Tag: DLF

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Market News Top 10 News

Tata Tech to Launch IPO Tomorrow – Top Indian Market Updates

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

Tata Tech to launch ₹3,042Cr IPO tomorrow

The much-awaited initial public offering (IPO) of Tata Technologies (a subsidiary of Tata Motors) will open for subscription tomorrow— Nov 22. The company is planning to raise ₹3,042.51 crore. The price band for the issue has been fixed at Rs 475-500 per share. The issue comprises only an offer-for-sale (OFS) by the promoter and investors. 

Read more here.

KEC International bags new projects worth ₹1,005Cr

KEC International Ltd has secured new projects worth ₹1,005 crore across its various business verticals, including railways and cables. The company has secured projects for transmission, distribution, and cabling in India, the Middle East, Europe, Africa and the Americas.

Read more here.

RIL to invest ₹20,000Cr in West Bengal on 5G, retail, energy

Reliance Jio is set to take the power of 5G to West Bengal even as the telco is on track to conclude the world’s fastest 5G rollout in India by December end. RIL chairman, Mukesh Ambani, said that every home in West Bengal would be converted into smart homes very soon with the rapid rollout of JioFiber (wired broadband) and Jio AirFiber services (the company’s 5G-based fixed wireless access service).

Read more here.

Tata Motors re-enters Thailand with CVs

Tata Motors has appointed Inchcape Plc as its distributor for commercial vehicles in Thailand, re-entering the market after a three-year break. The company stopped selling its pickup trucks and small commercial vehicles in Thailand after it closed its 100% subsidiary in 2020. However, it has been providing support and services to customers there.

Read more here.

TCS makes provision of $125 million in Q3 for Epic Systems penalty 

The US Supreme Court has rejected an appeal by Tata Consultancy Services (TCS) against a $140-million penalty concerning a trade secret lawsuit filed by US-based Epic Systems. The firm will make a provision of $125 million for the same in the third quarter of this financial year ending December 2023.

Read more here.

OneWeb gets approval to launch satcom services in India

Bharti Airtel-backed low earth orbit (LEO) satellite firm OneWeb has been granted the necessary regulatory approvals from the Indian National Space Promotion and Authorization Centre (IN-SPACe) to launch commercial broadband services in India. Now, the company needs spectrum allocation from the Department of Telecommunications (DoT) to commence commercial connectivity services.

Read more here.

Jindal Power will not bid to take over Go First

Jindal Power Ltd has decided to not follow through with a bid to take over Go First, pushing the insolvent airline closer to liquidation. It is the only company whose expression of interest to take over Go First was accepted by creditors. According to Reuters, Jindal had decided against bidding after evaluating the airline’s financial statements.

Read more here.

Titan Company plans to hire over 3,000 employees in 5 years

The Titan Company is planning to add over 3,000 employees in the next 5 years across the engineering, design, luxury, digital, data analytics, marketing and sales domains. The company is looking for professionals with specialised skills such as data analytics, cyber security, product management, digital marketing and other new-age skills, amongst others. 

Read more here.

DLF buys office space in Gurgaon for ₹81 crore

DLF group’s subsidiary, DLF Building & Services Pvt Ltd has bought about 31,254 sq. ft. of premium office space at Horizon Centre on Golf Course Road in Gurgaon for ₹81 crore. The building is the costliest office space tower in Gurgaon. The space was owned by Madhur Maini and has been leased to WeWork India.

Read more here.

Strides Pharma gets USFDA approval for oral solution to treat seizures

Strides Pharma Science Ltd’s subsidiary, Strides Pharma Global Pte Ltd, Singapore, has received approval from the US Food & Drug Administration (USFDA) for Levetiracetam Oral Solution. It is an oral drug used to treat seizures. The pharma major will manufacture the product at its facility in Bengaluru. According to IQVIA data, the Levetiracetam Oral Solution had a market size of $55 million in the last 12 months.

Read more here.

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Market News Top 10 News

Tata Power Posts 7% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

Tata Power Q2 Results: Net profit rises 7% YoY to ₹876 crore

Tata Power Ltd reported a 7% YoY rise in consolidated net profit to ₹876 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 12% YoY to ₹15,738 crore during the same period; largely driven by higher revenue from core businesses of generation, transmission and distribution. EBITDA stood at ₹3,090 crore, up 76% YoY in Q2.

Read more here.

Lupin launches anesthesia injection in US

Lupin Ltd launched Rocuronium Bromide injection, an anaesthesia medicine, in the United States. The launch came after Lupin’s alliance partner Caplin Steriles received approval from the US Food & Drug Administration (USFDA). According to the IQVIA MAT August 2023 data, the injection had estimated annual sales of $54 million in the US.

Read more here.

CAMS Q2 Results: Net profit rises 17% YoY to ₹84.5 crore

Computer Age Management Services Ltd (CAMS) reported a 17.1% YoY rise in net profit to ₹84.51 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 13.5% YoY to ₹275.08 crore during the same period. The company’s board recommended a dividend of ₹10 per equity share. CAMS acts as a registrar and transfer agent for mutual funds. 

Read more here.

Voltas to take ₹500 crore term loan for new plants

Voltas Ltd will take up to ₹500 crore in term loans to finance the manufacturing of new plants in Chennai and Waghodia (Gujarat). The board approved the proposal to take an unsecured rupee term loan of up to ₹500 crore from a bank. The board also approved dropping the proposed non-convertible debentures issue through private placement for raising to ₹500 crore.

Read more here.

Bata India Q2 Results: Net profit falls 38% YoY to ₹34 crore

Bata India reported a 38% YoY fall in net profit to ₹34 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations fell 1.3% YoY to ₹819.1 crore during the same period. EBITDA stood at ₹181.6 crore, up 12.9% YoY. Bata India has opened 30 new stores in nearly 25 cities.

Read more here.

Pidilite Industries Q2 Results: Net profit rises 36% YoY to ₹458 crore

Pidilite Industries Ltd reported a 35.7% YoY rise in net profit to ₹458.5 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 2.2% YoY to ₹3,076 crore during the same period. EBITDA stood at ₹679.6 crore, up 35.9% YoY. The company intends to set up a lending business by acquiring Pargro Investments Pvt. for ₹10 crore.

Read more here.

US’ DFC to invest $553 million in Adani Group’s Sri Lanka port

US International Development Finance Corporation (IDFC) will fund a project partly owned by the Adani Ports & Special Economic Zone Ltd (APSEZ). US IDFC will invest $553 million in the Colombo port terminal project, a consortium of APSEZ, John Keells Holdings (JKH) and the Sri Lanka Ports Authority. 

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Gland Pharma gets EIR from USFDA for Visakhapatnam facility

Gland Pharma has received an establishment inspection report (EIR) from the US Food & Drug Administration (USFDA) for its Visakhapatnam facility. The inspection has been closed by the USFDA. The health regulator inspected the company’s Vizag unit from July 20 to July 28.

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DLF to buy residual stakes in entities owning 63 acres of land in Gurugram for ₹40 crore

DLF will acquire residual stakes in certain entities that own 63 acres of land parcels in and around Gurugram for around ₹40 crore. The real estate company acquired development rights for these land parcels in 2009-10. DLF’s board approved the acquisition of around 5.22% stake in Invecon Pvt Ltd and 4.48% and 3.24% stake in its affiliates namely Vikram Electric Equipment and Uni International, respectively.

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Eris Lifesciences acquires Biocon Biologic’s Nerphro, derma units

Biocon Biologics Ltd has signed a definitive agreement with Eris Lifesciences to divest its Dermatology and Nephrology branded formulations business units in India. The total transaction value of the divestment is ₹366 crore. The divestiture is expected to close by the end of November 2023, subject to customary closing conditions.

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Infosys partners with AWS to accelerate cloud transformation of financial institutions

Infosys has entered into a three-year strategic collaboration agreement with Amazon Web Services (AWS) to accelerate financial cloud transformation in financial institutions. Their customers will receive AWS’ transformative cloud services, Infosys’ domain knowledge & delivery and the expertise of Infosys Capital Markets will transform their business models and modernise their applications. 

Read more here.

Hero MotoCorp to enter Europe market with EV range next year

Hero MotoCorp has announced its entry into the European market with an electric scooter range next year. The company will introduce the VIDA V1 electric scooter in Spain, France, and the UK by mid-2024. On Tuesday, Hero MotoCorp unveiled three production-ready vehicles and three concept vehicles at EICMA 2023, an auto industry event taking place in Milan, Italy.

Read more here.

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Market News Top 10 News

Adani Green Posts 149% YoY Jump in Net Profit in Q2 – Top Indian Market Updates

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

Adani Green Q2 Results: Net profit jumps 149% YoY to ₹372 crore

Adani Green Energy Ltd (AGEL) reported a 149% year-on-year (YoY) jump in net profit to ₹372 crore for the quarter ended September (Q2 FY24). AGEL’s consolidated net revenue rose 40% YoY to ₹2,220 crore during the same period. EBITDA stood at ₹1,699 crore, up 96.2% YoY.

Read more here.

Sun Pharma to market Zydus’ novel anti-CKD drug Desidustat

Sun Pharmaceutical Industries Ltd has entered into a licensing agreement with Zydus Lifesciences to co-market the latter’s drug Desidustat in India. The drug is used to treat anaemia associated with Chronic Kidney Disease (CKD). Zydus has granted Sun Pharma semi-exclusive rights to co-market the product in India. Sun Pharma will market the drug under the brand name RYTSTAT.

Read more here.

Marico Q2 Results: Net profit rises 17% YoY to ₹353 crore

Marico Ltd reported a 17% YoY increase in consolidated net profit to ₹353 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined marginally to ₹2,476 crore during the same period. EBITDA stood at ₹497 crore, up 14.7% YoY. The company’s board declared a dividend of ₹3 per equity share.

Read more here.

Tata Motors wins Singur plant arbitration

Tata Motors Ltd secured an arbitral award amounting to ₹765.78 crores and interest as compensation for their investment in the now-defunct Singur plant. The automaker won the arbitrations against the West Bengal Industrial Development Corporation Ltd (WBIDC), the nodal agency of the West Bengal government’s Industry, Commerce & Enterprises Department. The scrapped Singur plant was initially intended for the production of the Tata Nano. 

Read more here.

DLF Q2 Results: Net profit rises 31% YoY to ₹623 crore

DLF Ltd reported a 31% YoY increase in net profit to ₹623 crore for the quarter ended September (Q2 FY24). Its revenue from operations grew 4% YoY to ₹1,348 crore during the same period. EBITDA stood at ₹462 crore, up 6% YoY. Total expenses for the quarter rose marginally to ₹1,012 crore.

Read more here.

No payments pending for Russian oil imports: BPCL

According to Bharat Petroleum Corp’s (BPCL) head of finance, Ramakrishna Gupta, said the company has cleared all payments for Russian oil purchases. The Indian government has expressed discomfort over settling payment for Russian oil in Chinese yuan. He also added that BPCL was processing Russian oil at the maximum “potential level” at its three plants, averaging about 30-40% of overall crude intake.

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TVS Motor Q2 Results: Net profit rises 32% YoY to ₹537 crore

TVS Motor Company reported a 32% YoY increase in net profit to ₹536.5 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 13% YoY to ₹8,145 crore during the same period. EBITDA stood at ₹900 crore, up 22% YoY. The overall two-wheeler and three-wheeler sales (including exports) grew by 5% YoY to 10.74 lakh units in Q2.

Read more here.

DGGI probes GCPL’s acquisition of Raymond’s consumer goods business

The Directorate General of GST Intelligence (DGGI) is probing Godrej Consumer Products Ltd’s (GCPL)  acquisition of Raymond’s consumer goods business. GST authorities have asked Raymond Consumer Care Ltd (RCCL) to explain why GST should not be levied on the transaction amount. GCPL acquired the FMCG business, along with the Park Avenue, KS, KamaSutra and Premium trademarks, through a slump sale in April 2023 for ₹2,825 crore.

Read more here.

AU Small Finance Bank to acquire Fincare Small Finance Bank 

AU Small Finance Bank (SFB) is all set to acquire Fincare Small Finance Bank in an all-share deal and merge it with itself, subject to regulatory approvals. As per the agreement between the two, shareholders of Fincare SFB shall receive 579 equity shares of AU SFB for every 2,000 shares held. The merger would be effective from February 1, 2024.

Read more here.

Sri Lankan government renews Lanka IOC’s petroleum licence for 20 years

The Sri Lankan government has renewed the petroleum products licence granted to Lanka IOC for another 20 years. Lanka IOC is a subsidiary of Indian Oil Corporation Ltd (IOCL). The licence originally issued in 2003 was to expire in January 2024. The renewed license will allow Lanka IOC to continue its retail operations on the debt-trapped island nation until January 22, 2044.

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Macrotech Developers to launch housing projects worth ₹12,000Cr by March

Macrotech Developers Ltd (Lodha) plans to launch housing projects worth ₹12,000 crore by March 2024 to tap strong consumer demand for quality homes from branded players. The company also said it would easily achieve the ₹14,500 crore sales booking target fixed for the current financial year as against ₹12,070 crore in the previous year. Lodha has already achieved sales bookings of ₹6,890 crore during the first six months of FY24.

Read more here.

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Daily Market Feed Pre Market Report

Markets to Open Lower with U.S. Ratings Downgrade – Pre-Market Analysis Report

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

Rating agency Fitch downgraded the US credit rating by one step to AA+, citing expected fiscal deterioration over the next three years and growing general government debt burden.

Stocks

Maruti Suzuki produced 1.86 lakh vehicles in July, up 1% YoY. Maruti is also going to acquire a 100% stake in Suzuki Motor Gujarat(SMG) from the Japanese parent company – Suzuki Motor Corporation. This was one of the major issues with long-term investment in the stock – Why You Should NOT Invest in Maruti Suzuki.

TVS Motors has announced sales volume at 3.26 lakh units for July 2023, up 4% YoY. This was majorly contributed by domestic business, while exports fell. Electric scooter sales doubled from last year.

Hero Motocorp’s 2 offices and the residence of the executive chairman were raided yesterday by the Enforcement Directorate. 

DLF promoter and chairman emeritus sold his entire stake of 0.59% in the company for Rs 730 crores.

Royal Enfield reported total sales growth of 32% year-on-year to 73,117 motorcycles. Contributed by domestic growth, exports dropped 20%.

Major results today: Titan, Ambuja Cements, HPCL, Indigo, Mankind Pharma, Godrej Properties, IOB

What to Expect Today?

NIFTY started the day at 19,784 with a small gap-up. It tried to move up but failed, and eventually consolidated with a bearish bias. NIFTY closed at 19,733, down by 20 points or 0.1%.

BANK NIFTY started the day at 45,740 and consolidated. But after 1 hour, it lost strength and moved down. BANK NIFTY closed at 45,592, up 58 points or 0.13%.

US markets closed mixed. The European markets closed in the red.

The Asian markets are mostly trading in the red.

The U.S. Futures are trading in the red.

GIFT NIFTY is trading in the red at 19,747.

All the factors combined indicate a gap-down opening in the market.

NIFTY has supports at 19,760, 19,660, 19,617 and 19,566. We can expect resistances at 19,784, 19,846 and 19,920.

BANK NIFTY has supports at 45,472, 45,230, and 44,900. Resistances are at 45,860, 46,000, and 46,240.

NIFTY has the highest call OI build-up at 19,800. The highest put OI build-up is at 19,600 and 19,700. PCR is at 0.79.

BANK NIFTY has the highest call OI build-up at 46,000. The highest put OI build-up is at 45,500. Call sellers in the 45,500 straddle running away. PCR is at 0.76. 

Foreign Institutional Investors net-sold shares worth Rs -92 crores. Domestic Institutional Investors net-bought worth 1,035.69 crores.

INDIA VIX is at 10.28.

Reliance dragged the market down yesterday, while HDFC Bank and Infy moved it up.

The market was trying to stay up and consolidate near this zone before a breakout. But looks like the global markets are not playing along!

A gap-down of 50 points is expected and you know the major levels to watch out for from above. The put sellers at 19,700 will be okay, as they are mostly straddle positions. If the market moves towards 19,600 levels, the sellers there will cover their positions and drag NIFTY down to 19,500 zones.

Global markets which were consolidating near their all-time highs, might see a small correction, but not expecting huge reactions as we can see from U.S. futures.

So watch out for initial weakness, but a rebound towards the second half of the day if European markets move to green.

Tomorrow is the first expiry of the August series. Hope you have a strong 2 days of trading ahead!

We will be trading Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) today. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Daily Market Feed Post Market Analysis

Nifty Closes Below 19,750. IT Stocks Gain – Post-Market Analysis

NIFTY started the day at 19,784 with a small gap-up of 30 points. Initially, the index moved up to the round levels of 19,800, took rejection, and fell to breach the important support zone of 19,750. Then, it went down to 19,700 levels and strong buying kicked in. The index mostly consolidated within the 19,700 and 19,800 zones today. Nifty closed at 19,733, down by 20 points or 0.1%. 

BANK NIFTY (BNF) started the day at 45,740 with a gap-up of 88 points. After initial consolidation, the index faced selling pressure. BNF fell below the 45,600 support zone and came down to 45,470 zones (which was the previous day’s swing). It then bounced back, but 45,600 acted as resistance. BNF closed at 45,592, down by 58 points or 0.13%. 

All indices except Nifty IT (+1.2%), Nifty Metal (+0.18%), and Nifty Pharma (+0.06%) closed in the red. Nifty Realty (-1.7%) fell the most. 

Major Asian markets closed mixed. European markets are currently trading in the red.

Today’s Moves

Coal India (+4.8%) was NIFTY50’s top gainer. The company posted a 13.4% YoY growth in coal production at 53.6 million tonnes (MT) in July.

NCLAT has listed IDBI’s (+8.6%) appeal against ZEEL for a hearing tomorrow.

TechM (+2.5%), LTTS (+3.18%), HCL Tech (+1.95%), TCS (+0.9%), and other IT stocks showed strong gains.

PowerGrid (-5.3%) was NIFTY50’s top loser. The company posted disappointing Q1 results and announced a 1:3 bonus issue.

Kei Industries (-6.5%) crashed to 8% after reporting a 17% YoY rise in net profit to ₹121.4 crore in Q1.

DLF (-3.3%) fell after promoters sold stake worth ₹1,086 crore in the real estate company.

Hero MotoCorp (-3.1%) fell sharply after the Enforcement Directorate conducted raids at the residence of the company’s chairman Pawan Munjal.

Markets Ahead

After the buying seen yesterday, our markets seem stuck in a range. A breakout or breakdown from these levels can give us good moves.

Nifty: The index is currently facing rejection from 19,750 levels, which could act as the first resistance. If that level is crossed, we can expect the index to move to 19,840 levels. If the index falls below 19,750, a round level target of 19,700 could act as strong support. And if 19,700 is breached, we can expect Nifty to fall to 19,600 as well.

Bank Nifty: BNF is looking weaker than Nifty. 45,600 is acting as a strong resistance. If the index stays below this level, we can expect targets of 45,470 (today’s low) and 45,300. If there’s a breakout on the upside, we can expect a target of 45,800 and the round levels of 46,000 eventually.

Nifty Finserv moved in a range today. So it was an easy expiry for non-directional option sellers.

Meanwhile, the S&P Global Purchasing Managers’ Index (PMI) fell marginally to 57.7 in July from 57.8 in June. The rates of output and new order expansion remained slightly lower than in June. However, companies continued to grow their workforce and purchasing activities in response to these developments.

How was FIN NIFTY expiry? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Market News Top 10 News

RIL’s Net Profit Falls 11% YoY to ₹16,011Cr in Q1 – Top Indian Market Updates

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

Reliance Industries Q1 Results: Profit falls 11% YoY to Rs 16,011 crore

Reliance Industries (RIL) reported an 11% YoY fall in consolidated net profit to ₹16,011 crore for the quarter ended June (Q1 FY24). Its consolidated revenue also fell 5.3% YoY to ₹2.11 lakh crore during the same period. However, its EBITDA rose 0.25 % to ₹38,093 crore compared to Q1 FY 23. EBITDA stood at ₹37,997 crore in Q1 FY23. The board has recommended a dividend of ₹9 per equity share.

Read more here.

Ramkrishna Forgings to acquire Multitech Auto for Rs 212 crore

Ramkrishna Forgings is set to acquire 100% ownership of Multitech Auto Pvt. Ltd along with its wholly-owned subsidiary Mal Metalliks Pvt. Ltd. The deal is valued at ₹212 crore. The acquisition process is anticipated to conclude within the next six months, subject to obtaining approval from the Adityapur Industrial Area Authority. This strategic acquisition is aimed at facilitating the expansion and growth of Ramkrishna Forgings’ business operations.

Read more here. 

JSW Steel Q1 Results: Net profit rises 179% YoY to ₹2,338 crore

JSW Steel reported a 179% YoY increase in consolidated net profit to ₹2,338 crore for the June quarter (Q1 FY24). The company’s operating revenue for the quarter rose 10.8% YoY to ₹42,213 crore. Additionally, its EBITDA stood at ₹7,046 crore in Q1, up 63.5% YoY.

Read more here.

Jayaswal Neco in talks with funds to refinance its debt of Rs 3,200 crore

Jayaswal Neco Industries is in talks with special situations and private credit funds to refinance a debt of ₹3,200 crore. This high-yield loan is likely to be priced at 18-20%, which will be 600 basis points lower than the current borrowing rate. The company is in talks with funds including Kotak Special Situations Fund and Edelweiss Special Situations Funds.

Read more here.

Vedanta Q1 Results: Net profit falls 40% YoY to ₹2,640 crore

Vedanta reported a 40% YoY increase in consolidated net profit to ₹2,640 crore for the June quarter (Q1 FY24). Its operating revenue also fell 13% YoY to ₹33,342 crore in Q1. Vedanta’s EBITDA stood at ₹6,029 crore, down 38.6% YoY from Q1 FY23.

Read more here.

Lupin unit introduces inhaler for asthma patients in Germany

Lupin has launched a pressurised metered dose inhaler for the treatment of asthma and chronic obstructive pulmonary disease (COPD) in Germany. Lupin’s German subsidiary Hormosan Pharma GmbH introduced Luforbec in the European nation. With a significant portion of the population (5% of adults and 10% of children) currently undergoing asthma treatment, Luforbec aims to provide comprehensive support to patients and healthcare professionals.

Read more here.

UltraTech Cement Q1 results: Net profit rises 7% to ₹1,688 crore

UltraTech Cement reported a 7% YoY rise in consolidated net profit to ₹1,688 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 17% YoY to ₹17,737 crore during the same period. However, its EBITDA fell 1.5% to ₹3,049 crore compared to Q1 FY 23.

Read more here.

DLF to develop a residential project in Mumbai, ties up with Trident Realty

DLF will enter the Mumbai property market with a project in Andheri West. The company will develop around 2.5 million sq ft in the first phase of the project. DLF will allot 9800 equity shares (₹10 face value) at par to Trident Buildtech Pvt Ltd through its subsidiary Pegeen Builders $ Developers Pvt Ltd. Trident realty is already executing projects in Delhi-NCR and Panchkula.

Read more here.

ICICI Securities Q1 Results: Net profit falls 1% YoY to ₹271 crore

ICICI Securities reported a 1% YoY fall in net profit to ₹271 crore for the quarter ended June (Q1 FY24). However, the company’s total revenue rose 18% YoY to ₹934 crore, compared to ₹795 crore in Q1 FY23. The decline in the profit could be attributed to higher expenses, as its total expenses shot up by 33% to ₹570 crore in Q1. 

Read more here.

SJVN inks initial pact with REC to secure Rs 50,000 crore for projects

SJVN Ltd has inked an initial pact with REC Ltd for securing finance of ₹50,000 crore for projects of its subsidiaries and joint ventures. REC will provide financial assistance to set up new power-generating stations based on conventional and renewable sources of energy. Furthermore, REC will assist financially in setting up new technology projects like battery storage, E-vehicles, green hydrogen/ammonia, hydrogen cells storage and manufacturing units for green projects.

Read more here.

Union Bank to sell 8 NAP accounts worth Rs 3,000 cr to NARCL

Union Bank of India has identified eight troubled accounts worth ₹3,000 crore to be sold to the national bad bank NARCL this fiscal. The bank has more than doubled its net income at ₹3,236 crore in the June 2023 quarter on improved asset quality and recoveries. Union Bank had already sold three accounts worth ₹900 crore last fiscal to the national bad bank at a recovery of 33%.

Read more here.

Power Finance Corporation to lend Rs 2.37 lakh crore to 20 clean energy projects

Power Finance Corporation (PFC) has entered into loan agreements worth more than ₹2.37 lakh crore with 20 companies. These firms include Adani Group, Greenco, ReNew Power, Continuum, Avaada, JBM Auto, Rajasthan Renewable Energy and Megha Engineering & Infrastructure, among others. These agreements are part of the company’s plan to position itself as the focal funding agency for the energy transition.

PFC is looking to fund projects like offshore wind, pumped hydro storage, solar modules and cells, among others in the clean energy space.

Read more here.

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Market News Top 10 News

UltraTech Cement’s Profit Falls 36% YoY to Rs 1,666 crore – Top Indian Market Updates

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

UltraTech Cement Q4 Results: Profit falls 36% YoY to Rs 1,666 crore

UltraTech Cement reported a 36% YoY fall in net profit to Rs 1,666 crore for Q4 FY23. However, its revenue from operations rose 18% YoY to 18,562 crore during the same period. The company’s  EBITDA for the quarter stood at Rs 3,444 crore, up 9% YoY. The company’s board has recommended a dividend of Rs 38 per equity share.

Read more here.

India’s core sector output grows 3.6% in March

India’s core sector output grew 3.6% YoY in March 2023, down from 6% growth in the previous month. The production of coal, fertilizers, steel, natural gas, and refinery products increased during the month. The Eight Core Industries account for 40.27% of the weight of items included in the Index of Industrial Production (IIP).

Read more here.

Laurus Labs Q4 Results: Profit falls 56% YoY to Rs 103 crore

Laurus Labs reported a 56% YoY fall in net profit at Rs 103 crore for Q4 FY23. Total revenue stood at Rs 1,381 crore, a 3.1% decline from Q4 FY22. EBITDA fell 28% YoY to Rs 285.6 crore, and EBITDA margin stood at 20.7% in Q4 FY23. The company’s board approved a second interim dividend of Rs 1.20 per equity share of Rs 2 each.

Read more here.

Adani pays back $200 million Holcim debt, seeks loan extension

Adani Cement Industries has pre-paid $200 million from the $1 billion mezzanine loan it took from global banks to fund the acquisition of Ambuja Cements and its subsidiary ACC Ltd from Switzerland’s Holcim Group for $6.4 billion. The pre-payment will help Adani seek an extension of the debt taken to fund the acquisition by three years.

Read more here.

DLF Cyber City Developers buys 26.43% stake in Suncloud Solar

DLF Cyber City Developers Ltd (DCCDL) has acquired a 26.43% stake in Suncloud Solar Private Ltd for Rs 8.41 crore. The acquisition was made through one of its wholly-owned subsidiaries, DLF Info City Chennai Ltd. Suncloud Solar is a special-purpose vehicle of Cleantech Solar India OA 2 Pte. Ltd., and it is responsible for the construction, operation, and maintenance of a captive generating plant.

Read more here.

Star Health Q4 Results: Net profit at Rs 619 crore

Star Health and Allied Insurance reported a net profit of Rs 619 crore for Q4 FY23, in contrast to a loss of Rs 1,041 crore in Q4 FY22. The gross written premium (GWP) for Q4 FY23 was Rs 12,952 crore, a 13% YoY increase. The operating expense to GWP ratio was 15.9% in FY23, and the company’s solvency ratio was 2.14x, higher than the minimum regulatory requirement of 1.5x.

Read more here.

Thermax bags Rs 271 crore order for mechanical balance of plant works

Thermax has received an order worth Rs 271.50 crore from India’s largest private sector oil refinery for mechanical balance of plant (MBoP) works for the captive power plant at their new oil-to-chemical (O2C) facility in western India. The captive power plant is expected to meet the incremental power demand of upcoming projects at the customer’s premise as part of the O2C expansion and the establishment of a mega factory.

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PI Industries announces twin acquisitions in Pharma API, CDMO space

PI Industries Ltd has acquired Therachem Research Medilab LLC’s Indian subsidiaries and assets in the US for $50 million. Its subsidiary, PI Health Sciences Ltd, signed the definitive documents, and up to $25 million has been committed in performance-linked pay-outs over the next six years. The acquisition will allow PI Industries to enter the pharma API and CDMO spaces.

Read more here.

CarTrade Tech Q4 Results: Profit at Rs 17.5 crore, revenue grows 19% YoY

CarTrade Tech reported a consolidated net profit of Rs 17.49 crore for Q4 FY23 compared to a net loss of Rs 21.39 crore in Q4 FY22. The revenue for the quarter grew by 19% YoY to Rs 116.6 crore. The adjusted EBITDA for Q4 FY23 was Rs 39.83 crore. CarTrade Tech received 34 million average monthly unique visitors for Q4 FY23, of which 86% were organic.

Read more here.

India’s forex reserves fall $2.17 billion to $584.25 billion

According to the Reserve Bank of India (RBI), India’s foreign exchange reserves decreased by $2.165 billion to $584.248 billion as of April 21, 2023. The country’s forex reserves had risen to a nine-month high of $586.412 billion the previous week. The dip was largely attributed to a decrease in foreign currency assets, which fell by $2.146 billion to $514.489 billion.

Read more here.

Mankind Pharma IPO subscribed 15.32 times

The ₹4,326-crore initial public offering (IPO) of Mankind Pharma was subscribed 15.32 times on the final day of bidding. The shares of the Delhi-based pharmaceutical and healthcare products maker are expected to list on the leading stock exchanges BSE and NSE on May 9, 2023.

Read more here.

NOTE: The Indian markets will be closed on Monday (May 1) on account of Maharashtra Day.

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NTPC Commissions Green Coal Plant in Varanasi – Top Indian Market Updates

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

NTPC commissions green coal plant in Varanasi

NTPC Ltd has commissioned a first-of-its-kind commercial green coal project in Varanasi, which will make torrefied charcoal from municipal waste. The total capacity of this plant after installation of all three modules shall be 600 tonnes per day (TPD) of waste handling capacity. The process is environment-friendly as there is no burning of waste.

Read more here.

Sumitomo Wiring Systems sells a 3.4% stake in Samvardhana Motherson International

Japan’s Sumitomo Wiring Systems (SWS), along with a subsidiary, has offloaded a 3.4% stake in Samvardhana Motherson International Ltd (SAMIL). SWS and its wholly-owned subsidiary HK Wiring Systems Ltd (HKWS) jointly held 17.72% shares of SAMIL. SWS was the first JV partner of Motherson and promoter of SAMIL since its IPO in 1993.

Read more here.

Glenmark Pharma gets USFDA nod to begin trials for potential cancer drug

Glenmark Pharma’s investigational new drug (IND) application for potential cancer drug GRC 54276 was accepted by US Food & Drug Administration (USFDA). The approval paves the way for Glenmark Specialty to proceed with a Phase 1/2, first-in-human, clinical study of GRC 54276 for the treatment of patients with advanced solid tumours and lymphomas. To date, 16 patients with various types of advanced cancers have enrolled in this ongoing study in India.

Read more here.

GAIL to get LNG shipments from Germany’s Sefe after nearly a year

GAIL (India) Ltd will get two cargoes of liquefied natural gas (LNG) each in March and April from Germany’s Sefe for the first time since supplies were halted in May. Sefe was supplying cargoes from its non-Russian portfolio in Egypt, United Arab Emirates and the United States. The first cargo for March has already arrived at the Dahej terminal in western India.

Read more here.

Vedanta looks to raise up to $1 billion from credit funds

According to an ET report, Vedanta Group is planning to raise funds from names like Farallon Capital, Davidson Kempner and Ares SSG Capital to meet more than $1 billion in upcoming repayments. This comes as banks have become aggressive towards Vedanta on a $1 billion loan amid a tightening credit market. The pricing being offered by the banks is 300 basis points above the expected rate.

Read more here.

Dr Reddy’s sells cosmetic derma brands to Eris for Rs 275 crore

Dr. Reddy’s Labs has sold nine cosmetic dermatology brands to Eris Lifesciences for Rs 275 crore. As per IQVIA, the divested portfolio has sales of Rs. 60 crore in 2022. Eris said the transaction helps expand the cosmetic dermatology business of the company by way of expansion in the product offerings.

Read more here.

DLF sells 1,137 flats for over Rs 8,000 crore within three days in Gurugram

DLF Limited has sold 1,137 luxury apartments (priced Rs 7 crore and above) for over Rs 8,000 crore within 3 days in its housing project in Gurugram. This can be attributed to the strong demand for premium flats across major cities. DLF will build 1,137 4BHK apartments across five towers (38-39 storeys) in this 25-acre project.

Read more here.

Zee Entertainment likely to repay IndusInd $10 million to wrap Sony deal

As per a Bloomberg report, Zee Entertainment Enterprises Ltd (ZEEL) has likely agreed to repay dues owed to IndusInd Bank Ltd. as the company seeks to resolve insolvency proceedings initiated against it and move closer to completing a merger with a Sony Group unit. IndusInd Bank has agreed to withdraw its insolvency proceedings against the media company once the repayment is made.

Read more here.

Zomato liquidates step-down subsidiary in Jordan

Zomato Ltd has dissolved its step-down subsidiary Zomato Ireland Ltd – Jordan (Zomato Jordan) with effect from March 12, 2023. The liquidation of the d unit will not have any material impact as its contribution to the turnover and overall net worth of the parent company was nil. 

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Man Industries secures export order of Rs 1,300 crore

Man Industries (India) Ltd has won a new export order of approximately Rs 1,300 crore. The company’s total order book now stands at approximately Rs 2,000 crores, which would be executed in the next 6-8 months. Man Industries is a manufacturer of carbon steel line pipes.

Read more here.

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Bajaj Finance Posts 40% YoY Rise in Q3 Net Profit – Top Indian Market Updates

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

Bajaj Finance Q3 Results: Net profit rises 40% YoY to ₹2,973 crore

Bajaj Finance Ltd reported a 40% YoY increase in consolidated net profit to ₹2,973 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 26.3% YoY to ₹10,784.3 crore during the same period. The asset under management (AUM) of the company was up 27% YoY to Rs 2.30 lakh crore in Q3. Net interest income (NII) for the quarter rose 24% YoY to ₹7,435 crore.

Read more here.

Reliance Jio, Bharti Airtel gained subscribers in Nov 2022

Reliance Jio gained 14.2 lakh wireless subscribers in November 2022, while Bharti Airtel added 10.5 lakh subscribers. Vi lost nearly 18.2 lakh mobile users in Nov, further shrinking its user base to 24.37 crore. Jio and Bharti Airtel’s user bases expanded to 42.28 crore and 36.6 crore, respectively. TRAI data showed Jio and Airtel have widened their customer market shares to 36.99% and 32.03% (31.92%), respectively, while Vi’s has narrowed further to 21.33%.

Read more here.

Vedanta Q3 Results: Net profit falls 42% YoY to ₹3,092 crore

Vedanta Ltd reported a 42% YoY decline in net profit to ₹3,092 crore for the quarter ended December (Q3 FY23). Its revenue from operations fell 7% YoY to ₹33,691 crore during the same period. EBITDA stood at ₹7,100 crore in Q3, down 35% YoY. The company declared a dividend of ₹12.5 per share. 

Read more here.

DLF plans to launch ₹7,500 crore premium housing project in Gurugram

DLF Ltd plans to launch a luxury housing project in Gurugram next month with an estimated sales revenue of around ₹7,500 crore as it seeks to tap strong demand for high-end apartments. The company will develop about 1,100 apartments in this residential project. DLF has launched residential projects in Delhi, Gurugram, Panchkula (Haryana), and Chennai this fiscal.

Read more here.

Dixon Tech Q3 Results: Net profit rises 12% YoY to ₹52 crore

Dixon Technologies (India) Ltd reported a 12% YoY increase in consolidated net profit to ₹52 crore for the quarter ended December (Q3 FY23). Its revenue from operations fell 22% YoY to ₹2,405 crore during the same period. Expenses declined by 23% YoY to ₹2,294 crore in Q3. EBITDA stood at ₹114 crore in Q3, up 10% YoY. 

Read more here.

Tata Motors hikes prices of passenger vehicles

Tata Motors Ltd will hike the prices of its passenger vehicles by 1.2% on a weighted average basis from February 1 due to the rise in overall input costs. The vehicle maker said it has been “absorbing a significant portion of the increased costs on account of regulatory changes and rise in overall input costs and is hence passing on some portion through this hike.” 

Read more here.

Tata Elxsi Q3 Results: Net profit rises 29% YoY to ₹195 crore

Tata Elxsi reported a 29% YoY increase in net profit to ₹194.68 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 28.7% YoY to ₹817.74  crore during the same period. EBITDA stood at ₹246.9 crore in Q3, up 17.1% YoY. The company’s media & communications segment grew 14.7% YoY in a challenging quarter for the industry, aided by new wins in Android TV and ad tech.

Read more here.

Dr. Reddy’s Lbas launches generic version of Durezol eye drops in US

Dr. Reddy’s Laboratories Ltd. has launched the generic version of Durezol eye drops in the United States following approval by the US Food and Drug Administration (USFDA). The product is used to treat eye swelling and pain after eye surgery. According to IQVIA data, the Durezol brand and its generic version had total sales of approximately $40 million in the US market for the 12 months ended November 2022.

Read more here.

Samvardhana Motherson to acquire 51% stake in Saddles International Automotive for ₹207 crore

Samvardhana Motherson International Ltd will acquire a majority stake (51%) in Saddles International Automotive and Aviation Interiors Pvt. Ltd. (SIAAIPL) for ₹207 crore. SIAAIPL manufactures premium upholstery for applications, including seat covers for passenger vehicles, wrapping of door panels, and gear knob covers. The deal will allow Samvardhana Motherson to enter the upholstery space.

Read more here.

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Tata Motors Posts First Quarterly Profit in 2 Years – Top Indian Market Updates

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

Tata Motors Q3 Results: Net profit at ₹2,957 crore

Tata Motors Ltd reported a consolidated net profit of ₹2,957.71 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹1,516 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations rose 22.5% YoY to ₹88,488.59 in Q3 FY23. The automaker’s EBITDA stood at ₹9,900 crore, up 11% YoY. Jaguar Land Rover’s revenue rose 28% YoY to £6 billion (~₹60,250 crore) in Q3.

Read more here.

Adani Group stocks lose up to 10% after Hindenburg reveals short positions

Investment research firm Hindenburg Research published a report stating that the Adani Group had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”. Hindenburg said key listed companies in the group had substantial debt, which has put the entire group on an uncertain financial footing. The firm holds short positions in companies owned by billionaire Gautam Adani. Shares of Adani Group stocks fell up to 10% today after the news broke out.

Adani Group’s Chief Financial Officer, Jugeshinder Singh, said in a statement that the company was shocked by the report, calling it a “malicious combination of selective misinformation and stale, baseless and discredited allegations.”

Read more here.

Hero MotoCorp commences deliveries of electric scooter VIDA in Delhi

Hero MotoCorp has commenced deliveries of its electric scooter VIDA V1 in Delhi after having started the process in Bengaluru and Jaipur. The company is planning a rapid expansion of its sales and charging network across multiple cities coinciding with the start of the sales process. Hero MotoCorp launched VIDA V1 in October last year in two variants— Pro and Plus.

Read more here.

Sun Pharma launches phenobarbital sodium injection in US

Sun Pharmaceutical Industries Ltd launched its phenobarbital sodium injection, SEZABY, in the US. SEZABY is the first and only product approved by the US Food & Drug Administration (USFDA) for the treatment of neonatal seizures in term and preterm infants. Neonatal seizures are bursts of electrical activity in a newborn’s brain that can be a sign of brain conditions or injuries.  

Read more here.

Bajaj Auto Q3 Results: Net profit rises 23% YoY to ₹1,491 crore

Bajaj Auto Ltd reported a 23% YoY increase in net profit to 1,491.42 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 3.3% YoY to ₹9,315.14 crore during the same period. EBITDA rose by a sharp 29.4% YoY to Rs 1,777 crore in Q3. The revenue growth was moderate due to a sharp fall in exports, which offset the double-digit growth in domestic business.

Read more here.

Vi launches rural retail touchpoints

Vodafone Idea (Vi) has launched nearly 1,100 new format physical touchpoints under the name “Vi Shops” across Tier 3 markets in 18 Indian states. The telecom operator aims to protect its rural consumer base, which is increasingly emerging as a significant target of rivals Reliance Jio and Bharti Airtel. The new retail touchpoints will deliver a uniform experience to Vi’s local customers and enable quick support.

Read more here.

Dr. Reddy’s Labs Q3 Results: Net profit rises 77% YoY to ₹1,247 crore

Dr. Reddy’s Laboratories Ltd reported a 77% YoY increase in net profit to ₹1,247 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 27% YoY to ₹6,770 crore during the same period. EBITDA grew 14.3% YoY to ₹1,407.56 crore in Q3. Revenues in the global generics segment stood at ₹5,924.1 crore, up 33% YoY.

Read more here.

Happiest Minds acquires Madurai-based IT services firm SMI for ₹111 crore

Happiest Minds Technologies Ltd has acquired a 100% stake in Madurai-based Sri Mookambika Infosolutions (SMI) for ₹111 crore. With 400-plus offshore-based employees, SMI has an annual run rate in revenues of $9 million. SMI provides product engineering services to its US customers around enterprise applications & integrations, digital data platform services, and mobility services.

Read more here.

DLF Q3 Results: Net profit rises 36% YoY to ₹519 crore

DLF Limited reported a 36% YoY increase in consolidated net profit to ₹519.21 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 3.5% YoY to ₹1,494.8  crore during the same period. EBITDA was down 8.5% YoY to ₹477.2 crore in Q3. The realty company’s expenses in the quarter fell almost 5% YoY to ₹1,151.62 crore.

Read more here.

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Advent Buys Significant Stake in Suven Pharma – Top Indian Market Updates

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

Advent International acquires significant stake in Suven Pharma

Global private equity investor Advent International has entered into a definitive agreement to acquire a 50.1% stake in Suven Pharmaceuticals Ltd from the Jasti family (promoters) for ₹6,313 crore. Advent will also launch an open offer to acquire an additional 26% of the pharma company. The total deal size would add up to ₹9,589 crore. After the acquisition, Advent intends to explore the merger of its portfolio company Cohance Lifesciences with Suven Pharma.

Read more here.

Central Bank of India to raise up to ₹1,500 crore in FY23

Central Bank of India’s board has approved a proposal to raise up to ₹1,500 crore this financial year (FY23) by issuing Basel III compliant bonds. The base issue size is ₹500 crore with a greenshoe option of up to ₹1,000 crore. Under the Basel-III capital regulations, banks globally need to improve and strengthen their capital planning processes.

Read more here.

Electronics industry push for tax rationalisation in Union Budget 2023

The Indian electronics industry wants the government to rationalise tariffs and remove small tariffs of 2.75% on parts and components of mobile phones, sub-assemblies, and mechanics. They want the Centre to reduce Goods & Services Tax (GST) from 18% to 12%. India Cellular and Electronics Association (ICEA) also wants the 20% basic customs duty on high-end phones to be pegged at ₹4,000 per device. This measure could limit the smuggling of high-end phones, which ICEA said will add ₹1,000 crore to the GST collection.

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Agrochemical players likely to see 15-17% growth this fiscal: CRISIL

According to a report from CRISIL Ratings, agrochemical players will grow at 15-17% in FY23, primarily driven by continued strong exports and stable domestic demand. Major agrochemical firms registered a stellar 23% growth in FY22. Their revenue could further grow by 10-12% next financial year as India continues to benefit from the China+1 strategy of global players.

Read more here.

Alembic Pharma gets USFDA approval for Fulvestrant injection

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic Fulvestrant injection. The drug is used in the treatment of breast cancer. As per IQVIA data, Fulvestrant injection had an estimated market size of $71 million for the 12 months ended September 2022.

Read more here.

Godrej Properties acquires 62-acre land in Kurukshetra

Godrej Properties Ltd (GPL) has acquired nearly 62 acres of land in Kurukshetra, Haryana, to develop 1.4 million sq. ft. of plotted residential development. Kurukshetra is a self-sufficient city with good infrastructure consisting of schools, colleges, and hospitals. It also has significant historical and religious importance. GPL has been acquiring land in the National Capital Region (NCR) and peripheral areas to expand its presence.

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Noida authority directs DLF to pay ₹235 crore for Mall of India land

Noida authority has issued a notice to realty developer DLF, asking it to pay ₹235 crore within 15 days for the dispute related to the land of Mall of India (the biggest mall in the country). The move has come after the Supreme Court ordered the Noida authority to pay ₹295 crore to Veerana Reddy. The authority acquired the land from Veerana Reddy in 2005 and later auctioned it to DLF, who developed the mall there.

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Jet Airways pilots, cabin crew exit amid relaunch uncertainty

According to a CNBV-TV18 report, many standby pilots and cabin crew of Jet Airways have exited amid relaunch uncertainty. The report further states that the vice president of in-flight service has been sent on leave, while the salaries of CEO Sanjiv Kapoor and CFO Vipula Gunatilleka have been reduced. Earlier, Bloomberg reported that lenders to Jet Airways are resisting a court-approved resolution plan, further delaying the private airline’s relaunch.

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Welspun Enterprises to receive ₹2,339 crore in first close of road asset sale

Welspun Enterprises Ltd. will receive about ₹2,339 crore from the first closing of the sale of six road assets to Actis Highway Infra Ltd., said Managing Director Sandeep Garg. “The enterprise value for the transaction is somewhere in the range of ₹9,049 crore, out of which approx. Rs 3,000 crore were received by us during the construction phase from the client,” he added. The five projects are the Welspun Delhi-Meerut Expressway, Welspun Road Infra, MBL (CGRG) Road, MBL Road Ltd., and Chikhali Tarsod Highways.

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Infibeam Avenues receives RBI approval for Bharat Bill Payment licence

Infibeam Avenues Ltd has received a Perpetual Licence from the Reserve Bank of India (RBI) for its bill payments business, BillAvenue. The licence will allow BillAvenue to function as a Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS). The licence will help the company offer secure and uninterrupted services to 18,000+ billers, agent institutions and a network of ten lakh agents spread across 2,000 cities and towns in India.

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Air India Express, AirAsia India exploring synergies ahead of merger

Air India Express and AirAsia India (which has changed its name to AIX Connect) are exploring synergies in terms of having unified customer touchpoints ahead of their proposed merger. An operational review process is underway to integrate budget carrier AirAsia India with Air India Express, and the merger is likely to be completed by the end of 2023. Post-merger, the entity will be branded as Air India Express.

Read more here.

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NTPC Group Crosses 3 GW Operational Renewable Energy Capacity – Top Indian Market Updates

ntpc
ntpc

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

NTPC Group crosses 3 GW operational renewable energy capacity

NTPC Group (including joint ventures and subsidiaries) has crossed 3 gigawatts (GW) of operational renewable energy (RE) capacity. The group achieved this milestone with the commissioning of Phase 1 of the 300 megawatts (MW) Nokhra Solar PV Project at Bikaner, Rajasthan. The company now has 36 operational RE projects spread across 12 states with a cumulative capacity of 3,094 MW.

Read more here.

Delhivery to acquire supply chain solutions provider Algorhythm Tech

Delhivery Ltd will acquire Pune-based supply chain solutions provider Algorhythm Tech (AT) to strengthen its offerings in this space. Post completion of this transaction, AT will operate as a wholly-owned subsidiary of the company. Algorhythm Tech offers end-to-end supply chain planning and execution products to clients across various sectors such as FMCG, pharma, steel, auto, and telecom.

Read more here.

Adani Group company VCPL has picked up 8.27% stake via open offer: NDTV

NDTV has disclosed that Adani Group firm Vishvapradhan Commercial Pvt. Ltd. (VCPL) has acquired an 8.27% stake in the company in the recently concluded open offer. Adani’s total shareholding in the media company has increased to 37.45% with the closure of the open offer. The open offer was triggered after VCPL acquired a 99.5% stake in RRPR Holding Pvt. Ltd. (RRPR), which translated to 29.18% of the shareholding in the TV news company. To learn more about the takeover, click here.

Read more here.

Shyam Metalics enters stainless steel business with Mittal Corp buyout

Shyam Metalics & Energy Ltd (SMEL) seeks to conclude its acquisition of Mittal Corp to strengthen its metal portfolio by entering the stainless steel/wire rod & bar mill business. The company has embarked on a ‘diversification approach’ in the metal space to chart its growth journey and proposes to further invest ₹7,500 crore over the next five years. SMEL aims to increase its capital expenditure (capex) to ₹10,000 crore in the next five years for organic and inorganic expansion.

Read more here.

Banks write off loans worth ₹11.17 lakh crore in last 6 years

Banks have written off bad loans worth ₹11.17 lakh crore from their books in the last six years till the financial year 2021-22, said Minister of State for Finance Bhagwat Karad. The non-performing assets (NPAs), including those in respect of which full provisioning has been made on completion of four years, are removed from banks’ balance sheets by way of write-offs. Banks write off NPAs as part of their regular exercise to clean up their balance sheet, avail tax benefits, and optimise capital.

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Tata Motors migrates dealer management system to Oracle Cloud Infrastructure

Tata Motors announced the migration of its entire Dealer Management System (DMS) to Oracle Cloud Infrastructure (OCI). The move is expected to boost the automaker’s operational efficiencies with deeper business insights, greater security, increased flexibility, and cost optimisation. The DMS supports Tata Motors’ pre-sales, sales, and after-sales market touchpoints across all segments of passenger and commercial vehicles.

Read more here.

Bharti Airtel acquires strategic stake in Lemnisk

Bharti Airtel has acquired a strategic stake in Lemnisk (Immensitas Private Limited) under its StartUp Accelerator Program. Airtel will work towards creating a customer data platform (CDP) across its digital business, including ad-tech (Airtel Ads), Digital Entertainment (Wynk Music and Airtel Xstream) and Digital Marketplace (Airtel Thanks App) through this acquisition.

Read more here.

Capacit’e Infraprojects bags Rs 117 crore order from DLF

Construction firm Capacit’e Infraprojects Ltd has bagged an order worth ₹117.20 crore from DLF Ltd for the construction of a mall in Goa. The contract amount excludes GST and labour cess. The company said the order inflow for the current fiscal, along with the existing order book, gives it confidence to deliver good growth in the coming quarters.

Read more here.

CCI approves Brookfield’s minority stake buy in UPL Sustainable Agri Solutions Ltd

The Competition Commission of India (CCI)  has approved Woodhall Holdings Ltd’s acquisition of a minority stake in UPL Sustainable Agri Solutions Ltd (UPL SAS). The deal has been cleared under the green channel route. Under this framework, a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the fair trade regulator.

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Care Ratings predicts 12-15% growth in general insurance premium

Care Ratings expects the gross direct premium of general insurance companies to grow by 12-15% in the medium term, with private insurers continuing to outperform government-owned insurers. Lower health insurance payouts post Covid, increase in prices of group insurance and easing of solvency requirements for crop insurance will support growth for general insurance companies in the next financial year, said the rating agency.

Read more here.