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Adani Power’s Net Profit Jumps Multifold to Rs 4,645 crore in Q4 – Top Indian Market News

Adani Power Q4 Results: Net profit jumps multifold to Rs 4,645 crore

Adani Power Ltd reported a multifold jump in net profit to Rs 4,645.47 crore for the quarter ended March (Q4 FY22). It had posted a net profit of Rs 13.13 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations grew 93% YoY to Rs 13,308 crore during the same period. EBITDA stood at Rs 7,942 crore in Q4, up 271% YoY. 

In Q4, Adani Power Rajasthan received nearly Rs 3,000-4,000 crore towards domestic coal shortfall claims, along with carrying cost and late payment surcharge from Rajasthan DISCOMs under a Supreme Court order.

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M&M partners with J&K Bank to offer tractor, farm equipment loans

Mahindra & Mahindra (M&M) Ltd has partnered with Jammu & Kashmir Bank to offer loans for tractors and farm machinery. J&K Bank will provide financing to prospective customers of M&M branded tractors and farm machinery via its branches. They also aim to offer improved access to affordable credit through innovative and attractive financing solutions that will help farmers acquire the latest farm equipment to boost their yields

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Welspun Corp secures order worth Rs 706 crore from IOCL

Welspun Corp Ltd (WCL) has received an order worth Rs 706 crore from Indian Oil Corporation Ltd (IOCL) of approximately 48,000 million tonnes (MT). The order includes setting up a crude oil pipeline system with a capacity of 17.5 million tonnes per annum (MTPA) from Mundra in Gujarat to Panipat Refinery in Haryana. WCL is one of the largest welded line people manufacturers in India.

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Marico Q4 Results: Net profit rises 13% YoY to Rs 257 crore

Marico Limited reported a 13.21% YoY increase in consolidated net profit to Rs 257 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 7.4% YoY to Rs 2,161 crore during the same period. Total expenses grew 7.13% YoY to Rs 1,863 crore in Q4. Revenue from the domestic market stood at Rs 1,654 crore, up 5.08% YoY. 

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Sona Comstar partners with C-Motive Tech to develop electrostatic drive motors

Sona Comstar has partnered with US-based startup C-Motive Technologies to develop electrostatic drive motors for electric vehicle (EV) applications. The startup uses electrostatic forces to build motors through a series of multiplicative gains in mechanical, electrical, and electrochemical innovations. Sona Comstar will also participate in C-Motive’s latest financing round.

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CAMS Q4 Results: Net profit rises 23% YoY to Rs 74 crore

Computer Age Management Services (CAMS) Ltd reported a 23% YoY increase in net profit to Rs 73.84 crore for the quarter ended March (Q4 FY22). Net profit fell 4.5% when compared to the previous quarter. Its revenue rose 22% YoY to Rs 243.18 crore during the same period. CAMS acts as a registrar and transfer agent to mutual funds.

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L&T secures contract for bullet train project

Larsen & Toubro (L&T) Ltd’s construction arm has secured a large contract (in the range of Rs 2,500-5,000 crore) from the National High-Speed Rail Corporation Ltd (NHSRCL). The order involves the construction of 116 route km of the high-speed ballastless track works for Mumbai-Ahmedabad High-Speed Rail (MAHSR) project. Upon completion, this slab track system will enable trains to travel at a speed of 320 kilometers per hour.

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Firstsource Solutions Q4 Results: Net profit jumps 183% YoY to Rs 132.4 crore

Firstsource Solutions Ltd (FSL) reported a 183% YoY jump in consolidated net profit to Rs 132.39 crore for the quarter ended March (Q4 FY22). Net profit fell 2.26% when compared to the previous quarter. Its total income rose 5.6% YoY (or 5.43% QoQ) to Rs 1,543.54 crore during the same period. FSL is a business process management company headquartered in Mumbai.

Dabur Q4 Results: Net profit falls 22% YoY to Rs 294 crore

Dabur India Ltd reported a 22% YoY decline in consolidated net profit to Rs 294.34 crore for the quarter ended March (Q4 FY22). The FMCG major’s revenue from operations rose 7.7% YoY to Rs 2,517.81 crore during the same period. EBITDA stood at Rs 453.6 crore in Q4, up 2.5% YoY. Dabur India’s board has declared a final dividend of Rs 2.7 crore.

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Tata Power Solar bags Rs 5,500 cr order from SJVN

Tata Power Solar has secured India’s largest solar engineering procurement and construction (EPC) order for a 1 gigawatt (GW) project worth Rs 5,500 crore from state-owned SJVN Ltd. Covering 5,000 acres of land in Rajasthan, this project aims at reducing around 22,87,128 kg of carbon emission. It is expected to generate ~2,500 million units (MU) annually.

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The RP-Sanjiv Goenka Group: Origin & Businesses

The RP-Sanjiv Goenka Group (RPSG) is one of the largest diversified business groups in India. Since its formation nearly 11 years ago, the group has expanded into business segments such as power generation, carbon black, FMCG, information technology, infrastructure, media & entertainment, and much more. RPSG has established a direct presence in more than 35 countries. The group’s rapid growth and expansion can be attributed to the efforts and vision of its top-class family management. 

In this article, we take a look into the brief history of the RP-Sanjiv Goenka Group and learn more about their businesses.

Brief History of the Goenka Family

The RPSG Group was established in its current form in 2011. However, the Goenka family’s renowned history in Indian business dates back to nearly two centuries. In the early 1800s, the family was involved in the jute and tea sectors. After India’s independence in 1947, they ventured into the manufacturing sector after acquiring Octavius Steel from a company moving out of the country.

In the 1960s, Keshav Prasad Goenka transitioned the group’s business from trading to industry acquisitions in textiles, power, cables, and engineering. He then split his business empire amongst his three sons— Rama Prasad, Jagadish Prasad, and Gouri Prasad. Rama Prasad Goenka established RPG Enterprises in 1979. The entity started acquiring leading companies in the pharmaceutical, retail, power transmission & distribution, and entertainment industries.

In 2010, the group’s businesses were divided between Rama Prasad Goenka’s sons, Harsh and Sanjiv. Thus, the RP-Sanjiv Goenka Group was founded in July 2011 with Dr. Sanjiv Goenka as its chairman. Meanwhile, Harsh Goenka is the chairman of RPG Enterprises, the parent company of CEAT (tyre manufacturer), KEC International Ltd, and Zensar Technologies.

Listed Companies of RPSG Group

PCBL Limited (Formerly Phillips Carbon Black Ltd)

PCBL Limited manufactures and sells carbon black in India and across the globe. The Kolkata-based company offers various carbon black grades to the rubber industry under the ‘Orient Black’ brand. They also manufacture specialty blacks for applications like food contact plastics, fibers, wire & cables, films, adhesives, batteries, and paints under the ‘Royale Black’ brand.

Moreover, PCBL generates and distributes electricity from the tail gas recovered from carbon black production. The company has a total power generation capacity of 84 megawatts (MW).

CESC Limited

CESC Ltd is an integrated electric utility company. It generates, transmits, and distributes electricity primarily in West Bengal. The company owns and operates three thermal power plants as well. CESC serves ~2.9 million domestic, industrial, and commercial users within 567 square kms of Kolkata and Howrah. It has made Kolkata free of load shedding and brought in fault-free supply, quick response to local power outages, and swift redressal of customer grievances.

Saregama India Ltd

Saregama India Ltd (SIL) is engaged in the business of sound recording and publishing. The company’s music segment manufactures and sells music storage devices such as carvaans (music players with pre-loaded songs), music cards, and digital versatile discs. They produce, sell, telecast, and broadcast films, TV serials, and pre-recorded programs. The Mumbai-based company also publishes OPEN, a weekly current affairs magazine. 

Firstsource Solutions Ltd

Firstsource Solutions Ltd (FSL) is a leading provider of customized business process management (BPM) services in India and across the globe. The company primarily caters to the banking & financial services, healthcare, communications, and media industries. Their ‘Digital First, Digital Now’ approach helps corporations strengthen operations and business models. They have established long-term partnerships with over 100 leading global brands, including several Fortune 500 and FTSE 100 companies. FSL has employed over 28,000 people across the US, UK, India, and Philippines. 

Spencer’s Retail Ltd

Spencer’s Retail operates a chain of multi-format retail stores across India. It provides a wide range of quality products across categories such as food, personal care, fashion, home essentials, and electronics. The company also offers products under its own brands, such as Smart Choice, Tasty Wonders, and Clean Home. Currently, Spencer’s operates ~120 stores, including 37 hypermarkets in over 35 cities in India. 

Other Group Companies & Brands

In 2017, the RPSG Group entered the fast-moving consumer goods (FMCG) segment with Too Yumm!, a healthier snacking alternative. (You may have seen its eye-catching ads starring Virat Kohli). The FMCG business consolidated further with the acquisition of Apricot Foods, which sells packaged snacks under the ‘Evita’ brand. RPSG group is also present in the quick-service restaurant (QSR) space with Waffle Wallah, Bombay Toastee, and Biryani Battuta.

The group established RPSG Ventures in 2018. It is a consumer venture capital fund for innovative business-to-consumer (B2C) startups. They also made a strategic acquisition of Nature’s Basket, a retail chain well-known for its diverse portfolio of gourmet food. The company offers a wide range of organic food and imported ingredients. Interestingly, the RPSG Group is highly active in the Indian sports industry as well. It holds a majority stake in the iconic Mohun Bagan Athletic Club of Kolkata and Lucknow Super Giants, an IPL team. Over the last decade, the group has forayed into renewable energy options. It has set up wind and solar energy plants across Gujarat, Madhya Pradesh, Rajasthan, and Tamil Nadu.  

With a rich heritage, the $4 billion (revenue) RPSG Group has now become one of the most respected business conglomerates in India. Let us look forward to seeing how they execute future plans and expand further.

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SBI Cards Partners With Paytm to Tokenise Cards – Top Indian Market News

SBI Cards partners with Paytm to tokenise cards

SBI Cards & Payment Services Ltd has partnered with One97 Communications to enable cardholders to tokenise their cards on devices and make payments through Paytm. Tokenisation refers to masking the original card number by replacing it with a set of unique characters (termed as tokens) that secure the customer’s card details when a transaction is under process. The card tokenisation facility will be available only on Android NFC (near field communication) devices.

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RBL Bank gets RBI approval to appoint Rajeev Ahuja as interim MD, CEO

The Reserve Bank of India (RBI) has approved the appointment of Rajeev Ahuja as the interim MD and CEO of RBL Bank for three months or till there is a regular appointment. In a sudden turn of events, the board of RBL Bank had sent the then Managing Director and Chief Executive Officer Vishwavir Ahuja on leave last Saturday. It also elevated Rajeev Ahuja as the interim MD and CEO to take care of the day-to-day operations of the bank. To learn more about the events that unfolded at RBL Bank, click here.

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NTPC’s arm to float global tender to set up 3GW RE project by February

NTPC Renewable Energy Ltd (NREL) will float a global engineering procurement and construction tender to set up a 3 gigawatts (GW) renewable energy project with a battery storage system. This project entails an investment of about Rs 15,000 crore. NREL, a wholly-owned subsidiary of NTPC Ltd, currently has a renewable project portfolio of 3,850 GW.

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Kalpataru Power secures order worth Rs 1,560 crore

Kalpataru Power Transmission Ltd (KTPL) has secured new orders worth Rs 1,560 crore from India, Africa, CIS, and South America. The company’s international subsidiary has also secured new power transmission projects in Europe. KTPL provides engineering, procurement, and construction (EPC) services relating to power transmission & distribution, civil construction, railway track laying & electrification in India and internationally.

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Firstsource Solutions acquires American Recovery Services

Firstsource Solutions Ltd (FSL) has entered into an agreement to acquire American Recovery Services, Inc., a legal collections network based in Southern California. The acquisition enhances FSL’s leadership in consumer debt management services by adding legal stage collections capabilities. The cost of the acquisition is $53 million (~Rs 394 crore), including earnouts done through cash consideration. 

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Granules India gets USFDA approval for Amphetamine Mixed Salts tablets

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Amphetamine mixed salts tablets. The drug is used to treat attention deficit hyperactivity disorder (ADHD) and narcolepsy (a chronic sleeping disorder). As per IQVIA data, the current annual US market for Amphetamine Mixed Salts immediate release tablets is approximately $335 million (~Rs 2,490 crore). 

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Cars24 partners with Bajaj Finance to provide seamless financing for used car buyers

CARS24 has partnered with Bajaj Finance Ltd to provide used car financing and facilitate a streamlined shopping experience for consumers. This mutually beneficial partnership is expected to increase penetration in the used cars industry. It will also enable consumers to further enjoy CARS24’s hassle-free customer experience with the financial solutions of Bajaj Finance.

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Manappuram Finance raises Rs 250 crore via bonds

Manappuram Finance Ltd has raised Rs 250 crore by issuing bonds, and the amount will be utilised to repay its debt and shore up capital resources. The company’s board has approved the allotment of secured, rated, listed, redeemable, non-convertible debentures for an amount of Rs 250 crore on a private placement basis. The bonds will be listed on BSE and hold an interest rate of 6.95% per annum. It will mature on December 30, 2024.

Nitin Spinners’ board approves capex plan of Rs 950 crore

The Board of Directors of Nitin Spinners Ltd (NSL) has approved a capital expenditure (capex) of Rs 950 crore for an expansion project. The company’s capacity addition is proposed to meet increasing demand, widen its product portfolio, and bring competitive cost advantage by having economies of scale. As part of the expansion plan, NSL will add 1.51 lakh equivalent spindles. The textile manufacturer currently has 3.32 lakh spindles (used for spinning wool and other fibers into thread).

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CCI approves acquisition of 96% stake in JPL by Worldone

The Competition Commission of India (CCI) has approved the acquisition of over 96% stake in Jindal Power Ltd (JPL) by Delhi-based Worldone Pvt Ltd. In July 2021, Jindal Steel & Power Ltd (JSPL) had received a Rs 7,401-crore revised offer from Worldone to acquire a 96.42% stake in Jindal Power Ltd (JPL). Worldone Pvt Ltd is a private company owned by the Promoter Group of JSPL. It manages and holds investments across various listed and unlisted companies.

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Bajaj Finserv Reports 31% YoY Fall in Net Profit in Q1 – Top Indian Market News

Bajaj Finserv Q1 Results: Net profit falls 31% YoY to Rs 833 crore

Bajaj Finserv Ltd reported a 31.5% YoY decline in consolidated net profit to Rs 832.7 crore for the quarter ended June (Q1 FY22). Net profit has fallen by 14.9% when compared to the previous quarter. Its revenue from operations fell 1.7% YoY (or 9.34% QoQ) to Rs 13,949.5 crore during the same period. Under its life insurance business, new business premiums grew 75% YoY to Rs 1,296 crore in Q1. However, the net profit of the life insurance business declined by 35% YoY to Rs 84 crore due to a surge in claims related to Covid-19 deaths. 

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Bharti Airtel partners with Intel to accelerate 5G rollout in India

Bharti Airtel has announced a collaboration with Intel to develop 5G network by leveraging virtualized radio access network (vRAN) and open radio access network (O-RAN) technologies. The telecom operator will deploy Intel’s 3rd-generation Xeon Scalable processors and other specialised telecom equipment across its network to build a foundation for rolling out wide-scale 5G and mobile edge computing (MEC). The partnership is part of Airtel’s 5G roadmap for India, as it transforms its networks to allow customers to reap full possibilities of the hyperconnected world.

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Glenmark Life Sciences IPO to open on July 27; price band set at Rs 695-720 per share

The initial public offering (IPO) of Glenmark Life Sciences will open on July 27 and close on July 29. The price band of the IPO is fixed at Rs 695-720 per share. It consists of a fresh issue of equity shares worth Rs 1,060 crore and an offer for sale (OFS) of up to 63 lakh shares by Glenmark Pharma Ltd (the promoter). At the higher end of the price band, the company is expected to raise Rs 1,513.6 crore. Glenmark Life Sciences is a leading manufacturer of Active Pharmaceutical Ingredients (APIs).

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Wipro announces strategic partnership with Celonis

Wipro Limited has entered into a strategic partnership with Celonis, a global leader in execution management. The IT company will launch the Global Celonis Center to drive operations transformation for clients. The partnership will leverage the Celonis Execution Management System and Wipro’s expertise to streamline operations for clients across several areas, including finance, human resources, and supply chain management. 

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Havells India Q1 Results: Net profit jumps nearly four-fold to Rs 236 crore

Havells India Limited reported a 268.5% YoY jump in consolidated net profit to Rs 235.78 crore for the quarter ended June (Q1 FY22). Net profit declined by 22.4% when compared to the previous quarter. Its total revenue from operations rose 75.95% YoY to Rs 2,609.97 crore during the same period. The revenue from its cables segment grew 75% YoY to Rs 807.17 crore. The electrical consumer durables business posted a revenue of Rs 576.33 crore in Q1, an increase of 91% YoY.

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Gland Pharma Q1 Results: Net profit rises 12% YoY to Rs 350 crore

Gland Pharma Limited reported an 11.82% YoY increase in consolidated net profit to Rs 350.7 crore for the quarter ended June (Q1 FY22). Net profit increased by 34.66% when compared to the previous quarter. Its revenue from operations rose 30.5% YoY to Rs 1,153.9 crore during the same period. The company’s key markets of Canada, Europe, the US, and Australia registered a growth of 16% YoY and accounted for 61% of the total revenue in Q1.

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Firstsource Solutions partners with Upfront Healthcare

Firstsource Solutions Ltd has partnered with US-based Upfront Healthcare to provide personalised navigation for each patient. The companies will offer data-backed personalisation and health communications to engage patients before and after care— ultimately transforming the care experience and reducing friction. They will focus on improving medication & visit adherence and reducing patient communication fatigue.

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Syngene Q1 Results: Net profit rises 33% You to Rs 77 crore

Syngene International reported a 33.27% YoY increase in consolidated net profit to Rs 77.3 crore for the quarter ended June (Q1 FY22). Net profit declined by 51.8% when compared to the previous quarter. Its revenue from operations rose 41% YoY to Rs 594.5 crore during the same period. EBITDA grew 27% YoY to Rs 177.30 crore in Q1. Syngene International is a contract research and manufacturing company. It provides drug discovery and development services in India and the US.

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Jubilant Foodworks Q1 Results: Net profit at Rs 69 crore

Jubilant Foodworks Ltd reported a consolidated net profit of Rs 69.51 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 73.89 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 129.95% YoY to Rs 893.18 crore in Q1 FY22. The company opened 29 new stores in Q1, including 20 new Domino’s stores and three stores each for Hong’s Kitchen, Ekdum!, and Dunkin Donuts.

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Tejas Networks Q1 Results: Net profit at Rs 7.55 crore

Tejas Networks Ltd reported a consolidated net profit of Rs 7.55 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 9.76 crore in the corresponding quarter last year (Q1 FY21). Its total income rose 80.73% YoY to Rs 152.63 crore during the April-June quarter of FY22. Tejas Networks is a global optical, broadband, and data networking products company.

CEAT Q1 Results: Net profit at Rs 23.98 crore

CEAT Limited reported a consolidated net profit of Rs 23.98 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 34.76 crore in the corresponding quarter last year (Q1 FY21). However, net profit has declined by 84.31% when compared to the previous quarter (Q4 FY21). The tyre manufacturer’s total income rose 70.11% YoY to Rs 1,910.28 crore during the April-June quarter of FY22. 

Sterling Gtake secures order worth Rs 60 crore for high-speed electric 2W application

Sterling Gtake E-mobility Ltd (SGEM) has secured an order worth Rs 60 crore for motor control units (MCUs) from a leading electric two-wheeler manufacturer. SGEM is a subsidiary of Sterling Tools Limited. The company expects electric vehicle (EV) components to contribute more than 10% of its revenues by the end of the current financial year (FY22). SGEM has been focusing on identifying partners and driving technology transfer to provide customers with application support and technology adapted to Indian requirements.

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Godrej Consumer Reports 59% YoY Rise in Net Profit in Q4 – Top Indian Market News

Godrej Consumer Q4 Results: Net profit rises 59% YoY to Rs 366 crore

Godrej Consumer Products Ltd (GCPL) reported a 59.13% year-on-year (YoY) increase in consolidated net profit to Rs 365.84 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 27%. Its revenue from operations rose 27% YoY to Rs 2,705.69 crore during the same period. GCPL’s revenue from the Indian market was up 34.63% YoY to Rs 1,499.74 crore. For the financial year ended March 31, 2021 (FY21), net profit rose 14.98% YoY to Rs 1,720.82 crore. GCPL said localised lockdowns could impact frontline servicing and replenishment of its outlets.

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JSW Hydro raises $707 million in first offshore bond issuance

JSW Hydro Energy, a subsidiary of JSW Energy Ltd, has raised $707 million (~Rs 5,185 crore) through its first-ever offshore bond issuance. The proceeds from the issue will be used to repay the existing debt of the company’s two operational hydro projects. The senior secured notes will bear interest from May 18, 2021, to May 18, 2031, at the rate of 4.125% per annum. The bonds will be listed on the Singapore Exchange (SGX).

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Moody’s cuts India’s FY22 GDP forecast to 9.3%

Rating agency Moody’s has slashed India’s gross domestic product (GDP) forecast for FY 2021-22 to 9.3% from the earlier projection of 13.7%. The downward revision in GDP estimates comes on the back of the second wave of Covid-19 infections across the country, which have triggered localised lockdowns and mobility curbs. Moody’s stated that the second wave will slow the near-term economic recovery and could also affect long-term growth dynamics.

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Infosys announces strategic collaboration with Britvic

Infosys Limited announced that it has been selected by UK-based Britvic as an end-to-end partner to help them deliver their strategic digital transformation roadmap and operations. Britvic is one of the leading branded soft drinks businesses in Europe. The IT services major will simplify and streamline Britvic’s cloud infrastructure and operations using its Infosys Cobalt platform.

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Granules India Q4 Results: Net profit rises 38% YoY to Rs 128 crore

Granules India Ltd reported a 38.15% YoY increase in consolidated net profit to Rs 127.6 crore for the quarter ended March (Q4). Its revenue from operations rose 33% YoY to Rs 799.3 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 63.8% YoY to Rs 549.45 crore. The pharma company’s board has recommended a final dividend of Rs 0.75 per share.

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JSW Steel’s crude steel out jumps two-fold to 13.71 LT in April

JSW Steel Limited said its crude steel output jumped over two-fold to 13.71 lakh tonnes (LT) in April 2021. The company had produced 5.63 LT in the same month last year. Crude steel output has declined by 5% when compared with March 2021. JSW Steel’s production of flat-rolled products rose three-fold to 9.57 LT, compared with 3.44 LT in April 2020. It produced 3.37 LT long-rolled products in April 2021, compared with 0.89 LT in April 2020.

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UPL signs licensing agreement with Japan-based Meiji Seika Pharma

UPL Limited said its subsidiary has entered into a licensing agreement with Japan-based Meiji Seika Pharma Co. Ltd for exclusive access to Flupyrimin in Southeast Asia. Flupyrimin is a patented active ingredient developed by Meiji. It is a novel insecticide that is effective against rice pests. UPL will obtain exclusive rights to develop, register, and commercialise formulations of Flupyrimin for applications in rice in Southeast Asia.

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Siemens Q2 Results: Net profit rises 90% YoY to Rs 334 crore

Siemens Limited reported a 90.3% YoY increase in consolidated net profit to Rs 334.4 crore for the quarter ended March (Q2 FY21). The company follows the October-September financial year cycle. On a quarterly basis, net profit has risen by 13.16%. Its total income rose 30% YoY to Rs 3,540 crore during the same period. Siemens registered new orders from continuing operations worth Rs 3,309 crore, registering a 16.9% rise compared with the same period last year (Q2 FY20). 

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Firstsource Solutions Q4 Results: Net profit falls 49% YoY to Rs 46 crore

Firstsource Solutions Ltd (FSL) reported a 49% YoY decline in net profit to Rs 46.68 crore for the quarter ended March (Q4). On a quarterly basis, net profit has fallen by 61%. The company’s revenue from operations rose 35% YoY (or 7% QoQ) to Rs 1,460 crore during the same period. Its BFSI vertical grew 66% YoY to Rs 758 crore, while the communications, media, and technology (CMT) vertical grew 23% YoY to Rs 300.94 crore. FSL is a leading business process management (BPM) company based in Mumbai.

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Linde India Q1 Results: Net profit jumps 676% YoY to Rs 303 crore

Linde India Limited reported a 676% YoY jump in consolidated net profit to Rs 303.23 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. On a quarterly basis, net profit increased by 433.8%. Its consolidated revenue rose 17% YoY to Rs 441.42 crore during the same period. The rise in profit has been primarily due to an exceptional item worth Rs 294 crore.

Indiabulls Housing Finance to divest its mutual fund business to Groww for Rs 175 crore

Indiabulls Housing Finance has entered into a definitive agreement with Nextbillion Technology Pvt. Ltd (which operates Groww) to divest its entire stake in the mutual fund business of its subsidiaries— Indiabulls Asset Management Co. Ltd and Indiabulls Trustee Co. Ltd for Rs 175 crore. The deal includes a cash equivalent of Rs 100 crore to be invested in Groww. The transaction is expected to be completed by June 30, 2022. Indiabulls Housing said it will narrow focus on its real estate asset management business, as it looks to operate with an asset-light strategy. 

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Kalpataru Power Q4 Results: Net profit falls 43% QoQ to Rs 174 crore

Kalpataru Power Transmission reported a 43.51% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 174 crore for the quarter ended March (Q4). Net profit has jumped 461% YoY.  Its revenue from operations rose 16% QoQ (or 15.8% YoY) to Rs 4,086 crore during the same period. For the financial year ended March 31, 2021 (FY21), its net profit has increased by 72.05% YoY to Rs 671 crore. The company’s board has recommended a final dividend of Rs 1.5 per share.

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India Asked to Pay $1.2 Billion to Cairn After Arbitration Loss – Top Indian Market News

India loses Cairn tax case at international tribunal; asked to pay Rs 8,000 crore in damages

The Indian Government lost an international arbitration case to British energy giant Cairn Energy over a tax dispute. The international tribunal ruled that India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty. India has been ordered to pay damages worth $1.2 billion (~Rs 8,858 crore) to the oil major.

Cairn Energy had filed a dispute in 2015 against the demand raised by the Indian tax department of Rs 10,247 crore, relating to re-organisation of the group in 2006. The income tax department had then said that Cairn UK Holdings, a fully-owned subsidiary of Cairn Energy, had made capital gains of over Rs 24,000 crore before the public listing of Cairn India. They said that Cairn Energy effectively held 69% of Cairn India. In 2011, Cairn India was sold to Vedanta Group, except for a 9.8% stake. The residual stake sale was barred by the income tax department, and dividend payments by Cairn India to Cairn Energy were also frozen.

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Antony Waste Handling Cell IPO subscribed 15 times on last day

The Rs 300-crore initial public offering (IPO) of Antony Waste Handling Cell was subscribed 15.04 times on the final day of bidding. Investors put in bids for 9.91 crore equity shares, as against an offer size of 66.66 lakh equity shares. The reserved portion for retail investors was subscribed 16 times and that of non-institutional investors 18.68 times. The portion set aside for qualified institutional buyers (QIB) was subscribed 9.67 times. 

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Vodafone Idea loses 2.7 million subscribers in October

According to official data from telecom operator TRAI, Vodafone Idea (Vi) lost 2.7 million mobile subscribers in October 2020. Reliance Jio Infocomm Ltd and Bharti Airtel Ltd saw an increase in their subscriber base by 2.2 million and 3.7 million, respectively, during the same month. As per the data, Jio has a 35% market share of wireless subscribers, followed by Bharti Airtel at 29% and Vodafone Idea at 25%.

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L&T Construction wins large contracts in Madhya Pradesh

Larsen & Toubro (L&T) Ltd said that its construction arm has won large contracts in Madhya Pradesh. The contract consists of the execution of rural piped water supply schemes (under the Jal Jeevan Mission) in various districts of Madhya Pradesh. The company did not specify the exact amount of the contract. As per L&T’s specifications, a ‘large contract’ varies between Rs 2,500 crore to Rs 5,000 crore.

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Parag Milk expands its health & nutrition business

Parag Milk Foods Ltd has announced plans to expand its health & nutrition portfolio through the introduction of high potential lactose products. The company has ventured into whey protein powders, which is a by-product in the cheese manufacturing process. For this, Parag Milk Foods has established facilities with a capacity to manufacture 40 MT of lactose per day.

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Emami to expand ayurvedic product export under Zandu

Emami Ltd announced that it has received the WHO-Goods Manufacturing Practices (GMP) and Certificate of Pharmaceutical Products (CoPP) accreditations for its two plants located at Vapi and Masat in Gujarat. With this, the company plans to export its healthcare portfolio under Zandu into several newer markets. The accreditations are for more than 40 ayurvedic products for three years.

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Glenmark Pharma signs pact with Menarini to commercialise nasal spray in Europe

Glenmark Pharma’s Swiss subsidiary has signed an exclusive licensing agreement with Menarini Group for commercialising its innovative nasal spray Ryaltris across 33 countries in Europe. The nasal spray is used for the treatment of symptoms associated with seasonal allergic rhinitis (SAR) in patients over 12 years of age. Under the terms of the agreement, Glenmark will be responsible for the continued development and regulatory approval of Ryaltris in European markets. After receiving all regulatory approvals, Menarini will be responsible for the commercialisation of the product in those markets.

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Firstsource Solutions acquires US-based PatientMatters

Firstsource Solutions Ltd announced that it has acquired US-based PatientMatters, a healthcare Revenue Cycle Management (RCM) solutions provider. PatientMatters unifies disparate registration, bill estimation, and financial services with intelligent workflows and eligibility services- thus improving revenue realisation for hospitals. The acquisition helps Firstsource in strengthening its presence in large markets like Texas and New York. 

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Ramco Systems secures multi-million dollar deal from ‘a Global Fortune 500 major’

Ramco Systems Ltd announced that it has signed a multi-million dollar agreement with a Global Fortune 500 major to unify and transform its payroll systems for 18 countries in the Asia Pacific region, using Ramco’s Managed Payroll Services. With this win, the company has added three Fortune 500 brands as clients for Ramco Global Payroll in Q3 2020. Ramco HR and Global Payroll services consist of chatbots, voice, and AI/ML. It addresses operational HR modules including Core HR and Time & Attendance & Global Payroll, with statutory compliance across 50+ countries.

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Bharat Forge units reach settlement with Germany’s national competition regulator

Bharat Forge Ltd announced that its three subsidiaries-  Bharat Forge Aluminiumtechnik GmbH, Bharat Forge CDP GmbH, and Bharat Forge Global Holding GmbH- have reached a settlement with Germany’s national competition regulator Bundeskartellamt (Federal Cartel Office or FCO). The company’s units had been found guilty of engaging in illegal competitive agreements. The German subsidiaries have reached a settlement in an aggregate amount of €32 million (~Rs 287 crore) to be paid over the next five years. 

Dilip Buildcon receives LoA for EPC project in Rajasthan

Dilip Buildcon Ltd and its JV partner Altis-Holding Corporation has received a Letter of Acceptance (LoA) from the National Highway Authority of India (NHAI) for an engineering, procurement, and construction (EPC) project in Rajasthan. The project consists of the construction of an eight-lane access-controlled expressway in a section of Delhi-Vadodara Greenfield Alignment (NH-148N) in Rajasthan on EPC Mode. The project bid cost is Rs 1000.08 crore, for a completion period of 30 months.

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