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HUL Posts 3% Rise in Q2 Net Profit – Top Indian Market Updates

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

HUL Q2 results: Net profit rises to ₹2,717 crore

Hindustan Unilever Ltd (HUL) reported a 3.85% YoY rise in net profit to ₹2,717 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹2,616 crore in Q2 last year. Its revenue from operations rose 3.53% YoY to ₹15,027 crore during the same period. EBITDA stood at ₹3,694 crore, up 9% YoY. The company’s board also declared a dividend of ₹18 per equity share.

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NCLT approves Tata Steel Long Products’ amalgamation with Tata Steel

The National Company Law Tribunal (NCLT) approved the amalgamation of Tata Steel Long Products Ltd with Tata Steel Ltd. Tata Steel is to merge Tata Steel Long Products and six other subsidiaries with itself. The subsidiaries to be merged with Tata Steel are Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company.

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Jindal Stainless Q2 Results: Net profit rises 75% YoY to ₹609 crore

Jindal Stainless Ltd reported a 74.5% YoY rise in net profit to ₹609.4 crore for the quarter ended September 2023 (Q2 FY24). Its total revenue rose 13.6% YoY to ₹9,720.4 crore during the same period. EBITDA stood at ₹1,069 crore, up 54% YoY. The company’s board has declared a dividend of ₹1 per equity share, with October 28, 2023 as the record date.

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Dr Reddy’s Labs gets regulatory approval to study weight loss drug

Dr Reddy’s Laboratoris Ltd has received the Indian drug regulator’s approval to study the safety and efficacy of Semaglutide, a weight loss drug. The pharma company will conduct a bioequivalence study to establish the safety and efficacy of the drug on the Indian population. The company will launch the drug in a year if the bioequivalence studies meet expectations.

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PVR Inox Q2 Results: Net profit at ₹166 crore

PVR Inox reported a net profit of ₹166 crore for the quarter ended September 2023 (Q2 FY24). The company posted a net loss of ₹71 crore in Q2 last year. Its revenue from operations rose 191% YoY to ₹2,000 crore during the same period. EBITDA stood at ₹706 crore, up 358% YoY. 

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USFDA conducts pre-approval inspection at Indoco Remedies’ Goa facility

Indoco Remedies Ltd’s solid oral formulation facility in Goa received four observations from the US Food & Drug Administration (USFDA) after a Pre-Approval Inspection (PAI). The inspection took place from October 12-18, 2023, and was focused on two drug product applications (ANDAs) submitted from this facility. The observations signify areas where the facility may need improvements to align with regulatory standards.

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UltraTech Cement Q2 Results: Profit rises 69% YoY to ₹1,281 crore

UltraTech Cement reported a 69% YoY rise in net profit to ₹1,281 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹756 crore in Q2 last year. Its revenue from operations rose 15% YoY to ₹16,012 crore during the same period. EBITDA stood at ₹2,718 crore, up 35% YoY. 

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KFin Tech partners with LIC Pension Fund for investment management solution 

KFin Technologies Ltd signed a high-value multi-year investment management solution (IMS) contract with LIC Pension Fund Ltd (LICPFL). The company will design, create and administer the investment management solution for enhanced customer service, security and compliance. The company has not disclosed the contract tenure and value.

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Dabur India’s US subsidiaries sued over alleged cancer causing product

Dabur India Ltd’s three US subsidiaries are being sued over an alleged cancer causing product. The cases are in the early stages of legal discovery and revolve around allegations that a hair-relaxer product contains chemicals that may pose risks of ovarian cancer, uterine cancer, and various other health issues. These cases have been filed in both federal and state courts in the US and Canada.

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Nestle India board approves stock split in 1:10 ratio

Nestle India’s board approved a 1:10 stock split for the first time in India. This means each share that an investor holds will be subdivided into 10 shares. The split will divide each fully paid-up equity share with a face value of ₹10 into 10 equity shares with a face value of ₹1. The record date for the split will be announced later.

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Granules India gets USFDA nod for heartburn treatment drug

Granules India has received approval from the US Food & Drug Administration (USFDA_ for Esomeprazole Magnesium capsules. The drug is used to treat heartburn and other symptoms associated with gastroesophageal reflux disease. According to the IQVIA data for 12 months ended July 2023, the drug had annual sales of nearly $168 million in the US market.

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Wipro’s Net Profit Rises 12% YoY to Rs 2,870Cr in Q1 – Top Indian Market Updates

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

Wipro Q1 Results: PAT rises 12% YoY to Rs 2,870 crore

Wipro reported a 12% YoY rise in consolidated net profit to ₹2,870 crore for the quarter ended June (Q1 FY24). The company’s operating revenue stood at ₹22,831 crore, up 6% YoY. Wipro’s IT services operating margin for the quarter was at 16%, up 1.12% YoY. However, revenue in constant currency (CC) terms declined nearly 3% sequentially in the quarter.

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Granules India’s Gagillapur facility gets clearance certificate from the USFDA

Granules India Ltd has received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA). The company’s Gagillapur facility in Hyderabad received the EIR. Granules uses this facility to manufacture finished dosages and Pharmaceutical Formulation Intermediates (PFIs). In January, USFDA inspected the Gagillapur facility of Granules India as part of a pre-approval inspection (PAI) and issued three observations. It responded to the USFDA’s observations within the stipulated period.

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Samvardhana Motherson completes acquisition of 51% in Saddles Intl

Samvardhana Motherson International Ltd has completed the acquisition of a 51% stake in Saddles International Automotive & Aviation Interiors Private Ltd (SIAAIPL). SIAAIPL is engaged in the manufacturing of premium upholstery for passenger vehicles. In January this year, Samvardhana Motherson International announced that it was acquiring a majority stake in SIAAIPL for ₹207 crore.

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Federal Bank Q1 results: Net profit rises 42% to Rs 854 crore

Federal Bank reported a 42% YoY rise in net profit to ₹854 crore in Q1 FY24. The bank had reported a net profit of ₹600.7 crore in Q1 last financial year. The net interest income (NII) for the quarter rose 20% YoY to ₹1,919 crore from ₹1,605 crore in Q1 FY23. The bank’s gross non-performing asset (NPA) stood at ₹4,434.8 crore as against ₹4,183.8 crore in Q4 FY23, up 2.38%. Net NPA was also up 0.69% to ₹1,274.6 crore in Q1.

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Ramco Cements to sell entire stake in Lynk Logistics to Swiggy’s parent

Ramco Cements’ board has approved the sale of its entire equity stake in Lynk Logistics to Bundl Technologies Pvt. Ltd. Lynk Logistics operates the food delivery platform Swiggy. Ramco Cements will sell 49.95 crore shares in Lynk Logistics to Bundl, as approved in its board meeting. In exchange, Ramco will subscribe to 24.18 lakh Compulsory Convertible Preference Shares (CCPS) of Swiggy’s parent company. 

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HDFC Bank onboards 1 lakh customers, 1.7 lakh merchants on CBDC platform

HDFC Bank has onboarded over 1 lakh customers and 1.7 lakh merchants under the Central Bank digital currency (CBDC) pilot programme. The bank also announced the launch of a UPI QR code interoperable with India’s sovereign digital currency. With this, HDFC Bank has become one of the first banks in the country to complete the integration process. The interoperable UPI QR code allows HDFC Bank’s onboarded merchants to accept customer payments in Digital Rupee currency.

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L&T supplies various components for Chandrayaan-3

Larsen & Toubro (L&T) has supplied various components for India’s moon mission Chandrayaan-3. Parts like “middle segment and nozzle bucket flange” were manufactured at its facility in Powai. Components like ground and flight umbilical plates were from the company’s aerospace manufacturing facility at Coimbatore. L&T delivered all these subsystems ahead of schedule. Additionally, L&T is involved in the production of a range of hardware for Chandrayaan-1 and 2, Gaganyaan and Mangalyaan missions of ISRO.

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USFDA issues Form-483 with two observations for Lupin’s Nagpur plant

Lupin’s Nagpur oral solid dosage facility has received Form 483 with two observations from the US FDA. Form 483 is issued to a firm’s management if there are violations of the Food Drug and Cosmetic (FD&C) Act and related Acts. The FDA Form 483 notifies the company’s management of objectionable conditions. The US FDA inspected the facility from July 3 To July 11, 2023.

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Godrej Properties emerged as the highest bidder for two land parcels in Gurgaon

Godrej Properties has emerged as the highest bidder for two luxury group housing plots in Golf Course Road micro-market, Gurugram. The two prime projects spread over 2.76 acres and 5.15 acres will have a combined estimated revenue potential of approximately ₹3,100 crore. The average rate for plots in this market is around ₹100 crore per acre. Golf Course Road is an established micro-market renowned for its upscale residential and commercial developments.

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PVR cuts prices on food & beverage

PVR Inox has introduced two new offers on snacks and drinks, claiming it is an “unbeatable price”. The announcement comes after a journalist highlighted the bill of an average-sized popcorn and Pepsi at a PVR cinema hall. The company has introduced the new offers in response to the widespread criticism regarding the exorbitant prices of snacks at its multiplexes.

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PV Wholesales Rise 13.54% in May – Top Indian Market Updates

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

Passenger vehicle wholesales rise 13.54% in May at 3.3 lakh units

According to the Society of Indian Automobile Manufacturers (SIAM), wholesale domestic passenger vehicle (PV) sales in May increased by 13.54% YoY to 3,34,247 units, compared to 2,94,392 units in May FY22. Domestic two-wheeler sales rose 17.42% YoY to 14,71,550 units in May FY23. Overall, total vehicle dispatches across categories in May were recorded at 18,08,686 units, up from 15,32,861 units in May 2022.

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MRF hits Rs 1 lakh per share

Tyre major MRF Ltd. saw its share price climb above the ₹1 lakh mark in intraday trading on the BSE and NSE today, making it the first Indian stock to trade above the six-figure mark. On the NSE, MRF touched an intraday peak of ₹1,00,439.95. As of Tuesday, the market capitalisation of MRF stood at ₹42,390 crore.

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Adani Group’s wind power project in Sri Lanka to be ready by Dec 2024

Adani Group is set to complete its renewable energy project in Sri Lanka, generating 500 MW in the north and eastern regions by December 2024. Energy Minister Kanchana Wijesekara discussed the project’s progress with Adani Group’s MD & CEO and project management team, focusing on challenges, roadmaps, and timelines. The Adani Group received approval in August last year to commence wind power projects in Pooneryn.

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India set to start mega hydropower project near China border

India is all set to commence the Subansiri Lower hydropower project in July. NHPC Ltd will conduct trial runs, with the first unit expected to be commissioned in December. By the end of 2024, all eight units will be operational. This 2-gigawatt project is crucial for grid stability as solar and wind power generation increases. Despite facing environmental concerns and protests, the project will help India tap into its significant hydropower potential.

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Granules India gets USFDA approval for hypertension drug

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for its Metoprolol Succinate Extended-Release Tablets. These tablets are bioequivalent to Toprol-XL Tablets and are used for the treatment of hypertension to reduce blood pressure. According to IQVIA, the present annual market for Metoprolol Succinate ER Tablets in the US is around $321 million.

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L&T secures orders for hydrocarbon business

Larsen & Toubro’s subsidiary L&T Energy Hydrocarbon (LTEH) has secured contracts worth Rs 1,000-2,500 crore. The contracts involve engineering, procurement, construction, and installation of new offshore structures. LTEH focuses on executing offshore projects domestically and internationally with a commitment to strengthening regional presence through investments in local skills, procurement from local vendors, and collaboration with local contractors for sustainable growth.

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Adani Group in talks for major debt refinancing: Report

According to a CNBC-TV18 report, Adani Group is planning to refinance a loan facility of up to $3.8 billion taken for the acquisition of Ambuja Cements Ltd. The group is considering converting the original loan into longer-term debt and has initiated individual discussions with banks. Adani expects to conclude the process within 3-4 months, and most of the existing lenders are expected to participate.

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Zydus Lifesciences gets USFDA approval to manufacture generic version of Varenicline

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market the generic version of Varenicline tablets, used to treat smoking addiction. The company plans to manufacture the product at its formulation manufacturing facility in Ahmedabad SEZ, India. According to IQVIA MAT data 2023, Varenicline tablets had annual sales of $501 million in the US.

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HFCL receives Rs 80 crore order from DMRC for three priority corridors

HFCL Ltd has secured a new order worth Rs 80.92 crore from Delhi Metro Rail Corporation (DMRC). The order is for the implementation of a fibre optics transmission system in three priority corridors of Phase IV of the Delhi metro rail project. The contract includes the design, manufacturing, supply, installation, testing, and commissioning of the system. The project timeline is 156 weeks from the date of notice to proceed (NTP).

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Aircastle files fresh plea against SpiceJet

Aircraft lessor Aircastle has escalated its legal battle against SpiceJet by filing a new plea on June 13. The plea accuses SpiceJet of unpaid dues and seeks insolvency proceedings. This comes after Aircastle’s earlier attempt to initiate insolvency proceedings against SpiceJet. The NCLT has scheduled a hearing on July 17 to assess the validity of the new plea. Aircastle persists in its efforts to recover the unpaid dues from the struggling airline.

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IndiGo gets DGCA nod to operate flight services to Nairobi

IndiGo has received permission from the Directorate General of Civil Aviation (DGCA) to operate flights to Nairobi in Kenya. This marks IndiGo’s entry into the African region. The airline had previously announced its plans to expand internationally, including destinations like Nairobi and Jakarta. According to a DGCA official, the approval for IndiGo’s operations in Nairobi will be effective from July 24.

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ZEEL’s Net Loss at Rs 196Cr in Q4 – Top Indian Market Updates

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

ZEEL Q4 Results: Net loss at Rs 196 crore

Zee Entertainment Enterprises Ltd reported a net loss of Rs 196 crore for the quarter ended March (Q4 FY23). The company posted a net profit of Rs 181 crore in Q4 FY22. Its revenue also declined 9% YoY to Rs 2,112 crore during Q4 FY23. EBITDA stood at Rs 152 crore, down 69% YoY. The company’s operating profit was hit by the advertising spending slowdown, investment in ZEE5, movie launches, and sports.

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Reliance completes acquisition of Lotus Chocolate

Reliance’s Reliance Consumer Products (RCPL) acquired a 51% stake in Lotus Chocolate Company Ltd for Rs 74 crore. They also subscribed to non-cumulative redeemable preference shares of Lotus for Rs 25 crore. RCPL gained sole control of the company on May 24, 2023, after completing the open offer under SEBI Takeover Regulations.

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Biocon Biologics may raise additional equity of $300 million in FY24

Biocon Biologics plans to raise an additional $300 million in equity by the end of FY24 to reduce the debt incurred from the $3.3 billion acquisition of Viatris’ biosimilar business. The funds would provide flexibility for business development and asset in-licensing. While preferring clean private equity investments, Biocon Biologics remains open to structured investment deals with assured returns.

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Wipro Chairman Rishad Premji takes a 50% compensation cut

Wipro’s Chairman Rishad Premji has taken a nearly 50% reduction in his remuneration for the financial year ended March 2023 after the IT firm cut employees’ variable pay. He will receive a total compensation of $951,353, which is almost half of his remuneration from the previous financial year. This marks the first reduction in his compensation since the pandemic, after a 31% cut previously.

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Page Industries Q4 Results: Net profit falls 59% YoY to Rs 78 crore

Page Industries reported a 59% YoY decline in net profit to Rs 78 crore in Q4 FY23. Its operating revenue also declined 13% YoY to Rs 1,111 crore during the same quarter. EBITDA stood at Rs 134 crore, down by 50% YoY. The company’s board has declared a dividend of Rs 60 per equity share.

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Titagarh Wagons rebrands as Titagarh Rail Systems

Titagarh Wagons has undergone a major transformation and is rebranded as Titagarh Rail Systems. The new name reflects the company’s expanded focus on various rail-related activities, including wagon manufacturing, rail infrastructure development, and modernization. The company has also merged its shipbuilding segment with the freight rail system segment. This strategic rebranding has received a positive market response.

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Bharat Dynamics Q4 Results: Net profit falls 42% YoY to Rs 153 crore

Bharat Dynamics reported a 42% YoY fall in net profit to Rs 153 crore in Q4 FY23. Its revenue declined 41% YoY to Rs 797 crore during the same quarter. EBITDA stood at Rs 182 crore, down 52% YoY. Delays in the receipt of certain electronic components and explosives due to the ongoing Russia-Ukraine war affected the performance during FY23.

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Granules India hit by IT security breach

Granules India has reported an information technology security breach and stated that it is currently investigating the incident. The affected IT assets have been isolated, and the company is taking necessary actions to address the breach. The containment and remediation measures are being carried out in a controlled manner. The company will bear the expenses related to the incident and subsequent remediation efforts.

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Tata Chemicals cuts soda ash prices by 3.5% to the lowest level in 15 months

Tata Chemicals has once again cut soda ash prices, reducing them to the lowest level in 15 months. It has cut the price of light soda ash from Rs 35,100 per million tonnes (MT) to Rs 33,900 per MT. The price cut has been undertaken in Andhra Pradesh, Telangana, Karnataka, Maharashtra, Bihar, Jharkhand, and Chhattisgarh. Soda ash is one of the most highly consumed inorganic materials on the planet with nearly half of the global production of the compound being used in glass manufacturing.

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India Set to Unveil New Foreign Trade Policy – Top Indian Market Updates

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

India set to unveil new foreign trade policy 2023-28

The Indian government is set to unveil a new Foreign Trade Policy 2023-28 tomorrow to boost exports amid slowing global trade. Minister for Commerce and Industry Piyush Goyal will announce the policy, which is expected to outline the vision statement for taking India’s goods and services exports to $2 trillion by 2030. The country is likely to end this financial year with total exports of $760 billion, up from $676bn in 2021-22. The new policy is likely to incorporate WTO-compliant export promotion measures and is expected to boost India’s position in the global trade arena.

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Adani Group aims 20% earnings growth every year to repay $23 billion in debt

The Adani Group plans to achieve a 20% growth in earnings across its various businesses to repay its debt of about $23 billion over the next 3-4 years. The business group, which has been severely impacted by US short-seller Hindenburg Research’s report that wiped off $135 billion in market value of its listed companies, has been meeting with stakeholders to address their concerns. Adani’s businesses range from seaports to airports, edible oil and commodities, energy, cement, and data centres.

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Axis Bank, Shriram Housing Finance announce partnership for co-lending

Axis Bank and Shriram Housing Finance Ltd (SHFL) have partnered under the co-lending model through the Yubi Co.Lend platform to offer secured micro, small & medium enterprise (MSME) and home loans to middle and low-income borrowers in rural and semi-urban regions. The partnership will use the loan processing technology of SHFL and the financial expertise of Axis Bank to assess the credit profiles of borrowers and offer them loans at competitive interest rates.

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HDFC Bank opens 500th branch in Tamil Nadu

HDFC Bank has announced the launch of its 500th branch in Tamil Nadu’s Madurai district, with plans to expand further in semi-urban and rural areas of the state. The bank opened its first branch in Tamil Nadu in 1995 in Anna Salai, and it now has a nationwide distribution network of 7,183 branches and 19,007 ATMs/Cash Deposit & Withdrawal Machines (CDMs) across 3,552 cities/towns as of December 31, 2022. The new branch at Arasaradi was inaugurated by the state Finance Minister Palanivel Thiaga Rajan.

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Tata Power approves re-appointment of Praveer Sinha as CEO and MD

Tata Power has approved the reappointment of Praveer Sinha as CEO and MD for four years starting May 1, 2023. Sinha currently chairs the CII Western Region council and co-chairs the CII National Committee on Power. He has held several leadership positions across the power sector value chain and was instrumental in driving the turnaround of Tata Power Delhi Distribution Limited. He has also contributed towards promoting innovations in the clean energy space by setting up the first international incubator in India.

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HPCL, BPCL signs pact for Hydrogen Synergy

Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation (BPCL) have signed an agreement to purchase and sell hydrogen at their refineries. The partnership aims to minimize valuable hydrogen flaring, improve environmental impact and promote cooperation and collaboration in hydrogen exchange between both refineries to sustain operations and ensure uninterrupted product availability.

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Indian pharma firm Granules opens packaging facility in US 

Granules India Ltd has opened a new packaging facility in Virginia, US, to expand its capacity for essential drugs and strengthen the biopharma supply chain. The pharma company has invested more than $100 million in the US and was one of the first Indian pharmaceutical firms to receive FDA authorisation to export to the US. The company employs nearly 200 people in Virginia, a majority of whom are first-generation Indians.

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Alembic Pharma gets USFDA nod for Glaucoma drug

Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) to market Brimonidine Tartrate Ophthalmic Solution in the US. The solution is used to treat high fluid pressure in the eye. According to IQVIA data, Brimonidine Tartrate Ophthalmic Solution has an estimated market size of $97 million for twelve months ending December 2022.

Read more here.

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Bharti Airtel 5G Crosses 1Cr Unique Users – Top Indian Market Updates

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

Bharti Airtel 5G crosses 1 crore unique users

Bharti Airtel has crossed 1 crore unique 5G users since it started rolling out its network in October 2022. The company said its 5G services are present across all states and will cover every town and key rural area by the end of March 2024. The telco has created 5G experience zones across all its retail stores where customers can walk in to experience the high speeds.

Read more here.

Adani in talks for $400 million debt against Australian coal port assets: Report

According to an Economic Times (ET) report, the Adani Group has begun discussions with global credit funds to raise up to $400 million in debt against assets of a key coal port that makes up a large portion of the company’s Australian exports of the solid fossil fuel from the controversial Carmichael mine. Recent disclosures show that the Adani Group promoters own 100% equity in the Australian port asset.

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India’s fertiliser imports up 4% to 19.04 lakh tonnes in Jan

India’s fertiliser imports in January 2023 rose 3.9% year-on-year (YoY) to 19.04 lakh tonnes, according to the Fertiliser Ministry data. Imports stood at 18.33 lakh tonnes for the same period. Domestic fertiliser production also rose to 39.14 lakh tonnes, compared to 32.16 lakh tonnes in Jan 2022.

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Bajaj Auto plans to cut production amid uncertainties over exports: Report

Bajaj Auto is expected to take a steep cut of up to 25% in motorcycle and three-wheeler production across its export-focused plants next month. This reflects uncertainties in its biggest market, Nigeria. The company is likely to produce around 250,000-270,000 units in March, compared with an average production of 338,000 units in each of the first nine months of FY23.

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Granules gets USFDA approval to market generic medication to treat high blood pressure

Granules India has received approval from the US Food & Drugs Administration (USFDA) to market to market Losartan Potassium tablets. It is a generic product used to treat high blood pressure. According to IQVIA/IMS Health data, the current annual US market for Losartan potassium tablets is around $336 million.

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Dr. Reddy’s to acquire Mayne Pharma US generic portfolio for $105 million

Dr. Reddy’s Laboratories has entered into a definitive agreement to acquire Mayne Pharma’s US generic prescription product portfolio for $105 million. The company will acquire the portfolio for an upfront payment of $90 million in cash, contingent payments of up to $15 million, consideration for inventory, and credits for certain accrued channel liabilities.

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INOX leases commercial space from Hiranandani Group

Multiplex chain operator INOX has leased nearly 21,000 sq. ft. of commercial space at realty developer Hiranandani Group’s Hiranandani Estate in Thane for a total term of 15 years. The new multiplex is currently under development in the under-construction Bellona tower at Hiranandani Estate. The tower is expected to be completed in October 2023, with the multiplex opening in Jan 2024.

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Zomato asks for higher commission charges; restaurants are upset

Amidst widening losses, pressures on profitability, and a drop in delivery numbers in its food delivery business, Zomato has approached several restaurant chains seeking a 2-6% increase in commissions. However, restaurant operators have refused to accept the demand, triggering a fresh conflict between the two. 

Zomato’s move comes after the company reported a net loss of ₹347 crore for Q3 FY23, wider than the ₹63.2 crore loss posted a year earlier.

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Fabindia scraps ₹4,000 crore IPO due to uncertain market conditions

Lifestyle retail brand Fabindia has withdrawn its ₹4,000-crore initial public offering (IPO) due to the current market conditions. In January 2023, the company filed the Draft Red Herring Prospectus (DRHP) with the Securities & Exchange Board of India (SEBI) for the IPO. Fabindia was planning a fresh issue of shares worth up to ₹500 crore and an offer for sale (OFS) of up to 2.5 crore shares.

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Maruti Suzuki’s Net Profit Doubles in Q3 – Top Indian Market Updates

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

Maruti Suzuki Q3 Results: Net profit jumps two-fold to ₹2,351 crore

Maruti Suzuki India Ltd reported a 132% YoY jump in consolidated net profit to ₹2,351.3 crore for the quarter ended December (Q3 FY23). Its net sales rose 25.51% YoY to ₹27,849.2 crore during the same period. The carmaker sold a total of 4,65,911 vehicles in Q3. However, the shortage of electronic components impacted production by about 46,000 vehicles. 

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EaseMyTrip acquires majority stake in hotel booking marketplace cheQin

EaseMyTrip has acquired a 55% majority stake in cheQin, a real-time marketplace that allows travellers to bargain possibilities with hoteliers. The bargaining algorithm of cheQin brings in the top five lowest offers by hoteliers. The company can use the cheQin application to give hoteliers access to real-time booking requests and the ability to take control of their own bookings.

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TVS Motor Company Q3 Results: Net profit rises 22% YoY to ₹353 crore

TVS Motor Company Ltd reported a 22.5% YoY increase in net profit to ₹353 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 14.7% YoY to ₹6,545.42 crore during the same period. EBITDA rose 16% YoY to ₹659 crore in Q3. The company has also declared an interim dividend of ₹5 per share.

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IndiGo launches its ‘Super 6E’ with special offerings on 14 international routes

IndiGo has launched its ‘Super 6E’ fares on fourteen new routes, effective January 20, 2023. With these additions, IndiGo now offers Super 6E fares on flights to 23 international destinations. In May 2022, IndiGo launched an exclusive fare category called “Super 6E”, which will provide special services like extra 10 kg baggage, free seat selection, reduced cancellation fee, and in-flight meals.

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HDFC AMC Q3 Results: Net profit rises 3% YoY to ₹369.5 crore

HDFC Asset Management Company (AMC) reported a 3% YoY increase in net profit to ₹369.5 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2% YoY to ₹559.6 crore during the same period. Its operating profit from the core asset management business was flat at ₹397.4 crore. The company said it had a market share of 12.8% of the individual monthly average assets under management (AUM) in the industry.

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Granules India gets USFDA approval for Amphetamine capsules

Granules India has received approval from the US Food & Drug Administration (USFDA) for an abbreviated new drug application (ANDA) filed by its US subsidiary for Amphetamine capsules. Mixed salts of Amphetamine ER Capsules are used to treat attention deficit hyperactivity disorder (ADHD). The current annual US market for Amphetamine mixed salts ER capsules is approximately $1.56 billion.

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PNB Housing Finance Q3 Results: Net profit rises 43% YoY to ₹269 crore

PNB Housing Finance reported a 43% YoY increase in net profit to ₹269 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 67% YoY to ₹734 crore during the same period. The total loan book increased from Rs 57,845 crore in Q3 FY22 to ₹58,034 crore in Q3 FY23. The gross non-performing assets (GNPA) ratio improved from 6.06% in Q3 FY22 to ₹4.87% in Q3 FY23.

[NII is the difference between the interest income a bank earns from its lending activities and the interest it pays depositors.]

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BPCL to set up 1 GW renewable energy plant in Rajasthan

Bharat Petroleum Corporation Ltd (BPCL) will set up 1 gigawatt (GW) of renewable energy capacity in Rajasthan. The nation’s second-largest state oil refiner is gradually changing its path to achieving a net zero emission target by 2040. It plans to expand its renewable portfolio to reach 1 GW of generating capacity by 2025 and 10 GW by 2040. BPCL plans to offer electric vehicle charging stations at around 7,000 petrol pumps over the next 5 years.

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SBI Cards Q3 Results: Net profit rises 32% YoY to ₹509 crore

SBI Cards & Payment Services Ltd reported a 32% YoY increase in net profit to ₹509 crore for the quarter ended December (Q3 FY23). Its interest income rose 26% YoY to ₹1,609  crore during the same period. Total income stood at ₹3,656 crore in Q3, up 16% YoY. Impairment and bad losses of the company fell 15% YoY to ₹533 crore in Q3

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Delhivery secures contract to manage pan-India supply chain for air cooler business from Godrej

Delhivery Ltd has secured a contract from Godrej Appliances for managing its end-to-end supply chain of the air cooler business across India. The company will implement its integrated warehousing & distribution solution to increase market penetration of Godrej air coolers. The two companies have also jointly opened a warehouse in Ghaziabad, Uttar Pradesh.

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Adani to Pay Extra ₹26Cr to NDTV Open Offer Sellers – Top Indian Market Updates

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

Adani Group to pay additional ₹48.65 per share to NDTV open offer sellers 

Adani Enterprises Ltd will pay an additional ₹48.56 per share for the NDTV shares it bought under its open offer. This is to match the price that was paid to NDTV founder-promoters (Prannoy Roy and Radhika Roy) who sold most of their stake to the Adani Group last week. With the additional payment in place, NDTV investors who sold their shares in the open offer will receive ₹342.65 per share. Earlier, the offer price offered by Adani was ₹294 per share.  

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RIL, Adani Group, NTPC among 7 bidders for SKS Power

SKS Power Generation’s lenders have received seven bids to take over the distressed power producer. Reliance Industries, the Adani Group, NTPC, Torrent Power, Jindal Power, Sarda Energy & Minerals, and Singapore-based Vantage Point Asset Management have submitted final bids to take over the distressed company. SKS Power owes ₹1,890 crore to Bank of Baroda and State Bank of India. 

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EV industry seeks extension of subsidies under FAME-II in Budget

The Society of Manufacturers of Electric Vehicles (SMEV) has sought an extension of subsidies for EVs under the FAME-II scheme. The industry has also sought the inclusion of light to heavy commercial vehicles in it to promote electric mobility. In its pre-Budget recommendations, the industry body also called for a uniform 5% Goods & Services Tax (GST) on spare parts for electric vehicles.

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HDFC Bank partners with Microsoft for digital transformation journey

HDFC Bank is partnering with Microsoft in the next phase of its digital transformation. The private sector lender is developing in-house Internet Protocols (IPs) and collaborating with several fintech companies to co-create technology IPs. HDFC Bank will leverage Microsoft Azure to modernise its enterprise data landscape and scale its information management capabilities across enterprise reporting and advanced analytics using artificial intelligence.

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India’s coal production rises 16% to 608 MT in April-Dec: Govt

India’s coal output rose by 16.39% year-on-year (YoY) to 607.97 million tonnes (MT) during the April-December period of the current financial year (FY23). Coal production by Coal India Ltd (which accounts for over 80% of the domestic output of coal) rose 15.82% YoY to 479.05 MT during the same period.

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L&T Construction wins orders from Madhya Pradesh

Larsen and Toubro Ltd’s water and effluent treatment business has secured repeat orders from the Government of Madhya Pradesh to execute two lift irrigation projects. The project will irrigate 2.05 lakh hectares of land that covers over 500 villages in the Dewas and Dhar districts in Madhya Pradesh. It will lift 60 cubic metre per second of water from the Narmada River to irrigate farmlands, benefitting 3,00,000 farmers in the process

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Granules to use Greenko’s clean energy for proposed ₹2,000 crore plant in Kakinada

Granules India has entered into a strategic partnership with Greenko Group to develop Integrated Green Pharmaceutical Zones (GPZ), starting with Kakinada, Andhra Pradesh. The company will use carbon-free energy and green hydrogen derivatives supplied by Greenko ZeroC, beginning with its proposed ₹2,000 crore greenfield plant in Kakinada spread across 100 acres. The investment will be spread across 5 years. 

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ONGC’s ‘Sagar Samrat’ starts oil, gas output in Arabian Sea

ONGC’s vintage offshore drilling rig ‘Sagar Samrat’ has been commissioned as a Mobile Offshore Production Unit (MOPU) in the Arabian Sea. It will handle up to 20,000 barrels per day of crude oil, with a maximum export gas capacity of 2.36 million cubic metres per day. The MOPU is expected to add 6,000 barrels per day of oil to ONGC’s production in the coming days.

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NTPC starts India’s first green hydrogen blending operation in PNG network

NTPC Ltd has started India’s first green hydrogen blending operation in the piped natural gas (PNG) network of its township in Kawas, Surat. The project is a joint effort of NTPC and Gujarat Gas Ltd (GGL). This set-up is geared up to supply H2-NG (natural gas) to households of Kawas township. 

Read more here.

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Disney Star Sublicenses ICC Men’s TV Rights to ZEEL – Top Indian Market Updates

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

ZEEL, Disney Star sign licensing pact for ICC Men’s TV rights

Disney Star has sub-licensed the television rights of the International Cricket Council’s (ICC) Men’s tournament to Zee Entertainment Enterprises Ltd (ZEEL) for four years. This association enables ZEEL to be the exclusive TV rights holder of ICC men’s events, including two ICC Men’s T20 World Cups (2024, 2026), ICC Men’s Champions Trophy (2025), ICC Men’s Cricket World Cup (2027), and key ICC Under-19 events.

Read more here.

Nazara Technologies acquires WildWorks game studio

Nazara Technologies Ltd announced the acquisition of US-based children’s interactive entertainment company WildWorks for $10.4 million (~₹82.75 crore). The company will acquire 100% of WildWorks and its intellectual property (IP) from existing shareholders in an all-cash transaction. WildWorks is a game development studio focused on gamified early learning for 8-12-year-olds. Its mobile apps have attracted over 150 million players in the past decade.

Read more here.

EoI for IDBI Bank stake sale likely next month: Report

As per a PTI report, the Indian government is likely to issue Expression of Interest (EOIs) for selling a stake in IDBI Bank next month. The discussions between the Centre and RBI are at the final stages. The Cabinet Committee on Economic Affairs had given in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank in May 2021. Currently, the Indian government holds a 45.48% stake in the bank. Life Insurance Corp of India (promoter) owns a 49.24% stake.

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Shriram Transport to raise ₹5000 crore in second half of FY23

Shriram Transport Finance Company Ltd plans to raise an additional ₹5000 crore ($627.20 million) in the second half of the financial year to fund growth opportunities. Most of the fund-raising is likely to be via non-convertible debentures (NCDs) with a maturity of 3 years. In December 2021, the commercial vehicle financier announced a merger with promoter Shriram Capital and Shriram City Union Finance, which is expected to be completed by October.

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OMCs stare at losses in Q2, government unlikely to get any dividend: Report

According to an ET NOW report, Oil Marketing Companies (OMCs) in India are likely to record losses in the July-Sept quarter (Q2), which may affect the government’s share of dividends. During the period of rising international crude oil prices a few months ago, Indian fuel retailers were losing ₹20-25 per litre on diesel and ₹14-18 a litre on petrol. These losses have been cut short by the fall in oil prices.

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Hero MotoCorp launches first Xpulse Xperience centre

Two-wheeler manufacturer Hero MotoCorp Ltd has inaugurated the first of its ‘Xpulse Xperience Centre’ in India. The centre is designed to provide an off-road bike training experience to Xpulse 200 4V owners and enthusiasts. The Xpulse Xperience Centre will have trainers and a curriculum focused on building the skills, knowledge, and personality required to be an expert off-road rider.

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Granules India gets USFDA approval for diarrhea drug

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for Loperamide Hydrochloride and Simethicone Tablets. The drug is indicated to relieve symptoms of diarrhea, bloating, pressure, and cramps. As per IQVIA MAT data, the generic version of the tablets had sales of $60 million (~₹477.5 crore) during the most recent twelve months.

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Central Bank of India enters into co-lending partnership with Shapoorji Pallonji Finance

Central Bank of India has entered into a strategic co-lending partnership with Shapoorji Pallonji Finance (SPF) to offer loans to micro, small & medium enterprises (MSMEs) borrowers at competitive rates. Under this pact, SPF will originate and process MSME proposals under the priority sector as per jointly formulated credit parameters and eligibility criteria. Central Bank of India will take 80% of the MSME loans into its books under mutually agreed terms. 

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Glenmark Pharma’s partner Hikma launches specialty drug Ryaltris in US

Glenmark Pharma’s partner Hikma Pharmaceuticals has launched its specialty nasal spray Ryaltris in the US. Ryaltris is used to treat symptoms of seasonal allergic rhinitis (SAR) in adults and pediatric patients 12 years and older. Glenmark developed the drug, while Hikma will commercialise it in the US market.

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SBI Cards Partners With Paytm to Tokenise Cards – Top Indian Market News

SBI Cards partners with Paytm to tokenise cards

SBI Cards & Payment Services Ltd has partnered with One97 Communications to enable cardholders to tokenise their cards on devices and make payments through Paytm. Tokenisation refers to masking the original card number by replacing it with a set of unique characters (termed as tokens) that secure the customer’s card details when a transaction is under process. The card tokenisation facility will be available only on Android NFC (near field communication) devices.

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RBL Bank gets RBI approval to appoint Rajeev Ahuja as interim MD, CEO

The Reserve Bank of India (RBI) has approved the appointment of Rajeev Ahuja as the interim MD and CEO of RBL Bank for three months or till there is a regular appointment. In a sudden turn of events, the board of RBL Bank had sent the then Managing Director and Chief Executive Officer Vishwavir Ahuja on leave last Saturday. It also elevated Rajeev Ahuja as the interim MD and CEO to take care of the day-to-day operations of the bank. To learn more about the events that unfolded at RBL Bank, click here.

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NTPC’s arm to float global tender to set up 3GW RE project by February

NTPC Renewable Energy Ltd (NREL) will float a global engineering procurement and construction tender to set up a 3 gigawatts (GW) renewable energy project with a battery storage system. This project entails an investment of about Rs 15,000 crore. NREL, a wholly-owned subsidiary of NTPC Ltd, currently has a renewable project portfolio of 3,850 GW.

Read more here.

Kalpataru Power secures order worth Rs 1,560 crore

Kalpataru Power Transmission Ltd (KTPL) has secured new orders worth Rs 1,560 crore from India, Africa, CIS, and South America. The company’s international subsidiary has also secured new power transmission projects in Europe. KTPL provides engineering, procurement, and construction (EPC) services relating to power transmission & distribution, civil construction, railway track laying & electrification in India and internationally.

Read more here. 

Firstsource Solutions acquires American Recovery Services

Firstsource Solutions Ltd (FSL) has entered into an agreement to acquire American Recovery Services, Inc., a legal collections network based in Southern California. The acquisition enhances FSL’s leadership in consumer debt management services by adding legal stage collections capabilities. The cost of the acquisition is $53 million (~Rs 394 crore), including earnouts done through cash consideration. 

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Granules India gets USFDA approval for Amphetamine Mixed Salts tablets

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Amphetamine mixed salts tablets. The drug is used to treat attention deficit hyperactivity disorder (ADHD) and narcolepsy (a chronic sleeping disorder). As per IQVIA data, the current annual US market for Amphetamine Mixed Salts immediate release tablets is approximately $335 million (~Rs 2,490 crore). 

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Cars24 partners with Bajaj Finance to provide seamless financing for used car buyers

CARS24 has partnered with Bajaj Finance Ltd to provide used car financing and facilitate a streamlined shopping experience for consumers. This mutually beneficial partnership is expected to increase penetration in the used cars industry. It will also enable consumers to further enjoy CARS24’s hassle-free customer experience with the financial solutions of Bajaj Finance.

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Manappuram Finance raises Rs 250 crore via bonds

Manappuram Finance Ltd has raised Rs 250 crore by issuing bonds, and the amount will be utilised to repay its debt and shore up capital resources. The company’s board has approved the allotment of secured, rated, listed, redeemable, non-convertible debentures for an amount of Rs 250 crore on a private placement basis. The bonds will be listed on BSE and hold an interest rate of 6.95% per annum. It will mature on December 30, 2024.

Nitin Spinners’ board approves capex plan of Rs 950 crore

The Board of Directors of Nitin Spinners Ltd (NSL) has approved a capital expenditure (capex) of Rs 950 crore for an expansion project. The company’s capacity addition is proposed to meet increasing demand, widen its product portfolio, and bring competitive cost advantage by having economies of scale. As part of the expansion plan, NSL will add 1.51 lakh equivalent spindles. The textile manufacturer currently has 3.32 lakh spindles (used for spinning wool and other fibers into thread).

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CCI approves acquisition of 96% stake in JPL by Worldone

The Competition Commission of India (CCI) has approved the acquisition of over 96% stake in Jindal Power Ltd (JPL) by Delhi-based Worldone Pvt Ltd. In July 2021, Jindal Steel & Power Ltd (JSPL) had received a Rs 7,401-crore revised offer from Worldone to acquire a 96.42% stake in Jindal Power Ltd (JPL). Worldone Pvt Ltd is a private company owned by the Promoter Group of JSPL. It manages and holds investments across various listed and unlisted companies.

Read more here.

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Godrej Consumer Reports 59% YoY Rise in Net Profit in Q4 – Top Indian Market News

Godrej Consumer Q4 Results: Net profit rises 59% YoY to Rs 366 crore

Godrej Consumer Products Ltd (GCPL) reported a 59.13% year-on-year (YoY) increase in consolidated net profit to Rs 365.84 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 27%. Its revenue from operations rose 27% YoY to Rs 2,705.69 crore during the same period. GCPL’s revenue from the Indian market was up 34.63% YoY to Rs 1,499.74 crore. For the financial year ended March 31, 2021 (FY21), net profit rose 14.98% YoY to Rs 1,720.82 crore. GCPL said localised lockdowns could impact frontline servicing and replenishment of its outlets.

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JSW Hydro raises $707 million in first offshore bond issuance

JSW Hydro Energy, a subsidiary of JSW Energy Ltd, has raised $707 million (~Rs 5,185 crore) through its first-ever offshore bond issuance. The proceeds from the issue will be used to repay the existing debt of the company’s two operational hydro projects. The senior secured notes will bear interest from May 18, 2021, to May 18, 2031, at the rate of 4.125% per annum. The bonds will be listed on the Singapore Exchange (SGX).

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Moody’s cuts India’s FY22 GDP forecast to 9.3%

Rating agency Moody’s has slashed India’s gross domestic product (GDP) forecast for FY 2021-22 to 9.3% from the earlier projection of 13.7%. The downward revision in GDP estimates comes on the back of the second wave of Covid-19 infections across the country, which have triggered localised lockdowns and mobility curbs. Moody’s stated that the second wave will slow the near-term economic recovery and could also affect long-term growth dynamics.

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Infosys announces strategic collaboration with Britvic

Infosys Limited announced that it has been selected by UK-based Britvic as an end-to-end partner to help them deliver their strategic digital transformation roadmap and operations. Britvic is one of the leading branded soft drinks businesses in Europe. The IT services major will simplify and streamline Britvic’s cloud infrastructure and operations using its Infosys Cobalt platform.

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Granules India Q4 Results: Net profit rises 38% YoY to Rs 128 crore

Granules India Ltd reported a 38.15% YoY increase in consolidated net profit to Rs 127.6 crore for the quarter ended March (Q4). Its revenue from operations rose 33% YoY to Rs 799.3 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 63.8% YoY to Rs 549.45 crore. The pharma company’s board has recommended a final dividend of Rs 0.75 per share.

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JSW Steel’s crude steel out jumps two-fold to 13.71 LT in April

JSW Steel Limited said its crude steel output jumped over two-fold to 13.71 lakh tonnes (LT) in April 2021. The company had produced 5.63 LT in the same month last year. Crude steel output has declined by 5% when compared with March 2021. JSW Steel’s production of flat-rolled products rose three-fold to 9.57 LT, compared with 3.44 LT in April 2020. It produced 3.37 LT long-rolled products in April 2021, compared with 0.89 LT in April 2020.

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UPL signs licensing agreement with Japan-based Meiji Seika Pharma

UPL Limited said its subsidiary has entered into a licensing agreement with Japan-based Meiji Seika Pharma Co. Ltd for exclusive access to Flupyrimin in Southeast Asia. Flupyrimin is a patented active ingredient developed by Meiji. It is a novel insecticide that is effective against rice pests. UPL will obtain exclusive rights to develop, register, and commercialise formulations of Flupyrimin for applications in rice in Southeast Asia.

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Siemens Q2 Results: Net profit rises 90% YoY to Rs 334 crore

Siemens Limited reported a 90.3% YoY increase in consolidated net profit to Rs 334.4 crore for the quarter ended March (Q2 FY21). The company follows the October-September financial year cycle. On a quarterly basis, net profit has risen by 13.16%. Its total income rose 30% YoY to Rs 3,540 crore during the same period. Siemens registered new orders from continuing operations worth Rs 3,309 crore, registering a 16.9% rise compared with the same period last year (Q2 FY20). 

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Firstsource Solutions Q4 Results: Net profit falls 49% YoY to Rs 46 crore

Firstsource Solutions Ltd (FSL) reported a 49% YoY decline in net profit to Rs 46.68 crore for the quarter ended March (Q4). On a quarterly basis, net profit has fallen by 61%. The company’s revenue from operations rose 35% YoY (or 7% QoQ) to Rs 1,460 crore during the same period. Its BFSI vertical grew 66% YoY to Rs 758 crore, while the communications, media, and technology (CMT) vertical grew 23% YoY to Rs 300.94 crore. FSL is a leading business process management (BPM) company based in Mumbai.

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Linde India Q1 Results: Net profit jumps 676% YoY to Rs 303 crore

Linde India Limited reported a 676% YoY jump in consolidated net profit to Rs 303.23 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. On a quarterly basis, net profit increased by 433.8%. Its consolidated revenue rose 17% YoY to Rs 441.42 crore during the same period. The rise in profit has been primarily due to an exceptional item worth Rs 294 crore.

Indiabulls Housing Finance to divest its mutual fund business to Groww for Rs 175 crore

Indiabulls Housing Finance has entered into a definitive agreement with Nextbillion Technology Pvt. Ltd (which operates Groww) to divest its entire stake in the mutual fund business of its subsidiaries— Indiabulls Asset Management Co. Ltd and Indiabulls Trustee Co. Ltd for Rs 175 crore. The deal includes a cash equivalent of Rs 100 crore to be invested in Groww. The transaction is expected to be completed by June 30, 2022. Indiabulls Housing said it will narrow focus on its real estate asset management business, as it looks to operate with an asset-light strategy. 

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Kalpataru Power Q4 Results: Net profit falls 43% QoQ to Rs 174 crore

Kalpataru Power Transmission reported a 43.51% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 174 crore for the quarter ended March (Q4). Net profit has jumped 461% YoY.  Its revenue from operations rose 16% QoQ (or 15.8% YoY) to Rs 4,086 crore during the same period. For the financial year ended March 31, 2021 (FY21), its net profit has increased by 72.05% YoY to Rs 671 crore. The company’s board has recommended a final dividend of Rs 1.5 per share.

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Trading Halted on NSE For 4 Hours Due to Technical Glitch – Top Indian Market News

Trading halted on NSE due to technical glitch

Trading across all segments was halted for almost four hours today by the National Stock Exchange (NSE) due to a technical glitch. The exchange had received communication from both its telecom providers about issues with their links. Trading was halted between 11:40 am and 3:30 pm. At around 3:25 pm, an extension of the trading day till 5 pm was announced, with a pre-open session at 3:30 pm. 

Market regulator SEBI has advised NSE to carry out a detailed root cause analysis of the ‘trading halt’ witnessed today. It has also asked NSE to explain the reasons for trading not migrating to the disaster recovery site.

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Centre lifts embargo on grant of govt businesses to private banks

Finance Minister Nirmala Sitharman announced that the Centre has lifted the embargo on grant of government businesses to private banks. She stated that all banks can now be “equal partners in development of the Indian economy.” Private sector banks can now carry out government-related banking transactions such as taxes and other revenue payment facilities, pension payments, and small savings schemes.  

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Cabinet approves Rs 15,000 crore PLI scheme for pharma sector

The Union Cabinet has approved a production-linked incentive (PLI) scheme for the pharmaceutical sector for over a period of eight years (FY21-FY29). This scheme would bring in an investment of Rs 15,000 crore to the sector. It is expected to promote the production of high-value pharma products in the country and increase the value addition in exports. The government seeks to generate 20,000 direct jobs through this PLI scheme.

The Cabinet has also cleared a PLI scheme worth Rs 7,350 crore to boost the manufacturing of laptops, tablets, PCs, and servers. 

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Dilip Buildcon declared lowest bidder for projects worth Rs 2,439 crore

Dilip Buildcon Limited has been declared as the lowest (L1) bidder for two Hybrid Annuity Mode (HAM) projects worth Rs 2,439 crore. The projects consist of four-laning two sections of the Bangalore-Chennai Expressway. The tenders were floated by the National Highways Authority of India (NHAI) under the state-sponsored Bharatmala Parioyojana project. 

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Bharti Airtel enters advertising business, launches ‘Airtel Ads’

Bharti Airtel has announced its entry into India’s $10 billion (~Rs 72,328 crore) advertising industry with its latest platform ‘Airtel Ads’. The telecom company stated that Airtel Ads would allow brands to curate consent-based and safe campaigns for its subscribers. Airtel Ads has already enabled campaigns for more than 100 brands across categories like FMCG, banking, financial services & insurance (BFSI), digital startups, etc. 

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Aditya Birla Fashion announces strategic partnership with designer Tarun Tahiliani

Aditya Birla Fashion and Retail Ltd (ABFRL) has announced a strategic partnership with ace designer Tarun Tahiliani to form a new entity that will launch a contemporary men’s ethnic wear brand. ABFRL will hold an 80% stake in the new entity, while Tarun Tahiliani will hold the remaining 20%. ABFRL stated that the new brand will offer a range of high-quality celebration wear for men at accessible price points.

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Bosch to invest Rs 800 crore to upgrade Bengaluru facility to fully AIoT-enabled campus

Germany-based Bosch Group will invest Rs 800 crore to upgrade its existing campus in Bengaluru to a fully artificial intelligence of things (AIoT)-enabled ‘smart campus’. The campus is likely to house the second-highest number of Bosch employees in the world. The 75-acre campus is expected to be inaugurated in June 2022.

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Granules India receives USFDA approval for migraine drug

Granules India has received approval from the US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Acetaminophen, Aspirin, and Caffeine (triple-combination product) tablets. The drug is indicated for treating migraines. The product will be manufactured at the company’s Hyderabad facility and is expected to be launched shortly.

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Axis Bank’s subsidiary to acquire broking accounts of Karvy

Axis Securities, a subisdiary of Axis Bank, has emerged as the successful bidder for trading accounts (or broking accounts) held by Karvy Stock Broking Ltd with NSE, BSE, and Metropolitan Stock Exchange (MSE). The transfer of trading accounts is subject to the remittance of the bid amount and submission of necessary documents. Once the process is complete, the customer base of Axis Securities will increase from 2.5 million to over 3.6 million.

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Heranba Industries IPO subscribed 2.74 times on second day of bidding

The Rs 625-crore initial public offering (IPO) of Heranba Industries was subscribed 2.74 times on the second day of bidding. The issue received bids for 1.91 crore equity shares against an offer size of 69.81 lakh shares. The portion reserved for retail investors was subscribed 4.53 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 87%, while that of qualified institutional buyers (QIB) 1.01 times.

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RBI Governor raises ‘major concerns’ about cryptocurrencies

The Reserve Bank of India (RBI) said it is concerned that cryptocurrencies may impact the financial stability of the Indian economy. In the past, RBI had expressed concerns on digital currencies related to issues ranging from money laundering to funding terrorists. RBI Governor Shaktikanta Das said that they have communicated these concerns to the government. The Centre is planning to introduce a bill in Parliament to prohibit companies and individuals from dealing in cryptocurrencies. The government is also creating a framework for an official digital currency.

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