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Kalyan Jewellers’ Revenue Grows 60% in Q2 – Top Indian Market News

Kalyan Jewellers’ revenue grows 60% in Q2

Kalyan Jewellers reported a 60% year-on-year (YoY) growth in revenue of its India operations during the quarter ended September (Q2 FY22). The company registered growth in the share of new customers in Q2, largely driven by a shift from the unorganised to the organised segment. The non-south markets recorded a higher same-store sales growth of 70% in Q2, compared to south markets, which recorded same-store sales growth of 40%. During the July-Sept quarter, 92% of its showrooms were operations, compared to 88% in Q2 FY21.

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Total automobile retail sales fall 5.27% in September: FADA 

The Federation of Automobile Dealers Associations (FADA) reported that total sales across all automobile categories declined by 5.27% YoY to 12.96 lakh units in September. Retail sales of passenger vehicles (PV) in September increased by 16.32%YoY to 2,33,308 units. Two-wheeler sales fell 11.54% YoY to 9,14,621 units last month. Meanwhile, commercial vehicle (CV) sales surged 46.64% YoY to 58,820 units. 

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NTPC, EDF to explore power project development opportunities

NTPC Ltd and Électricité de France (EDF) have signed a Memorandum of Understanding (MoU) to explore potential power project development opportunities in the Middle East, Asia, Europe, and Africa. EDF Is a Paris-based power sector firm. The companies will collaborate on knowledge sharing, research and development, technical services, and consultancy assignments globally.

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Ramkrishna Forgings signs MoU with US firm to develop EV powertrain components

Ramkrishna Forgings Ltd (RFL) has signed a Memorandum of Understanding (MOU) with a US-based technology partner for the development of electric vehicle (EV) powertrain components for the Indian EV market. The technology partner is a leading expert in magnetic engineering innovations. Kolkata-based RFL is a leading supplier of rolled, forged, and machined products.

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India’s unemployment rate falls to 6.86% in Sept: CMIE

According to the Centre for Monitoring Indian Economy (CMEI), India’s unemployment rate fell sharply to 6.86% in September from 8.32% in August. Around 85 lakh jobs were created last month. With construction activities picking up pace again, a majority of these jobs were created in rural India. Employment in September 2021 is estimated at 40.62 crore. 

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HAL delivers heaviest semi-cryogenic propellant tank to ISRO

Hindustan Aeronautics Ltd (HAL) has delivered the heaviest semi-cryogenic propellant tank (SC120- LOX) ever fabricated by it to the Indian Space Research Organization (ISRO). The tank will be used in the Mk-III launch vehicle for future missions. HAL’s Aerospace Division has now delivered 244 propellant tanks and 95 water tanks to ISRO for the space programs of PSLV, GSLV Mk-II, and GSLV Mk-III.

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Aurionpro Solutions announces strategic deal in Maldives

SC Soft Pte Ltd, a Singapore-based subsidiary of Aurionpro Solutions Ltd, has been selected as the solution provider of the EMV Open Loop Account Based ticketing system as part of the digitization of transportation solutions across the Maldives. The company will partner with the Bank of Maldives and Mastercard for this project. With this project, Maldives Transport Contracting Company (MTCC) will introduce contactless and digital payments on its transport network.

Mahindra XUV700 SUV receives 25,000 bookings in under an hour

Mahindra & Mahindra (M&M) Ltd’s latest Mahindra XUV700 SUV clocked a total of 25,000 bookings in just under an hour. The company claims these booking numbers are unprecedented in the Indian automotive industry. The price of the new XUV700 has been revised to Rs 12.49 lakh for the entry variant. M&M has gone for a Rs 50,000 price hike for the base variant. Bookings will reopen at 10 am on October 8, 2021.  

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Vakrangee partners with LendDenClub to launch P2P lending platform

Vakrangee Ltd has partnered with LendDenClub to provide investment and borrowing options to its customers in the remotest parts of the country. LenDenClub is one of the leading peer-to-peer (P2P) lending platforms in India. With this integration, customers of Vakrangee can now invest and borrow through LenDenClub. Through its Nextgen Kendras and BharatEasy app, Vakrangee will offer hassle-free instant digital loans in Tier-5 and Tier-6 towns.

GRSE signs concessional agreement with Syama Prasad Mookerjee Port

Garden Reach Shipbuilders & Engineers (GRSE) has signed a concessional agreement with Syama Prasad Mookerjee Port (SMPK), Kolkata, for utilizing Kidderpore Dry Docks and its associated facilities. The concessional agreement will be for 15 years and is further extendable for another 15 years. The facility will be utilized for ship repair and refit activities for Naval & Coast Guard Ships, Port Trust Vessels, and Commercial Ships.  

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Cipla Gets DCGI Approval to Import Moderna’s Covid-19 Vaccine – Top Indian Market News

Cipla receives DCGI approval to import Moderna’s Covid-19 vaccine to India

Cipla Limited has received an import license from the Drugs Controller General of India (DCGI) for restricted emergency use of Moderna’s Covid-19 vaccine in India. The vaccine will be used as part of donations from Moderna to our country. Currently, there is no commercial pact between Cipla and the US-based pharma giant. Moderna’s messenger mRNA vaccine will be the fourth Covid-19 jab to be available in India after Covishield, Covaxin, and Sputnik V. The vaccine has shown more than 90% efficacy in clinical trials for protection against Covid-19.

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IRCTC Q4 Results: Net profit declines 23% YoY to Rs 104 crore

Indian Railway Catering and Tourism Corp. (IRCTC) Ltd reported a 23% YoY decline in net profit to Rs 103.8 crore for the quarter ended March (Q4). Its revenue from operations fell 41.2% YoY to Rs 338.8 crore during the same period. The revenues from its catering segment declined by 70% YoY to Rs 67.38 crore in Q4. Tourism sales declined by 69% YoY to Rs 31.6 crore. IRCTC’s board has recommended a final dividend of Rs 5 per share.

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Reliance to invest in petrochemicals hub in Abu Dhabi: Report

According to a report from Economic Times, Reliance Industries Ltd (RIL) is planning to invest in petrochemical facilities in Abu Dhabi, as it strengthens energy ties with the Middle East. RIL is set to join projects at Abu Dhabi National Oil Company’s Ruwais refining hub. The report further states that Reliance will invest around $1.5 billion (~Rs 11,144 crore) in the facility.

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IRFC Q4 Results: Net profit jumps 126% YoY to Rs 1,482.5 crore

Indian Railway Finance Corporation (IRFC) Ltd reported a 126.4% YoY jump in standalone net profit to Rs 1,482.5 crore for the quarter ended March (Q4). Net profit has declined by 85.84% when compared to the previous quarter. Its revenue from operations rose 39% YoY to Rs 4,455 crore during the same period. Net profit for the financial year 2020-21 (FY21) rose 38.35% YoY to Rs 4,416.13 crore. IRFC is the dedicated market borrowing subsidiary of the Indian Railways. 

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Cyient earns partner-level status in John Deere Achieving Excellence (AE) program 

Cyient Limited has earned Partner-Level status in the John Deere Achieving Excellence (AE) Program for 2020. This is US-based Deere & Company’s highest supplier rating, awarded to companies for outstanding performance in product and service quality. Cyient is a supplier of multiple services to John Deere’s operations in India, including product design, simulation and analysis, cost management, application development, etc.

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Jubilant Industries’ arm enters into strategic partnership with H.B. Fuller

Jubilant Agri and Consumer Products Ltd (JACPL), a wholly-owned subsidiary of Jubilant Industries Ltd, has signed a distribution agreement with US-based H.B. Fuller. This strategic collaboration will help expand the reach of H.B. Fuller’s high-performance adhesive solutions through a wide range of technologies. JACPL will serve as a national channel partner to H.B. Fuller.

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DCM Shriram Q4 Results: Net profit declines 25% YoY to Rs 19.5 crore 

DCM Shriram Industries reported a 24.9% YoY decline in consolidated net profit to Rs 19.51 crore for the quarter ended March (Q4). Net profit has increased by 24.6% when compared to the previous quarter. Its revenue from operations rose 12.76% YoY to Rs 486.77 crore during the same period. Net profit for the financial year ended March 31, 2012 (FY21) declined by 32.5% YoY to Rs 64.75 crore. New Delhi-based DCM Shriram Industries manufactures and sells sugar, alcohol, power, chemicals, and industrial fibers.

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GRSE deploys AI-enabled surveillance systems

Garden Reach Shipbuilders and Engineers (GRSE) Ltd has installed an artificial intelligence (AI)-enabled high-end CCTV network for surveillance at five of its units. The state-of-the-art technology will enable surveillance of the 152.81-acre area of the shipyard to ensure round-the-clock safety and security of all its premises. It will be a valuable tool for detecting unauthorized intrusion or trespassing. The cost of setting up the surveillance systems was Rs 12.95 crore

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Parag Milk launches fat-free milk under the brand ‘Pride of Cows’

Parag Milk Foods Ltd announced its entry into the fat-free milk segment under the premium milk brand ‘Pride of Cows’. Fat-free milk will be available in Mumbai, Pune, and Surat at Rs 120 per litre. It will be offered at Rs 140 per litre in Delhi. The company will increase its milk production capacity to 2 lakh litres by 2026 to meet growing demand. Parag Milk Foods’ fat-free milk will also be available on the company’s existing subscription-based model.

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GMDC Q4 Results: Net loss at Rs 185 crore

Gujarat Mineral Development Corp. (GMDC) reported a consolidated net loss of Rs 184.63 crore for the quarter ended March 2021 (Q4 FY21). It has posted a net profit of Rs 12.29 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 37.4% YoY to Rs 565.80 crore in Q4 FY21. Net loss for the financial year ended March 31, 2012 (FY21) stood at Rs 39.34 crore. This is compared to a net profit of Rs 146.49 crore in FY20. GMDC’s board has recommended a dividend of Rs 0.2 per share.

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Bharat Forge acquires 100% control of Sanghvi Forging and Engineering

Bharat Forge Ltd, through its wholly-owned subsidiary BF Industrial Solutions, has acquired 100% control of Sanghvi Forging & Engineering Ltd (SFEL). The company’s resolution plan for Sanghvi Forging was approved by the National Company Law Tribunal (NCLT) on April 26 and by the Committee of Creditors (CoC) of SFEL on February 17. SFEL manufactures open and closed die forging products for the oil & gas, defence, and shipbuilding industries.

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Heineken Acquires Additional 14.98% Stake in UBL – Top Indian Market News

Heineken acquires additional 14.98% stake in UBL

Dutch brewing company Heineken N.V. has acquired an additional 14.98% stake in United Breweries Ltd (UBL). Its total shareholding in UBL has increased from 46.5% to 61.5%. On June 22, SEBI had exempted Heineken from the obligation of making an open offer following its proposed acquisition of shares in UBL. 

A Debt Recovery Tribunal (DBT) has sold shares worth over Rs 5,800 crore of UBL, which was earlier attached under the anti-money laundering law as part of an alleged bank fraud probe against liquor baron Vijay Mallya. The DBT will further sell shares of UBL worth Rs 800 crore by June 25.

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Dabur India to invest Rs 550 crore to set up manufacturing unit in Madhya Pradesh

Dabur India Limited has commenced construction of its largest manufacturing facility near Indore in Madhya Pradesh. The FMCG firm will invest Rs 550 crore to set up the new unit. The facility would manufacture a wide range of Dabur’s food products, ayurvedic medicines, and health supplements. The first phase of construction is scheduled for completion by the end of the current financial year (FY22). The unit is expected to provide direct and indirect employment opportunities to over 3,000 people at the end of the final phase. 

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Piramal Pharma completes acquisition of Hemmo Pharmaceuticals

Piramal Pharma, a subsidiary of Piramal Enterprises Ltd, has completed the acquisition of Mumbai-based Hemmo Pharmaceuticals. In March, the company had entered into an agreement to acquire a 100% stake in Hemmo for an upfront consideration of Rs 775 crore and earn-outs linked to the achievement of milestones. With this acquisition, Piramal Pharma will gain access to the growing peptide Active Pharmaceutical Ingredient (API) market.

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GRSE commissions new 250 tonne Goliath Crane

Garden Reach Shipbuilders and Engineers (GRSE) Ltd has commissioned a new 250 tonne Goliath Crane at the company’s main works unit in Kolkata. The approximate cost of setting up the crane was Rs 155 crore. GRSE said the new Goliath Crane is a vital asset for the construction and repair of a wide range of modern and strategic warships. It has enhanced the capacity of the modernised infrastructure facility of the shipyard.

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Glenmark Pharma gets USFDA approval for inhalation product

Glenmark Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for Arformoterol Tartrate Inhalation Solution. The drug is used to treat conditions such as chronic bronchitis and emphysema. It will be manufactured at the pharma company’s facility in Monroe, North Carolina. According to IQVIA data, the generic version of the drug had annual sales of approximately $437.9 million (~Rs 3,250 crore) for the 12 months ended April 2021.

Cipla Limited has also received approval for the inhalation solution from the USFDA.

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Infosys’ Rs 9,200 crore share buyback to open on Friday

The Rs 9,200 crore share buyback plan of Infosys Limited is scheduled to commence from June 25, 2021 (Friday). The IT company has proposed to buy back shares at a maximum price of Rs 1,750 per share. The Board of Directors of Infosys had approved the buyback plan on April 14, and the shareholders’ approval was received on June 19. The last date for the share buyback has been fixed as December 24, 2021.

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HCC Q4 Results: Net profit falls 49% YoY to Rs 157 crore

Hindustan Construction Company (HCC) Ltd reported a 49.48% YoY decline in net profit to Rs 157.28 crore for the quarter ended March (Q4). Net profit has increased by 32.64% when compared to the previous quarter. Its total income rose 0.9% YoY to Rs 2,398.38 crore during the same period. Net loss for the financial year ended March 31, 2021 (FY21) stood at Rs 610.02 crore, compared to a net profit of Rs 197.03 crore in FY20. HCC stated that operations of its group companies have started recovering from the economic slowdown caused by the Covid-19 pandemic.

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ABB India installs digital solutions at JSW Steel’s plant in Maharashtra

ABB India Limited has completed the digitalisation of a melt shop at JSW Steel’s Dolvi works steel plant in Maharashtra. The digital solution connects steel melt shop operations with ladle and crane tracking and thermal loss prediction for higher casting speeds and additional output of 24,000 tonnes per annum (TPA). The ABB Ability Smart Melt Shop solution will help JSW Steel boost productivity and profitability.

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Tata Motors in talks to raise capital for EV business: Report

According to a report from Economic Times, Tata Motors is in strategic talks with investors (including private equity funds) to raise capital for its electric vehicle (EV) business. In March 2021, the company had received shareholders’ approval to hive off its passenger vehicles business (including the EV segment) into a separate subsidiary through a scheme of arrangement. The report further states that talks with investors are at an early stage, and may not result in a deal.

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Speciality Restaurants Q4 Results: Net profit jumps 122% YoY to Rs 8.4 crore

Speciality Restaurants Ltd (SPL) reported a 122.72% YoY jump in consolidated net profit to Rs 8.43 crore for the quarter ended March (Q4). Net profit has increased by 328.5% when compared to the previous quarter. Its total income declined by 4.5% YoY to Rs 75.17 crore during the same period. For the entire financial year 2020-21 (FY21), the company reported a net loss of Rs 29.45 crore. This is compared to a net loss of Rs 38 crore in FY20. SPL owns and operates multiple chains of fine and casual dining restaurants in India, Bangladesh, and Tanzania.