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

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

Reliance in talks for $2 billion loan to fuel expansion

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

Read more here.

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

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

Read more here.

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

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

Read more here.

Cochin Shipyard wins Rs 580 crore order for cargo vessels

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

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

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

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Dilip Buildcon Completes Highway Upgrade Project

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

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TVS Motor Company sells 43.54% stake in Emerald Haven Realty

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

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

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Jindal Stainless signs deal with Germany’s Dassault Systemes 

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

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Ashok Leyland partners with Aidrivers for autonomous electric terminal trucks

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

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ONGC signs MoU with IndianOil for petrochemicals

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

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

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

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Coal stock grows 44% to over 110 MT

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

Read more here.

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RBI Keeps Repo Rate Unchanged at 6.5% – Top Indian Market Updates

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

RBI keeps repo rate unchanged at 6.5%

The Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 6.50%. The decision was made by RBI’s Monetary Policy Committee (MPC) unanimously, with a majority vote on withdrawing accommodation to tackle inflation and prioritise growth. The RBI has maintained India’s GDP growth estimate for the financial year 2023-24 at 6.5%.

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Mahindra forays into dual-fuel small commercial vehicle segment with Supro CNG Duo

Mahindra & Mahindra has ventured into the dual-fuel segment for small commercial vehicles by introducing the Supro CNG Duo, priced at Rs 6.32 lakh. This model can operate on both CNG and petrol, providing flexibility. With a payload capacity of 750 kg and a CNG tank capacity of 75 litres, it offers a range of 325 km. Additionally, it includes a five-litre petrol tank to address concerns about range anxiety.

Read more here.

SpiceJet partners with FTAI Aviation to restore fleet

SpiceJet announced a lease agreement with FTAI Aviation to obtain up to 20 engines. The company plans to reactivate some of its grounded aircraft within 2-3 months. This partnership aims to reduce maintenance costs, minimize aircraft downtime, and improve the airline’s overall performance. SpiceJet had previously initiated the revival of 25 grounded planes using its own funds and a $50 million credit line from an Indian government scheme.

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Dilip Buildcon secures order worth Rs 780 crore from NHAI in Andhra Pradesh

Dilip Buildcon Ltd has announced that its subsidiary has signed a concession agreement with the NHAI for a Rs 780.12 crore road project. The project involves constructing a six-lane access-controlled greenfield highway in Andhra Pradesh as part of the Bharatmala Pariyojana Phase-I. It will be completed within 24 months from the appointed date and have a 15-year operation period from the commercial operation date (COD).

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L&T Finance Holdings recommends final dividend of Rs 2 per share for FY23

L&T Finance Holdings Ltd announced that its board of directors has proposed a final dividend of Rs 2 per equity share for the fiscal year 2022-23. If approved at the Annual General Meeting, the dividend will be disbursed within 30 days from the AGM. The company’s consolidated net income for the March 2023 quarter increased by 46% YoY to Rs 501 crore.

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Titagarh Rail’s board to consider raising funds

Titagarh Rail (previously Titagarh Wagons) has announced that it will convene a board meeting on June 10 to discuss raising funds. The company is considering various options, such as issuing equity shares, securities, or a combination of methods, including preferential issue, Qualified Institutional Placement (QIP), and rights issue. The purpose of the meeting is to deliberate and decide on the best approach for raising the necessary capital.

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Zydus receives final approval from USFDA for esomeprazole magnesium

Zydus Lifesciences Ltd has obtained final approval from the US Food & Drug Administration (USFDA) for esomeprazole magnesium. It is an oral suspension used to treat stomach and oesophagus issues. The medication aids in healing acid damage, prevents ulcers, and may reduce the risk of esophageal cancer. Zydus Lifesciences will manufacture the product at its formulation manufacturing facility in Moraiya, Ahmedabad.

Read more here.

Tanla Platforms to acquire ValueFirst for Rs 346 crore from Twilio

Tanla Platforms has announced its acquisition of ValueFirst from Twilio in a Rs 346 crore ($42 million) all-cash deal. The company has signed a definitive share purchase agreement, with the acquisition set to close in July 2023. Additionally, Tanla has signed a binding term sheet to acquire ValueFirst Middle East FZC for Rs 20 crore, aiming to enhance its global presence. This acquisition is projected to be completed by September 2023, pending closing conditions. 

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Aether Industries signs LoI with US-based global oilfield services company

Aether Industries has signed a Letter of Intent (LoI) with a US-based global oilfield services company, establishing them as a strategic supplier and contract manufacturing partner. The LoI sets the stage for the execution of a Strategic Supply Agreement (SSA) within three months, as stated in Aether Industries’ regulatory filing. Under this agreement, Aether will be responsible for manufacturing four specific products for the new customer, with a combined monthly volume of 1,325 metric tons.

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GAIL completes insolvency resolution process of JBF Petrochemicals in 15 months

GAIL (India) Ltd has completed the corporate insolvency resolution process (CIRP) for JBF Petrochemicals Ltd (JBFPL) within a remarkable 15 months. The payment has been released to all stakeholders of JBFPL, marking one of the fastest transaction closures in the post-COVID period for the National Company Law Tribunal (NCLT). GAIL has already invested Rs 2,101 crore in the resolution plan and now holds a 100% stake in JBFPL.

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Tata Power Renewable Energy arm bags contract to set up 966 MW renewable project for Tata Steel

Tata Power Renewable Energy, via its subsidiary TP Vardhaman Surya Ltd, has secured a contract to establish a 966 MW round-the-clock hybrid renewable power project for Tata Steel. The project consists of a combination of 379 MW solar and 587 MW wind power capacities. Tata Steel aims to meet a significant portion of its green energy requirements through this project. This leads to a reduction of 23.9 lakh tonnes of CO2 emissions annually.

Read more here.

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Wipro’s Net Profit Falls in Q4 – Top Indian Market Updates

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

Wipro Q4 Results: Profit falls 0.4% YoY to Rs 3,074 crore

Wipro Ltd reported a 0.4% YoY fall in consolidated net profit to Rs 3,074 crore for Q4 FY23. Its revenue from operations rose 11% YoY to 23,190 crore during the same period. Revenue from IT Services rose 4% YoY to $2,823 million in Q4. Total order wins for the fourth quarter was up 29% YoY to $4.1 billion.

The IT company’s board has approved a buyback of shares through the tender offer at Rs 445 per share. Wipro will buy back nearly 26.9 crore shares from shareholders.

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Hinduja sole bidder for Reliance Capital with ₹9,650 cr offer 

IndusInd International Holdings (part of the Hinduja Group) was the sole bidder for Reliance Capital in a bankruptcy auction, offering ₹9,650 crore in upfront cash. Other potential bidders, Torrent Investments and Oaktree Capital, did not submit bids despite indicating earlier that they would participate. The auction process ended with no counteroffers. Hinduja’s offer represents a 41% recovery for lenders.

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Tech Mahindra Q4 Results: Net profit falls 25.8% YoY to Rs 1,118 crore

Tech Mahindra reported a 25.8% YoY decline in consolidated net profit to Rs 1,118 crore and an operating revenue of Rs 13,718 crore, up 13.2% YoY, for Q4 FY23. EBITDA declined 3.2% YoY to Rs 2,021 crore. The company’s board has approved a dividend of Rs 32 per share.

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Axis Bank Q4 Results: Net loss at Rs 5,728 crore

Axis Bank reported a loss of 5,278 crore for Q4 FY23 due to the acquisition of Citi India’s retail consumer business. The bank’s net interest income (NII) rose 33.1% YoY to Rs 11,742.2 crore. The gross non-performing asset (GNPA) ratio improved to 2.02% in Q4 FY23, compared to 2.3% in Q3 FY23. The board has recommended a dividend of Rs 1 per share.

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GCPL signs pact to buy Raymond Consumer Care’s FMCG business

Godrej Consumer Products Ltd (GCPL) has signed an agreement to acquire Raymond’s Consumer Care business for Rs 2,825 crore in cash. The acquisition is expected to be completed by May 10, 2023. It will help increase GCPL’s presence in the male grooming space and foray into the sexual wellness category. The deal includes the trademarks of Park Avenue (for FMCG), KS, KamaSutra, and Premium through a slump sale.

Read more here.

LTI Mindtree Q4 Results: Profit growth flat at Rs 1,114 crore

LTIMindtree reported a net profit of Rs 1,114 crore for Q4 FY23, which is flat compared with the same period last year. Revenue from operations rose 22% YoY to Rs 8,691 crore in Q4 FY23. Its order inflow for the quarter came in at $1.35 billion. The company’s board has recommended a final dividend of Rs 40 per equity share.

Read more here.

MGL to expand into CBG, LNG & EV segments 

Mahanagar Gas Ltd (MGL) plans to diversify its portfolio beyond the city gas distribution (CGD) business and enter the compressed biogas (CBG) segment, electric vehicles market, equipment manufacturing for CGD companies, and retailing LNG as fuel for long-haul transportation. The move is aimed at expanding its business and reducing its dependence on CGD.

Read more here.

Dilip Buildcon wins order worth Rs 1300 crore from NHAI

Dilip Buildcon’s two wholly owned subsidiaries have executed a concession agreement worth Rs 1,373.6 crore with the National Highways Authority of India (NHAI). The agreement includes two projects for building highways in Andhra Pradesh worth Rs 599.5 crore and Rs 774.10 crore. The company has committed to completing the projects within 24 months and operating them for 15 years.

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IOCL signs pact with Tesla Power USA to provide automotive batteries

Indian Oil has formed a strategic alliance with Tesla Power USA to provide automotive batteries at fuel stations in India. Tesla Power batteries will initially be available at select Indian Oil fuel stations in the National Capital Region (NCR) and subsequently in other states. The partnership aims to bring convenience to customers and leverage Indian Oil’s extensive network of 36,000 petrol pumps.

Read more here.

Reliance JV signs content streaming deal with Warner Bros

Reliance’s Viacom18 has signed a deal with Warner Bros Discovery to bring the latter’s content onto its streaming platform JioCinema, in a move to compete with rivals such as Netflix and Amazon. As per the deal, HBO Original, Max Original and Warner Bros. Television series will premiere on JioCinema on the same day as the US. The development comes almost a month after all HBO content left its long-time home Disney+ Hotstar.

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Bharti Airtel’s 5G service now available in 3,000 cities

Bharti Airtel’s 5G service is now accessible to customers in 3,000 cities and towns across India. The telecom company is steadily expanding its 5G coverage and adding 30-40 new cities to its 5G roadmap every day. After Jio, Airtel also launched unlimited 5G data for its customers.

Read more here.

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RBI Hikes Repo Rate by 50 bps to 5.9% – Top Indian Market Updates

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

RBI hikes repo rate by 50 bps to 5.9%

The Reserve Bank of India (RBI) has hiked the repo rate by 50 basis points (bps) to 5.90% to control high inflation rates. This is the fourth straight increase in the current cycle. The RBI has now raised rates by a total of 190 bps since its mid-meeting hike in May 2022. The central bank has lowered India’s real gross domestic product (GDP) forecast for FY23 from 7.2% to 7%. It has also maintained the consumer price index (CPI) inflation forecast for FY23 at 6.7%

Read more here.

Akasa Air partners with RateGain for dynamic allocation of airfares

Akasa Air has partnered with RateGain Travel Technologies Ltd for gathering real-time air travel information that will help the airline in deciding dynamic fares. RateGain said its AI-powered platform, AirGain, provides the airline’s revenue and pricing teams with the most accurate and reliable market insights to build a competitive pricing strategy. It provides real-time competitor insights across channels to reduce disparity and revenue losses.

Read more here.

HDFC raises lending rate by 50 bps

HDFC Ltd hiked its lending rate by 50 basis points (bps) after the Reserve Bank of India (RBI) raised the benchmark interest rate to curb inflation. The move would increase equated monthly installments (EMIs) for housing loans by the firm. HDFC has undertaken seven rate hikes in the last five months.

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PM Modi to launch 5G services on Saturday

Prime Minister Narendra Modi will launch 5G services in India tomorrow during the inauguration of the sixth edition of India Mobile Congress (IMC-2022). Mobile operators plan to commence the commercial rollout of 5G after that. Reliance Jio and Bharti Airtel have announced plans to start 5G later in October, and metro cities will be provided with services by Diwali.

Read more here.

Inox Leisure opens multiplex theater in Srinagar

Inox Leisure Ltd has commenced commercial operations of a multiplex cinema theatre in Srinagar, Jammu & Kashmir. The multiplex consists of three screens and 522 seats. INOX is now present in 74 cities with 165 Multiplexes, 705 screens, and a total seating capacity of 1,57,290 across India.

Read more here.

LTTS partners with Qualcomm to provide solutions for 5G private networks

L&T Technology Services Ltd (LTTS) has extended its collaboration with US-based chipmaker Qualcomm Technologies to deploy end-to-end solutions for the global 5G private network industry. LTTS will establish an engineering center of excellence in California with Qualcomm Technologies’ support to accelerate the adoption of 5G private wireless networks.

Read more here.

Vi partners with CareGame to launch 5G mobile cloud gaming in India

Vodafone Idea Ltd has partnered with Paris-based gaming technology company CareGame to launch 5G mobile cloud gaming in India. The company said that with 5G’s low latency technology, the cloud gaming industry is expected to democratise even further. Android and iOS users will be able to experience high-quality mobile gaming across popular genres without downloading them.

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Dilip Buildcon emerges as lowest bidder for ₹723 crore project

Dilip Buildcon Ltd was declared as the lowest (L-1) bidder for Phase 2 of the Ahmedabad Metro Rail project in Gujarat. The project entails the construction of 7.5 kilometers of elevated viaduct and seven stations from Sector-1 to Mahatma Mandir. The cost of the project (excluding GST) is expected to be ₹723.45 crore. 

Read more here.

India’s core sector growth slows to 3.3% in August

The output of eight core infrastructure sectors grew 3.3% in August 2022— the lowest in nine months. The production growth of core sectors stood at 12.2% in the year-ago period. Output growth of eight infrastructure sectors (coal, crude oil, natural gas, refinery products, fertiliser, steel, cement, and electricity) was 9.8% during April-August of FY23, compared to 19.4% a year ago.

Read more here.

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Axis Bank Acquires Citi India’s Retail Assets for $1.6B – Top Indian Market News

Axis Bank acquires Citi India’s retail assets for $1.6 billion

Axis Bank has acquired Citi India’s retail assets, valuing the business at nearly $2 billion (~Rs 15,164 crore). The private sector bank will pay a cash consideration of $1.6 billion to Citi for the acquisition of the consumer business. The transaction comprises the sale of the consumer banking businesses of Citibank India, including credit cards, retail banking, wealth management, and consumer loans. It also includes the sale of the consumer business of Citi’s non-banking financial company (NBFC), Citicorp Finance (India) Ltd.

Read more here.

Reliance Jio lost 93 lakh subscribers in Jan 2022; Airtel gains 7.14 lakh subscribers

As per the latest subscriber data released by the Telecom Regulatory Authority of India (TRAI), Reliance Jio lost 93.32 lakh subscribers in January 2022. Vodafone Idea lost 3.7 lakh subscribers during the same month. Meanwhile, Bharti Airtel gained 7.14 lakh subscribers in Jan. Reliance Jio held the largest market share at 35.49%, followed by Bharti Airtel (31.13%) and Vodafone Idea (23.15%).

Read more here.

Sundaram Fasteners wins incentive approval under PLI scheme

Sundaram Fasteners Ltd (SFL) has qualified for incentives from the Ministry of Heavy Industries for its proposed investments in making powertrain sub-assemblies for electric vehicles (EVs) and internal combustion engine (ICE) vehicles. Companies selected for incentives under this scheme will get 8-11% of the determined sales value. SFL will set aside Rs 350 crore to make advanced automotive tech components for EVs and ICE vehicles.

Read more here.

Sun Pharma signs licensing pact with Lundbeck to launch anti-depressant pill

Sun Pharmaceutical Industries Ltd has entered into an exclusive patent licensing agreement with Danish drugmaker Lundbeck to market and distribute its version of antidepressant medication Vortioxetine in India. The drug will be marketed under the brand name Vortidiftm. The product is approved in over 80 countries, including the US, EU, Canada, and Australia.

Read more here.

CCI raids offices of CEAT, Apollo Tyres: Report

As per a Reuters report, the Competition Commission of India (CCI) raided offices of tyre companies, including Germany’s Continental AG and India’s Apollo Tyres and CEAT, in a case of suspected competition law violations. The report said the case was related to an antitrust investigation into the use of unfair trade practices and rigging of bids while supplying tyres for public transport vehicles in Haryana.

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BHEL secures order for compressor package from Iraq

Bharat Heavy Electricals Ltd (BHEL) has won an order for a compressor package from Iraq. The order was placed by Northern Refineries Company (NRC), a company owned by the Ministry of Oil, Iraq. It includes the design, engineering, manufacturing, and supply of an electric motor-driven recycle gas centrifugal compressor.

Read more here.

Godrej Properties to develop a 9-acre project in Pune

Godrej Properties Ltd (GPL) has acquired a 9-acre land parcel in the residential micro-market of Pimpri-​Chinchwad in Pune. The development will primarily be for a group housing project. The project will have a developable potential of around 1.7 million sq. ft. of saleable area. Based on current business assumptions, it has an estimated revenue potential of ~Rs 1,400 crore.

Read more here.

Tata Consumer Products to merge Tata Coffee business with itself

Tata Consumer Products Ltd (TCPL) has announced the merger of all businesses of Tata Coffee Ltd (TCL) with itself. This is part of a reorganization plan in line with TCPL’s strategic priority of unlocking synergies and efficiencies. Initially, the plantation business of TCL will be demerged into TCPL’s wholly-owned arm TCPL Beverages & Foods Ltd (TBFL). Then, the remaining business of TCL (extraction and branded coffee business) will be merged with TCPL.

Read more here.

Dilip Buildcon emerges lowest bidder for road project worth Rs 1,589 crore

The National Highways Authority of India (NHAI) has declared Dilip Buildcon Ltd as the lowest (L-1) bidder for a road project in Karnataka. The scope of the project includes the development of a six-lane access controlled greenfield highway from Maradgi S Andola to Baswantpur section of NH-150C. The bid project cost for the 65.50 km long project is Rs 1,589 crore. 

In other news, G R Infroprojects Ltd has received a Letter of Award (LoA) from NHAI for five new road projects worth ~Rs 5770 crore.

Read more here.

HDFC Bank, Shoppers Stop launch co-branded credit cards

HDFC Bank and Shoppers Stop have announced the launch of a new range of co-branded credit cards. The credit cards will be available for over 80 lakh ‘First Citizen’ customers of Shoppers Stop along with HDFC Bank customers. HDFC Bank expects co-branded credit cards to account for 25-30% of total spends in the next 2-3 years. 

Read more here.

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Tech Mahindra to Acquire 100% Stake in Allyis Group – Top Indian Market News

Tech Mahindra to acquire 100% stake in Allyis India, Green Investments

Tech Mahindra Ltd has approved a proposal for the acquisition of a 100% stake in Allyis India and Green Investments. The total consideration for the acquisition is $125 million (~Rs 929 crore). Allyis offers technology consulting and managed services that help organizations reduce costs and improve performance. The target entity is headquartered in Seattle, USA, and has more than 660 employees. 

Read more here.

GST Council defers hike on textiles from 5% to 12%

The Goods and Services Tax (GST) Council has decided to defer the rate hike on textiles from 5% to 12%. The issue will be reviewed at the next meeting in February 2022. Various states had opposed the increase in the tax, citing higher compliance costs for the unorganised sector and micro, small, & medium enterprises (MSMEs). They have also claimed that it will make the ‘poor man’s clothing expensive’.

Read more here.

SBI to acquire 10% stake in India International Clearing Corporation

State Bank of India (SBI) will acquire a nearly 10% stake in India International Clearing Corporation (IICC). IICC is the first international clearing corporation set up at GIFT-IFSC that acts as a central counterparty providing clearing and settlement and risk management services. It clears and settles index and single stock derivatives, currency derivatives, and debt securities. SBI is expected to acquire a 9.95% stake, subject to a maximum investment of Rs 34.03 crore.

Read more here. 

Cadila Healthcare’s US arm gets USFDA approval to market Pimavanserin capsule

Zydus Pharmaceuticals (USA) Inc. has received tentative approval from the US Food & Drug Administration (USFDA) to market generic Pimavanserin capsules. The drug is used to treat hallucinations and delusions associated with Parkinson’s disease psychosis. It will be manufactured at Cadila Healthcare’s formulation manufacturing facility at Special Economic Zone (SEZ), Ahmedabad.

Read more here.

FMCG distributors in Maharashtra to boycott HUL products from Jan 1

The Maharashtra Consumer Products Distributors Federation has decided to stop supplying Hindustan Unilever Ltd’s (HUL) kissan range of products from January 1 due to the company’s “refusal to engage with them on their concerns”. A section of bulk dealers and stockists warned of halting the supply of the HUL’s products over better terms offered to large and online peers. HUL said it remains committed to ensuring that distributors earn a fair return on investments. 

Read more here.

CBI conducts raids at official and residential premises of Dilip Buildcon

A Central Investigation Bureau (CBI) team on Friday conducted raids at officials and residential premises of Dilip Buildcon Ltd (DBL) in Bhopal. The action came after CBI caught an executive director of the company three days ago while trying to give a bribe of Rs 20 lakh to an official of the National Highway Authority of India (NHAI). A senior CBI officer confirmed that five persons, including the Regional Officer of NHAI Bangalore and three officials of DBL, have been arrested.

IDFC First Bank board approves merger with promoter entities

The Board of Directors of IDFC First Bank has favoured the merger of IDFC and IDFC Financial Holding (promoter group) with the bank. The bank’s board has constituted and authorised a Capital Raise and Corporate Restructuring Committee to work on the terms of the proposed merger, including finalising the scheme, valuation, and hiring advisors. IDFC Financial Holding Company Ltd (IDFC FHCL) holds a 36.52% stake in the bank as of September 2021, while IDFC Holds a 100% stake in IDFC FHCL.

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PB Fintech to invest up to Rs 1,000 crore in two subsidiaries

PB Fintech Ltd has approved an investment of up to Rs 700 crore in subsidiary Policybazaar Insurance Brokers Private Ltd during FY22 and FY23. It has also approved an investment of up to Rs 299.99 crore in subsidiary Paisabazaar Marketing and Consulting Private Ltd. The investments will allow both the companies to strengthen their financial health and meet general operating expenses.

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Government sets up multiple task forces for 6G development

The Department of Telecommunications (DoT) has formed as many as six academia-driven task forces under the Technology Innovation Group (TIG) on sixth-generation or 6G technology. DoT mandated immediate deliverables by March 31, 2022, including mapping of 6G activities and capabilities worldwide and a white paper on India’s competencies, including research and pre-standardisation activities.

Read more here.

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RIL, TA’ZIZ Forms JV for $2 billion Chemical Projects – Top Indian Market News

Reliance, TA’ZIZ forms joint venture for $2 billion chemical projects in Abu Dhabi

Reliance Industries Ltd (RIL) has formed a strategic joint venture (JV) with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) for chemical projects worth $2 billion in Ruwais. The joint venture, named TA’ZIZ EDC & PVC, will construct and operate a chlor-alkali, ethylene dichloride (EDC), and polyvinyl chloride (PVC) production facility. The JV aims to export the materials to target markets in Southeast Asia and Africa and also sell them domestically.

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Nestle India gets approval for PLI scheme for processed fruits, vegetables

The Indian government has approved Nestle India’s proposal towards the Production Linked Incentive (PLI) scheme for processed fruits and vegetables. In June, the company had submitted its proposal for the Centre’s PLI scheme for the food processing sector under the eligible categories, i.e., ready to eat/ready to cook and processed fruits & vegetables. The Ministry of Food Processing Industries has approved 60 applications of investment proposals by packaged food companies. The list includes ITC, Hindustan Unilever, Britannia Industries, Tata Consumer Products, Amul, etc.

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Intellect Designs Arena secures order from SBI

Intellect Design Arena Ltd (IDAL) announced that the State Bank of India (SBI) has selected Intellect Wealth Qube – Digital Wealth Management suite for its digital wealth management transformation agenda. The wealth management business is SBI’s top priority. Its primary task is to offer the best products across categories from leading fund houses, giving their customers the flexibility to invest, transact and view their portfolio through digital channels.

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Dilip Buildcon secures order worth Rs 2,683 crore from Coal India subsidiary

Dilip Buildcon Ltd has emerged as the lowest (L-1) bidder in a tender floated by South Eastern Coalfields (SEC) for the new overburden (OB) removal contract mining work for Amadatrd OCP in Jamuna Kotma, Madhya Pradesh. The company is required to conduct an OB removal contract mining of 236.18 million bank cubic metres for a contract period of 1,795 days. The order is worth Rs 2,683.02 crore. SEC is a subsidiary of Coal India Ltd.

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ADF Foods’ subsidiary gets exclusive distribution rights of Patanjali products

ADF Foods UK, a wholly-owned subsidiary of AD Foods Ltd, has entered into an exclusive distribution agreement with Patanjali Ayurved. The agreement entails the distribution of Patanjali consumer goods in Western Europe and the United Kingdom. This development is in line with ADF Foods’ strategy to widen its product portfolio and offer a complimentary range to retailers, thus leading to better market penetration.

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SBI selects Aurionpro to provide solutions for Kanpur Metro Project

State Bank of India (SBI) has selected Aurionpro Solutions Ltd as the solution provider for the Kanpur Metro Project (KMP) to implement an Automatic Fare Collection (AFC) System. The scope of the project includes the implementation of the AFC System followed by maintenance and support for 10 years. The project is valued at ~Rs 140 crore.

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SpiceJet to deposit $5 million in 2 weeks or face liquidation: Madras HC

The Madras High Court (HC) has stayed its earlier order of winding up SpiceJet Ltd and appointment of an official liquidator to take over its assets, subject to the condition that the airline deposits $5 million (~Rs 37.70 crore) within two weeks. The airline had failed to make payment of over $24 million to a Swiss-based SR Technics for maintenance, repair, and overhauling of aircraft engines, modules, and components. 

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ICICI Bank offers instant overdraft facility to sellers registered on Flipkart

ICICI Bank has partnered with Flipkart to offer an instant and completely digital overdraft (OD) facility of up to Rs 25 lakh to individual sellers and businesses registered on the e-commerce platform. The bank leverages advanced data analytics to develop an industry-first scorecard that helps it evaluate the credit-worthiness of the sellers instantly. Sellers registered on Flipkart can apply for the digital OD facility instantly through Flipkart Seller Hub.

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Route Mobile launches instant payment solution

Route Mobile has announced the launch of Click2Pay, an instant payment solution designed to simplify communications commerce and deliver a seamless conversational experience. Click2Pay is a 360-degree communications commerce solution that will include all business communication channels, with a flexible option to integrate payment platforms of choice. The solution is live on the WhatsApp Business Platform.

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PNB to raise up to Rs 2,000 crore via AT1 bonds

Punjab National Bank (PNB) plans to raise up to Rs 2,000 crore via Additional Tier I (AT1) bonds. The base size of the offering is Rs 500 crore, with an option to retain oversubscription of Rs 1,500 crore (greenshoe option). There is increasing interest in the instruments of public sector banks as the NPA (bad loan) situation has become better, recoveries have improved and prospects of further stress look less.

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India’s GDP Expands 8.4% in Q2 – Top Indian Market

India’s GDP expands by 8.4% in July-Sept quarter

India’s gross domestic product (GDP) grew 8.4% in the July-September quarter of the current financial year (Q2 FY22). The GDP had contracted by 7.4% in the corresponding quarter last year. GDP at Constant (2011-12) Prices is estimated at Rs 35.73 lakh crore in Q2 FY22, compared to Rs 32.97 lakh crores in Q2 FY21. The Indian economy strengthened in Q2 due to a pickup in the pace of vaccinations and the easing of localised restrictions.

Meanwhile, the output from India’s eight core sectors grew 7.5% in October 2021, compared to a 0.5% contraction in October 2020. Core sectors’ growth stood at 4.5% in September 2021. The core sectors include coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity.

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Yes Bank’s voting rights in Dish TV unfrozen by Supreme Court

The Supreme Court (SC) unfroze a restriction imposed by the police on Yes Bank’s voting rights in Dish TV India Ltd. This move will allow the bank to vote in Dish TV’s Annual General Meeting (AGM). However, the AGM scheduled to take place on November 30 has now been postponed. The freeze on voting rights of shares held by Yes Bank was due to a notice issued by the Uttar Pradesh police on Nov 5, which directed the bank not to transfer or exercise any rights as a shareholder of Dish TV. 

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Infosys to transition Daimler’s HPC workloads to green data centre in Norway

Infosys will transfer Daimler’s High-Performance Computing (HPC) workloads to Lefdal Mine Datacenter in Norway, one of Europe’s greenest data centres. The HPC workloads are used to design vehicles and automated driving technologies. The shift to Green Data Center as a Service is an important milestone in supporting Daimler to achieve its sustainability mission (Ambition 2039) to become carbon neutral by 2039.

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Edelweiss Financial Services to raise up to Rs 1,000 crore via NCDs

Edelweiss Financial Services Ltd (EFSL) will raise up to Rs 500 crore via the public issue of secured, redeemable, non-convertible debentures (NCDs) of face value Rs 1,000 each. The base size of the issue is Rs 200 crore, with an option to retain oversubscription up to Rs 300 crore. The issue is within the shelf limit of Rs 1,000 crore. The effective yield per annum of the NCDs ranges from 8.75% to 9.70%. 

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redBus partners with IRCTC to offer train ticketing service

Online bus ticketing platform redBus has partnered with IRCTC to offer rail ticketing services under “redRail”. As part of its introductory offer, redRail will not levy any service fee or payment gateway charges. All of the scheduled train services of IRCTC, which includes nearly 9 million daily seats, will now also be available on the redBus app for booking.

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Maruti Suzuki flags drop in December output due to chip shortage

Maruti Suzuki India Ltd is expecting an adverse impact on vehicle production at its manufacturing units in Haryana and Gujarat in December due to the global semiconductor shortage. Total production could only be around 80-85% of the normal production. Supply chain disruptions and booming demand for consumer electronics have led to an acute shortage of semiconductors. 

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Dilip Buildcom emerges lowest bidder for rail project in Himachal Pradesh

Dilip Buildcon Ltd has emerged as the lowest bidder for a tender floated by Rail Vikas Nigam Ltd (RVNL) in Himachal Pradesh. The work includes slope protection and allied works in connection with the new Bhanupali-Bilaspur-Beri railway line in Bilaspur district. The project cost is Rs 636.94 crore. Dilip Buildcon has to complete the project within 24 months.

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PTC Industries’ arm receives approval to make alloy castings for aerospace applications

Aerolloy Technologies, a subsidiary of PTC Industries Ltd, has received international certification to manufacture titanium and nickel super alloy castings for aerospace applications. Uttar Pradesh-based PTC Industries develops and manufactures strategic components and sub-systems for various defence and aerospace applications.

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NMDC slashes lump ore prices by Rs 750 per tonne, fines by Rs 200 per tonne

NMDC Limited has reduced the prices of lump ore by Rs 750 per tonne and fines by Rs 200 per tonne. The company has revised the rates of lump ore or higher grade ore to Rs 5,200 a tonne. The price of lump ore or low-grade ore has been fixed at Rs 4,560 per tonne. The revised prices are effective from November 30, 2021.

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Cabinet Clears Rs 30,600 crore Govt Guarantee for Bad Bank – Top Indian Market news

Cabinet approves Rs 30,600 crore govt guarantee for bad bank

The Union Cabinet has cleared a proposal to provide a Rs 30,600 crore government guarantee for security receipts issued by the National Asset Reconstruction Company Ltd (or bad bank) as part of the resolution of bad loans. NARCL will aggregate the non-performing assets (bad loans) from banks’ balance sheets and manage and dispose of them professionally. The bad bank will pay up to 15% of the agreed value for the bad loans in cash, and the remaining 85% would be government-guaranteed security receipts. Nearly 90,000 crore worth of NPAs will be transferred to NARCL in the first phase.

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BHEL commissions India’s largest floating solar PV plant

Bharat Heavy Electricals Ltd (BHEL) has commissioned India’s largest floating solar photovoltaic (PV) plant in Andhra Pradesh. Located at NTPC Simhadri, the 25 megawatt (MW) floating SPV project covers an area of 100 acres. BHEL’s scope of work in the project included design, engineering, procurement, and construction of the solar project. The project will help in saving valuable land resources and conserving water by reducing evaporation. 

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Easy Trip Planners to expand presence to Philippines, Thailand, and the US

Easy Trip Planners has expanded its international footprint by incorporating wholly-owned subsidiaries in the Philippines, Thailand, and the United States. The company has forayed into these countries as part of the second phase of a global expansion strategy. They are anticipating a huge pent-up global demand for the travel and tourism sector in the coming months. The new subsidiaries will replicate the cost-effective operating model that EaseMyTrip has successfully adopted in India for over 13 years. 

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Dilip Buildcon secures order worth Rs 1,060 crore from NHAI

Dilip Buildcon Ltd has received a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a road project in Andhra Pradesh. The scope of work includes the construction of a four-lane Bangalore-Chennai Expressway from Bangarupalem to Gudipala section in Andhra Pradesh. The bid project cost is Rs 1,060 crore. Dilip Buildcon has to complete the project within two years.

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NCLT approves amalgamation of Lincoln Pharma and Lincoln Parenteral

The National Company Law Tribunal (NCLT)-Ahmedabad Bench has approved the scheme of amalgamation of Lincoln Pharmaceuticals Ltd and Lincoln Parenteral Ltd. This move will boost synergies in terms of operational efficiency, enhance competitive strength, cost-effectiveness, and productivity for the combined entity. The scheme will be effective upon the filing of a certified copy of the order of NCLT with the Registrar of Companies, Gujarat.

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M&M Finance enters vehicle leasing, subscription business

Mahindra & Mahindra Financial Services Ltd has forayed into the vehicle leasing and subscription business. The new vertical will operate under the brand name ‘Quiklyz’. Consumers can pay a monthly fee to access the vehicle of their choice across all car brands at a lower price point when compared to regular car ownership. Mahindra Finance said Quiklyz will add substantial value to its existing business portfolio as it aspires to tap all emerging opportunities in the vehicle leasing space.

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Saregama India’s board approves raising up to Rs 750 crore

The Board of Directors of Saregama India Ltd has approved the raising of funds by issuing securities for an aggregate amount not exceeding Rs 750 crore. The securities will be issued by way of a private placement, preferential issue, or public issue. The board has also approved the appointment of Deepak Jain as interim Chief Financial Officer (CFO) of the company. Saregama India is India’s oldest music label owned by the RP-Sanjiv Goenka Group of companies. 

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Centre receives investment proposal of Rs 6,000 crore for PLI scheme for AC, LED lights

Nearly 52 companies have applied for availing production linked incentives (PLI) for white good makers, proposing an investment of ~Rs 6,000 crore in the manufacturing of components for ACs and LED lights. The Centre has received applications from firms such as Daikin, Blue Star, Panasonic, Dixon Tech, Amber Enterprises, and Lloyd. This PLI scheme will help save foreign currency, as a majority of the components in AC and LED lights are now imported from China and Taiwan. It will also create job opportunities in the country.

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Aptech enters edtech segment with ‘ProAlley.com’ 

Aptech Limited has entered the educational technology (edtech) segment with its latest brand— ‘ProAlley.com’. The brand intends to reach out to a new set of users that are self-paced learners who want to learn and make a career in the growing media & entertainment industry. ProAlley.com comes with hi-tech features and a quick, user-friendly interface. Mumbai-based Aptech is a pioneer in the non-formal vocational training business in India. 

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SpiceJet to Transfer Cargo Business to SpiceXpress – Top Indian Market News

SpiceJet seeks shareholders’ approval to hive off cargo, logistics business

SpiceJet Ltd has sought permission from its shareholders to transfer its cargo and logistics business to its subsidiary, SpiceXpress. All related assets and liabilities, including trademark, licenses, franchises, customer contracts, and distribution network will be transferred on a slump sale basis to SpiceXpress. The airline has also sought shareholders’ approval to raise up to Rs 2,500 crore through the issuance of shares via a Qualified Institutional Placement (QIP).

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RBI partially lifts technology-ban on HDFC Bank: Report

According to a report from CNBC-TV18, the Reserve Bank of India (RBI) has partially lifted the technology ban on HDFC Bank with effect from August 17. The central bank has allowed HDFC Bank to source new credit cards. However, the ban on digital launches will continue for the time being. In December 2020, the RBI had banned India’s largest private-sector lender from selling new credit cards and also launching new digital services due to a series of network outages.

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RBI introduces Financial Inclusion Index

The Reserve Bank of India (RBI) has introduced the Financial Inclusion (FI) index to capture the extent of financial inclusion in the country. The FI-Index has been conceptualised as a comprehensive index, incorporating details of the banking, investments, insurance, postal, and pension sectors in consultation with the government and respective sectoral regulators. This was part of the announcements made in RBI’s first bi-monthly monetary policy in April 2021.

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Dixon Tech to manufacture smartphones for Orbic in India

US-based smartphone maker Orbic has partnered with Dixon Technologies to manufacture its smartphones in India. The new Orbic Myra 5G UW will be the first 5G millimeter-wave (mmWave) product to be produced in India for export to the US. The smartphones will be manufactured at Dixon Tech’s facility in Noida. Dixon is one of the 14 local and global companies that has received approval from the Ministry of Electronics and IT under the Production Linked Incentive (PLI) scheme for IT hardware manufacturing.

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Sterlite Power Transmission files DRHP for Rs 1,250 crore IPO

Sterlite Power Transmission Ltd (SPTL) has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise ~Rs 1,250 crore via an IPO. SPTL is promoted by mining magnate Anil Agarwal and Twin Star Overseas. The company manufactures power products and is in the business of power transmission. The proceeds from the IPO will be used to repay or prepay certain borrowings availed by the company and Khargone Transmission Ltd (KTL).

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Dilip Buildcon gets financial closure of NHAI road project in Gujarat

Dhrol Bhadra Highways, a subsidiary of Dilip Buildcon Ltd, has received a financial closure letter from the National Highways Authority of India (NHAI) for a road project in Gujarat. The project consists of four laning of Dhrol-Bhadra Patiya section of NH-151A and Bhadra Patiya-Pipaliya section of NH-151A on a design, build, operate, and transfer (DBOT) basis. The bid project cost is Rs 882 crore.

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Caplin Point’s subsidiary gets approval from Brazil’s ANVISA

Caplin Steriles has received approval from Brazil’s National Health Surveillance Agency ANVISA for its sterile injectable manufacturing site near Chennai, Tamil Nadu. The approval grants the company access to register and market its products in Brazil, the largest pharmaceutical market in Latin America. Caplin Steriles is a subsidiary of Caplin Point Laboratories Ltd.

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Canara Bank opens Rs 2,500 crore QIP; floor price set at Rs 155.58 per share

Canara Bank has launched a Qualified Institutional Placement (QIP) of equity shares to raise ~Rs 2,500 crore. The lender’s Board of Directors has approved a floor price of Rs 155.58 per equity share for the QIP. The Capital Planning Process Committee of Canara Bank’s board will meet on August 23, 2021, to consider the issue price for the equity shares and the number of shares to be allotted to Qualified Institutional Buyers (QIBs).

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Zydus Cadila gets USFDA approval for cancer drug

Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market Lenalidomide capsules. The drug is used to treat various types of cancers. It works by slowing or stopping the growth of cancer cells. The drug will be manufactured at the pharma company’s formulation manufacturing facility at the SEZ, Ahmedabad.

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SBI Cards raises Rs 500 crore by issuing bonds

SBI Cards and Payment Services Ltd has raised Rs 500 crore by issuing bonds on a private placement basis. The company’s Stakeholders’ Relationship & Customer Experience Committee has approved the allotment of 5,000 fixed-rate, redeemable non-convertible debentures (NCDs) of the face value of Rs 10 lakh each, aggregating to Rs 500 crore. SBI Cards will offer a coupon rate of 5.7% per annum on the bonds.

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RailTel Corp secures two orders worth Rs 39 crore

RailTel Corporation of India Ltd has received two works of tunnel communication of Central Railway from Indian Railways. The total anticipated project cost of the work is Rs 38.83 crore. The order has to be completed within 12 months. RailTel is an Information and Communications Technology (ICT) company. It is a wholly-owned subsidiary of the Government of India and is run by the Ministry of Railways.

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M&M Reports Net Profit of Rs 163 crore in Q4 – Top Indian Market News

M&M and MVML Q4 Results: Net profit at Rs 163 crore

Mahindra & Mahindra (M&M) and Mahindra Vehicular Manufacturing Ltd (MVML) reported a combined net profit of Rs 163 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 3,255 crore in the corresponding quarter last year (Q4 FY20). The combined revenue from operations rose 48% YoY to Rs 13,338 crore in Q4 FY21. Its farm equipment business grew 100% YoY to Rs 1,095 crore. The company’s board has announced a final dividend of Rs 8.75 per share. 

According to M&M, the combined earnings of itself and MVML provide a comprehensive view of the company.

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Bajaj Healthcare launches Posaconazole API for treatment of black fungus

Bajaj Healthcare Ltd has announced the launch of Posaconazole API, used for the treatment of mucormycosis or Black Fungus in Covid-19 patients. The pharma company has received approval from the Food and Drugs Administration (FDA), Gandhi Nagar, Gujarat, to manufacture and market the anti-fungal drug in India. It will commence commercial production of Posaconazole API from the first week of June.

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Ashoka Buildcon secures order worth Rs 1,018 crore from Fahi Dhiriulhun Corp

Ashoka Buildcon Ltd has received the Letter of Acceptance (LoA) for an order from Fahi Dhiriulhun Corporation, a state-owned company of the Government of the Republic of the Maldives. The order consists of the design and construction of 2,000 social housing units in Hulhumale on an engineering, procurement, and construction (EPC) basis. The total value for this project is estimated at Rs 1,018.36 crore. 

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Karur Vysya Bank Q4 Results: Net profit rises 24% YoY to Rs 104 crore

Karur Vysya Bank reported a 24.7% YoY increase in net profit to Rs 104.37 crore for the quarter ended March (Q4). Net profit has jumped 201% when compared to the previous quarter. Its total operating income declined by 7.34% YoY to Rs 1,349.31 crore during the same period. For the financial year ended March 31, 2021 (FY21), the bank’s net profit has increased by 52.92% YoY to Rs 359.39 crore. 

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Dilip Buildcon Q4 Results: Net profit declines 2.5% YoY to Rs 186 crore

Dilip Buildcon Ltd reported a 2.55% YoY decline in consolidated net profit to Rs 186.18 crore for the quarter ended March (Q4). Net profit has increased by 2.17% when compared to the previous quarter. Its revenue from operations rose 15% YoY to Rs 3,135 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 7.68% YoY to Rs 436.54 crore. Dilip Buildcon’s board has announced a final dividend of Re 1 per share.

Canara Bank to raise up to Rs 9,000 crore in FY22

The Board of Directors of Canara Bank has approved the capital raising plan of up to Rs 9,000 crore for the financial year 2021-22 (FY22). The state-owned bank will raise funds amounting to Rs 2,500 crore by way of a qualified institutional placement (QIP). Capital of Rs 4,000 crore will be raised by issuing additional Tier-1 Basel III compliant bonds. An amount of Rs 2,400 crore will be raised by issuing additional Tier-2 Basel III compliant bonds.

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Ipca Labs Q4 Results: Net profit rises 94% YoY to Rs 161 crore

Ipca Laboratories Ltd reported a 94.09% YoY increase in consolidated net profit to Rs 161.20 crore for the quarter ended March (Q4). The pharma company’s revenue from operations rose 3.81% YoY to Rs 1,114.66 crore during the same period. It incurred a foreign exchange (forex) gain of 13.24 crore in Q4 FY21, compared with a forex loss of Rs 23.62 crore in Q4 FY20. For the financial year ended March 31, 2021 (FY21), net profit rose 89% YoY to Rs 1,141 crore.

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Sun Pharma secures patent license for Dapagliflozin in India from AstraZeneca

Sun Pharmaceutical Industries has acquired the Rights to Trademarks of Dapagliflozin under the brands Oxra, Oxramet, and Oxraduo in India from Sweden-based AstraZeneca AB. The pharma company has also taken a patent license to manufacture and commercialize the drug in India, with effect from May 28, 2021. Dapagliflozin is used for the treatment of Type-2 diabetes.

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Deepak Fertilizers Q4 Results: Net profit jumps 415% YoY to Rs 116 crore

Deepak Fertilizers & Petrochemicals Corporation reported a 415% YoY jump in consolidated net profit to Rs 116 crore for the quarter ended March (Q4). Its revenue from operations rose 21.8% YoY to Rs 1,575 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit jumped 357% YoY to Rs 406 crore. The company’s board has recommended a dividend of Rs 7.5 per share.

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Vedanta to set up Aluminium Park in Odisha with an investment of Rs 10,000 crore

Vedanta Limited has announced plans to set up an aluminium park in Odisha to facilitate companies that use the metal to set up their manufacturing units in the facility. It aims to invest Rs 10,000 crore to establish the park. The facility will benefit small and medium downstream enterprises, which can set up their manufacturing units and draw hot metal from Vedanta’s aluminium smelter in Jharsuguda to make their end-products. Vedanta stated that the park would create employment opportunities for more than 1 lakh people.

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RBI imposes Rs 10 crore penalty on HDFC Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10 crore on HDFC Bank for regulatory non-compliance. “This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” said RBI. The central bank said irregularities were found after examination of a whistleblower complaint with respect to the bank’s auto loan portfolio.

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City Union Bank Q4 Results: Net profit at Rs 111 crore

City Union Bank reported a net profit of Rs 111.18 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 95.29 crore in the corresponding quarter last year (Q4 FY20). Its total income declined 8.15% YoY to Rs 1,121.43 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit rose 24.34% YoY to Rs 592.82 crore.

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Tata Power to Develop 60 MW Solar Project in Gujarat – Top Indian Market News

Tata Power receives order to develop 60 MW solar project in Gujarat

Tata Power Limited has secured an order to develop a 60 megawatt (MW) solar project for Gujarat Urja Vikas Nigam Ltd (GUVNL). The energy will be supplied to GUVNL under a power purchase agreement (PPA), which is valid for 25 years from the scheduled date of commercial operation. With this order, Tata Power’s renewable energy capacity will increase to 4,007 MW.

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L&T secures orders worth Rs 1,000-2,000 crore across various business segments

Larsen & Toubro (L&T) said its construction arm has secured significant orders (in the range of Rs 1,000-2,000 crore) across various business segments. Its heavy civil infrastructure business has secured an EPC order to construct a four-lane bridge across river Ganga on the newly declared NH-131B in Bihar. L&T Construction’s water & effluent treatment business has received a design, build, and operate order from the Municipal Corporation of Amritsar for setting up a bulk water supply system.

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Indiamart Intermesh to acquire 11% stake in Legistify Services

Indiamart Intermesh Ltd, through its wholly-owned subsidiary Tradezeal Online, will acquire an 11.01% stake in Legistify Services for Rs 1.30 crore. Legistify offers a SaaS (software as a service)-based ERP tool that allows enterprises to manage their legal workflows. Indiamart said this investment is in line with its long-term objective of offering various SaaS-based solutions for businesses.

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BHEL secures order worth Rs 400 crore from Indian Oil Corp

Bharat Heavy Electricals Ltd (BHEL) has received an order worth Rs 400 crore for setting up a sulphur recovery unit at Indian Oil Corporation’s (IOCL) Paradip Refinery in Odisha. With this order, BHEL has made its entry into the downstream oil & gas process package business. The company’s scope in the contract includes project management, residual process design, testing, construction, commissioning, and performance guarantee test run of the 525 TPD (tonnes per day) sulphur recovery unit.

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Dilip Buildcon wins order worth Rs 1,137 crore from NHAI

Dilip Buildcon Limited (DBL) has secured an order worth Rs 1,137 crore from the National Highways Authority of India (NHAI) for a road project in Karnataka. The project consists of four-laning the Sannur-Bikarnakatte section of NH-169 on Hybrid Annuity Mode (HAM). The completion period for the 45-km project is 24 months.

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TCS unveils new brand statement- ‘Building on Belief’

Tata Consultancy Services (TCS) has unveiled a new brand statement— ‘Building on Belief’, as it embarks on its next decade of transformation-led growth. It expresses the active and collaborative role that TCS plays in partnering customers over the long term, leveraging its contextual knowledge, investments in research and innovation, and technology expertise to help them grow and achieve their transformational goals. TCS will launch an integrated 360-degree campaign across media platforms to highlight the new brand statement.

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Alkem Labs to invest Rs 40 crore in ABCD Technologies

Alkem Laboratories said it has agreed to subscribe to a partnership interest in healthcare services firm ABCD Technologies LLP. The pharma company will invest Rs 40 crore in ABCD Tech. The objective of this acquisition is to digitise healthcare infrastructure in India towards facilitating better distribution practices. Last week, Sun Pharma, Lupin, Cadila Healthcare, and Torrent Pharma said they have subscribed to the partnership interest in the same firm.

SJVN to develop 70 MW grid-connected solar project in Gujarat

SJVN Limited has received a Letter of Award (LoA) from the Gujarat Urja Vikas Nigam Ltd (GUVNL) to develop a 70 MW grid-controlled solar power project in Gujarat. The company will supply electricity from this project to GUVNL at a rate of Rs 2.21 per kilowatt-hour for a period of 25 years. SJVN said this project will support in achieving its vision of increasing its electricity generation capacity to 5,000 MW by 2023.

Tamilnadu Petro to invest Rs 435 crore for capacity expansion

The Board of Directors of Tamilnadu Petroproducts has approved an investment of Rs 435 crore for capacity expansion and revamping its manufacturing plants. The capacity of its linear alkyl benzene (LAB) plant will be increased from 120 kilo-tonnes per annum (KTA) to 145 KTA at an estimated cost of Rs 240 crore. The company’s heavy chemicals division (HCD) plant will be modernised at an estimated cost of Rs 165 crore.

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RBL Bank partners with Tide to serve banking needs of Indian SMEs

RBL Bank said it will provide banking infrastructure to UK-based fintech Tide’s India platform, which is focused on the small & medium enterprises (SME) segment. SMEs will have an option to open current and savings accounts at RBL Bank through Tide’s business platform. The bank can also integrate its payment APIs to enable Tide users to make seamless transactions through the platform.

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Goldiam International receives export orders worth Rs 80 crore

Goldiam International Ltd said it has secured export orders from prominent international clients. It has won an order for manufacturing diamond-studded designed gold jewellery worth Rs 80 crore. The company will deliver the export orders within 3 months. Mumbai-based Goldiam International is a leading global exporter of luxurious diamond jewellery.