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L&T Bags Order for Mumbai-Ahmedabad Bullet Train Project – Top Indian Market News

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L&T secures third order for Mumbai-Ahmedabad bullet train project

Larsen & Toubro (L&T) has secured a third order for the Mumbai-Ahmedabad High Speed Rail from the National High Speed Rail Corporation Ltd (NHSRCL). The order includes the design and construction of civil & building works for a double-line high-speed railway of a length of 8.198 km. It also includes the construction of the major station of Vadodara and other key civil structures.

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Axis Bank issues first Letter of Credit on dedicated govt-backed platform

Axis Bank issued the banking industry’s first Letter of Credit (LC) on the Secured Logistics Document Exchange (SLDE), a government-backed blockchain-enabled platform. The deal involved ArcelorMittal Nippon and the bank’s client Lalit Pipes & Pipes Ltd (LPPL). Axis Bank released an LC on behalf of LPPL, which required such a non-fund-based credit line for a business transaction with ArcelorMittal Nippon Steel India.

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Anupam Rasayan signs LoI worth $95 million with MNC firm

Anupam Rasayan India Ltd (ARIL) has signed a Letter of Intent (LoI) worth $95 million (~Rs 700 crore) with a multinational crop protection firm for the supply of a new life science-related active ingredient. The company will enter into a long-term contract to supply this specialty chemical product for the next five years. This LoI further expands ARIL’s high-value product portfolio with major global players.

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Adani Power, Gujarat discom settle dispute

Adani Power Ltd (APL) and Gujarat Urja Vikas Nigam Ltd (GUVNL) have reached an out-of-court settlement on a dispute pertaining to the termination of a power purchase agreement. APL has agreed to forego a compensation claim worth Rs 11,000 crore against the electricity distribution company (discom). The two companies will now work out a new tariff for the generation and supply of the 1,000-MW electricity based on domestic coal.

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GTPL Hathway partners with Aprecomm to optimize WiFi connections with AI

GTPL Hathway Ltd will remotely optimize its residential Wi-Fi connections using Artificial Intelligence (AI) in partnership with Aprecomm. The partnership would help GTPL bring down customer issue resolution time and enhance the experience of more than 7 lakh connected broadband households. Aprecomm’s AI Engine will allow GTPL to convert its household connections to AI-enabled smart WiFi access points.

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Edelweiss partners with Indian Bank for co-lending to priority sector

Edelweiss Financial Services and ECL Finance announced a strategic co-lending partnership with Indian Bank for priority sector lending. The lenders recently signed a Memorandum of Understanding (MoU) to expand the portfolio of lending products available to the target customers, thereby increasing access to credit. Agriculture, micro-enterprises, and advances to weaker sections of society are amongst the categories that form the priority segment of lending.  

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Alembic Pharma gets USFDA approval for Dronedarone tablets

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Dronedarone Tablets. The drug is indicated to reduce the risk of hospitalization for atrial fibrillation in patients in sinus rhythm. According to IQVIA data, Dronedarone tablets had an estimated market size of $500 million (~Rs 3,705 crore) for the twelve months ended September 2021.

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RailTel declares interim dividend of Rs 1.75 per share

RailTel Corporation of India has declared an interim dividend of Rs 1.75 per share for the financial year 2021-22. The company has fixed January 21 as the record date for the payment of the interim dividend. The total payout of the dividend is approximately Rs 56 crore. RailTel is one of the largest telecom infrastructure providers in the country, with a pan-India optic fibre network covering several towns, cities, and rural areas.

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JBM Auto acquires 51% stake in JBM Green Energy Systems

JBM Auto Ltd has acquired the majority stake (51%) in JBM Green Energy Systems Pvt Ltd (JBM GESPL) and JBM EV Industries Pvt Ltd (JBM EIPL) through a subsidiary, JBM Electric Vehicles Private Ltd. JBM GESPL and JBM EIPL have now become indirect subsidiary companies of JBM Auto. The company has announced plans to commission an end-to-end e-mobility ecosystem completely localised in India.

SJVN gets category ‘I’ licence for inter-state trading of electricity across India

The Central Electricity Regulatory Commission (CERC) has given category ‘I’ licence to SJVN Ltd for inter-state power trading across India. According to the CERC order, no objections were received on the petition of SJVN for grant of a category ‘I’ licence for inter-state trading in electricity. State-owned SJVN Ltd is engaged in hydroelectric power generation and transmission.

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WPI Inflation Eases to 10.66% in September – Top Indian Market News

WPI inflation eases to 10.66% in September 2021 

Inflation based on the Wholesale Price Index (WPI) fell to 10.66% in September 2021 from 11.39% in August, as prices of primary articles, fuel & power, and food fell during the period. The benchmark inflation index has remained in double digits for the last six months. Food inflation decelerated to 1.14% in Sept from 3.43% during August. Fuel and power prices rose by 24.81% in September on a yearly basis compared to 26.09% in August.

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HCL Tech Q2 Results: Net profit rises 3.7% YoY to Rs 3,259 crore

HCL Technologies Ltd reported a 3.69% YoY increase in consolidated net profit to Rs 3,259 crore for the quarter ended Sept (Q2 FY22). Net profit rose 1.68% when compared to the previous quarter. Its revenue from operations rose 2.9% QoQ to Rs 20,655 crore during the same period. HCL Tech secured 14 large deals worth $2.3 billion during Q2. The IT company’s board has approved an interim dividend of Rs 10 per share.

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Passenger vehicle wholesales fall 41% in Sept: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle (PV) wholesales in India decreased by 41% in September. Automobile manufacturers struggled to produce adequate units owing to the semiconductor shortage. The total PV production fell 37.5% YoY to 1.60 lakh units, while two-wheelers were down by 17% YoY to 15.28 lakh units.

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GTPL Hathway Q2 Results: Net profit falls 4.5% YoY to Rs 

GTPL Hathway Ltd reported a 4.51% YoY decline in consolidated net profit to Rs 43.08 crore for the quarter ended Sept (Q2 FY22). Net profit declined by 9.23% compared to the previous quarter. Its total income rose 3.51% YoY to Rs 605.23 crore during the same period. GTPL Hathway is engaged in cable TV and high-speed broadband service distribution. 

Lupin recalls all Irbesartan tablet batches in US due to impurity

Lupin Ltd has voluntarily recalled all batches of Irbesartan tablets and lrbesartan and Hydrochlorothiazide tablets in the US due to an impurity. As part of Lupin’s ongoing assessment, analysis revealed that certain tested API batches (but not finished product batches) were above the specification limit for the impurity N-nitrosolrbesartan (a substance that could cause cancer). lrbesartan tablet USP is used to treat hypertension and to tower blood pressure.

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Indiabulls Real Estate Q2 Results: Net profit jumps 107% YoY to Rs 5.53 crore

Indiabulls Real Estate Ltd reported a 107.27% YoY jump in consolidated net profit to Rs 5.53 crore for the quarter ended Sept (Q2 FY22). Net profit rose 16.23% compared to the previous quarter. Its total income increased by 651.9% YoY (but declined by 28.45% QoQ) to Rs 381.24 crore during the same period. Indiabulls Real Estate is one of the largest real estate companies in India, with a well-diversified presence in both commercial and residential real estate development.

DoT approves 31 proposals worth Rs 3,345 crore for telecom equipment PLI

The Department of Telecommunications (DoT) has approved 31 proposals, accumulating an investment of Rs 3,345 crore over four-and-a-half years under the production-linked incentive (PLI). The selected candidates will be eligible for incentives worth Rs 12,195 crore spread over the next five years. A total of 31 companies, comprising 16 micro, small, and medium enterprises (MSMEs), 15 non-MSMEs have been given approval.

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Inox Wind Q2 Results: Net loss at Rs 57.26 crore

Inox Wind Limited reported a consolidated net loss of Rs 57.26 crore for the quarter ended Sept (Q2 FY22). The company had posted a net loss of Rs 76 crore in Q2 FY21 and a loss of Rs 52.32 crore in the previous quarter (Q1 FY22). Its total income fell 5.16% YoY (or 1.93% QoQ) to Rs 167.51 crore during the same period. Noida-based Inox Wind is an integrated wind energy service provider.

Nykaa gets SEBI approval for IPO

According to reports, omnichannel beauty and consumer-care products retailer Nykaa has received clearance from the Securities and Exchange Board of India (SEBI) for an initial public offering. The company is likely to file an updated Draft Red Herring Prospectus (DRHP) with SEBI today to increase the issue size from Rs 525 crore to Rs 630 crore. The IPO will also include an offer for sale (OFS) in which existing shareholders will sell up to 431.1 lakh shares.

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Cyient Q2 Results: Net profit rises 44% YoY to Rs 121 crore

Cyient Limited reported a 44.6% YoY increase in consolidated net profit to Rs 121.3 crore for the quarter ended Sept (Q2 FY22). Net profit rose 5.48% compared to the previous quarter. Its revenue from operations rose 10.8% YoY to Rs 1,111.6 crore during the same period. The company’s order intake grew 23% year-on-year. The digital engineering and technology firm’s board has declared an interim dividend of Rs 10 per share.

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HCL Tech Reports 9% YoY Rise in Net Profit in Q1 – Top Indian Market News

HCL Tech Q1 Results: Net profit rises 9% YoY to Rs 3,213 crore

HCL Technologies Ltd reported a 9.4% year-on-year (YoY) increase in consolidated net profit to Rs 3,213 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 12.5% YoY to Rs 20,068 crore during the same period. The total contract value (TCV) of new deals stood at $1,664 million in Q1, an increase of 37% YoY. HCL Tech’s attrition rate for IT services declined from 14.6% in Q1 FY21 to 11.8% in Q1 FY22. The IT company’s board has declared an interim dividend of Rs 6 per share. 

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SC reserves order on Bharti Airtel, Vodafone Idea’s pleas in AGR case

The Supreme Court (SC) reserved its order on Bharti Airtel and Vodafone Idea’s pleas seeking correction of errors in adjusted gross revenue (AGR) demands. The SC stated that recalculation of AGR dues will not be allowed. The telecom operators had sought the correction in AGR demand, citing errors in the Department of Telecommunications’ (DoT) calculation of dues. You can learn more about the entire telecom AGR saga here.

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ACC Q2 Results: Net profit jumps two-fold to Rs 569 crore

ACC Limited reported a 110% YoY jump in consolidated net profit to Rs 569.45 crore for the quarter ended June (Q2 CY21). The cement maker follows the January-December financial year cycle. Its revenue from operations rose 49.29% YoY to Rs 3,884.94 crore during the same period. Total cement volumes rose 43.7% YoY to 6.84 million tonnes (MT) in Q2. Revenue from its cement business increased by 43.9% YoY to Rs 3,672.31 crore.

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HDFC Life Q1 Results: Net profit declines 33% YoY to Rs 302 crore

HDFC Life Insurance Company Ltd reported a 33% YoY decline in standalone net profit to Rs 302 crore for the quarter ended June (Q1 FY22). Its total premium rose 31% YoY to Rs 7,656 crore during the same period. The fall in profit was due to higher claim payout and higher provisions to mitigate the impact of the Covid-19 pandemic. HDFC Life paid over 70,000 claims in Q1. The gross and net claims provided amounted to Rs 1,598 crore and Rs 956 crore, respectively.

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L&T Construction secures contracts under various businesses

The construction arm of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) across various business segments. The power transmission and distribution business has won an order to construct a 220 kilovolt (kV) transmission line in Ladakh. It has also received an order to design, supply, construct, test, and commission a 132/11kV substation with associated cable works in Dubai city. L&T’s factory business has secured an order from a leading cement manufacturer to construct a 1.8 million tonne per annum (MTPA) grinding unit in Dolvi, Maharashtra.

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Centre to collect Rs 70,000 crore from asset monetisation of PowerGrid, NTPC, REC over five years

According to a report from ET Now, the Central government is likely to collect Rs 70,000 crore through monetisation of assets of state-owned power giants such as Power Grid, NTPC, and REC in the next five years. Around 50% of funds are likely to be utilised for boosting state transmission and power distribution infrastructure. Central public sector enterprises (CPSEs) will join hands with state power distribution companies (discoms) through joint venture agreements for support.  

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Tatva Chintan IPO subscribed 15 times on second day of bidding 

The Rs 500 crore initial public offering (IPO) of Tatva Chintan Pharma Chem Ltd was subscribed 15.05 times on the second day of bidding. The IPO received bids for 4.90 crore equity shares against the issue size of 32.61 lakh shares. Retail investors have subscribed 23.74 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 12.21 times and 1.97 times, respectively, against their reserved portions. 

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Indian Bank Q1 Results: Net profit jumps multifold to Rs 1,182 crore

Indian Bank reported a 220% YoY jump in net profit to Rs 1,182 crore for the quarter ended June (Q1 FY22). Net profit has declined 31% when compared to the previous quarter. Its Net Interest Income (NII) rose 3% YoY to Rs 3,994 crore during the same period. [NII is the difference between the interest income a bank earns on its lending activities and the interest it pays to depositors]. The gross non-performing assets (GNPA) ratio stood at 9.69% in Q1 FY22, compared to 10.9% in Q1 FY21. 

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GTPL Hathway Q1 Results: Net profit rises 16% YoY to Rs 47 crore

GTPL Hathway Ltd reported a 16.1% YoY increase in consolidated net profit to Rs 47.46 crore for the quarter ended June (Q1). Net profit has declined by 16.5% when compared to the previous quarter. Its revenue from operations rose 21.46% YoY to Rs 601.77 crore during the same period. GTPL Hathway is a leading provider of cable television and broadband services. The company serves customers in ~800 cities across 12 states in India.

Tata Steel Mining and Jindal Stainless signs MoU for joint mining operations

Tata Steel Mining and Jindal Stainless have signed a Memorandum of Understanding (MoU) to jointly unearth the Chrome Ore locked up in the boundary between their mines at Sukinda (Odisha). It would help in the conservation of chromite ore, which otherwise would have been left unmined forever. The companies have initiated steps to get necessary approvals from the concerned authorities before jointly starting mining operations.

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NAM India Q1 Results: Net profit rises 16% YoY to Rs 182 crore

Nippon Life India Asset Management Ltd (NAM India) reported a 16% YoY increase in net profit to Rs 181.54 crore for the quarter ended June (Q1 FY22). Net profit has increased by 8.8% when compared to the previous quarter. Its total income rose 10% YoY to Rs 369.18 crore during the same period. The average quarterly assets under management (AUM) rose 33% to Rs 2.40 lakh crore in Q1.

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Mindtree Reports 53% YoY Rise in Net Profit in Q4 – Top Indian Market News

Mindtree Q4 Results: Net profit rises 53% YoY to Rs 317 crore

Mindtree Limited reported a 53.4% year-on-year (YoY) increase in consolidated net profit to Rs 317.3 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 2.9%. The IT firm’s revenue from operations rose 3% YoY to Rs 2,109.3 crore during the same period. Its order book grew 12.3% YoY to $1,382 million in FY21. Mindtree has announced a final dividend of Rs 17.5 per share.

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NALCO receives mining lease for Utkal-E coal block in Odisha

The Department of Steel & Mines, Government of Odisha, has granted the mining lease of Utkal-E coal block to National Aluminium Company (NALCO) Limited. The initial capacity of the Utkal-E coal block is 2 million tonnes per year, with a total mineable reserve of ~70 million tonnes. With the grant of Utkal D & E coal blocks, NALCO’s total mineable coal reserve will increase to 175 million tonnes.

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Ashok Leyland delivers light bulletproof vehicles to Indian Air Force

Ashok Leyland said it has delivered the first lot of Light Bulletproof Vehicles (LBPV) to the Indian Air Force. The LBPV is an adopted version of Lockheed Martin’s Common Vehicle Next-Gen (CVNG). It was developed under a transfer of technology (TOT) agreement between Ashok Leyland and Lockheed Martin. The LBPV has high off-road mobility in mud, sand, rocks, and shallow water. It can accommodate a crew of six people, with ample cargo space to carry substantial mission equipment.

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L&T secures significant orders across business segments

Larsen & Toubro (L&T) said its construction arm has received significant orders (in the range of Rs 1,000-2,500 crore) across business segments in the domestic and international markets. Its power transmission and distribution business has won orders to construct two 132/11kV substations in Dubai. L&T’s building and factories business has secured an order from a leading cement manufacturer to construct a 3.5 MTPA cement plant in Rajasthan.

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Maruti Suzuki hikes prices of select models by up to Rs 22,500

Maruti Suzuki India said it has hiked prices of select car models by up to Rs 22,500 to partially offset the impact of rising input costs. The weighted average price increase of ex-showroom prices (Delhi) across models is 1.6%. The price hike will be applicable to all car models, except Celerio and Swift. In January 2021, the automaker had announced a price hike of select models by Rs 34,000 due to a rise in input costs.

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Quess Corp to acquire remaining 30% stake in Conneqt from Tata Sons for Rs 208 crore

Quess Corp Limited said it will acquire the remaining 30% equity stake in Conneqt Business Solutions Ltd from Tata Sons for Rs 208 crore. With this transaction, Conneqt will become a wholly-owned subsidiary of Quess Corp. This will allow the company to realise synergies between its various divisions (including Conneqt and Allsec Technologies). It will also strengthen Quess’ position to accelerate growth in the IT/ITeS space.

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GTPL Hathway Q4 Results: Net profit at Rs 56.89 crore

GTPL Hathway Ltd reported a consolidated net profit of Rs 56.89 crore for the quarter ended March (Q4). It had posted a net loss of Rs 13.62 crore in the corresponding period last year. The company’s revenue from operations rose 17.82% YoY to Rs 748.72 crore in Q4 FY21. Its board has recommended a dividend of Rs 4 per share. GTPL Hathway is a leading digital cable TV and broadband service provider.

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RITES-led consortium emerges lowest bidder for railway project in Bangladesh

A consortium led by RITES Limited has emerged as the lowest (L1) bidder for a tender floated by Bangladesh Railways. The order consists of the construction of a dual gauge railway line from Bogura to Shahid M. Mansur Ali station in Bangladesh. The project is funded by Exim Bank of India under the Line of Credit (LOC) scheme. RITES stated that the total fee income would be ~Rs 63 crore.

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NTPC to raise Rs 3,996 crore via bonds

NTPC Limited said it will raise Rs 3,996 crore through the issuance of non-convertible bonds on April 20, 2021 (Tuesday). The bonds will be issued on a private placement basis at a coupon rate of 6.87% per annum. The proceeds from this issue will be utilised for funding capital expenditure, refinancing of existing loans, and other general corporate purposes. The bonds are proposed to be listed on NSE.

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Vivimed Labs receives approval for 3 products

Vivimed Labs Limited has received approvals for 3 products from its state-of-the-art manufacturing site in Hyderabad. The approved products include Bilastine tablets 20mg under the brand name- FLUSTIN. It is used in the treatment of allergic Rhinoconjunctivitis and Urticaria (hives). The second product is Ornidazole and Otloxacin tablets, used in the treatment of bacterial and parasitic infections. The third product is Paracetamol 12 Smg/Sml and Chlorpheniramine Maleate Syrup (used to treat symptoms of allergic conditions).

IndiGo to waive-off change fees on domestic bookings made from April 17-30

InterGlobe Aviation Ltd (IndiGo) announced that it will not charge any fees to change the time or date on domestic tickets that are booked between April 17-30. The airline said passengers can make unlimited changes on domestic tickets booked between this period. However, there will be no change in cancellation fees.

In other news, IndiGo said it had transported a total of 81,437 kg of Covid-19 vaccines between January 12 and April 12. The airline had a leading market share of 36.56% in Covid-19 vaccine transportation during this period.

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