Essar Group Archives

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

Indian govt collects ₹2,642 crore in dividends from IOCL and BPCL

According to the Department of Investment & Public Asset Management (DIPAM), the Indian government has received nearly ₹2,642 crore in dividends from Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Ltd (BPCL). The govt received about ₹2,182 crore and ₹460 crore from IOCL and BPCL, respectively. The Centre expects a 17% higher dividend at ₹48,000 crore from the Reserve Bank of India (RBI), public sector banks, and financial institutions this year.

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TCS partners with Dassault Systems

Tata Consultancy Services (TCS) has partnered with Dassault Systems for digital transformation in cardiovascular science through bio-physical simulation. TCS will also collaborate with Dassault and others towards the goal of a Virtual Human Twin. The IT major will contribute its domain, technology expertise, and research on the Digital biophysics-based BioTwin of the heart.

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ITC launches dairy products in Jharkhand

ITC Limited has entered the dairy business in Jharkhand with the launch of various products under its ‘Aashirvaad Svasti’ brand. The company will offer a variety of dairy products like milk, curd, paneer, lassi and sweet curd to the state’s consumers. The Aashirvaad Svasti dairy products will be available across 2,000 general and modern trade outlets across Jharkhand.

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India’s PV sales rise to highest-ever level in August

According to the Society of Indian Automobile Manufacturers (SIAM), the sale of passenger vehicles in India increased to an all-time in August. The record is a result of robust demand for sports utility vehicles. However, wholesale volumes of entry cars and motorcycles remained weak. In August, 359,228 passenger vehicles were sold, an increase of 9.4% YoY.

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Essar Group, Desert Tech sign pact for green steel solutions in Saudi Arabia

Essar Group and Desert Technologies have signed a Memorandum of Understanding (MoU) to develop solutions and storage for Essar Group’s Green Steel Arabia (GSA) project in the Kingdom of Saudi Arabia (KSA). The partnership will help Essar Group access green energy and carbon-free energy storage solutions in Saudi Arabia. The Essar project is set to be the region’s first green steel project.

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Motilal Oswal buys 12-storey tower in Ahmedabad

Motilal Oswal Financial Services has acquired a standalone commercial tower in Ahmedabad from Claris Life Sciences for an undisclosed sum. The tower has 12 upper floors spread over nearly 110,000 sq ft in the financial hub of Ahmedabad. The property spread over 0.56 acres will house Motilal Oswal Tower. The company expects the construction of the project to be completed by September 2024.

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HFCL secures ₹83 crore order from a telecom giant

HFCL Ltd and its subsidiary HTL Ltd have secured a contract worth approximately ₹82.60 crore for supplying high-quality optical fibre cables to one of India’s leading domestic telecom service providers. The purchase orders require HFCL and HTL Ltd to execute the contract by November 2023.

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India will explore LSE for listing domestic firms

According to British Finance Minister Jeremy Hunt, the Indian government has provided its confirmation to explore the London Stock Exchange (LSE) for the direct listing of local firms. As of now, Indian companies are not allowed to list directly on overseas exchanges. Hunt also announced a host of partnership agreements that further strengthen India-UK bilateral relations.

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SC warns SpiceJet of ‘drastic action’ if Credit Suisse dues unpaid

The Supreme Court has directed SpiceJet to pay $1.5 million in a case related to unpaid dues to Credit Suisse by September 15. The apex court warned the budget airline of unspecified “drastic action” at the next hearing if it failed to make the payment. A third of the amount is part of a monthly settlement plan SpiceJet had previously agreed with Credit Suisse. The rest are unpaid dues to the bank which it has failed to pay as per a schedule agreed upon last year.

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Government invokes stock limit on onions to check prices

The centre has imposed a stock limit on the amount of onion which a trader can hold, to check the rise in price of onion. Onion prices are skyrocketing because of the damage caused to Kharif Crops by heavy rains in many parts of the country. The government has invoked the Essential Commodities(Amendment) Act which was amended last month in the Parliament. This law allows the government to regulate perishable commodities incase of extraordinary price rise.

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Flipkart to buy 7.8% stake in Aditya Birla Fashion and Retail

Walmart-owned Flipkart has said in a statement that it will buy a 7.8% stake in Aditya Birla Fashion and Retail Limited (ABFRL) for Rs.1500 crore($204 Million). The shares of ABFRL jumped 7.49% once the news broke. The company said that it plans to scale up existing businesses and strengthen its market position.

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UK Regulators penalise Goldman Sachs 96.6 Million Pounds

Uk enforcement agencies have decided to fine Goldman Sachs an amount of 96.6 Million Pounds(Rs. 925 Crores). The company has been fined $2.9 Billion by the US Justice Department at the same time. Goldman Officials have been named in multiple bribery cases amounting to across USA, UK, Malaysia and some of the Gulf countries with a company name 1MDB involved as well.

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SBI Card sees spike in defaults, spending dips 10%

SBI Card has seen a spike in defaults. The company said that the Gross NPAs of the company have risen from 2.3% to 4.3% over a year’s time. The company also stated that the card spending has also dipped by 10% because of the pandemic. 9% of the company’s total advances are under the RBI’s resolution plan which indicates that some of the card holders are under financial distress.

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Essar Group to invest Rs.35000 crore in Gujarat

The Essar group has charted out a plan to invest close to Rs.35,000 crores for a steel manufacturing project in Gujarati. It has submitted a proposal to set up a steel plant with 8MT of annual capacity. Essar plans to invest Rs.10000 crore to set up a commercial port. The company also intends to set up a Liquid Natural Gas(LNG) terminal at Hazira in Gujarat.

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Yes Bank Q2 Results

Yes Bank has announced its Q2 results. The bank has posted a net profit of Rs. 129.37 crores. The bank had posted a loss of Rs. 600 crores in the corresponding quarter last year and a profit of Rs.45.44 crores in last quarter(Q1FY21). The Gross NPA(Non-Performing Assets) of the company reduced from 17.30 per cent to 16.30 percent over a quarter.

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Tech Mahindra Q2 Results

Tech Mahindra has posted its Q2 results on Friday. It declared a 5.2% decline in net profit(YoY). The net profit stands at Rs1,064.60 crores for Q2. The total revenue of the company grew by 3.32%(YoY) to Rs.9371.8 crores. The board has proposed a special dividend of Rs.15 per share.

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IDBI Bank Q2 Results

IDBI Bank on friday has reported a net profit of Rs.324 crores for Q2 as compared to Rs.144 crores in Q1. The bank’s Gross NPAs improved from 29.43% to 25.08% over a year. The bank has also made COVID-19 related provision of ₹ 247 crore in Q4FY20 quarter and ₹ 189 crore in Q1FY21

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JSW Steel Q2 Results

JSW Steel on Friday posted a 37.7% decline in net profit for Q2FY21. The net profit stood at Rs.1593 crores for Q2.Total revenue increased by 9.63 per cent YoY to Rs 19,264 crore. The company achieved an average capacity utilisation of close to 86 per cent for the quarter.

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Biocon Q2 Results

BioPharma-company Biocon has reported a profit of Rs.169 crores for Q2FY21. The profit has declined 22% YoY. Biocon has reported a 10% rise in revenue to Rs.1670 crores. Biocon has extensively been working on COVID-19 related pharmaceutical products

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