Tag: Gland Pharma

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ONGC to Invest Rs 1 Lakh Cr to Set Up Petrochem Plants – Top Indian Market Updates

ONGC market updates | marketfeed

ONGC to invest ₹1 lakh crore to set up 2 petrochem plants

Oil & Natural Gas Corporation (ONGC) plans to invest about ₹1 lakh crore to set up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for energy transition. The company aims to raise its petrochemical capacity to 8.5-9 million tonnes (MT) by 2030. One project is likely to be set up by ONGC on its own and the other in a joint venture.

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Suzlon’s wind turbine gets RLMM listing

Suzlon Group’s S144 – 3 MW series of wind turbines received the Revised List of Models & Manufacturers (RLMM) listing from the Ministry of New & Renewable Energy (MNRE). This listing marks an important milestone for the successful commercialisation of the product. Suzlon has already installed a prototype of this series at a hub height of 160m with a hybrid lattice tubular (HLT) tower at the Gondal site in Gujarat.

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RBI asks Bajaj Finance to stop disbursal of loans under ‘eCOM’ and ‘Insta EMI Card’

Reserve Bank of India (RBI) has asked NBFC Bajaj Finance to stop sanctioning and disbursing loans under its two lending products ‘eCOM’ and ‘Insta EMI Card’ with immediate effect due to non-adherence of lending norms set out by the regulator. The central bank said it will review these supervisory restrictions following the rectification of the deficiencies listed.

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Siemens to buy extra 18% stake in India unit for €2.1 billion

Siemens AG plans to acquire an additional 18% stake in its India unit from Siemens Energy AG for €2.1 billion in cash. This would increase Siemens’ stake in the publicly listed India unit from 51% to 69%, while Siemens Energy’s stake would decline from 24% to 6%. Siemens Energy is looking to shore up its finances to offset losses of its Gamesa wind business.

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IIFL Finance to invest ₹200 crore in subsidiary

IIFL Finance Ltd. will invest ₹200 crore in its material subsidiary, IIFL Samasta Finance, by subscription of equity shares. The company’s Board of Directors approved the investment by subscription of approx. 7.48-crore fully paid-up equity shares of face value ₹10 each at ₹26.74 per share. The subsidiary will use the money to support growth, reduce gearing, and improve capital adequacy.

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TCS forcing employees to transfer to different base locations: NITES

Nascent Information Technology Employees Senate (NITES) has filed a complaint with the labour ministry against Tata Consultancy Services (TCS). The IT sector employee rights organisation alleged that TCS has initiated transfers of employees to different base locations without consulting them. The affected employees are required to relocate to the new location within 14 days or stand to have their salaries deducted.

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Gland Pharma gets tentative USFDA approval for Angiotensin

Gland Pharma Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Angiotensin II Injection. The injection is used to treat low blood pressure. According to IQVIA data, the Angiotensin II Injection had sales of around $38 million for 12 months ended September 2023 in the US.

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Trade deficit widens to record high in October

India’s merchandise exports rose by 6.21% YoY to $33.57 billion in October 2023. Trade deficit rose to a record high of $31.46 billion during the month. Imports increased to $65.03 billion last month, compared to $57.91 billion recorded in October 2022. During the April-October period of FY24, exports contracted by 7% YoY to $244.89 billion.

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Religare did not disclose ₹250Cr ESOPs issued to Rashmi Saluja in subsidiary: InGovern

According to a report by InGovern, Religare Enterprises Ltd failed to disclose employee stock options issued to Chairperson Rashmi Saluja in its subsidiary Care Health Insurance Ltd. Nearly 2.27 crore options, representing 2.5% of the share capital and valued at over ₹250 crore, were granted to Saluja in January 2022. The options were issued at a “deep discount” of an exercise price of ₹45.32 per share

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Tata Power Posts 7% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

Tata Power Q2 Results: Net profit rises 7% YoY to ₹876 crore

Tata Power Ltd reported a 7% YoY rise in consolidated net profit to ₹876 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 12% YoY to ₹15,738 crore during the same period; largely driven by higher revenue from core businesses of generation, transmission and distribution. EBITDA stood at ₹3,090 crore, up 76% YoY in Q2.

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Lupin launches anesthesia injection in US

Lupin Ltd launched Rocuronium Bromide injection, an anaesthesia medicine, in the United States. The launch came after Lupin’s alliance partner Caplin Steriles received approval from the US Food & Drug Administration (USFDA). According to the IQVIA MAT August 2023 data, the injection had estimated annual sales of $54 million in the US.

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CAMS Q2 Results: Net profit rises 17% YoY to ₹84.5 crore

Computer Age Management Services Ltd (CAMS) reported a 17.1% YoY rise in net profit to ₹84.51 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 13.5% YoY to ₹275.08 crore during the same period. The company’s board recommended a dividend of ₹10 per equity share. CAMS acts as a registrar and transfer agent for mutual funds. 

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Voltas to take ₹500 crore term loan for new plants

Voltas Ltd will take up to ₹500 crore in term loans to finance the manufacturing of new plants in Chennai and Waghodia (Gujarat). The board approved the proposal to take an unsecured rupee term loan of up to ₹500 crore from a bank. The board also approved dropping the proposed non-convertible debentures issue through private placement for raising to ₹500 crore.

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Bata India Q2 Results: Net profit falls 38% YoY to ₹34 crore

Bata India reported a 38% YoY fall in net profit to ₹34 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations fell 1.3% YoY to ₹819.1 crore during the same period. EBITDA stood at ₹181.6 crore, up 12.9% YoY. Bata India has opened 30 new stores in nearly 25 cities.

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Pidilite Industries Q2 Results: Net profit rises 36% YoY to ₹458 crore

Pidilite Industries Ltd reported a 35.7% YoY rise in net profit to ₹458.5 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 2.2% YoY to ₹3,076 crore during the same period. EBITDA stood at ₹679.6 crore, up 35.9% YoY. The company intends to set up a lending business by acquiring Pargro Investments Pvt. for ₹10 crore.

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US’ DFC to invest $553 million in Adani Group’s Sri Lanka port

US International Development Finance Corporation (IDFC) will fund a project partly owned by the Adani Ports & Special Economic Zone Ltd (APSEZ). US IDFC will invest $553 million in the Colombo port terminal project, a consortium of APSEZ, John Keells Holdings (JKH) and the Sri Lanka Ports Authority. 

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Gland Pharma gets EIR from USFDA for Visakhapatnam facility

Gland Pharma has received an establishment inspection report (EIR) from the US Food & Drug Administration (USFDA) for its Visakhapatnam facility. The inspection has been closed by the USFDA. The health regulator inspected the company’s Vizag unit from July 20 to July 28.

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DLF to buy residual stakes in entities owning 63 acres of land in Gurugram for ₹40 crore

DLF will acquire residual stakes in certain entities that own 63 acres of land parcels in and around Gurugram for around ₹40 crore. The real estate company acquired development rights for these land parcels in 2009-10. DLF’s board approved the acquisition of around 5.22% stake in Invecon Pvt Ltd and 4.48% and 3.24% stake in its affiliates namely Vikram Electric Equipment and Uni International, respectively.

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Eris Lifesciences acquires Biocon Biologic’s Nerphro, derma units

Biocon Biologics Ltd has signed a definitive agreement with Eris Lifesciences to divest its Dermatology and Nephrology branded formulations business units in India. The total transaction value of the divestment is ₹366 crore. The divestiture is expected to close by the end of November 2023, subject to customary closing conditions.

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Infosys partners with AWS to accelerate cloud transformation of financial institutions

Infosys has entered into a three-year strategic collaboration agreement with Amazon Web Services (AWS) to accelerate financial cloud transformation in financial institutions. Their customers will receive AWS’ transformative cloud services, Infosys’ domain knowledge & delivery and the expertise of Infosys Capital Markets will transform their business models and modernise their applications. 

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Hero MotoCorp to enter Europe market with EV range next year

Hero MotoCorp has announced its entry into the European market with an electric scooter range next year. The company will introduce the VIDA V1 electric scooter in Spain, France, and the UK by mid-2024. On Tuesday, Hero MotoCorp unveiled three production-ready vehicles and three concept vehicles at EICMA 2023, an auto industry event taking place in Milan, Italy.

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Infosys, Microsoft to Drive AI-Enabled Solutions – Top Indian Market Updates

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

Infosys to partner with Microsoft to drive AI-enabled solutions

Infosys Ltd will partner with Microsoft to jointly develop industry-leading solutions that leverage Infosys Topaz, Azure OpenAI Service, and Azure Cognitive Services. Both companies will bring their respective artificial intelligence (AI) capabilities to enhance enterprise functions with AI-enabled solutions across multiple industries. The integrated solutions will accelerate the rapid democratisation of data and intelligence that will help businesses increase productivity and drive new revenue growth.

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Poonawalla receives RBI approval to issue credit cards

Poonawalla Fincorp received the Reserve Bank of India’s (RBI) permission to issue co-branded credit cards with IndusInd Bank. The company plans to launch this credit card within three months. The partnership will enable Poonawalla Fincorp to usher in a new age of flexible and versatile retail credit. 

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Tata Power’s EV arm partners with Kolkata Airport Authority 

Tata Power EV Charging Solutions Ltd (TPEVCSL) will collaborate with the Kolkata Airport Authority to install EV charging points at the airport. The formal inauguration of four EV chargers took place on September 26, 2023. A formal agreement was signed between the Airport Authorities of India and Tata Power for setting up charging stations. These chargers are suitable to charge all electric cars available in India.

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Cipla introduces drone-powered critical medicine delivery in Himachal Pradesh

Cipla has introduced drone-powered deliveries of critical medicines for hospitals and pharmacies in Himachal Pradesh in partnership with Skye Air Mobility. The company aims to deliver medicines for cardiac, respiratory and other essential chronic therapies as part of the initiative. The use of drones will support on-time deliveries of medicines to chemists and clinics in remote areas.

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Omaxe Group acquires 5-acre land in Ludhiana from RLDA for ₹220 crore

Omaxe Group has acquired a 5-acre land in Ludhiana through a bidding process by the Rail Land Development Authority (RLDA) for ₹220 crore. The acquired land will be utilised for both residential and commercial development. The acquisition aligns with the company’s strategy to strengthen its presence in key markets and contribute to the growth of Ludhiana’s real estate sector. 

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Vi launches travel offer for pre-paid user base

Vodafone Idea has launched a 5-day offer called ‘Recharge and Fly’ that targets its pre-paid user base from October 26-30 in association with online travel portal EaseMyTrip. The offer is exclusive to users of Vi’s mobile application and includes a contest that will allow users to win travel coupons on the EaseMyTrip portal. It also includes additional data on select packages by recharging their prepaid mobile number during the offer window.

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Delhivery partners with AWS and Nexus to launch startup accelerator for logistics companies

Delhivery has partnered with Amazon Web Services (AWS) and venture capital firm Nexus Venture Partners to launch a six-week accelerator programme for startups in the logistics space. In the first leg of the program, 20 startups were selected from among 234 applicants. The companies chosen spanned multiple sectors and included various warehousing platforms, agritech companies, and aggregator platforms.

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Zen Technologies secures ₹227.65 crore order

Zen Technologies Ltd won an order worth ₹227.65 crore from the Ministry of Defence. The domestic order is for the supply of anti-drone systems. The company is the single vendor for the order. A comprehensive maintenance contract (post-warranty) is built into the contract at a cost of ₹43.22 crore, inclusive of GST.

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Gland Pharma’s Hyderabad unit gets clearance from USFDA

Gland Pharma Ltd’s Pashamylaram facility in Hyderabad has received an Establishment Inspection Report (EIR) from the US Food & Drug Administration (USFDA). The USFDA inspected the facility between June 15 and June 27, 2023. The inspection pertained to seven products and Good Manufacturing Practices at the plant.

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Calm Fin Nifty Expiry! – Post-Market Analysis

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Photo by Pixabay on Pexels.com

NIFTY started the day at 19,627 with a gap-up of 29 points (near the resistance zone of 19,600). Immediately after opening, there was a sell-off of nearly 100 points to 19,530 levels. Then, the index tried moving up but there wasn’t enough strength, and it consolidated. Nifty closed at 19,570, down by 26 points or 0.13%. 

Nifty chart - Aug 8 post-market analysis

BANK NIFTY (BNF) started the day at 44,888 with a small gap-up of 51 points. With the help of ICICI Bank, the index moved up initially to 45,100 levels, took resistance, and mostly consolidated in a small range of 120 points between 45,050 and 44,900. BNF closed at 44,964, up by 126 points or 0.28%. 

Bank Nifty chart - Aug 8 post-market analysis

All other indices except Nifty Metal (-1.1%), Nifty Auto (-0.31%), Nifty FMCG (-0.28%), and Nifty Realty (-0.18%) closed in green. Nifty PSU Bank (+3.3%) moved up the most. 

Major Asian markets closed mixed. European markets are currently trading up to 1% in the red.

Today’s Moves

Hero MotoCorp (+3.8%) was NIFTY50’s top gainer. The company reported that it has received over 25,000 bookings for the Harley-Davidson X440.

SBI Life (+3.59%), Cipla (+3.5%), and Dr Reddy’s Labs (+0.48%) hit their respective 52-week highs today.

Gland Pharma (+20%-UC) rallied after posting a 41% YoY rise in Q1 revenue yesterday, aided by its acquisition of French pharma group Cenexi.

Adani Ent (-2.98%) was NIFTY50’s top loser amid broader weakness in the market.

Policybazaar (-4.7%) fell after the company’s loss narrowed from ₹204 crore in Q1 FY23 to ₹11.9 crore in Q1 FY24.

Markets Ahead

Nifty is looking weak, while Bank Nifty is looking strong. But overall, the markets are still under selling pressure for the short term. So major resistances have to be breached for markets to turn bullish again.

Nifty: The index is now taking the 50% rejection from the Fib levels. So 19,650 is the major resistance for Nifty. There is also a trendline resistance that Nifty is respecting. So till this level, the markets may stay bearish. Now, the major support for Nifty is clearly the round levels of 19,500 levels.

A breakout from 19,650 levels can give us a target of 19,740 and a breakdown from 19,500 can give us a target of 19,380.

Bank Nifty: The index is looking strong compared to Nifty, and is in a range between 45,100 and 44,780. A breakdown from these levels can give us targets of 44,500 and 44,300. A breakout can give us targets of 45,470 and 45,740 eventually.

Finnifty: The index moved sideways today, and was volatile in a range of 120 points. Being an expiry, it was easy for non-directional players to trade as Fin Nifty is also moving in a range. A breakout or a breakdown is possible, so watch out for 20,100 as resistance and 20,000 as support levels.

The Reserve Bank of India (RBI) will hold its policy meeting on Thursday, where the expectation is for interest rates to remain unchanged. Meanwhile, the US dollar strengthened ahead of the release of US, Chinese economic data.

How was FIN NIFTY expiry? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Tata Chem’s Net Profit Falls 12% YoY to Rs 523Cr in Q1 – Top Indian Market Updates

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

Tata Chemicals Q1 Results: Net profit falls 12% YoY to ₹523 crore

Tata Chemicals Ltd reported an 11.8% YoY decline in net profit to ₹523 crore for the quarter ended June (Q1 FY24). Net profit stood at ₹593 crore in Q1 last year. Its consolidated revenue from operations stood at ₹4,218 crore, up 5.6% YoY. EBITDA increased 2.8% YoY to ₹1,043 crore in Q1. As on 30 June 2023, consolidated gross debt dropped to ₹5,873 crore, as compared to ₹6,296 crore as of March 31, 2023.

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Adani Energy Solutions gets financial closure for $1B project

Adani Energy Solutions Ltd (AESL) announced financial closure for its $1 -billion green high voltage direct current (HVDC) link project. It will enable further ‘greening’ of the Mumbai Grid by supplying more renewable power to the city while supporting its rising electricity demand. The 80 km multi-faceted project’s construction work for this link will begin in October this year. The credit facility is part of the $700 million revolving project finance facility tied up in October 2021 for its under-construction transmission assets portfolio.

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Reliance plans crude unit maintenance at Jamnagar complex

Reliance Industries Ltd plans to shut down a crude unit and some secondary units for maintenance in September-October. The crude units at its 704,000 barrels per day (bpd) export-focused plant will be shut down for 3-4 weeks. Reliance is the operator of the world’s biggest refining complex which houses two plants with a combined capacity of about 1.4 million barrels per day. The shutdown of units would curtail Reliance’s crude imports and may push up gasoline margins.

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USFDA issues Form-483 with zero observations for Solara Active’s Cuddalore facility

The US Food & Drug Administration (USFDA) has issued Form-483 with zero observations for Solara Active’s Cuddalore facility in Tamil Nadu. The US FDA inspected the facility between July 31 and August 4, 2023. The inspection established that the facility is in an “Acceptable State of Compliance” with Zero Form 483 inspectional observations from the Agency. With this successful inspection outcome, the current inspection classification of the Cuddalore site shall be reinstated to NAI (No Action Indicated).

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GCPL Q1 Results: Net profit falls 8% YoY to ₹319 crore

Godrej Consumer Products (GCPL) reported a 7.6% YoY fall in net profit to ₹318.8 crore for Q1 FY24. Its revenue from operations rose 10.4% YoY to ₹3,448.9 crore during the same period. EBITDA stood at ₹642.8 crore, up 23.4% YoY. The company’s India business sales grew by 9% YoY led by volume growth of 12%. 

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Star Health and Allied Insurance enters into tie-up with Standard Chartered Bank

Star Health and Allied Insurance announced its collaboration with Standard Chartered Bank to enhance its distribution network. After this collaboration, Star Health will make its health insurance products readily accessible to customers via Standard Chartered Bank’s extensive distribution network. The insurance company hopes that with 100 branches spread across 42 cities, the bank will serve as a convenient one-stop destination for its customers seeking comprehensive health insurance coverage.

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Gland Pharma Q1 Results: Net profit falls to ₹194 crore

Gland Pharma reported a 15.3% YoY fall in net profit to ₹194.1 crore for the June quarter (Q1 FY24). Net profit stood at ₹229.1 crore in Q1 FY23. However, total revenue rose 41.1% YoY to ₹1,208.7 crore during the same period. EBITDA stood at ₹294 crore, up 8.9% YoY. EBITDA margin stood at 24.3% in the reporting quarter as compared to 31.5% in the corresponding period in the previous fiscal. 

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EaseMyTrip board approves raising ₹149 cr on a preferential basis

EaseMyTrip’s board has approved raising up to ₹149 crore through a preferential issue of equity shares. The company’s board has also approved the issuance of 3.37 crore preferential shares at ₹44.32 per share. This is at a discount of 9.5% to today’s closing price of ₹40.10. Recently, Easy Trip Planners Ltd had announced plans to acquire a 51% stake in Guideline Travels Holidays India Private Ltd, Dook Travels Private Ltd, and Tripshope Travel Technologies Private Ltd.

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Apraava Energy inks pacts with REC, PFC to get Rs 9,120 cr finance for its projects

Apraava Energy has inked initial pacts with REC Ltd and Power Finance Corporation (PFC) to get finance of ₹9,120 crore. The funding is for wind, transmission, and advanced metering projects in the country. The signing of MoUs took place as part of the Green Finance Summit organised by REC. The summit was on the sidelines of the Green Business Summit Clean Energy Ministerial (CEM) and Energy Transition Working Group (ETWG) Ministerial held on July 21, 2023, in Goa.

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JSW Energy’s Net Profit Falls 48% YoY to Rs 290Cr in Q1 – Top Indian Market Updates

JSW Energy Q1 Results: Net profit falls 48% YoY to Rs 290 crore

JSW Energy reported a 48% YoY fall in consolidated net profit to ₹290 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 3.3% YoY to ₹2,927.85 crore. EBITDA rose 18% YoY to ₹1,307 crore during Q1. The revenue dropped as incremental revenue from the recently acquired assets of Mytrah Energy and renewable energy capacity additions was offset by lower realization in thermal operations amid a decline in coal prices.

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Bandhan Bank Q1 Results: Net profit falls 19% YoY to Rs 721 crore

Bandhan Bank reported a 19% YoY decline in net profit to ₹721 crore in Q1 FY24. The net interest income (NII) fell 0.91% YoY to ₹2,491 crore during the same period. The bank’s gross non-performing asset (NPA) declined to 6.76% against 7.25% in Q4 FY23. However, Net NPA was up from 1.92% in Q1 FY23 to 2.18% in Q1 FY24.

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India’s exports decline by 22% in June amid global demand 

According to the Ministry of Commerce, India’s exports in June witnessed a significant decline of 22% to USD 32.97 billion. In June last year, India’s exports stood at USD 42.28 billion. This drop can be primarily attributed to a slowdown in demand in global markets. Imports in June also experienced a decline of 17.48%, amounting to USD 53.10 billion.

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Suzlon Energy bags new order for 100.8-MW wind power project from Everrenew Energy

Suzlon Energy Ltd received a new order for developing a 100.8-MW wind power project for Everrenew Energy Private Ltd. The company will install 48 wind turbine generators (WTGs) of its S120-2.1 MW platform with a hybrid lattice tubular tower. The company will install it at Velliyanani Phase II in Karur district and Vengaimandalam in Trichy, Tamil Nadu. The project is expected to be commissioned in March 2024.

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Nestle India to set up Rs 894-crore food processing unit in Odisha

Nestle India Ltd received in-principle approval from the Industrial Promotion & Investment Corporation of Odisha Ltd (IPICOL) to set up a food processing unit in Mundaamba of Khordha district, Odisha. The food processing unit will come up at an investment of about ₹894.10 crores. The project is subject to the fulfilment of customary conditions by the company.

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SEBI’s new disclosure norms for listed cos to take effect from Saturday

Securities and Exchange Board of India (SEBI) has put in place a stricter timeline for the disclosure of material events or information by listed companies. The regulator has asked companies to disclose agreements entered into by shareholders, promoters, related parties, directors, key managerial personnel, and employees of the listed entity or of its subsidiary, which can impact the management and control of such firms to stock exchanges.

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USFDA completes inspection of Gland Pharma’s Hyderabad facility, issues Form-483 with one observation

Gland Pharma announced that the US Food and Drug Administration (USFDA) completed the inspection of its Dundigal facility in Hyderabad. The USFDA conducted a Good Manufacturing Practice (GMP) inspection at the Dundigal facility between July 3-14, 2023. Form 483 was issued along with one observation. The observations could be related to a pharma company’s facility, equipment, processes, products or employee practices.

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GMR Power wins smart meter project in Uttar Pradesh

GMR Power’s subsidiary, GMR Smart Electricity Distribution Pvt. Ltd (GSEDPL), received a Letter of Intent (LOI) from Purvanchal Vidyut Vitran Nigam Ltd and Dakshinanchal Vidyut Vitran Nigam Ltd. The company will implement smart metering projects in Varanasi, Azamgarh Zone, Prayagraj, Mirzapur Zone, and Dakshinanchal (Agra and Aligarh Zone) areas of Uttar Pradesh. GSEDPL will install, integrate and maintain 75.69 lakh smart meters in the given area. The project will be completed in 10 years.

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Granules India’s foreign subsidiary gets USFDA approval for pain relief drug

Granules India Ltd’s foreign arm has received approval from the USFDA for Acetaminophen and Ibuprofen tablets. These tablets are used for temporary relief of minor aches and pains due to headaches, toothache, backaches, menstrual cramps, muscular aches, and minor pain of arthritis. According to IRI multi-outlet market data, the bioequivalent drugs had combined sales of USD 70 million in the US for the most recent 12 months.

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June WPI inflation in the negative territory for the third-straight month

India’s wholesale inflation (based on WPI) declined to -4.12% in June from -3.48 in May. The Wholesale Price Index or WPI measures the change in prices of goods that wholesale businesses sell to and trade in bulk with other companies. The decline in the rate of inflation in June 2023 is primarily due to a fall in prices of mineral oils, food products, basic metals, crude petroleum and natural gas and textiles.

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Tata Steel offers Rs 83 lakh funding for R&D projects in low carbon segment

Tata Steel will fund research and development (R&D) projects in the low-carbon hydrogen segment under the partnership with British High Commission in India. As part of the ‘UK-India Hydrogen Partnership Sprint Series’, Tata Steel will grant 80,000 pounds (₹83 lakhs) funding for two innovative projects in the low-carbon hydrogen segment. The initiative is open to participants from India and the UK.

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Tata Motors to Supply 25,000 Electric Sedans to Uber – Top Indian Market Updates

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

Tata Motors to supply 25,000 XPRES-T electric sedans to Uber

Tata Motors said it would supply 25,000 XPRES-T electric vehicle units to Uber in one of the largest deals in the green mobility space to date. As per a memorandum of understanding (MoU) between the companies, Uber will utilise electric sedans in its premium category service. The electric fleet would be operational across Delhi NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Ahmedabad

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Adani Ports to prepay $121 million short-term debt due in March

Adani Ports & Special Economic Zone Ltd. will prepay the debt raised through commercial paper after it repaid 15 billion rupees of similar debt due on Monday as scheduled, the company’s spokesperson said. India’s largest-private-sector ports operator used its cash balance and funds generated from business operations to pay its short-term debt due on Monday.

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Maruti Suzuki to focus on local manufacturing and reducing carbon footprint

Maruti Suzuki India said it will continue to work on all kinds of technologies in order to reduce its carbon footprint. The auto major will also focus on local manufacturing to achieve its green goals. It also noted that Maruti Suzuki has the least amount of fleet carbon emission among all car manufacturers in India.

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Bank of Baroda CEO says willing to keep lending to Adani Group

Bank of Baroda CEO says that it is willing to consider lending additional money to the Adani Group, including for a project to remodel a slum that is among the world’s largest. The bank will extend loans to the conglomerate if it meets the lender’s underwriting standards. He also added that he’s not concerned about the market volatility around Adani stocks.

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Adani said to decide against a bid for stake in power trader PTC

Gautam Adani has decided against bidding for a stake in state-backed electricity trader PTC India Ltd as the company looks to preserve cash amidst the Hindenburg issue. In January, Adani was among the possible bidders reviewing preliminary information on the Mumbai-listed company, Bloomberg News reported. The company will not proceed with any offer for the energy trading firm, said the people, who asked not to be identified as the information is private.

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Gland Pharma to invest Rs 400 crore to expand its Telangana plant

Gland Pharma will invest Rs 400 crore to create additional capabilities in its existing facility at Genome Valley in Hyderabad to manufacture biologicals, biosimilars, antibodies, and recombinant Insulin. The expanded site is envisaged to meet the national and international regulations to be followed in the manufacturing of biological products as applicable, and shall be built under the GMP guidelines applicable for the respective product lines, it said.

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Domestic aviation traffic continues growth, Jan records 1.25 cr passengers with 95.72% rise

Domestic aviation traffic has continued to witness massive growth. Passengers carried by domestic airlines during January 2023 were 1.25 crore, registering an annual growth of 95.72% and monthly growth of 95.72%. According to data released by the Directorate General of Civil Aviation (DGCA), the passenger load factor or occupancy of the airlines remained on the higher side in the range of 80 to 90%.

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Centre opposes Hindustan Zinc’s $2.98 billion deal for Vedanta zinc assets

The Central government has opposed Hindustan Zinc’s proposed $2.98 billion acquisition of zinc assets from Vedanta Ltd. The govt will oppose any further resolutions on the deal and explore all legal avenues available to it. The Centre holds nearly 30% stake in Hindustan Zinc, while Vedanta is the company’s largest shareholder.

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Tata Group, SIA to Merge Air India With Vistara by 2024 – Top Indian Market Updates

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

Tata Group, SIA to merge Air India with Vistara by 2024

Singapore Airlines (SIA) and Tata Sons have agreed to merge Air India and Vistara. SIA will secure a 25.1% stake in the merged entity at an investment of ₹2,058.5 crore. This 25.1% stake will be in an enlarged Air India Group, which will have Air India, Vistara, AirAsia India, and Air India Express. The merger of all airlines is estimated to be completed by March 2024.

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Britannia Industries to form JV with Bel SA

Britannia Industries Ltd has signed a joint venture (JV) agreement with France-based Bel SA and Britannia Dairy Pvt Ltd (BDPL) to develop, manufacture, and sell cheese products in India and other markets. As a part of the JV, Britannia Industries will sell a 49% stake in BDPL to Bel SA for ₹262 crore. It will then infuse an additional ₹215 crore in the joint venture.

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Tata Motors partners with IndusInd Bank to boost EV adoption

Tata Motors has partnered with IndusInd Bank to offer exclusive electric vehicle (EV) financing to the automaker’s dealers. IndusInd Bank will provide additional inventory funding with attractive pricing to authorised passenger EV dealers of Tata Motors. This move is part of Tata Motors’ mission to increase EV adoption in India. 

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Cipla launches injection for prostate cancer in the US

Cipla Ltd announced the launch of Leuprolide Acetate Injection Depot in the US market. The drug is used to treat advanced prostate cancer. It is also indicated for endometriosis and is used with other medication to treat anemia caused by uterine fibroids. According to IQVIA data, LUPRON DEPOT had sales of approximately $197 million in the US for the 12 months ended September 2022.

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Gland Pharma acquires French CDMO Cenexi for €120 million

Gland Pharma’s Singapore subsidiary, Gland Pharma International PTE, will acquire France-based contract development & manufacturing organisation (CDMO) Cenexi Group for €120 million (~₹1,012 crore). The acquisition will give Gland Pharma a foothold in the European CDMO market. Cenexi has a presence across four manufacturing sites in Europe, which include three sites in France and one site in Belgium.

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ICICI Bank launches digital lending solution iLens

ICICI Bank announced the launch of a digital lending solution called ‘iLens’. It allows customers to secure housing loans digitally with hassle-free onboarding via paperless login, uploading documents, instant sanctions, and disbursement of loans. ICICI Bank Lending Solutions (iLens) is powered by the TCS Lending Platform. The bank also plans to offer personal loans, auto loans, and credit cards through this platform.

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Lupin launches generic version of COPD treatment drug

Lupin Ltd announced the launch of a generic version of Formoterol Fumarate Inhalation Solution in the US market. The drug is used to treat chronic obstructive pulmonary disease (COPD). According to IQVIA MAT data, the product had estimated annual sales of $268 million for the 12 months ended Sept 2022.

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Tech Mahindra signs pact with Axiata Group to develop 5G enterprise solutions

Tech Mahindra has signed a Memorandum of Understanding (MoU) with Axiata Group Berhad to co-develop and market 5G enterprise solutions across Malaysia, Sri Lanka, Bangladesh, Nepal, and Cambodia. The two entities aim to develop new-age and cost-effective 5G solutions across the manufacturing, oil & gas, and smart cities & services industries.

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Biocon completes acquisition of Viatris’s biosimilar business

Biocon Biologics has completed the acquisition of the $3.34 billion Viatris’ global biosimilars business. The company has issued Compulsorily Convertible Preference Shares (CCPS) in the company valued at $1 billion (equivalent to an equity stake of ~12.9%) and made an upfront cash payment of $2 billion to Viatris. Biocon Biologics is a subsidiary of Biocon Ltd.

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ONGC gas price to be capped at $6.5 for five years

A government-appointed gas price review panel has recommended a floor and ceiling price for natural gas produced from legacy fields of state-owned firms for five years to help moderate CNG and piped cooking gas rates. Oil & Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) will be paid a minimum price of $4 per million British thermal units (Btu) and a ceiling price of $6.5 per million Btu, compared to the current rate of $8.57.

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Dabur Posts 3% YoY Fall in Net Profit in Q2 – Top Indian Market Updates

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

Dabur Q2 Results: Net profit falls 2.8% YoY to ₹490 crore

Dabur Ltd reported a 2.85% year-on-year (YoY) decline in consolidated net profit to ₹490.86 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6% YoY to ₹2,986.49 crore during the same period. The company’s total expenses stood at ₹2,471.28 crore in Q2, up 8.94% YoY. Dabur India’s board has declared an interim dividend of ₹2.5 per share.

The FMCG major will acquire a 51% stake in Badshah Masala Pvt. Ltd for ₹587.52 crore. Badshah Masala manufactures, markets, and exports ground spices, blended spices, and seasonings.

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Hero MotoCorp partners with Terrafirma Motors to enter Philippines market

Hero MotoCorp announced plans to enter the Philippines, for which it has partnered with Terrafirma Motors Corp (TMC) for the assembly and distribution of its vehicles. TMC will set up an assembly facility of 29,000 sq. metres in its existing principal manufacturing facility in Laguna City. It will start operations in the second half of FY24.

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Gland Pharma Q2 Results: Net profit falls 20% YoY to ₹241 crore

Gland Pharma Ltd reported a 20.14% YoY decline in consolidated net profit to ₹241.24 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 3.33% YoY to ₹1,044.4 crore during the same period. The pharma company’s revenue from the Indian market fell 42% YoY to ₹72.6 crore in Q2.

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Ahluwalia Contracts secures orders worth ₹103 crores

Ahluwalia Contracts (India) Ltd has secured an order worth ₹60 for construction work of Amity Campus Hyderabad (Telangana) from Ritnand Salved Education Foundations. The company has secured another order worth ₹43 crore for the civil, structural, and external development work of a hospital from Muthoot Hospital Pvt. Ltd. The total order inflow during the current financial year (FY23) stands at ₹3,114.72 crore.

Century Textiles Q2 Results: Net profit rises 60% YoY to ₹70 crore

Century Textiles & Industries Ltd reported a 69.38% YoY increase in consolidated net profit to ₹69.97 crore for the quarter ended Sept (Q2 FY23). Its total income grew 20% YoY to ₹1,242.11 crore during the same period. Total expenses stood at ₹1,125.25 crore in Q2, up 15.75% YoY. 

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Zydus Lifesciences gets USFDA approval to market generic Micafungin injection

Zydus Lifesciences has received final approval from the US Food & Drug Administration to market its generic Micafungin injection. The drug is also used to prevent fungal infections in patients who are having a stem cell transplant. It will be produced at the pharma company’s injectable manufacturing facility at Jarod, near Vadodara. 

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Tata Power Solar Systems launches off-grid solar solutions in three states

Tata Power Solar Systems Ltd (TPSSL) announced the launch of cost-efficient solar off-grid solutions in West Bengal, Bihar, and Jharkhand. The off-grid solutions provide a combination of high-efficient solar modules, inverters, and batteries. They are engineered to provide an efficient integrated power system to consumers for their power backup requirements during grid supply shortages.

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Ramkrishna Forgings Q2 Results: Net profit rises 27% YoY to ₹64 crore

Ramkrishna Forgings Ltd reported a 27% YoY increase in net profit to ₹64 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 31.7% YoY to ₹762.55 crore during the same period. Overall capacity utilization stood at 82.24% in Q2. The company will raise around ₹100 crore through the preferential issue of convertible warrants. The proceeds will be utilised to reduce debt.

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ZEEL, Sony agree to sell 3 Hindi channels to address anti-competition concerns

Zee Entertainment Enterprises Ltd (ZEEL) and Sony India have voluntarily agreed to sell three Hindi channels (Big Magic, Zee Action, and Zee Classic) to address possible anti-competition concerns arising out of their proposed merger. They submitted their merger proposal to the Competition Commission of India (CCI), which cleared the deal subject to certain modifications on Oct. 4. To learn more about the ZEEL-Sony merger, click here.

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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.

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RIL Reports 42% YoY Rise in Net Profit in Q3 – Top Indian Market News

RIL Q3 Results: Net profit rises 42% YoY to Rs 18,549 crore

Reliance Industries Ltd (RIL) reported a 42% YoY increase in net profit to Rs 18,549 crore for the quarter ended December (Q3 FY22). Net profit rose 36% when compared to the previous quarter. Its revenue from operations rose 54% YoY to Rs 1,91,271 crore during the same period. RIL’s oil to chemical (O2C) business reported a revenue of Rs 1.31 lakh crore, up 57% YoY. Reliance Retail recorded consolidated gross revenue of Rs 57,714 crore for Q3, a growth of 52.5% YoY.

Reliance Jio’s net profit rose 10% YoY increase in net profit to Rs 3,615 crore in Q3 FY22. Its revenue from operations rose 4.6% YoY to Rs 19,347 crore.

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JSW Steel Q3 Results: Net profit rises 62% YoY to Rs 4,357 crore

JSW Steel Ltd reported a 62% YoY increase in consolidated net profit to Rs 4,357 crore for the quarter ended December (Q3 FY22). Net profit fell 39% when compared to the previous quarter. Its revenue from operations rose 74% YoY (or 17% QoQ) to Rs 38,071 crore during the same period. JSW Steel’s total sales volume stood at 3.91 million tonnes (MT) in Q3, down 1% YoY.

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Bandhan Bank Q3 Results: Net profit rises 36% YoY to Rs 859  crore

Bandhan Bank reported a 36% YoY increase in net profit to Rs 859 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 2.7% YoY (or 10% QoQ) to Rs 2,125 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 10.81% in Q3 FY22, compared to 1.1% in Q3 FY21. Provisions fell 25.2% YoY to Rs 805.71 crore in Q3 FY22.

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Gland Pharma Q3 Results: Net profit rises 34% YoY to Rs 273 crore crore

Gland Pharma Ltd reported a 33.77% YoY increase in consolidated net profit to Rs 273.03 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 23.7% YoY to Rs 1,063.33 crore during the same period. The pharma company’s EBITDA rose 32% YoY to Rs 394.6 crore in Q3. Revenue from its core markets (US, Europe, Canada, Australia) grew 10% YoY to Rs 665.2 crore.

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PTC India board to meet Jan 22 after allegations of irregularities in financial lending units

PTC India Ltd will hold its first board meeting on Saturday (Jan 22) following recent allegations of lapses in governance and operations at its financial lending units. PTC India Financial Services Ltd was accused of lapses in corporate governance by three independent directors who resigned on Thursday. PTI India’s chairman, Rajib Mishra, promised an investigation into the matter and has formed an internal committee that would submit a report in 30 days.

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Inox Leisure Q3 Results: Net loss at Rs 1.31 crore

Inox Leisure Ltd reported a net loss of Rs 1.31 crore for the quarter ended December (Q3 FY22). It had reported a net loss of Rs 102.5 crore in Q3 FY21 and a loss of Rs 87.66 crore in the previous quarter (Q2 FY22). Its revenue from operations jumped 1892.4% YoY to Rs 296.47 crore in Q3 FY22.

Nestle apologies for KitKat packs; says packs withdrawn last year

Nestle India has apologised for depicting images of Hindu Gods on some packs of its chocolate brand KitKat. The company stated that it withdrew the packs in mid-2021. Consumers across social media have accused the company of hurting religious sentiments by showing images of Hindu Gods on its chocolate brand wrappers.

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IDBI Bank Q3 Results: Net profit rises 53% YoY to Rs 578 crore

IDBI Bank reported a 53% YoY increase in net profit to Rs 578 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 31% YoY to Rs 2,383 crore during the same period. [NII is the difference between the interest income earned on loans and the interest paid on deposits]. The gross non-performing assets (GNPA) ratio stood at 20.56% in Q3 FY22, compared to 23.52% in Q3 FY21. Provisions fell 11% YoY to Rs 1,189 crore in Q3 FY22.

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Vodafone Idea Q3 Results: Net loss widens to Rs 7,231 crore

Vodafone Idea Ltd (Vi) reported a net loss of Rs 7,231 crore for the quarter ended December (Q3 FY22). It had reported a net loss of Rs 4,532 crore in Q3 FY21. Its revenue from operations fell 10.8% YoY to Rs 9,717 crore in Q3 FY22. Vi’s average revenue per user (ARPU) for the quarter stood at Rs 115, up 5.2% quarter-on-quarter (QoQ). The total gross debt of the company stood at Rs 1,98,980 crore as of December 31, 2021.

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States Suffer Power Outages as Coal Stocks Shrink – Top Indian Market News

Indian states suffer power cuts and outages as coal stocks shrink

North Indian states have suffered electricity cuts and face further outages due to a lack of coal. The shortages in India follow widespread outages in neighboring China, which has shut factories and schools to manage the crisis. Over half of India’s 135 coal-fired power plants have fuel stocks of less than three days. These plants supply around 70% of India’s electricity. A blackout warning has been declared in Delhi as there is a severe shortage of coal stock in the thermal power station from where the city gets electricity.

On Friday, the Ministry of Power issued guidelines for operationalising optimum utilisation of generating stations as per the requirement in the electricity grid. 

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Route Mobile to acquire Latin American firm Masiv for $47.5 million

Route Mobile Ltd has acquired Latin American firm Masivian S.A.S (Masiv) for $47.5 million (~Rs 356.8 crore). Masiv is a cloud communication platform service provider that primarily caters to enterprises in Columbia and Peru. It offers multichannel notification services through SMS, OTT business messaging, email, and voice. The acquisition is expected to be completed within the next 60 days.

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Vakrangee Q2 Results: Net profit jumps 101% YoY to Rs 26.7 crore

Vakrangee Ltd reported a 101% year-on-year (YoY) jump in consolidated net profit to Rs 26.74 crore for the quarter ended September (Q2 FY22). Net profit has increased by 33.6% when compared to the previous quarter. Its revenue from operations rose 195% YoY (or 34% QoQ) to Rs 207.19 crore during the same period. Vakrangee provides banking, ATM, insurance, financial services, e-governance, e-commerce, and logistics services in India. 

Inox Leisure opens four-screen multiplex in Guwahati

Multiplex operator Inox Leisure Ltd has launched a four-screen multiplex at Guwahati. The all-new Inox Insignia will offer an ultra-premium multiplex experience with four exclusive auditoriums and a total of 183 recliner seats. With this launch, Inox is now present in 70 cities with 156 multiplexes, 658 screens, and a total seating capacity of 1.48 lakh across India.

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Solar Industries India secures order worth Rs 1,471 crore from Coal India

Solar Industries India Ltd (SIIL) has received an order from Coal India Ltd for the supply of bulk explosives over a period of two years. The total order value is Rs 1,471 crore. SIIL manufactures and supplies industrial explosives and explosive initiating devices in India and internationally. The company also provides defense products, including military explosives, bombs, and warheads. 

IRB Sindhudurg Airport starts commercial operations

IRB Sindhudurg Airport Pvt. Ltd (IRB-SAPL) has started commercial operations of the Greenfield Airport Project at Chipi, Maharashtra. IRB-SAPL is a special purpose vehicle (SPV) of IRB Infrastructure Developers Ltd that was entrusted to develop and operate the airport project. IRB Infrastructure, through the SPV, developed the project at an estimated capital outlay of Rs 800 crore.

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Bandhan Bank’s collection efficiency improves to 90% in Q2

Bandhan Bank’s collection efficiency rate improved to 90% for the quarter ended September (Q2 FY22), compared to 80% efficiency in Q1. The bank’s loans & advances rose 7% YoY to Rs 81,668 crore in the July-Sept quarter. Its total deposits rose 24% YoY to Rs 81,898 crore during the same period. Retail deposits rose 35% YoY to Rs 68,787 crore as of September 30, 2021. 

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Gland Pharma gets tentative approval for Sugammadex injection

Gland Pharma has received tentative approval from the US Food & Drug Administration (USFDA) for generic Sugammadex injection. The drug is used for reversing the effects of the muscle relaxants rocuronium bromide and vecuronium bromide given to patients during surgery. According to IQVIA data, Sugammadex injection had US sales of ~$615 million (~Rs 4,620 crore) for 12 months ended April 2021.

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Mukesh Ambani joins Bezos, Musk in world’s exclusive $100 billion club

Mukesh Ambani has joined Jeff Bezos and Elon Musk in the world’s most exclusive wealth club with a fortune of at least $100 billion. The chairman of Reliance Industries Ltd (RIL) entered the elite group of 11 men as his company’s stock surged to a record high on Friday. According to the Bloomberg Billionaires Index, Mukesh Ambani is now worth $100.6 billion. His wealth has increased by $23.8 billion this year.

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