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L&T to Build Nuclear Facility for NPCIL – Top Indian Market Updates

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

L&T to build nuclear facility for NCPIL

Larsen & Toubro Ltd has emerged as the lowest bidder for an order from the Nuclear Power Corporation of India Ltd (NPCIL) for electro-mechanical works of the Nuclear Island in the Gorakhpur Haryana Anu Vidyut Pariyojana. The contract is worth up to ₹2500 crore. L&T’s scope of the order will include engineering, procurement, construction, and commissioning of nuclear equipment, valves, plant water package, and piping for all core nuclear systems.

Read more here.

Tata Power to develop 10,000 MW clean energy capacity in Rajasthan in next five years

Tata Power plans to develop around 10,000 megawatts (MW) of renewable energy capacity in the next five years in Rajasthan. It will develop up to 8,000 MW of utility-scale projects, 1,000 MW of solar rooftop projects, and 1,50,000 solar pumps in the state. Its expansion projects will generate employment for more than 6,000-8,000 people in Rajasthan.

Read more here.

Ajmera Realty & Infra’s sales rises 82% to ₹166 crore in Q2

Ajmera Realty & Infra India Ltd recorded an 82% YoY increase in sales to ₹166 crore for the quarter ended September (Q2 FY23). The developer sold a total of nearly 80,000 square feet of carpet area in Q2. The quarterly performance has helped the company record a 181% YoY growth in sales to ₹566 crore during the first half of FY 2022-23.

The real estate company is gearing up for new launches in the upcoming quarters as part of its overall strategy to gain market share.

Read more here.

Central govt, LIC to divest over 60% stake in IDBI Bank

The Central government and Life Insurance Corporation of India (LIC) said they will divest a 60.72% stake in IDBI Bank. Expressions of Interest (EoIs) from likely bidders will be invited on October 7, said the Department of Investment & Public Asset Management (DIPAM). In May 2021, the Cabinet Committee on Economic Affairs had given in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank.

Read more here.

Hero MotoCorp launches its first electric scooter: Vida V1

Hero MotoCorp Ltd launched its first electric scooter Vida V1 in two variants priced at ₹1.45 lakh and ₹1.59 lakh (ex-showroom). The Vida V1 Plus and Pro will offer top speeds of 80 km/hr and a range of 143 km and 165 km, respectively. The scooter has a removable battery and also comes with a portable charger. The company is setting up a network of fast-charging facilities to top up charge at 1.2 km/minute.

Read more here.

Equitas SFB gross advances up 20% to ₹22,802 crore in Q2

Equitas Small Finance Bank (SFB) Ltd’s gross advances grew by 20% YoY to ₹22,802 crore during the quarter ended September (Q2 FY23). The bank’s disbursements were up by 22% YoY to ₹3,845 crore. Total deposits rose by 20% YoY to ₹21,726 crore during the same period. Retail term deposits were at ₹7,665 crore in Q2, up by 13% YoY.

Read more here.

Kalyan Jewellers reports 20% YoY revenue growth in Q2

Kalyan Jewellers Ltd reported a 20% YoY growth in consolidated revenue in Q2 FY23. Revenue growth in H1 FY23 was approximately 48% as compared to the same period in the previous financial year. The company continues to see robust operating momentum in its business in India, driven by the effective execution of growth strategies. Its online jewellery platform, Candere, launched its first physical showroom in Q2 FY23.

Read more here.

EDQM finds one major deficiency at Biocon’s API plant

The European Directorate for the Quality of Medicines and Healthcare (EDQM) found one major ‘deficiency’ at Biocon Ltd’s active pharmaceutical ingredient (API) plant in Bengaluru. The pharma company said that there were no critical deficiencies. Biocon said it will respond to the agency with appropriate corrective and preventive actions within the stipulated time.

Read more here.

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Cabinet Approves Scheme For Setting Up 7 Mega Textile Parks – Top Indian Market News

Cabinet approves scheme for setting up 7 mega textile parks

The Union Cabinet has approved the setting up of seven textile parks under the Prime Minister Mega Integrated Textile Region and Apparel (PM-MITRA) scheme with a total outlay of Rs 4,445 crore over five years. The scheme will help in setting up world-class industrial infrastructure that will attract cutting-edge technology and boost foreign direct investment (FDI) in the textile sector. PM-MITRA will offer an opportunity to create an integrated textile value chain right from spinning, weaving, dyeing, and printing to garment manufacturing at one location.

Read more here. 

SBI extends contract with TCS for 5 years

Tata Consultancy Services (TCS) has extended its partnership with State Bank of India (SBI) for another five years to drive innovation and tech solutions. As part of the new contract, TCS will continue to maintain and enhance SBI’s application estate across core banking, trade finance, financial reporting, and financial inclusion with new features and functionality. The IT firm will support the bank’s ability to launch newer offerings and respond to business and regulatory changes.

Read more here. 

SAIL’s Rourkela Steel Plant registers best-ever H1 production in key areas

Rourkela Steel Plant has registered its “best-ever” production performance for the April-September period (H1 FY22) in three key segments: hot metal, crude steel, and saleable steel. The plant produced 21.01 lakh tonnes of hot metal, 19.53 lakh tonnes of crude steel, and 17.72 lakh tonnes of saleable steel during H1. The figures are a significant improvement of 42.9%, 38%, and 37.8%, respectively, over H1 of the previous financial year. Rourkela Steel Plant is a unit of Steel Authority of India Ltd (SAIL).

Read more here.

Equitas Small Finance Bank launches ASBA facility

Equitas Small Finance Bank has announced the launch of the ASBA facility on its Internet Banking, Mobile Banking, and UPI interface for its customers. Applications Supported by Blocked Amount (ASBA) is a process developed by market regulator SEBI for applying to IPOs and Follow on Public Offers (FPOs). With the ASBA facility, customers can avail the benefit of high savings account interest until the date of allotment of shares. 

Tata Power partners with renewable energy AI firm BluWave-ai

Tata Power has signed a three-year commercial agreement with BluWave-ai to operationalise artificial intelligence (AI) in day-to-day power distribution in Mumbai. Canada-based BluWave-ai is the world’s first renewable energy AI company. The agreement was signed after a successful trial project, in which Tata Power evaluated the performance of BluWave-ai’s cloud platform to generate intra-day and day-ahead dispatches for use in its power scheduling operations.

Read more here.

Tata Steel reports 3% YoY growth in crude steel production

Tata Steel India crude steel production grew 2% quarter-on-quarter (QoQ) and 3% year-on-year (YoY) to 4.73 million tonnes (MT) in Q2 FY22. The company’s Europe devision recorded a 4% QoQ decline in steel production to 2.56 MT in Q2. Despite seasonal weakness, overall delivery volumes grew 12% QoQ on the back of economic recovery after the second wave of the Covid-19 pandemic.

Read more here.

ZEEL moves NCLAT against NCLT order on Invesco’s plea for EGM

Zee Entertainment Enterprises Ltd (ZEEL) has approached National Company Law Appellate Tribunal (NCLAT) against National Company Law Tribunal’s (NCLT) order that asked it to file a reply to a petition filed by Invesco and OFI Global China by Thursday. On Tuesday, NCLT asked ZEEL to file a response by October 7 in a case filed by its major shareholders, who want the company to call an Extraordinary General Meeting (EGM). To learn more about the boardroom battle at ZEEL, click here.

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Dept of Revenue selects CAMS as Central Record Keeping Agency for NPS

The Department of Revenue has selected Computer Age Management Solutions (CAMS) as a Central Record Keeping Agency (CRA) for the National Pension Scheme (NPS). The company has received permission to use Aadhaar-based eKYC services as Authentication User Agency (AUA). CAMS is a mutual fund transfer agency, which provides services for investors, distributors, asset management companies, and demat account holders in India.

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Govt notifies 100% FDI in telecom under automatic route

The Centre has notified its decision to permit 100% foreign direct investment (FDI) under automatic route in the telecom services sector. Any non-resident entity can invest in India, subject to the FDI Policy (except in those sectors or activities which are prohibited). Only 49% FDI was allowed through the automatic route till now, and anything beyond that needed to be through the government route. 

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Nazara Technologies raises Rs 315 crore from marquee investors

Nazara Technologies’ board has approved a preferential allotment of fresh equity to raise Rs 315.3 crores from marquee institutional investors. The company will issue 14.29 lakh equity shares of the face value of Rs 4 each at Rs 2,206 per equity share. The marquee investors include Gamnat Pte Ltd and Ahmedabad-based Plutus Wealth Management.

Read more here.

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Manufacturing PMI Falls to 52.3 in August – Top Indian Market News

Manufacturing PMI falls to 52.3 in August

Manufacturing activity in India fell in August as a result of Covid-induced curbs and rising input costs. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 52.3 in August, compared with 55.3 in July. However, manufacturing production and new orders increased for the second straight month in August, but at a softer pace. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.  

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Auto sales data for August 2021: Highlights

India’s largest car manufacturer, Maruti Suzuki India, posted a 19.2% month-on-month (MoM) decline in total sales to 1.30 lakh units in August 2021. Sales from its utility vehicle segment and exports fell 24.5% and 2.8%, respectively. 

Tata Motors Ltd registered a 7.1% MoM decline in passenger vehicle sales to 28,018 units in August. The automaker’s commercial vehicle sales increased 25% MoM to 29,791 units. Overall domestic sales rose 4.2% MoM to 54,190 units.

Mahindra & Mahindra’s passenger vehicles division posted total sales of 15,973 units in August, a decline of 24% over July. M&M’s farm equipment segment posted a 21.5% decline in sales to 21,360 units.  

Bajaj Auto Ltd posted a 1.1% MoM increase in total sales to 3.73 lakh units. Meanwhile, TVS Motor Company posted a 4.2% MoM rise in total sales to 2.90 lakh units in August.

Read more here.

Equitas SFB launches digital fixed deposits on Google Pay 

Equitas Small Finance Bank (SFB) will now enable users to open fixed deposits (FDs) on Google Pay. The deposits in Equitas SFB are covered by a deposit guarantee of up to Rs 5 lakh per depositor. Customers can enjoy returns of up to 6.35% for an FD of one year. On maturity, the proceeds will automatically go to the user’s existing Google Pay linked bank account. Recently, US tech giant Google had partnered with fintech startup Setu to allow users to open FDs through its digital wallet platform.

Read more here.

IEX power market reports highest-ever monthly volume in August

The electricity market at the Indian Energy Exchange (IEX) achieved a record all-time high monthly volume of 9,538 million units (MUs) in August, a growth of 74% YoY. The day-ahead market traded 6,649 MU volume (with the average price of electricity at Rs 5.06 per unit), recording a 48 % YoY growth. The term-ahead market comprising intra-day, contingency, daily & weekly contracts recorded a 401% YoY growth in trading volumes at 617 MU during the same month.

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Minda Corp to acquire 26% stake in charging solutions startup EVQPOINT

Minda Corporation Ltd, through its subsidiary Spark Minda Green Mobility Solutions, has entered into definitive agreements for acquiring a 26% stake in charging solutions startup EVQPOINT Solutions. This investment will make Spark Minda EVQPOINT’s exclusive technology and manufacturing partner for battery chargers and EV supply equipment. The strategic partnership will position Spark Minda to capitalise on the accelerating shift to electric mobility and further boost its position as a one-stop shop for comprehensive charging solutions for EVs.

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EPL partners with Colgate-Palmolive to create recyclable toothpaste tubes

EPL Limited (formerly known as Essel Propack Ltd) has partnered with Colgate-Palmolive India to produce recyclable toothpaste tubes in India. This first set of recyclable tubes is the starting point for converting to 100% recyclable tubes for Colgate-Palmolive. EPL has innovated a first-of-a-kind Recyclable Platina Tubes for the oral care brand, keeping in mind superior functionality and no compromise on key product attributes and value.

Read more here.

Ramco Systems partners with Draken International

Ramco Systems Ltd will implement its Aviation M&E MRO Suite V5.9 across Draken International’s global operations in the US. Draken International is a leading provider of tactical fighter aircraft for contract adversary air (ADAIR) services to the defense industry. Ramco Aviation Software will offer a one-stop solution for managing Draken’s global operations and support its rapid expansion plans.

Read more here. 

Hindustan Zinc extends shutdown of roaster at Rajasthan’s Chanderiya smelter

Hindustan Zinc Ltd (HZL) has extended the planned shutdown of one of the roasters at Chanderiya lead-zinc smelter in Rajasthan. The shutdown is required for the repair and overhaul of major structural components to avoid operational risks in the future. HZL said the shutdown would result in a production loss of 25,000 tonnes of zinc. The company expects the roaster to come back to operation by the mid of next month.

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BHEL secures order worth Rs 10,800 crore from NPCIL

Bharat Heavy Electricals Ltd (BHEL) has received its largest-ever order worth Rs 10,800 crore from Nuclear Power Corporation of India Ltd (NPCIL). The order includes the engineering, procurement, and construction (EPC) of a Turbine Island for six units of 700-megawatt electric (MWe). Four units of 700 MWe will be established at Gorakhpur, Haryana, and two units of 700 MWe at Kaiga in Karnataka.

Read more here.

GMR Group to invest Rs 520 crore in Hyderabad Airport metro link project 

GMR Group, which operates the Rajiv Gandhi International Airport (RGIA) in Hyderabad, will invest Rs 519.52 crore by 2024 in a metro rail link project for connectivity across the city. The Rs 5,000 crore project proposed by the Telangana government will span 31 kilometers in total. The metro rail link project will be extended to RGIA to create accessibility for people living in different areas of Hyderabad.

Read more here.

Vedanta announces interim dividend of Rs 18.5 per share

The Board of Directors of Vedanta Ltd has approved an interim dividend of Rs 18.5 per share for the financial year 2021-22, amounting to Rs 6,877 crore. The record date for the purpose of payment of the dividend is September 9. Vedanta Ltd is one of the world’s leading diversified natural resource companies with business operations in India, South Africa, Namibia, and Australia.

Read more here.

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Avenue Supermarts Reports 132% YoY Jump in Net Profit in Q1 – Top Indian Market News

Avenue Supermarts Q1 Results: Net profit jumps 132% YoY to Rs 115 crore

Avenue Supermarts Ltd reported a 132.3% YoY jump in net profit to Rs 115 crore for the quarter ended June (Q1 FY22). Its total revenues rose 31.3% YoY to Rs 5,032 crore during the same period. Net profit and revenues have declined by 73.5 and 31%, respectively, when compared to the previous quarter. The second wave of the Covid-19 pandemic has caused a devastating impact on its operations in Q1. The results are below street estimates. Avenue Supermarts owns and operates the chain of ‘D-Mart’ supermarkets across India.

Read more here.

Equitas SFB gets RBI approval to apply for scheme of amalgamation

Equitas Small Finance Bank (SFB) has received approval from the Reserve Bank of India (RBI) to apply for the scheme of amalgamation of Equitas Holdings Ltd (the promoter) with the bank. The approval of the application would result in the promoter’s exit from Equitas SFB. Following the approval, Equitas Holdings said they would be initiating steps to finalise the scheme of amalgamation, submit it to the boards of the company and Equitas SFB for approval.

Read more here.

Mahindra hikes prices of all cars by up to Rs 1 lakh

Mahindra & Mahindra Ltd (M&M) has announced a substantial hike in the prices of all the models in its lineup. The Mahindra Thar gets the highest revision, with some of its variants becoming expensive by approximately Rs 1 lakh. The price of XUV500 has gone up from Rs 2,912 to Rs 3,188, depending upon the variant. This is the third price hike that Mahindra has introduced this year. 

Read more here.

Mobikwik all set to file DRHP within a week: Report

According to a report from Bloomberg, Mobikwik is planning to raise $250-300 million (Rs 1,860-2,200 crore) through an initial public offering (IPO). The digital payments startup is set to file a Draft Red Herring Prospectus (DRHP) with market regulator SEBI within a week. Last month, the company closed a $20 million (~Rs 150 crore) funding round from Abu Dhabi Investment Authority (ADIA), valuing it at $700 million (~Rs 5,200 crore). 

Read more here.

TCS to hire 40,000 freshers in FY22

Tata Consultancy Services (TCS) has announced plans to hire more than 40,000 freshers from campuses across India in the current financial year (FY 2021-22). The IT company had hired 40,000 graduates from campuses last year. Currently, TCS has an employee base of more than 5 lakh. TCS reported a higher attrition rate of 8.6% in Q1 FY22, compared to 7.2% in Q4 FY21.

Read more here.

Unichem Labs receives tentative approval for Sitagliptin tablets

Unichem Laboratories Ltd has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) of Sitagliptin tablets. The drug is used to improve glycemic control in adults with Type-2 diabetes. Upon the receipt of final USFDA approval, the tablets will be manufactured at Unichem Lab’s plant in Goa.

Godrej Properties to invest over $1 billion in next couple of years: Chairman

Pirojsha Godrej, the Executive Chairman of Godrej Properties, said the company plans to invest more than $1 billion (~Rs 7,400 crore) over the next couple of years to develop new projects. This will be part of the real estate developer’s target to achieve higher growth. The chairman further said Godrej Properties was India’s largest developer in terms of value and volume of sales achieved in FY21. The company registered a 14% YoY growth in sales bookings to a record Rs 6,725 crore in FY21.

Read more here.

Vodafone Idea in talks with Apollo Global to raise up to $3 billion: Report

According to a report from ET, Vodafone Idea Ltd (Vi) has started talks with US private equity major Apollo Global Management to secure up to $3 billion (~Rs 22,400 crore) in funding over the next three months. The telecom company aims to use the funds to meet its upcoming debt payments and dues related to adjusted gross revenue (AGR) and spectrum allocation. The report further states that Apollo Global is drilling Vi on points of business valuation and the structure of funding.

Read more here.

India’s fuel demand rebounds in June as lockdowns ease

Overall fuel demand in India rebounded in June after falling drastically to a nine-month low in May. Fuel consumption rose 8% to 16.33 million tonnes (MT) in June over May 2021. Petrol sales stood at 2.4 MT in June, registering a 21% increase when compared to May. Meanwhile, the total sale of diesel rose 12% month-on-month (MoM) to 6.2 MT. The data was released by the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum and Natural Gas.

Read more here.

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Retail Inflation Eases to 4.06% in January; Industry Output Grows 1% in December – Top Indian Market News

Retail inflation eases to 4.06% in January; industry output grows 1% in December

India’s retail inflation, calculated by the Consumer Price Index (CPI), eased to 4.06% in January 2021, primarily due to a decline in vegetable prices. The CPI stood at 4.59% in December 2020 and 7.6% in January 2020. Meanwhile, the Index of Industrial Production (IIP) grew 1% in December 2020. Mining output declined by 4.8%, while power generation grew 5.1% last month. Thus, the Indian economy is witnessing a strong recovery with inflation cooling down and industry output showing a rebound. 

Read more here.

Motherson Sumi Q3 Results: Net profit nearly triples to Rs 798 crore

Motherson Sumi Systems reported a 194% YoY increase in consolidated net profit to Rs 798 crore for the quarter ended December (Q3). The auto parts maker posted a 14% YoY increase in revenue to Rs 17,092.4 crore during the same period. With strong operating cash flows, the company’s net debt is at its lowest level compared to the previous 14 quarters. Motherson Sumo’s domestic wire harness business showed a 44% YoY increase in revenue to Rs 1,343 crore in Q3. 

Read more here.

NTPC commissions Unit-4 of Kameng hydro-electric project

NTPC announced that its fourth 150 megawatt (MW) unit of Kameng Hydro-Electric Project is commercially operational. The project is run by its subsidiary- North Eastern Electric Power Corporation. With this, the commissioned and commercial capacity of NTPC has increased to 64,075 MW.

Read more here.

Voltas Q3 Results: Net profit rises 46% YoY to Rs 129 crore

Tata Group company Voltas Ltd reported a 46.26% YoY increase in consolidated net profit to Rs 128.64 crore for the quarter ended December (Q3). Its revenue rose 32.29% YoY to Rs 2,046.26 crore during the same period. The company saw a strong recovery in its cooling products segment. Voltas’ revenue from unitary cooling products for commercial use increased 40% YoY to Rs 840 crore in Q3.

The company’s board has approved the transfer of domestic projects business to its subsidiary, Universal MEP Projects & Engineering Services. The cash consideration for the business transfer has been estimated at Rs 1,000-1,200 crore.

Read more here.

Sobha Q3 Results: Net profit falls 70% YoY to Rs 21 crore

Sobha Limited reported a 70.49% YoY decline in consolidated net profit to Rs 21.6 crore for the quarter ended December (Q3). The real estate developer’s revenue fell to Rs 696.3 crore, compared with Rs 901.2 crore in Q3 FY20. However, the firm achieved its highest-ever pre-sales volume during the October-December quarter.

Read more here.

Bharat Forge Q3 Results: Net loss at Rs 210 crore

Bharat Forge reported a consolidated net loss of Rs 210.45 crore for the quarter ended December (Q3). The auto components manufacturer posted a 5.9% YoY decline in revenue to Rs 1,723.1 crore during the same period. Bharat Forge stated that a strong recovery in end-market demand in the automobile sector helped the company register healthy double-digit growth in key parameters.

Read more here.

HAL Q3 Results: Net profit rises 85% YoY to Rs 853 crore

Hindustan Aeronautics Ltd (HAL) reported an 85% YoY increase in consolidated net profit to Rs 853 crore for the quarter ended December (Q3). Its consolidated revenue rose 21.8% YoY to Rs 5,425.46 crore during the same period.

Read more here.

Indiabulls Housing Finance Q3 Results: Net profit declines 40% YoY to Rs 329 crore

Indiabulls Housing Finance reported a 40.3% YoY decline in consolidated net profit to Rs 329.32 crore for the quarter ended December (Q3). Its revenue from operations declined by 25% YoY to Rs 2,513.25 crore during the same period. The company’s board has approved fundraising of Rs 5,000 crores through the issue of non-convertible debentures on a private placement basis.

Read more here.

Grasim Q3 Results: Net profit jumps 107% YoY to Rs 2,152 crore

Grasim Industries Limited reported a 107% YoY increase in consolidated net profit to Rs 2,152.33 crore for the quarter ended December (Q3). Its revenue from operations grew 13% YoY to Rs 20,986 crore during the same period. This is the highest-ever consolidated quarterly profit reported by the company, with strong growth across its business segments. 

Read more here.

Equitas SFB launches FASTag powered truck terminal

Equitas Small Finance Bank has launched a FASTag powered truck terminal at Khalapur, Maharashtra. The bank has partnered with Maharashtra State Road Development Corporation Ltd (MSRDC) and Ocean Highway Facilities and Solutions Pvt Ltd for the same. The terminal has a capacity of 160 trucks that can be parked at any given point in time.

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

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

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

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

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Coal India plans 21 additional railway sidings

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

Read more here.

Tips Industries signs global licensing deal with Facebook

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

Read more here.

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

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

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

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

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

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

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

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

Read more here.

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

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

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Biocon launches Tacrolimus capsules in the US

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

Read more here.

NTPC declares Dulanga coal mine commercially operational

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

Read more here.

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Whistleblower Accuses UPL Promoters of Financial Fraud – Top Indian Market News

Whistleblower accuses UPL promoters of financial fraud

According to a report by ET Prime, a whistleblower has alleged that UPL’s promoters have siphoned off money. The whistleblower stated that UPL entered into rent deals with a shell company, which was owned by its employees. The report also states that the company paid crores in rent for properties owned by the shell company. The whistleblower was reported to be a board member of the listed agrochemical company.

UPL has denied claims made in the report and has stated that the whistleblower is not a member of the board. The company said that none of the entities mentioned in the article were wholly or partially owned by promoters or employees.

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Snowman Logistics, SpiceJet sign MoU for vaccine distribution

Snowman Logistics has signed a Memorandum of Understanding (MoU) with SpiceJet Ltd for jointly distributing Covid-19 vaccines across India. The cold chain logistics firm will handle ground services such as transportation to/from manufacturers, packing, and storage. SpiceJet will provide air connectivity for temperature-controlled distribution of the Covid-19 vaccine across India, as well as internationally.

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CCI initiates probe into cartelisation of cement companies

The Competition Commission of India (CCI) has initiated an investigation against cement companies regarding alleged anti-competitive behaviour. The CCI also conducted raids at the offices of ACC, Ambuja Cements, and UltraTech Cement. The investigation comes after Roads and Highways Minister Nitin Gadkari hinted at possible cartelisation and “black marketing technique” in the cement industry in September.

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Mrs. Bectors Food IPO to open on December 15

Mrs. Bectors Food Specialities is all set to open its Rs 541 crore initial public offering (IPO) on December 15. The price band for the IPO has been set at Rs 286-288 per share. The company plans to use the proceeds from the IPO for financing its Rajpura expansion project. Mrs. Bectors Food manufactures a range of products such as biscuits, bread, and buns. It is the exclusive supplier of buns for Burger King India.

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L&T Technology Services wins $100 million project from global oil & gas major

L&T Technology Services (LTTS) said that it has been selected as a primary engineering partner by a global oil & gas major.  The company will help to support two integrated refining and chemical manufacturing facilities in the United States. LTTS stated that the five-year engagement has a potential value of more than $100 million (~Rs 737 crore). Under the contract, LTTS will provide multi-discipline plant engineering activities for both facilities of the O&G major.

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NSE to launch derivatives on Nifty Financial Services Index from Jan 11

The National Stock Exchange (NSE) will launch derivatives on the Nifty Financial Services Index from January 11, 2021. Currently, the NSE offers index derivatives on only two equity indices- Nifty 50 Index and Nifty Bank Index. The Nifty Financial Services Index consists of 20 stocks and is designed to reflect the behavior of banks, financial institutions, housing finance, and insurance companies.

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Nokia ties up with Vodafone Idea to offer tech solutions for enterprises

Nokia has partnered with Vodafone Idea Ltd (VIL) to offer technology solutions for VIL’s enterprise division customers. Under this collaboration, Nokia will provide fixed wireless and private wireless technology solutions to VIL’s customers. The partnership will help enterprises to use technologies to increase operational efficiency and improve the security of their infrastructure.

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Equitas Small Finance Bank launches 3-in-1 account

Equitas Small Finance Bank has launched a 3-in-1 account which allows its customers to invest in a wide variety of financial products. The lender stated that a 3-in-1 account (savings+trading+demat) can help customers to keep all their banking and financial investments under one umbrella entity. The bank provides stock broking and demat services through a referral arrangement with brokerage firms for trading and depository services.

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Wipro Infrastructure to acquire industrial automation firm PARI

Wipro Infrastructure Engineering has signed a definitive agreement to acquire Precision Automation and Robotics India (PARI). PARI is a prominent player in industrial automation in India and has a significant overseas presence. The combined capabilities of both companies would help strengthen its ability to forge deeper customer relationships in India and overseas.

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Ircon International secures NHAI road project in Haryana

Ircon International Ltd has received an order from the National Highways Authority of India (NHAI) to upgrade a section of the NH-352W in Haryana. The value of the order has been estimated at Rs 900 crore. Ircon International is an engineering and construction firm established by the Government of India.

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