Tag: Godrej Properties

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Maruti Suzuki to Hike Vehicle Prices from Jan – Top Indian Market Updates

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

Maruti Suzuki to hike vehicle prices from January

Maruti Suzuki India Ltd (MSIL) will increase the prices of its vehicles ‘substantially’ from next month (Jan 2023). The automaker aims to offset the impact of rising input costs and make provisions to update the model range to conform to stricter emission norms which kick in from April 2023. MSIL continues to witness increased cost pressure driven by overall inflation and recent regulatory requirements.

Read more here.

RIL buys Russian naphtha, increases fuel oil imports

According to data from Refinitiv, Reliance Industries Ltd is purchasing Russian refined fuels, including rare purchases of naphtha (used for making petrochemicals), after some Western buyers stopped Russian imports. Western sanctions against Russia over its invasion of Ukraine have led to the rise of rare trade routes for Russian crude and refined products that were mainly sold to European countries. 

So far, RIL’s fuel oil imports from Russia have surged to a record 3 million tonnes (MT) since April-Dec of FY23, compared to 1.6 million for all of FY22.

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Godrej Properties acquires an 18.6-acre land parcel in Mumbai’s Kandivali

Godrej Properties Ltd has acquired an 18.6-acre land parcel in the Kandivali suburb of Mumbai. It is the company’s 8th project in its development portfolio in the current financial year (FY23). The new project will have a developable potential of around 3.72 million sq. ft. with an estimated revenue potential of nearly ₹7,000 crores.

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Adani Group seeks central forces protection at Vizhinjam port

The Adani Group moved the Kerala High Court, seeking the assistance of central forces to continue with construction at the Vizhinjam seaport in Thiruvananthapuram. There have been violent protests at the site recently, which are halting construction work. Justice Anu Sivaraman asked the state and central governments to discuss the possibility of deploying the central forces.

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RBI gives approval to Carlyle, Advent to acquire a 9.99% stake each in Yes Bank

The Reserve Bank of India (RBI) has given conditional approval to private equity investors Carlyle Group and Advent to acquire a 9.99% stake each in Yes Bank. Both investors will infuse ₹8,898.4 crores into the bank. Each investor will first acquire 1,848 million shares (or 5.9% equity) of Yes Bank at ₹13.78 per share. Separately, the bank will issue convertible warrants at ₹14.82 per share after 18 months.

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Tata Power to invest ₹6,000 crores in Odisha in five years

Tata Power CEO and MD Praveer Sinha announced a ₹6,000 crore capital investment by the company in Odisha. The company will also set up 1,000 electric vehicles (EV) charging points, 1,00,000 solar pumps, microgrids, and rooftop & floating solar plants in the next five years. The company has been engaged in power distribution across Odisha and is committed to ensuring ease-of-doing business through quality power supply.

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Amara Raja Batteries to invest ₹9,500 crore in Telangana

Amara Raja Batteries Ltd plans to invest ₹9,500 crores over the next 10 years in Telangana to set up research and manufacturing facilities for lithium-ion batteries. The initial facilities would include an energy research and innovation center in Hyderabad, called the Amara Raja E-hub. It will be equipped with advanced laboratories and testing infrastructure for material research, prototyping, and product life cycle analysis.

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Bank credit grows nearly 17% for the fortnight ended Nov 18: RBI

As per RBI data, the Indian banking system’s outstanding credit grew by 16.96% YoY to ₹133.29 lakh crore for the two weeks ended November 18. The current financial year (FY23) has seen a steady rise in credit growth in FY23 driven by a variety of reasons, including strong economic growth and borrowers’ shift to banks as against other credit substitutes amid rising interest rates. In FY 2021-22, bank credit rose by 8.59% and deposits by 8.94%.

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NTPC coal mining output jumps 48% to 12.24 MMT in April-Nov

NTPC recorded 48% YoY growth in coal mining output at 12.24 million metric tonnes (MMT) for April-November 2022. The four operational coal mines, Pakri-Barwadih & Chatti Bariatu (Jharkhand), Dulanga (Odisha), and Talaipalli (Chhattisgarh) contributed to accomplishing the highest ever monthly coal production of 20.47 lakh metric tonne in November.

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Tata Motors Posts ₹944Cr Net Loss in Q2 – Top Indian Market Updates

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

Tata Motors Q2 Results: Net loss narrows at ₹944 crore

Tata Motors Ltd reported a consolidated net loss of ₹944.61 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹4,441.57 crore in Q2 FY22. Its revenue from operations rose 29.7% YoY to ₹79,611 crore in Q2 FY23. The automaker’s domestic commercial vehicles business registered a 19% YoY growth in sales. The passenger vehicle (PV) business continued its strong momentum with wholesales at 1.42 units in Q2, up 69% YoY.  

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Adani Ports to acquire 49.38% stake in Indian Oiltanking for ₹1,050 crore

Adani Ports & Special Economic Zone Ltd (APSEZ) has entered into a definitive agreement to acquire Oiltanking India GmbH’s 49.38% equity stake in Indian Oiltanking Ltd (IOTL). IOTL is one of India’s largest operators of liquid storage facilities. This agreement also includes the acquisition of an additional 10% equity stake in IOT Utkal Energy Services Ltd, a subsidiary of IOTL.

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BEML Q2 Results: Net profit rises 52% YoY to ₹16.26 crore

State-owned BEML reported a 52.5% year-on-year (YoY) rise in consolidated net profit to ₹16.26 crore for the quarter ended Sept (Q2 FY23). Its total income fell 20.4% YoY to ₹806.11 crore during the same period. Total expenses stood at ₹789.84 crore in Q2, down 21% YoY. BEML manufactures a variety of heavy equipment for earth moving, transport, and mining.

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Sun Pharma signs pact with SPARC to commercialise medication in US

Sun Pharmaceutical Industries has signed a licensing agreement with Sun Pharma Advanced Research Company (SPARC) to commercialise benzyl alcohol and propylene glycol-free phenobarbital sodium powder for injection in the US market. The drug is used to treat neonatal seizures. Under the terms of the license agreement, Sun Pharma will pay SPARC an upfront payment of $10 million.

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Barbeque Nation Q2 Results: Net profit jumps 143% YoY to ₹7 crore

Barbeque Nation Hospitality Ltd reported a 143% YoY jump in consolidated net profit to ₹7.1 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 40.3% YoY to ₹310 crore during the same period. The growth in Q2 was supported by improvement in the dine-in business. Both Toscano and BARQ’s international businesses posted robust performance.

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TVS Motor signs pact with Amazon India to scale up EV deployment

TVS Motor Company has signed an agreement with Amazon India to scale up electric vehicle (EV) deployment and strengthen their commitment to achieving net-zero carbon. As part of this collaboration, a fleet of electric two-wheelers and three-wheelers from TVS Motor will be deployed for Amazon’s last-mile deliveries. The two entities will examine EV use cases for various Amazon business groups for its network and logistical requirements.

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Godrej Properties Q2 Results: Net profit rises 54% YoY to ₹55 crore

Godrej Properties Ltd reported a 54% YoY increase in consolidated net profit to ₹55 crore for the quarter ended Sept (Q2 FY23). Its total income rose 13% YoY to ₹327 crore during the same period. The real estate developer witnessed total bookings worth ₹2,409 crore and a total booking volume of 2.71 million sq. ft in Q2. It launched four new projects and phases across three cities.

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Tata Power RE to set up 150 MW solar project in Solapur

Tata Power Renewable Energy Ltd (TREPL) has received a Letter of Award from the Maharashtra State Electricity Distribution Corp Ltd (MESDCL) to set up a 150 MW solar project in Solapur. The company secured the order through tariff-based competitive bidding followed by an e-reverse auction. With this order, the total renewables capacity of TPREL has reached 5,786 megawatts (MW).

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Vi’s Net Loss Widens to ₹7,596 crore in Q2 – Top Indian Market Updates

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

Vodafone Idea Q2 Results: Net loss widens to ₹7,596 crore

Vodafone Idea (Vi) reported a consolidated net loss of ₹7,596 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹7,297 crore in the previous quarter (Q1 FY23) and a loss of ₹7,132 crore in Q2 FY22. Vi’s revenue from operations rose 2% quarter-on-quarter (QoQ) to ₹10,615 crore in Q2 FY23. The average revenue per user (ARPU) stood at ₹131, up 2.3% QoQ. The telecom operator’s subscriber base fell 2.5% QoQ to 23.44 crore.

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Gati to buy out Japanese partner in JV in FY23

Logistics firm Gati Ltd will buy out its Japanese partner Kintetsu Worldwide in a joint venture (JV) Gati-Kintetsu Express Pvt Ltd this financial year. Currently, Gati owns 70% of the JV, while Kintetsu owns the remaining 30%. The company has appointed Ambit Capital to manage the deal. 

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HDFC Q2 Results: Net profit rises 18% YoY to ₹4,454 crore

Housing Development Finance Corp (HDFC) Ltd reported an 18% year-on-year (YoY) increase in consolidated net profit to ₹4,454 crore in Q2 FY23. Its revenue from operations rose 23% YoY to ₹15,027.2 crore during the same period. The net interest income (NII) stood at ₹4,639 crore in Q2, up 13% YoY. HDFC’s total assets under management (AUM) increased from ₹5.9 lakh crore in Q2 FY22 to ₹6.9 lakh crore in Q2 FY23.

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Godrej Properties acquires 50-acre land parcel near Mumbai

Godrej Properties Ltd has signed an agreement to acquire a 50-acre land parcel in the fast-developing micro market of Manor locality in Palghar near Mumbai. The company is planning to develop a residential project on the acquired plot. The proposed project is estimated to have a developable potential of nearly 1.2 million sq. ft. of saleable area. It is projected to offer a booking potential of ~₹500 crore.

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SRF Q2 Results: Net profit rises 26% YoY to ₹481 crore

SRF Ltd reported a 26% YoY increase in consolidated net profit to ₹481 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 31% YoY to ₹3,728 crore during the same period. The company’s earnings before interest & tax (EBIT) increased 21% YoY to ₹689 crore in Q2. Revenue from its chemicals segment stood at ₹1,830 crore, up 62% YoY.

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Bharti Airtel deploys 5G at Bengaluru Airport

Bharti Airtel has deployed 5G cell sites at the new terminal of the Kempegowda International Airport, Bengaluru. This is the first airport in India to get 5G coverage. Airtel customers travelling from the new terminal will now get 5G coverage in the arrival & departure terminals, lounges, boarding gates, migration & immigration areas, security gates, and baggage claim belt areas.

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Hero MotoCorp Q2 Results: Net profit falls 10% YoY to ₹716 crore

Hero MotoCorp Ltd reported a 10% YoY decline in net profit to ₹387 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 7.4% YoY to ₹9,075.35 crore during the same period. The company’s vehicle sales in Q2 fell by around 1% to 14.28 lakh units. EBITDA stood at ₹1,038 crore in Q2, down 2.6% YoY.

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IIFL Finance aims to triple co-lending to over ₹13,000 crore

IIFL Finance Ltd is aiming to triple its co-lending to more than ₹13,000 crore in a year. The company is seeking to become asset-light through partnerships with about six banks. The altered strategy follows a de-risking program in the aftermath of the IL&FS crisis. It has ongoing co-lending partnerships Central Bank of India, Union Bank of India, DBS, Canara Bank, and Indian Bank for products such as loans for homes, gold, and microfinance.

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Ajanta Pharma Q2 Results: Net profit falls 20% YoY to ₹156 crore

Ajanta Pharma Ltd reported a 20% YoY decline in consolidated net profit to ₹156.6 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6% YoY to ₹938.1 crore during the same period. Total expenses stood at ₹775.45 crore in Q2, up 18.5% YoY. Sales from the Indian market grew 27% YoY to ₹314 crore. The pharma company’s board has declared an interim dividend of ₹7 per share.

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Alembic Pharma gets USFDA approval for generic injection

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) to market Ketorolac Tromethamine injection in the US market. The drug is indicated for short-term management of moderately severe acute pain in adult patients. According to IQVIA data, the injection has an estimated market size of $59 million in the US.

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HPCL Q2 Results: Net loss at ₹2,475 crore

Hindustan Petroleum Corp Ltd (HPCL) reported a consolidated net loss of ₹2,475.69 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹1,918.89 crore in Q2 FY22. The company’s revenue from operations rose 30% (YoY) to ₹1.13 lakh crore in Q2 FY23. HPCL had not increased the prices of petrol, diesel, and LPG despite rising costs.

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Adani Enterprises Q2 Results: Net profit doubles to ₹461 crore

Adani Enterprises Ltd reported a 117% YoY jump in consolidated net profit to ₹460.94 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 188% YoY to ₹38,175.23 crore during the same period. EBITDA increased by 69% YoY to ₹2,136 crore in Q2. The integrated resources management and airports divisions recorded strong performance.

Read more here.

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Tata Motors Launches India’s Cheapest Electric Car – Top Indian Market Updates

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

Tata Motors launches Tiago EV at ₹8.49 lakhs

Tata Motors launched its new and cheapest electric vehicle car, the Tiago EV, at an introductory price of ₹8.49 lakh. The hatchback comes with two battery options. The 24kWh battery offers a range of 315 km on a full charge, while the 19.2kWh battery is expected to deliver a range of 250 km. The automaker will offer eight years or 1,60,000 kms warranty on battery and motor.

Read more here.

Godrej Properties acquires seven-acre land in Bengaluru

Godrej Properties Ltd has acquired a 7-acre land parcel in Indiranagar extension in Bengaluru. The plot has a total development potential of around 6 lakh sq. ft. and an estimated booking value potential of ₹750 crore. The company is planning to develop the plot as a premium residential project comprising apartments of various configurations.

Read more here.

L&T Construction to build new medical college in Assam

Larsen & Toubro Ltd’s construction arm has secured a significant contract (in the range of ₹1,000-2,500 crore) from the State Government of Assam. The company will construct a new medical college and hospital at Golaghat, Assam. The facility will include a 430-bed teaching hospital, academic block, private ward, hostel, and residential facilities. The total built-up area will be 9.44 lakh square feet.

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Vi to lose access to towers if it fails to clear dues: Indus Towers

Vodafone Idea (Vi) risks losing access to Indus Towers’ mobile towers from November 2022 if it fails to clear its dues. On Monday, Indus Towers held a board meeting to discuss the company’s mounting trade receivables. It reportedly issued a “strongly-worded” letter to Vi, directing the telecom company to pay 100% of monthly dues. Vodafone Idea’s total tower dues exceed ₹10,000 crore.

Read more here.

Airtel Payments Bank to install 1.5 lakh micro ATMs in FY23

Airtel Payments Bank has started rolling out 1.5 lakh micro ATMs in a phased manner across Tier 2 cities and semi-urban regions to facilitate cash withdrawal for customers. The bank will gradually expand its service to cover more banking points in a phased manner. It is now integrated with the National Payments Corporation of India’s National Financial Switch (NFS) to facilitate micro ATM transactions.

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Ramco Cements commissions cement plant in AP

Ramco Cements Ltd has commissioned its fifth integrated cement plant at Kolumigundla, Andhra Pradesh, at a cost of ₹3,000 crore. The plant has a clinkerisation capacity of 2.25 million tonnes per annum. The plant is capable of manufacturing various types of cement as per the specifications of the Bureau of Indian Standards (BIS). The unit will provide jobs to over 1,000 people.

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Union Cabinet approves 3-month extension for PMGKAY

The Central government announced the extension of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for another three months till December 2022. The PMGKAY was launched in March 2020 to provide free 5kg foodgrains per person per month to about 80 crore beneficiaries covered under the National Food Security Act (NFSA). The extension for three months will cost ₹44,700 crore, said Union Minister Anurag Thakur.

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Indian fertilizer companies sign MoU with Canada’s Canpotex

Coromandel International, Chambal Fertilizers, and Indian Potash Ltd have signed a Memorandum of Understanding (MoU) with Canada-based Canpotex. This MoU will help reduce supply & price volatility and ensure a stable long-term supply of potash fertilizer to India.  Canpotex will supply up to 15 lakh metric tonnes of potash annually for three years to these Indian three companies. 

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Edelweiss Financial Services to raise up to ₹400 crore

Edelweiss Financial Services (EFSL) has announced plans to raise up to ₹400 crore through a public issue of bonds next week. The base issue size is ₹200 crore with an option to retain oversubscription up to ₹200 crore. EFSL will issue secured redeemable non-convertible debentures (NCDs) of the face value of ₹1,000 each. The issue opens on October 3 and closes on October 17.

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Krsnaa Diagnostics enters B2C segment

Krsnaa Diagnostics is set to enter the business-to-consumer (B2C) segment with a chain of 600 diagnostic centres across India. The company’s entry into the B2C space is likely to change the industry dynamics on pricing. It offers imaging and pathological tests at discounts of 45-60% and 40–80% to the market rates, respectively.

Read more here.

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Adani Acquires Holcim’s Stake in Ambuja Cement, ACC – Top Indian Market Updates

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

Adani completes acquisition of Holcim’s stake in Ambuja Cement, ACC

The Adani Group has completed the acquisition of Ambuja Cements and its subsidiary ACC Ltd from Switzerland-based Holcim Group for $6.4 billion (~₹51,030 crore). This transaction comprises Holcim’s entire 63.11% stake in Ambuja Cement and a 4.48% direct stake in ACC. Ambuja holds a 50.05% interest in ACC Ltd. The two cement makers together make Adani the second largest cement player in India after Aditya Birla Group’s UltraTech Cement. 

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Govt clears 23 strategic projects under National Technical Textiles Mission

The Central Govt. has cleared 23 strategic research projects of ~Rs 60 crore in the areas of specialty fibres, sustainable textiles, geotextiles, and sports textiles under the National Technical Textiles Mission. Textiles Minister Piyush Goyal emphasised the importance of contributions of technology & segment experts, scientists, and academicians to the future growth of technical textiles in India.

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Domestic air passenger traffic rises 3% in August: DGCA

Domestic air traffic grew marginally by 3% in August 2022 to 1 crore passengers, compared to 97 lakh domestic passengers in July. IndiGo flew the most number of passengers, with a market share of 58%. Tata Group airlines (Air India, Vistara, and AirAsia India) had a 24% market share as of August. Data released by the Directorate General of Civil Aviation (DGCA) showed that airlines flew with an average seat occupancy of 75% last month.

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Godrej Properties clocks ₹1,210 crore sale bookings in two new projects

Godrej Properties Ltd has achieved sales bookings worth ₹1,210 crore in its two new housing projects in Mumbai. The realty company launched two projects— Godrej Ascend at Thane and Godrej Horizon at Wadala— during Q1 FY23. It has cumulatively sold more than 700 homes accounting for an area of ~8.08 lakh square feet for both projects.

Read more here.

Hero MotoCorp to launch EV model next month

Hero MotoCorp plans to enter the electric segment next month with the launch of its first model in the domestic market. The company confirmed in a quarterly report that “a new era in mobility is about to begin,” referring to an event in Jaipur under its “Vida” brand on October 7. The two-wheeler manufacturer has sent invitations for the event to its dealers, investors, and global distributors.

Read more here.

UPL partners with Cleanmax to build hybrid power project in Gujarat

UPL Ltd will partner with Mumbai-based CleanMax Enviro Energy Solutions to set up a hybrid energy power plant in Gujarat. The companies will operate a hybrid captive power plant with a capacity of 28.05 MW of solar power and 33 MW of wind power. The project will allow UPL to increase its renewable energy usage to 30% of its total global power consumption (from 8% currently).

Read more here.

Zydus Lifesciences gets tentative USFDA approval for Sugammadex injection

Zydus Lifesciences Ltd’s US-based subsidiary has received tentative approval from the US Food & Drug Administration (USFDA) to market Sugammadex injection. The drug is indicated for the reversal of neuro-muscular blockade induced by rocuronium bromide and vecuronium bromide (used in modern anesthesia) in adults undergoing surgery. The injection will be manufactured at the pharma company’s facility at Jarod, Gujarat.

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ED freezes ₹46.66 crore held in merchant accounts of Paytm, Razorpay

The Enforcement Directorate (ED) has frozen ₹46.67 crore held in merchant accounts maintained by Paytm, Razorpay, Cashfree, and Easebuzz in the instant Chinese loan app case. As per ED’s investigation, Lillion Technocab and Shigoo Technology Pvt. Ltd. used to route their money via HPZ token to the merchant accounts of these digital payment firms.

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Zomato’s Blinkit starts home delivery of iPhone 14

Zomato-owned quick-commerce platform Blinkit has partnered with Unicorn Info solutions to deliver iPhones 14 and other Apple products to doorsteps. The service is currently available in Delhi, Gurugram, and Mumbai. Customers in India can get the iPhone 14 for ₹79,900 and the 6.7-inch iPhone 14 Plus for ₹89,900 (available from Oct 7).

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Harsha Engineers IPO subscribed 74.7 times on final day

Harsha Engineers’ IPO was subscribed 74.7 times on the final day of bidding. The portion reserved for retail investors was subscribed 17.63 times. Non-institutional investors (NIIs) have subscribed 71.32 times against their reserved portion. The portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 178.26 times.

Harsha Engineers International is the largest manufacturer of precision bearing cages in terms of revenue in the organised sector in India. The company had fixed ₹314-330 per share as the price band for the ₹755 crore IPO.

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Bharti Airtel Posts 466% YoY Jump in Net Profit in Q1 – Top Indian Market Updates

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

Bharti Airtel Q1 Results: Net profit jumps 466% to Rs 1,606 crore

Bharti Airtel Ltd reported a 465.81% YoY jump in consolidated net profit to Rs 1,606.9 crore for the quarter ended June (Q1 FY23). However, net profit fell 20% when compared to the previous quarter. Its revenue from operations rose 22% YoY (or 4% QoQ) to Rs 32,805 crore during the same period. The average revenue per user (ARPU) improved to Rs 183 in Q1 FY23, compared to Rs 146 in Q1 FY22. 

The telecom major procured 19,867.8 megahertz (MHz) spectrum for Rs 43,040 crore in the recently concluded 5G spectrum.

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Godrej Properties aims to add new projects worth Rs 15,000 crore in FY23

Godrej Properties Ltd (GPL) is looking to add new housing projects worth Rs 15,000 crore in the current financial year (FY23) by purchasing land outright and forming joint ventures with land owners. GPL has laid out Rs 10,000 crore as its goal for booking values in FY23. The company’s sales bookings jumped five-fold to Rs 2,520 crore during the April-June period (Q1 FY23). 

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Adani Ports Q1 Results: Net profit falls 16% YoY to Rs 1,072 crore

Adani Ports & Special Economic Zone Ltd (APSEZ) reported a 16% YoY decline in consolidated net profit to Rs 1,072.38 crore for the quarter ended June (Q1 FY23). Net profit rose 4.72% when compared to the previous quarter. Its revenue from operations fell 0.71% YoY (up 20.6% QoQ) to Rs 4,637.95 crore during the same period. APSEZ handled 90.89 million metric tonnes (MMT) of cargo in Q1, up 8% YoY.

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Lok Sabha passes bill to promote non-fossil fuels

The Lok Sabha has passed a bill seeking to mandate the use of non-fossil energy sources such as biomass, ethanol, and green hydrogen. The Energy Conservation (Amendment) Bill, 2022, provides for penalties for violations by industrial units or vessels and on manufacturers if a vehicle fails to comply with fuel consumption norms. The bill also seeks to promote renewable energy and the development of a domestic carbon market to battle climate change.

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Tata Motors to acquire Ford’s Gujarat plant for Rs 725 crore

Tata Passenger Electric Mobility Ltd (TPEML) and Ford India Pvt Ltd (FIPL) have signed a Unit Transfer Agreement (UTA) for the acquisition of FIPL’s manufacturing plant at Sanand, Gujarat. The total consideration to be paid for the acquisition is Rs 725.7 crore. TPEML will make the necessary investments to reconfigure the plant to adapt to Tata Motors’ existing and future vehicle platforms. 

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Suven Pharma Q1 Results: Net profit rises 17% YoY to Rs 107 crore

Suven Pharmaceuticals Ltd reported a 17.3% YoY (or 2.3% QoQ) increase in consolidated net profit to Rs 107.54 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 28.4% YoY to Rs 339 crore during the same period. EBITDA stood at Rs 151 crore in Q1, up 31.6% YoY.

Blue Star forays into water projects biz

Blue Star Ltd’s recently formed water projects business has secured orders totaling Rs 375 crore. It has received three rural water supply orders from the Department of Rural Water Supply and Sanitation (RWSS), Government of Odisha. The scope of all the orders comprises field investigation & total station survey, hydraulic & structural design, and construction of electro-mechanical equipment.

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HFCL partners with Qualcomm to strengthen its 5G portfolio

HFCL has partnered with Qualcomm Technologies, Inc. for the design and development of 5G millimeter wave (mmWave) Fixed Wireless Access (FWA) Customer Premise Equipment (CPE) products. FWA helps operators with a cost-effective way to deliver fiber-like internet speeds wirelessly over 5G networks. HFCL’s 5G mmWave FWA product portfolio aims to enable telcos to deliver broadband internet services in rural, suburban, and dense urban areas.

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Equity mutual fund inflows record 42% decline in July: AMFI data

Net inflows in equity mutual funds fell 42.6% month-on-month (MoM) to Rs 8,898.25 crore in July 2022, as per data released by the Association of Mutual Funds in India (AMFI). The number of mutual fund folios rose 29% YoY and 1% MoM to an all-time high at 13.55 crore. The net assets under management (AUM) for the Indian mutual fund industry stood at Rs 37.74 lakh crore in Q1, up 7% YoY.

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Power Grid Q1 Results: Net profit falls 36% YoY to Rs 3,801 crore

Power Grid Corporation of India reported a 36.6% YoY (or 8.5% QoQ) decline in consolidated net profit to Rs 3,801.19 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 6.7% YoY to Rs 10,905.21 crore during the same period. The company’s transmission business posted a revenue of Rs 235.39 crore in Q1, up 5.9% YoY. Revenue from its telecom business grew 60.18% YoY to Rs 190.32 crore.

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Godrej Properties Posts 167% YoY Jump in Net Profit in Q1 – Top Indian Market Updates

godrej properties

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

Godrej Properties Q1 Results: Net profit jumps 167% YoY to Rs 46 crore

Godrej Properties Ltd reported a 167.5% YoY jump in consolidated net profit to Rs 45.55 crore for the quarter ended June (Q1 FY23). Its total income rose 62.8% YoY to Rs 426.4 crore during the same period. The real estate firm’s total sales bookings jumped five-fold to Rs 2,520 crore in Q1. The company said it is on track to meet its objective of achieving a total booking value of Rs 10,000 crore for FY23.

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LTI expands partnership with Microsoft

Larsen & Toubro Infotech Ltd (LTI) plans to train more than 12,000 employees on various Microsoft technologies by 2024. The company also announced the expansion of its collaboration with Microsoft to focus on developing high-value cloud solutions for enterprises. As part of this multi-year partnership, LTI has launched a dedicated Microsoft business unit that develops and offers end-to-end digital transformation solutions.

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Adani Green Energy Q1 Results: Net profit falls 2% YoY to Rs 214 crore

Adani Green Energy Ltd (AGEL) reported a 2% YoY decline in consolidated net profit to Rs 214 crore for the quarter ended June (Q1 FY23). Net profit increased by 77% when compared to the previous quarter. Its revenue from operations rose 67% YoY (or 12% QoQ) to Rs 1,635 crore during the same period. EBITDA stood at Rs 1,052 crore, up 46% YoY.

CCI approves RIL arm’s acquisition of 50.1% stake in Sanmina-SCI India

The Competition Commission of India (CCI) has granted approval for Reliance Strategic Business Ventures Ltd’s (RSBVL) acquisition of a 50.1% stake in Sanmina-SCI India (SCIPL).  US-based Sanmina Corporation and RSBVL have signed an agreement to create a joint venture (JV) that will establish a world-class electronic manufacturing hub in India. RSBVL is set to invest Rs 1,670 crore in the JV and hold the majority stake. The new JV will serve both domestic and export markets.

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Ajmera Realty acquires land parcel in Mumbai for Rs 42.5 crore

Ajmera Realty & Infra India Ltd’s subsidiary has acquired 1,721 square metres of land in Mumbai for Rs 42.5 crore to develop a housing project. The subsidiary, Shree Yogi Realcon Pvt Ltd, bought the property from Tata Communications Ltd. The company aims to develop around 100 residential units in this project. It is estimated to generate a sales value of ~Rs 250 crore over the next three years.

Read more here.

Bank of India Q1 Results: Net profit falls 22% YoY to Rs 561 crore

Bank of India reported a 22% YoY decline in net profit to Rs 561 crore for the quarter ended June (Q1 FY23). Its total income fell 4.4% YoY to Rs 11,124.36 crore during the same period. Operating expenses stood at Rs 3,041 crore in Q1, up 12% YoY. The gross non-performing assets (GNPA) ratio improved to 9.3% in Q1 FY23, compared to 13.51% in Q1 FY22.

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SpiceJet clears all dues with Airports Authority of India

SpiceJet Ltd has entered into a full and final settlement with the Airports Authority of India (AAI) and cleared all outstanding principal dues of the airport operator. The airline will no longer remain on “cash and carry” at AAI-run airports across India and revert to an advance payment mechanism for daily flight operations. According to SpiceJet’s spokesperson, the company’s ability to clear the pending dues reflects its improved cash flow in recent times.

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Data Patterns Q1 Results: Net profit rises 38% YoY to Rs 14.26 crore

Data Patterns (India) Ltd reported a 38.4% YoY increase in net profit to Rs 14.26 crore for the quarter ended June (Q1 FY23). Net profit declined by 77% when compared to the previous quarter. Its revenue from operations rose 84% YoY to Rs 68.38 crore during the same period. The company’s order book currently stands at Rs 663.55 crore. Data Patterns is a leading solution provider for the defence and aerospace electronics industries.

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CCI approves divestment of IDFC AMC

The Competition Commission of India (CCI) has approved the divestment of IDFC Asset Management Company (IDFC AMC). In April 2022, a consortium of Bandhan Bank’s parent Bandhan Financial Holdings (BFHL), private equity firm ChrysCapital, and Singapore’s sovereign fund GIC announced the acquisition of IDFC AMC for Rs 4,500 crore. Established in 2000, IDFC AMC manages over Rs 1,15,000 crore of Asset Under Management (AUM) as of March 31, 2022.

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Tata Power partners with JLL to provide green energy solutions for realty sector

Tata Power has signed a Memorandum of Understanding (MoU) with JLL India to promote green energy solutions in the real estate space. Both entities will jointly evaluate opportunities across JLL India’s clients’ portfolios to extend Tata Power’s green energy solutions. Tata Power will also work with JLL India to support the transition of their existing offices into green energy power hubs.

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Titan’s Net Profit Falls 7% in Q4 – Top Indian Market News

Titan Q4 Results: Net profit falls 7% YoY to Rs 491 crore 

Titan Company Ltd reported a 7.2% YoY decline in net profit to Rs 491 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 3.46% YoY to Rs 6,749 crore during the same period. Titan’s jewellery business posted a 4% YoY decline in revenue to Rs 6,132 crore in Q4. Revenue from its watches & wearables segment stood at Rs 622 crore, up 12% YoY. The eyecare business registered a 6% YoY growth in revenue to Rs 134 crore. Titan’s board has declared a dividend of Rs 7.5 per share.

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L&T Finance explores exiting realty projects lending business

L&T Finance Ltd is exploring inorganic structures to exit the real estate projects lending business. It may also consider reducing its exposure in the segment by partnering with other financiers. The company is also looking to partner with dedicated funds to create a platform that will commit funds to infrastructure projects. This move will help L&T Finance eventually bring down its loan book in the segment.

Read more here.

Godrej Properties Q4 Results: Net profit at Rs 260 crore

Godrej Properties Ltd (GPL) reported a consolidated net profit of Rs 260.47 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 191.57 crore in the corresponding quarter last year (Q4 FY21). Its total income jumped 164.3% YoY to Rs 1,522.57 crore in Q4 FY22. GPL is likely to add at least ten new residential projects across India to its existing development portfolio in FY23. 

Read more here.

Adani Wilmar acquires Kohinoor rice

Adani Wilmar Ltd (AWL) has strengthened its presence in the food segment with the acquisition of Kohinoor rice. AWL will get exclusive rights over the brand ‘Kohinoor’ basmati rice along with ‘Ready to Cook’, ‘Ready to Eat’ curries, and meals portfolio under the Kohinoor brand umbrella in India. The company is looking to cement its presence in the staples segment, which contributes ~11% to its overall revenue.

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Adani Green gets shareholders’ nod for Rs 3,850 crore investment by Green Energy Investment Holding RSC

Adani Green Energy Ltd (AGEL) has received shareholders’ approval for the issuance of over two crore shares worth ~Rs 3,850 crore on a preferential basis to Green Energy Investment Holding RSC Ltd (GEIH RSC). IHC Capital Holding LLC is the current principal shareholder of GEIH RSC. The deal is a part of UAE-based International Holding Company’s (IHC) $2 billion investment in three Adani Group companies.

Read more here.

Zydus Lifesciences gets USFDA approval for generic version of Bortezomib

Zydus Lifesciences Ltd has received the final approval from the US Food & Drug Administration (USFDA) to market its generic version of Bortezomib injection. The drug is used to treat certain types of cancers like multiple myeloma and mantle cell lymphoma. As per IQVIA data, the injection had a market size of $1.172 billion in the US during the twelve months ended March 2022.

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Newgen Software Q4 Results: Net profit rises 9% YoY to Rs 57 crore

Newgen Software Ltd reported an 8.8% YoY (or 20% QoQ) increase in consolidated net profit to Rs 57.4 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 15.7% YoY to Rs 231.42 crore during the same period. The company’s board has approved the merger of Gurugram-based Number Theory Software Pvt. Ltd with itself.

Read more here.

RailTel Corp secures order worth Rs 97.6 crore

RailTel Corporation of India Ltd has secured a work order worth Rs 97.64 crore from Madhya Pradesh State Electronics Development Corporation Ltd. The company will act as a System Integrator for the expansion of a data centre and the establishment of a Disaster Recovery Cente. RailTel provides broadband, telecom, and multimedia networks & services in India and internationally.

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Ramkrishna Forgings Q4 Results: Net profit jumps 147% YoY to Rs 83.93 crore

Ramkrishna Forgings Ltd reported a 147.6% YoY (or 85% QoQ) jump in consolidated net profit to Rs 83.93 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38% YoY to Rs 718.72 crore during the same period. The company’s board has declared a final dividend of Rs 0.2 per share.

Tata Steel Q4 Results: Net profit rises 46% YoY to Rs 9,756 crore

Tata Steel Ltd reported a 46.83% YoY (or 2% QoQ) increase in net profit to Rs 9,756.2 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38.6% YoY to Rs 69,323.5 crore during the same period. EBITDA stood at Rs 15,029 crore in Q4, up 6% YoY. The company’s board has announced a stock split in the ratio 10:1. [One equity share of the company having a face value of Rs 10 each will be split into 10 equity shares of the face value of Rs 1 each.]

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Axis Bank Acquires Citi India’s Retail Assets for $1.6B – Top Indian Market News

Axis Bank acquires Citi India’s retail assets for $1.6 billion

Axis Bank has acquired Citi India’s retail assets, valuing the business at nearly $2 billion (~Rs 15,164 crore). The private sector bank will pay a cash consideration of $1.6 billion to Citi for the acquisition of the consumer business. The transaction comprises the sale of the consumer banking businesses of Citibank India, including credit cards, retail banking, wealth management, and consumer loans. It also includes the sale of the consumer business of Citi’s non-banking financial company (NBFC), Citicorp Finance (India) Ltd.

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Reliance Jio lost 93 lakh subscribers in Jan 2022; Airtel gains 7.14 lakh subscribers

As per the latest subscriber data released by the Telecom Regulatory Authority of India (TRAI), Reliance Jio lost 93.32 lakh subscribers in January 2022. Vodafone Idea lost 3.7 lakh subscribers during the same month. Meanwhile, Bharti Airtel gained 7.14 lakh subscribers in Jan. Reliance Jio held the largest market share at 35.49%, followed by Bharti Airtel (31.13%) and Vodafone Idea (23.15%).

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Sundaram Fasteners wins incentive approval under PLI scheme

Sundaram Fasteners Ltd (SFL) has qualified for incentives from the Ministry of Heavy Industries for its proposed investments in making powertrain sub-assemblies for electric vehicles (EVs) and internal combustion engine (ICE) vehicles. Companies selected for incentives under this scheme will get 8-11% of the determined sales value. SFL will set aside Rs 350 crore to make advanced automotive tech components for EVs and ICE vehicles.

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Sun Pharma signs licensing pact with Lundbeck to launch anti-depressant pill

Sun Pharmaceutical Industries Ltd has entered into an exclusive patent licensing agreement with Danish drugmaker Lundbeck to market and distribute its version of antidepressant medication Vortioxetine in India. The drug will be marketed under the brand name Vortidiftm. The product is approved in over 80 countries, including the US, EU, Canada, and Australia.

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CCI raids offices of CEAT, Apollo Tyres: Report

As per a Reuters report, the Competition Commission of India (CCI) raided offices of tyre companies, including Germany’s Continental AG and India’s Apollo Tyres and CEAT, in a case of suspected competition law violations. The report said the case was related to an antitrust investigation into the use of unfair trade practices and rigging of bids while supplying tyres for public transport vehicles in Haryana.

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BHEL secures order for compressor package from Iraq

Bharat Heavy Electricals Ltd (BHEL) has won an order for a compressor package from Iraq. The order was placed by Northern Refineries Company (NRC), a company owned by the Ministry of Oil, Iraq. It includes the design, engineering, manufacturing, and supply of an electric motor-driven recycle gas centrifugal compressor.

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Godrej Properties to develop a 9-acre project in Pune

Godrej Properties Ltd (GPL) has acquired a 9-acre land parcel in the residential micro-market of Pimpri-​Chinchwad in Pune. The development will primarily be for a group housing project. The project will have a developable potential of around 1.7 million sq. ft. of saleable area. Based on current business assumptions, it has an estimated revenue potential of ~Rs 1,400 crore.

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Tata Consumer Products to merge Tata Coffee business with itself

Tata Consumer Products Ltd (TCPL) has announced the merger of all businesses of Tata Coffee Ltd (TCL) with itself. This is part of a reorganization plan in line with TCPL’s strategic priority of unlocking synergies and efficiencies. Initially, the plantation business of TCL will be demerged into TCPL’s wholly-owned arm TCPL Beverages & Foods Ltd (TBFL). Then, the remaining business of TCL (extraction and branded coffee business) will be merged with TCPL.

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Dilip Buildcon emerges lowest bidder for road project worth Rs 1,589 crore

The National Highways Authority of India (NHAI) has declared Dilip Buildcon Ltd as the lowest (L-1) bidder for a road project in Karnataka. The scope of the project includes the development of a six-lane access controlled greenfield highway from Maradgi S Andola to Baswantpur section of NH-150C. The bid project cost for the 65.50 km long project is Rs 1,589 crore. 

In other news, G R Infroprojects Ltd has received a Letter of Award (LoA) from NHAI for five new road projects worth ~Rs 5770 crore.

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HDFC Bank, Shoppers Stop launch co-branded credit cards

HDFC Bank and Shoppers Stop have announced the launch of a new range of co-branded credit cards. The credit cards will be available for over 80 lakh ‘First Citizen’ customers of Shoppers Stop along with HDFC Bank customers. HDFC Bank expects co-branded credit cards to account for 25-30% of total spends in the next 2-3 years. 

Read more here.

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

Adani Green Energy raises $288 million for RE projects

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

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Airbus in talks with Tatas, Indian carriers for A350XWB aircraft

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

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Glenmark Pharma gets USFDA approval for Lacosamide tablet

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

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

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

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TCS, Google Cloud secures Fletcher Building digitisation deal

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

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

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

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

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

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

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

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KEC International secures new orders worth Rs 1,005 crore

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

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

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

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Domestic air traffic rose 20% in Feb: DGCA

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

Read more here.

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Tata Motors to Hike Prices of CVs by 2.5% From Jan – Top Indian Market News

Tata Motors to hike prices of CVs by 2.5% from Jan 2022

Tata Motors Ltd will hike the prices of its commercial vehicles (CV) by ~2.5% from January 1, 2022. The price increment will be effective across the following segments: medium & heavy commercial vehicles (M&HCV), light commercial vehicles (LCV), small CVs, and buses. The increase in the costs of commodities and raw materials (aluminium, steel, semiconductors, and essential metals) has forced the automaker to incite an increment in price.

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Reliance Jio conducts trial of connected drones on its 5G network

Reliance Jio has conducted successful trials of connected drones on its indigenous 5G network. The trial involved a precision command and control of drones over 5G using a fleet management system running on the cloud. It performed tasks such as image recognition, track-and-trace, discrete payload pickup & delivery, video imagery, and real-time drone control. Jio has developed its own homegrown 5G stack, which it plans to export abroad after testing its competence on a pan-India scale.

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Tata Power signs MoU with IIT Madras to collaborate on R&D, training, tech solutions

Tata Power has signed a Memorandum of Understanding (MoU) with IIT Madras to collaborate on research & development (R&D), consultancy, advocacy, training, and technology solutions. As a part of the MoU, Tata Power and IIT Madras will aim to pursue advanced research in areas of future technology. The agreement also includes campus recruitment opportunities for postgraduate students of IIT Madras.

Read more here. 

Godrej Properties partners with TDI Group for luxury housing project in Delhi

Godrej Properties Ltd has entered into a joint venture (JV) with TDI Group to build a luxury housing project at Connaught Place in Central Delhi. The project would have a development potential of about 1.25 lakh square feet saleable area. This will be the realty company’s third project in Delhi.

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IEX electricity volume up 54% YoY to 9,477 MU in November

Indian Energy Exchange (IEX) traded 9,477 million units (MU) of electricity in November 2021, achieving a 54% YoY (or 3.4% QoQ) growth. The traded volumes of the day-ahead market fell 3% YoY to 4,719 MU in November, with the average monthly price at Rs 3.1 per unit. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 302.7 MU during the same month, registering a 23.4% YoY growth.

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Ramkrishna Forgings secures order worth Rs 72 crore

Ramkrishna Forgings Ltd has received a domestic order worth Rs 72 crore from an Indian automaker in the medium & heavy commercial vehicles (MHCV) segment.  The order has to be executed over a period of four years. The company has built a strong and diverse customer base in India and is now looking to strengthen its presence and gain market share. 

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Toyota Kirloskar Motor partners with Karnataka Bank for financing solutions

Toyota Kirloskar Motor (TKM) has partnered with Karnataka Bank to finance its vehicles across cities and towns in India. The bank will be one of the preferred financiers for the entire range of vehicles sold by TKM. The finance options at competitive interest rates will be available to customers (including those covered under priority sector schemes) for purchasing Toyota vehicles for private and commercial use.

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GSS Infotech acquires Polimeraas for Rs 250 crore

GSS Infotech Ltd has acquired a 100% stake in farm-to-store company Polimeraas for Rs 250 crore in a stock and cash deal. Polimeraas operates 75 stores across Hyderabad and Bangalore, with an average footfall of 21,000 per store per month. The company deals with procurement, distribution, and sale of agricultural products, processed food, and other home consumables. GSS Infotech is an IT company specialising in application development, e-commerce & cloud, security, and remote infrastructure management.

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Indo Count Industries to acquire home textile business of GHCL

Indo Count Industries Ltd (ICIL) has entered into a Business Transfer Agreement (BTA) with GHCL Ltd for the acquisition of its home textile business at Vapi, Gujarat. The company has also signed an Asset Transfer Agreement (ATA) for the acquisition of specified assets of GHCL’s US subsidiary. The cost of the acquisition is Rs 576 crore. ICIL is a leading manufacturer and exporter of home textiles.

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Vodafone Idea in talks with vendors for sourcing 5G gear

As per reports, Vodafone Idea (Vi) has initiated talks with several local & international telecom vendors and system integrators to explore gear sourcing options for its 5G network. The company aims to negate potential cost implications that sourcing from traditional European vendors Nokia and Ericsson may have in the absence of competition. Vi’s rivals Reliance Jio and Bharti Airtel have either developed their own 5G stack or have entered strategic partnerships to jointly build the network technology in India with non-traditional companies.

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