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Jet Airways Relaunch Faces Delays – Top Indian Market Updates

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

Jet Airways facing more delays: CEO Sanjiv Kapoor

Jet Airways Ltd’s potential new owners, the Jalan-Kalrock consortium, have been trying to relaunch operations this month. However, the airline faces more delays due to unresolved negotiations between the management and engine makers on more favourable terms in its proposed leasing contracts. 

“We will start operations in a planned and phased manner and share details of our fleet, customer value proposition, and business model when we open for sale,” said CEO Sanjiv Kapoor.

Read more here.

AGEL commissions 325 MW wind power project in Madhya Pradesh

Adani Green Energy Ltd (AGEL) has commissioned a 325 megawatts (MW) wind energy plant in Dhar, Madhya Pradesh. The plant has two 25-year Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI) at a tariff of Rs 2.83 per kilowatt hour (kwh). The Adani Group will manage the newly commissioned plant via its ‘Energy Network Operation Centre’ platform.

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NARCL to buy 18 distressed accounts totalling ₹39,921 crore by Oct 1: Report

As per an ET Now report, the National Asset Reconstruction Company of India Ltd (NARCL) is preparing to acquire 18 distressed accounts worth ₹39,921 crore by October 31. The bad bank informed lenders that it has created two lists– Phase 1 comprised eight accounts with a debt of ₹16,744 crore. Phase 2 has 10 accounts with a debt of ₹18,177 crore.

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Welspun Corp secures order for pipeline project in the US

Welspun Corp has secured a significant order for a carbon capture pipeline project in the United States. The company will supply 785 miles (1,256 km) or 100,000 MT of high-frequency induction welding pipes. The pipes for the order will be produced at the company’s manufacturing plant in Little Rock, Arkansas, and executed in FY23-24.

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Delhi HC allows Natco Pharma to launch Chlorantraniliprole

The Delhi High Court has allowed Natco Pharma to launch Chlorantraniliprole (CTPR) and its formulations through its non-infringing process. CTPR technical is formulated into broad-spectrum insecticides for pest management on a wide range of crops. Natco Pharma estimates the current market size of products containing CTPR in India to be over ₹2,000 crore.

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Hatsun Agro Products’ board approves rights issue of ₹400 crore

The Board of Directors of Hatsun Agro Products Ltd has approved the proposal for a rights issue aggregating to ₹400 crore. The issue will be available for all existing shareholders. The eligible shareholders will be determined on the record date, which the company will announce in due course. 

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Olectra secures order to supply 123 e-buses to Thane Municipal Transport Undertaking

A consortium formed by Olectra Greentech and EVEY Trans has secured an order for 123 electric buses from the Thane Municipal Transport Undertaking. EVEY Trans will procure these e-buses from Olectra Genentech and deliver them in nine months. Meanwhile, Olectra will maintain the buses during the contract period of 15 years. The total value of the order is ₹185 crore.

Read more here.

Dixon Tech signs deal with Ibahn for advanced lighting technology

Dixon Technologies (India) Ltd has entered into a binding term sheet with Delhi-based Ibahn Illumination, whereby Ibahn has agreed to transfer its cutting-edge technologies of smart lighting solutions. Ibahn’s BLE Mesh Smart Lighting (app, firmware, hardware, and cloud-hosted database) provides consumers with Wi-Fi-based technology solutions for its lighting products.

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PSP Projects secures work orders worth ₹167 crore

PSP Projects Ltd has secured orders worth ₹167.35 crore in the industrial, precast and residential segments. This includes a major order to construct Phase 2 of a Noodle Factory from a repeat client. With receipt of the above orders, the total order inflow for FY2022-23 till date amounts to ₹1,511.58 crore.

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SEBI introduces framework to prevent misuse of clients’ securities by brokers

The Securities & Exchange Board of India (SEBI) has introduced a new framework that will prevent the misuse of clients’ securities and funds by their stock brokers. Under the framework, depositories need to validate the transfer instruction for pay-in of securities from client Demat accounts to trading member pool accounts against obligations received from the clearing corporations.

In other news, SEBI is looking to boost surveillance of social media and other platforms through a web intelligence tool. Using data analytics, the tool will help to investigate violations of various securities laws by individuals, groups, and other entities.

Read more here.

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Zomato Discontinues Pro, Pro Plus Programs – Top Indian Market Updates

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

Zomato discontinues Pro, Pro Plus programs

Food delivery platform Zomato has stopped onboarding new members and merchant partners to ‘Pro’ and ‘Pro Plus’ programs. These are members-only programs that assured food delivery on priority and exclusive discounts. After membership terms expire, active members won’t be able to extend or renew their subscriptions. The company said it will come up with a new program as a replacement for the discontinued schemes.

Read more here.

L&T secures large contract from Indian Oil Corporation

The hydrocarbon-onshore division of Larsen & Toubro’s energy business has secured a large contract (in the range of Rs 2,500-5,000 crore) from Indian Oil Corporation Ltd (IOCL). The contract is for setting up a Residue Hydrocracker Unit (RHCU) for IOCL’s P-25 Project. IOCL is implementing the Panipat refinery expansion (P-25) project to enhance capacity from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA.

Read more here.

Hatsun Agro approves plan to raise Rs 700 crore

Hatsun Agro Products Ltd’s (HAPL) board has approved a proposal to raise Rs 700 crore through private placement of shares via a Qualified Institutional Placement (QIP). The board also gave its approval to acquire paid-up share capital (not exceeding 20%) of Huoban Energy 4 Pvt. Ltd. The investment is done for consuming solar energy captively for HAPL’s plant in Maharashtra.

Read more here.

RIL files contempt petition against SEBI before Supreme Court

Reliance Industries Ltd (RIL) has filed a contempt plea against the Securities & Exchange Board of India (SEBI) before the Supreme Court (SC), alleging ‘wilful disobedience’ about an order of the apex court that had directed the market regulator to give RIL access to certain documents in a 20-year-old stock allotment case. The move comes when SEBI plans to file a review petition in SC against the August 5 order that had ruled in favour of RIL on accessing the relevant documents.

Read more here.

Aurionpro secures order from one of the largest public sector banks in India

Aurionpro Solutions Ltd (ASL) has secured an order from one of the largest public sector banks in India. The order is for providing 24×7 support monitoring services for the Murex Treasury Platform at the bank. “The recent upgradation of our partnership with Murex and this new win has strengthened our position in the market, and we are looking forward to further deepening our engagement with the bank,” said ASL in a statement.

Creditors to Future Retail place claims worth Rs 21,000 crore

Future Retail Ltd. has received claims of Rs 21,057 crore from 33 financial creditors, as per data released by the company that is under the corporate insolvency resolution process. Of the total claims received, Rs 17,511.69 crore has been verified by the interim resolution professional (IRP). Claims worth Rs 3,546 crore have not yet been verified. State Bank of India, Punjab National Bank, and other state-owned lenders have claimed over Rs 12,755 crore.

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Bank of Baroda plans to raise Rs 2,500 crore via AT1 bonds

Bank of Baroda has announced plans to raise debt capital of Rs 2,500 crore through Additional Tier-1 (AT1) bonds in single or multiple rounds. AT1 bonds are a type of perpetual (no maturity date) debt instrument that banks use to augment their core equity base. They offer higher returns to investors but carry higher risk as well. 

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Subex to deploy its fraud management solution for Ethio Telecom

Ethio Telecom has selected Subex Ltd to deploy its fraud management solution. The solution will replace Ethio’s existing legacy fraud management system, enabling them to move from a traditional rules-based approach to an AI-first approach. They will be able to bring in enhanced accuracy, coverage, and time-to-detect. Ethio Telecom is Ethiopia’s leading integrated telecom solutions provider with over 50 million subscribers.

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Cipla aims to double India business in 5 years, looks at innovation in US: CEO

Cipla Ltd hopes to transform itself into a global healthcare organisation, with a sharp focus on strengthening its presence in the US market and doubling its Indian business, said CEO Umang Vohra. He said Cipla has the potential to double US business on the back of new launches in the next five years. The pharma major is also looking at China, Brazil, South Africa, and Australia as key markets, with Australia likely to be a $100-million market shortly.

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Sobha settles nearly Rs 2.93 crore with SEBI in trade case

Real estate developer Sobha Ltd has settled Rs 2.925 crore with market regulator SEBI. Following this, the adjudication proceedings initiated against Sobha and its three Executive Directors have been disposed of. The settlement order has been passed on Monday and came into force with immediate effect.

During FY17-19, SEBI investigated certain transactions carried by Sobha with D.K. Shivakumar (DKS) and his family members/associates, which was allegedly against the interest of the minority shareholders of Sobha.

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Reliance to Step Up Fuel Exports to Europe – Top Indian Market News

Reliance Industries to step up fuel exports to Europe

As per reports, Reliance Industries Ltd’s Jamnagar facility is lifting crude processing and deferring planned maintenance to take advantage of surging demand for diesel in Europe. RIL is already sending shipments of the fuel to Europe. The complex in Gujarat can process 1.36 million barrels of crude per day from two refineries and can export most of the fuel. 

Various Asian refiners are looking to send diesel abroad as crude oil prices surge in Europe following Russia’s invasion of Ukraine.

Read more here.

Coal India receives 100% booking in its first single-window e-auction

Coal India Ltd’s first-ever offer of nearly 5.2 lakh tonnes (LT) of coal under the single-window e-auction received an encouraging response from coal consumers. 100% of the offered quantity was booked. After the merger of multiple auction windows into a solitary outlet, CIL conducted an e-auction in two of its subsidiaries on March 3, 2022. 

Cyient partners with iBASEt to drive business growth

Cyient has entered into a strategic partnership with iBASEt, a company that simplifies how complex products are built and maintained. iBASEt’s industry-leading manufacturing software solutions complement Cyient’s experience in implementing manufacturing execution solutions. 

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L&T Construction bags significant order from Delhi Metro

The heavy civil infrastructure business vertical of L&T Construction has won a significant order (in the range of Rs 1,000-2,500 crore) from the Delhi Metro Rail Corporation Ltd (DMRC). The scope of work includes the design and construction of 5 km of twin tunnel by shield tunnel boring machine, underground ramp, and four stations. The project is funded by Japan International Cooperation Agency (JICA).

Read more here.

Expedia selects RateGain as a preferred connectivity partner

RateGain Travel Technologies Ltd announced its preferred connectivity partner status with Expedia Group. The company will work with the leadership team of Expedia Group to provide feedback and help shape future products and technology solutions. The Expedia Group Connectivity Partner Programme recognizes and rewards top connectivity providers, including channel managers, property management systems, and central reservation systems.

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PSP Projects secures order worth Rs 564 crore

PSP Projects Ltd has emerged as the lowest (L-1) bidder for a construction project in Gujarat. The order comprises the construction of a sports complex in Ahmedabad. The bid value of the project is Rs 563.99 crore. PSP Projects offers a wide range of construction and allied services for industrial, residential, and government residential projects in India.

Hatsun Agro to sell RTE business, Oyalo brand to Naga Ltd

Hatsun Agro Product Ltd (HAPL) has entered into a pact with Naga Ltd. to sell its Ready to Eat (RTE) business and ‘Oyalo’ brand for Rs 25 crore. The transaction will be effective by end of April 2022. As of March 2021, RTE’s net worth (based on the gross value of assets) was Rs 59.87 crore (5.86% of the net worth of the company). HAPL’s net worth stood at Rs 1,021.51 crore.

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J. Kumar Infra secures orders worth Rs 2,032 crore

J. Kumar Infraprojects Ltd has secured a work order from Pune Municipal Corporation for the development of the Mula Mutha river from Bund Garden Bridge to Mundhwa under the Pune river rejuvenation project. The order is worth Rs 604.75 crore. The company has also won an order worth Rs 1,426.99 crore for designing and constructing twin tunnels and four underground stations of Phase-IV of Delhi Metro.

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Vodafone UK in talks to sell remaining 21% in Indus Towers

As per an ET report, Vodafone Group Plc is in advanced talks with American Tower Co (ATC), Crown Castle International, Brookfield, and others to sell its remaining 21% stake in Indus Towers through block deals. Vodafone UK’s residual stake of 56.72 lakh shares in Indus Towers is valued at ~Rs 11,571 crore. Once Vodafone sells its stake in Indus Towers, it will mark the company’s exit from the passive telecom infrastructure business in India.

Read more here.

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

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

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

Read more here.

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

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

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TCS partners with Japan-based Cainz to drive business transformation

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

Read more here. 

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

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

Equitas SFB to raise Rs 1,000 crore via QIP

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

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

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

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

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

Granules India receives USFDA approval for Dofetilide capsules

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

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

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

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

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

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

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

Read more here.

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Tata Motors to Deliver 15 Hydrogen-Powered Buses to IOC – Top Indian Market News

FILE PHOTO: Tata Motors logos are seen at their showroom in Mumbai February 14, 2013. REUTERS/Vivek Prakash/File Photo

Tata Motors to deliver 15 hydrogen-powered buses to Indian Oil Corp

Tata Motors has secured an order for 15 hydrogen-based proton exchange membrane (PEM) fuel cell buses from Indian Oil Corporation Limited (IOCL). All 15 buses will be delivered within 144 weeks from the date of signing of the Memorandum of Understanding (MoU). The automaker will also collaborate with IOCL to undertake research & development (R&D) projects and collectively study the potential of fuel cell technology for commercial vehicles. 

Read more here.

NBCC Q4 Results: Net profit at Rs 83 crore

NBCC (India) Limited reported a consolidated net profit of Rs 83.30 crore for the quarter ended March 2021 (Q4 FY21). It posted a net profit of Rs 83.77 crore in the corresponding quarter last year (Q4 FY20). Its total income rose 2.09% YoY to Rs 2,706.80 crore in Q4 FY21. Net profit for the financial year 2020-21 (FY21) jumped 136.5% YoY to Rs 236.24 crore. The construction company’s board has recommended a final dividend of Rs 0.47 per share.

In other news, NBCC has secured a project worth Rs 206 crore from Odisha Hydro Power Corporation Ltd. 

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AstraZeneca partners with Docon to digitalise 1,000 clinics across India

AstraZeneca Pharma India Ltd has signed an agreement with Bengaluru-based health-tech startup, Docon Technologies, for digitising 1,000 clinics across India. Docon will equip clinics with customised Electronic Medical Record (EMR) systems, which enable clinicians to access complete patient history. As part of the pilot phase, around 200 clinics across Tier 1 and Tier 2 towns have been upgraded.

Read more here.

Ircon International Q4 Results: Net profit rises 47% YoY to Rs 170 crore

Ircon International reported a 47.69% YoY increase in consolidated net profit to Rs 170.43 crore for the quarter ended March (Q4). Its revenue from operations rose 29.27% YoY to Rs 2,421.65 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 19.4% YoY to Rs 391.06 crore. Ircon International is an engineering and construction company that specializes in transport infrastructure. It is a wholly-owned subsidiary of the Indian Railways.

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Lupin receives USFDA approval for HIV drug under PEPFAR

Lupin Limited has received approval from the US Food & Drug Administration (USFDA) for Dolutegravir, Lamivudine, and Tenofovir Disoproxil Fumarate (TLD) tablets, along with an antiretroviral fixed-dose combination. It is indicated for the treatment of HIV in adults and pediatric patients. The approval has been given under the US President’s Emergency Plan for AIDS Relief (PEPFAR). The product will be manufactured at Lupin’s facility in Nagpur, Maharashtra. 

Read more here.

Tech Mahindra partners with TAC Security for enterprise security solutions

Tech Mahindra Ltd has partnered with TAC Security to enable next-generation enterprise security for customers globally. US-based TAC Security is a risk and vulnerability management firm. The partnership will leverage artificial intelligence (AI) and user-friendly analytics to measure, prioritise, and mitigate vulnerabilities across the entire IT stack. They will help safeguard clients’ applications and infrastructure against cyber threats.

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Hatsun Agro expands dairy products portfolio; to sell paneer under ‘Arokya’ brand

Hatsun Agro Product Ltd has expanded its products portfolio by introducing paneer under the ‘Arokya’ brand. It will initially be sold in Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Goa, Maharashtra, and Pondicherry. The company stated that Arokya Paneer is made using fresh milk sourced directly from farmers and natural lemon. The product is available in a 200-gram pack and is priced at Rs 100. Hatsun Agro is a leading private sector dairy company based in Chennai.

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Sunteck Realty Q4 Results: Net profit jumps 215% YoY to Rs 10.4 crore

Sunteck Realty Ltd reported a 215.94% YoY jump in consolidated net profit to Rs 10.40 crore for the quarter ended March (Q4). Net profit has declined by 55.35% when compared to the previous quarter. Its total income rose 113.52% YoY to Rs 194.67 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 43.35% YoY to Rs 41.94 crore. The company’s board has recommended a final dividend of Rs 1.5 per share. 

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Promoters of Macrotech Developers repay debt of Rs 1,596 crore owed to company

Macrotech Developers announced that its promoters have repaid the entire debt owed by them to the company. The promoters owed a sum of Rs 1,596 crore as of March 31, 2021. Of this, a sum of Rs 400 crore was repaid on April 29, 2021. The balance of Rs 1,196 crore, along with interest accrued, was repaid today (June 30). Macrotech Developers further said it targets a significant reduction in net debt to Rs 10,000 crore by the end of the current financial year (FY22). It will also focus on a capital-light growth strategy around affordable and mid-income housing and digital infrastructure.

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EID Parry Q4 Results: Net loss at Rs 6.34 crore

EID Parry (India) reported a consolidated net loss of Rs 6.34 crore for the quarter ended March 2021 (Q4 FY21). It had reported a net profit of Rs 157.23 crore in the corresponding quarter last year (Q4 FY20). Its total income declined by 7.8% YoY to Rs 3,928.52 crore in Q4 FY21. Net profit for the financial year 2020-21 (FY21) declined by 4.38% YoY to Rs 447.37 crore. EID Parry is engaged in the manufacturing and marketing of sugar, bio-pesticides, and nutraceuticals.

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Maruti Suzuki Reports 10% YoY Decline in Net Profit in Q4 – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q4 Results: Net profit falls 10% YoY to Rs 1,166 crore

Maruti Suzuki India Limited reported a 9.7% year-on-year (YoY) decline in net profit to Rs 1,166 crore for the quarter ended March (Q4). Revenue from operations rose 32% YoY to Rs 24,023 crore during the same period. The automaker sold a total of 4.92 lakh units in Q4 FY21, registering a growth of 27.8% YoY. Its sales for the financial year ended March 31, 2021, fell 6.7% YoY to 14.57 lakh units. Maruti Suzuki’s board has declared a final dividend of Rs 45 per share.

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JSPL to divest entire stake in Jindal Power to Worldone for Rs 3,015 crore

The Board of Directors of Jindal Steel and Power Ltd (JSPL) has approved the divestment of its entire equity stake in Jindal Power Limited (JPL) by selling its shares to Worldone Pvt Ltd. The equity value is an all-cash offer of Rs 3,015 crore for 96.42% stake in JPL, including 3,400 MW coal-fired power plants in Chhattisgarh. The divestment is in line with JSPL’s strategic objective to continuously reduce its debt, focus on its India steel business, and significantly reduce its carbon footprint by almost half.

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Axis Bank Q4 Results: Net profit at Rs 2,677 crore

Axis Bank reported a standalone net profit of Rs 2,677 crore for the quarter ended March (Q4). The lender had posted a net loss of Rs 1,388 crore in the corresponding quarter last year (Q4 FY20). Net interest income (NII) rose 11% YoY to Rs 7,555 crore in Q4 FY21. [NII is the difference between interest income received from assets such as loans, and the interest it pays to depositors] Provisions during the quarter fell 58% YoY to Rs 3,295 crore. The gross non-performing assets (NPAs) ratio stood at 3.7% in Q4, compared to 4.55% in Q3.

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Bajaj Finance Q4 Results: Net profit rises 42% YoY to Rs 1,347 crore

Bajaj Finance reported a 42% YoY increase in net profit to Rs 1,347 crore for the quarter ended March (Q4). Net interest income (NII) declined 0.5% YoY to Rs 4,659 crore during the same period. The gross non-performing assets (NPAs) ratio stood at 1.79% in Q4 FY21, compared to 2.84% in Q3 FY21. Consolidated assets under management (AUM) increased by 3.9% YoY to Rs 1.52 crore. The company’s board has recommended a dividend of Rs 10 per share.

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Dr Reddy’s expects first lot of Covid-19 vaccine Sputnik V by May end

Dr Reddy’s Laboratories said it expects to receive the first lot of Covid-19 vaccine Sputnik V from the Russian Direct Investment Fund (RDIF) by May end. The pharma company had earlier received approval from the Drugs Controller General of India (DCGI) for the restricted emergency use of the vaccine. In September 2020, Dr Reddys and RDIF entered into a partnership to conduct clinical trials of Sputnik V in India. Both companies have also obtained the rights for distribution of the first 125 million doses in the country.

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Britannia Industries Q4 Results: Net profit declines 3% YoY to Rs 360 crore

Britannia Industries Limited reported a 3% YoY decline in consolidated net profit to Rs 360.1 crore for the quarter ended March (Q4). Revenue from operations rose 8% YoY to Rs 3,038 crore during the same period. The company’s consolidated operating margin stood at 14.9% in Q4. Britannia Industries’ net income was affected by a sharp rise in tax expenses at Rs 132.6 crore.

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Hindustan Zinc Q4 Results: Net profit rises 85% YoY to Rs 2,481 crore

Hindustan Zinc Limited (HZL) reported an 85% YoY increase in net profit to Rs 2,481 crore for the quarter ended March (Q4). Its total revenue rose 56% YoY to Rs 6,725 crore during the same period. HZL saw strong volume and price traction across key verticals such as zinc, silver, and lead. Zinc volumes were up 15% YoY, while lead volumes increased by 29% YoY in Q4. HZL said both mined and finished metal production in the current financial year (FY22) will be higher than last year and is expected to reach 1,025-1,50 kilotonne each.

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ABB India Q1 Results: Net profit more than doubles to Rs 151 crore

ABB India Limited reported a 118.64% YoY increase in consolidated net profit to Rs 151 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. Its consolidated revenue rose 7.02% YoY to Rs 1,629.15 crore during the same period. The company received total orders worth Rs 1,825 crore in Q1, registering a growth of 24% over the previous quarter. ABB India posted sharp growth in the motion products, robotics, and process automation segments during the quarter.

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4G subscriber base to rise to 820 million in FY22: CRISIL

According to a report by rating agency CRISIL, 4G mobile data subscribers are set to rise to 820 million by the end of March 2022 (FY22)— higher than in the last financial year due to higher competitive intensity. The report states that the pace of addition in subscriber count would pick up gradually over the remainder of the current financial year (FY22), as competitive intensity in the wireless-telecom market increases despite the second wave of Covid-19 pandemic. There has been a significant capacity addition after the spectrum auctions and removal of inter-operator charge (IUC) charges.

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Hatsun Agro Products Q4 Results: Net profit jumps to Rs 57.13 crore 

Hatsun Agro Products Limited reported a multi-fold increase in net profit to Rs 57.13 crore for the quarter ended March (Q4). It had posted a net profit of Rs 7.95 crore in the corresponding period last year. The company’s sales rose 23.89% YoY to Rs 1,568.87 crore during the same period. Hatsun Agro’s net profit for the financial year ended March 31, 2021, rose 119% YoY to Rs 246.35 crore. Hatsun Agro Products is a leading dairy company based in Chennai.

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TVS Motors Q4 Results: Net profit jumps four-fold to Rs 319 crore

TVS Motor Company reported a four-fold increase in consolidated net profit to Rs 319 crore for the quarter ended March (Q4). Revenue from operations rose to Rs 6,131.90 crore in Q4, compared to Rs 4,104.71 crore in the corresponding period last year (Q4 FY20). The company’s two-wheeler sales across domestic and international markets rose 47% YoY to 9.28 lakh units in Q4.

Read more here.

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Retail Inflation Rises to 5.03% in February – Top Indian Market News

Retail inflation rises to 5.03% in February; IIP contracts 1.6% in January 

India’s retail inflation rose to its highest level in three months in February amidst a hike in food and fuel prices. Retail inflation (measured by the Consumer Price Index) stood at 5.03% in February, compared to 4.06% in January. Food inflation jumped to 3.87% last month. The increase in crude oil prices could lead to a further rise in inflation.

The Index of Industrial Production (IIP) contracted by 1.6% in January, due to a decline in manufacturing and mining output. The IIP had grown 2.2% in January 2020. The manufacturing sector saw a contraction of 2% last month, while mining output declined by 3.7%. [IIP is an index that tracks manufacturing activity of different sectors of an economy]

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Govt approves 33 API applications under PLI scheme

The government has approved a total of 33 applications with a committed investment of Rs 5,082.65 crore under the Production Linked Incentive (PLI) scheme for Active Pharmaceutical Ingredients (APIs). The disbursal of PLI by the government will be up to a maximum amount of Rs 5,440 crore over a period of 6 years. This will help reduce the import dependence on critical bulk drugs.

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Anupam Rasayan IPO subscribed 1.29 times on first day of bidding

The Rs 760-crore initial public offering (IPO) of Anupam Rasayan India was subscribed 1.29 times on the first day of bidding. The issue received bids for 1.25 crore equity shares against an offer size of 97.01 lakh shares. The portion reserved for retail investors was subscribed 2.58 times and that of employees 30%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 9%.

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SBI Cards to raise Rs 2,000 crore through debentures

SBI Cards and Payment Services Ltd said its Board of Directors has approved the proposal to raise up to Rs 2,000 crore through the issuance of non-convertible debentures (NCDs). The NCDs will bear a coupon rate of 5.9% per annum and will mature on February 23, 2024. It will be listed on the Wholesale Debt Market Segment of the Bombay Stock Exchange (BSE).

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Hatsun Agro Products to set up dairy plant in Andhra Pradesh

The Board of Directors of Hatsun Agro Product has approved the proposal of setting up a dairy plant in Northern Andhra Pradesh. The company had earlier announced plans of setting up a dairy plant in Odisha. Hatsun Agro’s board has also approved the proposal of working with Italy-based SOL Group to explore the possibility of using liquid nitrogen as a refrigerant fuel to transport its milk and milk products.

Tata Group seeks CCI approval to acquire 64.3% stake in BigBasket

Tata Digital Ltd, a wholly-owned unit of Tata Sons, has filed an application with the Competition Commission of Inida (CCI) to acquire a majority stake in online grocery seller- BigBasket. As per the filing, Tata Digital will acquire 64.3% stake of BigBasket from Supermarket Grocery Supplies Pvt Ltd. The deal, if approved, would put Tata in direct competition with Amazon, Walmart’s Flipkart, etc.

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JSPL’s steel output rises 18% YoY to 6.53 lakh tonnes in February

Jindal Steel and Power Ltd (JSPL) reported an 18% YoY increase in its crude steel output to 6.53 lakh tonnes in February 2021. It had produced 5.54 lakh tonnes of steel in February 2020. The company’s sales rose 14% YoY to 5.45 lakh tonnes last month. JSPL’s exports accounted for 26% of the total sales volume.

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Ramco Cements, Bharat Dynamics, PFC declare interim dividends

Ramco Cements Limited said its board has declared an interim dividend of Rs 3 per share for the current financial year (FY 2020-21). The record date for the payment of the interim dividend is March 23, 2021.

Bharat Dynamics Ltd’s board has declared an interim dividend of Rs 6.70 per share for the financial year 2020-21. The company has fixed March 20, 2021, as the record date for the payment of the interim dividend.

Power Finance Corporation (PFC) has declared an interim dividend of Rs 8 per share. The record date has been fixed as March 22, 2021.

PNC Infratech’s subsidiary secures order worth Rs 1,412 crore from NHAI

PNC Infratech announced that its subsidiary, PNC Meerut Haridwar Highways, has secured an order worth Rs 1,412 crore from the National Highways Authority of India (NHAI). The project involves four laning of the Meeru-Naziabad section of NH-119 in the state of Uttar Pradesh.

Board of India Glycols approves transfer of BioEO business to IGL Green Chemicals

The Board of Directors of India Glycols Ltd has approved the transfer of its BioEO (speciality chemicals) business to its wholly-owned subsidiary- IGL Green Chemicals. The company has also formed a 51:49 joint venture (JV) with Swiss chemicals major Clariant AG to manufacture and market renewable ethylene oxide (EO) derivative products. EO derivatives have multiple industrial and consumer applications ranging from freezing agents and coolants for automobile engines to cosmetics.

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Adani Group, AAI Sign Concession Agreement for 3 Airports – Top Indian Market News

Adani Group signs concession agreement with AAI for Jaipur, Guwahati, TVM airports

Adani Group has signed a concession agreement with the Airports Authority of India (AAI) for operating and maintaining Jaipur, Guwahati, and Thiruvananthapuram airports. The concession period is 50 years from the commercial operation date. The group will now get six months to take over the three airports. Adani Group had emerged as the highest bidder for six AAI airports, namely, Lucknow, Mangalore, Ahmedabad, Jaipur, Guwahati, and Thiruvananthapuram in February 2019.

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Alembic Pharma Q3 Results: Net profit rises 25% YoY to Rs 292 crore

Alembic Pharmaceuticals Ltd reported a 24.92% YoY increase in consolidated net profit to Rs 292.57 crore for the quarter ended December (Q3). The drug firm’s consolidated revenue rose 9% YoY to Rs 1314 crore during the same period. The company’s performance in Q3 was led by strong growth in its India formulation business, which grew 14% YoY to Rs 418 crore. 

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Petrol price touches record high of Rs 85 in Delhi; diesel crosses Rs 75 mark

The price of petrol in Delhi rose by 25 paise on Tuesday, reaching an all-time high of Rs 85.20 per litre. The diesel price has jumped to Rs 75.38 per litre in the national capital. The rates have been hiked for the second consecutive day after remaining unchanged for three days. State-owned fuel retailers– Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL)– resumed daily price revision on January 6 after nearly a month-long hiatus. Since then, fuel rates have gone up by Rs 1.49 a litre on petrol and Rs 1.51 in the case of diesel.

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CSB Bank Q3 Results: Net profit rises 88% YoY to Rs 53 crore

Kerala-based CSB Bank reported an 88% YoY increase in net profit to Rs 53 crore for the quarter ended December (Q3). The bank’s net interest income (NII) grew by 61.8% YoY during the same period. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] CSB Bank’s overall provisions stood at Rs 111 crore in Q3. The bank has also announced a voluntary retirement scheme (VRS) for its select employees.

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Bank of Maharashtra Q3 Results: Net profit rises 14% YoY to Rs 154 crore

Bank of Maharashtra reported a 14% YoY increase in net profit to Rs 154 crore for the quarter ended December (Q3). The Pune-based lender’s total income rose 3.42% YoY to Rs 3,577 crore. On the asset quality front, the bank recorded improvement with gross non-performing assets (NPAs) falling from 16.77% in Q3 of the previous financial year to 7.69% in Q3 FY21. The bank’s provisions fell by more than 80% YoY to Rs 498 crore in Q3.

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IRFC IPO gets fully subscribed on Day 2

The initial public offering (IPO) of Indian Railway Finance Corporation (IRFC) was fully subscribed on the second day of bidding. The IPO has received bids for 152.6 crore equity shares, against an offer size of over 124.75 crore equity shares. The portion set aside for retail investors witnessed a subscription of 2.33 times and that of employees 27.40 times. The reserved portion of non-institutional investors was subscribed 24.3% and that of qualified institutional buyers 0.16%.

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CEAT Q3 Results: Net profit rises 150% YoY to Rs 132 crore

Ceat Ltd reported a 150% YoY increase in consolidated net profit to Rs 132 crore for the quarter ended December (Q3). The tyre manufacturer’s revenue surged 26% YoY to Rs 2,221 crore during the same period. The company’s strong performance in Q3 was backed by an increase in overall vehicle production. Sales in the after-market segment had also made a strong comeback.

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Tata Communications Q3 Results: Net profit jumps 5-fold to Rs 309 crore

Tata Communications’s net profit jumped 5 times (or 425%) YoY to Rs 309.41 crore for the quarter ended December (Q3). The company’s revenue stood at Rs 4,222.83 crore during the same period. The growth in profits at an operational level was largely due to a fall in network and transmission costs. The firm had also introduced cost-cutting measures in the current financial year. 

Hatsun Agro Q3 Results: Net profit rises 141% YoY to Rs 67 crore

Hatsun Agro Products Ltd reported a 141.2% YoY increase in net profit to Rs 67.3 crore for the quarter ended December (Q3). It had posted a net profit of Rs 28 crore in the corresponding period in FY20. The company’s revenue rose 4.1% YoY to Rs 1,394.6 crore in Q3 FY21. Chennai-based Hatsun Agro is a leading private sector dairy company.

Brigade Group launches 11-acre residential project at Hyderabad

Brigade Group announced the expansion of its footprint in Hyderabad by launching a residential project named ‘Brigade Citadel’. The 11-acre residential project is situated in Hyderabad’s Moti Nagar area. Brigade Citadel comprises of over 1,300 luxurious two and three-bedroom homes which are competitively priced, starting at Rs 75 lakh and Rs 99 lakh, respectively. 

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Man Industries secures order worth Rs 250 crore

Pipe manufacturer Man Industries (India) Ltd announced that it has secured orders worth Rs 250 crore. The orders will be executed over the next 5 months. Man Industries is the flagship company of Man Group and is one of the largest players in longitudinal submerged arc welding (LSAW) pipes, spirally welded pipes, and coating systems.

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Govt Successfully Divests 20% Stake in IRCTC – Top Indian Market News

Govt successfully divests 20% stake in IRCTC

The Government has successfully divested its 20% stake in the Indian Railway Catering and Tourism Corporation (IRCTC), through an offer for sale (OFS). The Centre had set the floor price of the OFS at Rs 1,367. The IRCTC stated that the retail portion of the OFS saw a 228% demand for the shares on offer. Following the OFS, the government’s stake in IRCTC will drop to 67.4%. 

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India’s industrial production grows 3.6% in October

India’s industrial output, as per the Index of Industrial Production (IIP), grew by 3.63% YoY in October. The IIP had shrunk by 6.6% in October 2019. The data was released by the Ministry of Statistics & Programme Implementation (MoSPI). The rise in IIP data during October is primarily on account of the electricity and manufacturing sectors. The country’s industrial production turned positive in September, after six months of negative growth. 

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Passenger vehicle sales rise for the fourth straight month

The domestic wholesales of passenger vehicles increased by 4.85% YoY to 2.64 lakh units in November. Car sales declined by 2.77% YoY to 1.49 lakh units, while sales of utility vehicles were up by 17.16% YoY to 1.03 lakh units. The data was compiled by the Society of Indian Automobile Manufacturers (SIAM). The industry body stated that the rise in sales was primarily on account of the festive season.

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AstraZeneca to test combination of its Covid-19 vaccine with Sputnik V

AstraZeneca has initiated a program to assess Covid-19 vaccine combinations. The British pharma company will co-operate with Russian vaccine developers to test the combinations of its experimental Covid-19 vaccine with Russia’s Sputnik V shot. The program will be aimed at boosting the efficacy of AstraZeneca’s vaccine. The trials will start by the end of the year.

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Family-owned TVS Group changes ownership model

TVS Group has decided to go for restructuring, by giving each family group complete ownership of businesses they currently manage. The group’s holding company has also been scrapped. The TVS brand will be allotted to each family group for use in their lines of business on a perpetual, royalty-free basis. The TVS group, consisting of over 50 companies, has a claimed turnover of $6.5 billion (Rs 47,949 crore). 

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BSE launches e-agricultural spot market platform

The Bombay Stock Exchange (BSE) has launched an electronic spot platform for agricultural commodities. The BSE e-Agricultural Markets Ltd (BEAM) will function as a national level, electronic, and transparent commodity spot trading platform. BEAM would offer customised solutions to farmers, traders, and stakeholders to facilitate risk-free purchase and sale of various agricultural commodities

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Hatsun Agro Product’s board approves allotment of 5.38 crore bonus shares

The Board of Hatsun Agro Product Ltd has approved the allotment of 5.38 crore bonus equity shares of ₹1 each. The bonus shares will be issued to members holding equity shares as of 10 December 2020. The ratio for allotment of bonus shares has been set at 1:3. This means that one bonus share will be issued for every 3 fully paid-up equity shares held by a shareholder. The bonus shares will be credited/dispatched on or before 17 December 2020.

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Blackstone to acquire Piramal Glass for $1 billion: Report

According to a report from CNBC-TV18, Blackstone has signed a deal to acquire Piramal Glass for $1 billion (~Rs 7,376 crore). The private equity major will make an upfront payment of $850 million and take over the ownership and management of  Piramal Glass. The remaining $150 million will be paid after Piramal Glass achieves specific business milestones. Piramal Glass Ltd is a manufacturer of specialised glass packaging solutions for cosmetics, perfumery, speciality food, beverages, and pharma industries. 

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Indian Hume Pipe receives LoA for water supply schemes in Uttar Pradesh

Indian Hume Pipe Company Ltd has received a Letter of Acceptance (LoA) for providing water supply schemes in 550 villages of Kanpur Division in Uttar Pradesh. The value of the order has been estimated at Rs 550 crore. The project will be completed in 21 months from the date of signing the final agreements.

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Alambic Pharma gets USFDA nod for bipolar disorder treatment drug

Alembic Pharmaceuticals Ltd has received approval from the US Food and Drug Administration for its Abbreviated New Drug Application (ANDA) for Asenapine Sublingual tablets. The tablets are indicated for the treatment of bipolar disorder. The pharma company stated that the tablets have an estimated market size of $217 million (~Rs 1,600 crore).

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