Tag: godrej consumer

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NCLT Approves ZEEL’s Merger With Sony – Top Indian Market Updates

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

NCLT approves ZEEL’s merger with Sony

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the merger scheme between Zee Entertainment Enterprises Ltd (ZEEL) with Culver Max Entertainment (Sony). The tribunal has also dismissed all objections regarding the merger.  This is a key regulatory approval for the mega-merger, aimed at creating a $10-billion media giant.

Read more here.

RBI keeps repo rate unchanged at 6.5%

Reserve Bank of India (RBI) left the repo rate (key policy rate) unchanged at 6.5%. The central bank’s Monetary Policy Committee (MPC) also retained its withdrawal of accommodation stance to ensure that the retail inflation remains within the target of 4%. The RBI retained the GDP growth projection for the current financial year (FY24) at 6.5% and raised the inflation projection marginally to 5.4%

Read more here.

Grasim Q1 Results: Net profit falls 18% YoY to ₹1,576 crore

Grasim Industries reported an 18% YoY fall in consolidated net profit to ₹1,576 crore for the quarter ended June (Q1 FY24). Its consolidated revenue for the quarter stood at ₹31,065 crore, up 10.7% YoY. The decline in net profit could be attributed to an over 14% YoY jump in its total expenses for Q1 at ₹27,923.38 crore. 

Read more here.

SBI Card enables RuPay credit cards on UPI

SBI Card and National Payments Corporation of India (NPCI) announced the linking of SBI credit cards on the RuPay platform with UPI. The company’s customers will now be able to make UPI transactions through credit cards issued on RuPay. The facility can be availed of by registering the credit card with third-party UPI apps.

Read more here.

Samvardhana Motherson Q1 Results: Net profit jumps four-fold to ₹601 crore

Samvardhana Motherson reported a four-fold rise in consolidated net profit to ₹601 crore for the June quarter (Q1 FY24). Its consolidated revenue from operations rose 27% YoY to ₹22,462 crore during the same period. EBITDA stood at ₹1,940 crore, up 69% YoY, driven by operating efficiency, and softening of material and energy prices. 

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Pidilite Q1 Results: Net profit rises 32% YoY to ₹474 crore

Pidilite Industries reported a 31.5% YoY jump in net profit to ₹473.7 crore for Q1 FY24. Its consolidated revenue rose 5.6% YoY to ₹3,275.1 crore during the same period. EBITDA rose 33.5% YoY ₹706.8 crore from ₹529.5 crore in the same quarter last year. EBITDA margin also expanded by 450 basis points (bps) from 17.1%, YoY to 21.6%.

Read more here.

Godrej Cons to build manufacturing facility in Tamil Nadu

Godrej Consumer Products Ltd (GCPL) announced that it has signed a Memorandum of Understanding (MoU) with the state government of Tamil Nadu. The MoU is for building a manufacturing facility near Chennai. The company will make an investment of ₹515 crore over the next five years. It will serve as a manufacturing hub for brands such as Cinthol, Godrej Expert Rich Crème, Godrej Selfie Shampoo Hair Colour, and Goodknight.

Read more here.

Hero MotoCorp Q1 Results: Net profit rises 32% YoY to ₹825 crore

Hero MotoCorp reported a 32% YoY increase in net profit to ₹825 crore for Q1 FY24. Its consolidated revenue rose 4.5% YoY to ₹8,767.3 crore during the same period. EBITDA grew 28% YoY ₹1,206 crore in Q1. The company incurred a one-time cost of ₹160 crore towards the voluntary retirement scheme (VRS) offered to certain employees.

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NHPC plans to build pumped hydro storage projects of 22,000 MW

NHPC Ltd is planning to develop around 20,000-22,000 MW of pumped hydro energy storage projects in the coming years. The capacities are being explored in Odisha, Maharashtra, Madhya Pradesh and Andhra Pradesh. However, the detailed project report and the approvals are likely to take a couple of years for at least some of these capacities to start building.

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Vi seeks time till Dec to clear its statutory dues

Vodafone Idea has sought time till the end of December 2023 to clear its remaining statutory dues. The company hopes to close its fundraising from banks and third-party investors in the “near future” and is reiterating that its promoters are “committed” to supporting the company. Replying to a Department of Telecommunications (DoT) show cause notice, the company cited continuing liquidity challenges due to its delayed fundraising.

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LIC Q1 Results: Net profit jumps 14x to ₹9,544 crore

Life Insurance Corporation of India (LIC) reported a 14x YoY increase in net profit to ₹9,544 crore for Q1 FY24. Its net premium income was flat at ₹98,363 crore during the same period. Income from investments rose 30% YoY to ₹90,309 crore in Q1.

Read more here.

Hindalco, Texmaco to make aluminium rail wagons, coaches

Hindalco Industries and Texmaco Rail & Engineering have entered into a strategic alliance and announced a ₹200 crore investment to develop and manufacture aluminium rail wagons and coaches that will help the Indian Railways achieve emission goals and boost operating efficiency. Texmaco is the flagship of the Adventz Group.

Read more here.

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Adani Ports’ Net Profit Rises 83% YoY to Rs 2,115Cr in Q1- Top Indian Market Updates

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

Adani Ports Q1 Results: Net profit rises 83% YoY to ₹2,115 crore

Adani Ports & Special Economic Zone Ltd reported an 83% YoY jump in consolidated net profit to ₹2,115 crore for the quarter ended June (Q1 FY24). Its consolidated revenue from operations stood at ₹6,248 crore, up 24% YoY. EBITDA increased 80% YoY to ₹3,765 crore in Q1. The company recorded its highest-ever quarterly port cargo volumes at 101.4 MMT in the first quarter, reflecting a 12% YoY jump.

Read more here.

Tata Power to develop 2,800 MW hydro storage projects

Tata Power Ltd has entered into an agreement with the Government of Maharashtra. The agreement is for developing pumped hydro storage projects having a total capacity of 2800 MW. The company signed a Memorandum of Understanding (MoU) with the Maharashtra Government proposing a total investment worth approximately ₹13,000 crore. The pumped hydro storage projects are targeted to aid not just Maharashtra but also the country’s clean energy landscape.

Read more here.

Coal India Q1 Results: Net profit falls 10% YoY to ₹7,941 crore

Coal India reported a 10% YoY fall in consolidated net profit to ₹7,941 crore for the June quarter (Q1 FY24). Revenue from operations rose 3% YoY to ₹35,983 crore during the same period. On a sequential basis, net profit rose 44% from ₹5,528 crore reported in the preceding March quarter, while revenue dropped 6% QoQ. EBITDA stood at ₹10,513 crore, down 14.5% YoY.

Read more here.

TCS partners with govt to transform GeM platform

Tata Consultancy Services (TCS) has been selected as a strategic partner by the Indian Government to transform the Government e-Marketplace (GeM) into a state-of-the-art public procurement platform with enhanced transparency, efficiency, and inclusivity. The GeM platform provides an end-to-end online marketplace for central and state government bodies, including public sector undertakings, for the procurement of common-use goods and services transparently and efficiently. TCS will design and build a new modern solution leveraging new technologies while maintaining the current platform.

Read more here.

Hindalco Q1 Results: Net profit falls 40% YoY to ₹2,454 crore

Hindalco reported a 40.4% YoY fall in consolidated net profit to ₹2,454 crore for Q1 FY24. Its revenue from operations fell 9% YoY to ₹52,991 crore during the same period. Consolidated EBITDA stood at ₹5,714 crore, down 32% YoY. The operating profit margin contracted by 375 basis points to 10.78%.

Read more here.

Hero MotoCorp halts booking for India-made Harley Davidson

Hero MotoCorp Ltd halted bookings for its India-made Harley-Davidson motorcycle. The company has received 25,597 bookings for the Harley-Davidson X440 to date. The booking window, which opened on July 4, has now been closed, and the new booking window will be announced soon. Hero MotoCorp said it will start production of the Harley-Davidson X440 in September 2023 and commence customer deliveries from October onwards.

Read more here.

Torrent Pharma Q1 Results: Net profit rises 7% YoY to ₹378 crore

Torrent Pharma reported a 7% YoY rise in net profit to ₹378 crore for the June quarter (Q1 FY24). Net profit stood at ₹354 crore in Q1 FY23. Revenue also rose 10% YoY to ₹2,591 crore during the same period. EBITDA stood at ₹791 crore, up 11% YoY. The R&D spend rose 6% YoY to ₹129 crore in the second quarter. 

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Godrej Consumer to invest ₹900 crore to set up manufacturing plants

Godrej Consumer Products Ltd (GCPL) on Monday announced that its board has approved a capital expenditure of ₹900 crore. The capital expenditure is for setting up new manufacturing sites in Tamil Nadu and Madhya Pradesh. This is being done to cater to the growing customer demand as well as consolidate the manufacturing footprint. GCPL’s board took the decision at a board meeting held on August 7. The company will fund the project through a mix of internal accruals and debt.

Read more here.

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GIFT NIFTY in Red ahead of Key Data – Pre-Market Analysis Report

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

Stocks

Godrej Consumer reported a consolidated profit of Rs 318.8 crore for the quarter, falling 7.6% YoY due to one-time costs.

Tata Chemicals reported a profit of Rs 523 crore for Q1, falling 11.8% YoY due to lower margins.

RailTel received a work order for monetisation of a city network infrastructure on revenue sharing model. The estimated total revenue from the contract is Rs 70 crore over 10 years.

PB Fintech (Policybazaar) reduced its losses to Rs 12 crore for Q1, compared to a loss of Rs 204 crore last year.

Sobha registered a profit of Rs 12.05 crore for the quarter, growing 165% over the year-ago period despite a fall in operating performance.

Major results today: Coal India, Hindalco Industries, Adani Ports, Oil India, Prestige Estates Projects

What to Expect Today?

NIFTY started the day at 19,559, with a small gap-up. Support was taken around Friday’s high, but started moving up by noon. NIFTY closed the day at 19,597, up by 80 points or 0.41%. 

BANK NIFTY started the day at 44,934 and had a consolidation day. It was the narrowest trading zone since June 28 for the index. BANK NIFTY closed the day at 44,837, down by 42 points or 0.09%. 

US markets closed in the green. The European markets closed flat.

The Asian markets are trading mixed, as they wait for China’s inflation data tomorrow.

The U.S. Futures are trading flat.

GIFT NIFTY is trading slightly in the red at 19,646.

All the factors combined indicate a flat to gap-down opening in the market.

NIFTY has supports at 19,566, 19,530 and 19,438. We can expect resistances at 19,617, 19,658, and 19,720. PCR is at 1.08. Heavy put selling was seen yesterday.

BANK NIFTY has supports at 44,600, 44,277 and 44,000. Resistances are at 45,229, 45,472, and 45,635. PCR is at 0.71.

NIFTY has the highest call OI build-up at 19,600. The highest put OI build-up is at 19,400.

BANK NIFTY has the highest call OI build-up at 45,000. The highest put OI build-up is at 44,500.

Foreign Institutional Investors net-sold shares worth Rs 1,892 crores. Domestic Institutional Investors net-bough worth Rs 1,080 crores.

INDIA VIX jumped 5% to 11.10.

U.S. markets have moved up overnight, ahead of the country’s inflation data on Thursday night. This comes even after Fed members said further interest rate hikes would be necessary, and the bond market is ready for a breakout.

NIFTY technicals and options data indicate bullishness for the week, while Bank Nifty does not. 

For FINNIFTY, I will be selling 19,900-20,200 to start off the day. If premiums are higher, even further away strikes will be looked at.

It is interesting to see that our market might open flat even with U.S. 1% in the green. Bank Nifty option sellers will be happy, as there was heavy call writing yesterday.

Speaking of this, do be aware that there are 3 lakh+ contracts at the 45k call strike. This would be a very tough resistance to break and will turn into a support once broken.

Do be aware that on Thursday morning 10 AM, RBI will be having its policy meeting where the expectation is for interest rates to remain unchanged.

So till then, markets are most likely to trade in a range.

Follow along with Smart Money(NIFTY) and Piggy Bank(BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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

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

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

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

Read more here.

Adani Energy Solutions gets financial closure for $1B project

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

Read more here.

Reliance plans crude unit maintenance at Jamnagar complex

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

Read more here.

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

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

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

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

Read more here.

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

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

Read more here.

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

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

Read more here.

EaseMyTrip board approves raising ₹149 cr on a preferential basis

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

Read more here.

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

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

Read more here.

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Dr Reddy’s Labs Profit Jumps 890% YoY to Rs 960Cr in Q4 – Top Indian Market Updates

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

Dr Reddy’s Labs Q4 Results: Net profit jumps 890% YoY to Rs 960 crore

Dr Reddy’s Labs reported an 890% YoY jump in consolidated net profit to Rs 960 crore for Q4 FY23. Its operating revenue rose 15.28% YoY to Rs 5,843 crore during the same quarter. EBITDA also rose 26% YoY to Rs 1,631 crore. The company’s board has recommended a final dividend of Rs 40 per equity share.

Read more here.

SEBI grants final approval for proposed change in control of HDFC AMC

HDFC Bank has received final approval from the Securities and Exchange Board of India (SEBI) for the proposed change in control of HDFC Asset Management Company (AMC). This approval clears the path for the merger of HDFC into HDFC Bank, which is expected to be completed by the third quarter of the next fiscal year.

Read more here.

Kolte Patil adds new residential projects in Pune worth Rs 1,300 cr

Kolte-Patil Developers has announced two residential projects in Pune with a combined revenue potential of Rs 1,300 crore. The projects span 1.9 million square feet, including a 5-acre land acquisition in Wagholi with a development potential of 7.5 lakh square feet (Rs 400 crore revenue) and a joint venture at NIBM Road with an 11.5 lakh square feet potential (Rs 900 crore revenue).

Read more here.

L&T Q4 Results: Net profit jumps 10% YoY to Rs 3,987 crore

Larsen & Toubro reported a 10% YoY increase in consolidated net profit to Rs 3,987 crore for Q4 FY23. Its operating revenue rose 10.4% YoY to Rs 58,335 crore during the same quarter. EBITDA stood at Rs 6,833 crore, up 5% YoY. The company’s board has recommended a final dividend of Rs 24 per equity share.

Read more here.

Godrej Consumer Q4 Results: Net profit rises 25% YoY to Rs 452 crore

Godrej Consumer Products Ltd reported a 25% YoY increase in net profit to Rs 452 crore for Q4 FY23. Its operating revenue rose 10% YoY to Rs 3,200 crore during the quarter. EBITDA stood at Rs 641 crore, down 37% from Q4 FY22. During the quarter, the company’s India business revenue grew 11.5% YoY to Rs 1,823 crore.

Read more here.

Pidilite Industries forays into the paint industry with Haisha

Pidilite Industries has introduced a range of decorative paints in certain regions, entering the competitive paint market. The paint brand has been named ‘Haisha’. The decision to enter the crowded market was driven by input from Pidilite’s dealers, as well as the company’s existing distribution advantage and familiarity with the category.

Read more here.

ONGC to get dividends instead of oil from Russia’s Sakhalin-1 field

ONGC is no longer receiving its share of oil from Russia’s Sakhalin-1 field, but it will still receive dividends from the field. A new company formed by Russia now sells all the oil from Sakhalin-1, whereas ONGC used to sell its share independently. ONGC retains a 20% stake in the new operator and will receive dividends based on its ownership. The field is currently producing approximately 200,000 barrels per day.

Read more here.

Sanofi’s board approves demerger of its consumer healthcare business

Sanofi India’s board has approved the demerger of its consumer healthcare business into a separate entity. The demerger is yet to receive approval from shareholders and regulators. After the demerger is completed, Sanofi will retain a 60.4% stake in both entities and SIL shareholders will receive 1:1 SCHIL equity shares of Rs 10 each for their existing shares.

Read more here.

JSW Infrastructure files for IPO

JSW Infrastructure has submitted its Draft Red Herring Prospectus (DRHP) to SEBI for an initial public offering (IPO). The company aims to raise Rs 2,800 crore from the IPO, which will be utilized for debt repayment and capacity expansion. JSW Infrastructure is India’s second-largest commercial port operator based on cargo handling capacity in Fiscal 2022.

Read more here.

BASF Q4 Results: Net profit falls 45% to 82 crore

BASF has reported a 45% YoY fall in net profit to Rs 82.39 crore for Q4 FY23. Its operating revenue also fell 3.25% YoY to Rs 3,249 crore during the same quarter. EBITDA fell 48% YoY to Rs 91.5 crore in the quarter compared to Rs 175.8 crore in Q4FY22.

Read more here.

Canara Bank to spin off its credit card vertical into a separate subsidiary

Canara Bank is set to spin off its credit card vertical into a separate subsidiary. It has also started preparing a roadmap for the listing of its life insurance and fund management businesses. The bank is taking steps to expand low-cost deposits, thus helping improve margins and profitability. At present, it has 6.5 lakh credit card customers with Rs 1,100 crore in outstanding portfolio.

Read more here.

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Titan’s Net Profit Rises 50% YoY to Rs 734Cr in Q4 – Top Indian Market Updates

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

Titan Q4 Results: Net profit rises 50% YoY to Rs 734 crore

Titan reported a 50% YoY increase in net profit to Rs 734 crore for Q4 FY23. Its total revenue rose 33% YoY to Rs 9,704 crore during the quarter. EBITDA stood at Rs 1,044 crore in Q4 FY23, up 33% YoY. The company’s board has recommended a dividend of Rs 10 per equity share.

Read more here.

ED searches premises linked to Manappuram Finance

The Enforcement Directorate (ED) is carrying out searches at multiple locations on premises linked to Manappuram Finance Ltd in Thrissur, Kerala. Searches are also carried out at the headquarters and residence of promoter VP Nandakumar on allegations of illegal collection of deposits of more than Rs 150 crore from the public without the approval of the Reserve Bank of India (RBI). They are also suspected of doing large-scale cash transactions without following KYC norms. 


Read more here.

JSW Steel USA Ohio to invest USD 145 mn to upgrade operations

JSW Steel’s US subsidiary, JSW Steel USA Ohio Inc., plans to invest $145 million to enhance its manufacturing operations in Mingo Junction, Ohio. The move aims to meet the demand for high-quality steel products melted and manufactured in the US. These new projects are expected to be completed & commissioned in FY26.

Read more here.

Adani Wilmar Q4 Results: Net profit falls 60% YoY to Rs 94 crore

Adani Wilmar reported a 60% YoY fall in consolidated net profit to Rs 94 crore for Q4 FY23. Operating revenue stood at Rs 13,872 crore, down 7% YoY. EBITDA fell 30% YoY to Rs 2,407 crore from Rs 3,425 crore in Q4FY22. Meanwhile, the company crossed 5 million metric tonnes of sales during FY23.

Read more here.

Tata Chem Q4 Results: Profit rises 62% YoY to Rs 709 crore

Tata Chemicals reported a 62% YoY increase in net profit at Rs 709 crore for Q4 FY23. Total revenue stood at Rs 4,407 crore, a 26.6% increase from Q4 FY22. EBITDA rose 47% YoY to Rs 965 crore in Q4FY22. The company’s board approved a dividend of Rs 17.5 per equity share.

Read more here.

Godrej Consumer to consider raising Rs 5,000 crore via NCDs

Godrej Consumer is planning to raise up to Rs 5,000 crore through non-convertible debentures (NCDs), with the proposal set to be considered by its board next week. The board will also approve the company’s audited financial results for the quarter and financial year ending March 31, 2023, on May 10.

Read more here.

MRF Q4 Results: Net profit jumps 161% YoY to Rs 410 crore

MRF reported a 161% YoY increase in net profit to Rs 410 crore for Q4 FY23. Its operating revenue for the quarter increased 10.1% YoY to Rs 5,725 crore. EBITDA rose 60% YoY to Rs 843 crore. The company’s board announced a dividend of Rs 169 per share.

Read more here.

NTPC Group’s total installed capacity touches 72,304 MW

NTPC Ltd has achieved an installed capacity of 72,304 MW after the addition of unit 1 of the Maitree Super Thermal Power Plant (MSTPP) in Bangladesh. This marks the first overseas capacity addition for NTPC, which executed the project in collaboration with the Bangladesh-India Friendship Power Company Pvt Ltd (BIFPCL), a foreign joint venture company.

Read more here.

Gravita India’s subsidiary secures long-term loan of 34 million euros

Gravita India’s step-down subsidiary Gravita Netherlands BV has secured a long-term loan of 34 million euros from two European developmental financial institutions in the form of an ESG (environmental, social and governance) loan. The loan is guaranteed by parent company Gravita India and enables the subsidiary’s offshore businesses to gain financial independence for their capex and working capital requirements.

Read more here.

Strides Pharma partners with Orbicular to develop nasal sprays

Strides Pharma Science Ltd. has formed a partnership with Orbicular Pharmaceutical Technologies to jointly develop four nasal sprays for global markets with a combined market size of over $400 million. The products will be manufactured at Strides Pharma’s facility in Chestnut Ridge, New York, which has comprehensive capabilities for nasal spray manufacturing, including for controlled substances.

Read more here.

India’s coal production rises 22.6% in 5 years to 893.08 MT in FY23

India’s coal production has registered a growth of about 23% in the last five years to 893.08 million tonnes (MT) in FY23. In the last five years, the production of Coal India Limited (CIL) has increased from 606.89 MT in FY19 to 703.21 MT, registering a growth of 15.9%. Contribution from captive and other mines to the total coal output also increased to 122.72 MT in FY23, up 113.7%.

Read more here.

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Wipro’s Net Profit Falls in Q4 – Top Indian Market Updates

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

Wipro Q4 Results: Profit falls 0.4% YoY to Rs 3,074 crore

Wipro Ltd reported a 0.4% YoY fall in consolidated net profit to Rs 3,074 crore for Q4 FY23. Its revenue from operations rose 11% YoY to 23,190 crore during the same period. Revenue from IT Services rose 4% YoY to $2,823 million in Q4. Total order wins for the fourth quarter was up 29% YoY to $4.1 billion.

The IT company’s board has approved a buyback of shares through the tender offer at Rs 445 per share. Wipro will buy back nearly 26.9 crore shares from shareholders.

Read more here.

Hinduja sole bidder for Reliance Capital with ₹9,650 cr offer 

IndusInd International Holdings (part of the Hinduja Group) was the sole bidder for Reliance Capital in a bankruptcy auction, offering ₹9,650 crore in upfront cash. Other potential bidders, Torrent Investments and Oaktree Capital, did not submit bids despite indicating earlier that they would participate. The auction process ended with no counteroffers. Hinduja’s offer represents a 41% recovery for lenders.

Read more here.

Tech Mahindra Q4 Results: Net profit falls 25.8% YoY to Rs 1,118 crore

Tech Mahindra reported a 25.8% YoY decline in consolidated net profit to Rs 1,118 crore and an operating revenue of Rs 13,718 crore, up 13.2% YoY, for Q4 FY23. EBITDA declined 3.2% YoY to Rs 2,021 crore. The company’s board has approved a dividend of Rs 32 per share.

Read more here.

Axis Bank Q4 Results: Net loss at Rs 5,728 crore

Axis Bank reported a loss of 5,278 crore for Q4 FY23 due to the acquisition of Citi India’s retail consumer business. The bank’s net interest income (NII) rose 33.1% YoY to Rs 11,742.2 crore. The gross non-performing asset (GNPA) ratio improved to 2.02% in Q4 FY23, compared to 2.3% in Q3 FY23. The board has recommended a dividend of Rs 1 per share.

Read more here.

GCPL signs pact to buy Raymond Consumer Care’s FMCG business

Godrej Consumer Products Ltd (GCPL) has signed an agreement to acquire Raymond’s Consumer Care business for Rs 2,825 crore in cash. The acquisition is expected to be completed by May 10, 2023. It will help increase GCPL’s presence in the male grooming space and foray into the sexual wellness category. The deal includes the trademarks of Park Avenue (for FMCG), KS, KamaSutra, and Premium through a slump sale.

Read more here.

LTI Mindtree Q4 Results: Profit growth flat at Rs 1,114 crore

LTIMindtree reported a net profit of Rs 1,114 crore for Q4 FY23, which is flat compared with the same period last year. Revenue from operations rose 22% YoY to Rs 8,691 crore in Q4 FY23. Its order inflow for the quarter came in at $1.35 billion. The company’s board has recommended a final dividend of Rs 40 per equity share.

Read more here.

MGL to expand into CBG, LNG & EV segments 

Mahanagar Gas Ltd (MGL) plans to diversify its portfolio beyond the city gas distribution (CGD) business and enter the compressed biogas (CBG) segment, electric vehicles market, equipment manufacturing for CGD companies, and retailing LNG as fuel for long-haul transportation. The move is aimed at expanding its business and reducing its dependence on CGD.

Read more here.

Dilip Buildcon wins order worth Rs 1300 crore from NHAI

Dilip Buildcon’s two wholly owned subsidiaries have executed a concession agreement worth Rs 1,373.6 crore with the National Highways Authority of India (NHAI). The agreement includes two projects for building highways in Andhra Pradesh worth Rs 599.5 crore and Rs 774.10 crore. The company has committed to completing the projects within 24 months and operating them for 15 years.

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IOCL signs pact with Tesla Power USA to provide automotive batteries

Indian Oil has formed a strategic alliance with Tesla Power USA to provide automotive batteries at fuel stations in India. Tesla Power batteries will initially be available at select Indian Oil fuel stations in the National Capital Region (NCR) and subsequently in other states. The partnership aims to bring convenience to customers and leverage Indian Oil’s extensive network of 36,000 petrol pumps.

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Reliance JV signs content streaming deal with Warner Bros

Reliance’s Viacom18 has signed a deal with Warner Bros Discovery to bring the latter’s content onto its streaming platform JioCinema, in a move to compete with rivals such as Netflix and Amazon. As per the deal, HBO Original, Max Original and Warner Bros. Television series will premiere on JioCinema on the same day as the US. The development comes almost a month after all HBO content left its long-time home Disney+ Hotstar.

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Bharti Airtel’s 5G service now available in 3,000 cities

Bharti Airtel’s 5G service is now accessible to customers in 3,000 cities and towns across India. The telecom company is steadily expanding its 5G coverage and adding 30-40 new cities to its 5G roadmap every day. After Jio, Airtel also launched unlimited 5G data for its customers.

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L&T Secures Multiple Contracts Worth Rs 7,000Cr – Top Indian Market Updates

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

L&T secures multiple contracts worth over Rs 7,000 crore in Middle East

Larsen & Toubro (L&T) has secured multiple contracts worth more than Rs 7,000 crore in the Middle East region. The scope of work comprises engineering, procurement, construction and installation for various new offshore facilities and integration with the existing installation. L&T is engaged in EPC projects and hi-tech manufacturing and services. It operates in over 50 countries.

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Bank of Maharashtra logs 30% loan growth

Bank of Maharashtra (BoM) posted a credit growth of 29.59% YoY to Rs 1.75 lakh crore for the March quarter (Q4 FY23). The outstanding credit was Rs 1.35 lakh crore at the end of March 31, 2022. The lender registered a 21.28% growth in total business to cross a milestone of Rs 4 lakh crore.

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Coal India aims to supply 610 MT coal to power plants in FY24

Coal India Ltd (CIL) is aiming to supply 610 million tonnes of coal to power plants in the current financial year (FY24). The company supplied a record 586.6 million tonnes (MT) of dry fuel to coal-fired power plants in FY23. CIL said it is gearing itself to meet the rising demand on the back of adequate coal stocks at its pitheads and increased production in the first quarter of FY24.

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India Grid commissions its first battery energy storage system in Maharashtra

India Grid Trust has commissioned its first battery energy storage system (BESS) project coupled with its solar panels at the Dhule substation in Maharashtra. The project will meet the substation’s auxiliary consumption requirement. IndiGrid is the first infrastructure investment trust (InvIT) in the Indian power sector.

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Bandhan Bank’s total deposits rise 12.% in Q4 FY23

Bandhan Bank’s total deposits in the fourth quarter of FY23 stood at Rs 1,08,069 crore, registering a rise of 12.2% year-on-year (YoY). Loans and advances during the quarter stood at Rs 1,09,112 crore, reflecting a growth of 9.8% YoY. The Kolkata-based bank’s current account, savings account (CASA) in Q4 stood at Rs 42,471 crore, up 6% YoY.

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Adani Ports cargo volumes jump 9.5% in March

Adani Ports & Special Economic Zone Ltd (APSEZ) handled 32 million metric tonnes (MMT) of total cargo in March 2023, registering a growth of 9.5% YoY. With 339 million tonnes in FY23 (April 2022 to March 2023), APSEZ recorded its largest port cargo volumes ever. The overall container volumes handled by APSEZ in India rose 5% YoY to 6.6 million twenty-foot equivalent units (TEUs).

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Consumer demand steady in Q4, expect double-digit volume growth: GCPL

Godrej Consumer Products Ltd (GCPL) said consumer demand remained “steady” through the March quarter (Q4) and the FMCG sector is expected to witness a gradual recovery in growth rates. The company expects to deliver double-digit volume and value growth. Overall, the growth was broad-based and led by double-digit volume and value growth in both Home Care and Personal Care.

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Mahindra Lifespaces JV enters into lease pact with Mitsubishi Electric

Mahindra Lifespace Developers Ltd’s joint venture company Mahindra Industrial Park Chennai Ltd. has executed a lease agreement with Mitsubishi Electric India Ltd. for ~52 acres of land at its industrial cluster in Chennai – Origins by Mahindra. Mitsubishi Electric will set up a manufacturing plant in the area. 

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RailTel bags orders worth Rs 115 crore from the Bihar govt and NIC

RailTel Corporation of India Ltd. has secured orders worth Rs 115 crore from the Government of Bihar and the National Informatics Centre (NIC). The company will implement and manage internet connectivity, Wi-Fi system, and smart classes in government engineering colleges and polytechnic institutes in Bihar. It will also install, test and commission 4 Mbps lease line connectivity for 19 sites for NIC.

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Adani Enterprises FPO Fully Subscribed on Final Day – Top Indian Market Updates

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

Adani Enterprises FPO fully subscribed on final day

The follow-on public offering (FPO) of Adani Enterprises Ltd secured bids for 50.85 million shares against an offer size of 45.5 million shares (representing a 1.12 times subscription) on the final day of bidding. Non-institutional investors (NIIs) put in bids for over three times the 96.16 lakh shares reserved for them. The 1.28 crore shares reserved for qualified institutional buyers (QIBs) were almost fully subscribed. The FPO received a muted response from retail investors.

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India’s GDP growth to slow down to 6-6.8%: Economic Survey

According to the Economic Survey released by the government, India’s economic growth is forecast to be 6.5% in FY24, compared to 7% in the current financial year (FY23). The projection is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, IMF, and RBI. Meanwhile, the govt has achieved 48% of its disinvestment target of ₹65,000 crore for FY23 as of Jan 18.

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IOCL Q3 Results: Net profit falls 92% YoY to ₹442 crore

Indian Oil Corporation Ltd (IOCL) reported a 92% YoY decline in net profit to ₹442 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 22.7% YoY to ₹2.04 lakh crore during the same period. Total expenses increased 20.18% YoY to ₹2.29 lakh crore in Q3. Domestic sales volume rose by 10.22% YoY to 23.17 million metric tonnes (MMT), while export sales fell 27.71% YoY to 1.135 MMT.

Read more here.

Lupin gets tentative USFDA approval for DETAF tablets

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for its new drug application Dolutegravir, Emtricitabine, and Tenofovir Alafenamide (DETAF) tablets. DETAF is used to manage HIV infections and will be available for supplies to low and middle-income countries. The product will be manufactured at Lupin’s facility in Nagpur. 

Read more here.

UPL Q3 Results: Net profit rises 16% YoY to ₹1,087 crore

UPL Limited reported a 16% YoY decline in consolidated net profit to ₹1,087 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 21% YoY to ₹13,679 crore during the same period. EBITDA stood at ₹3,305 crore in Q3, up 14% YoY. In India, UPL saw healthy growth driven by strong traction in its seeds business, while the crop protection business saw flat growth.

Read more here.

Godrej Properties buys 89-acre land parcel in Khalapur

Godrej Properties Ltd has entered into an agreement for the outright purchase of an 89-acre land parcel in the Khalapur locality of Maharashtra’s Raigad district. The plot is estimated to have a development potential of around 1.9 million sq ft of saleable area consisting primarily of residential plotted development. It is in proximity to the Mumbai-Pune Expressway and offers good connectivity to Mumbai, Navi Mumbai, and Pune.

Read more here.

Sun Pharma Q3 Results: Net profit rises 5% YoY to ₹2,166 crore

Sun Pharmaceutical Industries Ltd reported a 5% YoY increase in consolidated net profit to ₹2,166 crore for the quarter ended December (Q3 FY23). The pharma company’s revenue from operations rose 14% YoY to ₹11,241 crore during the same period. Sun Pharma’s board has also declared an interim dividend of ₹7.50 per share. 

Read more here.

Hindustan Zinc to invest $1 billion to replace diesel-run mining vehicles with EVs

Hindustan Zinc Ltd (HZL) will invest $1 billion to convert around 900 diesel-run mining vehicles into battery-operated ones over the next five years. The company is steadily switching to electric vehicles for its underground mine operations. With the help of Finnish technology company Normet Group Oy, HZL has inducted battery-powered service equipment and utility vehicles into underground mining to help decarbonise and improve environmental sustainability in the mining industry.

Read more here.

Godrej Consumer Q3 Results: Net profit rises 3.5% YoY to ₹546 crore

Godrej Consumer Products Ltd reported a 3.5% YoY increase in consolidated net profit to ₹546.34 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 9% YoY to ₹3,598.92 crore during the same period. Its India business sales grew by 11% YoY to ₹1,975 crore and volumes rose 3% YoY. 

Read more here.

Income Tax Department conducts survey action against Cipla: Report

As per a CNBC-TV18 report, the Income Tax Department has carried out a survey action against drug major Cipla Ltd. The department is conducting the surprise action to check the balance sheets and other business documents of the pharma company as part of an alleged tax evasion investigation. 

Read more here.

India’s core sector growth at 3-month high of 7.4% in Dec

Production of eight infrastructure sectors rose at a three-month high of 7.4% in December 2022, compared to 4.1% in Dec 2021. The production of coal rose by 11.5%, fertiliser by 7.3%, steel by 9.2%, and electricity by 10% in Dec 2022 compared to a year ago. Crude oil production declined by 1.2% YoY in December 2022.

Read more here.

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Macrotech Developers to Launch 16 Projects Worth ₹10,300Cr – Top Indian Market Updates

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

Macrotech Developers to launch 16 projects worth ₹10,300 crore in H2 FY23

Realty firm Macrotech Developers Ltd (Lodha) plans to launch 16 new projects in the second half (H2) of FY23 with an estimated sales potential of ₹10,300 crore as it seeks to tap rising housing demand. These projects would be a mix of fully-owned and joint development with landowners. The company has delivered more than 89 million square feet of real estate and is developing around 100 million sq. ft. under its ongoing and planned portfolio.

Read more here.

MRF Q2 Results: Net profit falls 32% YoY to ₹130 crore

MRF Ltd reported a 32% year-on-year (YoY) decline in consolidated net profit to ₹130 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 18.7% YoY to ₹5,826 crore during the same period. The tyre manufacturer’s total expenses stood at ₹5,730 crore, up 21% YoY. MRF’s board has declared an interim dividend of ₹3 per share.

Read more here.

Arvind Q2 Results: Net profit rises 79% YoY to ₹125 crore

Textile manufacturer Arvind Ltd reported a 79% YoY increase in consolidated net profit to ₹125.02 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 2.9% YoY to ₹2,169.81 crore during the same period. The company’s total expenses stood at ₹2,072.45 crore in Q2, up 3.5% YoY. Revenue from its textiles segment rose 1.8% YoY to ₹1,758.98 crore.

Read more here.

Godrej Properties acquires 12-acre land parcel in Pune

Godrej Properties Ltd has acquired a 12-acre land parcel in the Mundhwa locality of Pune. The company is planning to develop a premium group housing project in this land parcel. The project will have a developable potential of around 2.2 million sq. ft. with an estimated revenue potential of around ₹2,000 crore based on the current business assumptions.

Read more here.

Bajaj Electricals Q2 Results: Net profit flat at ₹62 crore

Bajaj Electricals Ltd reported a net profit of ₹62 crore for the quarter ended Sept (Q2 FY23). It posted a net profit of ₹62.55 crore in Q2 FY22. Its revenue from operations fell 6.41% YoY to ₹1,201.14 crore in Q2 FY23. The company’s revenue from the consumer products segment fell 2.45% YoY to ₹882.87 crore. Total expenses stood at ₹1,159.22 crore in Q2, down 6.81% YoY.

Read more here.

Aurobindo Pharma units recall products in US market for manufacturing issues

Aurobindo Pharma Ltd’s units are recalling different products in the US market for manufacturing lapses. According to the latest Enforcement Report by the US Food & Drug Administration (USFDA), New Jersey-based Aurobindo Pharma USA, Inc. is recalling 9,504 bottles of Quinapril and Hydrochlorothiazide tablets. The tablets (used to treat high blood pressure) were manufactured in India.

Read more here.

Bosch Q2 Results: Net profit flat at ₹372 crore

Bosch Limited reported a net profit of ₹372.4 crore for the quarter ended Sept (Q2 FY23). It posted a net profit of ₹372 crore in Q2 FY22. The auto component manufacturer’s revenue from operations rose 25.5% YoY to ₹3,662 crore in Q2 FY23. Total expenses stood at ₹3,324.2 crore, up 25.7% YoY.

Read more here.

Two IPOs to hit the markets tomorrow

Five Star Business Finance Ltd’s IPO is set to open for subscription tomorrow. The company provides secured business loans to micro-entrepreneurs and self-employed individuals. The IPO only consists of an offer for sale (OFS) aggregating to ₹1,960 crore. The company has fixed ₹319-336 as the price band of the IPO.

Archean Chemical Industries Ltd is also launching its IPO tomorrow. The company is a leading speciality marine chemical manufacturer in India. The IPO consists of a fresh issue of equity shares aggregating to ₹805 crore and an OFS aggregating to ₹657.31 crore. The company has fixed ₹386-407 as the price band of the IPO.

Jubilant FoodWorks Q2 Results: Net profit rises 9.8% YoY to ₹131.5 crore

Jubilant FoodWorks Ltd reported a 9.8% YoY increase in consolidated net profit to ₹131.5 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 16.6% YoY to ₹1,301.48 crore during the same period. Total expenses stood at ₹1,153.92 crore, up 19.76% YoY. The company opened 76 new Domino’s stores in Q2, taking the total number to 1,701.

Read more here.

Godrej Consumer Q2 Results: Net profit falls 25% YoY to ₹359 crore

Godrej Consumer Products Ltd (GCPL) reported a 25% YoY decline in consolidated net profit to ₹358.86 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 7% YoY to ₹3,364.45 crore during the same period. GCPL’s total expenses rose 14.41%Y YoY to ₹2,951.38 crore in Q2. Revenue from the Indian market stood at ₹1,985.03 crore, up 8% YoY.

Read more here.

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SpiceJet Gets Show-Cause Notice From DGCA – Top Indian Market Updates

Spicejet

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

SpiceJet gets show-cause notice from DCGA for safety lapses

The Directorate-General for Civil Aviation (DGCA) has issued a show-cause notice to SpiceJet Ltd for failing to establish a safe and reliable air service. An unusually high number of incidents involving SpiceJet aircraft since April 1 has prompted the aviation regulator to seek an explanation from the airline. SpiceJet has displayed poor internal safety oversight and inadequate maintenance actions as most of the incidents are related to either component failure or system-related failure.

Read more here.

Reliance Retail to bring fashion brand Gap to India

Reliance Retail Ltd has entered a long-term partnership with Gap Inc. to bring American fashion brand Gap to India. Through the franchise agreement, Reliance Retail has become the official retailer for Gap across all channels in India. The company will introduce Gap’s fashion offerings to Indian consumers through a mix of exclusive brand stores, multi-brand store expressions, and digital commerce platforms.

Read more here.

Macrotech Developers reports strong Q1 performance

Macrotech Developers Ltd’s pre-sales for the April-June quarter (Q1 FY23) stood at Rs 2,814 crores, up 194% YoY. Since pre-sales increased by Rs 1,857 crore in Q1, 75% of the total sales growth required to meet full-year guidance has been achieved in Q1 itself. The realty firm continues to see good demand across segments. Amidst evolving macroeconomic conditions, they have not yet seen any negative impact on demand for housing from high-credibility developers.

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SBI renews MoU with Air Force for defence salary package

State Bank of India (SBI) has renewed the Memorandum of Understanding (MoU) with the Indian Air Force for the Defence Salary Package (DSP) scheme. Under this scheme, the bank will offer various benefits and features to all serving and retired Air Force personnel and their families. SBI will offer extensive benefits such as complimentary personal accidental insurance and air accidental insurance.

Read more here.

Godrej Consumer expects India sales to grow in double-digits in Q1

Godrej Consumer Products Ltd (GCPL) said its India business would report double-digit growth in sales in the June quarter (Q1 FY23). The FMCG firm expects to deliver high single-sales growth at the consolidated level. With inflationary pressures declining slightly and significant correction in palm oil derivatives and crude oil (vital raw materials), GCPL expects a recovery in consumption and gross margins in the upcoming quarters.

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EaseMyTrip enters New Zealand market

Easy Trip Planners Ltd has expanded its international footprint by incorporating a wholly-owned foreign subsidiary in New Zealand as part of its expansion strategy. The company is anticipating a significant pent-up global demand for the travel and tourism sector in the coming months. EaseMyTrip will launch a localised search engine in New Zealand to cater to the customers in the region.

Read more here.

IndusInd Bank partners with MoEngage

IndusInd Bank announced a strategic partnership with MoEngage to deliver a differentiated digital experience across multiple customer journeys. US-based MoEngage is an insights-led customer engagement platform. As part of the partnership, Induslnd Bank will leverage MoEngage’s platform to deliver a ‘Gen Z’ digital banking experience to its customers. The bank will be able to curate personalized content and recommendations across channels.

Read more here.

Shriram Transport Finance gets shareholders’ approval for merger

Shriram Transport Finance Company Ltd (STFC) has received approval from its equity shareholders and creditors for its merger with Shriram City Union Finance (SCUF). In December 2021, Chennai-based diversified financial services company Shriram Group announced the merger of Shriram Capital Ltd (SCL) and SCUF with STFC. The merged entity will be known as Shriram Finance Ltd, and it will be the largest retail finance NBFC in India.

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NTPC REL partners with GACL to set up India’s first commercial-scale green ammonia project

NTPC Renewable Energy Limited (NTPC REL) has signed a Memorandum of Understanding (MoU) with Gujarat Alkalies and Chemicals Ltd (GACL) to set up India’s first commercial-scale green ammonia and green methanol projects. The two entities aim to supply 100 megawatts (MW) RE-RTC (Round The Clock) power and synthesize 75 tonnes per day (TPD) Green Methanol and 35 TPD Green Ammonia for captive use for the production of various chemicals by GACL at its Vadodara and Dahej complex in Gujarat.

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Tata Motors Secures Order for 1,300 CVs – Top Indian Market News

Tata Motors secures order for 1,300 CVs from VRL Logistics

Tata Motors has secured an order for 1,300 commercial vehicles (CVs) from VRL Logistics. The order comprises medium & heavy commercial vehicles (MHCV) and intermediate & light commercial vehicle (ILCV) range, which suit the logistics operations of VRL Logistics. The vehicles provide superior drivability, high fuel efficiency, and a low total cost of ownership.

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NCLT approves Tata Steel Mining’s resolution plan for Rohit Ferro-Tech

The Kolkata bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Tata Steel Mining Ltd (TSML) for the acquisition of debt-ridden Rohit Ferro-Tech Ltd. TSML is a wholly-owned subsidiary of Tata Steel. Tata Steel is also in the process to acquire Odisha-based Stork Ferro & Mineral Industries for Rs 155 crore. This move will augment the company’s ferro-alloys processing capacities.

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Hester Biosciences gets Rs 60 crore grant from govt to make Covaxin drug substance

Hester Biosciences Ltd has received a grant of Rs 60 crores from the government’s Biotechnology Industry Research Assistance Council (BIRAC) to manufacture Covid-19 vaccine under Mission Covid Suraksha. The Ahmedabad-based poultry and animal vaccine maker is a part of the Gujarat Covid Vaccine Consortium (GCVC). In May 2021, GCVC signed an agreement with Bharat Biotech for manufacturing Covaxin drug substance.

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Bank of Maharashtra to divest entire 4% stake in ISARC

Bank of Maharashtra will divest its entire stake in India SME Asset Reconstruction Company (ISARC) for Rs 4 crore. The bank’s 4% stake, equivalent to 40 lakh equity shares, will be sold at Rs 9.80 per share for a cash consideration of Rs 3.92 crore. The transaction is expected to be completed by the end of December 2022.

Read more here.

Lupin launches generic contraceptive drug in the US

Lupin Limited has launched Merzee capsules, a medication used to prevent pregnancy, in the US market. The product was launched under an exclusive license, marketing, and distribution agreement with Slayback Pharma LLC. As per IQVIA data, the generic version of the drug had estimated annual sales of $90 million (~Rs 685 crore) in the US during the 12 months ended February 2022.

In other news, Lupin has completed the acquisition of a portfolio of brands from Anglo-French Drugs & Industries Ltd (AFDIL) and its associates. The acquisition will strengthen the company’s India formulation business.

Read more here.

Axis Bank signs partial guarantee pact with ADB to support supply chain financing

Axis Bank has partnered with Asian Development Bank (ADB) for a partial guarantee program with an initial outlay of $150 million (~Rs 1,139.85 crore). The program is aimed at supporting supply chain financing for impact sectors. ADB will provide guarantees for the loans issued by Axis Bank. It will have a special focus on environmental, social, and governance (ESG) and priority sectors. 

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Domestic pharma industry revenues to grow by 6-8% in FY23: ICRA

According to rating firm ICRA, the revenues of leading domestic pharma companies are likely to grow by 6-8% in the current financial year (FY23). Sales growth in FY23 is expected to be supported by a growth of 7-9% in the domestic market, 12-14% in the emerging markets, and 7-9% in the European business. Meanwhile, growth in the US business is expected to remain muted due to a subdued pricing environment in the market in the near to mid-term.

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L&T Construction secures contracts under various businesses

Larsen & Toubro Ltd’s construction arm has secured significant orders (in the range of Rs 1,000-2,500 crore) under various businesses. The Water & Effluent Treatment business has bagged a contract from the Rural Drinking Water & Sanitation Division, Karnataka, to construct drinking water supply facilities for 396 rural habitations in Dharwad and Belagavi. L&T GeoStructure has received an order from Tata Chemicals to commission a jetty-based marine outfall system and allied works in Gujarat.

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Godrej Consumer gains market share in 85% of its categories 

Godrej Consumer Products Ltd (GCPL) said it has been gaining market share in 85% of its categories despite the Indian FMCG industry witnessing a consumption slowdown over the past few months. “In India, we expect to deliver close to double-digit sales growth, driven entirely by pricing. Our 2-year [sales] CAGR would be in the early twenties. We witnessed a mixed performance in our Personal Care and Home Care categories,” said GCPL in an exchange filing. 

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Motherson Sumi completes acquisition of 55% stake in CIM Tools

Motherson Sumi Systems Ltd (MSSL) has completed the acquisition of a majority stake in Bengaluru-based CIM Tools Private Ltd. In October 2021, MSSL had announced the acquisition of a 55% stake in CIM, a leading supplier in the aerospace supply chain. This acquisition marks MSSL’s entry into the aerospace industry. It also provides access to an existing and well-established customer base.

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Invesco divests 7.8% stake in ZEEL

Invesco Developing Market Funds sold a 7.8% stake in Zee Entertainment Enterprises Ltd (ZEEL) via a block deal today. It will sell 7.74 crore shares, which are worth around Rs 2,200 crore. Invesco will continue to hold an 11% stake in ZEEL. To learn more about ZEEL’s boardroom battle, click here.

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Bandhan-led consortium to acquire IDFC Mutual Fund biz for Rs 4,500 crore

IDFC Ltd has decided to sell IDFC Asset Management Company and IDFC AMC Trustee Company Ltd to a consortium comprising Bandhan Financial Holdings (BFHL), GIC, and ChrysCapital for Rs 4,500 crore. IDFC AMC manages over Rs 1.15 lakh crore of assets under management (AUM) as of FY22. It has a presence in over 50 cities and investors in 750 cities and towns nationwide.

Read more here.