Tag: dilip buildcon

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Petrol, Diesel Prices Cut for Second Consecutive Day – Top Indian Market News

Petrol, diesel prices cut for second consecutive day

State-run oil marketing companies (OMCs) cut petrol and diesel prices for the second consecutive day on Thursday. The price of petrol fell by 21 paise per litre to Rs 90.78 per litre in Delhi. Diesel price fell by 20 paise to Rs 81.10 per litre in the national capital. Global crude oil prices have fallen due to growing concerns over lockdowns to contain the increasing number of Covid-19 cases. 

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Welspun Enterprises to take over Rs 1,900 crore HAM project in Kerala

Welspun Enterprises has agreed to take over a Hybrid Annuity Mode (HAM) project in Kerala from Calicut Expressway Pvt Ltd through the harmonious substitution process of the National Highways Authority of India (NHAI). The project consists of six-laning the Kozhikode Bypass (Vengalam Jn. to Ramanattukara Jn.) of NH-66 in Kerala. The current estimated bid project cost is ~Rs 1,900 crore.

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Dilip Buildcon emerges lowest bidder for HAM project in Karnataka

Dilip Buildcon Ltd (DBL) has emerged as the lowest (L1) bidder for a new Hybrid Annuity Mode (HAM) project in Karnataka. The project consists of four-laning the Sannur-Bikarnakette section of NH-169 in Karnataka. The bid cost of the 45 km-long project is Rs 1,137 crore.

In other news, Repallewada Highways (a wholly-owned subsidiary of DBL) has received a letter of appointed date from NHAI for a project in Telangana. The bid cost of the 52.6 km-long project is Rs 1,140.50 crore.

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Barbeque Nation IPO subscribed 1.98 times on second day of bidding

The Rs 452-crore initial public offering (IPO) of Barbeque Nation Hospitality Limited was subscribed 1.98 times on the second day of bidding. The IPO has received bids for 98.75 lakh equity shares against an offer size of 49.99 lakh shares. The portion reserved for retail investors was subscribed 9.66 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 10% and that of qualified institutional buyers (QIBs) 37%.

To know more about the IPO, click here.

Voltas executes business transfer agreement with Universal MEP Projects

Voltas Limited has executed a business transfer agreement with its wholly-owned subsidiary, Universal MEP Projects & Engineering Services Ltd (UMPESL), for transferring its domestic projects business. Voltas’ mechanical, electrical & plumbing (MEP), heating, ventilation & air-conditioning (HVAC), and water projects, mining & construction equipment (M&CE) divisions will be transferred to UMPESL. The transaction is expected to be completed by the end of September 2021. 

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Kirloskar Ferrous signs mining lease deed with Karnataka Govt

Kirloskar Ferrous Industries Ltd (KFIL) was declared as the preferred bidder in an e-auction for Bharath Mines & Minerals, based on the highest final price offer submitted by the company. KFIL said it has entered into the mining lease deed with the Department of Mines and Geology, Government of Karnataka, for conducting mining operations for a period of 50 years. The operations at the mine commenced on March 24, 2021.

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Wabco India’s promoter to sell 18.10% stake via OFS

Wabco India Limited said its promoter, ZF International UK, will offload an 18.10% stake in the company through an offer for sale (OFS). This consists of a base issue of 9.05% stake and an oversubscription issue (greenshoe option) of 9.05% stake. The floor price of the OFS has been fixed at Rs 5,450 per share, a discount of 11% compared to Wednesday’s closing price of Rs 6,102. The OFS will open for retail investors tomorrow (March 26).

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CG Power’s board approves liquidation of CG Sales Network Malaysia

The Board of Directors of CG Power and Industrial Solutions Ltd has approved a proposal to liquidate its step-down subsidiary— CG Sales Network Malaysia Sdn Bhd. The voluntary liquidation is subject to statutory and regulatory approvals. CG Power is engaged in the design, manufacturing, and marketing of products related to power generation, transmission, and distribution. The company is based in Mumbai and is part of the Murugappa Group.

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Govt offers 67 blocks in second tranche of commercial coal mine auction

The Central government, on Thursday, launched the second tranche of auctions for commercial coal mining. A total of 67 coal blocks have been put up for sale. This is the highest number of mines on offer in a particular tranche (round) after the commencement of the auction regime in 2014. Out of the total 67 mines offered, 37 have been fully explored, while the remaining have been partially explored. 

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Ramco Systems wins order from a global tech company

Ramco Systems Limited said it has signed a contract with a global technology company to unify and transform its payroll operations across Japan, China, Philippines, and Malaysia. The tech company will leverage Ramco’s managed payroll services (including last-mile services on public cloud) to streamline and digitally transform its payroll operations across the four countries in Phase-1.

Read more here.

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Editorial

Highway Infra Construction Firms: An Analysis

As we know, the infrastructure sector has received a significant boost through the provisions of the Union Budget 2021-22. The Finance Ministry has allocated a whopping Rs 1.18 lakh crore towards the Ministry of Road Transport and Highways. This fund would be utilised for the launch of mega national highway projects across the states of Tamil Nadu, West Bengal, Assam, and Kerala. This would strengthen the existing transportation networks in India and ensure more connectivity.

This is clearly great news for large infrastructure companies that constantly receive contracts from the National Highways Authority of India (NHAI). Over the years, these firms have built and maintained some of the best roads and highways in our country. Let us take a closer look at some of the prominent companies that excel in the construction of highways in India. 

Larsen & Toubro

Larsen & Toubro (L&T) Limited is engaged in engineering, construction, and manufacturing operations worldwide. The company’s infrastructure segment constructs buildings and factories, transportation infrastructure, heavy civil infrastructure, power transmission and distribution, etc. L&T Infrastructure Development Projects Limited (L&T IDPL) is a pioneer of the Public-Private-Partnership (PPP) model of development in India. IDPL’s portfolio of road projects includes some of the most economically significant and high-traffic corridors connecting key industrial cities and ports. The company’s total portfolio consists of 17 projects, comprising 7,800 lane kilometers of roads and highways. 

L&T has invested heavily in research and development (R&D) activities to improve efficiency and accuracy. Thus, they have been able to complete and deliver projects within the stipulated time.

Financial Performance:

L&T’s revenues and profits have shown consistent growth over the years. This is primarily due to the large number of contracts they receive from Central and state government agencies. The company reported a 4.8% year-on-year (YoY) increase in net profit to Rs 2,446.7 crore for the quarter ended December (Q3). L&T’s revenue from operations declined 1.78% YoY to Rs 35,596 crore during the same period. The company’s order inflow in Q3 was the highest-ever in any quarter. It received fresh orders worth a new record of Rs 73,233 crore. 

Over the last 5 years, L&T’s revenue has grown at a yearly rate of 9.71%, whereas the industry average stood at 5.44%. The company has continued to show its dominance in the infrastructure sector by securing a large number of “significant contracts” over the past year. It has been able to obtain a market share of 50.04%. L&T offers very attractive dividends as well.

The share price of L&T has surged by more than 82% since April 2020.

Dilip Buildcon

Dilip Buildcon Limited (DBL) is one of the leading infrastructure companies that is engaged in the construction of roads, bridges, dams, and commercial & residential buildings. It operates in two segments- EPC Projects and Toll Operations. The company undertakes state and national highway projects, city road projects, and bridge operation and maintenance projects. The company also develops irrigation projects, urban development projects, dams, canals, metro rail viaducts, and much more. It is involved in the maintenance of road infrastructure facilities and toll operations. DBL has established its presence in more than 19 states.

Dilip Buildcon’s revenue has grown at a yearly rate of 28.85% over the past 5 years, whereas the industry average stood at 5.44%.  The company posted a 107% YoY jump in consolidated net profit to Rs 181.91 crore for the quarter ended December (Q3). Revenue had increased by 7.1% YoY to  Rs 2,746.19 crore in Q3. These are strong figures indeed. It has been able to secure a market share of 3.31%.

Since April 2020, the shares of Dilip Buildcon have rallied by more than 187%.

IRB Infrastructure Developers

IRB Infrastructure Developers Limited is engaged in the construction, development, and maintenance of roads and highways on a build-operate-transfer (BOT) basis. The company operates in two segments- Toll Operate & Transfer Projects and Construction. IRB is also involved in real estate development, generation and sale of electricity through windmills, and airport infrastructure activities. The company has 21 projects with 12,317 lane kilometers of roads and highways. 

Recently, the company emerged as the successful bidder for the construction of eight lanes of the Gandeva-Ena stretch of the upcoming Vadodara-Mumbai Expressway in Gujarat. The length of the stretch is 27.5 kilometers. The cost of the project is Rs.1,755 crore.

Financial Performance:

IRB Infra Developers have shown a consistent increase in profits and revenues over the years. The company reported a 56% YoY decline in net profit to Rs 69.48 crore for the quarter ended December (Q3). Its total revenue fell to Rs 1,594.80 crore in Q3, compared to Rs 1,790 crore during the July-September quarter (Q2). However, the company said its construction segment has seen a robust recovery and continues to strengthen further.

Over the past 5 years, the revenue of IRB Infrastructure Developers has grown at a yearly rate of 12.39%, whereas the industry average stood at 5.44%. The company has been able to obtain a market share of 2.39%. 

The stock price of IRB Infrastructure Developers has surged by 116% since April 2020.

PNC Infratech

PNC Infratech Limited is a construction, development, and management company based in Agra. The company undertakes various infrastructure projects, including highways, bridges, flyovers, power transmission lines, airport runways and pavements, and track construction. It also provides end-to-end infrastructure implementation solutions such as engineering, procurement, and construction services (EPC) on a fixed-sum turnkey basis. 

Recently, the company’s subsidiary -PNC Unnao Highways- received an order worth Rs 1,602 crore from the NHAI. The project consists of four-laning of the Unnao-Lalganj section of NH 232-A in Uttar Pradesh. Two of its other subsidiaries have won orders aggregating to ~Rs 3,500 crore in Uttar Pradesh.

Financial Performance:

The revenues and profits of PNC Infratech have seen a sharp uptrend over the years. The company reported a 163% YoY jump in consolidated net profit to Rs 176.14 crore for the quarter ended December (Q3). Its revenue from operations increased by 13.78% YoY to Rs 1,582.02 crore during the same period. The company recorded substantial growth in both bottom-line and top-line segments in Q3.

Over the last 5 years, PNC Infratech’s revenue has grown at a yearly rate of 25.3%, whereas the industry average stood at 5.44%. The company has been able to secure a market share of 1.95%.

The shares of PNC Infratech have surged by 154% since April 2020.

KNR Constructions Limited

KNR Constructions Limited operates as an infrastructure development company in India. It provides engineering, procurement, and construction (EPC) services for roads and highways, irrigation, and urban water infrastructure management sectors. It undertakes various infrastructure projects, such as expressways, national highways, flyovers, bridges and viaducts, irrigation projects, and much more.

Several financial analysts suggest that KNR Constructions’ strong balance sheet gives it a key competitive advantage over its peers in bidding for newer projects. It has time and again completed and executed projects ahead of schedule. Over the last 5 years, KNR Constructions’ revenue has grown at a yearly rate of 21.76%, whereas the industry average stood at 5.44%. However, the company has been only able to obtain a market share of 0.85%. 

The share price of KNR Constructions has surged by 109% since April 2020.

Conclusion

We have only mentioned five major companies that could benefit from the new highway projects announced by the Finance Minister. Other listed firms involved in the construction and maintenance of highways include HG Infra Engineering, Bharat Road Network, Ashoka Buildcon, Sadbhav Engineering, MEP Infrastructure, etc. 

The development of a strong transportation network plays an important role in the overall economic growth of our country. These companies have time and again contributed their expertise and resources to the construction of our national highways and city roads. They are likely to receive more orders from the NHAI in the months to come. The National Bank for Financing Infrastructure and a Development Finance Institution (DFI) will be set up in our country to provide an extra and essential boost to the sector. Due to positive sentiments surrounding their financial results, fresh orders from NHAI, and provisions of the Budget, we could see a further rally in the shares of these infrastructure firms.

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Nitin Gadkari Announces Vehicle Scrappage Policy in Lok Sabha – Top Indian Market News

Nitin Gadkari announces vehicle scrappage policy in Lok Sabha 

Union Transport Minister Nitin Gadkari, on Thursday, announced the vehicle scrappage policy in the Lok Sabha. The policy will focus on removing vehicles older than 15-20 years from Indian roads. Owners of old vehicles will get strong incentives to scrap old and unfit vehicles. With this policy, raw materials like plastic, aluminium, steel, copper, would be recycled and will become a lesser cost component for the automotive industry. The minister said that states can make registration fees and road tax lower, which would encourage people to buy new vehicles. This ultimately leads to more sales for the automotive industry.

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TGP Rise Fund to invest $200 million in Airtel Africa mobile money business

Bharti Airtel’s subsidiary, Airtel Africa, announced that investment firm TPG’s Rise Fund will invest $200 million (~Rs 1,452 crore) in the company’s mobile money business. The transaction values Airtel Africa’s mobile money business at $2.65 billion (~Rs 19,245 crore). Airtel Mobile Commerce (AMC) BV is currently the holding company for several of Airtel Africa’s mobile money operations. The Rise Fund will hold a minority stake in AMC BV upon completion of the transaction.

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Adani Green raises $1.35 billion from 12 international banks

Adani Green Energy Ltd (AGEL) has raised $1.35 billion (~Rs 9,800 crore) debt through definitive agreements signed with a group of 12 international lenders. The funds will initially be used to finance the 1.69 gigawatt (GW) hybrid portfolio of solar and wind renewable projects to be set up in four special purpose vehicles (SPVs) in Rajasthan. This is part of AGEL’s vision of scaling up its renewable energy capacity to 25 GW by 2025.   

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Welspun Corp secures orders worth Rs 777 crore in domestic, overseas markets

Welspun Corp Limited said it has received multiple orders worth Rs 777 crore from the overseas and domestic markets. This includes an order of approximately 50 kilometric tonnes (KMT) received from a large client in the Middle East. With these orders, the company’s order book stands at 686 KMT- valued at Rs 5,300 crore. Mumbai-based Welspun Corp is a leading manufacturer of large diameter pipes.

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Dilip Buildcon receives financial closure for NHAI road project in Telangana

Dilip Buildcon announced that its wholly-owned subsidiary, Repallewada Highways, has received the financial closure letter from the National Highways Authority of India (NHAI) for a road project in Telangana. The project consists of four-laning of NH-613 from Repallewada to Telangana on hybrid annuity mode (HAM). The project cost is Rs 1140.5 crore.

Bajaj Auto amends dividend distribution policy

Bajaj Auto Limited has amended its dividend distribution policy to reward shareholders and boost return ratios. The policy will consider the surplus the company has while calculating the dividend payout as a percentage of profits after tax (PAT). The dividend payout will be up to 90% if the surplus funds are over Rs 15,000 crore.

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Varroc Engineering to produce EV chargers for Delta-Q Tech

Varroc Engineering Limited said it has entered into a contract manufacturing agreement with Canada-based Delta-Q Technologies Corp. The company will manufacture Delta-Q’s chargers in India to support the expansion of the electric two and three-wheeler market. Varroc Engineering is a leading automotive component manufacturer based in Aurangabad, Maharashtra.

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Ministry of Corporate Affairs investigating irregularities in Edelweiss’ ARC arm: Report

As per reports from multiple sources, the Ministry of Corporate Affairs (MCA) has ordered an inspection of the books of Edelweiss Asset Reconstruction Company (EARC) after a whistleblower wrote to the Prime Minister’s Office and Reserve Bank of India alleging fraud at the firm. The whistleblower has alleged that Edelweiss Group, along with its partner Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ), diverted at least Rs 1,800 crore from EARC. Edelweiss Financial Services Ltd said it has not received any intimation of any inspection being conducted by MCA.

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Delhi HC restrains Future Retail-Reliance deal on Amazon’s plea

The Delhi High Court, on Thursday, restrained Future Retail from going ahead with the Rs 24,713-crore deal with Reliance Industries. The court has upheld the Emergency Arbitrator’s award that Amazon.com, Inc had won against Future Retail. A single-judge bench of Justice JR Midha held that the retail company has willfully violated Singapore International Arbitration Centre’s (SIAC) order. Future Group entities have been directed to pay a penalty of Rs 20 lakh.

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IPO Updates:

Kalyan Jewellers

The Rs 1,175-crore initial public offering (IPO) of Kalyan Jewellers was subscribed 2.61 times on the final day of bidding. The portion reserved for retail investors was subscribed 2.82 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1.91 and that of qualified institutional buyers (QIBs) 2.76 times.

Suryoday Small Finance Bank

The Rs 582-crore initial public offering (IPO) of Suryoday Small Finance Bank was subscribed 1.01 times on the second day of bidding. The portion reserved for retail investors was subscribed 2 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 20% and that of employees 17%. To know more about the IPO, click here.

Nazara Technologies

The Rs 582-crore initial public offering (IPO) of Nazara Technologies was subscribed 10.55 times on the second day of bidding. The portion reserved for retail investors was subscribed 44.47 times and that of employees 5.33 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 7.73 times and that of QIBs 72%. To know more about the IPO, click here.

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Govt to Sell Entire 26.12% Stake in Tata Communications – Top Indian Market News

Govt to sell entire 26.12% stake in Tata Communications

The Indian government will sell its entire 26.12% shareholding in Tata Communications Limited (TCL). It will sell up to 4.59 crore equity shares (forming 16.12% shareholding) of TCL through an offer for sale (OFS) via stock exchanges. The remaining 10% stake will be sold to Tata Son’s investment arm Panatone Finvest Ltd. Tata Sons currently owns 14.1% of TCL, while Panatone Finvest has a 34.8% stake in the company.

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SpiceJet introduces 66 new flights in domestic network

SpiceJet Limited has announced 66 new domestic flights to meet the increasing demand for air travel from smaller cities. This includes five additional non-stop flights from Pune to Darbhanga, Durgapur, Gwalior, Jabalpur, and Varanasi. Kolkata–Darbhanga, Chennai–Jharsuguda, and Nashik-Kolkata flights are among others that will be launched on March 28, 2021. The airline will press its Boeing 737 and Bombardier Q400 aircraft into service on these new routes.

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Dilip Buildcon gets provisional completion certificate for road project in Maharashtra

Dilip Buildcon Limited has received a provisional completion certificate from the National Highways Authority of India (NHAI) for a road project in Maharashtra. The project involved four/six-laning of the Karodi-Telwadi section of NH 211 in Maharashtra under NHDP Phase IV-B on an engineering, procurement, and construction (EPC) mode. The company is entitled to receive a bonus of Rs 5.08 crore for completing the project 30 days before the scheduled completion date.

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Finance Ministry to infuse Rs 14,500 crore in banks under PCA soon: Report

As per reports from multiple sources, the Finance Ministry is likely to infuse Rs 14,500 crore into banks that are under RBI’s Prompt Corrective Action (PCA) framework in the next few days. This will help improve the financial health of stressed public sector banks (PSBs) in the country. Indian Overseas Bank, Central Bank of India, and UCO Bank are currently under the PCA framework. Earlier this week, IDBI Bank was removed from this framework.

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Indian Railway’s freight loading for FY21 surpasses that of last financial year

Indian Railways has surpassed freight loading figures of the previous financial year (FY 2019-20) despite challenges faced due to the Covid-19 pandemic. As per government data, Railways achieved a cumulative freight loading of 1145.68 million tonnes (MT) as of March 11, 2021. The figure stood at 1145.61 MT during the same period last year. The loading of iron and steel, cement, and other goods has increased.

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Bitcoin surges past $60,000 to hit a record high

Bitcoin has crossed the $60,000-mark to hit a new record high on Saturday. The cryptocurrency is benefitting from optimism in financial markets after US President Joe Biden signed the $1.9 trillion Covid-19 relief package. Bitcoin has surged around 1,000% over the past year and has a market value of $1.12 trillion.

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IIFL Finance to close bond issue early on March 18

IIFL Finance Limited said that its bond issue will close on March 18 following better than expected response from investors. The issue of unsecured redeemable non-convertible debentures (NCDs) was scheduled to close on March 23. The NCDs, which offer up to 10.03% yield, have already been subscribed for Rs 468 crore. IIFL Finance is a non-banking financial company backed by the UK-based CDC Group.

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India’s FinTech industry valuation estimated at $150-160 billion by 2025: FICCI-BGG report

According to a report from Boston Consulting Group (BCG) and FICCI, India’s financial technology (FinTech) companies are likely to become three times more valuable in the next five years. The report states that the FinTech sector will reach a valuation of $150-160 billion (~Rs 10.9 lakh crore- Rs 11.6 lakh crore) by 2025. India’s dynamic FinTech industry has over 2,100 companies, of which 67% have been set up over the last 5 years alone.

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India imposes anti-dumping duty on Chinese antibacterial drug

The Indian government has imposed anti-dumping duty in the range of $0.91-$3.27 per kilogram on the Chinese antibacterial drug- Ciprofloxacin. The Directorate General of Trade Remedies (DGTR) had recommended imposing the duty after it found that the drug was being exported to India at a cheaper rate, which resulted in dumping. The anti-dumping duty has been imposed for a period of five years. This will help protect the domestic pharma industry.

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MTAR Technologies IPO Subscribed 200.8 Times on Final Day of Bidding – Top Indian Market News

MTAR Technologies IPO subscribed 200.8 times on final day of bidding

The Rs 596.41-crore initial public offering (IPO) of MTAR Technologies was subscribed 200.79 times on the second day of bidding. The issue received bids for 145.79 crore equity shares against an offer size of 72.60 lakh shares. The portion reserved for retail investors was subscribed 28.4 times. The portion set aside for non-institutional investors (NIIs) was subscribed 650.7 times and that for qualified institutional buyers (QIBs) 165 times.

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Kotak Mahindra Bank divests 10% stake in ECA Trading Services to its subsidiary

Kotak Mahindra Bank has divested 10% stake in ECA Trading Services to its wholly-owned subsidiary, Kotak Securities, for Rs 1.98 crore. A total of 1.09 crore equity shares were sold to the subsidiary at Rs 10 per share. The divestment was done to comply with the prudential limit set by the Reserve Bank of India (RBI) on investment in a non-financial services entity.

On Thursday, Kotak Mahindra Bank signed a Memorandum of Understanding (MoU) with the Indian Army. The private sector lender will now handle the salary accounts of Indian Army personnel.

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PNB Housing Finance, Yes Bank enters into co-lending partnership

PNB Housing Finance and Yes Bank have entered into a strategic co-lending agreement to offer customised retail loans for homebuyers at competitive interest rates. The Delhi-based housing finance company will serve customers through the entire loan lifecycle including sourcing, documentation, and collection with an information-sharing arrangement with Yes Bank. Both companies will jointly do due diligence and co-originate the loan at an agreed ratio. 

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Tejas Network secures order from Mexico-based GigNet

GigNet, a Mexico-based digital infrastructure company, has selected Tejas Networks Limited’s optical networking and broadband access products for their high-capacity fiber-optic network expansion in the Cancun region of Mexico. Tejas Networks will supply its full range of last-mile access products to support the rapid growth of GigNet’s Smart Communities business segment for planned developments across the region.

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Lenders agree to JSW Steel’s terms for buying Bhushan Power: Report

As per a report from BloombergQuint, the lenders to Bhushan Power & Steel Ltd (BPSL) have agreed to the terms set by JSW Steel for purchasing the assets of insolvent BPSL. A majority of the financial creditors on Friday voted in favour of accepting JSW Steel’s Rs 19,350-crore offer for the sale. The report further states that the deal will be closed by the end of March.

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Dilip Buildcon receives LoA for two HAM projects in Karnataka

Dilip Buildcon Limited has received the Letter of Acceptance (LoA) for two Hybrid Annuity Mode (HAM) projects worth Rs 2,439 crore in Karnataka. The scope of the first project involves four laning of the Bangalore to Malur section of Bangalore-Chennai Expressway. The second project is for four-laning the Malur to Bangarpet section of Bangalore-Chennai Expressway. Both projects are to be completed within 24 months.

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Sun Pharma’s subsidiary to acquire Australia-based WRS Bioproducts

Sun Pharmaceutical Industries announced that one of its wholly-owned subsidiaries will acquire 4.28 lakh equity shares (or 12.5% stake) of Australia-based WRS Bioproducts. The consideration to be paid for acquiring the stake will be AUD 2 million (~Rs 11.21 crore). WRS Bioproducts is engaged in developing novel technologies to produce and commercialise supplements and nutraceutical ingredients from diverse algae species in Australia. Sun Pharma expects to complete the acquisition by March 15, 2021.

PVR opens new six-screen property in Mysuru

Multiplex operator PVR Limited announced the launch of a new six-screen property in Mysuru, Karnataka. The latest PVR Cinemas in Mysuru spreads across an area of 32,240 sq feet and can accommodate a total of 1,078 audiences. PVR said the new property features advanced cinematic technological solutions that offer a holistic movie-going experience. With this opening, PVR now operates 844 screens at 177 properties in 71 cities across India and Sri Lanka.

Read more here.

Shilpa Medicare gets USFDA approval for Apremilast Tablets

Shilpa Medicare has received tentative approval from the US Food and Drug Administration (USFDA) for Apremilast Tablets- 10 mg, 20 mg, and 30 mg. The tablets are indicated for the treatment of psoriatic arthritis. According to IQVIA MAT 2020 data, the US market for Apremilast Tablets is approximately $2.4 billion (~Rs 17,541 crore). 

Read more here.

Coal India declares second interim dividend of Rs 5 per share

The Board of Directors of Coal India Limited (CIL) has approved the payment of a second interim dividend for the financial year 2020-21 of Rs 5 per share. The record date for the same has been fixed as March 16. The date of payment of the interim dividend is March 24. CIL has also revised its capital expenditure (capex) plans to Rs 13,000 crore from Rs 10,000 crore after the government asked the company to push expenditure to spur demand in the post-lockdown period.  

Read more here.

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Market News Top 10 News

RailTel Corp Launches WiFi Facilities at 4,000 Railways Stations – Top Indian Market News

RailTel Corp launches WiFi facilities at 4,000 railways stations; secures order worth Rs 25 crore from BSNL

RailTel Corporation of India has started monetising its WiFi facilities at railway stations by launching high-speed prepaid WiFi at over 4,000 railway stations across India. The scheme is expected to bring additional revenue of Rs 15 crore per annum to the company. RailTel has also selected Margo Networks, a subsidiary of Zee Entertainment Ltd, to provide Content-on-Demand (CoD) services in trains and railway stations. 

In other news, RailTel Corp has received an advance purchase order amounting to Rs 25.46 crore per annum from Bharat Sanchar Nigam (BSNL). The scope of work consists of the commissioning of point-to-point links. The advance purchase order issued for the work will be valid for one year and further extendable by two years.

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Wipro to acquire UK-based consultancy firm Capco for $1.45 billion

IT major Wipro Limited said it will acquire UK-based management and technology consultancy firm Capco for $1.45 billion (~Rs 10,550 crore). Capco serves financial institutions across the Americas, Europe, and Asia-Pacific regions. This acquisition will make Wipro one of the largest end-to-end global consulting, technology, and transformation service providers to the banking and financial services industry. 

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Ashoka Buildcon to acquire 49% stake in Ashoka Highways for Rs 36 crore

Ashoka Buildcon Ltd has entered into a share purchase agreement (SPA) with India Infrastructure Fund (IIF) for purchasing a 49% stake held by IIF in Ashoka Highways (Bhandara). The aggregate consideration to be paid for acquiring the stake is Rs 35.98 crore. The completion of the transaction is subject to approvals from the National Highways Authority of India (NHAI). Ashoka Buildcon currently holds 9 shares in Ashoka Highways (Bhandara).

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TCS partners with VodafoneZiggo to accelerate its fixed fiber network rollout

Tata Consultancy Sevices (TCS) has expanded its strategic partnership with VodafoneZiggo B.V. Netherlands to accelerate its fixed fiber network rollout. TCS will deploy artificial intelligence (AI), machine learning technology, as well as TCS Twin— its digital twin solution for enterprises— for the rollout of VodafoneZiggo’s business-to-business (B2B) fixed fiber network. This will enable superior connectivity for subscribers and a faster launch of new services.

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Dilip Buildcon receives LoA from Mahanadi Coalfield for mining project in Odisha

Dilip Buildcon Ltd has received a Letter of Acceptance (LoA) for a mine developer cum operator (MDO) contract from Mahanadi Coalfield Limited. The scope of work consists of the development and operation of the SIARMAL Open Cast Project in Odisha. The value of the contract is Rs 36,819.07 crore. The contract period is 25 years.

IEX reports 50% YoY volume growth in February

Indian Energy Exchange (IEX) announced that its electricity market registered a volume of 6,769 million units (MU) in February 2021. This is a 50% growth as compared to February 2020. The company said that the robust growth in volume indicates that IEX’s electricity market is clearly positioned as the most preferred option for distribution utilities and industrial consumers to source electricity for addressing the demand-supply balance.

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MTAR Technologies IPO subscribed 10.27 times on second day of bidding

The Rs 596.41-crore initial public offering (IPO) of MTAR Technologies was subscribed 10.27 times on the second day of bidding. The issue received bids for 7.45 crore equity shares against an offer size of 72.60 lakh shares. The portion reserved for retail investors was subscribed 16.55 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 8.04 times. Qualified institutional buyers (QIBs) have put in 96% bids against their reserved portion. 

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Alembic Pharma’s JV Aleor Dermaceuticals gets USFDA approval for Testosterone Gel

Alembic Pharmaceuticals said its joint venture (JV) firm Aleor Dermaceuticals has received final approval from the US Food and Drug Administration (USFDA) for Testosterone Gel. The product is used for replacement therapy in adult males for conditions associated with deficiency of testosterone. According to IQVIA data, Testosterone Gel had sales of approximately $86 million (~Rs 626 crore) for the 12 months ending December 2020.

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GE Shipping buys secondhand bulk carrier of about 56,103 dwt

Great Eastern (GE) Shipping Company Ltd has signed a contract to buy a secondhand Supramax Bulk Carrier of about 56,103 deadweight tonnage (dwt). The 2013 Japanese-built vessel is expected to join the company’s fleet in the first quarter of the upcoming financial year (Q1 FY22). Mumbai-based GE Shipping is India’s largest private sector shipping service provider.

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NBCC (India) signs MoU with Rashtriya Ispat Nigam

NBCC (India) Limited has signed a Memorandum of Understanding (MoU) with Rashtriya Ispat Nigam Ltd (RINL) for the redevelopment and monetisation of 22.19 acres of land parcels at Maddilapalem, Visakhapatnam. The company will be paid Project Management Consultancy (PMC) fee at 7% of the estimated/approved project cost or actual project cost.

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Max Healthcare launches QIP to raise around Rs 1,200 crore

Max Healthcare Institute Limited has launched a qualified institutional placement (QIP) to raise around Rs 1,200 crore. The floor price of the QIP has been fixed at Rs 190.40 per share. The company will utilise the funds raised from the QIP for meeting its capital expenditure and working capital requirements. The funds will also be used for repayment of debt and other general purposes.

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India’s GDP Grows 0.4% in Q3 – Top Indian Market News

India’s GDP grows 0.4% in Q3; economy out of technical recession

India’s real gross domestic product or Real GDP grew 0.4% in the October-December quarter (Q3). The economy is now out of a technical recession after two consecutive quarters of contraction. The GDP growth, along with indicators such as higher GST collections and strong Purchasing Managers’ Index (PMI) figures, shows that India is on its path towards recovery.

The GDP had contracted by 7.5% in the July-September quarter (Q2) and 23.9% in the April-June quarter (Q1) due to the strict nationwide lockdown amidst the Covid-19 pandemic. The government data estimates that Real GDP will contract by 8% in the current financial year (FY 2020-21).

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Govt has a clear vision for India’s financial sector: PM Modi

Prime Minister Narendra Modi on Friday stressed on increasing credit flow to new entrepreneurs and businesses to meet the needs of India’s recovering economy. He said that financial products will need to be tailor-made for fintech and startups. PM Modi reaffirmed the Centre’s stance on strengthening the public sector through capital infusion. He further stated that the government is taking steps to make the financial services sector vibrant, proactive, and strong.

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Dilip Buildcon declared lowest bidder for projects worth Rs 2,241 crore

Dilip Buildcon has been declared as the lowest (L1) bidder for two Hyber Annuity Mode (HAM) projects worth Rs 2,241 crore. The project involves four-laning of the Viluppuram-Puducherry section of NH 45A (New NH 332) and Puducherry-Poondiyankuppam section of NH 45A. The tenders were floated by the National Highways Authority of India (NHAI) under Phase-1 of the Bharatmala Pariyojana project.

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Indian Oil Corp to invest Rs 32,946 crore to expand capacity of Panipat Refinery

Indian Oil Corporation Ltd (IOCL) announced that its board has approved an investment of Rs 32,946 crore to expand the capacity of its Panipat Refinery. The capital infusion is expected to increase the refinery’s capacity from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA. IOCL stated that the capacity expansion would improve the operational flexibility of the refinery to meet the domestic energy demand. 

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Board of Zensar Tech approves divestment of 100% stake in Aquila

The Board of Zensar Technologies Ltd has approved and authorised Zensar Technologies Inc. (a wholly-owned material subsidiary) to divest its 100% stake in Aquila Technology Corp. US-based Aquila provides information technology and consultancy services to the United States Government and its contractors. 

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Nava Bharat Ventures’ board approves Rs 150 crore share buyback plan

Nava Bharat Ventures Ltd said its Board of Directors has approved a proposal to buyback equity shares worth up to Rs 150 crore. The company will buyback 1.5 crore shares at Rs 100 per share. This represents 9.18% of the total number of equity shares of the company. Nava Bharat Ventures is engaged in metals manufacturing, power, mining, and healthcare businesses primarily in India, China, Japan, and Zambia.

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Natco Pharma launches epilepsy treatment drug in India

Natco Pharma Ltd has announced the launch of Brivaracetam tablets under the brand ‘BRECITA’ in India. The tablets are indicated for the treatment of epilepsy. BRECITA tablets will be available in two strengths of 50mg and 100mg at significantly lower MRP prices of Rs 25 and Rs 35 per tablet, respectively. 

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ABB Power Products Q4 Results: Net profit rises 55% YoY to Rs 55 crore

ABB Power Products and Systems India reported a 54.9% YoY increase in net profit to Rs 54.96 crore for the fourth quarter ended December (Q4 CY20). The company follows the January-December financial year cycle. Its revenue from operations declined 6.9% YoY to Rs 1,043.7 crore during the same period. ABB Power Products has declared an interim dividend of Rs 2 per share.

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Commercial operation at NTPC’s Gadarwara STPS unit to begin from March 1

NTPC Limited said Unit-2 of its 800 megawatt (MW) capacity of Gadarwara Super Thermal Power Station (STPS) will begin commercial operation from March 1. The project is located in the Narsinghpur district of Madhya Pradesh. With this, the commercial capacity of NTPC and NTPC Group will become 52,115 MW and 64,880 MW, respectively. 

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Trading Halted on NSE For 4 Hours Due to Technical Glitch – Top Indian Market News

Trading halted on NSE due to technical glitch

Trading across all segments was halted for almost four hours today by the National Stock Exchange (NSE) due to a technical glitch. The exchange had received communication from both its telecom providers about issues with their links. Trading was halted between 11:40 am and 3:30 pm. At around 3:25 pm, an extension of the trading day till 5 pm was announced, with a pre-open session at 3:30 pm. 

Market regulator SEBI has advised NSE to carry out a detailed root cause analysis of the ‘trading halt’ witnessed today. It has also asked NSE to explain the reasons for trading not migrating to the disaster recovery site.

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Centre lifts embargo on grant of govt businesses to private banks

Finance Minister Nirmala Sitharman announced that the Centre has lifted the embargo on grant of government businesses to private banks. She stated that all banks can now be “equal partners in development of the Indian economy.” Private sector banks can now carry out government-related banking transactions such as taxes and other revenue payment facilities, pension payments, and small savings schemes.  

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Cabinet approves Rs 15,000 crore PLI scheme for pharma sector

The Union Cabinet has approved a production-linked incentive (PLI) scheme for the pharmaceutical sector for over a period of eight years (FY21-FY29). This scheme would bring in an investment of Rs 15,000 crore to the sector. It is expected to promote the production of high-value pharma products in the country and increase the value addition in exports. The government seeks to generate 20,000 direct jobs through this PLI scheme.

The Cabinet has also cleared a PLI scheme worth Rs 7,350 crore to boost the manufacturing of laptops, tablets, PCs, and servers. 

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Dilip Buildcon declared lowest bidder for projects worth Rs 2,439 crore

Dilip Buildcon Limited has been declared as the lowest (L1) bidder for two Hybrid Annuity Mode (HAM) projects worth Rs 2,439 crore. The projects consist of four-laning two sections of the Bangalore-Chennai Expressway. The tenders were floated by the National Highways Authority of India (NHAI) under the state-sponsored Bharatmala Parioyojana project. 

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Bharti Airtel enters advertising business, launches ‘Airtel Ads’

Bharti Airtel has announced its entry into India’s $10 billion (~Rs 72,328 crore) advertising industry with its latest platform ‘Airtel Ads’. The telecom company stated that Airtel Ads would allow brands to curate consent-based and safe campaigns for its subscribers. Airtel Ads has already enabled campaigns for more than 100 brands across categories like FMCG, banking, financial services & insurance (BFSI), digital startups, etc. 

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Aditya Birla Fashion announces strategic partnership with designer Tarun Tahiliani

Aditya Birla Fashion and Retail Ltd (ABFRL) has announced a strategic partnership with ace designer Tarun Tahiliani to form a new entity that will launch a contemporary men’s ethnic wear brand. ABFRL will hold an 80% stake in the new entity, while Tarun Tahiliani will hold the remaining 20%. ABFRL stated that the new brand will offer a range of high-quality celebration wear for men at accessible price points.

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Bosch to invest Rs 800 crore to upgrade Bengaluru facility to fully AIoT-enabled campus

Germany-based Bosch Group will invest Rs 800 crore to upgrade its existing campus in Bengaluru to a fully artificial intelligence of things (AIoT)-enabled ‘smart campus’. The campus is likely to house the second-highest number of Bosch employees in the world. The 75-acre campus is expected to be inaugurated in June 2022.

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Granules India receives USFDA approval for migraine drug

Granules India has received approval from the US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Acetaminophen, Aspirin, and Caffeine (triple-combination product) tablets. The drug is indicated for treating migraines. The product will be manufactured at the company’s Hyderabad facility and is expected to be launched shortly.

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Axis Bank’s subsidiary to acquire broking accounts of Karvy

Axis Securities, a subisdiary of Axis Bank, has emerged as the successful bidder for trading accounts (or broking accounts) held by Karvy Stock Broking Ltd with NSE, BSE, and Metropolitan Stock Exchange (MSE). The transfer of trading accounts is subject to the remittance of the bid amount and submission of necessary documents. Once the process is complete, the customer base of Axis Securities will increase from 2.5 million to over 3.6 million.

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Heranba Industries IPO subscribed 2.74 times on second day of bidding

The Rs 625-crore initial public offering (IPO) of Heranba Industries was subscribed 2.74 times on the second day of bidding. The issue received bids for 1.91 crore equity shares against an offer size of 69.81 lakh shares. The portion reserved for retail investors was subscribed 4.53 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 87%, while that of qualified institutional buyers (QIB) 1.01 times.

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RBI Governor raises ‘major concerns’ about cryptocurrencies

The Reserve Bank of India (RBI) said it is concerned that cryptocurrencies may impact the financial stability of the Indian economy. In the past, RBI had expressed concerns on digital currencies related to issues ranging from money laundering to funding terrorists. RBI Governor Shaktikanta Das said that they have communicated these concerns to the government. The Centre is planning to introduce a bill in Parliament to prohibit companies and individuals from dealing in cryptocurrencies. The government is also creating a framework for an official digital currency.

Read more here.

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SBI Reports 7% YoY Decline in Net Profit – Top Indian Market News

SBI Q3 Results: Net profit falls 7% YoY to Rs 5,196 crore

State Bank of India (SBI) reported a 7% YoY decline in net profit to Rs 5,196 crore for the quarter ended December (Q3). The lender’s net interest income (NII) rose 4% YoY to Rs 28,820 crore during the same period. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] SBI’s gross non-performing asset (GNPA) ratio stood at 4.77%, compared to 5.28% in Q2 FY21. Total provisions increased by 43% YoY to Rs 10,324 crore in the October-December quarter.

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HPCL Q3 Results: Net profit jumps three-fold to Rs 2,355 crore

Hindustan Petroleum Corporation Ltd (HPCL) reported a three-fold increase in net profit to Rs 2,355 crore for the quarter ended December (Q3). It has posted a net profit of Rs 747 crore in the corresponding quarter last year. The company’s revenue rose 4% YoY to Rs 77,113 crore in Q3. Inventory gains due to the rise in oil prices and strengthening of the rupee helped HPCL boost profits.

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HCL Tech signs five-year digital workplace agreement with Airbus

HCL Technologies has signed a five-year digital workplace services agreement with Airbus. The IT company will establish a modernised digital workplace to enhance the user experience and service quality for the majority of Airbus employees globally. HCL’s ‘Fluid Workplace Model’ will enable Airbus to deploy the latest digital technologies and rapidly simplify its existing IT processes and optimisation of delivery costs.

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Godrej Properties Q3 Results: Net profit declines 69% YoY to Rs 14 crore

Godrej Properties Ltd reported a 69% YoY decline in net profit to Rs 14.35 crore for the quarter ended December (Q3). Its revenue from operations declined 55% YoY to Rs 170.49 crore during the same period. The real estate developer’s total booking value increased by 25% YoY to Rs 1,488 crore. The company had launched 3 new projects in the October-December quarter. Godrej Properties said it will raise Rs 3,750 crore through the issuance of equity shares or debentures.

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BHEL commissions 800 MW thermal power plant in Madhya Pradesh

Bharat Heavy Electricals Ltd (BHEL) has commissioned the second unit (800 MW) of the 2×800 MW Gadarwara Super Thermal Power Project in Madhya Pradesh. The project is being developed by NTPC Limited. BHEL’s scope of work in the project included design, engineering, manufacture, supply, and commissioning of steam turbines, generators, boilers, and associated auxiliaries.

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Bajaj Electricals Q3 Results: Net profit at Rs 98 crore

Bajaj Electricals Ltd reported a multifold increase in net profit to Rs 98.19 crore for the quarter ended December (Q3). It had posted a net profit of Rs 9.37 crore in the corresponding quarter last year. The company’s revenue from operations rose 16.85% YoY to Rs 1,500.14 crore in Q3. Bajaj Electrical’s consumer products segment saw a 34% YoY growth in revenue to Rs 1,153 crore during the same period.

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Dilip Buildcon declared lowest bidder for IRCON International tender

Dilip Buildcon Ltd said it has been declared as the lowest (L-1) bidder for a tender floated by IRCON International Ltd. The order consists of track-linking works, station building, platform work, and general electric work for a section of a railway project in Chhattisgarh. The bid project cost is Rs 654.97 crore.

Strides Pharma Q3 Results: Net profit declines 62% YoY to Rs 35 crore

Strides Pharma Science Ltd reported a 62% YoY decline in consolidated net profit to Rs 35.15 crore for the quarter ended December (Q3). Its consolidated revenue rose 13.6% YoY to Rs 832.02 crore during the same period. The company’s board has approved the demerger of its biotech business under Stelis Biopharma. The demerger is expected to unlock significant value for Srides’ shareholders.

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GMR Group to collaborate with Airbus SE on aviation services

Airport operator GMR Group has signed a Memorandum of Understanding (MoU) with Airbus SE to explore collaboration opportunities across aviation services, technologies, and innovation. GMR and Airbus teams will work together and innovate across areas such as airport operations and air cargo supply chain. The MoU was signed at Aero India 2021 in Bengaluru. 

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Tata Power Q3 Results: Net profit rises 22% YoY to Rs 318 crore

Tata Power Limited reported a 22% YoY increase in consolidated net profit to Rs 318.41 crore for the quarter ended December (Q3). Its total revenue rose 7.5% YoY to Rs 7,598 crore during the same period. Tata Power said it does not expect much impact of the Covid-19 pandemic on its business.

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Adani Power Q3 Results: Net loss narrows to Rs 289 crore

Adani Power Ltd reported a consolidated net loss of Rs 289 crore for the quarter ended December (Q3). It had posted a net loss of Rs 703 crores in the corresponding quarter last year. Revenue from operations increased by 4.9% YoY to Rs 6,894.84 crore in Q3 FY21. Adani Power (along with the power plants of its subsidiaries) achieved an average Plant Load Factor (PLF) of 75%, and aggregate sales volumes of 19.1 billion units in Q3.

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NTPC Q3 Results: Net profit rises 15% YoY to Rs 3,876 crore 

State-owned NTPC Limited reported a 15.66% YoY increase in consolidated net profit to Rs 3,876.36 crore for the quarter ended December (Q3). Its revenue from operations rose 3.56% YoY to Rs 27,526 crore during the same period. NTPC has declared an interim dividend of Rs 3 per share.

Read more here.

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Maruti Suzuki Q3 Profit Rises 24% YoY – Top Indian Market News

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

Maruti Suzuki Q3 Results: Net profit rises 24% YoY to Rs 1,941 crore

Maruti Suzuki India Ltd reported a 24% year-on-year (YoY) increase in net profit to Rs 1,941 crore for the quarter ended December (Q3). Its revenue from operations rose 13.3% YoY to Rs 23,458 crore during the same period. The company sold a total of 4.95 lakh units in Q3, up 13.4% YoY. The carmaker said that capacity utilisation in the quarter improved, which reflected in the double-digit volume growth for the company. The operating performance was aided by lower promotional costs and overall cost reduction efforts.

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Bharti Airtel successfully demonstrates live 5G services in Hyderabad

Bharti Airtel Ltd has announced that it has become the first telecom service provider in the country to successfully ‘demonstrate and orchestrate’ live 5G service. The demonstration took place in the city of Hyderabad. The company used a spectrum block in the 1,800MHz band to operate both 5G and 4G simultaneously on its network. Bharti Airtel said that it will be able to roll out the services across several parts of the country as soon as the Department of Telecommunications (DoT) permits the commercial launch of the 5G and auctions spectrum in the mid-size bands (3,300-3,600MHz).

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IndiGo Q3 Results: Net loss at Rs 620 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 620 crore for the quarter ended December (Q3). It had posted a net profit of Rs 496 crore in the corresponding period in FY20. The company’s total revenue declined 50.2% YoY to Rs 5,142.8 crore in Q3 FY21. The airline said that it operated 40.8% less seats during Q3 compared to the same period last year.

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Airtel adds 44 lakh subscribers in November; Vodafone Idea loses 29 lakh: TRAI

Bharti Airtel added more subscribers than market leader Reliance Jio for the fourth straight month in November. According to data collected by telecom regulator TRAI, Airtel gained 43.7 lakh subscribers, while Jio added 19.4 lakh subscribers in November 2020. Vodafone Idea (Vi) lost 28.9 lakh subscribers during the same month. Vi’s market share shrunk to 25.10%, while Bharti Airtel’s expanded to 28.97%. At 35.34%, Reliance Jio remains India’s biggest telecom operator by market share. 

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Laurus Labs Q3 Results: Net profit jumps 271% YoY to Rs 273 crore

Laurus Labs Ltd reported a 271.33% YoY increase in net profit to Rs 272.85 crore for the quarter ended December (Q3). Its revenue rose 76% YoY to Rs 1,288 crore during the same period. The company’s performance in Q3 was led by its Active Pharmaceutical Ingredient (API) division, which recorded a growth of 100%. Laurus Labs’ board has declared an interim dividend of Rs 0.4 per share.

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Dilip Buildcon JV signs pact with NHAI for Rs 1,000 crore highway project in Rajasthan

Dilip Buildcon Limited – Altis Holding Corporation joint venture (JV) has entered into an agreement with the National Highways Authority of India (NHAI) for a Rs 1,000 crore highway project in Rajasthan. The project will be built on an engineering, procurement, and construction (EPC) mode. The completion period for the 8.30 km project is 30 months.

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TVS Motor Q3 Results: Net profit at Rs 266 crore

TVS Motor Company Ltd reported its highest-ever net profit of Rs 266 crore for the quarter ended December (Q3). Its revenue rose 31% YoY to Rs 5,404 crore during the same period. TVS Motor’s overall two-wheeler sales were up 23% YoY to 9.52 lakh units. The company’s two-wheelers sales in the domestic market have grown by 21% and in the export market by 31% in Q3. The company’s board has declared an interim dividend of Rs 2.10 per share.

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USFDA grants orphan drug designation to Zydus Cadila’s Saroglitazar Mg

The US Food & Drug Administration (USFDA) has granted orphan drug designation (ODD) to Zydus Cadila’s Saroglitazar Mg tablets. The tablets are indicated for the treatment of patients with Primary Biliary Cholangitis (a liver disease). The drugmaker stated that the ODD provides eligibility for certain development incentives, including tax credits for qualified clinical testing, prescription drug user fee exemptions, and seven-year marketing exclusivity.

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RBL Bank Q3 Results: Net profit rises 110% YoY to Rs 147 crore

RBL Bank reported a 110% YoY increase in net profit to Rs 147.1 crore for the quarter ended December (Q3). Its total revenue rose 6% YoY to Rs 1,488 crore during the same period. Net interest income (NII) fell 2% YoY to Rs 932 crore. The bank’s gross non-performing assets (NPAs) fell to 1.84% of the gross advances, compared to 3.33% in the corresponding period last year. RBL Bank’s provisions fell by 2% YoY to Rs 609.76 crore.

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Tata Power Solar receives letter of award to build GSECL project

Tata Power Solar Systems Ltd (TPSSL) has received a letter of award (LoA) to build a 95 megawatt (MW) solar photovoltaic project for Gujarat State Electricity Corporation Ltd (GSECL). The project’s order value is about Rs 460 crore. The commercial operation date for this project is set for April 2022. With this addition, the order pipeline of TPSSL stands at about 4.2-gigawatt peak (GWp) with a value of about Rs 12,500 crore.

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Stove Kraft IPO subscribed 18 times on final day of bidding

The initial public offering (IPO) of Stove Kraft was subscribed 18 times on the final day of bidding (Jan 28). The IPO received bids for 10.59 crore equity shares against an offer size of 58.94 lakh equity shares. The portion set aside for qualified institutional buyers has seen a subscription of 8.02 times, while the reserved portion of non-institutional investors has been subscribed 32.72 times. The portion reserved for retail investors was subscribed 26.4 times.

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Govt Ready to Roll Out Covid-19 Vaccine by Jan 13 – Top Indian Market News

Ready to roll out Covid-19 vaccine by January 13: Health Ministry

The Union Health Ministry on Tuesday said that it is prepared to roll out the coronavirus vaccine by January 13. “Based on the feedback of the dry-run, the government said it is ready to introduce the Covid-19 vaccine within 10 days from the date of emergency use authorisation,” said Union Health Secretary Rajesh Bhushan. On January 3rd, the Drugs Controller General of India (DCGI) had announced approval for two vaccines- Oxford-AstraZeneca’s Covishield (manufactured by Serum Institute of India) and Bharat Biotech’s Covaxin. The vaccine will be first offered to one crore healthcare workers and two crore frontline & essential workers. 

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Work in progress to set up 16,000 km of new gas pipeline network: PM Modi

Prime Minister Narendra Modi on Tuesday said that work is in progress to set up 16,000 km of a new gas pipeline network in the country, which will be completed over the next four to six years. He stated that this would help set up 700 compressed natural gas (CNG) stations and 2.1 million people to avail piped natural gas (PNG). He further said that India plans to spend $60 billion in creating gas infrastructure till 2024, which would include pipelines, liquefied natural gas (LNG) terminals, and city gas distribution (CGD) networks. PM Modi inaugurated the 450-km Kochi-Mangaluru natural gas pipeline via video conferencing today.

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Gravita India secures contract to supply lead products to Luminous Power

Gravita India Ltd has signed an annual agreement with Luminous Power Technologies for supplying 12,000 million tonnes (MT) of refined lead and lead alloys. The contract will be executed in the calendar year 2021, which at current lead prices would be an approximate contract value of Rs 180 crore. Yogesh Malhotra, the CEO of Gravita India, stated that this agreement will help the company to boost sales and strengthen its presence in the domestic market. 

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Dilip Buildcon incorporates SPV for road project worth Rs 882 crore

Dilip Buildcon Ltd has incorporated a special purpose vehicle (SPV) as a wholly-owned subsidiary for a new Hybrid Annuity Model (HAM) project. The SPV will be used for four laning of Dhrol-Bhadra Patiya section of NH-151A and Bhadra Patiya-Pipaliya Section of NH151A in Gujarat, through public-private partnership on a design, build, operate and transfer basis. The HAM project is worth Rs 882 crore and will be completed in 2 years.

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Tata Power partners with SIDBI to offer affordable financing for MSMEs in rooftop solar segment

Tata Power Ltd has announced its partnership with the Small Industries Development Bank of India (SIDBI) to offer an easy and affordable financing scheme for Micro, Small, and Medium Enterprises (MSMEs) in the rooftop solar segment. The companies have joined hands to design a solar financing solution to help MSME customers with financial aid without any collateral, at an interest of less than 10%. Tata Power stated that this scheme will empower MSMEs to adopt sustainable energy for their businesses and promote greener tomorrow.

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L&T emerges as lowest bidder for Uttarakhand Railway Project

The Heavy Civil Infrastructure business of L&T Construction has emerged as the lowest bidder for Package 4 of the new broad-gauge line between Rishikesh and Karnaprayag. The scope of the engineering and construction project includes completing tunnel work, construction shaft, and ancillary works in Uttarakhand. The order, which is worth about Rs 3,338 crore, is a contract from Rail Vikas Nigam Ltd (RVNL). 

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HCL Tech completes acquisition of Australian IT solutions firm DWS

HCL Technologies Ltd announced that it has completed the acquisition of Australian IT solutions firm DWS. In September 2020, HCL Tech had announced that it will acquire DWS, a move that will help the Noida-based company to strengthen its position in the Australian and New Zealand market. The IT company had said that the total equity value pay-out will be AUD 158.2 million (~Rs 850.33 crore). The DWS Group provides a wide range of IT services including digital transformation, application development & support, and consulting.

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Tech Mahindra partners with College of Military Engineering to build defence solutions

The research and development (R&D) arm of Tech Mahindra Ltd, Makers Lab, has collaborated with the College of Military Engineering (CME), Pune to address challenges in the field of defence through technological innovations. CME will leverage the partnership to address critical military problem statements and be future-ready using next-generation technologies of Artificial Intelligence (AI) and Robotics. As a part of this partnership, Tech Mahindra will establish a Makers Lab at CME to utilise their diverse set of capabilities and promote R&D to provide cutting-edge technology solutions for defence forces.

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RBI imposes Rs 2.5 crore penalty on Bajaj Finance for violation of norms

The Reserve Bank of India (RBI) on Tuesday imposed a monetary penalty of Rs 2.5 crore on Bajaj Finance Limited for violation of rules pertaining to recovery and collection methods. The lapses were linked to risk management and a specific fair practice code. RBI stated that Bajaj Finance had failed to ensure that its recovery agents did not resort to harassment or intimidation of customers as part of its debt collection efforts.

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Salasar Techno’s subsidiary secures contract worth Rs 252 crore from Texmaco

Salasar Adorus Infra LLP, a subsidiary of Salasar Techno Engineering Ltd, has entered into a work contract with Kolkata-based Texmaco Rail and Engineering Ltd. The order consists of carrying out a portion of the design, supply, installation, testing, and commissioning of ‘Ballastless Track of Standard Guage’ in the elevated viaduct section and an underground section for the Bangalore Metro Rail Project. The company stated that the value of the contract is around Rs 252 crore.

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India Asked to Pay $1.2 Billion to Cairn After Arbitration Loss – Top Indian Market News

India loses Cairn tax case at international tribunal; asked to pay Rs 8,000 crore in damages

The Indian Government lost an international arbitration case to British energy giant Cairn Energy over a tax dispute. The international tribunal ruled that India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty. India has been ordered to pay damages worth $1.2 billion (~Rs 8,858 crore) to the oil major.

Cairn Energy had filed a dispute in 2015 against the demand raised by the Indian tax department of Rs 10,247 crore, relating to re-organisation of the group in 2006. The income tax department had then said that Cairn UK Holdings, a fully-owned subsidiary of Cairn Energy, had made capital gains of over Rs 24,000 crore before the public listing of Cairn India. They said that Cairn Energy effectively held 69% of Cairn India. In 2011, Cairn India was sold to Vedanta Group, except for a 9.8% stake. The residual stake sale was barred by the income tax department, and dividend payments by Cairn India to Cairn Energy were also frozen.

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Antony Waste Handling Cell IPO subscribed 15 times on last day

The Rs 300-crore initial public offering (IPO) of Antony Waste Handling Cell was subscribed 15.04 times on the final day of bidding. Investors put in bids for 9.91 crore equity shares, as against an offer size of 66.66 lakh equity shares. The reserved portion for retail investors was subscribed 16 times and that of non-institutional investors 18.68 times. The portion set aside for qualified institutional buyers (QIB) was subscribed 9.67 times. 

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Vodafone Idea loses 2.7 million subscribers in October

According to official data from telecom operator TRAI, Vodafone Idea (Vi) lost 2.7 million mobile subscribers in October 2020. Reliance Jio Infocomm Ltd and Bharti Airtel Ltd saw an increase in their subscriber base by 2.2 million and 3.7 million, respectively, during the same month. As per the data, Jio has a 35% market share of wireless subscribers, followed by Bharti Airtel at 29% and Vodafone Idea at 25%.

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L&T Construction wins large contracts in Madhya Pradesh

Larsen & Toubro (L&T) Ltd said that its construction arm has won large contracts in Madhya Pradesh. The contract consists of the execution of rural piped water supply schemes (under the Jal Jeevan Mission) in various districts of Madhya Pradesh. The company did not specify the exact amount of the contract. As per L&T’s specifications, a ‘large contract’ varies between Rs 2,500 crore to Rs 5,000 crore.

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Parag Milk expands its health & nutrition business

Parag Milk Foods Ltd has announced plans to expand its health & nutrition portfolio through the introduction of high potential lactose products. The company has ventured into whey protein powders, which is a by-product in the cheese manufacturing process. For this, Parag Milk Foods has established facilities with a capacity to manufacture 40 MT of lactose per day.

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Emami to expand ayurvedic product export under Zandu

Emami Ltd announced that it has received the WHO-Goods Manufacturing Practices (GMP) and Certificate of Pharmaceutical Products (CoPP) accreditations for its two plants located at Vapi and Masat in Gujarat. With this, the company plans to export its healthcare portfolio under Zandu into several newer markets. The accreditations are for more than 40 ayurvedic products for three years.

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Glenmark Pharma signs pact with Menarini to commercialise nasal spray in Europe

Glenmark Pharma’s Swiss subsidiary has signed an exclusive licensing agreement with Menarini Group for commercialising its innovative nasal spray Ryaltris across 33 countries in Europe. The nasal spray is used for the treatment of symptoms associated with seasonal allergic rhinitis (SAR) in patients over 12 years of age. Under the terms of the agreement, Glenmark will be responsible for the continued development and regulatory approval of Ryaltris in European markets. After receiving all regulatory approvals, Menarini will be responsible for the commercialisation of the product in those markets.

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Firstsource Solutions acquires US-based PatientMatters

Firstsource Solutions Ltd announced that it has acquired US-based PatientMatters, a healthcare Revenue Cycle Management (RCM) solutions provider. PatientMatters unifies disparate registration, bill estimation, and financial services with intelligent workflows and eligibility services- thus improving revenue realisation for hospitals. The acquisition helps Firstsource in strengthening its presence in large markets like Texas and New York. 

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Ramco Systems secures multi-million dollar deal from ‘a Global Fortune 500 major’

Ramco Systems Ltd announced that it has signed a multi-million dollar agreement with a Global Fortune 500 major to unify and transform its payroll systems for 18 countries in the Asia Pacific region, using Ramco’s Managed Payroll Services. With this win, the company has added three Fortune 500 brands as clients for Ramco Global Payroll in Q3 2020. Ramco HR and Global Payroll services consist of chatbots, voice, and AI/ML. It addresses operational HR modules including Core HR and Time & Attendance & Global Payroll, with statutory compliance across 50+ countries.

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Bharat Forge units reach settlement with Germany’s national competition regulator

Bharat Forge Ltd announced that its three subsidiaries-  Bharat Forge Aluminiumtechnik GmbH, Bharat Forge CDP GmbH, and Bharat Forge Global Holding GmbH- have reached a settlement with Germany’s national competition regulator Bundeskartellamt (Federal Cartel Office or FCO). The company’s units had been found guilty of engaging in illegal competitive agreements. The German subsidiaries have reached a settlement in an aggregate amount of €32 million (~Rs 287 crore) to be paid over the next five years. 

Dilip Buildcon receives LoA for EPC project in Rajasthan

Dilip Buildcon Ltd and its JV partner Altis-Holding Corporation has received a Letter of Acceptance (LoA) from the National Highway Authority of India (NHAI) for an engineering, procurement, and construction (EPC) project in Rajasthan. The project consists of the construction of an eight-lane access-controlled expressway in a section of Delhi-Vadodara Greenfield Alignment (NH-148N) in Rajasthan on EPC Mode. The project bid cost is Rs 1000.08 crore, for a completion period of 30 months.

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