Tag: future retail

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Vedanta Repays $100M to Standard Chartered Bank – Top Indian Market Updates

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

Vedanta repays $100 million to Standard Chartered Bank

Vedanta Ltd said it has repaid $100 million (~Rs 828 crore) to Standard Chartered Bank via release of encumbrance on March 10, 2023. Earlier, Vedanta Resources said it has enough means to meet debt repayment liabilities in the coming quarters as it looked to ease investor concerns surrounding its financial position. The company has pre-paid all of its debt that was due for repayment till March 2023, deleveraging by $2 billion in the past 11 months.

Read more here.

Reliance Jio launches 5G services in 34 cities

Reliance Jio Infocomm has added 34 more cities to its True 5G network, taking the total number of the service offering to 365. Ambur, Chidambaram, Namakkal, Pudukottai, Ramanathapuram, Sivakasi, Tiruchengode and Villupuram in Tamil Nadu and Puducherry were covered in the latest round. In Jan, the company said that it has invested ₹40,446 crore in Tamil Nadu.

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Mindpsace REIT raises ₹550 crore through green bonds to refinance loans

Mindspace Business Parks REIT (Mindspace REIT) has raised Rs 550 crore through an issue of green bonds. Executive Committee of the manager (K Raheja Corp Investment Managers LLP) has approved the allotment of 55,000 green debt securities in the form of listed, rated, secured non-convertible debentures of Rs 1 lakh each by way of the private placement. The proceeds will be used towards refinancing loans availed by one of the asset special purpose vehicles (SPVs) to fund eligible green projects.

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IOC floats new unit for clean energy business

Indian Oil Corporation Ltd (IOCL) has floated a new subsidiary under low-carbon, clean and green energy business as the company pivots a transition plan to achieve net zero emissions from its operations by 2046. IOCL also plans to set up green hydrogen plants at all its refineries as part of a Rs 2 lakh crore green transition plan.

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Engineers India looks at new sectors, overseas for new phase of growth

Engineers India Ltd (EIL) is looking to diversify in new areas such as nuclear energy and tap overseas markets in regions such as the Middle East to drive the next phase of growth. In recent times, EIL has also added biofuels and green hydrogen to the list of industries where it provides consultancy right from design and feasibility studies to engineering, procurement, construction and maintenance.

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Ramakrishna Forgings secures order to supply 80,000 wheels to Indian Railways

Ramakrishna Forgings has emerged as the lowest bidder in the tender for manufacturing and supplying up to 80,000 wheels annually to the Indian Railways. This will help in import substitution and the establishment of greenfield wheel manufacturing facilities in India. At Rs 1.88 lakh per tonne, Ramakrishna Forgings’ bid was significantly lower than the Rs 2.75 lakh per tonne bid by Bharat Forge.

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Future Retail executive chairman Kishore Biyani withdraws resignation letter

Debt-ridden Future Retail Ltd said Kishore Biyani has withdrawn his resignation as the executive chairman and director of the company. Future Retail is currently under insolvency proceedings. Biyani had tendered his resignation on Jan. 23.

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KEC International bags orders worth Rs 1,028 crore

KEC International Ltd secured multiple new orders worth Rs 1,028 crore across its various businesses. The company has secured new orders in the transmission and distribution project segment in East Asia Pacific, the Middle East, and the Americas. The new orders include a 500/230 kV GIS substation order in Thailand, a 110 kV transmission line order in Saudi Arabia, and a supply of towers in the Middle East.

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Dixon Tech to receive ₹150 crore under PLI Scheme

The Central government has cleared another tranche of the PLI scheme worth Rs 765 crore. Out of this, Dixon Technologies Ltd. will be receiving nearly Rs 150 crore. The amount received by Dixon will be for its subsidiary Padget Electronic. A large portion of the total amount released on the PLI scheme will go to Wistron, Apple’s contract manufacturer in India.

Read more here.

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Zomato Discontinues Pro, Pro Plus Programs – Top Indian Market Updates

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

Zomato discontinues Pro, Pro Plus programs

Food delivery platform Zomato has stopped onboarding new members and merchant partners to ‘Pro’ and ‘Pro Plus’ programs. These are members-only programs that assured food delivery on priority and exclusive discounts. After membership terms expire, active members won’t be able to extend or renew their subscriptions. The company said it will come up with a new program as a replacement for the discontinued schemes.

Read more here.

L&T secures large contract from Indian Oil Corporation

The hydrocarbon-onshore division of Larsen & Toubro’s energy business has secured a large contract (in the range of Rs 2,500-5,000 crore) from Indian Oil Corporation Ltd (IOCL). The contract is for setting up a Residue Hydrocracker Unit (RHCU) for IOCL’s P-25 Project. IOCL is implementing the Panipat refinery expansion (P-25) project to enhance capacity from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA.

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Hatsun Agro approves plan to raise Rs 700 crore

Hatsun Agro Products Ltd’s (HAPL) board has approved a proposal to raise Rs 700 crore through private placement of shares via a Qualified Institutional Placement (QIP). The board also gave its approval to acquire paid-up share capital (not exceeding 20%) of Huoban Energy 4 Pvt. Ltd. The investment is done for consuming solar energy captively for HAPL’s plant in Maharashtra.

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RIL files contempt petition against SEBI before Supreme Court

Reliance Industries Ltd (RIL) has filed a contempt plea against the Securities & Exchange Board of India (SEBI) before the Supreme Court (SC), alleging ‘wilful disobedience’ about an order of the apex court that had directed the market regulator to give RIL access to certain documents in a 20-year-old stock allotment case. The move comes when SEBI plans to file a review petition in SC against the August 5 order that had ruled in favour of RIL on accessing the relevant documents.

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Aurionpro secures order from one of the largest public sector banks in India

Aurionpro Solutions Ltd (ASL) has secured an order from one of the largest public sector banks in India. The order is for providing 24×7 support monitoring services for the Murex Treasury Platform at the bank. “The recent upgradation of our partnership with Murex and this new win has strengthened our position in the market, and we are looking forward to further deepening our engagement with the bank,” said ASL in a statement.

Creditors to Future Retail place claims worth Rs 21,000 crore

Future Retail Ltd. has received claims of Rs 21,057 crore from 33 financial creditors, as per data released by the company that is under the corporate insolvency resolution process. Of the total claims received, Rs 17,511.69 crore has been verified by the interim resolution professional (IRP). Claims worth Rs 3,546 crore have not yet been verified. State Bank of India, Punjab National Bank, and other state-owned lenders have claimed over Rs 12,755 crore.

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Bank of Baroda plans to raise Rs 2,500 crore via AT1 bonds

Bank of Baroda has announced plans to raise debt capital of Rs 2,500 crore through Additional Tier-1 (AT1) bonds in single or multiple rounds. AT1 bonds are a type of perpetual (no maturity date) debt instrument that banks use to augment their core equity base. They offer higher returns to investors but carry higher risk as well. 

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Subex to deploy its fraud management solution for Ethio Telecom

Ethio Telecom has selected Subex Ltd to deploy its fraud management solution. The solution will replace Ethio’s existing legacy fraud management system, enabling them to move from a traditional rules-based approach to an AI-first approach. They will be able to bring in enhanced accuracy, coverage, and time-to-detect. Ethio Telecom is Ethiopia’s leading integrated telecom solutions provider with over 50 million subscribers.

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Cipla aims to double India business in 5 years, looks at innovation in US: CEO

Cipla Ltd hopes to transform itself into a global healthcare organisation, with a sharp focus on strengthening its presence in the US market and doubling its Indian business, said CEO Umang Vohra. He said Cipla has the potential to double US business on the back of new launches in the next five years. The pharma major is also looking at China, Brazil, South Africa, and Australia as key markets, with Australia likely to be a $100-million market shortly.

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Sobha settles nearly Rs 2.93 crore with SEBI in trade case

Real estate developer Sobha Ltd has settled Rs 2.925 crore with market regulator SEBI. Following this, the adjudication proceedings initiated against Sobha and its three Executive Directors have been disposed of. The settlement order has been passed on Monday and came into force with immediate effect.

During FY17-19, SEBI investigated certain transactions carried by Sobha with D.K. Shivakumar (DKS) and his family members/associates, which was allegedly against the interest of the minority shareholders of Sobha.

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Wipro Reports 21% YoY Decline in Net Profit in Q1 – Top Indian Market Updates

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

Wipro Q1 Results: Net profit falls 21% YoY to Rs 2,563 crore

Wipro Ltd reported a 20.9% YoY decline in net profit to Rs 2,563 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 17.9% YoY to Rs 21,528.6 crore during the same period. Compared to last quarter, its operating margin in the IT services segment fell by 200 basis points (bps) to 15% in Q1.

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India cuts windfall taxes on fuel exports as global prices fall

The Central Govt has reduced windfall tax and exports levy after the oil prices softened in the international market. It has reduced the windfall tax on domestically produced crude to Rs 17,000 per tonne and also cut the levy on exports of diesel by Rs 2 and aviation-fuel exports by Rs 2 per litre. The move will offer relief for top fuel exporters like Reliance Industries and state-run Oil & Natural Gas Corp.

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IndusInd Bank Q1 Results: Net profit rises 64% YoY to Rs 1,603 crore

IndusInd Bank Ltd reported a 64% YoY increase in net profit to Rs 1,603.29 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 16% YoY (or 4% QoQ) to Rs 4,125 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.35% in Q1 FY23, compared to 2.88% in the previous quarter (Q4 FY22). Provisions fell 30% YoY to Rs 1,251 crore.

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NCLT admits Bank of India’s insolvency plea against Future Retail

The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed the initiation of insolvency proceedings against Future Retail Ltd (FRL). In April 2022, Bank of India moved the tribunal seeking to initiate insolvency resolution proceedings against FRL, which has defaulted on loan repayments. FRL has defaulted on payments of Rs 5,322.32 crore to its lenders amidst the ongoing litigations with Amazon and other related issues.

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Gland Pharma Q1 Results: Net profit falls 35% YoY to Rs 229 crore

Gland Pharma Ltd reported a 35% YoY (or 20% QoQ) decline in net profit to Rs 2,563 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 26% YoY to Rs 857 crore during the same period. Core markets of the US, Europe, Canada, and Australia accounted for 82% of revenue during Q1. These markets posted a de-growth of 6% YoY.

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About 13 lakh electric vehicles registered in India: Nitin Gadkari

Union Minister Nitin Gadkari said more than 13 lakh electric vehicles (EVs) are registered in India, excluding those in Andhra Pradesh, Madhya Pradesh, Telangana, and Lakshadweep. Around 2,877 public EV charging stations have been sanctioned in 68 cities and 1,576 EV charging stations across 9 expressways and 16 highways. 

In other news, state-controlled Convergence Energy Services Ltd. is planning a $10-billion tender for 50,000 electric buses that will drive India’s plans to decarbonize public transport and help meet its goals for net zero emissions.

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Tata Steel, BHP to jointly explore ways to cut emissions in iron and steel production

Tata Steel Ltd has signed a Memorandum of Understanding (MoU) with Australia-based mining company BHP to jointly study and explore ways to reduce carbon emissions in iron and steelmaking. The two entities will work on ways to reduce emissions from blast furnaces. About 60% of the steel produced in India uses the blast furnace route for making iron. The technologies explored by the two entities could cut emissions of integrated steel mills by up to 30%.

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ITC to revive restructuring plans for its hotel business

ITC Ltd is reviving plans to create an alternative structure for the hotel business due to improvement in the hospitality industry recovery post-Covid. The company runs India’s second-largest hotel chain with 113 properties. ITC has adopted an ‘asset-right’ strategy that provides greater thrust on management contracts through three brands— Welcomhotel, Mementos, and Storii. 

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DoT clears Jio, Airtel, Vi, Adani as final bidders for 5G spectrum auction

The Department of Telecommunications (DoT) has approved Reliance Jio, Bharti Airtel, Vodafone Idea, and Adani Data Networks as the final participants in the first ever auction of 5G spectrum in India, scheduled to start on July 26. The Centre plans to auction 72 gigahertz (Ghz) of spectrum valid for 20 years worth Rs 4.3 lakh crore at base price. Jio has submitted an earnest money deposit (EMD) of Rs 14,000 crore, the highest among all the companies bidding for 5G airwaves.

Read more here.

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Veranda Learning Acquires TIME for Rs 287 crore – Top Indian Market News

Veranda Learning acquires TIME for Rs 287 crore

Veranda Learning Solutions Ltd has signed an agreement to acquire T.I.M.E. (Advanced Education Activities Pvt Ltd) for Rs 287 crore. The acquisition includes the business of Spoken English Training under the VETA brand and pre-school operations under the T.I.M.E. Kids brand. This move will help Veranda foray into the MBA, NEET & JEE preparation and pre-school segment.

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Tata Motors to deploy 5,000 XPRES T Electric Sedans with Lithium Urban Tech

Tata Motors has partnered with Lithium Urban Technologies to deploy 5,000 XPRES T electric sedans across India for employee transportation. The automaker will commence deliveries in phases and will complete the deployment by next year. In July 2021, Tata Motors launched the “XPRES” brand exclusively for fleet customers. XPRES-T EV is the first vehicle under this brand. 

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RIL to auction 12 mmscmd gas from MJ Field

Reliance Industries Ltd (RIL) will call bids for 12 million metric standard cubic metres per day (mmscmd) of gas from its MJ Field in the eastern offshore Krishna Godavari D6 block. The MJ Field is the third and last set of discoveries that RIL is developing in the KG-D6 block. RIL owns a 66.67% stake in the block, while its partner BP holds 33.33%.

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Future Group to focus on saving, rebuilding Future Lifestyle & Future Supply Chain: Report

Future Group will reportedly focus on saving and rebuilding Future Lifestyle Fashions, Future Supply Chain Solutions, Future Consumer, and Future Enterprises. The move comes after the Rs 24,713-crore deal with Reliance Retail was rejected by secured creditors. Future Group’s flagship firm, Future Retail Ltd, is bound to face the corporate insolvency resolution process before the National Company Law Tribunal (NCLT). FRL has nearly Rs 18,000 crore in debt.

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Shilpa Medicare arm gets NOC to conduct clinical trials for its Biosimilar Aflibercept

Shilpa Biologicals Pvt Ltd (SBPL) has received a No-Objection Certificate (NOC) from RCGM, Dept of Biotechnology, to approach the Drugs Controller General of India (DCGI) to conduct clinical studies for its Biosimilar Aflibercept. The biosimilar is used to treat wet macular degeneration and metastatic colorectal cancer. Shilpa Medicare aims to ensure global accessibility of the product via differentiated pricing and formulations/delivery mechanisms.

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Eveready Industries Q4 Results: Net loss at Rs 38.4 crore

Eveready Industries India Ltd (EIIL) reported a net loss of Rs 38.41 crore for the quarter ended March (Q4 FY22). The company had posted a net loss of Rs 442.5 crore in Q4 FY21 and a loss of Rs 23.71 crore in Q3 FY22. Its revenue from operations fell 12% YoY (or 26% QoQ) to Rs 241 crore in Q4 FY22. EIIL is one of India’s leading battery, lighting, flashlights, and appliance solutions companies.

Bank of India to raise up to Rs 2,500 crore via share sale

Bank of India has announced plans to raise up to Rs 2,500 crore by issuing fresh equity shares in the form of a qualified institutional placement (QIP) or preferential issue. The lender aims to bring down the total promoter holding to equal to or below 75% to comply with minimum shareholding norms. Currently, the Indian government holds an 81.41% stake in the bank.

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GMDC Q4 Results: Net profit at Rs 177 crore

Gujarat Mineral Development Corporation (GMDC) reported a net profit of Rs 176.99 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 184.63 crore in Q4 FY21. Its consolidated income rose 80.3% YoY to Rs 1,096.97 crore in Q4 FY22. GMDC’s board has declared a dividend of Rs 4.30 per share. 

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Maharashtra Scooters Q4 Results: Net profit falls 44% YoY to Rs 1.57 crore

Mahindra Scooters Ltd reported a 44.13% YoY decline in net profit to Rs 1.57 crore for the quarter ended March (Q4 FY22). Net profit fell 52.4% when compared to the previous quarter. Its revenue from operations fell 21.85% YoY to Rs 5.83 crore during the same period. The company’s board has declared a dividend of Rs 80 per share.

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Mindtree partners with Sapiens to drive digital transformation for insurers

Mindtree Ltd has partnered with Sapiens International Corporation to help insurance companies drive digital transformation. The partnership will focus on North America and subsequently grow into Europe and Asia. Sapiens’ industry-leading, cloud-native suite of banking & insurance applications and Mindtree’s deep domain knowledge and expansive delivery capabilities will enable insurance companies to increase scale and improve customer satisfaction.

Read more here.

Tatva Chintan Q4 Results: Net profit falls 17% YoY to Rs 17.5 crore

Tatva Chintan Pharma Chem Ltd reported a 17% YoY decline in consolidated net profit to Rs 17.5 crore for the quarter ended March (Q4 FY22). Net profit fell 23% when compared to the previous quarter. Its revenue from operations fell 9.3% YoY (or 6% QoQ) to Rs 98.5 crore during the same period. EBITDA stood at Rs 22.31 crore, down 17.55% YoY. The chemical company’s board has declared a final dividend of Rs 2 per share.

Century Textiles Q4 Results: Net profit at Rs 84 crore

Century Textiles & Industries Ltd reported a consolidated net profit of Rs 84.43 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 4.89 crore in Q4 FY21. Its revenue from operations rose 44.6% YoY to Rs 1,186.22 crore in Q4 FY22. EBITDA grew 66.25% YoY to Rs 133 crore during the same period.

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Future Retail to Take Action to Reverse RIL’s Store Takeovers – Top Indian Market News

Will act to reverse store takeovers by Reliance: Future Retail

Future Retail Ltd (FRL) accused Reliance Industries Ltd (RIL) of forcefully taking over stores and asserted that it did not hand over any of its retail units to the conglomerate. FRL’s board is committed to taking necessary action to seek value adjustments and reversal of RIL’s takeover of its stores.

Last month, RIL took over the operations of ~950 stores of FRL and offered jobs to its employees after the Kishore Biyani-led group failed to make lease payments.

Read more here. 

Torrent Power to acquire 51% stake in power distribution utility of Dadra & Nagar Haveli

Torrent Power Ltd (TPL) has signed agreements to acquire a 51% stake in Dadra & Nagar Haveli and Daman & Diu (DNH & DD) Power Distribution Corporation Ltd. This acquisition will strengthen TPL’s position as the leading power distribution company in India. It will now have a presence in 12 cities spread across 3 states and 1 Union Territory. With the addition of DNH & DD, TPL will distribute nearly 24 billion units of electricity per annum to over 3.85 million customers.

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L&T Technology Services establishes Digital Twin Practice in collaboration with Microsoft & Bentley Systems

L&T Technology Services Ltd (LTTS) has launched a next-generation IoT-based engineering practice on Digital Twins for the manufacturing and industrial sectors. LTTS has partnered with Microsoft and Bentley Systems to establish a Center of Excellence (CoE) that will address and accelerate the Digital Twin requirements of new-age manufacturing companies. 

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Shyam Metalics’ board approves Rs 990 crore capex plans

Shyam Metalics & Energy Ltd’s (SMEL) board has approved a proposal to allocate Rs 990 crore as capital expenditure (capex) to expand manufacturing capacities. The company aims to expand its capacity by 2.85 million tonnes per annum (MTPA) as it enters FY23. The increased aggregate capacity will now be 14.5 MTPA. SMEL has also commissioned an alumnium-foil-making plant with an annual capacity of 40,000 tonnes. 

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Singapore Exchange selects TCS as strategic partner for NSE IFSC-SGX Connect

Singapore Exchange (SGX) has selected the TCS BaNCS platform to power the NSE IFSC-SGX Connect (Gift Connect) for trade execution and clearing of NIFTY products on behalf of its members globally. SGX has set up SGX India Connect IFSC Pvt Ltd (a special purpose vehicle) at Gujarat International Finance Tec-City. The exchange aims to enable international access to Indian capital markets and create a larger liquidity pool of international and domestic participants. 

Read more here.

Tata Power partners with Battery Smart to install EV charging stations in Delhi

Tata Power Delhi Distribution Ltd has partnered with Battery Smart, a battery-swapping network for electric vehicles (EVs), to open Swap Stations for two-and-three wheelers across North Delhi in 2022. By creating a vast network of Swap Points across Delhi, both companies are supporting the state government’s ‘Switch Delhi’ campaign. 

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Tata Communications, Formula 1 announce multi-year strategic collaboration

Tata Communications Ltd (TCL) and Formula 1 have announced a multi-year strategic collaboration. TCL will return to the sport of racing as the Official Broadcast Connectivity Provider of Formula 1. The company will provide global end-to-end managed network services for video contribution. It will also deliver and enhance the global fan experience.

Read more here.

Tech Mahindra partners with Cisco to modernize 5G infra 

Tech Mahindra Ltd has announced a collaboration with Cisco to modernize 5G infrastructure with a routed optical networking solution. The partnership aims to simplify internet transport networks by using optical and routing technologies to converge service over an Internet Protocol (IP) infra. The combined synergies of both companies will enable an end-to-end value proposition for service providers to reduce complexity in their networks.

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Piramal Capital ties up with IMGC to offer home loans

Piramal Capital & Housing Finance Ltd (PCHFL) has partnered with India Mortgage Guarantee Corporation (IMGC) to offer home loans ranging from Rs 5-75 lakh to salaried and non-salaried customers. Under this arrangement, IMGC will provide guarantee on a part of the loan so that it is secured in case of a default. PCHFL aims to generate 10-12% of its business from the partnership by the end of FY23.

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Oil India’s board approves Rs 6,555 crore investment for Numaligarh petrochemical project

Oil India Ltd’s board has approved an investment of Rs 6,555 crore in its subsidiary, Numaligarh Refinery. The capital will be allocated for implementing a petrochemical project (a polypropylene unit and associated facilities) at the refinery. The board has also approved the formation of a joint venture (JV) between Assam Gas and Oil India. The JV will take over three geographical areas offered by Petroleum and Natural Gas Regulatory Board under the 11th round of city gas distribution bidding.

Read more here.

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SpiceJet Posts Net Profit of Rs 23 crore in Q3 – Top Indian Market News

SpiceJet Q3 Results: Net profit at Rs 23 crore

SpiceJet Ltd reported a net profit of Rs 23.28 crore for the quarter ended December (Q3 FY22). It had posted a net loss of Rs 59.96 crore in the corresponding quarter last year (Q3 FY21). Its revenue from operations rose 33.95% YoY to Rs 2,259.3 crore during the same period. The airline’s capacity in terms of seat kilometers increased by 78% quarter-on-quarter (QoQ), while flight departures increased 59% QoQ. 

Read more here.

ACC commission grinding unit in Tikaria

Cement manufacturer ACC Limited has commissioned a 1.6-million tonnes per annum (MTPA) grinding unit at Tikaria in Uttar Pradesh. With this addition, the total capacity at Tikaria will increase to 3.91 MTPA. The new facility will manufacture environment-friendly cement products with low carbon emissions.

Read more here.

IndusInd Bank to facilitate digital transactions on e-NAM for agri-value chain participants

The Small Farmers Agri-Business Consortium (SFAC) has selected IndusInd Bank to facilitate digital collection and settlement services on National Agriculture Market (e-NAM) portal for transactions between farmers and traders across India. The bank will offer a range of transaction services via digital modes to the buyer and seller of agricultural produce. This includes multi-net banking, debit card, NEFT, RTGS, IMPS, and UPI.

Read more here.

Info Edge to acquire 25% stake in Juno Learning

Info Edge (India) Ltd has acquired a 25% stake in Gurugram-based Juno Learning for Rs 11 crore. The company has agreed to acquire 4,331 compulsorily convertible preference shares of the face value of Rs 10 each as the primary acquisition of shares. Juno Learning is building an interactive online school that teaches sales techniques, processes, and tools to entry-level professionals and students to enhance employability. 

Read more here.

Spandana Sphoorty Q3 Results: Net profit at Rs 45 crore

Spandana Sphoorty Financial Ltd reported a consolidated net profit of Rs 45.1 crore for the quarter ended December (Q3 FY22). It had posted a net loss of Rs 29.7 crore in the corresponding quarter last year (Q3 FY21). Its revenue from operations rose 2.4% YoY to Rs 346.1 crore in Q3 FY22. The company’s board has approved a proposal to raise Rs 300 crore via preferential allotments of shares and warrants to support future growth plans.

Read more here.

Ansal Properties to invest Rs 46 crore for faster completion of projects

Ansal Properties and Infrastructure Ltd (APIL) will invest Rs 46 crore through warrants for reducing debt and speeding up the development of existing projects. The company’s board has approved the issue and allotment of 2.70 crore warrants to promoter group entity and non-promoter (public) investors. APIL has been focusing on reducing debt in the past 12-18 months by settling debts with various lenders. 

Read more here.

SC allows Future Retail to approach Delhi HC on Reliance Retail deal

The Supreme Court (SC) has allowed Future Retail Ltd (FRL) to approach the Delhi High Court to seek permission for the continuation of proceedings in the National Company Law Tribunal (NCLT) regarding the sanction for its merger with Reliance Retail. The SC bench said that the high court should consider the plea of FRL on the issue without being influenced by the observations made in its order. 

Read more here.

ABG Shipyard floated 98 companies to divert funds: CBI

The probe into the alleged fraud caused by ABG Shipyard Ltd (ABGSL) by the Central Bureau of Investigation (CBI) has revealed that at least 98 companies were floated by the accused to divert funds. The diverted funds were then used to create personal assets and for evergreening loans. Last week, the CBI booked ABGSL and its directors for allegedly defrauding a consortium of banks of over Rs 22,8482 crore.

Read more here.

India’s exports jump 25.28% to $34.5 billion in January

India’s exports rose 25.28% to $34.50 billion in January 2022. This was on account of healthy performance by the engineering, petroleum and jewellery sectors. The trade deficit during the month widened to $17.42 billion. Imports grew by 23.54% to $51.93 billion in Jan.

Read more here.

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JSPL Output Grows 9% to 5.9 MT in April-December – Top Indian Market News

JSPL output grows 9% to 5.9 MT in April-December 2021

Jindal Steel & Power Ltd (JSPL) has manufactured 5.904 million tonnes (MT) steel in the April-December period of FY 2021-22, an increase of 9% YoY. The company’s sales stood at 6.85 lakh tonnes in December 2021. Delhi-based JSPL has a significant presence in the steel, power, and mining sectors with investments of Rs 90,000 crore across the globe.

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L&T Construction secures order from DMRC

Larsen & Toubro Ltd’s construction business has secured a significant order (in the range of Rs 1,000-2,500 crore) from Delhi Metro Rail Corporation (DMRC) for the design and construction of the underground metro project Phase-1 of the Patna Mass Rapid Transit System. The project will be funded by Patna Metro Rail Corporation (PMRC). The metro project alignment passes through the heart of Patna city and is scheduled to be completed within 42 months.

Read more here.

Tata Communications partners with Zain to offer smart city solutions for Saudi Arabia

Tata Communications Ltd and telecom services provider Zain KSA have entered into a strategic partnership to bring smart city solutions to Saudi Arabia. The combined ecosystems will deliver solutions and platforms to remodel cities with smart street lighting, smart waste management, connected workplace, and healthcare. The partnership will serve Saudi’s enterprises and government institutions with advanced technologies such as Internet of Things (IoT), 5G, Low Range Wide Area Network, managed security service, etc.

Read more here. 

Alembic Pharma gets USFDA approval for generic drug

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Doxycycline Hyclate Delayed-Release Tablets. The drug is indicated to reduce the development of drug-resistant bacteria. As per IQVIA data, the tablets had an estimated market size of $10 million (~Rs 74.62 crore) for the twelve months ended September 2021.

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IDFC First Bank records 10% YoY growth in total customer deposits in Q3

IDFC First Bank reported a 10.48% YoY growth in total customer deposits to Rs 85,387 crore for the quarter ended December (Q3 FY22). The Current Account-Savings Account (CASA) ratio was 51.85% in Q3 FY22, compared to 48.31% in Q3 FY21. The bank’s housing loans book grew by 44.2% YoY. Gross funded assets aggregated to Rs 1,22,289 crore as of December 31, 2021, up 10.70% YoY.

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Axis Bank concludes structured derivative deals as RBI ban lifts

 Axis Bank has started offering structured derivative products to leading companies after a ban on these deals was lifted by the Reserve Bank of India (RBI) effective Monday. The first of these transactions were executed with Reliance Industries Ltd, which involved the use of Barrier FX options for their currency risk management. The bank also concluded another transaction with Supreme Petrochem Ltd.

A structured product (also known as a market-linked investment) is a pre-packaged structured finance investment strategy based on securities, options, indices, derivatives, etc.

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Piramal Capital to open 100 branches, expand to 1,000 cities post DHFL acquisition

Piramal Capital & Housing Finance Ltd (PCHFL) has announced plans to open 100 branches and expand to 1,000+ cities in the coming years. In September 2021, PCHFL completed the acquisition of debt-laden Dewan Housing Finance Ltd (DHFL), thereby creating one of the largest housing finance companies in the country. The company now has access to over 10 lakh customers across 24 states with a network of 301 branches.

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Delhi HC dismisses Future Group’s plea for termination of Amazon arbitration

The Delhi High Court has dismissed the pleas moved by Future Group companies seeking a direction to the arbitration tribunal, which is adjudicating Amazon’s objections against their deal with Reliance, to decide on their application for the termination of the arbitration proceedings before moving any further. 

Amazon and Future have been locked in a bitter legal tussle after the US-based e-commerce giant dragged Future Group to arbitration at the Singapore International Arbitration Centre (SIAC) in October 2020. Amazon argued that Future Retail Ltd (FRL) had violated their contract by entering into a deal for the sale of its assets to Reliance Retail for Rs 24,500 crore.

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Dr. Reddy’s Labs launches Covid-19 drug Molnupiravir at Rs 35 per pill

Dr. Reddy’s Laboratories Ltd will launch its COVID-19 antiviral Molnupiravir capsules under its brand name Molflu across India at matching the price of Mankind Pharma. Molflu will be priced at Rs 35 per capsule, and the total course of 40 capsules over 5 days will cost Rs. 1,400, making it among the most affordable treatment options available to patients.

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Bharti Airtel drops corporate rejig plan

Bharti Airtel Ltd announced the withdrawal of corporate structure that was announced in April 2021. The company will continue with the existing corporate structure, pursuing a plan to merge DTH operations with Airtel. The government’s telecom reforms have resulted in a strong balance sheet, and Bharti Airtel plans to invest aggressively in the emerging growth opportunities in the digital economy.

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TVS Motors to Invest Rs 1,200 crore in Future Tech and EV – Top Indian Market News

TVS Motors to invest Rs 1,200 crore in future technologies and EV

TVS Motor Company Ltd has signed a Memorandum of Understanding (MoU) with the Govt of Tamil Nadu to invest Rs 1,200 crore in future technologies and electric vehicles (EVs) over the next four years. The investment would be for the design, development, and manufacturing of new products and capacity expansion in the EV space. TVS Motor said the signing of the MoU was in line with its firm belief in the potential of the state in terms of human resources, infrastructure, and overall business environment. 

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NCLAT stays Rs 200 crore penalty imposed by CCI on Maruti Suzuki

The National Company Law Appellate Tribunal (NCLAT) has stayed the Rs 200 crore penalty imposed by the Competition Commission of India (CCI) on Maruti Suzuki India Ltd. However, NCLAT directed the automaker to deposit 10% of the total penalty amount with the NCLAT’s Registrar within three weeks. It will take up the appeal filed by Maruti Suzuki for admission on December 15.

On August 23, 2021, CCI had imposed a penalty of Rs 200 crore on MSIL for allegedly restraining competition with its policy of controlling the discounts that dealers could offer customers. 

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NPCI Bharat BillPay onboards Tata Power to facilitate electricity bill payments

NPCI Bharat BillPay has onboarded Tata Power on its platform ClickPay— making it the first power company to go live on the newly launched platform. Tata Power will generate the ClickPay link and share it with customers, which will redirect them to the payment page. This initiative will enable more than seven lakh customers of Tata Power to pay their electricity bills in a hassle-free and seamless manner. 

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KIOCL signs pact with Truman Engineering to set up heat recovery coke oven plant

KIOCL Ltd has entered into an agreement with Tauman Engineering Ltd for setting up a heat recovery coke oven plant at a contract price of Rs 185 crore. The plant will have a production capacity of 1,80,000 tonnes per annum (TPA). The company has signed a tripartite agreement with Tauman Engineering and CSIR-Central Institute of Mining and Fuel Research for providing the technology and know-how. 

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Alembic Pharma gets USFDA approval for formoterol fumarate inhalation solution

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic version of formoterol fumarate inhalation solution. The drug is indicated for the treatment of constriction of airways in patients with chronic obstructive pulmonary disease. According to IQVIA data, the inhalation solution had a market size of $310 million (~Rs 2,308 crore) for twelve months ended September 2021.

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TCS expands partnership with Swiss Re to build cloud-based digital workplace

Tata Consultancy Services (TCS) has expanded its strategic partnership with Swiss Re to help them build a more social and open digital workspace. As part of this initiative, TCS will support the reinsurance company to develop its future-ready, cloud-based digital workplace using Microsoft technologies. It will enable Swiss Re to accelerate the innovation pipeline within the organisation.

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Future Retail employees urge Supreme Court to clear asset sale in Amazon dispute

The Future Retail Employee Welfare Association has filed a special leave petition in the Supreme Court (SC), seeking to intervene in the current proceedings of the company’s dispute with Amazon over its 2019 deal with Reliance. The association has stated that the interests of nearly 27,000 employees of Future Retail have been affected by the orders passed in arbitral proceedings. Amazon is trying to block the sale of Future Group’s retail, wholesale, and logistics business to Reliance Industries Ltd (RIL) for Rs 24,713 crore for allegedly breaking contracts.

In other news, the SC has deferred the hearing in the legal tussle between Amazon and Future Group to December 8. This is on account of the inconvenience caused by the bulky documents placed on record by the parties.  

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Nxtra by Airtel launches new hyperscale data centre park in Chennai

Bharti Airtel Ltd’s subsidiary Nxtra launched its new 38 megawatts (MW) hyperscale data centre park in Chennai on Tuesday. The centre is fully integrated with Airtel’s global submarine cable network, providing an end-to-end secure connectivity solution to hyperscalers. Nxtra claims to operate the largest network of data centres in India. It aims to invest Rs 5,000 crore by 2025 to increase its data centre capacity three times to over 400 MW. 

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Greaves Electric Mobility inaugurates its largest EV production facility in Tamil Nadu

Greaves Cotton Ltd’s e-mobility arm, Greaves Electric Mobility, announced the opening of its largest EV production facility at Ranipet in Tamil Nadu. Spread across 35 acres, the plant is located in the industrial centre of Tamil Nadu. It will serve as an e-mobility hub for both domestic and export markets. The manufacturing facility with additional assembly lines will produce up to 10 lakh vehicles a year. 

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Equitas SFB partners with HDFC Bank to offer co-branded credit cards

Equitas Small Finance Bank (SFB) has partnered with HDFC Bank to launch its new co-branded credit cards. This strategic partnership draws on HDFC Bank’s strengths as India’s leading issuer of credit cards and superior customer engagement to extend best-in-class services to Equitas SFB’s customer base. The credit card is available in two categories— Excite Credit Card (offers a credit limit of Rs 25,000-2 lakh) and Elegance Credit Card (provides a credit of over Rs 2 lakh).

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SpiceJet brings back Boeing 737 Max; customers to enjoy free onflight WiFi

SpiceJet Ltd has brought back Boeing 737 MAX aircraft into operation after a gap of around two-and-a-half years. Earlier this month, the airline had entered into an agreement with Boeing to settle outstanding claims related to the grounding of 737 Max aircraft and its return to service. SpiceJet has started flying two Boeing 737 Max planes in India, and 11 more such aircraft will start flying in India in the next 15-20 days. The domestic carrier will also offer free onboard WiFi on the Boeing 737 Max.

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Adani Green Energy’s Unit Wins 300-MW Wind Power Project – Top Indian Market News

Adani Green Energy’s unit wins 300 MW wind power project

Adani Green Energy Ltd (AGEL) said its subsidiary, Adani Renewable Energy Holding Fifteen Ltd (AREHFL), has received the Letter of Award (LoA) to set up a 300 megawatt (MW) wind power project. The fixed tariff for this project capacity is Rs 2.77 per kilowatt-hour (kWh) for a period of 25 years. The project comes under a tender issued by the Solar Energy Corporation of India for setting up 1,200 MW interstate transmission system (ISTS)-connected wind projects. This takes AGEL’s total renewable energy capacity to 15,165 MW.

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Delhi HC stays order restraining Future Retail to go ahead with Reliance deal

The Delhi High Court, on Monday, stayed a single judge’s order restraining Future Retail from going ahead with its Rs 24,713 crore deal with Reliance Retail. The deal was objected to by US-based e-commerce giant Amazon.com, Inc. A division bench of Chief Justice D.N Patel and Justice Jasmeet Singh issued a notice to Amazon on Future Group’s appeal challenging the single judge’s judgment (made on March 18) on the deal. The bench has listed the matter for further hearing on April 30.

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Lok Sabha passes Insurance (Amendment) Bill to raise FDI cap to 74%

The Lok Sabha has passed the Insurance (Amendment) Bill, 2021, which seeks to raise the limit for Foreign Direct Investment (FDI) in insurance companies from 49% to 74%. The Bill was passed by the Rajya Sabha last week and now requires Presidential approval to become law. The increase in FDI limit will help improve life insurance penetration and create more value-based affordable healthcare for all Indians.

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RailTel Corp secures order worth Rs 153 crore from Central Coalfields

RailTel Corporation of India has secured a work order amounting to Rs 153.15 crore from Central Coalfields Limited. The order consists of establishing MPLS-VPN Network or higher Bandwidth on a rental basis for 5 years. State-owned RailTel Corp is one of the largest neutral telecom infrastructure providers in India.

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Bharti Airtel to allot 3.64 crore shares to Lion Meadow Investment

Bharti Airtel said its Special Committee of Directors for Fund Raising has approved allotment of 3.64 crore equity shares on a preferential basis to Warburg Pincus’ affiliate Lion Meadow Investment Limited (LMIL) at an issue price of Rs 600 per share. As per the deal, Bharti Airtel will acquire a 20% stake in its DTH arm, Bharti Telemedia, from LMIL for Rs 3,126 crore. After this transaction, LMIL will hold a 0.664% stake in Bharti Airtel.

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Mindtree partners with Knauf to drive its digital transformation initiatives

Mindtree Ltd has signed a multi-year agreement with Germany-based Knauf to help accelerate its IT transformation initiatives. Knauf is a global manufacturer of building materials and construction systems. The IT services firm will build a future-ready technology core, drive innovation, and improve Knauf’s operating efficiency. Mindtree will also provide application development services and help in digitising Knauf’s infrastructure.

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KNR Constructions receives LoA for road project in Karnataka

KNR Constructions Ltd has received the Letter of Acceptance (LoA) for a road construction project worth Rs 1,100.88 crore in Karnataka. The project involves four-laning of the Bangalore-Mangalore section of NH-75 on an engineering, procurement, and construction (EPC) basis. The project is to be completed within 24 months.

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Thermax’s arm partners with Steinmüller Babcock Environment for waste-to-energy tech

Thermax Ltd said its wholly-owned subsidiary, Thermax Babcock & Wilcox Energy Solutions (TBWES), has signed a Know-How Transfer and License agreement with Steinmüller Babcock Environment GmbH (SBE), Germany for Waste-to-Energy technology. TBWES will design, engineer, manufacture, and sell Municipal Solid Waste (MSW) fired waste to energy solutions using SBE’s well-established grate and boiler technology.

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Piramal Capital & Housing Finance raises Rs 4,050 crore via issuance of NCDs

Piramal Enterprises Ltd (PEL) said its subsidiary, Piramal Capital & Housing Finance Ltd, has raised Rs 4,050 crore through the issuance of long-term non-convertible debentures (NCDs). The five-year NCDs were issued in two tranches (rounds) in March 2021. With this, the total amount raised by PEL (including debt, equity, and asset sales) since April 2019 has touched Rs 50,000 crore. 

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Man Industries wins orders worth Rs 500 crore from domestic, overseas markets

Man Industries (India) Ltd said it has won orders worth Rs 500 crore from domestic and export markets in the oil & gas and water segments. With this, the company’s total order book stands at Rs 1,250 crore. Mumbai-based Man Industries is one of India’s leading large diameter pipe manufacturing companies.

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Maruti Suzuki to hike car prices in April due to rise in input costs

Maruti Suzuki India Ltd said it will raise prices for different car models to mitigate the impact of rising input costs. The car manufacturer did not specify by how much it planned to raise prices. The price hike comes at a time when Maruti Suzuki’s sales have stabilised after a year of troubled business due to the Covid-19 pandemic. In January 2021, the automaker had increased prices for certain models by around Rs 34,000.

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Govt to Establish National Bank for Infra Investments – Top Indian Market News

Govt in the process of setting up National Infra Bank: Finance Minister

Union Finance Minister, Nirmala Sitharaman, said that the government is in the process of setting up a national bank for funding infrastructure investments. She stated that creating institutional structures, big thrust on monetising assets, and enhancing the share of capital expenditure in central and state budgets were three concrete steps taken by the government for building infrastructure. The minister is expected to introduce the National Bank for Financing Infrastructure and Development Bill, 2021, in Parliament next week. 

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Bharti Airtel to acquire 7.48% stake in Sandhya Hydro

Bharti Airtel Ltd said it will acquire 17.43 lakh equity shares (or 7.48% stake) in Sandhya Hydro Power Project Balargha. The cost of the acquisition is Rs 1.74 crore. Sandhya Hydro owns and operates a small hydro project of 9 megawatt (plus 10% continuous overload) in Kullu district, Himachal Pradesh. It is a subsidiary of Continuum Energy, Singapore.

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Adani Green Energy to acquire 50 MW solar asset from SkyPower Global

Adani Green Energy has signed definitive agreements with Toronto-based SkyPower Global to acquire a 100% stake in a special purpose vehicle (SPV) that owns a 50 megawatt (MW) operating solar asset in Telangana. The cost of the acquisition is based on the enterprise value of Rs 317 crore. The SPV, Surajkiran Renewable Resources, was commissioned in October 2017. It has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana at Rs 5.37 per kilowatt-hour (kWh). 

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Power Grid to acquire 74% stake in Jaypee Powergrid for Rs 351.64 crore

Power Grid Corporation of India Ltd (PGCIL) has signed an agreement with Jaiprakash Power Ventures Ltd (JPVL) to acquire 74% stake in Japyee Powergrid Ltd (JPL) for Rs 351.64 crore. JPL is a joint venture (JV) between Power Grid and JPVL. After the acquisition, JPL will become a wholly-owned subsidiary of PGCIL. The transmission JV has a 214 km transmission link to supply electricity from the Karcham-Wangtoo hydropower project in Himachal Pradesh to Himachal Pradesh, Haryana, Punjab, Uttar Pradesh, and Rajasthan

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Failure at NSE clearing arm led to February outage: RBI

The Reserve Bank of India (RBI) said that shutting down of the system at NSE Clearing Limited (NCL) had led to the day-long trading blackout in the stock exchange on February 24, 2021. NCL is responsible for the clearing and settlement of all trades executed on the NSE, as well as risk management functions. “The major issue faced on Feb 24th was the ineffectiveness of inter-operability because of the shutting down of NCL”, said RBI in its State of the Economy bulletin. Another failure was the inability to switch NSE’s operations to the disaster recovery site.

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Barbeque Nation Hospitality IPO to open on March 24; price band fixed at Rs 498-500 per share

Barbeque Nation Hospitality Ltd will open its initial public offering (IPO) on March 24. The price band for the IPO has been fixed at Rs 498 – Rs 500 per share. The IPO comprises a fresh issue of shares worth Rs 180 crore and an offer for sale (OFS) of 54.57 lakh equity shares by existing shareholders. Net proceeds aggregating up to Rs 54.62 crore will be used for setting up 26 new Barbeque Nation Restaurants during financial years 2022 and 2023. 

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India’s crude oil processing hit 4-month low in February

India’s crude oil processing fell to its lowest level in four months in February 2021. According to provisional data released by the government, crude oil processing in February declined by 8.8% year-on-year (YoY) to 4.87 million barrels per day. On a monthly basis, crude oil throughput fell by 5.6%. Fuel consumption in the country also fell to a five-month low last month as higher retail prices affected demand.

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Future Group to challenge Delhi HC order on Biyani over RIL deal: Report

As per a report from Mint, the Future Group has decided to challenge the Delhi High Court (HC) order directing detention of its founder Kishore Biyani and attachment of his assets, while restraining the debt-ridden group from taking any step towards its proposed Rs 24,713 crore asset sale deal with Reliance Industries Ltd (RIL). The report states that an appeal challenging the order may be filed on Monday or Tuesday. On March 18, a single-judge bench of the Delhi HC ordered Future Retail not to go ahead with its deal with RIL, as it had willfully violated Singapore International Arbitration Centre’s emergency order.

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Govt receives Rs 747 crore from GAIL’s share buyback

The Central government has received Rs 747 crore from share buyback by GAIL (India) Ltd, said DIPAM Secretary Tuhin Kanta Pandey. The total share buyback size was Rs 1,046 crore. The government’s current holding in the company stands at 51.45%. To meet revenue targets, the Centre wants public sector undertakings (PSUs) to either meet their targets for capital expenditure or reward its shareholders in the form of dividends or share buybacks.

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Fuel Rates Hiked by 15-24 paise After 3-Day Break – Top Indian Market News

Fuel rates hiked by 15-24 paise after 3-day break; Petrol price in Delhi at Rs 91.17

After remaining unchanged for 3 consecutive days, fuel prices in India were hiked by 15-24 paise on Saturday. Petrol price in Delhi has surged to Rs 91.17 per litre and in Mumbai to Rs 97.57 per litre. Diesel rates in Delhi rose to Rs 81.47 per litre, while it stood at Rs 88.60 per litre in Mumbai. Petrol and diesel prices have been rising continuously since February 9. So far, the prices have gone up by Rs 4.22 per litre for petrol and Rs 4.34 a litre for diesel in the national capital.

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Reliance partners with Google, Facebook for seeking NUE license from RBI: Report 

As per a report from Economic Times, Reliance Industries has partnered with Google and Facebook Inc. to set up a New Umbrella Entity (NUE). The NUE will allow them to create a payments network similar to the Unified Payments Interface (UPI) to gain a share of India’s fast-growing digital payments market. The report states that the companies are in advanced stages of submitting their proposal to the Reserve Bank of India (RBI).

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JLR to write off £1.5 billion in Q4 as part of its restructuring plan

Jaguar Land Rover (JLR) will take a one-time write-off of £1.5 billion (~Rs 15,372 crore) in the January-March quarter (Q4) as part of a restructuring exercising under its ‘Reimagine’ strategy. This will be the second biggest write-off by the UK subsidiary of Tata Motors. Under the Reimagine strategy, JLR plans to develop a more focused product portfolio and cut annual spending to about £2.5 billion (~Rs 25,620 crore).

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To know more about JLR’s Reimagine strategy, click here.

Around 11 lakh people will lose jobs if Future Retail-Reliance deal falls through: FMCG distributors, traders

Around 11 lakh people will lose their jobs if the Future Retail-Reliance deal falls through, said FMCG distributors, Traders Association Delhi, and a Delhi-based NGO in a joint statement. They said that Future Group and Reliance had ensured that all businesses, including Big Bazaar, EasyDay, Nilgiris, Central, and Brand Factory would continue to function so that employees and suppliers do not lose their livelihood. They stated that the frequent litigations and roadblocks by Amazon are putting this arrangement into a crisis. 

Board of Affle (India) approves raising upto Rs 1,080 crore

Affle (India) Limited said its Board of Directors has approved raising upto Rs 1,080 crore through the issue of securities, including warrants and bonds. The fundraising is subject to the approval of shareholders. Affle (India) is a global technology company with a proprietary consumer intelligence platform that delivers consumer engagements, acquisitions, and transactions through relevant mobile advertising.

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Vedanta Resources raises $1.2 billion ahead of open offer for Indian listed unit

Vedanta Resources said it has successfully raised $1.2 billion (~Rs 8,831 crore) through bonds sold to international investors. The bonds were priced at 8.95% with a four-year maturity. The proceeds of the bonds will be used for acquiring 33.17 crore equity shares (or 10%) of its India unit, at Rs 160 per share. The total consideration of the deal would be about Rs 5,948 crore. 

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HKG Limited’s board approves rights issue of upto Rs 45 crore

The Board of Directors of HKG Limited has approved the offer and issuance of fully paid-up equity shares of the company for an amount not exceeding Rs 45 crore by way of a rights issue to eligible equity shareholders. The record date for the same will be determined and notified in due course. Mumbai-based HKG Limited empowers small businesses through the use of its web interfaces and services.

At 3 pm, squaring off was the right decision: Zerodha CEO on NSE trading halt

Addressing Wednesday’s trading halt at the National Stock Exchange (NSE) via Twitter, Zerodha CEO Nithin Kamath said, “At 3 pm, not knowing if market timings would be extended, squaring off was the right decision”. Several investors had criticised Zerodha for their losses after their trades were squared off by the broker. Kamath further said, “As brokers, our business isn’t to predict the direction of the market”.

Indigo to operate select domestic flights from T1 in Mumbai

InterGlobe Aviation Ltd (IndiGo) said that all its domestic flights having subset series 6E 5500 – 6E 5900 will be operated from Terminal-1 of the Mumbai airport, starting March 10. All other flights, including the 5000 series, will continue to operate from Terminal 2. IndiGo, in a release, said that it has taken measures to ensure that passengers are informed of this change at every stage of their journey with the airline.

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Stovec Industries Q4 Results: Net profit declines 17% YoY to Rs 4.64 crore

Stovec Industries Ltd reported a 16.99% YoY decline in standalone net profit to Rs 4.64 crore for the fourth quarter ended December (Q4 CY20). The company follows the January-December financial year cycle. Its revenue from operations declined 1.23% YoY to Rs 49.69 crore during the same period. The company’s board has declared an interim dividend of Rs 22 per share.

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Supreme Court Halts Future Group-Reliance Deal on Amazon Plea – Top Indian Market News

Supreme Court halts Future Group-Reliance deal on Amazon plea

The Supreme Court on Monday asked the National Company Law Tribunal (NCLT) not to pass a final order on Future Retail’s Rs 24,713-crore asset sale to Reliance Industries Ltd. However, the apex court has allowed the NCLT to continue hearing on amalgamation proceedings between Future Retail and Reliance. The SC also agreed to hear Amazon’s plea against the Delhi High Court verdict staying its single-judge directive to maintain status quo on the deal.

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L&T secures large contracts in power transmission segment

Larsen and Toubro (L&T) said its Power Transmission & Distribution (PT&D) business has secured large domestic and overseas contracts. As per the company’s specifications, a ‘large’ contract ranges between Rs 2,500-Rs 5,000 crore. The PT&D business has secured two EPC orders to establish 400 MW solar photovoltaic projects in Gujarat. The business segment has also won an order to install 400 kV line-connected current limiting reactors in Qatar.

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Bharat Forge partners with Paramount Group to manufacture armoured vehicles in India

Bharat Forge Limited has partnered with global aerospace and technology firm Paramount Group to manufacture armoured vehicles in India. An agreement was signed by both companies during the International Defence Expo (IDEX 2021) in Abu Dhabi. As per the agreement, the companies will join forces to manufacture Kalyani M4, a flagship aromoured vehicle designed by Paramount in partnership with Pune-based Kalyani Group.

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Mindtree achieves Google Cloud Partner specialisation in application development

Mindtree Limited has achieved the Application Development Partner Specialization in the Google Cloud Partner Advantage Program. The IT company said this specialization highlights its expertise and success in building customer solutions in application development using Google Cloud technology. Mindtree further said it is committed to helping enterprises grow and scale their business by offering a wide spectrum of cloud-based services.

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Dr Reddy’s launches Lansoprazole tablets in the US

Dr Reddy’s Laboratories has announced the launch of Lansoprazole delayed-release orally disintegrating tablets in the United States. The tablets are used to treat certain stomach and esophagus problems such as acid reflux, ulcers. According to IMS Health data, the generic version of the tablets had US sales of approximately $87 million (~Rs 630 crore) for the recent twelve months ending in December 2020.

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Glenmark Pharma’s arm gets Russian Health Ministry approval for Ryaltris nasal spray

Glenmark Pharmaceuticals said its Swiss subsidiary, Glenmark Specialty, has received marketing approval from the Ministry of Health of the Russian Federation for its Ryaltris Nasal Spray. Ryaltris is indicated for the treatment of seasonal and perennial allergic rhinitis in adults and children over the age of 12 years. The company expects the product to be made available to patients in Russia in the first quarter of FY 2021-22.

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Vivimed Labs receives approval from Uzbekistan govt for Febril syrup

Vivimed Labs Limited announced that it has received approval for Febril syrup 100ml from the Uzbekistan government. The product is used to relieve symptoms of allergy, hay fever, and the common cold. Hyderabad-based Vivimed Labs is a global supplier of specialty chemicals and pharmaceutical products.

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Steel Strips Wheels secures export orders worth €850,000

Steel Strips Wheels Ltd (SSWL) has secured export orders of over 93,000 wheels for the EU caravan trailer market. The orders are valued at around €850,000 (~Rs 7.47 crore). The export orders will be executed between April and June from the company’s plant in Chennai. SSWL is a leading manufacturer of steel wheel rims for various segments of the automobile industry.

Tata Motors launches all-new Safari

Tata Motors Limited, on Monday, launched the all-new Tata Safari at a starting price of Rs 14.69 lakh (ex-showroom, Delhi). The SUV will be available in 6 variants. The automaker has also launched an Adventure Persona edition of the Tata Safari, which ranges between Rs 20.20 lakh – Rs 21.45 lakh.

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Hindalco’s board approves amendments to Dividend Distribution Policy

Hindalco Industries Ltd announced that its Board of Directors has approved an amendment to its Dividend Distribution Policy. The objective of this policy is to provide clarity to stakeholders on the company’s dividend distribution framework. Hindalco’s board will now endeavour to distribute a dividend in the range of 8% to 10% of the Free Cash Flow at its consolidated level.