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Maruti Suzuki to Recall 9,125 Vehicles – Top Indian Market Updates

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

Maruti Suzuki to recall 9,125 vehicles to fix possible defects in seat belts

Maruti Suzuki India will recall 9,125 units of Ciaz, Brezza, Ertiga, XL6, and Grand Vitara models to fix possible defects in a part of the front row seat belts. The affected vehicles were manufactured between November 2-28, 2022. The automaker has decided to recall the suspected vehicles for inspection and replacement of the faulty part, free of cost.

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Global airline industry to post $6.9 billion loss in 2022: IATA

The global airline industry is projected to report a lower loss of $6.9 billion in 2022, according to International Air Transport Association (IATA). There were stronger passenger yields and cost control measures by airlines amid rising fuel prices. The industry registered a loss of $42 billion and $137.7 billion in 2021 and 2020, respectively. IATA said the global airline industry is expected to return to profitability in 2023 and post a small net profit of $4.7 billion.

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Bharti Airtel launches WorldPass, a data pack for roaming across 184 countries

Bharti Airtel has revamped its international roaming (IR) offerings under the newly launched WorldPass, which offers IR services in 184 countries. A customer with a layover at an international airport or travelling to two or more countries can use one plan for the entire trip. The pass also gives customers access to 24×7 call centre support from any corner of the world free of cost on call and WhatsApp.

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ABFRL leads race to acquire TCNS Clothing

Aditya Birla Fashion & Retail Ltd (ABFRL) is now the frontrunner to acquire TCNS Clothing Co, owner of the listed women’s branded apparel retailer that owns brands such as W, Elleven, and Aurelia. This could well be the largest branded apparel buyout by the $60-billion Aditya Birla Group. Promoters of the retailer (New Delhi-based Pasricha family) and private equity investor TA Associates together own 61.24% of TCNS Clothing.

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World Bank upgrades India’s GDP growth forecast to 6.9% for FY23

The World Bank cut India’s gross domestic product (GDP) growth forecast for FY23 from 7.5% to 6.5% in October. Now, it has upgraded the projection to 6.9% for FY2022-23 (April 2022-March 2023). A senior economist at the WB said that India is better positioned than its peers to weather external financial shocks this financial year.

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India’s thermal power generation rises 16% YoY in Nov

India’s thermal power generation rose 16.28% year-on-year (YoY) to 87,687 million units (MU) in November. The country’s overall power generation increased by 14.63% YoY to 1,18,029 MU last month. Power utilities’ despatch rose 3.55% YoY to 62.34 million tonnes (MT) during November 2022. Total coal output also rose 11.66% YoY to 75.87 MT.

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Gravita India begins production at recycling plant in West Africa

Gravita India Ltd (GIL) has started commercial production of aluminium cast alloys from a new recycling plant in Togo, West Africa. The plant is operated by Gravita Togo SAU, a step-down subsidiary of GIL. With an annual capacity of 4,000 million tonnes per annum (MTPA), it can produce aluminium cast alloys in Phase 1. The company forecasts an additional revenue of ₹60 crore per annum from the new capacity.

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Adani Green raises Japanese Yen-denominated refinancing facility

Adani Green Energy Ltd, through its subsidiary Adani Solar Energy AP Six Pvt Ltd, has raised Japanese Yen-denominated facility to refinance its existing debt. The facility comprises JPY 27,954 million (or $200 million) amortising project loan facility. The project loan facility is supported by AGEL’s strong relationship with MUFG Bank Ltd and Sumitomo Mitsui Banking Corp, with equal participation.

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IDFC First partners with Sa-Dhan to provide digital microfinance solutions

IDFC First Bank has partnered with the association of microfinance institutions (MFI) Sa-Dhan and Delhi-based fintech solutions provider NextGen to provide digital microfinance solutions to feature phone users. This partnership will help in developing a new payment and collection system by using feature phones. It will provide additional benefits for entities in the MFI ecosystem, including UPI, banking & wallets, bill payment systems, and individual & merchant money transfers. 

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TCS Posts 8% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

TCS Q2 Results: Net profit rises 8% YoY to ₹10,431 crore

Tata Consultancy Services (TCS) reported an 8.4% YoY increase in consolidated net profit to ₹10,431 crore for the quarter ended September (Q2 FY23). The IT company’s revenue from operations rose 18% YoY to ₹55,309 crore during the same period. Its order book stood at $8.1 billion in Q2. TCS’s board has approved a dividend of ₹8 per share. 

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JSW Steel’s combined production grows 12% to 5.68 MT in July-Sept

JSW Steel Ltd reported a 12% year-on-year (YoY) growth in its combined steel production at 5.68 million tonnes (MT) during the quarter ended September (Q2 FY23). Production was down 3% compared to 5.88 MT in the April-June period (Q1). The fall in production can be attributed to extended maintenance shutdowns, subdued market conditions in the US, and lower capacity utilisation in various units in India. 

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Adani Group in talks for Jaiprakash’s cement unit for $606 million: Report

According to an ET Now report, Adani Group is in advanced talks with debt-laden Jaiprakash Power Ventures Ltd. to acquire its cement unit. The group could pay about ₹5,000 crore (~$606 million) for a cement grinding unit and other smaller assets. The deal will help consolidate the Adani Group’s dominance in the cement sector, which started after it recently bought Ambuja Cements Ltd. and ACC Ltd. from Switzerland’s Holcim Ltd.

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India’s fuel demand slips to 10-month low in September

India’s monthly fuel demand in September was at its lowest since November 2021. Total monthly fuel demand in September fell 3.6% from August, although it was up 8.1% when compared with September 2021. Consumption of fuel totaled 17.18 million tonnes (MT) in September, up from 15.89 MT a year earlier. Sales of diesel grew 13.4% YoY to 6.26 MT in Sept but dropped 1.4% month-on-month.

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EaseMyTrip’s board approves bonus shares and stock split

The Board of Directors of Easy Trip Planners Ltd has approved a bonus issue. It will issue three bonus shares for every one share held in the company. Easy Trip Planners will need free reserves of ₹130.4 crore (created out of the company’s profits in FY22) for implementing the bonus issue. The board also cleared a proposal to split its stock in the ratio of 1:2 (each equity share with a face value of ₹2 will be split into two equity shares with a face value of ₹1). 

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India Cements divests entire stake in Springway Mining to JSW Cement for ₹477 crore

India Cements Ltd has signed a pact with JSW Cement to divest its entire stake in Springway Mining Pvt Ltd (SMPL) for ₹477 crore. SMPL owns limestone-bearing land in Madhya Pradesh’s Panna district. It is also setting up a cement plant in Damoh district. JSW Cement has paid ₹373.87 crore towards part of the deal amount. The rest has to be paid on or before December 31, 2022. 

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Gravita starts commercial production at aluminium recycling plant in Senegal

Gravita India Ltd’s step-down subsidiary in Senegal (West Africa) has commenced commercial production of aluminium from a new recycling plant. The plant has an annual capacity of around 4,000 metric tonnes per annum (MTPA). The company is expecting an additional revenue of approx. ₹60 crore per annum with gross margins of nearly 20% from the new capacity.

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Equity inflows surge in September despite volatility: AMFI

Data released by the Association of Mutual Funds in India (AMFI) showed that equity mutual funds witnessed a net inflow of ₹14,077 crore in September 2022, compared to a net inflow of ₹5,942.2 crore in August. Total assets under management for the mutual fund industry stood at ₹38.42 lakh crore as of September 30, compared to ₹39.33 lakh crore as of August 31. Contribution through SIP went up to ₹12,976 crore in September when compared to ₹12,693 crore in August. 

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Nykaa Fashion partners with Revolve to offer new range of global fashion labels

E-commerce platform Nykaa’s fashion arm, Nykaa Fashion, announced a partnership with California-based Revolve to offer access to a range of global fashion labels. With this collaboration, Nykaa Fashion will offer consumers curations spanning over 26,000 options and over 400 brands across apparel, footwear, and accessories, including REVOLVE and its own online platform.

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Tata Motors’ global sales up 33% in Q2

Tata Motors reported a 33% YoY increase in global sales (including that of Jaguar Land Rover) to 3,35,976 units during the quarter ended September (Q2 FY23). Global wholesale units of all Tata Motors’ commercial vehicles and Tata Daewoo range in the quarter stood at 1,03,226 units, up 16% YoY. Sales of JLR stood at 89,899 units in Q2 FY23, compared to 78.251 units in Q2 FY22.

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WPI Inflation Rises to 11.39% in August – Top Indian Market News

WPI inflation rises to 11.39% in August

India’s wholesale inflation, measured by the Wholesale Price Index (WPI), spiked to 11.39% in August 2021. WPI grew 11.16% in July and 12.07% in June. The food articles segment witnessed a (-)1.29% change in August, as prices of vegetables and fruits contracted. Inflation in the fuel and power segment stood at 26.09% in August, compared to 26.02% in July. The manufactured products segment registered inflation of 11.39% in August. The data was released by the Ministry of Commerce & Industry.

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Invesco calls ZEEL EGM for removal of MD, directors

Invesco and OFI China, which together hold a 17.88% stake in Zee Entertainment Enterprises Ltd (ZEEL), have called for an extraordinary general meeting (EGM) of shareholders to pass resolutions, including the removal of current CEO Punit Goenka and the appointment of new independent directors. The move comes on the back of institutional proxy advisory firm IIAS calling for investors to reject the resolution for reappointment of certain directors to ZEEL’s board at the Annual General Meeting (AGM).

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Tata Motors signs pact with Tata Power for rooftop solar project in Pune

Tata Motors has signed a solar power purchase agreement with Tata Power to install and operate a 3 megawatt (MW) solar rooftop project at its passenger vehicle plant in Pune. The project will generate nearly 45 lakh kilowatt-hour (kWh) per year and reduce carbon emission by ~3,538 tonnes per year. Tata Motors said it will continue to introduce measures to conserve energy at its manufacturing facilities, optimise the consumption of non-renewable fossil fuels, and lower operating costs.

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Escorts partners with IndusInd Bank to provide affordable loans to farmers

Escorts Ltd has signed a Memorandum of Understanding (MoU) with IndusInd Bank to provide affordable financial offerings to the farming community. Both entities will jointly launch various financial programs to help customers invest in modern farm machinery to enhance their productivity and income. IndusInd Bank will utilise its understanding of rural customers and penetration throughout India to help Escorts achieve its goals of supporting the farming community.

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Gravita starts operations at aluminium recycling unit in Mozambique

Gravita India’s step-down subsidiary in Mozambique has commenced commercial production of aluminium from its new recycling plant. The unit has an aluminium recycling capacity of 4,000 million tonnes per annum (MTPA). It also has a lead recycling facility with a capacity of 4,500 MTPA. Gravita’s subsidiary is in the process of setting up a plastic recycling unit in Mozambique (East Africa). The company expects to achieve additional revenue of ~Rs 50 crore per annum and gross margins of 18% from the new recycling plant.

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HCL Tech enters into strategic partnership with HANCOM

HCL Technologies Ltd has signed a strategic partnership with South Korea-based HANCOM Inc. The two companies will share advanced software technology solutions and establish a mutual bridgehead for overseas expansion. HCL Tech will support training for software development at HANCOM’s research & development (R&D) center in India. The IT firm will also share its development studio and provide HR support to meet demand and development capacity at the R&D center.

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BLS International partners with NHA to process Ayushman Bharat cards across India

The National Health Authority (NHA) has selected BLS International Ltd for processing Ayushman Bharat cards under Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). The scheme offers financial security against medical treatment costs, medicines, diagnostics, and pre-hospitalisation expenses. BLS International Services is an outsourcing service provider for government and diplomatic missions worldwide

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Laurus Labs partners with Unitaid, CHAI to develop pediatric HIV drug

Laurus Labs has partnered with Unitaid and the Clinton Health Access Initiative (CHAI) to develop, commercialise, and register the second and third-line HIV treatment darunavir boosted with ritonavir (DRV/r) for children. Unitaid and CHAI will work with Laurus Labs to ensure Children Living with HIV/AIDS (CLHIV) have access to the generic, fixed-dose combination version of DRV/r.

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Tata Steel commissions India’s first-ever carbon dioxide capture unit

Tata Steel Ltd has commissioned a carbon capture unit at its plant in Jamshedpur. The unit can capture up to five tonnes of carbon per day. Tata Steel has become India’s first steel company to adopt such a technology that extracts carbon dioxide (CO2) directly from the blast furnace gas. The steel company will reuse the captured CO2 on-site to promote a circular carbon economy. The project has been executed with technological support from Carbon Clean, a global leader in low-cost CO2 capture technology.

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HG Infra declared lowest bidder for Rs 448 crore road project in Rajasthan

HG Infra Engineering has been declared as the lower (L-1) bidder by Public Works Department (PWD), Rajasthan, for a road project. The project involves the development and maintenance of the Bewar Masuda Goyala section of SH-26A, Arian Sarwar section of SH-7E and NH-12, and Laxmipura Dora Dabi Ranaji ka Gudha Section of SH-115. The total length to be constructed is 160.63 km. HG Infra’s bid project cost is Rs 448.11 crore. The project has to be completed within 550 days.

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Total Acquires 20% Stake in Adani Green Energy – Top Indian Market News

Total acquires 20% stake in Adani Green Energy 

French oil and energy major Total SE announced the acquisition of a 20% stake in Adani Green Energy Limited (AGEL) from the Adani Group. The company will also buy a 50% stake in a portfolio of solar assets operated by AEGL. Total said it would pay $2.5 billion (~Rs 22,118 crore) as part of the acquisition. AEGL has more than 14.6 gigawatts of contracted renewable capacity, with an operating capacity of 3 GW, another 3 GW under construction, and 8.6 GW under development. The company has plans to achieve 25 GW of renewable power generation by 2025.

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Mindtree Q3 Results: Net Profit rises 66% YoY to Rs 327 crore

Mindtree Ltd reported a 66% year-on-year (YoY) increase in consolidated net profit to Rs 326.5 crore for the quarter ended December (Q3). The IT firm’s revenue rose by 3% YoY to Rs 2,023.7 crore during the same period. The company’s active client base stood at 276, while it added eight new clients in Q3. Mindtree stated that it is witnessing a significant demand for its cloud, data, and analytics capabilities. 

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Three UK partners with TCS to accelerate 5G network rollout

Tata Consultancy Services (TCS) has been selected by Three UK to help configure its mobile network for its ongoing 5G services rollout. Three UK is in the process of deploying a new 5G radio access network, which is already live in 175 towns and cities. TCS’ software will speed-up configuration checking and reduce manual errors, ensuring first-time-right network configuration. TCS will also provide 24×7 support across the network for configuration corrections and ad-hoc site testing. 

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L&T secures order worth up to Rs 5,000 crore from RNVL in Uttarakhand

Larsen & Toubro (L&T) announced that its construction arm has secured a contract worth up to Rs 5,000 crore from Rail Vikas Nigam Ltd (RVNL) in Uttarakhand. The scope of the project includes the construction of tunnels, formation, construction shaft, and other ancillary works between Rishikesh and Karanprayag. L&T said the entire project is to be completed within a stringent timeline of 60 months.

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IndiaMART InterMESH Q3 Results: Net profit rises 29% YoY to Rs 80 crore

IndiaMART InterMESH Ltd reported a 29.35% YoY increase in consolidated net profit to Rs 80.20 crore for the quarter ended December (Q3). Its revenue rose 5.28% YoY to Rs 173.60 crore during the same period. The company’s board has approved fund-raising of up to Rs 1,100 crore via equity and debt instruments. 

Gravita India secures order worth Rs 125 crore from Korea Zinc’s subsidiary

Gravita India has signed an agreement with Sorin Corporation, a subsidiary of Korea Zinc Co Ltd, for supplying approximately 8,000 MT of refined lead. At current lead prices, the contract would be valued at around Rs 125 crore. The agreement will be executed in the calendar year 2021. Gravita India stated that this contract will help the firm strengthen its market presence in the South East Asian market.

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Metropolis Healthcare acquires Hitech Diagnostic Centre

Metropolis Healthcare Ltd has acquired Hitech Diagnostic Centre, a south India-based diagnostics laboratory chain, in a cash and stock deal. The company said it would pay Rs 511 crore in cash and issue up to 4.95 lakh equity shares of face value Rs 2 each on a preferential basis to Hitech’s promoter group. Through the acquisition, Metropolis will get access to 31 laboratories and 68 collection centres of Hitech.

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Motherson Sumi to acquire 75% stake in two companies of Turkey-based Plast Met Group

Motherson Sumi announced the acquisition of a 75% equity stake in two companies of the Turkey-based Plast Met Group through its subsidiary- Samvardhana Motherson Reflectec (SMR). The enterprise value of the deal is €21.78 million (Rs 193 crore). The all-cash deal is subject to regulatory approvals and is expected to be closed in the coming three months. The acquisition will mark Motherson Sumi’s entry into Turkey, which has a vehicle market of 1.4 million units annually.

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Indian Hume Pipe Company receives LoA for water supply project in Uttar Pradesh

Indian Hume Pipe Company Ltd has received a revised Letter of Acceptance (LoA) from State Water & Sanitation Mission (SWSM), Government of Uttar Pradesh for water supply schemes in various villages of Kanpur Division. The project areas of the Kanpur Division are Auraiya, Etawah, Farukhabad, Kanpur Rural, Kanpur Urban, and Kannauj District. The total value of the work order is about Rs 400 crore.

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Snowman Logistics Q3 Results: Net profit stands at Rs 1.4 crore

Snowman Logistics Ltd reported a net profit of Rs 1.42 crore for the quarter ended December (Q3). The company had posted a net loss of Rs 3.4 crore in the corresponding period in FY20. Its revenue increased by 3% YoY to Rs 60.18 crore in Q3 FY21. Snowman Logistics also announced that it has appointed Sunil Prabhakaran Nair as CEO and whole-time director of the firm for a further period of 3 years, with effect from February 13, 2021.

Majesco Q3 Results: Net profit up 23 times to Rs 27.7 crore

Majesco Ltd’s net profit jumped 23 times (or 3,127%) YoY to Rs 27.76 crore for the quarter ended December (Q3). Its total revenue rose by 715% YoY to Rs 38.41 crore during the same period. Majesco had completed a buyback of 15.74 lakh equity shares and paid Rs 133 crore to the shareholders in Q3. The company had also announced an interim dividend of Rs 974 per share during the quarter.

Caplin Point’s arm enters into strategic partnership with Canada’s JAMP Pharma Group

Caplin Steriles, a subsidiary of Caplin Point Laboratories Ltd (CPLL), has entered into a strategic partnership with Canada-based JAMP Pharma Group. The agreement includes six injectable products to be filed for Health Canada approval. Caplin Steriles has already filed some of these products in the United States. [CPLL is engaged in the manufacturing of active pharmaceutical ingredients (APIs), finished formulations, research & development, and clinical research]

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Govt Ready to Roll Out Covid-19 Vaccine by Jan 13 – Top Indian Market News

Ready to roll out Covid-19 vaccine by January 13: Health Ministry

The Union Health Ministry on Tuesday said that it is prepared to roll out the coronavirus vaccine by January 13. “Based on the feedback of the dry-run, the government said it is ready to introduce the Covid-19 vaccine within 10 days from the date of emergency use authorisation,” said Union Health Secretary Rajesh Bhushan. On January 3rd, the Drugs Controller General of India (DCGI) had announced approval for two vaccines- Oxford-AstraZeneca’s Covishield (manufactured by Serum Institute of India) and Bharat Biotech’s Covaxin. The vaccine will be first offered to one crore healthcare workers and two crore frontline & essential workers. 

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Work in progress to set up 16,000 km of new gas pipeline network: PM Modi

Prime Minister Narendra Modi on Tuesday said that work is in progress to set up 16,000 km of a new gas pipeline network in the country, which will be completed over the next four to six years. He stated that this would help set up 700 compressed natural gas (CNG) stations and 2.1 million people to avail piped natural gas (PNG). He further said that India plans to spend $60 billion in creating gas infrastructure till 2024, which would include pipelines, liquefied natural gas (LNG) terminals, and city gas distribution (CGD) networks. PM Modi inaugurated the 450-km Kochi-Mangaluru natural gas pipeline via video conferencing today.

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Gravita India secures contract to supply lead products to Luminous Power

Gravita India Ltd has signed an annual agreement with Luminous Power Technologies for supplying 12,000 million tonnes (MT) of refined lead and lead alloys. The contract will be executed in the calendar year 2021, which at current lead prices would be an approximate contract value of Rs 180 crore. Yogesh Malhotra, the CEO of Gravita India, stated that this agreement will help the company to boost sales and strengthen its presence in the domestic market. 

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Dilip Buildcon incorporates SPV for road project worth Rs 882 crore

Dilip Buildcon Ltd has incorporated a special purpose vehicle (SPV) as a wholly-owned subsidiary for a new Hybrid Annuity Model (HAM) project. The SPV will be used for four laning of Dhrol-Bhadra Patiya section of NH-151A and Bhadra Patiya-Pipaliya Section of NH151A in Gujarat, through public-private partnership on a design, build, operate and transfer basis. The HAM project is worth Rs 882 crore and will be completed in 2 years.

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Tata Power partners with SIDBI to offer affordable financing for MSMEs in rooftop solar segment

Tata Power Ltd has announced its partnership with the Small Industries Development Bank of India (SIDBI) to offer an easy and affordable financing scheme for Micro, Small, and Medium Enterprises (MSMEs) in the rooftop solar segment. The companies have joined hands to design a solar financing solution to help MSME customers with financial aid without any collateral, at an interest of less than 10%. Tata Power stated that this scheme will empower MSMEs to adopt sustainable energy for their businesses and promote greener tomorrow.

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L&T emerges as lowest bidder for Uttarakhand Railway Project

The Heavy Civil Infrastructure business of L&T Construction has emerged as the lowest bidder for Package 4 of the new broad-gauge line between Rishikesh and Karnaprayag. The scope of the engineering and construction project includes completing tunnel work, construction shaft, and ancillary works in Uttarakhand. The order, which is worth about Rs 3,338 crore, is a contract from Rail Vikas Nigam Ltd (RVNL). 

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HCL Tech completes acquisition of Australian IT solutions firm DWS

HCL Technologies Ltd announced that it has completed the acquisition of Australian IT solutions firm DWS. In September 2020, HCL Tech had announced that it will acquire DWS, a move that will help the Noida-based company to strengthen its position in the Australian and New Zealand market. The IT company had said that the total equity value pay-out will be AUD 158.2 million (~Rs 850.33 crore). The DWS Group provides a wide range of IT services including digital transformation, application development & support, and consulting.

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Tech Mahindra partners with College of Military Engineering to build defence solutions

The research and development (R&D) arm of Tech Mahindra Ltd, Makers Lab, has collaborated with the College of Military Engineering (CME), Pune to address challenges in the field of defence through technological innovations. CME will leverage the partnership to address critical military problem statements and be future-ready using next-generation technologies of Artificial Intelligence (AI) and Robotics. As a part of this partnership, Tech Mahindra will establish a Makers Lab at CME to utilise their diverse set of capabilities and promote R&D to provide cutting-edge technology solutions for defence forces.

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RBI imposes Rs 2.5 crore penalty on Bajaj Finance for violation of norms

The Reserve Bank of India (RBI) on Tuesday imposed a monetary penalty of Rs 2.5 crore on Bajaj Finance Limited for violation of rules pertaining to recovery and collection methods. The lapses were linked to risk management and a specific fair practice code. RBI stated that Bajaj Finance had failed to ensure that its recovery agents did not resort to harassment or intimidation of customers as part of its debt collection efforts.

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Salasar Techno’s subsidiary secures contract worth Rs 252 crore from Texmaco

Salasar Adorus Infra LLP, a subsidiary of Salasar Techno Engineering Ltd, has entered into a work contract with Kolkata-based Texmaco Rail and Engineering Ltd. The order consists of carrying out a portion of the design, supply, installation, testing, and commissioning of ‘Ballastless Track of Standard Guage’ in the elevated viaduct section and an underground section for the Bangalore Metro Rail Project. The company stated that the value of the contract is around Rs 252 crore.