shield tunnel boring machine, underground ramp, and four stations. The project is funded by Japan International Cooperation Agency (JICA).

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Expedia selects RateGain as a preferred connectivity partner

RateGain Travel Technologies Ltd announced its preferred connectivity partner status with Expedia Group. The company will work with the leadership team of Expedia Group to provide feedback and help shape future products and technology solutions. The Expedia Group Connectivity Partner Programme recognizes and rewards top connectivity providers, including channel managers, property management systems, and central reservation systems.

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PSP Projects secures order worth Rs 564 crore

PSP Projects Ltd has emerged as the lowest (L-1) bidder for a construction project in Gujarat. The order comprises the construction of a sports complex in Ahmedabad. The bid value of the project is Rs 563.99 crore. PSP Projects offers a wide range of construction and allied services for industrial, residential, and government residential projects in India.

Hatsun Agro to sell RTE business, Oyalo brand to Naga Ltd

Hatsun Agro Product Ltd (HAPL) has entered into a pact with Naga Ltd. to sell its Ready to Eat (RTE) business and ‘Oyalo’ brand for Rs 25 crore. The transaction will be effective by end of April 2022. As of March 2021, RTE’s net worth (based on the gross value of assets) was Rs 59.87 crore (5.86% of the net worth of the company). HAPL’s net worth stood at Rs 1,021.51 crore.

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J. Kumar Infra secures orders worth Rs 2,032 crore

J. Kumar Infraprojects Ltd has secured a work order from Pune Municipal Corporation for the development of the Mula Mutha river from Bund Garden Bridge to Mundhwa under the Pune river rejuvenation project. The order is worth Rs 604.75 crore. The company has also won an order worth Rs 1,426.99 crore for designing and constructing twin tunnels and four underground stations of Phase-IV of Delhi Metro.

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Vodafone UK in talks to sell remaining 21% in Indus Towers

As per an ET report, Vodafone Group Plc is in advanced talks with American Tower Co (ATC), Crown Castle International, Brookfield, and others to sell its remaining 21% stake in Indus Towers through block deals. Vodafone UK’s residual stake of 56.72 lakh shares in Indus Towers is valued at ~Rs 11,571 crore. Once Vodafone sells its stake in Indus Towers, it will mark the company’s exit from the passive telecom infrastructure business in India.

Read more here.

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GAIL to Connect Srinagar to Gas Grid – Top Indian Market News

GAIL to connect Srinagar to gas grid; Mumbai-Nagpur line by May 2023

GAIL India Ltd has announced plans to lay a pipeline to Srinagar to take natural gas to the Kashmir Valley. The company is doubling down on efforts to expand infrastructure to support the government’s vision of a gas-based economy. By May 2023, GAIL will complete a 700-km pipeline from Mumbai to Nagpur. This will enabe the flow of gas to central India. GAIL is on track to meet the target of mid-2022 for completing major portions of the Urja Ganga project.

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India’s mineral production rises 3% in December

India’s mineral production rose 2.6% in December 2021 over the corresponding month a year ago. The index of mineral production of mining and quarrying sector stood at 120.3. As per provisional data from the Indian Bureau of Mines (IBM), there was a cumulative growth of 16% YoY during the April-December period of 2021-22. The production of important minerals that showed year-on-year growth during December includes magnesite (73.2%), gold (71%), bauxite (27.1%), and lignite (21.4%).

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Mankind Pharma to acquire Combihale, Daffy brands of Dr Reddy’s Labs

Mankind Pharma has signed a pact with Dr. Reddy’s Laboratories to acquire two brands— Combihale and Daffy. Combihale is used for the treatment of asthma and chronic obstructive pulmonary disease. Meanwhile, Daffy is a soap-free moisturizing bar for infants. Mankind Pharma said the market for Combihale is valued at Rs 900 crore, growing at 14%. The total market for Daffy is valued at Rs 1,000 crore and growing at 18%.

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Cyient launches private 5G networks CoE; signs MoU with IIT-H 

Cyient Ltd announced the launch of its Private 5G Networks Center of Excellence (CoE). It has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology, Hyderabad, as a research partner for the CoE. The CoE will combine Cyient’s enterprise and network experience with IIT-H’s research and technology expertise to develop and test private 5G network solutions. 

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Vodafone Idea appoints SBI Cap to negotiate loan recast of up to Rs 23,000 crore

Vodafone Idea Ltd has appointed SBI Capital Markets to negotiate the restructuring of loans worth Rs 20,000-23,000 crore that it is due to repay within the next four years. The cash-strapped telco has also sought an additional half-billion dollars as loans for capital expenditure (capex) requirements critical to expanding its 4G network.

TCS partners with MATRIXX Software to offer subscription management platform for CSPs

Tata Consultancy Services (TCS) has announced a partnership with US-based MATRIXX Software. The IT firm will integrate TCS HOBS, its plug-and-play digital business platform for subscription, device, and data management, with the cloud-native capabilities of the MATRIXX digital commerce platform. The integrated solution will help Communication Service Providers (CSPs) transform their prepaid and postpaid businesses for superior customer experience and growth.

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India wants Tesla to buy $500 million of local auto parts: Report

According to a report from ET, Tesla Inc. would need to commit to sourcing at least $500 million of auto components from India for the electric carmaker’s request for an import tax cut on its vehicles to be considered. The EV maker would need to agree to ramp up Indian parts purchases by around 10-15% a year until a satisfactory level is achieved. The govt has formally told Tesla to ramp up domestic sourcing. However, it is yet to relay a procurement target to the company.

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Wipro secures $150 million deal from ABB

Wipro Ltd has secured a five-year strategic engagement to drive transformation for ABB’s Information Systems digital workplace services. The agreement is worth over $150 million (~Rs 1,126.7 crore). Wipro will help ABB’s Information Systems deliver enhanced, consumer-grade digital experiences for its 105,000 employees in over 100 countries.

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BSE collaborates with 4 regional associations to promote EGRs, International Bullion Exchange

BSE Ltd has collaborated with four regional associations from Maharashtra and Tamil Nadu to promote Electronic Gold Receipts (EGRs). These pacts are aimed at providing a boost for the growth and development of the commodities segment in general and the proposed EGR market. Apart from knowledge sharing and research, the collaboration will help standardise EGRs for Indian markets at the regional level and enhance transparency in pricing.

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Tata Motors’ JLR partners with Nvidia for AI-powered vehicles

Jaguar Land Rover (JLR), a subsidiary of Tata Motors, announced a partnership with Nvidia for all new vehicle platforms slated for production beginning in 2025. Future JLR vehicles will be based on the Nvidia Drive Hyperion 8 platform featuring the Orin-based computing system. It combines safety, security, networking, and sensors systems required for autonomous driving. 

Read more here.

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HUL’s Net Profit Rises 17% YoY in Q3 – Top Indian Market News

HUL Q3 Results: Net profit rises 17% YoY to Rs 2,243 crore

Hindustan Unilever Ltd reported a 16.76% YoY increase in net profit to Rs 2,243 crore for the quarter ended December (Q3 FY22). Net profit rose 5% when compared to the previous quarter. Its revenue from operations rose 10.23% YoY to Rs 13,183 crore during the same period. EBITDA stood at Rs 3,279 crore, up 15% YoY. HUL’s home care segment grew 23% YoY, while its beauty & personal care segment grew 7% YoY in Q3. 

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Asian Paints Q3 Results: Net profit falls 18% YoY to Rs 1,016  crore

Asian Paints Ltd reported an 18% YoY decline in consolidated net profit to Rs 1,015.69 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 25.6% YoY to Rs 8,527.24 crore during the same period. The rise in raw input costs offset the benefits of price hikes. The company’s paint business grew 25.4% YoY to Rs 8,319.4 crore. Its domestic decorative business registered an 18% volume growth in Q3.

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Delhi HC restrains HFCL for manufacturing multitube cable as STL claims patent

The Delhi High Court has restrained Himachal Futuristic Communications Ltd (HFCL) and its subsidiaries for allegedly manufacturing and selling optic fibre cable based on Sterlite Technologies Ltd’s (STL) multitube technology in a patent infringement case. HFCL has initiated required legal actions to get the restrain order vacated and also for the cancellation of the subject patent.

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Cyient Q3 Results: Net profit rises 38% YoY to Rs 132 crore

Cyient Ltd reported a 38% YoY increase in net profit to Rs 131.8 crore for the quarter ended December (Q3 FY22). Net profit rose 13.84% when compared to the previous quarter. Its revenue from operations rose 13.3% YoY (or 6.5% QoQ) to Rs 1,183.4 crore during the same period. The digital solutions company registered a 5% QoQ increase in EBITDA to Rs 163.2 crore in Q3.

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Natco Pharma signs pact with MPP to sell Molnupiravir capsules

Natco Pharma Ltd has signed a non-exclusive license agreement with the Medicines Patent Pool (MPP), Switzerland, to manufacture and sell Molnupiravir capsules. The capsules will be sold under the brand name MOLNUNAT for treatment of Covid-19 infection in patients who have a high risk of progression of the disease, including hospitalisation or death. 

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Havells Q3 Results: Net profit falls 12% YoY to Rs 305 crore

Havells India Ltd reported a 12.6% YoY decline in consolidated net profit to Rs 305.82 crore for the quarter ended December (Q3 FY22). Net profit rose 1.13% when compared to the previous quarter. Its revenue from operations rose 15% YoY to Rs 3,664.2 crore during the same period. The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) fell 13.4% YoY at Rs 440 crore.

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Vedanta to create $10 billion fund to bid for BPCL stake, other assets

Vedanta Resources Ltd plans to create a $10 billion (~Rs 74,395 crore) fund to bid for assets, including the Indian government’s stake in Bharat Petroleum Corp Ltd (BPCL). The government is seeking to privatise state-run BPCL by selling its ~53% stake in the firm (worth over $6 billion). The fund will be made up of its own resources and outside investment. Vedanta may also finance the BPCL acquisition through debt.

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Bajaj Finserv Q3 Results: Net profit falls 3% YoY to Rs 1,256 crore

Bajaj Finserv Ltd reported a 2.63% YoY decline in consolidated net profit to Rs 1,256 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 10.21% YoY to Rs 17,589 crore during the same period. The company’s expenses increased by 29% YoY to Rs 899 crore in Q3. Bajaj Finserv’s assets under management (AUM) grew 26% YoY to Rs 1,81,250 crore.

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Larsen &Toubro dispatches coke drums to Mexico

Larsen & Toubro Ltd’s (L&T) heavy engineering arm has dispatched six of the world’s largest coke drums, weighing 658 tonnes, each to Mexico. The drums were manufactured at L&T’s state-of-the-art Heavy Engineering Complex located at Hazira near Surat. It will be used for a refinery project by PTI Infraestructura de Desarrollo, a subsidiary of the Mexico’s state-owned oil company PEMEX (Petróleos Mexicanos).

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Independent directors of PTC Financial Services resign citing governance issues

All three independent directors of PTC Financial Services Ltd resigned on Wednesday, citing corporate governance lapses. They have flagged serious concerns on the conduct of the management of PFS India Ltd (the parent company), led by managing director and CEO Pawan Singh. They also referred to the issues regarding a Rs 125 crore-bridge loan given to NSL Nagapatnam Power and Infratech Pvt Ltd, besides alleging that no action has been taken on certain corporate governance issues.

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PNB Housing Q3 Results: Net profit falls 19% YoY to Rs 188 crore

PNB Housing Finance Ltd reported a 19% YoY decline in net profit to Rs 188 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) fell 26% YoY to Rs 439 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 7.64% in Q3 FY22, compared to 5.94% in Q2 FY22.

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MobiKwik Files DRHP For Rs 1,900 crore IPO – Top Indian Market News

MobiKwik files DRHP for Rs 1,900 crore IPO

Digital payments firm MobiKwik has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 1,900 crore via an initial public offering (IPO). The IPO consists of a fresh issue of shares worth Rs 1,500 crore and an offer for sale (OFS) of up to Rs 400 crore. The company will use the IPO proceeds for funding organic and inorganic growth initiatives. One MobiKwik Systems Ltd was previously valued at $700 million (~Rs 5,200 crore) when it raised $20 million from Abu Dhabi Investment Authority (ADIA) in June 2021.

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SJVN signs pact with Investment Board of Nepal to develop 679 MW hydroelectric project

SJVN Limited has signed a pact with the Investment Board of Nepal to develop a 679 megawatt (MW) Lower Arun Hydro Electric Project in eastern Nepal. The estimated cost of the project is $1.3 billion (~Rs 9,700 crore). This will be the second-largest foreign investment project to be undertaken by India. SJVN is required to complete a detailed report on the hydroelectric project and submit it for approval at the board within two years. The project will be developed under a build, own, operate, and transfer (BOOT) model.

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Steel Strips Wheels Q1 Results: Net profit at Rs 51.08 crore

Steel Strips Wheels Ltd reported a standalone net profit of Rs 51.08 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 38.09 crore in the corresponding quarter last year (Q1 FY21). The company’s revenue from operations jumped 463.9% YoY to Rs 678.13 crore in Q1 FY22. Steel Strips Wheels is a leading manufacturer of automotive steel and alloy wheels. 

Cyient to support HMLR to centralise, digitise local land charges records

Her Majesty’s Land Registry has selected Cyient Limited to support its Local Land Charges (LLC) Programme. HMLR is a non-ministerial department of the Government of the United Kingdom. It registers the ownership of land and property across England and Wales. The LLC program aims to digitise and migrate millions of separately held local land charge records from local authorities into a centralized digital register. Cyient will own the entire process and provide a central management information platform.

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Ashoka Buildcon secures project worth Rs 726 crore from NHAI

Ashoka Buildcon Ltd has received the Letter of Acceptance (LoA) for an engineering, procurement, and construction (EPC) project from the National Highways Authority of India (NHAI). The order consists of six-laning of the Memmadpur (Ambala)-Banur (IT City Chowk) -Kharar (Chandigarh) corridor in Punjab on EPC mode. The total value of the project is Rs 726 crore.

Ola Electric signs pact with Bank of Baroda to raise $100 million in long-term debt

Ola Electric Pvt Ltd has signed a long-term debt financing agreement with Bank of Baroda to raise $100 million (~Rs 744 crore). The 10-year debt of $100 million will be utilised for the funding and financial closure of Phase-1 of its electric two-wheeler factory in Hosur, Tamil Nadu. The company is setting up Ola Futurefactory, a global manufacturing hub for its electric two-wheelers. In December 2020, Ola said it would invest Rs 2,400 crore for Phase-1 of the factory.

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TCS partners with Converge to enhance customer experience

Tata Consultancy Services (TCS) has partnered with Converge ICT Solutions Inc. to help them enhance customer experience for their fast-growing subscriber base. TCS’ digital services platform will help the Philippines-based broadband provider speed up product innovation and personalise customer engagement. The IT company will help Converge reduce complexity in operations and enable faster service delivery.

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ABB commissions modernisation project for BGPPL

ABB India Limited has completed the commissioning of the Induction xP Plus Profiler system on PM3 at Bilt Graphic Paper Products Ltd (BGPPL), Ballarpur (Maharashtra). The world-class domain expertise of ABB’s team helped them seamlessly deliver the modernisation project. The new Induction xP Plus is the best-in-class cross direction (CD) caliper profile control that achieves maximum induction heating in the shortest time possible. It offers reduced product variability and rapid corrections to sheet finishing profiles. 

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HFCL Q1 Results: Net profit jumps 316% YoY to Rs 87 crore

HFCL Limited reported a 316.4% YoY jump in consolidated net profit to Rs 87.82 crore for the quarter ended June (Q1 FY22). Net profit has increased by 3.73% when compared to the previous quarter. Its revenue from operations rose 72.47% YoY to Rs 1,206.87 crore during the same period. HFCL is a leading manufacturer of telecom products in India.

FDC launches Favipiravir oral suspension to treat Covid-19 in India

FDC Limited has announced the launch of an oral suspension of Favipiravir to treat mild to moderate cases of Covid-19 in India. The drug will be available at all retail medical outlets and hospital pharmacies across India. The pharma company said it is offering the best efficacy and convenience to patients. It has focused its efforts on making the process of Covid-19 treatment hassle-free 

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Vodafone Idea loses 18 lakh subscribers in April

After posting two straight months of subscriber growth, Vodafone Idea (Vi) lost 18.1 lakh subscribers in April 2021. Meanwhile, Reliance Jio added 48 lakh subscribers during the same month. Bharti Airtel registered a net addition of 5.17 lakh subscribers. Jio’s market share in the wireless category rose to 36.15% in April. Bharti Airtel and Vi’s market share stood at 29.83% and 23.93%, respectively. The data was released by the Telecom Regulatory Authority of India (TRAI).

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Cipla Gets DCGI Approval to Import Moderna’s Covid-19 Vaccine – Top Indian Market News

Cipla receives DCGI approval to import Moderna’s Covid-19 vaccine to India

Cipla Limited has received an import license from the Drugs Controller General of India (DCGI) for restricted emergency use of Moderna’s Covid-19 vaccine in India. The vaccine will be used as part of donations from Moderna to our country. Currently, there is no commercial pact between Cipla and the US-based pharma giant. Moderna’s messenger mRNA vaccine will be the fourth Covid-19 jab to be available in India after Covishield, Covaxin, and Sputnik V. The vaccine has shown more than 90% efficacy in clinical trials for protection against Covid-19.

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IRCTC Q4 Results: Net profit declines 23% YoY to Rs 104 crore

Indian Railway Catering and Tourism Corp. (IRCTC) Ltd reported a 23% YoY decline in net profit to Rs 103.8 crore for the quarter ended March (Q4). Its revenue from operations fell 41.2% YoY to Rs 338.8 crore during the same period. The revenues from its catering segment declined by 70% YoY to Rs 67.38 crore in Q4. Tourism sales declined by 69% YoY to Rs 31.6 crore. IRCTC’s board has recommended a final dividend of Rs 5 per share.

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Reliance to invest in petrochemicals hub in Abu Dhabi: Report

According to a report from Economic Times, Reliance Industries Ltd (RIL) is planning to invest in petrochemical facilities in Abu Dhabi, as it strengthens energy ties with the Middle East. RIL is set to join projects at Abu Dhabi National Oil Company’s Ruwais refining hub. The report further states that Reliance will invest around $1.5 billion (~Rs 11,144 crore) in the facility.

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IRFC Q4 Results: Net profit jumps 126% YoY to Rs 1,482.5 crore

Indian Railway Finance Corporation (IRFC) Ltd reported a 126.4% YoY jump in standalone net profit to Rs 1,482.5 crore for the quarter ended March (Q4). Net profit has declined by 85.84% when compared to the previous quarter. Its revenue from operations rose 39% YoY to Rs 4,455 crore during the same period. Net profit for the financial year 2020-21 (FY21) rose 38.35% YoY to Rs 4,416.13 crore. IRFC is the dedicated market borrowing subsidiary of the Indian Railways. 

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Cyient earns partner-level status in John Deere Achieving Excellence (AE) program 

Cyient Limited has earned Partner-Level status in the John Deere Achieving Excellence (AE) Program for 2020. This is US-based Deere & Company’s highest supplier rating, awarded to companies for outstanding performance in product and service quality. Cyient is a supplier of multiple services to John Deere’s operations in India, including product design, simulation and analysis, cost management, application development, etc.

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Jubilant Industries’ arm enters into strategic partnership with H.B. Fuller

Jubilant Agri and Consumer Products Ltd (JACPL), a wholly-owned subsidiary of Jubilant Industries Ltd, has signed a distribution agreement with US-based H.B. Fuller. This strategic collaboration will help expand the reach of H.B. Fuller’s high-performance adhesive solutions through a wide range of technologies. JACPL will serve as a national channel partner to H.B. Fuller.

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DCM Shriram Q4 Results: Net profit declines 25% YoY to Rs 19.5 crore 

DCM Shriram Industries reported a 24.9% YoY decline in consolidated net profit to Rs 19.51 crore for the quarter ended March (Q4). Net profit has increased by 24.6% when compared to the previous quarter. Its revenue from operations rose 12.76% YoY to Rs 486.77 crore during the same period. Net profit for the financial year ended March 31, 2012 (FY21) declined by 32.5% YoY to Rs 64.75 crore. New Delhi-based DCM Shriram Industries manufactures and sells sugar, alcohol, power, chemicals, and industrial fibers.

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GRSE deploys AI-enabled surveillance systems

Garden Reach Shipbuilders and Engineers (GRSE) Ltd has installed an artificial intelligence (AI)-enabled high-end CCTV network for surveillance at five of its units. The state-of-the-art technology will enable surveillance of the 152.81-acre area of the shipyard to ensure round-the-clock safety and security of all its premises. It will be a valuable tool for detecting unauthorized intrusion or trespassing. The cost of setting up the surveillance systems was Rs 12.95 crore

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Parag Milk launches fat-free milk under the brand ‘Pride of Cows’

Parag Milk Foods Ltd announced its entry into the fat-free milk segment under the premium milk brand ‘Pride of Cows’. Fat-free milk will be available in Mumbai, Pune, and Surat at Rs 120 per litre. It will be offered at Rs 140 per litre in Delhi. The company will increase its milk production capacity to 2 lakh litres by 2026 to meet growing demand. Parag Milk Foods’ fat-free milk will also be available on the company’s existing subscription-based model.

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GMDC Q4 Results: Net loss at Rs 185 crore

Gujarat Mineral Development Corp. (GMDC) reported a consolidated net loss of Rs 184.63 crore for the quarter ended March 2021 (Q4 FY21). It has posted a net profit of Rs 12.29 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 37.4% YoY to Rs 565.80 crore in Q4 FY21. Net loss for the financial year ended March 31, 2012 (FY21) stood at Rs 39.34 crore. This is compared to a net profit of Rs 146.49 crore in FY20. GMDC’s board has recommended a dividend of Rs 0.2 per share.

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Bharat Forge acquires 100% control of Sanghvi Forging and Engineering

Bharat Forge Ltd, through its wholly-owned subsidiary BF Industrial Solutions, has acquired 100% control of Sanghvi Forging & Engineering Ltd (SFEL). The company’s resolution plan for Sanghvi Forging was approved by the National Company Law Tribunal (NCLT) on April 26 and by the Committee of Creditors (CoC) of SFEL on February 17. SFEL manufactures open and closed die forging products for the oil & gas, defence, and shipbuilding industries.

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