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Glenmark Life Sciences IPO: All You Need to Know

glenmark life sciences ipo

The IPO frenzy continues! Glenmark Life Sciences has launched its three-day IPO today— July 27. It is a subsidiary of Glenmark Pharma, one of the leading Indian pharmaceutical companies. In this article, we take a closer look into the company and its IPO.

Company Profile – Glenmark Life Sciences Ltd

Glenmark Life Sciences Ltd (GLSL) is a leading manufacturer of Active Pharmaceutical Ingredients (APIs). Basically, APIs are the biologically active component of drugs (tablets, capsules, and injectables) that produces the intended effects. GLSL develops, manufactures, and supplies high-quality APIs for cardiovascular disease (CVS), central nervous system disease (CNS), and pain management. They also manufacture APIs for diabetes, gastrointestinal disorders, and anti-infectives (drugs for treating infections).

Glenmark Pharmaceuticals Ltd established its API business in 2001. As part of a reorganisation strategy, the company decided to convert its API segment into a new and separate entity in 2019. This led to the creation of Glenmark Life Sciences. The API unit was sold to GLSL at a slump-sale value of Rs 1,100 crore. Thus, GLSL operates as an independent, professionally-run global API firm with a strong focus on research & development (R&D).

Currently, the company has ~120 APIs in its portfolio. Their products are extensively sold in India and exported to countries across Europe, North America, Latin America, and Asia. Over the years, GLSL has established strong relationships with some of the leading generic pharmaceutical companies in the world. Moreover, they provide contract development and manufacturing operations (CDMO) services to specialty pharma companies. 

GLSL operates four multi-purpose manufacturing facilities located at Ankleshwar and Dahej in Gujarat and Mohol and Kurkumbh in Maharashtra. As of March 31, 2021, the aggregate annual installed capacity of the units stood at 726.6 kilolitres (KL). They are planning to set up a greenfield facility in Solapur, Maharashtra, which will double its capacity by 2024.

About the IPO

Glenmark Life Sciences aims to raise Rs 1,513.6 crore through its initial public offering (IPO). The public issue opens on July 27 and closes on July 29. The price band for the IPO has been fixed at Rs 695-720 per share. 

The fresh issue of shares (of the face value of Rs 2 each) aggregates to Rs 1,060 crore. The IPO also consists of an offer for sale (OFS) by Glenmark Pharma (the promoter), which aggregates up to Rs 453.6 crore. Individual investors can bid for a minimum of 20 equity shares (1 lot) and in multiples of 20 shares thereafter. You will need a minimum of Rs 13,900 to apply for this IPO. A retail investor can bid for a maximum of 260 equity shares (or 13 lots).

Glenmark Life Sciences will utilise the net proceeds from the IPO for three main purposes:

  1. For making payment of outstanding purchase consideration of Rs 800 crore to the promoter, for the acquisition of the API business.
  2. To meet capital expenditure (capex) requirements of ~Rs 155 crore. They have announced plans to enhance the existing production capacities of its Ankleshwar and Dahej facilities.
  3. The remaining amount will be used for general corporate purposes.

The total promoter holding in the company will decrease from 100% to 82.84% post the IPO.

Financial Performance

GLSL has posted consistent growth in revenues and profits over the past three financial years. From FY19-21, the total income has grown at a compounded annual rate (CAGR) of 15.84%, while profits have grown at 17.35%. The company has posted an average Earnings Per Share (EPS) of Rs 30.09 during this period. The Return on Net Worth (RoNW) stands at 46.7%, which is high compared to its peers. RoNW shows how well the company uses shareholders’ capital (equity) to generate profits. 

Risk Factors

  • The company’s operations are subject to strict inspections/audits by its customers and regulatory agencies. The failure to meet quality standards or non-compliance with regulations may lead to loss of business. This could negatively impact its reputation and financial results.
  • The revenue derived from Glenmark Life Sciences’ top 5 customers account for ~55.8% of the total sales income (as of FY21). The loss of any of these customers or a reduction in their purchases will negatively affect financial results.
  • Nearly 90% of GLSL’s total revenue comes from its API business. If the key products across its limited number of therapeutic categories fail to perform as expected, the company’s financial performance would be adversely affected.
  • Unplanned slowdowns or shutdowns of the GLSL’s manufacturing operations (due to socio-political disruptions, natural calamities) may lead to delays in supplies or new product launches.
  • Any delay, interruption, or reduction in the supply of raw materials would harm the company’s operations.  
  • There are outstanding legal and regulatory proceedings involving GLSL, its promoter, and directors.
  • The company has significant working capital requirements with respect to manufacturing operations and development of new products. If they fail to maintain cash flows or obtain sufficient credit, there may be an adverse effect on the firm’s overall performance.

IPO Details in a Nutshell

The book-running lead managers to the public issue are Kotak Mahindra Capital, BofA Securities India, Goldman Sachs (India) Securities, DAM Capital Advisors, BOB Capital Markets, and SBI Capital Markets. Glenmark Life Sciences had filed the Red Herring Prospectus (RHP) for its IPO earlier this month. You can read it here.

Ahead of the IPO, the company was able to raise Rs 454 crore from prominent anchor investors on July 26. This includes HSBC Global Investment Funds, Oaktree Emerging Markets Equity Fund LP, Kuber India Fund, Societe Generale-ODI, etc.

Conclusion

The Indian API market has registered a steady growth of 9.1% since FY19. As per reports, it is expected to grow at a CAGR of 9.6% from 2021-26, outpacing the global market growth for APIs. Earlier this year, our government had approved a production linked incentive (PLI) scheme worth Rs 6,940 crore to promote domestic manufacturing of essential drug intermediates and APIs. Glenmark Life Sciences could benefit immensely from all of this— provided that they launch new and improved products. 

The company has announced strategic plans to expand generic API production and grow its oncology production pipeline. [Oncology is the branch of medicine that deals with the study and treatment of cancer]. They will continue to invest in R&D and focus on enhancing their production capabilities. Large pharma firms such as Glenmark, Teva Pharmaceutical Industries, Torrent Pharma, and Aurobindo Pharma are highly dependent on GLSL. Thus, one could invest in the company based on its future growth prospects.

Once its shares get listed, GLSL will be directly competing with firms such as Divis Labs, Laurus Labs, Shilpa Medicare, Aarti Drugs, and Solara Active Pharma.

Before applying for the IPO, we will wait to see if the portion reserved for institutional investors gets oversubscribed. Looking at the recent trend, most IPOs are providing a select few with amazing listing gains. As always, consider the risks associated with this company and come to your own conclusion.

What are your opinions on this IPO? Will you be applying for it? Let us know in the comments section of the marketfeed app.

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Heineken Acquires Additional 14.98% Stake in UBL – Top Indian Market News

Heineken acquires additional 14.98% stake in UBL

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A Debt Recovery Tribunal (DBT) has sold shares worth over Rs 5,800 crore of UBL, which was earlier attached under the anti-money laundering law as part of an alleged bank fraud probe against liquor baron Vijay Mallya. The DBT will further sell shares of UBL worth Rs 800 crore by June 25.

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Read more here.

Piramal Pharma completes acquisition of Hemmo Pharmaceuticals

Piramal Pharma, a subsidiary of Piramal Enterprises Ltd, has completed the acquisition of Mumbai-based Hemmo Pharmaceuticals. In March, the company had entered into an agreement to acquire a 100% stake in Hemmo for an upfront consideration of Rs 775 crore and earn-outs linked to the achievement of milestones. With this acquisition, Piramal Pharma will gain access to the growing peptide Active Pharmaceutical Ingredient (API) market.

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GRSE commissions new 250 tonne Goliath Crane

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Read more here.

Glenmark Pharma gets USFDA approval for inhalation product

Glenmark Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for Arformoterol Tartrate Inhalation Solution. The drug is used to treat conditions such as chronic bronchitis and emphysema. It will be manufactured at the pharma company’s facility in Monroe, North Carolina. According to IQVIA data, the generic version of the drug had annual sales of approximately $437.9 million (~Rs 3,250 crore) for the 12 months ended April 2021.

Cipla Limited has also received approval for the inhalation solution from the USFDA.

Read more here.

Infosys’ Rs 9,200 crore share buyback to open on Friday

The Rs 9,200 crore share buyback plan of Infosys Limited is scheduled to commence from June 25, 2021 (Friday). The IT company has proposed to buy back shares at a maximum price of Rs 1,750 per share. The Board of Directors of Infosys had approved the buyback plan on April 14, and the shareholders’ approval was received on June 19. The last date for the share buyback has been fixed as December 24, 2021.

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HCC Q4 Results: Net profit falls 49% YoY to Rs 157 crore

Hindustan Construction Company (HCC) Ltd reported a 49.48% YoY decline in net profit to Rs 157.28 crore for the quarter ended March (Q4). Net profit has increased by 32.64% when compared to the previous quarter. Its total income rose 0.9% YoY to Rs 2,398.38 crore during the same period. Net loss for the financial year ended March 31, 2021 (FY21) stood at Rs 610.02 crore, compared to a net profit of Rs 197.03 crore in FY20. HCC stated that operations of its group companies have started recovering from the economic slowdown caused by the Covid-19 pandemic.

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ABB India installs digital solutions at JSW Steel’s plant in Maharashtra

ABB India Limited has completed the digitalisation of a melt shop at JSW Steel’s Dolvi works steel plant in Maharashtra. The digital solution connects steel melt shop operations with ladle and crane tracking and thermal loss prediction for higher casting speeds and additional output of 24,000 tonnes per annum (TPA). The ABB Ability Smart Melt Shop solution will help JSW Steel boost productivity and profitability.

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Tata Motors in talks to raise capital for EV business: Report

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Speciality Restaurants Q4 Results: Net profit jumps 122% YoY to Rs 8.4 crore

Speciality Restaurants Ltd (SPL) reported a 122.72% YoY jump in consolidated net profit to Rs 8.43 crore for the quarter ended March (Q4). Net profit has increased by 328.5% when compared to the previous quarter. Its total income declined by 4.5% YoY to Rs 75.17 crore during the same period. For the entire financial year 2020-21 (FY21), the company reported a net loss of Rs 29.45 crore. This is compared to a net loss of Rs 38 crore in FY20. SPL owns and operates multiple chains of fine and casual dining restaurants in India, Bangladesh, and Tanzania.

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Jubilant Foodworks Reports 395% YoY Jump in Net Profit in Q4 – Top Indian Market News

Jubilant Foodworks Q4 Results: Net profit jumps 395% YoY to Rs 104.3 crore

Jubilant Foodworks Ltd reported a 395.5% YoY jump in net profit to Rs 104.3 crore for the quarter ended March (Q4). Its revenue from operations rose 14.3% YoY to Rs 1025.9 crore during the same period. Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) rose 47% YoY to Rs 249.2 crore. Same-sales growth for Domino’s Pizza stood at 11.8% in Q4, compared to -3.4% in the corresponding quarter last year. The company opened a record 50 new Domino’s outlets and one store each of Hong’s Kitchen, Ekdum!, and Dunkin Donuts during Q4. The board of Jubilant Foodworks has recommended a final dividend of Rs 6 per share.

Read more here.

Ashok Leyland’s subsidiary acquires EV maker Switch Mobility Automotive

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Read more here.

Easy Trip Planners Q4 Results: Net profit at Rs 30.4 crore

Easy Trip Planners Ltd reported a consolidated net profit of Rs 30.46 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 3.38 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations rose 82.06% YoY to Rs 57.44 crore in Q4 FY21. The online travel company’s expenses declined by 22.5% YoY to Rs 27.17 crore during the quarter. Net profit for the financial year ended March 31, 2021 (FY21) rose 84.99% YoY to Rs 61.01 crore.

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LTI enters into strategic agreement with Amazon Web Services

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LIC Housing Finance Q4 Results: Net profit declines 5% YoY to Rs 399 crore

LIC Housing Finance Ltd reported a 5.33% YoY decline in net profit to Rs 398.9 crore for the quarter ended March (Q4). Net interest income (NII) rose 33% YoY to Rs 1,505 crore during the same period. Its provisions towards impairment on financial instruments jumped to Rs 977.19 crore in Q4 FY21, compared to Rs 27.25 crore in Q4 FY20. The company’s loan portfolio increased by 10% YoY to Rs 2.16 lakh crore in March 2021. LIC Housing Finance’s board has recommended a dividend of Rs 8.50 per share.

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SJVN partners with NDMC for sale of 150-MW solar power

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Wipro extends partnership with Levi Strauss & Co.

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Glenmark Pharma launches COPD treatment inhaler in UK

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Siemens to supply digitalised switchgear to 3 steel makers

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IPO Updates: 

Shyam Metalics 

The Rs 909-crore initial public offering (IPO) of Shyam Metalics and Energy Ltd was subscribed 3.65 times on the second day of bidding. The portion reserved for retail investors was subscribed 5.8 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 2.6 times and that of qualified institutional buyers (QIBs) 81%. You can learn more about the IPO here. 

Sona BLW Precision Forgings 

The Rs 5,550-crore IPO of Sona BLW Precision Forgings Ltd was subscribed 27% on the second day of bidding. The portion reserved for retail investors was subscribed 1.02 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 4% and that of qualified institutional buyers (QIBs) 14%. You can learn more about the IPO here.

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RBI Keeps Policy Rates Unchanged; Cuts FY22 GDP Forecast to 9.5% – Top Indian Market News

RBI keeps policy rates unchanged, cuts FY22 GDP growth to 9.5%

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[Repo rate is the rate at which the central bank (RBI) lends money to commercial banks to meet short-term fund requirements. Reverse repo rate is the rate at which the central bank borrows money from the commercial banks] 

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Glenmark Pharma gets USFDA approval for Theophylline tablets

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Bank of India Q4 Results: Net profit at Rs 250 crore

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Tesla to start testing Model 3 in India from July-August

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Read more here.

MOIL Q4 Results: Net profit rises 125% QoQ to Rs 116 crore

MOIL Limited reported a 125.83% quarter-on-quarter (QoQ) increase in net profit to Rs 116.03 crore for the quarter ended March (Q4). Net profit has jumped 761% when compared to the corresponding quarter last year. The mining company’s total income rose 67.7% QoQ (or 70.19% YoY) to Rs 481.56 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 28.84% YoY to Rs 176.63 crore. MOIL’s board has recommended a final dividend of Rs 4.9 per share. 

Read more here.

Jai Corp Q4 Results: Net profit jumps 415% YoY to Rs 14 crore 

Jai Corp Limited reported a 415% YoY jump in consolidated net profit to Rs 14.08 crore for the quarter ended March 2021 (Q4). Net profit has declined by 80.48% when compared to the previous quarter. Its revenue from operations rose 17.55% YoY to Rs 137.74 crore in Q4 FY21. The company’s board has proposed a dividend of Rs 0.50 per share. Jai Corp is primarily engaged in the plastic processing business in India. It also produces, processes, and trades in steel products.

Read more here.

NIIT Q4 Results: Net profit at Rs 46.5 crore

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Read more here.

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ITC Reports 3% YoY Decline in Net Profit in Q4 – Top Indian Market News

itc

ITC Q4 Results: Net profit falls 3% YoY to Rs 3,755 crore

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Auto companies post sharp fall in sales in May amid second wave

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Read more here.

Salasar Techno Q4 Results: Net profit rises 163% YoY to Rs 9.85 crore

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Read more here.

BSE signs MoU with ESC to encourage listing of startups

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Read more here.

Balrampur Chini Q4 Results: Net profit declines 2% YoY to Rs 235 crore

Balrampur Chini Mills Ltd reported a 2.46% YoY decline in consolidated net profit to Rs 235.5 crore for the quarter ended March (Q4). Its revenue from operations declined by 41.41% YoY to Rs 1,019.35 crore during the same period. The company’s revenue from sugar manufacturing fell 41.8% YoY to Rs 1,031.3 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit declined by 3% YoY to Rs 199.51 crore.

The Board of Directors of Balrampur Chini Mills has approved an investment of Rs 425 crore for establishing a new distillery facility with a capacity of 320 kilo-litres per day (KLPD). The unit is scheduled to commence operations from December 2022.

Read more here.

Glenmark Pharma launches anti-epileptic drug in the US

Glenmark Pharmaceuticals Ltd announced the launch of anti-epileptic drug Rufinamide tablets in the US market. The newly launched drug is a therapeutic equivalent of Banzel tablets of Japan-based Eisai, Inc. The drug is used in combination with other medications to treat children with Lennox-Gastaut syndrome, a severe form of epilepsy that causes developmental problems. According to IQVIA data, Banzel tablets had achieved annual sales of approximately $285.3 million (~Rs 2,079 crore) for the 12 months ended April 2021.

Read more here.

Radico Khaitan Q4 Results: Net profit rises 91% YoY to Rs 73.55 crore

Radico Khaitan Ltd reported a 91.3% YoY increase in consolidated net profit to Rs 73.55 crore for the quarter ended March (Q4). Its revenue from operations rose 18.7% YoY to Rs 694.73 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 18.9% YoY to Rs 270.56 crore. The company’s board has recommended a dividend of Rs 2.4 per share. Radico Khaitan is one of the leading manufacturers of Indian-Made Foreign Liquor (IMFL).

Read more here.

SEBI bans 8 entities in Infosys insider trading case

Market regulator SEBI has banned eight entities, including two Infosys employees, from trading in the stock market due to violation of insider trading norms. An investigation conducted by SEBI revealed that two employees of Infosys were found to have used insider information to trade in the IT company’s stock last year. The value of illegal gains to the tune of Rs 3.06 crore has been impounded from Capital One Partners, Tesora Capital, and several individuals associated with both firms.

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Honeywell Automation Q4 Results: Net profit declines 6% YoY to Rs 104 crore

Honeywell Automation reported a 6.4% YoY decline in net profit to Rs 104.02 crore for the quarter ended March (Q4). Net profit has declined by 30.6% when compared to the previous quarter. Its revenue from operations fell 4.48% YoY to Rs 672.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined 6.4% YoY to Rs 460.04 crore. The company’s board has declared a dividend of Rs 85 per share. Honeywell Automation is a leading provider of integrated automation and software solutions.

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Gujarat Gas Q4 Results: Net profit rises 40% YoY to Rs 350 crore

Gujarat Gas Ltd reported a 40.1% YoY increase in consolidated net profit to Rs 350.86 crore for the quarter ended March (Q4). Net profit has declined by 10.56% when compared to the previous quarter. Its revenue from operations rose 28.2% YoY to Rs 3,489.3 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 6.5% YoY to Rs 1,277.72 crore. The company’s board has declared a dividend of Rs 2 per share.

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Bank of Baroda Reports Net Loss of Rs 1,046 crore in Q4 – Top Indian Market News

Bank of Baroda Q4 Results: Net loss at Rs 1,046 crore

Bank of Baroda reported a standalone net loss of Rs 1,046.5 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 506 crore in the corresponding quarter last year (Q4 FY20). Net interest income (NII) rose 4.5% YoY to Rs 7,107 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio stood at 8.87% during the quarter, compared with 8.48% in Q3 FY21. The bank’s provisions for bad loans rose 44% YoY to Rs 4,593 crore during the quarter under review.

The state-owned lender has announced plans to raise Rs 5,000 crore through the issuance of equity shares and bonds.

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M&M to invest Rs 12,000 crore to revamp vehicles, regain market share

Mahindra and Mahindra (M&M) Ltd plans to spend around Rs 12,000 crore over the next three years towards launching and upgrading its range of passenger vehicles (PV) and commercial vehicles (CV). The funds will be utilized for launching 23 new products across its PV and CV segments in the next five years. M&M will invest Rs 3,000 crore towards its farm equipment segment and launch 14 news products across last-mile mobility and new pick-up ranges. Through these investments, the automaker seeks to regain lost market share. 

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Divi’s Laboratories Q4 Results: Net profit rises 29% YoY to Rs 502 crore

Divi’s Laboratories Ltd reported a 29.31% YoY (or 7% QoQ) increase in consolidated net profit to Rs 502.02 crore for the quarter ended March (Q4). Its revenue from operations rose 28.7% YoY to Rs 1,788.19 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 44.15% YoY to Rs 1,984.29 crore. The board of Divi’s Labs has declared a final dividend of Rs 20 per share.

The pharma company said it has taken up another capital expenditure (capex) program with an estimated investment of ~Rs 400 crore for fast-tracking a customs synthesis project.

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HDFC Bank, SBI Cards warn customers of restrictions if they deal in cryptocurrencies: Report

According to a report from BloombergQuint, HDFC Bank has begun cautioning its customers officially against dealing in virtual currencies (or cryptocurrencies). These emails inquire about the customers’ virtual currency transactions and advise against such transactions citing a 2018 circular from the Reserve Bank of India (RBI), which was later struck down by the Supreme Court. Other companies such as SBI Cards & Payment Services have also sent out mailers stating that services may be curtailed if customers use their cards to deal in cryptocurrencies.

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Glenmark Pharma Q4 Results: Net profit rises 6% YoY to Rs 234 crore

Glenmark Pharmaceuticals Ltd reported a 6.15% YoY increase in consolidated net profit to Rs 233.87 crore for the quarter ended March (Q4). Net profit has declined by 5.76% when compared to the previous quarter. Its revenue from operations rose 3% YoY to Rs 2,859.9 crore during the same period. For the quarter ended March 31, 2021 (FY21), net profit increased by 25% YoY to Rs 970 crore. The pharma company’s board has declared a dividend of Rs 2.5 per share.

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Zydus Cadila gets USFDA approval to market Fluphenazine Hydrochloride tablets 

Zydus Cadila has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Fluphenazine Hydrochloride tablets. The drug is used to treat symptoms of a certain type of mental condition/disorder called schizophrenia. The pharma company will manufacture the drug at its formulation manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.

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Advanced Enzyme Tech Q4 Results: Net profit rises 1.12% YoY to Rs 31 crore

Advanced Enzyme Technologies reported a 1.12% YoY increase in consolidated net profit to Rs 31.68 crore for the quarter ended March (Q4). Net profit has declined by 26.5% when compared to the previous quarter. Its revenue from operations rose 20.82% YoY to Rs 133.22 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 13% YoY to Rs 146.20 crore. The company’s board has recommended a dividend of Rs 0.9 per share.  

The Board of Directors of Advanced Enzyme Technologies has also approved the acquisition of an additional 15% stake in JC Biotech. The company will purchase 31.06 lakh shares of JC Biotech for a consideration of Rs 21.12 crore.

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Fuel prices touch record highs; petrol cross Rs 100 per litre in Mumbai

Petrol and diesel prices were hiked across India for the 15th time this month on Saturday (May 29). In New Delhi, petrol prices were raised by 26 paise to 93.94 per litre, while diesel prices were increased by 28 paise to Rs 84.89 per litre. The price of petrol has crossed the Rs 100 per litre mark in Mumbai. This is the 15th increase in fuel prices since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states such as West Bengal and Kerala.

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Affle India Q4 Results: Net profit jumps 282% YoY to Rs 58.5 crore

Affle India reported a 282% YoY jump in consolidated net profit to Rs 58.5 crore for the quarter ended March (Q4). Net profit has increased by 90% when compared to the previous quarter. Its revenue from operations rose 76.9% YoY to Rs 141.57 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has jumped 105% YoY to Rs 134.80 crore. Affle India is a global technology company that delivers consumer acquisitions, engagements, and transactions through relevant mobile advertising.

Nazara Technologies Q4 Results: Net profit at Rs 3.15 crore

Nazara Technologies reported a consolidated net profit of Rs 3.15 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 3.30 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 41.69% YoY to Rs 123.38 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), the net profit stood at Rs 9.24 crore. This is compared to a net loss of Rs 24.65 crore in FY20. Recently-listed Nazara Technologies is a diversified gaming and sports media company. 

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Grasim Reports 13% YoY Rise in Net Profit in Q4 – Top Indian Market News

Grasim Q4 Results: Net profit rises 13% YoY to Rs 2,616 crore

Grasim Industries reported a 13.3% YoY increase in consolidated net profit to Rs 2,616.64 crore for the quarter ended March (Q4). Its revenue from operations rose 26% YoY to Rs 24,398.92 crore during the same period. The company’s viscose (rayon fabric) business posted a 9% YoY growth to Rs 2,583.4 crore. Revenue from the cement business (UltraTech Cement) rose 32.72% YoY to Rs 14,405 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit grew 5.24% YoY to Rs 6,986.70 crore. The board of Grasim Industries has declared a total dividend of Rs 9 per share.

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Zydus Cadila launches breast cancer treatment drug Ujvira

Zydus Cadila announced the launch of Trastuzumab Emtansine, an antibody-drug conjugate (ADC) biosimilar and a highly effective drug for treating both early and advanced HER2 positive breast cancer, under the brand name ‘Ujvira’. HER2 positive breast cancer is considered an aggressive form and constitutes 20-25% of all breast cancers. The drug is being offered at a cheaper rate of Rs 32,495 for a 100 mg vial. 

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Ramco Cements Q4 Results: Net profit rises 51% YoY to Rs 216 crore

Ramco Cements Ltd reported a 51.08% YoY increase in consolidated net profit to Rs 216.16 crore for the quarter ended March (Q4). Net profit has risen by 4.57% when compared to the previous quarter. Its revenue from operations rose 17.51% YoY to Rs 1,623.71 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 29.71% YoY to Rs 783.64 crore.

Salasar Techno secures order worth Rs 238 crore from PGCIL

Salasar Techno Engineering Ltd has secured an order worth Rs 238.65 crore from Power Grid Corporation of India Ltd (PGCIL). The order consists of the construction of a 201-km transmission line network and four new power substations in Arunachal Pradesh. Salasar Techno is a leading provider of customized steel fabrication and infrastructure solutions in India. 

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India Cements Q4 Results: Net profit at Rs 44 crore

India Cements reported a consolidated net profit of Rs 43.97 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 11.76 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 25% YoY to Rs 1,472.45 crore in Q4 FY21. The company’s cement volumes rose 13% YoY to 28.90 lakh tonnes during the same quarter. The board of India Cements has approved a dividend of Rs 1 per share.

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Glenmark Pharma gets USFDA approval for Icatibant injection

Glenmark Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Icatibant injection. The injection is indicated for the treatment of acute attacks of hereditary angioedema (swelling of the skin) in adults 18 years of age and older. According to IQVIA data, the generic version of the injection had sales of approximately $223.4 million (~Rs 1,628 crore) for the 12 months ended March 2021.

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Barbeque Nation Q4 Results: Net profit at Rs 6 crore

Barbeque Nation Hospitality Ltd reported a consolidated net profit of Rs 6.1 crore for the quarter ended March (Q4 FY21). It had reported a net loss of Rs 27 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 19% YoY to Rs 226 crore in Q4 FY21. The company opened one new store during the quarter and is planning to expand its network by opening 20 new stores in the current financial year (FY22). Revenue from its deliveries segment jumped ~470% YoY to Rs 28 crore in Q4 FY21.

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Bharti Airtel deploys 11.2MHz spectrum in 1800Mhz band across Karnataka

Bharti Airtel has deployed an additional 11.2MHz spectrum in the 1800MHz band, along with network software tools, across Karnataka to strengthen high-speed data capacity. These network software tools include pre-5G Massive, 4G Advanced, and Carrier Aggregation, which are used to step up high-speed network capacity and coverage. The telecom company has also deployed 5MHz in the 1800Mhz band across Tamil Nadu to boost capacity.

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Balaji Amines Q4 Results: Net profit jumps 174% YoY to Rs 84.50 crore

Balaji Amines Ltd reported a 174.17% YoY jump in consolidated net profit to Rs 84.50 crore for the quarter ended March (Q4). Net profit has increased by 12.7% when compared to the previous quarter. Its revenue from operations rose 60.46% YoY to Rs 414.03 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 127.28% YoY to Rs 258.03 crore. The company’s board has recommended a dividend of Rs 4 per share. Balaji Amines is a leading chemicals manufacturing company based in Maharashtra.

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Kellton Tech Solutions secures contract to build advanced NFT marketplace

Kellton Tech Solutions Ltd has secured a contract to build a cutting-edge Non-Fungible Tokens (NFT) marketplace using new digital technologies (including blockchain). The advanced NFT marketplace will create exceptional user experiences while buying, selling, and auctioning digital artifacts in the form of tokens. This technology infrastructure would offer higher security, efficiency, and performance. Kellton Tech is an IT and outsourcing company based in Hyderabad.

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Poly Medicure Q4 Results: Net profit rises 71% YoY to Rs 38 crore

Poly Medicure reported a 71.48% YoY increase in consolidated net profit to Rs 38.84 crore for the quarter ended March (Q4). Net profit has risen by 10% when compared to the previous quarter. Its revenue from operations rose 24.29% YoY to Rs 212.95 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 41.72% YoY to Rs 135.87 crore. The company’s board has recommended a dividend of Rs 2.5 per share.

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RDIF, Panacea Biotec launch production of Sputnik V vaccine in India

The Russian Direct Investment Fund (RDIF) and drug firm Panacea Biotec announced the launch of production of the Sputnik V Covid-19 vaccine in India. The first batch of the vaccine produced at Panacea Biotec’s facilities at Baddi (Himachal Pradesh) will be shipped to the Gamaleya Center in Moscow for quality control. In April 2021, RDIF and Panacea agreed to locally produce 100 million doses of Sputnik V vaccine per year.

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HDFC Bank Reports 18% YoY Rise in Net Profit in Q4 – Top Indian Market News

HDFC Bank Q4 Results: Net profit rises 18% YoY to Rs 8,186 crore

HDFC Bank reported an 18.2% year-on-year (YoY) rise in standalone net profit to Rs 8,186.5 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined 6.5%. Net interest income (NII) increased by 12.6% YoY to Rs 17,120 crore during the same period. The bank’s gross non-performing assets (NPAs) ratio stood at 1.32% in Q4, compared to 1.38% in the October-December quarter (Q3). Total deposits grew 16.3% YoY to Rs 13.35 lakh crore. 

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Glenmark Pharma’s subsidiary files paperwork for IPO with SEBI

Glenmark Life Sciences Limited (GLSL) has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). GLSL is a wholly-owned subsidiary of Glenmark Pharmaceuticals Limited. The IPO will consist of a fresh issue of shares worth Rs 1,160 crore and an offer for sale (OFS) of up to 73.05 lakh shares. 

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ICICI Lombard Q4 Results: Net profit rises 22% YoY to Rs 345.68 crore

ICICI Lombard General Insurance Company Ltd reported a 22.6% YoY increase in net profit to Rs 345.68 crore for the quarter ended March (Q4). Total revenue rose 22.4% YoY to Rs 3,489.39 crore during the same period. Its gross direct premium income (GDPI) rose 9.4% YoY to Rs 3,478 crore in Q4 FY21. The company’s board has proposed a final dividend of Rs 4 per share.

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Adani Green Energy secures 15 MWac solar power project in Gujarat

Adani Renewable Energy Holding Fifteen Ltd (AREHFifteenL) has secured an order to establish a 150 MWac (megawatt, alternating current) solar power project in Gujarat. AREHFifteenL is a wholly-owned subsidiary of Adani Green Energy Limited (AGEL). The fixed tariff for this project capacity is Rs 2.22 per kilowatt-hour (kWh) for a period of 25 years. The project is expected to be commissioned by Q3 of FY 2022-23.

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India’s pharma exports grew 18% to $24.4 billion in FY21

According to the Pharmaceuticals Export Promotion Council of India, pharma exports increased by 18% year-on-year (YoY) to $24.44 billion (~Rs 1.82 lakh crore) during the financial year 2020-21. The figure stood at $20.58 billion in FY20. Exports grew by 48.5% YoY to $2.3 billion in March, the highest ever in FY21. Country-wise exports to the US, Canada, and Mexico have recorded a growth of 12.6%, 30%, and 21.4%, respectively.

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DoT allocates 4G spectrum to Reliance Jio, Bharti Airtel

The Department of Telecommunications (DoT) has completed the process of allocating spectrum to successful bidders of the auctions conducted in March. Reliance Jio Infocomm has paid Rs 2,149.59 crore for its share of airwaves, while Bharti Airtel has deposited Rs 157.38 crore. Thus, the government has received Rs 2,306.97 crore from the telecom spectrum auctions so far.

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Coforge Limited’s board approves issue of NCDs for Rs 340 crore

The Board of Directors of Coforge Limited has approved the issuance of up to 3,400 listed, redeemable non-convertible debentures (NCDs) of the face value of Rs 10 lakh each— aggregating to Rs 340 crore. The NCDs will be issued on a private placement basis. Coforge is a leading global IT solutions provider based in Noida.

Indiamart’s subsidiary to acquire 22% stake in Truckhall

Tradezeal Online Private Limited, a wholly-owned subsidiary of Indiamart Intermesh Limited, will acquire a 22% stake in Kolkata-based TruckHall Pvt Ltd. The total cost of the acquisition is Rs 9.68 crore. TruckHall is engaged in the business of creating an online marketplace and software development for the logistics industry. This investment is in line with Indiamart Group’s long-term objective of offering various Software-as-a-Service (SaaS)-based solutions for businesses.

Prestige Estates acquires stake in partnership firms with land parcels in North Bengaluru

Prestige Estates Projects Limited said it has acquired a 45% stake in Century Megacity and a 55% stake in Century Landmark. Century Megacity is a partnership firm that holds land parcels in North Bangalore, which will be developed into an office space soon. Century Landmark is also a partnership firm holding land parcels in North Bangalore, which will be developed into a commercial space in the near future. 

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Loan Moratorium Cannot be Extended, says Supreme Court – Top Indian Market News

Loan moratorium cannot be extended: Supreme Court

The Supreme Court (SC), on Tuesday, refused to extend the six-month loan moratorium period offered by the Reserve Bank of India (RBI) last year, saying that it is a ‘policy decision’ on the part of the Central government and RBI. The SC also said that a complete waiver of interest during the moratorium period could not be granted, as banks have to pay interest to account holders and pensioners. The court directed that no compound or penal interest will be charged from borrowers for the moratorium period. Banks can now start declaring their non-performing assets (NPAs) or bad loans. 

On March 27, 2020, the RBI had announced a moratorium on loan installments due between March 1 and May 31 and later extended it by three months till August 31, 2020.

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Adani Ports to acquire 58% stake in Gangavaram Port for Rs 3,604 crore

Adani Ports and Special Economic Zone Ltd (ASPEZ) will acquire a 58.1% stake held by DVS Raju and his family in Gangavaram Port Limited (GPL). The cost of the acquisition is Rs 3,604 crore. On March 3, ASPEZ had announced the acquisition of Warburg Pincus’s 31.5% stake in GPL. After the completion of both transactions, ASPEZ will hold an 89.6% stake in GPL. GPL is located in the northern part of Andhra Pradesh and has a capacity of 64 million metric tonnes (MMT).

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Mahindra Defence to make armoured tactical vehicles for Indian army

Mahindra Defence Systems Ltd (MDSL) has secured a contract worth Rs 1,056 crore to manufacture and supply armoured tactical vehicles for the Indian Army for its weapon carrier requirements. The light specialist vehicles (LSVs) have undergone rigorous and elaborate trial procedures carried out by the Indian Army in different terrains. The induction of LSVs is said to be completed within four years. MDSL is a subsidiary of Mahindra & Mahindra Ltd.

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Allana Group acquires 1% stake in LT Foods for Rs 20 crore

Processed food manufacturer Allana Group said it has pickled a 1% stake in LT Foods Limited for Rs 20 crore. Both companies have plans to use their synergies and technology transfer to expand LT Foods’ consumer products business to focus on value-added and impulse products. LT Foods is a leading player in the rice market with leading brands like Daawat, Royal, and Devayya. The company has established a network in over 65 countries.

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Cipla’s subsidiary partners with SIGA Technologies to develop novel antibiotics

Cipla Limited said its subsidiary, Cipla Therapeutics, has partnered with US-based SIGA Technologies to develop novel antibiotics. The partnership is aimed at making Cipla’s novel antibiotics available to the US government as part of preparations against biological threats. The strategic partnership will deliver sustained innovation and access to novel anti-bacterial drugs, particularly against biothreats.

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Govt to raise Rs 755 crore by selling 15% stake in RVNL

The Central government will raise nearly Rs 755 crore by selling its 15% stake in Rail Vikas Nigam Ltd (RVNL) through an offer for sale (OFS). The floor price for the OFS has been fixed at Rs 27.50 per share. The issue will open on Wednesday for non-retail investors and on Thursday for retail investors. The Centre’s shareholding in RVNL will decline to 74.67% after the stake sale.

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HG Infra receives provisional completion certificate for road project in Maharashtra

HG Infra Engineering has received a provisional completion certificate from the National Highways Authority of India (NHAI) for a road project in Maharashtra. The project consisted of four-laning the Bhandara- Khat-Ghotitok Junction section (NH-7, NH-547E) in Maharashtra on an engineering, procurement, and construction (EPC) mode. The NHAI had declared the project fit for entry into operation as of February 29, 2020.

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Bharti Airtel’s Africa unit to sell 1,421 towers to Helios for $108 million 

Bharti Airtel’s Africa unit (Airtel Africa) has signed a pact with Helios Towers Plc to sell 1,229 towers in Madagascar and Malawai for $108 million (~Rs 782 crore). Airtel Africa Plc will also build 195 sites across the two regions over the next three years for $11 million (~Rs 79.72 crore). These sites will be handed over to Helios Towers upon completion. The transactions are expected to close in or around Q4 of calendar year 2021.

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Glenmark Pharma gets USFDA approval for diltiazem hydrochloride capsules

Glenmark Pharmaceuticals said it has received final approval from the US Food & Drug Administration (USFDA) for diltiazem hydrochloride extended‐release (ER) capsules. The product is indicated for the treatment of hypertension. As per IQVIA data, the generic version of the capsules had sales of approximately $56.7 million (~Rs 410.75 crore) for the 12 months ended January 2021.

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Trident partners with California-based Kathy Ireland Worldwide

Trident Limited said it has further strengthened its brand portfolio with the recent addition of the “Kathy Ireland” brand. The company has entered into a licensing agreement with California-based Kathy Ireland Worldwide Inc. As per the agreement, Trident will have the right to use the “Kathy Ireland” trademark under its range of home textile products. The collection will also be included in Trident’s rapidly expanding e-commerce business.

Alkem Labs partners with Tata Memorial Centre

Alkem Laboratories has partnered with Tata Memorial Centre (TMC) for establishing an advanced radiotherapy facility in Muzaffarpur and to set up three mini cancer centers in Bihar. These centers will connect cancer patients of Buxar, Jehanabad, and Bhagalpur districts by telemedicine to Homi Bhabha Cancer Hospital & Research Center, Muzaffarpur. The centers will also work with the district administration on community activities such as cancer awareness and screening.

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

Supreme Court halts Future Group-Reliance deal on Amazon plea

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

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L&T secures large contracts in power transmission segment

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

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

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

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Mindtree achieves Google Cloud Partner specialisation in application development

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

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Dr Reddy’s launches Lansoprazole tablets in the US

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

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

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

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Vivimed Labs receives approval from Uzbekistan govt for Febril syrup

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

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Steel Strips Wheels secures export orders worth €850,000

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

Tata Motors launches all-new Safari

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

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Hindalco’s board approves amendments to Dividend Distribution Policy

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

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Reliance Jio Makes All Domestic Voice Calls Free From Jan. 1 – Top Indian Market News

A shopkeeper displays JIO simcards at a mobile phone store in Mumbai on July 19, 2017. Indian oil-to-telecom conglomerate Reliance Industries's first-quarter consolidated profit jumped 28 percent July 20, pumped up by higher margins from its core oil refining business it said, beating analyst estimates. / AFP PHOTO / INDRANIL MUKHERJEE (Photo credit should read INDRANIL MUKHERJEE/AFP via Getty Images)

Reliance Jio to make domestic voice calls free from Jan 1

Reliance Jio announced that all off-net domestic voice calls from its network to other networks anywhere in India will be free from January 1, 2021. This has been done because interconnect usage charges (IUCs) for all domestic voice calls are coming to an end from Friday. In September 2019, telecom regulator TRAI had extended implementation of IUC on mobile-to-mobile calls beyond January 1, 2020, after which Jio began charging its customers for off-net voice calls.

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India’s fiscal deficit reaches 135% of budgeted target during April-November

The Union Government’s fiscal deficit soared to Rs 10.75 lakh crore or 135.1% of the 2020-21 Budget Estimates (BE), during April-November 2020. This is mainly on account of the low realisation of revenue due to disruption in business activities amid the Covid-19 pandemic. The government’s total receipts stood at Rs 8.30 lakh crore (37% of BE 2020-21) till the end of November 2020. [Fiscal Deficit is the difference between the total income of the government (total taxes and non-debt capital receipts) and its total expenditure] 

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Eight core industries’ output contracts 2.6% in November

Contracting for the ninth consecutive month, the output of eight core infrastructure sectors dropped by 2.6% in November. This has been mainly due to a decline in the production of natural gas, refinery products, steel, and cement. The production of eight core sectors had recorded a growth of 0.7% in November 2019, as per data released by the Ministry of Commerce and Industry. The output of crude oil, natural gas, and refinery products declined by (-)4.9%, (-)9.3%, and (-)4.8%, respectively, in November 2020.

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L&T Construction wins significant orders in overseas, domestic markets

Larsen & Toubro (L&T) Ltd announced that its construction arm has received orders in the overseas and domestic market. The orders fall under the ‘significant’ category, which ranges between Rs 1,000 crore and Rs 2,500 crore. L&T stated that its power transmission and distribution business has won two transmission line packages in the Kingdom of Saudi Arabia. Its water and effluent treatment business has secured an EPC (engineering, procurement, and construction) order in Gujarat to execute a package in the SAUNI Yojna Link 3. 

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Jubilant FoodWorks to acquire 10.76% stake in Barbeque Nation for Rs 92 crore

Jubilant FoodWorks Ltd (JFL), on Thursday, said it will invest Rs 92 crore into Barbeque Nation Hospitality Limited for an equity stake of 10.76%. The company will acquire 36,50,794 fully paid-up equity shares of the face value of Rs 5 per share in the casual dining restaurant chain. The transaction is expected to be completed by January 25.

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BHEL receives orders worth Rs 3,200 crore for hydro projects

Bharat Heavy Electricals Ltd (BHEL) has secured orders valued at Rs 3,200 crore for Electro-Mechanical (E&M) works for a Hydro Electric Project (HEP) in Andhra Pradesh and E&M works of pump-motor sets for lift irrigation schemes (LIS) in Telangana. BHEL’s scope of work in the above projects includes design, engineering, manufacturing, supply, and supervision of erection, testing & commissioning of the equipment. The above orders have been received from the EPC contractor for these projects- Megha Engineering & Infrastructure Ltd.

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IRCTC launches upgraded version of e-ticketing website and app

Union Railway Minister Piyush Goyal, on Thursday, unveiled a more passenger-friendly and upgraded version of the IRCTC e-ticketing website and mobile application. Passengers will now be able to book tickets, meals, and accommodations at the same time. The website has in-built features for enhancing cybersecurity by using appropriate captchas. Predictive entry suggestions using AI will be given to the passengers when they enter a station. The website will also have simpler checking of the refund status on the user accounts page.

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Tejas Networks wins international order worth $13 million

Tejas Networks Ltd has received a purchase order amounting to $13 million (~Rs 94 crore) from a leading telecommunications service provider in South East Asia. As per the contract, Tejas Networks will supply and install its TJ1400 ultra-converged broadband products to extend high-speed broadband services to underserved rural communities in the region. The project is expected to be executed within the next 12 months.

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CCI gives nod to Jamnalal Sons to acquire 51% stake in Mukand Sumi Specialty Steel

The Competition Commission of India (CCI) has approved the acquisition of 51% of the equity share capital of Mukand Sumi Special Steel Ltd (MSSSL) by Jamnalal Sons Private Ltd (JSPL). The proposed combination entails the acquisition of 51% of the equity share capital of MSSSL from Mukand Limited and its nominees by JSPL. A nominal number of equity shares of MSSSL (not more than 60), which are being acquired by JSPL, shall be held jointly by JSPL and certain individuals. This is to comply with the minimum shareholding requirements under the Companies Act, 2013.

Glenmark Pharma receives USFDA approval for Tadalafil tablets

Glenmark Pharmaceuticals Ltd has received final approval from the United States Food & Drug Administration (USFDA) for Tadalafil tablets USP. The tablets are indicated for the treatment of erectile dysfunction and enlarged prostate. The approved product is a generic version of Cialis tablets of Eli Lilly and Company. According to IQVIA sales data for the 12 months ending November 2020, Cialis tablets achieved annual sales of approximately $125.5 million (~Rs 913 crore).

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Market News Top 10 News

Tata Sons Raises Stake in AirAsia India to 83.6% – Top Indian Market News

FILE PHOTO: AirAsia planes are seen parked at Kuala Lumpur International Airport 2, during the movement control order due to the outbreak of the coronavirus disease (COVID-19), in Sepang, Malaysia April 14, 2020. REUTERS/Lim Huey Teng/File Photo

Tata Sons raises stake in AirAsia India to 83.6%

Tata Sons has acquired an additional 32.67% stake in AirAsia India from Malaysian carrier AirAsia Berhad for $37.6 million (~Rs 276 crore). This takes Tatas’ stake in the Indian airline to 83.6%. As part of the transaction, Tata Sons has the option to pick up AirAsia Berhad’s remaining 16.33% stake after the closure of the current transaction. Prior to this transaction, Tata Sons held a 51% stake in AirAsia India, while AirAsia Berhad held a 49% stake.

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Asset quality of banking system may deteriorate sharply: RBI Report

According to RBI’s latest issue of ‘Report on Trend And Progress of Banking in India’, the asset quality of the Indian banking system may deteriorate sharply going ahead, due to the uncertainty induced by the pandemic and its real economic impact. The report states that bad loans on banks’ balance sheets have been falling consistently since March 2018. The gross non-performing asset (GNPA) ratio dropped from the highs of nearly 15% in March 2018 to about 7.5% as of September 2020. However, the six-month loan moratorium and the subsequent asset quality standstill norms have hidden the impact of Covid-19 on banks’ balance sheets.

[The RBI’s Trend and Progress report presents the performance of the banking sector, including co-operative banks, and non-banking financial institutions. The report also offers some perspectives on the evolving outlook for India’s financial sector.]

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Multi-modal approach to be established for transporting Covid-19 vaccine: Civil Aviation Ministry 

Civil Aviation Minister Hardeep Singh Puri stated that about 30 crore Indians will be vaccinated against Covid-19 by July 2021. The Aviation Secretary, Pradeep Singh Kharola, said that the government has identified airports and is also in talks with airlines to take care of the logistics. The Aviation Ministry is also working with the Ministry of Health and pharmaceutical companies to plan the vaccine roll-out.

Hardeep Singh Puri further stated that he foresees ‘a short extension’ of suspension of flights from the UK. This is to contain the spread of the new strain of coronavirus that was first detected in that country.  

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Tesla to start operations in India by early 2021: Nitin Gadkari

Union Transport Minister Nitin Gadkari stated that electric car manufacturer Tesla would be arriving in India ‘early’ in 2021. He said that Tesla will start operations first with sales and then look at assembly and manufacturing, based on the response to the cars. Recent reports also suggest that the first model to come to India will be the more affordable Tesla Model 3. The minister further stated that India will become ‘the number 1 manufacturing hub for automobiles in five years’. 

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L&T Construction bags contract for its Water & Effluent Treatment business

The Water & Effluent Treatment business of L&T Construction has secured an EPC order involving design, engineering, supply, and installation of plant and equipment. The contract is for laying 135km of slurry pipeline and pipeline systems between Bacheli and Nagarnar in Chhattisgarh. The value of the contract stands somewhere between the range of Rs 1,000-2,500 crore.

ICICI Bank to acquire 9.09% stake in Myclassboard Education Solutions

ICICI Bank Ltd announced that it will acquire a 9.09% stake in ed-tech platform Myclassboard Educational Solutions Pvt Ltd, for cash consideration of Rs 4.5 crore. Myclassboard offers an online school management platform and reported a turnover of Rs 12 crore in FY 2020. The transaction is expected to be completed by the end of February 2021.

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Glenmark Pharma launches Remogliflozin + Vildagliptin FDC to treat Type 2 diabetes

Glenmark Pharmaceuticals has launched a fixed-dose combination (FDC) of Remogliflozin Etabonate and Vildagliptin in India. The fixed drug combination is indicated for the management of Type 2 diabetes. The FDC will be marketed under two brand names- Remo V and Remozen V. Glenmark’s FDC has been launched at a breakthrough price of Rs 14 per tablet.

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Ahluwalia Contracts secures construction orders worth Rs 310 crore

Ahluwalia Contracts (India) Ltd said it has secured new construction orders worth around Rs 310 crore. The order consists of the construction of a high-rise multi-storied residential complex, located at Z-1, Project, Phase-III, Nandankanan Road, in Bhubaneswar (Orissa). The company stated that its total order inflow during FY21 stands at Rs 2086.44 crore. 

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Allied Digital Services’ subsidiary bags multi-year deals worth $21.8 million

Allied Digital Services Ltd announced that its US subsidiary, Allied Digital Services LLC, has bagged multi-year prestigious services deals with a collective total contract value of $21.8 million (~Rs 154 crore). The contracts have been secured from leading customers across Healthcare, Finance, and Automobile segments. Allied Digital USA will transform Infrastructure Management, Edge Computing, and User Computing across a wide range of technology platforms, operations, and geographies.

Vedanta Resources to issue $400 million notes to Oaktree Capital

A unit of Vedanta Resources will issue $400 million (~Rs 2,935 crore) in notes to an entity under Oaktree Capital Group, as the mining company looks to meet liquidity needs. The notes will be partly secured by shares in Mumbai-listed unit Vedanta Ltd. The new deal with Oaktree comes after Vedanta Resources sold $1 billion (~Rs 7,339 crore) of securities earlier this month, at one of the highest yields for a dollar bond in Asia this year.

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Lupin launches Mycophenolate Mofetil tablets in the US

Lupin Ltd, on Tuesday, announced the launch of Mycophenolate Mofetil tablets in the United States. The tablets are used to help prevent the body from rejecting organ transplants. The newly launched product is the generic equivalent of CellCept tablets of Roche Palo Alto LLC. According to IQVIA MAT October 2020 data, Mycophenolate Mofetil tablets USP had an annual sales of approximately $87 million (~Rs 638 crore) in the US.

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