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WPI Inflation Eases to 4.95% in December – Top Indian Market Updates

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

India’s WPI inflation eases to 22-month low of 4.95% in December

India’s wholesale price-based inflation (WPI) declined to a 22-month low of 4.95% in December 2022, mainly due to a fall in prices of food articles and crude petroleum. The Wholesale Price Index (WPI)-based inflation was 5.85% in November 2022 and 14.27% in December 2021. Inflation in food articles was (-)1.25%, while it was 18.09% in the fuel & power segment during Dec 2022.

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​​Maruti Suzuki announces price hike across all models

Maruti Suzuki India Ltd (MSIL) will hike the prices across all its models by around 1.1% with effect from January 16. In Dec, the automaker announced its intentions to hike prices in January due to increased cost pressure driven by overall inflation and recent regulatory requirements. As per reports, car makers Honda, Hyundai, and Tata Motors also plan to hike prices in January.

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Bank of Maharashtra Q3 Results: Net profit doubles to ₹775 crore

Bank of Maharashtra reported a 139% year-on-year (YoY) jump in net profit to ₹775 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 30% YoY to ₹1,980 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 4.73% in Q3 FY22 to 2.94% in Q3 FY23. The bank’s total deposits grew 12% YoY to ₹2.08 lakh crore.

[NII is the difference between the interest income received on loans and the interest paid to depositors.] 

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Bharti Airtel launches 5G services in five UP cities

Bharti Airtel announced the launch of 5G services in Agra, Meerut, Gorakhpur, Kanpur, and Prayagraj in Uttar Pradesh. The telecom operator’s services are already live in Lucknow and Varanasi. Customers with 5G-enabled devices can enjoy the high-speed Airtel 5G Plus network at no extra cost until the rollout is more widespread.

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RIL suspends latest auction of gas from east coast block

Reliance Industries Ltd (RIL) and its partner BP plc suspended a planned auction for the sale of natural gas from their KG-D6 block following changes in gas marketing rules. E-bidding for the sale of 6 million standard cubic meters per day of gas was to happen on January 18. On Jan 13, the Ministry of Petroleum & Natural Gas published new rules for the sale and resale of gas produced from discoveries in deep sea, ultra-deepwater, and high pressure-high temperature areas with marketing and pricing freedom.

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HG Infra secures project from Delhi Metro Rail Corporation

HG Infra Engineering Ltd has secured an order worth more than ₹412 crore from the Delhi Metro Rail Corporation Ltd. (DMRC). The company will design and construct an elevated viaduct and four elevated Delhi Metro stations. The construction work on the 3.512 km stretch is likely to be completed in 24 months.

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Dr. Reddy’s acquires trademark rights of breast cancer drug from Pfizer India

Dr. Reddy’s Laboratories Ltd. has acquired the trademark rights of the breast cancer drug PRIMCYV from Pfizer Products India. PRIMCYV slows down or stops the growth of cancer cells. The pharma company will manufacture the drug at its facilities approved by the US Food & Drug Administration (USFDA). It also plans to roll out a unique ‘patient assistance program’ to support long-term therapy of the patients on PRIMCYV.

Read more here.

GPT Infraprojects secures order worth ₹216 crore

GPT Infraprojects Ltd has secured a contract worth ₹216 crore from the Maharashtra Rail Infrastructure Development Corporation Ltd., Mumbai. The company will construct the proposed extensions of the Ghatkopar Cable Stayed Road Over Bridge. This order win is worth two-thirds of the company’s total market valuation of ₹323 crore. 

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Leading European airline selects RateGain to expand to new markets

Greek airline SKY Express has selected RateGain Travel Technologies Ltd’s solution AirGain for real-time pricing insights as the airline looks to expand its footprint across Europe. AirGain will allow the airline to respond promptly to market shifts and deliver the most cost-effective service. 

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KPI Green Energy signs Power Purchase Agreements with three clients for solar power sale

KPI Green Energy Ltd (KGEL) has signed new Power Purchase Agreements (PPAs) for the sale of 6.3 megawatts (MW) of solar power in the interdependent power producer (IPP) segment. It has signed the long-term PPAs with three private companies— Heubach Colour Pvt. Ltd (2.9 MW), Sachin Paper Mills (0.4 MW), and Alembic Pharmaceuticals Ltd (3 MW). KGEL develops, operates, and maintains captive solar power projects for its clients.

Read more here.

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Bharti Airtel’s Net Profit Jumps 300% QoQ in Q2 – Top Indian Market News

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Bharti Airtel Q2 Results: Net profit jumps 300% QoQ to Rs 1,134 crore

Bharti Airtel Ltd reported a 300% quarter-on-quarter (QoQ) jump in consolidated net profit to Rs 1,134 crore for the quarter ended September (Q2 FY22). Net profit was boosted by a one-time gain of Rs 722 crore incurred from the transfer of spectrum to Reliance Jio Infocomm. Its revenue from operations rose 5.4% QoQ to Rs 28,326 crore during the same period. Bharti Airtel’s mobile services business posted a 6.2% QoQ growth in revenues to Rs 15,191 crore in Q2. The average revenue per user (ARPU) increased from Rs 146 in Q1 FY22 to Rs 153 in Q2 FY22.

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Delhivery files DRHP to raise Rs 7,460 crore via IPO

Logistics firm Delhivery has filed its Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 7,460 crore through an initial public offering (IPO). The IPO comprises a fresh issue of shares worth Rs 5,000 crore. It also includes an offer for sale (OFS) by existing investors worth Rs 2,460 crore. The company provides supply chain solutions to e-commerce marketplaces and direct-to-consumer enterprises.

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Sun Pharma Q2 Results: Net profit rises 13% YoY to Rs 2,047 crore

Sun Pharmaceutical Industries reported a 13% YoY increase in consolidated net profit to Rs 2,047 crore for the quarter ended September (Q2 FY22). Net profit increased 42% compared to the previous quarter. Its revenue from operations rose 12.5% YoY to Rs 9,625.9 crore during the same period. The pharma company’s expenses stood at Rs 7,562 crore in Q2, an increase of 9.7% YoY.

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IEX electricity volume rises 36% YoY to Rs 9,165 MU in October

Indian Energy Exchange (IEX) traded 9,165 million units (MU) of electricity in October 2021, achieving a 36% YoY growth. The traded volumes of the day-ahead market grew 19.4% YoY to 6,585 MU in October, with the average monthly price at Rs 8 per unit. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 225 MU during the same month.

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Dabur India Q2 Results: Net profit rises 5% YoY to Rs 504 crore

Dabur India reported a 4.7% YoY increase in consolidated net profit to Rs 504 crore for the quarter ended September (Q2 FY22). Net profit increased 15% compared to the previous quarter. Its revenue from operations rose 12% YoY (or 8% QoQ) to Rs 2,818 crore during the same period. Dabur’s FMCG business reported volume growth of 10%, marking the fifth consecutive quarter of double-digit growth. The company’s board has declared an interim dividend of Rs 2.5 per share.

Read more here. 

CCI approves HDFC Life’s acquisition of Exide Life

The Competition Commission of India (CCI) has approved HDFC Life Insurance Company’s acquisition of 100% shareholding in Exide Life Insurance Co Ltd. The deal was inked for Rs 6,687 crore, allowing HDFC Life to expand its presence in South India. Of the total deal value, HDFC Life will pay Rs 725.98 crore in cash and the rest by issuing 8.7 crore shares at Rs 685 per share to Exide Industries Ltd.

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Godrej Properties Q2 Results: Net profit jumps 403% YoY to Rs 36 crore

Godrej Properties Ltd reported a 403% YoY jump in consolidated net profit to Rs 35.72 crore for the quarter ended September (Q2 FY22). Its total income rose 36.6% YoY to Rs 105 crore during the same period. The real estate developer witnessed a total booking value of Rs 2,574 crore in Q2, a growth of 139.6% YoY. Its total booking volume rose 108% YoY to Rs 3.61 million sq. ft.

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HG Infra secures order worth Rs 1,646 crore from NHAI

HG Infra Engineering Ltd has secured a road project in Delhi from the National Highways Authority of India (NHAI). The project is for the development of a six-lane Urban Extension Road on NH-334 M on an engineering, procurement, and construction (EPC) mode. The bid project cost is Rs 1,646.57 crore.

HPCL Q2 Results: Net profit falls 22% YoY to Rs 1,923 crore

Hindustan Petroleum Corporation Ltd (HPCL) reported a 22.4% YoY decline in net profit to Rs 1,923.5 crore for the quarter ended September (Q2 FY22). Net profit increased 7.1% compared to the previous quarter. Its revenue from operations rose 60.6% YoY to Rs 82,774.69 crore during the same period. Domestic sales of petroleum products increased 8% YoY to 8.79 million metric tonnes (MMT) in Q2.

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Union Bank Q2 Results: Net profit jumps 3-fold to Rs 1,526 crore

Union Bank of India reported a nearly three-fold YoY jump in net profit to Rs 1,526.12 crore for the quarter ended September (Q2 FY22). Its total income rose 2.5% YoY to Rs 20,683.95 crore during the same period. The gross non-performing assets ratio (GNPA) stood at 12.64% in Q2 FY22, compared to 14.71% in the corresponding quarter last year (Q2 FY21). Provisions for bad loans fell 12.2% YoY to Rs 3,723.76 crore in Q2 FY22.

Read more here.

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Kotak Mahindra Bank’s Net Profit Falls 7% YoY in Q2 – Top Indian Market News

Kotak Mahindra Bank Q2 Results: Net profit falls 7% YoY to Rs 2,032 crore

Kotak Mahindra Bank reported a 7% YoY decline in net profit to Rs 2,032 crore for the quarter ended September (Q2 FY22). Net profit rose 24% compared to the previous quarter. Its net interest income (NII) rose 3% YoY to Rs 4,021 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest paid to depositors]. The bank’s gross non-performing assets (GNPA) ratio stood at 3.19% in Q2, compared to 3.56% in the previous quarter. The figures have beaten street estimates.  

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Reliance BP Mobility launches first mobility station in Navi Mumbai

Reliance BP Mobility Ltd (RBML) launched its first Jio-bp branded mobility station at Navde in Navi Mumbai. RBML is the fuel and mobility joint venture (JV) between Reliance Industries Ltd (RIL) and UK-based energy company bp. The JV operates fuel retail stations and is in the process of rebranding around 1,400 fuel pumps. Jio-bp Mobility Stations will offer additivised fuel, which forms a protective layer on critical engine parts to keep the engines clean.

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Bajaj Finance Q2 Result: Net profit rises 53% YoY to Rs 1,481 crore

Bajaj Finance reported a 53.5% YoY increase in consolidated net profit to Rs 1,481 crore for the quarter ended September (Q2 FY22). Net profit rose 48% compared to the previous quarter. Its net interest income (NII) rose 28% YoY to Rs 5,335 crore during the same period. The company’s gross non-performing assets (GNPA) ratio stood at 2.45% in Q2, compared to 2.96% in the previous quarter. Bajaj Finance’s assets under management (AUM) stood at Rs 1,66,937 crore in Q2, an growth of 22% YoY.

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HG Infra secures order worth Rs 2,297 crore from NHAI

HG Infra Engineering has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for projects worth Rs 2,297 crore. The first project is for the development of six lanes in the Kaliagura-Baunsaguar section of NH-130-CD road under the Raipur- Visakhapatnam Economics Corridor.  The second project is for the development of six lanes in the Baunsaguar-Baraja section of NH-130-CD road.

Read more here. 

Axis Bank Q2 Results: Net profit rises 86% YoY to Rs 3,133 crore

Axis Bank reported an 86% YoY increase in net profit to Rs 3,133 crore for the quarter ended September (Q2 FY22). Net profit rose 45% compared to the previous quarter. Its net interest income (NII) rose 8% YoY to Rs 7,901 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 3.53% in Q2, compared to 3.85% in the previous quarter. Provisions fell sharply by 60% YoY (or 47.5% QoQ) to Rs 1,735.09 crore. The figures are slightly above street estimates.

Read more here. 

Motherson Sumi and Marelli extend cooperation in India

Motherson Sumi Systems Ltd (MSSL) has announced the extension of its cooperation with Germany-based Marelli Automotive Lighting for a new tool room in India. This will be the first-of-its-kind tool room dedicated to specific lighting applications. The toolroom will be an extension of the existing joint venture (JV) company— Marelli Motherson Automotive Lighting India Pvt Ltd. The 50:50 JV was established in 2008 to address the Indian exterior lighting market.

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Ambuja Cement Q3 Results: Net profit at Rs 441 crore

Ambuja Cements’ net profit remained flat at Rs 441 crore for the quarter ended September (Q3 CY21). The company follows the January-December financial year cycle. Its revenue from operations rose 14% YoY to Rs 3,193 crore during the same period. EBITDA stood at Rs 703 crore, up 3.2% YoY. Total operating costs rose 16.7% YoY to Rs 2,534 crore in Q2.

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Bombay HC bars Invesco from calling EGM

The Bombay High Court has granted an interim injunction against Invesco, the largest shareholder of Zee Entertainment Enterprise Ltd (ZEEL). The court has restrained Invesco from going ahead with the demand of an Extraordinary General Meeting (EGM) to remove ZEEL MD and CEO Punit Goenka. The high court reserved its order on the issue last week after ZEEL informed the court that it did not want to hold an EGM of shareholders as requested by Invesco.

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Cipla Q2 Results: Net profit rises 8% You to Rs 712 crore

Cipla Ltd reported a 7.58% YoY increase in consolidated net profit to Rs 712 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 10.3% YoY to Rs 5,485.84 crore during the same period. EBITDA stood at Rs 1,226 crore, an increase of 4% YoY. The pharma company’s North America revenues grew 2% YoY to $142 million (~Rs 1,065 crore) in Q2.

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IRB Infra Q2 Results: Net profit at Rs 42 crore

IRB Infrastructure Developers reported a consolidated net profit of Rs 42.3 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 19.6 crore in the corresponding quarter last year (Q2 FY21). Net profit fell 41% compared to the previous quarter. Its total income rose 28.7% YoY to Rs 1,504.44 crore in Q2 FY22. EBITDA stood at Rs 718 crore, up 29% YoY or 3% QoQ.

The company has announced plans to raise ~Rs 5,347 crore via a preferential allotment of equity shares to Spain-based infrastructure group Ferrovial S.A. and Singapore state investor GIC.

Torrent Pharma Q2 Results: Net profit rises 2% YoY to Rs 316 crore

Torrent Pharmaceuticals reported a 1.98% YoY increase in consolidated net profit to Rs 316 crore for the quarter ended September (Q2 FY22). Net profit declined by 4% compared to the previous quarter. The pharma company’s net sales rose 6% YoY to Rs 2,103 crore during the same period. Its domestic revenues stood at Rs 1,087 crore in Q2, an increase of 13% YoY.

Read more here.

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WPI Inflation Rises to 11.39% in August – Top Indian Market News

WPI inflation rises to 11.39% in August

India’s wholesale inflation, measured by the Wholesale Price Index (WPI), spiked to 11.39% in August 2021. WPI grew 11.16% in July and 12.07% in June. The food articles segment witnessed a (-)1.29% change in August, as prices of vegetables and fruits contracted. Inflation in the fuel and power segment stood at 26.09% in August, compared to 26.02% in July. The manufactured products segment registered inflation of 11.39% in August. The data was released by the Ministry of Commerce & Industry.

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Invesco calls ZEEL EGM for removal of MD, directors

Invesco and OFI China, which together hold a 17.88% stake in Zee Entertainment Enterprises Ltd (ZEEL), have called for an extraordinary general meeting (EGM) of shareholders to pass resolutions, including the removal of current CEO Punit Goenka and the appointment of new independent directors. The move comes on the back of institutional proxy advisory firm IIAS calling for investors to reject the resolution for reappointment of certain directors to ZEEL’s board at the Annual General Meeting (AGM).

Read more here. 

Tata Motors signs pact with Tata Power for rooftop solar project in Pune

Tata Motors has signed a solar power purchase agreement with Tata Power to install and operate a 3 megawatt (MW) solar rooftop project at its passenger vehicle plant in Pune. The project will generate nearly 45 lakh kilowatt-hour (kWh) per year and reduce carbon emission by ~3,538 tonnes per year. Tata Motors said it will continue to introduce measures to conserve energy at its manufacturing facilities, optimise the consumption of non-renewable fossil fuels, and lower operating costs.

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Escorts partners with IndusInd Bank to provide affordable loans to farmers

Escorts Ltd has signed a Memorandum of Understanding (MoU) with IndusInd Bank to provide affordable financial offerings to the farming community. Both entities will jointly launch various financial programs to help customers invest in modern farm machinery to enhance their productivity and income. IndusInd Bank will utilise its understanding of rural customers and penetration throughout India to help Escorts achieve its goals of supporting the farming community.

Read more here.

Gravita starts operations at aluminium recycling unit in Mozambique

Gravita India’s step-down subsidiary in Mozambique has commenced commercial production of aluminium from its new recycling plant. The unit has an aluminium recycling capacity of 4,000 million tonnes per annum (MTPA). It also has a lead recycling facility with a capacity of 4,500 MTPA. Gravita’s subsidiary is in the process of setting up a plastic recycling unit in Mozambique (East Africa). The company expects to achieve additional revenue of ~Rs 50 crore per annum and gross margins of 18% from the new recycling plant.

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HCL Tech enters into strategic partnership with HANCOM

HCL Technologies Ltd has signed a strategic partnership with South Korea-based HANCOM Inc. The two companies will share advanced software technology solutions and establish a mutual bridgehead for overseas expansion. HCL Tech will support training for software development at HANCOM’s research & development (R&D) center in India. The IT firm will also share its development studio and provide HR support to meet demand and development capacity at the R&D center.

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BLS International partners with NHA to process Ayushman Bharat cards across India

The National Health Authority (NHA) has selected BLS International Ltd for processing Ayushman Bharat cards under Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). The scheme offers financial security against medical treatment costs, medicines, diagnostics, and pre-hospitalisation expenses. BLS International Services is an outsourcing service provider for government and diplomatic missions worldwide

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Laurus Labs partners with Unitaid, CHAI to develop pediatric HIV drug

Laurus Labs has partnered with Unitaid and the Clinton Health Access Initiative (CHAI) to develop, commercialise, and register the second and third-line HIV treatment darunavir boosted with ritonavir (DRV/r) for children. Unitaid and CHAI will work with Laurus Labs to ensure Children Living with HIV/AIDS (CLHIV) have access to the generic, fixed-dose combination version of DRV/r.

Read more here.

Tata Steel commissions India’s first-ever carbon dioxide capture unit

Tata Steel Ltd has commissioned a carbon capture unit at its plant in Jamshedpur. The unit can capture up to five tonnes of carbon per day. Tata Steel has become India’s first steel company to adopt such a technology that extracts carbon dioxide (CO2) directly from the blast furnace gas. The steel company will reuse the captured CO2 on-site to promote a circular carbon economy. The project has been executed with technological support from Carbon Clean, a global leader in low-cost CO2 capture technology.

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HG Infra declared lowest bidder for Rs 448 crore road project in Rajasthan

HG Infra Engineering has been declared as the lower (L-1) bidder by Public Works Department (PWD), Rajasthan, for a road project. The project involves the development and maintenance of the Bewar Masuda Goyala section of SH-26A, Arian Sarwar section of SH-7E and NH-12, and Laxmipura Dora Dabi Ranaji ka Gudha Section of SH-115. The total length to be constructed is 160.63 km. HG Infra’s bid project cost is Rs 448.11 crore. The project has to be completed within 550 days.

Read more here.

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Tata Power Secures Contract Worth Rs 400 crore From KSEB – Top Indian Market News

Tata Power secures contract worth Rs 400 crore from KSEB

Tata Power Company has secured a contract worth Rs 400 crore from the Kerala State Electricity Board Ltd (KSEB). The order consists of developing an 84 megawatt (MW) solar rooftop project for domestic consumers across all districts of Kerala. The project has to be commissioned within three months of receipt of an order from individual residential customers. The rooftop solar project is expected to generate 120 million units (MUs) of energy every year. 

Read more here.

Delta Corp Q1 Results: Net loss at Rs 28.93 crore

Delta Corp Limited reported a consolidated net loss of Rs 28.93 crore for the quarter ended June 2021 (Q1 FY22). It had posted a net loss of Rs 28.24 crore in the corresponding quarter last year (Q1 FY21). Delta Corp had reported a net profit of Rs 57.77 crore in Q4 FY21. The company’s total income increased by 34.92% YoY to Rs 82.72 crore in Q1 FY22. Delta Corp is a gaming and hospitality company that owns and operates casinos and hotels.

Ashoka Buildcon receives order worth Rs 482 crore from Ircon International

Ashoka Buildcon Ltd has received a Letter of Award (LoA) from Ircon International for an order worth Rs 482.34 crore. The order consists of the supply, erection, testing, and commissioning of an Electro-Mechanical (E&M) System on the Dharam-Katra section of the Udhampur-Srinagar-Baramulla Rail Link (USBRL) project. Out of the 272 kilometers of the USBRL Project, work has been completed on 161 km and commissioned, said the Ministry of Railways in a press release. 

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JSW Steel’s output rises 65% YoY to 5.07 MT in Q1

JSW Steel Limited reported a 65% year-on-year (YoY) growth in production to 5.07 million tonnes (MT) for the quarter ended June 2021 (Q1 FY22). Total production rose 16% when compared to the previous quarter. The company’s capacity utilisation at the standalone level was at 91% in Q1. Amidst the second wave of the Covid-19 pandemic, JSW Steel had supplied over 65,000 tonnes of liquid oxygen across India during the April-June quarter.

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HCL Tech helps transform BP’s workplace services in multi-year deal

HCL Technologies Ltd has completed the first phase in building a modern digital workplace for UK-based multinational energy company BP. As part of a multi-year deal, HCL will help transform BP’s workplace services, enabling it to drive efficiency and create a standardised end-user experience for its employees across 500 sites. HCL Tech has been providing global site support services and managed telephony for 60,000 IT end-users at BP.

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HG Infra declared lowest bidder for road project in Delhi

HG Infra Engineering has been declared the lowest (L-1) bidder by the National Highways Authority of India (NHAI) for a road project in Delhi. The project involves the development of a six-lane Urban Extension Road (UER) on NH 344 M (Karala-Kanjhawala Road) in Delhi. The company’s bid project cost is Rs 1,393.11 crore. The order has to be completed within two years.

Read more here.

Maruti Suzuki launches digital platform to provide car financing solutions

Maruti Suzuki India Ltd has announced the nationwide roll-out of its digital platform that provides end-to-end online car financing solutions to customers. The platform, Maruti Suzuki Smart Finance, will be available across India for customers of both Arena and Nexa dealerships. The automaker has on-boarded HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, IndusInd Bank, and 9 other financiers to provide enhanced car financing experience to customers.

Read more here.

Tata Motors partners with IndusInd Bank to finance solutions for passenger vehicles

Tata Motors Limited has launched offers for its passenger vehicle customers in partnership with IndusInd Bank. As part of the collaboration, Tata Motors will provide the ‘Step Up’ scheme where customers can choose and buy from its range of passenger cars in India, with a special low EMI option scheme for the first 3-6 months. This is part of the automaker’s constant effort to fast-track the availability of safe personal mobility solutions to individuals and families at pocket-friendly rates.

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BHEL receives order from NPCIL for Nuclear Steam Generators

Bharat Heavy Electricals Ltd (BHEL) has secured an order for the supply of 12 steam generators from Nuclear Power Corporation of India Ltd (NPCIL). The order has been valued at Rs 1,405 crore. The generators will be manufactured at BHEL’s plant at Tiruchirapalli (Tamil Nadu). This is part of NPCIL’s Fleet Mode procurement program, which mandates the supply of steam generators for India’s highest-rated 700 MWe Pressurised Heavy Water Reactors to be set up at 4 different locations in the country.

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Kitex Group being kicked out of Kerala: MD

Sabu M. Jacob, the Managing Director of Kitex Garments Ltd, has alleged that he is being ‘kicked out’ of Kerala due to harassment by the state government. The company is planning to shift its proposed project worth Rs 3,500 crore to Telangana. Tamil Nadu and Karnataka had also shown interest in the project after the MD announced that Kitex was winding up the project in Kerala, citing an alleged witch-hunt. Read more here.

IPO Updates

The Rs 963.27-crore initial public offering (IPO) of G R Infraprojects was subscribed 102.58 times on the final day of bidding. The portion reserved for retail investors was subscribed 12.57 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 238.04 times and that of qualified institutional buyers (QIBs) 168.58 times. To know more about the IPO, click here.

The Rs 1,546.62-crore IPO of Clean Science and Technology was subscribed 93.41 times on the final day of bidding. The portion reserved for retail investors was subscribed 9 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 206.43 times and that of qualified institutional buyers (QIBs) 156.37 times. To know more about the IPO, click here.

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Loan Moratorium Cannot be Extended, says Supreme Court – Top Indian Market News

Loan moratorium cannot be extended: Supreme Court

The Supreme Court (SC), on Tuesday, refused to extend the six-month loan moratorium period offered by the Reserve Bank of India (RBI) last year, saying that it is a ‘policy decision’ on the part of the Central government and RBI. The SC also said that a complete waiver of interest during the moratorium period could not be granted, as banks have to pay interest to account holders and pensioners. The court directed that no compound or penal interest will be charged from borrowers for the moratorium period. Banks can now start declaring their non-performing assets (NPAs) or bad loans. 

On March 27, 2020, the RBI had announced a moratorium on loan installments due between March 1 and May 31 and later extended it by three months till August 31, 2020.

Read more here.

Adani Ports to acquire 58% stake in Gangavaram Port for Rs 3,604 crore

Adani Ports and Special Economic Zone Ltd (ASPEZ) will acquire a 58.1% stake held by DVS Raju and his family in Gangavaram Port Limited (GPL). The cost of the acquisition is Rs 3,604 crore. On March 3, ASPEZ had announced the acquisition of Warburg Pincus’s 31.5% stake in GPL. After the completion of both transactions, ASPEZ will hold an 89.6% stake in GPL. GPL is located in the northern part of Andhra Pradesh and has a capacity of 64 million metric tonnes (MMT).

Read more here.

Mahindra Defence to make armoured tactical vehicles for Indian army

Mahindra Defence Systems Ltd (MDSL) has secured a contract worth Rs 1,056 crore to manufacture and supply armoured tactical vehicles for the Indian Army for its weapon carrier requirements. The light specialist vehicles (LSVs) have undergone rigorous and elaborate trial procedures carried out by the Indian Army in different terrains. The induction of LSVs is said to be completed within four years. MDSL is a subsidiary of Mahindra & Mahindra Ltd.

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Allana Group acquires 1% stake in LT Foods for Rs 20 crore

Processed food manufacturer Allana Group said it has pickled a 1% stake in LT Foods Limited for Rs 20 crore. Both companies have plans to use their synergies and technology transfer to expand LT Foods’ consumer products business to focus on value-added and impulse products. LT Foods is a leading player in the rice market with leading brands like Daawat, Royal, and Devayya. The company has established a network in over 65 countries.

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Cipla’s subsidiary partners with SIGA Technologies to develop novel antibiotics

Cipla Limited said its subsidiary, Cipla Therapeutics, has partnered with US-based SIGA Technologies to develop novel antibiotics. The partnership is aimed at making Cipla’s novel antibiotics available to the US government as part of preparations against biological threats. The strategic partnership will deliver sustained innovation and access to novel anti-bacterial drugs, particularly against biothreats.

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Govt to raise Rs 755 crore by selling 15% stake in RVNL

The Central government will raise nearly Rs 755 crore by selling its 15% stake in Rail Vikas Nigam Ltd (RVNL) through an offer for sale (OFS). The floor price for the OFS has been fixed at Rs 27.50 per share. The issue will open on Wednesday for non-retail investors and on Thursday for retail investors. The Centre’s shareholding in RVNL will decline to 74.67% after the stake sale.

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HG Infra receives provisional completion certificate for road project in Maharashtra

HG Infra Engineering has received a provisional completion certificate from the National Highways Authority of India (NHAI) for a road project in Maharashtra. The project consisted of four-laning the Bhandara- Khat-Ghotitok Junction section (NH-7, NH-547E) in Maharashtra on an engineering, procurement, and construction (EPC) mode. The NHAI had declared the project fit for entry into operation as of February 29, 2020.

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Bharti Airtel’s Africa unit to sell 1,421 towers to Helios for $108 million 

Bharti Airtel’s Africa unit (Airtel Africa) has signed a pact with Helios Towers Plc to sell 1,229 towers in Madagascar and Malawai for $108 million (~Rs 782 crore). Airtel Africa Plc will also build 195 sites across the two regions over the next three years for $11 million (~Rs 79.72 crore). These sites will be handed over to Helios Towers upon completion. The transactions are expected to close in or around Q4 of calendar year 2021.

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Glenmark Pharma gets USFDA approval for diltiazem hydrochloride capsules

Glenmark Pharmaceuticals said it has received final approval from the US Food & Drug Administration (USFDA) for diltiazem hydrochloride extended‐release (ER) capsules. The product is indicated for the treatment of hypertension. As per IQVIA data, the generic version of the capsules had sales of approximately $56.7 million (~Rs 410.75 crore) for the 12 months ended January 2021.

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Trident partners with California-based Kathy Ireland Worldwide

Trident Limited said it has further strengthened its brand portfolio with the recent addition of the “Kathy Ireland” brand. The company has entered into a licensing agreement with California-based Kathy Ireland Worldwide Inc. As per the agreement, Trident will have the right to use the “Kathy Ireland” trademark under its range of home textile products. The collection will also be included in Trident’s rapidly expanding e-commerce business.

Alkem Labs partners with Tata Memorial Centre

Alkem Laboratories has partnered with Tata Memorial Centre (TMC) for establishing an advanced radiotherapy facility in Muzaffarpur and to set up three mini cancer centers in Bihar. These centers will connect cancer patients of Buxar, Jehanabad, and Bhagalpur districts by telemedicine to Homi Bhabha Cancer Hospital & Research Center, Muzaffarpur. The centers will also work with the district administration on community activities such as cancer awareness and screening.

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Cabinet Approves Proposal to Set Up Development Finance Institution – Top Indian Market News

Cabinet approves proposal to set up Development Finance Institution

The Union Cabinet, on Tuesday, approved the creation of a Development Finance Institution (DFI) for funding infrastructure and development activities in the country. The government will initially infuse Rs 20,000 crore into this institution. Finance Minister Nirmala Sitharaman said that the DFI is expected to raise up to Rs 3 lakh crore in the next few years. The DFI will start with 100% ownership of the Government of India. This figure will gradually be brought down to 26%.

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L&T secures multiple orders across business segments in domestic market

Larsen & Toubro (L&T) Limited has received multiple orders across its business segments in the domestic market. The company’s water and effluent treatment business has secured EPC (engineering, procurement, and construction) orders from the Rural Water Supply and Sanitation Department, Odisha. L&T’s buildings and factories business has secured an order from a leading cement manufacturer to construct a 10,000 TPD (tonnes per day) Integrated Cement Plant in Pali, Rajasthan. The value of the orders ranges between Rs 1,000 crore and Rs 2,500 crore.

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Godrej Properties raises Rs 3,750 crore via QIP

Godrej Properties Ltd has raised Rs 3,750 crore through a qualified institutional placement (QIP). The company’s board has issued 2.59 crore equity shares (of the face value of Rs 5 each) to eligible qualified institutional buyers (QIBs) at Rs 1,513.39 per share. Godrej Properties will utilise the funds to buy land and expand its business.

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GMM Pfaudler acquires assets of HDO Technologies

GMM Pfaudler announced that it has participated in the e-auction process for the sale of assets owned by HDO Technologies, which is currently under liquidation. The company has been declared as the successful bidder for assets including factory land, building, plant & machinery, office equipment, etc. A consideration of Rs 58.46 crore will be paid for the proposed assets. The tentative date for the completion of the transaction is April 30, 2021.

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TCS launches SaaS-based platform to secure enterprises from cyber risks

Tata Consultancy Services (TCS) has launched a software-as-a-service (SaaS)-based automated vulnerability remediation platform to protect enterprises from cyber attacks. The platform will identify and prioritise vulnerabilities in the software libraries of enterprises and proactively fix them. It provides risk-based analytics that helps security and IT operations teams to mitigate known risks.

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BEML receives orders worth $23 million from Bangladesh, Cameroon

State-owned BEML Limited has received export orders from Cameroon and Bangladesh under the Government of India- Lines of Credit. The company will supply 71 units of construction equipment consisting of bulldozers, excavators, motor graders, etc to the Ministry of Economy-Planning & Regional Development, Cameroon. It will also supply equipment for road construction and infrastructure projects to the Ministry of Roads & Highways Department, Bangladesh. The total value of the orders is estimated at $23 million (~Rs 167 crore)  

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HG Infra Engineering secures order from NTPC

HG Infra Engineering Ltd has received an order worth Rs 122.38 crore from state-owned NTPC Limited. The order is for the transportation of 26.41 lakh cubic metres of pond ash from NTPC Ramagundam to the NHAI-PIU-Mancherial road construction project. The project has to be completed within 15 months.

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Gland Pharma to supply 252 million doses of Sputnik V vaccine

Gland Pharma Limited has entered into an agreement with the Russian Direct Investment Fund (RDIF) to supply up to 252 million doses of Sputnik V Covid-19 vaccine. The company will utilise its Drug Substance and Drug Product facilities at its sites in Hyderabad. The production is expected to commence from the third quarter of 2021.

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IPO Updates:

Kalyan Jewellers

The Rs 1,175-crore initial public offering (IPO) of Kalyan Jewellers was subscribed 60% on the first day of bidding. The portion reserved for retail investors was subscribed 1.10 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 20% and that of employees 1.15%. To know more about the IPO, click here.

Laxmi Organic Industries

The Rs 600-crore initial public offering (IPO) of Laxmi Organic Industries was subscribed 6.05 times on the second day of bidding. The portion reserved for retail investors was subscribed 10.38 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 2.48 times and that of qualified institutional buyers (QIBs) 1.15 times. You can learn more about the IPO here.

Craftsman Automation

The Rs 823.70-crore initial public offering (IPO) of Craftsman Automation was subscribed 1.26 times on the second day of bidding. The portion reserved for retail investors was subscribed 2.11 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 19% and that of QIBs 56%. To know more about the IPO, click here.

Anupam Rasayan India

The Rs 760-crore initial public offering (IPO) of Anupam Rasayan India was subscribed 44.06 times on the final day of bidding. The portion reserved for retail investors was subscribed 10.77 times and that of employees 1.71 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 97.42 times and that of QIBs 65.74 times. To know more about the IPO, click here.

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Reliance, BP Start Gas Production From Asia’s Deepest Project – Top Indian Market News

Reliance & BP begin gas production from R Cluster, Asia’s deepest offshore field

Reliance Industries Ltd (RIL) and BP announced the start of gas production from the R Cluster, an ultra-deep-water gas field in block KG-D6, off the east coast of India. The two companies are developing three deepwater gas projects in block KG-D6 — R Cluster, Satellites Cluster, and MJ. These three projects are expected to meet 15% of India’s gas demand by 2023. The peak gas production from the three fields is expected to be around 30 mmscmd (1 billion cubic feet/day) by 2023- which is about 25% of India’s domestic production. This will help reduce the country’s dependence on imported gas.

RIL is the operator of KG-D6 with a 66.67% participating interest and BP holds a 33.33% stake. BP plc is a multinational oil and gas company headquartered in London, England. It is one of the world’s seven oil and gas ‘supermajors’.

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Domestic air traffic declines 51% YoY in November

A total of 63.54 lakh domestic passengers travelled by air in November, which is 51% lower than the corresponding period in 2019. IndiGo carried 34.23 lakh passengers in November, thus securing a 53.9% share of the total domestic market. SpiceJet flew 8.4 lakh passengers, which is a 13.2% share of the market. The data was released by the Directorate General of Civil Aviation (DGCA).

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Govt proposes ethanol-blended gasoline as automobile fuel to curb pollution

The Union Ministry of Road Transport & Highways has proposed the adoption of E20 fuel- a blend of 20% of ethanol with gasoline- as automobile fuel. This is part of India’s attempts to reduce harmful emissions from vehicles and curb pollution. The ministry has also proposed the adoption of mass emission standards for E20 fuel and has sought comments from relevant stakeholders for the same.

In other news, Union Food Minister Piyush Goyal announced that the government cannot reduce the minimum price at which sugar mills buy canes from farmers. He has asked the sugar industry to be more efficient, profitable, and diversify its product portfolio with less dependence on the central subsidy.

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Steel Ministry finalises plan on PLI for specialty steel: Report

According to a report from CNBC-TV18, the Steel Ministry has finalised a plan for specialty steel manufacturing under the Production Linked Incentive (PLI) scheme. The ministry has proposed a three incentive slab of 3%, 6%, and 9% for each grade of specialty steel. The PLI for each company will be subject to a ceiling of Rs 200 crore and the outlay for specialty steel is marked Rs 6,322 crore for a five-year period.

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Borosil Renewables raises Rs 200 crore through QIP

Borosil Renewables Ltd (BRL) said that it has raised Rs 200 crore by issuing 1.58 crore at Rs 126.55 per share, through a qualified institutional placement (QIP). The issue opened on December 14 and closed on December 17. Post the QIP issue, the holding of promoter and promoter group will be 61.92%. The funds raised will be utilised by BRL to more than double its solar glass production capacity- from 450 tonnes per day (TPD) to 950 TPD.

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HG Infra receives LoA from NHAI for Rs 1,198 crore project

HG Infra Engineering Ltd has received a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a project in Rajasthan worth Rs 1,198.93 crore. The company will construct an eight-lane carriageway on an engineering, procurement, and construction (EPC) mode. The length of the project is 45.64 kilometers. The project will be completed within 2 years.

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KNR Constructions’ board approves issue of bonus shares

The Board of Directors of KNR Constructions Ltd has approved the issue of bonus shares in the ratio 1:1.  This means that a shareholder will get one bonus share for each existing share held by them. KNR Constructions is a multi-domain infrastructure development company and has conducted technically complex and high-value projects across segments such as national highways, flyovers, bridges & viaducts, etc.

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Ansal Properties to raise Rs 100 crore, to focus on completion of existing projects

Ansal Properties and Infrastructure Ltd said it will raise Rs 35 crore through the issue of warrants to non-promoters, as part of its plan to raise Rs 100 crore in the next few months.  The company’s board has approved the issue and allotment of around 5 crore Warrants to Non-Promoter (Public) investors, which would eventually be converted into equity shares. Ansal Properties will utilise the funds to pay off its debts and fast-track the completion of its current projects. 

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Strides Pharma gets USFDA approval for general Oxybutynin Chloride tablets

Strides Pharma Science Ltd said that its Singapore-based arm has received approval from the US Food and Drug Administration for generic Oxybutynin Chloride tablets. The tablets are used to treat symptoms of overactive bladder and urinary incontinence (loss of bladder control). The product will be manufactured at the company’s flagship facility at Bengaluru and will be marketed by Strides Pharma Inc in the US.

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RITES secures project management consultancy work worth Rs 62 crore

RITES Limited has secured an order to provide Project Management Consultancy services for the development of a greenfield port at Machilipatnam in Andhra Pradesh. The contract is worth Rs 62 crore. Rail India Technical and Economic Service (RITES) Ltd is a Gurugram-based engineering consultancy firm that specializes in the field of transport infrastructure.