Tag: glenmark pharma

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Disney Star Sublicenses ICC Men’s TV Rights to ZEEL – Top Indian Market Updates

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

ZEEL, Disney Star sign licensing pact for ICC Men’s TV rights

Disney Star has sub-licensed the television rights of the International Cricket Council’s (ICC) Men’s tournament to Zee Entertainment Enterprises Ltd (ZEEL) for four years. This association enables ZEEL to be the exclusive TV rights holder of ICC men’s events, including two ICC Men’s T20 World Cups (2024, 2026), ICC Men’s Champions Trophy (2025), ICC Men’s Cricket World Cup (2027), and key ICC Under-19 events.

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Nazara Technologies acquires WildWorks game studio

Nazara Technologies Ltd announced the acquisition of US-based children’s interactive entertainment company WildWorks for $10.4 million (~₹82.75 crore). The company will acquire 100% of WildWorks and its intellectual property (IP) from existing shareholders in an all-cash transaction. WildWorks is a game development studio focused on gamified early learning for 8-12-year-olds. Its mobile apps have attracted over 150 million players in the past decade.

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EoI for IDBI Bank stake sale likely next month: Report

As per a PTI report, the Indian government is likely to issue Expression of Interest (EOIs) for selling a stake in IDBI Bank next month. The discussions between the Centre and RBI are at the final stages. The Cabinet Committee on Economic Affairs had given in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank in May 2021. Currently, the Indian government holds a 45.48% stake in the bank. Life Insurance Corp of India (promoter) owns a 49.24% stake.

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Shriram Transport to raise ₹5000 crore in second half of FY23

Shriram Transport Finance Company Ltd plans to raise an additional ₹5000 crore ($627.20 million) in the second half of the financial year to fund growth opportunities. Most of the fund-raising is likely to be via non-convertible debentures (NCDs) with a maturity of 3 years. In December 2021, the commercial vehicle financier announced a merger with promoter Shriram Capital and Shriram City Union Finance, which is expected to be completed by October.

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OMCs stare at losses in Q2, government unlikely to get any dividend: Report

According to an ET NOW report, Oil Marketing Companies (OMCs) in India are likely to record losses in the July-Sept quarter (Q2), which may affect the government’s share of dividends. During the period of rising international crude oil prices a few months ago, Indian fuel retailers were losing ₹20-25 per litre on diesel and ₹14-18 a litre on petrol. These losses have been cut short by the fall in oil prices.

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Hero MotoCorp launches first Xpulse Xperience centre

Two-wheeler manufacturer Hero MotoCorp Ltd has inaugurated the first of its ‘Xpulse Xperience Centre’ in India. The centre is designed to provide an off-road bike training experience to Xpulse 200 4V owners and enthusiasts. The Xpulse Xperience Centre will have trainers and a curriculum focused on building the skills, knowledge, and personality required to be an expert off-road rider.

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Granules India gets USFDA approval for diarrhea drug

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for Loperamide Hydrochloride and Simethicone Tablets. The drug is indicated to relieve symptoms of diarrhea, bloating, pressure, and cramps. As per IQVIA MAT data, the generic version of the tablets had sales of $60 million (~₹477.5 crore) during the most recent twelve months.

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Central Bank of India enters into co-lending partnership with Shapoorji Pallonji Finance

Central Bank of India has entered into a strategic co-lending partnership with Shapoorji Pallonji Finance (SPF) to offer loans to micro, small & medium enterprises (MSMEs) borrowers at competitive rates. Under this pact, SPF will originate and process MSME proposals under the priority sector as per jointly formulated credit parameters and eligibility criteria. Central Bank of India will take 80% of the MSME loans into its books under mutually agreed terms. 

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Glenmark Pharma’s partner Hikma launches specialty drug Ryaltris in US

Glenmark Pharma’s partner Hikma Pharmaceuticals has launched its specialty nasal spray Ryaltris in the US. Ryaltris is used to treat symptoms of seasonal allergic rhinitis (SAR) in adults and pediatric patients 12 years and older. Glenmark developed the drug, while Hikma will commercialise it in the US market.

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Mindtree Reports 37% YoY Rise in Net Profit in Q1 – Top Indian Market Updates

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

Mindtree Q1 Results: Net profit rises 37% YoY to Rs 472 crore

Mindtree reported a 37.3% YoY increase in net profit to Rs 471.6 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 36.2% YoY (or 7.7% QoQ) to Rs 3,121.1 crore during the same period. The IT company’s earnings before interest & tax (EBIT) stood at Rs 598 crore, up 47% YoY or 9% QoQ. Mindtree registered its highest-ever order book of $570 million (~Rs 4,547 crore) in Q1.

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RITES signs pact with CRILS to explore rail tech opportunities

Rail India Technical and Economic Service Ltd (RITES) has signed a Memorandum of Understanding (MoU) with the Centre for Railway Information Systems (CRIS) to explore information technology-based opportunities in the railway sector. Both entities will leverage each other’s expertise and collaborate to drive digitalisation in railway technologies. CRIS and RITES will work on national and international projects.

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TCS launches its 5th global research and innovation centre in Toronto

Tata Consultancy Services (TCS) has launched TCS Pace Port Toronto, its fifth global research and co-innovation centre. The centre provides companies with access to the latest technologies and “breakthrough thinking” from TCS Research labs, startups, entrepreneurs, and academia. TCS Pace Port hubs around the world include 4,000 researchers and innovators, 2,300 start-up partners, and over 30 innovation labs.

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Glenmark Pharma claims its nasal spray can reduce Covid-19 viral load by 93.7% in 24 hours

Glenmark Pharmaceuticals Ltd and its strategic partner SaNOtize Research and Development Corp published their peer-reviewed Phase-3 clinical trials of their Nitric Oxide Nasal Spray (NONS). When administered to adult Covid-19 patients, the nasal spray demonstrated a reduction of viral load by 93.7% in 24 hours and 99% in 48 hours. The nasal spray has been launched in India under the brand name FabiSpray.

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ED files FIR against IndusInd Bank employees, others for remittance irregularities

The Enforcement Directorate (ED) has filed a first information report (FIR) against a few employees of Indusind Bank and some entities in connection with alleged irregularities in remittances for import transactions between 2011-2014. “There is no credit exposure of the bank to these entities,” said Indusind Bank in an exchange filing.

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RBL Bank partners with IMGC to offer MG-backed home loans

RBL Bank has partnered with India Mortgage Guarantee Corporation (IMGC) to offer Mortgage Guarantee (MG) backed home loan products for prospective customers. This partnership with IGC will help RBL Bank extend MG-backed home loans to new borrower segments through its network of over 500 branches across India. It will also allow RBL Bank to mitigate credit risks by leveraging IMGC’s expertise.

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Antony Waste Handling Cell reports record-high operating revenues in Q1

Antony Waste Handling Cell Ltd (AWHCL) handled 1.05 million tonnes (MT) in the April-June quarter (Q1 FY23), an increase of 17% YoY. The company’s collection & transportation (C&T) business managed approx 0.40 MT in Q1, a growth of 15.8% YoY. The total tonnage of waste processed by the firm rose 17.8% YoY to 0.65 MT. Total operating revenue improved by nearly 26% YoY in Q1. AWHCL provides a full spectrum of Municipal Solid Waste (MSW) services.

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Adani Ports achieves 100 MMT cargo volume in Q1

Adani Ports & Special Economic Zone Ltd (APSEZ) registered a cargo throughput of 100 million metric tonnes (MMT) in the first 99 days of FY23. The present growth in cargo is supported by a 12% YoY increase in June 2022 at 31.88 MMT. APSEZ was able to handle 100 MMT cargo volume due to innovations that integrate conventional business processes with new-age digital technologies.

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Signature Global files draft papers with SEBI for Rs 1,000 crore IPO

Gurgaon-based real estate developer Signature Global has filed the Draft Red Herring Prospectus (DRHP) with SEBI to raise Rs 1,000 crore via an initial public offering (IPO). The IPO will include a fresh issue of shares worth up to Rs 750 crore and an Offer for Sale (OFS) of up to Rs 250 crore. Signature Global primarily develops affordable housing projects in the National Capital Region (NCR).

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Tata Power’s arm secures hybrid power project from SECI

TP Saurya Limited (TPSL) has received a ‘Letter of Award’ (LoA) from Solar Energy Corporation of India (SECI) for establishing a 600 megawatt (MW) hybrid power project in Karnataka. The project will be commissioned within 24 months. By securing this project, Tata Power’s total renewable capacity has reached ~5,524 MW.

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Akasa Air Gets DGCA License to Fly – Top Indian Market Updates

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

Akasa Air gets airline license from DGCA

Ace investor Rakesh Jhunjhunwala’s Akasa Air has received the Air Operator Certificate (AOC) from the Directorate General of Civil Aviation (DGCA). The grant of the AOC marks the satisfactory completion of all regulatory and compliance requirements for the airline’s operational readiness. The airline will start commercial operations later this month. Akasa Air will be the eighth airline to operate domestically.

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BHEL commissions 100-MW floating solar PV plant in Telangana

Bharat Heavy Electricals Ltd (BHEL) has commissioned a 100 megawatts (MW) floating solar photovoltaic (PV) plant at NTPC Ramagundam, Telangana. The plant is installed across a natural raw water reservoir, saving valuable land resources and also conserving water by reducing evaporation. The plant will produce clean power with innovatively engineered layouts and arrangements for the solar PV modules, electricals, and floaters.

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JSW Steel’s consolidated output rises 16% to 5.88 MT in Q1

JSW Steel Ltd’s combined crude steel production for Q1 FY23 stood at 5.88 million tonnes (MT), registering a growth of 16% YoY. On a quarter-on-quarter (QoQ) basis, crude steel production was 2% down from 5.98 MT in January-March 2022 (Q4 FY22). The decline is due to the preponement of certain scheduled shutdowns during the financial year 2022-23.

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Glenmark Pharma launches Sitagliptin in India

Glenmark Pharmaceuticals Ltd has launched Sitagliptin and its fixed-dose combinations (FDCs) for adults with Type-2 diabetes in India. The pharma company has introduced 8 different combinations of Sitagliptin-based drugs under the brand name SITAZIT and its variants. It will help diabetes patients to manage their glycemic levels effectively.

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Ajmera Realty Q1 sales bookings jump over 3-fold to Rs 400 crore

Ajmera Realty & Infra India Ltd reported a 261% YoY jump in sales to Rs 400 crore for the quarter ended June (Q1 FY23). The company sold 1.57 lakh sq. ft. carpet area, registering a growth of 155% YoY. Collections increased by 126% YoY to Rs 210 crore in Q1. Despite the high input cost scenario and projected high-interest environment, Ajmera Realty is observing a positive momentum from home buyers.

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Kalyan Jewellers’ revenue jumps 105% YoY in Q1

Kalyan Jewellers India Ltd’s (KJIL) consolidated revenue grew 105% YoY during the quarter ended June (Q1 FY23). The company witnessed more than a 115% YoY growth in revenue from its India operations and 65% YoY from Middle Eastern operations. KJIL saw an improvement in gross margin in Q1, driven by an increase in the studded jewellery mix and share of business from non-south markets.

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Cyient partners with IIT Hyderabad to nurture India’s entrepreneurial talent

The Cyient Foundation and the Shibodhi Foundation have partnered with IIT Hyderabad to develop the BVR Mohan Reddy School of Innovation and Entrepreneurship (BVR SCIENT) on its campus. BVR SCIENT aims to nurture and develop world-class innovation and entrepreneurial talent from India. Cyient Foundation is the Corporate Social Responsibility (CSR) arm of Cyient Ltd.

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RBI eases overseas borrowing to boost forex inflows

The Reserve Bank of India (RBI) has announced several temporary measures aimed at boosting foreign exchange (forex) inflows. The steps include doubling borrowing limits for companies from overseas to $1.5 billion during a financial year. Interest rate ceilings for foreign currency deposits by non-resident Indians’ (NRI) will be removed. The move comes at a time when persistent capital outflows and a widening trade deficit have led to a sharp depreciation in the value of the Indian Rupee to new record lows against the U.S. Dollar.

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G M Breweries Q1 Results: Net profit rises 39% YoY to Rs 16.16 crore

G M Breweries Ltd reported a 38.8% year-on-year (YoY) increase in net profit to Rs 16.16 crore for the quarter ended June (Q1 FY23). Its revenue from operations jumped 103.8% YoY to Rs 142.02 crore during the same period. Total expenses rose 106% YoY to Rs 531.18 crore in Q1. G M Breweries manufactures and markets alcoholic beverages such as country liquor (CL) and Indian-made foreign liquor (IMFL).

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Power Grid, Tata Projects executives arrested in bribery case

The Central Bureau of Investigation (CBI) has arrested Executive Director of Power Grid Corporation of India B S Jha and five officials of Tata Projects in connection with alleged bribery to favor the private company. The agency had conducted searches in Ghaziabad, Noida, and Gurugram, during which Rs 93 lakh cash was recovered from the offices of Jha.

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Mukesh Ambani Resigns as Director of Reliance Jio – Top Indian Market Updates

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

Mukesh Ambani resigns as director of Reliance Jio

Mukesh Ambani has resigned from the board of his group’s telecom arm, Reliance Jio Infocomm Ltd. He has handed over the reins of the company to his elder son Akash. In a stock exchange filing, Reliance Jio said its board has “approved the appointment of Akash M Ambani, non-executive director, as chairman of the Board of Directors of the company.”

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Tata Steel to ramp up Neelachal Ispat Nigam’s operation to 1.1 MTPA within a year

Tata Steel Ltd (TSL) Chairman N Chandrasekaran said the company will boost the operation of Neelachal Ispat Nigam Ltd (NINL) to a rated capacity of 1.1 million tonnes per annum (MTPA) within the next year. In January 2022, Tata Steel Long Products (a subsidiary of TSL) won the bid to acquire a 93.71% stake in NINL at an enterprise value of Rs 12,100 crore. Tata Steel is expected to complete the acquisition by the end of Q1 FY23.

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Ruchi Soya Industries changes name to Patanjali Foods Ltd

Edible oil manufacturer Ruchi Soya Industries Ltd (RSIL) announced that the company’s name has been changed to Patanjali Foods Ltd with effect from June 24. In 2019, Baba Ramdev-led Patanjali Ayurved acquired Ruchi Soya for Rs 4,350 crore through an insolvency process. Last month, Patanjali Ayurved sold its food retail business to RSIL for Rs 690 crore. The move was part of its strategy to focus on the non-food, traditional medicine, and wellness business.

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Indiabulls Real Estate guilty of profiteering Rs 6.46 crore

The National Anti-profiteering Authority (NAA) has found Indiabulls Real Estate Ltd (IREL) guilty of not passing on over Rs 6.46 crore input tax credit benefits to homebuyers after the introduction of GST. The concerned project, named Sierra-Vizag, is situated in Visakhapatnam. The NAA has directed IREL to pass on the profiteered amount to homebuyers within 3 months, along with interest.

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LTTS launches engineering design centre in France

L&T Technology Services Ltd. (LTTS) has launched an engineering design centre in Toulouse, France. The centre will initially focus on developing cutting-edge solutions for the aerospace and defence industries. LTTS also plans to hire over 100 engineers for the centre in the next two years.

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Tata Motors to increase prices of commercial vehicles from July 1

Tata Motors Ltd. has announced a price hike of 1.5-2.5% for its range of commercial vehicles (CVs), effective from July 1. The percentage of hike will depend on the individual model and variant. “The steep rise in overall input costs makes it imperative to pass on a residual proportion via a minimised price hike,” the automaker said in a statement.

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India Cements acquires 100% stakes in Springway Mining

India Cements Ltd has acquired the entire paid-up equity and preference share capital of Springway Mining Private Ltd for Rs 182.89 crore. Springway Mining was in the process of setting up a cement plant in Madhya Pradesh. 

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Glenmark Pharma acquires OTC drugs from Wockhardt

Glenmark Pharma’s US subsidiary has acquired a portfolio of approved over-the-counter (OTC) abbreviated new drug applications (ANDAs) from Wockhardt. The move is part of the pharma company’s strategy to expand its US OTC portfolio. Glenmark Pharma’s current portfolio consists of 175 products authorized for distribution in the US and 48 ANDAs pending approval with the US Food & Drug Administration (USFDA).

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Infosys secures order from Global Express

Australia-based Global Express has selected Infosys Ltd to separate the technology landscape after its divestment from Toll Holdings. The IT major will leverage the blueprints and tools from Infosys Cobalt, a set of services, solutions, and platforms for enterprises to accelerate their cloud journey. Infosys will also migrate Global Express’ applications and services to a sustainable and energy-efficient data centre and public cloud on AWS.

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Vi Defers Rs 8,837 crore AGR Dues Payment – Top Indian Market Updates

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

Vodafone Idea defers Rs 8,837 crore AGR dues payment

Vodafone Idea Ltd’s (VIL) board has decided to defer payment of additional adjusted gross revenues (AGR) of Rs 8,837 crore dues by four years. On June 15, the Department of Telecommunications (DoT) had raised AGR demand for additional two financial years beyond 2016-17, which were not covered under the Supreme Court order on the statutory dues. The DoT letter also offers VIL an option for equity conversion of interest dues upfront for these AGR-related dues.

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Tata Steel plans low CO2 steel-making technologies in UK, Netherlands

Tata Steel Ltd is working on a plan for transition to low carbon technologies for making steel in the UK and the Netherlands. Both Tata Steel UK and Tata Steel Netherlands have been developing detailed plans for transition to low CO2 technologies. It is in line with the parent company’s goal to produce CO2-neutral steel by 2050 in Europe. 

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L&T’s hydrocarbon business secures large contracts

L&T Energy Hydrocarbon (LTEH) has secured three offshore packages (in the range of Rs 2,500-5,00) crore) from an overseas client. The orders consist of the engineering, construction, and installation of various new offshore jacket structures. LTEH offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers.

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Macrotech Developers enters Bengaluru; eyes Rs 1,200 crore sales from first housing project

Macrotech Developers Ltd announced its entry into the Bengaluru market. It has formed a joint venture to develop its first housing project with an estimated sales booking value of Rs 1,200 crore. The realty firm will acquire 100% equity of G Corp Homes to make its foray into the Bengaluru market. Macrotech Developers markets its properties under the Lodha brand.

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Indian media, entertainment industry likely to touch Rs 4.30 lakh cr by 2026: PwC report

As per a report by global consultancy firm PwC, the Indian media and entertainment industry is expected to grow at a CAGR of 8.8% and reach Rs 4.30 lakh crore by 2026. The growth would be paced by digital media and advertising through deeper penetration of the internet and mobile devices in the domestic market. TV advertising is expected to reach over Rs 43,000 crore by 2026.

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Glenmark Pharma says USFDA issues Form 483 observations for co’s formulation facility

The US Food & Drug Administration (USFDA) has issued Form 483 with six observations to Glenmark Pharma’s formulation manufacturing facility in Baddi, Himachal Pradesh. The facility caters to the production of oral solids, liquid orals, and external preparations like lotions, creams, and respiratory segment products. The pharma company said it is committed to undertaking all necessary steps to address USFDA’s observations at the earliest. 

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RBI taps HDFC, ICICI, SBI for blockchain-based trade financing project

The Reserve Bank of India (RBI) is engaging with HDFC Bank, ICICI Bank, State Bank of India, and dozen other top lenders to run a blockchain-based pilot project centered on trade financing. The project could help prevent loan frauds by fugitive borrowers (like Nirav Modi and Mehul Choksi) that found loopholes in the system to siphon off thousands of crores. Belgium-based SettleMint, US-based Corda Technologies, and IBM would provide technical support for the project.

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Aditya Birla Sun Life AMC partners BentallGreenOak

Aditya Birla Sun Life AMC Ltd and BentallGreenOak are planning to raise ~Rs 1,000 crore through their joint platform for structured credit investments in India. The funds will be used to invest in real estate projects in key property markets, including metro cities. BentallGreenOak is a global real estate investment management advisor based in Toronto, Canada.

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Tata Nexon EV catches fire in Mumbai; automaker initiates probe

Tata Motors Ltd is investigating the root cause behind a Nexon EV electric car that caught fire in the suburb of Vasai, Mumbai. This was the first instance of an EV made by the automaker going up in flames. Tata Motors has sold more than 30,000 EVs so far, which have cumulatively covered over 100 million kilometres across India over the past four years.

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SpiceJet Calls for 10-15% Hike in Airfares – Top Indian Market Updates

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

SpiceJet to hike airfares up to 15% on fuel, forex costs

SpiceJet Ltd has called for a 10-15% hike in airfares to counter high fuel costs and a weak rupee. Operating costs have increased to unsustainable levels. The airline’s MD Ajay Singh noted aviation turbine fuel prices have increased by more than 120% since June 2021. He has called on the federal and state governments to cut taxes.

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IRB Infra’s arm achieves financial closure for Rs 6,538 crore expressway project in UP

Meerut Budaun Expressway Pvt. Ltd, a wholly-owned subsidiary of IRB Infrastructure Developers Ltd, has achieved financial closure for a Rs 6,538-crore project in Uttar Pradesh. The Ganga Expressway Group-1 is a greenfield project that will be carried out under Build, Operate, and Transfer (BOT) mode. A consortium of lenders extended financial support of Rs 2,659 crore for the six-lane greenfield expressway corridor of 129.7 km.

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Glenmark Pharma launches asthma drug

Glenmark Pharmaceuticals Ltd has launched a novel fixed-dose combination (FDC) drug for patients with uncontrolled asthma. It will be sold under the brand name Indamet. The drug will help manage uncontrolled asthma by improving lung function, better symptom control, and reducing exacerbations.

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Dredging Corp secures maintenance contract worth Rs 250 crore

Dredging Corporation of India Ltd has secured a yearly maintenance contract worth Rs 250 crore for Mumbai and the JNPA navigation channel. It includes dredging of ~20 million cubic meters. The company is aiming at its highest ever turnover of Rs 1,000 crore for the financial year 2022-23 after the extension of the contract by Jawaharlal Nehru Port Trust (JNPT).

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TCS partners with QIAGEN for digital transformation

Netherlands-based QIAGEN has selected Tata Consultancy Services (TCS) as the strategic partner for its cloud transformation journey.  QIAGEN is a leading global provider of sample-to-insights solutions in life sciences and molecular diagnostics. TCS will assist QIAGEN with its deep contextual knowledge of the company’s infrastructure, applications, and systems.

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Lockdown in China may have an adverse impact on sales outlook in FY23: Tata Motors

In its Annual Report, Tata Motors Ltd stated that the recent lockdowns in parts of China due to the spread of Covid-19 are adversely impacting its supply chains. Suppliers are unable to produce or deliver products to them. The automaker also said it is witnessing a temporary decline in demand. They are anticipating a severe impact on its sales outlook in FY23.

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ICICI Bank hikes FD interest rates

ICICI Bank has raised its interest rates on fixed deposits (FD). The interest rates on amounts below Rs 2 crore have been increased effective from June 16, 2022. The bank now offers an interest rate between 2.75% to 5.75% for tenors from 7 days to 10 years. Term deposits with a maturity of 185 to less than one year now pay 4.60%. Those with a maturity of one year to two years will fetch 5.30% interest.

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5G network rollout likely in August: Telecom Secretary

Telecom secretary K Rajaraman said 5G rollout is expected to begin in August once the auctions are conducted in July. On Wednesday, the Union Cabinet cleared the 5G spectrum auctions after accepting the spectrum reserve prices recommended by the telecom regulator. Around 72 GHz of airwaves will be placed for auction to rollout 5G services in India. The auction will take place from July 26.

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Wipro partners with Eros Investments to scale AI & ML-based content localisation solution

Wipro Ltd has partnered with Eros Investments to evolve and scale an Artificial Intelligence (AI) and Machine Learning (ML)-based content localisation solution. The solution will automate the time-consuming process of subtitling and dubbing with near human-level accuracy. It will drive significant cost and time savings for global media organizations and direct-to-consumer over-the-top (OTT) streaming platforms.

Read more here.

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TCS Posts 7% YoY Rise in Net Profit in Q4 – Top Indian Market News

TCS Q4 Results: Net profit rises 7% YoY to Rs 9,926 crore

Tata Consultancy Services (TCS) reported a 7% YoY increase in consolidated net profit to Rs 9,926 crore for the quarter ended March (Q4 FY22). Net profit rose 1.6% when compared to the previous quarter. Its revenue from operations grew 16% YoY (or 3.5% QoQ) to Rs 50,591 crore during the same period. The IT company secured new deals worth $11.3 billion in Q4, taking the total order book to $34.6 billion for FY22. TCS’ board has declared a final dividend of Rs 22 per share for Q4 FY22.

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Tata Motors to ramp up EV production as demand rises

Tata Motors Ltd will ramp up the production of electric vehicles (EVs) as demand continues to outpace the manufacturing activity by a large margin. The automaker has been receiving an average of 5,500-6,000 bookings in the past two months for its EV range. The company sells three electric products (Nexon EV, Tigor EV, and XPRES-T) in the domestic market. It has also recently unveiled a coupe-style SUV which it plans to launch in the next two years.

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Godrej Industries launches Godrej Capital

Godrej Industries Ltd (GIL) announced the launch of Godrej Capital Limited (GCL). GCL will be the holding entity for Godrej Housing Finance and Godrej Finance Ltd (an NBFC). GIL has committed to invest Rs 1,500 crore as capital in the financial services arm. It expects the business to require a total equity investment of Rs 5,000 crore by 2026. With this launch, GIL aims to build a world-class retail financial services business.

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Glenmark Pharma gets DCGI approval for Phase-1 trial of novel molecule

Glenmark Specialty S.A. has received approval from the Drugs Controller General of India (DCGI) to conduct a Phase-1 clinical trial of its novel small-molecule, GRC 54276. The molecule has shown the ability to kill tumor cells in pre-clinical studies as a single agent. Glenmark will initiate a Phase-1 clinical trial in India by June 2022. The study will evaluate the safety and tolerability of GRC 54276 as a monotherapy. 

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MCX to partner with Chittagong Stock Exchange to set up derivatives platform

Multi Commodity Exchange of India (MCX) is planning to collaborate with Chittagong Stock Exchange (CSE) of Bangladesh to provide consultancy services for establishing a commodity derivatives platform in the country. MCX will provide consultation services to CSE in areas of regulations, products, clearing & settlement services, warehousing, etc. CSE is one of the two stock exchanges based in the port city of Chittagong, Bangladesh.

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Tata Steel infuses Rs 625 crore in Tata Steel Mining

Tata Steel Ltd has acquired 32.63 crore equity shares of Tata Steel Mining Ltd (TSML) at a premium of Rs 9.15 per share. The aggregate amount paid for acquiring the shares is Rs 625 crore. This equity infusion is for funding TSML’s acquisition of Rohit Ferro Tech under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code.

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HAL-L&T consortium emerges lowest bidder for ISRO project

A consortium of Hindustan Aeronautics Ltd (HAL) and Larsen & Toubro (L&T) has emerged as the lowest (L-1) bidder to make five Polar Space Launch Vehicles (PSLVs) for ISRO. HAL will be the lead partner with L&T, while other vendors will be involved with the consortium in the manufacturing of the launch vehicles. The contract is yet to be formalized.

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Intellect Design secures digital banking contract from VPBank

Intellect Global Transaction Banking (iGTB) has signed a transformative deal with Vietnam-based VP Bank to digitize and streamline its transaction banking offerings. This deal marks the tenth key digital banking transformation deal in Vietnam. iGTB is the transaction banking specialist from Intellect Design Arena Ltd.

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Kesoram Industries Q4 Results: Net loss at Rs 46.6 crore

Kesoram Industries Ltd reported a consolidated net loss of Rs 46.67 crore for the quarter ended March (Q4 FY22). It had reported a net profit of Rs 112.26 crore in the corresponding quarter last year (Q4 FY21). The company’s revenue rose 19.7% YoY to Rs 1,031.78 crore in Q4 FY22. Kesoram Industries is engaged in the manufacture of cement, tyres, tubes, pipes, paper, and heavy chemicals.

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Adani Green Energy Raises $288M for RE Projects – Top Indian Market News

Adani Green Energy raises $288 million for RE projects

Adani Green Energy Ltd (AGEL) has raised $288 million (~Rs 2,188 crore ) for the construction of its renewable energy (RE) projects. The funds will initially finance the 450 megawatts (MW) hybrid portfolio of solar and wind RE projects that AGEL is setting up in Rajasthan. The extended pool of liquidity strengthens AGEL’s strategy to fast-track the development of its under-construction asset portfolio. AGEL has set a target of achieving 45 GW renewable energy capacity by 2030.

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Airbus in talks with Tatas, Indian carriers for A350XWB aircraft

Airbus is in talks with Tata Group and Indian carriers for a deal regarding the procurement of its wide-bodied A350XWB planes. Currently, only Vistara and Air India have wide-bodied aircraft in their fleet. Wide-bodied planes like the A350XWB have larger fuel tanks that allow them to travel longer distances. “We predict a 6.2% yearly average growth for the air traffic out of India. The world average is at 3.9%,” noted Remi Maillard, President & MD of Airbus India & South Asia.

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Glenmark Pharma gets USFDA approval for Lacosamide tablet

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Lacosamide tablets. The drug is used to treat partial-onset seizures in patients 4-years and older. As per IQVIA January 2022 data, the generic version of the drug had achieved annual sales of ~$1.7 billion (~Rs 12,964 crore). 

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Godrej Properties records sales worth Rs 1,002 crore in Pune township project

Godrej Properties Ltd (GPL) has achieved sales of Rs 1,002 crore in 2021-22 in its township project ‘Riverhills’ in Mahalunge, Pune. The realty company has sold over 1,550 homes across 1.5 million sq. ft. in the current financial year. Since the launch of Phase-1 of the township in September 2019, GPL has sold over 3,600 homes with 3.4 million square feet of area and a booking value of over Rs 2,100 crore.

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TCS, Google Cloud secures Fletcher Building digitisation deal

Tata Consultancy Services (TCS) has secured a deal from Fletcher Building to build a Google cloud-based enterprise platform to support long-term growth. TCS and Google Cloud will implement enterprise-grade cloud capability to run the realty company’s mission-critical enterprise workloads. Both entities will develop Fletcher Building’s customer data strategy to create an end-to-end understanding of customer needs and behaviors.

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Wockhardt partners with SII to set up vaccine manufacturing plant in UK

Wockhardt UK has partnered with a subsidiary of Serum Institute of India (SII) to set up a new vaccine manufacturing facility in Wrexham, North Wales (UK). The collaboration between Wockhardt UK and Serum Life Sciences UK Ltd will help create employment opportunities and establish a new sterile fill and finish facility in Wrexham. The facility will deliver an additional 150 million vaccine doses of multiple vaccines.

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NMDC becomes first Indian company to cross 40 MT iron ore production in a year

NMDC Ltd has crossed the milestone of producing over 40 million tonnes (MT) of iron ore in a year, becoming the first Indian company to do so. The company has now set a target of becoming a 100 million tonnes per annum (MTPA) company by 2030. NMDC plans to leverage its expertise in moving towards a multi-mineral outlook with coal, diamond, gold, and other strategic minerals to its portfolio.

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Strides Pharma signs pact with MPP to market Covid-19 drug

Strides Pharma Science Ltd has signed a sub-licence agreement with Medicines Patent Pool (MPP) to commercialise the generic version of Pfizer’s Covid-19 oral treatment (Kovidax) in 95 low and middle-income countries. The product will be manufactured at Strides’ flagship facility in Bengaluru. The company has also secured active pharmaceutical ingredients (API) supplies for the drug via a preferred partnership agreement. 

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KEC International secures new orders worth Rs 1,005 crore

KEC International Ltd has secured new orders worth Rs 1,005 crores across its various business segments. The transmission & distribution (T&D) business has received orders for the supply of towers and poles in the Americas. Its railways business has won orders for overhead electrification and associated works. The company’s civil business has secured an order for the construction of a depot cum workshop in the urban infra segment in India.

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Banks recover Rs 61,000 crore via one-time settlement of loans

The Central Govt informed Parliament that around 11 banks have recovered ~Rs 61,000 crore by way of one-time settlement of loans in nearly four financial years. The figures are for the last three financial years and up to December 2021 of FY22. As per RBI norms, banks are required to have a board-approved loan recovery policy. The policy may cover negotiated settlements through compromise, including one-time settlements (OTS). Such measures will help banks promptly recycle their funds with advantage.

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Domestic air traffic rose 20% in Feb: DGCA

Around 76.96 lakh domestic passengers travelled by air in February 2022, a 20% increase over January. This shows a sign of recovery for the domestic aviation market, which had dipped 43% due to the third wave of the Covid-19 pandemic. IndiGo carried 39.51 lakh passengers in Feb, securing a 51.3% share of the domestic market. SpiceJet Ltd flew 8.2 lakh passengers and Air India flew 8.55 lakh passengers in February.

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Google to Invest up to $1 billion in Bharti Airtel – Top Indian Market News

Google to invest up to $1 billion in Bharti Airtel

US internet giant Google has announced an investment of up to $1 billion (~Rs 7,497 crore) in partnership with Bharti Airtel. It includes a $700 million equity investment in Bharti Airtel for a 1.28% stake and up to $300 million towards potential multi-year commercial agreements. Bharti Airtel and Google will work together to build on the telecom company’s extensive offerings that cover a range of Android-enabled devices to consumers via innovative affordability programs.

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L&T Q3 Results: Net profit falls 17% YoY to Rs 2,055 crore

Larsen & Toubro (L&T) Ltd reported a 16.7% YoY decline in consolidated net profit to Rs 2,054.74 crore for the quarter ended December (Q3 FY22). Net profit increased by 13% when compared to the previous quarter. Its revenue from operations rose 11.14% YoY (or 14% QoQ) to Rs 39,562.92 crore during the same period. The company secured orders worth Rs 50,359 crore in Q3, a decline of 31% YoY.

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Chambal Fertilisers Q3 Results: Net profit falls 8% YoY to Rs 435 crore

Chambal Fertilizers & Chemicals Ltd reported a 7.56% YoY decline in consolidated net profit to Rs 435.17 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 22.4% YoY to Rs 4,743.3 crore during the same period. EBITDA stood at Rs 582.7 crore in Q3, down 25.8% YoY. The company’s board has approved a proposal to set up an Ammonium Nitrate plant at Kota (Rajasthan) for an investment of Rs 1,170 crore.

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Britannia Q3 Results: Net profit falls 19% YoY to Rs 371 crore

Britannia Industries Ltd reported a 19% YoY decline in consolidated net profit to Rs 371 crore for the quarter ended December (Q3 FY22). Net profit fell 3% when compared to the previous quarter. Its revenue from operations rose 13% YoY to Rs 3,575 crore during the same period. EBITDA stood at Rs 539 crore in Q3, down 12% YoY. Higher input costs affected the FMCG company’s margins.

Kotak Mahindra Bank Q3 Results: Net profit rises 15% YoY to Rs 2,131 crore

Kotak Mahindra Bank reported a 15% YoY increase in net profit to Rs 2,131.4 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 8.2% YoY to Rs 4,334 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.71% in Q3 FY22, compared to 3.19% in Q2 FY22. The bank’s expenses stood at Rs 5,559 crore in Q3 FY22, up 10% YoY.

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Glenmark Pharma gets USFDA approval for Metronidazole gel

Glenmark Pharmaceuticals Ltd’s unit has received final approval from the US Food & Drug Administration (USFDA) to market Metronidazole Vaginal gel in the US. As per IQVIA data, the generic version of the product had achieved annual sales of ~$60.4 million during the twelve months ended November 2021.

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Marico Q3 Results: Net profit rises 1.6% YoY to Rs 317 crore

Marico Limited reported a 1.6% YoY increase in consolidated net profit to Rs 317 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 13.4% YoY to Rs 2,407 crore during the same period. Revenue from its domestic market stood at Rs 1,817 crore, up 11.6% YoY. The FMCG firm’s total expenses were up 15.4% YoY to Rs 2,022 crore. 

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HPCL expands footprint in non-fuel retailing

Hindustan Petroleum Corporation Ltd (HPCL) has announced plans to set up a chain of multi-channel retail stores at its petrol pumps. The company plans to give a push to non-fuel retailing. As part of this, HPCL has opened two more retail stores under the brand name ‘HaPpyShop’. The product range in each store has been planned to suit the tastes and preferences of the local neighbourhoods.

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Vedanta Q3 Results: Net profit rises 26% YoY to Rs 4,164 crore

Vedanta Ltd reported a 26.2% YoY increase in consolidated net profit to Rs 4,164 crore for the quarter ended December (Q3 FY22). Net profit fell 10% when compared to the previous quarter. Its total income rose 46.7% YoY to Rs 34,674 crore during the same period. Vedanta’s board has declared an interim dividend of Rs 13.5 per share.

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TVS Motor acquires Swiss e-bike maker SEMG

TVS Motor Company Ltd has acquired a 75% stake in Switzerland’s largest e-bike player Swiss E-Mobility Group (SEMG). The consideration paid for the acquisition is $100 million (~Rs 750 crore). The move is in line with TVS Motor’s strategy to expand in Europe through a portfolio of premium and technology-leading brands. The two-wheeler company plans to buy the remaining 25% stake by next year.

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Dixon Tech Q3 Results: Net profit falls 25% YoY to Rs 46 crore

Dixon Technologies Ltd reported a 25% YoY decline in net profit to Rs 46.38 crore in Q3 FY22. Its revenue from operations rose 41% YoY to Rs 3,073.25 crore during the same period. EBITDA stood at Rs 103.67 crore, up 3% YoY. Revenue from its consumer electronics segment grew 3.3% YoY to Rs 1,410.39 crore in Q3. Dixon Tech’s home appliance segment revenue fell 20% YoY to Rs 180.12 crore.

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WPI Inflation Eases to 13.56% in December – Top Indian Market News

WPI inflation eases to 13.56% in December

India’s wholesale price index (WPI)-based inflation eased to 13.56% in December, compared to 14.23% in November. The fall in the prices of manufactured products and fuel & power offset costlier vegetable prices. Inflation in manufactured goods stood at 10.62%, compared to 11.92% in November. Fuel & power inflation stood at 32.3% in December, against 39.8 in November. The inflation in vegetables surged to 31.56% in Dec, compared to 3.9% in Nov.

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HCL Tech Q3 Results: Net profit falls 13% YoY to Rs 3,442 crore

HCL Technologies Ltd reported a 13.6% YoY decline in consolidated net profit to Rs 3,442 crore for the quarter ended December (Q3 FY22). Net profit increased 6% when compared to the previous quarter. Its revenue from operations rose 15.7% YoY (or 8% QoQ) to Rs 22,331 crore during the same period. The IT major secured deals worth $2,135 million in Q3, up 64% YoY. HCL Tech has declared a dividend of Rs 10 per share.

In other news, HCL Tech has agreed to acquire Budapest-based Starscheme for $42.5 million (~Rs 315 crore). With this acquisition, the IT company aims to strengthen its data engineering services and presence in Central and Eastern Europe. 

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Oberoi Realty acquires 4.2-acre land parcel in Mumbai

Oberoi Realty has acquired a 4.2-acre land parcel on LBS Marg in Mumbai’s central suburb Bhandup for Rs 115 crore. The developer acquired the property through one of its subsidiaries, Oberoi Constructions. The plot has a total residential development potential of around 8-9 lakh sq. ft. Based on the current property rates, the project can fetch a revenue of around Rs 900-1,000 crore.

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Glenmark Pharma gets USFDA approval for nasal spray to treat rhinitis

Glenmark Specialty SA (Switzerland), a subsidiary of Glenmark Pharmaceuticals Ltd, has received approval from the US Food & Drug Administration (USFDA) to market Ryaltris in the US. Ryaltris is a nasal spray used for the treatment of seasonal allergic rhinitis (irritation and inflammation of the mucous membrane inside the nose). The product is currently under review by Health Canada.

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Aditya Birla Fashion to acquire 51% stake in House of Masaba

Aditya Birla Fashion & Retail Ltd (ABFRL) will acquire a 51% stake in House of Masaba Lifestyle for Rs 90 crore. Founded by Masaba Gupta in 2009, House of Masaba Lifestyle sells under the brand name Masaba and offers a wide array of products ranging from cosmetics to clothes. It is targeting annual revenues of around Rs 500 crore in the next five years and will be scaled primarily through its online platform.

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Ashoka Buildcon emerges lowest bidder for NHAI road project worth Rs 829.5 crore

Ashoka Buildcon Ltd has emerged as the lowest (L-1) bidder for a road project of the National Highways Authority of India (NHAI). The project consists of six-laning the Belgaum-Sankeshwar Bypass (NH-48) in Karnataka on an engineering, procurement, construction (EPC) mode. The quoted bid price of the project is Rs 829.49 crore.

Passenger vehicle sales fall 13% YoY in December: SIAM

Passenger vehicle (PV) dispatches from factories to dealers declined 13% YoY to the lowest level in five years in December. As per the Society of Indian Automobile Manufacturers (SIAM), PV dispatches stood at 2,19,421 units in December 2021, compared to 2,52,998 units in December 2020. Two-wheeler wholesales fell 11% YoY to 10.06 lakh units in December 2021. The automobile industry continues to face production issues due to the semiconductor shortage.

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Hero MotoCorp expands operations in El Salvador

Hero MotoCorp Ltd has expanded operations in El Salvador with the commencement of retail sales at a newly opened flagship outlet in the country’s capital city of San Salvador. The two-wheeler manufacturer has a distribution network of over 200 touchpoints in El Salvador. This includes five company-owned showrooms, 15 dealerships, 85 retail & 26 spare part outlets, and service centres across 14 cities.

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Delhivery gets SEBI approval for Rs 7,640 crore IPO

The Securities and Exchange Board of India (SEBI) has approved new-age logistics startup Delhivery’s Rs 7,460 crore initial public offering (IPO). The IPO includes a fresh issue of shares worth Rs 5,000 crore and an offer for sale (OFS) of up to Rs 2,460 crore. Early investors Softbank and Carlyle Group will offload shares worth Rs 750 crore and Rs 920 crore, respectively.

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Reliance, Mahindra bid for incentives under India’s $2.4 billion battery scheme: Report

As per a report from Reuters, Reliance Industries, Hyundai Motor Co, and Mahindra & Mahindra are among the companies that have submitted bids under India’s $2.4 billion battery scheme. Last year, the Centre had finalised a Production Linked Incentive (PLI) scheme to encourage companies to invest in the local manufacturing of batteries. Ola Electric, Larsen & Toubro, Amara Raja Batteries, and Exide Industries have also reportedly submitted bids.

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Wholesale Inflation Rises to 14.23% in November – Top Indian Market News

Wholesale inflation rises to 14.23% in November

Wholesale price inflation (WPI) surged to a 12-year high of 14.23% in November, compared to 12.54% in October. The WPI inflation has been in double digits for the past 8 months. The high rate of inflation is primarily due to the rise in prices of mineral oils, basic metals, crude petroleum, natural gas, chemicals products, and food. Inflation in the fuel and power basket was higher at 39.81% in November, as against 37.18% in October.

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ABFRL to buy exclusive rights to sell, distribute Reebok in India

Aditya Birla Fashion & Retail Ltd (ABFRL) has signed a long-term licensing agreement with US-based Authentic Brands Group to distribute and sell Reebok products in India and other Southeast Asian countries. The deal signals ABFRL’s entry into India’s sports and activewear segment. The company will sell Reebok products through wholesale and e-commerce.

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Nykaa to invest Rs 100 crore over 2-3 years to expand retail footprint

Nykaa has set aside almost Rs 100 crore of capital expenditure over 2-3 years, said Group CFO Arvind Agarwal. The company plans to expand its retail footprint as it believes in an omnichannel strategy. He further stated that Nykaa’s ambition is to be in the top 100 cities in the country, which would mean 250-300 stores within the next 3 years. They are also investing in fulfillment centres, including large mechanised and tech-driven warehouses.

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Adani Green signs pact with SECI to supply 4,667 MW solar project

Adani Green Energy Ltd (AGEL) has signed an agreement with the Solar Energy Corporation of India (SECI) to supply 4,667 megawatts (MW) of green power. This is the world’s largest-ever green power purchase agreement (PPA). AGEL has a total portfolio of 20.3 gigawatts (GW), including operational and under-construction projects. The Adani Group has committed to a $50-70 billion investment in the renewables space.

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Glenmark’s subsidiary enters pact with Almirall for novel drug to treat autoimmune diseases

Ichnos Sciences, a subsidiary of Glenmark Pharmaceuticals, has entered into an exclusive agreement with Spain-based Almirall to out-license its novel monoclonal antibody therapy ISB 880. The drug is used in the treatment of autoimmune diseases. As per the agreement, Ichnos will receive an upfront payment of €20.8 million (~Rs 178.5 crore). It will also obtain additional development & commercial milestone payments and royalties based upon future global sales.

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L&T Infotech opens new delivery center in Hyderabad

Larsen & Toubro Infotech (LTI) has expanded its operations in Hyderabad by setting up a new facility in the city. The 1.1 lakh sq. ft. state-of-the-art delivery center is designed and equipped to house over 3,000 employees. The centre will focus on delivering digital, data, and cloud solutions to global clients.

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Lupin receives EIR from USFDA for its manufacturing site in Goa

Lupin Ltd has received an establishment inspection report (EIR) from the US Food & Drug Administration (USFDA) for its Goa manufacturing facility. This indicates that the pharma company is probably closer to resolving the drug regulator’s warning letter. EIR means the closure of inspection. USFDA inspected the facility in September 2021 and issued 7 observations, which were mostly related to the investigation of out-of-specification (OOS) drug productions. 

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Orion Corp selects Infosys to transform ERP, planning platforms

Finland-based pharma company Orion Corporation has selected Infosys Ltd to transform its enterprise resource planning (ERP) and planning platforms. The IT major will also enhance Orion’s employee experience and drive business value realisation. Infosys will adopt standardised best SAP practices to enable end-to-end visibility across Orion’s operations and reduce business costs.

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Natco Pharma proposes to acquire Dash Pharmaceuticals

Natco Pharma Ltd has announced plans to acquire Dash Pharmaceuticals LLC, subject to the satisfactory completion of due diligence and execution of definitive agreements. US-based Dash Pharma is a front-end pharmaceutical sales, marketing, and distribution entity. This acquisition provides Natco with a front-end to engage with its customers directly in the US, which is the largest pharmaceutical market in the world.

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Bharti Airtel partners with Capgemini to bring 5G-based solutions for Indian enterprises

Bharti Airtel has partnered with French IT company Capgemini to bring 5G-based enterprise-grade solutions to the Indian market. Under this partnership, both firms will bring together their experience in 5G solutions and system integration capabilities to develop a range of India-focused use cases. Two 5G use cases (smart health and remote assistance) have already been deployed by Capgemini at Bharti Airtel’s 5G lab.

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L&T Construction secures order for buildings, factory business

Larsen & Toubro’s construction arm has received a large order for its buildings and factories business from the Odisha government to construct clinical blocks and allied infrastructure for a hospital in Cuttack. The duration of the engineering, procurement, and construction (EPC) project is 30 months. The project involves the construction of four clinical blocks comprising composite structural systems and other ancillary buildings.

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JSW Steel’s Crude Steel Production Rises 29% YoY in Q2 – Top Indian Market News

JSW Steel reports 29% YoY rise in crude steel production in Q2

JSW Steel Ltd reported a 29% YoY increase in crude steel production at 5.07 million tonnes (MT) for the quarter ended Sept (Q2 FY22). The capacity utilisation at the standalone level was at 91% during the quarter. For the six months ending September 30, 2021, the company recorded crude steel production growth of 21% on a standalone basis and 45% at the steel group level.

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Rakesh Jhunjhuwala-backed Akasa Air to start operations by 2022

Akasa, the new airline backed by ace investor Rakesh Jhunjhunwala, has received a No Objection Certificate (NOC) from the Ministry of Civil Aviation. SNV Aviation Pvt Ltd will fly under the brand name “Akasa Air” with Vinay Dube as CEO. The airline will now seek a license from the Directorate General of Civil Aviation (DGCA) to commence operations in the summer of 2022. Akasa Air aims to be India’s most dependable, affordable, and greenest airline.

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Power Mech Projects secures orders worth Rs 448.6 crore

Power Mech Projects Ltd has received a Letter of Intent (LoI) for orders worth Rs 448.60 crore. The project includes the operation and maintenance of 2×660 megawatt (MW) Mutiara Thermal Power Plant in Melamaruthur Village, Tuticorin. The company has also received a miscellaneous civil works order for Screening Plant-III in Kirandul, Chattisgarh, from NMDC Ltd.

Prestige Estate Projects registeres highest quarterly sales in Q2

Prestige Estates Projects registered its highest-ever quarterly sales of Rs 2,111.90 crore and collections of Rs 1,551.50 crore during Q2 FY22. The company’s sales rose 88% YoY and collections jumped 35% YoY during the same period. In terms of volume, the real estate developer sold 3.54 million square feet area in Q2, compared to 1.77 million sq. ft. area in the corresponding period last year.

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Macrotech Developers signs 5 JVs in H1 to build projects worth Rs 4,500 crore

Macrotech Developers has formed five joint ventures (JVs) since April 2021 to develop projects that have a sales potential of Rs 4,500 crore. The company is aiming to enter into five more such tie-ups with landowners by the end of the current financial year (FY22). The development potential in five joint development agreements (JDAs) is around 4 million square feet in various micro-markets of Mumbai Metropolitan Region (MMR) and Pune. Mumbai-based Macrotech Developers markets its properties under the ‘Lodha’ brand.

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Saregama India Q2 Results: Net profit rises 19.9% YoY to Rs 33.8 crore

Saregama India Ltd reported a 19.9% year-on-year (YoY) increase in consolidated net profit to Rs 33.8 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 24.31% when compared to the previous quarter. Its total revenue from operations rose 34.21% YoY to Rs 145.09 crore during the same period. The revenue from Saregama India’s music business rose 21% YoY to Rs 121.58 crore in Q2. Revenue from the TV & film division surged 238% YoY to Rs 22.35 crore.

Tata Motors reports 24% rise in group global wholesales in Q2

Tata Motors Ltd reported a 24% YoY increase in group global wholesales (including Jaguar Land Rover) to 2,51,689 units in Q2 FY22. Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range during the quarter stood at 89,055 units, up 57% YoY. The global wholesales of all passenger vehicles in Q2 rose 11% YoY to 1,62,634 units. JLR’s global sales stood at 78,251 units during the same period.  

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Glenmark Pharma launches Tavulus for COPD treatment in Spain

Glenmark Pharmaceuticals has launched the Tiotropium Bromide dry powder inhaler (DPI) under the brand name Tavulus in Spain. The drug is used for the treatment of chronic obstructive pulmonary disease (COPD). COPD is a long-term condition that causes inflammation in the lungs, damaging the lung tissue and narrowing the airways, all of which make breathing difficult. Tavulus helps to open the airways and makes it easier for air to get in and out of the lungs. 

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Ramkrishna Forgings Q2 Results: Net profit rises 78.45% QoQ to Rs 44.05 crore

Ramkrishna Forgings Ltd reported a 1,934.97% YoY jump in consolidated net profit to Rs 44.05 crore for the quarter ended Sept (Q2 FY22). Net profit rose 78.45% when compared to the previous quarter. Its revenue from operations rose 129.67% YoY to Rs 578.82 crore during the same period. Total income and net profit have surged 172.39% YoY and 345.30% YoY, respectively, for the half-year ended Sept 2021. The company has declared an interim dividend of Rs 0.5 per share.

Alembic Pharma gets EIR from USFDA for Karakhadi facility

Alembic Pharmaceuticals Ltd has received an Establishment Inspection Report (EIR) from the US Food & Drug Administration (USFDA) for its new injectable facility at Karakhadi, Gujarat. The USFDA has indicated that a compliance verification would be performed during the re-inspection of the facility in the next review cycle. Vadodara-based Alembic Pharma is a leading provider of active pharmaceutical ingredients (APIs) and generic formulations.

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