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ED Conducts Raids at Indiabulls Finance Centre – Top Indian Market News

ED conducts raids at Indiabulls Finance Centre in Mumbai

The Enforcement Directorate (ED) conducted raids at Indiabulls Finance Centre in Mumbai.  The search was based on an Enforcement Case Information Report (ECIR) registered by ED under the Prevention of Money Laundering Act, 2002 (PMLA) against Indiabulls Housing, promoter Sameer Gehlaut, and other related companies and individuals.

The ED had registered a case against Indiabulls Housing Finance Ltd (IHFL) and its promoters in April 2021. It was based on an FIR filed in Palghar, which stated that IHFL siphoned money and invested it in its own shares for increasing prices. 

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Panacea Biotech, Central govt to jointly develop new Covid-19 vaccines

The Government of India will partner with Panacea Biotec Ltd and the Coalition for Epidemic Preparedness Innovations (CEPI) to develop vaccine candidates to provide broad protection against SARS-COV-2 variants. CEPI will provide funding of up to $12.5 million to support the development of nanoparticle-based vaccine candidates and advance the manufacturing process.

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Bharti Airtel joins SEA-ME-WE-6 undersea cable consortium

Bharti Airtel Ltd has joined the SEA-ME-WE-6 undersea cable consortium to scale up its high-speed global network capacity. The 19,200 route kilometres (Rkm) SEA-ME-WE-6 will connect Singapore and France. It will be amongst the largest undersea cable systems globally. Bharti Airtel is participating as a major investor in the SEA-ME-WE-6. The telecom operator is anchoring 20% of the overall investment in the cable system, which will go live in 2025.

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Reliance Jio to land IAX undersea cable system in Maldives

Reliance Jio will land the next generation multi-terabit India-Asia-Xpress (IAX) undersea cable system in the Maldives. The system will connect Hulhumale in the Maldives directly with major internet hubs in India and Singapore. IAX is expected to be ready for service by the end of 2023. The project will support the explosive growth in data demand expected from the new initiatives being launched by the Government of Maldives.

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Jindal Stainless signs pact with Haryana technical education board to promote tech in steel

Jindal Stainless Ltd has signed a pact with the Haryana State Board of Technical Education (HSBTE) to promote technical education in stainless steel technology and its applications. As part of the partnership, two modules on stainless steel will be launched. It will be institutionalised across all 25 polytechnic colleges in Haryana, benefitting more than 3,000 students every year.

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HFCL joins O-RAN Alliance to accelerate rollout of 5G network

HFCL has joined the O-RAN ALLIANCE, a worldwide community of mobile network operators, vendors, and institutions operating in the Radio Access Network (RAN) industry. The company is investing in building a complete portfolio of products for 5G RAN and 5G transport equipment. HFCL will focus on contributing to standards that ensure a truly open and multi-vendor RAN network.

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Tata Power partners with RWE Renewable to develop offshore wind projects

Tata Power has partnered with Germany-based RWE Renewable GmbH to explore the potential for joint development of offshore wind projects in India. They aim to tap the opportunity arising from the government’s target of achieving 30 gigawatts (GW) of offshore wind installations by 2030. The two entities possess complementary strengths that will enable them to build competitive offshore wind projects in India. 

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Capri Global Capital to enter goal loan business in first half of FY23

Capri Global Capital Ltd (CGCL) is planning to enter the gold loan business in the first half of the financial year 2022-23. The non-banking financial company (NBFC) aims to build a gold loan book size of Rs 8,000 crore. It also aims to expand its network with 1,500 branch locations over the next five years.

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TCS launches advanced research hub in Sydney

Tata Consultancy Services Ltd (TCS) has launched a ‘Digital Garage’ in Sydney to bring its global capabilities to the Australian market. It is the first such centre in the Asia-Pacific, expanding TCS’ roster of TCS Pace facilities spread across New York, Amsterdam, and Tokyo. The advanced research hub is designed to holistically look at innovation and help businesses navigate their growth and transformation journeys.

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IRCTC, BOB Financial launch co-branded RuPay contactless credit card

Indian Railway Catering and Tourism Corporation Ltd (IRCTC) and BOB Financial Solutions Ltd (BFSL) have launched the IRCTC BoB RuPay contactless credit card. The card is specially curated to offer maximum savings to frequent railway travellers.  IRCTC users will get cheaper tickets if they book any AC class railway ticket using a BoB credit card. BFSL is a wholly-owned subsidiary of Bank of Baroda.

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UltraTech Cement Posts 8% YoY Rise in Net Profit in Q3 – Top Indian Market News

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UltraTech Cement Q3 Results: Net profit rises 8% YoY to Rs 1,708 crore

UltraTech Cement Ltd reported a 7.8% YoY increase in consolidated net profit to Rs 1,708 crore for the quarter ended December (Q3 FY22). Net profit increased 31% when compared to the previous quarter. Its revenue from operations rose 5.89% YoY (or 8% QoQ) to Rs 12,985 crore during the same period. The company’s domestic cement sales volumes grew 13.2% YoY in Q3.

The cement manufacturer has approved a capital expenditure of Rs 965 crore for capacity expansion at Birla White from 6.5 lakh tonnes per annum (LTPA) to 12.53 LTPA.

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Tata Power Renewable Energy commissions 100 MW solar projects in Uttar Pradesh

Tata Power Renewable Energy Ltd (TPREL) has commissioned two solar power projects of 50 megawatts (MW) each in Uttar Pradesh. The plants are expected to generate more than 221.26 million units annually. A Power Purchase Agreement (PPA) was signed between TPREL and Uttar Pradesh Power Corporation Ltd (UPPCL) for these two projects. The plants at Prayagraj and Banda will reduce 1.77 lakh tonnes of carbon emission annually.

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L&T dispatches critical reactors to US for renewable diesel project ahead of schedule

Larsen & Toubro’s (L&T) heavy engineering arm has flagged off five critical renewable diesel reactors to Diamond Green Diesel (DGD) two weeks ahead of the contractual delivery date. DGD is North America’s largest renewable diesel producer. L&T is executing three such green diesel projects for US and European clients at its fully integrated, digitally-enabled heavy engineering complex located at Hazira, Gujarat.

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HFCL Q3 Results: Net profit falls 5% YoY to Rs 78 crore

HFCL Ltd reported a 5% YoY decline in consolidated net profit to Rs 81 crore for the quarter ended December (Q3 FY22). Net profit fell 4% when compared to the previous quarter. Its revenue from operations fell 5% YoY to Rs 1,215 crore during the same period. EBITDA stood at Rs 174 crore, up 4% YoY. The company has raised Rs 600 crore via a qualified institutional placement (QIP). The amount will be utilised to build network solution capabilities to tap the upcoming opportunities in the telecom and defence sectors.

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Tech Mahindra acquires European firm CTC for Rs 2,628 crore

Tech Mahindra has announced the acquisition of a 100% stake in Europe-based Com tec Co IT (CTC) for €310 million (~Rs 2,628 crore). The company is also investing €20 million for acquiring 25% ownership in two IT platforms (SWFT and Surance) of CTC. Tech Mahindra stated that the acquisitions will strengthen its digital engineering and insurance technology businesses.

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Ajmera Realty to invest Rs 900 crore to develop residential project in Mumbai

Ajmera Realty & Infra India Ltd has announced plans to invest Rs 900 crore to develop a residential project as part of its 100-acre master layout in Wadala, Mumbai. The financing of the project will be supported through a mix of internal accruals, a construction finance loan from HDFC, and sales advances. The project is estimated to drive a sales value of Rs 1,500 crore. It will comprise 540 residential apartments across two wings.

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Bajaj Auto to set up third EV plant in Aurangabad

Bajaj Auto Ltd will set up its third electric vehicle (EV) plant in Aurangabad, Maharashtra. The company had earlier announced the rollout of its new EV two-wheeler plant in Pune, where it will be spending Rs 300 crore to manufacture the new electric scooter Chetak. Reports indicate that the new facility in Aurangabad will manufacture a range of electric three-wheelers.

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Bhansali Engineering Q3 Results: Net profit falls 44% YoY to Rs 75 crore

Bhansali Engineering Polymers Ltd (BEPL) reported a 44.4% YoY decline in consolidated net profit to Rs 75.71 crore for the quarter ended December (Q3 FY22). Net profit fell 4% when compared to the previous quarter. Its revenue from operations fell 17% YoY to Rs 341.52 crore during the same period. Total expenses rose 7% YoY to Rs 246.34 crore in Q3. BEPL has declared an interim dividend of Rs 1 per share. 

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KEC International secures orders worth Rs 1,112 crore

KEC International Ltd has secured new orders worth Rs 1,112 crores across its various businesses. The company’s transmission & distribution (T&D) business secured orders for T&D projects in the Middle East and the Americas. Its civil business segment has received orders for infrastructure works in the water pipeline and urban infra segments in India. KEC International’s cable business has bagged orders from India and overseas.  

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Sonata Software Q3 Results: Net profit rises 81% YoY to Rs 97 crore

Sonata Software Ltd reported an 81.5% YoY increase in consolidated net profit to Rs 97.67 crore for the quarter ended December (Q3 FY22). Net profit rose 7% when compared to the previous quarter. Its revenue from operations rose 33% YoY (or 93% QoQ) to Rs 1,858.02 crore during the same period. EBITDA grew 29% YoY to Rs 146.9 crore in Q3. Sonata Software provides IT consulting, product engineering services, and application development solutions. 

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Angel One Q3 Results: Net profit jumps 125% YoY to Rs 164 crore

Angel One reported a 125% YoY jump in consolidated net profit to Rs 164 crore for the quarter ended December (Q3 FY22). Net profit rose 23% when compared to the previous quarter. Its revenue from operations rose 95% YoY (or 13% QoQ) to Rs 597 crore during the same period. EBITDA stood at Rs 234 crore in Q3, up 121% YoY. Angel One has declared an interim dividend of Rs 7 per share.

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Services PMI Falls to 3 Month Low in December – Top Indian Market News

Services PMI falls to 3 month low in December

India’s services sector activity fell to a three-month low in December but remained in the expansion zone. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 55.5 in December 2021, compared to 58.1 in November. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month. The increase in new orders was centered on the domestic market, while new business from abroad fell further due to Covid-related restrictions.

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Adani Transmission to transfer certain assets, liabilities to new unit

Adani Transmission Ltd (ATL) intends to transfer certain of the company’s assets and liabilities to a newly incorporated subsidiary— Adani Transmission Step-One Ltd. The assets and liabilities include ATL’s shares in Adani Transmission India Ltd (ATIL) and Maharashtra Eastern Grid Power Transmission Ltd (MEGPTCL). It also includes inter-corporate debt provided by the company to ATIL and MEGPTCL.

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Coal India’s April-December capex rises 37% YoY to Rs 10,717 crore

Coal India Ltd (CIL) incurred a capital expenditure (capex) of Rs 10,717 crore till December of the current financial year, registering a 37.4% year-on-year (YoY) growth. CIL’s capex spend during the period marks 86.3% of the target achievement. Construction of coal handling plants, silos with Rs 1,344 crore, and rail sidings and rail corridors at Rs 1,785 crore made up 29% of CIL’s entire capex during the period.

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L&T Heavy Engineering secures significant orders in Q3

Larsen & Toubro’s Heavy Engineering arm has secured significant contracts for its various business segments in the third quarter (Q3 FY22). The modification, revamp, and upgrade (MRU) business of the company has received a contract from a key hydrocarbon sector customer in the Middle East. The MRU business has also won a project for RFCC (residue fluid catalytic cracking) revamp as part of the expansion of the Barauni Refinery (BR-9) by Indian Oil Corporation Ltd.

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HFCL partners with Apercomm to power its network offerings with AI

HFCL Ltd will integrate artificial intelligence (AI) into its entire IO products portfolio in partnership with Apercomm, an AI-powered Wi-Fi analytics tech provider. The telecom company’s wireless solutions will be able to monitor customer experience in real-time and calibrate Wi-Fi network through its cloud management platform. HFCL plans to offer this AI solution to its existing customers for over 100,000 existing deployments. 

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Nelco secures contract worth Rs 40 crore from ONGC

Nelco Ltd has secured a contract from Oil and Natural Gas Corporation (ONGC) to provide satellite communications at offshore sites. The contract is worth Rs 40 crore. The scope of the project includes the supply, commission, and maintenance of ONGC’s captive very small aperture terminal (VSAT)-based network. This network will be used to enhance the communication infrastructure of ONGC’s Western India offshore sites. 

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ABB India launches flameproof low voltage motors for explosive atmospheres

ABB India Ltd, an engineering services company, has unveiled a new range of flameproof (FLP) motors. The motors are a safe choice for applications in potentially explosive environments. The FLP motors offer considerable benefits, including low vibration levels with increased reliability for an extended lifetime and reduced maintenance requirements. The product will be manufactured at ABB India’s facility in Faridabad, Haryana.

Arbitration between Amazon, Future put on hold by Delhi HC

The Delhi High Court halted Future Group’s ongoing arbitration with Amazon.com, Inc. in light of an Indian antitrust agency’s suspension of a 2019 deal between the two sides. The e-commerce giant successfully used the terms of its 2019 investment in a Future unit to block the Indian retailer’s attempt to sell retail assets to rival Reliance Industries Ltd, alleging breach of certain contracts.

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JSL supplies 2,000 tonne stainless steel for Kanpur Metro Project

Jindal Stainless Ltd (JSL) has supplied 2,000-tonne steel for the Kanpur Metro Project, which was inaugurated by PM Narendra Modi last week. The company provided high-quality stainless steel in various tempers (strength levels) to rolling stock manufacturer Alstom. The first train set was handed over to Uttar Pradesh Metro Rail Corporation (UPMRC) by Alstom on September 18, 2021. The scope of the metro project included the design and development of 201 coaches.

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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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Passenger Vehicle Sales Fall 19% in November – Top Indian Market News

Passenger vehicle sales fall 19% in November: SIAM

Passenger vehicle wholesales in India fell 19% in November as the semiconductor shortage continued to impact vehicle production. Total passenger vehicle (PV) dispatches last month stood at 2,15,626 units, a decline of 19% from 2,64,898 units in November 2020. Two-wheeler sales fell sharply by 34% YoY to 10,50,616 units. Three-wheeler dispatches stood at 22,471 units, down 7% YoY. The data was released by the Society of Indian Automobile Manufacturers.

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Factory output grows 3.2% in October

India’s factory output, as measured by the Index of Industrial Production (IIP), grew 3.2% in October 2021, led by growth in primary goods. The growth comes on the back of a 4.5% rise witnessed in the same period last year as the economy was recovering from the first round of lockdown-induced contraction. The manufacturing sector’s output grew 2% in October, while mining output surged by 11.4%. Power generation went up by 3.1%.

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LIC gets RBI approval to increase stake in IndusInd Bank to 9.99%

The Reserve Bank of India (RBI) has allowed Life Insurance Corporation of India (LIC) to raise its stake in IndusInd Bank to 9.99%. LIC currently holds 4.95% of the total issued and paid-up capital of the private sector lender. The approval is valid up to December 8, 2022. The RBI norms mandate that an entity that intends to acquire more than a 5% stake in a private bank has to take prior approval from the central bank.

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RIL raises stake in HFCL to 5% via QIP

Reliance Industries Ltd (RIL) has increased its stake in HFCL to 5% by investing in its qualified institutional placement (QIP). HFCL is India’s largest integrated telecom network provider. In an exchange filing, HFCL said its board had approved the allotment of 8.73 crore equity shares at Rs 68.75 per share to qualified institutional buyers (QIBs). The company has raised Rs 600 crore through the QIP issue.

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Cadila gets USFDA approval to start clinical trials in patients with PBC

Cadila Healthcare Ltd has received approval from the US Food & Drug Administration (USFDA) to initiate the Phase 2(b)/3 clinical trials to evaluate the efficacy and safety of Saroglitazar Magnesium in patients with Primary Biliary Cholangitis (PBC). PBC is a severe liver disease that leads to cirrhosis of the liver, liver failure, and possibly death. Nearly 50% of PBC patients are unable to benefit from the existing therapy due to lack of response or intolerable side effects.  

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Sterlite Tech unveils 5G-from-India offering at IMC 2021

Digital networks integrator Sterlite Technologies Ltd (STL) has unveiled its 5G-from-India offering at the India Mobile Congress (IMC) event. The company’s 5G portfolio includes optical, radio, and deployment solutions. STL expects that the end-to-end nature of solutions will fundamentally alter the game for super-fast and high-quality 5G deployments.

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Apollo TeleHealth secures ISO certification from BSI

Apollo TeleHealth (ATH) has become the first-ever organisation in the world to attain the ISO 13131:2021 certification presented by the British Standards Institution (BSI). ISO 13131:2021 belongs to a class of standards that provides flexible, general guidelines that support innovation in healthcare. ATH is a multi-specialty telemedicine network and part of the Apollo Hospitals Group.

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Greenlam Industries temporarily shuts plant in Rajasthan

Greenlam Industries Ltd (GIL) has temporarily closed down manufacturing activities at its plant in Behror, Rajasthan, as per the directions from Commission for Air Quality Management in National Capital Region and Adjoining Areas on December 9, 2021. The company stated that the facts and reports issued by the commission seem improper. GIL has already presented its case before the competent authority in this regard. It is taking the necessary steps to resolve the matter at the earliest.

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Lupin launches diagnostic business; to open 100 labs in India

Lupin Ltd has announced the launch of its diagnostics arm as part of its strategy to provide integrated healthcare services in India. The company commenced operations with 11 labs, including a 45,000 sq. ft. national reference lab in Navi Mumbai and 200 collection centres in West and East India.  The pharma company plans to open over 100 labs across and 1000 collection centres across India in the next three years.

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Alembic Pharma acquires stake in US biotech RIGImmune

Alembic Pharmaceuticals Ltd has made a strategic investment in RIGImmune, a US-based biopharmaceutical research company. The pharma company has acquired shares in RIGImmune that amount to a 19.97% post-money stake in the first closing of the series seed round. RIGImmune focuses on the development of novel treatments for RNA (ribonucleic acid) viruses.

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TVS Motor strengthens product portfolio in Philippines market

TVS Motor Company announced the launch of its premium Apache RR310 and 125cc scooter TVS NTORQ in the Philippines market. The company has launched TVS Apache RR310 with Race Tuned Fuel Injection and feature-rich connected scooter TVS NTORQ 125 for aspirational young customers in the Philippines.

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MobiKwik Files DRHP For Rs 1,900 crore IPO – Top Indian Market News

MobiKwik files DRHP for Rs 1,900 crore IPO

Digital payments firm MobiKwik has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 1,900 crore via an initial public offering (IPO). The IPO consists of a fresh issue of shares worth Rs 1,500 crore and an offer for sale (OFS) of up to Rs 400 crore. The company will use the IPO proceeds for funding organic and inorganic growth initiatives. One MobiKwik Systems Ltd was previously valued at $700 million (~Rs 5,200 crore) when it raised $20 million from Abu Dhabi Investment Authority (ADIA) in June 2021.

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SJVN signs pact with Investment Board of Nepal to develop 679 MW hydroelectric project

SJVN Limited has signed a pact with the Investment Board of Nepal to develop a 679 megawatt (MW) Lower Arun Hydro Electric Project in eastern Nepal. The estimated cost of the project is $1.3 billion (~Rs 9,700 crore). This will be the second-largest foreign investment project to be undertaken by India. SJVN is required to complete a detailed report on the hydroelectric project and submit it for approval at the board within two years. The project will be developed under a build, own, operate, and transfer (BOOT) model.

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Steel Strips Wheels Q1 Results: Net profit at Rs 51.08 crore

Steel Strips Wheels Ltd reported a standalone net profit of Rs 51.08 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 38.09 crore in the corresponding quarter last year (Q1 FY21). The company’s revenue from operations jumped 463.9% YoY to Rs 678.13 crore in Q1 FY22. Steel Strips Wheels is a leading manufacturer of automotive steel and alloy wheels. 

Cyient to support HMLR to centralise, digitise local land charges records

Her Majesty’s Land Registry has selected Cyient Limited to support its Local Land Charges (LLC) Programme. HMLR is a non-ministerial department of the Government of the United Kingdom. It registers the ownership of land and property across England and Wales. The LLC program aims to digitise and migrate millions of separately held local land charge records from local authorities into a centralized digital register. Cyient will own the entire process and provide a central management information platform.

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Ashoka Buildcon secures project worth Rs 726 crore from NHAI

Ashoka Buildcon Ltd has received the Letter of Acceptance (LoA) for an engineering, procurement, and construction (EPC) project from the National Highways Authority of India (NHAI). The order consists of six-laning of the Memmadpur (Ambala)-Banur (IT City Chowk) -Kharar (Chandigarh) corridor in Punjab on EPC mode. The total value of the project is Rs 726 crore.

Ola Electric signs pact with Bank of Baroda to raise $100 million in long-term debt

Ola Electric Pvt Ltd has signed a long-term debt financing agreement with Bank of Baroda to raise $100 million (~Rs 744 crore). The 10-year debt of $100 million will be utilised for the funding and financial closure of Phase-1 of its electric two-wheeler factory in Hosur, Tamil Nadu. The company is setting up Ola Futurefactory, a global manufacturing hub for its electric two-wheelers. In December 2020, Ola said it would invest Rs 2,400 crore for Phase-1 of the factory.

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TCS partners with Converge to enhance customer experience

Tata Consultancy Services (TCS) has partnered with Converge ICT Solutions Inc. to help them enhance customer experience for their fast-growing subscriber base. TCS’ digital services platform will help the Philippines-based broadband provider speed up product innovation and personalise customer engagement. The IT company will help Converge reduce complexity in operations and enable faster service delivery.

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ABB commissions modernisation project for BGPPL

ABB India Limited has completed the commissioning of the Induction xP Plus Profiler system on PM3 at Bilt Graphic Paper Products Ltd (BGPPL), Ballarpur (Maharashtra). The world-class domain expertise of ABB’s team helped them seamlessly deliver the modernisation project. The new Induction xP Plus is the best-in-class cross direction (CD) caliper profile control that achieves maximum induction heating in the shortest time possible. It offers reduced product variability and rapid corrections to sheet finishing profiles. 

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HFCL Q1 Results: Net profit jumps 316% YoY to Rs 87 crore

HFCL Limited reported a 316.4% YoY jump in consolidated net profit to Rs 87.82 crore for the quarter ended June (Q1 FY22). Net profit has increased by 3.73% when compared to the previous quarter. Its revenue from operations rose 72.47% YoY to Rs 1,206.87 crore during the same period. HFCL is a leading manufacturer of telecom products in India.

FDC launches Favipiravir oral suspension to treat Covid-19 in India

FDC Limited has announced the launch of an oral suspension of Favipiravir to treat mild to moderate cases of Covid-19 in India. The drug will be available at all retail medical outlets and hospital pharmacies across India. The pharma company said it is offering the best efficacy and convenience to patients. It has focused its efforts on making the process of Covid-19 treatment hassle-free 

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Vodafone Idea loses 18 lakh subscribers in April

After posting two straight months of subscriber growth, Vodafone Idea (Vi) lost 18.1 lakh subscribers in April 2021. Meanwhile, Reliance Jio added 48 lakh subscribers during the same month. Bharti Airtel registered a net addition of 5.17 lakh subscribers. Jio’s market share in the wireless category rose to 36.15% in April. Bharti Airtel and Vi’s market share stood at 29.83% and 23.93%, respectively. The data was released by the Telecom Regulatory Authority of India (TRAI).

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Reliance to Venture Into Green Energy Business – Top Indian Market News

Reliance Industries to venture into green energy business

At the 44th Annual General Meeting (AGM) of Reliance Industries Ltd (RIL), Mukesh Ambani announced the company’s mega investment into a new green energy business. RIL aims to build four giga factories to manufacture and integrate critical components at an investment of Rs 60,000 crore over the next three years. 

Ambani further announced that RIL plans to close its deal with Saudi Aramco this year. Also, the company will launch a low-cost smartphone— ‘JioPhone Next’ (developed in collaboration with Google) in September 2021. RIL’s Chairman also claimed that Reliance Jio will be the first to launch 5G in India.

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Adani’s subsidiary strikes coal at Carmichael mines in Australia 

Adani Group’s Australian mining arm, Bravus Mining & Resources, has struck coal at the Carmichael mine in Queensland, Australia. In a statement, Bravus CEO David Boshoff said the company is on track to export its first coal this year. India will be a foundation customer for the Carmichael mine. Bravus has already secured the market for 10 million tonnes per annum (MTPA) of coal produced at the mine.

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SBI Cards launches co-branded credit card with Fabindia

SBI Cards & Payment Services has partnered with Fabindia to launch an exclusive co-branded contactless credit card, Fabindia SBI Card. The card is designed with curated benefits and privileges to offer a rewarding shopping experience to its premium customers.  It comes in two variants— Fabindia SBI Card SELECT and Fabindia SBI Card. All Fabindia SBI Card customers will get direct entry to the FabFamily loyalty program.

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Zydus Cadila gets USFDA approval to market generic sclerosis treatment drug

Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market Fingolimod capsules in the US. The drug is used to treat multiple sclerosis (a potentially disabling disease of the brain and spinal cord). The capsules will be manufactured at the pharma company’s manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.

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Mindspace REIT commits to 100% renewable electricity use by 2050

Mindspace Business Parks REIT has joined the global RE100 initiative led by Climate Group in partnership with the Carbon Disclosure Project (CDP). With this, the firm has committed to transform into 100% renewable electricity use across all areas services and maintained within its portfolio by 2050. Mindspace REIT will also make renewable energy accessible to tenants who choose to avail of green energy. Currently, the REIT sources about 10% energy through renewable sources such as solar energy and renewable energy certificates (RECs).

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HFCL to set up PM-WANI powered connectivity for Baidebattu village

HFCL, in collaboration with Telecom Infra Project, has announced the setting up of their second PM-WANI (Wi-Fi Access Network Interface)-powered connectivity for Baidebattu village in Karnataka. The company will set up a robust outdoor Wi-Fi network for providing broadband internet connectivity. It will offer high-speed Wi-Fi connectivity to over 9,000 residents of the village. The network is expected to go live by July 31, 2021.

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CBI searches premises of CG Power & Industrial Solutions in Mumbai

The Central Bureau of Investigation (CBI) carried out searches at the premises of CG Power and Industrial Solutions (previously known as Crompton Greaves) on Thursday. This is in connection with an alleged loan fraud of Rs 446 crore in Yes Bank involving industrialist Gautam Thapar. The CBI has alleged that the accused have indulged in a criminal conspiracy, criminal breach of trust, cheating, and forgery for diversion of public money to the tune of Rs 466.15 crore.

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West Coast Paper Q4 Results: Net profit declines 37.5% YoY to Rs 75 crore

West Coast Paper Mills reported a 37.53% YoY decline in consolidated net profit to Rs 74.92 crore for the quarter ended March (Q4). Its revenue from operations rose 26.14% YoY to Rs 937.03 crore during the same period. West Coast Paper reported a net loss of Rs 3.10 crore for the financial year ended March 30, 2021 (FY21). It had posted a net profit of Rs 370.38 crore in FY20. The company’s board has recommended a final dividend of Re 1 per share.

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India Pesticides IPO subscribed 3.79 times on second day of bidding

The Rs 800 crore initial public offering (IPO) of India Pesticides Limited was subscribed 3.79 times on the second day of bidding. Investors have put in bids for 7.32 crore equity shares against the offer size of 1.93 crore shares. The portion reserved for retail investors was subscribed 5.88 times. The portion set aside for Non-Institutional Investors (NIIs) was subscribed 91%, and that of Qualified Institutional Buyers (QIBs) 2.31 times. The agrochemical company’s public issue closes tomorrow.

To learn more about the IPO, click here.

TCS launches ‘Quartz for Markets’

Tata Consultancy Services (TCS) announced the availability of a new solution, termed as ‘Quartz for Markets’, for Market Infrastructure Institutions (MIIs). It helps MIIs offer end-to-end next-generation services around tokenised securities and drive their future growth. The solution supports multiple asset classes, including equity, fixed income, warrants, and asset-backed tokens like real estate, gold, art, and non-fungible tokens (NFTs). MIIs include exchanges, depositories, central banks, payment infrastructures, private banks, custodians, etc.

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Adani Ports’ Q3 Profit Rises 16% YoY to Rs 1,576 crore – Top Indian Market News

adani ports and sez

Adani Ports Q3 Results: Net profit rises 16% YoY to Rs 1,576 crore

Adani Ports & Special Economic Zone (APSEZ) Ltd reported a 16.22% YoY increase in consolidated net profit to Rs 1,576.53 crore for the quarter ended December (Q3). Its consolidated revenue rose 12% YoY to Rs 4,274.79 crore during the same period. APSEZ’s overall cargo volume surged 37% YoY to 76 million metric tonnes (MMT) in Q3. The revenue from port operations increased by 35% YoY, while its logistics business grew by 8% YoY during the October-December period.

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GAIL acquires IEX’s 5% stake in Indian Gas Exchange

State-owned GAIL (India) Ltd has acquired a 5% stake in Indian Gas Exchange (IGX) from its parent company, Indian Energy Exchange (IEX). It has been reported that 36.93 lakh equity shares of IGX have been sold to GAIL for a cash consideration of Rs 3.69 crore. IEX stated that the partnership between IGX and GAIL will add robust value addition in the development of gas markets in India.

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Muthoot Finance Q3 Results: Net profit rises 17% YoY to Rs 1,006 crore

Muthoot Finance reported a 17% YoY increase in consolidated net profit to Rs 1,006.6 crore for the quarter ended December (Q3). Its revenue rose 16% YoY to Rs 3,000.78 crore during the same period. The company’s consolidated loan assets grew by 28% YoY to Rs 55,800 crore during the nine months of 2020-21. Muthoot Finance said that its active customer base crossed 50 lakh. 

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HFCL partners with Qualcomm for development of Wi-Fi 6 products

HFCL Limited has partnered with US-based Qualcomm Technologies for the development of Wi-Fi 6 products. WiFi 6 is the next generation of WiFi, which is compatible and complementary to 5G networks. HFCL said it is eyeing to increase its WiFi segment revenue by threefold to Rs 450 crore over the next 3 years. The company will market the co-developed products worldwide after necessary trials under its IO brand.

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Berger Paints Q3 Results: Net profit rises 51% YoY to Rs 275 crore

Berger Paints India Ltd reported a 51.2% YoY increase in consolidated net profit to Rs 274.98 crore for the quarter ended December (Q3). Its revenue from operations rose 25% YoY to Rs 2,118.2 crore during the same period. The company has witnessed a consistent pick-up in demand for its high-margin decorative paints business. 

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Tata Steel Q3 Results: Net profit at Rs 3,989 crore

Tata Steel Limited reported a consolidated net profit of Rs 3,989 crore for the quarter ended December (Q3). It had posted a net loss of Rs 1,228 crore in the corresponding quarter last year. The company’s revenue rose 11.5% YoY to Rs 39,594 crore in Q3 FY21. The company’s performance in Q3 was driven by higher prices, better product mix, lower exports, and operating efficiency initiatives.

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IOB Q3 Results: Net profit at Rs 213 crore

Indian Overseas Bank (IOB) reported a net profit of Rs 213 crore for the quarter ended December. The bank has posted a net loss of Rs 6,075 crore in the corresponding quarter last year. Net interest income (NII) rose 19% YoY to Rs 1,522 crore in Q3 FY21. IOB’s gross non-performing assets (GNPA) ratio declined to 12.19%, compared with 17.12% in Q3 FY20.

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Bharat Electronics secures order worth Rs 1,000 crore from Ministry of Defence

Bharat Electronics Ltd has signed a contract with the Ministry of Defence for the procurement of Software Defined Radio Tactical (SDR-Tac). The estimated contract value is Rs 1,000 crore. SDR-Tac is a radio system primarily used in ships. BEL will deliver the product to the Indian Navy within three years.

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Mahanagar Gas Q3 Results: Net profit rises 16% YoY to Rs 217 crore

Mahanagar Gas Ltd (MGL) reported a 16.8% YoY increase in net profit to Rs 217.2 crore for the quarter ended December (Q3). Its revenue rose 10.4% YoY to Rs 666.4 crore during the same period. MGL has increased the price of CNG by Rs 1.50 per kg and that of domestic PNG (cooking gas) by 95 paise per unit in Mumbai. The company’s board has declared an interim dividend of Rs 9 per share.

Indoco Remedies Q3 Results: Net profit jumps 169% YoY to Rs 25 crore

Indoco Remedies reported a 169.2% YoY increase in consolidated net profit to Rs 25.1 crore for the quarter ended December (Q3). The company’s consolidated revenue rose 17.2% YoY to Rs 332.3 crore during the same period. Revenue from its international business registered a strong growth of 73% YoY in Q3. Indoco Remedies is a Mumbai-based research-oriented pharma company that has a presence in over 55 countries.

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BPCL to sell 61.6% stake in Numaligarh refinery by March-end

Bharat Petroleum Corporation Ltd (BPCL) said it plans to complete its 61.65% stake sale in Numaligarh Refinery (NRL) to Oil India Limited and the Government of Assam by March 31. The transaction is subject to government approvals. The sale of NRL is considered to be the first step towards the disinvestment of BPCL. In the nation’s biggest privatisation till date, the Central government will sell its entire 52.98% stake in BPCL.

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NBCC’s subsidiary secures project worth Rs 1,800 crore

NBCC (India) Ltd announced that its subsidiary, HSCC Limited, has secured a project for the upgradation of district hospitals and medical colleges in 12 districts of Rajasthan. The agreement was signed between HSCC and the Medical Education Department, Government of Rajasthan. The total cost of the project is estimated at Rs 1,800 crore.

Read more here.

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India’s WPI Inflation Eases to 1.22% in December – Top Indian Market News

India’s WPI inflation eases to 1.22% in December

Wholesale inflation in India fell to the lowest level in four months, mainly due to a decline in the prices of food articles. Inflation based on the Wholesale Price Index (WPI) fell to 1.22% in December from 1.55% in November. The WPI was at 2.76% in December 2019. The WPI Food Inflation fell from 4.27% in November to 0.92% in December, as vegetables and pulses became cheaper.

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Passenger vehicle sales up 13.59% in December: SIAM

According to data released by the Society of Indian Automobile Manufacturers (SIAM), the total sales of domestic passenger cars increased by 13.59% to 2.52 lakh units in December 2020, as compared to 2.22 lakh units in December 2019. Two-wheeler sales rose by 7.42% YoY to 11.27 lakh units in December 2020. However, the latest figures from SIAM show that automobile exports from India declined by 18.87% to 38.65 lakh units in 2020. Overseas shipments of vehicles in the Jan-Dec period in 2019 stood at 47.63 lakh units.

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HFCL Q3 Results: Net Profit rises 86% YoY to Rs 85 crore

HFCL Ltd reported an 86.73% YoY increase in net profit to Rs 85.11 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 45.58 in the corresponding period in FY20. HFCL’s revenue rose by 49.68% YoY to Rs 1,277.48 crore during Q3 FY21. HFCL (or Himachal Futuristic Communications Ltd) is a fiber optic cable manufacturing company.

Adani Enterprises wins Rs 1,838-crore highway project from NHAI in Kerala

Adani Enterprises Ltd (AEL) has won a Rs 1,838-crore highway project from the National Highways Authority of India (NHAI) in Kerala. The project, granted under the Hybrid Annuity Mode (HAM), is part of the Bharatmala Pariyojna of the Central Government. The 40-km road project pertains to six-laning of the Azhiyur-Vengalam section of NH-17 (New NH-66) in Kerala. With this, Adani Group has a total of six NHAI road projects under HAM in Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, and Kerala.

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Indigo Paints to launch IPO on January 20; price band fixed at Rs 1,488-1490

Indigo Paints will launch its initial public offering (IPO) on January 20. The price band of the IPO has been set at Rs 1,488-1,490 per share. It comprises fresh issuance of equity shares aggregating to Rs 300 crore and an offer for sale (OFS) of up to 58.4 lakh shares by Sequoia Capital India Investments IV,  SCI Investments V, and promoter Hemant Jalan. The three-day IPO will conclude on January 22.

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DEN Networks Q3 Results: Net profit rises 238% YoY to Rs 65 crore

DEN Networks Ltd reported a 238.69% year-on-year (YoY) increase in consolidated net profit to Rs 65.57 crore for the quarter ended December (Q3). It had posted a net profit of Rs 19.36 crore during the corresponding period in FY20. The firm’s revenue increased by 7.58% YoY to Rs 342.18 crore in Q3 FY21. DEN Networks is a cable distribution company in which Reliance Industries (through its subsidiaries) holds a majority shareholding. 

Dixon Technologies’ board to meet on Feb 2 to consider stock split plan

Dixon Technologies Ltd announced that its board will meet on February 2 to consider the sub-division of equity shares of the company. It will also consider and approve financial results for the third quarter ended December 31, 2020. Generally, a company plans to go for a stock split to make the shares more affordable for small retail investors and increase liquidity. 

As per a report from Economic Times, Padget Electronics (a wholly-owned subsidiary of Dixon Technologies) will begin assembling phones for HMD Global at its factory in Noida. HMD Global is the maker of Nokia and Motorola smartphones. The report also states that LED TVs of brands including Nokia, Intex, Lloyd, and Toshiba will be manufactured at Dixon Tech’s Chittor factory.

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Bharat Dynamics and Thales partner to manufacture STARStreak Air Defence System in India

Bharat Dynamics Ltd (BDL) and Thales have signed a Teaming Agreement to work in partnership on the STARStreak Air Defence system, with the support of the Governments of India and the UK. BDL will become a part of the STARStreak global supply chain. This would provide the opportunity for exporting the system to existing and future STARStreak Air Defence customers. The agreement would also allow BDL to offer the STARStreak missile system to the Indian Armed Forces, with a minimum of 60% indigenous content, under the ‘Make in India’ programme.

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L&T receives multiple orders in domestic market

Larsen & Toubro (L&T) announced that its construction arm has received multiple orders across its business segments in the domestic market. The orders fall under the “significant” category, which ranges between Rs 1,000 crore and Rs 2,500 crore. The firm’s buildings and factories business has won an order from a reputed developer to construct an office space in Mumbai. It has also won an order from the Haryana Government to construct a Medical College at Jind.

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Indian Hume Pipe Company receives LoA for water supply project from Govt of Karnataka

Indian Hume Pipe Company Ltd has received a letter of acceptance (LoA) for an order worth Rs 198.80 crore from Minor Irrigation and Ground Water Development Division- Kalaburgi, Karnataka Government. The order consists of filling tanks in Kalaburgi (South) Taluka by lifting Water from Bennethora Reservoir for ground-water development & drinking water purpose on a turnkey basis. The contract also includes operation and maintenance services for 5 years. The project is to be completed within 24 months.

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Garden Reach Shipbuilders signs $12.7 million deal with Government of Guyana

Garden Reach Shipbuilders & Engineers (GRSE) has signed a contract with the Government of Guyana to build a passenger and cargo ship for $12.7 million (~Rs 92.75 crore). GRSE is one of India’s leading shipyards, located in Kolkata. It builds and repairs commercial and naval vessels.

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Mrs Bectors Food IPO Subscribed 199 Times on Final Day of Bidding – Top Indian Market News

Mrs Bectors Food IPO subscribed 199 times on final day of bidding

Mrs Bectors Food Specialities’ initial public offering (IPO) was subscribed 199.41 times on the final day of subscription. It has become the most successful IPO in 2020. As per NSE data, the IPO received bids for 262 crore shares, as against 1.32 crore shares on offer. The qualified institutional investor category was subscribed 178.08 times and the non-institutional category was subscribed 625.20 times. Retail investors and employees’ reserved portion was subscribed 29.53 and 45.8 times, respectively. The shares of Mrs Bectors Food Specialities will be listed on December 28.

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Zee Entertainment acquires film production, distribution business from Zee Studios

Zee Entertainment Enterprises Ltd (ZEEL) said that its board has approved the acquisition of film production and distribution business from Zee Studios. Formerly known as Essel Vision Productions Ltd, Zee Studios is a wholly-owned subsidiary of ZEEL. As of March 31, 2020, the turnover of Zee Studios’ film production and distribution business stood at Rs 124.11 crore. ZEEL stated that it will take approximately two months to complete this acquisition.

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IFC and IFC Emerging Asia Fund to invest $76 million in Purvankara affordable housing

 IFC and IFC Emerging Asia Fund (EAF) have partnered with Puravankara Ltd to invest $76 million (~Rs 559 crore) in the development of up to four residential projects in India. The projects come under Puravankara’s affordable housing-focused ‘Provident’ brand. Two of the four projects are planned in Kochi and Bengaluru, with a saleable area of 4.5 million square feet. Puravankara stated that around 4,000 housing units will be built in the next 5-7 years.

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Manappuram Finance board gives approval to raise Rs 400 crore via bonds

The board of Manappuram Finance Ltd has approved raising Rs 400 crore through the issue of non-convertible debentures (NCDs) on a private placement basis. The company will issue secured, rated, listed, and redeemable NCDs for an amount of Rs 100 crore, with an option to retain oversubscription up to Rs 300 crore, which will aggregate to Rs 400 crore

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Tata Motors to buy out Marcopolo’s share in bus venture for Rs 100 crore

Tata Motors Ltd said it will buy out its partner’s stake in bus joint venture (JV) firm Tata Marcopolo Motors, for around Rs 100 crore. The company has entered into a share purchase agreement with Marcopolo S.A., through which it will purchase the balance 49% shareholding in Tata Marcopolo Motors Ltd (TMML). After the transaction is executed, TMML will become a wholly-owned subsidiary of Tata Motors. TMML is a 51:49 JV formed in 2006 between Tata Motors and Marcopolo S.A., that builds and sells buses under the Starbus and Starbus Ultra brands.

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HFCL’s cable manufacturing facility starts commercial production

HFCL Limited announced that it has started commercial production of Fibre-to-the-home (FTTH) cables at its new facility in Hyderabad. With this, HFCL, along with its subsidiary company, HTL Ltd, has become the largest manufacturer of FTTH cables in India, with a capacity of 6 lakh km per annum. The company will be supplying FTTH cables to telecom service providers in India, and will also export them to more than 30 countries.

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Mahindra World City receives certification for Zero Waste to Landfill

The Mahindra World City (MWC) in Chennai has become India’s first integrated city to receive third-party Zero Waste to Landfill (ZWL) certification. As part of its ZWL commitments, MWC Chennai is diverting 99 percent of waste (which is nearly 135 tonnes of waste) generated within its industrial zone away from landfills. This helps to avoid 115 tonnes of CO2 emissions every month. The certification was granted on MWC Chennai by Intertek, a globally recognised organisation that is responsible for auditing and certifying ZWL sites.

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L&T Hydrocarbon Engineering emerges lowest bidder for HPCL Rajasthan Refinery: Report

As per a report from Business Standard, L&T Hydrocarbon Engineering (LTHE) has emerged as the lowest bidder for HPCL Rajasthan Refinery Ltd’s two engineering, procurement, construction, and commissioning (EPCC) packages. The combined value for both packages is around Rs 13,000 crore. The scope of HPCL’s order involves the engineering, procurement, and construction of two critical process blocks of a 9.0 MMTPA (million metric tonnes per annum) integrated Refinery cum Petrochemical Complex.

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Mindspace REIT raises Rs 200 crore through issue of debentures

Mindspace Business Parks REIT has raised Rs 200 crore by issuing debentures on a private placement basis. The non-convertible debentures are proposed to be listed on the wholesale debt market (WDM) segment of BSE Limited. The tenure of the debentures is 36 months, with a coupon rate of 6.45% per annum. The REIT (real-estate investment trust) is likely to utilise the fund to refinance its existing debts.

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IndusInd Bank launches metal credit card ‘PIONEER Heritage’

IndusInd Bank, in partnership with Mastercard, has announced the launch of its first metal credit card- ‘PIONEER Heritage’. The bank stated that the card comes equipped with best-in-class features and privileges across an array of categories like travel, wellness, and lifestyle. The credit card has been specially curated to match the requirements of affluent Indian professionals and entrepreneurs.

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Board of Rane Holdings approves investment of up to Rs 60 crore in Rane (Madras) Ltd

The Board of Directors of Rane Holdings Ltd has approved a further investment in its subsidiary, Rane (Madras) Ltd, by up to Rs 60 crore. The funds for the investment will be raised by way of subscription to equity shares and/or convertible securities. The investment is subject to further regulatory approvals.