Tag: india fiscal deficit

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IOCL Posts Net Profit of Rs 12,967Cr in Q2 – Top Indian Market Updates

Indian Oil

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

IOCL Q2 Results: Net profit at ₹12,967 crore

Indian Oil Corporation Ltd (IOCL) reported a net profit of ₹12,967 crore for the quarter ended September (Q2 FY24). IOCL posted a net loss of ₹272 crore in the same quarter last year. Its revenue from operations fell 11% YoY to ₹2.02 lakh crore in Q2 FY24. EBITDA stood at ₹21,313 crore. The company’s board has declared a dividend of ₹5 per equity share.

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India’s fiscal deficit for April-Sept at ₹7.02 lakh crore

According to Government data, India’s fiscal deficit for the first six months of this financial year (FY24) stood at ₹7.02 lakh crore, or 39.3% of annual estimates. It was ₹6.19 lakh crore during the corresponding period of last year (FY23). The fiscal deficit for April-September 2022 was 37.3% of the target for 2022-23.

A fiscal deficit is the difference between the government’s income and expenditure. It is an indication of the total borrowings needed by the Centre.

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L&T Q2 Results: Net profit rises 45% YoY to ₹3,223 crore

Larsen & Toubro Ltd (L&T) reported a 45% YoY increase in net profit to ₹3,223 crore for the quarter ended September (Q2 FY24). Its consolidated revenue grew 19% YoY to ₹51,024 crore during the same period. EBITDA stood at ₹5,632 crore. Total expenses for the quarter rose marginally to ₹1,012 crore. The company received orders worth ₹89,153 crore at the group level during the quarter, up 72% YoY.

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Zee, Sony merger energised as SAT lifts ban on Punit Goenka

The Securities Appellate Tribunal (SAT) overturned a regulatory ban on Punit Goenka that prevented him from holding a directorship or top managerial role in a listed entity. Punit Goenka is the managing director and chief executive of Zee Entertainment Enterprises Ltd (ZEEL). SAT’s ruling has potentially hastened ZEEL’s proposed merger with Culver Max Entertainment (Sony Pictures).

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GAIL Q2 Results: Net profit rises 56% YoY to ₹2,404 crore

GAIL Ltd reported a 56% YoY increase in standalone net profit to ₹2,404.89 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined 1.25% YoY to ₹31,822 crore during the same period. EBITDA stood at ₹3,492 crore, up 43.5% YoY. The company’s petrochemical segment reported a loss of ₹161 crore in the quarter, compared to a loss of ₹346 crore last year.

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L&T wins ultra-mega contract in the Middle East

Larsen & Toubro Ltd (L&T) has secured the Letter of Intent (LoI) for an “ultra-mega” onshore project (worth more than ₹15,000 crores) from a prestigious client in the Middle East. The company also secured LoI for another “ultra-mega” project in the Middle East for a gas compression plant. L&T will engineer, procure and construct the gas processing plant consisting of inlet separation facilities, booster compression system and other works.

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Tata Consumer Q2 Results: Net profit rises 3% YoY to ₹338 crore

Tata Consumer Products Ltd reported a 3% YoY increase in net profit to ₹338 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 11% YoY to ₹3,734 crore during the same period. Consolidated EBITDA stood at ₹569 crore, up 30% YoY. 

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SBI Card, Reliance to launch lifestyle-focused credit card

SBI Card has partnered with Reliance Retail to launch the Reliance SBI Card credit card. Customers shopping at Reliance Retail’s fashion & lifestyle, grocery, consumer electronics, pharma, furniture, and jewellery stores will get rewards and benefits by using the Reliance SBI Card. The card is made out of recycled plastic and has been introduced on the RuPay platform.

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Zydus Lifesciences acquires LiqMeds Group for ₹690 crore

Zydus Lifesciences has acquired UK-based LiqMeds Group, which specialises in oral liquid products, for GBP 68 million (₹690 crores) in an all-cash deal. The pharma company will pay an upfront consideration of GBP 68 million and yearly earn-outs until 2026 depending on the achievement of certain agreed milestones towards the acquisition of the LiqMeds Group of companies. The acquisition is expected to be completed within a period of 10 working days from the date of execution.

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Adani Total Gas Q2 Results: Net profit rises 8% YoY to ₹173 crore

Adani Total Gas Ltd (ATGL) reported an 8% YoY rise in net profit of ₹173 crore for the quarter ended September (Q2 FY24). Its revenue from operations fell 1% YoY to ₹1,179 crore during the same period. The share of profit from joint ventures reduced considerably to ₹5.7 crore in Q2, compared with ₹21 crore a year ago. 

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India’s GDP Growth Accelerates to 7.8% in Q1 FY24 – Top Indian Market Updates

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

India’s GDP accelerates to a four-quarter high of 7.8% in Q1

According to the data from the National Statistical Office (NSO), India’s Gross Domestic Product (GDP) surged to a four-quarter high of 7.8% on an annual basis in the June quarter (Q1) of FY24. The growth can be attributed to central and state governments increasing capital expenditure (capex), stronger consumption demand and higher activities in the services sector. Meanwhile, the Reserve Bank of India (RBI) had predicted a growth rate of 8%.

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Jio Fin Services to be removed from Sensex tomorrow

S&P BSE indices (including Sensex) will remove Jio Financial Services (JFSL) from its indices with effect from tomorrow, September 1. Jio Financial Services Ltd (JFSL) is a demerged non-banking financial services (NBFC) unit of Reliance Industries Ltd. The exchanges twice extended the removal of JFSL shares from the indices after the shares hit a lower circuit for four consecutive sessions post-listing.

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Viacom 18 bags TV and digital rights for Indian cricket team’s home matches

Viacom18 has won BCCI media rights for ₹67.8 crore per match, outbidding Sony Pictures Networks India and Disney Star. The total value of the deal is ₹5,966 crore. The e-auction for the bilateral cricket media rights was held on Thursday. As per the tender released by the BCCI on August 2, the board had set a base price of ₹20 crore per match for Package A, which comprises the TV rights for the Indian subcontinent.

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India’s Q1 fiscal deficit widens to Rs 6.06 lakh crore

According to Govt data, India’s fiscal deficit for Q1 FY24 has soared to ₹6.06 lakh crore, a significant increase from the ₹3.41 lakh crore recorded in the same period the previous year. The deficit stood at 20.5% of the Budget Estimates (BE) in the corresponding period of the financial year 2022-23. The fiscal deficit for Q1 now stands at approximately 33.9% of the projected ₹17.87 lakh crore target for the entire fiscal year.

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Jupiter Wagons to enter EV market with electric commercial vehicles in early 2024

Jupiter Wagons’ entry into the electric vehicle (EV) market is set for early next year, marking a significant milestone in their diversification journey. Recognising the huge interest and demand for electric mobility solutions, the company is poised to leverage this opportunity by introducing electric commercial vehicles. Jupiter Wagons is engaged in the production of railway freight wagons, passenger coaches, wagon components, and cast manganese steel crossings & castings. 

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Kotak Mahindra adds UPI interoperability feature to its Digital Rupee app

Kotak Mahindra Bank announced the introduction of a UPI interoperability feature on its Digital Rupee (e₹) application as a part of the RBI’s CBDC pilot project. Users will now be able to scan any QR code at merchants to make payments for groceries and daily expenses. As of today, the feature is live for Android users. It will empower customers to make payments on the existing UPI QR codes available at merchants.

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Tata Power RE signs pact with Sanyo Special Steel Manufacturing to set up 28-MW solar plant

Tata Power Renewable Energy Limited (TPREL) has partnered with Sanyo Special Steel Manufacturing India Pvt Ltd (SSMI) to set up a 28.12-megawatt green energy plant in Maharashtra. TPREL an arm of Tata Power. The plant is expected to produce 61.875 million units (MUs) of electricity annually, which would meet the energy requirement of the steel manufacturing unit of SSMI.

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JSW Group in talks with Chinese carmaker Leapmotor for EV tech: Report

JSW Group is in early talks with Chinese automaker Leapmotor to license technology to build electric vehicles in India. Under the technology licensing agreement, JSW would use Leapmotor’s platform to manufacture EVs in India under its own brand name. JSW is likely to use a single platform on which it can build at least three mid-sized sport-utility vehicles (SUVs).

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Zydus Lifesciences gets USFDA approval for acne drug

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) for Isotretinoin Tablets. The drug is used in the treatment of severe cystic acne. As per IQVIA MAT data for July 2023, the Isotretinoin Capsules USP had annual sales worth $165 million in the United States.

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TCS extends contract with Athora Netherlands

Tata Consultancy Services (TCS) has expanded its long-standing partnership with Athora Netherlands (formerly VIVAT). The partnership is to help the Dutch life insurance and pension provider with a better IT operating model to enhance customer experience, operational resilience and business agility. This will be a multi-year deal for TCS. The company didn’t disclose the size or the tenure of the deal. 

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Reliance Seeks Bids for Sale of KG-D6 Gas – Top Indian Market Updates

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

RIL seeks bids for sale of KG-D6 gas at rates linked to JKM

Reliance Industries Ltd (RIL) and partner BP have sought bids for 6 million metric standard cubic meters a day (mmscmd) of natural gas produced from their KG D6 field off the eastern coast for the next five years. The auction is planned for January 18, and supplies will start in February. Reliance and BP have linked price bids to JKM, the spot market benchmark for liquified natural gas (LNG) delivered to Japan and South Korea.

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Shriram Finance secures $100 million loan from Asian Development Bank

Shriram Finance Ltd said it had secured a five-year loan worth $100 million (~₹826.74 crore) from Asian Development Bank to provide credit to its customers towards the purchase of new and used vehicles across India. The company also raised $250 million from US Development Finance Corporation and $475 million through a 144A Bond from the international market earlier this year. The lender is a merged entity of Shriram City Union Finance and Shriram Transport Finance.

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Kalpataru Power secures order worth ₹1,247 crore

Kalpataru Power Transmission Ltd (KPTL) & its international subsidiaries have secured new orders worth ₹1,247 crore. The orders are for the Indian and overseas markets in the transmission & distribution (T&D) business. KPTL’s order inflows in FY23 have crossed ₹17,031 crore on a consolidated basis. They are currently executing projects in over 30 countries and have global footprints in 67 countries.

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Coal sector constructs 8 eco-parks to promote mine tourism

The Central govt. has constructed eight eco-parks in different parts of India to boost mine tourism. Two more parks will be completed in the ongoing financial year (FY23). In line with the sustainable development and green initiatives, coal/lignite public sector enterprises (PSUs) have planted around 47 lakh saplings on 2300 hectares of land from January to November this year.

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Adani Group acquires NDTV founders’ 27.26% equity stake

Adani Group has acquired a 27.26% equity stake in NDTV from Prannoy Roy and Radhika Roy (founders of the news broadcaster). Vishvapradhan Commercial Pvt. Ltd (an indirect subsidiary of Adani Enterprises) holds an 8.27% equity stake in NDTV, and RRPR (another indirect subsidiary) held a 29.18% equity stake in NDTV. After this recent acquisition, RRPR will hold 56.45% of NDTV.

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Zydus Lifesciences gets final USFDA approval for insomnia drug

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market its generic version of Triazolam tablets. The drug is used on a short-term basis to treat insomnia (difficulty falling asleep or staying asleep). The product will be manufactured at the Zydus Lifesciences’ formulation facility at Moraiya, Ahmedabad. As per IQVIA MAT data, Triazolam tablets had annual sales of $11.7 million in the US for the 12 months ended Sept 2022.

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Religare Finvest signs settlement agreement with all its lenders for OTS

Debt-ridden Religare Finvest Ltd (RFL) has signed an agreement with all its lenders for a one-time settlement (OTS). This move will allow the company to exit from the Corrective Action Plan imposed by the RBI. RFL, an NBFC subsidiary of Religare Enterprises Ltd, owed about ₹5,300 crore to a consortium of lenders led by the State Bank of India (SBI). It has been in financial distress due to the alleged misappropriation of funds by promoters Shivinder Singh and his brother Malvinder Singh.

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Electric vehicle sales on track to cross 10 lakh milestone this year

Retail sales of electric vehicles (EVs) in India are estimated to top the 10 lakh mark in the calendar year 2022, accounting for about 4.7% of the total automobile sales. According to data on the government’s Vahan website, nearly 9,89,000 EVs have been registered with regional transport offices till Thursday. EV fleet operators and individuals buying two-wheelers have been the main drivers of this growth.

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Fiscal deficit touches 59% of full-year target in November

India’s fiscal deficit for the first eight months of this financial year (April-November of FY23) stood at ₹9.78 lakh crore or 58.9% of annual estimates. Total receipts stood at ₹14.65 lakh crore, while overall expenditure from April to November was at ₹24.43 lakh crore. They were 64.1% and 61.9%, respectively, of this fiscal year’s budget target. [Fiscal deficit is the difference between total revenue and total expenditure of the government.]

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Hero MotoCorp commences deliveries of VIDA V1 electric scooter

Hero MotoCorp has commenced customer deliveries of its first electric scooter— VIDA V1. The first electric vehicle of the brand was delivered in Bengaluru. The electric scooter has a range of 163 km on a single charge with a top speed of 80 km/hr. It is available in two variants— VIDA V1 Plus at Rs 1,35,705 and VIDA V1 Pro at Rs 1,46,880 (effective on-road price Delhi).

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Tata Steel Posts 87% YoY Fall in Q2 Net Profit – Top Indian Market Updates

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

Tata Steel Q2 Results: Net profit falls 87% YoY to ₹1,514 crore

Tata Steel reported an 87% YoY (or 80% QoQ) decline in consolidated net profit to ₹1,514 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 0.8% YoY to ₹59,877.52 crore during the same period. EBITDA stood at ₹6,060.4 crore in Q2, down 62% YoY. The company’s consolidated production fell 3% YoY to 7.56 million tonnes in Q2.

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L&T secures orders worth ₹1,000-2,500 crore in Saudi Arabia

Larsen & Toubro’s Power Transmission & Distribution business has secured multiple orders worth ₹1,000-2,500 crore to build transmission lines and substations in Saudi Arabia. L&T Construction will undertake engineering, design, procurement, and construction of more than 400KM of 380 kilovolts (kV) overhead transmission lines and a new 230kV gas-insulated substation with associated automation and protection systems.

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India’s April-Sept fiscal deficit touches $74.91 billion

India’s federal fiscal deficit in the first half of the financial year (April-Sept) rose to ₹6.20 lakh crore ($74.91 billion) from ₹5.27 lakh crore a year earlier. [Fiscal deficit is the difference between the total revenue and total expenditure of a government.] The fiscal deficit for the period touched 37.3% of the annual estimate as the govt spent more on fertiliser, food, and fuel subsidies.

Meanwhile, net tax collections during April-September rose to ₹10.12 lakh crore, up 10% YoY.

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L&T Q2 Results: Net profit rises 22.5% YoY to ₹2,229 crore

Larsen & Toubro Ltd reported a 22.5% year-on-year (YoY) increase in consolidated net profit to ₹2,229 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 23% YoY to ₹42,763 crore during the same period. Consolidated order intake rose 23% YoY during the quarter to ₹51,914 crore. L&T’s total order book stood at ₹3.72 lakh crore at the end of Q2.

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DoT approves 42 firms for telecom products under PLI scheme

The Department of Telecommunications (DoT) has given approval to 42 companies under the production-linked incentive (PLI) scheme for telecom and networking products. Global firms like Samsung, Nokia, Rising Star, Flextronics, and local players like HFCL, ITI, and Tejas Networks are the companies selected under the scheme. These firms have committed investments of ₹4,115 crore in the sector.

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Bharti Airtel Q2 Results: Net profit rises 89% YoY to ₹2,145.2 crore

Bharti Airtel reported an 89% YoY rise in consolidated net profit to ₹2,145.2 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 22% YoY (or 5.3% QoQ) to ₹6,332 crore during the same period. The telecom company’s average revenue per user (ARPU) grew 23.7% YoY or 3.6% QoQ to ₹190. Its customer base stood at 50.1 crore across 16 countries, up 4.8% YoY.

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ONGC plans 1 GW solar power plant in Rajasthan

Oil and Natural Gas Corporation (ONGC) is planning to set up a 1 gigawatt (GW) solar power plant in Rajasthan in a key move aimed at securing a foothold in the green energy space. The company has approached the state government, seeking 5,000 acres of land to house its proposed plant. The project may require an investment of ₹5,000 crore and take about three years to finish.

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Jindal Saw set to acquire Sathavahana Ispat under IBC for ₹530 crore

Jindal Saw Ltd emerged as the highest bidder at ₹530 crore to acquire Sathavahana Ispat (SI), which is undergoing corporate insolvency. J C Flower Asset Reconstruction Company is the sole creditor of SI with an admitted claim of ₹1,747 crore. SI has a 50 megawatt captive power plant and one plant each in Andhra Pradesh and Karnataka for producing pig iron and ductile iron pipe.

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Mahindra Finance raises ₹275 crore by issuing bonds

Mahindra & Mahindra Financial Services has raised ₹275 crore by issuing bonds on a private placement basis. The company’s board had approved the allotment of 2,750 secured redeemable non-convertible market-linked debentures. The face value of the bond is ₹10 lakh each, aggregating to ₹275 crore.

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RBI launches first pilot of wholesale Digital Rupee

Reserve Bank of India (RBI) will commence a pilot project for a wholesale central bank digital rupee on Nov 1. The digital rupee will be initially used to settle transactions in government securities. State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC have been identified for participation in the pilot. 

Read more here.

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India’s GDP Grows 8.7% in FY22 – Top Indian Market Updates

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

India’s GDP growth slows to 4.1% in Q4; FY22 growth at 8.7%

India’s gross domestic product (GDP) in the January-March quarter (Q4 FY22) grew 4.1%. In the third quarter of FY22, GDP growth slowed to 5.4% from 8.5% in the second quarter and 20.3% in the first quarter. India’s economy had just begun to recover from the Covid-19 pandemic-induced slump when a rise in Omicron cases in January brought back restrictions.

The GDP growth in the financial year 2021-22 stood at 8.7%, compared to a contraction of 6.6% in FY21.

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M&M raises auto, farm equipment biz capex by 27% till FY24

Mahindra & Mahindra Ltd has increased its mid-term capital expenditure for automotive and farm equipment business by 27% or Rs 3,400 crore to Rs 15,300 crore till FY24. The automaker aims to increase the capacity for its XUV700 and new models in the pipeline. The Rs 400 crore spike in capex for farm business will go into new plant expansion. 

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NCC bags three orders worth Rs 6,388 cr in May

Construction firm NCC Limited secured three orders worth Rs 6,388 crores in May 2022. The company has received an order from Brihanmumbai Municipal Corporation for the design, build, operation & maintenance of the Malad Wastewater Treatment Facility under the Mumbai Sewage Disposal Project-II. It has received similar orders from other state government agencies.

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CarTrade Tech partners with IDFC First Bank to offer financing solutions for used cars

CarTrade Tech Ltd has announced a strategic partnership with IDFC First Bank to offer easy and smart financing for used cars. The bank will become the preferred financier for customers purchasing used vehicles from CarWale abSure’s dealers with customised offerings to suit their needs. CarWale abSure is the used car platform of CarTrade Tech.

Defence Ministry signs Rs 2,971 crore deal with BDL

The Ministry of Defence has signed a deal with Bharat Dynamics Ltd (BDL) for the supply of Astra Mk-1 missiles for the Indian Air Force and Navy at the cost of Rs 2,971 crore. Astra Mk-1 is India’s first indigenous air-to-air missile. This project will act as a catalyst for the development of infrastructure and testing facilities at BDL.

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Tata Elxsi partners with Lenovo to deliver XR solutions

Tata Elxsi has partnered with Lenovo to develop smart extended reality (XR) solutions for enterprise and engineering applications. Customers using Lenovo’s smart XR devices will benefit from end-to-end solutions and services from Tata Elxsi and Lenovo. The two entities will enable enterprises to deliver immersive digital transformation solutions.

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ONGC sees crude oil production rising 11% by FY25

Oil & Natural Gas Corporation (ONGC) said its crude oil production will rise 11% and natural gas output will jump 25% after newer discoveries in the western and eastern offshore start producing. Crude oil production is expected to rise from 19.54 million tonnes (MT) in FY 2021-22 to 19.88 MT in FY23 and 21.58 MT in FY24. ONGC will spend Rs 31,000 crore from 2022 to 2025 on exploration campaigns throughout India.

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Govt keeps fiscal deficit at 6.7% of GDP for FY22

The fiscal deficit for FY 2021-22 worked out to be 6.71% of the gross domestic product (GDP). The figure is lower than the 6.9% projected by the Ministry of Finance in the revised budget estimates. The fiscal deficit in the absolute terms was Rs 15,86,537 crore (provisional). The revenue deficit at the end of FY22 was 4.37%.

[Fiscal deficit is the difference between the total revenue and total expenditure of the government].

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LIC makes Rs 42,000 crore equity gains in FY22

Life Insurance Corp of India (LIC) made Rs 42,000 crore of gains from equity investments in the financial year ended March 2022 (FY22), up 17% YoY. The company reported equity gains of Rs 36,000 crore in the previous year. LIC’s Managing Director Raj Kumar said the insurer will match the profitability of its private sector counterparts in the next five years.

Read more here.

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Reliance Jio Makes All Domestic Voice Calls Free From Jan. 1 – Top Indian Market News

A shopkeeper displays JIO simcards at a mobile phone store in Mumbai on July 19, 2017. Indian oil-to-telecom conglomerate Reliance Industries's first-quarter consolidated profit jumped 28 percent July 20, pumped up by higher margins from its core oil refining business it said, beating analyst estimates. / AFP PHOTO / INDRANIL MUKHERJEE (Photo credit should read INDRANIL MUKHERJEE/AFP via Getty Images)

Reliance Jio to make domestic voice calls free from Jan 1

Reliance Jio announced that all off-net domestic voice calls from its network to other networks anywhere in India will be free from January 1, 2021. This has been done because interconnect usage charges (IUCs) for all domestic voice calls are coming to an end from Friday. In September 2019, telecom regulator TRAI had extended implementation of IUC on mobile-to-mobile calls beyond January 1, 2020, after which Jio began charging its customers for off-net voice calls.

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India’s fiscal deficit reaches 135% of budgeted target during April-November

The Union Government’s fiscal deficit soared to Rs 10.75 lakh crore or 135.1% of the 2020-21 Budget Estimates (BE), during April-November 2020. This is mainly on account of the low realisation of revenue due to disruption in business activities amid the Covid-19 pandemic. The government’s total receipts stood at Rs 8.30 lakh crore (37% of BE 2020-21) till the end of November 2020. [Fiscal Deficit is the difference between the total income of the government (total taxes and non-debt capital receipts) and its total expenditure] 

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Eight core industries’ output contracts 2.6% in November

Contracting for the ninth consecutive month, the output of eight core infrastructure sectors dropped by 2.6% in November. This has been mainly due to a decline in the production of natural gas, refinery products, steel, and cement. The production of eight core sectors had recorded a growth of 0.7% in November 2019, as per data released by the Ministry of Commerce and Industry. The output of crude oil, natural gas, and refinery products declined by (-)4.9%, (-)9.3%, and (-)4.8%, respectively, in November 2020.

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L&T Construction wins significant orders in overseas, domestic markets

Larsen & Toubro (L&T) Ltd announced that its construction arm has received orders in the overseas and domestic market. The orders fall under the ‘significant’ category, which ranges between Rs 1,000 crore and Rs 2,500 crore. L&T stated that its power transmission and distribution business has won two transmission line packages in the Kingdom of Saudi Arabia. Its water and effluent treatment business has secured an EPC (engineering, procurement, and construction) order in Gujarat to execute a package in the SAUNI Yojna Link 3. 

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Jubilant FoodWorks to acquire 10.76% stake in Barbeque Nation for Rs 92 crore

Jubilant FoodWorks Ltd (JFL), on Thursday, said it will invest Rs 92 crore into Barbeque Nation Hospitality Limited for an equity stake of 10.76%. The company will acquire 36,50,794 fully paid-up equity shares of the face value of Rs 5 per share in the casual dining restaurant chain. The transaction is expected to be completed by January 25.

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BHEL receives orders worth Rs 3,200 crore for hydro projects

Bharat Heavy Electricals Ltd (BHEL) has secured orders valued at Rs 3,200 crore for Electro-Mechanical (E&M) works for a Hydro Electric Project (HEP) in Andhra Pradesh and E&M works of pump-motor sets for lift irrigation schemes (LIS) in Telangana. BHEL’s scope of work in the above projects includes design, engineering, manufacturing, supply, and supervision of erection, testing & commissioning of the equipment. The above orders have been received from the EPC contractor for these projects- Megha Engineering & Infrastructure Ltd.

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IRCTC launches upgraded version of e-ticketing website and app

Union Railway Minister Piyush Goyal, on Thursday, unveiled a more passenger-friendly and upgraded version of the IRCTC e-ticketing website and mobile application. Passengers will now be able to book tickets, meals, and accommodations at the same time. The website has in-built features for enhancing cybersecurity by using appropriate captchas. Predictive entry suggestions using AI will be given to the passengers when they enter a station. The website will also have simpler checking of the refund status on the user accounts page.

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Tejas Networks wins international order worth $13 million

Tejas Networks Ltd has received a purchase order amounting to $13 million (~Rs 94 crore) from a leading telecommunications service provider in South East Asia. As per the contract, Tejas Networks will supply and install its TJ1400 ultra-converged broadband products to extend high-speed broadband services to underserved rural communities in the region. The project is expected to be executed within the next 12 months.

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CCI gives nod to Jamnalal Sons to acquire 51% stake in Mukand Sumi Specialty Steel

The Competition Commission of India (CCI) has approved the acquisition of 51% of the equity share capital of Mukand Sumi Special Steel Ltd (MSSSL) by Jamnalal Sons Private Ltd (JSPL). The proposed combination entails the acquisition of 51% of the equity share capital of MSSSL from Mukand Limited and its nominees by JSPL. A nominal number of equity shares of MSSSL (not more than 60), which are being acquired by JSPL, shall be held jointly by JSPL and certain individuals. This is to comply with the minimum shareholding requirements under the Companies Act, 2013.

Glenmark Pharma receives USFDA approval for Tadalafil tablets

Glenmark Pharmaceuticals Ltd has received final approval from the United States Food & Drug Administration (USFDA) for Tadalafil tablets USP. The tablets are indicated for the treatment of erectile dysfunction and enlarged prostate. The approved product is a generic version of Cialis tablets of Eli Lilly and Company. According to IQVIA sales data for the 12 months ending November 2020, Cialis tablets achieved annual sales of approximately $125.5 million (~Rs 913 crore).

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