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IndiGo Surpasses Milestone of 2,000 Daily Scheduled Flights – Top Indian Market Updates

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

IndiGo surpasses milestone of 2,000 daily scheduled flights

IndiGo achieved a significant milestone by surpassing 2,000 planned flights per day, making it the first airline in India to do so. This marks a substantial increase in operational capacity. According to the latest data for October 2023, IndiGo is among the top 10 airlines globally in both frequency and seat capacity.

Read more here.

Adani Power promoter entities buy 2% stake via open market

Two promoter group entities in Adani Power have acquired a 2% additional stake in the company in a since September through the open market. Ardour Investment Holding and Emerging Market Investment DMCC acquired 7.92 crore shares or 2.06% stake in Adani Power between September 26 and November 16. Following the acquisition, the cumulative shareholding of promoters increased to 71.14%.

Read more here.

RBI’s move will not impact bank’s ability to grow: SBI Chairman

According to the Chairman of The State Bank of India, Dinesh Kumar Khara, the Reserve Bank of India’s move on consumer loans would not affect the lender’s ability to grow. The impact of the increased risk weight on personal loans (including credit cards) will be 55-60 basis points (bps). SBI’s capital adequacy ratio stood at 14.28% as of September end.

Read more here.

Lupin receives USFDA nod for Ganirelix Acetate injection

Lupin Ltd received approval from the United States Food and Drug Administration (USFDA) for Ganirelix Acetate injection. The drug is used to treat ovarian hyperstimulation. The pharma major will manufacture the injection at its facility in Nagpur, Maharashtra. As per IQVIA MAT data for September 2023, Ganirelix Acetate Injection had estimated annual sales worth $84 million in the United States.

Read more here.

AGS Transact Technologies wins ₹1,100 crore order from SBI for 2,500 ATMs

AGS Transact Technologies Ltd has secured an order worth ₹1,100 crore from State Bank of India (SBI) to deploy 2,500 ATMs over seven years. The company will deploy these ATMs on a transaction fee basis as a part of the Total Outsourcing Model. It will start the deployment of the new ATMs in the next calendar year.

Read more here.

JSW Infra secures ₹4,119 crore all-weather port project in Karnataka

JSW Infrastructure has received a letter of award (LoA) from the Karnataka Maritime Board to construct an all-weather port project in Karnataka. The estimated cost of the project is ₹4,119 crore, with an initial capacity of 30 million tonnes per annum (MTPA). The proposed Keni Port would have modern environment-friendly mechanised facilities for handling cape-size vessels.

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Delhi HC stays proceedings in money laundering case against Hero Motocorp’s Pawan Munjal

The Delhi High Court stayed the proceedings against Hero Motocorp chairman Pawan Kant Munjal in a money laundering case being probed by the Enforcement Directorate (ED). Justice Saurabh Banerjee issued notice to the investigating agency on Munjal’s petition against the ED case and granted it time to file its reply. 

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Hindustan Zinc needs govt nod to create separate biz entities

The Ministry of Mines has written to Hindustan Zinc Ltd (HZL), stressing that any business reorganisation would require formal approval from the government. HZL’s board is exploring a corporate restructuring plan to create three separate legal entities for zinc & lead, silver, and recycling businesses to unlock shareholder value. The government has a 29.54% stake in HZL, which is 64.92% owned by Vedanta Ltd.

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India seeks to restart stalled Adani coal imports probe

Indian investigators have sought the Supreme Court’s permission to restart a probe into Adani Group’s alleged coal import overvaluation. The Directorate of Revenue Intelligence aims to collect evidence from Singapore, accusing Adani of thwarting efforts. Adani denies wrongdoing, facing wider scrutiny since Hindenburg Research’s accusations. Legal battles span Mumbai, New Delhi, and Singapore.

Read more here.

SBI to launch ‘Yono Global’ app in Singapore and US

State Bank of India (SBI) will soon launch its banking mobile app ‘Yono Global’ in Singapore and the US, offering digitised remittance and other services to its customers. Currently, SBI offers Yono Global services in 9 countries, starting with UK operations in September 2019. SBI’s foreign operations have a total balance sheet size of $78 billion.

Read more here.

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RBI Imposes Rs 2.5Cr Fine on L&T Finance – Top Indian Market Updates

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

RBI imposes ₹2.5 crore fine on L&T Finance

The Reserve Bank of India (RBI) has imposed a penalty of ₹2.5 crore on L&T Finance Ltd for non-compliance with certain norms concerning non-banking financial companies (NBFCs). The RBI reported that the NBFC did not disclose info about the gradation of risk and rationale for charging different interest rates to different categories of borrowers in its loan application forms.

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JSW Steel Q2 results: Net profit at ₹2,760 crore

JSW Steel Ltd posted a net profit of ₹2,760 crore for the quarter ended September (Q2 FY24); beating street estimates. The steel company posted a net loss of ₹848 crore in Q2 last year. Its consolidated revenue from operations rose 7% YoY to ₹44,584 crore in Q2 FY24. EBITDA stood at ₹7,886 crore, up 350.11% YoY.

Read more here.

Adani Group refinances $3.5 billion debt taken for ACC-Ambuja buy

The Adani Group is to sign a definitive agreement to refinance $3.5 billion of loans taken for last year’s acquisition of ACC Ltd and Ambuja Cement. At least 18 global banks have agreed to join the consortium led by Barclays, Deutsche Bank, and Standard Chartered. The Adani family will prepay around $300 million. This will also be the largest refinancing exercise across the Asia Pacific this financial year.

Read more here.

Paytm Q2 Results: Net loss narrows to ₹290 crore

One97 Communications Ltd (Paytm) reported a net loss of ₹290 crore for the quarter ended September 2023 (Q2 FY24). Net loss stood at ₹357 crore in the same period a year ago. Its revenue from operations rose 32% YoY to ₹2,519 crore in Q2 FY24. EBITDA stood at ₹153 crore, up 82% YoY. 

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Godrej Properties’ subsidiary gets ₹260Cr GST demand order

Godrej Properties’ subsidiary, Godrej Landmark Redevelopers, received an order from tax authorities over an alleged non-payment of Goods & Services Tax (GST). The notice is concerning one of the projects developed by the company. The Additional Commissioner, CGST, Navi Mumbai, has issued the order with a GST demand of ₹129.39 crore along with interest and a penalty of ₹129.39 crore.

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Hindustan Zinc Q2 Results: Net profit falls 35% YoY to ₹1,729 crore

Hindustan Zinc Ltd reported a 35% YoY decline in consolidated net profit to ₹1,729 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations fell 16% YoY to ₹6,619 crore during the same period. EBITDA stood at ₹3,139 crore, down 24% YoY.

Read more here.

Titagarh Rail Systems secures ₹350Cr contract from Gujarat Metro

Titagarh Rail Systems Ltd (TRSL) secured a ₹350 crore contract from Gujarat Metro Rail Corporation (GMRC). TRSL will design and manufacture 30 standard gauge cars for the Ahmedabad Metro Rail Phase-II Project. The prototype has to be delivered within 70 weeks from the Letter of Acceptance (LOA) and delivery completion will be 94 weeks from the LOA. These metro cars will be manufactured at the company’s facility in Uttarpara, West Bengal.

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Kotak Bank gets RBI approval for acquisition of Sonata Finance

Kotak Mahindra Bank has received approval from the Reserve Bank of India (RBI) for its ₹537 crore acquisition of microlender Sonata Finance. The approval is for acquiring 100% of the issued and paid-up capital in Sonata. RBI has allowed Kotak to make Sonata as its business correspondent subsidiary, and the entity will now be a wholly-owned subsidiary of Kotak Mahindra Bank. 

Read more here.

Samvardhana Motherson announces three acquisitions

Samvardhana Motherson International Ltd (SAMIL) has made three acquisitions valued at over ₹380 crore in the aerospace, health and medical sectors to strengthen its non-automotive businesses. The aerospace division of the company is building its capabilities in a phased and strategic manner, enabling it to offer a much wider range of services to aerospace original equipment manufacturers (OEMs).

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ONGC to acquire PTC India’s power generation subsidiary

PTC India’s board has approved a bid submitted by ONGC Ltd for the acquisition of a 100% stake in its wholly-owned subsidiary, PTC Energy Ltd (PEL), for ₹925 crore. PEL has a renewable energy portfolio of 288.8 MW, consisting of 50 MW wind power projects in Madhya Pradesh, 50 MW wind power projects in Karnataka and 188.8 MW wind power projects in Andhra Pradesh. PEL recorded revenue from operations of ₹296.77 crore during FY23.

Read more here.

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Reliance Brands Buys Majority Rights of Superdry IP – Top Indian Market Updates

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

RIL, Superdry signs JV for IP in India, Bangladesh, and Sri Lanka

Reliance Brands Ltd’s (RBL) subsidiary, Reliance Brands Holding UK Ltd (RBUK), has signed a £40 million joint venture (JV) agreement with Superdry Plc. The JV is for the sale of Superdry’s intellectual property assets in India, Sri Lanka and Bangladesh. Reliance Brands (RBL) is a subsidiary of Reliance Retail Ventures Ltd (RRVL). RRVL and Superdry will each own 76% and 24% of the joint venture vehicle, respectively.

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JSW Neo Energy signs ₹15,000Cr MoU with Uttarakhand govt

Uttarakhand Government has signed a Memorandum of Understanding (MoU) worth ₹15,000 crores with JSW Neo Energy Ltd (JSW NEL) at the roadshow of its Global Investor Summit. As per the MoU, two pumped storage of 1,500 megawatts (MW) will be developed in the state’s Almora district. JSW NEL is a subsidiary of JSW Energy Ltd.

Read more here.

L&T secures order from West Bengal Power Development Corp

Larsen & Toubro’s (L&T) power business arm secured an order (in the range of ₹1,000-2,500 crore) from West Bengal Power Development Corporation Ltd. The engineering, procurement and construction (EPC) order pertains to setting up wet Flue Gas Desulphurization (FGD) systems for its Thermal Power Plant at Sagardighi, West Bengal. 

Read more here.

Manufacturing operations disrupted at Alembic Pharma’s Sikkim plant

Manufacturing operations at Alembic Pharma’s Sikkim plant have been disrupted due to flash floods in the Teesta River. However, the company stated that no loss or harm was caused to any personnel and the assessment of loss will take a while. All assets of the company are adequately insured and necessary intimations have been given to insurance companies. 

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Strides Pharma gets USFDA approval to market HIV drug

Strides Pharma’s Singaporean subsidiary, Strides Pharma Global, has received approval from the US Food & Drug Administration (USFDA) to market Efavirenz, Emtricitabine, Tenofovir Disproxil Fumurate (EET) tablets. The drug helps control HIV infection. The drug is a generic version of Gilead Sciences’ Atripla tablets. As per IQVIA data, the tablet has a market opportunity of $7.5 million in the US.

Read more here.

Hindustan Zinc to use LNG-fuelled trucks of GreenLine

Hindustan Zinc Ltd (HZL) will use Greenline’s liquefied natural gas (LNG)-powered trucks in its supply chain and transportation operations to cut its carbon footprint. HZL has set a target of becoming a net-zero carbon emitter by 2050. GreenLine (promoted by Essar Group) will invest ₹200 crore to deploy LNG-powered trucks for Hindustan Zinc’s road logistics.

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HCG acquires SRJ CBCC Cancer Hospital in Indore

HealthCare Global Enterprises Ltd (HCG) has acquired SRJ CBCC Cancer Hospital in Indore. This acquisition marks HCG’s entry into the key geography of Madhya Pradesh. HCG plans to further expand by adding 100 beds and state of art cancer diagnostic and treatment facility within an estimated operational timeline of 2 years. 

Read more here.

SBI launches Mobile Handheld Device to provide banking services

State Bank of India (SBI) launched a ‘Mobile Handheld Device’ to provide banking services to its financial-inclusive (FI) customers. The move is aimed at enhancing accessibility, convenience in availing banking services and empowering financial inclusion and extending essential banking services to the masses. The new device brings kiosk banking directly to customer’s doorstep.

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Bandhan Bank’s advances grew 12.3% in Q2

Bandhan Bank’s advances grew 12.3% year-on-year (YoY) to ₹1.08 lakh crore, while its loan collection efficiency remained stable at 98% at the end of the September quarter (Q2 FY24). Total bulk deposits stood at ₹29,098 crore in Q2 FY24, compared to ₹25,705 crore a year back. The Kerala-based bank saw its deposit growth at 23% YoY to ₹2.33 lakh crore in Q2.

Read more here.

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Vedanta to Split Into Six Listed Companies – Top Indian Market Updates

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

Vedanta to split into six listed companies 

Vedanta Ltd will spin off and list six of its businesses as it seeks to fuel their growth. The demerger plan is aimed at driving better valuations as its parent company struggles to raise funds due to rating downgrades and concerns over meeting its debt obligations. The six units being planned to be listed are Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Ltd. 

Read more here.

India’s core sector growth rises to 12.1% in August

According to Government data, India’s output of eight infrastructure sectors rose to 12.1% in August 2023 against 4.2% last year. The core sector output is at a 14-month high. The production of refinery products, steel, cement, and electricity also grew in August. Core sector growth in July was 8.4%. Cement production rose by 18.9% while coal production recorded a substantial increase of 17.9%.

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Uno Minda to enhance stake in JV firm to 76%

Uno Minda’s board has approved enhancing its stake in a joint venture (JV) firm to 76%. The company will increase its stake in Minda Westport Technologies Ltd (MWTL) from 50% to 76% by acquiring an additional 26% stake from its JV partner Westport Fuel Systems Italia. The purchase consideration for the 26% stake is around ₹15 crore.

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Ashok Leyland secures order for 1,282 buses from GSRTC

Ashok Leyland has secured an order for 1,282 fully built buses from Gujarat State Road Transport Corporation (GSRTC). The company will deliver 55-seater fully assembled BS VI diesel buses in a “phased manner”. Gujarat State Road Transport Corporation (GSRTC) has had a long association with Ashok Leyland with more than 2600 buses of the company being operated by GSRTC.

Read more here.

Hindustan Zinc plans to spin off businesses 

Hindustan Zinc’s board has authorised a committee of directors to evaluate the appropriate corporate restructuring exercise to unlock shareholder value. The company is looking to assess distinct investment profiles to attract deeper and broader investor bases. The company is valued at ₹1.2 lakh crore ($14.45 billion) and wants to broaden its investor bases and sharpen its focus on its core businesses.

Read more here.

Godrej Properties acquires 109 acres in Nagpur

Godrej Properties has acquired nearly 109 acres of land parcel in Nagpur. The company plans to develop primarily plotted residential units on this land parcel and estimates a saleable area of 2.2 million sq ft. The land parcel is located near the recently operationalised Samruddhi Mahamarg, the expressway connecting the cities of Mumbai and Nagpur and MIHAN Special Economic Zone (SEZ).

Read more here.

IFC gets RBI’s nod for acquiring 9.7% stake in Federal Bank

The Reserve Bank of India (RBI) has approved the International Finance Corporation (IFC) to acquire a 9.7% stake in Federal Bank. The central bank’s approval comes in response to IFC’s application and is contingent on compliance with several regulatory provisions. 

Read more here.

Sterling and Wilson secures order worth ₹1,535 crore from NTPC Renewable Energy

Sterling and Wilson Renewable Energy has secured a project worth ₹1,535 crore from NTPC Renewable Energy in Khavda, Gujarat. The engineering, procurement and construction (EPC) project of 300 megawatts of alternating current (MWac) of NTPC REL is located at the Khavda renewable energy plant at the Rann of Kutch in Gujarat. This is the company’s third NTPC REL order in over a year. 

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L&T bags order worth over ₹7,000Cr from MMRDA

Larsen & Toubro has won an order worth over ₹7,000 crore from the Mumbai Metropolitan Region Development Authority (MMRDA). The project is to design an underground road tunnel project between Orange Gate, and Eastern Freeway to Marine Drive Coastal Road in Mumbai. The company plans to complete the project within 54 months.

Read more here.

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Reliance Retail Launches Yousta Brand – Top Indian Market Updates

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

Reliance Retail launches youth-centric fashion brand ‘Yousta’

Reliance Retail has launched its youth-centric fashion brand ‘Yousta’. It also opened its first store in Sarath City Mall, Hyderabad. The Yousta range is also available on e-commerce platforms Ajio and JioMart. The new brand boasts of having contemporary tech-enabled store layouts while promising high-fashion at affordable prices targeted at young consumers.

Read more here.

Reliance Jio, Bharti Airtel add 36 lakh subscribers in June

Reliance Jio added the highest number of wireless subscribers in June 2023, while financially struggling Vodafone Idea continued to lose ground. Jio added 22.7 lakh subscribers in June, taking its total subscriber tally to 43.9 crore. Bharti Airtel added 14.1 lakh subscribers, and its total wireless subscriber base stood at 37.4 crore. Vodafone Idea lost 13 lakh subscribers during June, and its total subscriber base shrank to 22.9 crore. 

Read more here.

Dutch group threatens lawsuit over Tata Steel pollution

FrisseWind.nu foundation (representing at least 1,400 people) took the first steps toward a lawsuit against Tata Steel, alleging it is responsible for pollution near Amsterdam that has caused illnesses for residents. Tata Steel’s massive plant at the mouth of the IJ River has come under increasing fire from residents and health authorities, who accuse it of being the main source of contamination in the air, soil and water.

Read more here.

Hindustan Zinc to ramp up zinc production to 1.5 MT

Hindustan Zinc Ltd (HZL) chairperson Priya Agarwal Hebbar said that the company will ramp up production of zinc to 1.5 million tonnes (MT). HZL is the second largest zinc-lead miner in the world after Swiss firm Glencore and the fourth largest zinc-lead smelter globally. It has now also broken into the top 10 list of silver producers in the world.

Read more here.

Tata Power partners with Zoomcar to promote EV adoption

Tata Power EV Charging Solutions has partnered with car-sharing platform Zoomcar to promote electric vehicle adoption. The collaboration aims to promote Tata Power’s EZ Charge points on the Zoomcar platform. It will focus on supporting existing and aspiring EV owners along with Zoomcar’s existing customers.

Read more here.

USFDA issues ‘EIR’ for Torrent Pharma’s manufacturing facility

The US Food & Drug Administration (USFDA) has issued an Establishment Inspection Report (EIR) for Torrent Pharmaceuticals’ manufacturing facility in Dahej, Gujarat. EIR means the closure of inspection. The drug regulator had conducted a re-inspection of the site in May this year from May 17-25 and issued Form 483 with 2 observations.

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SBI attracts top distressed asset buyers’ interest for bad loans: Report

According to an ET report, several global and local distressed asset investors are considering buying some of State Bank of India’s (SBI) bad loans put up for sale in the financial year that began in April. Earlier this month, SBI identified a list of 331 non-performing assets with a combined outstanding value of ₹96,000 crore. Investors that have expressed interest include New York-based Cerberus Capital Management LP and Hong Kong-headquartered SC Lowy.

Read more here.

AntFin plans to sell 2.27 crore shares of Paytm

Chinese fintech giant Ant Financial is looking to offload a 3.6% stake or 2.27 crore shares in digital payments firm Paytm through block deals on August 25. Citigroup has been appointed as the broker for the deal. The transaction’s floor price has been established at ₹880 per share.

Read more here.

Tata Comm plans to raise ₹1,750cr via NCDs

Tata Communications plans to raise ₹1,750 crore through the issuance of non-convertible debentures (NCDs). The date of allotment of NCDs is August 29, and they will mature after three years of the allotment date. The NCDs will be listed on the wholesale debt market segment of the National Stock Exchange.

Read more here.

Gujarat Ambuja Exports gets GPCB approval for new plant

Gujarat Ambuja Exports Ltd (GAEL) has received clearance from the Gujarat Pollution Control Board (GPCB) to set up a greenfield corn-wet milling plant at Himmatnagar, Gujarat. The proposed facility would have the capacity to process corn up to 900 tonnes per day (TPD). GAEL is one of India’s leading manufacturers and exporters of cotton yarn, maize starch, liquid glucose, etc. 

Read more here.

HDFC Bank’s asset quality continues to be stable: Official

Asset quality of the HDFC Bank continues to be stable even as many of its peers are facing challenges, said the bank’s head for payments business and consumer finance Parag Rao. He added that the bank is witnessing “good traction” on the Unified Payments Interface (UPI) for credit cards. Rao did not share the exact number of NPAs (bad loans) from the credit card business, but added that the number is half of that of its nearest competition.

Read more here.

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

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

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

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

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

Read more here.

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

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

Read more here.

SBI to raise $500 million via dollar bonds

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

Read more here.

RBI gives HDFC Bank selective regulatory relief post HDFC merger

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

Read more here.

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

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

Read more here.

Reliance Capital lenders not to accept offers outside of auction

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

Read more here.

Torrent Power forms subsidiary for power generation, transmission biz

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

Read more here.

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

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

Read more here.

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

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

Read more here.

Power Mech bags new projects worth Rs 720 crore

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

Read more here.

Credit Suisse takes SpiceJet to Supreme Court over unpaid dues

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

Read more here.

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

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

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

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

Read more here.

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

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

Read more here.

ZEEL begins talks with creditors for settlement of Sony merger

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

Read more here.

Fortis acquires Gurugram-based Medeor Hospital for Rs 225 crore

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

Read more here.

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

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

Read more here.

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

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

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HDFC Bank appoints Kaizad Bharucha as deputy managing director

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

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TTK Healthcare to delist from NSE, BSE

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

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Vedanta pledges additional 2.4% shares of Hindustan Zinc

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

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

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

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Adani Group Pre-Pays Over Rs 7,350cr Worth Share-backed Financing – Top Indian Market Updates

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

Adani Group pre-pays over Rs 7,350cr worth share-backed financing

Adani Group said it prepaid share-backed financing of ₹7,378 Crores ($901.16 mn) as part of its promoters’ commitment to cut overall leverage backed by shares of its listed companies. The group has been looking to ease concerns about its credit profile after US-based short seller Hindenburg Research noted high debt and alleged improper use of offshore tax havens and stock manipulation.

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Dr Reddy’s Labs recalls over 4,000 bottles of generic drug in US

Dr Reddy’s Laboratories is recalling over 4,000 bottles of a generic drug in the US due to a packaging error. The company is recalling 4,320 bottles of Tacrolimus Capsules, which are used to prevent the body from rejecting a transplanted organ. The affected lot was produced at the company’s Bachupally-based manufacturing plant and marketed in the US by its American subsidiary.

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IGL, Genesis, to invest Rs 110 cr to set up meter manufacturing plant

Indraprastha Gas Ltd (IGL) has signed an agreement with Genesis, an arm of Vikas Lifecare Ltd (VLF), to set up a meter manufacturing plant at an estimated cost of Rs 110 crore. The unit will be set up through a joint venture company. In the joint venture, IGL and Genesis will have equity participation in the ratio of 51:49. The unit is expected to be operational by April 2024 and will have a production capacity of one million meters per annum initially.

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PowerGrid’s board approves investments of Rs 4,071 crore

Power Grid Corporation’s Board of Directors has approved investments of nearly Rs 4,071 crore for two transmission projects in India. The board has approved the transmission system for Kurnool Wind Energy Zone/ Solar Energy Zone (AP) at an estimated cost of Rs 3,546.94 crore and the Eastern Region Expansion Scheme at a cost of Rs 524.04 crore. These projects are scheduled to be commissioned by November 2024 and Nov 2025, respectively.

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NCLT approves Suraksha plan for Jaypee Infratech

The Delhi bench of the National Company Law Tribunal (NCLT) has approved Suraksha Asset Reconstruction Company’s (ARC) takeover of the debt-laden Jaypee Infratech. A two-member principal bench of NCLT headed by president Ramalingam Sudhakar approved the resolution plan, more than three months after concluding the hearing and reserving the order in Nov 2022.

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Credit card outstanding rises 29.6% to reach record high level in Jan

The credit card outstanding in January rose 29.6% to an all-time high of Rs 1.87 lakh crore on back of increased digitisation and rising consumer confidence in the post-Covid period. As per the latest data of the Reserve Bank of India (RBI), the credit card outstanding has recorded a growth of over 20% in the 10 months of the current fiscal. June recorded the highest growth of 30.7%.

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Blue Star to take up expansion at Dadra, Sri City manufacturing facilities

Blue Star Ltd will undertake capacity expansion plans at its facilities in Dadra and Sri City. In Jan, the company commenced production at its unit in Sri City in Andhra Pradesh, which was set up at an investment of Rs 350 crore. Blue Star has manufacturing plants in Himachal Pradesh, Ahmedabad, Dadra, Wada (Maharashtra) and Sri City.

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Jindal Stainless to invest Rs 120 crore to set up two rooftop solar projects

Jindal Stainless Ltd (JSL) will invest Rs 120 crore to set up rooftop solar capacities at its Jajpur and Hisar facilities. While a project of 21-megawatt peak (MWp) will be set up in Jajpur, another 6 MWp rooftop solar capacity will be installed at the company’s unit in Hisar. Both projects are scheduled to be completed by March 2024.

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HAL and L&T sign deal with India defence for 70 HTT-40 trainer aircraft and cadet training ships

The Ministry of Defence signed a contract with Hindustan Aeronautics Ltd (HAL) for the procurement of 70 HTT-40 trainer aircraft worth over Rs 6,800 crore. It has also entered into agreements with Larsen & Toubro Ltd (L&T) for the acquisition of three Cadet Training Ships worth more than Rs 3,100 crore. These deals come as a big boost to India’s efforts to achieve ‘Aatmanirbharta’ in the defense sector.

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Vedanta to buy 6% more stake in Hindustan Zinc for Rs 7,900 crore: Report

Vedanta, which currently owns 64.9% stake in Hindustan Zinc Ltd (HZL), is reportedly planning to acquire an additional 6% stake in the company as and when the government sells its holdings. The Indian govt is planning to sell its 15% stake in HZL by March-end. Sources say Vedanta is looking to raise about $1 billion from three foreign banks to fund the acquisition.

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Tata Motors to Supply 25,000 Electric Sedans to Uber – Top Indian Market Updates

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

Tata Motors to supply 25,000 XPRES-T electric sedans to Uber

Tata Motors said it would supply 25,000 XPRES-T electric vehicle units to Uber in one of the largest deals in the green mobility space to date. As per a memorandum of understanding (MoU) between the companies, Uber will utilise electric sedans in its premium category service. The electric fleet would be operational across Delhi NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Ahmedabad

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Adani Ports to prepay $121 million short-term debt due in March

Adani Ports & Special Economic Zone Ltd. will prepay the debt raised through commercial paper after it repaid 15 billion rupees of similar debt due on Monday as scheduled, the company’s spokesperson said. India’s largest-private-sector ports operator used its cash balance and funds generated from business operations to pay its short-term debt due on Monday.

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Maruti Suzuki to focus on local manufacturing and reducing carbon footprint

Maruti Suzuki India said it will continue to work on all kinds of technologies in order to reduce its carbon footprint. The auto major will also focus on local manufacturing to achieve its green goals. It also noted that Maruti Suzuki has the least amount of fleet carbon emission among all car manufacturers in India.

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Bank of Baroda CEO says willing to keep lending to Adani Group

Bank of Baroda CEO says that it is willing to consider lending additional money to the Adani Group, including for a project to remodel a slum that is among the world’s largest. The bank will extend loans to the conglomerate if it meets the lender’s underwriting standards. He also added that he’s not concerned about the market volatility around Adani stocks.

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Adani said to decide against a bid for stake in power trader PTC

Gautam Adani has decided against bidding for a stake in state-backed electricity trader PTC India Ltd as the company looks to preserve cash amidst the Hindenburg issue. In January, Adani was among the possible bidders reviewing preliminary information on the Mumbai-listed company, Bloomberg News reported. The company will not proceed with any offer for the energy trading firm, said the people, who asked not to be identified as the information is private.

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Gland Pharma to invest Rs 400 crore to expand its Telangana plant

Gland Pharma will invest Rs 400 crore to create additional capabilities in its existing facility at Genome Valley in Hyderabad to manufacture biologicals, biosimilars, antibodies, and recombinant Insulin. The expanded site is envisaged to meet the national and international regulations to be followed in the manufacturing of biological products as applicable, and shall be built under the GMP guidelines applicable for the respective product lines, it said.

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Domestic aviation traffic continues growth, Jan records 1.25 cr passengers with 95.72% rise

Domestic aviation traffic has continued to witness massive growth. Passengers carried by domestic airlines during January 2023 were 1.25 crore, registering an annual growth of 95.72% and monthly growth of 95.72%. According to data released by the Directorate General of Civil Aviation (DGCA), the passenger load factor or occupancy of the airlines remained on the higher side in the range of 80 to 90%.

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Centre opposes Hindustan Zinc’s $2.98 billion deal for Vedanta zinc assets

The Central government has opposed Hindustan Zinc’s proposed $2.98 billion acquisition of zinc assets from Vedanta Ltd. The govt will oppose any further resolutions on the deal and explore all legal avenues available to it. The Centre holds nearly 30% stake in Hindustan Zinc, while Vedanta is the company’s largest shareholder.

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Adani Enterprises FPO Fully Subscribed on Final Day – Top Indian Market Updates

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

Adani Enterprises FPO fully subscribed on final day

The follow-on public offering (FPO) of Adani Enterprises Ltd secured bids for 50.85 million shares against an offer size of 45.5 million shares (representing a 1.12 times subscription) on the final day of bidding. Non-institutional investors (NIIs) put in bids for over three times the 96.16 lakh shares reserved for them. The 1.28 crore shares reserved for qualified institutional buyers (QIBs) were almost fully subscribed. The FPO received a muted response from retail investors.

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India’s GDP growth to slow down to 6-6.8%: Economic Survey

According to the Economic Survey released by the government, India’s economic growth is forecast to be 6.5% in FY24, compared to 7% in the current financial year (FY23). The projection is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, IMF, and RBI. Meanwhile, the govt has achieved 48% of its disinvestment target of ₹65,000 crore for FY23 as of Jan 18.

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IOCL Q3 Results: Net profit falls 92% YoY to ₹442 crore

Indian Oil Corporation Ltd (IOCL) reported a 92% YoY decline in net profit to ₹442 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 22.7% YoY to ₹2.04 lakh crore during the same period. Total expenses increased 20.18% YoY to ₹2.29 lakh crore in Q3. Domestic sales volume rose by 10.22% YoY to 23.17 million metric tonnes (MMT), while export sales fell 27.71% YoY to 1.135 MMT.

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Lupin gets tentative USFDA approval for DETAF tablets

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for its new drug application Dolutegravir, Emtricitabine, and Tenofovir Alafenamide (DETAF) tablets. DETAF is used to manage HIV infections and will be available for supplies to low and middle-income countries. The product will be manufactured at Lupin’s facility in Nagpur. 

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UPL Q3 Results: Net profit rises 16% YoY to ₹1,087 crore

UPL Limited reported a 16% YoY decline in consolidated net profit to ₹1,087 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 21% YoY to ₹13,679 crore during the same period. EBITDA stood at ₹3,305 crore in Q3, up 14% YoY. In India, UPL saw healthy growth driven by strong traction in its seeds business, while the crop protection business saw flat growth.

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Godrej Properties buys 89-acre land parcel in Khalapur

Godrej Properties Ltd has entered into an agreement for the outright purchase of an 89-acre land parcel in the Khalapur locality of Maharashtra’s Raigad district. The plot is estimated to have a development potential of around 1.9 million sq ft of saleable area consisting primarily of residential plotted development. It is in proximity to the Mumbai-Pune Expressway and offers good connectivity to Mumbai, Navi Mumbai, and Pune.

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Sun Pharma Q3 Results: Net profit rises 5% YoY to ₹2,166 crore

Sun Pharmaceutical Industries Ltd reported a 5% YoY increase in consolidated net profit to ₹2,166 crore for the quarter ended December (Q3 FY23). The pharma company’s revenue from operations rose 14% YoY to ₹11,241 crore during the same period. Sun Pharma’s board has also declared an interim dividend of ₹7.50 per share. 

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Hindustan Zinc to invest $1 billion to replace diesel-run mining vehicles with EVs

Hindustan Zinc Ltd (HZL) will invest $1 billion to convert around 900 diesel-run mining vehicles into battery-operated ones over the next five years. The company is steadily switching to electric vehicles for its underground mine operations. With the help of Finnish technology company Normet Group Oy, HZL has inducted battery-powered service equipment and utility vehicles into underground mining to help decarbonise and improve environmental sustainability in the mining industry.

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Godrej Consumer Q3 Results: Net profit rises 3.5% YoY to ₹546 crore

Godrej Consumer Products Ltd reported a 3.5% YoY increase in consolidated net profit to ₹546.34 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 9% YoY to ₹3,598.92 crore during the same period. Its India business sales grew by 11% YoY to ₹1,975 crore and volumes rose 3% YoY. 

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Income Tax Department conducts survey action against Cipla: Report

As per a CNBC-TV18 report, the Income Tax Department has carried out a survey action against drug major Cipla Ltd. The department is conducting the surprise action to check the balance sheets and other business documents of the pharma company as part of an alleged tax evasion investigation. 

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India’s core sector growth at 3-month high of 7.4% in Dec

Production of eight infrastructure sectors rose at a three-month high of 7.4% in December 2022, compared to 4.1% in Dec 2021. The production of coal rose by 11.5%, fertiliser by 7.3%, steel by 9.2%, and electricity by 10% in Dec 2022 compared to a year ago. Crude oil production declined by 1.2% YoY in December 2022.

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SBI Sees 14-15% Corporate Credit Growth in FY23 – Top Indian Market Updates

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

SBI sees 14-15% corporate credit growth in FY23

State Bank of India (SBI) expects corporate loans to grow at a pace of 14% to 15% this financial year (FY23) and 12% on average over the next two years. Demand for corporate loans is being driven by improved capacity utilisation, higher working capital, and a shift in demand from bond markets to bank loans. The bank saw a 21% increase in corporate credit in the July-September quarter (Q2).

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Tata Power Solar, Union Bank to help MSMEs for solar project financing

Tata Power Solar Systems Ltd (TPSSL) has partnered with Union Bank of India (UBI) to help micro, small, and medium enterprises (MSMEs) switch to solar solutions. The association will be implemented under UBI’s solar scheme called Union Solar, which helps MSMEs relieve the stress of higher power costs and grid exigencies. MSMEs can avail the dual services of Solar EPC by TPSSL, financed through a term loan facility by UBI.

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RBI Governor asks Indian banks to be vigilant about evolving macroeconomic situation

Reserve Bank of India (RBI) Governor Shaktikanta Das asked the country’s banks to remain watchful of the evolving macroeconomic situation (including global spillovers). He asked lenders to take mitigating measures proactively to minimise any impact on their balance sheets and contain financial stability risks. 

Recession fears have spooked investors as central banks globally have been hiking interest rates to bring down soaring inflation. A deepening energy crisis in Europe and continued lockdowns in China have also added to the global economic distress.

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Bharat Rasayan Q2 Results: Net profit falls 13% YoY to ₹23 crore

Bharat Rasayan Ltd reported a 13.37% year-on-year (YoY) decline in net profit to ₹22.93 crore in Q2 FY23. The chemical manufacturing company’s revenue from operations rose 8.14% YoY to ₹291.77 crore during the same period. Total expenses stood at ₹263.88 crore in Q2, up 12% YoY. 

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ICICI Bank hikes FD interest rates by 30 basis points

ICICI Bank has hiked fixed deposit (FD) interest rates for amounts below ₹2 crore on select tenors by up to 30 basis points (bps). The new interest rates are effective from November 16, 2022. The bank will now offer interest rates between 3% and 6.60% for tenors from 7 days to 10 years for regular investors.

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Hindustan Zinc announces interim dividend of ₹15.5 for FY23

Hindustan Zinc Ltd announced a second interim dividend of ₹15.5 per share for a face value of ₹2 per unit for the ongoing financial year (FY23). The dividend will amount to ₹6,549.2 crore. The company had declared November 24 as the record date for the interim dividend. Ex-date for the dividend will be November 23, which means that investors who wish to buy the stock for the dividend should do it before November 23.

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Wipro to set up a European Works Council

IT major Wipro Ltd has reached an agreement with employee representatives to set up a European Works Council (EWC). The creation of an EWC follows a request by employees under a European Union (EU) directive that establishes the opportunity in companies with more than 1,000 employees across multiple European locations. The first constitutional meeting will take place in Q1 FY24.

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Tata Motor’s JLR CEO Thierry Bolloré resigns

Tata Motor-owned Jaguar Land Rover (JLR) Chief Executive Officer Thierry Bolloré tendered his resignation from the company for personal reasons. He will leave the company on December 31, 2022. Adrian Mardell will take over as interim CEO from Wednesday. He has been part of JLR for 32 years and is currently a member of its executive board.

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SBI signs €150 million loan agreement with KfW

State Bank of India (SBI) has signed a €150 million (~₹1,240 crore) loan agreement with German development bank KfW to facilitate new and upcoming capacity in the solar sector. The long-term loan will facilitate new and upcoming capacities in the solar sector and further contribute to the country’s goals announced during COP26.

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Tanla Platforms’ Board Approves ₹170 crore Buyback Plan – Top Indian Market Updates

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

Tanla Platforms’ board approves ₹170 crore share buyback proposal

The Board of Directors of Tanla Platforms Ltd has approved a share buyback proposal aggregating ₹170 crore. The equity shares offered under the buyback have a face value of ₹1 each. The company has fixed ₹1,200 per share as the floor price for the buyback. The offer price represents a premium of 66.39% over the closing price of Tanla’s shares on NSE on Sept 1, 2022.

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Adani Group-led consortium gets extension to complete Haifa Port purchase

A consortium led by Adani Group has requested and received an extension from the Israeli Government to complete its purchase of Haifa Port. The extension of a month and a half comes at the consortium’s request and takes into account Jewish holidays, said Israel’s Finance Ministry. It set a new final date of Nov. 27.

In July 2022, Israel announced it would sell Haifa Port (a major trade hub on its Mediterranean coast) to winning bidders Adani Ports and local chemicals & logistics group Gadot for $1.2 billion.

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Tata Power RE to set up 100 MW solar project in Maharashtra

Tata Power Renewable Energy Ltd, a subsidiary of Tata Power, will set up a 100 MW solar power plant for Viraj Profile Pvt. Ltd (VPPL) in Maharashtra. The plant is expected to generate about 200 million units (MUs) of energy and offset approx. 170.43 million kg of carbon dioxide annually. VPPL is a stainless steel manufacturer, which owns and operates a plant located at Tarapur at Nandgaon.

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Dr. Reddy’s Labs launches generic Revlimid in US market

Dr. Reddy’s Laboratories Ltd has announced the launch of Lenalidomide Capsules in the US market. The drug is used to treat various types of cancers. It is a therapeutic equivalent generic version of Revlimid Capsules approved by the US Food & Drug Administration (USFDA). With this volume-limited launch, Dr. Reddy’s Labs is eligible for first-to-market, 180 days of generic drug exclusivity for Lenalidomide Capsules.

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USFDA asks Panacea Biotec to take corrective measures at Himachal unit

The US Food & Drug Administration (USFDA) has asked Panacea Biotech Ltd for further corrective actions at the manufacturing unit of its wholly-owned arm at Baddi, Himachal Pradesh. Otherwise, the health regulator may withhold approval of any pending product applications from the facility. After inspection of the unit in May-June, USFDA issued Form 483 with eight observations related to improvements in existing procedures.

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TVS Motor unveils updated Apache range

TVS Motor Company Ltd has unveiled the 2022 models of its flagship Apache range. The new models are upgraded versions with a host of new features and would strengthen the company’s product portfolio. The motorcycles of the new range are priced at ₹1.17 lakh for the 160cc (base variant) and ₹1.30 lakh (ex-showroom New Delhi) for the 180cc base variant.

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Hindustan Zinc incorporates fertilisers subsidiary

Hindustan Zinc Ltd (HZL) has formed fertiliser subsidiary called Hindustan Zinc Fertilisers. The newly formed entity will manufacture, sell, and deal with multiple grades of nitrogenous, phosphatic, and potassic fertilisers. Last week, HZL announced an investment of ₹350 crore for a 26% stake in a special purpose vehicle (SPV) that was created on February 18 to implement renewable energy power projects.

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Govt to acquire stake in Vodafone Idea after shares stabilise at ₹10 or above

According to reports, the government will acquire a stake in debt-ridden Vodafone Idea (Vi) after its stock price stabilises at ₹10 or above. Vi’s board has offered a stake to the government at a par value of ₹10 per share. The Finance Ministry had cleared the proposal to acquire a stake in VIL in July.

The Ministry of Finance cleared a proposal to convert the accrued interest on dues related to deferred adjusted gross revenue (AGR) worth Rs 16,130 crore of Vi into equity, reported Economic Times today.

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