Tag: IEX

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Adani Lenders Consider $750 Million Loan For Ambuja Cements – Top Indian Market Updates

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

Adani lenders consider up to $750 million loan for Ambuja debt

Barclays Plc, Deutsche Bank AG and Standard Chartered Plc are in talks to lend between $600 million and $750 million collectively to Adani Group. The loan is part of discussions to refinance the debt taken to fund its purchase of Ambuja Cements Ltd. The loan would be syndicated. If executed, the loan of as much as $750 million would be part of that broader refinancing. The talks haven’t yet concluded, and the amounts could still change. 

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Bajaj Finserv Q1 Results: Net profit rises 48% YoY to ₹1,943 crore

Bajaj Finserv reported a 48.4% YoY rise in consolidated net profit to ₹1,943 crore for the quarter ended June (Q1 FY24. The company’s net profit in the same quarter last year was ₹1,309 crore. Its operating revenue also rose 47% YoY to ₹23,280 crore during the same period. Its subsidiary, Bajaj Finance reported the highest-ever quarterly increase in its customer franchise of 3.84 million and the highest-ever new loans booked of 9.94 million in Q1FY24.

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Sona BLW Precision Q1 Results: Net profit rises 47% to ₹112 crore

Sona BLW Precision reported a 47% YoY increase in consolidated net profit to ₹112 crores for the June quarter (Q1 FY24). Its revenue from operations rose 25.17% YoY to ₹731 crore during the same period. The company’s board approved an investment of ₹99.7 crores for capacity expansion of its Chennai plant from 4 lakh to 6 lakh electric vehicle traction motors. It also decided to add a new capacity of 5 lakh units of printed circuit board assembly by 2024-2025.

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US FDA concerns in Lupin’s Goa, Pithampur facilities are now resolved

Drug Ltd has received correspondence from the US Food & Drug Administration (USFDA) that it has now addressed the concerns raised in the warning letter for its facilities in Goa and Pithampur Unit-2, Indore. This comes after the satisfactory evaluation of the corrective actions taken by Lupin. The actions were in response to the Warning Letter issued by the US FDA on November 6, 2017.

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IEX Q1 Results: Net profit rises 10% YoY to ₹76 crore

Indian Energy Exchange Ltd (IEX) reported a 10% YoY increase in consolidated net profit to ₹10 crore for the June quarter (Q1 FY24). Its total income stood at ₹127 crore during the same period, up 12.3% YoY. EBITDA grew marginally to ₹82 crore in Q1FY24 from ₹81 crore in Q1FY23. Recently, IEX witnessed a steep fall in its share price that could be related to the Central Electricity Regulatory Commission’s plan to initiate market coupling.

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Cipla promoters in talks to sell part stake to private equity firms

According to a CNBC TV18 report, Cipla’s promoters are in talks with private equity firms to sell a part of their total holding in the company. At present, The promoters own a 33.47% stake in the company. An investment bank has been hired to advise on the deal. Furthermore, Private Equity (PE) firms like Blackstone and Baring Asia are amongst others that are in talks to explore a deal. 

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Bharat Forge receives approval to participate in potential defence programs in future

Bharat Forge Ltd has received approval to participate in potential defence programs in future. The license is granted by the Ministry of Home Affairs (MCA) under Arms Rules, 2016. The approval is for small arms and ammunition. Bharat Forge serves several sectors including Automotive, Railways, Aerospace, Marine, Oil & Gas, Power, Construction and Mining. It is among the largest forging companies globally.

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L&T says it will pay back to shareholders if the cash surplus is much higher than requirement

Larsen & Toubro will return money to shareholders if the cash surplus is much higher than the company’s requirements. L&T’s CFO, R Shankar Raman’s declaration of the company’s willingness to return surplus cash to shareholders showcases Larsen & Toubro’s commitment to financial prudence and shareholder value. 

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Kalpataru Projects International, subsidiaries bag orders worth ₹2,261 crore

Kalpataru Projects International and its subsidiaries have bagged orders worth ₹2,261 crore. These new contracts include orders in the T&D (transmission and distribution) business of ₹2,036 crore in overseas markets. Besides, it also got a cross-country oil & gas pipeline project in India of ₹225 crore. It is currently executing projects in over 30 countries and has a presence in 70 nations.

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BPCL still in talks for Russian oil deal, discounts narrow

Bharat Petroleum Corp is still in talks with Russian oil major Rosneft to buy oil under a term deal. According to a Reuters report from last month, BPCL is in talks to buy up to 6 million metric tons of Russian oil under a term deal with Rosneft. Indian refiners have been snapping up discounted Russian oil since many other countries imposed sanctions on Moscow after it invaded Ukraine. The discounts make Russian oil cheaper than similar grades from the Middle East.

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Atul Auto Forays Into EV Market – Top Indian Market Updates

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

Atul Auto launches two electric three-wheelers

Three-wheeler maker Atul Auto has entered the electric vehicle (EV) space by launching two models at the Auto Expo 2023. Atul Greentech Pvt. Ltd (AGPL), a subsidiary of Atul Auto, launched Mobili (a passenger vehicle) and cargo variant Energie. Both Mobili and Energie are built with industry-leading technology, telematics, and Battery Management Systems (BMS).

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Dr. Reddy’s Labs partners with Theranica for marketing wearable Nerivio in India

Israeli digital therapeutics company Theranica has announced a strategic license and supply agreement with Dr. Reddy’s Laboratories Ltd., for the exclusive marketing and distribution of its FDA-approved Nerivio in India. Nerivio is a wearable migraine treatment that stimulates the body’s pain receptors to relieve acute and chronic migraine pain. The agreement includes licensing fees for exclusive rights to market Nerivio in India.

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Govt to invite bids for Concor privatisation this month

The government will invite Expressions of Interest (EoIs) or preliminary bids for privatising Container Corporation of India (Concor) in January. In Nov 2019, the Union Cabinet approved the strategic sale of a 30.8% stake (along with management control) in Concor. The government will retain a 24% stake post-sell-off but without any veto powers.

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Reliance Jio launches 5G in Uttarakhand

Reliance Jio has launched its True 5G services in Uttarakhand. Jio consumers in Dehradun can avail of the Jio Welcome Offer, which includes unlimited data at up to 1 Gbps+ speed at no extra cost. Apart from the existing investment of Rs 4,950 crore, Jio will additionally invest over ₹650 crore in the deployment of a standalone 5G network in the state.

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IEX’s ₹98 crore share buyback opens today

Indian Energy Exchange’s (IEX) share buyback program worth ₹98 crore opened on Wednesday. The company will buyback 49 lakh equity shares (of a face value of ₹1 each) at a maximum price of ₹200 per share. The share buyback will close on July 10. IEX is India’s first power exchange that provides an automated trading platform for electricity and renewable energy certificates.

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USFDA issues warning letter to Sun Pharma’s Halol unit

The US Food & Drug Administration (USFDA) has issued a warning letter to Sun Pharmaceuticals, specifying violations of norms in its manufacturing facility at Halol, Gujarat. The drug regulator noted that Sun Pharma failed to establish and follow appropriate written procedures. The procedures have been designed to prevent microbiological contamination of drug products. The Halol unit was placed under import alert on Dec 7, 2022.

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Oil refiners hope for ₹50,000 crore cash compensation from govt on fuel price freeze: Report

According to a CNBC-TV18 report, state-run oil marketing companies (OMCs) like HPCL, BPCL, and Indian Oil Corporation are seeking compensation of up to ₹50,000 crore to cover up for the losses they have incurred due to the freeze in fuel prices. The OMCs are demanding this compensation to make up for the losses incurred in the first half of the current financial year (H1 FY23). 

As an immediate measure, companies are of the view that diesel prices can be hiked by ₹2-3 per litre.

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Commercial loan origination volumes decline 4.3% in FY22: Report

According to a report from Crif High Mark (a credit information company), commercial lending origination volumes declined by 4.3% YoY to 22.2 lakh loans in the COVID-affected FY22. Loan originations in terms of value jumped 73% to ₹66.49 lakh crore. The average ticket sizes for commercial loans across lenders witnessed a huge spike during the year, with state-owned lenders reporting the number at ₹3.34 crore in FY22.

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Reliance Communications’ committee of creditors to meet on Thursday

The Committee of Creditors (CoC) of bankrupt Reliance Communications will meet on Thursday as part of a long-standing insolvency process. RCom, which housed Anil Ambani’s telecom business, has been undergoing corporate insolvency resolution for over four and a half years. The company was sent to the bankruptcy courts in May 2018 and started the insolvency process under the Insolvency & Bankruptcy Code (IBC) in 2019.

Indian banks, vendors, and creditors have claimed ₹86,000 crore in dues from RCom.

Read more here.

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Adani Enterprises to Raise ₹20,000Cr Via FPO – Top Indian Market Updates

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

Adani Enterprises to raise up to ₹20,000 crore via FPO

Adani Enterprises Ltd’s board has approved a proposal to raise up to ₹20,000 crore through a follow-on public offer (FPO). The capital raise will boost the Adani Group’s aggressive growth across business verticals, both organically and via acquisitions.

As per a Financial Times report, Adani Group is planning to invest more than $4 billion in a petrochemical complex in Gujarat. Gautam Adani also plans to launch a “super app” in the next 3-6 months to connect Adani airport passengers with other Adani Group services.

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JLR to cut production at UK factories till spring: Report

According to a Guardian report, Tata Motors-owned Jaguar Land Rover has decided to cut production at factories in Solihull & Halewood (UK) between January & March. The global auto industry has suffered from semiconductor shortages and supply issues since the Covid-19 pandemic broke out in early 2020. Semiconductor shortages have left JLR customers waiting more than a year for their vehicles, with sales suspended for some variants.

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Castrol India to acquire 7.09% stake in TVS Automobile Solutions’ digital arm

Castrol India Ltd (CIL) will acquire a 7.09% stake in TVS Automobile Solutions’ digital subsidiary Ki Mobility Solutions (KMS) with an investment of ₹487.5 crore in an all-cash deal. With this strategic investment, CIL aims to expand its presence in service & maintenance for both internal combustion engine (ICE) and electric vehicles (EV). It will also leverage myTVS’ digital and operational capabilities.

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Krsnaa Diagnostics plans 600 testing centres by end of FY24

Krsnaa Diagnostics plans to enter the retail segment of diagnostic services by setting up 600 collection centres under franchisee model by end of FY24. The company will open collection centres across Maharashtra, Himachal Pradesh, Punjab, West Bengal, and Rajasthan. Krsnaa will leverage its network of labs that are operational under public-private partnership (PPP) mode for its business-to-consumer (B2C) expansion.

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Reliance Jio rolls out True-5G in Gujarat

Reliance Jio has started rolling out its True-5G services in Gujarat. The state has become the first in the country to get Jio True-5G connection across all 33 district headquarters. Jio will launch a series of True 5G-powered initiatives across the education, healthcare, agriculture, and industry 4.0 sectors in Gujarat and then extend it across the country. Jio users in Gujarat will have access to 1 Gbps+ speed at no additional cost.

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Shriram Properties acquires Suvilas Realities

Shriram Properties Ltd (Ltd) has completed the acquisition of Suvilas Realities Pvt. Ltd. through its wholly-owned subsidiary, Shriprop Builders Pvt Ltd. Suvilas Realities is currently developing a 0.65 million square feet residential project at Jalahalli, Bengaluru, under the brand name “Shriram Suvilas Palms”. The project has a revenue potential of over ₹400 crore.

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IEX’s board approves buyback of shares at ₹200 per share

Indian Energy Exchange’s (IEX) board has approved a share buyback of up to Rs 98 crore at ₹200 per share through the open market route. The maximum buyback price of ₹200 per share represents a 36.01% premium to Thursday’s closing price of ₹147.05 on the BSE. The maximum number of equity shares to be bought back under the buyback would be 49 lakh.

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Nykaa records 12x jump in revenue on first day of Pink Friday Sale

Nykaa recorded a 75% year-on-year (YoY) growth in gross merchandise value (GMV) and a 12-fold jump in revenue on Day 1 of its Pink Friday sale. The company recorded over 400 orders per minute on Nov 21. The number of visitors on Day 1 of the sale grew 37% YoY to 1 crore. The sale will be live until November 28 on its website, app, and Nykaa stores. Purchases of make-up, skincare, and haircare jumped 14x, 12x, and 9x, respectively.

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VA Tech Wabag to raise ₹200 crore via NCDs

VA Tech Wabag Ltd’s board has approved a proposal to raise ₹200 crore through non-convertible debentures (NCDs) in one or more rounds to Asian Development Bank (ADB). The NCD proposal will further help the company to optimise debt. The tenure of the debt instrument would be 5 years and three months. VA Tech Wabag offers turnkey solutions for water & wastewater treatment to municipal and industrial segments in India and abroad. 

Read more here.

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Reliance Industries Posts Q2 Results – Top Indian Market Updates

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

RIL Q2 Results: Net profit flat at ₹13,656 crore

Reliance Industries Ltd (RIL) reported a 0.17% YoY (or 24% QoQ) decline in consolidated net profit to ₹13,656 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 33.7% YoY to ₹2.32 lakh crore during the same period. RIL’s revenues from the oil-to-chemicals (O2C) business increased by 33% to ₹1.41 lakh crore.

Reliance Jio’s net profit increased by 28% YoY to ₹4,518 crore in Q2. The telecom major’s revenue from operations rose 20% YoY to ₹22,521 crore.

Read more here.

CIL starts 17 more first-mile connectivity projects worth Rs 11,000 crore

State-owned Coal India Ltd (CIL) has started 17 more first-mile connectivity projects worth ₹11,000 crore under the third phase. First-mile connectivity (FMC) refers to the transportation of coal from pitheads to dispatch points. CIL is preparing a rollout plan to float tenders for the latest projects by FY25, and the projects would be commissioned by FY27.

Read more here.

JSW Steel Q2 Results: Net loss at ₹915 crore

JSW Steel Ltd reported a consolidated net loss of ₹915 crore for the quarter ended Sept (Q2 FY23). It posted a net profit of ₹7,179 crore in Q2 FY22. Its revenue from operations rose 29% YoY to ₹41,778 crore in Q2 FY23. Total expenses stood at ₹43,354 crore in Q2, up 29% YoY. The company’s consolidated crude steel output fell 3% QoQ to 5.68 million tonnes (MT).

Read more here.

IEX trade volume falls 11% to 23.1 billion units in Q2

The total trade volume of the Indian Energy Exchange (IEX) fell over 11% to 23.1 billion units (BU) in the July-September quarter (Q2). The volume comprised 19.7 BU in the conventional power market, 1.5 BU in the green market segment, and 1.9 BU in the Renewable Energy Certificates (REC) market. The average Day Ahead Market prices increased to ₹5.40 per unit during Q2 FY23, compared to ₹4.14 in Q2 FY22.

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Bajaj Finserv Q2 Results: Net profit rises 39% YoY to ₹1,557 crore

Bajaj Finserv Ltd reported a 39% YoY increase in consolidated net profit to ₹1,557 crore for the quarter ended Sept (Q2 FY23). Its total income grew 16% YoY to ₹20,803 crore during the same period. Total expenses rose 8.7% YoY to ₹16,545.23 crore. Its subsidiary, Bajaj Finance, recorded its highest-ever quarterly consolidated profit of ₹2,781 crore in Q2, up 88% YoY.

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Ramkrishna Forgings secures export order worth ₹121.5 crore

Ramkrishna Forgings Ltd received a long-term supply contract worth ₹121.5 crore for two electric vehicle components from a Swedish original equipment manufacturer (OEM). This is the company’s third order in nearly two months. Last week, it received an order worth ₹131.50 crore from a Tier-1 axle maker for a component used in North American heavy commercial vehicles (HCVs).

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IDBI Bank Q2 Results: Net profit rises 46% YoY to ₹828 crore

IDBI Bank reported a 46% YoY increase in net profit to ₹828.09 crore for the quarter ended Sept (Q2 FY23). Its net interest income (NII) rose 48% YoY to ₹2,738 crore during the same period. The gross non-performing assets ratio (GNPA) improved to 16.51% in Q2, compared to 19.9% in Q1. The bank’s provisions rose 77% YoY to ₹1,380 crore in Q2 FY23.

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HAL concludes contract with Indian Air Force for indigenous trainer aircraft

The Indian Air Force and Hindustan Aeronautics Ltd (HAL) concluded a contract for 70 HTT-40 indigenous trainer aircraft worth Rs 6,800 crore. The aircraft has state-of-the-art contemporary systems and has been designed with pilot-friendly features. Prime Minister Narendra Modi unveiled HAL’s HTT-40 at the 12th DefExpo organised in Gujarat.

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HUL Q2 Results: Net profit rises 20% YoY to ₹2,616 crore

Hindustan Unilever Ltd (HUL) reported a 19.6% YoY (or 14% QoQ) increase in net profit to ₹2,616 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 16% YoY to ₹14,751 crore during the same period. EBITDA stood at ₹3,479 crore, up 8% YoY. HUL’s board has declared an interim dividend of ₹17 per share.

Read more here.

UPL restructures business into four units

Fertiliser manufacturer UPL Ltd. will restructure its major businesses into four separate units to simplify the group structure. The company will transfer its crop protection business on a slump-sale basis to UPL Sustainable Agri Solutions. The global crop protection platform (excluding India) will be housed under UPL Ltd., Cayman. The seed business will be transferred to a new company named Advanta Enterprises Ltd. 

Read more here.

Ambuja Cements Q2 Results: Net profit falls 94% YoY to ₹51 crore

Ambuja Cements Ltd reported a 94.24% YoY decline in consolidated net profit to ₹51.3 crore in Q2, mainly due to rising fuel prices and related inflationary impact. Its revenue from operations rose 7.46% YoY to ₹7,143.17 crore during the same period. Total expenses stood at ₹7,179.9 crore in Q2, up 29.5% YoY.

Read more here.

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Jio to Launch 5G Services Tomorrow – Top Indian Market Updates

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

Jio to start 5G services from Dussehra in 4 cities with a free welcome offer

Reliance Jio will start 5G services in India with a “free welcome offer” from Dussehra. The telecom operator will commence a beta trial of its True-5G services on the auspicious occasion in four cities– Mumbai, Delhi, Kolkata, and Varanasi. Jio will send an invite to customers under Jio True 5G Welcome Offer to try its 5G services. Subscribers will get unlimited 5G data with up to 1 gigabit per second speed.

Read more here.

Bank of Baroda looks to ramp up wealth management business

State-run Bank of Baroda is hiring more than 850 relationship managers and executives to strengthen its wealth management business as it seeks to tap into the growing segment across India. The bank aims to nearly triple its assets under management (AUM) to more than ₹85,000 crore (from Rs 30,000 crore at present) in the next five years by cross-selling to about 2.5 lakh wealthy customers who already have accounts with it.

Auto sector to witness the best festive season of the decade: FADA

The Federation of Automobile Dealers Associations (FADA) anticipates that October will be the best festive in a decade for the passenger vehicle (PV) segment due to higher sales. In September, the automobile sector witnessed an 11% YoY growth in total retail vehicle sales as better supplies from manufacturers allowed dealers to ramp up customer deliveries amid the ongoing festive period.

Read more here.

Mahindra Finance reports 110% YoY growth in September

Mahindra Finance Ltd continued its momentum with the disbursement of approx. ₹4,080 crore, delivering a 110% YoY growth in September 2022. In the first half of FY23, the company is estimated to report loan disbursements of ~₹21,300 crore. Healthy disbursement trends during the first half have led to a strong gross asset book of ₹73,900 crore, a growth of nearly 16% YoY.

Read more here.

UPI payment crosses ₹11 lakh crore milestone in Sept

Payment through Unified Payments Interface (UPI) crossed a milestone of ₹11 lakh crore in September, according to data released by the National Payments Corporation of India (NPCI). The platform saw 678 crore transactions last month. Payment through UPI had crossed ₹10 lakh crore in May 2022. [UPI is an instant real-time payment system that facilitates inter-bank peer-to-peer (P2P) transactions.]

Read more here.

RIL’s subsidiary, Sanmina Corp to set up electronics JV

Reliance Industries’s arm RSBVL and US-based Sanmina Corporation have set up a joint venture to manufacture 4G and 5G hardware for Indian and overseas markets. The JV was set up at a total enterprise valuation of ~₹3,300 crore. It will manufacture hardware products at Sanmina’s 100-acre campus in Chennai. Reliance Strategic Business Ventures Ltd (RSBVL) will hold a 50.1% stake in the JV, while Sanmina will hold 49.9% stake.

Read more here.

Lupin gets USFDA approval for generic HIV drug

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) to market Darunavir Tablets in the US market. The drug is used to treat Human Immunodeficiency Virus (HIV) infection. As per IQVIA MAT data, Darunavir tablets had estimated annual sales of $343 million in the US during the 12 months ended June 2022.

Read more here.

CCI approves Sony-ZEEL merger with conditions

The Competition Commission of India (CCI) conditionally approved the proposed merger of Zee Entertainment Enterprises Ltd. (ZEEL) and Culver Max Entertainment Pvt. Ltd. (formerly known as Sony Pictures Networks India). The approval was granted after the CCI accepted the voluntary remedies proposed by the parties to allay possible anti-competitive concerns. To learn more about the merger, click here.

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Total trade volume at IEX falls 8% in September

Indian Energy Exchange (IEX) registered an 8% YoY decline in total trade volume to 8,160 million units (MU) in September. On a month-on-month (MoM) basis, IEX registered a 5% growth last month. The average clearing price in the Day-ahead market rose to ₹5.63 in Sept, up 28% YoY and 9% MoM. 

Read more here.

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Services PMI Rises to 57.2 in August – Top Indian Market Updates

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

Services PMI accelerates to 57.2 in August 

India’s services sector saw gains in new business, ongoing improvements in demand conditions, and job creation during August. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 57.2 in August, compared to 55.5 in July. The rate of job creation last month was the strongest in more than 14 years.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month. 

Read more here. 

IEX’s total trade volume falls 18% in August

Indian Energy Exchange (IEX) registered an 18% YoY decline in total trade volume to 7,805 million units (MU) in August 2022. This includes 6,517 MU in the conventional power market, 437 MU in the Green Power market, and 851 MU in the Renewable Energy Certificate (REC) market. The average clearing price in the Day-Ahead market rose 2% YoY to Rs 5.17 per unit last month. 

Read more here. 

Paytm denies link with Chinese loan merchants under ED scanner

Payment platform Paytm has denied any links with the merchants that are currently under Enforcement Directorate’s (ED) scanner in the Chinese loan app case. On Friday, ED carried out search operations at six premises in Bengaluru concerning an investigation of the case. The premises of Razorpay, Cashfree Payments, Paytm Payment Services, and other entities “controlled” by Chinese persons were covered in the operation. The raids were conducted under provisions of the Prevention of Money Laundering Act (PMLA), 2002. 

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Dixon Tech signs pact with Google to sub-license rights relating to Android

Dixon Technologies Ltd has signed an agreement with Google to sub-license rights relating to Android and Google TV. This partnership will enable the company to offer a cost-effective and high-quality experience to its existing customers and potential new brands. It will further strengthen Dixon Tech’s market leadership in the LED TV category.

Read more here.

Bank of Maharashtra organises loan outreach program; sanctions more than ₹1,000 crore

Bank of Maharashtra has organised a credit outreach program under which it has sanctioned loans worth nearly ₹1,000 crore. Loan sanction letters were distributed to the beneficiaries by Financial Services Secretary Sanjay Malhotra in Pune. He also visited self-help group stalls at the event and interacted with members. The secretary also visited self-help group stalls at the event and interacted with the members.

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Mahindra Lifespace expects over 2.5-fold rise in bookings soon

Mahindra Lifespace Developers Ltd is targeting a 2.5-fold jump in its annual sales bookings to ₹2,500 crore in the next three years on better housing demand. The company registered ₹600 crore of residential sales during the April-June quarter (Q1) of FY2022-23, compared to ₹1,028 crore in the full previous year. It expects very strong continued growth in Q2 and the rest of the year.

Read more here.

Would surpass ₹21,000-crore revenue target by 2026: ABFRL chairman

Aditya Birla Fashion and Retail Ltd (ABFRL) is confident of fortifying its market position further and surpassing the projected revenue of ₹21,000 crore by 2026, said chairman Kumar Mangalam Birla. The company is leveraging technology and its execution excellence to build a strong, profitable, and future-ready brand portfolio. ABRFRL is also working on strategic alliances and is building a comprehensive set of iconic brands.

Read more here.

Aurionpro Solutions acquires US-based startup Hello Patients Solutions Inc.

Aurionpro Fintech Inc., a US-based subsidiary of Aurionpro Solutions Ltd, announced the acquisition of Hello Patients Solutions Inc, a startup registered in Delaware, USA. Hello Patients provides a healthcare billing and patients’ management solution that leverages Aurionpro’s technology for payments processing. Aurionpro will acquire the entire stake in Hello Patients in an all-cash transaction of $250,000 (~₹1.99 crore).

Read more here.

OPEC to cut oil output for first time in a year

For the first time in a year, OPEC+ agreed to make a token oil supply cut for October. The organisation aims to stabilise international markets after a faltering economic backdrop triggered the longest price decline in two years. At a meeting held today, OPEC decided to reduce production by 100,000 barrels a day in October, taking supplies back to August levels.

Read more here.

HAL-L&T consortium secures ₹860-crore contract to build five PSLVs

A consortium of Hindustan Aeronautics Ltd (HAL) and Larsen & Toubro has won an ₹860 crore deal from NewSpace India Limited (NSIL) to build five Polar Satellite Launch Vehicle (PSLV) rockets over four years. The contract was exchanged today between HAL and NSIL during the inaugural session of the 7th Bengaluru Space Expo 2022.

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Axis Bank’s Net Profit Rises 91% YoY in Q1 – Top Indian Market Updates

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

Axis Bank Q1 Results: Net profit rises 91% YoY to Rs 4,125 crore

Axis Bank reported a 91% YoY increase in net profit to Rs 4,125 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 21% YoY to Rs 9,384 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 2.76% in Q1 FY23, compared to 2.82% in Q4 FY22. The bank’s fee income rose 34% YoY to Rs 3,576 crore in Q1.

Read more here.

L&T to sell 8 roads, transmission project to Edelweiss fund for Rs 7,000 crore

Larsen & Toubro Ltd (L&T) will sell eight operational road assets and a power transmission project to Edelweiss Infrastructure Yield Plus, a fund managed by Edelweiss Alternative Asset Advisors. The enterprise value of the assets stands at Rs 7,000 crore. The latest move is part of L&T’s asset-light strategy of exiting several non-core assets. The deal is awaiting regulatory approvals from the National Highways Authority of India (NHAI) and market regulator SEBI.

Read more here.

Tech Mahindra Q1 Results: Net profit falls 16% YoY to Rs 1,132 crore

Tech Mahindra Ltd reported a 16.4% YoY decline in consolidated net profit to Rs 1,132 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 24.6% YoY to Rs 12,708 crore during the same period. EBITDA stood at Rs 1,880 crore, up 0.2% YoY. The IT company secured new deals worth $803 million in Q1, a decline of 1.5% YoY or 20.5% QoQ. Tech Mahindra will invest in new and emerging technologies to deliver differentiated offerings.  

Read more here.

Natco Pharma’s partner gets USFDA nod for prostate cancer treatment drug

Natco Pharma Ltd’s partner Breckenridge Pharmaceutical Inc has received approval from the US Food & Drug Administration (USFDA) for generic Cabazitaxel intravenous powder. The drug is used to treat prostate cancer. As per IQVIA data, the generic version of the drug generated annual sales of $303 million (~Rs 2,417 crore) during the 12 months ended May 2022. 

Read more here.

Tata Steel Q1 Results: Net profit falls 13% YoY to Rs 7,765 crore

Tata Steel Ltd reported a 12.8% YoY (or 20.4% QoQ) decline in consolidated net profit to Rs 7,764.96 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 18.6% YoY to Rs 63,430 crore during the same period. The company produced 7.74 million tonnes (MT) of steel during the quarter, registering a decline of 1.8% YoY. The performance in Q1 was impacted by higher pet coke prices, which led to higher operating costs.

Read more here.

Intellect Design Arena’s arm secures order from Mineral Development Bank

Myanmar-based Mineral Development Bank has chosen Intellect Global Consumer Banking’s (iGCB) Intellect Digital Core to transform its banking solutions. The bank aims to open 15 branches this year. The digital transformation will provide the bank with a platform to innovate faster than its competitors. iGCB is the consumer banking arm of Intellect Design Arena Ltd, a global leader in financial technology for the banking and insurance sectors.

Read more here.

HDFC Securities partners with Equitas SFB to offer Demat, trading services

HDFC Securities has partnered with Equitas Small Finance Bank (SFB) to provide its clients with Demat account and broking investment services. With this partnership, Equitas SFB will offer its customers a “3-in-1″ account for accessing the services of HDFC Securities. All customers can now open their Demat, trading accounts for buying and selling shares and trading in futures, options, and even currencies.

Read more here.

IEX Q1 Results: Net profit rises 10% YoY to Rs 69 crore

Indian Energy Exchange (IEX) reported a 10.05% YoY increase in consolidated net profit to Rs 69.12 crore for the quarter ended June (Q1 FY23). Net profit fell 21.7% when compared to the previous quarter. Its total income rose 10.2% YoY to Rs 113.4 crore during the same period. EBITDA stood at Rs 81 crore in Q1, up 8% YoY.

Govt sets target to raise share of natural gas in energy mix to 15% by 2030

The Indian government has set a target to raise the share of natural gas in the total energy mix from 6.3% currently to 15% by 2030. Initiatives have been taken to expand the National Gas Grid from 21,715 km to about 33,500 km. Several Liquefied Natural Gas (LNG) terminals will also be established across the country. The govt will also allow marketing and pricing freedom to gas produced from high pressure/high-temperature areas, deep water & ultra-deepwater, and coal seams.

Read more here.

Macrotech Developers Q1 Results: Net profit rises 68% YoY to Rs 271 crore 

Macrotech Developers Ltd (Lodha Group) reported a 68.75% YoY increase in consolidated net profit to Rs 271.26 crore for the quarter ended June (Q1 FY23). Its total income grew 52.9% YoY to Rs 2,675.78 crore during the same period. The company reduced its net debt by Rs 450 crore to Rs 8,856 crore in Q1. 

The real estate company expects to enter into alliances to undertake joint development projects with a combined gross development value of Rs 15,000 crore in the current financial year (FY23).

Read more here.

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India’s Services PMI Hits 11-Year High in June – Top Indian Market Updates

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

India’s services PMI hits 11-year high in June

Services activity in India expanded at the fastest pace in 11 years in June 2022. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 59.2 in June, compared to 58.9 in May. The data indicated further accelerations in new business growth and output at Indian services companies amid ongoing improvements in demand conditions. However, concerns surrounding price pressures restricted business confidence. 

[PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.]

Read more here. 

Adani Power to seek shareholders’ approval for deal worth Rs 5,000 crore with AdaniConnex

Adani Power Ltd (APL) will seek shareholders’ approval for the proposed related-party transaction worth ~Rs 5,000 crore with AdaniConnex Pvt. Ltd (ACPL) during its annual general meeting on July 27. The transaction involves the sale of APL’s special purpose vehicles (SPVs) or subsidiaries to ACPL. AdaniConneX is a 50:50 joint venture (JV) between Adani Enterprises and US-based EdgeConneX that builds data centres across India.

Read more here.

Passenger vehicle sales rose 40% in June: FADA

As per data released by the Federation of Automobile Dealers Association (FADA), retail passenger vehicle sales in India rose 40% YoY to 2,60,683 units in June. An increase in dispatches indicates that supplies of semiconductors have improved. Two-wheeler retail sales increased 20% YoY last month to 11,19,096 units.

Read more here.

KEC International aims to double civil contracts business to Rs 4,000 crore in FY23

KEC International Ltd is betting on its civil contracts business and aims to double revenue in the segment during the current financial year (FY23). The company’s total revenue increased 5% YoY to Rs 13,700 crore in FY22, led by growth in the civil, railways, and cables businesses. The contribution of the civil business to the total revenue stood at Rs 1,900 crore.

Read more here.

Tata Steel’s output remains flat at 7.66 MT in Q1

Tata Steel Ltd’s consolidated steel output remained flat at 7.66 million tonnes (MT) during the April-June quarter (Q1) of the current financial year (FY23). The company produced 7.65 MT of steel in Q1 FY22. Consolidated sales fell 4% YoY to 6.53 MT during the same period. Tata Steel India registered over a 6% YoY rise in output at 4.92 MT. Its sales fell 2% YoY to 4.06 MT.

Read more here.

RBL Bank’s total deposits rise 6% YoY in Q1

RBL Bank Ltd’s total deposits rose 6% year-on-year (YoY) to Rs 79,217 crore as of June 30, 2022 (Q1 FY23). Deposits rose 0.27% when compared to the previous quarter. The bank’s current account-savings account (CASA) stood at Rs 28,525 crore in Q1, up 14% YoY or 2% QoQ. Gross advances grew 7% YoY and 0.24% QoQ to Rs 62,095 crore in Q1.

Read more here.

IEX electricity volume rises 17% YoY in June

Indian Energy Exchange (IEX) registered a 17% YoY growth in power trade volumes to 8,267 million units (MU) in June 2022. This comprises 7,058 MU in the conventional power market, 536 MU in the green power market, and 673 MU in the renewable energy certificate market. Prices at the day ahead market reduced from Rs 6.76 in May to Rs 6.49 per unit in June due to improved supply-side availability. For the first quarter of FY23, IEX achieved 23,437 MU volume across all segments, registering a 10% YoY growth.

Read more here.

Tejas Networks acquires 62.65% stake in Saankhya Labs for Rs 276.24 crore

Tejas Networks Ltd (TNL) has acquired a 62.65% stake in Saankhya Labs for Rs 276.24 crore. The company intends to acquire the balance 37.35% stake in the Bengaluru-based firm in due course. The acquisition will help enhance TNL’s wireless offerings by adding 5G ORAN, 5G Cellular Broadcast, and satellite communication products to its product portfolio. It also gives the company access to in-house semiconductor chip design expertise for specialised applications.

Read more here.

Biocon Biologics gets EU GMP certification for new facility in Bengaluru

Biocon Biologics (a subsidiary of Biocon Ltd) has received the Europen Union’s Good Manufacturing Practice (GMP) certification from the Health Products Regulatory Authority (HPRA), Ireland, for its new monoclonal antibodies (mAbs) drug substance manufacturing facility at Biocon Park, Bengaluru. The GMP accreditation is offered to pharmaceutical manufacturers who adhere to a minimal standard in their production practices. 

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HUL Reports 9% YoY Rise in Net Profit in Q4 – Top Indian Market News

HUL Q4 Results: Net profit rises 9% YoY to Rs 2,327 crore

Hindustan Unilever Ltd (HUL) reported an 8.6% YoY increase in net profit to Rs 2,327 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 10.4% YoY to Rs 13,190 crore during the same period. The FMCG company’s home care segment grew 24% YoY in Q4, while its foods & refreshment segment grew 5%. HUL’s board has declared a dividend of Rs 19 per share.

Read more here.

NTPC partners with Energy Vault for gravity-based energy storage tech

NTPC Limited has signed a Memorandum of Understanding (MoU) with Switzerland-based Energy Vault Holdings, Inc. The two entities aim to deploy gravity-based energy storage technology and software solutions based on the outcome of a joint feasibility study. The technology also offers beneficial utilization of coal ash for manufacturing composite blocks for Energy Vault’s energy storage system.

In other news, NTPC will raise Rs 1,500 crore by issuing non-convertible debentures (NCDs) on a private placement basis on Friday. The proceeds will be utilised for funding capital expenditure and refinancing existing loans.

Read more here.

ONGC signs pact with Equinor for E&P, clean energy

Oil & Natural Gas Corporation (ONGC) signed a pact with Norwegian energy giant Equinor ASA for collaboration in oil and gas exploration and production as well as clean energy projects. The two entities will collaborate in the field of upstream oil and gas, midstream, marketing, and trading. They will also explore options in low carbon fuel, renewables, Carbon Capture Storage (CCS) solutions, etc.

Read more here.

IEX Q4 Results: Net profit rises 45% YoY to Rs 88 crore

Indian Energy Exchange (IEX) reported a 45% YoY increase in net profit to Rs 88 crore for the quarter ended March (Q4 FY22). Net profit rose 10% when compared to the previous quarter. Its revenue from operations rose 19% YoY to Rs 112 crore during the same period. EBITDA stood at Rs 95 crore, up 23% YoY. The company’s board has declared a final dividend of ₹1 per share.

Bajaj Auto Q4 Results: Net profit falls 2% YoY to Rs 1,526 crore

Bajaj Auto Ltd reported a 2% YoY decline in consolidated net profit to Rs 1,526 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 7% YoY (or 11.35% QoQ) to Rs 7,974.84 crore during the same period. Bajaj Auto sold 3,89,155 units domestically in Q4, registering a 27% YoY decline. The company’s board has declared a dividend of Rs 140 per share.

Read more here.

Lupin partners with Yabao to market pediatric formulations in China

Lupin Ltd has partnered with Yabao Pharmaceutical Co. Inc. to meet the growing demand for quality drugs with pediatric formulations in the Chinese market. The latest Chinese pediatric pharma market report indicates that the market for pediatric drugs in China was pegged at ~$33 billion in 2021, growing at a rate of 9.23%. Yabao is a leading pharma company with fully integrated development, manufacturing, and commercialization in China.

Read more here.

Mahindra Logistics Q4 Results: Net profit falls 9% YoY to Rs 11 crore

Mahindra Logistics Ltd reported a 9% YoY decline in net profit to Rs 11 crore for the quarter ended March (Q4 FY22). Net profit jumped 119% when compared to the previous quarter. Its revenue from operations rose ~10% YoY to Rs 1,073 crore during the same period. EBITDA stood at Rs 54.96 crore, up 19% YoY. Mahindra Logistics’ board has declared a dividend of Rs 2 per share.

Read more here.

TVS Motor partners with Rapido to expand hyperlocal mobility

TVS Motor Company has announced a strategic partnership with Bengaluru-based on-demand delivery and mobility platform Rapido. The two entities will collaborate by leveraging synergies of their respective businesses in India’s fast-moving mobility market. The partnership will cover two-wheeler and three-wheeler vehicles. It will also extend across internal combustion engine (ICE) and electric vehicle (EV) segments.

Read more here.

Bharti Airtel acquires 7% stake in NaaS startup Cnergee Technologies

Bharti Airtel has acquired a 7% stake in Navi Mumbai-based cloud-based networking solutions provider Cnergee Technologies. This move will enable Airtel to sharpen its Network as a Service (NaaS) proposition for Small & Medium Businesses (SMBs) looking to accelerate their shift to cloud-based applications. Cnergee Technologies has developed a range of 5G-ready software tools for NaaS that can be deployed at scale.

Read more here.

Centre offers higher fertilizer subsidy for Kharif season

The Central government has announced nutrient-based subsidy rates for phosphatic and potassic fertilizers for the upcoming Kharif crop season. The new subsidy rates translate to over a 50% YoY increase in the subsidy given per bag of fertilizer. The higher fertilizer subsidies will help farmers cushion the impact of rising global prices. The Union Cabinet also approved the construction of the 540 megawatts (MW) Kwar Hydro Electric project in Jammu & Kashmir. 

Read more here.

HDFC AMC Q4 Results: Net profit rises 8.7% YoY to Rs 343.5 crore

HDFC Asset Management Company (AMC) reported an 8.7% YoY increase in net profit to Rs 343.55 crore for the quarter ended March (Q4 FY22). Net profit fell 5% when compared to the previous quarter. Its total income rose 6.5% YoY to Rs 580.93 crore during the same period. HDFC AMC’s board has declared a dividend of Rs 42 per share.

Read more here.

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

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

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

Read more here.

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

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

Read more here.

Titan reports muted sales in Q4

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

Read more here.

Maruti Suzuki to hike vehicle prices this month

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

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

Read more here.

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

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

Read more here.

HAL, Israel Aerospace Industries sign pact for MMTT aircraft

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

Read more here.

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

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

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

Read more here.

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

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

Read more here.

JSW Steel successfully bids for Ajgaon iron ore block mining license

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

Read more here.

Vodafone Idea launches Vi Jobs & Education for job seekers

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

Read more here.

IEX reports 38% YoY rise in trade volumes in FY22

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

Read more here.

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Axis Bank’s Net Profit Jumps 224% YoY in Q3 – Top Indian Market News

axis bank to hire

Axis Bank Q3 Results: Net profit jumps three-fold YoY to Rs 3,614 crore

Axis Bank reported a 224% YoY jump in net profit to Rs 3,614 crore for the quarter ended December (Q3 FY22). Net profit increased by 15% when compared to the previous quarter. Its net interest income (NII) rose 17% YoY (or 10% QoQ) to Rs 8,653 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 3.17% in Q3 FY22, compared to 3.53% in Q2 FY22. Provisions fell 64% YoY to Rs 1,335 crore in Q3 FY22. 

Read more here.

SBI Cards Q3 Results: Net profit rises 84% YoY to Rs 386 crore

SBI Cards & Payment Services Ltd reported an 84% YoY increase in net profit to Rs 386 crore for the quarter ended December (Q3 FY22). Net profit rose 12% when compared to the previous quarter. Its revenue from operations rose 20% YoY (or 13% QoQ) to Rs 2,889 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.40% in Q3 FY22, compared to 2.51% in Q3 FY21.

Read more here. 

Star Housing Finance enters into co-lending agreement with Capital India Home Loans

Star Housing Finance Ltd (SHFL) has entered into co-lending partnership with Capital India Home Loans to complement its asset under management (AUM) growth across their shared operational geographies. The partnership will provide housing finance assistance to low-income group home buyers looking to purchase/construct low-cost housing units in Tier 2,3 towns and semi-urban locations.

Shriram Transport Finance Q3 Results: Net profit falls 6% YoY to Rs 681 crore

Shriram Transport Finance Company Ltd reported a 6% YoY decline in net profit to Rs 681 crore for the quarter ended December (Q3 FY22). Net profit fell 12% when compared to the previous quarter. Its net interest income (NII) rose 11% YoY to Rs 2,388 crore during the same period. Total assets under management stood at Rs 1,24,602 crore in Q3 FY22, up 8% YoY. Loan losses and provisions increased by 46% YoY to Rs 984 crore.

Read more here.

Tube Investments to acquire 70% stake in Cellestial E-Mobility

Tube Investments of India Ltd (TII) will acquire a 70% stake in startup Cellestial E-Mobility Pvt Ltd for Rs 161 crore. Cellestial E-Mobility is engaged in the design and manufacture of electric tractors, aviation ground support electric equipment, and other electric machinery. It has designed and developed two tractor prototypes for production. As part of its entry into clean mobility, TII is also setting up a 100% subsidiary for its electric 3-wheeler initiative.

Read more here.

HDFC AMC Q3 Results: Net profit falls 3% YoY to Rs 360 crore

HDFC Asset Management Company (AMC) reported a 3% YoY decline in net profit to Rs 359.75 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 14% YoY to Rs 549.8 crore during the same period. Overall operational cost increased 35% to Rs 151 crore. Total assets under management (AUM) stood at Rs 4.37 lakh crore in Q3, up 7% YoY.

Read more here.

Paytm partners with Fullerton India to scale up lending to MSMEs

One97 Communications Ltd (Paytm) has partnered with Fullerton India to expand digital lending to micro, small & medium enterprises (MSMEs) and consumers from smaller cities and towns. Both companies will leverage data-driven insights and their wide reach to bring loans to new-to-credit users. The program will offer Paytm Postpaid to millions of consumers on the Paytm platform while utilizing Fullerton’s deep risk assessment capabilities and scale.

Read more here.

IEX Q3 Results: Net profit rises 38% YoY to Rs 80 crore

Indian Energy Exchange (IEX) reported a 38% YoY increase in net profit to Rs 80.5 crore for the quarter ended December (Q3 FY22). Net profit increased by 5% when compared to the previous quarter. Its revenue from operations rose 38% YoY (or 7% QoQ) to Rs 117 crore during the same period. EBITDA stood at Rs 98.7 crore in Q3, up 42% YoY. 

Vi MD says drop in customer base is because of tariff hikes/SIM consolidation

Vodafone Idea (Vi) Managing Director Ravinder Takkar said there was “no concern regarding the 4G customer addition pace”, and the drop in subscribers was the result of tariff hikes in November and SIM consolidation. His comments come on the back of a 5.8 million decline in Vi’s customer base in the quarter ended December (Q3 FY22).  The telecom company only saw a 0.8 million addition in its 4G subscribers in Q3.

Read more here.

Deepak Nitrite Q3 Results: Net profit rises 13% YoY to Rs 243 crore

Deepak Nitrite Ltd reported a 13% YoY increase in consolidated net profit to Rs 243 crore for the quarter ended December (Q3 FY22). Net profit fell 4% when compared to the previous quarter. The chemical manufacturer’s revenue from operations rose 40% YoY (or 2% QoQ) to Rs 1,722 crore during the same period.

Ramco Cements Q3 Results: Net profit falls 63% YoY to Rs 75 crore

The Ramco Cements Ltd reported a 63% YoY decline in consolidated net profit to Rs 75.2 crore for the quarter ended December (Q3 FY22). Net profit fell 85% when compared to the previous quarter. Its revenue from operations rose 16% YoY (or 6% QoQ) to Rs 1,541 crore during the same period. The company’s EBITDA fell 42% YoY to Rs 217 crore in Q3.

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Tata Motors to Hike Prices of CVs by 2.5% From Jan – Top Indian Market News

Tata Motors to hike prices of CVs by 2.5% from Jan 2022

Tata Motors Ltd will hike the prices of its commercial vehicles (CV) by ~2.5% from January 1, 2022. The price increment will be effective across the following segments: medium & heavy commercial vehicles (M&HCV), light commercial vehicles (LCV), small CVs, and buses. The increase in the costs of commodities and raw materials (aluminium, steel, semiconductors, and essential metals) has forced the automaker to incite an increment in price.

Read more here.

Reliance Jio conducts trial of connected drones on its 5G network

Reliance Jio has conducted successful trials of connected drones on its indigenous 5G network. The trial involved a precision command and control of drones over 5G using a fleet management system running on the cloud. It performed tasks such as image recognition, track-and-trace, discrete payload pickup & delivery, video imagery, and real-time drone control. Jio has developed its own homegrown 5G stack, which it plans to export abroad after testing its competence on a pan-India scale.

Read more here.

Tata Power signs MoU with IIT Madras to collaborate on R&D, training, tech solutions

Tata Power has signed a Memorandum of Understanding (MoU) with IIT Madras to collaborate on research & development (R&D), consultancy, advocacy, training, and technology solutions. As a part of the MoU, Tata Power and IIT Madras will aim to pursue advanced research in areas of future technology. The agreement also includes campus recruitment opportunities for postgraduate students of IIT Madras.

Read more here. 

Godrej Properties partners with TDI Group for luxury housing project in Delhi

Godrej Properties Ltd has entered into a joint venture (JV) with TDI Group to build a luxury housing project at Connaught Place in Central Delhi. The project would have a development potential of about 1.25 lakh square feet saleable area. This will be the realty company’s third project in Delhi.

Read more here.

IEX electricity volume up 54% YoY to 9,477 MU in November

Indian Energy Exchange (IEX) traded 9,477 million units (MU) of electricity in November 2021, achieving a 54% YoY (or 3.4% QoQ) growth. The traded volumes of the day-ahead market fell 3% YoY to 4,719 MU in November, with the average monthly price at Rs 3.1 per unit. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 302.7 MU during the same month, registering a 23.4% YoY growth.

Read more here.

Ramkrishna Forgings secures order worth Rs 72 crore

Ramkrishna Forgings Ltd has received a domestic order worth Rs 72 crore from an Indian automaker in the medium & heavy commercial vehicles (MHCV) segment.  The order has to be executed over a period of four years. The company has built a strong and diverse customer base in India and is now looking to strengthen its presence and gain market share. 

Read more here.

Toyota Kirloskar Motor partners with Karnataka Bank for financing solutions

Toyota Kirloskar Motor (TKM) has partnered with Karnataka Bank to finance its vehicles across cities and towns in India. The bank will be one of the preferred financiers for the entire range of vehicles sold by TKM. The finance options at competitive interest rates will be available to customers (including those covered under priority sector schemes) for purchasing Toyota vehicles for private and commercial use.

Read more here.

GSS Infotech acquires Polimeraas for Rs 250 crore

GSS Infotech Ltd has acquired a 100% stake in farm-to-store company Polimeraas for Rs 250 crore in a stock and cash deal. Polimeraas operates 75 stores across Hyderabad and Bangalore, with an average footfall of 21,000 per store per month. The company deals with procurement, distribution, and sale of agricultural products, processed food, and other home consumables. GSS Infotech is an IT company specialising in application development, e-commerce & cloud, security, and remote infrastructure management.

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Indo Count Industries to acquire home textile business of GHCL

Indo Count Industries Ltd (ICIL) has entered into a Business Transfer Agreement (BTA) with GHCL Ltd for the acquisition of its home textile business at Vapi, Gujarat. The company has also signed an Asset Transfer Agreement (ATA) for the acquisition of specified assets of GHCL’s US subsidiary. The cost of the acquisition is Rs 576 crore. ICIL is a leading manufacturer and exporter of home textiles.

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Vodafone Idea in talks with vendors for sourcing 5G gear

As per reports, Vodafone Idea (Vi) has initiated talks with several local & international telecom vendors and system integrators to explore gear sourcing options for its 5G network. The company aims to negate potential cost implications that sourcing from traditional European vendors Nokia and Ericsson may have in the absence of competition. Vi’s rivals Reliance Jio and Bharti Airtel have either developed their own 5G stack or have entered strategic partnerships to jointly build the network technology in India with non-traditional companies.

Read more here.