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Maruti Suzuki’s Net Profit Doubles in Q3 – Top Indian Market Updates

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

Maruti Suzuki Q3 Results: Net profit jumps two-fold to ₹2,351 crore

Maruti Suzuki India Ltd reported a 132% YoY jump in consolidated net profit to ₹2,351.3 crore for the quarter ended December (Q3 FY23). Its net sales rose 25.51% YoY to ₹27,849.2 crore during the same period. The carmaker sold a total of 4,65,911 vehicles in Q3. However, the shortage of electronic components impacted production by about 46,000 vehicles. 

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EaseMyTrip acquires majority stake in hotel booking marketplace cheQin

EaseMyTrip has acquired a 55% majority stake in cheQin, a real-time marketplace that allows travellers to bargain possibilities with hoteliers. The bargaining algorithm of cheQin brings in the top five lowest offers by hoteliers. The company can use the cheQin application to give hoteliers access to real-time booking requests and the ability to take control of their own bookings.

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TVS Motor Company Q3 Results: Net profit rises 22% YoY to ₹353 crore

TVS Motor Company Ltd reported a 22.5% YoY increase in net profit to ₹353 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 14.7% YoY to ₹6,545.42 crore during the same period. EBITDA rose 16% YoY to ₹659 crore in Q3. The company has also declared an interim dividend of ₹5 per share.

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IndiGo launches its ‘Super 6E’ with special offerings on 14 international routes

IndiGo has launched its ‘Super 6E’ fares on fourteen new routes, effective January 20, 2023. With these additions, IndiGo now offers Super 6E fares on flights to 23 international destinations. In May 2022, IndiGo launched an exclusive fare category called “Super 6E”, which will provide special services like extra 10 kg baggage, free seat selection, reduced cancellation fee, and in-flight meals.

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HDFC AMC Q3 Results: Net profit rises 3% YoY to ₹369.5 crore

HDFC Asset Management Company (AMC) reported a 3% YoY increase in net profit to ₹369.5 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2% YoY to ₹559.6 crore during the same period. Its operating profit from the core asset management business was flat at ₹397.4 crore. The company said it had a market share of 12.8% of the individual monthly average assets under management (AUM) in the industry.

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Granules India gets USFDA approval for Amphetamine capsules

Granules India has received approval from the US Food & Drug Administration (USFDA) for an abbreviated new drug application (ANDA) filed by its US subsidiary for Amphetamine capsules. Mixed salts of Amphetamine ER Capsules are used to treat attention deficit hyperactivity disorder (ADHD). The current annual US market for Amphetamine mixed salts ER capsules is approximately $1.56 billion.

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PNB Housing Finance Q3 Results: Net profit rises 43% YoY to ₹269 crore

PNB Housing Finance reported a 43% YoY increase in net profit to ₹269 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 67% YoY to ₹734 crore during the same period. The total loan book increased from Rs 57,845 crore in Q3 FY22 to ₹58,034 crore in Q3 FY23. The gross non-performing assets (GNPA) ratio improved from 6.06% in Q3 FY22 to ₹4.87% in Q3 FY23.

[NII is the difference between the interest income a bank earns from its lending activities and the interest it pays depositors.]

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BPCL to set up 1 GW renewable energy plant in Rajasthan

Bharat Petroleum Corporation Ltd (BPCL) will set up 1 gigawatt (GW) of renewable energy capacity in Rajasthan. The nation’s second-largest state oil refiner is gradually changing its path to achieving a net zero emission target by 2040. It plans to expand its renewable portfolio to reach 1 GW of generating capacity by 2025 and 10 GW by 2040. BPCL plans to offer electric vehicle charging stations at around 7,000 petrol pumps over the next 5 years.

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SBI Cards Q3 Results: Net profit rises 32% YoY to ₹509 crore

SBI Cards & Payment Services Ltd reported a 32% YoY increase in net profit to ₹509 crore for the quarter ended December (Q3 FY23). Its interest income rose 26% YoY to ₹1,609  crore during the same period. Total income stood at ₹3,656 crore in Q3, up 16% YoY. Impairment and bad losses of the company fell 15% YoY to ₹533 crore in Q3

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Delhivery secures contract to manage pan-India supply chain for air cooler business from Godrej

Delhivery Ltd has secured a contract from Godrej Appliances for managing its end-to-end supply chain of the air cooler business across India. The company will implement its integrated warehousing & distribution solution to increase market penetration of Godrej air coolers. The two companies have also jointly opened a warehouse in Ghaziabad, Uttar Pradesh.

Read more here.

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Govt Gets ₹5,001Cr Dividend From ONGC – Top Indian Market Updates

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

Government gets ₹5,001 crore dividend from ONGC

The government has received around ₹5,001 crore as dividend from Oil & Natural Gas Corporation (ONGC). This takes the total dividend receipt from all Central Public Sector Enterprises (CPSEs) in this financial year (FY23) to ₹23,797 crore. CPSEs are required to pay a minimum annual dividend of 30% of profit after tax (PAT) or 5% of net worth, whichever is higher.

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Mankind Pharma acquires majority stake in Upakarma Ayurveda

Mankind Pharma has acquired a majority stake in Upakarma Ayurveda, which manufactures and sells ayurvedic and herbal products. The pharma company’s decision to invest will empower Upakarma Ayurveda to develop a wider range of products and offerings. Mankind Pharma acquired the ayurvedic solutions firm through one of its subsidiaries.

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TCS launches quantum computing lab on Amazon Web Services

Tata Consultancy Services (TCS) has partnered with Amazon Web Services (AWS) to launch a quantum computing lab on the Amazon platform. The platform will help enterprises develop & test business solutions and accelerate the adoption of quantum computing. TCS will help customers explore and co-create new use cases of quantum computing to tackle business challenges that defy the capabilities of conventional technologies.

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EaseMyTrip introduces special program for its elite customers

EaseMyTrip announced the introduction of EMTPRO— an invite-only, special program for its elite customers. Under this program, EaseMyTrip’s customers will be enrolled in a ‘Refer Now & Earn Forever’ program. Users will get exciting cash-backs on flights, hotels, holidays, buses, and train bookings for one year by referring a new user to book from the EaseMyTrip website or mobile application.

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Bank credit grows to 17.2% in September: RBI

The Reserve Bank of India (RBI) released quarterly statistics on deposits and credit on Monday. It highlighted bank credit growth to 17.2% on an annual basis in September from 14.2% a quarter ago. The credit growth remained broad-based with all population and bank groups recording double-digit annual growth. Private sector banks have been outpacing public sector banks, foreign banks, and regional rural banks in deposit mobilisation.

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Zydus Lifesciences gets USFDA approval for Levothyroxine Sodium injection

Zydus Lifesciences Ltd. has received tentative approval from the US Food & Drug Administration (USFDA) to market Levothyroxine Sodium injection in the American market. The injection is used to treat myxedema coma or severe hypothyroidism. The pharma company will manufacture the drug at its injectable facility in Vadodara, Gujarat.

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Signature Global gets SEBI approval for its ₹1,000 crore IPO

Realty firm Signature Global (India) Ltd has received approval from markets regulator SEBI for its initial public offer (IPO). The company will raise up to ₹1,000 crore to clear debt and land acquisition. As per the DRHP, the IPO will comprise a fresh issue of equity shares worth up to ₹750 crore and an Offer for Sale (OFS) of up to ₹250 crore. Signature Global primarily focuses on affordable and mid-housing segments. 

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Hero MotoCorp to revise prices of its two-wheelers

Hero MotoCorp Ltd will raise the prices of its motorcycles and scooters by up to ₹1,50, with effect from December 1, 2022, due to inflationary cost pressures. “The upward revision of the prices of our two-wheelers has been necessitated due to overall inflationary costs. We will continue to provide innovative financing solutions to cushion the impact on the customers,” said Niranjan Gupta, Chief Financial Officer.

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NBCC gets ₹271Cr order in stalled projects of Amrapali Group

NBCC (India) Ltd secured work orders worth ₹271.62 crore in projects of erstwhile realty firm Amrapali Group. It got an order of ₹42.44 crore for the construction of balance works of Amrapali Corporate Hub at IMT Manesar, Gurugram. NBCC got another order of ₹229.18 crore for special repair and upgradation works of Amrapali Projects at Noida & Greater Noida.

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Bajaj Finance to acquire 40% in Snapwork Tech

Bajaj Finance will acquire up to 40% stake in Mumbai-based Snapwork Technologies for an all-cash consideration of up to ₹93 crore. The transaction is expected to be completed prior to December 31, 2022. Snapwork Technologies is engaged in developing, consulting, marketing, and implementation of software technology and allied products.

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WPI Eases to 10.7% in Sept – Top Indian Market Updates

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

WPI eases to 10.7% in September

India’s wholesale inflation, measured by the Wholesale Price Index (WPI), eased to 10.70% in September. WPI had spiked to 12.41% in August, while the revised WPI for July stood at 14.07%. The food articles segment eased to 11.03% in September, compared to 12.37% in August. The fuel and power segment marginally fell from 33.67% in August to 32.61% last month. 

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Federal Bank Q2 Results: Net profit rises 53% YoY to ₹704 crore

Federal Bank posted its highest-ever quarterly profit of ₹704 crore for the quarter ended September (Q2 FY23), up 53% YoY or 17% QoQ. The net interest income (NII) grew 19% YoY to ₹1,762 crore during the same period. [NII is the difference between the interest income a bank received on loans and the interest it pays depositors.] The gross non-performing assets ratio (GNPA) stood at 2.46% in Q2, compared to 2.69% in Q1. Provisions fell 9% YoY to ₹268 crore in Q2 FY23.

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PSP Projects emerges lowest bidder for project in Gujarat

PSP Projects Ltd has emerged as the lowest (L1) bidder for a government project for developing a world-class sustainable tourist/pilgrimage destination in Gujarat. The bid value for the project is worth ₹345.30 crore. PSP Projects is one of India’s fastest-growing construction companies based in Ahmedabad, Gujarat. It provides construction services for industrial, institutional, residential, and commercial projects in India. 

Bajaj Auto Q2 Results: Net profit rises 20% YoY to ₹1,530 crore

Bajaj Auto Ltd reported a 20% YoY increase in net profit to ₹1,530 crore for the quarter ended September (Q2 FY23). Its revenue from operations rose 16.4% YoY to ₹10,202.8 crore during the same period. EBITDA rose 25.5% YoY to ₹1,759 crore. The company sold 11,51,012 units in Q2, up 0.57% YoY. Bajaj Auto saw domestic volumes nearly double from Q1 across both two-wheeler and three-wheeler segments.

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EaseMyTrip launches SIP scheme for travel plans

Online travel platform EaseMyTrip has announced the launch of a new product line— Save Now Buy Later (SNBL). It is an investment scheme that allows customers to start a Systematic Investment Plan (SIP) for their travel plans. Customers can invest an amount as low as ₹100 on a recurring basis. Investments will get a return of up to 20% on the total invested amount exclusively from the company.

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Unichem Labs gets USFDA approval for Phenytoin Sodium capsules

Unichem Laboratories Ltd has received abbreviated new drug application (ANDA) approval for its Extended Phenytoin Sodium Capsules USP- 100gms from the US Food & Drug Administration (USFDA). The capsules are indicated for the treatment of tonic-clonic and psychomotor seizures. It prevents seizures during or after neurosurgery. The product will be commercialised from Unichem Lab’s plant in Ghaziabad, Uttar Pradesh.

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Shree Cement Q2 Results: Net profit falls 67% YoY to ₹183 crore

Shree Cement Ltd reported a 67.5% YoY decline in consolidated net profit to ₹183.24 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 19.7% YoY to ₹4,038.03 crore during the same period. Total expenses increased by 41.4% YoY to ₹3956.90 crore in Q2. The company’s board has accepted the resignation of its long-serving Chairman Benu Gopal Bangur.

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L&T Construction secures order under its water and effluent treatment business

Larsen & Toubro Ltd’s construction arm has secured significant orders (in the range of ₹1,000-2,500 crore) under its water & effluent treatment business. It has received repeat orders from the Govt. of Gujarat to execute pumping system and pipeline works from Tappar Dam to Nirona Dam. The project aims to strengthen water resources in the Kutch district of Gujarat by filling existing reservoirs that will irrigate 36,392 hectares of land.

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Bharti Airtel launches ‘Always On’ IoT connectivity solution

Bharti Airtel launched the ‘Always On’ Internet of Things (IoT) connectivity solution in the domestic market. The solution contains dual profile M2M (machine to machine) eSim, which allows an IoT device to stay connected to a mobile network from different Mobile Network Operators in the eSIM. It is best suited for vehicle tracking providers, auto manufacturers, and any use cases where equipment works in remote locations requiring universal connectivity.

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Tata Elxsi Q2 Results: Net profit rises 39% YoY to ₹174 crore

Tata Elxsi Ltd reported a 39.1% YoY increase in net profit to ₹174.3 crore for the quarter ended Sept (Q2 FY23). Net profit declined by 5.5% when compared to the previous quarter. Its revenue from operations rose 28.2% YoY (or 5.1% QoQ) to ₹763.2 crore during the same period. The company crossed the 11,000-employee mark with 1,532 net additions in Q2.

Read more here.

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RIL to Roll Out 5G Services by Diwali – Top Indian Market Updates

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

RIL to launch 5G services by Diwali; reveals ₹75,000 crore investment in petchem

Reliance Industries Ltd (RIL) has laid out a ₹2 lakh crore plan to launch the next generation (5G) of wireless services in India within two months. The company aims to deploy 5G services across metro cities by Diwali. RIL will partner with Qualcomm Inc to provide cloud-based 5G network solutions for businesses. It will also collaborate with Meta Platform Inc. for its JioMart shopping integration on WhatsApp.

Mukesh Ambani laid out a clear roadmap of how the conglomerate will be divided among two sons Akash and Anant, and daughter Isha. RIL will also launch its fast-moving consumer goods (FMCG) business this year. Moreover, they’ve announced an investment of ₹75,000 crore in the petrochemical business over the next five years.

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Lupin gets USFDA nod for generic cancer treatment drug

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) to market Dasatinib tablets in America. The drug is used to treat certain types of cancer. It works by slowing or stopping the growth of cancer cells. As per IQVA MAT data, Dasatinib tablets had estimated annual sales of $1,569 million in the US.

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ABB India to upgrade Smart Power factory in Bengaluru

ABB India has decided to expand and upgrade its Smart Power factory in Nelamangala, Bengaluru, to meet the strong demand for its Smart Power solutions and energy management technologies. The facility is equipped with advanced collaborative robotics technology for better human-machine interfaces, artificial intelligence (AI), and digitalization technologies to create an automated and future-ready factory.

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LTTS secures 5-year deal from BMW Group

L&T Technology Services (LTTS) has secured a multi-million-dollar deal from BMW Group. As part of the 5-year deal, LTTS will provide high-end engineering services for BMW’s suite of infotainment consoles targeted for its range of hybrid vehicles. The proximity to BMW Group’s campus will enable LTTS’ engineers to work on various solutions and offer services in real-time.

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Mahindra Finance partners with CRIF to enhance customer experience

Mahindra & Mahindra Financial Services Ltd has partnered with CRIF Solutions to offer a seamless onboarding experience for customers seeking loans. The company will leverage an automated platform called StrategyOne (an Enterprise Business Rules Engine provided by CRIF) to integrate its customer acquisition channels across multiple retail asset product lines. This partnership will facilitate quicker loan approval decisions by combining automation and risk analysis.

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EaseMyTrip partners with magicpin to launch services for travel, shopping

Easy Trip Planners Ltd (EaseMyTrip) has announced a partnership with magicpin to launch a suite of products and services that will bring travel and shopping experiences together through cross-promotion. This partnership will have unique and specially curated offerings on each other’s platforms.

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Aurobindo Pharma subsidiary’s plant gets one observation from USFDA

The USFDA has issued one observation after inspecting a plant owned by Aurobindo Pharma’s US-based unit. The health regulator conducted its Pre-Approval Inspection (PAI) and Good Manufacturing Practice (GMP) inspection at the plant from August 22-26. The plant is owned by Aurolife Pharma LLC, a wholly-owned step-down subsidiary of Aurobindo Pharma Ltd. The company said it will respond to the USFDA within the stipulated timeline.

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​​IRCTC plunges 8% after it withdraws e-tender for data monetisation plan

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) fell over 8% today after the company withdrew the e-tender for its data monetisation plan. The bill was withdrawn after IRCTC was summoned by a Parliamentary panel over its controversial passenger data monetisation plan on Friday. The panel sought IRCTC’s stance on the proposal as it was concerned over possible data privacy violations.

Last week, IRCTC revealed plans to employ a consultant to conduct business with government and private companies by using its customer and vendor application data. The company estimated a revenue opportunity of ₹1,000 crore from this move.

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Vodafone Idea denies report of data breach

Vodafone Idea (Vi) has denied an alleged data leak of more than 20 million customers. A report by cyber security research firm CyberX9 claimed that call data records of around 20.6 million customers of Vi were leaked and accessed by cyber-criminals. The telco said the report is “false and malicious”.

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RBI to establish fraud registry to check bank frauds

The Reserve Bank of India (RBI) aims to establish a fraud registry to compile a database of dubious websites, phones, and other digital fraud methods as part of its attempts to increase client safety. Such a database will help to stop fraudsters from committing the same fraud because the websites or phone numbers will be blacklisted.

Read more here.

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PVR to Merge With INOX – Top Indian Market News

PVR to merge with INOX to form India’s largest entertainment company

Multiplex chains PVR Ltd and INOX Leisure Ltd have decided to merge to form the largest entertainment company in India. On Sunday, the boards of the two companies approved the amalgamation and share exchange ratios. INOX shareholders will receive three shares in PVR for 10 shares of INOX. After the merger, PVR promoters will have a 10.62% stake, while INOX promoters will have a 16.66% stake in the combined entity. 

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Tata Power, Rustomjee Group collaborate for EV charging infrastructure

Tata Power has partnered with real estate developer Rustomjee Group to provide electric vehicle (EV) charging solutions across its residential and commercial projects in Mumbai. The power company will install dedicated charging infrastructure for residents of Rustomjee in Mumbai MMR. EV owners will have the access to a 24×7 charging facility and maintenance support.

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L&T constructs 7-storey facility for DRDO in record 45 days

Larsen & Toubro Ltd has constructed a 7-storey, state-of-the-art Flight Control System (FCS) integration facility for the Defence Research and Development Organization (DRDO) in 45 days. The company used integrated hybrid modular construction technology to build the facility. Constructed on a total built-up area of 130,000 sq. feet, the site team had to coordinate with 21 off-site locations to integrate design, structure, and architecture services.

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Adani Group selects Google Cloud to modernise IT operations for future scale, innovation

Adani Group has announced a multi-year partnership with Google Cloud to modernise IT operations for future scale and group-wide innovation. The first phase of the partnership is underway. The Adani Group is making swift progress in migrating its extensive IT footprint from its existing on-premises data centre to Google Cloud.

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G R Infraprojects emerges lowest bidder for road project in Rajasthan

G R Infraprojects Ltd has emerged as the lowest (L-1) bidder for a road project in Rajasthan worth Rs 1,368 crore. The project involves the construction of a 4-lane greenfield expressway spur from Bandikui to Jaipur on a hybrid annuity model. It also entails an operations and maintenance cost of Rs 2.97 crore in the first year. G R Infraprojects is an integrated road engineering, procurement, and construction (EPC) company.

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HCL Tech to provide global service desk and on-site support to Novo Nordisk

Danish pharma company Novo Nordisk has selected Tata Consultancy Services (TCS) to provide global service desk and on-site support. Through the partnership, HCL will help Novo Nordisk transform its IT operations and drive efficiency across its workforce. HCL will implement a multilingual and omnichannel digital workplace solution for Novo Nordisk. 

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Coal India records high of 528 MT of coal supplies to domestic power utilities

Coal India Ltd (CIL) has supplied an all-time high of 528 million tonnes (MTs) of coal to India’s power utilities. This is 98.5% of the prorated demand of 535 MTs projected by the Ministry of Power and Central Electricity Authority. CIL is concentrating all its efforts to meet the projected coal demand of the power sector. The company is expected to open the next financial year (FY23) with over 60 MT at its pitheads (top or entrance of the mining pits).

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EaseMyTrip, DBS Bank India to launch green debit card

DBS Bank India has partnered EaseMyTrip to launch an environment-friendly international debit card. It is made from 99% recycled polyvinyl chloride (PVC) material. The digibank EaseMyTrip Green Debit Card provides exclusive travel-related offers to customers. It also rewards users for adopting eco-friendly practices while encouraging them to reduce their carbon footprint.

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Aurobindo Pharma acquires business and assets of Veritaz Healthcare for Rs 171 crore

Aurobindo Pharma Ltd has acquired the business and certain assets of Veritaz Healthcare for a cash consideration of Rs 171 crore. The transaction is expected to close by May 2022. Veritaz sells branded generic formulations and other healthcare-related products in the Indian market. Its sales and distribution network includes nearly 50,000 retailers, spread across 23 cities.

Aster DM Healthcare to invest Rs 500 crore to set up healthcare facilities in Tamil Nadu

Aster DM Healthcare Ltd has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to set up healthcare facilities. The MoU proposed an investment of Rs 500 crore in hospitals, pharmacies, and laboratories in Tamil Nadu. It will help provide affordable, quality healthcare and generate employment for more than 3,500 people.

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Bajaj Finance’s Net Profit Rises 85% YoY in Q3 – Top Indian Market News

Bajaj Finserv

Bajaj Finance Q3 Results: Net profit rises 85% YoY to Rs 2,125 crore

Bajaj Finance Ltd reported an 85% YoY increase in consolidated net profit to Rs 2,125 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 40% YoY to Rs 6,000 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 1.73% in Q3 FY22, compared to 2.45% in Q2 FY22. Bajaj Finance’s assets under management (AUM) rose 26% YoY to Rs 1,81,250 crore in Q3 FY22.

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Reliance Retail acquires 54% stake in Addverb Technologies for $132 million

Reliance Retail Ventures Ltd has acquired a 54% stake in robotics startup Addverb Technologies for $132 million (~Rs 984.4 crore). The deal will provide Addverb Technologies an opportunity to deploy robots at scale in omnichannel distribution centres across different segments. The company is planning to deploy its robots across hospitals and airports.

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L&T Tech Q3 Results: Net profit rises 34% YoY to Rs 249 crore

L&T Technology Services Ltd (LTTS) reported a 34% YoY increase in consolidated net profit to Rs 248.8 crore for the quarter ended December (Q3 FY22). Net profit rose 8% when compared to the previous quarter. Its revenue from operations rose 21% YoY (or 5% QoQ) to Rs 1,687.5 crore during the same period. EBITDA stood at Rs 314 crore, up 48% YoY. LTTS has declared an interim dividend of Rs 10 per share.

Read more here.

Tata Motors to hike prices of passenger vehicles from Jan 19

Tata Motors Ltd will increase the prices of its passenger vehicles by an average of 0.9%, with effect from January 19. The steep rise in overall input costs has compelled the automaker to pass on some proportion to customers through a minimal price hike. At the same time, Tata Motors has introduced a reduction of up to Rs 10,000 on specific variants in response to customer feedback.

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EaseMyTrip signs pact with Flybig to sell tickets exclusively on its platform

Easy Trip Planners Ltd has partnered with regional airline Flybig to sell its tickets exclusively on the EaseMyTrip platform. All bookings of Flybig by any other online travel portals will also go through and be processed by EaseMyTrip. With this partnership, Flybig aims to explore new avenues for growth and widen its network. Flybig plans to induct five aircraft by the end of March 2022.

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DCM Shriram Q3 Results: Net profit rises 38% YoY to Rs 350 crore

DCM Shriram Ltd reported a 38% YoY increase in consolidated net profit to Rs 349.57 crore for the quarter ended December (Q3 FY22). Net profit jumped 122% when compared to the previous quarter. Its revenue from operations rose 26.5% YoY to Rs 2,790 crore during the same period. EBITDA rose 46% YoY to Rs 588 crore in Q3. The chemical manufacturer has declared an interim dividend of Rs 5.2 per share. 

IndusInd Bank sells Rs 4,050 crore distressed loans to ARC in last 9 months

As per a report from the Economic Times, IndusInd Bank sold more than Rs 4,050 crore of distressed loans to asset reconstruction companies (ARC) in the last nine months to clean its books. The bank sold Rs 2,552 crore loans to Edelweiss ARC and Rs 1,500 crore to Omkara ARC in separate pools, comprising retail and corporate loans. The report further states that IndusInd Bank’s aim to maintain its net non-performing assets (NPAs) below 1% could have prompted it to sell the distressed loans.

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Tata Elxsi Q3 Results: Net profit rises 43% YoY to Rs 151 crore

Tata Elxsi Ltd reported a 43.5% YoY increase in net profit to Rs 151 crore for the quarter ended December (Q3 FY22). Net profit rose 20.4% when compared to the previous quarter. Its revenue from operations rose 33.2% YoY (or 6.7% QoQ) to Rs 635.4 crore during the same period. EBITDA grew 46.8% YoY to Rs 210.8 crore in Q3.

Read more here. 

Dixon Tech enters into JV with Imagine Marketing

Dixon Technologies Ltd has entered into a 50:50 joint venture (JV) with the makers of Boat brand of electronics, Imagine Marketing. The JV will undertake the design and manufacturing of wireless audio solutions in India. The partners will also co-invest in the evolving Indian mobile accessory market as part of the Make in India initiative. The joint venture will invest Rs 40 crore over the next four years.

Read more here.

Nazara Tech acquires 55% stake in adtech firm Datawrkz

Nazara Technologies Ltd has acquired a 55% stake in programmatic advertising and monetisation company Datawrkz. The transaction will value the company at around Rs 225 crore. The acquisition will help enhance Nazara Tech’s in-house capabilities to optimise its customer acquisition spending. It will also help the company enhance yields on ad monetisation of its large consumer base.

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Jio adds 20.1 lakh mobile subscribers in November; Airtel adds 13 lakh users

Reliance Jio Infocomm gained 20.1 lakh mobile subscribers in November 2021. Jio’s total subscriber base rose to 42.86 crore during the same month. Bharti Airtel added 13.1 lakh users, taking its overall mobile user base to 35.52 crore at the end of November. Vodafone Idea (Vi) lost 18.9 lakh subscribers in November and its user base shrunk to 26.71 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

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Trident Q3 Results: Net profit rises 88% YoY to Rs 211 crore

Trident Ltd reported an 88% YoY increase in net profit to Rs 211.09 crore for the quarter ended December (Q3 FY22). Net profit fell 10% when compared to the previous quarter. Its total income rose 51.6% YoY to Rs 1,983.65 crore during the same period. The textile firm’s EBITDA stood at Rs 406 crore in Q3, up 68% YoY.

Read more here.

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RBI Authorises RBL Bank to Collect Direct Taxes – Top Indian Market News

RBI authorises RBL Bank to collect direct taxes

The Reserve Bank of India (RBI) has authorised RBL Bank to collect direct taxes on behalf of the Central Board of Direct Taxes (CBDT). The decision was based on the recommendation from the Controller General of Accounts and the Ministry of Finance. After technical integration, RBL Bank’s corporate and individual customers will be able to pay their direct taxes through the bank’s mobile banking or net banking platforms.

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Banks must support wealth, job creators to improve India’s balance sheet: PM Modi

Prime Minister Narendra Modi has encouraged banks to embrace a partnership approach to help create wealth, add jobs, boost the economy and achieve self-reliance. He asked bankers to be more proactive in lending to smaller businesses and help improve the viability and scale of their borrowers’ operations. PM Modi further stated that the reforms in the past 6-7 years have led to the banking sector in a strong position today. Over Rs 5 lakh crore bad loans (NPAs) have been recovered.  

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EaseMyTrip acquires Spree Hospitality

Online travel platform EaseMyTrip has acquired hospitality management company Spree Hospitality. This acquisition will add a new revenue vertical for EaseMyTrip and enable it to scale up its hotel and holidays portfolio. Spree Hospitality has a footprint of 1,220 operational keys and hotels in Bengaluru, Mumbai, Pune, Chennai, Goa, Hyderabad, and other locations.

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SC allows Centre to disinvest remaining shares in Hindustan Zinc

The Supreme Court (SC) has allowed the Central government to disinvest its remaining 29.5% stake in Hindustan Zinc Ltd (HZL). It said that the Centre had ceased to be in control of the former public sector undertaking (PSU) since its disinvestment of shares in 2002. The SC has ordered a CBI probe into the alleged irregularities in the disinvestment of the government’s controlling share in HZL in 2002.

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GMR emerges winner for Indonesian airport development, operations

GMR Airports Ltd (GAL) has emerged as the winning bidder for the development and operation of Kualanamu International Airport in Medan, Indonesia (Medan Airport). GAL is a subsidiary of GMR Infrastructure Ltd and operates airports in Delhi and Hyderabad. GMR will enter into a 49:51 partnership with Angkasa Pura 2 (AP2) for this project. The project scope includes operation, development, and expansion of the airport over a period of 25 years.

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Kubota Corp to acquire additional 5.9% stake in Escorts for Rs 1,873 crore

Japan-based Kubota Corporation will acquire an additional 5.9% stake in Escorts Ltd for Rs 1,872.74 crore. This acquisition will take Kubota’s total shareholding in the farm machinery company to 14.99%. Further, the company’s name will be changed from ‘Escorts Limited’ to ‘Escorts Kubota Limited’.  The joint entity intends to attain global leadership in the farm equipment sector.

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Godrej Properties unveils first digital brand campaign

Godrej Properties Ltd (GPL) has unveiled its first digital brand campaign. The campaign, titled ‘Everyday Joys- Jahaan Khushiyan Badi Hoti Hai’, introduces GPL’s purpose of creating spaces that enable ‘everyday joys’. As part of the campaign, the real estate developer has launched three digital video commercials that will be promoted across digital platforms.

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Rajesh Exports secures order worth Rs 782 crore from Germany

Rajesh Exports Ltd has secured an order worth Rs 782 crore of designer range of jewellery from Germany. The order is to be completed by March 2022. The company will execute the order from its manufacturing facility in Bengaluru. The unit has a processing capacity of 250 tonnes of jewellery and gold products per annum.

Cipla scales up offerings, investments as it eyes global lung specialty leadership

Cipla Ltd has announced plans to scale up offerings and expand access to medicines, inhaler devices, diagnostics, as it aspires to become the number one company in lung specialty. The drugmaker derives nearly one-fifth of its revenues from the respiratory segment, making it the largest therapeutic division in terms of contribution to revenues. Earlier this week, Cipla launched its first diagnostic device— a portable spirometer called Spirofy to help general practitioners conduct pulmonary function tests (PFT).

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Piramal Group Completes Acquisition of DHFL – Top Indian Market News

Piramal Group completes acquisition of DHFL for Rs 34,250 crore

Piramal Enterprises Ltd (PEL) has completed the acquisition of Dewan Housing Finance Corp Ltd. (DHFL) for a total consideration of Rs 34,250 crore. This includes an upfront cash payment of Rs 14,700 crore and issuance of debt instruments worth Rs 19,550 crore (10-year NCDs at 6.75% per annum on a half-yearly basis). As a part of the process, Piramal Capital and Housing Finance Ltd (PCHFL) will merge with DHFL. The creditors of DHFL would recover an aggregate amount of ~Rs 38,000 crore from the resolution process. 

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Blue Star to invest Rs 550 crore on new manufacturing unit in Andhra Pradesh

Blue Star Limited will invest Rs 550 crore over the next few years for setting up a greenfield manufacturing unit at Sri City, Andhra Pradesh. The AC and commercial refrigeration major’s newly formed subsidiary, Blue Star Climatech, has commenced construction of the new plant. The unit will be highly automated, and the company will ensure that products manufactured are globally competitive. The first phase of construction will be completed by July 2022.

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BLS International secures contract for Italian visa processing services in Russia

BLS International Services has secured a contract from the Embassy of Italy in Russia for visa processing for a period of five years. The company is expected to process approximately 1.4 lakh applications every year at 20 centres across Russia. BLS will be providing Italian visas, along with value-added services such as mobile biometric, translation, premium lounge, prime time submission, courier, and SMS alerts for the convenience of applicants.

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HCL Tech signs multi-year contract with Belgium-based Proximus

HCL Technologies Ltd has signed a multi-year strategic partnership with Proximus Group to transform its data centre business and create a resilient digital foundation. Proximus is one of Belgium’s leading digital services and communications solutions providers. HCL Tech will invest in a dedicated innovation lab, providing Proximus exclusive access to its intellectual property, product, and partner ecosystem. The partnership will allow Proximus to use HCL’s telecom and technology domain expertise to develop innovative 5G and Internet of Things (IoT) solutions.

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SpiceJet partners with EaseMyTrip for holiday bookings

SpiceJet Limited has partnered with EaseMyTrip to strengthen offerings ahead of the festive season. The travel platform will develop a holiday booking platform for SpiceJet, which will allow the airline’s customers to book holiday packages. The partnership is aimed at expanding EaseMyTrip’s scope across the rapidly growing holiday segment. Under the collaboration, SpiceJet will offer exclusive benefits such as priority services (check-in, boarding) and complimentary meals.

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HDFC Bank issues 4 lakh credit cards after lifting of embargo 

HDFC Bank has issued 4 lakh credit cards since the Reserve Bank of India (RBI) lifted the embargo (an official ban) imposed on the company. In December 2020, the RBI placed restrictions on the private sector lender on sourcing of new credit cards. The RBI eased the restrictions on August 17, 2021. HDFC Bank has also announced the relaunch of three cards— HDFC Bank’s Millennia, MoneyBack+, and Freedom. The new card variants will be available to customers in October 2021.

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Britannia partners with Accenture to accelerate its digital transformation

Britannia Industries has partnered with Accenture for digital acceleration of its operations and reduction of IT operational costs. The project will help streamline Britannia’s procurement and supply chain management, expedite digital onboarding, contract management, and procurement processes. The partnership with Accenture will work towards digitising more than 80 manufacturing units and 50 warehouses and help unlock capital for innovation and growth initiatives.

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ABB India technology to lower production costs for Tata Steel plant

ABB India Limited will provide electromagnetic brake systems (EMBR) for two compact strip production (CSP) casters for Tata Steel’s flagship plant in Jamshedpur. The company will work under contract from SMS Group, an engineering and construction firm. ABB India’s scope of supply also includes dry-type transformers, water cooling systems, and commissioning services. ABB’s EMBR technology will allow Tata Steel to improve product quality and lower production costs.

RBI removes Indian Overseas Bank out of PCA framework

The Reserve Bank of India has removed Indian Overseas Bank from the Prompt Corrective Action (PCA) framework, subject to certain conditions and continuous monitoring. The performance of the bank was reviewed by RBI’s Board for Financial Supervision. It was noted that IOB is not in breach of the PCA parameters as per the results published for the year ended March 31, 2021. PCA is a framework under which banks with weak financial metrics are put under watch by the RBI.  

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Invesco moves NCLT against ZEEL for failing to announce EGM date

Invesco Developing Markets Fund has moved the National Company Law Tribunal (NCLT) against Zee Entertainment Enterprises Ltd (ZEEL) for failing to announce a date for the extraordinary general meeting (EGM). The US-based fund house had called for an EGM to remove ZEEL’s CEO and MD Punit Goenka. The majority shareholders also aim to reconstitute the company’s board. As per the rules, ZEEL has up till October 2 to call for an EGM.

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HDFC to Raise up to Rs 6,000 crore via Bonds – Top Indian Market News

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HDFC plans to raise up to Rs 6,000 crore via bonds

Housing Development Finance Corp (HDFC) will raise up to Rs 6,000 crore by issuing non-convertible debentures (NCDs) on a private placement basis. The NCDs will have a base issue size of Rs 3,000 crore, with an option to retain oversubscription of Rs 3,000 crore (greenshoe option). The object of the issue is to augment/boost its long-term resources. The proceeds from the issue will be utilised for financing or refinancing the housing finance business requirements of HDFC.

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EaseMyTrip, InterGlobe Tech Quotient announces $10 million deal to boost expansion

EaseMyTrip has signed an agreement with InterGlobe Technology Quotient (ITQ) to provide seamless access to ITQ’s travel commerce platform– Travelport (1G). The deal is worth $10 million (~Rs 73.85 crore) as advance revenue from ITQ. “Our agreement along with the commitment to innovate and offer cutting-edge technologies will bring greater developments for both companies in the future”, said Sandeep Dwivedi, COO at ITQ. ITQ is a strategic business unit of InterGlobe Enterprises and connects nearly 2 lakh agency terminals.

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RIL to acquire stake in Google-backed Glance InMobi: Report

According to a report from Mint, Reliance Industries Ltd (RIL) is in talks to buy a stake in Indian mobile content provider Glance InMobi Pte. RIL is reportedly considering an investment of $300 million (~Rs 2,215 crore) in the unicorn (billion-dollar startup). Glance InMobi is backed by Alphabet Inc.’s Google. The company pushes curated news and entertainment content onto phone lock screens and runs a short video app. 

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IndusInd Bank partners with Vistara to launch co-branded credit card

Full-service carrier Vistara has partnered with IndusInd Bank to launch a co-branded credit card— Club Vistara IndusInd Bank Explorer. The credit card will offer various benefits such as complimentary business class tickets, membership of the airline’s frequent flyer program, and lounge access. Other benefits include rescheduling fee waivers on direct booking of Vistara flights, luxury gift vouchers, complimentary movie tickets, and dining vouchers.

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Centre launches second auction attempt for 11 coal mines

The Centre has announced the launch of the second attempt of the auction process for 11 coal mines for commercial mining. These are the mines that were offered in the first auction attempt launched in March 2021 and had fetched single bids. Out of the 11 coal mines on offer, six are fully explored and five are partially explored. The auction for these mines will be held online through a transparent two-stage process based on percentage revenue share.

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Nucleus Software’s offline retail payment product passes RBI’s Regulatory Sandbox

The Reserve Bank of India (RBI) has successfully evaluated Nucleus Software Exports’ offline retail payment product, PaySe, under the cohort of Regulatory Sandbox with “Retail Payment” as its theme. PaySe is an online and offline digital payment solution that has been designed to make banking services more accessible in remote geographies. Regulatory Sandbox refers to live testing of new products or services in a controlled regulatory environment for which regulators may (or may not) permit certain relaxations for the limited purpose of testing.

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Patel Engineering secures order for 500 MW Teesta-VI hydro power project

Patel Engineering Ltd (PEL) has secured a civil work order worth Rs 1,251 crore for the 500 MW Teesta-VI hydro-power project in Sikkim from Lanco Teesta Hydro Power Ltd, a subsidiary of state-run NHPC. The project is located in South Sikkim District. Mumbai-based PEL has a strong presence in tunnels and underground works for hydroelectric and dam projects. 

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Piramal Enterprises to raise Rs 400 crore via NCDs

The Board of Directors of Piramal Enterprises Ltd has approved a proposal to raise up to Rs 400 crore via non-convertible debentures (NCDs). The company will issue secured, rated, listed, redeemable NCDs worth up to Rs 200 crore along with an option to retain oversubscription of up to Rs 200 crore on a private placement basis. The NCDs will be listed on the Wholesale Debt Segment and Capital Market Segment of BSE and NSE and carry a coupon rate of 8% per annum.

Adani Enterprises’ arm signs pact with April Moon Retail to operate duty-free outlets in airports

Adani Airport Holdings (AAHL) has signed a share subscription agreement with April Moon Retail Pvt Ltd (AMRPL) and existing shareholders to operate duty-free outlets in airports. AAHL is a wholly-owned subsidiary of Adani Enterprises Ltd. The company will acquire a 74% stake in AMRPL for Rs 7.40 lakh

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