Tag: engineers india

Categories
Daily Market Feed Post Market Analysis

Bullishness in Nifty After the Gap-Down! – Post-Market Analysis

NIFTY started the day at 19,351 with a gap-down of 43 points. The index initially consolidated and then started moving up— making higher lows till yesterday’s closing levels of 19,400. Then, it made a minor retracement and an even stronger up-move of 75 points after 3 PM. Nifty closed at 19,425, up by 30 points or 0.15%.

Nifty chart Nov 10 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,542 with a gap-down of 140 points. Right after opening, the index rose till yesterday’s closing levels and took rejection at 43,700 levels. Then, it fell a bit and later moved back up after 3 PM (crossing the day’s high). BNF closed at 43,829, up by 136 points or 0.31%.

All indices except Nifty Media (-1.23%), Nifty Auto (-0.42%), and Nifty IT (-0.26%) closed in the green.

Major Asian markets closed in the red. European markets are currently trading up to 1.3% in the green.

Today’s Moves

NTPC (+2.02%) was NIFTY50’s top gainer, following the positive momentum observed in power sector stocks.

Network18 Media (+7.37%) surged on the back of strong volumes.

Shares of Engineers India (6.54%) jumped after its Q2 profit beat analyst estimates.

Hero MotoCorp (-2.16%) was NIFTY50’s top loser. The Enforcement Directorate (ED) has attached assets worth ₹24.95 crore of the company’s executive chairperson Pawan Kant Munjal as part of a money laundering investigation against him.

ZEEL (-5.29%) fell sharply after the company recorded a 5% YoY decline in consolidated net profit to ₹130 crore in Q2 amid pressure on ad revenue.

Markets Ahead

The festive Diwali spirit seems to be lifting the markets. Despite a gap-down, there was strong buying in Nifty and BNF today. Both indices kept rising, showing considerable strength. However, it’s important to note that major indices are currently at their respective resistance levels. They need to breach those levels for a continued up-move.

Nifty: The index is currently facing a significant resistance around 19,460 levels. If it successfully breaks out from there, we might see Nifty climb to 19,500 initially and potentially reach 19,560 levels later. Meanwhile, the index could take support at 19,400 levels (the earlier resistance now acting as support). If it falls below this point, the targets on the downside could be 19,350 and 19,300 levels.

On a daily time frame, Nifty is currently close to the breakdown levels and undergoing a re-test. An important Fibonacci retracement level of 50% is located around 19,520 levels. To confirm a bullish trend, the index needs to surpass this level.


Bank Nifty: The major resistance for the index is 43,900 levels. If it manages to break out, we could see the index reaching 44,000 first and 44,500 next. On the other hand, the immediate support to keep an eye on is around 43,700 levels (the previous resistance may now act as support). If the index falls below 43,800 (the previous swing), it might fall to 43,700 and 43,500 levels.

On a daily timeframe, BNF faces a crucial resistance point that aligns with both the breakdown levels and the 33% Fibonacci retracement levels. To confirm a change in trend, the index needs to cross the 44,000 mark.



Please join The Stock Market Show at 7 PM on our YouTube channel.

Categories
Market News Top 10 News

Vedanta Repays $100M to Standard Chartered Bank – Top Indian Market Updates

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

Vedanta repays $100 million to Standard Chartered Bank

Vedanta Ltd said it has repaid $100 million (~Rs 828 crore) to Standard Chartered Bank via release of encumbrance on March 10, 2023. Earlier, Vedanta Resources said it has enough means to meet debt repayment liabilities in the coming quarters as it looked to ease investor concerns surrounding its financial position. The company has pre-paid all of its debt that was due for repayment till March 2023, deleveraging by $2 billion in the past 11 months.

Read more here.

Reliance Jio launches 5G services in 34 cities

Reliance Jio Infocomm has added 34 more cities to its True 5G network, taking the total number of the service offering to 365. Ambur, Chidambaram, Namakkal, Pudukottai, Ramanathapuram, Sivakasi, Tiruchengode and Villupuram in Tamil Nadu and Puducherry were covered in the latest round. In Jan, the company said that it has invested ₹40,446 crore in Tamil Nadu.

Read more here.

Mindpsace REIT raises ₹550 crore through green bonds to refinance loans

Mindspace Business Parks REIT (Mindspace REIT) has raised Rs 550 crore through an issue of green bonds. Executive Committee of the manager (K Raheja Corp Investment Managers LLP) has approved the allotment of 55,000 green debt securities in the form of listed, rated, secured non-convertible debentures of Rs 1 lakh each by way of the private placement. The proceeds will be used towards refinancing loans availed by one of the asset special purpose vehicles (SPVs) to fund eligible green projects.

Read more here.

IOC floats new unit for clean energy business

Indian Oil Corporation Ltd (IOCL) has floated a new subsidiary under low-carbon, clean and green energy business as the company pivots a transition plan to achieve net zero emissions from its operations by 2046. IOCL also plans to set up green hydrogen plants at all its refineries as part of a Rs 2 lakh crore green transition plan.

Read more here.

Engineers India looks at new sectors, overseas for new phase of growth

Engineers India Ltd (EIL) is looking to diversify in new areas such as nuclear energy and tap overseas markets in regions such as the Middle East to drive the next phase of growth. In recent times, EIL has also added biofuels and green hydrogen to the list of industries where it provides consultancy right from design and feasibility studies to engineering, procurement, construction and maintenance.

Read more here.

Ramakrishna Forgings secures order to supply 80,000 wheels to Indian Railways

Ramakrishna Forgings has emerged as the lowest bidder in the tender for manufacturing and supplying up to 80,000 wheels annually to the Indian Railways. This will help in import substitution and the establishment of greenfield wheel manufacturing facilities in India. At Rs 1.88 lakh per tonne, Ramakrishna Forgings’ bid was significantly lower than the Rs 2.75 lakh per tonne bid by Bharat Forge.

Read more here.

Future Retail executive chairman Kishore Biyani withdraws resignation letter

Debt-ridden Future Retail Ltd said Kishore Biyani has withdrawn his resignation as the executive chairman and director of the company. Future Retail is currently under insolvency proceedings. Biyani had tendered his resignation on Jan. 23.

Read more here.

KEC International bags orders worth Rs 1,028 crore

KEC International Ltd secured multiple new orders worth Rs 1,028 crore across its various businesses. The company has secured new orders in the transmission and distribution project segment in East Asia Pacific, the Middle East, and the Americas. The new orders include a 500/230 kV GIS substation order in Thailand, a 110 kV transmission line order in Saudi Arabia, and a supply of towers in the Middle East.

Read more here.

Dixon Tech to receive ₹150 crore under PLI Scheme

The Central government has cleared another tranche of the PLI scheme worth Rs 765 crore. Out of this, Dixon Technologies Ltd. will be receiving nearly Rs 150 crore. The amount received by Dixon will be for its subsidiary Padget Electronic. A large portion of the total amount released on the PLI scheme will go to Wistron, Apple’s contract manufacturer in India.

Read more here.

Categories
Market News Top 10 News

Manufacturing PMI Weakens to 53.9 in June – Top Indian Market Updates

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

Manufacturing PMI weakens to 53.9 in June

India’s manufacturing activity expanded at the slowest pace in nine months in June as high inflation rates dampened demand and production. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 53.9 in June 2022, compared to 54.6 in May. Sluggish increases in production, factory orders, and employment dragged down the PMI. 

PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.  

Read more here.

Auto sales data for June 2022: Highlights  

Maruti Suzuki India posted a 5.76% year-on-year (YoY) increase in total sales to 1,55,857 units in June 2022. Sales of its compact vehicle segment rose 6.8% YoY to 92,188 units. Exports rose 40% YoY to 23,833 units.

Tata Motors Ltd registered an 82% YoY jump in total sales to 79,606 units in June. The automaker’s commercial vehicle sales rose 69% YoY to 37,265 units. Overall passenger vehicle wholesales rose 87% YoY to 45,197 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 26,880 units in June, an increase of 59% YoY. M&M’s exports rose 7% YoY to 2,777 units. 

Bajaj Auto posted a 0.25% YoY increase in total sales to 3,47,004 units in June.  

Read more here.

Coal India registers record 29% growth in output in Q1

Coal India Ltd (CIL) registered a 29% YoY growth in output to 159.8 million tonnes (MT) in the April-June quarter (Q1) of FY23. CIL’s supplies to the power sector rose to a record 153.2 MTs during the quarter, registering a growth of 19.8% YoY. Coal output for June 2022 stood at 51.6 MT, an increase of 29% YoY.

Read more here.

Engineers India signs agreement with CSIR-CSIO

Engineers India Ltd has signed an agreement with CSIR-Central Scientific Instruments Organisation (CSIO) for the joint commercialisation of an earthquake warning system. The “EqWS” system, developed by CSIR-CSIO, is being used by Delhi Metro Rail Corp since August 2015. This agreement will help both entities increase the scope of application areas such as critical infrastructures/installations.

Read more here.

NTPC commissions India’s largest floating solar power project

NTPC Limited has commissioned a 100 megawatt (MW) floating solar photovoltaic (PV) plant in Ramagundam, Telangana. The project’s reservoir spans 500 acres and was built at a cost of Rs 423 crores. One floating platform and an array of 11,200 solar modules make up each block. The presence of floating solar panels also reduces the rate of water evaporation from water bodies, aiding in water conservation.

Read more here.

Import duty on gold hiked to 15% to curb shipments

The Indian government has hiked import duty on gold from 10.75% to 15% in an effort to curb imports as the rupee slumped to a record low. It has also raised the basic import tax on gold from 7.5% to 12.5%. The country is currently staring at higher trade and current account deficits amidst volatile global macroeconomic conditions.

The Centre has also imposed special additional excise duty/cesses on exports of petrol and diesel at Rs 6 per litre and Rs 13 per litre, respectively. A cess of Rs 23,250 per tonne (by way of special additional excise duty) has been imposed on crude.

Read more here.

JB Chemicals acquires pediatric brands from Dr. Reddy’s for Rs 98.3 crore

JB Chemicals & Pharmaceuticals Ltd has acquired four pediatric domestic formulation brands from Dr. Reddy’s Laboratories Ltd for Rs 98.3 crore. The four brands are zinc supplement Z&D, insomnia medication Pedicloryl, antibiotic Pecef, and Ezinapi (used against diaper rashes). The four brands combined had sales of Rs 33 crore in the previous financial year (FY22).

Read more here.

Endurance Tech buys 51% stake in Maxwell Energy to boost foray into EV products

Auto component maker Endurance Technologies Ltd has acquired a 51% stake in Mumbai-based Maxwell Energy Systems Pvt. Ltd for Rs 135 crore. The remaining 49% stake will be purchased in a phased manner in five rounds, spread over the next five financial years. This acquisition will facilitate Endurance Tech’s foray into an electric vehicle (EV)-centric product line as an early participant to offer battery management systems (BMS) to automakers.

Read more here.

Bharat Forge, subsidiary complete acquisition of JS Autocast

Bharat Forge Ltd and its subsidiary BF Industrial Solutions have completed the acquisition of Coimbatore-based JS Autocast Foundry India Pvt. Ltd for Rs 489.63 crore. JS Autocast supplies critical machined ductile castings for wind, hydraulic, off-highways, and automotive applications.

Read more here.

SBI’s gold loan portfolio crosses Rs 1 lakh crore mark

State Bank of India’s gold loan portfolio has crossed the Rs 1 lakh crore mark for the first time. The bank has a 24% market share in gold loans in India. It is bullish on growth in the segment as gold provides investors a safe investment option amid rising inflation.

Read more here.

Categories
Market News Top 10 News

Govt to Sell 1.5% Stake in ONGC to Raise Rs 3,000 crore – Top Indian Market News

ONGC market updates | marketfeed

Govt to sell up to 1.5% stake in ONGC to raise Rs 3,000 crore

The Indian govt will sell up to 1.5% stake in Oil & Natural Gas Corporation Ltd (ONGC) to raise Rs 3,000 crore. The offer for sale (OFS) by the government will be open on March 30 and 31. The floor price for the OFS has been set at Rs 159 per share. This price is at a 7% discount to the Rs 171.05 stock closing price of ONGC on the BSE today. The Central government currently holds a 60.41% stake in the country’s largest oil and gas producer.

Read more here.

HDFC Bank to infuse Rs 3 crore to acquire stake in IDRCL

HDFC Bank has signed an agreement to invest Rs 3 crore in the first tranche to acquire a stake in India Debt Resolution Company Ltd (IDRCL). Incorporated on September 3, 2021, IDRCL operates as a debt management company. The private sector lender will infuse Rs 7.50 crore in various tranches to acquire up to 15% equity holding in IDRCL.

Read more here.

Bharti Airtel completes acquisition of 4.7% stake in Indus Towers

Bharti Airtel and its subsidiary Nettle Infrastructure Investments Ltd have acquired 12.71 crore equity shares (or 4.7% stake) in Indus Towers from Vodafone Group. The consideration paid for the acquisition is ~Rs 2,388 crore. The proceeds from the sale will be infused into Vodafone Idea Ltd for clearing its dues. Indus Towers (formerly Bharti Infratel) owns, deploys, and manages telecom towers and communication structures across India.

Read more here.

IDBI Bank board approves rupee bond borrowing limit of Rs 8,000 crore for FY23

IDBI Bank’s board has approved the rupee bond borrowing limit of Rs 8,000 crore for the next financial year beginning April 1. It will comprise additional tier I (AT-1) bonds up to Rs 3,000 crore and senior/infrastructure bonds up to Rs 1,000 crore by way of private placement during FY23. 

Read more here.

Fuel prices hiked for 7th time in 8 days

Fuel prices were increased again on Tuesday for the seventh time in the last eight days. In Delhi, petrol rates were hiked by 80 paise a litre to cross the Rs 100 mark and diesel by 70 paise a litre. Globally, oil prices dropped today as Ukraine and Russia headed for peace talks and on fears of a decline in fuel demand in China after the financial hub of Shanghai shut down to curb a surge in Covid-19 cases. 

Read more here.

Engineers India wins consultancy services contract for green hydrogen plant

Bharat Oman Refineries Ltd (BORL) has selected Engineers India Ltd for providing consultancy services for an electrolyzer-based green hydrogen plant at Bina Refinery. It will be one of the largest green hydrogen plants in India, with a capacity of ~8.5 tonnes per day (TPD). State-owned Engineers India provides indigenous design and technology solutions primarily for hydrocarbon projects.

Read more here.

Cyient launches Firmware Over-the-Air solution for connected devices

Cyient Ltd has announced a pre-built solution for managed Firmware Over-the-Air (FOTA) updates from its CyientflQ innovation platform. CyientflQ helps to correct technological disruptions and enables the development of new solutions in collaboration with partners. The FOTA solution is designed to further boost the development of intelligent and connected products for Cyient’s customers. 

Embassy REIT to enter into Rs 950 crore debt financing agreement with Golflinks Software Park

The Board of Directors of Embassy Office Parks Management Services has approved a debt financing agreement between Embassy Office Parks REIT and its investment entity, Golflinks Software Park (GLSP), for ~Rs 950 crore. Embassy REIT will subscribe to privately placed unlisted non-convertible debentures issued by GLSP (REIT Debt Financing). To learn more about REITs, click here.

Read more here.

Alembic Pharma acquires 100% stake in Aleor Dermaceuticals from JV partner

Alembic Pharmaceuticals Ltd has acquired the balance 40% stake in Aleor Dermaceuticals from its joint venture (JV) partner Orbicular Pharmaceutical Technologies. Through this acquisition, the pharma company aims to strengthen its skin-related manufacturing and marketing footprint. Aleor’s product offerings include creams, gels, ointments, shampoos, lotions, sprays, etc.

Read more here.

PNC Infratech secures NHAI road project worth Rs 1,575 crore

PNC Infratech Ltd was declared the lowest (L-1) bidder for a project tendered by the National Highways Authority of India (NHAI). The project includes the construction of a six-lane access controlled greenfield highway from the MIVKN Border (Badadat) to the Maradgi S Adnola section of NH-150C in Karnataka. The total bid cost of the project is Rs 1,575 crore.

In other news, the NHAI declared Ashoka Buildcon Ltd as the lowest bidder for a greenfield highway project worth Rs 1,079 crore.

Read more here.

IT Dept raid at Hero MotoCorp reveals Rs 1,000 crore bogus expenses: Report 

As per reports, the Income Tax Department is analysing nearly Rs 1,000 crore in expenses that are suspected to be bogus in a probe at Hero MotoCorp. The department is going through digital data and various other documents as part of its investigation. Further, the IT dept is also probing the deal of a farmhouse on the outskirts of Delhi where cash worth Rs 100 crore was allegedly paid.

Read more here.

Categories
Market News Top 10 News

NCLT Approves Jet Airways Revival Plan – Top Indian Market News

NCLT approves Kalrock-Jalan consortium resolution plan for Jet Airways

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by the Kalrock Capital and Murari Lal Jalan consortium. The Directorate General of Civil Aviation (DGCA) has been given 90 days to allot slots to the airline. The Kalrock-Jalan consortium is believed to have offered Rs 1,183 crore as repayment over a period of five years to financial creditors, employees, and other staff of the airline. 

Jet Airways suspended operations in April 2019 due to financial distress. The company has been undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC) for two years.

Read more here.

Sobha Q4 Results: Net profit falls 64% YoY to Rs 17.9 crore

Sobha Limited reported a 64.69% YoY decline in consolidated net profit to Rs 17.90 crore for the quarter ended March (Q4). Its revenue from operations declined by 39.19% YoY to Rs 553.40 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 77.87% YoY to Rs 62.30 crore. The real estate developer’s board has recommended a final dividend of Rs 3.5 per share. 

Read more here.

Dr Reddy’s Labs launches Icosapent Ethyl Capsules in the US

Dr Reddy’s Laboratories announced the launch of Icosapent Ethyl Capsules in the US market. The drug is used to reduce triglyceride (TG) levels in adult patients with severe hypertriglyceridemia. It is available in 1 gram capsules in bottle count size of 120’s count. The pharma company had received approval from the US Food & Drug Administration (USFDA) for Icosapent Ethyl Capsules in August 2020. 

Read more here.

Minda Industries to acquire 51% stake in UzChasys

Minda Industries Ltd has won a bid for the acquisition of a 51% stake in Uzbekistan-based UzChasys LLC. The cost of the acquisition is 83.1 billion soms (~Rs 58.13 crore). UzChasys is engaged in the manufacturing of automobile headlights and lamps. It is a joint venture (JV) firm of AMS Co. (30% stake) and UzautoComponents LLC (70% stake). The proposed investment in UzChasys will enable the UNO Minda Group to have a significant presence in Uzbekistan as a leading supplier to original equipment manufacturers (OEMs).

Read more here.

Avanti Feeds Q4 Results: Net profit declines 19% YoY to Rs 69 crore

Avanti Feeds Limited reported a 19.88% YoY decline in consolidated net profit to Rs 69.69 crore for the quarter ended March (Q4). Net profit has declined by 7.06% when compared to the previous quarter. Its revenue from operations rose 6.12% YoY to Rs 1,098.11 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 3.92% YoY to Rs 360.07 crore. Avanti Feeds’ board has recommended a final dividend of Rs 6.25 per share.

Read more here.

Subex partners with Spire Solutions to address cyberattacks in the Middle East

Subex Limited has entered into a strategic partnership with Spire Solutions to address the sharp rise in cyberattacks and associated cyber risks in the Middle East and Africa. The companies will ensure that businesses are protected at critical infrastructure level security with the most comprehensive stack of Internet of Things, Operational Technology, and converged environment (IoT-OT & Information Tech) protection solutions. Subex and Spire Solutions have also received a project by a major oil & gas entity in the Middle East to meet its cybersecurity and cyber risk assessment requirements. 

Read more here.

Shilpa Medicare launches Paracetamol Oral Thin Film

Shilpa Medicare Ltd announced the launch of a pediatric dose Paracetamol Oral Thin Film, under the brand name ‘Molshil’. The drug has been launched in strengths of 60 mg and 120 mg in orange flavour. The pharma company’s Paracetamol Oral Thin Films are patent protected and are the first of their kind in the world. Shilpa Medicare manufactures and sells active pharmaceutical ingredients (APIs), intermediates, and formulations globally.

Read more here.

HPL Electric & Power to install NB-IoT technology smart meters in parts of Delhi

HPL Electric & Power Ltd has received approval and production clearance from a leading private distribution company for the implementation of Narrow Band-Internet of Things (NB-IoT)-based smart meters in parts of Delhi. HPL’s new range of smart meters is both 4G and 5G compatible. It offers a dedicated channel for smart metering and avoids any reduction in performance from obstruction due to congestion on the public network. These smart meters have been developed at HPL’s new R&D facility at Gurugram. HPL Electric & Power is a leading meter and electrical equipment manufacturing company.

Hero MotoCorp to hike prices from July

Hero MotoCorp Ltd has announced plans to hike the prices of its two-wheelers by up to Rs 3,000 with effect from July 1. This is to partially offset the impact of the continuous rise in commodity prices. The exact quantum of the increase will depend on the model and the specific market. Hero MotoCorp further said it continues to drive cost-saving programs aggressively to minimize the impact on the final consumer.

Read more here.

Engineers India receives order worth Rs 111 crore from Numaligarh Refinery

Engineers India Ltd (EIL) has secured an order from Numaligarh Refinery (NRL) for the execution of revamp of a delayed coker unit (DCU). EIL will execute this project as a licensor cum engineering, procurement & construction management (EPCM) consultant. The project involves increasing the capacity of the DCU from 0.306 million metric tonnes per annum (MMTPA) to 0.560 MMTPA. The estimated value of the order is Rs 111 crore.

Read more here.

Sun Pharma settles patent litigation with Celgene over cancer drug

Sun Pharmaceutical Industries has reached an agreement with Celgene Corp to resolve the patent litigation regarding submission of an Abbreviated New Drug Application (ANDA) for a generic version of Revlimid (lenalidomide capsules) in the US. As per terms of the settlement, Celgene will grant Sun Pharma a license to its patents required to manufacture and sell limited quantities of generic lenalidomide capsules in the US after March 2022. 

Celgene is a wholly-owned subsidiary of New York-based pharma company Bristol Myers Squibb (BMS). Revlimid is a blood cancer drug, which had annual sales of $12.1 billion (~Rs 89,900 crore) in 2020.

Read more here.

Categories
Market News Top 10 News

Adani Ports to Develop West Container Terminal at Colombo Port – Top Indian Market News

adani ports and sez

Adani Ports to develop West Container Terminal at Colombo Port

Adani Ports and Special Economic Zone Ltd (APSEZ) will develop the West Container Terminal (WCT) at Colombo Port. The Sri Lankan cabinet, on Tuesday, approved the plan through a tripartite understanding with India and Japan. WCT will have a 1,400-metre quay wall, terminal area of about 64 hectares, and an annual capacity of 2.6 million TEUs (twenty-foot equivalent unit).

In other news, APSEZ announced that it had handled cargo volume of 21.12 million metric tonnes (MMT) in February 2021, which is an 8% year-on-year (YoY) growth.

Read more here.

Bharti Airtel acquires spectrum worth Rs 18,699 crore in auction

Bharti Airtel has acquired 355.45 megahertz (MHz) spectrum across sub gigahertz (GHz), mid-band, and 2,300 MHz bands for Rs 18,699 crores in the latest spectrum auction. This will help improve the company’s deep indoor and in-building coverage in every urban town. The spectrum will also help improve its coverage in villages. Bharti Airtel said the acquired spectrum would help them provide services to an additional 9 crore customers in India.

Read more here.

Prestige Estates signs agreement with Blackstone to sell 12 assets in Phase-1 of Rs 9,160 crore deal

Prestige Estate Projects has signed definitive agreements with global investment firm Blackstone to sell 12 completed assets in the first phase of a Rs 9,160-crore deal. In November 2020, Prestige Estates had signed a term sheet to sell a large portfolio of completed and under-construction properties to Blackstone for an enterprise value of Rs 9,160 crore. This includes completed offices, retail properties, and hotel properties. The company will use the funds for future expansion activities and repayment of debt. 

Read more here.

Vodafone Idea buys spectrum in 5 telecom circles

Vodafone Idea Ltd (Vi) has acquired spectrum in India’s five telecom circles in the latest auction for 4G wireless services. However, the company did not disclose the quantity of spectrum bought or the financial details of the transaction. Vi said it expects that a large quantum of spectrum will be made available for 5G services at fair prices to enable operators to roll out the technology rapidly.

Read more here.

Jindal Steel to acquire bankrupt Reliance Naval & Engineering: Report

As per a report from BloombergQuint, Jindal Steel & Power Ltd (JSPL) and two other groups were the latest to express interest in bidding for Reliance Naval & Engineering Ltd. “For Jindal Steel, Reliance Naval can be a captive client for the company’s shipbuilding plates”, said JSPL managing director Vidya Rattan Sharma. The reports further state that Dubai-based shipping firm GMS and Kotak Special Situations Fund were among the others that registered to bid for Reliance Naval.

Read more here.

Engineers India secures consultancy project worth Rs 600 crore

Engineers India Limited (EIL) has received a consultancy project from Indian Oil Corporation Ltd (IOCL). EIL has been awarded the project for execution of ‘Consultancy for Overall Project Management’ and EPCM (Engineering, Procurement, Construction, Management) services for capacity expansion of IOCL’s Panipat Refinery from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA. The total order value is around Rs 600 crore.

Cipla receives USFDA approval for Sumatriptan Nasal Spray

Cipla Limited has received final approval from the US Food and Drug Administration (USFDA) for Sumatriptan Nasal Spray. The drug is indicated for the treatment of migraine attacks. According to IQVIA (IMS Health) data, the generic version of Sumatriptan Nasal Spray had US sales of approximately $53.3 million (~Rs 390 crore) for the 12-months ending December 2020. 

In other news, Cipla said its Gulf subsidiary has expanded its partnership with Alvotech for the marketing and distribution of four biosimilar medicines in Australia and New Zealand.  

Read more here.

Govt to divest 10% stake in Ircon International

The Government of India announced that it will sell up to 4.70 crore equity shares of public sector construction firm Ircon International. This represents 10% of the issued and paid-up share capital of the company. The floor price for the offer for sale (OFS) has been fixed at Rs 88 per share. The OFS will open tomorrow (March 3, 2021) for retail investors.

Read more here.

Bajaj Healthcare gets approval from Maharastra PCB to restart Tarapur unit

Bajaj Healthcare Ltd has received approval from Maharashtra Pollution Control Board (MPCB) to resume operations at its Tarapur unit in Maharashtra. The MPCB had issued a notice to the company in January 2021, directing the closure of operations at the Tarapur unit for alleged violation of the provisions of the Water (Prevention and Control of Pollution) Act 1974 and Air (Prevention and Control Pollution) Act 1981.

Read more here.

Subex joins O-RAN Alliance for open radio access networks

Subex Limited announced that it has become a member of the O-RAN Alliance to support the development and standardisation of Open Radio Access Networks (RAN). [RAN is the part of a telecommunications system that connects individual devices to other parts of a network through radio connections] With its expertise in advanced network analytics based on machine learning, Subex would help drive innovation in the RAN domain. 

Read more here.

Gayatri Highways acquires 51% stake in Balaji Highways Holding

Gayatri Highways Limited, on Tuesday, said it has successfully completed the acquisition of 51% equity share capital of Balaji Highways Holding Private Limited. Hyderabad-based Balaji Highways is engaged in the business of undertaking infrastructure projects such as the construction of state and national highways.