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India’s Services PMI Declines to 61.1 in May From 62.0 in April – Top Indian Market Updates

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

India’s services PMI declines to 61.1 in May from 62.0 in April

India’s service sector Purchasing Managers’ Index (PMI) declined slightly to 61.2 in May from 62 in April. However, the sector continued to expand due to robust demand despite high inflationary pressures. This marks the longest expansion streak in nearly 12 years, with the index remaining above the 50-mark which signifies growth for 22 consecutive months. The services sector contributes over 50% to India’s GDP.

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TCS receives 10-year contract for the teachers’ pension scheme in England and Wales

Tata Consultancy Services (TCS) has been chosen by the Department for Education (DfE) in the UK. The contract is to administer and enhance the customer experience of the ‘Teachers’ Pension Scheme’, the country’s second-largest public sector pension scheme. With a long-term contract of 10 years, TCS will utilize its core banking software suite, TCS BaNCS, to manage the pension scheme, which covers over 2 million members in England and Wales.

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Tata Power Renewable commissions 110-MW solar project for Kerala electricity board

Tata Power’s subsidiary Tata Power Renewable Energy Limited (TPREL) has successfully commissioned a 110-MW solar power project in Bikaner, Rajasthan. The project will provide power to the Kerala State Electricity Board (KSEB). Despite challenges like difficult land topography, extreme weather conditions, and adverse geopolitical circumstances, the project was completed within a remarkable period of 7 months. It utilized 2,59,272 mono-bifacial PERC half-cell modules.

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Suzlon crosses 20 GW installed windmills capacity worldwide

Suzlon has achieved a significant milestone by surpassing 20 GW of installed capacity worldwide. Through the deployment of 12,467 wind turbines across 17 countries, spanning six continents, Suzlon solidifies its position as a major player in the global wind energy landscape. The company, which has been instrumental in developing India’s wind energy sector since 1995, continues the vision of its late founder Tulsi Tanti.

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Dr Reddy’s rheumatoid arthritis drug meets all endpoints in Phase 1 study

Dr Reddy’s Laboratories has announced the successful Phase-I study of its Tocilizumab Biosimilar candidate, ‘DRL_TC’. The study evaluated its effectiveness in treating moderate-to-severe active rheumatoid arthritis and compared it to reference products. The results showed equivalence and similarity in pharmacodynamic parameters, safety, and immunogenicity. Dr Reddy’s had previously completed a successful phase I study of the biosimilar candidate administered subcutaneously.

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Patel Engineering secures Rs 519.5 crore project from CIDCO

Patel Engineering Ltd has secured a new project worth Rs 519.5 crore. The City and Industrial Development Corporation (CIDCO) awarded the company a letter of acceptance (LoA) for the construction of a 6.7 km water tunnel in Maharashtra. The project, which includes associated works, will be executed solely by Patel Engineering within a timeframe of 60 months.

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Lupin launches Darunavir tablets used in controlling HIV infections

Lupin Ltd has introduced Darunavir tablets, used to manage HIV infection, in the US market. The newly launched drug is a generic version of Janssen Products’ Prezista tablets. According to IQVIA data, Darunavir tablets had an estimated annual sales of $308 million in the US for the 12 months ending March 2023.

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Nava’s Zambia subsidiary discharges all overdue loan instalments

Nava Ltd announced that its Zambian subsidiary, Maamba Collieries Ltd. (MCL), has successfully paid off all overdue loan installments. As a result, the company’s overall liabilities have reduced from $483 million in December 2022 to $206 million. MCL has also been meeting its regular debt service requirement since March 2023. Following this achievement, MCL plans to engage with lenders in future discussions, building on the positive progress made.

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Bharat Petroleum starts pilot to test ED7 blend fuel

Bharat Petroleum Corp Ltd (BPCL) has launched a pilot program in partnership with Ashok Leyland and Hero Mototcorp to test the effectiveness of the ED7 fuel blend. The blend, consisting of 93% diesel and 7% ethanol, aims to revolutionize India’s biofuel economy and establish a more stable energy mix. Ashok Leyland conducted laboratory trials on their engines using the ED7 fuel. BPCL’s initiative aligns with India’s goal of reducing import bills and promoting a cleaner, greener future.

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Greaves Finance introduces ‘evfin’ platform for EV financing

Greaves Cotton Ltd’s subsidiary Greaves Finance Ltd has launched “evfin,” a financial platform aimed at transforming the landscape of electric vehicle (EV) financing. With a projected compound annual growth rate (CAGR) of 49% from 2022 to 2030, the domestic EV market is expected to reach an annual sales volume of one crore units by 2030. 

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Dr Reddy’s Labs Profit Jumps 890% YoY to Rs 960Cr in Q4 – Top Indian Market Updates

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

Dr Reddy’s Labs Q4 Results: Net profit jumps 890% YoY to Rs 960 crore

Dr Reddy’s Labs reported an 890% YoY jump in consolidated net profit to Rs 960 crore for Q4 FY23. Its operating revenue rose 15.28% YoY to Rs 5,843 crore during the same quarter. EBITDA also rose 26% YoY to Rs 1,631 crore. The company’s board has recommended a final dividend of Rs 40 per equity share.

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SEBI grants final approval for proposed change in control of HDFC AMC

HDFC Bank has received final approval from the Securities and Exchange Board of India (SEBI) for the proposed change in control of HDFC Asset Management Company (AMC). This approval clears the path for the merger of HDFC into HDFC Bank, which is expected to be completed by the third quarter of the next fiscal year.

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Kolte Patil adds new residential projects in Pune worth Rs 1,300 cr

Kolte-Patil Developers has announced two residential projects in Pune with a combined revenue potential of Rs 1,300 crore. The projects span 1.9 million square feet, including a 5-acre land acquisition in Wagholi with a development potential of 7.5 lakh square feet (Rs 400 crore revenue) and a joint venture at NIBM Road with an 11.5 lakh square feet potential (Rs 900 crore revenue).

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L&T Q4 Results: Net profit jumps 10% YoY to Rs 3,987 crore

Larsen & Toubro reported a 10% YoY increase in consolidated net profit to Rs 3,987 crore for Q4 FY23. Its operating revenue rose 10.4% YoY to Rs 58,335 crore during the same quarter. EBITDA stood at Rs 6,833 crore, up 5% YoY. The company’s board has recommended a final dividend of Rs 24 per equity share.

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Godrej Consumer Q4 Results: Net profit rises 25% YoY to Rs 452 crore

Godrej Consumer Products Ltd reported a 25% YoY increase in net profit to Rs 452 crore for Q4 FY23. Its operating revenue rose 10% YoY to Rs 3,200 crore during the quarter. EBITDA stood at Rs 641 crore, down 37% from Q4 FY22. During the quarter, the company’s India business revenue grew 11.5% YoY to Rs 1,823 crore.

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Pidilite Industries forays into the paint industry with Haisha

Pidilite Industries has introduced a range of decorative paints in certain regions, entering the competitive paint market. The paint brand has been named ‘Haisha’. The decision to enter the crowded market was driven by input from Pidilite’s dealers, as well as the company’s existing distribution advantage and familiarity with the category.

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ONGC to get dividends instead of oil from Russia’s Sakhalin-1 field

ONGC is no longer receiving its share of oil from Russia’s Sakhalin-1 field, but it will still receive dividends from the field. A new company formed by Russia now sells all the oil from Sakhalin-1, whereas ONGC used to sell its share independently. ONGC retains a 20% stake in the new operator and will receive dividends based on its ownership. The field is currently producing approximately 200,000 barrels per day.

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Sanofi’s board approves demerger of its consumer healthcare business

Sanofi India’s board has approved the demerger of its consumer healthcare business into a separate entity. The demerger is yet to receive approval from shareholders and regulators. After the demerger is completed, Sanofi will retain a 60.4% stake in both entities and SIL shareholders will receive 1:1 SCHIL equity shares of Rs 10 each for their existing shares.

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JSW Infrastructure files for IPO

JSW Infrastructure has submitted its Draft Red Herring Prospectus (DRHP) to SEBI for an initial public offering (IPO). The company aims to raise Rs 2,800 crore from the IPO, which will be utilized for debt repayment and capacity expansion. JSW Infrastructure is India’s second-largest commercial port operator based on cargo handling capacity in Fiscal 2022.

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BASF Q4 Results: Net profit falls 45% to 82 crore

BASF has reported a 45% YoY fall in net profit to Rs 82.39 crore for Q4 FY23. Its operating revenue also fell 3.25% YoY to Rs 3,249 crore during the same quarter. EBITDA fell 48% YoY to Rs 91.5 crore in the quarter compared to Rs 175.8 crore in Q4FY22.

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Canara Bank to spin off its credit card vertical into a separate subsidiary

Canara Bank is set to spin off its credit card vertical into a separate subsidiary. It has also started preparing a roadmap for the listing of its life insurance and fund management businesses. The bank is taking steps to expand low-cost deposits, thus helping improve margins and profitability. At present, it has 6.5 lakh credit card customers with Rs 1,100 crore in outstanding portfolio.

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Britannia’s Net Profit Rises 47% YoY to Rs 559Cr in Q4 – Top Indian Market Updates

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

Britannia Q4 Results: Net profit jumps 47% YoY to Rs 559 crore

Britannia Industries reported a 47% YoY increase in consolidated net profit to Rs 559 crore for Q4 FY23. Its operating revenue rose 13% YoY to Rs 4,023 crore during the quarter. EBITDA stood at Rs 800 crore, up 45.7% YoY from Rs 550 crore in Q4FY22.

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India’s forex reserves rise by $4.53 billion to $588.78 billion

India’s foreign exchange reserves increased by $4.53 billion to $588.78 billion as of April 28, 2023, according to the Reserve Bank of India (RBI). Foreign currency assets rose by $4.99 billion to $519.48 billion. However, the country’s gold reserves fell by $4.94 million to $45.65 billion.

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Federal Bank Q4 Results: Net profit jumps 67% YoY to Rs 903 crore

Federal Bank reported a 67% YoY jump in net profit to Rs 903 crore for Q4 FY23. Its consolidated total revenue rose 38.6% YoY to Rs 5,780 crore during the quarter. The bank’s Net Interest Income (NII) for the quarter stood at Rs 1,909 crore, up 25.2% YoY. The bank’s board has recommended a dividend of Rs 1 per equity share.

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Marico Q4 Results: Net profit jumps 19% YoY to Rs 305 crore

Marico reported a 19% YoY increase in consolidated net profit to Rs 305 crore for Q4 FY23. Its operating revenue increased 3.65% YoY to Rs 2,240 crore during the quarter. EBITDA stood at Rs 393 crore in Q4 FY23, up 14% YoY. However, its net profit fell by 8.41% compared to Q3FY23.

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Dr Reddy’s Labs launches Regadenoson injection in the US market

Dr. Reddy’s Laboratories has launched Regadenoson injection, a generic therapeutic equivalent of Lexiscan injection, in the US market. The injection is used in imaging heart muscle to check blood flow. However, the company has also received one observation from the US FDA after a routine GMP inspection at its API manufacturing facility in Bollaram, Hyderabad.

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ITC increases stake in Bengaluru-based Sproutlife Foods

ITC has increased its shareholding in Sproutlife Foods to 39.42% after acquiring 2,443 equity shares and 7,215 Compulsorily Convertible Preference shares. The transaction was worth Rs 175 crore. ITC had previously announced plans to acquire a 100% stake in Sproutlife in tranches over the next three to four years. Sproutlife is a Bengaluru-based start-up in the innovative food products sector.

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Lupin acquires entire stake in French pharma company Medisol

Lupin Ltd has acquired French pharmaceutical company Medisol for €18 million, subject to approval from the French Ministry of Economy and Finance. The acquisition will give Lupin access to Medisol’s portfolio of seven injectable products across four therapeutic areas, including pain management, anti-inflammatory, cardiovascular diseases, and obstetrics.

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Bharat Forge Q4 Results: Net profit falls 7% YoY to Rs 245 crore

Bharat Forge reported a 7% YoY fall in net profit to Rs 245 crore for Q4 FY23. Its operating revenue increased 19.3% YoY to Rs 1,997 crore from Rs 1,674 crore during the same period. EBITDA stood at Rs 488 crore in Q4 FY23, up 13.2% YoY. The company’s board has recommended a dividend of Rs 5.5 per equity share.

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MSCI assigns lower weight for the merged entity of HDFC Bank and HDFC 

MSCI will add HDFC Bank to the large-cap segment of its Global Standard Indices following its merger with HDFC. The move is expected to lead to no significant inflows, but there may be slight outflows of up to $200 million, according to Nuvama Alternative & Quantitative Research. As a result, MSCI will delete HDFC from its Global Standard Indexes at the end of the stock’s last trading day.

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Blue Star declares 1:1 bonus issue of shares 

Blue Star has announced a 1:1 bonus issue of shares. This means that every shareholder of the company will be given an additional share. The move is subject to approval by shareholders, with the record date to be decided by the Board following this. The bonus issue aims to increase retail participation in the stock and the equity base.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Adani Group Pre-Pays Over Rs 7,350cr Worth Share-backed Financing – Top Indian Market Updates

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

Adani Group pre-pays over Rs 7,350cr worth share-backed financing

Adani Group said it prepaid share-backed financing of ₹7,378 Crores ($901.16 mn) as part of its promoters’ commitment to cut overall leverage backed by shares of its listed companies. The group has been looking to ease concerns about its credit profile after US-based short seller Hindenburg Research noted high debt and alleged improper use of offshore tax havens and stock manipulation.

Read more here.

Dr Reddy’s Labs recalls over 4,000 bottles of generic drug in US

Dr Reddy’s Laboratories is recalling over 4,000 bottles of a generic drug in the US due to a packaging error. The company is recalling 4,320 bottles of Tacrolimus Capsules, which are used to prevent the body from rejecting a transplanted organ. The affected lot was produced at the company’s Bachupally-based manufacturing plant and marketed in the US by its American subsidiary.

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IGL, Genesis, to invest Rs 110 cr to set up meter manufacturing plant

Indraprastha Gas Ltd (IGL) has signed an agreement with Genesis, an arm of Vikas Lifecare Ltd (VLF), to set up a meter manufacturing plant at an estimated cost of Rs 110 crore. The unit will be set up through a joint venture company. In the joint venture, IGL and Genesis will have equity participation in the ratio of 51:49. The unit is expected to be operational by April 2024 and will have a production capacity of one million meters per annum initially.

Read more here.

PowerGrid’s board approves investments of Rs 4,071 crore

Power Grid Corporation’s Board of Directors has approved investments of nearly Rs 4,071 crore for two transmission projects in India. The board has approved the transmission system for Kurnool Wind Energy Zone/ Solar Energy Zone (AP) at an estimated cost of Rs 3,546.94 crore and the Eastern Region Expansion Scheme at a cost of Rs 524.04 crore. These projects are scheduled to be commissioned by November 2024 and Nov 2025, respectively.

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NCLT approves Suraksha plan for Jaypee Infratech

The Delhi bench of the National Company Law Tribunal (NCLT) has approved Suraksha Asset Reconstruction Company’s (ARC) takeover of the debt-laden Jaypee Infratech. A two-member principal bench of NCLT headed by president Ramalingam Sudhakar approved the resolution plan, more than three months after concluding the hearing and reserving the order in Nov 2022.

Read more here.

Credit card outstanding rises 29.6% to reach record high level in Jan

The credit card outstanding in January rose 29.6% to an all-time high of Rs 1.87 lakh crore on back of increased digitisation and rising consumer confidence in the post-Covid period. As per the latest data of the Reserve Bank of India (RBI), the credit card outstanding has recorded a growth of over 20% in the 10 months of the current fiscal. June recorded the highest growth of 30.7%.

Read more here.

Blue Star to take up expansion at Dadra, Sri City manufacturing facilities

Blue Star Ltd will undertake capacity expansion plans at its facilities in Dadra and Sri City. In Jan, the company commenced production at its unit in Sri City in Andhra Pradesh, which was set up at an investment of Rs 350 crore. Blue Star has manufacturing plants in Himachal Pradesh, Ahmedabad, Dadra, Wada (Maharashtra) and Sri City.

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Jindal Stainless to invest Rs 120 crore to set up two rooftop solar projects

Jindal Stainless Ltd (JSL) will invest Rs 120 crore to set up rooftop solar capacities at its Jajpur and Hisar facilities. While a project of 21-megawatt peak (MWp) will be set up in Jajpur, another 6 MWp rooftop solar capacity will be installed at the company’s unit in Hisar. Both projects are scheduled to be completed by March 2024.

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HAL and L&T sign deal with India defence for 70 HTT-40 trainer aircraft and cadet training ships

The Ministry of Defence signed a contract with Hindustan Aeronautics Ltd (HAL) for the procurement of 70 HTT-40 trainer aircraft worth over Rs 6,800 crore. It has also entered into agreements with Larsen & Toubro Ltd (L&T) for the acquisition of three Cadet Training Ships worth more than Rs 3,100 crore. These deals come as a big boost to India’s efforts to achieve ‘Aatmanirbharta’ in the defense sector.

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Vedanta to buy 6% more stake in Hindustan Zinc for Rs 7,900 crore: Report

Vedanta, which currently owns 64.9% stake in Hindustan Zinc Ltd (HZL), is reportedly planning to acquire an additional 6% stake in the company as and when the government sells its holdings. The Indian govt is planning to sell its 15% stake in HZL by March-end. Sources say Vedanta is looking to raise about $1 billion from three foreign banks to fund the acquisition.

Read more here.

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Bharti Airtel 5G Crosses 1Cr Unique Users – Top Indian Market Updates

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

Bharti Airtel 5G crosses 1 crore unique users

Bharti Airtel has crossed 1 crore unique 5G users since it started rolling out its network in October 2022. The company said its 5G services are present across all states and will cover every town and key rural area by the end of March 2024. The telco has created 5G experience zones across all its retail stores where customers can walk in to experience the high speeds.

Read more here.

Adani in talks for $400 million debt against Australian coal port assets: Report

According to an Economic Times (ET) report, the Adani Group has begun discussions with global credit funds to raise up to $400 million in debt against assets of a key coal port that makes up a large portion of the company’s Australian exports of the solid fossil fuel from the controversial Carmichael mine. Recent disclosures show that the Adani Group promoters own 100% equity in the Australian port asset.

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India’s fertiliser imports up 4% to 19.04 lakh tonnes in Jan

India’s fertiliser imports in January 2023 rose 3.9% year-on-year (YoY) to 19.04 lakh tonnes, according to the Fertiliser Ministry data. Imports stood at 18.33 lakh tonnes for the same period. Domestic fertiliser production also rose to 39.14 lakh tonnes, compared to 32.16 lakh tonnes in Jan 2022.

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Bajaj Auto plans to cut production amid uncertainties over exports: Report

Bajaj Auto is expected to take a steep cut of up to 25% in motorcycle and three-wheeler production across its export-focused plants next month. This reflects uncertainties in its biggest market, Nigeria. The company is likely to produce around 250,000-270,000 units in March, compared with an average production of 338,000 units in each of the first nine months of FY23.

Read more here.

Granules gets USFDA approval to market generic medication to treat high blood pressure

Granules India has received approval from the US Food & Drugs Administration (USFDA) to market to market Losartan Potassium tablets. It is a generic product used to treat high blood pressure. According to IQVIA/IMS Health data, the current annual US market for Losartan potassium tablets is around $336 million.

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Dr. Reddy’s to acquire Mayne Pharma US generic portfolio for $105 million

Dr. Reddy’s Laboratories has entered into a definitive agreement to acquire Mayne Pharma’s US generic prescription product portfolio for $105 million. The company will acquire the portfolio for an upfront payment of $90 million in cash, contingent payments of up to $15 million, consideration for inventory, and credits for certain accrued channel liabilities.

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INOX leases commercial space from Hiranandani Group

Multiplex chain operator INOX has leased nearly 21,000 sq. ft. of commercial space at realty developer Hiranandani Group’s Hiranandani Estate in Thane for a total term of 15 years. The new multiplex is currently under development in the under-construction Bellona tower at Hiranandani Estate. The tower is expected to be completed in October 2023, with the multiplex opening in Jan 2024.

Read more here.

Zomato asks for higher commission charges; restaurants are upset

Amidst widening losses, pressures on profitability, and a drop in delivery numbers in its food delivery business, Zomato has approached several restaurant chains seeking a 2-6% increase in commissions. However, restaurant operators have refused to accept the demand, triggering a fresh conflict between the two. 

Zomato’s move comes after the company reported a net loss of ₹347 crore for Q3 FY23, wider than the ₹63.2 crore loss posted a year earlier.

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Fabindia scraps ₹4,000 crore IPO due to uncertain market conditions

Lifestyle retail brand Fabindia has withdrawn its ₹4,000-crore initial public offering (IPO) due to the current market conditions. In January 2023, the company filed the Draft Red Herring Prospectus (DRHP) with the Securities & Exchange Board of India (SEBI) for the IPO. Fabindia was planning a fresh issue of shares worth up to ₹500 crore and an offer for sale (OFS) of up to 2.5 crore shares.

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.

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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%.

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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.

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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. 

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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.” 

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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.

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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.

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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.

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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.

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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.”

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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.

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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.  

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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.

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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.

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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.

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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.

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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.

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Reliance’s Net Profit Falls 15% YoY in Q3 – Top Indian Market Updates

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

RIL Q3 Results: Net profit falls 14.8% YoY to ₹15,792 crores

Reliance Industries Ltd (RIL) reported a 14.8% year-on-year (YoY) decline in consolidated net profit to ₹15,792 crores for the quarter ended December (Q3 FY23)— missing street estimates. Profit declined due to higher finance costs and depreciation. Its revenue from operations rose 15% YoY to ₹2.20 lakh crore on the back of improvement in Oil-to-Chemicals (O2C) and the exploration & production (E&P) businesses and retail performance. EBITDA stood at ₹38,460 crore, up 13.5% YoY.

Meanwhile, Reliance Jio Infocomm’s standalone net profit rose 28.3% YoY to ₹4,638 crore in Q3. Its total revenue increased nearly 19% YoY to ₹22,998 crore.

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Dr. Reddy’s Labs completes clinical studies of its proposed rituximab biosimilar candidate

Dr. Reddy’s Laboratories Ltd has successfully completed the full set of clinical studies of its proposed rituximab biosimilar candidate ‘DRL_RI’ for filing in highly regulated markets such as the US, Europe, and other regions. The biosimilar is used in the treatment of adult patients with rheumatoid arthritis, non-Hodgkin’s lymphoma, and chronic lymphocytic leukemia. ‘DRK_RI’ has already been approved for marketing in India and over 25 emerging markets.

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JSW Steel Q3 Results: Net profit falls 90% YoY to ₹474 crore

JSW Steel Ltd reported a 90% YoY decline in consolidated net profit to ₹474 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 3% YoY to ₹39,134 crore during the same period. EBITDA stood at ₹4,547 crore, down 50% YoY. The combined crude steel production of JSW Steel stood at 6.24 million tonnes (MT) in Q3, up 10%.

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NCLT admits Union Bank’s insolvency plea against Rolta

The Mumbai Bench of the National Company Law Tribunal (NCLT) admitted military-focused software developer Rolta India for the corporate insolvency resolution process (CIRP), allowing a petition filed by state-owned Union Bank of India. Union Bank approached the bankruptcy court in February 2020 after the Mumbai-based company defaulted on dues of over ₹1,413 crore to the lender.

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LTIMindtree Q3 Results: Net profit falls 4.7% YoY to ₹1,000 crore

LTIMindtree reported a 4.7% YoY decline in net profit to ₹1,000 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 25.3% YoY to ₹8,620 crore during the same period. The combined entity (after the merger of LTI and Mindtree) has started out a robust order inflow of $1.25 billion. The IT company’s board declared an interim dividend of ₹20 per share.

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Canara Bank sells entire stake in Russian joint venture to State Bank of India

Canara Bank has entered into a share sale agreement with State Bank of India for the sale of equity shares held by it in Moscow-based Commercial Indo Bank LLC (CIBL) for a consideration of $14.67 million. CIBL is a joint venture between SBI and Canara Bank in a ratio of 60:40. The transaction is expected to complete by the end of the current financial year (FY23).

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KPI Green commissions 25 MW solar power project for Greenlab Diamonds

KPI Green Energy has commissioned a 25 megawatts (MW) solar power project for Greenlab Diamonds LLP in Surat. The new project is part of its captive power producer (CPP) segment. The company also announced the appointment of Salim Suleman Yahoo as the new Chief Financial Officer (CFO).

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RBL Bank Q3 Results: Net profit rises 33% YoY to ₹209 crore

RBL Bank reported a 33% YoY increase in net profit to ₹209 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 14% YoY to ₹1,148 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 3.8% in Q2 FY23 to 3.61% in Q3 FY23. The bank’s net advances grew 15% YoY to ₹66,684 crore in Q3.

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GPT Infraprojects secures project worth ₹270 crore in UP

GPT Infraprojects Ltd has secured an order worth ₹270 crore from Bridge and Roof Company Ltd, a Government of India enterprise. The company will construct a railway interchange (flyover) between Allahabad and Bamrauli in Uttar Pradesh. Earlier this week, GPT Infra secured an order worth ₹216 crore from Maharashtra Rail Infrastructure Development Corporation Ltd for the extension of the Ghatkopar Cable Stayed Road interchange in Mumbai.

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HDFC Life Q3 Results: Net profit rises 15% YoY to ₹315 crore

HDFC Life Insurance Company Ltd reported a 15% YoY increase in net profit to ₹315 crore for the quarter ended December (Q3 FY23). Its net premium income (NPI) rose 19% YoY to ₹14,379 crore during the same period. First-year premiums grew 29% YoY to ₹2,724.87 crore. HDFC Life’s total assets under management (AUM) stood at ₹2.33 lakh crore in Q3, compared to ₹1.95 lakh crore a year ago.

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WPI Inflation Eases to 4.95% in December – Top Indian Market Updates

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

India’s WPI inflation eases to 22-month low of 4.95% in December

India’s wholesale price-based inflation (WPI) declined to a 22-month low of 4.95% in December 2022, mainly due to a fall in prices of food articles and crude petroleum. The Wholesale Price Index (WPI)-based inflation was 5.85% in November 2022 and 14.27% in December 2021. Inflation in food articles was (-)1.25%, while it was 18.09% in the fuel & power segment during Dec 2022.

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​​Maruti Suzuki announces price hike across all models

Maruti Suzuki India Ltd (MSIL) will hike the prices across all its models by around 1.1% with effect from January 16. In Dec, the automaker announced its intentions to hike prices in January due to increased cost pressure driven by overall inflation and recent regulatory requirements. As per reports, car makers Honda, Hyundai, and Tata Motors also plan to hike prices in January.

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Bank of Maharashtra Q3 Results: Net profit doubles to ₹775 crore

Bank of Maharashtra reported a 139% year-on-year (YoY) jump in net profit to ₹775 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 30% YoY to ₹1,980 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 4.73% in Q3 FY22 to 2.94% in Q3 FY23. The bank’s total deposits grew 12% YoY to ₹2.08 lakh crore.

[NII is the difference between the interest income received on loans and the interest paid to depositors.] 

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Bharti Airtel launches 5G services in five UP cities

Bharti Airtel announced the launch of 5G services in Agra, Meerut, Gorakhpur, Kanpur, and Prayagraj in Uttar Pradesh. The telecom operator’s services are already live in Lucknow and Varanasi. Customers with 5G-enabled devices can enjoy the high-speed Airtel 5G Plus network at no extra cost until the rollout is more widespread.

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RIL suspends latest auction of gas from east coast block

Reliance Industries Ltd (RIL) and its partner BP plc suspended a planned auction for the sale of natural gas from their KG-D6 block following changes in gas marketing rules. E-bidding for the sale of 6 million standard cubic meters per day of gas was to happen on January 18. On Jan 13, the Ministry of Petroleum & Natural Gas published new rules for the sale and resale of gas produced from discoveries in deep sea, ultra-deepwater, and high pressure-high temperature areas with marketing and pricing freedom.

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HG Infra secures project from Delhi Metro Rail Corporation

HG Infra Engineering Ltd has secured an order worth more than ₹412 crore from the Delhi Metro Rail Corporation Ltd. (DMRC). The company will design and construct an elevated viaduct and four elevated Delhi Metro stations. The construction work on the 3.512 km stretch is likely to be completed in 24 months.

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Dr. Reddy’s acquires trademark rights of breast cancer drug from Pfizer India

Dr. Reddy’s Laboratories Ltd. has acquired the trademark rights of the breast cancer drug PRIMCYV from Pfizer Products India. PRIMCYV slows down or stops the growth of cancer cells. The pharma company will manufacture the drug at its facilities approved by the US Food & Drug Administration (USFDA). It also plans to roll out a unique ‘patient assistance program’ to support long-term therapy of the patients on PRIMCYV.

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GPT Infraprojects secures order worth ₹216 crore

GPT Infraprojects Ltd has secured a contract worth ₹216 crore from the Maharashtra Rail Infrastructure Development Corporation Ltd., Mumbai. The company will construct the proposed extensions of the Ghatkopar Cable Stayed Road Over Bridge. This order win is worth two-thirds of the company’s total market valuation of ₹323 crore. 

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Leading European airline selects RateGain to expand to new markets

Greek airline SKY Express has selected RateGain Travel Technologies Ltd’s solution AirGain for real-time pricing insights as the airline looks to expand its footprint across Europe. AirGain will allow the airline to respond promptly to market shifts and deliver the most cost-effective service. 

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KPI Green Energy signs Power Purchase Agreements with three clients for solar power sale

KPI Green Energy Ltd (KGEL) has signed new Power Purchase Agreements (PPAs) for the sale of 6.3 megawatts (MW) of solar power in the interdependent power producer (IPP) segment. It has signed the long-term PPAs with three private companies— Heubach Colour Pvt. Ltd (2.9 MW), Sachin Paper Mills (0.4 MW), and Alembic Pharmaceuticals Ltd (3 MW). KGEL develops, operates, and maintains captive solar power projects for its clients.

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Atul Auto Forays Into EV Market – Top Indian Market Updates

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

Atul Auto launches two electric three-wheelers

Three-wheeler maker Atul Auto has entered the electric vehicle (EV) space by launching two models at the Auto Expo 2023. Atul Greentech Pvt. Ltd (AGPL), a subsidiary of Atul Auto, launched Mobili (a passenger vehicle) and cargo variant Energie. Both Mobili and Energie are built with industry-leading technology, telematics, and Battery Management Systems (BMS).

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Dr. Reddy’s Labs partners with Theranica for marketing wearable Nerivio in India

Israeli digital therapeutics company Theranica has announced a strategic license and supply agreement with Dr. Reddy’s Laboratories Ltd., for the exclusive marketing and distribution of its FDA-approved Nerivio in India. Nerivio is a wearable migraine treatment that stimulates the body’s pain receptors to relieve acute and chronic migraine pain. The agreement includes licensing fees for exclusive rights to market Nerivio in India.

Read more here.

Govt to invite bids for Concor privatisation this month

The government will invite Expressions of Interest (EoIs) or preliminary bids for privatising Container Corporation of India (Concor) in January. In Nov 2019, the Union Cabinet approved the strategic sale of a 30.8% stake (along with management control) in Concor. The government will retain a 24% stake post-sell-off but without any veto powers.

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Reliance Jio launches 5G in Uttarakhand

Reliance Jio has launched its True 5G services in Uttarakhand. Jio consumers in Dehradun can avail of the Jio Welcome Offer, which includes unlimited data at up to 1 Gbps+ speed at no extra cost. Apart from the existing investment of Rs 4,950 crore, Jio will additionally invest over ₹650 crore in the deployment of a standalone 5G network in the state.

Read more here.

IEX’s ₹98 crore share buyback opens today

Indian Energy Exchange’s (IEX) share buyback program worth ₹98 crore opened on Wednesday. The company will buyback 49 lakh equity shares (of a face value of ₹1 each) at a maximum price of ₹200 per share. The share buyback will close on July 10. IEX is India’s first power exchange that provides an automated trading platform for electricity and renewable energy certificates.

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USFDA issues warning letter to Sun Pharma’s Halol unit

The US Food & Drug Administration (USFDA) has issued a warning letter to Sun Pharmaceuticals, specifying violations of norms in its manufacturing facility at Halol, Gujarat. The drug regulator noted that Sun Pharma failed to establish and follow appropriate written procedures. The procedures have been designed to prevent microbiological contamination of drug products. The Halol unit was placed under import alert on Dec 7, 2022.

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Oil refiners hope for ₹50,000 crore cash compensation from govt on fuel price freeze: Report

According to a CNBC-TV18 report, state-run oil marketing companies (OMCs) like HPCL, BPCL, and Indian Oil Corporation are seeking compensation of up to ₹50,000 crore to cover up for the losses they have incurred due to the freeze in fuel prices. The OMCs are demanding this compensation to make up for the losses incurred in the first half of the current financial year (H1 FY23). 

As an immediate measure, companies are of the view that diesel prices can be hiked by ₹2-3 per litre.

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Commercial loan origination volumes decline 4.3% in FY22: Report

According to a report from Crif High Mark (a credit information company), commercial lending origination volumes declined by 4.3% YoY to 22.2 lakh loans in the COVID-affected FY22. Loan originations in terms of value jumped 73% to ₹66.49 lakh crore. The average ticket sizes for commercial loans across lenders witnessed a huge spike during the year, with state-owned lenders reporting the number at ₹3.34 crore in FY22.

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Reliance Communications’ committee of creditors to meet on Thursday

The Committee of Creditors (CoC) of bankrupt Reliance Communications will meet on Thursday as part of a long-standing insolvency process. RCom, which housed Anil Ambani’s telecom business, has been undergoing corporate insolvency resolution for over four and a half years. The company was sent to the bankruptcy courts in May 2018 and started the insolvency process under the Insolvency & Bankruptcy Code (IBC) in 2019.

Indian banks, vendors, and creditors have claimed ₹86,000 crore in dues from RCom.

Read more here.

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Adani Group Launches App for Airports Vertical – Top Indian Market Updates

adani

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

Adani Group launches consumer app for airports vertical

The Adani Group has rolled out Adani One, a consumer app for its airports vertical. Users will be able to book flights & cabs, shop for duty-free products, and check their flight status through the app. The app also has a loyalty program for users to earn and redeem reward points. The group currently operates seven airports in India — Mumbai, Ahmedabad, Guwahati, Lucknow, Mangalore, Jaipur, and Thiruvananthapuram.

Read more here.

Reliance Jio gains 14 lakh subscribers in Oct, Bharti Airtel adds 8 lakh users: TRAI

Reliance Jio added 14.1 lakh wireless subscribers in October 2022, while Bharti Airtel gained 8 lakh subscribers. Vodafone Idea (Vi) continued to suffer heavy customer losses and is unable to compete effectively with its financially stronger rivals. Vi lost 35 lakh subscribers in Oct, further shrinking its total subscriber base to 24.56 crore. Data released by the Telecom Regulatory Authority of India (TRAI) showed that Jio and Bharti Airtel’s total user bases stood at 42.13 crore and 36.5 crore, respectively.

Read more here.

Car sales in India set to hit record 38 lakh units in 2022: Report

According to an Economic Times report, India’s automakers are projected to end this calendar year with sales of ~38 lakh passenger vehicles (PVs), driven by sustained demand and improved component supplies that helped them increase production. This projection exceeds the previous record by more than 4 lakh vehicles. Sales in the first 11 months of 2022 have already crossed the previous annual record of 33.9 lakh units set in 2018.

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Yes Bank completes transfer of bad loans worth ₹48,000 crore to J.C. Flowers

Yes Bank completed the transfer of bad loans worth ₹48,000 crore ($5.81 billion) to private equity firm J.C. Flowers. This transaction would clean and strengthen Yes Bank’s balance sheet. The deal comes more than two years after the Reserve Bank of India stepped in to take control of the bank after a dramatic rise in bad loans alarmed investors and depositors.

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Dr. Reddy’s Labs completes Phase 1 study of proposed arthritis drug

Dr. Reddy’s Laboratories Ltd has successfully completed the Phase 1 study of its proposed biosimilar of Tocilizumab. The drug is to be used to treat rheumatoid arthritis in adults. This study used a subcutaneous formulation to evaluate the pharmacokinetic equivalence, safety, and immunogenicity of the company’s Tocilizumab biosimilar candidate in comparison to reference products.

Read more here.

KEC International secures new orders worth ₹1,313 crore

KEC International Ltd has secured new orders worth ₹1,313 crore across various business verticals. It has secured orders for transmission & distribution projects in India, East Asia Pacific, and SAARC. These include a 220 kV gas-insulated substation (GIS) for a refinery project in India, a 500 kV transmission line in Thailand, and another 132 kV transmission line and substations in Nepal.

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CDSL buys 46,000 sq. ft. office in Mumbai for ₹163 crore

Central Depository Services Ltd (CDSL) has acquired two floors of office space measuring over 46,000 sq ft carpet area in commercial tower Marathon Futurex in Mumbai’s Lower Parel for ₹163 crore. The depository services company paid stamp duty worth ₹9.79 crore for the registration of the deals that took place on December 14.

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Glenmark Pharma gets USFDA approval for high blood pressure drug 

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Nicardipine Hydrochloride Capsules. The drug is used to treat high blood pressure and chest pain. The generic version of the drug achieved annual sales of ~$10.9 million for the 12 months ended Oct 2022, according to IQVIA sales data.

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HDFC Bank targets issuing 10 lakh credit cards a month

HDFC Bank Ltd is looking to issue 10 lakh credit cards a month, said Parag Rao, the bank’s country head for payments business, consumer finance, digital banking & marketing. The company will announce partnerships across a range of industries from online retail to food delivery in the coming weeks to increase spending on cards. They also plan to collaborate with two airlines and a large hotel chain.

In other news, HDFC Bank is reportedly seeking to raise nearly $1 billion via an offshore loan.

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HZL to spend over $1 billion on shift to battery-operated mining vehicles

Hindustan Zinc (HZL) is planning to invest over $1 billion (~₹8,270 crore) to convert its diesel-fired mining vehicles into battery-operated ones and also to fully turn a green energy user over the next five years. The company is already running four of its 900 mining vehicles on battery on a pilot basis.

Read more here.