Tag: fuel demand

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Tata Technologies Files IPO Papers With SEBI – Top Indian Market Updates

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

Tata Technologies files IPO papers with SEBI

Tata Technologies Ltd has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to launch an initial public offering (IPO). The IPO is purely an offer for sale by the promoter Tata Motors and two other existing shareholders. The offer for sale (OFS) is 9.57 crore equity shares, representing approx. 23.60% of its paid-up share capital.

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Marksans Pharma gets final USFDA approval for Famotidine tablets

Marksans Pharma Ltd has received final approval from the US Food & Drugs Administration (USFDA) for its generic version of Famotidine tablets. The drug is indicated for the treatment of acid indigestion and heartburn. The product had sales of over $200 million in the US market.

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Ajanta Pharma approves Rs 315 crore share buyback

Ajanta Pharma’s board has approved the buyback of 22.1 lakh equity shares of the face value of Rs 2 each through the tender offer route. The number of shares to be bought back represents 2.59% of the total number of equity shares of the company. Ajanta Pharma will carry out the buyback of shares at Rs 1,425 per share.

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Natco Pharma launches additional strengths of Revlimid in US

Natco Pharma Ltd has launched additional strengths for its generic Lenalidomide capsules in the US market. The drug is used in the treatment of multiple myeloma (cancer that forms in a type of white blood cell called a plasma cell). The launch has been done through its marketing partner Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries.

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Automakers record best-ever dispatches in Feb: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), Indian automakers dispatched nearly 2.92 lakh passenger vehicles, up 11% YoY. This is the highest-ever dispatches for the month of Feb so far. The total two-wheeler wholesale dispatches rose 8% YoY to 11,29,661 units in Feb. Three-wheeler sales surged 86% YoY to 50,382 units.

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Bank of Baroda board approves 49% stake divestment in BFSL

Bank of Baroda’s board has approved up to 49% divestment in subsidiary BoB Financial Solutions Ltd (BFSL). The bank currently holds 100% of the total equity share capital of BFSL. It will now issue Expression of Interests (EOIs) to suitable investors/strategic partners. Established in 1994, BFSL caters to the needs of a rapidly growing credit card industry.

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India’s fuel demand hits at least 24-year high in Feb

India’s fuel demand hit its highest level in at least 24 years in February, according to govt data. Consumption of fuel rose more than 5% YoY to 4.82 million barrels per day last month. The strength highlights a combination of profitable refining from record Russian crude imports in February, total utilization for primary distillation across India and robust domestic consumption.

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India’s industrial production rises 5.2% in January

India’s industrial production index (IIP) rose to 5.2% in January 2023, compared to 4.3% print in the previous month. This is mainly due to the good performance of the power, mining and manufacturing sectors. In January, growth in the mining sector stood at 8.8%, compared to 9.8% in December 2022. Manufacturing output stood at 3.7% (2.6% in Dec 2022) and electricity growth came in at 12.7% (compared to 10.4% in Dec).

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India’s forex reserves increase, snapping four-week losing streak

India’s foreign exchange reserves rose for the first time in five weeks and stood at $562.40 billion as of the week ended March 3, according to the Reserve Bank of India (RBI). The reserves increased by $1.46 billion at the end of last week after falling by a total of $15.8 billion in the previous four weeks. It stood at $560.94 billion in the week to Feb 24.

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Tata Power RE signs PPA with TPDDL for 510 MW hybrid plant

Tata Power Renewable Energy has signed an agreement with Tata Power Delhi Distribution Ltd (TPDDL) to supply electricity from its 510 MW solar-wind hybrid project. It is one of the largest hybrid projects in India, with the capacity bifurcation of 170 MW solar & 340 MW wind power. The project will save an average of 1540 MUs (million units) of CO2 emissions annually for TPDDL.

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Airtel’s ARPU to rise 3% post jump in base prepaid rates: CLSA

Bharti Airtel’s recent decision to increase base prepaid rates by 57% in 19 markets is estimated to immediately boost its average revenue per user (ARPU) by 3% to Rs 199 according to analyst & brokerage group CLSA. Airtel’s tariffs across plans are already 25-57% higher than Vi and Reliance Jio. 

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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.

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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.

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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. 

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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). 

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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.

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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.

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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.

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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.

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Tata Steel’s Net Profit Falls 60% YoY – Top Indian Market News

Tata Steel Q2 Results: Net Profit falls 60% YoY to Rs 1,635 crore

Tata Steel Ltd. reported a 60% year-on-year (YoY) decline in consolidated net profit to Rs 1,635 crore, for the quarter ended September (Q2). The company’s revenue increased by 7% YoY to Rs 37,154 crore, during the same period. Tata Steel has stated that it has been able to ramp up capacity utilization and achieve highest-ever sales in Q2, despite the ongoing Covid-19 pandemic.

India’s fuel demand posts first annual growth since February

India’s fuel demand posted its first yearly increase since February, as the demand for diesel saw a quick recovery ahead of the festive season. The total demand for petroleum products rose by 2.5% YoY in October, to reach 17.77 million tonnes. The consumption of both petrol and diesel has reached pre-Covid levels. 

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India to receive 100 million AstraZeneca vaccine shots by December

Serum Institute of India (SII) is increasing the production of the AstraZeneca-Oxford University Covid-19 vaccine. The company has stated that it is aiming to keep 100 million vaccine doses ready by December 2020. Adar Poonawalla, the CEO of SII, has said that his company may receive authorization for emergency use if the vaccine proves to be effective.

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Inox Leisure raises Rs 250 crore from QIP

Inox Leisure Limited has raised Rs 250 crore through a qualified institutional placement (QIP). The company has allocated 9.8 million shares to eligible institutional buyers at Rs 255 per share. The funds raised through QIP would be utilized by Inox to meet capital expenditure requirements for on-going and future projects.

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HAL Q2 Results: Net Profit declines marginally to Rs 615 crore

Hindustan Aeronautics Ltd. reported a 1.1% YoY decline in consolidated net profit to Rs 615 crore, for the quarter ended September (Q2). The consolidated revenue from operations increased by 41% YoY to Rs 4,854 crore, during the same period. Bangalore-based HAL is a state-owned aerospace and defense company.

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Shoppers Stop to launch rights issue on November 27

Shoppers Stop Ltd. has stated that its Board of Directors has approved the raising of Rs 300 crore, through a rights issue. A rights issue is an issue of shares offered at a special price by a company to its existing shareholders, in proportion to their holding of old shares. The company has stated that the issue will be priced at Rs 140 per share. The issue will open on November 27, and close on December 31.

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Future Retail Q2 Results: Net Loss stands at Rs 692 crore

Future Retail Limited reported a consolidated net loss of Rs 692.36 crore, for the quarter ended September (Q2). The retail firm’s consolidated revenue from operations declined by Rs 73.86% YoY to Rs 165.08 crore, during the same period. The company has stated that the Covid-19 pandemic has had a significant impact on its business operations.

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Oil India makes natural gas discovery in Assam

Oil India Limited, on Friday, announced that it has made a natural gas discovery at a well drilled in Tinsukia, Assam. The company has stated that this discovery will open up new areas for further oil and gas exploration in Assam. Oil India is the nation’s second-largest oil producer and a majority of its operations are concentrated in the north-east. 

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RBL Bank raises Rs 1,566 crore from Baring, ICICI Prudential

RBL Bank, on Friday, announced that it has raised Rs 1,566 crore in fresh capital through a preferential allotment of shares. The shares have been allotted to firms such as Baring Private Equity Asia and ICICI Prudential. RBL Bank has stated that it intends to invest in newer products like affordable housing loans. This would help to strengthen the bank’s presence in the semi-urban and rural markets.

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Graphite India Q2 Results: Net Loss at Rs 41 crore

Graphite India Ltd. reported a consolidated net loss of Rs 41 crore, for the quarter ended September (Q2). The company’s revenue declined by 45% YoY to Rs 485 crore, during the same period. Graphite India is a leading manufacturer of carbon and graphite speciality products.

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Apex Frozen Foods Q2 Results: Net Profit rises 15% YoY to Rs 25 crore

Apex Frozen Foods Ltd. reported a 14.91% YoY increase in net profit to Rs 25 crore, for the quarter ended September (Q2). The company’s sales declined by 2.64% YoY to Rs 262.24 crore, during the same period. Apex Frozen Foods is a prime exporter of shelf-stable quality agriculture products in India.