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Services PMI Growth Declines to a 3-Month in June – Top Indian Market Updates

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

Services PMI growth declines to a three-month low of 58.5

India’s services sector eased to a three-month low in June. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 58.5 in June, compared to 61.2 in May. A quicker expansion in the intake of new business, positive demand trends, advertising, and favourable market conditions kept the momentum going in the services sector.

[PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.]

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KEC International secures order worth Rs 1,042-crore

KEC International Ltd has received new orders worth ₹1,042 crore across its various businesses. The company’s railway business received its first international order for a signalling and telecommunication project in SAARC. Its metals and mining segment received an order for supplying various types of cables in India and overseas. It also received orders for transmission and distribution projects in India, the Middle East, Europe, and the Americas.

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GR Infra executes a concession agreement with NHAI

GR Infraprojects’ subsidiary GR Varanasi Kolkata Highway Pvt Ltd executed the concession agreement with the National Highways Authority of India (NHAI) on July 5. The bid project cost is ₹1,248 crore and is a Hybrid Annuity Mode (HAM) project. The project is for constructing a 6‐lane Greenfield Varanasi‐ Ranchi‐Kolkata Highway from Anarbansalea village to Sagrampur village. The road has a total length of 33.5 kilometres.

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L&T’s construction arm bags significant order for developing office space in Mumbai

Larsen & Toubro’s construction subsidiary has secured an order worth ₹1000-2500 crores for developing office space in Mumbai. The company will develop a commercial office space with an approximate built-up area of 14.85 lakh square feet. The company will construct the project using composite steel construction technology. The project involves civil works, composite steel, façade, MEP and External Development Activities for basement construction, ground and 12 floors. The company has scheduled for completion in 2026.

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HDFC Bank’s merged loan book with HDFC at $273.8 billion as of June end

HDFC Bank’s merged loan book with HDFC stood at about ₹22.45 lakh crore ($273.77 billion) as of the end of the June quarter. The bank merged with HDFC on July 1. HDFC Bank’s loan book rose 13.1% in the June quarter from a year ago on a proforma basis, though some numbers may not be directly comparable with those of the previous year.

The merged entity’s deposits aggregated to about ₹20.64 lakh crore as of June end, up 16.2% YoY.

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Paytm reports a 37% YoY rise in GMV in Q1

Paytm has reported a 37% YoY rise to ₹4.05 lakh crore in gross merchandise value (GMV) in the quarter ended June (Q1 FY23), while the average monthly transacting users went up by 23% YoY. The company saw continued expansion of its consumer base with average monthly transacting users (MTU) at 9.2 crores for the quarter, up 23% YoY. The loan distribution business recorded disbursements of ₹14,845 crore, a YoY growth of 167%.

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Strides Pharma arm sells manufacturing facility to Syngene

Strides Pharma Science Ltd has sold the multi-modal manufacturing facility of its biologics arm to Syngene International Ltd. for ₹702 crore. Syngene shall acquire Unit 3 on a slump sale basis, and the consideration for the transaction will be settled in cash. The company expects the transaction to conclude within 90 days.
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Adani Ent’s Net Profit Jumps 137% YoY to Rs 722Cr in Q4 – Top Indian Market Updates

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

Adani Enterprises Q4 Results: Net profit jumps 137% YoY to Rs 722 crore

Adani Enterprises reported a 137% YoY increase in net profit to Rs 722.48 crore for Q4 FY23. Its operating revenue rose 26% YoY to Rs 31,346 crore during the quarter. EBITDA stood at Rs 3,586 crore, up 183% YoY. The company’s board has approved a dividend of Rs 1.2 per equity share.

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Reliance Industries’ shareholders, creditors approve demerger of financial services arm

Reliance Industries’ shareholders and creditors have approved the demerger of its financial services unit with nearly 100% of the votes cast in favour. The unit will be renamed Jio Financial Services. Shareholders of Reliance Industries will receive one share of the demerged entity for every one share held in Reliance Industries. Shares of Jio Financial Services will be listed on both BSE and NSE after demerger.

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HDFC Q4 Results: Net profit jumps 20% YoY to Rs 4,426 crore

HDFC reported a 20% YoY jump in net profit to Rs 4,426 crore for Q4 FY23. Its total operating revenue rose 35.6% YoY to Rs 16,679.43 crore during the quarter. The bank’s Net Interest Income (NII) stood at Rs 5,321 crore, up 16% YoY. The bank’s board has approved a dividend of Rs 44 per equity share.

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Adani Ports sells coastal international terminals in Myanmar for $30 million

Adani Ports & Special Economic Zone Ltd (ASPEZ) has sold its Myanmar coastal international terminals to Solar Energy for $30 million. Solar Energy will pay the amount to APSEZ within three business days after completing compliance. Once APSEZ receives the transaction value, the equity transfer will occur and its exit will be concluded.

In other news, APSEZ handled 32.3 million tonnes of total cargo in April 2023, a YoY growth of 12.8%.

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Tata Power Q4 Results: Net profit jumps 48% YoY to Rs 939 crore

Tata Power reported a 48% YoY increase in net profit to Rs 939 crore for Q4 FY23. Its revenue increased 6% YoY to Rs 12,755 crore from Rs 12,085 crore during the same period. EBITDA stood at Rs 3,101 crore in Q4 FY23, up 38% YoY. The company’s board has recommended a dividend of Rs 2 per equity share.

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Patel Engineering JV bags orders worth Rs 1,310 crore

Patel Engineering and its Joint Venture (JV) partners have been awarded EPC Turnkey Basis projects worth Rs 1,310 crore. These projects are the Tumkur Branch Canal (Package III) Micro Irrigation Project from Visvesvaraya Jala Nigama and the Sher Micro Irrigation Project from the Water Resources Department of Madhya Pradesh.

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Vehicle registrations declines by 4% in April

Vehicle registrations in India declined by 4% to 1,724,935 units in April, with retail sales of two-wheelers down 7.3% and of passenger vehicles down 1.35%. According to data from the Federation of Automotive Dealers Associations (FADA), the decline was due to the shift to BSVI norms, untimely rains and advanced purchases in March ahead of an anticipated price rise.

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TVS Motor Q4 Results: Net profit jumps 49% YoY to Rs 410 crore

TVS Motor reported a 49% YoY increase in net profit to Rs 410 crore for Q4 FY23. Its operating revenue increased 19.4% YoY to Rs 6,605 crore during the quarter. EBITDA stood at Rs 3,101 crore in Q4 FY23, up 38% YoY. The company’s board has recommended a dividend of Rs 2 per equity share.

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G R Infraprojects secures highway project in UP

G R Infraprojects has won a bid for a highway project in Kausambi, Uttar Pradesh, with a bid of Rs 737.17 crore. The project involves constructing a 38.2 km section of NH-731A with paved shoulders. It is expected to be completed within 730 days, with an operation period of 15 years from the commercial operation date.

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Zydus Lifesciences gets final approval from USFDA to manufacture ulcer drug

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Sucralfate Tablets. The drug is used to treat and prevent ulcers in the intestines. The drug will be manufactured at Zydus Lifesciences’ topical manufacturing facility in Special Economic Zone, Ahmedabad.

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IGL signs MoU with ACME Cleantech to jointly supply GreenHydrogen, set up infrastructure

Indraprastha Gas Ltd (IGL) has signed a Memorandum of Understanding (MoU) with Acme Cleantech Solutions Pvt Ltd (ACME) to explore potential business opportunities for Green Hydrogen. IGL and ACME will explore opportunities to set up hydrogen generation plants, including electrolysers. They will also blend green hydrogen into IGL’s existing pipeline networks supplying gas to households, industries, and commercial setups, and CNG for vehicles.

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ABB India to Automate India-Bangladesh Cross-Border Oil Pipeline – Top Indian Market Updates

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

ABB India to automate India-Bangladesh cross-border oil pipeline

ABB India will secure the 130-kilometre Indo-Bangla Friendship Pipeline (IBFPL) through integrated automation and control solutions. The pipeline will carry diesel from India to Bangladesh. With a potential capacity of one million metric tonnes per annum (MMTPA), the pipeline will enable Bangladesh to access large volumes of energy to meet its growing domestic demand.

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Jindal Stainless to invest Rs 1,290 crore in nickel pig iron JV in Indonesia

Jindal Stainless signed a joint venture agreement with an Eternal Tsingshan unit to develop a greenfield 200,000 metric tonne nickel pig iron plant in Indonesia. The company will invest $157 million (~Rs 1,290 crore) in the project over the next two years for a 49% equity stake. New Yaking Pte, a unit of Eternal Tsingshan, will hold the remaining stake.

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IndiGo partners with VisitBritain to promote travel between India and UK

IndiGo has partnered with VisitBritain to promote travel to the United Kingdom through its codeshare partnership with Turkish Airlines. The airline will offer connectivity to London, Manchester, and Birmingham via Istanbul. IndiGo’s collaboration with VisitBritain is expected to boost travel and tourism between India and UK and promote mutual economic growth and development.

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Gogoro, Zomato, Kotak Mahindra Prime partners to accelerate adoption of EVs

Taiwan-based battery swapping firm Gogoro Inc has partnered with Zomato and Kotak Mahindra Prime to promote fast adoption of electric mobility in the last-mile transportation segment. As per the partnership, the companies will offer last-mile delivery partners associated with Zomato affordable loan terms and battery-swapping services. Zomato currently has over 3 lakh delivery partners in the country.

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UCO Bank hopes to earn Rs 1,500 crore net this fiscal: MD & CEO

UCO Bank hopes to achieve a net profit of Rs 1,500 crore this fiscal year, said MD & CEO of S S Prasad. He added that the bank had also doubled market capitalisation in less than a year from Rs 13,000 crore to Rs 28,000 crore, thereby increasing the wealth of the shareholders. The total business of the bank had touched Rs 4 lakh crore. 

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Vedanta announces 5th interim dividend of Rs 20.5 per share

Vedanta has declared a fifth interim dividend of Rs 20.50 per equity share for the current financial year 2022-23 (FY23). The dividend will amount to Rs 7,621 crore. The company has already set April 7 as the record date for the same. The record date determines the eligibility of shareholders for the said dividend payment. In FY23, Vedanta has already declared four equity dividends of Rs 12.50, Rs 17,50, Rs 19.50, and Rs 31.50, respectively.

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GR Infraprojects secures projects worth Rs 1,614 crore

GR Infraprojects Ltd has secured two projects worth Rs 1,614 crore from the National Highways Authority of India (NHAI). The first project includes the construction of a 4-6 lane bypass from Belagavi City. The second project includes the construction of a 4-lane with paved shoulders in the Belgaum-Hungund-Raichur section of NH‐748A in Karnataka.

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Reliance in talks to increase batch of forex loans to $4.5 billion: Report

According to a Bloomberg report, Reliance Industries and its telecom arm Jio are reportedly planning an increase in a batch of foreign currency loans from $3 billion to $4.5 billion due to a large number of bids. The move comes in response to a large number of bids received, and both companies have already raised $1.5 billion each.

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Embassy Office REIT to acquire Embassy Business Hub in Bengaluru for Rs 334.8 crore

Embassy Office Parks REIT will acquire Embassy Business Hub, Bengaluru, for an aggregate value of Rs 334.8 crore. This acquisition will come with exclusive ownership rights to approximately of 1.4 million square feet of leasable area on full completion. The company plans to primarily fund the acquisition through debt at an 8.1% interest cost per annum.

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Tata Group’s BigBasket Eyes IPO by 2025 – Top Indian Market Updates

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

Tata-owned BigBasket eyes IPO by 2025 after $200 million fundraising: Report

According to a BQ Prime report, Tata Group’s online grocer BigBasket is expected to launch an initial public offering (IPO) within three years after the recent fundraising valued the online grocer at $3.2 billion. The company had raised $200 million (~₹1,650 crore) to boost its quick commerce arm and expand its nationwide footprint. At present, BigBasket operates in 55 cities. The company wants to expand to 75 cities by March 2023.

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Auto components industry grew 34.8% to ₹2.65 lakh crore in H1 FY23

India’s auto components industry witnessed a 34.8% YoY growth to ₹2.65 lakh crore in the first half (H1) of the current financial year (FY2022-23), said the Automotive Component Manufacturers Association of India. During the period, exports of components grew by 8.6% to ₹79.03 lakh crore, while imports rose 17.2% to ₹79.8 lakh crore. There was strong demand in the domestic market, particularly from the passenger vehicles segment.

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Mankind Pharma enters pet care segment with ‘PetStar’ brand

Mankind Pharma has diversified into the pet care segment with the launch of its ‘PetStar’ brand. The brand aims to build and support the pet care ecosystem by offering pet food, medicine, supplements, and grooming products. The pharma company aims to make PetStar a loved, palatable, nutritious, and healthy food brand for pets such as dogs and cats.

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M&M to continue strong momentum owing to robust demand for newly-launched SUVs

Mahindra & Mahindra’s revenue market share in the SUV category stood at 19.9% in Sept 2022, up from 12.9% in Sept 2021. The company had pending orders for 2.6 lakh SUVs at the close of last quarter. M&M’s new launches (Thar, XUV700, and Scorpio) have been received well, and the automaker is confident of maintaining this momentum with a strong order book and in-demand blockbuster products.

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Credit growth far away from being considered ‘exuberant’: RBI Governor

The present credit (or loan) growth in India is far away from being considered ‘exuberant’ and there is no ‘big gap’ between the credit growth and deposit accretion when looking at the absolute numbers, said RBI Governor Shaktikanta Das at the BFSI Summit organised by Business Standard. Credit growth is going up after two years of being depressed, while the deposit growth number has come off a relatively higher growth during the pandemic years.

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IndiGrid, G R Infraprojects partner to bid for power transmission projects worth ₹5,000 crore

India Grid Trust (IndiGrid) and G R Infraprojects Ltd (GRIL) have partnered to bid for identified power transmission projects worth ₹5,000 crore. The two firms have entered into a framework agreement to acquire a 100% stake in Rajgarh Transmission Ltd, which GRIL won in March 2022. The power ministry has recently unveiled a plan for investment of ₹2.5 lakh crore in building transmission infrastructure for meeting the vision of 500 GW of renewable energy capacity by 2030.

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IL&FS transfers two more road assets worth ₹976 crore to Roadstar InvIT

IL&FS has transferred two more road projects— Hazaribagh Ranchi Expressway and Thiruvananthapuram Road Development Company— to Roadstar Infra Investment Trust (InvIT) at an enterprise value of ₹979 crore. With this, secured lenders of both the assets, including Punjab National Bank, Union Bank, Indian Overseas Bank, and others (with a combined debt of over ₹630 crore) will get 100% recovery through restructuring of their debt under the InvIT.

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Paytm CEO says there will be no more cash burn

Paytm CEO Vijay Shekhar Sharma said that going ahead, there will be no more cash burn in the business. He also added that the digital payments firm was far ahead in re-setting its ambition on controlling spending. Paytm had net cash, cash equivalents, and an investable balance of ₹9,182 crore at the end of September, according to its latest quarterly earnings report. CLSA also upgraded Paytm in November, saying that cash burn could end in another 4-6 quarters.

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Bharti Airtel launches 5G services in Ahmedabad, Gandhinagar, Imphal

Bharti Airtel Ltd announced the launch of high-speed 5G services in Ahmedabad and Gandhinagar (Gujarat). The company also announced the rollout of 5G services in Imphal (Manipur). Customers with 5 G-enabled devices can enjoy the high-speed network at no extra cost until the rollout is more widespread. Airtel 5G will allow superfast access to high-definition video streaming, gaming, and multiple chatting.

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Retail Inflation at 7.04% in May – Top Indian Market Updates

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

Retail inflation at 7.04% in May

India’s retail inflation fell to 7.04% in May 2022 from an eight-year high of 7.79% in April, aided by a favourable base effect. Sequentially, price increases remained elevated with the Consumer Price Inflation (CPI) index rising 0.94% over the previous month. Inflation in food and beverages stood at 7.97% in May, compared with 8.31% in April. Fuel and light inflation stood at 9.54% in May against 10.8% in April.

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Amara Raja secures contract from NTPC to set up green hydrogen fuelling station in Leh

Amara Raja Power Systems (ARPS) has secured a contract from NTPC Ltd to set up India’s first green hydrogen fuelling station in Leh. The pilot project will be established in Leh’s extreme conditions, 3,600 meters above sea level. This project is in line with the government’s vision of achieving net-zero carbon emission by 2070. 

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Crompton Greaves Consumer Electricals to raise Rs 925 crore via NCDs

Crompton Greaves Consumer Electricals Ltd plans to raise long-term funds up to Rs 925 crore by issuing non-convertible debentures (NCDs) on a private placement basis. The company’s board has also approved the buyback of rated, listed commercial paper aggregating to up to Rs 600 crore. These are part of a proposal to modify the company’s debt profile.

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SpiceJet acquires certifications for cargo delivery to EU and UK

SpiceJet Ltd has secured RA3 (Regulated Agent Third country) and ACC3 (Air Cargo or Mail Carrier operating into the Union from a Third Country Airport) certifications. These certifications will allow SpiceJet to transport mail and cargo of other airlines to or via the European Union and the United Kingdom. The airline has also cleared the cargo security audit and on-site verification to check whether everything matches the standards maintained in the EU and UK. 

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NCLAT rejects Amazon’s plea against CCI order

The National Company Law Appellate Tribunal (NCLAT) has rejected Amazon’s plea challenging the decision of the Competition Commission of India (CCI) to suspend the approval for the e-commerce major’s deal with Future Coupons. NCLAT has also imposed a penalty of Rs 202 crore on Amazon for the suppression of information regarding the deal.

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CBI conducts raids at GR Infra’s offices: Reports

As per reports, the Central Bureau of Investigation (CBI) conducted searches at several offices of GR Infraprojects Ltd in Shillong, Guwahati, Gurgaon, and Bangalore. The raids were in connection with alleged irregularities in a national road highway project in Assam. The central agency has apprehended a few officials of the National Highways Authority of India (NHAI) and GR Infra Projects.

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Lemon Tree Hotels signs new property in Visakhapatnam

Lemon Tree Hotels Ltd has signed a new hotel in Visakhapatnam, Andhra Pradesh, under the brand ‘Keys Lite’. This property will feature 44 rooms, complemented by a multi-cuisine restaurant. It will also have a conference room and a fitness center. The hotel is expected to be operational by March 2023.

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Torrent Power acquires 50 MW solar plant for Rs 416 crore in Telangana

Torrent Power Ltd has completed the acquisition of a 50 megawatt (MW) solar power plant in Telangana from SkyPower Group for Rs 416 crore. The plant has a long-term power purchase agreement with Nothern Power Distribution Company of Telangana for 25 years at a fixed tariff rate of Rs 5.35 per unit. With this acquisition, Torrent Power’s total generation capacity will reach 4.7 gigawatts (GW).

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Bharti Airtel’s Xstream reaches 20 lakh paid subscriber mark

Bharti Airtel’s video streaming service, Airtel Xstream, has achieved the 20 lakh paid subscriber mark, demonstrating a strong pace of growth as an OTT aggregator platform. Airtel Xstream offers a bouquet of over-the-top (OTT) platforms to consumers across mobile and large screen formats. The service saw significant user interest through repeat recharges and subscriptions from Maharashtra, Karnataka, and Andhra Pradesh.

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UltraTech Cement to Invest Rs 12,886 crore for Capacity Expansion – Top Indian Market Updates

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

UltraTech Cement to invest Rs 12,886 crore towards capacity expansion

UltraTech Cement Ltd’s board has approved a proposal to invest Rs 12,886 crore to add 22.6 million tonnes per annum (MTPA) capacity to its total production. The company aims to set up integrated and grinding units and bulk terminals. These new capacities are expected to commence commercial production in a staggered way across India by the end of FY25. 

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Abdul Latif Jameel to invest Rs 150 million in Greaves Cotton’s EV arm

Saudi Arabia-based Abdul Latif Jameel International (ALJI) will invest $150 million (~Rs 1,160 crore) for a 35.8% stake in Greaves Electric Mobility (GEM). This values the electric vehicle (EV) arm at Rs 3,298 crore. ALJI has an option to invest another $70 million in the next twelve months. GEM has a strong presence in both electric 2-wheelers and electric 3-wheelers segments.

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La Opala RG commences production at Uttarakhand unit

La Opala RG announced the commencement of commercial production at its green field plant at Sitarganj, Uttarakhand. The unit has a production capacity of 11,000 metric tons per annum. It is the second plant of the company in the state. La Opala RG is a pure-play tableware company. Its brands include La Opala, Diva, and Solitare.

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BLS International signs pact with Royal Thai Consulate General

The Royal Thai Consulate-General, Mumbai, has authorised BLS International Ltd to accept and process visa applications. The company will provide Thai visa application services and value-added services like form filling assistance, SMS tracking, primetime submission, travel insurance, etc.  BLS International is a trusted global tech-enabled services partner for governments and citizens.

Ashok Leyland unveils eight-wheel truck AVTR 2620

Ashok Leyland Ltd has unveiled its first eight-wheel truck (AVTR 2620), making the company the only player to have a full range of trucks based on lift axle technology. The new product can be operated as a 25.5 tonne truck with lift axle down and an 18.5 tonne truck with lift axle up, offering lower fuel and operating costs during light load.

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Fire breaks out at Deepak Nitrite GIDC plant

Deepak Nitrite Ltd’s GIDC plant at Nandesari, Vadodra, witnessed five major chemical blasts today. Smoke was visible from a long distance, and 7-8 fire-fighters reached the spot to put out the fire. Deepak Nitrite manufactures and sells basic chemicals, fine & speciality chemicals, and performance products in India.

Jio-bp to partner with MG Motor, Castrol to boost EV adoption in India

MG Motor India and Castrol India Ltd will partner with Jio-bp to explore mobility solutions for electric cars. The three entities will explore setting up a four-wheeler EV charging infrastructure and expand Castrol’s existing auto service network to cater to EV customers. This partnership is in line with Jio-bp and MG Motor’s commitment to providing vast and reliable charging infra to electric car customers and accelerating EV adoption in India.

[Jio-bp is a joint venture between Reliance Industries Ltd (RIL) and British oil and gas major bp].

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GR Infra’s arm signs pact with NHAI for road project in Andhra Pradesh

GR Madanapalli Pileru Highway Pvt Ltd (GRMPHPL) has signed an agreement with the National Highways Authority of India (NHAI) for a road project worth Rs 1,577 crore. The project consists of four-laning of NH-71 from Madanapalli to Pileru in Andhra Pradesh. The length of the road is 55.9 km. GRMPHPL is a wholly-owned subsidiary of GR Infraprojects Ltd.

SEBI penalises Eicher Motors for flouting rules

Securities and Exchange Board of India (SEBI) imposed a penalty of Rs 10 lakh for failing to follow rules in the duplicate share certificates case. The company has to pay the fine within 45 days. The order comes after the SEBI received a complaint from Adesh Kaur against the automaker. It mentioned that 903 shares of the company were fraudulently transferred to an account of an impersonator who managed to forge her signature and change her address.

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PVR to Merge With INOX – Top Indian Market News

PVR to merge with INOX to form India’s largest entertainment company

Multiplex chains PVR Ltd and INOX Leisure Ltd have decided to merge to form the largest entertainment company in India. On Sunday, the boards of the two companies approved the amalgamation and share exchange ratios. INOX shareholders will receive three shares in PVR for 10 shares of INOX. After the merger, PVR promoters will have a 10.62% stake, while INOX promoters will have a 16.66% stake in the combined entity. 

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Tata Power, Rustomjee Group collaborate for EV charging infrastructure

Tata Power has partnered with real estate developer Rustomjee Group to provide electric vehicle (EV) charging solutions across its residential and commercial projects in Mumbai. The power company will install dedicated charging infrastructure for residents of Rustomjee in Mumbai MMR. EV owners will have the access to a 24×7 charging facility and maintenance support.

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L&T constructs 7-storey facility for DRDO in record 45 days

Larsen & Toubro Ltd has constructed a 7-storey, state-of-the-art Flight Control System (FCS) integration facility for the Defence Research and Development Organization (DRDO) in 45 days. The company used integrated hybrid modular construction technology to build the facility. Constructed on a total built-up area of 130,000 sq. feet, the site team had to coordinate with 21 off-site locations to integrate design, structure, and architecture services.

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Adani Group selects Google Cloud to modernise IT operations for future scale, innovation

Adani Group has announced a multi-year partnership with Google Cloud to modernise IT operations for future scale and group-wide innovation. The first phase of the partnership is underway. The Adani Group is making swift progress in migrating its extensive IT footprint from its existing on-premises data centre to Google Cloud.

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G R Infraprojects emerges lowest bidder for road project in Rajasthan

G R Infraprojects Ltd has emerged as the lowest (L-1) bidder for a road project in Rajasthan worth Rs 1,368 crore. The project involves the construction of a 4-lane greenfield expressway spur from Bandikui to Jaipur on a hybrid annuity model. It also entails an operations and maintenance cost of Rs 2.97 crore in the first year. G R Infraprojects is an integrated road engineering, procurement, and construction (EPC) company.

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HCL Tech to provide global service desk and on-site support to Novo Nordisk

Danish pharma company Novo Nordisk has selected Tata Consultancy Services (TCS) to provide global service desk and on-site support. Through the partnership, HCL will help Novo Nordisk transform its IT operations and drive efficiency across its workforce. HCL will implement a multilingual and omnichannel digital workplace solution for Novo Nordisk. 

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Coal India records high of 528 MT of coal supplies to domestic power utilities

Coal India Ltd (CIL) has supplied an all-time high of 528 million tonnes (MTs) of coal to India’s power utilities. This is 98.5% of the prorated demand of 535 MTs projected by the Ministry of Power and Central Electricity Authority. CIL is concentrating all its efforts to meet the projected coal demand of the power sector. The company is expected to open the next financial year (FY23) with over 60 MT at its pitheads (top or entrance of the mining pits).

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EaseMyTrip, DBS Bank India to launch green debit card

DBS Bank India has partnered EaseMyTrip to launch an environment-friendly international debit card. It is made from 99% recycled polyvinyl chloride (PVC) material. The digibank EaseMyTrip Green Debit Card provides exclusive travel-related offers to customers. It also rewards users for adopting eco-friendly practices while encouraging them to reduce their carbon footprint.

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Aurobindo Pharma acquires business and assets of Veritaz Healthcare for Rs 171 crore

Aurobindo Pharma Ltd has acquired the business and certain assets of Veritaz Healthcare for a cash consideration of Rs 171 crore. The transaction is expected to close by May 2022. Veritaz sells branded generic formulations and other healthcare-related products in the Indian market. Its sales and distribution network includes nearly 50,000 retailers, spread across 23 cities.

Aster DM Healthcare to invest Rs 500 crore to set up healthcare facilities in Tamil Nadu

Aster DM Healthcare Ltd has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to set up healthcare facilities. The MoU proposed an investment of Rs 500 crore in hospitals, pharmacies, and laboratories in Tamil Nadu. It will help provide affordable, quality healthcare and generate employment for more than 3,500 people.

Read more here.

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RBI Bars Paytm Payments Bank From Onboarding New Customers – Top Indian Market News

RBI bars Paytm Payments Bank from onboarding new customers

Reserve Bank of India (RBI) has directed Paytm Payments Bank (PPB) to stop onboarding new customers with immediate effect. The central bank has cited serious supervisory concerns observed in the bank. RBI has also directed PPB to appoint an audit firm to conduct a comprehensive audit of its IT system.

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Titan Company’s arm to acquire 17.5% stake in Great Heights Inc for $20 million

TCL North America Inc (TCLNA), a subsidiary of Titan Company Ltd, has signed a pact to acquire 17.5% voting rights in US-based Great Heights Inc for $20 million (~Rs 152 crore). This strategic investment will provide Titan a close view of the fast-growing Lab Grown Diamond (LGD) and Direct-to-Consumer (D2C) sectors. Great Heights retails LGD jewellery through its brand Clean Origin.

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Automobile dispatches fall 23% YoY in Feb: SIAM

Automobile dispatches from factories to dealerships across India declined 23% YoY in February as various supply-side challenges continued to impact demand. This includes the global semiconductor shortage and rise in vehicle prices due to the implementation of new regulations. Wholesales of domestic passenger vehicles, two-wheelers, and three-wheelers fell to 13,28,027 units in Feb 2022. The figure stood at 17,35,909 units in Feb 2021.

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Punjab & Sind Bank to acquire 2% stake in NARCL for Rs 55 crore

Punjab & Sind Bank Ltd has entered into an agreement to acquire a 2% stake in National Asset Reconstruction Company Ltd (NARCL or bad bank) for Rs 55 crore. The equity investment will be done in tranches. The first investment of Rs 28.18 crore is expected to be completed by March 31, 2022. NARCL was incorporated in July 2021 to act as a bad bank for the quick resolution of bad assets (NPAs) of banks. 

In other news, ICICI Bank has announced plans to acquire a 5% stake in NARCL for Rs 137.5 crore.

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Strides Pharma gets USFDA approval for Colchicine tablets

Strides Pharma Global Singapore (SPGS) has received approval from the US Food & Drug Administration (USFDA) to market Colchicine tablets. The drug is used to treat and prevent gout (a common form of arthritis). According to IQVIA MAT January 2022 data, Colchicine tablets had annual sales of $85 million. SPGS is a step-down wholly-owned subsidiary of Strides Pharma Science Ltd.

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DB Realty-led company gets LoA for Mumbai project

DBS Realty, a partnership firm of DB Realty Ltd, has received a Letter of Acceptance (LoA) from the Municipal Corporation of Greater Mumbai (MCGM) to construct 4,000 tenements. The project includes the construction, completion, and handing over of tenements of carpet area 27.88 metres to MCGM. DBS Realty will receive land Transferable Development Rights (TDR) and construction TDR of 1.56 million square feet. It will also get premium per tenement at Rs 39.60 lakh, aggregating to Rs 1,584 crore.

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G R Infra emergest lowest bidder for project in Madhya Pradesh

G R Infraprojects Ltd has emerged as the lowest (L-1) bidder for a project in Rajgarh Special Economic Zone (SEZ), Madhya Pradesh. The order includes the establishment of a transmission system for evacuation of power from RE Projects in Rajgarh SEZ (2500 MW). The project is on a build, own, operate, and maintain (BOOM) basis.

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Vedanta, Welspun, 29 others in race to acquire Mittal Corp

Vedanta Ltd, Welspun Corp, and Jindal Stainless Ltd are among 29 applicants that have shown interest in acquiring distressed steel company Mittal Corp. Mittal Corp is currently undergoing insolvency proceedings and is among 15 shortlisted companies to be transferred to a bad bank. To increase participation, the resolution professional may either invite Expression of Interests (EoIs) again or extend the deadline. 

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IIP growth recovers to 1.3% in January

India’s Index of Industrial Production (IIP) grew 1.3% year-on-year (YoY) in January 2022. It had fallen to a 10-month low of 0.4% in December 2021. Industrial output clocked a growth of 13.7% for April 2021-January 2022, compared to a contraction of 12% in April 2020-Jan 2021. Manufacturing growth grew 1.1% in January 2022, compared to a 0.9% contraction in Jan 2021.

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Market News Top 10 News

Jio Adds 65 lakh Subscribers, Vi Loses 14 lakh in July – Top Indian Market News

Reliance Jio adds 65 lakh subscribers in July, Vodafone Idea loses 14 lakh

Reliance Jio Infocomm added 65.1 lakh wireless subscribers in July 2021, taking its gross user base to 44.32 crore. Bharti Airtel gained 19.4 lakh subscribers, while Vodafone Idea (Vi) lost 14.3 lakh subscribers in July. Jio consolidated its leadership in rural India by adding 34.8 lakh subscribers in rural markets. Vodafone Idea and Bharti Airtel lost 9.9 lakh and 4.1 lakh subscribers, respectively, in rural markets. The data released by the Telecom Regulatory Authority of India (TRAI) shows that Jio and Airtel have widened customer market shares to 37.34% and 29.83%, respectively, in July. 

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Tejas Networks secures optical network expansion deal from Bharti Airtel

Bharti Airtel has selected Tejas Networks to enhance its optical network capacity in key metropolitan markets. The telecom gear maker will supply, install, and support its optical transmission products for extending Bharti Airtel’s optical networks towards the edge, supporting 5G backhaul, business-to-business (B2B) services, and broadband applications. The order given to Tejas Networks will enable Bharti Airtel to deliver a world-class experience to its customers.

Read more here.

BPCL, SBI Card launch co-branded RuPay contactless credit card

Bharat Petroleum Corp Ltd (BPCL) and SBI Cards and Payment Services have launched a co-branded RuPay contactless credit card. The card will offer 13X reward points on every Rs 100 spent on fuel purchases at BPCL petrol pumps. It will also offer a 1% fuel surcharge waiver on every transaction up to Rs 4,000, translating to a 4.25% value back. Cardholders will also get accelerated savings on other categories of spends, including groceries, departmental stores, dining, and movies.

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JBM Auto gets orders for 500 CNG, electric buses from various states

JBM Auto Ltd has secured orders for supplying 500 compressed natural gas (CNG) and electric buses from various state governments. The company has received orders for BS-VI CNG buses from Delhi Integrated Multi-Modal Transit System Ltd. It will also supply electric buses to Bengaluru Metropolitan Transport Corp (BMTC). These orders will be executed in the current financial year (FY22).  

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CAMS, KFin Tech launches new platform for mutual fund transactions

Computer Age Management Services (CAMS) and KFin Technologies have launched MFCentral, a one-stop platform for all mutual fund investors. The platform minimises the need to visit the websites of multiple mutual fund houses to access your portfolio, statements, service requests, and investments. MFCentral will offer digital access to investor lifecycle engagement with the entire mutual fund industry under one roof. 

Read more here.

Adani Airports signs pact with Flamingo, Mumbai Travel Retail to operate duty-free outlets in airports and seaports

Adani Airport Holdings Ltd (AAHL) has entered into a strategic partnership with Flemingo Travel Retail Pvt Ltd. and Mumbai Travel Retail Pvt Ltd (MTRPL) to operate duty-free outlets in airports and seaports. AAHL is a wholly-owned subsidiary of Adani Enterprises Ltd. Under this partnership, AAHL will subscribe to 28.49 lakh equity shares (of the face value of Rs 10 each), constituting 74% of the total share capital of MTRPL, for an aggregate investment of Rs 2.85 crore.

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G R Infra secures road project worth Rs 927 crore in Punjab

G R Infraprojects Ltd has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project in Punjab. The order consists of the development of the six-lane Amritsar-Bathinda Greenfield section of NH-7S4A as part of the Amritsar-Jamnagar Economic Corridor in Punjab. The bid project cost is Rs 927 crore, while the first-year operation and maintenance cost is Rs 3.87 crore.

RIL denies reports of JBF Industries acquisition

Reliance Industries Ltd (RIL) has denied reports of a takeover of stressed polyester manufacturer JBF Industries in consortium with CFM Asset Reconstruction Company (ARC). RIL clarified that no negotiations are taking place for the takeover of JBF Industries and its assets. A news site had reported earlier that RIL is likely to acquire JBF and that bankers had sought takeover bids in July. The report further stated that CFM ARC is believed to have put in a Rs 825 crore bid for the company that owes Rs 2,116 crore to its lenders.

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Ahluwalia Contracts secures order worth Rs 58.8 crore

Ahluwalia Contracts (India) Ltd has secured an order for the construction of Infosys Regional Office Building for Software Development Block (SDB) at Kolkata. The order is worth Rs 58.8 crore. The company’s total order inflow in the current financial year (FY22) stands at Rs 1,198.66 crore.

HCL Tech selects RISE with SAP to modernise digital estate

HCL Technologies Ltd has selected RISE with SAP offering to further modernise its enterprise digital landscape. As an SAP strategic partner, HCL will help its clients by leveraging their combined experience in the industry cloud transformation space. Germany-based SAP and HCL will deploy the full stack framework for RISE with SAP along with HCLCloudSmart suite of industry cloud solutions to drive cost-effective modernization of business processes for enterprises worldwide. 

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Editorial

G R Infraprojects Limited IPO: All You Need to Know

G R Infraprojects will be one of the first companies to kick off the IPO frenzy in July. They have launched a three-day initial public offering (IPO) today— July 7. It is a company in a sector that is showing huge promise for future growth. So let us take a closer look into G R Infra and learn more about its IPO.

Company Profile – G R Infraprojects Limited

G R Infraprojects Limited (GRIL) is an integrated road engineering, procurement, and construction (EPC) company. It was established in 1996 and is headquartered in Gurugram. The company is engaged in the design and construction of roads/highways across 15 states in India. They primarily undertake civil construction projects under the EPC and Build Operate Transfer (BOT) basis.

Since 2006, G R Infra has completed more than 100 road construction projects. This includes state and national highways, flyovers, airport runways, and tunnels. Currently, there are 4 BOT projects under construction. The company’s order book stood at ~Rs 19,025.81 crore at the end of March 31, 2021 (FY21). A major portion of their orders come from the National Highways Authority of India (NHAI) and various state governments.

GRIL has strategically diversified into the manufacturing of thermoplastic road marking paints, electric poles, road signages, bitumen, and metal crash barriers. It owns and operates three manufacturing facilities in Udaipur (Rajasthan), Guwahati (Assam), and Sandila (Uttar Pradesh). They also operate a fabrication and galvanizing unit in Ahmedabad. These facilities provide integral support to the company’s road construction business.

G R Infra has more than 25 years of experience in executing large-scale road projects. It has established a good track record for the timely completion of projects. GRIL recently diversified into projects in the railway sector as well.

About the IPO

In June 2021, G R Infraprojects received approval from the Securities and Exchange Board of India (SEBI) to float its initial public offering (IPO). The public issue opens on July 7 and closes on July 9. The offer for sale (OFS) of up to 1.15 crore equity shares from existing shareholders aggregates to Rs 963.28 crore. The price band for the IPO has been fixed at Rs 828-837 per equity share. 

Individual investors can bid for a minimum of 17 equity shares (1 lot) and in multiples of 17 shares thereafter. You will need a minimum of Rs 14,229 to apply for this IPO. The maximum number of shares that can be applied by a retail investor is 238 equity shares (14 lots). However, if you are planning to apply for more than 1 lot, keep in mind that your capital may get blocked for no reason if the IPO is oversubscribed.

The primary objective of the IPO is to provide an exit strategy (or liquidity) to G R Infra’s promoters and early investors. Thus, the company is not raising any funds through the public issue. It aims to achieve the benefits of listing on the NSE and BSE. After the successful completion of the IPO, the total promoter holding in the company will reduce from 88.04% to 86.54%. 

Financial Overview

G R Infraprojects has posted a consistent rise in revenues and profits over the last three financial years. The Covid-19 pandemic has not caused a severe impact on its operations. In fact, many such firms were able to ramp up construction activities during the strict lockdowns imposed across India. During FY19-FY21, GRIL’s total income grew at a CAGR of 21.85%. Net profit grew at a CAGR of 15.33% during the same period. However, the company has revealed that a rise in finance costs and higher provisioning for depreciation and tax has caused a dent in its margins.

The company has a healthy balance sheet. Its total borrowings at the end of FY21 stood at Rs 4,494.97 crore, while net worth stood at Rs 3,980.03. GRIL has also maintained healthy cash flows, which is very essential for firms engaged in construction activities. They require a strong cash flow for making payments on debt obligations and working capital requirements. The average Earnings Per Share (EPS) over the last three financial years stood at Rs 89.

Risk Factors

  • G R Infra has stated that the continuing impact of the Covid-19 pandemic on its operations is highly uncertain and unpredictable. Over the past year, their manufacturing units were forced to shut down temporarily amidst strict lockdowns. If the situation persists, they may not be able to complete pending orders or commence new projects as per schedule. This could adversely impact its overall financial performance.
  • The company’s projects are capital intensive, and they are required to hold significant amounts of long-term loans to settle expenses. The inability to meet debt obligations or conditions imposed by financial agreements could severely affect its business performance.
  • A major portion of GRIL’s revenue is derived from civil construction projects. The failure to secure large projects from government entities (such as NHAI) could harm its operations and financial performance. G R Infra is also prone to sudden termination of a particular project. 
  • The company may face an unprecedented rise in costs of construction materials, fuel, labor, or other inputs.
  • There are outstanding legal proceedings against G R Infraprojects, its Directors, promoters, and subsidiaries.  

IPO Details in a Nutshell

HDFC Bank, ICICI Securities, Kotak Mahindra Capital, Motilal Oswal Investment Advisor, SBI Capital Markets, and Enquiries Capital have been appointed as the book-running lead managers to this public issue. G R Infraprojects Ltd had filed draft papers for its IPO in April 2021. You can read it here.

Ahead of the IPO, GRIL raised Rs 283 crore from 22 anchor investors. This includes prominent names such as Blackrock, Allianz Global, Fidelity, Aditya Birla Sunlife, etc.

Conclusion

India has always focused on the development of a strong transportation network. It is one of the most vital aspects that contributes to the growth of our economy. Thus, companies involved in the construction and maintenance of roads/highways will continue to receive large orders from the government. In the recent Union Budget announcement, the Finance Ministry proposed a significant boost for highway infrastructure projects. G R Infra has established itself as a leading player in this sector. The company is likely to secure more projects from the NHAI due to its strong project execution capabilities. This indicates that one could invest in the firm based on its future growth prospects.

Once it gets listed, G R Infraprojects Ltd will be directly competing with major players such as KNR Construction, Ashoka Buildcon, IRB Infrastructure Developers, Dilip Buildcon, PNC Infratech, and many more. You can check out our recent analysis on some of the prominent highway-infra construction firms here. As always, consider the risks associated with this company and come to your own conclusion.

Before applying, we will wait to see if the portion reserved for institutional investors gets oversubscribed. What are your opinions on this IPO? Will you be applying for it? Let us know in the comments section of the marketfeed app.