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Tata Motors to Hike CV Prices by 3% in Oct – Top Indian Market Updates

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

Tata Motors to hike commercial vehicles prices by 3% in Oct

Tata Motors will raise the prices of its commercial vehicles (CVs) by up to 3%, its third hike in 2023, to offset the residual impact of past input costs. The price hike, effective Oct. 1, will be applicable across its range of CVs. The automaker previously raised prices by 1.2% in January and by 5% in March to ensure its vehicles comply with the new emission norms.

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SBI launches digital opening of NRE/NRO account setup via YONO

State Bank of India (SBI) has introduced a digital facility for Non-Resident Indians (NRIs) to effortlessly open NRE and NRO accounts (both savings and current accounts) through its mobile app YONO. This service is designed for NTB or ‘new to bank’ customers, providing them with ease and efficiency in the account opening process.

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Petromin Corporation signs 3 agreements with HPCL to invest $700 million

Petromin Corporation KSA will invest $700 million in partnership with Hindustan Petroleum Corporation Ltd (HPCL) in three strategic areas. It will invest around $100 million to set up around 1,000 vehicle service centres at HPCL retail outlets in India. Petromin will also invest around $100 million to install and operate up to 5,000 electric vehicle charging units at HPCL-operated stations throughout India.

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NTPC mining arm to explore battery minerals overseas

According to a Reuters report, NTPC’s mining arm will explore overseas sourcing of battery minerals such as lithium, cobalt and nickel. India has been pursuing pacts with other countries to secure key minerals in resource-rich countries such as Australia, Argentina and Chile. The country aims to be a net zero emitter of greenhouse gases by 2070.

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Torrent Pharma looks to partner with CVC Capital to fund Cipla purchase

Torrent Pharmaceuticals Ltd is in advanced negotiations with CVC Capital Partners to form a consortium and raise at least $1.2-$1.5 billion. The fundraise is for its proposed acquisition of Cipla. Torrent is also engaged with Brookfield to raise $1-1.2 billion in mezzanine debt. The company’s founders, the Sudhir and Samir Mehta family, are seeking to dilute equity and create a non-disposable undertaking (NDU) using their shares as collateral for loans.

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India’s net direct tax collections rise over 23% to ₹8.65 lakh crore

According to the Income Tax department, India’s net direct tax collections grew 23.51% to ₹8,65,117 crore till September 16, 2023, in the current financial year (FY24). The provisional figures show net collection figure for the corresponding period in FY23 was ₹7,00,416 crore. This surge can be attributed to a balanced mix of Corporation Tax (CIT) and Personal Income Tax (PIT), which includes Securities Transaction Tax (STT).

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India’s trade deficit widens to $24.16 billion in August

India’s trade deficit in August 2023 surged 17% month-on-month to $24.16 billion. The trade deficit in July stood at $20.67 billion. This rise can be attributed to an 11% increase in goods imports, whereas exports only experienced a modest 6.9% growth during the same period. [Trade deficit is the difference that arises when the amount of imports by a country exceeds its exports.] 

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VA Tech WABAG signs pact with Al Jomaih Energy and Water

VA Tech WABAG Ltd signed a Memorandum of Understanding (MoU) with Al Jomaih Energy and Water (AEW), a developer of energy and water projects in the Middle East. The companies examining collaborative opportunities in water project development across Saudi Arabia and the broader Middle East region.

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Sona BLW Precision concerns over auto workers’ strike in US

Sona BLW Precision Forgings Ltd informed of a strike at the plants of three of its key clients in the United States. United Auto Workers (UAW) in the US went on strike at some of the plants of three original equipment manufacturers (OEMs) on September 15, 2023. The company added that it supplies to these three OEMs in the US, directly or indirectly.

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HFCL secures ₹1,015 crore order from Madhya Pradesh govt

HFCL secured a ₹1,015 crore order from the Madhya Pradesh Jal Nigam for providing engineering, procurement and construction (EPC) services. The order involves a provision for laying optical fibre cables on critical routes and execution of a multi-village drinking water supply network in the Sheopur district of the state. The project will be executed by the company in 24 months in collaboration with Khilari Infrastructure Pvt. Ltd.

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Indian Govt Collects Rs 2,642Cr From IOCL, BPCL – Top Indian Market Updates

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

Indian govt collects ₹2,642 crore in dividends from IOCL and BPCL

According to the Department of Investment & Public Asset Management (DIPAM), the Indian government has received nearly ₹2,642 crore in dividends from Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Ltd (BPCL). The govt received about ₹2,182 crore and ₹460 crore from IOCL and BPCL, respectively. The Centre expects a 17% higher dividend at ₹48,000 crore from the Reserve Bank of India (RBI), public sector banks, and financial institutions this year. 

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TCS partners with Dassault Systems

Tata Consultancy Services (TCS) has partnered with Dassault Systems for digital transformation in cardiovascular science through bio-physical simulation. TCS will also collaborate with Dassault and others towards the goal of a Virtual Human Twin. The IT major will contribute its domain, technology expertise, and research on the Digital biophysics-based BioTwin of the heart.

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ITC launches dairy products in Jharkhand

ITC Limited has entered the dairy business in Jharkhand with the launch of various products under its ‘Aashirvaad Svasti’ brand. The company will offer a variety of dairy products like milk, curd, paneer, lassi and sweet curd to the state’s consumers. The Aashirvaad Svasti dairy products will be available across 2,000 general and modern trade outlets across Jharkhand.

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India’s PV sales rise to highest-ever level in August

According to the Society of Indian Automobile Manufacturers (SIAM), the sale of passenger vehicles in India increased to an all-time in August. The record is a result of robust demand for sports utility vehicles. However, wholesale volumes of entry cars and motorcycles remained weak. In August, 359,228 passenger vehicles were sold, an increase of 9.4% YoY.

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Essar Group, Desert Tech sign pact for green steel solutions in Saudi Arabia

Essar Group and Desert Technologies have signed a Memorandum of Understanding (MoU) to develop solutions and storage for Essar Group’s Green Steel Arabia (GSA) project in the Kingdom of Saudi Arabia (KSA). The partnership will help Essar Group access green energy and carbon-free energy storage solutions in Saudi Arabia. The Essar project is set to be the region’s first green steel project.

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Motilal Oswal buys 12-storey tower in Ahmedabad

Motilal Oswal Financial Services has acquired a standalone commercial tower in Ahmedabad from Claris Life Sciences for an undisclosed sum. The tower has 12 upper floors spread over nearly 110,000 sq ft in the financial hub of Ahmedabad. The property spread over 0.56 acres will house Motilal Oswal Tower. The company expects the construction of the project to be completed by September 2024.

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HFCL secures ₹83 crore order from a telecom giant

HFCL Ltd and its subsidiary HTL Ltd have secured a contract worth approximately ₹82.60 crore for supplying high-quality optical fibre cables to one of India’s leading domestic telecom service providers. The purchase orders require HFCL and HTL Ltd to execute the contract by November 2023. 

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India will explore LSE for listing domestic firms

According to British Finance Minister Jeremy Hunt, the Indian government has provided its confirmation to explore the London Stock Exchange (LSE) for the direct listing of local firms. As of now, Indian companies are not allowed to list directly on overseas exchanges. Hunt also announced a host of partnership agreements that further strengthen India-UK bilateral relations. 

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SC warns SpiceJet of ‘drastic action’ if Credit Suisse dues unpaid

The Supreme Court has directed SpiceJet to pay $1.5 million in a case related to unpaid dues to Credit Suisse by September 15. The apex court warned the budget airline of unspecified “drastic action” at the next hearing if it failed to make the payment. A third of the amount is part of a monthly settlement plan SpiceJet had previously agreed with Credit Suisse. The rest are unpaid dues to the bank which it has failed to pay as per a schedule agreed upon last year.

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PV Wholesales Rise 13.54% in May – Top Indian Market Updates

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

Passenger vehicle wholesales rise 13.54% in May at 3.3 lakh units

According to the Society of Indian Automobile Manufacturers (SIAM), wholesale domestic passenger vehicle (PV) sales in May increased by 13.54% YoY to 3,34,247 units, compared to 2,94,392 units in May FY22. Domestic two-wheeler sales rose 17.42% YoY to 14,71,550 units in May FY23. Overall, total vehicle dispatches across categories in May were recorded at 18,08,686 units, up from 15,32,861 units in May 2022.

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MRF hits Rs 1 lakh per share

Tyre major MRF Ltd. saw its share price climb above the ₹1 lakh mark in intraday trading on the BSE and NSE today, making it the first Indian stock to trade above the six-figure mark. On the NSE, MRF touched an intraday peak of ₹1,00,439.95. As of Tuesday, the market capitalisation of MRF stood at ₹42,390 crore.

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Adani Group’s wind power project in Sri Lanka to be ready by Dec 2024

Adani Group is set to complete its renewable energy project in Sri Lanka, generating 500 MW in the north and eastern regions by December 2024. Energy Minister Kanchana Wijesekara discussed the project’s progress with Adani Group’s MD & CEO and project management team, focusing on challenges, roadmaps, and timelines. The Adani Group received approval in August last year to commence wind power projects in Pooneryn.

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India set to start mega hydropower project near China border

India is all set to commence the Subansiri Lower hydropower project in July. NHPC Ltd will conduct trial runs, with the first unit expected to be commissioned in December. By the end of 2024, all eight units will be operational. This 2-gigawatt project is crucial for grid stability as solar and wind power generation increases. Despite facing environmental concerns and protests, the project will help India tap into its significant hydropower potential.

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Granules India gets USFDA approval for hypertension drug

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for its Metoprolol Succinate Extended-Release Tablets. These tablets are bioequivalent to Toprol-XL Tablets and are used for the treatment of hypertension to reduce blood pressure. According to IQVIA, the present annual market for Metoprolol Succinate ER Tablets in the US is around $321 million.

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L&T secures orders for hydrocarbon business

Larsen & Toubro’s subsidiary L&T Energy Hydrocarbon (LTEH) has secured contracts worth Rs 1,000-2,500 crore. The contracts involve engineering, procurement, construction, and installation of new offshore structures. LTEH focuses on executing offshore projects domestically and internationally with a commitment to strengthening regional presence through investments in local skills, procurement from local vendors, and collaboration with local contractors for sustainable growth.

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Adani Group in talks for major debt refinancing: Report

According to a CNBC-TV18 report, Adani Group is planning to refinance a loan facility of up to $3.8 billion taken for the acquisition of Ambuja Cements Ltd. The group is considering converting the original loan into longer-term debt and has initiated individual discussions with banks. Adani expects to conclude the process within 3-4 months, and most of the existing lenders are expected to participate.

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Zydus Lifesciences gets USFDA approval to manufacture generic version of Varenicline

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market the generic version of Varenicline tablets, used to treat smoking addiction. The company plans to manufacture the product at its formulation manufacturing facility in Ahmedabad SEZ, India. According to IQVIA MAT data 2023, Varenicline tablets had annual sales of $501 million in the US.

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HFCL receives Rs 80 crore order from DMRC for three priority corridors

HFCL Ltd has secured a new order worth Rs 80.92 crore from Delhi Metro Rail Corporation (DMRC). The order is for the implementation of a fibre optics transmission system in three priority corridors of Phase IV of the Delhi metro rail project. The contract includes the design, manufacturing, supply, installation, testing, and commissioning of the system. The project timeline is 156 weeks from the date of notice to proceed (NTP).

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Aircastle files fresh plea against SpiceJet

Aircraft lessor Aircastle has escalated its legal battle against SpiceJet by filing a new plea on June 13. The plea accuses SpiceJet of unpaid dues and seeks insolvency proceedings. This comes after Aircastle’s earlier attempt to initiate insolvency proceedings against SpiceJet. The NCLT has scheduled a hearing on July 17 to assess the validity of the new plea. Aircastle persists in its efforts to recover the unpaid dues from the struggling airline.

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IndiGo gets DGCA nod to operate flight services to Nairobi

IndiGo has received permission from the Directorate General of Civil Aviation (DGCA) to operate flights to Nairobi in Kenya. This marks IndiGo’s entry into the African region. The airline had previously announced its plans to expand internationally, including destinations like Nairobi and Jakarta. According to a DGCA official, the approval for IndiGo’s operations in Nairobi will be effective from July 24.

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BPCL’s Net Profit Jumps 168% YoY to Rs 6,870Cr in Q4 – Top Indian Market Updates

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

BPCL Q4 Results: Net profit rises 168% YoY to Rs 6,870 crore

BPCL reported a 168% YoY increase in consolidated net profit to Rs 6,780 crore in Q4 FY23. Its operating revenue increased by 8% YoY to Rs 1.33 lakh crore during the same quarter. The company’s board has recommended a dividend of Rs 4 per equity share.

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Aditya Birla Fashion Q4 Results: Net loss at Rs 187 crore

Aditya Birla Fashion & Retail (ABFRL) reported a consolidated net loss of Rs 187 crore for the quarter ended March (Q4 FY23). The company had posted a net profit of Rs 43.6 crore in the year-ago period. However, its operating revenue rose 26% YoY to Rs 2,880 crore during Q4 FY23. EBITDA stood at Rs 193 crore, down 48% YoY.

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Domestic crude oil production falls by 4% in April

According to the Oil Ministry, domestic crude oil production fell 4% YoY in April. Natural gas output also declined by 3% YoY. India imported $1.4 billion worth of natural gas in April compared to $1.3 billion in the year-ago period. Crude oil imports dropped to $10.8 billion in April from $16.8 billion in April last year on lower volumes and prices.

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Indiabulls Housing Finance Q4 Results: Net profit falls 14% YoY to Rs 262.6 crore

Indiabulls Housing Finance Ltd reported a 14.4% YoY decline in net profit to Rs 262.6 crore in Q4 FY23. Its Net Interest Income for the quarter stood at Rs 733.6 crore, up 13.5% YoY. Its consolidated operating revenue fell 5.2% YoY to Rs 2,075 crore during the same quarter. The NBFC’s gross non-performing assets (GNPA) ratio stood at 3.71% and Net NPAs at 2.48%.

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Oil India, ONGC in talks for 50% stake in $3.4 bn Kenya oilfield

ONGC Videsh has partnered with Oil India Ltd (OIL) to potentially acquire a 50% stake in Tullow Oil Plc’s oilfield project in Kenya. The company has replaced Indian Oil Corp (IOC) as the partner. However, they now face competition from Chinese energy giant Sinopec, which entered the deal due to delays in finalizing the agreement on the Indian side. ONGC Videsh had originally intended to buy half of the stakes held by Tullow, Africa Oil Corp, and TotalEnergies SE in the Lokichar oilfield.

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HFCL receives purchase orders up to Rs 222 crore for supply of OFC

HFCL Ltd and its subsidiary HTL Ltd have secured a purchase order worth up to Rs 222 crore. The order includes the supply of optical fiber cables (OFC) and point-to-point unlicensed band radios (UBRs). The purchase orders are from Reliance Projects & Property Management Services Ltd for OFC supply worth Rs 179.24 crore, and from Reliance Jio Infocomm Limited for indigenous 700 MBPs and 1GBPS UBRs worth Rs 42.71 crore.

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Suzlon bags significant order from Serentica Renewables

Suzlon has received an order from Serentica Renewables for its 3 MW wind turbines. The order includes 68 wind turbine generators with Hybrid Lattice Tubular towers, each rated at 3 MW. The turbines will be installed for Serentica’s 204 MW wind power project in Koppal, Karnataka. The project is scheduled for commissioning in early 2024. 

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TCS receives Rs 15,000 crore advance order from BSNL for 4G deployment

Tata Consultancy Services (TCS) has secured an advance purchase order (APO) worth over Rs 15,000 crore from BSNL for the deployment of a 4G network across India. The consortium led by TCS includes C-DoT and Tejas Networks. BSNL faced challenges in launching 4G services, including the cancellation of a previous tender in 2020.

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JSW Steel, JFE Steel signs pact to set up electrical steel manufacturing JV in India

JSW Steel has entered into a preliminary agreement with JFE Steel to form a 50:50 joint venture for setting up a cold rolled grain-oriented (CRGO) electrical steel manufacturing unit in India. The proposed facility in Vijayanagar, Karnataka, will have the capability to produce a complete range of CRGO products. JSW Steel stated that this venture will be the first in India to manufacture CRGO products through the entire chain of manufacturing processes.

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Som Distilleries signs pact with Carlsberg India

Som Distilleries has formed a strategic partnership with Carlsberg India for their plant in Odisha. The collaboration aims to utilize the combined strengths and resources of both companies to improve the manufacturing and distribution of premium beverages in the Odisha region. Carlsberg is a multinational brewer based in Denmark.

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BLS International secures visa outsourcing contract from Spanish govt for another term

BLS International Services Ltd has secured a contract for visa application outsourcing from the Spanish government for the second consecutive time. The contract, awarded by the Ministry of Foreign Affairs, European Union, and Cooperation (MAEUEC) of Spain, includes multiple regions worldwide. BLS will provide additional services such as SMS notifications, courier services, mobile biometrics, and premium lounge facilities as part of the agreement.

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L&T Construction’s business unit wins orders in Saudi Arabia, India

Larsen and Toubro (L&T) Ltd’s power transmission and distribution (PT&D) business has secured large EPC (engineering, procurement & construction) orders in India and overseas. The PT&D business has obtained two orders in Saudi Arabia to establish 380kV overhead power transmission lines connecting cities along the Red Sea coast. These projects involve the construction of 400 kilometers of transmission lines to meet the increasing demand in industrial and tourism hubs.

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ZEEL, IndusInd Bank Settle Dispute Over Dues – Top Indian Market Updates

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

ZEEL, IndusInd Bank settle dispute over dues

Zee Entertainment Enterprises Ltd (ZEEL) and IndusInd Bank have informed the National Company Law Appellate Tribunal (NCLAT) that the two companies have reached a settlement in relation to their payment dispute. IndusInd Bank said it would also withdraw its objection to ZEEL’s merger with a local unit of Japan’s Sony. In its plea, IndusInd Bank had claimed a default of Rs 83.08 crore against the media and entertainment firm

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Tata Power proposes new 400 KV transmission corridor for Mumbai

Tata Power has shared a proposal to set up a high voltage 400 KV line corridor for Mumbai with the state government and the state regulatory authority. This new transmission corridor will help meet the city’s growing electricity demand and enhance electricity distribution to as high as 15,000MW in future. If approved, this project could take four-five years and may cost around Rs 1,000 crore.

In other news, Tata Power Solar Systems has secured an order worth ₹1,755 crore from NLC India to set up a 300 MW Domestic Content Requirement (DCR) based EPC project.

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HFCL bags Rs 283 crore order from Gujarat Metro

HFCL has secured a Rs 282.61 crore contract from Gujarat Metro Rail Corporation to deploy communication systems for Surat Metro Rail Project Phase-1. The company has to deploy the project within 90 days from the date of contract. HFCL has to provide warranty support for 110 weeks for the system that it will deploy.

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JB Pharma bets big on chronic therapy for its growth aspirations

JB Chemicals & Pharmaceuticals (JB Pharma) is eyeing possible acquisitions of brands and portfolios to get a foothold in the diabetes segment, said CEO Nikhil Chopra. He added that diabetes aligns with the cardiovascular segment, and building the portfolio organically may not be easy. JB Pharma has been investing in the chronic segment with a sharp focus on the cardiovascular segment through both acquisitions and new launches.

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Granules India gets USFDA approval for generic gabapentin tablets

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for its generic gabapentin tablets. The drug is used to manage postherpetic neuralgia (a painful condition that affects the nerve fibers and skin) in adults. It is also used as adjunctive therapy in the treatment of partial-onset seizures. As per IQVIA data, Gabapentin tablets had sales of approx. $145 million in the US for the 12 months ended Jan 2023.

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Govt launches 7th round of coal mine auctions

Defence Minister Rajnath Singh launched the seventh round of auctions for the commercial mining of 106 coal blocks. 95 non-coking coal mines, 10 lignite mines, and one coking coal mine are being offered in the latest round of auction. The auction will be held online through a transparent two-stage process on the basis of percentage revenue share.

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Netweb Tech files DRHP for IPO worth Rs 257 crore

New Delhi-based server maker Netweb Technologies has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO). The company intends to raise Rs 257 crore through a fresh issue of shares. Promoters are also looking to sell about 85 lakh shares. Netweb Tech also provides private cloud, hyper-converged infrastructure, and AI enterprise workstation services.

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Maruti Suzuki crosses 25 lakh units milestone of cumulative exports

Maruti Suzuki India Ltd crossed the 25 lakh units milestone of cumulative exports since starting overseas shipments in 1986-87. The automaker currently exports to nearly 100 countries, including markets in Africa, Latin America, Asia, and the Middle East. Maruti Suzuki’s first big consignment of 500 cars was shipped to Hungary in September 1987.

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Vedanta, HZL declare dividends 3 times their combined profitability

Vedanta Ltd. and Hindustan Zinc Ltd. (HZL) have together declared dividends worth Rs 69,300 crore for the current financial year (FY23). The dividend announcements have come as the mining major looks to shore up funds to reduce its debt commitments. The dividend declared so far is nearly three times their combined profitability. A sum of the trailing 12-month profitability of Vedanta and HZL comes up to Rs 25,348 crore.

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SEBI approves ASBA-like facility for secondary market

The Securities & Exchange Board of India (SEBI) has approved a broad framework of Application Supported by Blocked Amount (ASBA)-like facility to be available to investors for secondary market trading. The facility is based on blocking funds for trading in the secondary market through UPI. The facility will be optional for both investors and stock brokers.

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Tilaknagar Industries to buy 10% in Samsara Gin maker

Tilaknagar Industries has agreed to buy a 10% stake in Spaceman Spirits Lab (SSLPL) for Rs 9.75 crore. The investment will be made through a combination of equity shares and compulsory convertible preference shares. Established in 2020, SSLPL owns Samsara gin. It had an annual turnover of Rs 2.7 crore during FY22.

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Wipro Posts 9% YoY Fall in Net Profit in Q2 – Top Indian Market Updates

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

Wipro Q2 Results: Net profit falls 9% YoY to ₹2,660 crore

Wipro Ltd reported a 9.2% YoY decline in consolidated net profit to ₹2,659 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 14.6% YoY to ₹22,539.7 crore during the same period. In constant currency terms, the IT services segment revenue increased by 4.1% QoQ and 12.9% YoY. Wipro’s order bookings during the quarter grew by 23.8% YoY. Wipro’s results are below street estimates.

Read more here. 

Retail inflation rises to 5-month high of 7.41% in September

India’s retail inflation, measured by the Consumer Price Index (CPI), rose to a five-month high of 7.41% in September. CPI stood at 7% in August. Inflation in the food basket rose to 8.60% in Sept from 7.62% in August. The fuel and light segment rose 10.39% last month.

India’s factory output, measured by the Index of Industrial Production (IIP) witnessed a contraction of (-)0.8% YoY to 131.3 in August.

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HCL Tech Q2 Results: Net profit rises 7% YoY to ₹3,489 crore

HCL Technologies Ltd reported a 7.1% YoY (or 6.3% QoQ) increase in consolidated net profit to ₹3,489 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 19.5% YoY to ₹24,686 crore during the same period. The total contract value of deals rose 6% YoY and 16% QoQ to $2.38 billion in Q2. The IT company’s board has declared a dividend of ₹10 per share.

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Airtel tops 4G download speeds, Jio in coverage: OpenSignal

According to an OpenSignal report, Bharti Airtel users enjoyed the best quality of service on 4G networks with the fastest download speeds, while Reliance Jio had the best coverage. Users on Airtel clocked 13.6 Mbps download speeds, marginally faster than Vodafone Idea and Reliance Jio by 0.3-0.6 Mbps. Airtel delivered a superior experience in streaming videos, multiplayer gaming, and OTT services.

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Adani Renewable Energy Holding Four sets up two subsidiaries

Adani Green Energy Ltd’s arm Adani Renewable Energy Holding Four has incorporated two new subsidiaries. These two subsidiaries are Adani Renewable Energy Forty Four Ltd (ARE44L) and Adani Renewable Energy Forty Eight Ltd (ARE48L). The main objective of the subsidiaries is to generate, develop, distribute, transmit, and supply power or electrical energy using any renewable sources of energy.

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HFCL secures order worth ₹40 crore

HFCL has received purchase orders aggregating to ₹39.19 crore from Reliance Projects & Property Management Services. The order is for rolling out a long-distance fibre network by one of the leading operators in various telecom circles. The orders are to be executed by May 2023. HFCL is a technology company that makes high-end transmission equipment and optical fibre cables (OFC).

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Coal India partners three PSUs for four gasification projects

Coal India Ltd (CIL) has signed agreements with Bharat Heavy Electricals Ltd (BHEL), Indian Oil Corporation Ltd, and GAIL (India) Ltd to set up four surface gasification projects. It aims to gasify 100 million tonnes (MT) of coal into syngas for use in the downstream production of value-added chemicals in the next eight years. In the first phase (from 2020-2024). 4 MT will be gasified with an investment of ₹20,000 crore. 

Sonata Software signs business transformation deal with Ireland-based eir evo

Sonata Software Ltd has signed an agreement with eir evo to support the standardization of their customer relationship management (CRM) platform, migrating them from Salesforce to Microsoft Dynamics. Ireland-based eir evo leading telecommunications and Information & Communications Technology (ICT) solutions provider.

Sonata Software and eir evo also plan to implement a long-term strategy for growing Microsoft Dynamics within the Irish market.

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Tata Power partners with 75F Smart Innovations for energy-efficiency solutions

Tata Power Trading Company Ltd (TPTCL) has signed an agreement with 75F Smart Innovations India to jointly promote automation and energy-efficiency solutions in the commercial building space. TPTCL is a wholly-owned subsidiary of Tata Power. The entities will help businesses optimize their energy consumption and usage. They will offer solutions in the areas of heating, ventilation, and air conditioning (HVAC) optimisation and smart building automation.

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Centre approves one-time compensation of ₹22,000 crore for OMCs to recover LPG losses

The government has granted a one-time compensation of ₹22,000 crore for Oil Marketing Companies (OMCs) in view of the rising under-recoveries due to rising LPG prices globally. LPG prices have surged globally up to 300%, while in India it has not gone up as much leading to under-recoveries of OMCs. The compensation will be rolled out to Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation (BPCL).

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World Bank Cuts India’s GDP Growth Forecast for FY23 – Top Indian Market Updates

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

World Bank cuts India’s GDP growth forecast to 6.5% for FY23

The World Bank cut its FY 2022-23 (FY23) real gross domestic product (GDP) growth forecast for India to 6.5% from an earlier estimate of 7.5%. It has warned that spillovers from Russia’s invasion of Ukraine and global monetary tightening will weigh on the economic outlook. The World Bank said private investment growth is likely to decline due to economic uncertainty and higher financing costs. Slowing global demand will impact India’s exports as well.

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Nykaa enters into strategic alliance with Apparel Group to enter GCC market

Nykaa has entered a strategic alliance with Dubai-based fashion & lifestyle retail conglomerate Apparel Group to expand in Gulf countries. The two companies will work together to build a multi-brand beauty retail business in Gulf Cooperation Council (GCC) nations. Nykaa expects stronger demand for its products in the current quarter after a subdued season where inflationary pressures dented consumer spending.

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Mahindra Lifespaces forms JV with Actis for industrial, logistics real estate

Mahindra Lifespace Developers Ltd has entered into an agreement with UK-based Actis to establish a joint venture (JV) platform for developing industrial and logistics real estate facilities across India. The total investment in the business over the initial years is estimated to be ₹2,200 crore. Up to 100 acres of land with ready infrastructure in two Mahindra World Cities have been identified as seed sites to be bought and developed by the JV.

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Ujjivan SFB records 44% jump in loan book in Sept

Ujjivan Small Finance Bank (SFB) reported a 44% YoY growth in gross loan book at ₹20,938 crore at the end of September 2022. This was driven by micro, affordable housing, and individual borrowings. Deposits rose 45% YoY to ₹20,389 crore, driven by strong momentum in retail deposits, which were up 71% YoY.

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Petrol, diesel price freeze in India likely to be extended due to OPEC output cut

The six-month-long freeze in the price of petrol and diesel will be extended after international oil prices rose on the announcement of deep production cuts by OPEC+. The top oil-producing nations have agreed to cut production by two million barrels per day to boost recovery in oil prices that had dropped to pre-Ukraine war levels.

This is bad news for India as a fall in oil prices in recent weeks had helped the govt bring down its import bill and limit losses that state-owned fuel retailers were incurring on selling petrol and diesel.

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L&T’s construction arm bags significant orders from auto major

Larsen & Toubro Ltd’s construction arm has secured significant orders (in the range of ~₹1,000-2,500 crore) from a leading automobile major to construct a state-of-the-art manufacturing facility in Haryana. The scope of the order involves the design and execution of civil, structural, and architectural works. The company has also won an order to construct a police reserve campus in Guwahati from the Public Works Department (PWD), Assam.

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HFCL partners with Qualcomm to develop 5G small cells

HFCL has partnered with Qualcomm Technologies Inc., for HFCL’s design and development of 5G Outdoor Small Cell products. The investment in 5G small cells will enable faster rollout of 5G networks, improved 5G user experience, and more efficient utilization of the 5G spectrum. HFCL’s 5G Outdoor Small Cell supports both 5G Non-Standalone (NSA) and Standalone (SA) modes.

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Bharti Airtel launches 5G Plus in 8 cities

Bharti Airtel has launched 5G Plus in Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Siliguri, Nagpur, and Varanasi. Airtel 5G Plus will run on a technology that will ensure that all 5G smartphones in India seamlessly work on the Airtel network. The company claims to deliver high speeds and super-fast call connections. Customers who have 5G smartphones can enjoy Airtel 5G Plus on their existing data plans until the rollout is more widespread.

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NTPC partners with GE Gas Power for hydrogen co-firing in gas turbines

NTPC Ltd has signed a Memorandum of Understanding (MoU) with GE Gas Power to explore the feasibility of hydrogen co-firing blended with natural gas in GE’s 9E gas turbines installed at NTPC’s Kawas gas power plant in Gujarat. The two companies will explore the pathways to reduce carbon dioxide emissions from the plant and further implementation at scale across NTPC’s installed units in India. 

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Govt Plans to Auction 22 Mineral Blocks in Nov, Dec – Top Indian Market Updates

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

Government plans to auction 22 mineral blocks in next two months

The Central Government plans to auction 22 mineral blocks in Maharashtra, Uttar Pradesh, and Goa in November and December. The mines to be auctioned include six iron ore blocks, three blocks each of limestone and gold, two blocks of bauxite, and one block each of copper, phosphorite & glauconite. So far, more than 180 mineral blocks have been put on sale since the system of auctioning of mineral blocks began in 2015-16.

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D-Mart’s revenue jumps 35% YoY to ₹10,385 crore in Q2

Avenue Supermarts Ltd (ASL) reported a 35.75% YoY increase in standalone revenue from operations to ₹10,384.66 crore during the quarter ended Sept (Q2 FY23). ​​ASL owns and operates D-Mart stores across India. It had a total of 302 stores at the end of Sept. Promoted by Radhakishan Damani and his family, DMart retails basic home and personal products across various states.

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DLF sells 292 luxury homes in new project at Gurugram for over ₹1,800 crore

DLF Limited has sold all 292 luxury homes in Gurugram for over ₹1,800 crore within a few days of the launch of the project. This signals strong demand despite the rise in interest rates on home loans and property prices. On September 26, DLF launched its project called ‘The Grove’ located at DLF Phase-5 in Gurugram, Haryana.

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HFCL to invest ₹450 crore to make telecom products

HFCL has committed to invest ₹450 crore in the design-linked incentive (DLI) scheme of the Department of Telecommunications (DoT) to manufacture telecom products such as routers, antennas, and 5G radio equipment. The company has migrated to the DLI scheme as it is designing and manufacturing the products locally. The investment will support various stages of development and deployment of a futuristic range of technology products and solutions.

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RBI plans to extensively use AI, ML to improve regulatory supervision

The Reserve Bank of India (RBI) is planning to extensively use advanced analytics, artificial intelligence (AI), and machine learning (ML) to analyse its massive database and improve regulatory supervision of banks and NBFCs. The central bank has floated an expression of interest (EoI) for engaging consultants in the use of Advanced Analytics, AI, and ML for generating supervisory inputs.

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OPEC+ agrees on deep cuts to oil production

OPEC+ agreed on its deepest cuts to oil production since 2020 (during the initial stages of the Covid-19 pandemic) at a meeting in Vienna today. It will cut its collective output limit by 2 million barrels a day. OPEC+ is curbing supply in an already tight market despite pressure from the United States and others to pump more. 

The cut could prompt a recovery in oil prices that have dropped from $120 to about $90  three months ago on fears of a global economic recession, rising U.S. interest rates, and a stronger dollar. To learn more about OPEC+, click here!

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Tracxn Tech IPO priced at ₹75-80 per share

The ₹310-crore initial public offering (IPO) of Bengaluru-based Tracxn Technologies will open for subscription on October 10. The company has fixed the price band for the IPO at ₹75 to ₹80 per share. The issue will close on October 12. Tracxn Technologies provides market intelligence data for private companies. It operates a Software as a Service (SaaS)-based platform.

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Adani Group to Invest Over $100 billion in Next Decade – Top Indian Market Updates

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

Adani Group to invest over $100 billion in next decade

The Adani Group will invest more than $100 billion in the next decade, said Chairman Gautam Adani at the Forbes Global CEO Conference in Singapore. Nearly 70% of this investment will be in the energy transition space. The group will add 45 gigawatts of hybrid renewable power generation capacity and build 3 giga factories to manufacture solar panels, wind turbines, and hydrogen electrolysers.

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Torrent Pharma to acquire Curatio Health for $245 million

Torrent Pharmaceuticals Ltd will acquire skincare major Curatio Health Care (I) for ₹2,000 crores. Following the Curatio deal, Torrent Pharma will be among the top 10 companies in the dermatology segment in India. Sequoia Capital-backed Curatio has a portfolio of over 50 brands that are marketed in India.

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Reliance Retail launches first outlet of ‘Reliance Centro’

Reliance Retail Ventures Ltd announced the launch of its fashion & lifestyle departmental store “Reliance Centro” in Vasant Kunj, Delhi. Centro’s core offerings are curated to make it a one-stop fashion destination for mid-premium segment customers. The store offers categories including apparel, footwear, cosmetics, lingerie, sportswear, and accessories with over 300 Indian and international brands.

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Axis Bank eyes general insurance space: MD

Axis Bank MD & CEO Amitabh Chaudhry indicated that the lender may be interested in investing in a general insurance company if a good opportunity comes up. Under Chaudhry’s leadership, Axis Bank has been expanding its footprint in the financial sector space as it aims to challenge bigger rivals like SBI, HDFC Bank, and ICICI Bank to become a one-stop service provider.

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BHEL secures order for 2×660 MW Talcher Thermal Power Project Stage-III

Bharat Heavy Electricals Ltd (BHEL) has received a prestigious order for setting up the 2×660 megawatts (MW) Talcher Thermal Power Project Stage-III from NTPC Ltd. State-owned NTPC is investing ₹11,843.75 crore for this project. BHEL is an Indian government-owned engineering and manufacturing enterprise based in New Delhi, India. 

Power Grid to invest Rs 327.7 crore in Gujarat transmission line

Power Grid Corporation of India Ltd’s (PGCIL) board has approved an investment of ₹327.71 crore for the transmission project line in Gujarat. PGCIL will link its pooling station with Reliance Industries Ltd’s Jamnagar oil refinery in Gujarat. The scheduled commissioning date is September 2023.

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Muthoot Finance signs MoU with Lulu International Exchange for ease of money transfer

Muthoot Finance has signed a Memorandum of Understanding (MoU) with UAE-based Lulu International Exchange to work as its collection partner. Through this partnership, Muthoot Fiance aims to drive convenience and ease of money transfer for over four lakh NRIs in the UAE region whose relatives have availed gold loans back home. NRIs can avail the service at any of the 89 branches of Lulu Exchange spread across the UAE. 

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HFCL secures orders worth ₹202 crore

HFCL Ltd has secured orders worth ₹202.6 crore from three customers. The company has received a purchase order of ₹167.60 crore from Reliance Retail and Reliance Projects & Property Management Services for the supply of optical fibre cables (OFC). It has also bagged an order of ₹35 crore from one of its overseas customers for the supply of OFCs and related accessories. 

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India’s inclusion into key government bond index pushed back to next year: Report

As per a Reuters report, Indian government bonds will likely only be included in the JPMorgan emerging market global index early next year as the govt. still needs to address various operational issues. Investors had expected a decision on this could come this month when operators meet to review the composition of the index and after Russia’s exit earlier this year. The rupee turned lower and bond yields rose after news of the delay in inclusion. 

Read more here.

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WPI Inflation Eases to 12.41% in August – Top Indian Market Updates

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

WPI inflation eases to 12.41% in August

India’s wholesale inflation eased to 12.41% in August 2022, compared to 13.93% in July. The Wholesale Price Inflation (WPI) continues to remain in double digits for the 17th consecutive month (since April 2021). The food articles segment witnessed a spike of 12.37% in August, compared to 10.77% in July. The fuel & power segment eased to 33.67% last month from 43.75% in July.

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Tata Power to develop 4 MWp solar project at Pune plant

Tata Power has entered into a Power Purchase Agreement (PPA) with Tata Motors to establish a 4 megawatt-peak (MWp) on-site solar project at the automaker’s Pune plant. The installation is expected to generate 5.8 million units of electricity, potentially mitigating over 10 lakh tonnes of carbon emission. 

In other news, Tata Power Solar Systems has secured an order worth ₹596 crore from NHDC to set up a 123 MWp floating solar project in Madhya Pradesh.

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Bharti Airtel partners with IBM to deploy edge cloud services

Bharti Airtel has partnered with IBM to deploy the telco’s edge computing platform ahead of its 5G network rollout in key cities. The platform will enable enterprises across multiple industries (including manufacturing and automotive) to accelerate innovative solutions. Bharti Airtel’s edge cloud computing platform in India includes 120 network data centers across 20 cities under its data center arm Nxtra Digital.

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Coromandel’s venture capital arm invests in drone startup Dhaksha

Dare Ventures, the venture capital arm of Coromandel International Ltd, has invested an undisclosed amount in Chennai-based drone startup Dhaksha Unmanned Systems Pvt. Ltd. The startup plans to use the funding for talent acquisition, research & development, and increase production. It has the capacity to manufacture 250-300 drones a month and aims to scale up to 1,000 a month within a year.

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CCI dismisses CUTS plea against PVR-INOX merger

The Competition Commission of India (CCI) has dismissed a plea filed by Consumer Unity & Trust Society (CUTS) challenging the PVR-INOX merger. A complaint was filed by CUTS stating that the proposed deal will have anti-competitive effects on the industry. They also demanded a detailed probe into the proposal. The CCI said the apprehension of the likelihood of the anti-competitive practices cannot be subjected to inquiry.

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Mindspace REIT announces ‘MindspaceforAthletes’ sports fellowship

Mindspace REIT announced the launch of ‘MindspaceforAthletes’, an initiative that assists sportspersons and strengthens sports culture in India. In its inaugural phase, the entity will support athletes from the Somnath Ghosh Table Tennis Academy in Telangana. This fellowship provides for coaching, training infrastructure, physio, diet & nutrition, and travel expenses.

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RattanIndia launches its first anti-drone ‘Defender’

RattanIndia Enterprises Ltd has launched its first anti-drone product ‘Defender’. The product was developed by the company’s step-down subsidiary Throttle Aerospace Systems. Defender will be a 70% indigenous product with a 30% import component of brushless DC (BLDC) motors and batteries. The anti-drones will be manufactured at Throttle Aerospace’s facility in Bengaluru.

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KPI Green Energy signs PPAs with six companies to supply green power

KPI Green Energy Ltd has signed power purchase agreements (PPAs) to supply a total of 15.88 MW of wind-solar hybrid power from its projects to six companies. The company will supply power from the upcoming wind-solar hybrid power project (comprising 16.10 MW wind capacity and 10 MW solar capacity) at Bhungar site in Bhavnagar district, Gujarat. The project was established under the Gujarat Hybrid Power Policy of 2018.

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HFCL secures advance purchase orders worth ₹448 crore from BSNL, RailTel

HFCL has received advance purchase orders aggregating to ₹447.81 crore from Bharat Sanchar Nigam Ltd (BSNL) and RailTel Corporation of India Ltd. The order from BSNL includes the supply, installation, and commissioning of a Control User Plane Separation Broadband Network Gateway (CUPS BNG). Meanwhile, the order from RailTel comprises the supply, installation, and commissioning of an IP-based Video Surveillance System (VSS) at 180 railway stations.

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Harsha Engineers IPO subscribed 2.87 times on first day

Harsha Engineers’ IPO was subscribed 2.87 times on the first day of bidding. The portion reserved for retail investors was subscribed 3.22 times. Non-institutional investors (NIIs) have subscribed 5.83 times against their reserved portion.

Harsha Engineers International is the largest manufacturer of precision bearing cages in terms of revenue in the organised sector in India. The company has fixed ₹314-330 per share as the price band for the ₹755 crore IPO.

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Bharti Airtel Posts 466% YoY Jump in Net Profit in Q1 – Top Indian Market Updates

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

Bharti Airtel Q1 Results: Net profit jumps 466% to Rs 1,606 crore

Bharti Airtel Ltd reported a 465.81% YoY jump in consolidated net profit to Rs 1,606.9 crore for the quarter ended June (Q1 FY23). However, net profit fell 20% when compared to the previous quarter. Its revenue from operations rose 22% YoY (or 4% QoQ) to Rs 32,805 crore during the same period. The average revenue per user (ARPU) improved to Rs 183 in Q1 FY23, compared to Rs 146 in Q1 FY22. 

The telecom major procured 19,867.8 megahertz (MHz) spectrum for Rs 43,040 crore in the recently concluded 5G spectrum.

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Godrej Properties aims to add new projects worth Rs 15,000 crore in FY23

Godrej Properties Ltd (GPL) is looking to add new housing projects worth Rs 15,000 crore in the current financial year (FY23) by purchasing land outright and forming joint ventures with land owners. GPL has laid out Rs 10,000 crore as its goal for booking values in FY23. The company’s sales bookings jumped five-fold to Rs 2,520 crore during the April-June period (Q1 FY23). 

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Adani Ports Q1 Results: Net profit falls 16% YoY to Rs 1,072 crore

Adani Ports & Special Economic Zone Ltd (APSEZ) reported a 16% YoY decline in consolidated net profit to Rs 1,072.38 crore for the quarter ended June (Q1 FY23). Net profit rose 4.72% when compared to the previous quarter. Its revenue from operations fell 0.71% YoY (up 20.6% QoQ) to Rs 4,637.95 crore during the same period. APSEZ handled 90.89 million metric tonnes (MMT) of cargo in Q1, up 8% YoY.

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Lok Sabha passes bill to promote non-fossil fuels

The Lok Sabha has passed a bill seeking to mandate the use of non-fossil energy sources such as biomass, ethanol, and green hydrogen. The Energy Conservation (Amendment) Bill, 2022, provides for penalties for violations by industrial units or vessels and on manufacturers if a vehicle fails to comply with fuel consumption norms. The bill also seeks to promote renewable energy and the development of a domestic carbon market to battle climate change.

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Tata Motors to acquire Ford’s Gujarat plant for Rs 725 crore

Tata Passenger Electric Mobility Ltd (TPEML) and Ford India Pvt Ltd (FIPL) have signed a Unit Transfer Agreement (UTA) for the acquisition of FIPL’s manufacturing plant at Sanand, Gujarat. The total consideration to be paid for the acquisition is Rs 725.7 crore. TPEML will make the necessary investments to reconfigure the plant to adapt to Tata Motors’ existing and future vehicle platforms. 

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Suven Pharma Q1 Results: Net profit rises 17% YoY to Rs 107 crore

Suven Pharmaceuticals Ltd reported a 17.3% YoY (or 2.3% QoQ) increase in consolidated net profit to Rs 107.54 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 28.4% YoY to Rs 339 crore during the same period. EBITDA stood at Rs 151 crore in Q1, up 31.6% YoY.

Blue Star forays into water projects biz

Blue Star Ltd’s recently formed water projects business has secured orders totaling Rs 375 crore. It has received three rural water supply orders from the Department of Rural Water Supply and Sanitation (RWSS), Government of Odisha. The scope of all the orders comprises field investigation & total station survey, hydraulic & structural design, and construction of electro-mechanical equipment.

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HFCL partners with Qualcomm to strengthen its 5G portfolio

HFCL has partnered with Qualcomm Technologies, Inc. for the design and development of 5G millimeter wave (mmWave) Fixed Wireless Access (FWA) Customer Premise Equipment (CPE) products. FWA helps operators with a cost-effective way to deliver fiber-like internet speeds wirelessly over 5G networks. HFCL’s 5G mmWave FWA product portfolio aims to enable telcos to deliver broadband internet services in rural, suburban, and dense urban areas.

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Equity mutual fund inflows record 42% decline in July: AMFI data

Net inflows in equity mutual funds fell 42.6% month-on-month (MoM) to Rs 8,898.25 crore in July 2022, as per data released by the Association of Mutual Funds in India (AMFI). The number of mutual fund folios rose 29% YoY and 1% MoM to an all-time high at 13.55 crore. The net assets under management (AUM) for the Indian mutual fund industry stood at Rs 37.74 lakh crore in Q1, up 7% YoY.

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Power Grid Q1 Results: Net profit falls 36% YoY to Rs 3,801 crore

Power Grid Corporation of India reported a 36.6% YoY (or 8.5% QoQ) decline in consolidated net profit to Rs 3,801.19 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 6.7% YoY to Rs 10,905.21 crore during the same period. The company’s transmission business posted a revenue of Rs 235.39 crore in Q1, up 5.9% YoY. Revenue from its telecom business grew 60.18% YoY to Rs 190.32 crore.

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JSPL to Establish Greenest Steel Plant in Odisha – Top Indian Market News

JSPL plans to establish largest, greenest steel plant in Odisha

Jindal Steel & Power Ltd (JSPL) has announced plans to develop its Odisha plant into the largest and greenest facility in the world. They have secured sufficient reserves of coal to enable the mega steel company to enhance its capacity for green steel making. JSPL has won the Utkal B1 and B2 coal block in the Angul-Talcher belt in Odisha.

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Auto sales data for March 2022: Highlights  

Maruti Suzuki India posted a 2% year-on-year (YoY) growth in total sales to 1,70,395 units in March 2022. Sales of its compact vehicle segment fell 8.46% YoY to 97,805 units. Exports more than doubled to 26,496 units.

Tata Motors Ltd registered a 30% YoY increase in total domestic sales to 86,718 units in March. The automaker’s commercial vehicle sales rose 16% YoY to 47,050 units. Overall passenger vehicle wholesales rose 43% YoY to 42,293 units. Its annual electric vehicle (EV) sales stood at 19,106 units in FY22, a growth of 353% YoY.   

Mahindra & Mahindra’s auto segment posted total sales of 54,643 units in March, an increase of 35% YoY. M&M’s farm equipment segment posted a 4% YoY fall in sales to 29,763 units. 

TVS Motor Company posted a 4.55% YoY decline in total sales to 3,07,954 units in March.  

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PVR discontinues operations of 23 screens after expiry of lease with Cineline India

PVR Limited has discontinued operations of 23 screens across nine properties after the expiry of their lease with Cineline India. The multiplex operator’s screen count has come down to 848 at 172 properties in 73 cities. In 2012, Cineline had sold its multiplex business along with Cinemax Brand to PVR under a non-compete clause that has already ended.

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NTPC begins commercial operation of 22 MW floating solar capacity in Kerala

NTPC Limited announced the commercial operation of 22 megawatts (MW) of floating solar capacity in Kayamkulam, Kerala. The capacity is part of its 92 MW Kayamkulam floating solar PV project. The standalone installed and commercial capacity of NTPC has now increased to 54,516.68 MW. NTPC group’s installed and commercial capacity have increased to 68,631.68 MW and 67,971.68 MW, respectively.

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NCLT approves transfer of Raymond Apparel business to parent firm

The National Company Law Tribunal (NCLT) has approved the scheme of transfer of Raymond Apparel Ltd’s (RAL) business to Raymond Ltd. In September 2021, Raymond’s board had approved demerging the B2C business (including apparels) of RAL on a going concern basis to merge with the company itself. This move brings all major apparel brands, including Park Avenue, Colorplus, and Parx, into Raymond Ltd.

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HAL records revenue of over Rs 24,000 crore in FY22

Hindustan Aeronautics Ltd (HAL) has recorded its highest-ever revenue of over Rs 24,000 crore (provisional and unaudited) for the financial year ended March 31, 2022. This is a 6% growth over the previous financial year. In other news, HAL secured a contract worth Rs 3,887 crore for the production of 15 Light Combat Helicopters (LCH) for the Indian Army and Air Force. The state-owned company has also bagged infrastructure sanctions worth Rs 377 crore.

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Lupin gets 13 observations from USFDA for its New Jersey plant

Lupin Limited’s facility in New Jersey has received 13 observations from the US Food & Drug Administration (USFDA). The facility accounts for less than 5% of Lupin’s global turnover. However, the observations do not imply any restriction on supplies. The drugmaker said it is confident in addressing all issues with the regulator.

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NCLT approves amalgamation of CGPL with Tata Power

Tata Power Company Ltd (TPCL) has received approval from the National Company Law Tribunal (NCLT) for the merger of Coastal Gujarat Power Ltd (CGPL) with itself. CGPL is a wholly-owned subsidiary of TCPL. It operates the 4,000 MW Ultra Mega Power Project (UMPP) in Mundra, Gujarat.

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HFCL deploys OFC in all gram panchayats of Jharkhand under BharatNet

HFCL Ltd has deployed optical fiber cable (OFC) in 1,789-gram panchayats of Jharkhand under the government’s BharatNet project. The company had also completed broadband connectivity by deploying 7,869 kilometers of OFC network connecting 3,209 gram panchayats in Punjab. HFCL is also supplying OFC networks in Maharashtra, Telangana, and Chhattisgarh under the BharatNet project.

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Asian Paints to acquire majority stake in Weatherseal Fenestration and White Teak

Asian Paints Ltd will acquire controlling stakes in Weatherseal Fenestration and Obgenix Software (popularly known by the brand name “White Teak”). The paint company will initially infuse Rs 19 crore in Weatherseal for a 51% stake by subscription to equity share capital. It will acquire a 49% stake in White Teak from promoters for a consideration of ~Rs 180 crore, along with an earn-out of Rs 114 crore, payable after a year.

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BEL achieves record turnover of Rs 15,000 crore in FY22

Bharat Electronics (BEL) has achieved a record turnover of Rs 15,000 crore (provisional & unaudited) during FY22. The figure stood at Rs 13,818 crore in FY21. In fiscal 2021-22, BEL secured orders worth ~Rs 18,000 crore, while its order book as of April 1, 2022, stood at Rs 57,000 crore. The company is all set to increase its global footprint by making all-out efforts to tap new markets.