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NSE Plans Longer FnO Trading Hours – Top Indian Market Updates

NSE market updates | marketfeed

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

NSE plans longer F&O trading hours

As per an Economic Times report, the National Stock Exchange (NSE) is finalising plans to extend trading hours for equity derivatives. The exchange proposes to launch an evening session, possibly between 6 PM and 9 PM. Market participants can continue trading F&O contracts after the regular session between 9:15 AM and 3:30 PM. NSE might consider extending this session to 11:30 PM at a later stage.

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TCS expands partnership with Africa’s Standard Bank Group

Tata Consultancy Services (TCS) has expanded its partnership with Africa’s largest custodian, Standard Bank Group (SBG). SBG would centralise and standardise its custody and securities settlement operations in over 15 markets with the TCS BaNCS Global Securities Processing Platform. The platform has already been deployed in seven markets (including South Africa), and the others will be implemented by March 2024.

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Serentica Renewables secures ₹3,000 crore in debt funding from REC

Serentica Renewables has raised ₹5,600 crore in funding from REC Ltd and Power Finance Corporation Ltd. It has raised ₹3,000 crore from REC and ₹2,600 crore in debt funding from PFC. This transaction is in line with REC’s expanding role in funding green projects and positioning itself as the focal agency for energy transition.

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Strides Pharma to spin off contract development unit

Strides Pharma will spin off its contract development and manufacturing organisation (CDMO) and soft gelatin business into a new entity, OneSource. OneSource will list in the next 12-16 months and will have more than 1,200 employees. The new company is expected to deliver $180-200 million in revenue in the financial year 2024-25.

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Godrej Properties sells 670 apartments worth ₹2,000Cr 

Godrej Properties has sold 670 apartments worth over ₹2,000 crore in its project, Godrej Tropical Isle, in Sector 146, Noida. The project was launched in August 2023, nine months after the purchase of a land parcel through an e-auction conducted by the Noida Authority in November 2022. This is Godrej Properties’ most successful launch in terms of the value and volume of sales achieved.

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IHCL expands footprint in Sikkim

Indian Hotels Company Ltd (IHCL) is expanding its footprint in Sikkim, with the opening of Taj Guras Kutir Resort & Spa in Gangtok. The 69-key resort is spread over 14 acres. With the addition of this hotel, IHCL will have 11 hotels with three under development in North East India. This includes three hotels across the Taj, Vivanta and Ginger brands in Sikkim.

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Indian Oil unveils hydrogen-run bus that emits just water

Indian Oil Corporation Ltd (IOCL) unveiled India’s first green hydrogen-powered bus that emits just water as it takes the lead in bringing out unrivalled tools to replace fossil fuels. IOCL will produce nearly 75 kg of hydrogen by splitting water using electricity from renewable sources. This hydrogen will be used to power two buses, which will ply across the National Capital Region (NCR) for trial runs.

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IRCON executes contract worth ₹122 crore with Sri Lanka Railways

Ircon International Ltd (IRCON) has secured an order worth ₹122 crore ($14.89 million) from Sri Lanka Railways. The work includes designing, installing, testing, commissioning and certifying of signalling and telecommunication systems from Maho Junction to Anuradhapura, IRCON. This contract for the order was executed under the Indian Line of Credit on September 21.

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Grasim Industries temporarily closes Century Rayon plant

A section of Grasim Industries Ltd’s Century Rayon plant at Shahad in Maharashtra has been closed temporarily after a government order. The Department of Industrial Safety and Health’s order came after a fatal explosion at the Century Rayon plant on Saturday, September 23. Two persons died in the explosion, while six others were injured.

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Shree Cement board approves proposal to raise up to ₹700 crore via NCDs

Shree Cement Ltd’s board has approved a proposal to raise up to ₹700 crore through an issue of non-convertible debentures (NCD) on a private placement basis. The secured, rated redeemable and taxable NCDs with a base issue size of ₹350 crore and an option to retain oversubscription of up to ₹350 crore will be allotted on September 26, 2023. The issue will be at a face value of ₹1,00,000 each for cash at par.

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Alkem Labs, Biosergen AB sign pact for invasive fungal diseases treatment

Alkem Laboratories has signed a co-development and license agreement with Biotech company Biosergen AB for BSG005. It is used for the treatment of severe and difficult-to-treat invasive fungal diseases. The partnership is for Phase II and Phase III trials of the drug. Alkem will be granted an exclusive license to market the drug in India.

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Power Grid to raise up to ₹2,250 crore via bonds

Power Grid Corporation of India Ltd has approved raising up to ₹2,250 crore in its second tranche as part of its fundraising plans. The proceeds will be used to part finance the company’s capex requirements, to provide inter-corporate loans to its wholly-owned subsidiaries and joint ventures, and for general corporate purposes.

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Bharti Airtel’s Net Profit Rises 50% YoY to Rs 3,006Cr in Q4 – Top Indian Market Updates

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

Bharti Airtel Q4 Results: Net Profit rises 50% YoY to Rs 3,006 crore

Bharti Airtel reported a 50% YoY increase in consolidated net profit to Rs 3,006 crore for Q4 FY23. Its consolidated revenue jumped 14.3% YoY to Rs 36,009 crore during the same quarter. EBITDA stood at Rs 18,807 crore, up 18% YoY in Q4FY23. The company’s board has recommended a final dividend of Rs 4 per equity share.

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BPCL board approves Rs 49,000 crore capex for ethylene cracker project at Bina refinery

Bharat Petroleum Corporation Ltd (BPCL) has received board approval for several projects. These include an ethylene cracker project at Bina Refinery, expansion of the refinery, and downstream petrochemical plants. Additionally, the company will set up two 50 MW wind power plants costing approximately Rs 978 crore for captive consumption, one at the Bina refinery and another at the Mumbai refinery.

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SGX Nifty to be known as GIFT Nifty from July 3

According to a circular from Singapore Exchange, SGX Nifty will be known as GIFT Nifty from July 3, 2023. All SGX orders will be completely transferred to Gift City, NSE IFSC Exchange for matching and the facility would be the sole trading location for SGX Nifty derivatives as of July 3.

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Sona Comstar partners with UK’s Equipmake to make electric powertrains in India

Sona BLW Precision Forgings Ltd has signed an agreement with UK-based Equipmake to produce electric powertrains for cars, buses, and commercial vehicles in India and other markets. The licensing agreement allows Sona Comstar, a subsidiary of Sona BLW, to manufacture and sell EV powertrains, subsystems, and components based on Equipmake’s patented spoke motor and inverter technology.

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Bank of Baroda Q4 Results: Net profit jumps 168% YoY to Rs 4,775 crore

Bank of Baroda reported a 168% YoY jump in standalone net profit to Rs 4,775 crore for Q4 FY23. Its Net Interest Income (NII) jumped 33.8% YoY to Rs 11,525 crore during the same quarter. Gross NPA and Net NPA stood at 3.79% and 0.89% respectively. The bank’s board has recommended a dividend of Rs 5.5 per equity share.

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Eveready Industries cuts direct distributors to 1,000

Eveready Industries India Ltd has implemented a network revamp strategy to improve efficiency. The company’s direct distributors have been reduced from 5,000 to 1,000. The changes extend not only to the organization but also to the channel structures, focusing on a more streamlined and efficient distribution network.

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Bank of Baroda made a provision of Rs 500 crore against GoFirst exposure

Bank of Baroda has made a provisioning of Rs 500 crore against its exposure to financially troubled airline Go First, which has been granted bankruptcy protection preventing the repossession of its planes by lessors. The bankruptcy filing of Go First lists Bank of Baroda, Central Bank of India, IDBI Bank, and Deutsche Bank among its financial creditors, with a total owed amount of Rs 6,521 crore.

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IOCL Q4 Results: Net profit jumps 52% YoY to Rs 10,841 crore

Indian Oil Corp Ltd reported a 52% YoY jump in consolidated net profit to Rs 10,841 crore for Q4 FY23. Its operating revenue rose 10% YoY to Rs 2.3 Lakh crore during the quarter. The company’s board has recommended a final dividend of Rs 3 per equity share.

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SPML Infra lenders start Rs 2,000-crore debt sale based on anchor bid from NARCL

Lenders led by the State Bank of India (SBI) have initiated the sale of SPML Infrastructure’s debt worth over Rs 2,000 crore based on an anchor bid by the government-backed National Asset Reconstruction Company Limited (NARCL). The debt offered for sale includes fund-based and non-fund-based loans, optionally convertible debentures, and carries a security value of Rs 1,203 crore. The six banks, including SBI, Canara Bank, ICICI Bank, PNB, BOB, and Union Bank of India, are collectively selling the debt.

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INOX Air Products investing Rs 1,300 cr to set up air separation units at Tata Steel’s Dhenkanal plant

INOX Air Products will invest Rs 1,300 crore to establish two air separation units (ASUs) with a daily capacity of 1,800 tonnes each at Tata Steel’s plant in Dhenkanal, Odisha. The ASUs will produce industrial gases such as oxygen, nitrogen, and argon, which are vital for the steel manufacturing process. The project is expected to be operational by March 2025, and the partnership agreement covers 20 years for the supply of gases.

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Chalet signs franchise agreement with IHCL for Delhi airport hotel

Chalet Hotels Ltd’s subsidiary Chalet Airport Hotel Private Limited has entered into a franchise agreement with Indian Hotels Company Limited (IHCL), backed by the Tata Group. The agreement is for a new luxury hotel at Terminal 3 of Indira Gandhi International Airport in New Delhi. The hotel will be under the Taj brand and will feature 400 rooms and dining and conferencing facilities.

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SBI to Raise Funds of Upto $2 Billion – Top Indian Market Updates

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

SBI approves fundraise of up to $2 billion for FY24

State Bank of India’s (SBI) board has approved fundraising of up to $2 billion (~Rs 16,400 crore) for the financial year 2023-24. SBI plans to raise this amount through foreign currency bonds in single or multiple tranches. The bonds will be in the form of senior unsecured notes in US dollars or any other convertible currency and may be offered through a public offer and/or private placement. These perpetual bonds will have a call option after 10 years and every anniversary thereafter.

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Tata Coffee Q4 Results: Net profit rises 20% YoY to Rs 49 crore

Tata Coffee reported a 19.6% YoY growth in consolidated net profit to Rs 48.80 crore in Q4 FY23. The company’s consolidated revenue from operations also rose by 10.17% YoY to Rs 723.01 crore. The positive financial performance indicates the company’s strong performance in the coffee industry and the successful execution of its business strategies.

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HDFC Bank to continue opening branches at same speed in FY24 as last year

HDFC Bank plans to continue expanding its branch network at the same pace in the current financial year (FY24) after opening close to 1,500 branches in FY 2022-23. The bank believes that branch expansion is crucial for deposit mobilisation. It aims to maintain the momentum of adding branches as it has done over the last 15-18 months. As of March 31, 2023, HDFC Bank had 7,821 branches, up from 6,342 a year ago.

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Reliance Capital resolution process completion deadline extended to July 16

The National Company Law Tribunal (NCLT) has extended the deadline for resolving Reliance Capital by three months to July 16, as lenders plan to hold a second round of auction on April 26 to maximize recovery from the sale of assets. Bidders including IndusInd International Holdings Ltd, Torrent Investment, and Oaktree have confirmed their participation. The second round of auctions was postponed from April 11 to April 26 to address issues raised by the bidders.

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HDFC Bank set to meet liquidity norms post-merger

HDFC Bank is expected to comfortably meet reserve ratio requirements after its merger with parent HDFC Ltd, as it awaits a final view from the central bank on requests for forbearance. The $40 billion merger is expected to conclude by July. The bank has requested a phased approach to meet the requirements for the statutory liquidity ratio (SLR) and cash reserve ratio (CRR), which are set at 18% and 4.5%, respectively. Housing finance companies are not required to maintain CRR, but they must maintain a lower SLR than banks.

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Tata Steel in talks to raise up to $400 million in offshore green loan

Tata Steel Ltd is reportedly in talks to raise up to $400 million in what could be its first green loan. The debt is expected to have a tenor of about five years, and the proceeds would be used for capital expenditure. The lenders involved in the talks include Bank of America Corp., HSBC Holdings Plc, JPMorgan Chase & Co., and Mitsubishi UFJ Financial Group Inc. However, no final decision has been made yet.

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IHCL announces the signing of two new hotels in Dhaka

Indian Hotels Company (IHCL) has announced the signing of two new hotels in Dhaka, Bangladesh. The Taj and Vivanta branded hotels will be part of an integrated complex that will also include high-end retail. The mixed-use development project in Dhaka will feature a 230-room Taj hotel and a 130-room Vivanta hotel. The project is being carried out in partnership with Borak Real Estate of the Unique Group, one of the largest business conglomerates in Bangladesh.

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ICICI Lombard Q4 Results: Net profit rises 40% YoY to Rs 437 crore

ICICI Lombard General Insurance reported 40% YoY growth in net profit of Rs 437 crore in Q4 FY23. Total income grew 13% YoY to 5,255 crores. The company’s gross premiums written for the quarter under review were Rs 5,340 crore, a 7% increase YoY. Net premium written rose 1.86% YoY to Rs 4,047 crore. The company’s income from investments rose 14% to Rs 616 crore. The company also declared a final dividend of Rs 5.50 per equity share.

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Invesco exits ZEEL; sells entire stake for Rs 1,004 crore

US-based investment firm Invesco has divested its entire stake of 5.11% in Zee Entertainment Enterprises Ltd (ZEEL) for Rs 1,004 crore through an open market transaction. The shares were sold by Invesco’s arm, OFI Global China Fund LLC, and were purchased by buyers, including Segantii India Mauritius, Morgan Stanley Asia Singapore Pte, and Goldman Sachs Singapore Pte ODI. The shares were sold at an average price of Rs 204.50 per share, resulting in a transaction value of Rs 1,004.34 crore.

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Vedanta to start building semiconductor plant by Q3

Vedanta Group is expecting to start building its Rs 1.5 lakh crore semiconductor plant in the October-December quarter (Q3) of FY24. The company plans to start producing electronic chips by the first half of 2027. The Central govt will provide a 50% subsidy on the total cost of the project.

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Tata Chemicals Posts 3-fold Jump in Q2 Net Profit – Top Indian Market Updates

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

Tata Chemicals Q2 Results: Net profit jumps 3-fold YoY to ₹628 crore

Tata Chemicals Ltd reported a nearly three-fold year-on-year (YoY) jump in consolidated net profit to ₹628 crore for the quarter ended Sept (Q2 FY23). Its total income rose 39.62% YoY to ₹4,299 crore during the same period. Expenses stood at ₹3,623 crore in Q2, up 29.16% YoY.

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India’s textiles sector eyeing $100-billion exports in 5-6 years: Piyush Goyal

India’s textiles sector aims to hit $100 billion in exports in 5-6 years, said Union minister Piyush Goyal. This would take the industry’s combined domestic and international economic value to $250 billion. Outbound shipments from India’s textiles segment stood at around $42 billion in 2021-22.

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V-Guard Q2 Results: Net profit falls 26% YoY to ₹43.6 crore

V-Guard Industries Ltd reported a 26.5% YoY decline in consolidated net profit to ₹43.66 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 8.67% YoY to ₹986.14 crore during the same period. The company’s total expenses stood at ₹93,026 crore in Q2, up 12.51% YoY. V-Guard’s revenue from the electronics segment rose 8.7% YoY to ₹227.36 crore.

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Alembic Pharma gets USFDA approval for Paclitaxel injection

Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its generic version of Paclitaxel injection. The drug is indicated as subsequent therapy for the treatment of advanced carcinoma (cancer) of the ovary. It is also used in the treatment of breast cancer. As per IQVIA data, Paclitaxel injection had an estimated market size of ~₹215 crore for the 12 months ended June 30, 2022.

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Tamilnad Mercantile Bank Q2 Results: Net profit rises 37% YoY to ₹262 crore

Tamilnad Mercantile Bank reported a 37% YoY increase in net profit to ₹262 crore for the quarter ended Sept (Q2 FY23). Its total income grew 3.6% YoY to ₹1,141 crore during the same period. The gross non-performing assets ratio (GNPA) improved to 1.7% in Q2 FY23, compared to 3.31% in Q2 FY22.

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Kinetic Green partners with IndusInd Bank for financing scheme for EVs

Kinetic Green Energy & Power Solutions has partnered with IndusInd Bank to offer easy and affordable financing for customers for their range of electric two-wheelers at dealerships across India. Under the scheme, customers will get up to 100% loan to value (LTV) at lucrative interest rates for flexible tenures. The loan deal will enable financing options for both salaried and self-employed customers. 

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IIFL Finance Q2 Results: Net profit rises 36% YoY to ₹397 crore

IIFL Finance reported a 36% YoY increase in consolidated net profit to ₹397 crore for the quarter ended Sept (Q2 FY23). Its total income rose 19.7% YoY to ₹2,051.44 crore during the same period. The company’s assets under management stood at ₹55,302 crore in Q2. The gross non-performing assets ratio (GNPA) improved to 2.4% in Q2 FY23, compared to 2.6% in Q1 FY23.

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JSW Steel’s US unit raises $182 million debt to upgrade Texas plant

JSW Steel’s US unit has raised $182 million (~₹1,497 crore) in long-term debt from Italy’s Intesa Sanpaolo and Banco BPM to upgrade its plate mill in Baytown, Texas. Three Italian firms will supply about $100 million worth of equipment like cutting line, rolling mill, grinding machine, and water treatment system for upgrading the facility. Of the total financing, $70 million is covered under a guarantee provided by the Italian government to promote exports.

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BEL Q2 Results: Net profit flat at ₹611 crore

Bharat Electronics Ltd (BEL) reported a net profit of ₹611 crore in Q1 FY23, compared to a profit of ₹612.6 crore in Q2 FY22. Its revenue from operations rose 7.6% YoY to ₹3,896.2 crore during the same period. Total expenses stood at ₹3,195.98 crore in Q2, up 10.26% YoY. As of Oct 1, 2022, BEL’s total order book stood at ₹52,795 crore.

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IHCL installs 224 EV charging stations at 92 properties

Indian Hotels Company Ltd (IHCL) has installed over 224 electric vehicle (EV) charging stations at 92 of its properties across India in collaboration with Tata Power. These charging points are present across various Taj, SeleQtions, Vivanta, Ginger, and ama Stays & Trails properties.

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MRF Reports 12-fold Jump in Net Profit in Q1 – Top Indian Market News

MRF Q1 Results: Net profit rises 12-fold YoY to Rs 166 crore

MRF Limited reported a 1,130% YoY jump in consolidated net profit to Rs 165.58 crore for the quarter ended June (Q1 FY22). However, net profit has declined by 50.15% when compared to the previous quarter. Its revenue from operations rose 70% YoY to Rs 4,184 crore during the same period. EBITDA grew 49.2% YoY to Rs 2,460.7 crore in Q1. The tyre manufacturer’s total expenses increased by 63.5% YoY to Rs 4,054.24 crore during the April-June quarter of FY22.

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Amara Raja Batteries to acquire 11.36% stake in Log 9 for Rs 37 crore

Amara Raja Batteries Ltd (ARBL) will invest ~Rs 37 crore for acquiring an 11.36% stake in Log 9 Materials Scientific Pvt Ltd, a Bengaluru-based battery-tech and deep-tech startup. ARBL is expected to be the primary partner for scaling up the manufacturing operations of Log 9’s battery and fuel cell technologies. The investment is part of ARBL’s ‘Energy & Mobility’ strategy, which focuses on entering into green technologies and solutions.

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AstraZeneca Pharma Q1 Results: Net profit falls 45% YoY to Rs 10.24 crore

AstraZeneca Pharma India Ltd reported a 45.62% YoY decline in net profit to Rs 10.24 crore for the quarter ended June (Q1 FY22). Net profit has declined by 62.45% when compared to the previous quarter. Its revenue from operations fell 9.3% YoY to Rs 175.4 crore during the same period. The pharma company’s board has declared an interim dividend of Rs 2 per share.

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Govt looks to cut import duties on electric cars to as low as 40%: Report

According to a report from Reuters, India is considering slashing import duties on electric cars to as low as 40%. The government plans to cut the tax rate from 60% to 40% for electric cars under $40,000 (~Rs 29.69 lakh). For EVs valued at more than $40,000, the Centre is looking at cutting the rate from 100% to 60%. This comes days after Tesla Inc appealed for a cut in India’s import duties. The EV giant argued that lowering import duties on EVs to 40% would make them more affordable and boost sales. 

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Subex Q1 Results: Net profit falls 11% YoY to Rs 13.48 crore

Subex Ltd reported an 11.08% YoY decline in consolidated net profit to Rs 13.48 crore for the quarter ended June (Q1 FY22). Net profit has declined by 13.6% when compared to the previous quarter. Its total income fell 2.62%% YoY (or 10.8% QoQ) to Rs 87.31 crore during the same period. Subex is an enterprise software company that provides digital trust products to communication service providers.

Equity mutual fund inflows surge more than three-fold in July

Investment into equity mutual funds surged more than three-fold in July amidst optimism about the economy, as restrictions eased after the second wave of Covid-19. Net inflows into equity and equity-linked schemes jumped ~277% over the preceding month to Rs 22,583.5 crore in July 2021. This is the fifth-straight month of inflows into the category and is the highest since April 2018. The data was released by the Association of Mutual Funds in India (AMFI).

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Balrampur Chini Mills Q1: Net profit falls 44% YoY to Rs 77 crore

Balrampur Chini Mills Ltd reported a 44.7% YoY decline in consolidated net profit to Rs 77.92 crore for the quarter ended June (Q1 FY22). Net profit has declined by 67.34% when compared to the previous quarter. Its revenue from operations fell 20.2% YoY to Rs 1,140.44 crore during the same period. The company’s board has approved a proposal to buy back up to 52.5 lakh equity shares at a maximum price of Rs 410 per share. The Board of Directors has also approved a further expansion of ethanol production from 840-kilo litre per day (KLPD) to 1,050 KLPD.

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Shree Cements Q1 Results: Net profit rises 91% YoY to Rs 630 crore

Shree Cements Ltd reported a 91.11% YoY increase in consolidated net profit to Rs 629.9 crore for the quarter ended June (Q1 FY22). Net profit has declined by 21.1% when compared to the previous quarter. Its total income rose 44.5% YoY (but declined by 13.3% QoQ) to Rs 3,775.9 crore during the same period.

Clean Science and Tech Q1 Results: Net profit rises 30% YoY to Rs 54 crore

Clean Science and Technology Ltd reported a 30.3% YoY increase in consolidated net profit to Rs 54.6 crore for the quarter ended June (Q1 FY22). Net profit has increased by 2.7% when compared to the previous quarter. Its revenue from operations rose 29.62% YoY (or 9.2% QoQ) to Rs 146.4 crore during the same period. Clean Science and Tech is a specialty chemical manufacturer based in Pune, Maharashtra.

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CarTrade Tech IPO subscribed 41% on first day of bidding

The Rs 2,998.5 crore initial public offering (IPO) of CarTrade Tech was subscribed 41% on the first day of bidding. Retail investors have subscribed 0.8% against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 3% and 1%, respectively, against their reserved portions. To learn more about the IPO, click here.

Meanwhile, the Rs 5,000 crore initial public offering (IPO) of Nuvoco Vistas Corp was subscribed 16% on the first day of bidding. Retail investors have subscribed 31% against their reserved portion. Non Institutional investors (NIIs) have subscribed 1% against their reserved portion. 

Indian Hotels Q1 Results: Net loss at Rs 277 crore

The Indian Hotels Company Ltd (IHCL) reported a consolidated net loss of Rs 277 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 279.9 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 139% YoY to Rs 344.55 crore in Q1 FY22. IHCL is a hospitality company that manages a wide portfolio of hotels, resorts, spas, etc. It is a subsidiary of the Tata Group.

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DBS Completes Takeover of Lakshmi Vilas Bank – Top Indian Market News

DBS completes takeover of Lakshmi Vilas Bank

Singapore-based DBS Group, on Monday, stated that its Indian subsidiary- DBS Bank India- has completed the takeover of distressed Lakshmi Vilas Bank (LVB). LVB’s banking services have been restored, with all branches, digital channels, and ATMs functioning as usual. The interest rates on savings bank accounts and fixed deposits will remain unchanged until further notice. All employees of LVB will continue in service and are now part of DBS Bank’s workforce. 

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Govt likely to spend Rs 18,000 crore on priority vaccination for Covid-19

The Indian Government is likely to spend Rs 18,000 crore for the first phase of priority vaccination for Covid-19. This is according to a report from CNBC-TV18. The projected cost has been estimated by an expert panel comprising of Niti Ayog and Health Ministry officials. Currently, the panel is in the process of identifying 30 crore priority beneficiaries such as health care workers, police, sanitation workers, and the elderly. However, the report also states that these are approximations and the actual cost is yet to be finalised.

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Banks in India to see capital decline over two years without fresh infusion: Moody’s

A report from Moody’s Investors Service stated that Indian banks will see a larger capital decline without further infusion, over the next two years. Moody’s says that the uncertain trajectory of asset quality is one of the biggest threats for emerging market banks. The report also states that the 2021 outlook for banks in emerging markets (such as India) is negative.

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Hindustan Construction, Vensar JV wins Rs 236 crore railway order

Hindustan Construction Company Ltd, in a joint venture with Vensar Constructions Company Ltd, has bagged two contracts worth Rs 236 crore, from the Northeast Frontier Railway. The companies will construct a portion of the Bairabi-Sairang broad gauge rail line. This is part of the Indian Railways’ plans to improve its network across North-East India. Hindustan Construction’s share in the order is placed at Rs 130 crore.

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Shapoorji’s $1.2 billion deal with ADIA on hold over debt issues: Report

The Shapoorji Pallonji Group has kept its logistics venture with Abu Dhabi Investment Authority (ADIA) on hold. According to a report from Business Standard, the reason for keeping the deal on hold is due to debt issues and the ongoing Covid-19 pandemic. The group had planned to launch a $1.2 billion (~Rs 8,874 crore) venture with ADIA to invest in logistic centres in India.

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Serum Institute rejects volunteer’s claims of suffering side effects; seeks damages worth Rs 100 crore

The Serum Institute of India (SII) filed a Rs 100 crore defamation case against a Chennai-based volunteer who took part in its ‘Covidshield’ vaccine trials. The volunteer had alleged that the vaccine triggered an adverse reaction, which included neurological impairment. On November 21, the volunteer sent a legal notice and sued SII for Rs 5 crore. SII has denied the allegations and has stated that there was no correlation between the vaccine trial and the medical condition of the volunteer.

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Tata Sons may raise stake to over 76% in AirAsia India by end of FY21: Report

As per a report from Business Standard, Tata Sons is planning to gradually raise its stake in AirAsia India to more than 76% by the end of 2020-21. This may allow Malaysia-based AirAsia Group (which holds a 49% stake in the company) to exit its operations from India. The AirAsia Group earlier stated that it was struggling to recover from the Covid-19 impact, and had hinted at exiting its operations in India.

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Paytm Money launches IPO investments for retail investors

Paytm’s wholly-owned subsidiary, Paytm Money, will now facilitate investments in Initial Public Offerings (IPOs). It will enable investors to instantly apply for the latest IPOs from their UPI-linked bank accounts and complete the application process in 3-4 days. The company is aiming to capture 8-10% of applications market share in the first year of launch.

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IHCL announces expansion in eastern India with Ambuja Neotia Group

Indian Hotels Company Ltd (IHCL) has announced the signing of three hotels in eastern India (two in Kolkata and one in Patna), with the Ambuja Neotia Group. The company’s CEO Puneet Chhatwal stated that 60% of revenue in FY21 is expected to come from its leisure segment. He further stated that IHCL will be present in 9 out of 10 states in the east. IHCL, which runs the Taj group of luxury hotels, is owned by the Tata Group.

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Indian Railways record 371% increase in electrification during 2014-2020

Piyush Goyal, the Union Minister of Railways, stated that the electrification of 18,065 km of railway lines has been completed during 2014-2020. There constitutes a 371% increase in electrification, as compared to the period between 2009-2014. The minister also stated that the electrification process will help eliminate pollution, cut down imports of fuel, and save costs.

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