Tag: future consumer

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Bajaj Finance to Raise Rs 10,000Cr Via QIP, Preferential Issue – Top Indian Market Updates

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

Bajaj Finance approves ₹10,000 crore fundraise via QIP, preferential issue

Bajaj Finance Ltd’s board has approved a fundraise of up to ₹8,800 crore via a Qualified Institutional Placement (QIP). It has also approved raising up to ₹1,200 crore through a preferential issue of up to 15.5 lakh warrants convertible into an equivalent number of equity shares to Bajaj Finserv (its promoter company). Post conversion of the preferential warrants into equity, Bajaj FInserv’s share in Bajaj Finance will rise from 52.45% to 52.57%. 

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Tata Motors to upskill 50% of employees with new-age auto tech

Tata Motors plans to equip over 50% of its overall workforce with new-age auto tech capabilities within five years. This is part of the automaker’s strategy to develop skilled and future-ready staff focused on electric vehicles (EVs) and other emerging technologies in the auto industry. The company has specially curated training modules to address the requisite developmental needs of shopfloor technicians and line engineers.

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NHPC’s Teesta V plant shut after flash flood in Sikkim

NHPC Ltd shut down all units of its 510 megawatt (MW) Teesta V power plant after the flash flood in the Teesta River in Sikkim. A 500 MW project (Teesta VI) under construction has also been affected. Detailed assessment of losses and damages suffered will be carried out after the water level recedes, which may take 4-5 days.

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TCS secures order from Georgia state government

The Georgia Department of Labor (GDOL) has selected Tata Consultancy Services (TCS) to replace its 1980s-era legacy platform with a scalable cloud-based unemployment insurance system that streamlines the claims process. TCS’ latest order win comes after the tech giant already secured multiple orders across sectors in September.

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Manappuram Finance’s arm files ₹1,500 crore IPO papers with SEBI

Asirvad Micro Finance (AMF), a subsidiary of listed NBFC Manappuram Finance, filed a Draft Red Herring Prospectus (DRHP) with capital market regulator SEBI to raise ₹1,500 crore through an initial public offering (IPO). The public issue is purely a fresh issue of equity shares with no offer-for-sale (OFS) component. AMF has a presence across 22 states and 4 UTs through a network of 1,684 branches as of FY23.

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Hindalco to sign pact with Odisha Mining Corporation for long-term supply of Bauxite ore

Hindalco Industries Ltd will enter into a pact with the Odisha Mining Corporation for long-term supply of Bauxite ore. The company plans to secure Bauxite ore for its proposed 2-million tonnes alumina refinery and 150-MW captive power plant at Kansariguda, Rayagada district, in Odisha.

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JLR retail sales rise 21% YoY in Q2

Jaguar Land Rover’s (JLR) retail sales rose 21% year-on-year (YoY) to 106,561 units for the quarter ended September (Q2 FY24). The company had posted retail sales of 88,121 units in Q2 FY23. JLR’s wholesale volumes stood at 96,817 units, up 29% YoY. Wholesale volumes for the first half of FY24 were 1.90 lakh, up 29% YoY. 

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Future Consumer defaults on ₹370 crore payment

Future Consumer Ltd (FCL) has defaulted on the payment of ₹369.59 crore towards principal and interest on loans from banks, financial institutions and unlisted debt securities in the September quarter (Q2 FY24). The default amount for unlisted debt securities such as Non-Convertible Debentures (NCDs) and Non-Convertible Redeemable Preferential Shares (NCRPS) is ₹115.64 crore for Q2. FCL’s total liabilities stand at ₹468.12 crore, including short-term and long-term debts. 

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WPI Inflation Eases to 13.93% in July – Top Indian Market Updates

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

WPI inflation eases to 13.93% in July

India’s wholesale inflation fell to 13.93% in July due to easing prices of food and manufactured products. The wholesale price index (WPI) stood at 15.18% in June and at a record 16.63% (revised) in May. Inflation in the food articles segment eased to 10.77% in July, compared to 14.39% in June. The fuel and power segment surged 43.75% last month from 40.33% in June.

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Adani Ports’ arm acquires inland container depot Tumb for Rs 835 crore

Adani Logistics has acquired inland container depot (ICD) Tumb from Navkar Corporation for Rs 835 crore. ICD Tumb is one of the largest inland container depots and has a capacity of 0.5 million Twenty-foot Equivalent Units (TEUs). The ICD is strategically located between the Hazira Port in Gujarat and the Nhava Sheva Port in Mumbai. Adani Logistics is a wholly-owned subsidiary of Adani Ports & Special Economic Zone Ltd (APSEZ).

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SpiceJet enters into settlement agreement with Goshawk Aviation, affiliates

SpiceJet Ltd has entered into a settlement with aircraft lessor Goshawk Aviation and its affiliated entities related to two Boeing 737 MAX aircraft and one Boeing 737-800 NG aircraft. This settlement will allow two more fuel-efficient Boeing 737 MAX aircraft to enter SpiceJet’s fleet. Goshawk Aviation Ltd is one of the main lessors (an entity that leases a property to another) of MAX aircraft of SpiceJet.

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Wockhardt initiates phase-III clinical study of new antibiotic candidate

Wockhardt Ltd has initiated a global Phase-III clinical study of its new antibiotic candidate WCK 5222. The company has completed the first site initiation visit for the study. WCK 5222 is an entirely new class of antibiotic known as “β-lactam ENHANCER”. It is targeted for the treatment of hospitalised adults with complicated urinary tract infections. 

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Concord Biotech files DRHP with SEBI for Rs 2,000-2,500 crore IPO

Concord Biotech, a fermentation-based active pharmaceutical ingredient (API) maker, filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO). As per reports, the IPO’s size would be Rs 2,000-2500 crore. The issue with a face value of Rs 1 per equity share is a complete offer for sale (OFS) aggregating to 2.09 crore equity shares by Helix Investment Holdings Pte. Ltd.

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Unichem Labs gets USFDA nod for Schizophrenia drug

Unichem Laboratories Ltd has received approval for Quetiapine extended-release (ER) tablets from the US Food & Drug Administration (USFDA). The tablets are used to treat schizophrenia, bipolar disorder, and adjunctive treatment of Major Depressive Disorder (MDD). The product will be commercialized from Unichem’s plant in Goa.

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Future Consumer defaults on Rs 51.85 cr payment towards debentures

Future Consumer Ltd (FCL) has defaulted on the payment of Rs 51.85 crore towards principal and interest due on non-convertible debentures (NCDs). The default includes an interest amount of Rs 10.73 crore and a principal amount of Rs 41.12 crore. The NCDs were allocated on February 15, 2018, with a coupon rate of 11.07% per annum. As of June 30, 2022, the total financial indebtedness of FCL (including short-term and long-term borrowings) was Rs 446.82 crore.

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Indian Oil aims to restart Paradip refinery from mid-Sept: Report

As per a report by Economic Times (ET), Indian Oil Corporation Ltd (IOCL) will restart crude processing at its 300,000 barrels per day Paradip refinery in eastern Odisha from mid-September after a 45-day maintenance turnaround. While the crude unit was shut from Aug. 1, the naphtha hydrotreater, continuous catalytic reformer, diesel hydrotreater, coker, and alkylation units were shut sequentially.

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Amul, Mother Dairy hikes milk prices by Rs 2 per litre

Leading milk suppliers Mother Dairy and Amul have increased milk prices in Delhi-NCR and other cities by Rs 2 per litre due to a rise in its procurement and other input costs. Prices of toned milk will increase to Rs 51, while double toned milk will rise to Rs 45 per litre. Cow milk prices have been hiked to Rs 53 per litre.

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IRDAI Grants Final Approval to Bharti AXA-ICICI Lombard Deal – Top Indian Market News

icici lombard bharti axa

IRDAI grants final approval to Bharti AXA-ICICI Lombard deal

ICICI Lombard General Insurance Co. Ltd has received final approval from the Insurance Regulatory and Development Authority of India (IRDAI) for the demerger of the general insurance business of Bharti AXA General Insurance to itself by way of a scheme of arrangement. The demerger and transfer of the general insurance business will be effective within three days from the date of final approval. IRDAI has also granted approval to ICICI Bank for reducing its stake in ICICI Lombard to 30%.

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PGCIL begins work on first EV charging station in Meghalaya

Power Grid Corporation of India Ltd (PGCIL) has laid the foundation stone for the first-ever electric vehicle charging station (EVCS) at its office complex in Shillong, Meghalaya. The EVCS is being developed under Phase-II of the Faster Adoption and Manufacturing of (Hybrid) & Electric Vehicles (FAME) India scheme. Under this scheme, PGCIL will develop 11 EVCS in Shillong— five public EVCS and six at government establishments. 

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RIL’s arm acquires 57% stake in Strand Life Sciences for Rs 393 crore

Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), has acquired a 57.06% stake in Strand Life Sciences for Rs 393 crore. RSBVL will make a further investment of up to Rs 160 crore by March 2023, increasing its total investment to Rs 553 crore. Strand Life Sciences is a pioneer of genomic testing in India. It offers bioinformatics software and clinical research solutions to healthcare providers.

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Ashoka Buildcon secures Rs 1,567 crore order for upgrading national highway in West Bengal

Ashoka Buildcon Ltd has received a Letter of Award (LoA) from Adani Road Transport Ltd for upgrading a part of the national highway in West Bengal. The order consists of six-laning of National Corridor NH-19 from Pangarh to Palsit (total design length 67.75 km) in West Bengal on an Engineering, Procurement, and Construction (EPC) basis. The accepted contract price is Rs 1,567.45 crore

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Dr Reddy’s signs pact with Citrus Pharma to sell rights to anti-cancer agent

Dr Reddy’s Laboratories Ltd has entered into a definitive agreement with US-based Citius Pharmaceuticals to sell all its rights to E7777 (an engineered IL-2-diphtheria toxin fusion protein) and certain related assets. Under the terms of the agreement, Dr Reddy’s will receive an upfront payment of $40 million (~Rs 290 crore) upon closing the transaction. This will be followed by an approval milestone payment of up to $40 million related to the cutaneous T-cell lymphoma (CTCL) indication approval. E7777 has is an important component of systemic therapy for CTCL and other cancers. 

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Barbeque Nation raises Rs 100 crore via preferential issue of equity shares

Barbeque Nation Hospitality Ltd has raised ~Rs 100 crore through the preferential issue of equity shares to three different investors. The company’s Stakeholders’ Relationship Committee has approved the allotment of 11.77 lakh fully paid-up equity shares (of the face value of Rs 5 each) at a premium of Rs 844 per share. The shares were allotted to Massachusetts Institute of Technology (MIT), Plan Associates LLC, and Motilal Oswal Equity Opportunities Fund Series-II.

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Coal India launches software for better assessment of coal resources

Coal India Ltd (CIL) has launched a software that will help in identifying thin coal seams under the earth’s crust and improve the assessment of coal resources using seismic surveys during the exploration process. The new software helps in enhancing the resolution of seismic signals, leading to the depiction of the thinnest coal seams. The software, named ‘Spectral Enhancement’, was developed by CIL’s research & development arm Central Mine Planning and Design Institute in association with Gujarat Energy Research and Management Institute.

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Future Consumer focusing on Digital First model across brand activities

Future Consumer Ltd (FCL) is focusing on changing the orientation of all business and brand activities to make them Digital First, according to the company’s annual report for 2020-21. This move is based on the expectation that consumer behaviour of shifting to online shopping due to the Covid-19 pandemic will remain in the long term. FCL will continue to grow its portfolio of food, home, and personal care products. Key brands including Golden Harvest, Tasty Treat, Karmiq, Desi Atta Company will continue to drive volume and value growth.

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JSPL’s shareholders approve 96.42% stake sale in Jindal Power

Jindal Steel and Power Ltd (JSPL) has received shareholders’ approval to divest its 96.42% stake in its subsidiary Jindal Power Ltd (JPL) to Worldone for Rs 7,401 crore. Of the total Rs 7,401 crore, Worldone (a company owned by the Jindal Group) will pay Rs 3,015 crore in cash and takeover liabilities worth Rs 4,386 crore of inter-corporate deposits (ICDs) and capital advances paid by JPL to JSPL. This deal will help JSPL reduce its debt of Rs 6,566.44 crore (as of December 31, 2020) and help it become a net cash firm.

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