Tag: gmr infra

Categories
Market News Top 10 News

RBI Authorises RBL Bank to Collect Direct Taxes – Top Indian Market News

RBI authorises RBL Bank to collect direct taxes

The Reserve Bank of India (RBI) has authorised RBL Bank to collect direct taxes on behalf of the Central Board of Direct Taxes (CBDT). The decision was based on the recommendation from the Controller General of Accounts and the Ministry of Finance. After technical integration, RBL Bank’s corporate and individual customers will be able to pay their direct taxes through the bank’s mobile banking or net banking platforms.

Read more here.

Banks must support wealth, job creators to improve India’s balance sheet: PM Modi

Prime Minister Narendra Modi has encouraged banks to embrace a partnership approach to help create wealth, add jobs, boost the economy and achieve self-reliance. He asked bankers to be more proactive in lending to smaller businesses and help improve the viability and scale of their borrowers’ operations. PM Modi further stated that the reforms in the past 6-7 years have led to the banking sector in a strong position today. Over Rs 5 lakh crore bad loans (NPAs) have been recovered.  

Read more here.

EaseMyTrip acquires Spree Hospitality

Online travel platform EaseMyTrip has acquired hospitality management company Spree Hospitality. This acquisition will add a new revenue vertical for EaseMyTrip and enable it to scale up its hotel and holidays portfolio. Spree Hospitality has a footprint of 1,220 operational keys and hotels in Bengaluru, Mumbai, Pune, Chennai, Goa, Hyderabad, and other locations.

Read more here.

SC allows Centre to disinvest remaining shares in Hindustan Zinc

The Supreme Court (SC) has allowed the Central government to disinvest its remaining 29.5% stake in Hindustan Zinc Ltd (HZL). It said that the Centre had ceased to be in control of the former public sector undertaking (PSU) since its disinvestment of shares in 2002. The SC has ordered a CBI probe into the alleged irregularities in the disinvestment of the government’s controlling share in HZL in 2002.

Read more here.

GMR emerges winner for Indonesian airport development, operations

GMR Airports Ltd (GAL) has emerged as the winning bidder for the development and operation of Kualanamu International Airport in Medan, Indonesia (Medan Airport). GAL is a subsidiary of GMR Infrastructure Ltd and operates airports in Delhi and Hyderabad. GMR will enter into a 49:51 partnership with Angkasa Pura 2 (AP2) for this project. The project scope includes operation, development, and expansion of the airport over a period of 25 years.

Read more here.

Kubota Corp to acquire additional 5.9% stake in Escorts for Rs 1,873 crore

Japan-based Kubota Corporation will acquire an additional 5.9% stake in Escorts Ltd for Rs 1,872.74 crore. This acquisition will take Kubota’s total shareholding in the farm machinery company to 14.99%. Further, the company’s name will be changed from ‘Escorts Limited’ to ‘Escorts Kubota Limited’.  The joint entity intends to attain global leadership in the farm equipment sector.

Read more here.

Godrej Properties unveils first digital brand campaign

Godrej Properties Ltd (GPL) has unveiled its first digital brand campaign. The campaign, titled ‘Everyday Joys- Jahaan Khushiyan Badi Hoti Hai’, introduces GPL’s purpose of creating spaces that enable ‘everyday joys’. As part of the campaign, the real estate developer has launched three digital video commercials that will be promoted across digital platforms.

Read more here.

Rajesh Exports secures order worth Rs 782 crore from Germany

Rajesh Exports Ltd has secured an order worth Rs 782 crore of designer range of jewellery from Germany. The order is to be completed by March 2022. The company will execute the order from its manufacturing facility in Bengaluru. The unit has a processing capacity of 250 tonnes of jewellery and gold products per annum.

Cipla scales up offerings, investments as it eyes global lung specialty leadership

Cipla Ltd has announced plans to scale up offerings and expand access to medicines, inhaler devices, diagnostics, as it aspires to become the number one company in lung specialty. The drugmaker derives nearly one-fifth of its revenues from the respiratory segment, making it the largest therapeutic division in terms of contribution to revenues. Earlier this week, Cipla launched its first diagnostic device— a portable spirometer called Spirofy to help general practitioners conduct pulmonary function tests (PFT).

Read more here.

Categories
Market News Top 10 News

Manufacturing PMI Falls to 52.3 in August – Top Indian Market News

Manufacturing PMI falls to 52.3 in August

Manufacturing activity in India fell in August as a result of Covid-induced curbs and rising input costs. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 52.3 in August, compared with 55.3 in July. However, manufacturing production and new orders increased for the second straight month in August, but at a softer pace. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.  

Read more here.

Auto sales data for August 2021: Highlights

India’s largest car manufacturer, Maruti Suzuki India, posted a 19.2% month-on-month (MoM) decline in total sales to 1.30 lakh units in August 2021. Sales from its utility vehicle segment and exports fell 24.5% and 2.8%, respectively. 

Tata Motors Ltd registered a 7.1% MoM decline in passenger vehicle sales to 28,018 units in August. The automaker’s commercial vehicle sales increased 25% MoM to 29,791 units. Overall domestic sales rose 4.2% MoM to 54,190 units.

Mahindra & Mahindra’s passenger vehicles division posted total sales of 15,973 units in August, a decline of 24% over July. M&M’s farm equipment segment posted a 21.5% decline in sales to 21,360 units.  

Bajaj Auto Ltd posted a 1.1% MoM increase in total sales to 3.73 lakh units. Meanwhile, TVS Motor Company posted a 4.2% MoM rise in total sales to 2.90 lakh units in August.

Read more here.

Equitas SFB launches digital fixed deposits on Google Pay 

Equitas Small Finance Bank (SFB) will now enable users to open fixed deposits (FDs) on Google Pay. The deposits in Equitas SFB are covered by a deposit guarantee of up to Rs 5 lakh per depositor. Customers can enjoy returns of up to 6.35% for an FD of one year. On maturity, the proceeds will automatically go to the user’s existing Google Pay linked bank account. Recently, US tech giant Google had partnered with fintech startup Setu to allow users to open FDs through its digital wallet platform.

Read more here.

IEX power market reports highest-ever monthly volume in August

The electricity market at the Indian Energy Exchange (IEX) achieved a record all-time high monthly volume of 9,538 million units (MUs) in August, a growth of 74% YoY. The day-ahead market traded 6,649 MU volume (with the average price of electricity at Rs 5.06 per unit), recording a 48 % YoY growth. The term-ahead market comprising intra-day, contingency, daily & weekly contracts recorded a 401% YoY growth in trading volumes at 617 MU during the same month.

Read more here.

Minda Corp to acquire 26% stake in charging solutions startup EVQPOINT

Minda Corporation Ltd, through its subsidiary Spark Minda Green Mobility Solutions, has entered into definitive agreements for acquiring a 26% stake in charging solutions startup EVQPOINT Solutions. This investment will make Spark Minda EVQPOINT’s exclusive technology and manufacturing partner for battery chargers and EV supply equipment. The strategic partnership will position Spark Minda to capitalise on the accelerating shift to electric mobility and further boost its position as a one-stop shop for comprehensive charging solutions for EVs.

Read more here.

EPL partners with Colgate-Palmolive to create recyclable toothpaste tubes

EPL Limited (formerly known as Essel Propack Ltd) has partnered with Colgate-Palmolive India to produce recyclable toothpaste tubes in India. This first set of recyclable tubes is the starting point for converting to 100% recyclable tubes for Colgate-Palmolive. EPL has innovated a first-of-a-kind Recyclable Platina Tubes for the oral care brand, keeping in mind superior functionality and no compromise on key product attributes and value.

Read more here.

Ramco Systems partners with Draken International

Ramco Systems Ltd will implement its Aviation M&E MRO Suite V5.9 across Draken International’s global operations in the US. Draken International is a leading provider of tactical fighter aircraft for contract adversary air (ADAIR) services to the defense industry. Ramco Aviation Software will offer a one-stop solution for managing Draken’s global operations and support its rapid expansion plans.

Read more here. 

Hindustan Zinc extends shutdown of roaster at Rajasthan’s Chanderiya smelter

Hindustan Zinc Ltd (HZL) has extended the planned shutdown of one of the roasters at Chanderiya lead-zinc smelter in Rajasthan. The shutdown is required for the repair and overhaul of major structural components to avoid operational risks in the future. HZL said the shutdown would result in a production loss of 25,000 tonnes of zinc. The company expects the roaster to come back to operation by the mid of next month.

Read more here.

BHEL secures order worth Rs 10,800 crore from NPCIL

Bharat Heavy Electricals Ltd (BHEL) has received its largest-ever order worth Rs 10,800 crore from Nuclear Power Corporation of India Ltd (NPCIL). The order includes the engineering, procurement, and construction (EPC) of a Turbine Island for six units of 700-megawatt electric (MWe). Four units of 700 MWe will be established at Gorakhpur, Haryana, and two units of 700 MWe at Kaiga in Karnataka.

Read more here.

GMR Group to invest Rs 520 crore in Hyderabad Airport metro link project 

GMR Group, which operates the Rajiv Gandhi International Airport (RGIA) in Hyderabad, will invest Rs 519.52 crore by 2024 in a metro rail link project for connectivity across the city. The Rs 5,000 crore project proposed by the Telangana government will span 31 kilometers in total. The metro rail link project will be extended to RGIA to create accessibility for people living in different areas of Hyderabad.

Read more here.

Vedanta announces interim dividend of Rs 18.5 per share

The Board of Directors of Vedanta Ltd has approved an interim dividend of Rs 18.5 per share for the financial year 2021-22, amounting to Rs 6,877 crore. The record date for the purpose of payment of the dividend is September 9. Vedanta Ltd is one of the world’s leading diversified natural resource companies with business operations in India, South Africa, Namibia, and Australia.

Read more here.

Categories
Market News Top 10 News

HDFC Bank to Acquire 4.99% Stake in HDFC ERGO – Top Indian Market News

HDFC Bank to acquire 4.99% stake in HDFC ERGO

HDFC Bank Ltd will acquire a 4.99% stake (or 3.56 crore shares) in HDFC ERGO General Insurance Co. from its parent company Housing Development Finance Corp. Ltd (HDFC). The Board of Directors of HDFC Limited has approved the sale of these shares at Rs 536 per share. The aggregate consideration for the sale is Rs 1,906.43 crore. The transaction is expected to be completed by September 30, 2021. HDFC ERGO is a general insurance joint venture (JV) between HDFC and Germany-based ERGO Group.

Read more here.

NTPC Q4 Results: Net profit jumps 258% YoY to Rs 4,479 crore

NTPC Limited reported a 258% YoY jump in standalone net profit to Rs 4,479 crore for the quarter ended March (Q4). Its revenue from operations declined by 2.5% YoY to Rs 26,567 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 36% YoY to Rs 13,769 crore. The company’s board has declared a final dividend of Rs 3.15 per share. State-owned NTPC Ltd has been ranked 38th in the ‘Great Place to Work’ ranking in 2021. 

Read more here.

Adani Power emerges as successful bidder for Essar Power’s 1,200 MW Mahan project

Adani Power has emerged as the successful bidder for Essar Power’s 1,200 megawatt (MW) thermal power project (Essar Power MP Ltd) in Mahan, Madhya Pradesh. The company’s bid for the project has been approved by a committee of creditors (CoC). Adani Power will now have to seek approval from the National Company Law Tribunal (NCLT) to acquire the project. Essar Power MP is currently undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC).

Read more here.

Vakrangee Q4 Results: Net profit declines 33% YoY to Rs 20.7 crore

Vakrangee Ltd reported a 33.28% YoY decline in consolidated net profit to Rs 20.79 crore for the quarter ended March (Q4). Net profit has increased by 23.82% when compared to the previous quarter. Its revenue from operations declined by 50.89% YoY to Rs 101.85 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 11.91 YoY to Rs 62.79 crore. Mumbai-based Vakrangee is a technology company that offers banking, e-governance, e-commerce, and logistics services.  

Read more here.

Reliance Jio adds 79 lakh subscribers in March: TRAI

Telecom operator Reliance Jio’s total subscriber addition in March 2021 surpassed the combined net addition by its rivals Bharti Airtel and Vodafone Idea. According to data released by TRAI, Jio gained over 79 lakh subscribers in March. Bharti Airtel added 40.5 lakh subscribers, while Vodafone Idea (Vi) gained 10.8 lakh subscribers during March. In terms of total subscriber base, Reliance Jio topped the chart with 42.22 crore subscribers, followed by Airtel at 35.23 crore and Vi at 28.37 crore subscribers.  

Read more here.

GMR Infra Q4 Results: Net loss at Rs 725 crore

GMR Infrastructure Ltd reported a net loss of Rs 725.47 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 1,127.16 crore in the corresponding quarter last year (Q4 FY20). Total revenue from operations declined by 16.12% YoY to Rs 1,633.76 crore in Q4 FY21. Net loss for the financial year 2020-21 (FY21) widened to Rs 3,427.75 crore, compared to a net loss of Rs 2,198.5 crore in FY20. GMR Infra is a global infrastructure conglomerate with interests in airports, energy, transportation, etc.

Read more here.

Alkem Labs gets two observations from USFDA for manufacturing unit at St Louis

Alkem Laboratories Ltd said that the US Food & Drug Administration (USFDA) has issued a Form 483 with two observations after inspection of its St Louis-based manufacturing facility. An FDA Form 483 is issued to a firm if an investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic Act and other related norms. Alkem Labs will submit a detailed response to the USFDA to close out all the observations associated with the inspection. 

Read more here.

Birla Cable Q4 Results: Net profit at Rs 6.32 crore

Birla Cable Limited reported a 6,868% YoY jump in net profit to Rs 6.32 crore for the quarter ended March (Q4). Net profit has increased by 2,086% when compared to the previous quarter. Its total income rose 101.98% YoY (or 40.23% QoQ) to Rs 119.41 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased sharply by 711.8% YoY to Rs 8.20 crore. The company’s board has declared a final dividend of Re 1 per share. Madhya Pradesh-based Birla Cable is a leading manufacturer of fibre optic cables.

Travel tech services firm RateGain plans Rs 1,200 crore IPO: Report

According to a report from Mint, travel technology services provider RateGain Travel Technologies Pvt. Ltd is planning to launch an initial public offering (IPO). RateGain helps travel and hospitality firms in revenue management, e-distribution, and brand engagement. The company claims its services are used by more than 25 out of the top 30 online travel agencies, airlines, hotel chains, and tour operators in India. The report further states that RateGain may raise ~Rs 1,200 crore through the IPO, which will be a mix of primary and secondary share sale.

Read more here.

Muthoot Capital Q4 Results: Net profit declines 35% YoY to Rs 9 crore

Muthoot Capital Services Limited reported a 34.89% YoY decline in net profit to Rs 9.05 crore for the quarter ended March (Q4). Net profit has declined by 34.09% when compared to the previous quarter. Its total income declined by 25.4% YoY (or 9.23% QoQ) to Rs 109.59 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 14.9% YoY to Rs 51.46 crore.