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Adani Ent’s Net Profit Jumps 137% YoY to Rs 722Cr in Q4 – Top Indian Market Updates

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

Adani Enterprises Q4 Results: Net profit jumps 137% YoY to Rs 722 crore

Adani Enterprises reported a 137% YoY increase in net profit to Rs 722.48 crore for Q4 FY23. Its operating revenue rose 26% YoY to Rs 31,346 crore during the quarter. EBITDA stood at Rs 3,586 crore, up 183% YoY. The company’s board has approved a dividend of Rs 1.2 per equity share.

Read more here.

Reliance Industries’ shareholders, creditors approve demerger of financial services arm

Reliance Industries’ shareholders and creditors have approved the demerger of its financial services unit with nearly 100% of the votes cast in favour. The unit will be renamed Jio Financial Services. Shareholders of Reliance Industries will receive one share of the demerged entity for every one share held in Reliance Industries. Shares of Jio Financial Services will be listed on both BSE and NSE after demerger.

Read more here.

HDFC Q4 Results: Net profit jumps 20% YoY to Rs 4,426 crore

HDFC reported a 20% YoY jump in net profit to Rs 4,426 crore for Q4 FY23. Its total operating revenue rose 35.6% YoY to Rs 16,679.43 crore during the quarter. The bank’s Net Interest Income (NII) stood at Rs 5,321 crore, up 16% YoY. The bank’s board has approved a dividend of Rs 44 per equity share.

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Adani Ports sells coastal international terminals in Myanmar for $30 million

Adani Ports & Special Economic Zone Ltd (ASPEZ) has sold its Myanmar coastal international terminals to Solar Energy for $30 million. Solar Energy will pay the amount to APSEZ within three business days after completing compliance. Once APSEZ receives the transaction value, the equity transfer will occur and its exit will be concluded.

In other news, APSEZ handled 32.3 million tonnes of total cargo in April 2023, a YoY growth of 12.8%.

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Tata Power Q4 Results: Net profit jumps 48% YoY to Rs 939 crore

Tata Power reported a 48% YoY increase in net profit to Rs 939 crore for Q4 FY23. Its revenue increased 6% YoY to Rs 12,755 crore from Rs 12,085 crore during the same period. EBITDA stood at Rs 3,101 crore in Q4 FY23, up 38% YoY. The company’s board has recommended a dividend of Rs 2 per equity share.

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Patel Engineering JV bags orders worth Rs 1,310 crore

Patel Engineering and its Joint Venture (JV) partners have been awarded EPC Turnkey Basis projects worth Rs 1,310 crore. These projects are the Tumkur Branch Canal (Package III) Micro Irrigation Project from Visvesvaraya Jala Nigama and the Sher Micro Irrigation Project from the Water Resources Department of Madhya Pradesh.

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Vehicle registrations declines by 4% in April

Vehicle registrations in India declined by 4% to 1,724,935 units in April, with retail sales of two-wheelers down 7.3% and of passenger vehicles down 1.35%. According to data from the Federation of Automotive Dealers Associations (FADA), the decline was due to the shift to BSVI norms, untimely rains and advanced purchases in March ahead of an anticipated price rise.

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TVS Motor Q4 Results: Net profit jumps 49% YoY to Rs 410 crore

TVS Motor reported a 49% YoY increase in net profit to Rs 410 crore for Q4 FY23. Its operating revenue increased 19.4% YoY to Rs 6,605 crore during the quarter. EBITDA stood at Rs 3,101 crore in Q4 FY23, up 38% YoY. The company’s board has recommended a dividend of Rs 2 per equity share.

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G R Infraprojects secures highway project in UP

G R Infraprojects has won a bid for a highway project in Kausambi, Uttar Pradesh, with a bid of Rs 737.17 crore. The project involves constructing a 38.2 km section of NH-731A with paved shoulders. It is expected to be completed within 730 days, with an operation period of 15 years from the commercial operation date.

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Zydus Lifesciences gets final approval from USFDA to manufacture ulcer drug

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Sucralfate Tablets. The drug is used to treat and prevent ulcers in the intestines. The drug will be manufactured at Zydus Lifesciences’ topical manufacturing facility in Special Economic Zone, Ahmedabad.

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IGL signs MoU with ACME Cleantech to jointly supply GreenHydrogen, set up infrastructure

Indraprastha Gas Ltd (IGL) has signed a Memorandum of Understanding (MoU) with Acme Cleantech Solutions Pvt Ltd (ACME) to explore potential business opportunities for Green Hydrogen. IGL and ACME will explore opportunities to set up hydrogen generation plants, including electrolysers. They will also blend green hydrogen into IGL’s existing pipeline networks supplying gas to households, industries, and commercial setups, and CNG for vehicles.

Read more here.

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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.

Read more here.

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.

Read more here.

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ITC’s Net Profit Rises 12% YoY in Q4 – Top Indian Market NEws

itc

ITC Q4 Results: Net profit rises 12% YoY to Rs 4,190 crore

ITC Limited reported an 11.8% YoY increase in net profit to Rs 4,190.96 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 16% YoY to Rs 16,426 crore during the same period. Revenue from ITC’s cigarette business grew 9.96% YoY to Rs 6,443.37 crore in Q4. Non-cigarette FMCG revenue stood at Rs 4,141.97 crore, up 12.32% YoY. ITC’s board has declared a final dividend of Rs 6.25 per share.

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Ruchi Soya to acquire Patanjali’s food retail business for Rs 690 crore

Ruchi Soya Industries Ltd (RSIL) will acquire Patanjali Ayurved’s food retail business for Rs 690 crore. The business comprises of 21 major products, including ghee, honey, spices, juices, and atta. The company will also get manufacturing plants located at Padartha (Uttarakhand) and Newasa (Maharashtra). RSIL’s board has also approved the change in the name of the firm to Patanjali Foods Ltd.

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Route Mobile Q4 Results: Net profit rises 29% YoY to Rs 45.68 crore

Route Mobile Ltd reported a 29.15% YoY increase in consolidated net profit to Rs 45.68 crore for the quarter ended March (Q4 FY22). Net profit rose 2.61% when compared to the previous quarter. Its total income grew 75.35% YoY (or 11.80% QoQ) to Rs 634.48 crore during the same period. Route Mobile’s board has declared a final dividend of Rs 2 per share.

Sun Pharma to launch first-in-class oral lipid-lowering drug in India

Sun Pharmaceutical Industries Ltd is planning to launch an oral drug, Bempedoic Acid, to reduce low-density lipoprotein (LDL) cholesterol. The pharma company will launch the drug under the brand name Brillo. The drug is indicated for people who have an inherited genetic disorder that causes high cholesterol levels or established heart disease where cholesterol levels remain high.

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ABFRL Q4 Results: Net profit at Rs 43.6 crore

Aditya Birla Fashion & Retail Ltd (ABFRL) reported a consolidated net profit of Rs 43.59 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 137.64 crore in the corresponding quarter last year (Q4 FY21). Its total income grew 25.57% YoY to Rs 2,309.55 crore during the same period. EBITDA stood at Rs 401 crore in Q4, up 58% YoY.

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TVS Motor launches electric scooter iQube

TVS Motor Company Ltd rolled out its latest electric scooter, iQube, equipped with a host of features, including a best-in-class range of 140 km on a single charge. The Chennai-based company has unveiled three variants of the electric scooter. It will have a seven-inch touchscreen, voice assist, iQube Alexa skillset, and Bluetooth connectivity. TVS iQube and TVS iQube S will be available at Rs 98,564 and Rs 1,08,690, respectively.

Read more here.

IGL Q4 Results: Net profit rises 9% YoY to Rs 361 crore

Indraprastha Gas Ltd (IGL) reported a 9% YoY increase in net profit to Rs 361.6 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 54.9% YoY to Rs 2,649.77 crore during the same period. EBITDA rose 2% YoY to Rs 500 crore in Q4. Total volumes grew 14% YoY to 697 million standard cubic meters (mscm) in Q4. IGL’s board has declared a dividend of Rs 5.5 per share.

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Manappuram Finance Q4 Results: Net profit falls 44% YoY to Rs 261 crore

Manappuram Finance Ltd reported a 44% YoY decline in net profit to Rs 261 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) fell 10.2% YoY to Rs 986.5 crore during the same period. [NII is the difference between the interest income earned on loans and the interest paid to depositors.] The gold loan financier’s assets under management (AUM) stood at Rs 30,300 crore in Q4, up 11.2% YoY.

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Union Cabinet amends biofuels policy, advances ethanol blending target to 2025-26

The Union Cabinet approved advancing the target of blending 20% ethanol in petrol by five years to 2025-26. Currently, ~10% of ethanol is blended in petrol. The Cabinet has also approved a proposal to allow more feedstocks for the production of biofuels. These decisions will help India cut its reliance on oil imports.

Read more here.

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PharmEasy to Acquire 66% Stake in Thyrocare – Top Indian Market News

PharmEasy to acquire 66% stake in Thyrocare for Rs 4,546 crore

PharmEasy, an Indian healthcare startup, will acquire a 66.1% stake in diagnostics solutions provider Thyrocare Technologies Ltd for Rs 4,546 crore. API Holdings Ltd, the parent company of PharmEasy, has signed definitive agreements to acquire a 66.1% stake at Rs 1,300 per share from Thyrocare’s promoters. This will be the first-ever acquisition of a listed company by an Indian startup unicorn. The transaction is subject to regulatory and other applicable customary approvals.

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ONGC Q4 Results: Net profit at Rs 6,734 crore

Oil and Natural Gas Corporation (ONGC) reported a net profit of Rs 6,734 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 3,214 crore in the corresponding quarter last year (Q4 FY20). The company’s gross revenue declined by 1% YoY to Rs 21,189 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) declined by 16% YoY to Rs 11,246 crore. ONGC’s board has recommended a final dividend of Rs 1.85 per share.

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Shilpa Medicare gets DRDO approval to manufacture 2DG Covid-19 drug

Shilpa Medicare Ltd has received in-principle approval from the Defence Research & Development Organisation (DRDO) to manufacture and sell 2-Deoxy-D-Glucose (2DG). The drug has been given emergency approval by the Drugs Controller General of India (DCGI) for Covid-19 patients in the country. Shilpa Medicare is the second company (after Dr. Reddy’s Labs) to have entered into a similar arrangement with DRDO.

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IGL Q4 Results: Net profit rises 31% YoY to Rs 332 crore

Indraprastha Gas Ltd (IGL) reported a 31% YoY increase in standalone net profit to Rs 332.08 crore for the quarter ended March (Q4). Its revenue stood at Rs 1,700.52 crore in Q4 FY21, compared to Rs 1,697 crore in the corresponding quarter last year (Q4 FY20). IGL’s overall sales volumes grew 8% YoY to 614 million metric standard cubic meters (mmscm) in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) declined by 11% YoY to Rs 1,005 crore. IGL’s board has recommended a dividend of Rs 3.6 per share.

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Tata Consumer to integrate distribution network, supply chain to drive efficiency

Tata Consumer Products Ltd (TCPL) is integrating its distribution network and supply chain to drive efficiency. The company will undertake end-to-end digitalisation of channel partners by leveraging its wide product portfolio. TCPL will launch Eight O’Clock (an American gourmet coffee brand) in its direct-to-consumer (DTC) model next week. The FMCG firm is also using data analytics for strategic planning and is working to make its products available across the globe.

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JSW Energy Q4 Results: Net profit falls 1.7% YoY to Rs 106 crore 

JSW Energy Limited reported a 1.7% YoY decline in consolidated net profit to Rs 106.60 crore for the quarter ended March (Q4). Net profit has fallen by 13.71% when compared to the previous quarter. Its total income declined by 12.64% YoY (or 2.72% QoQ) to Rs 1,614.09 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) fell 27.68% YoY to Rs 795.48 crore. JSW Energy’s current portfolio consists of 30% renewable energy capacity. This is expected to increases to 70% by FY25.

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MOIL signs pact with Madhya Pradesh govt, MPSMCL to explore manganese ore reserves

MOIL has signed a Memorandum of Understanding (MoU) with the Madhya Pradesh government and the Madhya Pradesh State Mining Corp. Ltd (MPSMCL) to explore the possibilities of manganese ore mining in the state. The company has carried out detailed remote sensing with the help of the National Remote Sensing Centre (NRSC) ISRO, Hyderabad, to identify manganese-bearing areas. MOIL has also carried out extensive fieldwork, followed by geological mapping and sampling in four districts.

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Godfrey Phillips Q4 Results: Net profit jumps 146% YoY to Rs 95 crore

Godfrey Phillips India Ltd reported a 146.19 YoY jump in consolidated net profit to Rs 95.25 crore for the quarter ended March (Q4). Net profit has declined by 22.4% when compared to the previous quarter. Its revenue from operations rose 18% YoY to Rs 694.70 crore during the same period. Net profit for the financial year 2020-21 (FY21) fell 2.17% YoY to Rs 376.52 crore. The tobacco manufacturing company’s board has approved a dividend of Rs 24 per share.

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Thermax secures Rs 250 crore order for a greenfield refinery in Latin America

Thermax Babcock & Wilcox Energy Solutions, a wholly-owned subsidiary of Thermax Ltd, has secured an order for a claus package and an oxidiser package in the suphur recovery unit for a greenfield refinery in Latin America. The customer, a globally renowned refining company, is setting up a new 340 million barrels per day (MBPD) crude oil refining capacity to increase the production of high-value distillates. This export order is worth Rs 250 crore. Thermax is a leading energy and environment solutions provider headquartered in Pune.

Read more here.

India Pesticides IPO subscribed 29.04 times on final day of bidding

The Rs 800 crore initial public offering (IPO) of India Pesticides Limited was subscribed 29.04 times on the final day of bidding. Investors have put in bids for 56.07 crore equity shares against the offer size of 1.93 crore shares. The portion reserved for retail investors was subscribed 11.3 times. The portion set aside for Non-Institutional Investors (NIIs) was subscribed 51.88 times, and that of Qualified Institutional Buyers (QIBs) 42.95 times. 

To learn more about the IPO, click here.

Purvankara Q4 Results: Net profit at Rs 8.75 crore

Purvankara Ltd reported a consolidated net profit of Rs 8.75 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net profit of Rs 0.35 crore in the corresponding quarter last year (Q4 FY20). The real estate developer’s total income declined by 12.9% YoY to Rs 339.39 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), Purvankara posted a net loss of Rs 4.67 crore. This is compared to a net profit of Rs 88.35 crore in FY20.

Read more here.

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BEL Achieves Record Turnover of Rs 13,500 crore During 2020-21 – Top Indian Market News

BEL achieves record turnover of Rs 13,500 crore during 2020-21

Bharat Electronics Limited (BEL) said it has achieved a record turnover of about Rs 13,500 crore during FY 2020-21, despite challenges posed by the Covid-19 pandemic and high competition. The company’s turnover in the previous financial year stood at Rs 12,608 crore. BEL’s total order book as of April 1, 2021, stood at ~Rs 53,000 crore. The state-owned company also achieved export sales of around $50 million (~Rs 366 crore) during 2020-21.

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Automobile companies register strong sales growth in March

Major automobile companies reported healthy sales growth during March 2021. Maruti Suzuki posted a 1.15% increase in total sales to 1.67 lakh units in March, compared to 1.64 units sold in February. This was led by strong sales of utility vehicles, light commercial vehicles (LCVs), and vans. Tata Motor’s overall domestic sales rose 14% in March to 66,609 units from 58,473 units sold in February. Escort Ltd’s agricultural machinery segment sold 12,337 tractors in March, the highest-ever recorded in the month. M&M’s passenger vehicle sales increased by 8% month-on-month.

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IGL signs long-term pact with Delhi Transport Corp to supply CNG

Indraprastha Gas Limited (IGL) has signed a long-term agreement to supply compressed natural gas (CNG) to Delhi Transport Corporation (DTC). The gas supply agreement is valid till December 2030. DTC is the largest CNG-powered bus service operator in the world with a fleet size of 3,762 buses. It is in the process of procuring 1,000 new CNG buses, which would soon be plying on the roads of Delhi.

Read more here.

JSW Steel completes acquisition of Welspun’s plates, coil mill business

JSW Steel Limited has completed the acquisition of Welspun Corp’s high-grade steel and coil business. Laptev Finance Pvt Ltd, a subsidiary of JSW Group, will first acquire Welspun’s Plates and Coil Mill division for Rs 848.5 crore— subject to closing adjustments towards net working capital. The subsidiary will transfer all rights and obligations related to the deal to JSW Steel for a consideration of Rs 1 crore.

In other news, JSW Steel has commenced production of hot-rolled plates at its Dolvi Works plant in Maharashtra. The company is in the process of increasing the plant’s capacity from 5 million tonnes per annum (MTPA) to 10 MTPA.

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RIL-BP seeks bids for sale of additional gas from KG-D6 basin

Reliance Industries Ltd (RIL) and its partner, BP, have sought bids from companies to sell the additional gas produced from the KG-D6 basin off the east coast of India. RIL and BP Exploration Alpha Ltd are currently producing and developing deepwater gas fields in the KG-D6 block under a production sharing contract with the Indian government. The consortium expects additional gas availability for sale at Kakinada, Andhra Pradesh from the last week of April or early May.

Read more here.

Wipro to acquire Australia-based Ampion for $117 million

Wipro Limited has signed an agreement to acquire Ampion, an Australia-based provider of cybersecurity, DevOps, and quality engineering services. The cost of the acquisition is $117 million (~Rs 855 crore). The IT services major said the acquisition of Ampion strengthens its commitment towards clients and stakeholders in Australia and New Zealand. The deal is expected to close in the quarter ending June 30, 2021 (Q1).

In other news, Wipro Ltd has completed a strategic digital and IT partnership deal with German wholesaler Metro AG. Wipro has acquired Metro-Nom GMBH and Metro System Romania for Rs 450 crore. 

Read more here.

IRB Infra receives LoA for road project in Himachal Pradesh

IRB Infrastructure Developers has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project in Himachal Pradesh. The project consists of four-laning the Pathankot-Mandi section of NH-20 in Himachal Pradesh on Hybrid Annuity Mode (HAM). The cost of the project is Rs 828 crore. With this, IRB Infra’s order book stands at Rs 14,509 crore.

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Tata Consumer divests stake in Empirical Group, Southern Tea

Tata Consumer Products Ltd (TCPL) said its step-down subsidiaries in the US are divesting their entire stakes in Empirical Group LLC and Southern Tea LLC to their joint venture (JV) partner Harris Tea Company. This move will help TCPL focus on its core branded business in the overseas markets. It will also help simplify and streamline the company’s operations to enhance business effectiveness and profitability.

Read more here.

Reliance Infra sells Santacruz HQ to Yes Bank for Rs 1,200 crore

Reliance Infrastructure has sold its commercial property in Santacruz, Mumbai to its lender Yes Bank for Rs 1,200 crore. The entire proceeds from the sale of Reliance Centre will be utilised to repay the debt of Yes Bank. With this, Reliance Infrastructure has closed three major transactions in the last 90 days, including the sale of a road asset— Delhi-Agra toll road, transmission asset— Parbat Koldfam Transmission Company Ltd, and sale of Reliance Centre, Santacruz.

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Mastercard to invest $100 million in Airtel Africa’s mobile money unit

Bharti Airtel’s African arm, Airtel Africa plc, has signed a deal to sell a 3.75% stake in its mobile money operations to Mastercard Inc. The global payment processor will invest $100 million (~Rs 733 crore) in Airtel Mobile Commerce BV (AMC BV)— a wholly-owned subsidiary of Airtel Africa. AMC BV is the holding company for several of Airtel Africa’s mobile money operations. It intends to own and operate the mobile money businesses across all of Airtel Africa’s fourteen operating countries.

Read more here.

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All Industries in Delhi to Switch to PNG by Jan 31 – Top Indian Market News

Air Quality Commission directs switching over of all industries in Delhi to PNG

The Commission for Air Quality Management in NCR and Adjoining Areas has directed all industrial units in Delhi to switch over to piped natural gas (PNG) by January 31. The Commission has also directed the Delhi Pollution Control Committee (DPCC) to inspect and identify industries using polluting fuels and take stringent penal action against those found violating the directive. IGL and GAIL have been directed to complete the pipeline network, metering, and associated infrastructure by January 31.

Read more here

Govt invites bids for selling its stake in Shipping Corporation of India

The Indian government has initiated the sell-off plan for Shipping Corporation of India Ltd (SCI), by inviting expression of interest from potentially interested parties. The government proposes to sell its entire shareholding of 63.75% in the listed entity to a buyer that will takeover the company with full management control. The deadline for submitting initial bids is on February 13, 2021. 

Read more here.

Bajaj Auto to set up a Rs 650-crore unit in Maharashtra 

Bajaj Auto Ltd has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for Rs 650 crore, to set up a manufacturing unit in Chakan. The state government will facilitate Bajaj Auto in obtaining necessary permissions, registrations, approvals, clearances, and fiscal incentives from the concerned departments. The facility will be utilised for manufacturing high-end KTM, Husqvarna, and Triumph motorcycles. Bajaj Auto stated that the new facility is expected to commence production in 2023.

Read more here.

Infosys partners with Daimler for IT infrastructure transformation

Infosys Ltd and German automotive major Daimler AG have entered a long-term strategic partnership for a technology-driven IT infrastructure transformation. With support from Infosys, Daimler AG will transform its IT operating model and infrastructure landscape across workplace services, data centers, and networks. The collaboration will also empower Infosys to strengthen its automotive expertise.

Read more here.

Dr. Reddy’s seeks approval from Canada for Favipiravir pills for Covid-19 treatment

Dr. Reddy’s Laboratories Ltd, Canada-based Appili Therapeutics, and Dubai-based Global Response Aid FZCO (GRA) on Tuesday said that Dr. Reddy’s Canada has filed an application on behalf of the consortium for Reeqonus (favipiravir) Tablets. The tablets are indicated for acute treatment of mild to moderate Covid-19 adult patients. The application has been filed under Health Canada’s “Interim Order Respecting the Importation, Sale, and Advertising of Drugs for Use in Relation to Covid-19”.

Read more here.

Embassy REIT raises Rs 3,680 crore to fund acquisition of Embassy Tech Village

Embassy Office Parks REIT has raised Rs 3,680 crore ($501 million) through an institutional placement of its units. The proceeds from this placement will be utilised to fund the REIT’s proposed acquisition of Embassy TechVillage (ETV), an information technology park in Bengaluru, for $1.3 billion (~Rs 9,602 crore). The transaction is expected to close by the end of this month.

Read more here.

Oil India signs MoU with Assam Hydrocarbon 

Oil India Ltd, on Tuesday, signed a Memorandum of Understanding (MoU) with Assam Hydrocarbon & Energy Company (AHECL) in Guwahati. The company stated that the MoU is aimed at establishing a joint institutional framework to facilitate bilateral cooperation in hydrocarbon exploration, development, and marketing of natural gas in Assam for mutual benefit.

Read more here.

Jubilant Foodworks introduces India’s first plant-protein based pizza

Jubilant Foodworks Ltd announced that Domino’s Pizza has introduced India’s first plant-protein based product – ‘The Unthinkable Pizza’. The company stated that Domino’s latest offering is 100% vegetarian, and yet, has the sensory properties of chicken. The pizza would be available at all Domino’s restaurants across Delhi NCR, Mumbai, and Bangalore. Jubilant Foodworks is the master franchisee for Domino’s Pizza in India, Nepal, Sri Lanka, and Bangladesh.

Read more here.

NMDC signs MoU with MECL for joint mineral exploration

NMDC Limited has signed an MoU with Mineral Exploration Corporation Limited (MECL) for joint exploration for iron ore, gold, coal, diamond, and other minerals in mutually agreed projects across various states. This will support the government’s ‘Atmanirbhar Bharat Abhiyan’ initiative and extend its commitment towards mineral security for the nation. NMDC Ltd is India’s largest iron ore producing ‘Navaratna’ company.

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Aster DM Healthcare to invest $100 million to set up hospital in Cayman Islands

Aster DM Healthcare said it will invest around $100 million (~Rs 738 crore) to set up a tertiary care hospital in the Cayman Islands, as part of its plans to set up a clinical excellence hub in the region. The company stated that it has signed an agreement with the Government of Cayman Islands to set up a clinical excellence hub to serve the Caribbean Region, North America, Canada, and South America. Aster will initially develop around 150-bed tertiary and quaternary care hospitals in these regions.

Promoters of Wendt India withdraws its proposed OFS

Carborundum Universal and Wendt GmBH, the promoters of Wendt India Ltd, has decided to withdraw the proposed offer for sale (OFS) of shares. In a BSE filing, the Murugappa Group company said that due to delay in transfer of the sale shares as required under the SEBI OFS circulars, it has decided to withdraw the OFS. On Monday (21 December 2020), both promoters had proposed to sell up to 94,704 equity shares, or 4.74% stake of Wendt (India) via an OFS on 22nd and 23rd of December 2020. 

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