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India’s Services Activity Slows in December – Top Indian Market News

India’s services activity slows in December; PMI at 3-month low

India’s services activity slowed down to its lowest level in three months in December. Data released by IHS Markit on Wednesday showed that Purchasing Managers’ Index (PMI) for the services sector dropped to 52.3 in December from 53.7 in November. According to the analytics firm, staff hiring came to a halt due to liquidity concerns and subdued demand, while business optimism faded. PMI is a month-on-month calculation, and a figure above 50 indicates expansion while a figure below 50 signals contraction.

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Four workers dead, six hospitalised after toxic gas leak at SAIL’s Rourkela plant

At least four workers died and six others were hospitalised after inhaling a suspected toxic gas leaked from a unit at Rourkela Steel Plant (RSP) in Odisha. RSP is operated by the state-run Steel Authority of India Ltd (SAIL). The mishap took place at the Coal Chemical Department of the RSP on Wednesday morning, when a total of 10 workers were on duty. The four were contractual workers engaged by a private company. SAIL stated that a high-level committee has been formed to inquire into the cause of the incident. All emergency protocols have been immediately activated in the plant.

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Bharti Airtel moves SC over ‘error’ in DoT’s AGR calculation

Bharti Airtel Ltd has moved the Supreme Court over “arithmetical errors” in the Department of Telecommunications’ (DoT) calculation of adjusted gross revenue (AGR)-related dues. According to the DoT’s calculation, Airtel owes a total of Rs 43,980 crore in AGR dues, which includes principal, interest, penalty, and interest on penalty. However, as per its self-assessment, the company owes Rs 13,004 crore to the government. Bharti Airtel stated that AGR payments that were made earlier were not factored in by the DoT while raising demands for different circles and years.

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You can read more about the Telecom AGR saga here.

Tanla Platforms partners with Microsoft to develop CPaaS platform

Tanla Platforms Ltd has partnered with Microsoft Corporation to develop a digital Communications Platform as a Service (CPaaS) platform. The new platform has been conceptualized and patented by Tanla. Microsoft was the development partner who designed and built this platform. The Hyderabad-based company has proposed to launch the platform on January 20, 2021.

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Petrol, diesel prices hiked after month-long pause

After holding steady for 29 days, the price of petrol was increased by 26 paise per litre in Delhi, on Wednesday. A litre of petrol now costs Rs 83.97 in the national capital. With this increase, the petrol price has come very close to breaching its all-time high level of Rs 84 per litre (reached on October 4, 2018). The price of diesel was also increased by 25 paise per litre- to be sold at Rs 74.12 a litre in Delhi. The price of the two petroleum products has increased at varying levels across the country, depending on the prevalent taxation structure.

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Tata Motors brings back Safari as flagship SUV

Tata Motors on Wednesday said it is bringing back its iconic brand ‘Safari’ with its upcoming flagship SUV, which is code-named as the Gravitas. The company stated that Tata Safari introduced India to the SUV lifestyle and glamourised the segment for other players to follow. The new Safari has been designed and developed to appeal to the new-age SUV customers. Tata Motors will commence bookings for the new generation Safari shortly.

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Future Retail, Amazon agree on 3-member SIAC panel

Amazon.com, Inc and Kishore Biyani-led Future Retail have agreed to the names of three panelists required for their arbitration hearing. The panel will be led by Michael Hwang, the former judicial commissioner of the Supreme Court of Singapore. The hearing will be held at the Singapore International Arbitration Centre (SIAC). The panel will pass the final verdict on whether Future Group can go ahead with the nearly Rs 25,000 crore deal with Reliance or not.

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To know more about the retail war between Amazon, Future Group, and Reliance, click here.

IDFC First Bank Q3 update: Retail deposits surge 100%

IDFC First Bank on Wednesday provided an update for the quarter ended December 2020 (Q3). Retail deposits of the bank increased 100% year-on-year (YoY) and 18% quarter-on-quarter (QoQ) in December to Rs 58,435 crore. Customer deposits of the bank increased by 41% YoY to Rs. 77,289 crore. Credit growth of the bank has remained flat.  

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DoT to start 4G spectrum auction from March 1

The Department Of Telecommunications (DoT) on Wednesday said that the auction of 4G airwaves worth Rs 3.92 lakh crore at the base price will start on March 1. The auctions come at a time when the data surge has increased multiple folds and the pandemic has led to an increased network load. According to the notice inviting application (NIA), applications can continue till February 5. The final list of the bidders will be declared on February 24.

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Bharat Dynamics secures order worth Rs 633 crore

Bharat Dynamics Ltd (BDL) said it has received a Konkurs-M ATGM (anti-tank guided missile) order, along with launchers and test equipment worth Rs 632.88 crore. The order book of the company now stands at around Rs 8,100 crore. BDL is one of India’s leading manufacturers of ammunitions and missile systems.

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Delhi HC Declines Future Retail’s Plea Against Amazon – Top Indian Market News

Delhi HC declines Future Retail’s plea against Amazon

The Delhi High Court, on Monday, declined to grant Future Retail Ltd’s (FRL) plea for an interim injunction to restrain Amazon from writing to SEBI, CCI, and other authorities about the arbitral order against its asset sale. Kishore Biyani-led FRL had approached the court to direct Amazon to refrain from interfering with the approval process for the Rs 27,513-crore deal between Future Retail and Reliance Retail Ventures Ltd. 

The High Court noted that Future Retail and Amazon have already made their representations and counter representations to the statutory authorities or regulators. It is now up to these authorities to make their decision.

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India bans all flights from UK amid fears of new Covid-19 variant spread

The Indian Government, on Monday, decided to suspend all flights from and to the United Kingdom between December 23 to 31, amid fears of a new and more infectious coronavirus variant found in the country. Passengers arriving from the UK before the suspension deadline will be mandatorily tested for Covid-19 on arrival at Indian airports. The new variant of Covid-19 is up to 70% more transmissible and has spread from the UK to Denmark, Netherlands, and Australia.

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Antony Waste Handling Cell IPO subscribed 2 times on Day 1

The initial public offering (IPO) of Antony Waste Handling Cell has been subscribed 1.97 times on December 21, the first day of the bidding. The Rs 300-crore public issue has received bids for 1.32 crore equity shares, as against an offer size of 66.66 lakh shares. The retail portion was subscribed 3.56 times and that of non-institutional investors 0.083 times. The portion set aside for qualified institutional buyers (QIB) was subscribed 0.63 times.

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Tata Motors to hike prices of commercial vehicles from January 2021

Tata Motors announced that it will hike prices of its commercial vehicle (CV) range, effective from 1 January 2020. The price increase is expected across the portfolio of Medium & Heavy Commercial Vehicles, Light & Intermediate CV, Small CV & buses. The actual change in price will depend on the individual model, variant, and fuel type. The company stated that the steady rise in material and other output costs has escalated the cost of manufacturing vehicles.

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M&M to hike prices of its tractors from January 2021

Mahindra & Mahindra (M&M) Ltd said that it will hike prices of its range of tractors from January 1, 2021, in order to partially offset the impact of rising input costs. The company further said that details of the price increase across different tractor models will be communicated in due course. Last week, M&M had announced that it will hike prices of its entire range of passenger and commercial vehicles from next month.

In other news, M&M’s Korean subsidiary- SsangYong Motor Company (SYMC) has filed for bankruptcy. The troubled automaker has also applied for an autonomous restructuring support (ARS) programme, which is a court designed process. This development comes a week after SYMC missed the repayment of a loan worth Rs 480 crore to JP Morgan Chase, South Korea.

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Glenmark Pharma receives tentative approval for blood thinning drug

Glenmark Pharma, on Monday, said it has received tentative approval from the US Food & Drug Administration (USFDA) for anticoagulant Dabigatran Etexilate capsules. The approved product is a generic version of Boehringer Ingelheim Pharmaceuticals’ Pradaxa capsules. Pradaxa is used to prevent blood clots from forming because of certain irregular heart rhythms. 

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Ramco Systems to implement aviation software for Iberia Maintenence

Ramco System Ltd announced that it will implement its flagship aviation software, Ramco Aviation M&E MRO Suite, for Spain-based Iberia Maintenance (Iberia MRO). Ramco Aviation Software will replace multiple systems to unify operations across Airframe Maintenance, Engine Shops, Component Shops & Supply Chain. The technology transformation program will enable Iberia Maintenance to future-proof its business growth while offering a simplified user experience driving better user adoption, increase process automation, and self-service.

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L&T Finance Holdings dissolves Middle East subsidiary

L&T Finance Holdings (LTFH) said that its subsidiary, L&T Capital Markets (Middle East) Ltd (LTCM-ME) has been dissolved and ceased to exist. On July 17, LTFH had informed about the voluntary winding-up of one of its wholly-owned subsidiaries incorporated in Dubai to carry on the off-shore wealth management business, subject to applicable laws of the United Arab Emirates. The company stated that the arm was not a material subsidiary of the company. [A Material Subsidiary refers to a subsidiary whose income or net worth exceeds 10% of the consolidated income or net worth of the parent company].

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SpiceJet seeks one-time restructuring of debt

SpiceJet Ltd has sought a one-time debt restructuring, apart from ₹500-crore in a working capital loan, from Yes Bank. The airline company has submitted a revival plan and its financial documents to the private bank. The stressed low-cost airline requires these temporary funds to tide over the pandemic-related disruptions.

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L&T Defence gets ‘Green Channel Status’ from Defence Ministry

The defence arm of Larsen & Toubro (L&T) has been awarded the coveted ‘Green Channel Status’ for major naval weapon delivery systems from the Directorate General Quality Assurance (DGQA), under the Ministry of Defence. The status provides L&T Defence deemed registration status and waiver of pre-dispatched inspections. L&T Defence was awarded the status after stringent audits of its production facilities, quality systems, and products carried out by the DGQA.

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Govt Approves 74% FDI in Defence Sector Under Automatic Route – Top Indian Market News

Govt approves 74% FDI in defence sector under automatic route

The Indian Government has now permitted up to 74% foreign direct investment (FDI) in the defence sector, under the automatic route. The automatic route means that investments can be made even without prior approval from the government. The earlier limit for FDIs in the sector was 49%. The increased limit would help firms in the defense sector (HAL, BEML, BDL) to seek new industrial licences. The government has also stated that FDI in this sector will be subject to security clearance by the Ministry of Home Affairs.

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RBL Bank, ICICI Prudential Life Insurance form bancassurance partnership

RBL Bank Ltd and ICICI Prudential Life Insurance have entered into a bancassurance partnership to offer an array of life insurance products to the bank’s customers. The lender will distribute ICICI Prudential Life’s products through its network of 398 branches, which is spread across 28 states. For the insurance firm, the partnership will help to further strengthen its multi-channel distribution network.

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Heritage Foods sells holding in Future Retail for Rs 132 crore

Heritage Foods Ltd has sold its entire shareholding in Future Retail for Rs 131.94 crore, in the open market. The company held a 3% stake or 1.78 crore equity shares in the Kishore Biyani-led Future Retail. Heritage Foods said that the sale proceeds will be mainly utilized for the repayment of its long term loans.

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Zydus Cadila gets USFDA Fast Track Designation for Saroglitazar

Zydus Cadila has received Fast Track Designation (FTD) from the US Food and Drug Administration (USFDA) for its investigational drug candidate- Saroglitazar Mg. The drug is indicated for the treatment of a serious liver disease known as primary biliary cholangitis (PBC). A drug that receives FTD is eligible for accelerated approval and priority review, if the relevant criteria are met.

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Maruti Suzuki launches online car financing platform in Nexa

Maruti Suzuki Ltd has announced the launch of Smart Finance service for Nexa customers across 30 cities in India. The online service seeks to provide end-to-end and real-time car finance facilities to prospective customers. To offer multiple financier options, Maruti has also tied up with HDFC Bank, Yes Bank, ICICI Bank, IndusInd Bank, and many more.

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Aurobindo Pharma gets USFDA approval for sedative drug

Aurobindo Pharma Ltd said it has received final approval from the US Food & Drug Administration for its generic version of Precedex injection. This injection is used for the sedation of patients. The drug major stated that the product will be launched in January 2021 and has an estimated market size of $228 million (~ Rs 1,677 crore).

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HAL announces interim dividend of Rs 15 per share

The Board of Directors of Hindustan Aeronautics Ltd (HAL) has declared an interim dividend of Rs 15 per equity share of Rs 10 each fully paid up, for FY21. The record date for the payment of interim dividend will be December 19, 2020. This is the first interim dividend to be declared by HAL for the financial year ended 2021.

Dr. Reddy’s ADRs listed at NSE International Exchange

The American Depository Receipts (ADRs) of Dr. Reddy’s Laboratories has been listed at the NSE International Exchange (NSE IFSC). The secondary listing of Dr. Reddy’s ADRs at NSE IFSC would provide global investors an additional venue to transact in their ADRs. Participants holding depository accounts with the International Central Securities Depository (Euroclear Bank, Clearstream) or Depository Trust Company (DTC) shall be able to transact on these ADRs.

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Amazon eyes potential $100 million investment in Apollo Pharmacy: Report

According to a report from Economic Times, Amazon.com, Inc. is considering a $100 million (~Rs 736 crore) investment in Apollo Pharmacy. The report states that Amazon’s potential investment would help it to compete with Reliance Industries and Tata Group, in India’s fast-growing drug market. Apollo Pharmacy is India’s largest branded pharmacy network, with over 3,000 outlets in key locations. 

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Firstsource Solutions partners with Celonis to accelerate digital transformation for enterprises

Firstsource Solutions Ltd has partnered with Germany-based Celonis GmbH to help businesses to improve agility and optimize their outcomes. The strategic partnership combines Firstsource’s deep domain expertise with Celonis’ AI-powered technologies to accelerate digital transformation for enterprises. Firstsource Solutions is a provider of business process outsourcing (BPO) services, based in Mumbai.

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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.