Tag: granules india

Categories
Market News Top 10 News

SBI’s Net Profit Rises 178% YoY to Rs 16,884Cr in Q1 – Top Indian Market Updates

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

SBI Q1 Results: Net profit jumps 178% YoY to ₹16,884 crore

State Bank of India (SBI) reported a 178.24% YoY jump in net profit to ₹16,884 crore for the quarter ended June (Q1 FY24), beating street estimates. Its Net Interest Income (NII) increased 24.7% YoY to ₹38,905 crore during the same period. The bank’s Gross Non-Performing Assets (NPA) reduced to 2.76% compared to 2.78% in Q1 FY23. On the balance sheet side, credit growth was recorded at 13.9% YoY with domestic advances growing at 15.08% YoY.

Read more here.

MCA examines SEBI’s allegations against Zee Ent

According to an ET Now report, the Ministry of Corporate Affairs (MCA) is examining irregularities in Zee Entertainment Enterprises as alleged by the market regulator SEBI. However, the company said it is not aware of any MCA probe and has not received any such notification from the ministry, news agency Reuters said citing a source. The MCA has taken cognizance of SEBI’s interim order which alleged bogus book entries and siphoning of funds, and is probing lapses in corporate governance issues.

Read more here.

M&M Q1 Results: Net profit rises 98% YoY to ₹2,774 crore

Mahindra & Mahindra (M&M) reported a 98% YoY increase in standalone net profit to ₹2,774 crore for Q1 FY24. Its revenue from operations rose 22% YoY to ₹24,056 crore during the same period. EBITDA stood at ₹3,547 crore, up 46% YoY. In the automotive segment, the company recorded the highest-ever first-quarter volumes at 186,000, up 21% over the previous year’s quarter.

Read more here.

India’s forex reserves fall $3.2 billion to $603.87 billion as on July 28

As per RBI data, India’s foreign exchange reserves dipped $3.2 billion to $603.87 billion for the week ending July 28. Foreign exchange reserves stood at $607.03 billion for the week ended on July 21. Foreign currency assets (FCAs) dropped by $2.4 billion to $535.33 billion. In October 2021, the country’s forex kitty reached an all-time high of USD 645 billion.

The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

Read more here.

BHEL Q1 Results: Net loss at ₹343 crore

Bharat Heavy Electronics Ltd (BHEL) reported a consolidated net loss of ₹343 crore in Q1 FY24. The company reported a consolidated net loss of ₹187.99 crore in Q1 FY23. The total income of the company rose to ₹5,117.20 crore in the quarter from ₹4,742.28 crore in the same period a year, up 7.9% YoY. However, the company’s total expenses rose to ₹5,595.47 crore in the quarter from ₹5,006.50 crore in the June quarter last year. 

Read more here.

IT dept conducts searches across several premises of Kalpataru group

The Income Tax (I-T) department searched the real estate development company Kalpataru Group’s premises in Rajasthan and Mumbai on Friday. According to Deccan Herald, the search sites include the residences of group founder Mofatraj P Munot and Managing Director Parag M Munot. A source quoted in the report said that the misappropriation of funds of “hundreds of crores” have been uncovered.

Read more here.

Delhivery Q1 Results: Net loss narrows to ₹89.5 crore

Delhivery reported a consolidated net loss of ₹89.5 crore for the June quarter (Q1 FY24). Net loss stood at ₹399 crore in Q1 FY23. Consolidated revenue from operations rose 10.5% YoY to ₹1,929 crore during the same period. Express parcel shipment volumes grew 19% YoY to 182 million in the quarter. Truckload and supply chain services businesses saw robust sequential revenue growth of 20% and 10%, respectively.

Read more here.

Blackstone sets its sights on buying out Hamieds from Cipla

Blackstone is set to submit a non-binding bid as early as next week to acquire the entire 33.47% promoter stake in Cipla. Cipla is India’s third-largest generics company by revenue. This will formally start a process that could see the eventual exit of the Hamied family from the company they created in 1935. The move by Blackstone, if it comes about, will also trigger an open offer for an additional 26% of the company. 

Read more here.

Devyani International Q1 Results: Net profit falls 84% YoY to ₹12 crore

Devyani International reported a 84% YoY fall in net profit to ₹11.75 crore for Q1 FY24. Net profit stood at ₹73.84 crore in Q1 FY23. However, its revenue from operations rose 20% YoY to ₹846.63 crore during the same period. The decline in net profit was due to a 24% jump in its total expenses which stood at ₹793.16 crore in Q1FY24. The company’s sales were up 12% quarter-on-quarter (QoQ).

Read more here.

IndiGo reaches milestone of 1,900 flights per day

IndiGo crossed a significant milestone in its history by reaching 1,900 flights per day on its 17th anniversary. The airline has come a long way from launching its inaugural flight in 2006 to etching its name in history on June 19 this year by bagging the largest order in aviation history of 500 A320 aircraft. The order solidified the company’s position as the airline with the biggest order in the industry.

Read more here.

USFDA clears Granules India’s foreign arm with zero observation

The United States Food and Drug Administration (USFDA) has completed a ‘post-marketing adverse experience inspection’ for Granules India’s foreign arm with zero observations. The inspection was conducted at Granules India’s wholly-owned foreign subsidiary, Granules Pharmaceuticals Inc., located in Virginia, United States, from July 31 to August 3. The inspection was closed with zero observations. 

Read more here.

Categories
Market News Top 10 News

ZEEL, IndusInd Bank Settle Dispute Over Dues – Top Indian Market Updates

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

ZEEL, IndusInd Bank settle dispute over dues

Zee Entertainment Enterprises Ltd (ZEEL) and IndusInd Bank have informed the National Company Law Appellate Tribunal (NCLAT) that the two companies have reached a settlement in relation to their payment dispute. IndusInd Bank said it would also withdraw its objection to ZEEL’s merger with a local unit of Japan’s Sony. In its plea, IndusInd Bank had claimed a default of Rs 83.08 crore against the media and entertainment firm

Read more here.

Tata Power proposes new 400 KV transmission corridor for Mumbai

Tata Power has shared a proposal to set up a high voltage 400 KV line corridor for Mumbai with the state government and the state regulatory authority. This new transmission corridor will help meet the city’s growing electricity demand and enhance electricity distribution to as high as 15,000MW in future. If approved, this project could take four-five years and may cost around Rs 1,000 crore.

In other news, Tata Power Solar Systems has secured an order worth ₹1,755 crore from NLC India to set up a 300 MW Domestic Content Requirement (DCR) based EPC project.

Read more here.

HFCL bags Rs 283 crore order from Gujarat Metro

HFCL has secured a Rs 282.61 crore contract from Gujarat Metro Rail Corporation to deploy communication systems for Surat Metro Rail Project Phase-1. The company has to deploy the project within 90 days from the date of contract. HFCL has to provide warranty support for 110 weeks for the system that it will deploy.

Read more here.

JB Pharma bets big on chronic therapy for its growth aspirations

JB Chemicals & Pharmaceuticals (JB Pharma) is eyeing possible acquisitions of brands and portfolios to get a foothold in the diabetes segment, said CEO Nikhil Chopra. He added that diabetes aligns with the cardiovascular segment, and building the portfolio organically may not be easy. JB Pharma has been investing in the chronic segment with a sharp focus on the cardiovascular segment through both acquisitions and new launches.

Read more here.

Granules India gets USFDA approval for generic gabapentin tablets

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for its generic gabapentin tablets. The drug is used to manage postherpetic neuralgia (a painful condition that affects the nerve fibers and skin) in adults. It is also used as adjunctive therapy in the treatment of partial-onset seizures. As per IQVIA data, Gabapentin tablets had sales of approx. $145 million in the US for the 12 months ended Jan 2023.

Read more here.

Govt launches 7th round of coal mine auctions

Defence Minister Rajnath Singh launched the seventh round of auctions for the commercial mining of 106 coal blocks. 95 non-coking coal mines, 10 lignite mines, and one coking coal mine are being offered in the latest round of auction. The auction will be held online through a transparent two-stage process on the basis of percentage revenue share.

Read more here.

Netweb Tech files DRHP for IPO worth Rs 257 crore

New Delhi-based server maker Netweb Technologies has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO). The company intends to raise Rs 257 crore through a fresh issue of shares. Promoters are also looking to sell about 85 lakh shares. Netweb Tech also provides private cloud, hyper-converged infrastructure, and AI enterprise workstation services.

Read more here.

Maruti Suzuki crosses 25 lakh units milestone of cumulative exports

Maruti Suzuki India Ltd crossed the 25 lakh units milestone of cumulative exports since starting overseas shipments in 1986-87. The automaker currently exports to nearly 100 countries, including markets in Africa, Latin America, Asia, and the Middle East. Maruti Suzuki’s first big consignment of 500 cars was shipped to Hungary in September 1987.

Read more here.

Vedanta, HZL declare dividends 3 times their combined profitability

Vedanta Ltd. and Hindustan Zinc Ltd. (HZL) have together declared dividends worth Rs 69,300 crore for the current financial year (FY23). The dividend announcements have come as the mining major looks to shore up funds to reduce its debt commitments. The dividend declared so far is nearly three times their combined profitability. A sum of the trailing 12-month profitability of Vedanta and HZL comes up to Rs 25,348 crore.

Read more here.

SEBI approves ASBA-like facility for secondary market

The Securities & Exchange Board of India (SEBI) has approved a broad framework of Application Supported by Blocked Amount (ASBA)-like facility to be available to investors for secondary market trading. The facility is based on blocking funds for trading in the secondary market through UPI. The facility will be optional for both investors and stock brokers.

Read more here.

Tilaknagar Industries to buy 10% in Samsara Gin maker

Tilaknagar Industries has agreed to buy a 10% stake in Spaceman Spirits Lab (SSLPL) for Rs 9.75 crore. The investment will be made through a combination of equity shares and compulsory convertible preference shares. Established in 2020, SSLPL owns Samsara gin. It had an annual turnover of Rs 2.7 crore during FY22.

Read more here.

Categories
Market News Top 10 News

Adani Group Exploring Partnerships With Saudi Aramco – Top Indian Market News

Adani Group explores partnerships with Saudi Aramco

According to a Bloomberg report, Adani Group is exploring potential partnerships in Saudi Arabia, including the possibility of acquiring a stake in the world’s largest oil exporter. The group has held preliminary talks on a range of potential cooperation and joint investment opportunities with Saudi Aramco and the country’s Public Investment Fund. Adani Group could team up with Aramco or subsidiaries like Sabic in areas such as renewable energy, crop nutrients, or chemicals.

Read more here.

Tata Motors in talks to take over Ford India’s Sanand plant

Tata Motors Ltd is in advanced negotiations to take over Ford India’s Sanand plant in Gujarat. Both entities have approached the local administration in Gujarat to understand the incentive structure after the sale of the factory. Ford had announced its exit from India in September last year.

Read more here.

CBI examining role of SEBI officials in 2016-19, suspects crime was deliberately hidden

As per reports, the Central Bureau of Investigation (CBI) is investigating the role of officials at the Securities and Exchange Board of India (SEBI) who served during 2016-19 when alleged governance lapses and a series of irregularities unfolded at the National Stock Exchange (NSE). The CBI is investigating a 2018 case in which ex-officials at NSE are accused of providing unfair access to high-frequency traders. The agency is examining whether SEBI officials were also involved in the crime.

Tata Elxsi unveils digital health platform TEngage

Tata Elxsi Ltd has launched TEngage, the first-ever truly digital health platform designed for omnichannel care. The platform allows hospitals and healthcare providers to offer a unified patient experience across all channels. TEngage is cloud-based, fully customizable, and allows hospitals to implement modules with just the required features. It also keeps deployment and operational costs in check.

India’s oil demand likely to rise 8% in 2022

India’s oil demand is projected to jump 8.2% to 5.15 million barrels per day (bpd) in 2022 as the economy continues to rebound from the Covid-19 pandemic. In its latest monthly oil market report, the Organisation of Petroleum Exporting Countries (OPEC) projected India to add 0.39 million bpd of crude oil demand in 2022. India’s oil demand rose from 4.51 million bpd in 2020 to 4.76 million bpd in 2021, recording a 5.61% growth.

Read more here.

Mindtree opens new facility at Pune’s ICC Tech Park

Mindtree Ltd, a global digital transformation company, has announced the inauguration of its second facility in Pune. Located at International Convention Center (ICC) Tech Park, the facility can accommodate more than 350 professionals. Mindtree provides digital transformation services to some of the world’s largest communications, media, banking, and healthcare companies from Pune.

Granules India gets licence to market Nirmatrelvir, Ritonavir

Granules India Ltd has received a license from Medicines Patent Pool (MPP) to manufacture and market generic versions of Pfizer’s oral treatment Nirmatrelvir. The drug will be co-packaged with Ritonavir for the treatment of mild-to-moderate Covid-19 cases. The product will be made at the pharma company’s manufacturing facilities in Hyderabad. GIL will launch the product in India and 94 other countries worldwide.

Read more here.

Thermax wins Rs 1,176 crore order for a Sulphur Recovery Block

Thermax Ltd has secured an order worth Rs 1,176 crore from an Indian public sector refinery to set up their Sulphur Recovery Block. The block includes 2×240 tonnes per day (TPD) Sulphur Recovery Unit (SRU) and Tail Gas Treatment Unit (TGTU). This landmark project comes under the Government of India’s North East Hydrocarbon Vision 2030. 

Categories
Market News Top 10 News

Vi Partners With L&T for Trials of 5G-based Smart City Solutions – Top Indian Market News

Vi partners with L&T for trials of 5G-based smart city solutions

Vodafone Idea (Vi) has partnered with engineering and construction conglomerate Larsen & Toubro (L&T) for a pilot project to test 5G-based smart city solutions. Both companies will test and validate 5G use cases based on Internet of Things (IoT) and Video Artificial Intelligence (AI) technologies by leveraging L&T’s Smart City Program (Fusion) to address the challenges of urbanization, safety, and security. The trial will be conducted in Pune, and city residents will be offered 5G-based smart solutions.

Read more here.

UltraTech Cement Q2 Results: Net profit rises 0.3% YoY to Rs 1,314 crore

UltraTech Cement reported a 0.3% year-on-year (YoY) increase in consolidated net profit to Rs 1,314 crore for the quarter ended Sept (Q2 FY22). Net profit declined by 22.85% compared to the previous quarter. Its revenue from operations rose 14.4% YoY to Rs 11,743 crore during the same period. The company expects to resume coal mining operations at Bicharpur (Madhya Pradesh) in December to reduce dependence on external sources of coal.

Read more here.

TCS partners with Japan-based Cainz to drive business transformation

Cainz Corporation has selected Tata Consulting Services (TCS) to boost its digital transformation, improve customer experience, and drive growth. Cainz Corp is a home improvement company based in Japan. Under this partnership, TCS will help Cainz by developing ‘Find in CAINZ’, a mobile application for customers and store associates for identifying the location and availability of products in a store. TCS will also set up a Global Development Centre for Cainz to help the company scale up its co-development initiatives.

Read more here. 

Hatsun Agro Product Q2 Results: Net profit rises 24.8% YoY to Rs 82 crore

Hatsun Agro Product Ltd reported a 24.79% YoY increase in net profit to Rs 82.09 crore for the quarter ended Sept (Q2 FY22). Net profit rose 40.75% compared to the previous quarter. Its revenue from operations rose 23.24% YoY to Rs 1,635.42 crore during the same period. Hatsun Agri Product is a private sector dairy company based in Chennai. It is engaged in the manufacturing and sale of milk, milk products, and ice cream.

Equitas SFB to raise Rs 1,000 crore via QIP

Equitas Small Finance Bank (SFB) has announced a proposal to raise Rs 1,000 crore through a qualified institutional placement (QIP). This will help the lender meet the 25% minimum public shareholding criterion stipulated by market regulator SEBI. Public shareholding in the company stood at 18.25% as of June 2021. The promoter, Equitas Holdings Ltd, holds the remaining stake.

Read more here.

Paras Defence to incorporate a company in association with Krasny Defence Tech

The Board of Directors of Paras Defence and Space Technologies has approved a proposal to incorporate a company in association with Krasny Defence Technologies Pvt Ltd. The associate company will be engaged in the field of maintenance, servicing, and repairs of defence equipment & naval vessels. The incorporation of the entity is subject to the approval of the Ministry of Corporate Affairs (MCA) and other statutory authorities.

Read more here.

L&T Infotech Q2 Results: Net profit rises 21% YoY to Rs 551 crore

L&T Infotech Ltd reported a 21.05% YoY increase in consolidated net profit to Rs 551.5 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 11.12% when compared to the previous quarter. Its revenue from operations rose 8.8% YoY to Rs 3,767 crore during the same period. The growth in margins in Q2 was subdued due to strong hiring.

Granules India receives USFDA approval for Dofetilide capsules

Granules India has received approval from the US Food & Drug Administration (USFDA) for Dofetilide capsules. The drug is indicated for the maintenance of normal sinus rhythm (delay in time to recurrence of atrial fibrillation) in patients with atrial fibrillation of greater than one week duration. Atrial fibrillation is an irregular, often rapid heart rate that causes poor blood flow. The product will be manufactured at the pharma company’s GPI facility located in Virginia, USA, and will be launched shortly.

Read more here.

Tata Coffee Q2 Results: Net profit rises 46.72% YoY to Rs 34 crore

Tata Coffee Ltd reported a 46.72% YoY increase in net profit to Rs 34.04 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 18.85% compared to the previous quarter. Its revenue from operations rose 0.94% YoY (or 2.98% QoQ) to Rs 548.52 crore during the same period. The company’s Plantations vertical posted an 18% YoY decline in total revenues to Rs 79 crore in Q2. The value-added products vertical registered a revenue growth of 6.2% YoY to Rs 479 crore.

Route Mobile Q2 Results: Net profit rises 28% YoY to Rs 42 crore

Route Mobile reported a 28.3% YoY increase in consolidated net profit to Rs 42.17 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 24.69% compared to the previous quarter. Its total income rose 23.6% YoY (or 14.7% QoQ) to Rs 438.11 crore during the same period. Route Mobile has received shareholders’ approval to raise Rs 2,000 crore through the sale of securities.

Read more here.

NCLT gives approval to creditors, shareholders of Reliance Retail to hold meetings for proposed Future Group deal

The National Company Law Tribunal (NCLT) has allowed the creditors and shareholders of Reliance Retail Ventures Ltd (RRVL) to hold meetings to seek approval for the company’s proposed Rs 24,700 crore deal with the Future Group. On October 1, 2021, RRVL extended the long-stop date for the completion of its deal with Kishore Biyani-led Future Group by another six months to March 2022. This was due to the delays ensuing from the ongoing legal battle with the US-based Amazon.com, Inc.

Read more here.

Categories
Market News Top 10 News

TCS to Drive Digital Transformation of NXP Semiconductors – Top Indian Market News

TCS to drive digital transformation of NXP Semiconductors

Dutch chipmaker NXP Semiconductors NV has selected Tata Consultancy Services (TCS) to help accelerate its digital transformation. As part of the deal, TCS will drive NXP’s integrated IT strategy across apps, IT infrastructure, and workplace services. TCS will also accelerate NXP’s cloud adoption to enhance business agility and build a future-ready digital foundation that supports its growth and transformation agenda.

Read more here.

India’s retail inflation eases to 5.3% in August

India’s retail inflation growth based on the Consumer Price Index (CPI) eased to 5.3% in August 2021, according to data released by the Ministry of Statistics & Programme Implementation (MoSPI). The CPI stood at 5.59% in July. This is the second successive month that the CPI data has come within the Reserve Bank of India’s (RBI) upper margin of 6%. The Consumer Food Price Index (CFPI) eased to 3.11% in August, compared to 3.96% in July.

Read more here.

Advanced Enzyme announces breakthrough in clinical trials of Covid-fatigue treating enzymes

Advanced Enzyme Technologies Ltd announced a positive breakthrough in the randomized controlled clinical trials (RCTs) of systemic enzymes and probiotics to resolve ‘long Covid’ fatigue symptoms. The company’s systemic enzyme and probiotic supplements ImmunoSEB and ProbioSEB CSC3 have passed the promising stages of RCTs in terms of efficacy to resolve post‐COVID fatigue symptoms. Advanced Enzymes conducted clinical trials on 200 patients suffering from post-Covid fatigue symptoms.

Read more here.

Goldiam’s board approves Rs 45.6 crore share buyback plan

The Board of Directors of Goldiam International Ltd has approved a proposal to buy back equity shares. The company will buy back up to 3.80 lakh equity shares for an aggregate amount not exceeding Rs 45.60 crore, at Rs 1,200 per share. Goldiam International is an integrated manufacturer and supplier of diamond jewellery to leading retailers and wholesalers in the US and Europe.

Read more here.

APL Apollo Tubes secures design patents for six products

The Office of the Controller General of Patents, Designs & Trademarks has granted six registrations to the innovative products of APL Apollo Tubes Ltd. The new products include Apollo Reflector (roadside reflectors), Apollo Fence (fencing solutions), Apollo Oval (gym equipment), Apollo Plank (to be used as stairs and scaffolding), Octagon (lighting poles), and Chequered Coil (covering panels). With these registrations, the company’s overall product portfolio has increased to 16.

Read more here.

Granules India voluntarily recalls one batch of Naproxen Sodium tablets

Granules USA, Inc. has voluntarily recalled one batch of Naproxen Sodium 220mg tablets at the retail level due to a minor deviation of Current Good Manufacturing Practice (CGMP). One batch has 11.4 million units of Naproxen tablets, out of which 0.9 million units that were released into the market were recalled. The company said this move will not have a material impact on its financial performance. Granules USA, Inc. is a wholly-owned foreign subsidiary of Granules India Ltd.

Read more here.

Ashoka Buildcon receives LoA for road project in Assam

Ashoka Buildcon Ltd has received a Letter of Acceptance (LoA) from the National Highways & Infrastructure Development Corporation (NHIDCL) for a road project in Assam. The order consists of four-laning of the Kwaram Taro Village-Dillai Section of NH-29 in Assam on an engineering, procurement, and construction (EPC) mode. The accepted bid price of the project is Rs 282.11 crore. 

Read more here.

Wipro partners with First Horizon Bank to provide services to VirtualBank

Wipro Ltd has partnered with US-based First Horizon Bank to transform the core banking channels and servicing capabilities of VirtualBank. The IT major has streamlined VirtualBank’s cloud migration and supported its end-to-end program management, governance, customer data conversion, and testing services. VirtualBank is an established digital bank that First Horizon inherited from Louisiana-based IBERIABANK as part of the merger completed in 2020.

Read more here.

Vedanta Resources reduced net debt by $300 million in first half of FY22

Vedanta Resources Ltd (VRL) has reduced its net debt by around $300 million (~Rs 2,200 core) in the first half of the current financial year (FY22). The company expects to further reduce its debt by $500 million (~Rs 3,680 crore) in the next half. VRL is the parent company of Vedanta Limited. The firm believes that a strong operational performance from its world-class asset base will strengthen the balance sheet and lead to investment-grade credit metrics. 

Read more here.

Kesoram Industries’ board approves 133:274 rights issue

The Board of Directors of Kesoram Industries Ltd has approved the issuance of 7.99 crore rights shares for an aggregate amount of Rs 399.99 crore. The company has fixed the Rights Entitlement Ratio as 133:274. It means that 133 equity shares will be issued for every 274 equity shares held by eligible equity shareholders of the company as of September 17, 2021 (record date). The rights issue opens on September 27 and closes on October 11.

Read more here.

India looking to tax cryptocurrency trades and ecosystem: Report

According to a report from ET Now, the Indian government is looking at ways to tax cryptocurrency trades and the entire ecosystem around them. The report further states that the government may permit the use of blockchain technology and treat cryptos as a tradeable asset class without banning it. The Union Cabinet will soon take up the draft bill on cryptocurrencies. However, Finance Minister Nirmala Sitharam had earlier stated that citizens will be given adequate windows to experiment with blockchains, Bitcoins, and other cryptocurrencies.

Read more here.

MTAR Tech secures order worth $29.82 million from Bloom Energy

MTAR Technologies Ltd has received an export order worth $29.82 million (~Rs 220 crore) from US-based Bloom Energy. The order includes the export of Yuma Hot Boxes and associated components for Bloom Energy to be delivered over the four quarters of the calendar year 2022. In an official statement, MTAR Tech explained that this is the largest single order it has ever received.

Read more here.

Categories
Market News Top 10 News

Bharti Airtel to Reduce Debt, Fuel Growth With Rs 21,000 crore Fund Raise – Top Indian Market News

Bharti Airtel to reduce debt, fuel growth with Rs 21,000 crore capital raise

Bharti Airtel founder-chairman Sunil Mittal said the telecom operator aims to improve its access to growth capital and reduce debt leverage. He said the company has been “loaded with extraordinary debt” and will not shy away from raising tariffs. During an investor call, Sunil Mittal also said that he remains committed to the idea of monetisation of assets at an appropriate time. The remarks come a day after Bharti Airtel’s board approved a plan to raise Rs 21,000 crore by selling shares to existing shareholders, ahead of the rollout of its 5G network.

Read more here.

NTPC to ramp up coal stock and production from captive mines

NTPC Ltd said it is arranging for coal at its power projects where fuel stocks are low and increasing production from its captive coal mines to help meet the surge in electricity demand. This move comes against the backdrop of India stopping coal supplies for a week to plants having more than 15 days’ stock to free up ~1.77 lakh tonnes of fossil fuel to be redistributed to power plants having low stocks. Coal stocks have depleted at thermal power plants primarily due to an increase in demand for electricity and lower generation by hydropower plants.

Read more here.

SSWL signs pact with Tata Steel Long Products to supply round bars

Steel Strips Wheels Ltd (SSWL) has signed an agreement with Tata Steel Long Products (TSLP) to supply round bars of various grades for a period of 3 years. These products will target automotive customers in India. According to SSWL, the deal has a supply potential of 50,000 tonnes of rolled round bars per annum. TSLP, a subsidiary of Tata Steel, manufactures high alloy steel for the auto sector and wire rope industry.

Read more here.

Maruti Suzuki to hike prices of all models in September

Maruti Suzuki India Ltd announced that it will raise prices across its range of vehicles in September to offset the increase in input costs. This will be the third price hike by the company in the current financial year (FY22). “Over the past year, the cost of the company’s vehicles continue to be adversely impacted due to increase in various input costs. Hence, it has become imperative to pass on some impact of the additional cost to the customers through a price rise” said Maruti Suzuki in a filing. 

Read more here.

Granules India gets Health Canada approval to market arthritis tablets

Granules India Ltd has received marketing approval from Health Canada for Acetaminophen Extended-Release (ER) tablets OTC, 650mg. It is used for the treatment of Arthritis pain. The drug will be manufactured at the company’s facility in Gagillapur, Hyderabad. Now, Granules India has a total of two Abbreviated New Drug Submission (ANDS) approvals from Health Canada.

Read more here.

L&T Construction secures multiple contracts across various business segments

L&T Construction has secured significant orders (in the range of Rs 1,000-2,500 crore) across various business segments. The buildings and factories business has received an order to construct multilevel parking and an advocates chamber for the High Court at Allahabad with a built-up area of ~20 lakh square feet. Its power transmission and distribution business has bagged an order for the construction of a substation in Saudi Arabia. L&T’s smart world and communication business has secured a smart city project at Moradabad, Uttar Pradesh. 

Read more here.

Anupam Rasayan secures deal worth Rs 135 crore from Japanese firm

Anupam Rasayan India Ltd (ARIL) has received and signed a Letter of Intent (LoI) worth Rs 135 crore with a Japanese multinational chemical company for supplying a life sciences-related specialty chemical product. The company will enter into a long-term contract with the Japanese firm to supply the product for the next 4 years. ARIL is one of the leading companies engaged in the custom synthesis and manufacturing of specialty chemicals in India.

Read more here.

KNR Construction to dilute stake in 3 highways projects to Cube Highways

The Board of Directors of KNR Constructions Ltd has approved the dilution of its entire stake in three wholly-owned subsidiary highway companies to Cube Highways and Infrastructure III Pte. Ltd and affiliates. The company will dilute its stake in KNR Shankarampet Projects, KNR Srirangam Infra, and KNR Tirumala Infra. The transaction will be based on the share purchase agreements (SPAs) entered into by KNR Constructions and its subsidiaries according to the concession agreement and Ministry of Road Transport and Highways circulars.

Read more here.

L&T Finance in talks with HSBC to sell its mutual fund business: Report

According to news reports, L&T Finance is in advanced talks with HSBC to sell its mutual fund (MF) arm. In 2020, private equity firm Blackstone was also engaged in talks with L&T Finance to buy its MF business for Rs 3,200 crore. However, the deal did not materialise as market regulator SEBI did not give its approval due to the nature of the deal. SEBI does not favour private equity firms owning a majority stake in mutual funds due to their short-term nature. L&T Finance aims to sell its mutual fund arm to monetise its non-core businesses.

Read more here.