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Jio-bp to Set Up Charging Network for M&M – Top Indian Market Updates

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

Jio-bp to set up charging network for M&M’s upcoming e-SUVs launches

Jio-bp said it will set up a charging network for Mahindra & Mahindra’s upcoming electric SUV launches. Starting with 16 cities, Jio-bp will install DC fast chargers at M&M’s dealership network and workshops across India. M&M launched its first all-electric SUV, the XUV400, at Mahindra Research Valley in Chennai earlier this month. Jio-bp is a fuels & mobility joint venture between Reliance Industries Ltd (RIL) and UK-based bp.

Sobha achieves highest-ever quarterly sales value in Q2

Sobha Ltd achieved its highest-ever quarterly sales value of ₹1,164 crore during the Sept quarter (Q2 FY23), up 13% YoY. In terms of volume, total sales fell 0.89% YoY to 1.35 million sq. ft. during the same period. Total average price realization improved to ₹8,709 per square feet in Q2, registering a growth of 14% YoY. 

Sobha has launched three new residential projects— two in Bangalore and one in Thiruvananthapuram with a total saleable area of 880,893 sq. ft.

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India to offer 26 blocks for producing oil, gas in mega offshore bid round

The Directorate General of Hydrocarbons said the Indian government will offer 26 blocks or areas for finding and producing oil & gas in a mega offshore bid round. Out of the 26 blocks, 15 areas are in ultra-deepwater, 8 in the shallow sea, and 3 blocks are onland. Around 16 areas for prospecting for coal-bed methane (CBM) are also being offered in a separate round. 

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Power Grid acquires SPV to build transmission project

Power Grid Corporation of India has acquired 100% equity in a special purpose vehicle (SPV) to build an inter-state transmission project for eastern and northeastern regions. The consideration paid for the acquisition was ₹7.04 crore, including 50,000 equity shares and assets & liabilities of the company. The SPV is yet to start commercial operations.

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JSW Neo Energy to develop 126 MW Chhatru hydel project in Himachal Pradesh

JSW Neo Energy (a subsidiary of JSW Energy Ltd) has received a Letter of Intent from the Himachal Pradesh government for developing the 126 megawatts (MW) Chhatru hydro-power plant. JSW Energy has set an ambitious target for a 50% reduction in its carbon footprint by 2030 and to achieve carbon neutrality by 2050. It has set a target to reach 20 GW capacity by 2030, with the share of renewable energy increasing to 85%.

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Marksans Pharma to acquire Teva’s manufacturing site in Goa

Marksans Pharma has entered into an agreement with Israeli drugmaker Teva to acquire its manufacturing site in Goa on a slump sale basis. The Mumbai-based company has agreed to retain the site employees with existing terms of employment. Marksans Pharma has also entered into a business transfer agreement with Tevapharm India to acquire its business relating to the manufacture and supply of bulk pharmaceutical formulations.

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L&T Construction wins order under its water and effluent treatment business

Larsen & Toubro Ltd’s (L&T) construction arm has secured a significant contract (in the range of ₹1,000-2,500 crore) from the Government of Odisha to execute irrigation projects.  The scope of work includes the execution of 23 lift irrigation schemes consisting of intake points spread across Anandapur Left Main Canal, Bidydharpur Barrage, Hadagarh Reservoir, Anandapur Barrage & Kharsua, Kani & Baitarani Rivers. 

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NMDC signs pact with RailTel for ICT and digital solutions

NMDC and RailTel Corporation of India have entered into an agreement covering the information & communications technology (ICT) and digital transformation services of NMDC at its corporate offices and mining complexes. This partnership will focus on the optimal utilization of resources and build mineral accountability. RailTel will provide consultancy, project management, and execution services to enhance NMDC’s efficiency and transparency.

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G M Breweries Q2 Results: Net profit rises 4% YoY to ₹22 crore

G M Breweries Ltd reported a 3.8% YoY (or 40.4% QoQ) increase in net profit to ₹22.69 crore for the quarter ended September (Q2 FY23). The company’s revenue from operations rose 22.35% YoY to ₹141.86 crore during the same period. Total expenses stood at ₹532.60 crore in Q2, up 26.11% YoY. G M Breweries manufactures country liquor (CL) and Indian-made foreign liquor (IMFL).  

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Dr Reddy’s Labs’ plant gets World Economic Forum recognition

The World Economic Forum has recognised Dr. Reddy’s Laboratories Ltd’s largest manufacturing facility in Bachupally, Hyderabad, as part of its Global Lighthouse Network. Lighthouses are factories leading the way in Fourth Industrial Revolution technologies to drive impact in productivity, workforce engagement, sustainability, and supply chain resilience.

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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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CPI Inflation Rises to 17-Month High of 6.95% – Top Indian Market News

CPI inflation rises to 17-month high of 6.95%

Retail inflation in India soared to the highest level since October 2020, led by a rise in the prices of food items. Consumer Price Index (CPI) inflation stood at 6.95% in March 2022, compared to 6.07% in February. Inflation in food items and beverages rose 7.47% in March, compared to 5.93% in Feb. Fuel and light inflation stood at 7.52% last month, compared to 8.7% in February. Inflation in personal care items saw the sharpest monthly rise of 1.7% in March.

India’s Index of Industrial Production (IIP) rose 1.7% YoY in February. The index fell 4.7% on a month-on-month basis. 

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Tata Motors Group global wholesales rise 2% YoY in Q4

Tata Motors Group reported a 2% YoY increase in global wholesales (including Jaguar Land Rover) at 3,34,884 units in Q4 FY22. Global wholesales of its commercial vehicles and Tata Daewoo range stood at 1.22 lakh units, registering a growth of 12% YoY. However, passenger vehicle global wholesales declined by 4% YoY to 2.12 lakh units in Q4.

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Adani Green’s total operational capacity rises 56% in Q4

Adani Green Energy Ltd (AGEL) reported a 56% YoY increase in its total operational capacity to 5,410 megawatts (MW) in Q4 FY22. The sale of energy rose 84% YoY to 29.71 crore units during the same period. AGEL also entered the list of top 10 valued firms as its market capitalisation zoomed over Rs 4.3 lakh crore.

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Shriram City aims to grow gold loan book to Rs 20,000 crore over next 5 years

Shriram City Union Finance Ltd is targeting to grow its gold loan book to Rs 15,000-20,000 crore over the next five years. As of December 31, 2021, the non-banking finance company’s (NBFC) gold loan book stood at Rs 4,110 crore. Shriram City announced the launch of its gold loan product across 70 branches in Punjab, Rajasthan, Haryana, Himachal Pradesh, Jammu & Kashmir, and New Delhi.

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Alembic Pharma’s subsidiary gets final approval for Lidocaine cream

Aleor Dermaceuticals has received final approval from the US Food & Drug Administration (USFDA) for lidocaine and prilocaine cream. The product is indicated as a topical anesthetic for use on normal intact skin for local analgesia and genital mucous membranes for superficial minor surgery. As per IQVIA data, lidocaine and prilocaine cream had an estimated market size of $29 million for the 12 months ended December 2021. Aleor Dermaceuticals is a wholly-owned subsidiary of Alembic Pharmaceuticals Ltd.

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Mahindra Lifespace commits to develop only net-zero buildings from 2030

Mahindra Lifespace Developers Ltd has pledged to develop only net-zero buildings from 2030 onwards. It is part of the company’s commitment to Mahindra Group’s 2040 carbon neutrality goals. As part of this initiative, the developer has launched India’s first net-zero energy project spread over 7.74 acres in Bangalore. The company will invest around Rs 500 crore to develop the project, with estimated revenue of Rs 600-650 crore.

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Coal India capex up 12% to record Rs 14,834 crore in FY22

Coal India Ltd (CIL) scaled up its capital expenditure (capex) to Rs 14,834 crore in FY22, 101% of the set target and the highest spend so far. The capex increase in FY22 was 12% higher than Rs 13,284 crore in FY21. Most of the capex was utilised for procurement of heavy earth-moving machinery (HEMM), setting up silos, and creating rail infrastructure for coal transportation. Land and HEMM combined accounted for 40% of the total capex at Rs 5,867 crore.

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Aditya Birla Capital’s overall lending book grows 10% YoY in Q4

Aditya Birla Capital Ltd’s overall lending book grew 10% YoY to approx. Rs 66,900 crore as of March 31, 2022 (Q4 FY22). In the NBFC segment, gross loan disbursement stood at Rs 9,500 crore in Q4, an increase of 45% YoY (or 43% QoQ). In the housing finance segment, rebound in gross disbursal stood at ~Rs 1,310 crore, a growth of 16% YoY. The total gross written premium of the life & health insurance segment surged 24% YoY to over Rs 13,700 crore in FY22.

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G M Breweries Q4 Results: Net profit falls 11.6% YoY to Rs 40 crore

G M Breweries Ltd reported an 11.6% YoY decline in net profit to Rs 40.08 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 11.15% YoY to Rs 141.94 crore during the same period. Meanwhile, net profit for the financial year 2021-22 (FY22) increased by 16.57% YoY to Rs 83.36 crore. Revenue grew 34.8% YoY to Rs 458.47 crore in FY22.

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BPCL to explore green energy possibilities in Odisha

The Odisha government has signed an agreement with Bharat Petroleum Corporation Ltd (BPCL) for exploring green energy possibilities. BPCL aims to study the feasibility of setting up hydrogen production plants for domestic use and export. The company targets to set up a renewable energy production capacity of 10 gigawatts, with a mix of solar, wind, small hydro, and biomass by 2040.

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