NIFTY started the day at 19,027 with a gap-down of 95 points. Then, it fell sharply by 195 points to 18,850 levels. Post 11:30 AM, the index mostly consolidated in a nearly 70-point range. Nifty closed at 18,857, down by 264 points or 1.39%.
BANK NIFTY (BNF) started the day at 42,708 with a gap-down of 124 points. Initially, the index crashed 610 points to 42,105. For the rest of the day, BNF traded in a 270-point zone (with a positive bias) to close at 42,280, down by 551 points or 1.29%.
All major indicesclosed in the red. Nifty Metal (-1.6%), Nifty Auto (-1.59%), and FIN NIFTY (-1.57%) fell the most.
Major Asian markets closed in the red (Japan’s Nikkei fell 2.1%). European markets are currently trading up to 1% in the red.
Today’s Moves
Axis Bank (+1.7%) was NIFTY50’s top gainer. The lender reported a 10% YoY rise in net profit to ₹5,863 crore in Q2; beating street estimates.
Prism Johnson (+12.02%) jumped on the back of strong volumes.
Sonata Software (+8.2%) hit a 52-week high after the IT services provider announced its Q2 FY24 earnings.
Mahindra & Mahindra (-4.06%) was NIFTY50’s top loser. It fell amid huge selling pressure in auto stocks.
Bajaj Finance (-3.54%) and Bajaj Finserv (-3.16%) fell today. Bajaj Finserv Mutual Fund launched its banking and PSU fund today.
Delta Corp (-5.45%) fell sharply after yesterday’s strong up-move. The Bombay High Court provided interim relief to the company by retraining tax notices worth over ₹16,000 crore it received from the Directorate General of GST Intelligence (DGGI).
Markets Ahead
Nifty has fallen for the sixth straight session, its longest losing streak since February 2023! India VIX, a measure of market volatility, jumped by 10% on the monthly F&O expiry day, signalling a sense of unease in our markets.
As long as Nifty stays below 19,000, we can expect bearish sentiments to continue, possibly reaching levels between 18,800 and 18,725. However, if the index manages to break through the 19,000 mark, there could be a small bounce back, potentially pushing it towards 19,100-19,150.
The Israel-Hamas conflict remains a significant challenge for geopolitical stability, which can impact global stock markets. Elevated US Treasury bond yields are also posing a major threat.
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NIFTY started the day at 19,737 with a small gap-down of 14 points. The index moved up to the 19,780 resistance zone and consolidated between 19,730 and 19,780 (a 50-point range) for most part of the day. Nifty closed at 19,731, down by 19 points or 0.1%.
BANK NIFTY (BNF) started the day at 44,204 with a gap-down of 87 points. After falling and taking support at 44,045 levels, the index rose nearly 310 points to 44,350 levels. After 11:30 AM, BNF consolidated with a negative bias to close at 44,225, down by 62 points or 0.14%.
All indices except Nifty Metal (+0.0%), Nifty PSU Bank (+0.72%), and Nifty Auto (+0.45%) closed in the red. Nifty Pharma (-0.46%) fell the most.
Major Asian markets closed in the red (Japan’s Nikkei fell 2%). European markets are currently trading flat-to-green.
Today’s Moves
Hero MotoCorp (+2.02%) was NIFTY50’s top gainer. The company said it aims to sell more than 13 lakh bikes this festive season.
Fertilizer stocks surged today as a result of increased prices due to the Israel-Hamas war. FACT (+19.99%), GSFC (+9.69%), RCF (+6.5%), GNFC (+5.3%), Deepak Fertilisers (+5.2%), and others closed well in the green.
Divi’s Labs (-2.15%) was NIFTY50’s top loser.
Shares of Delta Corp (-8.5%) a hit 3-year low after its subsidiary, Deltatech Gaming, was notified of a substantial tax liability amounting to ₹6,384 crore on Saturday.
Sterling & Wilson Solar (-5%) continued its decline after the company missed payments to lenders due to liquidity issues.
Markets Ahead
Nifty is taking a pause after creating gaps on a daily time frame. A breakout or breakdown from these levels will give us clarity on which side the Indian markets are headed. India Vix is up by 5% today despite consolidation, which indicates that fear is rising in the overall markets, and a trendy move can be expected.
Nifty: The immediate support is near today’s low of 19,700 levels. A breakdown from there could give us targets of 19,675 and 19,630. The next resistance level to watch out for is 19,780. Between this zone, the index can be choppy. A breakout from there may give us targets of 19,840 and 19,880. Nifty is also at the edge of a trendline breakdown (as shown below). So watch this trendline.
Bank Nifty: The immediate support to look out for is near 44,200. A breakdown from there might give us a target of 44,020. Meanwhile, BNF has a resistance near 44,300, and a breakout could give us a target of 44,460.
India’s largest private sector lender, HDFC Bank, has reported a 51% year-on-year (YoY) rise in net profit to ₹15,976 crore for the quarter ended September, beating street estimates!
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NIFTY started the day flat at 19,678. After opening, the index fell sharply to 19,600 and took support there. It then moved up by 130 points to 19,730 levels to make a double top. The index fell again by 100 points till 19,630 levels. Nifty closed at 19,674, up by 0.3 points or 0.00%.
BANK NIFTY (BNF) started the day flat at 44,615. The index gave multiple swings of more than 300 points initially between 44,700 to 44,400, then 44,400 to 44,950, and finally 44,950-44580. BNF closed at 44,766, up by 154 points or 0.35%.
Nifty Realty (+1.52%) closed well in the green, while Nifty IT (-0.78%) fell the most.
Major Asian markets closed mixed. European markets are currently trading in the red.
Today’s Moves
Bajaj Finance (+4.6%) was NIFTY50’s top gainer. The company is reportedly planning a mega fundraise to the tune of $800 million-$1 billion.
Indiabulls Real Estate (+9.32%) surged on the back of strong volumes.
MCX (+6.6%) rose up to 9% to hit a one-year high of ₹1,952.2 amid reports of the launch of a new trading platform.
Hindalco Industries (-1.98%) was NIFTY50’s top loser.
Delta Corp (-18.59%) crashed to a 33-month low after the company received tax notices totalling ₹16,822 crore from the Directorate General of GST Intelligence on Friday.
Markets Ahead
The indices have become extremely volatile ahead of monthly expiry— making wild moves on the upside and downside. The resistance levels were respected, and the indices have come down. This indicates that the selling pressure in the markets could continue.
Nifty: The immediate resistance to watch out for is near 19,730 levels. A breakout from this level can give us a target of 19,800 on the upside. The immediate support is near today’s low (19,600 levels). A breakdown from there can make the index fall to 19,500.
Bank Nifty: Theimmediate support to look out for is near 44,600. A breakdown from this level can give us a target of 44,300. On the other hand, a major resistance for BNF is near 45,000. A breakout from this round level can give us a target of 45,200.
As per reports, investors are confused as major central banks are sending mixed signals. Last week, the U.S. Federal Reserve said it’s not raising interest rates for now but might do so later this year. Meanwhile, the European Central Bank (ECB) and the Bank of England (BoE) suggested they might not raise rates further.
If the US Fed keeps rates high for too long, it could harm the US economy’s chances of a soft landing (a gradual, relatively painless economic slowdown). And that could affect economies worldwide.
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Govt to become largest shareholder in Vodafone Idea
Vodafone Idea’s (Vi) board has informed the Department of Telecommunications (DoT) that it will opt for converting the interest on spectrum and adjusted gross revenue (AGR) dues into government equity. The Indian govt will hold 35.8% and become the single largest shareholder in Vi. The cash-strapped telecom company had past AGR dues worth Rs 58,254 crore, of which it has paid Rs 7,854 crore.
JSW Steel Ltd reported a 28% YoY growth in combined steel production to 5.35 million tonnes (MT) for the quarter ended December (Q3 FY22). The company’s standalone output rose 8% YoY to 4.41 MT during the same period. JSW Steel’s capacity utilisation at the standalone level stood at 94% in Q3.
DLF sells properties worth Rs 1,500 crore in new luxury housing project in Delhi
DLF Limited has sold properties worth Rs 1,500 crore in its newly launched housing project at Moti Nagar in Delhi. On Friday, the realty major launched its luxury housing project ‘ONE Midtown’ comprising 913 units at Shivaji Marg in Moti Nagar, with a starting price of Rs 3 crore. DLF is developing this project in partnership with Singapore sovereign wealth fund GIC.
L&T’s heavy engineering arm dispatches mega tubular reactors to petrochemical complex overseas
Larsen & Toubro (L&T) Ltd’s heavy engineering arm has dispatched two large ethylene oxide reactors weighing 1,200 tonnes each from Hazira (Gujarat) to a large petrochemical complex overseas. This was a repeat order after four identical reactors were supplied by L&T to the same client in 2020. These highly complex reactors are crucial equipment for the production of mono ethylene glycol in the petrochemical complex.
Tata Teleservices opts for conversion of interest to equity; Centre to hold 9.5%
Tata Teleservices has opted for converting the interest from adjusted gross revenue (AGR) dues amounting to Rs 850 crore to equity. The government will hold 9.5% in the company. Tata Teleservices has AGR dues of Rs 16,798 crore, of which it has paid Rs 4,197 crore and had opted for the 4-year AGR and spectrum payment moratorium.
Marksans Pharma gets USFDA approval for Cetrizine Hydrochloride tablets
Marksans Pharma Ltd has received final approval from US Food & Drugs Administration (USFDA) for over-the-counter Cetirizine Hydrochloride tablets. The drug is indicated for the treatment of perennial allergic rhinitis, including sneezing, postnasal discharge, watery eyes, and running nose. The product will be marketed under store brand labels and is comparable to the brand Zyrtec.
Aurobindo Pharma in talks with PEs for stake sale in injectable business: Report
As per a report from the Economic Times, Aurobindo Pharma Ltd has initiated talks with private equity (PE) funds to sell a stake of around 30-35% in its injectable business for Rs 4,500-5,250 crore. With this move, the drugmaker plans to unlock value in its core businesses. TPG Capital Management, Advent International, Bain Capital, and Blackstone have been contacted for a potential transaction, valuing the business at Rs 15,000 crore.
Delta Corp Ltd reported a consolidated net profit of Rs 70.38 crore for the quarter ended December (Q3 FY22). It had reported a net profit of Rs 1.28 crore in the corresponding quarter last year (Q3 FY21). The company’s revenue jumped 104% YoY to Rs 247 crore in Q3 FY22. EBITDA stood at Rs 106.9 crore during the same period, an increase of 813% YoY.
Future Group seeks SC’s permission to proceed with sale of assets to Reliance Retail
Future Group has sought permission from the Supreme Court (SC) to proceed with the deal to sell its retail assets to Reliance Retail. The court was hearing a combination of several cases filed by Amazon and Future Group in a dispute arising out of the e-commerce giant’s objection to the Indian company’s Rs 25,000 crore deal with Reliance. “We should be allowed to secure shareholder approval, seek nod from CCI, NCLT,” said senior advocate Harish Salve, representing Future Retail.
Federal Bank’s subsidiary FedFina to initiate IPO process
The Board of Directors of Federal Bank has approved the process of an initial public offering (IPO) of its subsidiary Fedbank Financial Services Ltd (FedFina). FedFina is the retail-focused non-banking finance company set up by the Kerala-based bank. The IPO is subject to approvals from the Securities and Exchange Board of India (SEBI).
Adani Green posts 84% YoY growth in total operational capacity in Q3
Adani Green Energy’s total operational capacity increased by 84% year-on-year (YoY) to 5,410 megawatts (MW) for the quarter ended December. The company’s sale of energy increased by 97% YoY at 2,504 million units during the same period.
Tata Power secures contract worth Rs 400 crore from KSEB
Tata Power Company has secured a contract worth Rs 400 crore from the Kerala State Electricity Board Ltd (KSEB). The order consists of developing an 84 megawatt (MW) solar rooftop project for domestic consumers across all districts of Kerala. The project has to be commissioned within three months of receipt of an order from individual residential customers. The rooftop solar project is expected to generate 120 million units (MUs) of energy every year.
Delta Corp Limited reported a consolidated net loss of Rs 28.93 crore for the quarter ended June 2021 (Q1 FY22). It had posted a net loss of Rs 28.24 crore in the corresponding quarter last year (Q1 FY21). Delta Corp had reported a net profit of Rs 57.77 crore in Q4 FY21. The company’s total income increased by 34.92% YoY to Rs 82.72 crore in Q1 FY22. Delta Corp is a gaming and hospitality company that owns and operates casinos and hotels.
Ashoka Buildcon receives order worth Rs 482 crore from Ircon International
Ashoka Buildcon Ltd has received a Letter of Award (LoA) from Ircon International for an order worth Rs 482.34 crore. The order consists of the supply, erection, testing, and commissioning of an Electro-Mechanical (E&M) System on the Dharam-Katra section of the Udhampur-Srinagar-Baramulla Rail Link (USBRL) project. Out of the 272 kilometers of the USBRL Project, work has been completed on 161 km and commissioned, said the Ministry of Railways in a press release.
JSW Steel Limited reported a 65% year-on-year (YoY) growth in production to 5.07 million tonnes (MT) for the quarter ended June 2021 (Q1 FY22). Total production rose 16% when compared to the previous quarter. The company’s capacity utilisation at the standalone level was at 91% in Q1. Amidst the second wave of the Covid-19 pandemic, JSW Steel had supplied over 65,000 tonnes of liquid oxygen across India during the April-June quarter.
HCL Tech helps transform BP’s workplace services in multi-year deal
HCL Technologies Ltd has completed the first phase in building a modern digital workplace for UK-based multinational energy company BP. As part of a multi-year deal, HCL will help transform BP’s workplace services, enabling it to drive efficiency and create a standardised end-user experience for its employees across 500 sites. HCL Tech has been providing global site support services and managed telephony for 60,000 IT end-users at BP.
HG Infra declared lowest bidder for road project in Delhi
HG Infra Engineering has been declared the lowest (L-1) bidder by the National Highways Authority of India (NHAI) for a road project in Delhi. The project involves the development of a six-lane Urban Extension Road (UER) on NH 344 M (Karala-Kanjhawala Road) in Delhi. The company’s bid project cost is Rs 1,393.11 crore. The order has to be completed within two years.
Maruti Suzuki launches digital platform to provide car financing solutions
Maruti Suzuki India Ltd has announced the nationwide roll-out of its digital platform that provides end-to-end online car financing solutions to customers. The platform, Maruti Suzuki Smart Finance, will be available across India for customers of both Arena and Nexa dealerships. The automaker has on-boarded HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, IndusInd Bank, and 9 other financiers to provide enhanced car financing experience to customers.
Tata Motors partners with IndusInd Bank to finance solutions for passenger vehicles
Tata Motors Limited has launched offers for its passenger vehicle customers in partnership with IndusInd Bank. As part of the collaboration, Tata Motors will provide the ‘Step Up’ scheme where customers can choose and buy from its range of passenger cars in India, with a special low EMI option scheme for the first 3-6 months. This is part of the automaker’s constant effort to fast-track the availability of safe personal mobility solutions to individuals and families at pocket-friendly rates.
BHEL receives order from NPCIL for Nuclear Steam Generators
Bharat Heavy Electricals Ltd (BHEL) has secured an order for the supply of 12 steam generators from Nuclear Power Corporation of India Ltd (NPCIL). The order has been valued at Rs 1,405 crore. The generators will be manufactured at BHEL’s plant at Tiruchirapalli (Tamil Nadu). This is part of NPCIL’s Fleet Mode procurement program, which mandates the supply of steam generators for India’s highest-rated 700 MWe Pressurised Heavy Water Reactors to be set up at 4 different locations in the country.
Sabu M. Jacob, the Managing Director of Kitex Garments Ltd, has alleged that he is being ‘kicked out’ of Kerala due to harassment by the state government. The company is planning to shift its proposed project worth Rs 3,500 crore to Telangana. Tamil Nadu and Karnataka had also shown interest in the project after the MD announced that Kitex was winding up the project in Kerala, citing an alleged witch-hunt. Read more here.
IPO Updates
The Rs 963.27-crore initial public offering (IPO) of G R Infraprojects was subscribed 102.58 times on the final day of bidding. The portion reserved for retail investors was subscribed 12.57 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 238.04 times and that of qualified institutional buyers (QIBs) 168.58 times. To know more about the IPO, click here.
The Rs 1,546.62-crore IPO of Clean Science and Technology was subscribed 93.41 times on the final day of bidding. The portion reserved for retail investors was subscribed 9 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 206.43 times and that of qualified institutional buyers (QIBs) 156.37 times. To know more about the IPO, click here.
The largest casino operator in India, Delta Corp, recently announced that they have won approval to build the first land-based integrated resort in Goa. In fact, Delta Corp also stated that they aim to build this resort one of its kind in the entire nation which can attract tourists from worldwide. But what exactly is Delta Corp’s business? Is gambling even allowed in India? Let’s dig deeper and understand about this interesting company.
About Delta Corp
Imagine you being part of a company which is engaged in the business of casino and gaming. How cool is that! Delta Corp Limited is the only such company present in Indian Stock market. It was incorporated on November 5 1990.They operate casinos in two states, Goa and Sikkim. Currently, the company holds three of the six offshore gaming licenses issued in Goa, one land-based casino in Goa and one in Sikkim.
Deltin Royale (Goa): It is India’s largest live offshore gaming vessel. This ship consists of 118 tables, 60 slot machines and 950 gaming positions. It also hosts Royale Poker Room (India’s largest dedicated Poker room), Vegas (entertainment restaurant) and Whiskys (an exclusive lounge). Apart from this, it offers private gaming suites to selected guests.
Deltin JAQK (Goa): It is another leading live offshore gaming casino. JAQK comprises 50 gaming tables and 450 gaming positions. It hosts a playroom for children, 2 VIP suites, VIP gaming areas and an Aquabar.
Deltin Caravela (Goa): Caravela was India’sfirst offshore casino. It is also India’s only floating hotel with a casino inside.
Deltin Suites Casino (Goa): All the above three casinos were off-shore. Deltin Suites is Delta Corp’s only onshore gaming casino, started in December 2015.
Apart from them, Delta Corp operates Deltin Denzong Casino in Sikkim and Deltin Daman Casino in Daman. The company follows a growth strategy where they believe that gaming and hospitality go hand-in-hand. They own two hotels and a Villa in Goa and one hotel in Daman. They aim to provide a holistic experience by attracting not only gamers but tourists and families as well.
Online Gaming
Apart from casinos, Delta Corp has spread its wings in online gaming as well. They own and operate three online gaming portals. These are Adda52.com, Adda52rummy.com and LeagueAdda.com.
Through the acquisition of these portals, they have tried to establish their presence in the online gaming business. The major reason behind this move is to reach out to a larger customer base and involve them in the field of gaming. Adda52.com is an online poker platform. Currently, it holds the number one position in the online poker business in India. As the name suggests, Adda52rummy.com is the online platform for the game of Rummy. The third and last portal, LeagueAdda.com, offers fantasy gaming for the sports of cricket, football and kabaddi.
Delta Corp firmly believes online gaming is there to stay with us for a long time. With the advent of smartphones which can offer amazing gaming experiences, India will be a great market to tap in this segment. The Company also reports that India has seen a huge increase of 31% in the total online gamers in 2019 to reach around 365 million. The industry expects this number to reach 450 million-mark by 2022. The talks of 5G and foldable smartphones in the future will only fasten this growth.
Goa and Gambling
Gambling has always been a hot topic to debate on, especially in a country like India where “gambling” is referred to as a bad addiction. Gambling is a state subject. It is up to the state to formulate laws for gambling activities. Goa was the first state in India to legally allow gambling with some restrictions. Other than Goa, two more states allow casinos to open. These other two states are Sikkim and Daman.
Delta Corp reported revenue worth Rs 968.44 crore in FY20 compared to Rs 1,010.05 crore in the year before. This small fall can be largely attributed to the increasing cases of coronavirus worldwide. This imparted a fear in the mind of tourists and prompted them to hold back at their place. Also, two of Delta Corp casino vessels, Deltin JAQK and Deltin Caravela, went for dry-docking due to the nation-wide lockdown. The two casino vessels were not operational for 20 days and 15 days respectively due to lockdown.
As some of their assets were not in operation for a few days, they reported a year-on-year (YoY) decline in EBITDA and Profits. EBITDA for FY20 was calculated to be Rs 309.13 crore against Rs 350 crore in FY19. Profit after tax fell from Rs 196.76 crore to Rs 185.63 during the same period. A financial snapshot for better understanding is attached below.
Source: Company’s Annual Report
Even though offline gaming was hit hard due to the fears of virus and lockdown, Delta Corp’s online gaming segment continued to grow. Online gaming generated total revenue of Rs 162.14 crore for FY20. This is almost 10% higher than what they reported previous fiscal year. The main positive about the online gaming business is that there was a massive jump in operating margin numbers. The operating margin significantly improved from 18% to 26%. Better the operating margin, higher the profits a company can accumulate from a given revenue number.
Conclusion
“During its journey, the Company has always shown grit and courage to overcome and prevail challenges and emerge stronger.” These powerful words are spoken by Delta Corp’s chairman, Mr Jaydev Mody.
There was a marginal dip in numbers reported in FY20. Due to the lockdown and several restrictions on national and international travel, FY21 might be difficult for the company as well. But a small blip due to external factors cannot take away the attraction which Delta Corp possesses. These are one of a kind companies which exist in the market. And, companies like Delta Corp are often closely tracked by investors. India’s young population likes to be associated with a luxury lifestyle, gaming and parties.
How many times have we heard the youth making plans for a trip to goa? Taking all this into account, coronavirus may have caused a slight break in the company’s operations. But if the government continues to support the gaming and entertainment industry, companies like Delta Corp are set to thrive in future.
What are your views on Delta Corp? Let us know in the comments down below! Until next time.
India’s retail inflation declines to 6.93% in November
India’s retail inflation, which is measured by the Consumer Price Index (CPI), declined to 6.93% in November. The CPI for the month of October was 7.61%. Vegetable inflation for November came in at 15.63%, oils & fat at 17.86%, and meat & fish at 16.67%. The RBI expects retail inflation to ease to 5.4% in the third quarter and 4.5% in the fourth quarter of FY2021.
India’s inflation based on the wholesale price index (WPI) increased to 1.55% in November, as manufactured products turned costlier. The WPI inflation was 1.48% in October 2020.
Reliance Jio asks TRAI to take strict action against Vi, Bharti Airtel for spreading rumors
Reliance Jio has asked the Telecom Regulatory Authority of India (TRAI) to take strict action against Vodafone Idea (Vi) and Bharti Airtel for resorting to “unethical” ways and spreading “frivolous rumors” that Jio will gain from the Farm Bills. The company stated that retailers in certain cities in Punjab and NCR have seen an increase in customers porting out of Reliance Jio and joining either Vi or Bharti Airtel. This comes on the back of more than 50,000 farmers calling for a national boycott of Reliance products, including Jio Sim cards and phones.
Infosys partners with El Paso Water for customer service transformation
Infosys Ltd has entered into a strategic partnership with El Paso Water to improve the latter’s customer service systems. The IT major will help transform EP Water’s legacy customer information systems (CIS) with Oracle Utilities Customer to Meter (C2M). EP Water stated that this project will help them increase efficiency and customer satisfaction. EP Water is a municipal utility in El Paso, Texas.
Tata Sons, Air India employees submits expression of interest for struggling airline
As per reports, Tata Sons, US-based Interups Inc, and a consortium of Air India employees have placed an expression of interest (EoI) for the national carrier (Air India). Air India’s employee group, which consists of 219 members, submitted a bid to purchase 51% of the loss-making state-owned carrier. Today is the last day for submission of expression of interest. According to the latest government notification, the qualified institutional bidders (if any) will be invited to start bidding for the airline from December 28.
Burger King India’s share debut becomes biggest since 2017
The shares of Burger King India Ltd surged 131% on its first day of trading, making it one of the biggest share debuts since Aston Paper & Board Ltd in 2017. The company’s stock began trading at Rs 115, which was a 92.25% premium against its issue price of Rs 60. With restaurants reopening and vaccines on the way, investors are betting that Indians will be thronging fast-food chains.
Schindler partners with L&T Tech for digital & engineering transformation
L&T Technology Services (LTTS) said that it has been selected by Schindler as one of its key partners to provide innovative digital engineering capabilities. LTTS will provide product development, innovation, and engineering solutions that will help Schindler to accelerate its digitization and connectivity initiatives. The Schindler Group is a Swiss multinational company that manufactures escalators, moving walkways, and elevators.
Delta Corp Limited has received in-principle approval from the Goa Investment Promotion and Facilitation Board for setting up an integrated resort. The company stated that its new resort in Pernem (Goa) will consist of hotels, convention centres, multiplex cinema halls, a retail area, an electronic casino, a water park, and other facilities. Delta Corp is the only listed company engaged in the casino (live, electronic, and online) gaming industry in India.
L&T Construction secures contracts worth up to Rs 2,500 crore
Larsen & Toubro Ltd’s construction arm said that it has secured contracts in the range of Rs 1,000 crore- Rs 2,500 crore for its various businesses. The orders were secured from clients for two of L&T Construction’s businesses: Building & Factories (B&F) Business and Power Transmission & Distribution Business. The company has also secured a design & build order from a reputed client to construct a multi-specialty hospital at Nagpur.
Ramco Systems bags multi-million dollar orders from foreign companies
Ramco Systems Ltd announced that its various businesses have signed multi-million dollar agreements with multiple companies based in Europe, Asia, and America. However, the company did not disclose the value of the orders. Ramco Aviation, Aerospace & Defense signed an agreement with a leading European MRO (Maintenance, Repair & Overhaul) to digitally transform their business. Ramco ERP has signed an agreement with Agrifields DMCC for providing modules for inventory, procurement, production, and maintenance for its operations in the Philippines.
KEC International secures orders worth Rs 1,438 crore
KEC International Ltd announced that it has secured orders worth Rs 1,438 crore across its various businesses. The company’s railways business has secured orders worth Rs 475 crore in the urban infrastructure segment in India. KEC’s civil business has secured orders of Rs 383 crore for infra works from reputed private players in the chemical and cement segments. The cables business has secured orders of Rs 218 crore for various types of cabling projects in India and overseas.
