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ONGC to Invest Rs 1 Lakh Cr to Set Up Petrochem Plants – Top Indian Market Updates

ONGC market updates | marketfeed

ONGC to invest ₹1 lakh crore to set up 2 petrochem plants

Oil & Natural Gas Corporation (ONGC) plans to invest about ₹1 lakh crore to set up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for energy transition. The company aims to raise its petrochemical capacity to 8.5-9 million tonnes (MT) by 2030. One project is likely to be set up by ONGC on its own and the other in a joint venture.

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Suzlon’s wind turbine gets RLMM listing

Suzlon Group’s S144 – 3 MW series of wind turbines received the Revised List of Models & Manufacturers (RLMM) listing from the Ministry of New & Renewable Energy (MNRE). This listing marks an important milestone for the successful commercialisation of the product. Suzlon has already installed a prototype of this series at a hub height of 160m with a hybrid lattice tubular (HLT) tower at the Gondal site in Gujarat.

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RBI asks Bajaj Finance to stop disbursal of loans under ‘eCOM’ and ‘Insta EMI Card’

Reserve Bank of India (RBI) has asked NBFC Bajaj Finance to stop sanctioning and disbursing loans under its two lending products ‘eCOM’ and ‘Insta EMI Card’ with immediate effect due to non-adherence of lending norms set out by the regulator. The central bank said it will review these supervisory restrictions following the rectification of the deficiencies listed.

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Siemens to buy extra 18% stake in India unit for €2.1 billion

Siemens AG plans to acquire an additional 18% stake in its India unit from Siemens Energy AG for €2.1 billion in cash. This would increase Siemens’ stake in the publicly listed India unit from 51% to 69%, while Siemens Energy’s stake would decline from 24% to 6%. Siemens Energy is looking to shore up its finances to offset losses of its Gamesa wind business.

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IIFL Finance to invest ₹200 crore in subsidiary

IIFL Finance Ltd. will invest ₹200 crore in its material subsidiary, IIFL Samasta Finance, by subscription of equity shares. The company’s Board of Directors approved the investment by subscription of approx. 7.48-crore fully paid-up equity shares of face value ₹10 each at ₹26.74 per share. The subsidiary will use the money to support growth, reduce gearing, and improve capital adequacy.

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TCS forcing employees to transfer to different base locations: NITES

Nascent Information Technology Employees Senate (NITES) has filed a complaint with the labour ministry against Tata Consultancy Services (TCS). The IT sector employee rights organisation alleged that TCS has initiated transfers of employees to different base locations without consulting them. The affected employees are required to relocate to the new location within 14 days or stand to have their salaries deducted.

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Gland Pharma gets tentative USFDA approval for Angiotensin

Gland Pharma Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Angiotensin II Injection. The injection is used to treat low blood pressure. According to IQVIA data, the Angiotensin II Injection had sales of around $38 million for 12 months ended September 2023 in the US.

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Trade deficit widens to record high in October

India’s merchandise exports rose by 6.21% YoY to $33.57 billion in October 2023. Trade deficit rose to a record high of $31.46 billion during the month. Imports increased to $65.03 billion last month, compared to $57.91 billion recorded in October 2022. During the April-October period of FY24, exports contracted by 7% YoY to $244.89 billion.

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Religare did not disclose ₹250Cr ESOPs issued to Rashmi Saluja in subsidiary: InGovern

According to a report by InGovern, Religare Enterprises Ltd failed to disclose employee stock options issued to Chairperson Rashmi Saluja in its subsidiary Care Health Insurance Ltd. Nearly 2.27 crore options, representing 2.5% of the share capital and valued at over ₹250 crore, were granted to Saluja in January 2022. The options were issued at a “deep discount” of an exercise price of ₹45.32 per share

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India’s Manufacturing PMI Falls to 57.8 in June – Top Indian Market Updates

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

India’s manufacturing PMI slips to 57.8 in June

India’s manufacturing PMI (Purchasing Manager’s Index) for June stood at 57.8, compared to 58.87 in May. The PMI of 57.8 is higher than 50 indicating an expansion in activities. Anything below 50 indicates contraction. India’s May manufacturing sector activity was at a 31-month high.

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

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Adani Ports registers record cargo volume of over 100 MMT in June quarter

Adani Ports and Special Economic Zone Ltd (APSEZ) has reported an 11.5% YoY increase in cargo volume handled at 101.4 million metric tonnes (MMT) in the quarter ending June 2023. This is the highest-ever quarterly cargo volume handled by the company. The company witnessed growth across most ports and all three broad cargo segments. The container segment grew 19% YoY, while liquids and gas and dry bulk segments grew 8% and 7% YoY respectively.

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Edelweiss Financial Services to raise Rs 300 crore from NCDs 

Edelweiss Financial Services has announced the public issue of secured redeemable non-convertible debentures (NCDs). The NCDs have a face value of ₹1,000 each, amounting to ₹150 crores (base issue size). The issue also has the option to retain over-subscription up to ₹150 crores aggregating to ₹300 crores. Effective annual yield for NCDs ranges from 8.94% to 10.46%.

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USFDA closes inspection at Zydus’ Ahmedabad unit with VAI recommendation

Zydus Lifesciences Ltd’s Ahmedabad unit received an ‘Establishment Inspection Report’ (EIR) from the United States Food and Drug Administration (USFDA). The inspection has been closed with a ‘voluntary action indicated’ (VAI) recommendation in the EIR. A VAI is generally issued when a plant receives observations and responds to them, and the regulator believes the response by the company is satisfactory.

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Kansai Nerolac sells Thane land parcel for Rs 671 crore to Hiranandani Group

Kansai Nerolac Paints Ltd sold its land parcel in Thane to the Hiranandani Group. The sale was for a total consideration of ₹671 crore. The company entered into a deed of conveyance last Friday for the sale of a total area of 97,090 square metres together with the transfer of rights in land admeasuring 6,300 square metres.

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SpiceJet repays Rs 100 crore to City Union Bank, releasing all securities pledged

SpiceJet completed the ₹100 crore settlement payment to City Union Bank a little over a decade after it took the loan. The airline said it paid the last Rs 25 crore tranche on June 30, 2023, thereby shutting the loan account opened in 2012. With this, all the securities of the airline that had been pledged with the bank now get released. 

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Lupin gets USFDA nod for cyanocobalamin nasal spray

Lupin Ltd has received approval from the United States Food and Drug Administration (US FDA) for its Abbreviated New Drug Application (ANDA) for cyanocobalamin nasal spray. The cyanocobalamin nasal spray is a generic equivalent of Nascobal nasal spray. According to IQVIA MAT, Cyanocobalamin nasal spray (RLD Nascobal) had estimated annual sales of $69 million in the US.

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IIFL Finance raises $175 million from HSBC, Union Bank & Bank of Baroda

IIFL Finance raised $175 million through the external commercial borrowing (ECB) route in June 2023. The NBFC has raised $75 million from HSBC, $50 million from Union Bank (Sydney), and $50 million from Bank of Baroda. The company raised funds at SOFR (Secured Overnight Financing Rate) plus 200 basis points. With this, the company’s total borrowing since March 2023 aggregates to $275 million.

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Zee and IndusInd Bank announce a settlement of all dues

The National Company Law Appellate Tribunal (NCLAT) has closed the insolvency proceedings against Zeel after payment to creditors. NCLAT recorded that all payments were made to IndusInd Bank by June 30 as per the agreed-upon terms. As per IndusInd Bank’s plea, Zee paid nearly ₹84 crores in the case related to Siti Networks.

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Bank of Maharashtra clocks 25% loan growth

Bank of Maharashtra has posted a credit growth of 24.93% at ₹1.75 lakh crore in the June quarter. The outstanding credit was ₹1.40 lakh crore at the end of June 30, 2022. The bank registered a 24.82% growth in the total business (total advances and total deposits) to ₹4.19 lakh crore at the end of June 2023 compared to ₹3.36 lakh crore in the June quarter of 2022.

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Vi’s Net Loss Widens to ₹7,596 crore in Q2 – Top Indian Market Updates

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

Vodafone Idea Q2 Results: Net loss widens to ₹7,596 crore

Vodafone Idea (Vi) reported a consolidated net loss of ₹7,596 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹7,297 crore in the previous quarter (Q1 FY23) and a loss of ₹7,132 crore in Q2 FY22. Vi’s revenue from operations rose 2% quarter-on-quarter (QoQ) to ₹10,615 crore in Q2 FY23. The average revenue per user (ARPU) stood at ₹131, up 2.3% QoQ. The telecom operator’s subscriber base fell 2.5% QoQ to 23.44 crore.

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Gati to buy out Japanese partner in JV in FY23

Logistics firm Gati Ltd will buy out its Japanese partner Kintetsu Worldwide in a joint venture (JV) Gati-Kintetsu Express Pvt Ltd this financial year. Currently, Gati owns 70% of the JV, while Kintetsu owns the remaining 30%. The company has appointed Ambit Capital to manage the deal. 

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HDFC Q2 Results: Net profit rises 18% YoY to ₹4,454 crore

Housing Development Finance Corp (HDFC) Ltd reported an 18% year-on-year (YoY) increase in consolidated net profit to ₹4,454 crore in Q2 FY23. Its revenue from operations rose 23% YoY to ₹15,027.2 crore during the same period. The net interest income (NII) stood at ₹4,639 crore in Q2, up 13% YoY. HDFC’s total assets under management (AUM) increased from ₹5.9 lakh crore in Q2 FY22 to ₹6.9 lakh crore in Q2 FY23.

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Godrej Properties acquires 50-acre land parcel near Mumbai

Godrej Properties Ltd has signed an agreement to acquire a 50-acre land parcel in the fast-developing micro market of Manor locality in Palghar near Mumbai. The company is planning to develop a residential project on the acquired plot. The proposed project is estimated to have a developable potential of nearly 1.2 million sq. ft. of saleable area. It is projected to offer a booking potential of ~₹500 crore.

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SRF Q2 Results: Net profit rises 26% YoY to ₹481 crore

SRF Ltd reported a 26% YoY increase in consolidated net profit to ₹481 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 31% YoY to ₹3,728 crore during the same period. The company’s earnings before interest & tax (EBIT) increased 21% YoY to ₹689 crore in Q2. Revenue from its chemicals segment stood at ₹1,830 crore, up 62% YoY.

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Bharti Airtel deploys 5G at Bengaluru Airport

Bharti Airtel has deployed 5G cell sites at the new terminal of the Kempegowda International Airport, Bengaluru. This is the first airport in India to get 5G coverage. Airtel customers travelling from the new terminal will now get 5G coverage in the arrival & departure terminals, lounges, boarding gates, migration & immigration areas, security gates, and baggage claim belt areas.

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Hero MotoCorp Q2 Results: Net profit falls 10% YoY to ₹716 crore

Hero MotoCorp Ltd reported a 10% YoY decline in net profit to ₹387 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 7.4% YoY to ₹9,075.35 crore during the same period. The company’s vehicle sales in Q2 fell by around 1% to 14.28 lakh units. EBITDA stood at ₹1,038 crore in Q2, down 2.6% YoY.

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IIFL Finance aims to triple co-lending to over ₹13,000 crore

IIFL Finance Ltd is aiming to triple its co-lending to more than ₹13,000 crore in a year. The company is seeking to become asset-light through partnerships with about six banks. The altered strategy follows a de-risking program in the aftermath of the IL&FS crisis. It has ongoing co-lending partnerships Central Bank of India, Union Bank of India, DBS, Canara Bank, and Indian Bank for products such as loans for homes, gold, and microfinance.

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Ajanta Pharma Q2 Results: Net profit falls 20% YoY to ₹156 crore

Ajanta Pharma Ltd reported a 20% YoY decline in consolidated net profit to ₹156.6 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6% YoY to ₹938.1 crore during the same period. Total expenses stood at ₹775.45 crore in Q2, up 18.5% YoY. Sales from the Indian market grew 27% YoY to ₹314 crore. The pharma company’s board has declared an interim dividend of ₹7 per share.

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Alembic Pharma gets USFDA approval for generic injection

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) to market Ketorolac Tromethamine injection in the US market. The drug is indicated for short-term management of moderately severe acute pain in adult patients. According to IQVIA data, the injection has an estimated market size of $59 million in the US.

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HPCL Q2 Results: Net loss at ₹2,475 crore

Hindustan Petroleum Corp Ltd (HPCL) reported a consolidated net loss of ₹2,475.69 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹1,918.89 crore in Q2 FY22. The company’s revenue from operations rose 30% (YoY) to ₹1.13 lakh crore in Q2 FY23. HPCL had not increased the prices of petrol, diesel, and LPG despite rising costs.

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Adani Enterprises Q2 Results: Net profit doubles to ₹461 crore

Adani Enterprises Ltd reported a 117% YoY jump in consolidated net profit to ₹460.94 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 188% YoY to ₹38,175.23 crore during the same period. EBITDA increased by 69% YoY to ₹2,136 crore in Q2. The integrated resources management and airports divisions recorded strong performance.

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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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SJVN to Set Up 1,000 MW Solar Power Project – Top Indian Market News

SJVN to set up 1,000 MW grid-connected solar power project

Satluj Jal Vidyut Nigam (SJVN) has secured a contract to set up a 1,000 megawatt (MW) grid-connected solar power project through the bids floated by the Indian Renewable Energy Development Agency (IREDA). The tentative cost for the construction and development of the project is Rs 5,500 crore. It is expected to generate 2,365 million units (MU) of power in the first year. The power generated from the project will be solely for self-use or use by government entities, either directly or through power distribution companies (DISCOMs).

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Zydus Cadila signs pact with Shilpa Medicare to manufacture ZyCoV-D vaccine

Cadila Healthcare Ltd has entered into a definitive agreement with Shilpa Medicare to manufacture its Covid-19 vaccine ZyCoV-D. Shilpa Medicare will produce and supply the vaccine from its integrated biologics R&D cum manufacturing center at Dharwad, Karnataka. India’s drug regulator had given emergency use authorisation for Cadila’s ZyCoV-D on August 20. It is the world’s first DNA plasmid vaccine that can be administered to adults and children aged 12 years and above.

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NBCC secures Rs 968 crore contract to construct 2,000 flats in the Maldives

State-owned NBCC Limited has secured a contract worth Rs 968.5 crore for the construction of 2,000 social housing units in the Maldives. This project is NBCC’s biggest-ever order in the overseas market. A loan agreement was signed between Fahi Dhiriulhun Corporation Limited (FDC) and Exim Bank of India for financing the project. The project covers over 7.2 acres of land across seven plots.

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Caplin Point Labs’s CRO arm completes USFDA audit with zero observations

The US Food & Drug Administration (USFDA) had completed a virtual audit of Caplin Point Laboratories’ clinical research organisation (CRO) division. The audit ended with zero observations. The pharma company said it is committed to maintaining the highest standards of quality and compliance at all its units. The CRO division, Amaris Clinical, performs clinical studies for submissions to various regulators.

Ircon International to set up 500 MW solar power plant

Ircon International Ltd has won a bid to set up a 500 megawatt (MW) solar power plant through an e-reverse auction under the Central Public Sector Undertaking (CPSU) Scheme-II floated by the Indian Renewable Energy Development Agency (IREDA). The approximate cost of the project is Rs 2,400 crore. State-owned Ircon International is a railway infrastructure company.

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IIFL Finance to raise up to Rs 1,000 crore via bonds

IIFL Finance Ltd will open a public issue of secured bonds on September 27 to raise up to Rs 1,000 crore. It will utilise the funds for business growth and capital augmentation. The bonds offer a yield of up to 8.5% per annum and a high degree of safety. The company will issue secured and redeemable non-convertible debentures (NCDs) aggregating to Rs 100 crore, with a greenshoe option to retain an over-subscription up to Rs 900 crore.

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Global oil and gas investment will be 30% below pre-Covid level: ONGC

Global investment in the upstream oil and gas sector this year will be around 30% below pre-Covid levels according to Oil and Natural Gas Corp (ONGC) Chairman Subhash Kumar. He also stated that industry outlooks expect India’s energy demand to double by 2050 with strong growth in natural gas. Meanwhile, ONGC has started gas production from the second deep-water well in its KG basin block in the Bay of Bengal.

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Auriopro launches ‘AuroPay’ platform to offer wide range of services in payment ecosystem

Aurionpro Solutions Ltd has expanded its footprint in the payment business by launching a payment platform. The company has incorporated Aurionpro Payments Pte Ltd (APPL) as a subsidiary in Singapore. APPL has unveiled ‘AuroPay’, an innovative payment platform that offers secure online payment services. The platform will provide gateway services to merchant organizations and become a one-stop shop covering a wide range of services in the payment ecosystem.

CCI fines United Breweries, Carlsberg in beer price-fixing case

The Competition Commission of India (CCI) has imposed a penalty of Rs 750 crore on United Breweries Ltd. and Rs 120 crore on Carlsberg India for indulging in cartelisation in the sale and supply of beer in the country. The two companies and SABMiller India engaged in price coordination and supply restrictions of beer between 2009 and 2018. CCI has also directed the companies, All India Brewers’ Association (AIBA), and various individuals to “cease and desist” from anti-competitive practices in the future.

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Govt to Sell Entire 26.12% Stake in Tata Communications – Top Indian Market News

Govt to sell entire 26.12% stake in Tata Communications

The Indian government will sell its entire 26.12% shareholding in Tata Communications Limited (TCL). It will sell up to 4.59 crore equity shares (forming 16.12% shareholding) of TCL through an offer for sale (OFS) via stock exchanges. The remaining 10% stake will be sold to Tata Son’s investment arm Panatone Finvest Ltd. Tata Sons currently owns 14.1% of TCL, while Panatone Finvest has a 34.8% stake in the company.

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SpiceJet introduces 66 new flights in domestic network

SpiceJet Limited has announced 66 new domestic flights to meet the increasing demand for air travel from smaller cities. This includes five additional non-stop flights from Pune to Darbhanga, Durgapur, Gwalior, Jabalpur, and Varanasi. Kolkata–Darbhanga, Chennai–Jharsuguda, and Nashik-Kolkata flights are among others that will be launched on March 28, 2021. The airline will press its Boeing 737 and Bombardier Q400 aircraft into service on these new routes.

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Dilip Buildcon gets provisional completion certificate for road project in Maharashtra

Dilip Buildcon Limited has received a provisional completion certificate from the National Highways Authority of India (NHAI) for a road project in Maharashtra. The project involved four/six-laning of the Karodi-Telwadi section of NH 211 in Maharashtra under NHDP Phase IV-B on an engineering, procurement, and construction (EPC) mode. The company is entitled to receive a bonus of Rs 5.08 crore for completing the project 30 days before the scheduled completion date.

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Finance Ministry to infuse Rs 14,500 crore in banks under PCA soon: Report

As per reports from multiple sources, the Finance Ministry is likely to infuse Rs 14,500 crore into banks that are under RBI’s Prompt Corrective Action (PCA) framework in the next few days. This will help improve the financial health of stressed public sector banks (PSBs) in the country. Indian Overseas Bank, Central Bank of India, and UCO Bank are currently under the PCA framework. Earlier this week, IDBI Bank was removed from this framework.

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Indian Railway’s freight loading for FY21 surpasses that of last financial year

Indian Railways has surpassed freight loading figures of the previous financial year (FY 2019-20) despite challenges faced due to the Covid-19 pandemic. As per government data, Railways achieved a cumulative freight loading of 1145.68 million tonnes (MT) as of March 11, 2021. The figure stood at 1145.61 MT during the same period last year. The loading of iron and steel, cement, and other goods has increased.

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Bitcoin surges past $60,000 to hit a record high

Bitcoin has crossed the $60,000-mark to hit a new record high on Saturday. The cryptocurrency is benefitting from optimism in financial markets after US President Joe Biden signed the $1.9 trillion Covid-19 relief package. Bitcoin has surged around 1,000% over the past year and has a market value of $1.12 trillion.

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IIFL Finance to close bond issue early on March 18

IIFL Finance Limited said that its bond issue will close on March 18 following better than expected response from investors. The issue of unsecured redeemable non-convertible debentures (NCDs) was scheduled to close on March 23. The NCDs, which offer up to 10.03% yield, have already been subscribed for Rs 468 crore. IIFL Finance is a non-banking financial company backed by the UK-based CDC Group.

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India’s FinTech industry valuation estimated at $150-160 billion by 2025: FICCI-BGG report

According to a report from Boston Consulting Group (BCG) and FICCI, India’s financial technology (FinTech) companies are likely to become three times more valuable in the next five years. The report states that the FinTech sector will reach a valuation of $150-160 billion (~Rs 10.9 lakh crore- Rs 11.6 lakh crore) by 2025. India’s dynamic FinTech industry has over 2,100 companies, of which 67% have been set up over the last 5 years alone.

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India imposes anti-dumping duty on Chinese antibacterial drug

The Indian government has imposed anti-dumping duty in the range of $0.91-$3.27 per kilogram on the Chinese antibacterial drug- Ciprofloxacin. The Directorate General of Trade Remedies (DGTR) had recommended imposing the duty after it found that the drug was being exported to India at a cheaper rate, which resulted in dumping. The anti-dumping duty has been imposed for a period of five years. This will help protect the domestic pharma industry.

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CBI Registers Cases Filed by SBI, Canara Bank Over Rs 8,000 crore Fraud – Top Indian Market News

CBI registers cases filed by SBI, Canara Bank over Rs 8,000 crore fraud

The Central Bureau of Investigation (CBI) has registered two separate cases filed by Canara Bank and State Bank of India regarding fraud to the extent of Rs 7,926.01 crore and Rs 313.79 crore, respectively. The first case was registered against a Hyderabad-based private company, its Chairman & Managing Director, additional Directors, and unknown public servants, on a complaint filed by Canara Bank. It was alleged that the private firm had availed credit facilities using multiple banking arrangements. 

The second case was registered against a private company in Chennai, along with its Chairman and Directors, on a complaint by the State Bank of India. It was alleged that the borrower company availed credit limits of about Rs 310 crore from SBI. The loan amounts were said to have been diverted to related parties. 

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PM Modi presents ASSOCHAM Centenary Award to Ratan Tata

Prime Minister Narendra Modi presented the ‘ASSOCHAM Enterprise of the Century Award’ to Ratan Tata, who received the award on behalf of the Tata Group. PM Modi stated that ASSOCHAM and the entire Tata group has worked very hard to strengthen India’s economy and help the common Indian. Ratan Tata has been honoured for his distinguished contributions to the country. PM Modi was delivering the keynote address at ASSOCHAM’s Foundation Week. [ASSOCHAM stands for the Associated Chamber of Commerce of Inda].

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Apple puts Wistron on probation, confirms lapses in supplier code of conduct

Apple Inc. has placed Wistron Infocomm Manufacturing Pvt Ltd on probation and has confirmed lapses in Wistron’s supplier code of conduct that led to payment delays for the employees. This comes on the back of the violence last Saturday, when thousands of employees created unrest in Wistron’s facility in Karnataka, over unpaid dues. Apple stated that Wistron will not receive any new business from the company before they complete corrective actions. 

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Apollo Hospitals plans to raise Rs 1,500 crore in next two months 

Apollo Hospitals Enterprises Ltd (AHEL) is planning to raise around Rs 1,500 crore in the next two months to support its inorganic growth and strengthen its balance sheet. The funds will also be utilised to improve the services of Apollo 24/7, the company’s digital health platform. AHEL also stated that it is preparing to acquire specific businesses to strengthen its presence in key markets.

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Vodafone Idea launches Rs 399 digital exclusive prepaid and postpaid plans for new users

Vodafone Idea (Vi) has launched a new Rs. 399 digital exclusive plan for customers who place an order for a new SIM via its website. The new plan is listed under both prepaid and postpaid plans. The Rs 399 plan comes with data benefits. It has a validity of 56 days and offers 100 SMS per day to the users. The plan also comes with 1.5 GB mobile data per day. Additional benefits include access to Vi Movies and TV.

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IIFL Home partners with ICICI Bank to provide affordable housing and MSME loans

IIFL Finance Ltd announced that its home loan subsidiary, IIFL Home, has partnered with ICIC Bank to provide affordable housing and MSME (Micro, Small, and Medium Enterprise) loans. IIFL Home will originate and service customers through the entire loan life-cycle including sourcing, documentation, collection & loan servicing. ICICI Bank will provide funding to these customers

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IndiGrid buys FRV’s solar projects for Rs 660 crore

India Grid Trust (IndiGrid) has entered into an agreement to acquire 100% stakes in FRV Andhra Pradesh Solar Farm-I Pvt Ltd and FRV India Solar Park II Pvt Ltd, from FRV Solar Holdings XI B.V. The two projects comprise 50 MW of solar assets each. The enterprise value of the acquisition is Rs 660 crore. IndiGrid is India’s first listed power sector infrastructure investment trust (InvIT) and is sponsored by KKR and SPGVL.

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Indian banks pursue UK bankruptcy order against Vijay Mallya

A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya. The banks are pursuing the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines. Vijay Mallya owes more than Rs 9,000 crore to the Indian banks.

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MTAR Technologies files for Rs 650 crore IPO

MTAR Technologies Ltd has filed a draft red herring prospectus with market regulator SEBI for an initial public offering (IPO). The company is likely to raise Rs 600-650 crore through the IPO. It will consist of a fresh issue of up to 40 lakh shares and an offer for sale (OFS) of up to 82 lakh shares of the face value of Rs 10 per share. 

MTAR Technologies is engaged in the manufacturing and development of mission-critical precision components for the nuclear, space, defense and clean energy sectors. The Hyderabad-based company operates 7 manufacturing facilities.

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Punjab National Bank QIP issue falls short of target by 46%

State-owned Punjab National Bank (PNB) was only able to secure 54% of its planned fundraising target through a qualified institutional placement (QIP). PNB had planned to raise Rs 7,000 crore through the QIP that had opened on December 15 (Tuesday). As the issue closed on Friday, it was reported that PNB was only able to raise Rs 3,788.04 crore.

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Market News Top 10 News

Goldman Sachs Raises India’s GDP Forecast for FY21 – Top Indian Market News

Goldman Sachs raises India’s GDP forecast for 2020-21

Goldman Sachs has raised its GDP forecast for India to a 10.3% contraction, from the -14.8% it had projected in September. The global financial service provider has stated that it expects economic activity in the country to improve faster than anticipated. The firm has also stated that GDP growth is estimated at 13% in the next financial year (FY22).

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Delhi plans to impose lockdown in potential Covid-19 hotspot markets

Delhi CM Arvind Kejriwal has sought power from the Central Government to impose lockdowns in those market areas which may emerge as Covid-19 hotspots. He stated that all government agencies are making double efforts to control the Covid-19 situation in the national capital. The Health Ministry has also warned that the effect of festivals on new cases may be seen in the coming weeks.

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Pfizer sues AuroPharma, Dr. Reddy’s over generic version of cancer drug

Pfizer Inc. has filed a petition in a US court against Aurobindo Pharma Ltd and Dr. Reddy’s Laboratories Ltd. It has been alleged that both companies have separate plans to launch generic versions of Pfizer’s cancer drug Ibrance, before the expiration of its patent. Pfizer filed the possible patent infringement petition against both companies in the United States District Court in Delaware on two counts last week.

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Lakshmi Vilas Bank brought under moratorium

Lakshmi Vilas Bank Ltd. has been brought under moratorium effective from 6 pm on November 17 until December 16, 2020. The payments to creditors have been capped at Rs 25,000 during the moratorium. As per a statement from the Central Government, borrowers can withdraw above Rs 25,000 only for unforeseen expenses including medical treatment and education. Meanwhile, the RBI has proposed the merger of Lakshmi Vilas Bank with DBS Bank India Limited (DBIL).

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ONGC signs contracts for 7 blocks, Oil India wins 4 blocks

State-owned Oil and Natural Gas Corporation (ONGC) has signed contracts for seven oil and gas blocks in the country. Oil India Limited (OIL) has also signed contracts for acquiring four blocks. These 11 oil blocks have been awarded to both companies under the fifth bid round of the Open Acreage Licensing Policy (OALP) of the Indian Government. 

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Industrial investments back to FY20 levels: Credit Suisse

Credit Suisse has stated that industrial investments in India are showing signs of recovery. Industrial investments had declined by 7% in the second quarter of FY21, but are now almost back to previous financial years’ levels. The firm has also retained its ‘Overweight’ stance on Larsen & Toubro (L&T), ABB, and Voltas. An overweight rating on a stock means that analysts expect the stock to outperform its industry in the market.

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L&T delivers first launch hardware for Gaganyaan Mission

Larsen & Toubro said it has delivered the first launch hardware (a booster segment) for the Gaganyaan Launch Vehicle to ISRO, ahead of schedule. The booster segment will be used in the heavy rocket for launching India’s first manned mission into the earth’s lower orbit in 2021-2022. The segment was produced at L&T’s Powai Aerospace Manufacturing Facility, in Mumbai.

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Embassy REIT to acquire business park in Bengaluru for Rs 9,782 crore

Embassy Office Parks REIT announced that it has agreed to acquire Embassy TechVillage in Bengaluru from Embassy Group, Blackstone, and other investors. The cost of the acquisition has been estimated at Rs 9,782.4 crore. The proposed deal is subject to regulatory approvals. Embassy REIT is India’s first publicly-listed REIT (Real Estate Investment Trust). 

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IIFL Finance raises Rs 100 crore via non-convertible debentures

IIFL Finance Ltd. announced that it has raised Rs 100 crore through the issuance of non-convertible debentures on a private placement basis. The company stated that the debentures will be listed on the Wholesale Debt Market segment of NSE. After this announcement, the share price of IIFL Finance hit the upper circuit of 20% in the afternoon session today.

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NMDC hikes iron ore prices for second time in November

The National Mineral Development Corporation Ltd. (NMDC) has hiked prices of lump ore by approximately Rs 400 per tonne. It has also increased the price of fine ore by Rs 300 per tonne. This is the second price hike by the company in November 2020 because of iron ore supply constraints.

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SSWL receives orders for over Rs 5.8 crore from the US &  Europe

Steel Strips Wheels Ltd. (SSWL) has received orders amounting to Rs 5.8 crore from the US and Europe markets. The company has confirmed that export orders of nearly 57,000 wheels will be executed in December 2020. The order will be fulfilled from its Chennai plant. The company also stated that it expects to obtain more orders from the same markets, as its business operations have picked up speed.