Tag: dixon technologies

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India’s Power Demand Hits All-Time High of 197.06 GW – Top Indian Market News

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India’s power demand hits all-time high of 197.06 GW

The total power demand in India touched an all-time high of 197.06 gigawatts (GW) on Tuesday (July 6). Many states are witnessing high temperatures due to delayed monsoon. The easing of Covid-related restrictions has also led to a surge in power demand. Last month, the highest supply of power on a single day stood at 191.51 GW (recorded on June 30).

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Isgec Heavy Engineering JV secures order for renewable energy project in the US

Isgec Hitachi Zosen, a joint venture (JV) between Isgec Heavy Engineering and Japan-based Hitachi Zosen Corporation, has secured an order for the supply of reactors for a renewable energy project in the United States. The scope of work includes mechanical design, material procurement, fabrication, testing, and supply of equipment. This is Isgec Hitachi Zosen’s first order for supplying such reactors to the US.

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Tata Motors’ JLR sees hit to FY22 guidance if chip supply issues continue

Jaguar Land Rover (JLR), a subsidiary of Tata Motors Ltd, stated that the global shortage in chip supply may threaten its revenue, margin, and free cash flow guidance for the current financial year (FY22). The automaker had targeted production of up to 235,000 units in April-September, but may only manage 150,000 units as a result of the chip shortage. Due to the substantial drop in wholesale volumes during the first and second quarters, JLR may face cash outflows of £2 billion (~Rs 20,605 crore) in the first half of FY22.

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IndusInd Bank partners with TP Central Odisha Distribution

IndusInd Bank has partnered with TP Central Odisha Distribution Ltd (TPCODL) to introduce a fully digital network for facilitating electricity bill payments across 300 semi-urban and rural regions in the state. TPCODL is a joint venture (JV) between Tata Power and the Government of Odisha. Through ‘Bharat Money Stores’, IndusInd Bank will enable nearly 30 lakh customers of TPCODL to easily pay their electricity bills at their nearest Kirana stores.

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Jindal Steel reports 20% YoY growth in production in Q1

Jindal Steel & Power Ltd (JSPL) registered a 20% year-on-year (YoY) growth in steel production to 2.01 million tonnes (MT) for the quarter ended June (Q1 FY22). This marks a record first quarter (Q1) production and second-highest quarterly production ever. JSPL said the performance in Q1 FY22 gives the company confidence in achieving a production target of 8-8.5 MT in the current financial year (FY22).

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Reliance Infra gets shareholders approval to raise up to Rs 551 crore via preferential allotment

Reliance Infrastructure Ltd’s shareholders have approved a proposal to raise up to Rs 550.56 crore through the issuance of shares on a preferential basis. The funds will be utilised for long-term resources, for general corporate purposes, and to fund future growth. The company will allot 8.88 crore equity shares and/or warrants convertible into an equivalent number of equity shares to promoters and VFSI Holdings Pte Ltd.

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Dixon Technologies partners with Bharti Enterprises to make telecom gear

Dixon Technologies Ltd and Bharti Enterprises have joined hands to invest Rs 200-250 crore to start telecom equipment manufacturing. A subsidiary of Dixon Tech will form a joint venture (JV) with Bharti Enterprises to commence production of customer-provided equipment (CPE) through their manufacturing unit in Punjab. Dixon Technologies has applied for the government’s production linked incentive (PLI) scheme for telecom and network equipment manufacturing. HFCL, Tejas Networks, VVDN, and Coral Telecom are some of the other companies that have applied for the scheme.

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Bajaj Healthcare gets DRDO license to manufacture Covid-19 drug 2-DG

Bajaj Healthcare Ltd has received approval from the Defence Research and Development Organisation (DRDO) to manufacture and market 2-Deoxy-D-Glucose (2-DG). The drug is used for the treatment of Covid-19 patients. It helps in the faster recovery of hospitalised patients and reduces the dependence on supplemental oxygen. 2-DG can be administered only upon prescription and under the supervision of a qualified physician.

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Bank of India partners with Bajaj Allianz General Insurance

Bank of India and Bajaj Allianz General Insurance (BAGI) have entered into a corporate agency agreement. The lender will distribute BAGI’s insurance products through its vast network of 5,084 branches, 80 retail business centres, and 60 small & medium enterprises (SME) centres across India. Bajaj Allianz will offer motor insurance, travel insurance, health insurance, and home insurance to Bank of India’s customers.

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Mahindra Group restructures farm equipment business in Turkey

Mahindra and Mahindra (M&M) Ltd has reshuffled its business in Turkey by acquiring the entire agricultural machinery business of its subsidiary— Hisarlar. Erkunt Traktor Sanayi A.S, a subsidiary of M&M, will acquire the complete agriculture machinery business from Hisarlar, including select assets, intellectual property (IP), and brand use rights. Meanwhile, Erkunt and another Mauritius-based subsidiary of M&M has sold their aggregate stake of 94.3% in Hisarlar for 6.6 million Turkish Lira (~Rs 5.7 crore). With this transaction, the Mahindra Group will exit Hiarlar’s metal fabrication business.

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Ujjivan SFB reports 24% YoY rise in deposits in Q1

Ujjivan Small Finance Bank (SFB) reported a 24% YoY increase in total deposits to Rs 13,673 crore for the quarter ended June 30 (Q1 FY22). Deposits have increased by 4% when compared to the previous quarter. The current and savings account (CASA) deposits grew 77% YoY to Rs 2,773 crore during the same period. Ujjivan SFB’s loan book declined by 2% YoY to Rs 14,120 crore in Q1.

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Company Analysis: Dixon Technologies

Dixon Technologies Limited is one of the favourite stocks of retail investors as it has given enormous returns in the previous years. But do you know what their business is? Why do you never see their products being sold in a store even though they are said to make TVs, mobiles etc? Let’s jump in straight to analyse what the company is all about and what we can understand from their financials.

Company Profile – Dixon

Dixon Technologies (India) started manufacturing colour television in 1994 and slowly expanded its operations to various segments of electronics. The company was founded in 1993. Currently, it deals in manufacturing consumer durables, home appliances, lighting, mobile phones and security devices. They have 14 State-of-the-art manufacturing facilities and three R&D centres in India and China. These manufacturing sites are located in Uttar Pradesh, Uttarakhand and Andhra Pradesh. 

It provides design-focused solutions in consumer durables, lighting, mobile phones and security devices. In fact, they are the leading electronic manufacturing services (EMS) company in India. They already have a strong market hold in the smartphone segment even after starting the manufacturing in 2016 only. Not only smartphones, but they are also setting up in-house units to manufacture key components of the device like batteries and sheet material.

In 2020, they took another step to expand their reach by stepping into the manufacturing of medical equipment. They started making Quattro Real-Time Quantitative micro PCR Analyzer machines that can conduct 190-200 tests per day. This product was approved by the Indian Council of Medical Research (ICMR) for conducting Covid-19 tests.

The much-awaited share split

A stock that is trading at Rs 200 or Rs 2000 will have much higher liquidity as compared to a stock trading at Rs 20,000. A high percentage of retail investors will find it tough to invest in a stock that is trading at such a high price. You can compare it with an IPO. Generally, the minimum amount you need to invest in an IPO is Rs 15,000. You get a number of shares by investing Rs 15,000. 

In comparison to that, you won’t even get one share with that amount if Dixon was still traded at around Rs 20,000. Thus, many retail investors shy away from investing in these stocks as they are afraid that their capital will get stuck. To investor’s delight, Dixon announced a 1:5 Stock Split a few weeks back which brought it around the Rs 4,000 mark. It experienced a bit of correction which might have frightened some of the retail investors but it is back in the strong zone which tells that was just a momentary dip.

Robust Financials

Super strong!

I failed to hide my delight but the finances are just so healthy that I have a great smile on my face. From 2012 to 2021, their revenue has increased massively. In 2012, they had a total sales of Rs 573 crore and in 2021, they recorded it worth Rs 6449.75 crore! Over the past five years, total revenue has grown at a yearly rate of 30%. You might think that this might be only because of a boom in the whole industry. But the industry grew by only 14% in the same period.

Coming to the profits, it was recorded to be Rs 11 crore in 2015. After 6 years, in 2021, the net income is amassed to be Rs 159.80 crore. The yearly growth rate in profits in the last five years is mighty Rs 60%! How great does that sound? All of this success has been due to their increasing market share. In the past half-decade, their market share has increased by almost 5X times, from 2% to around 10%.

Earnings per share (EPS) is another pivotal metric for shareholders. In FY19, the EPS was Rs 11.19 and in FY21, this has zoomed up to Rs 27.49. At the beginning of the article, we termed Dixon as “one of the favourite stocks of retail investors”. The reason is that retail investors hold 35% of the stake in the company, joint-highest with a stake which is held by the promoters. From March 20 to March 21, the foreign institutions have almost doubled their stake from 10.76% to 19.84%. 

The automatic beneficiary of government schemes

The Indian government is keen to bolster its manufacturing capacity. They want to improve their trade balance. For that to happen, they are eager to cut imports by building their goods in India itself. Many initiatives like PLI Schemes and Make-in-India have given these companies a space to grow which is beyond one can imagine. 

For example, the Indian smartphone market is the second-largest smartphone market across the world. If the Indian government is incentivising foreign companies to manufacture here, companies like Dixon will benefit directly. Dixon manufactures not only a smartphone but TVs, washing machines and several consumer electronics in India. The scope of growth is huge, but can Dixon remain on the right path and continue to work tirelessly?

Have you enjoyed a rally in Dixon previously? Is this stock in your portfolio currently? Do make your own analysis before investing and let us know your insights on Dixon in the comments section of the Marketfeed application. Until next time!

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Kalyan Jewellers Reports 54% YoY Rise in Net Profit in Q4 – Top Indian Market News

Kalyan Jewellers Q4 Results: Net profit rises 54% YoY to Rs 74 crore

Kalyan Jewellers reported a 54% YoY increase in consolidated net profit to Rs 73.9 crore for the quarter ended March (Q4). Its revenue from operations rose 42.78% YoY to Rs 3,050.60 crore during the same period. For the financial year ended March 31, 2021 (FY21), the company posted a net loss of Rs 6.07 crore. This is compared to a net profit of Rs 142,27 crore in FY20. Kalyan Jewellers has announced plans to open 21 showrooms in India in the current financial year (FY22).

Read more here. 

Indian economy not as hard hit as first wave, but uncertainties remain: RBI

The Reserve Bank of India (RBI) said that India’s economy has not moderated to the extent it did during the first wave of the Covid-19 pandemic, but uncertainties can act as a deterrent in the short term. In its annual report, RBI said India’s growth prospects now essentially depend on how fast the country can contain the second wave of infections. The central bank has also expressed concerns over the ‘bubble’ in the Indian equity markets and has hinted that high valuations in the market are far from ground realities.

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Cadila Healthcare Q4 Results: Net profit rises 73% YoY to Rs 679 crore

Cadila Healthcare reported a 73.25% YoY increase in consolidated net profit to Rs 679 crore for the quarter ended March (Q4). Net profit has increased by 28.7% when compared to the previous quarter. Its total revenue from operations rose 2.52% YoY to Rs 3,846.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 81.34% YoY to Rs 2,133.6 crore. The pharma company’s board has recommended a final dividend of Rs 3.5 per share. 

The company has announced plans to seek emergency use approval (EUA) for its Covid-19 vaccine, ZyCov-D, from the Drugs Controller General of India (DCGI) within the next two weeks.

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Lupin receives $50 million from Boehringer Ingelheim for achievement of key milestones

Lupin Limited has received a payment of $50 million (~Rs 363.5 crore) from Germany-based Boehringer Ingelheim for the achievement of ‘key milestones’ for its novel MEK inhibitor compound. The MEK inhibitor compound is under development by Boehringer Ingelheim as potential targeted therapy for patients with difficult-to-treat cancers. ‘Key milestones’ can be referred to as various successful steps on the way to a drug getting regulatory approval.

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Strides Pharma Q4 Results: Net profit at Rs 46 crore

Strides Pharma Science reported a consolidated net profit of Rs 46.09 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 203.93 crore in the corresponding period last year (Q4 FY20). Total revenue from operations rose 46.85% YoY to Rs 908.5 crore in Q4 FY21. The pharma company’s board has approved a final dividend of Rs 2.5 per share.

In a separate filing, Strides Pharma said it has partnered with Taiwan-based TLC to launch Liposomal Amphotericin B in India. The drug is used for the treatment of mucormycosis or Black Fungus.

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Dixon Tech Q4 Results: Net profit rises 60% YoY to Rs 44.3 crore

Dixon Technologies reported a 60% YoY increase in consolidated net profit to Rs 44.3 crore for the quarter ended March (Q4). Net profit has declined by 28% when compared to the previous quarter. Its total revenue from operations jumped 146% YoY to Rs 2,109.7 crore during the same period. Dixon Tech’s consumer electronics division posted a three-fold increase in revenues to Rs 1,178.6 crore in Q4. The company’s board has approved a final dividend of Rs 1 per share. 

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Paytm targets $3 billion IPO this year: Report

According to a report from Bloomberg, digital payments provider Paytm is aiming to raise $3 billion (~Rs 21,800 crore) via an initial public offering (IPO) late this year. This would be India’s biggest-ever IPO. The company, formally called One97 Communications Ltd, plans to list in India around November. It is targeting a valuation of around $25 billion to $30 billion. Paytm is backed by Japan’s SoftBank Group, Warren Buffett’s Berkshire Hathaway Inc, and China-based Ant Financial.

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IRB Infra Q4 Results: Net profit declines 36.85% YoY to Rs 97.46 crore

IRB Infrastructure Developers Ltd reported a 36.85% YoY decline in consolidated net profit to Rs 97.46 crore for the quarter ended March (Q4). Net profit has increased by 40.2% when compared to the previous quarter. Its revenue from operations rose 1.35% YoY to Rs 1,605.85 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined 83.75% YoY to Rs 117.15 crore.  

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Sun Pharma Q4 Results: Net profit jumps 123% YoY to Rs 894 crore

Sun Pharmaceutical Industries Ltd reported a 123.6% YoY increase in consolidated net profit to Rs 894 crore for the quarter ended March (Q4). Net profit has declined by 52% when compared to the previous quarter. Its revenue from operations rose 4% YoY to Rs 8,522 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 22.8% YoY to Rs 2,903.82 crore. The pharma company’s board has declared a final dividend of Rs 2 per share.

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Liquor sales rise 6% in Q4; declines by 12% in FY21

The sales of Indian-made foreign liquor recovered in the January-March quarter (Q4) with a 6% growth, but it declined 12% in FY 2020-21 on an overall basis. States such as Uttarakhand, Himachal Pradesh, and Haryana reported over 40% growth in liquor sales. Maharashtra and Goa reported a 23% and 22% growth, respectively. According to estimates, the liquor industry contributes ~Rs 2 lakh crore to state exchequer through taxes and levies.

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Infibeam Avenues Q4 Results: Net profit at Rs 32 crore

Infibeam Avenues Ltd reported a consolidated net profit of Rs 32 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 24 crore in the corresponding quarter last year (Q4 FY20). The company’s gross revenue rose 42% YoY to Rs 201 crore in Q4 FY21. Its board has recommended a final dividend of Rs 0.05 per share. Infibeam Avenues’ board has also approved a further investment of Rs 1.05 crore in Avenues Payments India Pvt Ltd (RemitGuru). Ahmedabad-based Infibeam offers digital payments, e-commerce software, and internet services. 

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Petrol, diesel prices hiked for 14th time in May

The prices of petrol and diesel were hiked again on Thursday (May 27), touching fresh record highs across the country. In the national capital, the petrol price rose by 24 paise and that of diesel rose 29 paise. Following the latest price revision, petrol in Delhi is now retailing at Rs 93.68 per litre, while diesel is retailing at Rs 84.61 per litre. In Mumbai, petrol price neared Rs 100 per litre-mark and now stands at Rs 99.94 per litre.

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RBI Keeps Repo Rate Unchanged at 4% – Top Indian Market News

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RBI keeps repo rate unchanged at 4%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%. The reverse repo rate will also remain unchanged at 3.35%. This is the fifth time in a row that the rates have been kept on hold. RBI Governor Shaktikanta Das said the central bank will maintain its ‘accommodative’ stance as long as required to sustain growth on a durable basis. The RBI sees real GDP growth at 10.5% for the current financial year.

[Repo rate is the rate at which the central bank (RBI) lends money to commercial banks to meet short-term fund requirements. Reverse repo rate is the rate at which the central bank borrows money from the commercial banks] 

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Cabinet approves PLI scheme for ACs, LEDs

The Union Cabinet, on Wednesday, approved a production-linked incentive (PLI) scheme for air conditioners and LED lights (also known as white goods). The government will disburse Rs 6,238 crore over the next five years towards this scheme. A separate PLI scheme for high-efficiency solar photovoltaic (PV) modules has also been approved, with an outlay of Rs 4,500 crore. The solar PLI scheme will lead to an annual addition of around 10,000 MW in the country’s manufacturing capacity.

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Dixon Tech to form JV with Bharti Enterprises for making telecom products

Dixon Technologies (India) Ltd has signed a pact with Bharti Enterprises to form a joint venture (JV) for availing the government’s production-linked incentive (PLI) on manufacturing of telecom and networking products. The new firm will manufacture products such as modems, routers, set-top boxes, internet-of-things (IoT) devices, etc. As per the agreement, Dixon Tech will hold a 74% stake in the JV, while the remaining 26% will be owned by Bharti Enterprises.

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IDFC First Bank raises Rs 3,000 crore via QIP issue

IDFC First Bank said it has successfully raised Rs 3,000 crore through a qualified institutional placement (QIP). The lender’s Board of Directors has approved the allotment of 52.31 crore equity shares to eligible qualified institutional buyers (QIBs) at an issue price of Rs 57.25 per share. The bank intends to utilize the proceeds from the issue to enhance its capital adequacy ratio (to meet regulatory requirements) and for other general corporate purposes.

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Tata Power Solar doubles manufacturing capacity to 1,100 MW

Tata Power Solar, a wholly-owned subsidiary of Tata Power, has doubled its manufacturing capacity of cells and modules to 1,100 MW at its Bengaluru facility. The expansion was based on the significant increase in demand for the company’s solar modules, as well as the expected rise in demand due to the government’s Atmanirbhar Bharat initiative. Tata Power Solar’s manufacturing plant in Bengaluru is India’s premier integrated cell and module manufacturing facility that meets the highest industry standards.

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RailTel Corp secures work orders worth Rs 34.37 crore

RailTel Corporation of India said it has received work orders worth Rs 34.37 crore from two clients. The company has secured an order worth Rs 22.38 crore from the Controller General of Defence Accounts (CGDA) for setting up a network operation centre. Railtel has also received an order worth Rs 11.99 crore from Axom Sabra Siksha Abhiyan Mission for the deployment of artificial intelligence (AI)-based identification system for capturing attendance and management of Student Database Management Information System (SDMIS).

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Bharti Airtel launches 5G-ready IoT platform to drive enterprise business

Bharti Airtel has launched a 5G-ready Internet of Things (IoT) platform with the capability to connect and manage a large number of devices and applications. The telecom company is targeting the automobile, manufacturing, banking, financial services, and insurance (BFSI) utility, and industry 4.0 (Fourth Industrial Revolution) verticals to drive growth for its IoT platform and the IoT business as a whole. 

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Cholamandalam Finance joins Zerodha, Ujjivan, Airpay to apply for NUE license

Cholamandalam Investment & Finance Company announced that it is one of the companies participating in a consortium of Vishwakarma Payments that has applied for a New Umbrella Entity (NUE) license for retail payments with RBI. FSS, Zoho, Zerodha, RazorPay, Ujjivan, and Airpay are also part of the Vishwakarma Payments consortium. This consortium expects to focus on building an agile platform for seamless digital payments.

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To know more about NUEs, click here.

Dr Reddy’s launches Sapropterin Dihydrochloride powder in US

Dr. Reddy’s Laboratories announced the launch of Sapropterin Dihydrochloride powder for oral solution (100 mg) in the US market. It is a therapeutic equivalent generic version of Kuvan powder approved by the US Food and Drug Administration (USFDA). Sapropterin dihydrochloride is a phenylalanine hydroxylase activator indicated to reduce blood phenylalanine (Phe) levels in adult and pediatric patients one month of age and older with hyperphenylalaninemia (HPA).

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Rajesh Exports secures order worth Rs 745 crore from Germany

Rajesh Exports Limited has bagged an order for its designer range of gold jewellery from Germany. The total value of the export order is Rs 745 crore. The order is to be completed by July 2021. The company will be executing the order from its manufacturing facilities spread across India. Bengaluru-based Rajesh Exports is a gold retailer that refines, designs, and sells gold and jewelry. 

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Tata Consumer Q3 Profit Rises 29% YoY to Rs 218 crore – Top Indian Market News

Tata Consumer Q3 Results: Net profit rises 29% YoY to Rs 218 crore

Tata Consumer Products Ltd (TCPL) reported a 29% YoY increase in consolidated net profit to Rs 218.2 crore for the quarter ended December (Q3). Its revenue from operations rose 23% YoY to Rs 3,069.6 crore during the same period. The rise in revenue was led by volume and value growth in the branded business. The revenue from its domestic beverages segment increased by 46% YoY to Rs 1,275 crore. TCPL’s revenue from the food segment stood at Rs 630 crore.

Tata Consumer Products has signed definitive agreements to acquire 100% equity shares of Kottaram Agro Foods (KAF), owner of the brand ‘Soulfull’. This move is consistent with TCPL’s strategic plans to expand its product portfolio and participate in multiple consumption occasions.

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HDFC Q3 Results: Net profit declines 65% YoY to Rs 2,926 crore

Housing Development Finance Corp (HDFC) reported a 65% YoY decline in net profit to Rs 2,925.8 crore for the quarter ended December (Q3). Its revenue fell 42.3% YoY to Rs 11,707 crore during the same period. The company witnessed a 26% YoY growth in individual loan disbursements. HDFC’s total assets under management (AUM) rose 9.3% YoY to Rs 5.52 lakh crore in Q3. Its gross non-performing assets (NPA) ratio stood at 1.67% in Q3, compared with 1.81% in Q2 FY21.

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PVR raises Rs 800 crore via QIP

PVR Limited has raised Rs 800 crore by issuing shares to a set of investors through qualified institutional placement (QIP). The QIP witnessed an allotment of over 55.55 lakh equity shares to eligible qualified institutional buyers (QIBs) at Rs 1,440 per share. The multiplex operator said the issue opened on January 27, 2021, and closed on February 1, 2021.

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Dixon Tech Q3 Results: Net profit jumps 134% YoY to Rs 62 crore

Dixon Technologies Ltd reported a 134% YoY increase in net profit to Rs 61.6 crore for the quarter ended December (Q3). Its revenue rose 120% YoY to Rs 2,182.7 crore during the same period. The company’s board has approved a stock split in the ratio 1:5 (one equity share of Rs 10 to be split into five equity shares of face value Rs 2 each). Noida-based Dixon Technologies is a contract manufacturer of televisions, washing machines, smartphones, and LED bulbs for companies such as Samsung, Xiaomi, Panasonic, and Philips.

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Escorts Q3 Results: Net profit rises 83% YoY to Rs 281 crore

Escorts Limited reported an 83.4% YoY increase in net profit to Rs 280.7 crore for the quarter ended December (Q3). Its revenue from operations rose 23.5% YoY to Rs 2,017.4 crore during the same period. The company stated that demand for tractors and other farm equipment is witnessing continuous growth. Escorts’ tractor volumes increased by 25.7% YoY to 31,562 units in Q3.

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Delhi HC says all parties in Amazon-Future dispute need to maintain status quo

The Delhi High Court on Tuesday asked Future Retail Ltd to maintain status quo (keep things the way they presently are) with respect to its Rs 24,713 crore deal with Reliance Retail. This should give interim relief to Amazon.com Inc, as it battles to foil Future Group’s asset sales to its rival. Amazon, locked in legal disputes with Future Group, alleges that the firm violated contracts by agreeing to sell its retail assets to rival Reliance Industries last year.

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To learn more about the Amazon-Reliance retail war, click here.

BEL records turnover of Rs 2,256 crore in Q3

Bharat Electronics Ltd (BEL) reported a 3.5% YoY increase in turnover to Rs 2,256 crore for the quarter ended December (Q3). The company received orders worth Rs 4,899 crore in Q3 FY21, compared to orders worth Rs 1,260 crore received in the corresponding period last year. BEL’s order book stood at Rs 54,791 crore as of January 1, 2021, as against Rs 54,959 crore as of January 1, 2020.

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Adani Ports records 31% YoY growth in cargo volume in January

Adani Ports & Special Economic Zone (APSEZ) Ltd handled cargo volume of 26.02 million metric tonnes (MMT) in January, a growth of 31% on a year-on-year (YoY) basis. This includes a cargo volume of 3.87 MMT of Krishnapatnam Port, which was acquired by APSEZ in October 2020. During the current financial year (FY21), APSEZ handled cargo volume of 200.14 MMT, registering a growth of 8% YoY.

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Finolex Industries Q3 Results: Net profit at Rs 256 crore

Finolex Industries Ltd reported a net profit of Rs 256 crore for the quarter ended December (Q3). It had posted a net profit of Rs 93 crore in the corresponding quarter last year. The company’s revenue rose 52.5% YoY to Rs 1,066.88 crore in Q3 FY21. Finolex Industries’ board has declared a stock split in the ratio 1:5 (one equity share of Rs 10 will be split into five equity shares of face value Rs 2 each).

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Dr. Reddy’s Labs launches vigabatrin tablets in the US

Dr. Reddy’s Laboratories has announced the launch of vigabatrin tablets in the US markets. The tablets are a therapeutic equivalent generic version of Sabril tablets approved by the US Food & Drug Administration (USFDA). Vigabatrin is a prescription medicine used with other treatments in adults and children above the age of 2 years with refractory complex partial seizures (CPS).  

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Alkyl Amines Q3 Results: Net profit rises 9% YoY to Rs 84 crore

Alkyl Amines Chemicals Ltd reported a 9.6% YoY increase in net profit to Rs 84.49 crore for the quarter ended December (Q3). Its revenue rose 26% YoY to Rs 313 crore during the same period. The company’s board has declared an interim dividend of Rs 10 per share.

Ajanta Pharma Q3 Results: Net profit rises 64% YoY to Rs 176 crore

Ajanta Pharma Limited reported a 64.23% YoY increase in consolidated net profit to Rs 176.63 crore for the quarter ended December (Q3). It had posted a net profit of Rs 107.55 crore during the corresponding quarter last year. The company’s revenue rose 14.98% YoY to Rs 748.74 crore during the same period. Maharashtra-based Ajanta Pharma is engaged in development, manufacturing, and marketing of pharmaceutical formulations. 

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Nitin Gadkari Approves Proposal to Levy ‘Green Tax’ on Old Vehicles – Top Indian Market News

Nitin Gadkari approves proposal to levy ‘Green Tax’ on old vehicles

Union Minister for Road Transport and Highways Nitin Gadkari has approved a proposal to levy a ‘Green Tax’ on old vehicles that are polluting the environment. Transport vehicles older than eight years could be taxed at the rate of 10-25% of road tax. This will be imposed at the time of renewal of the fitness certificate. Personal vehicles will be charged Green Tax at the time of renewal of registration certificate after 15 years. A higher Green Tax of 50% will be levied on vehicles registered in highly polluted cities. The ministry will now consult state governments before finalising the proposal. 

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Kotak Mahindra Bank Q3 Results: Net profit rises 16% YoY to Rs 1,853 crore

Kotak Mahindra Bank reported a 16% YoY increase in net profit to Rs 1,853.5 crore for the quarter ended December (Q3). Net interest income (NII) rose 17% YoY to Rs 4,007 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] The lender’s gross non-performing assets (NPAs) ratio stood at 2.26% in Q3, against 2.55% in the previous quarter. Kotak Bank’s provisions and contingencies increased sharply by 34.9% to Rs 599 crore.

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L&T Q3 Results: Net profit rises 5% YoY to Rs 2,467 crore

Larsen and Toubro (L&T) reported a 4.87% YoY increase in consolidated net profit to Rs 2,466.71 crore for the quarter ended December (Q3). Its revenue from operations declined 1.78% YoY to Rs 35,596.42 crore during the same period. The company’s total orders in Q3 jumped 76% YoY and stood at Rs 73,233 crore. During the quarter, L&T was awarded the biggest EPC contract in the country and the first of its kind- the High Speed Rail order. The consolidated order book stood at a record Rs 3,31,061 crore as of December 31, 2020.

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ED raids 10 premises of Omkar Group for irregularities in SRA projects

The Enforcement Directorate (ED) on Monday conducted raids on 10 premises of Mumbai-based Omkar Group. The group is alleged to have misused various permissions given under the Slum Rehabilitation Authority (SRA) schemes. It is also alleged that they diverted ~Rs 450 crore taken by way of loan from Yes Bank. The premises of Omkar Realtors and Developers, which includes 7 residential and 3 commercial buildings in Mumbai, were searched by the central probe agency. 

[Piramal Enterprises’ shares fell 1.44% today. It has tied up with Omkar Realtors for various projects] 

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Dixon Tech’s subsidiary enters into deal with HMD India to manufacture Nokia smartphones

Padget Electronics, a wholly-owned subsidiary of Dixon Technologies, has entered into an agreement with HMD India for manufacturing Nokia smartphones. The smartphones will be manufactured at Padget’s manufacturing facility in Noida, Uttar Pradesh. HMD Global Oy, branded as HMD and Nokia Mobile, is a Finnish mobile phone manufacturer.

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Lupin gets USFDA approval for Sevelamer Carbonate tablets

Lupin Limited announced that it has received approval from the US Food & Drug Administration (USFDA) to market its generic Sevelamer Carbonate tablets. The tablets are used to control phosphorus in people with chronic kidney disease on dialysis. According to the IQVIA MAT September 2020 data, Sevelamer Carbonate tablets had estimated annual sales of $348 million (~Rs 2,537 crore) in the US.

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PNC Infratech secures EPC projects worth Rs 2,475 crore in Uttar Pradesh

PNC Infratech Ltd, in a joint venture with SPML Infra, has received Letters of Award (LoA) for six new EPC projects in Uttar Pradesh. The orders were placed by the State Water Supply & Sanitation Mission, Namami Gange & Rural Water Supply Department. The projects include the survey, design, construction, and commissioning of rural water supply for a total of 2,475 villages. The project is to be constructed and put on trial within 21 months upon signing of the agreement. The aggregate value of the six projects is approximately Rs 2,475 crore.

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UCO Bank Q3 Results: Net profit at Rs 35 crore

UCO Bank reported a net profit of Rs 35.44 crore for the quarter ended December (Q3). The lender had posted a net loss of Rs 960.17 crore during the corresponding period in FY20. Net interest income (NII) rose 13.8% YoY to Rs 1,407.2 crore in Q3 FY21. Net non-performing assets (NPAs) were at 2.97%, against 6.34% in Q3 FY20. Provisions for bad loans fell sharply to Rs 393.06 crore in Q3, compared to Rs 1,645.51 crore a year ago.

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ICICI Securities Q3 Results: Net profit rises 95% YoY to Rs 267 crore

ICICI Securities Ltd reported a 95% YoY increase in net profit to Rs 267 crore for the quarter ended December (Q3). Its revenue rose 47% YoY to Rs 620 crore during the same period. The company’s revenue growth in Q3 was driven by strong all-around performance in its equities & allied business, distribution business, and private wealth management business.

Strides Pharma gets USFDA approval for Ursodiol capsules

Strides Pharma Science Ltd announced that its wholly-owned subsidiary, Strides Pharma Global-Singapore, has received approval for Ursodiol capsules from the US Food & Drug Administration (USFDA). The tablets are indicated for the treatment of patients with Primary Biliary Cirrhosis (an autoimmune disease of the liver). The product will be manufactured at the company’s facility in Bengaluru and will be marketed by Strides Pharma Inc. in the US market.

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Home First Finance Company IPO subscribed 27 times on final day

The initial public offering (IPO) of Home First Finance Company was subscribed 26.65 times on the final day of bidding (Jan 25). The issue has received bids for 41.43 crore equity shares against an offer size of 1.56 crore shares. The category reserved for qualified institutional buyers (QIBs) was subscribed 52.63 times. The reserved portion for non-institutional investors was subscribed 39.08 times and individual retail investors 6.60 times.

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Aarti Drugs Q3 Results: Net profit jumps 144% YoY to Rs 68 crore

Aarti Drugs Ltd reported a 144.54% YoY increase in consolidated net profit to Rs 68 crore for the quarter ended December (Q3). It had posted a net profit of Rs 27.82 crore during the corresponding period in FY20. The company’s consolidated revenue rose 11.98% YoY to Rs 530.25 crore in Q3 FY21.

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India’s WPI Inflation Eases to 1.22% in December – Top Indian Market News

India’s WPI inflation eases to 1.22% in December

Wholesale inflation in India fell to the lowest level in four months, mainly due to a decline in the prices of food articles. Inflation based on the Wholesale Price Index (WPI) fell to 1.22% in December from 1.55% in November. The WPI was at 2.76% in December 2019. The WPI Food Inflation fell from 4.27% in November to 0.92% in December, as vegetables and pulses became cheaper.

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Passenger vehicle sales up 13.59% in December: SIAM

According to data released by the Society of Indian Automobile Manufacturers (SIAM), the total sales of domestic passenger cars increased by 13.59% to 2.52 lakh units in December 2020, as compared to 2.22 lakh units in December 2019. Two-wheeler sales rose by 7.42% YoY to 11.27 lakh units in December 2020. However, the latest figures from SIAM show that automobile exports from India declined by 18.87% to 38.65 lakh units in 2020. Overseas shipments of vehicles in the Jan-Dec period in 2019 stood at 47.63 lakh units.

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HFCL Q3 Results: Net Profit rises 86% YoY to Rs 85 crore

HFCL Ltd reported an 86.73% YoY increase in net profit to Rs 85.11 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 45.58 in the corresponding period in FY20. HFCL’s revenue rose by 49.68% YoY to Rs 1,277.48 crore during Q3 FY21. HFCL (or Himachal Futuristic Communications Ltd) is a fiber optic cable manufacturing company.

Adani Enterprises wins Rs 1,838-crore highway project from NHAI in Kerala

Adani Enterprises Ltd (AEL) has won a Rs 1,838-crore highway project from the National Highways Authority of India (NHAI) in Kerala. The project, granted under the Hybrid Annuity Mode (HAM), is part of the Bharatmala Pariyojna of the Central Government. The 40-km road project pertains to six-laning of the Azhiyur-Vengalam section of NH-17 (New NH-66) in Kerala. With this, Adani Group has a total of six NHAI road projects under HAM in Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, and Kerala.

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Indigo Paints to launch IPO on January 20; price band fixed at Rs 1,488-1490

Indigo Paints will launch its initial public offering (IPO) on January 20. The price band of the IPO has been set at Rs 1,488-1,490 per share. It comprises fresh issuance of equity shares aggregating to Rs 300 crore and an offer for sale (OFS) of up to 58.4 lakh shares by Sequoia Capital India Investments IV,  SCI Investments V, and promoter Hemant Jalan. The three-day IPO will conclude on January 22.

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DEN Networks Q3 Results: Net profit rises 238% YoY to Rs 65 crore

DEN Networks Ltd reported a 238.69% year-on-year (YoY) increase in consolidated net profit to Rs 65.57 crore for the quarter ended December (Q3). It had posted a net profit of Rs 19.36 crore during the corresponding period in FY20. The firm’s revenue increased by 7.58% YoY to Rs 342.18 crore in Q3 FY21. DEN Networks is a cable distribution company in which Reliance Industries (through its subsidiaries) holds a majority shareholding. 

Dixon Technologies’ board to meet on Feb 2 to consider stock split plan

Dixon Technologies Ltd announced that its board will meet on February 2 to consider the sub-division of equity shares of the company. It will also consider and approve financial results for the third quarter ended December 31, 2020. Generally, a company plans to go for a stock split to make the shares more affordable for small retail investors and increase liquidity. 

As per a report from Economic Times, Padget Electronics (a wholly-owned subsidiary of Dixon Technologies) will begin assembling phones for HMD Global at its factory in Noida. HMD Global is the maker of Nokia and Motorola smartphones. The report also states that LED TVs of brands including Nokia, Intex, Lloyd, and Toshiba will be manufactured at Dixon Tech’s Chittor factory.

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Bharat Dynamics and Thales partner to manufacture STARStreak Air Defence System in India

Bharat Dynamics Ltd (BDL) and Thales have signed a Teaming Agreement to work in partnership on the STARStreak Air Defence system, with the support of the Governments of India and the UK. BDL will become a part of the STARStreak global supply chain. This would provide the opportunity for exporting the system to existing and future STARStreak Air Defence customers. The agreement would also allow BDL to offer the STARStreak missile system to the Indian Armed Forces, with a minimum of 60% indigenous content, under the ‘Make in India’ programme.

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L&T receives multiple orders in domestic market

Larsen & Toubro (L&T) announced that its construction arm has received multiple orders across its business segments in the domestic market. The orders fall under the “significant” category, which ranges between Rs 1,000 crore and Rs 2,500 crore. The firm’s buildings and factories business has won an order from a reputed developer to construct an office space in Mumbai. It has also won an order from the Haryana Government to construct a Medical College at Jind.

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Indian Hume Pipe Company receives LoA for water supply project from Govt of Karnataka

Indian Hume Pipe Company Ltd has received a letter of acceptance (LoA) for an order worth Rs 198.80 crore from Minor Irrigation and Ground Water Development Division- Kalaburgi, Karnataka Government. The order consists of filling tanks in Kalaburgi (South) Taluka by lifting Water from Bennethora Reservoir for ground-water development & drinking water purpose on a turnkey basis. The contract also includes operation and maintenance services for 5 years. The project is to be completed within 24 months.

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Garden Reach Shipbuilders signs $12.7 million deal with Government of Guyana

Garden Reach Shipbuilders & Engineers (GRSE) has signed a contract with the Government of Guyana to build a passenger and cargo ship for $12.7 million (~Rs 92.75 crore). GRSE is one of India’s leading shipyards, located in Kolkata. It builds and repairs commercial and naval vessels.

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Protesting Farmers Damage 1,400 Jio Towers in Punjab – Top Indian Market News

Protesting farmers damage more than 1,400 Jio towers in Punjab

Farmers and support groups protesting against the Government’s new farm laws have damaged around 1,450 mobile towers of Reliance Jio in Punjab. More than 176 signal transmitting sites were vandalised in 24 hours on Sunday alone. The mobile and internet services of the company have been disrupted in the state, causing inconvenience to the consumers. The attacks on Jio towers comes amid speculation that the new farm laws allegedly benefit Reliance Industries and Adani Group. Reliance had approached Punjab police regarding alleged vandalism of its towers. The executives of Reliance Jio are also set to meet Punjab state government officials to discuss the matter.

In other news, the Central Government has called a meeting with farmers on December 30 (Wednesday). The government stated that they are committed to finding a logical solution and ending the deadlock.

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Coal India plans 21 additional railway sidings

Coal India Ltd (CIL) announced that it is constructing 21 additional sidings at an estimated investment of Rs 3,370 crore across 4 of its subsidiaries. [A siding is a short railway track beside the main tracks, where engines and carriages are left when they are not being used]. CIL stated that it currently has around 152 rail sidings, and the tally would go up to 173 by 2024. These new projects will be commissioned by FY 2023-24.

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Tips Industries signs global licensing deal with Facebook

Tips Industries Ltd has announced a global deal with Facebook to license its music for videos and other social experiences across Facebook and Instagram. The users of both social media platforms will be able to add Tips’ music catalog to their posts and stories. The deal comes in the wake of Bollywood music labels (such as T-Series) sending copyright infringement notices to content sharing mobile applications such as Josh and Mitron for using its music without permission.

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Dixon Technologies’ subsidiary enters into agreement with Motorola for manufacturing smartphones

Dixon Technologies’ wholly-owned subsidiary, Padget Electronics, entered into an agreement with Motorola Mobility LLC for the manufacturing of smartphones. The products will be manufactured at Padget’s facility situated at Noida, Uttar Pradesh. Padget Electronics is among five domestic manufacturers who have been approved to receive benefits of the government’s production linked incentive (PLI) scheme for smartphones.

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Equitas SFB levies penalty on designated persons for violating insider trading norms

Equitas Small Finance Bank announced that its Vice President-Internal Audit, N Ganesan, violated the code of conduct for the prevention of insider trading by selling 1,000 shares during the window closure period. The bank also stated that its Deputy Vice President of Information Security, G Thanikachalam, violated the code of conduct for the prevention of insider trading by selling 1,181 shares during the window closure period. The small finance bank said that its disciplinary action committee had levied a penalty of 10% of the traded value on both parties.

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Adani Group’s container terminal subsidiary raises $300 million via dollar bonds

Adani International Container Terminal Pvt Ltd has raised $300 million (~Rs 2,207 crore) by issuing dollar bonds to international investors. The company’s 10-year bond was priced at par to yield 3%, which is also the lowest coupon achieved by any corporate Indian issuer in the last 5 years. The issue received interest from around 220 accounts and was oversubscribed almost 10 times.

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Cadila Health seeks approval to start Phase-3 clinical trials of ZyCoV-D

Cadila Healthcare Ltd announced that its plasmid DNA vaccine to prevent Covid-19, ZyCoV-D, was found to be safe and immunogenic in Phase 1 & 2 clinical trials. The reports of the clinical trials have been submitted to the Central Drugs Standard Control Organisation (CDSCO). The company is now planning to initiate Phase-3 clinical trials in around 30,000 volunteers upon receiving necessary approvals.

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Apax to buy software business of 3i Infotech for Rs 1,000 crore

Apax Partners is all set to acquire the software business of IT services company 3i Infotech Ltd for Rs 1,000 crore. The software business, which generates $60 million (~Rs 441 crore) in revenue, will be carved out of 3i Infotech through a business transfer agreement. The deal values the software arm higher than the current market capitalization of the entire company at Rs 908 crore.

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Biocon launches Tacrolimus capsules in the US

Biocon Ltd, on Monday, announced that it has launched Tacrolimus capsules in the US. Tacrolimus is an immunosuppressant used for the treatment of organ transplant patients. It reduces the body’s ability to reject a transplanted organ. The biopharmaceutical firm stated that the launch of Tacrolimus capsules is a part of its mission to make affordable healthcare more accessible. 

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NTPC declares Dulanga coal mine commercially operational

NTPC Limited announced that its Dulanga coal mine is commercially operational from October 1, 2020. The Central Government has allocated nine coal blocks– Pakri-Barwadih, Chatti-Bariatu & Chatti-Bariatu (South), Kerandari, Dulanga, Talaipalli, Banai, Bhalumuda, Mandakini-B, and Badam– directly to NTPC. The state-owned power giant is planning to produce about 103 million metric tonnes (MMT) of coal per annum from these mines when all the mines reach the peak-rated capacity.

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