Tag: gayatri projects

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Reliance to Spin-Off Oil-to-Chemicals Segment With $25 Billion Loan – Top Indian Market News

Reliance to spin-off Oil-to-Chemicals segment with $25 billion loan

Reliance Industries Ltd (RIL) announced that it has initiated the process of carving out its Oil-to-Chemicals (O2C) business into an independent subsidiary. RIL will retain 100% management control in the subsidiary. It has also extended an interest-bearing loan of $25 billion (~Rs 1.81 lakh crore) to the O2C business. RIL expects to receive necessary approvals for the reorganisation by the second quarter of FY 2021-22.

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Cochin Shipyard secures Rs 10,000 crore order from Indian Navy

Cochin Shipyard Limited (CSL) has been declared as the lowest (L1) bidder by the Ministry of Defence for the construction of six next-generation missile vessels for the Indian Navy. The estimated value of the order is Rs 10,000 crore. The final announcement of the contract will be subject to the satisfactory completion of necessary formalities.

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Amazon India partners with Mahindra Electric to deploy 10,000 EVs for delivery

Amazon India has partnered with Mahindra Electric to deploy 10,000 electric vehicles (EVs) in its local delivery fleet by 2025. Mahindra’s electric three-wheeler, Treo Zor, is already used by Amazon’s delivery service partners in seven cities, including New Delhi, Bengaluru, and Hyderabad. This is part of Amazon.com Inc’s commitment to having 100,000 EVs in its global delivery fleet by 2030.

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Fire breaks out at UPL’s Jhagadia plant in Gujarat

UPL Limited announced that a serious fire broke out at its Jhagadia plant (in Gujarat) in the early hours of Tuesday morning. The company’s emergency team and the local fire brigade brought the massive fire under control. UPL confirmed that two people were killed and around 26 have been injured. It was reported that the fire may have been caused due to an electric short circuit.

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Adani Enterprises forms joint venture with EdgeConneX to develop data centres in India

Adani Enterprises has formed a 50:50 joint venture with US-based data centre operator EdgeConneX to build data parks in India. AdaniConneX JV has started the development of hyperscale facilities in Chennai, Navi Mumbai, Noida, Vizag, and Hyderabad. It will also develop scalable edge data centres across India.

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Bharti Airtel partners with Qualcomm for 5G rollout in India

Bharti Airtel has partnered with US-based Qualcomm Technologies for accelerating 5G services in India. The telecom company will utilise Qualcomm 5G Radio Access Network (RAN) platforms to roll-out virtualised and Open RAN-based 5G networks. Recently, Airtel became India’s first telco to demonstrate 5G over a live commercial network in Hyderabad.

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Bharat Forge receives order worth Rs 178 crore from Defence Ministry

Bharat Forge has received an order worth Rs 177.95 crore from the Ministry of Defence (MoD) for the supply of Kalyani M4 armoured vehicles to the Indian Army. As per reports, the contract from MoD entails the production of 200 Kalyani M4 vehicles under emergency procurement protocols. On Monday, Bharat Forge had signed an agreement with South Africa-based Paramount Group to manufacture Kalyani M4 vehicles in India.

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Heranba Industries IPO subscribed 85% on first day of bidding

The Rs 625-crore initial public offering (IPO) of Heranba Industries was subscribed 85% on the first day of bidding. The issue received bids for 58.76 lakh equity shares against an offer size of 69.81 lakh shares. The portion reserved for retail investors was subscribed 1.64 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 9%. 

To know more about the IPO, click here.

Zuari Agro Chemicals to sell Goa unit to Pradeep Phosphates for $280 million

Zuari Agro Chemical’s board has approved the sale of the company’s fertilizer plant in Goa and associated businesses to Pradeep Phosphates Ltd. The unit will be sold on a slump sale basis for an agreed enterprise value of $280 million (~Rs 2,030 crore). The business transfer agreement will be executed by the end of February 2021.

Gayatri Projects receives LoA for NHAI road project worth Rs 1,323 crore

Gayatri Projects Limited has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project worth Rs 1,323.5 crore. The order includes the development of six-lane access-controlled roads in the Uttar Pradesh portion of the Delhi-Saharanpur Highway. The project comes under the Economic Corridor in Phase-1 of the Bharatmala Pariyojana.

Sun Pharma to launch complete range of generic anti-epilepsy drug

Sun Pharmaceutical Industries said it plans to launch a complete range of anti-epilepsy drug- Brivaracetam in India. The drug is indicated for the treatment of partial-onset seizures in patients 16 years of age and older with epilepsy. Sun Pharma introduced Brevipil (Brivaracetam) tablet in the strengths of 25 mg/50 mg/75 mg/100 mg on Feb 21. 

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Covid-19 Expert Panel Recommends SII’s Covishield for Emergency Use – Top Indian Market News

Covid-19 expert panel recommends SII’s Covishield for emergency use

The Subject Expert Committee (SEC) on Covid-19 of the Central Drugs Standard Control Organisation (CDSCO) has recommended granting emergency use authorisation (EUA) for ‘Covishield’, a Covid-19 vaccine developed by Oxford University and AstraZeneca. The Pune-based Serum Institute of India (SII) has tied up with AstraZeneca to manufacture Covishield in India. The Drugs Controller General of India (DCGI) will now take the final decision on emergency approval of the vaccine based on the expert panel’s recommendations.

After SII’s application, the SEC has started reviewing the EUA application by Bharat Biotech for its Covid-19 vaccine, Covaxin, and is yet to take a final decision on the matter.

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Tata Sons overtakes GoI as largest promoter of listed companies

As per a report from Business Standard, Tata Sons has overtaken the Government of India (GoI) as the largest promoter of listed companies. This is the first time in nearly two decades that the government has not held the position. This has been due to the decline in the market capitalisation of state-run companies. The report states that Tata Sons’ stake in the conglomerate’s listed companies is now worth Rs 9.28 lakh crore, up 34.4% on a year-on-year (YoY) basis.

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Automobile companies register improved sales growth in December

Major automobile companies registered healthy sales growth during December 2020. Maruti Suzuki posted a 20.2% YoY increase in total sales at 1.60 lakh units in December, which was led by compact vehicles, LCVs, and vans. Mahindra & Mahindra announced that its overall passenger vehicle sales were up 3% YoY at 16,182 units, with a 3% growth in exports at 2,210 units. Escorts Ltd’s domestic tractor sales grew 90% YoY at 7,230 units, while exports were up 63.3% at 503 units.

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WHO approves Pfizer-BioNTech vaccine for emergency use

The World Health Organization (WHO) announced that it has cleared the Pfizer-BioNTech coronavirus vaccine for emergency use. This means that poorer countries may soon get access to the shot, which is already available in Europe and North America. Every country that has a drug regulatory agency will have to issue its own approval for any COVID-19 vaccine. However, countries with weak systems usually rely on the WHO to vet the shots.

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TCS completes acquisition of Postbank Systems from Deutsche Bank AG

Tata Consultancy Services (TCS), on Friday, said it has completed the acquisition of 100% shares of Postbank Systems AG (PBS) from Deutsche Bank AG. PBS has been the internal IT provider for Postbank AG, a subsidiary of Deutsche Bank. It caters to the German retail banking market. In November 2020, TCS had announced its plans to acquire Postbank Systems through its subsidiary, Tata Consultancy Services Netherlands B.V.

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Praj Industries bags Rs 226 crore order from Indian Oil Corporation

Praj Industries Ltd, on Friday, said it has bagged a Rs 226.90 crore order from Indian Oil Corporation Ltd (IOCL). The company stated that the order is for the execution of a zero liquid discharge system – water treatment package and wastewater treatment package of Acrylic/Oxo-Alcohol Project, at IOCL Dumad in Gujarat. Praj Industries is a Pune-based industrial biotechnology company.

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Coal India output rises 6% to 157 million tonnes in Q3

Coal India Ltd’s output grew 6.3% YoY at 156.8 million tonnes (MT) during the October-December quarter (Q3). The company had reported an output of 147.5 MT during the same period in the previous financial year (FY20). The state-owned mining company also posted over 9% YoY growth in offtake at 154.6 MT during Q3 FY21. [Coal offtake is the amount of coal supplied from the coal mine]

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Gayatri Projects declared lowest bidder for road project worth Rs 1,323 crore

Gayatri Projects Ltd said it has been declared as the lowest bidder for a road project worth Rs 1,323.52 crore. The company has been declared as an L-1 bidder for the development of a six-lane access-controlled highway in the Uttar Pradesh portion of the Delhi-Saharanpur Highway. Gayatri Projects is a Hyderabad-based construction engineering company.

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Dabur launches ‘Dabur Red Pulling Oil’, an Ayurvedic mouthwash

Dabur India Ltd has announced its entry into the mouthwash category with the launch of Dabur Red Pulling Oil, an Ayurvedic mouthwash. The launch of this Ayurvedic detox for teeth and gums marks another first for Dabur and the Ayurvedic products industry in India. Priced at Rs 275 for a 195ml pack, Dabur Red Pulling Oil is initially available across all leading e-commerce platforms and will soon be rolled out through regular retail channels.

Adani Green secures 600 MW wind-solar hybrid power project

Adani Green Energy announced that its subsidiary, Adani Renewable Energy Holding Eight Ltd, has received the contract to build a 600 megawatts (MW) wind-solar hybrid power project. This will take the company’s total project portfolio to 14,795 MW. The fixed tariff for this project is Rs 2.41 per unit for a period of 25 years. The project is scheduled to be commissioned in 18 months from the effective date of the power purchase agreement.

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Kerala Moves SC Against Leasing Out TVM Airport to Adani – Top Indian Market News

Kerala moves SC against leasing out TVM airport to Adani Group

The Kerala Government moved the Supreme Court seeking a stay on the Centre’s decision to lease out the Thiruvananthapuram International Airport to Adani Enterprises Ltd. Adani had won the rights for the operations of the airport in an auction held in August. The petition filed by Kerala in the apex court argues that Adani Group does not have prior experience in the field and is therefore unfit. The petition also claims that the decision goes against “public opinion”. 

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RBI rejects Muthoot Finance’s proposal to buy IDBI Mutual Fund

Muthoot Finance, on Tuesday, announced that the Reserve Bank of India has rejected its proposed acquisition of IDBI Mutual Fund. The company’s request for a no-objection certificate was not accepted by the RBI. The central bank stated that “the activity of sponsoring a Mutual Fund or owning an Asset Management Company is not in accordance with the activity of an operating NBFC”.

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Karvy Stock Broking expelled from NSE’s membership, declared as defaulter

The National Stock Exchange (NSE) has scrapped Karvy Stock Broking Ltd. from its membership and declared it as a defaulter. The move was taken as the broker failed to comply with NSE guidelines. In November 2019, Karvy had transferred securities worth Rs 2,300 crore into its account by misusing the power of attorney given by its clients. 

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Maruti Suzuki extends vehicle subscription service to 4 new cities

Maruti Suzuki Ltd. announced that it will be extending its subscription services to Mumbai, Chennai, Ahmedabad, and Gandhinagar. The Maruti Subscribe program was launched four months ago, and will now operate in a total of 8 cities. India’s largest automaker has plans to expand its subscription service to 40-60 cities by 2023.

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Goa government issues demand notice to JSW Steel to pay Rs 156 crore

The Goa government has issued a demand notice to JSW Steel Limited to pay Rs 156.34 crore for the transportation of coal. The company has to pay the amount towards the Goa Rural Improvement and Welfare Cess within 15 days. The notice said that the company representative may face punishment with imprisonment of two years or a fine of Rs 25,000 if the cess is not paid.

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Gayatri Projects receives Rs 208 crore arbitral award

Gayatri Projects Ltd. said that it has received Rs 208 crore under the Government of India scheme of monetisation of ‘under litigation arbitral award’ against bank guarantees. The company, along with its joint venture (JV) partner, had been awarded an arbitration claim worth Rs 703 crore (including interests) for its road project in Nagaland. The construction company has now received 75% of the claim.

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Infibeam Avenues collaborates with Bank Muscat for digital payment services

Infibeam Avenues has tied up with Bank Muscat to offer payment processing services. The company is set to offer next-generation payment processing services under the flagship brand CCAvenue to merchants in Oman’s e-commerce sector. Infibeam has also expanded its operations to the UAE, Saudi Arabia, and the US this year.

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SpiceJet launches mobile testing lab in Delhi

SpiceJet Limited has launched a mobile testing laboratory to conduct Covid-19 tests in Delhi. The lab will conduct tests at Rs 499 and can process up to 3000 test reports per day. SpiceHealth (an initiative of SpiceJet) has tied up with GeneStore to establish diagnostic testing facilities across the country as a ‘Make in India’ initiative.

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Adani Ports ranked 14th in Dow Jones EM Index

Adani Ports & Special Economic Zone Ltd. has been ranked 14th in the global transportation and infrastructure sector of the Dow Jones Sustainability Emerging Markets Index 2020. The index is based on long-term environment, social & economic, and governance criteria. APSEZ said that it has ranked in the top 20 of every single dimension of the three criteria.

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Tata Group to infuse $50 million into AirAsia India: Report

As per a report from Mint, the Tata Group is planning to invest $50 million (~Rs 370 crores) as emergency funding in the loss-making AirAsia India. The report states that fund infusion will be through a mix of debt and equity instruments. Thus, Tata Group’s stake in AirAsia India Ltd will go beyond the current 51%. Last week, Malaysia-based AirAsia Group said it was reviewing its India operations run in partnership with Tata Group. It had also indicated a possible exit from the country. 

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Infosys wins contract from Mongolia-based XacBank

EdgeVerve Systems, a wholly-owned subsidiary of Infosys Ltd., has bagged a contract from Mongolia-based XacBank. Infosys Finacle’s core banking, treasury, and corporate banking solutions will be used to accelerate the bank’s digital transformation. The partnership will help XacBank to standardize business processes, simplify enterprise architecture, and offer tailored services.

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