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Services PMI Growth Declines to a 3-Month in June – Top Indian Market Updates

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

Services PMI growth declines to a three-month low of 58.5

India’s services sector eased to a three-month low in June. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 58.5 in June, compared to 61.2 in May. A quicker expansion in the intake of new business, positive demand trends, advertising, and favourable market conditions kept the momentum going in the services sector.

[PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.]

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KEC International secures order worth Rs 1,042-crore

KEC International Ltd has received new orders worth ₹1,042 crore across its various businesses. The company’s railway business received its first international order for a signalling and telecommunication project in SAARC. Its metals and mining segment received an order for supplying various types of cables in India and overseas. It also received orders for transmission and distribution projects in India, the Middle East, Europe, and the Americas.

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GR Infra executes a concession agreement with NHAI

GR Infraprojects’ subsidiary GR Varanasi Kolkata Highway Pvt Ltd executed the concession agreement with the National Highways Authority of India (NHAI) on July 5. The bid project cost is ₹1,248 crore and is a Hybrid Annuity Mode (HAM) project. The project is for constructing a 6‐lane Greenfield Varanasi‐ Ranchi‐Kolkata Highway from Anarbansalea village to Sagrampur village. The road has a total length of 33.5 kilometres.

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L&T’s construction arm bags significant order for developing office space in Mumbai

Larsen & Toubro’s construction subsidiary has secured an order worth ₹1000-2500 crores for developing office space in Mumbai. The company will develop a commercial office space with an approximate built-up area of 14.85 lakh square feet. The company will construct the project using composite steel construction technology. The project involves civil works, composite steel, façade, MEP and External Development Activities for basement construction, ground and 12 floors. The company has scheduled for completion in 2026.

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HDFC Bank’s merged loan book with HDFC at $273.8 billion as of June end

HDFC Bank’s merged loan book with HDFC stood at about ₹22.45 lakh crore ($273.77 billion) as of the end of the June quarter. The bank merged with HDFC on July 1. HDFC Bank’s loan book rose 13.1% in the June quarter from a year ago on a proforma basis, though some numbers may not be directly comparable with those of the previous year.

The merged entity’s deposits aggregated to about ₹20.64 lakh crore as of June end, up 16.2% YoY.

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Paytm reports a 37% YoY rise in GMV in Q1

Paytm has reported a 37% YoY rise to ₹4.05 lakh crore in gross merchandise value (GMV) in the quarter ended June (Q1 FY23), while the average monthly transacting users went up by 23% YoY. The company saw continued expansion of its consumer base with average monthly transacting users (MTU) at 9.2 crores for the quarter, up 23% YoY. The loan distribution business recorded disbursements of ₹14,845 crore, a YoY growth of 167%.

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Strides Pharma arm sells manufacturing facility to Syngene

Strides Pharma Science Ltd has sold the multi-modal manufacturing facility of its biologics arm to Syngene International Ltd. for ₹702 crore. Syngene shall acquire Unit 3 on a slump sale basis, and the consideration for the transaction will be settled in cash. The company expects the transaction to conclude within 90 days.
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FTSE to Replace HDFC with HDFC Bank Post Merger – Top Indian Market Updates

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

FTSE to replace HDFC with HDFC Bank post merger

According to a report by Nuvama Alternative & Quantitative Research, FTSE Global Equity indices is expected to replace HDFC Ltd with HDFC Bank. HDFC Ltd is part of the FTSE indices, while HDFC Bank is not a member. FTSE will continue with the current free float shares of HDFC Ltd in the indexes and rename the constituent with HDFC Bank’s name. This will result in no weight changes in the indexes. The move could lead to a potential inflow of around $1.3 billion.

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RIL & BP commence production from third deepwater field in India’s KG D6 block

Reliance Industries Limited (RIL) and British Petroleum (BP Plc) have commenced gas and condensate production from the MJ field followed by testing and commissioning activities. RIL is the operator of the KG D6 block with a 66.67% participating interest, and BP holds a 33.33% participating interest. The start of gas and condensate production from the MJ field follows the start-up of the R-Cluster field in December 2020 and Satellite Cluster in April 2021.

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Bharat Electronics receives defence and non-defence orders worth Rs 2,191 crore

 Bharat Electronics Ltd (BEL) has received new defence and non-defence orders worth ₹2,191 crores. The orders are for the supply of Long Range Guidance Kit with Warhead, Airborne V/UHF Jammer, Battlefield Surveillance Radar (Short Range) Upgrade, Missile Guidance Radar & Control Centre, Upgraded Radio Relay (F) with Data Modem Encryption Unit Mk II, Identify Friend or Foe Mk XII A, Anti-Submarine Warfare Shallow Water Craft (ASW SWC) Sonar and Spares.

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Jubilant Food pushes deadline to restructure overseas arms to June 2024

Jubilant FoodWorks Ltd is postponing the completion deadline to restructure overseas subsidiaries. The internal restructuring is now likely to be completed by June 2024. The date was set earlier for June 2023. The company stated in a regulatory filing that the move comes due to certain regulatory requirements.

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India’s April-May fiscal deficit at Rs 2.1 lakh crore

According to the Controller General of Accounts (CGA), the Indian government’s fiscal deficit at the end of May stood at 11.8% of the full-year Budget Estimates (BE) for 2023-24. The net tax revenue was ₹2.78 lakh crore (~11.9% of the BE). Its total expenditure was ₹6.25 lakh crore, approximately 13.9% of the estimates presented in the Union Budget for the current fiscal.

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Paytm partners with Shriram Finance to boost loan distribution business

Paytm’s parent company One 97 Communications Ltd has announced its partnership with the non-banking financial company (NBFC) Shriram Finance. Paytm will offer loan products of Shriram Finance on its platform to further expand its listings. The deal will combine Paytm’s large user base and digital loan distribution technology with Shriram Finance’s good geographical reach, deep risk understanding, and collections capabilities.

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Kalpataru Projects International wins new orders worth Rs 1,008 in India, overseas market

Kalpataru Projects International Ltd. (KPIL) has secured new orders worth ₹1,008 crores. The company and its subsidiaries have received new contracts worth ₹635 crores in the transmission and distribution (T&D) business in its Indian and overseas markets. Additionally, the company has won orders worth ₹373 crores in civil works for its buildings business in India.

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Shree Cement’s arm begins trial production at clinker grinding unit in West Bengal

Shree Cement’s subsidiary Shree Cement East Pvt Ltd has started trial production at its clinker grinding unit in West Bengal. The new unit has a capacity of 3 million tonnes per annum (MTPA). The company’s total cement capacity, including its subsidiary, has increased to 49.90 MTPA.

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L&T Technology Services partners with Palo Alto Networks for 5G, OT security offerings

L&T Technology Services Ltd has partnered with cybersecurity firm Palo Alto Networks. The partnership aims to provide enterprises with security services and solutions in 5G and Operations Technology (OT) areas. LTTS mentioned that the collaboration offers scalable and real-time security measures for 5G networks. This provides the customers with enhanced visibility and control over their network slices, private networks, and multi-access edge computing.

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ABB India awarded electrification and automation contract for ArcelorMittal Nippon Steel

ABB India has won the contract to provide electrification and automation systems for ArcelorMittal Nippon Steel India’s advanced steel cold rolling mill (CRM) in Hazira, Gujarat. The contract at the manufacturing plant comes through the project’s Original Equipment Manufacturer (OEM), John Cockerill India Limited (JCIL). The Joint Venture (JV) between the companies is setting up the new cold rolling mill as part of its downstream expansion plan.

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India’s forex reserves fall $2.91 billion to $593.2 billion as of June 23

According to the Reserve Bank of India (RBI), India’s forex reserves fell $2.9 billion and stood at $593.2 billion as of June 23. India’s foreign currency assets declined by $2.21 billion to $525.4 billion. India’s gold reserves fell by $745 million, taking the overall levels to $44.3 billion. Meanwhile, SDRs were up by $85 million to $18.33 billion.

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NSE Scraps Plan to Shift Nifty Bank F&O Expiry to Friday – Top Indian Market Updates

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

NSE scraps plan to shift Nifty Bank F&O expiry to Friday

The National Stock Exchange (NSE) has canceled its plan to change the expiry of Nifty Bank derivative contracts from Thursday to Friday. The decision came after the Bombay Stock Exchange (BSE) shifted the expiry of Sensex and Bankex contracts to Friday. BSE expressed concerns that NSE’s move could impact the growth of Sensex/Bankex derivatives. In the interest of balanced market development and risk avoidance, BSE requested NSE to consider shifting the Bank Nifty expiry to a different day.

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HDFC-HDFC Bank merger to be effective on July 1

HDFC is scheduled to merge with HDFC Bank on July 1, 2023. Both companies will hold separate board meetings on June 30, marking HDFC Ltd’s final board meeting. The stock delisting of HDFC will take effect from July 13. HDFC Bank will retain the branches, and the merger is expected to boost mortgage sales with an increase in applications. Employees under 60 will be retained without a salary cut as HDFC Bank requires their expertise in mortgages.

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India’s current account deficit narrows to 0.2% of GDP in Q4: RBI

India’s current account deficit (CAD) in the January-March quarter of FY23 improved significantly to $1.3 billion, accounting for 0.2% of GDP. This positive outcome can be attributed to a reduced trade deficit and a notable increase in services exports. Compared to the previous quarter and the same period last year, the latest figures reflect a significant improvement in India’s balance of payments, according to the Reserve Bank of India (RBI).

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Kotak arm invests Rs 450 crore in automobile components maker Viney Corp

Kotak Mahindra Bank’s subsidiary Kotak Strategic Situations India Fund II has invested ₹450 crores in automobile components company Viney Corporation. The investment aims to support Aggarwal’s acquisition of a majority stake in VCPL and revamp the company’s capital structure for future expansion and fundraising opportunities.

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HAL announces 1:2 stock split

Hindustan Aeronautics Ltd (HAL) has received approval from its board to split the company’s equity shares in a 1:2 proportion. This means that each existing share will be divided into two shares. The split will result in the subdivision of one equity share of ₹10/- fully paid up into two equity shares of ₹5 each.

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Tata Technologies IPO: SEBI approves the first public issue from Tatas in 20 years

Capital markets regulator SEBI has approved the IPO of Tata Technologies, marking the first public offering from the Tata group since TCS in 2004. Additionally, SBFC Finance and Gandhar Oil Refinery’s IPOs have also received approval. The shares of these three companies are planned to be listed on both the BSE and NSE. Tata Technologies is a subsidiary of Tata Motors. 

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Sonata Software bags deal to build digital hub for Germany’s TUI Group in India

Sonata Software has partnered with TUI Group to establish a digital hub in India. The collaboration focuses on developing advanced digital solutions to enhance customer experience and operational efficiency. Marc Jennings, CIO of Analytics & Customer at TUI Group, expressed excitement about leveraging India’s talent pool to deliver exceptional travel experiences and fuel sustained growth.

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SAT stays SEBI’s order debarring IIFL Securities from on boarding new clients

The Securities Appellate Tribunal (SAT) granted a stay on SEBI’s order, which barred IIFL Securities from acquiring new clients for 2 years. SEBI had imposed the ban last week, citing violations of code of conduct regulations. In response, IIFL Securities filed an appeal with the tribunal.

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CCL Products to set up new plant in AP with Rs 400 cr investment

CCL Products (India) Ltd plans to establish a new manufacturing plant at Continental Coffee Park in Tirupati, Andhra Pradesh, with a ₹400 crore investment. Spanning 22 acres, the plant will have an annual capacity of 16,000 metric tonnes for spray-dried instant coffee production. The plant is scheduled to commence operations in the fourth quarter of this fiscal year, funded through internal accruals and a partial-term loan.

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BPCL to shut half of Mumbai refinery for a month from Sept 21

Bharat Petroleum Corp intends to temporarily close down 50% of its crude processing capacity at the Mumbai refinery in western India from Sept. 21 for maintenance. The planned shutdown includes a 120,000 bpd crude unit, a fluid catalytic cracker, a continuous catalytic reformer, and a catalytic cracker. Additionally, a bitumen unit will be shut for 15 days starting from mid-August.

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Adani Total Gas to build 1800 CNG stations in 7-10 years

Adani Total Gas Ltd (ATGL) plans to construct 1,800+ CNG stations in the next 7-10 years, as mentioned by Suresh P Manglani, CEO, of ATGL, in the FY23 annual report. ATGL is expanding nationwide and has a presence in 124 districts, including 19 additional areas through its joint venture with Indian Oil Adani Gas Private Limited (IOAGPL).

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RVNL Secures 3 Orders Worth Rs 11,256Cr – Top Indian Market Updates

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

RVNL secures 3 orders worth ₹11,256 crore from Chennai Metro Rail

Rail Vikas Nigam Ltd (RVNL) has secured three contracts worth ₹11,256 crore from Chennai Metro Rail Ltd (CMRL). The contract is for the construction of underground stations in the CMRL’s Phase-2 project. The first contract involves building five underground stations, including KMC, Sterling Road Jn, Nungambakkam, Gemini, and Thousand Lights. The contract duration is 1,725 days.

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HDFC divests stake in HDFC Credila to Baring PE & ChrysCapital for ₹9,060 crore

Housing Development Finance Corp Ltd (HDFC) has announced the sale of 90% of its stake in its subsidiary HDFC Credila Financial Services Ltd. Baring PE and ChrysCapital will buy the stake for ₹9,060 crore. The transaction involves divesting approximately 90% of HDFC Credila’s issued and paid-up share capital, totalling around 13,29,49,207 equity shares. Following the deal, HDFC Credila will no longer be a subsidiary of HDFC.

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Pidilite in JVs with 2 Italian firms for cutting-edge stone fixing solutions

Pidilite Industries has inaugurated its advanced manufacturing facilities in Amod, Gujarat. These facilities are established under the joint ventures (JV) of Pidilite Litokol and Tenax Pidilite. The technology for these ventures has been transferred by Italy-based Litokol SpA and Tenax SpA. This marks a significant milestone in the technology transfer within India’s stone and ceramic solutions industry.

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IIFL Securities to appeal against SEBI order on taking up new clients

IIFL Securities has announced its intention to appeal against the Securities and Exchange Board of India’s (SEBI) order prohibiting the broking house from taking on new clients for two years. However, the ban does not impact the company’s ongoing business with existing clients. The move follows SEBI’s decision to impose the two-year ban on IIFL Securities due to alleged mis-utilisation of client funds.

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Wipro share buyback to open on June 22

Wipro has confirmed that its Rs 12,000 crore share buyback program will commence on June 22 and close on June 29. The company plans to repurchase 26.96 crore shares (~ 4.91%) of its total paid-up equity share capital through a tender offer. The buyback was announced on April 27 at a price of Rs 445 per share, offering a premium to the previous day’s closing price. The current buyback price remains at a 17.4% premium.

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CCI approves HDFC’s acquisition of more shares in HDFC ERGO

The Competition Commission of India (CCI) approved the acquisition of the additional shareholding of HDFC Life Insurance Company Ltd by HDFC. The proposed combination involves HDFC acquiring additional shares of HDFC Life through on-market purchases. HDFC & HDFC Bank will hold over 50% of HDFC Life’s shareholding to comply with Indian banking laws following the amalgamation.

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Piramal Enterprises to sell distressed loan portfolio worth Rs 2,600 crore

According to a CNBC-TV18 report, Piramal Enterprises has attracted interest from two bidders for its distressed loan portfolio with an estimated value of Rs 2,600 crore. The first bidder is Phoenix ARC, backed by Kotak Mahindra Bank and Cerberus Capital. The second bidder is Ares SSG with ACRE. This transaction is significant in the distressed asset space and involves high-value real estate projects. The loans will be sourced from Piramal Capital’s housing book.

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Adani Group looking for more lenders to refinance $3.8 billion loans

The Adani Group is currently in talks with at least five new international banks to refinance $3.8 billion of loans taken for the acquisition of ACC Limited and Ambuja Cement. Most of the existing lenders, including Standard Chartered, Barclays and Deutsche Bank, are expected to participate in the refinancing. In addition, the group is in discussions with two Taiwanese banks and a Malaysian bank to expand the consortium of lenders for syndicating the loan. The refinancing may involve extending the payment tenor by three years.

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Abrdn sells 10.2% stake in HDFC AMC via block deal

UK-based asset management company Abrdn plc has sold its entire 10.2% stake in HDFC Asset Management Co Ltd for about ₹3,547 crore, or about $432 million. Abrdn, a part of HDFC AMC’s promoter group, had proposed to sell the stake in a range of ₹1,800 to ₹1,892.45, according to a term sheet reviewed by Reuters.

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Britannia’s Net Profit Rises 47% YoY to Rs 559Cr in Q4 – Top Indian Market Updates

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

Britannia Q4 Results: Net profit jumps 47% YoY to Rs 559 crore

Britannia Industries reported a 47% YoY increase in consolidated net profit to Rs 559 crore for Q4 FY23. Its operating revenue rose 13% YoY to Rs 4,023 crore during the quarter. EBITDA stood at Rs 800 crore, up 45.7% YoY from Rs 550 crore in Q4FY22.

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India’s forex reserves rise by $4.53 billion to $588.78 billion

India’s foreign exchange reserves increased by $4.53 billion to $588.78 billion as of April 28, 2023, according to the Reserve Bank of India (RBI). Foreign currency assets rose by $4.99 billion to $519.48 billion. However, the country’s gold reserves fell by $4.94 million to $45.65 billion.

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Federal Bank Q4 Results: Net profit jumps 67% YoY to Rs 903 crore

Federal Bank reported a 67% YoY jump in net profit to Rs 903 crore for Q4 FY23. Its consolidated total revenue rose 38.6% YoY to Rs 5,780 crore during the quarter. The bank’s Net Interest Income (NII) for the quarter stood at Rs 1,909 crore, up 25.2% YoY. The bank’s board has recommended a dividend of Rs 1 per equity share.

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Marico Q4 Results: Net profit jumps 19% YoY to Rs 305 crore

Marico reported a 19% YoY increase in consolidated net profit to Rs 305 crore for Q4 FY23. Its operating revenue increased 3.65% YoY to Rs 2,240 crore during the quarter. EBITDA stood at Rs 393 crore in Q4 FY23, up 14% YoY. However, its net profit fell by 8.41% compared to Q3FY23.

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Dr Reddy’s Labs launches Regadenoson injection in the US market

Dr. Reddy’s Laboratories has launched Regadenoson injection, a generic therapeutic equivalent of Lexiscan injection, in the US market. The injection is used in imaging heart muscle to check blood flow. However, the company has also received one observation from the US FDA after a routine GMP inspection at its API manufacturing facility in Bollaram, Hyderabad.

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ITC increases stake in Bengaluru-based Sproutlife Foods

ITC has increased its shareholding in Sproutlife Foods to 39.42% after acquiring 2,443 equity shares and 7,215 Compulsorily Convertible Preference shares. The transaction was worth Rs 175 crore. ITC had previously announced plans to acquire a 100% stake in Sproutlife in tranches over the next three to four years. Sproutlife is a Bengaluru-based start-up in the innovative food products sector.

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Lupin acquires entire stake in French pharma company Medisol

Lupin Ltd has acquired French pharmaceutical company Medisol for €18 million, subject to approval from the French Ministry of Economy and Finance. The acquisition will give Lupin access to Medisol’s portfolio of seven injectable products across four therapeutic areas, including pain management, anti-inflammatory, cardiovascular diseases, and obstetrics.

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Bharat Forge Q4 Results: Net profit falls 7% YoY to Rs 245 crore

Bharat Forge reported a 7% YoY fall in net profit to Rs 245 crore for Q4 FY23. Its operating revenue increased 19.3% YoY to Rs 1,997 crore from Rs 1,674 crore during the same period. EBITDA stood at Rs 488 crore in Q4 FY23, up 13.2% YoY. The company’s board has recommended a dividend of Rs 5.5 per equity share.

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MSCI assigns lower weight for the merged entity of HDFC Bank and HDFC 

MSCI will add HDFC Bank to the large-cap segment of its Global Standard Indices following its merger with HDFC. The move is expected to lead to no significant inflows, but there may be slight outflows of up to $200 million, according to Nuvama Alternative & Quantitative Research. As a result, MSCI will delete HDFC from its Global Standard Indexes at the end of the stock’s last trading day.

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Blue Star declares 1:1 bonus issue of shares 

Blue Star has announced a 1:1 bonus issue of shares. This means that every shareholder of the company will be given an additional share. The move is subject to approval by shareholders, with the record date to be decided by the Board following this. The bonus issue aims to increase retail participation in the stock and the equity base.

Read more here.

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IndusInd Bank’s Net Profit Rises 50% YoY to Rs 2,040Cr – Top Indian Market Updates

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

IndusInd Bank Q4 Results: Net profit Jumps 50% YoY to Rs 2,040 crores

IndusInd Bank has reported a 50% YoY increase in net profit to Rs 2,040 crore and a Net Interest Income (NII) of Rs 4,669 crore, up 17% YoY, for Q4 FY 22-23. The bank’s net non-performing assets (NPA) ratio fell to 0.59% from 0.64% in Q4 FY22.  Its loan book grew 21% YoY to Rs 2.89 lakh crore. The bank’s board recommended a dividend of Rs 14 per equity share.

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NMDC plans to increase iron ore output by more than 21% in FY23

NMDC plans to increase iron ore production to 50 million tonnes in the current financial year (FY24), up 21% from last year. The company’s output in Q4 FY23 was its highest for a quarter, and it expects uniform production for FY24 (except for the September quarter due to monsoon rains). NMDC has iron ore mines in Chhattisgarh and Karnataka and is exploring lithium reserves in Australia, where it holds a majority stake in a mine.

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Tata Steel commences trial use of hydrogen gas in blast furnace at Jamshedpur plant

Tata Steel has begun trial injection of hydrogen gas in one of the six blast furnaces at its Jamshedpur plant in Jharkhand. The trial will continue for 4-5 days and will provide insights into operating blast furnaces with greener fuel injectants, reducing fossil fuel consumption and CO2 emissions. The trial has the potential to reduce coke rate by 10%, resulting in a 7-10% reduction in CO2 emissions per tonne of crude steel produced.

Read more here.

Adani Ports starts $130 million buyback of bonds to prepay near-term debt

Adani Ports and Special Economic Zone Limited (APSEZ) is set to buy outstanding 3.375% senior notes due 2024 for $130 million in cash. The purchase will be funded through cash reserves available with the company. The move is aimed at partly prepaying the company’s near-term debt maturities and to convey its comfortable liquidity position. After the completion of this tender offer, the outstanding notes are expected to remain at $520 million.

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Infosys signs pact with Aramco to boost employee experience with AI

Infosys has signed a Memorandum of Understanding (MoU) with Saudi Aramco to collaborate on HR technology. The companies aim to bring new insights to HR data and analytics, use automation tools, and enhance employee experience through AI technologies. Infosys will also embed digital transformation practices and tools into Aramco’s HR platform to enhance the overall digital experience for employees.

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Bank of Maharashtra Q4 Results: Net profit jumps 135% YoY to Rs 840 crore

Bank of Maharashtra announced a 135% YoY jump in net profit to Rs 840 crore for the quarter ended March (Q4 FY23). Its Net Interest Income (NII) increased by over 35% YoY to Rs 2,187 crore during the same period. The bank’s net non-performing assets (NNPA) declined to 0.25%, compared to 0.47% in the same quarter last year. The bank’s board recommended a dividend of Rs 1.3 per share. 

The board also approved a capital raise of up to Rs 7,500 crore via equity and debt.

Read more here.

Maharashtra Seamless receives Rs 262 crore order from ONGC 

Maharashtra Seamless has received an order from ONGC for the supply of seamless tubing pipes and accessories to be delivered to five Indian states. The company will gradually dispatch the order over 10 months. It has an annual capacity of 650,000 tonnes for seamless pipes and serves the oil and gas sector, power, automotive, and general engineering industries.

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Zydus Lifesciences gets USFDA approval for heart diseases treatment drug

Zydus Lifesciences has obtained final approval from the US Food and Drug Administration (USFDA) for Icosapent Ethyl capsules for the treatment of heart diseases. These tablets are used to reduce fat (triglyceride) levels in the blood in adult patients with severe hypertriglyceridemia. According to IQVIA data, the annual sales of Icosapent Ethyl Capsules in the United States were $1,316 million for the 12 months ended February 2023.

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Bharti Airtel partners with Secure Meters to deploy narrow band-powered smart metres in Bihar

Bharti Airtel has partnered with Secure Meters to deploy narrow band (NB-IoT) powered smart meters in Bihar, India. Under the partnership, Airtel will deploy NB-IoT services to power 1.3 million homes via a smart meter solution. The deployment is said to be India’s first NB-IoT solution on a narrow band with a fall-back option that will work on 2G and 4G. It will also ensure real-time connectivity and uninterrupted transfer of critical data.

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Singapore’s regulatory body approves HDFC Bank to acquire shares in Griha Pte

HDFC Bank has received approval from the Monetary Authority of Singapore (MAS) to acquire 20% or more stake in HDFC’s Investments-subsidiary, Griha Pte. Limited. Griha Pte is a foreign step-down subsidiary of HDFC Limited. The scheme was approved by the HDFC board and received no objection or approval letters from various Indian authorities, including the RBI, SEBI, CCI, and NCLT.

Read more here.

Mankind Pharma IPO opens tomorrow

Mankind Pharma’s IPO opens tomorrow. The issue will be open till April 27th and is completely an offer for sale (OFS) of 40 million equity shares by promoters and existing shareholders. The company has set a price band of Rs 1,026-1,080 per share for the IPO. Mankind Pharma’s products span therapeutic areas ranging from antibiotics to erectile dysfunction medications.

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RIL’s Net Profit Rises 19% YoY to Rs 19,299Cr – Top Indian Market Updates

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

Reliance Q4 Results: Net profit rises 19% YoY to Rs 19,299 crore

Reliance Industries announced a 19% YoY increase in consolidated net profit to Rs 19,299 crore. Revenue is up 2% YoY to Rs 2.16 lakh crore. The company’s EBITDA in Q4 reached a record high of Rs 41,389 crore, rising 22% YoY.

However, due to an expanded asset base across all businesses, depreciation surged 43% YoY to Rs 11,456 crore. Finance costs rose 64% YoY to Rs 5,819 crore on account of higher interest rates and loan balances. RIL’s gross revenue in FY23 rose 23% YoY to Rs 9.76 lakh crore, indicating continued growth momentum across all businesses.

Read more here.

India’s forex reserves rise $1.65 billion to $586.41 billion

India’s forex reserves increased to $586.41 billion, up by $1.65 billion for the week ended April 14. The rise in foreign currency assets (FCA) was the main contributor, which increased to $516.63 billion. The rupee appreciated against the US dollar by 8 paise to close at 82.09. This was supported by softening crude oil prices in the international markets.

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SBI to raise $500 million via dollar bonds

State Bank of India (SBI) is in talks with international banks for a potential $500 million fundraise via a global bond issue. Investment banks are expected to be engaged next week for the proposed issue, which could increase in size depending on investor response. European, Japanese, and American banks are expected to be chosen as arrangers for the issue.

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RBI gives HDFC Bank selective regulatory relief post HDFC merger

The Reserve Bank of India (RBI) has granted HDFC Bank and HDFC regulatory relief to ease the merger between the two firms. The RBI has allowed the bank to meet priority sector lending requirements in stages over three years, instead of immediately complying with the 40% lending requirement to agriculture, micro and small enterprises, education, housing, export credit, and advances to weaker sections.

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Hindustan Zinc Q4 Results: Net profit falls 12% YoY to Rs 2,583 crore

Hindustan Zinc’s net profit fell 12% YoY to Rs 2,583 crore in Q4 FY23. Revenue dropped 4% YoY to Rs 8,281 crore due to lower zinc, lead, and silver prices, partly offset by higher metal and silver volumes. The company reported a 16% YoY decline in EBITDA to Rs 4,208 crore. It recorded the highest-ever PAT of Rs 10,511 crore for the full year (FY23) on the back of record production of over 1 million tonnes of metal.

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Reliance Capital lenders not to accept offers outside of auction

Reliance Capital has reportedly decided to negotiate only with the highest bidder and not accept any topping offer outside the proposed auction process. The committee of creditors discussed concerns from potential bidders regarding the auction of the distressed financial services company that is undergoing a corporate insolvency process. Hinduja group entity Torrent Investments and Oaktree Capital have indicated that they will likely participate in the proposed auction scheduled on April 26.

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Torrent Power forms subsidiary for power generation, transmission biz

Torrent Power Ltd has formed a new subsidiary named Torrent Urja Pvt 10 (TU10) for power generation and transmission. The new subsidiary was registered in Ahmedabad on April 21, 2023, and is yet to begin its business operations. The company has stated that TU10 will generate, transmit, distribute, sell, or deal in all forms of electrical power and energy, including non-conventional and renewable sources of energy.

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PNC Infra gets LoA from road ministry for project worth Rs 819 crore

PNC Infratech has received a Letter of Acceptance (LoA) from the Ministry of Road Transport & Highways (MORT&H) for a construction project in Uttar Pradesh worth Rs 819 crore. The project involves the construction of a 4-lane highway from Singraur Uphar to Baranpur Kadipur Ichauli of NH-731A. The operation period is 15 years after construction. PNC Infratech has promised to execute the work in 24 months.

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Bank of Baroda to raise up to $7 billion via bonds

Bank of Baroda’s board has approved the raising of foreign currency funds through the issuance of bonds up to $1 billion under the bank’s medium-term note (MTN) program and through the issuance of certificates of deposit (CDs) up to $3 billion in single or multiple tranches. The bank has also approved raising funds through bilateral/other borrowings up to $3 billion.

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Power Mech bags new projects worth Rs 720 crore

Power Mech Projects Ltd has won multiple projects worth Rs 720 crore. This includes a Rs 362 crore contract to construct a government medical college and hospital for Uttarakhand Pey Jal Nigam Ltd, a Rs 162 crore contract for the Revamped Distribution Sector Scheme for MPPKWCL, Khargone Circle in Madhya Pradesh, and railway electrification of 25 KV OHE Works in Mysuru Division, Karnataka.

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Credit Suisse takes SpiceJet to Supreme Court over unpaid dues

Credit Suisse has moved the Supreme Court (SC) against SpiceJet, alleging contempt of court over the failure of the domestic carrier to comply with a court-approved settlement plan for payment of dues. SpiceJet told SC on April 21 that it would pay a tranche the same day and the next in May.  The Supreme Court put the contempt plea on hold and will now hear the case on May 17.

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HCL Tech’s Net Profit Rises 11% YoY to Rs 3,983Cr – Top Indian Market Updates

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

HCL Tech Q4 Results: Profit rises 11% YoY To Rs 3,983 Crore

HCL Technologies reported a consolidated net profit of Rs 3,983 crore for the quarter ended March, up 11% YoY. The company’s revenue from operations for the quarter increased by 18% YoY to Rs 26,606 crore. HCL’s EBIT also rose by 19% YoY to Rs 4,836 crore. For the full year ending March 2023, the company’s revenue has crossed the Rs 1 lakh crore mark, up 18% YoY. The company also declared an interim dividend of Rs 18 per equity share.

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HDFC, Nabard & NHB set to raise debt of up to Rs 14,000 crore

HDFC, National Housing Bank (NHB) and the National Bank for Agricultural and Rural Development (NABARD) are planning to raise debt capital in the form of bond sales on Friday. NHB and NABARD are set to sell three-year bonds of up to Rs 2,000 crore and Rs 5,000 crore, respectively, while HDFC plans to sell up to Rs 7,000 crore one-year-ten-month bonds.

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ZEEL begins talks with creditors for settlement of Sony merger

Zee Entertainment Enterprises Ltd. (ZEEL) is in settlement talks with its creditors to pay off debts and complete its merger with the Sony Group. Creditors had been approaching the bankruptcy court seeking repayments, but ZEEL has already repaid one creditor, IndusInd Bank Ltd., and the lender will now withdraw its objections against the merger. The merger will create a $10 billion media company with the largest viewership and pricing power in India. 

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Fortis acquires Gurugram-based Medeor Hospital for Rs 225 crore

Fortis Healthcare will acquire Medeor Hospital in Manesar, Gurugram, from VPS Group for Rs 225 crore. The acquisition will be funded through a mix of debt and internal accruals and is expected to close by end of July 2023. The hospital has a potential bed capacity of 350 beds and can be operationalized in a phased manner within nine months. This will be Fortis’ largest acquisition following its controlling stake acquisition by Malaysia-based IHH Healthcare.

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ICICI Securities Q4 Results: Net profit falls 23% to Rs 337 crore 

ICICI Securities reported a consolidated net profit of Rs 263 crore for Q4 2023, a 23% YoY decline. Revenue from operations also fell from Rs 892 crore in Q4 FY22 to Rs 885 crore in Q4 FY23.  However, income from interest for the quarter rose 35% YoY to Rs 287 crore. The brokerage income was Rs 310 crore. The company has recommended a final dividend of Rs 9.25 per equity share.

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Tata Communications Q4 Results: Profit down 11% to Rs 326 crore

Tata Communications has reported a consolidated net profit of Rs 326 crore for the quarter ended March, down 11% YoY. However, revenue from operations for the quarter stood at Rs 4,568 crore, up 7.1% YoY. For the full year (FY23), consolidated revenue was Rs 17,838 crore, while profits grew 21% to Rs 1,796 crore. The board has recommended a dividend of Rs 21 per share.

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HDFC Bank appoints Kaizad Bharucha as deputy managing director

HDFC Bank has appointed Kaizad Bharucha as Deputy Managing Director and Bhavesh Zaveri as Executive Director, with approval from the Reserve Bank of India. Both appointments will be for a term of three years and take effect from April 19. A meeting of the Board of Directors will be convened to formalize the appointments.

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TTK Healthcare to delist from NSE, BSE

TTK Healthcare has received approvals to voluntarily delist its equity shares from the National Stock Exchange and BSE. The delisting is due to the company’s own decision and not due to involuntary reasons such as bankruptcy or merger. The floor price for delisting has been set at Rs 1,051.31 per share.

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Vedanta pledges additional 2.4% shares of Hindustan Zinc

Vedanta has pledged an additional 10 crore shares (2.44% of its equity) in Hindustan Zinc, bringing the total pledged to 91% of its 64.92% stake. The move will allow Vedanta to use the proceeds for general business purposes, including debt repayment, capital expenditures, and operating expenses. The shares were pledged as part of a term loan agreement, which includes Hindustan Zinc as a security cover.

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Prestige Estates signs deal for 1M sq ft redevelopment project in Mumbai

Prestige Estates Projects has signed an agreement to redevelop the Shivshahi housing society project in Mumbai’s Worli locality. It spans over 1 million sq. ft. and involves 192 tenements spread over 3.3 acres. It has a revenue potential of almost Rs 6,000 crore. The company has repaid a loan of Rs 170 crore raised by the previous developer against the project’s development potential. It will invest over Rs 578 crore towards the construction cost.

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SBI to Raise Funds of Upto $2 Billion – Top Indian Market Updates

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

SBI approves fundraise of up to $2 billion for FY24

State Bank of India’s (SBI) board has approved fundraising of up to $2 billion (~Rs 16,400 crore) for the financial year 2023-24. SBI plans to raise this amount through foreign currency bonds in single or multiple tranches. The bonds will be in the form of senior unsecured notes in US dollars or any other convertible currency and may be offered through a public offer and/or private placement. These perpetual bonds will have a call option after 10 years and every anniversary thereafter.

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Tata Coffee Q4 Results: Net profit rises 20% YoY to Rs 49 crore

Tata Coffee reported a 19.6% YoY growth in consolidated net profit to Rs 48.80 crore in Q4 FY23. The company’s consolidated revenue from operations also rose by 10.17% YoY to Rs 723.01 crore. The positive financial performance indicates the company’s strong performance in the coffee industry and the successful execution of its business strategies.

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HDFC Bank to continue opening branches at same speed in FY24 as last year

HDFC Bank plans to continue expanding its branch network at the same pace in the current financial year (FY24) after opening close to 1,500 branches in FY 2022-23. The bank believes that branch expansion is crucial for deposit mobilisation. It aims to maintain the momentum of adding branches as it has done over the last 15-18 months. As of March 31, 2023, HDFC Bank had 7,821 branches, up from 6,342 a year ago.

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Reliance Capital resolution process completion deadline extended to July 16

The National Company Law Tribunal (NCLT) has extended the deadline for resolving Reliance Capital by three months to July 16, as lenders plan to hold a second round of auction on April 26 to maximize recovery from the sale of assets. Bidders including IndusInd International Holdings Ltd, Torrent Investment, and Oaktree have confirmed their participation. The second round of auctions was postponed from April 11 to April 26 to address issues raised by the bidders.

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HDFC Bank set to meet liquidity norms post-merger

HDFC Bank is expected to comfortably meet reserve ratio requirements after its merger with parent HDFC Ltd, as it awaits a final view from the central bank on requests for forbearance. The $40 billion merger is expected to conclude by July. The bank has requested a phased approach to meet the requirements for the statutory liquidity ratio (SLR) and cash reserve ratio (CRR), which are set at 18% and 4.5%, respectively. Housing finance companies are not required to maintain CRR, but they must maintain a lower SLR than banks.

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Tata Steel in talks to raise up to $400 million in offshore green loan

Tata Steel Ltd is reportedly in talks to raise up to $400 million in what could be its first green loan. The debt is expected to have a tenor of about five years, and the proceeds would be used for capital expenditure. The lenders involved in the talks include Bank of America Corp., HSBC Holdings Plc, JPMorgan Chase & Co., and Mitsubishi UFJ Financial Group Inc. However, no final decision has been made yet.

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IHCL announces the signing of two new hotels in Dhaka

Indian Hotels Company (IHCL) has announced the signing of two new hotels in Dhaka, Bangladesh. The Taj and Vivanta branded hotels will be part of an integrated complex that will also include high-end retail. The mixed-use development project in Dhaka will feature a 230-room Taj hotel and a 130-room Vivanta hotel. The project is being carried out in partnership with Borak Real Estate of the Unique Group, one of the largest business conglomerates in Bangladesh.

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ICICI Lombard Q4 Results: Net profit rises 40% YoY to Rs 437 crore

ICICI Lombard General Insurance reported 40% YoY growth in net profit of Rs 437 crore in Q4 FY23. Total income grew 13% YoY to 5,255 crores. The company’s gross premiums written for the quarter under review were Rs 5,340 crore, a 7% increase YoY. Net premium written rose 1.86% YoY to Rs 4,047 crore. The company’s income from investments rose 14% to Rs 616 crore. The company also declared a final dividend of Rs 5.50 per equity share.

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Invesco exits ZEEL; sells entire stake for Rs 1,004 crore

US-based investment firm Invesco has divested its entire stake of 5.11% in Zee Entertainment Enterprises Ltd (ZEEL) for Rs 1,004 crore through an open market transaction. The shares were sold by Invesco’s arm, OFI Global China Fund LLC, and were purchased by buyers, including Segantii India Mauritius, Morgan Stanley Asia Singapore Pte, and Goldman Sachs Singapore Pte ODI. The shares were sold at an average price of Rs 204.50 per share, resulting in a transaction value of Rs 1,004.34 crore.

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Vedanta to start building semiconductor plant by Q3

Vedanta Group is expecting to start building its Rs 1.5 lakh crore semiconductor plant in the October-December quarter (Q3) of FY24. The company plans to start producing electronic chips by the first half of 2027. The Central govt will provide a 50% subsidy on the total cost of the project.

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India’s Retail Inflation Eases to 5.66% – Top Indian Market Updates

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

Retail inflation eases to 5.66% in March

Retail inflation in India eased to a 16-month low of 5.66% in March 2023 from 6.75% in March 2022 as food inflation moderated on account of falling vegetable prices. The consumer food price index (CFPI) eased to 4.79%, down from 5.95% in February 2023 and 7.68% in March 2022. Rural inflation stood at 5.51%, while urban inflation stood at 5.89%. Retail inflation in India fell marginally but remained above RBI’s 6% upper tolerance band for the second straight month in February 2023.

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IIP data: India’s industrial output rises 5.6% in February

India’s industrial output, as measured by the Index of Industrial Production (IIP) rose 5.6% year-on-year (YoY) in Feb 2023. For the 11-month period from April 2022 to February 2023, industrial output registered a growth of 5.5%. The January IIP growth was revised to 5.2%. 

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TCS Q4 Results: Net profit rises 15% YoY to Rs 11,392 crore 

Tata Consultancy Services (TCS) reported a 16.9% YoY increase in revenue at Rs 59,162 crore while profit rose 14.76% YoY to Rs 11,392 crore in Q4 FY22. Both revenue and profit figures were below Street estimates. The order book for the quarter stood at $10 billion. The IT company’s board has announced a final dividend of Rs 24 per share.

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HDFC Bank signs agreement with Export-Import Bank of Korea for $300M credit line

HDFC Bank has signed a “Master Inter Bank Credit Agreement” with the Export-Import Bank of Korea for a $300 million line of credit. The pact was signed by the two entities at GIFT City in Gujarat. This agreement will help HDFC Bank raise foreign currency funds that it would extend to Korea-related businesses.

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Karnataka Bank authorised to collect direct, indirect taxes

Karnataka Bank has been authorised to collect direct and indirect taxes on behalf of the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC). This authorisation is provided by the Reserve Bank of India. The RBI gave this authorisation on the recommendation from the Controller General of Accounts (CGA).

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Canara Bank, Bharat BillPay partner for cross-border bill payments

Canara Bank and NPCI Bharat BillPay Ltd (NBBL) have announced the launch of cross-border inward bill payment services for Indians based in Oman. NRIs can now leverage the robust platform offered by the Bharat Bill Payment System (BBPS) to make bill payments on behalf of their families through the Musandam Exchange. Canara Bank has become the first Indian public sector bank to offer inbound cross-border bill payments through BBPS.

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Puravankara achieves highest-ever annual and quarterly sales

Puravankara has achieved the highest-ever annual and quarterly sales of any financial year since its inception. The firm has clocked Rs 1,007 crore in sale value in Q4 and a total of Rs 3,107 crore for FY23. The company also recorded a 57% jump in customer collections from the real estate business to Rs 2,258 crore.

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RIL readies $2.4-3 billion InvIT for retail warehousing assets: Report

According to an ET report, Reliance Industries Ltd (RIL) has initiated a process that could see the group unlock value in the backend warehousing and related logistics assets of its retail business through an infrastructure investment trust (InvIT). Reliance Retail Ltd has already started laying the groundwork for the proposed InvIT of its warehousing assets. It registered a trust and Intelligent Supply Chain Infrastructure Trust with the Securities and Exchange Board of India (SEBI) at the end of February.

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BHEL signs MoU with NPCIL for nuclear power plants business

Nuclear Power Corporation of India Ltd (NPCIL) and Bharat Heavy Electricals Ltd (BHEL) entered into a Memorandum of Understanding (MoU) for collaboration for Pressurised Heavy Water Reactor (PHWR) technology-based Nuclear Power Plants. A pressurized heavy-water reactor (PHWR) is a nuclear reactor that uses heavy water (deuterium oxide D2O) as its coolant and neutron moderator.

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Sula Vineyards’ own brand sales volumes cross 1 million cases mark in FY23

Sula Vineyards Ltd said sales volume from its own brands crossed 1 million cases in FY23. Sales volumes in elite & premium wines went past the 5 lakh cases mark for the first time. On a provisional basis, Sula Vineyards said its net revenue for Q4 stood at Rs 104.3 crore from its own brands. For the financial year 2022-23 (FY23), net revenue from own brands stood at Rs 482.5 crore and Rs 45 crore from wine tourism. 

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IMF Cuts India’s FY24 GDP Forecast to 5.9% – Top Indian Market Updates

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

IMF cuts India’s FY24 GDP forecast to 5.9%

The International Monetary Fund (IMF) has revised its growth forecast for India’s current financial year (FY24) from 6.1% to 5.9%, citing tightening financing conditions and ongoing challenges from the Russia-Ukraine war and the lingering pandemic. Despite the downward revision, India is expected to remain the fastest-growing economy over the next two years. The IMF also projects a slowdown in India’s inflation with an expected rate of 4.9% in the current fiscal year and further decreasing to 4.4% in the next year.

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NSE Indices rolls out India’s first REITs, InvITs index

NSE Indices Ltd (NSE’s index services subsidiary) launched India’s first-ever Real Estate Investment Trusts (REITs) & Infrastructure Investment Trusts (InvITs) Index – Nifty REITs & InvITs Index. The Nifty REITs & InvITs index aims at tracking the performance of REITs and InvITs that are publicly listed and traded on the National Stock Exchange. The index will be reviewed and rebalanced every quarter.

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Glenmark Pharma plans to sell stake in Glenmark Life to reduce debt

Glenmark Pharmaceuticals Ltd is considering selling a majority of its 82% stake in unit Glenmark Life Sciences in a bid to reduce the overall debt burden. Kotak Mahindra Capital has reportedly been hired to oversee the sale. Glenmark Life had a market valuation of Rs 5,013 crore as of the stock’s closing price on Monday, which values Glenmark Pharma’s stake at Rs 4,110 crore. 

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HDFC Bank to raise $6 billion in debt over next 1 year

HDFC Bank will consider raising debt of $6 billion (~Rs 50,000 crore) over the next year. The bank will discuss the fundraise at its board meeting on Saturday (April 15). The proposed fund raise would be by issuing perpetual debt instruments, Additional Tier-1 (AT-1) bonds, Tier-II capital bonds or long-term bonds. The bank will report its earnings for the January-March quarter on Sat.

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Lemon Tree signs franchise agreements to set up two hotels in Nepal

Lemon Tree Hotels (LTH) has signed two franchised agreements for two hotels, Lemon Tree Premier & Lemon Tree Resort, in Budhanilkantha and Lumbini in Nepal, respectively. The company claims to now have five properties in Nepal under different brands of Lemon Tree. Last week, LTH signed a licence agreement for an 88-room property in Whitefield, Bengaluru. The property is expected to be operational by October 2023.

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Kalpataru Power, subsidiaries gets orders worth Rs 3,079 crore

Kalpataru Power Transmission Ltd (KPTL) and its subsidiaries have secured orders worth Rs 3,079 crore in March and April 2023. The orders include civil works for a data centre and buildings of Rs 1,234 crore, an engineering procurement construction (EPC) order of Rs 754 crore in the railway business, and water supply projects of Rs 708 crore in India. It also received residential and institutional building projects worth Rs 233 crore in Africa.

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SBI to consider raising funds via unsecured notes worth up to $2B

SBI plans to raise up to $2 billion through a public offer or private placement of senior unsecured notes in US dollars during the current financial year. The bank’s Executive Committee of the Central Board will meet on April 18 to consider the proposal. The funds will be raised in single or multiple rounds, and the bank will examine the status and decide on long-term fundraising through a public offer and/or private placement of senior unsecured notes in US dollars during the financial year 2023-24.

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Indian companies will face higher interest burden in FY24: India Ratings

Ind-Ra expects the interest burden on corporates to surpass pre-Covid levels, with interest outflows projected to increase by 30% in FY24 compared to FY22, reaching Rs 3.38 lakh crore. According to a report by India Ratings & Research (Ind-Ra), the advantages enjoyed by Indian companies due to lower interest rates and reduced debt in the past are likely to be reversed in the current fiscal year. This is attributed to the sharp rise in interest rates and higher working capital financing needs.

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ONGC to Invest USD 7 Billion to Boost Output – Top Indian Market Updates

ONGC market updates | marketfeed

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

ONGC to invest $7 billion to boost output

Oil & Natural Gas Corp (ONGC) will invest $7 billion (~Rs 57,500 crore) over the next 3-4 years to reverse the decline in oil and gas production. The majority of ONGC’s fields are old and have experienced a natural decline, but the company is heavily investing in technology to raise recovery and tap isolated reservoirs. Up to 24 field development, enhanced oil recovery (EOR), and improved oil recovery (IOR) projects are currently in progress that will help to reverse the declining trend in oil and gas production. 

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WagonR, Alto K10 score low safety rating in Global NCAP crash test

Maruti Suzuki’s popular models, WagonR and Alto K10, have received one- and two-star safety ratings for adult occupant protection, respectively, from vehicle safety group Global NCAP after conducting crash tests. Both models scored zero stars for child occupant protection. The automaker claimed that its vehicles meet India’s crash safety regulations, which are almost similar to the standards in Europe and are duly tested and certified by the Indian govt.

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HDFC Bank records loan growth of 17% at end of March

HDFC Bank reported a 16.9% increase in credit growth at Rs 16 lakh crore at the end of the March quarter. The bank’s outstanding credit was Rs 13.6 lakh crore at the end of March 31, 2022. The bank’s deposits grew around 20.8% YoY to Rs 18.83 lakh crore as of March 31, 2023. Domestic retail loans grew by around 21%, while commercial and rural banking loans grew 30% YoY.

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Vedanta produces record aluminium, high refined metal in FY23

Vedanta Ltd’s aluminium production reached its highest-ever level of 22.91 lakh tonnes in 2022-23, up slightly from 22.68 lakh tonnes in FY22. Meanwhile, its high refined metal production increased by 7% to 10.32 lakh tonnes in FY23. The company also recorded a 22% YoY increase in zinc production from its international business to 2.73 lakh tonnes.

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Adani Group JV in talks for first offshore loan since Hindenburg

An Adani Group joint venture (JV) with EdgeConneX is in talks with several banks for a loan of about $220 million. This would be the group’s first offshore borrowing since it was targeted by short-seller Hindenburg Research. The loan would be used by data center provider AdaniConneX Private Ltd. for capital expenditure. The loan may be signed in the coming weeks.

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Bank of Baroda stops clearing payment for above-cap Russian oil: Report

As per an Economic Times report, Bank of Baroda has stopped clearing payments for Russian oil sold above the $60 per barrel price cap set by the West, which could accelerate the shift to a rupee trade mechanism. Some Indian refiners have been paying in United Arab Emirates dirham currency for Russian low-sulphur crude priced above the $60 a barrel cap using Bank of Baroda. 

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India’s GDP growth to slow down to 6.3 % in FY24: World Bank

The World Bank has revised its forecast for India’s GDP growth in FY24 to 6.3 %, down from its earlier forecast of 6.6 % in December 2022. The slower consumption growth and challenging external conditions are expected to constrain India’s GDP growth. The Indian government’s consumption is also projected to grow slower due to the withdrawal of pandemic-related fiscal support measures. 

The World Bank’s latest India Development Update notes that the Indian economy continues to show strong resilience to external shocks.

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India cuts windfall tax on crude production to nil

The Indian govt has cut all windfall tax on crude oil from 3,500 rupees ($42.56) per tonne effective from Tuesday. The windfall tax on diesel was cut to Rs 0.50 per litre from Rs 1 previously. As of April 4, only diesel carries a windfall tax while crude. Aviation Turbine Fuel (ATF) and petrol will not attract any such levies.

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