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HDFC Bank Hikes Lending Rates by 35bps – Top Indian Market Updates

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

HDFC Bank hikes lending rates by 0.35%

HDFC Bank has raised its lending rate by 35 basis points (bps) across the board to over 7.5%. This will increase the interest rates on all personal loans by the banks that are dependent on their marginal cost of funds. The move comes ahead of widespread anticipation that the Reserve Bank of India will raise interest rates sharply on June 8.

Read more here.

Axis Bank, Indian Oil launch co-branded RuPay contactless credit card

Axis Bank and Indian Oil Corporation Ltd (IOCL) have launched a co-branded contactless INDIANOIL AXIS BANK RuPay Credit Card in partnership with the National Payments Corporation of India (NPCI). The card offers 100% cashback up to Rs 250 on all fuel spends within the first 30 days of card issuance. It also offers waiver of a 1% fuel surcharge on fuel spends between Rs 200 to Rs 5000.

Read more here.

Aurobindo Pharma unit gets USFDA nod for prostate cancer drug

Eugia Pharma Specialties, a wholly-owned subsidiary of Aurobindo Pharma Ltd, has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Leuprolide Acetate injection. The drug is used to treat the symptoms associated with advanced prostate cancer. As per IQVIA data, the product had an estimated market size of $83 million for the twelve months ended April 2022.

Read more here.

AMD takes 500,000 sqft leased space in Prestige Group’s commercial property in Bengaluru

US-based semiconductor manufacturer Advanced Micro Devices (AMD) has leased ~500,000 sq. ft. office space in Prestige Group’s commercial property in Bengaluru. It is one of the largest office deals in the southern market in 2022. AMD will use the new office space to expand its operations in the city. The office is expected to be operational by the end of 2022.

Read more here.

Neelachal Ispat Nigam acquisition crucial for Tata Steel’s growth trajectory: Official

Tata Steel said winning the bid for acquiring a majority stake in Neelachal Ispat Nigam Ltd (NINL) was “crucial” for its growth trajectory. In January 2022, Tata Steel Long Products Ltd won the bid to acquire a 93.71% stake in NINL at an enterprise value of Rs 12,100 crore. Tata Steel will begin work immediately to build a 4.5 million tonnes per annum (MTPA) state-of-the-art long products complex in the next few years.

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Aster DM Healthcare partners with Skye Air Mobility for deliveries via drones

Aster DM Healthcare has commenced drone delivery trials with drone technology-based logistics firm Skye Air Mobility in Kerala. Several drones transported essential medicine and critical lab samples from Aster MIMS Hospital to Aster Mother Hospital Areekode. Aster DM Healthcare will leverage Skye Air’s drone technology for the delivery of diagnostic samples and medicines initially in Calicut and further across Kerala.

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Jio launches 4G mobile service near Pangong Lake in Ladakh

Reliance Jio has launched its 4G voice and data services in Spangmik village near Pangong Lake in Ladakh. The lake is one of the most popular tourist locations in Ladakh. This launch is expected to provide a boost for the local economy besides providing seamless connectivity to the tourists and the troops in the area.

Read more here.

IEX achieves 16% growth in electricity volumes in May

Indian Energy Exchange (IEX) achieved 7,596 million units (MU) of electricity volume in May 2022, registering a 16% YoY growth. The Day-Ahead Market volume stood at 3,173 MU in May, a decline of 27% YoY. The Real-Time Market volume at 2,319 MU grew 61% YoY.

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SBI Cards to raise Rs 2,500 cr via NCDs

SBI Cards & Payment Services Ltd’s board has approved a proposal to raise Rs 2,500 crore by issuing non-convertible debentures (NCDs) to fund business growth. The fund would be raised in one or more tranches (rounds) on a private placement basis.

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Divi’s Labs Reports 78% YoY Rise in Net Profit in Q4 – Top Indian Market News

Divi’s Labs Q4 Results: Net profit rises 78% YoY to Rs 895 crore

Divi’s Laboratories Ltd reported a 78.2% YoY increase in consolidated net profit to Rs 894.64 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 40.83% YoY to Rs 2,518.44 crore during the same period. EBITDA stood at Rs 1,104.4 crore in Q4, up 54% YoY. The pharma company’s board has declared a dividend of Rs 30 per share.

Read more here.

Tata Motors, Tata Power to install 7 MWp solar rooftop expansion project in Pune

Tata Power and Tata Motors will co-develop a 7 megawatt-power (MWp) solar rooftop project at the automaker’s passenger vehicle plant at Chikhali, Pune. The installation is expected to generate 23 million units (MUs) of electricity, mitigating 5.23 lakh tonnes of carbon dioxide. It is the third phase of a joint 17 MWp on-site solar project developed by the two companies.

Read more here.

Expectations of higher rates ‘a no brainer’: RBI Governor

Reserve Bank of India (RBI) Governor Shaktikanta Das said the central bank wants to raise interest rates in the next few meetings. The expectation of higher rates is a ‘no brainer.’ RBI will also release a new inflation forecast in its June meeting. It aims to bring down liquidity in a calibrated and phased manner.

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GIC in talks to acquire a stake in ABFRL worth Rs 2,330 crore: Report

As per reports, Singapore’s sovereign wealth fund GIC is in talks to buy a stake in Aditya Birla Fashion & Retail (ABFRL) worth $300 million (~Rs 2,330 crore). ABFRL’s board will meet on May 24 to discuss the proposal. Funds raised will be used for scaling growth as the retail sector bounces back after the Covid-19 pandemic. ABFRL has been strengthening its fashion portfolio over the last two years by acquiring premium labels and needs funds to boost its digital platforms for direct-to-consumer sales.

Tata Steel, JSW Steel, others crash as Indian govt imposes 15% export duty on steel

The Nifty Metal index crashed 8% as Tata Steel, JSW Steel, NMDC, and SAIL hit fresh 52-week lows on Monday. The fall in steel stocks came after the government imposed an export duty of 15% on steel for the second time after 2008. To increase domestic availability, the duty on exports of iron ore was hiked up to 50% and a few steel intermediaries to 15%. 

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HDFC Bank, Retailio to launch co-branded credit cards for chemists, pharmacies

HDFC Bank has partnered with RetailIo to launch a new range of co-branded credit cards targeted at chemists and pharmacies in the merchant segment. Retailio is India’s largest business-to-business (B2B) pharma marketplace. The collaboration is likely to cover over 1.4 lakh merchants in the first phase of its roll-out. It will also be available to over 1 lakh customers of Retailio from their existing merchant base and new customers.

Read more here.

BEL Q4 Results: Net profit falls 15.6% YoY to Rs 1,154 crore

Bharat Electronics Ltd (BEL) reported a 15.6% YoY decline in consolidated net profit to Rs 1,154.2 crore for the quarter ended March (Q4 FY22). Net profit rose 93.7% when compared to the previous quarter. Its revenue from operations fell 8% YoY to Rs 6,211 crore during the same period. EBITDA stood at Rs 1,449 crore in Q4, down 21% YoY. BEL’s board has approved a dividend of Rs 1.5 per share.

Marico acquires majority stake in True Elements

Marico Limited has acquired a 54% stake in HW Wellness Solutions through primary infusion and secondary buy-outs. HW Wellness Solutions owns the True Elements brand, which sells healthy breakfast items and snacks. The acquisition of the digital-first brand will help Marico to expand its total addressable market in the healthy foods segment.

Read more here.

Ramco Cements Q4 Results: Net profit falls 45% YoY to Rs 118 crore

The Ramco Cements Ltd reported a 45.2% YoY decline in consolidated net profit to Rs 118.27 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 4.94% YoY to Rs 1,722.68 crore during the same period. Total expenses rose 20.34% YoY to Rs 1,559.77 crore in Q4. The cement manufacturer’s board has declared a dividend of Rs 3 per share.

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Zomato Q4 Results: Net loss widens to Rs 360 crore

Zomato Limited reported a consolidated net loss of Rs 359.7 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 134.2 crore in the corresponding quarter last year (Q4 FY21). Revenue from operations rose 75% YoY to Rs 1,211.8 crore in Q4 FY22. Zomato launched operations in 300+ new cities during the same period.

Read more here.

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HDFC Bank to Raise up to Rs 50,000 crore via Bonds – Top Indian Market News

HDFC Bank to raise up to Rs 50,000 crore via bonds

HDFC Bank’s board will consider a proposal for raising up to Rs 50,000 crore over the next 12 months. The bank aims to raise funds by issuing Perpetual Debt Instruments (part of Additional Tier-I capital), Tier-II Capital Bonds, and Long Term Bonds (Financing of Infrastructure and Affordable Housing). The board is scheduled to meet on April 16 to consider and approve the financial results for the March quarter (Q4) and FY 2021-22.

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L&T’s building & factories biz secures ‘significant’ orders

Larsen & Toubro Ltd’s (L&T) building and factories business has received significant orders (in the range of Rs 1,000-2,500 crore) from prestigious clients. The health segment of the business has secured an order from the Government of Telangana to construct a 1,750-bed super specialty hospital at Warangal. The project also involves constructing a configuration of the basement and other ancillary buildings.

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Titan reports muted sales in Q4

Titan Company Ltd said it finished the March quarter (Q4 FY22) on a satisfactory note, despite partial Omicron-led lockdowns and other disruptions. The company’s jewellery division reported a 4% YoY decline in revenue during Q4. Revenue from the watches and wearables segment grew 12% YoY. Meanwhile, Titan’s eyecare division recorded 5% YoY growth, while other businesses saw a 23% rise in revenue. 

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Maruti Suzuki to hike vehicle prices this month

Maruti Suzuki India Ltd (MSIL) plans to hike the prices of different models in April due to rising input costs. The automaker did not disclose the quantum of the proposed price hike. It has already hiked vehicle prices by nearly 8.8% from January 2021 to March 2022 due to the constant increase in input costs.

In other news, MSIL has recalled 19,731 units of its EECO model to inspect and rectify incorrect marking of wheel rim size.

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Actis nearing a deal to buy road assets worth $400 million from Welspun Group: Report

According to a Bloomberg report, UK-based Actis is nearing a deal to acquire a portfolio of road assets from Welspun Group for nearly $400 million (~Rs 3,032 crore). The buyout firm is in advanced talks for the assets and is set to beat out several rival bidders. The deal could give Welspun’s road portfolio an enterprise value of about $1.2 billion.

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HAL, Israel Aerospace Industries sign pact for MMTT aircraft

Hindustan Aeronautics Limited (HAL) has signed a Memorandum of Understanding (MoU) with Israel Aerospace Industries (IAI) to convert civil (passenger) aircraft to multi-mission tanker transport (MMTT) aircraft in India. Under this pact, HAL will convert pre-owned civil aircraft into air-refueling aircraft with cargo and transport capabilities. This move aims to provide India’s defence ecosystem with new capabilities and cost-effective solutions in the market.

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Union Bank to invest Rs 1,000 crore to upgrade IT infrastructure

Union Bank will invest Rs 1,000 crore in upgrading its information technology (IT) platforms in the current financial year. It aims to generate revenue from digital channels and save costs. The state-owned bank launched its super app named UnionNxt today. The main thrust of its digital initiatives is to empower customers with smarter ways of banking across all segments.

In other news, Union Bank’s MD Rajkiran Rai G said the lender will transfer 15 bad loan accounts worth Rs 50,000 crore to the National Asset Reconstruction Company (bad bank) by the end of April.

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Equitas SFB gross advances rise 15%, deposits up 16% in FY22

Equitas Small Finance Bank’s (SFB) gross advances witnessed a 15% YoY growth on a provisional basis to Rs 20,648 crore in FY22. Total deposits grew by 16% YoY to Rs 18,951 crore in FY22, compared to Rs 16,392 crore in FY21. The bank’s CASA (current account & savings account) deposits rose 76% YoY to Rs 9,855 crore in FY22. Equitas SFB saw an all-around improvement in performance in the previous quarter (Q4 FY22) as well.

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JSW Steel successfully bids for Ajgaon iron ore block mining license

The Directorate of Geology and Mining, Maharashtra, has declared JSW Steel Ltd as a
“preferred bidder” for a composite licence of an unexplored iron ore mine (Ajgaon Iron Ore Block) in Sindhudurg district. JSW Steel is engaged in the manufacturing and distribution of iron and steel products in India and across the globe.

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Vodafone Idea launches Vi Jobs & Education for job seekers

Vodafone Idea has partnered with Apna, Enguru, and Pariksha platforms to provide over 26 crore customers access to curated job search and exam preparation facilities targeted at Indian youth. The telecom operator has launched Vi Jobs & Education on the Vi App to increase customer stickiness with the brand by offering services to its large prepaid customer base. The platform offers free priority access to India’s most prominent job listings.

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IEX reports 38% YoY rise in trade volumes in FY22

Indian Energy Exchange (IEX) registered a 38% YoY growth in trade volumes at 1,02,035 million units (MUs) in the financial year 2021-22. IEX achieved 9,605 MU volume in March, recording a growth of 16% YoY. The volume comprises 8,702 MU in the conventional power market, 392 MU in the green power market, and 511 MU in the renewable energy certificates market.

Read more here.

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Shares of HDFC Bank, HDFC Surge on Merger Plans. Know More About it Here!

Today, shares of HDFC Bank jumped nearly 11% to Rs 1,683, while that of HDFC surged 14% to Rs 2,800! The Board of Directors of mortgage lender Housing Development Finance Corporation Ltd (HDFC) has approved the merger of the company with HDFC Bank.

  • The share exchange ratio for the amalgamation will be 42 equity shares (of the face value of Re 1 each) of HDFC Bank for every 25 equity shares (of the face value of Rs 2) of HDFC Limited.
  • Post the transaction, existing shareholders of HDFC Limited will own 41% of HDFC Bank. The subsidiaries and associate firms of HDFC will also shift to the bank. HDFC, India’s leading housing finance company, has total assets under management (AUM) of Rs 5.26 lakh crore. Its market cap stands at Rs 4.44 lakh crore.
  • Shares held by HDFC in the lender will be extinguished, making HDFC Bank a full-fledged public company.
  • HDFC Bank will now offer mortgages as a core product to its customers. The lender will also offer new credit and deposit products. For the uninitiated, a mortgage is an agreement between a person and a lender to buy or refinance a home without having to pay all the cash upfront. This agreement gives lenders the legal right to repossess a property if a person fails to meet the terms of the mortgage. With interest rates expected to rise in the upcoming quarters, this merger reduces the cost of funding for HDFC.

Impact of the Merger

As per HDFC’s exchange filing, the proposed merger will help leverage and create meaningful value for various stakeholders. It is expected to benefit from increased scale, comprehensive product offering, and the ability to drive synergies across revenue opportunities. The merger will also help to reduce HDFC Bank’s proportion of exposure to unsecured loans. HDFC Bank will gain access to building a sizeable home loan portfolio, thus increasing the size of their overall loan books.

The merger also has the potential to attract a 7-8% increase in participation from foreign investors.

Based on the market capitalisation of HDFC and HDFC Bank as of April 1, the market value of the merged entity will be ~Rs 12.8 lakh crore. It is likely to be the third-largest company in India, after Reliance Industries Ltd and Tata Consultancy Services (TCS). 

The merger is expected to be completed by the second or third quarter of the next financial year (FY24). The scheme of amalgamation is subject to the approval of the Reserve Bank of India, Securities & Exchange Board of India, and other regulatory authorities.

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Govt to Sell 1.5% Stake in ONGC to Raise Rs 3,000 crore – Top Indian Market News

ONGC market updates | marketfeed

Govt to sell up to 1.5% stake in ONGC to raise Rs 3,000 crore

The Indian govt will sell up to 1.5% stake in Oil & Natural Gas Corporation Ltd (ONGC) to raise Rs 3,000 crore. The offer for sale (OFS) by the government will be open on March 30 and 31. The floor price for the OFS has been set at Rs 159 per share. This price is at a 7% discount to the Rs 171.05 stock closing price of ONGC on the BSE today. The Central government currently holds a 60.41% stake in the country’s largest oil and gas producer.

Read more here.

HDFC Bank to infuse Rs 3 crore to acquire stake in IDRCL

HDFC Bank has signed an agreement to invest Rs 3 crore in the first tranche to acquire a stake in India Debt Resolution Company Ltd (IDRCL). Incorporated on September 3, 2021, IDRCL operates as a debt management company. The private sector lender will infuse Rs 7.50 crore in various tranches to acquire up to 15% equity holding in IDRCL.

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Bharti Airtel completes acquisition of 4.7% stake in Indus Towers

Bharti Airtel and its subsidiary Nettle Infrastructure Investments Ltd have acquired 12.71 crore equity shares (or 4.7% stake) in Indus Towers from Vodafone Group. The consideration paid for the acquisition is ~Rs 2,388 crore. The proceeds from the sale will be infused into Vodafone Idea Ltd for clearing its dues. Indus Towers (formerly Bharti Infratel) owns, deploys, and manages telecom towers and communication structures across India.

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IDBI Bank board approves rupee bond borrowing limit of Rs 8,000 crore for FY23

IDBI Bank’s board has approved the rupee bond borrowing limit of Rs 8,000 crore for the next financial year beginning April 1. It will comprise additional tier I (AT-1) bonds up to Rs 3,000 crore and senior/infrastructure bonds up to Rs 1,000 crore by way of private placement during FY23. 

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Fuel prices hiked for 7th time in 8 days

Fuel prices were increased again on Tuesday for the seventh time in the last eight days. In Delhi, petrol rates were hiked by 80 paise a litre to cross the Rs 100 mark and diesel by 70 paise a litre. Globally, oil prices dropped today as Ukraine and Russia headed for peace talks and on fears of a decline in fuel demand in China after the financial hub of Shanghai shut down to curb a surge in Covid-19 cases. 

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Engineers India wins consultancy services contract for green hydrogen plant

Bharat Oman Refineries Ltd (BORL) has selected Engineers India Ltd for providing consultancy services for an electrolyzer-based green hydrogen plant at Bina Refinery. It will be one of the largest green hydrogen plants in India, with a capacity of ~8.5 tonnes per day (TPD). State-owned Engineers India provides indigenous design and technology solutions primarily for hydrocarbon projects.

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Cyient launches Firmware Over-the-Air solution for connected devices

Cyient Ltd has announced a pre-built solution for managed Firmware Over-the-Air (FOTA) updates from its CyientflQ innovation platform. CyientflQ helps to correct technological disruptions and enables the development of new solutions in collaboration with partners. The FOTA solution is designed to further boost the development of intelligent and connected products for Cyient’s customers. 

Embassy REIT to enter into Rs 950 crore debt financing agreement with Golflinks Software Park

The Board of Directors of Embassy Office Parks Management Services has approved a debt financing agreement between Embassy Office Parks REIT and its investment entity, Golflinks Software Park (GLSP), for ~Rs 950 crore. Embassy REIT will subscribe to privately placed unlisted non-convertible debentures issued by GLSP (REIT Debt Financing). To learn more about REITs, click here.

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Alembic Pharma acquires 100% stake in Aleor Dermaceuticals from JV partner

Alembic Pharmaceuticals Ltd has acquired the balance 40% stake in Aleor Dermaceuticals from its joint venture (JV) partner Orbicular Pharmaceutical Technologies. Through this acquisition, the pharma company aims to strengthen its skin-related manufacturing and marketing footprint. Aleor’s product offerings include creams, gels, ointments, shampoos, lotions, sprays, etc.

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PNC Infratech secures NHAI road project worth Rs 1,575 crore

PNC Infratech Ltd was declared the lowest (L-1) bidder for a project tendered by the National Highways Authority of India (NHAI). The project includes the construction of a six-lane access controlled greenfield highway from the MIVKN Border (Badadat) to the Maradgi S Adnola section of NH-150C in Karnataka. The total bid cost of the project is Rs 1,575 crore.

In other news, the NHAI declared Ashoka Buildcon Ltd as the lowest bidder for a greenfield highway project worth Rs 1,079 crore.

Read more here.

IT Dept raid at Hero MotoCorp reveals Rs 1,000 crore bogus expenses: Report 

As per reports, the Income Tax Department is analysing nearly Rs 1,000 crore in expenses that are suspected to be bogus in a probe at Hero MotoCorp. The department is going through digital data and various other documents as part of its investigation. Further, the IT dept is also probing the deal of a farmhouse on the outskirts of Delhi where cash worth Rs 100 crore was allegedly paid.

Read more here.

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HDFC Bank’s Net Profit Rises 18% YoY in Q3 – Top Indian Market News

HDFC Bank Q3 Results: Net profit rises 18% YoY to Rs 10,342 crore

HDFC Bank reported an 18% YoY increase in net profit to Rs 10,342.2 crore for the quarter ended December (Q3 FY22). Net profit increased 17% when compared to the previous quarter. Its net interest income (NII) grew 13% YoY (or 4% QoQ) to Rs 18,443.5 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 1.26% in Q3 FY22, compared to 1.35% in Q2 FY22. HDFC Bank’s provisions fell 12.3% YoY to Rs 2,994 crore in Q3 FY22. 

Read more here. 

Maruti Suzuki hikes prices for fourth time in FY22

Maruti Suzuki India Ltd has hiked the prices of its models for the fourth time in the current financial year (FY22). Prices of all models will go up 1.7% on a weighted average basis. Prices of select Maruti Suzuki cars went up by 1.6% in April and 1.9% in September 2021. The rise in input costs has put pressure on the margins of automakers, leading them to pass these costs on to consumers.

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Telcos seek refund of Rs 35,000 crore input tax credit, GST waiver on license fee, SUC: COAI

As per the Cellular Operators Association of India (COAI), telecom operators want the government to refund input tax credit (ITC) of around Rs 35,000 crore, reduce levies, and waive Goods & Service Tax (GST) on licence fees and spectrum usage in the upcoming Budget. Telcos Vodafone Idea, Bharti Airtel, and Reliance Jio also want the govt to suspend the universal service obligation fund (USOF) to reduce the burden on service providers. [USOF financially supports the rollout of telecom services in rural areas.]

Read more here.

Hero MotoCorp lines up Rs 420 crore fresh investment in Ather Energy

Hero MotoCorp Ltd announced a new investment of Rs 420 crore in electric vehicle (EV) company Ather Energy. Prior to the proposed investment, Hero MotoCorp’s shareholding in Ather Energy was 34.8%. The two-wheeler manufacturer is also exploring collaborations with Ather Energy in various spheres such as charging infrastructure, technology, and sourcing.

Read more here.

Metro Brands Q3 Results: Net profit rises 53% YoY to Rs 102 crore

Metro Brands Ltd reported a 53% YoY increase in consolidated net profit to Rs 102 crore for the quarter ended December (Q3 FY22). Net profit increased 84% when compared to the previous quarter. Its revenue from operations rose 59% YoY (or 49% QoQ) to Rs 484 crore during the same period. 

In other news, Metro Brands has signed an exclusive strategic partnership with wellbeing footwear brand FitFlop for sale and distribution in India.

Read more here.

Vedanta plans investments in Saudi Arabia’s mineral sector

Vedant Ltd has announced plans to invest in Saudi Arabia’s mineral sector, as the country is looking to team up with global companies to become a leading producer of zinc metal. “The company is in discussions to identify investment opportunities in Saudi Arabia, which will transform itself into a mineral hub in the Middle East,” said Vedanta’s chairman, Anil Agarwal.

Read more here.

Govt to offer land for EV public charging stations through bidding

The Indian government has allowed state-owned entities to offer land to private agencies setting up public charging stations through a bidding process. The land available with government agencies can be offered to public sector undertakings (PSUs) at a concessional rate of Rs 1 per unit for setting up public charging stations. The tariff of public charging stations has also been capped to not exceed the average cost of supply till March 2025.

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NXTDigital board approves sale of digital, media businesses to Hinduja Global Solutions

NXTDigital Ltd’s (NDL) board has given in-principal approval for the sale of its digital and media businesses to Hinduja Global Solutions Ltd (HGSL). The move will fuel and accelerate NDL’s planned expansion across the digital ecosystem through optimal synergies with HGSL’s strength in digital processing. The proposed acquisition will include the management team, employees, all businesses and technology across NDL’s media, communications, and broadband segments.

Read more here.

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Tata Steel’s Output Grows 2% YoY to 7.68 MT in Q3 – Top Indian Market News

Tata Steel’s output grows 2% YoY to 7.68 MT in Q3

Tata Steel Ltd reported a 2% YoY rise in consolidated steel output to 7.68 million tonnes (MT) for the October-December period (Q3 FY22). Consolidated sales fell 3% YoY to 6.88 MT during the same period. Tata Steel produced 4.80 MT of steel in Q3 FY22 in India, compared to 4.60 MT a year ago.

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HDFC Bank starts online customs duty payment facility for customers

HDFC Bank announced that its integration with the Central Board of Indirect Taxes and Customs (CBIC) ICEGATE platform has gone live. This will allow customers to pay their customs duty directly via the bank. The private sector lender has facilitated both retail and wholesale payments of customs duty.

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JSW Steel to invest Rs 15,000 crore to expand Vijaynagar facility

JSW Steel Ltd has announced a 15,000-crore brownfield expansion project at its Vijaynagar Steel Works to increase capacity by 5 million tonnes per annum (MTPA) to 18 MTPA by FY24. The company has received environmental clearance for the project. It is planning to complete a 1 MTPA expansion through the upgradation of the current facility to achieve 13 MTPA capacity within the next 12 months.

Read more here.

Tata Power leads S&P Global’s ESG score for power utilities in India

Tata Power has secured the highest score among its peers in the Indian power sector in S&P Global’s recently released corporate sustainability assessment (CSA) results. The company scored 67 out of 100, which is significantly higher than the average world electric utility sector (comprising both Indian and global electric utilities) score of 38. The S&P Global CSA is an annual evaluation of companies’ sustainability practices since 1999.

Read more here.

Lupin launches Molnulup for Covid-19 treatment

Lupin Ltd has launched antiviral medication Molnupiravir under the brand name Molnulup in India for Covid-19 treatment. The Drugs Controller General of India (DCGI) has given emergency use authorisation (EUA) for Molnupiravir for the treatment of adult Covid-19 patients who have a high risk of progression of the disease. Pre-clinical and clinical data have shown Molnupiravir to be effective against the most common SARS-CoV-2 variants.

Read more here.

Alembic Pharma gets tentative USFDA approval for depressive disorder drug

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for its generic Vortioxetine tablets. The drugs are indicated for the treatment of major depressive disorder. According to IQVA data, Vortioxetine tablets had an estimated market size of $1,249 million for twelve months ended September 2021.

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RIL executes agreement to acquire 40% stake in Sterling & Wilson from Shapoorji Pallonji

Reliance Industries Ltd (RIL) has executed an agreement to acquire a 40% stake in Sterling and Wilson Renewable Energy from Shapoorji Pallonji and Company. Reliance New Energy Solar Ltd, a wholly-owned subsidiary of RIL, acquired 1.84 crore shares of Sterling & Wilson Renewable for Rs 690 crore in an off-market deal.

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TCS wins second phase of Centre’s Passport Seva Program

The Ministry of External Affairs has selected Tata Consultancy Services (TCS) to implement the second phase of the Passport Seva Program, India’s largest mission-critical e-governance program till date. TCS will be managing the project for another 9.5 years. The IT major will refresh existing systems and develop new solutions to enable the issuance of e-passports using technologies such as biometrics, artificial intelligence, and advanced data analytics. Analysts estimate the deal to be valued at about Rs 6,000-8,000 crore.

Read more here.

KEC International secures new orders worth Rs 1,025 crore 

KEC International Ltd has secured new orders worth Rs 1,025 crore across its various businesses. The company’s transmission and distribution business has secured orders for projects in India and the Middle East. Its civil business has also secured an order for infrastructure works in the metals and mining segment in India.

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G.M. Breweries Q3 Results: Net profit rises 6.25% YoY to Rs 19.8 crore

G.M. Breweries Ltd (GMBL) reported a 6.25% YoY increase in net profit to Rs 19.79 crore for the quarter ended December 2021 (Q3 FY22). Its revenue from operations rose 16.9% YoY to Rs 130.88 crore during the same period. EBITDA fell 2.9% YoY to Rs 27.8 crore. Maharashtra-based GMBL is engaged in the manufacturing and marketing of alcoholic beverages.

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Oil India to Set Up Green Hydrogen Plant in Assam – Top Indian Market News

Oil India to set up green hydrogen plant in Assam

Oil India Ltd (OIL) has announced plans to set up a plant to manufacture green hydrogen at its Jorhat oilfield in Assam. The hydrogen generated from the plant will be blended with natural gas using existing infrastructure. Hydrogen, being the cleanest form of energy, is the latest focus area across the globe to meet rising energy needs. Green hydrogen is derived from water electrolysis, using renewable energy such as solar or wind.

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RBL Bank’s financial health stable, no reason for depositors to worry: RBI

The Reserve Bank of India (RBI) said that RBL Bank’s financial health remains stable, and there was no reason for depositors and other stakeholders to react to speculative reports. It further added that the bank was well capitalised, and its financial position remains ‘satisfactory’.

RBL Bank’s shares fell ~23% intraday on Monday after a series of developments over the weekend confused investors. In two separate regulatory statements, the bank said that RBI has appointed chief general manager Yogesh Dayal to its board as an additional director and that RBL Bank’s chief executive officer Vishwavir Ahuja will go on immediate leave. 

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HDFC Bank partners with IPPB to deliver banking services in semi-urban, rural areas

HDFC Bank has partnered with India Post Payments Bank (IPPB) to offer its services to the unbanked and underserved segments in semi-urban and rural areas. A Memorandum of Understanding (MoU) was signed between the two entities to cater to the majority of over 4.7 crore customer base of IPPB. This partnership will help HDFC Bank expand its customer outreach to the last mile.

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HFCL gets ‘Trusted Source’ recognition from NSCS

The National Security Council Secretariat (NSCS) has recognised HFCL Ltd as a trusted source on matters of national security and strategic interest. With this tag, HFCL joins a premium league of companies and has become a trusted source for all Indian telecom service providers (TSPs) for their active network products and infrastructure.

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IndusInd Bank ties up with NPCI to simplify cross border remittances via UPI

IndusInd Bank has partnered with the National Payments Corporation of India (NPCI) to facilitate real-time cross-border money transfers by using UPI IDs of beneficiaries. With this initiative, IndusInd Bank has become the first Indian bank to go live on UPI for cross-border payments or NRI remittances. The bank plans to add more partners in various other countries for cross-border payments via UPI in the near future.

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Tata Group’s growth strategy to be based on digital, energy, supply chain, and health themes: N Chandrasekaran

Tata Group’s future growth strategy will be based on four themes: digital, new energy, supply chain resilience, and health, said Chairman N Chandrasekaran. In a new year message to employees, he said that the group is becoming simpler and financially stronger than it has been in a long time. He further said that Tata Group has made good progress in addressing carbon footprint and positioning its companies to benefit from revolutionary new technologies.

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Mahindra Holidays & Resorts to add over 300 rooms by March 

Mahindra Holidays & Resorts Ltd (MHRL) plans to add over 300 rooms by March 2022 to take the overall inventory to 4,500 keys. This move is part of the planned Rs 1,200 crore capital investment to add over 1,000 rooms in the next three years ending FY24. MHRL operates under the flagship Club Mahindra brand of membership-only resorts. It operates 78 properties (offering 4,197 keys) and has been clocking about 80% occupancy in the third quarter of FY22.

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Ashoka Buildcon arm signs share purchase agreements worth Rs 1,337 crore with Galaxy Investments

Ashoka Concessions Ltd (ACL) has entered into share subscription and share purchase agreements with Galaxy Investments II Pte. Ltd for sale of the entire share capital of several of its subsidiaries. The aggregate consideration received for the sales is Rs 1,337 crore. The transactions are subject to the completion of certain conditions, including approval of the lenders of the respective subsidiaries and the National Highway Authority of India. ACL is a material subsidiary of Ashoka Buidcon Ltd.

Adani Group to start exporting coal from controversial Australian mine

The Adani Group’s Carmichael coal mine in Australia will begin exporting coal after battling a seven-year campaign by climate activists and defying a global push away from fossil fuels.  The group is preparing to export high-quality, low sulphur coal and is due to begin shipping before the end of the year. The Carmichael mine will be a vital source of supply for importers such as power plants in India.

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Paras Defence secures DRDO contract for border surveillance tech

Defence Research Development Organization (DRDO) has selected Paras Defence & Space Technologies Ltd (PDSTL) as one of the companies for handing over the technology of border surveillance systems. This technology has been transferred by a licensing agreement for the Transfer of Technology (ToT) for border surveillance systems entered between PDSTL, Instruments Research & Development Establishment (IRDE), and DRDO. This system will provide all-weather surveillance for day and night monitoring of the border areas.

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Piramal Group Completes Acquisition of DHFL – Top Indian Market News

Piramal Group completes acquisition of DHFL for Rs 34,250 crore

Piramal Enterprises Ltd (PEL) has completed the acquisition of Dewan Housing Finance Corp Ltd. (DHFL) for a total consideration of Rs 34,250 crore. This includes an upfront cash payment of Rs 14,700 crore and issuance of debt instruments worth Rs 19,550 crore (10-year NCDs at 6.75% per annum on a half-yearly basis). As a part of the process, Piramal Capital and Housing Finance Ltd (PCHFL) will merge with DHFL. The creditors of DHFL would recover an aggregate amount of ~Rs 38,000 crore from the resolution process. 

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Blue Star to invest Rs 550 crore on new manufacturing unit in Andhra Pradesh

Blue Star Limited will invest Rs 550 crore over the next few years for setting up a greenfield manufacturing unit at Sri City, Andhra Pradesh. The AC and commercial refrigeration major’s newly formed subsidiary, Blue Star Climatech, has commenced construction of the new plant. The unit will be highly automated, and the company will ensure that products manufactured are globally competitive. The first phase of construction will be completed by July 2022.

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BLS International secures contract for Italian visa processing services in Russia

BLS International Services has secured a contract from the Embassy of Italy in Russia for visa processing for a period of five years. The company is expected to process approximately 1.4 lakh applications every year at 20 centres across Russia. BLS will be providing Italian visas, along with value-added services such as mobile biometric, translation, premium lounge, prime time submission, courier, and SMS alerts for the convenience of applicants.

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HCL Tech signs multi-year contract with Belgium-based Proximus

HCL Technologies Ltd has signed a multi-year strategic partnership with Proximus Group to transform its data centre business and create a resilient digital foundation. Proximus is one of Belgium’s leading digital services and communications solutions providers. HCL Tech will invest in a dedicated innovation lab, providing Proximus exclusive access to its intellectual property, product, and partner ecosystem. The partnership will allow Proximus to use HCL’s telecom and technology domain expertise to develop innovative 5G and Internet of Things (IoT) solutions.

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SpiceJet partners with EaseMyTrip for holiday bookings

SpiceJet Limited has partnered with EaseMyTrip to strengthen offerings ahead of the festive season. The travel platform will develop a holiday booking platform for SpiceJet, which will allow the airline’s customers to book holiday packages. The partnership is aimed at expanding EaseMyTrip’s scope across the rapidly growing holiday segment. Under the collaboration, SpiceJet will offer exclusive benefits such as priority services (check-in, boarding) and complimentary meals.

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HDFC Bank issues 4 lakh credit cards after lifting of embargo 

HDFC Bank has issued 4 lakh credit cards since the Reserve Bank of India (RBI) lifted the embargo (an official ban) imposed on the company. In December 2020, the RBI placed restrictions on the private sector lender on sourcing of new credit cards. The RBI eased the restrictions on August 17, 2021. HDFC Bank has also announced the relaunch of three cards— HDFC Bank’s Millennia, MoneyBack+, and Freedom. The new card variants will be available to customers in October 2021.

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Britannia partners with Accenture to accelerate its digital transformation

Britannia Industries has partnered with Accenture for digital acceleration of its operations and reduction of IT operational costs. The project will help streamline Britannia’s procurement and supply chain management, expedite digital onboarding, contract management, and procurement processes. The partnership with Accenture will work towards digitising more than 80 manufacturing units and 50 warehouses and help unlock capital for innovation and growth initiatives.

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ABB India technology to lower production costs for Tata Steel plant

ABB India Limited will provide electromagnetic brake systems (EMBR) for two compact strip production (CSP) casters for Tata Steel’s flagship plant in Jamshedpur. The company will work under contract from SMS Group, an engineering and construction firm. ABB India’s scope of supply also includes dry-type transformers, water cooling systems, and commissioning services. ABB’s EMBR technology will allow Tata Steel to improve product quality and lower production costs.

RBI removes Indian Overseas Bank out of PCA framework

The Reserve Bank of India has removed Indian Overseas Bank from the Prompt Corrective Action (PCA) framework, subject to certain conditions and continuous monitoring. The performance of the bank was reviewed by RBI’s Board for Financial Supervision. It was noted that IOB is not in breach of the PCA parameters as per the results published for the year ended March 31, 2021. PCA is a framework under which banks with weak financial metrics are put under watch by the RBI.  

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Invesco moves NCLT against ZEEL for failing to announce EGM date

Invesco Developing Markets Fund has moved the National Company Law Tribunal (NCLT) against Zee Entertainment Enterprises Ltd (ZEEL) for failing to announce a date for the extraordinary general meeting (EGM). The US-based fund house had called for an EGM to remove ZEEL’s CEO and MD Punit Goenka. The majority shareholders also aim to reconstitute the company’s board. As per the rules, ZEEL has up till October 2 to call for an EGM.

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Tata Power to Set Up 250 MW Solar Plant in Maharashtra – Top Indian Market News

Tata Power to set up 250 MW solar power plant in Maharashtra

TP Saurya Ltd (TPSL) has secured a contract from Maharashtra State Power Generation Co. Ltd (MAHAGENCO) to set up a 250 megawatt (MW) grid-connected solar power plant in Maharashtra. TPSL is a wholly-owned subsidiary of Tata Power. The solar project will be commissioned within 15 months from the date of execution of the Power Purchase Agreement (PPA). With this project, the total renewable capacity of Tata Power will reach 4,611 MW.

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HDFC Bank partners with Paytm to launch co-branded credit cards

HDFC Bank has partnered with digital payments app Paytm to launch a comprehensive range of credit cards powered by Visa. The credit cards will be customized to meet the distinct requirements of retail customers, from new-to-credit users to affluent users. It will offer best-in-class rewards and cashback for users. The launch is planned in October to coincide with the festive season to tap into potentially higher consumer demand for credit card offers and EMIs.

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L&T secures order from Petronet LNG for 2 storage tanks

L&T Hydrocarbon Engineering (LTHE) has secured a significant order (in the range of Rs 1,000-2,500 crore) from Petronet LNG. The contract is for the engineering, procurement, construction, and commissioning of two LNG storage tanks of 1.7 lakh cubic meters each for Phase III-B of the Dahej Expansion Project in Gujarat. LTHE is a wholly-owned subsidiary of Larsen & Toubro (L&T).

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Dabur India forays into face wash category under the Vatika brand

Dabur India is strengthening its presence in the personal care segment with the launch of the Dabur Vatika face wash range. The face wash range has been exclusively launched on Flipkart and is priced at Rs 170. The Vatika Face Wash will be available in a 150ml SKU and comes in three variants. Both Dabur and Flipkart have worked closely to understand the emerging trends in the natural ingredient-based face wash category to come up with this new range.

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Coal India signs pact worth Rs 1,880 crore for commercial extraction of coal bed methane

Bharat Coking Coal, a subsidiary of Coal India Ltd, has signed a contract worth Rs 1,880 crore with Prabha Energy for commercial extraction of coal bed methane (CBM). CBM is an unconventional form of natural gas found in coal deposits or coal seams. It will be extracted from Jharia Block-I under the leasehold area of Bharat Coking Coal. Coal India has selected Ranchi-based consultancy firm CMPDI as the principal implementing agency to oversee the project.

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Tata Communications offers ‘pay-as-you-go’ feature on Ethernet network services in India

Tata Communications Ltd has introduced a Bandwidth-on-Demand (BoD) feature on Ethernet network services in India. The feature enables enterprises to self-provision additional capacity on a ‘pay-as-you-go’ model to meet short-term bandwidth needs conveniently through a self-service customer portal. It delivers flexibility, improves the end-user experience, and brings cost-efficiency. The new BoD feature helps customers manage scalable and resilient Data Center (DC) connectivity.

VST Tillers Tractors launches new power tiller and range of brush cutters 

VST Tillers Tractors Ltd has launched a new power tiller— VST 95 DI Ignito for the domestic market. It is a machine used in agricultural fields for cultivation, tillage, sowing, and weeding. The company has also launched brush cutters— VST 226 LD, VST 234 MD, and VST 242 HD for the domestic market. The products were launched for the benefit of the farming community after encouraging results from extensive field trials.

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RPP Infra Projects secures order worth Rs 158 crore

RPP Infra Projects Ltd has received a Letter of Acceptance (LoA) for a new project worth Rs 157.67 crore. The order is for the engineering, procurement, and construction of Bareilly Haat and Handicraft Centre with 1-year defect liability under Smart City Mission. Tamil Nadu-based RPP Infra Projects engages in construction and infrastructure development activities in India, Sri Lanka, and Mauritius.

Adani Ports gets CCI approval to acquire 10.4% stake in Gangavaram Port

The Competition Commission of India (CCI) has approved the acquisition of a 10.4% stake in Gangavaram Port by Adani Ports & Special Economic Zone Ltd (APSEZ). The equity shareholding will be acquired from the Government of Andhra Pradesh. Gangavaram Port owns, develops, and operates a deep-water port at Gangavaram, Andhra Pradesh.

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Vodafone Idea promoters to infuse capital equity into company: Report

According to a report from Fortune India, Vodafone Idea (Vi) may soon see an influx of capital from its promoters. The telecom company is set to receive capital in the form of equity from Vodafone Group and Aditya Birla Group. Vi’s promoters had previously not been willing to infuse additional capital for the debt-ridden company over concerns regarding its stability. With the government’s new relief package, the promoters have more confidence in the long-term standing of the support from the government. 

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HDFC Bank Partners With NSIC to Offer Credit Support to MSMEs – Top Indian Market News

HDFC Bank partners with NSIC to offer credit support to MSMEs

HDFC Bank has signed a Memorandum of Understanding (MoU) with National Small Industries Corporation (NSIC) to offer credit support to micro, small, and medium enterprises (MSMEs) across India. The private sector lender will provide MSMEs with schemes to enhance their competitiveness. HDFC Bank will accept loan applications forwarded by NSIC and consider sanctioning loans on a merit basis, as per the lending norms laid down by the bank. The bank’s branches will also extend support to MSMEs in the areas they operate.

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L&T Construction secures order for water effluent treatment business

The construction arm of Larsen & Toubro has secured a significant order (in the range of Rs 1,000-2,500 crore) for its water and effluent treatment business in India. The order is from a state-utility organisation to implement rural water supply projects, providing functional house tap connection under the Jal Jeevan Mission. The scope of the order comprises tube wells, pump houses cum chlorination rooms, overhead tanks, treatment systems, solar plants, rising main and distribution pipeline network, and staff quarters.

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Tata Communications partners with Telekom Malaysia to offer high-speed connectivity in ASEAN

Tata Communications Ltd has partnered with Telekom Malaysia Berhad (TM) to offer stable, high-speed, and reliable connectivity in the Association of Southeast Asian Nations (ASEAN) region. The collaboration will enable service providers, mobile network operators, and internet service providers in the region to address their customers’ growing data connectivity needs by providing access to a global Tier-1 Internet Protocol (IP) network. Sectors such as e-commerce, online entertainment, retail, online banking, and delivery services will get a further boost. 

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ABB commissions drives at Bharat Biotech’s facility for safe manufacturing of Covaxin

ABB India has commissioned its ACS560 drives at Bharat Biotech’s Covaxin manufacturing facility in Hyderabad. The drives will enhance the safety and energy efficiency of the facility. The manufacturing of vaccines is a complex process and needs a clean room environment to deliver the desired output. ABB’s systems control the temperature, humidity, air pressure, and ventilation within a clean room. 

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Birlasoft announces  global, strategic partnership with Freshworks Inc

Birlasoft Ltd has announced a global, strategic partnership with US-based Freshworks Inc. to help enterprises provide enhanced customer experience management solutions. The partnership will focus on developing capabilities and innovative, niche-industry solutions to help enterprises address their transformation challenges and drive value at scale. Birlasoft will expand business capabilities and improve the end-user experience by integrating solutions from partners like Freshworks. 

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Dr Reddy’s launches Minoxidil for treatment of female pattern hair loss

Dr Reddy’s Laboratories Ltd has announced the launch of Minoxidil for the treatment of female pattern hair loss (FPHL). The pharma company will sell the product under the brand name Mintop. The launch follows the first-ever approval of the additional indication by the Central Drugs Standard Control Organization (CDSCO) in India for the use of Minoxidil topical solution USP 2% and 5% for the treatment of FPHL.

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Shoppers Stop partners with Accenture to accelerate digital commerce transformation

Shoppers Stop Ltd has partnered with Accenture to accelerate its digital commerce transformation across multiple retail channels. The retailer of fashion and beauty brands aims to improve profitability and shift more sales to digital channels. Through its partnership with Accenture, Shoppers Stop plans to strengthen its digital platform backed by real-time data and analytics across the value chain— from customer experience and supply chain operations to sales and last-mile delivery.

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CEAT to revamp sales network across India

Tyre manufacturer CEAT has initiated an exercise to revamp its retail sales network to enhance customer experience. The company will refurbish Ceat Shoppes nationwide, which will start with 10 new design stores in metro cities and key markets in the coming months. It also plans to launch an additional 50 stores in the current financial year (FY22). It is targeting 500 exclusive stores by 2023.

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Panacea Biotech supplies second component of Sputnik V in India

Panacea Biotec Ltd has supplied the first shipment of the second component (human adenovirus serotype 5) of the Sputnik V Covid-19 vaccine. The batch will be distributed across India through Dr. Reddy’s Laboratories, a partner of the Russian Direct Investment Fund (RDIF) and Panacea Biotec. Doses of the second component were manufactured at Panacea Biotec’s facility in Himachal Pradesh.

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India must accept cryptos as an asset: Former RBI Deputy Governor

Former RBI Deputy Governor R Gandhi said cryptocurrencies should be treated as an asset or commodity in India and governed by existing laws for exchanges. “Once cryptos are accepted, rules governing commodity exchanges could apply, and the coins could be used to pay for goods and services. Then automatically people can start buying, selling and holding”, he said. The former RBI official was addressing an event organized by the Internet and Mobile Association of India today.

The Narendra Modi government, which had initially proposed a ban on crypto trades, is finalizing regulations for cryptocurrencies. 

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CCI Imposes Rs 200 crore Penalty on Maruti Suzuki – 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."

CCI imposes Rs 200 crore penalty on Maruti Suzuki over dealer discount policy

The Competition Commission of India (CCI) has imposed a penalty of Rs 200 crore on Maruti Suzuki India Ltd for indulging in anti-competitive practices by restricting discounts offered by its dealers. It was revealed that the automaker had employed mystery shopping agencies to ensure no additional discount was offered to customers by its dealerships. 

In 2019, CCI launched an investigation into the allegations that Maruti Suzuki forced its dealers to limit their discounts. An order based on the investigation was released today (August 23), in which the CCI directed Maruti Suzuki to ‘cease and desist’ from indulging in such practices and asked the company to deposit the fine within 60 days.

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Infosys CEO meets FM Sitharaman amid persistent tech issues with IT portal 

Union Finance Minister Nirmala Sitharaman met with Infosys CEO Salil Parekh to discuss the critical issue of persistent glitches in the new Income Tax (IT) portal. Since June 8, taxpayers using the e-portal have faced technical glitches, errors, and challenges in accessing it or several functions within the website. According to reports, the FM has demanded that the issues faced by taxpayers on the current functionalities of the IT portal should be resolved by Infosys within September 15, 2021. 

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Jio adds 54 lakh subscribers in June; Vodafone Idea loses 43 lakh subscribers

Reliance Jio Infocomm and Bharti Airtel added 54.6 lakh and 38.12 lakh wireless subscribers, respectively, in June 2021. Jio’s total subscriber base rose to 43.6 crore during the same month. Bharti Airtel’s overall mobile user base stood at 35.2 crore at the end of June. Meanwhile, Vodafone Idea (Vi) lost 42.8 lakh subscribers in June, and its user base shrunk to 27.3 crore. The data was released by the Telecom Regulatory Authority of India (TRAI).

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HDFC Bank partners with Paytm to offer digital banking services

HDFC Bank has entered into a strategic partnership with Paytm to expand its suite of digital banking services offered to individuals and merchants. The companies will build payment gateway and point-of-sale (PoS) solutions for merchants. Paytm and HDFC Bank will also launch a co-branded PoS product in the retail segment, which Paytm will have the option to offer to its own customer base. They will also look to offer credit products such as Paytm’s Buy Now-Pay Later solution Paytm Postpaid, Eazy EMI, and Flexi Pay.

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HCL Tech signs contract with Munich Re for digital workplace services in 40 countries

HCL Technologies Ltd has signed a contract with Germany-based insurer Munich Re to create a next-generation digital workplace for its workforce. The IT major will modernize and standardize workplace services for more than 16,000 employees across 40 countries. HCL Tech will adopt a “glocal” strategy to support Munich Re’s global workforce in multiple languages from near-shore locations.

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SSWL signs MoU with Western Hemisphere for $105 million deal

Steel Strips Wheels Ltd (SSWL) has signed a Memorandum of Understanding (MoU) with Western Hemisphere for an order worth nearly $105 million (~Rs 778 crore). The order includes the supply of steel and aluminium wheels for a minimum period of three years. The supplies of steel wheels will begin from SSWL’s Chennai and Dappar plants by September 2021. Supplies of aluminium wheels from its Mehsana plant will commence from the end of December 2021.

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Indian Hotels to raise Rs 3,000 crore via rights issue to meet financing needs

The Board of Directors of Indian Hotels Company Ltd (IHCL) has approved a proposal to raise Rs 3,000 crore through a rights issue. The objective of the issue is to meet the company’s financing needs for capital expenditure, growth plans, and debt repayment. IHCL’s board has also approved the formation of a Committee of Directors to decide the terms and conditions of the rights issue, including details of the issue price, record date, etc. Mumbai-based IHCL is the parent company of Taj Hotels.

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Eicher Motors reappoints Siddhartha Lal as Managing Director

Amidst a tussle over remuneration, the Board of Directors of Eicher Motors Ltd has decided to re-appoint Siddhartha Lal as Managing Director (MD) with effect from May 1, 2021. As per reports, Lal’s reappointment as MD was voted down earlier by the shareholders over a 10% hike in his salary proposed amid the Covid-19 pandemic— when the revenue and profit growth of the company has been slow. Eicher Motors’ board will now go back to shareholders for approval through a postal ballot.

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RattanIndia Enterprises forms subsidiary for drone business in India

RattanIndia Enterprises will incorporate a wholly-owned subsidiary to kickstart its Unmanned Aerial Vehicle (UAV) drone business operations in India. The company had recently announced a strategic investment in the US-based urban drone logistics platform Matternet. Drone systems have a wide variety of commercial and industrial applications in healthcare and e-commerce logistics, infrastructure monitoring, agriculture, weather monitoring, surveying, etc.

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Centre announces Rs 6 lakh crore National Monetisation Plan

The Central government has announced a Rs 6 lakh crore National Monetisation Plan (NMP) for monetising infrastructure assets across key sectors. The plan would cover a wide range of sectors, including road and railway assets, airports, power transmission lines, and gas pipelines. FM Nirmala Sitharaman stated that the assets would not be sold to the private sector but will only be given to them for their better utilisation. 

NMP is in line with Prime Minister Narendra Modi’s strategic divestment policy, under which the state will retain its presence in only a few identified sectors and the rest will be privatized. 

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