Tag: indiamart intermesh

Categories
Market News Top 10 News

Jio Financial Services’ Shares List at Rs 261.85 Per Share – Top Indian Market Updates

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

Jio Financial Services’ shares list at ₹261.85 per share

The shares of Jio Financial Services (JFSL), the demerged NBFC unit of Reliance Industries, got listed at ₹261.85 per share on the NSE today. This was much higher than brokerage estimates of up to ₹190. Stock exchanges BSE and NSE conducted a special pre-open trading session this morning from 9 am to 9:45 am in which the market price of the demerged entity was calculated.

Read more here.

Infosys Q1 Results: Net profit rises 11% YoY to ₹5,945 crore

Infosys reported a 10% YoY rise in consolidated net profit to ₹5,945 crore for the quarter ended June (Q1 FY24). The IT major’s revenue from operations stood at ₹37,933 crore, up 10% YoY. Infosys has revised its full-year revenue growth outlook, lowering it to 1-3.5% from the initial estimate of 4-7% due to a challenging economic environment.

Read more here.

PVR Inox plans to add two more superplexes this year

PVR INOX Ltd is looking to add two more superplexes this year as part of plans to expand its large format offering. The company opened its new 12-screen superplex in Bengaluru, taking its total to 158 screens in 25 cinemas in the city. Superplexes or cinema halls with 10 or more screens offer a range of formats and experiences under one roof in mega malls with large floor areas.

Read more here.

Havells India Q1 Results: Net profit rises 18% YoY to ₹287 crore

Havell India Ltd reported an 18% YoY increase in consolidated net profit to ₹287.07 crore for the quarter ended June (Q1 FY24). The total revenue for the quarter rose 14% YoY to ₹4,833.8 crore. EBITDA stood at ₹402 crore in Q1, up 11% YoY. The company witnessed sluggish consumer demand, and unseasonal rains impacted sales of its cooling products.

Read more here.

Govt announces re-bidding under PLI for advanced chemistry cell manufacturing

The Central government announced the re-bidding of production-linked incentives (PLUs) for 20 GWh Advanced Chemistry Cell manufacturing— India’s Rs 18,100-crore programme to boost local battery cell production. The Ministry of Heavy Industries (MHI) will facilitate a stakeholder consultation with industry representatives on July 24, 2023, for their inputs and suggestions before the start of the re-bidding process of the remaining 20 GWh capacity.

Read more here.

HUL Q1 Results: Net profit rises 7% YoY to ₹2,472 crore

Hindustan Unilever Ltd (HUL) reported a 7% YoY increase in consolidated net profit to ₹2,556 crore for the quarter ended June (Q1 FY24). Its total income rose 6.2% YoY to ₹15,679 crore in Q1. The FMCG company’s total expenses during the quarter came at ₹12,167 crore, up 5.5% YoY.

Read more here.

India’s oil & gas import bill contracts 33% YoY in Q1 as prices drop

According to data from the Oil Ministry, India’s oil and gas import bill contracted by 33% YoY to $35 billion in the April-June quarter (Q1) as prices sharply dropped. Crude oil worth $31.4 billion was imported during Q1 FY24, lower than $48.1 billion in the same period last year. The volume of oil imports marginally reduced to 60.1 million metric tonnes (MMT) in the first quarter from 60.7 MMT in the same period last year.

Read more here.

HCL Tech, Schneider Electric to develop sustainability solutions for data centres in APAC

HCL Technologies will partner with Schneider Electric to develop carbon-efficient solutions for data centres in the Asia-Pacific (APAC) region. Both companies will jointly explore innovations in sustainability and deliver converged IT-OT (information technology-operational technology) solutions to help clients meet regulatory compliances and accelerate decarbonisation programs in the APAC region.

Read more here.

IndiaMart Q1 results: Net profit rises 77% to ₹83 crore

IndiaMart InterMesh Ltd reported a 77% YoY rise in consolidated net profit to ₹83 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 26% YoY to ₹2,821 crore during the same period. Total expenses during the quarter stood at Rs 2,144 crore, up 28% YoY. The company’s board has approved the buyback of 12.5 lakh shares worth up to ₹500 crore at ₹4,000 per share. 

Read more here.

Categories
Market News Top 10 News

Cabinet Approves Rs 6,322 crore PLI Scheme for Specialty Steel – Top Indian Market News

Cabinet approves Rs 6,322 crore PLI scheme for specialty steel

The Union Cabinet has approved a Production Linked Incentive (PLI) scheme for specialty steel. Incentives worth Rs 6,322 crore will be provided to eligible manufacturers over five years. The scheme is expected to bring in investments of approximately Rs 40,000 crore and capacity addition of 25 million tonnes (MT). It will cover coated/plated steel products, high strength/wear-resistant steel, specialty rails, alloy steel products, electrical steel, etc. The PLI scheme for the steel sector will enhance exports and minimize dependence on imports of high-end steel in India.

Read more here.

Hindustan Unilever Q1 Results: Net profit rises 9.6% to Rs 2,061 crore

Hindustan Unilever Ltd (HUL) reported a 9.6% YoY jump in standalone net profit to Rs 2,061 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 13% YoY to Rs 11,915 crore during the same period. EBITDA grew 7.7% YoY to Rs 2,847 crore in Q1. HUL registered a 12% YoY rise in domestic consumer growth during the quarter. The company’s revenue growth in Q1 was mainly led by double-digit growth of its foods & refreshments and personal care segments.

Read more here.

UltraTech Cement Q1 Results: Net profit jumps two-fold to Rs 1,703 crore

UltraTech Cement Ltd reported a 114.4% YoY jump in consolidated net profit to Rs 1,703 crore for the quarter ended June (Q1 FY22). Net profit has declined by 4.09% when compared to the previous quarter. Its revenue from operations rose 54% YoY to Rs 11,829 crore during the same period. The company’s sales volume stood at 21.53 million metric tonnes (MMT), a growth of 47% YoY. 

Read more here.

Adani Ports to raise $500 million through dollar bonds

Adani Ports & Special Economic Zone (APSEZ) aims to raise at least $500 million (~Rs 3,720 crore) on offshore debt through dollar bonds. The proceeds will be used to repay existing debt, meet capital expenditure requirements, and for general corporate purposes of the company’s subsidiaries in India and Sri Lanka. Axis Bank, Barclays, Bank of America, and Citi are advising the company on the fundraisal.

Read more here.

Bajaj Auto Q1 Results: Net profit more than doubles to Rs 1,061 crore 

Bajaj Auto Ltd reported a 101.2% YoY jump in standalone net profit to Rs 1,061.2 crore for the quarter ended June (Q1 FY22). Net profit has declined by 20.3% when compared to the previous quarter. Its revenue from operations rose 139.88% YoY to Rs 7,386 crore during the same period. Bajaj Auto sold nearly 3.42 lakh units of motorcycles and commanded a market share of 19.7% in Q1. The company announced the formation of a wholly-owned subsidiary to venture into the electric mobility segment.

Read more here.

Tata Power to transfer 100% stake held in Trust Energy Resources to Tata Power International

Tata Power Company Ltd has signed a share purchase agreement (SPA) with Tata Power International Pte. Ltd (TPIPL) for the sale of 100% equity shares held in Trust Energy Resources (TERPL) for $285.64 million (~Rs 2,125 crore). Both TPIPL and TERPL are wholly-owned subsidiaries of Tata Power. The transaction is likely to be completed in the next two to three weeks.

IEX Q1 Results: Net profit rises 49% YoY to Rs 62.8 crore

Indian Energy Exchange (IEX) reported a 49.23% YoY increase in consolidated net profit to Rs 62.81 crore for the quarter ended June (Q1 FY22). Net profit has increased by 2.1% when compared to the previous quarter. Its total income rose 26.86% YoY (or 2.5% QoQ) to Rs 102.87 crore during the same period. IEX’s board has declared a final dividend of Rs 1.5 per share for the financial year 2020-21 (FY21). You can learn more about IEX’s operations here.

TCS partners with Dutch Open Golf Tournament

Tata Consultancy Services (TCS) has announced a new partnership with the Dutch Open Golf Tournament, one of Europe’s most innovative and sustainable golf events. The IT company will leverage its expertise in digital technologies to help the Dutch Open enrich the participant and spectator experience. The Dutch Open 2021 will take place from September 16 to 19 at the Bernardus Golf court in Cromvoirt.

In other news, Kerala’s Industries Minister P. Rajeev confirmed that Kerala Industrial Infrastructure Development Corp (KINFRA) will sign a Memorandum of Understanding (MoU) with TCS for Rs 1,350 crore in two phases.

Read more here.

IndiaMART InterMESH Q1 Results: Net profit rises 18% YoY to Rs 88 crore

IndiaMART InterMESH Ltd reported an 18.62% YoY increase in consolidated net profit to Rs 87.9 crore for the quarter ended June (Q1 FY22). Net profit increased by 57.81% when compared to the previous quarter. Its total income rose 12.9% YoY (or 11% QoQ) to Rs 211 crore during the same period. The e-commerce company’s board has announced a final dividend of Rs 15 per share for the financial year ended March 31, 2021 (FY21). 

Wipro partners with ServiceNow to offer FieldX for enhanced after-sales services

Wipro has launched FieldX, a cloud-based end-to-end digital service lifecycle automation solution build on ServiceNow’s Now Platform. Manufacturing firms can use the solution to enhance their after-sales customer service operations and reduce costs. FieldX integrates the customer service and field-service management capabilities of the Now Platform with Wipro’s Internet of Things (IoT) and Augmented Reality (AR) platforms.

Read more here.

CSB Bank Q1 Results: Net profit rises 14% YoY to Rs 61 crore

CSB Bank reported a 13.89% YoY increase in consolidated net profit to Rs 61 crore for the quarter ended June (Q1 FY22). Net profit has increased by 42.2% when compared to the previous quarter. Its total income rose 15% YoY to Rs 571.53 crore during the same period. Its gross non-performing assets (GNPA) ratio rose to 4.88% in Q1 FY22, compared to 3.51% in Q1 FY21.

Read more here.

Categories
Market News Top 10 News

HUL Reports 41% YoY Rise in Net Profit in Q4 – Top Indian Market News

Hindustan Unilever Q4 Results: Net profit rises 41% YoY to Rs 2,143 crore

Hindustan Unilever Ltd (HUL) reported a 41% year-on-year (YoY) increase in net profit to Rs 2,143 crore for the quarter ended March (Q4). Its revenue rose 35% YoY to Rs 11,947 crore during the same period. The FMCG firm saw strong demand for its food and refreshments portfolio (up 36% YoY) and recovery in categories such as fabric wash. HUL’s volume growth stood at 16% in Q4. The company’s board has proposed a final dividend of Rs 17 per share.

Read more here.

Tata gets CCI approval to acquire 64.3% stake in BigBasket

The Competition Commission of India (CCI) has approved Tata Digital’s proposal of acquiring up to 64.3% stake in Supermarket Grocery Supplies Pvt Ltd (SGS), the business-to-business (B2B) arm of BigBasket. The transaction will include a mix of primary and secondary share purchases. Through a separate transaction, SGS may acquire sole control over Innovative Retail Concepts, which operates BigBasket’s online retail business. This would give Tata control over both wholesale and retail business units. [Tata Digital is a wholly-owned subsidiary of Tata Sons]

Read more here.

Bajaj Auto Q4 Results: Net profit rises 2% YoY to Rs 1,332 crore

Bajaj Auto Limited reported a 2% YoY increase in standalone net profit to Rs 1,332 crore for the quarter ended March (Q4). Its revenue rose 26% YoY to Rs 8,596 crore during the same period. The company’s total vehicle sales increased 18% YoY to 11.69 lakh units in Q4. Bajaj Auto’s overall share for motorcycles sold in domestic and international markets (amongst Indian manufacturers) stood at 27.6% in FY21. The auto major’s board has announced a final dividend of Rs 140 per share.

Read more here.

Inox Leisure Q4 Results: Net loss at Rs 94 crore

Inox Leisure Limited reported a consolidated net loss of Rs 93.69 crore for the quarter ended March (Q4). The multiplex chain operator had posted a net loss of Rs 82.15 crore in the corresponding period last year (Q4 FY20). Revenue from operations declined 75.66% YoY to Rs 90.44 crore in Q4 FY21. The resurgence of Covid-19 cases has emerged as a major cause of concern for the company. Inox Leisure currently operates 648 screens across 153 multiplexes in 69 cities.

Read more here.

IndiaMART Q4 Results: Net profit rises 26% YoY to Rs 55.7 crore

IndiaMART InterMESH Ltd reported a 26% YoY increase in consolidated net profit to Rs 55.7 crore for the quarter ended March (Q4). Its revenue rose 5.64% YoY to Rs 179.70 crore during the same period. The B2B firm’s consolidated net profit has increased by 89.82% YoY to Rs 279.80 crore for the financial year ended March 31, 2021 (FY21). The company’s board has proposed a final dividend of Rs 15 per share.

In other news, IndiaMART InterMESH (through its subsidiary Tradezeal Online) will acquire a 26% stake in Gurugram-based Shipway Technology for Rs 18.2 crore. The company will also acquire a 3.02% stake in Kolkata-based Truckhall for Rs 1.33 crore.

Read more here.

Route Mobile to acquire AI firm Phonon Communications for Rs 29 crore

Route Mobile Limited has signed definitive agreements to acquire Artificial Intelligence (AI) platform provider Phonon Communications Pvt Ltd for Rs 29 crore. This acquisition will help Route Mobile to offer automation and contact center solutions at scale to enterprises globally. Phonon offers a complete suite of conversational AI-driven contact center solutions with integration on cloud platforms such as AWS, Azure, and Google Cloud.

Read more here.

Laurus Labs Q4 Results: Net profit rises 170% YoY to Rs 297 crore

Laurus Labs Limited reported a 170% YoY jump in consolidated net profit to Rs 297 crore for the quarter ended March (Q4). Its revenue from operations rose 68% YoY to Rs 1,412 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 286% YoY to Rs 984 crore. Laurus Labs’ formulations and API businesses have delivered robust growth throughout the year. The pharma company’s board has announced an interim dividend of Rs 0.80 per share.

Read more here.

Wipro partners with Citrix, Hewlett Packard to accelerate remote working solutions

Wipro Limited has strengthened its alliance with Citrix and Hewlett Packard Enterprise (HPE) to launch a robust solution that will accelerate remote working and bring modernisation into workspaces. The solution offers a seamless framework to enable a unified experience for enterprises. It will be delivered through a pay-per-use model that is subscription-based, agile, elastic, and offer a consistent cloud experience.

Read more here. 

Ambuja Cements Q1 Results: Net profit rises 66% YoY to Rs 665 crore

Ambuja Cements reported a 66.6% YoY increase in standalone net profit to Rs 665 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. Net sales rose 30% YoY to Rs 3,579 crore during the same period. The cement maker’s sales volume grew 24.48% YoY to 7.17 million tonnes in Q1. To compensate for the impact of rising fuel and raw material costs, Ambuja Cements had launched operational efficiency programs, along with logistics efficiencies such as direct dispatches.

Read more here.

Exide Industries Q4 Results: Net profit rises 30% YoY to Rs 321 crore

Exide Industries Limited reported a 29.54% YoY increase in consolidated net profit to Rs 321.87 crore for the quarter ended March (Q4). Its revenue rose 31.32% YoY to Rs 4,562.86 crore during the same period. The company has posted strong growth in both automotive and industrial segments. For the financial year ended March 31, 2021 (FY21), the battery manufacturer’s net profit has increased by 4.27% YoY to Rs 809.90 crore.

Read more here.

Titan Q4 Results: Net profit rises 48% YoY to Rs 529 crore

Titan Company Ltd reported a 48% YoY increase in net profit to Rs 529 crore for the quarter ended March (Q4). Revenue from operations rose 61% YoY to Rs 4,429 crore during the same period. The jewellery segment posted a revenue of Rs 6,397 crores (excluding gold bullion sales), compared to Rs 3,754 crores in Q4 FY20. Its eyewear business registered an 18% YoY growth in revenues to Rs 127 crores. Titan’s board has announced a dividend of Rs 4 per share.

Read more here.

Categories
Market News Top 10 News

HDFC Bank Reports 18% YoY Rise in Net Profit in Q4 – Top Indian Market News

HDFC Bank Q4 Results: Net profit rises 18% YoY to Rs 8,186 crore

HDFC Bank reported an 18.2% year-on-year (YoY) rise in standalone net profit to Rs 8,186.5 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined 6.5%. Net interest income (NII) increased by 12.6% YoY to Rs 17,120 crore during the same period. The bank’s gross non-performing assets (NPAs) ratio stood at 1.32% in Q4, compared to 1.38% in the October-December quarter (Q3). Total deposits grew 16.3% YoY to Rs 13.35 lakh crore. 

Read more here.

Glenmark Pharma’s subsidiary files paperwork for IPO with SEBI

Glenmark Life Sciences Limited (GLSL) has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). GLSL is a wholly-owned subsidiary of Glenmark Pharmaceuticals Limited. The IPO will consist of a fresh issue of shares worth Rs 1,160 crore and an offer for sale (OFS) of up to 73.05 lakh shares. 

Read more here.

ICICI Lombard Q4 Results: Net profit rises 22% YoY to Rs 345.68 crore

ICICI Lombard General Insurance Company Ltd reported a 22.6% YoY increase in net profit to Rs 345.68 crore for the quarter ended March (Q4). Total revenue rose 22.4% YoY to Rs 3,489.39 crore during the same period. Its gross direct premium income (GDPI) rose 9.4% YoY to Rs 3,478 crore in Q4 FY21. The company’s board has proposed a final dividend of Rs 4 per share.

Read more here.

Adani Green Energy secures 15 MWac solar power project in Gujarat

Adani Renewable Energy Holding Fifteen Ltd (AREHFifteenL) has secured an order to establish a 150 MWac (megawatt, alternating current) solar power project in Gujarat. AREHFifteenL is a wholly-owned subsidiary of Adani Green Energy Limited (AGEL). The fixed tariff for this project capacity is Rs 2.22 per kilowatt-hour (kWh) for a period of 25 years. The project is expected to be commissioned by Q3 of FY 2022-23.

Read more here.

India’s pharma exports grew 18% to $24.4 billion in FY21

According to the Pharmaceuticals Export Promotion Council of India, pharma exports increased by 18% year-on-year (YoY) to $24.44 billion (~Rs 1.82 lakh crore) during the financial year 2020-21. The figure stood at $20.58 billion in FY20. Exports grew by 48.5% YoY to $2.3 billion in March, the highest ever in FY21. Country-wise exports to the US, Canada, and Mexico have recorded a growth of 12.6%, 30%, and 21.4%, respectively.

Read more here.

DoT allocates 4G spectrum to Reliance Jio, Bharti Airtel

The Department of Telecommunications (DoT) has completed the process of allocating spectrum to successful bidders of the auctions conducted in March. Reliance Jio Infocomm has paid Rs 2,149.59 crore for its share of airwaves, while Bharti Airtel has deposited Rs 157.38 crore. Thus, the government has received Rs 2,306.97 crore from the telecom spectrum auctions so far.

Read more here. 

Coforge Limited’s board approves issue of NCDs for Rs 340 crore

The Board of Directors of Coforge Limited has approved the issuance of up to 3,400 listed, redeemable non-convertible debentures (NCDs) of the face value of Rs 10 lakh each— aggregating to Rs 340 crore. The NCDs will be issued on a private placement basis. Coforge is a leading global IT solutions provider based in Noida.

Indiamart’s subsidiary to acquire 22% stake in Truckhall

Tradezeal Online Private Limited, a wholly-owned subsidiary of Indiamart Intermesh Limited, will acquire a 22% stake in Kolkata-based TruckHall Pvt Ltd. The total cost of the acquisition is Rs 9.68 crore. TruckHall is engaged in the business of creating an online marketplace and software development for the logistics industry. This investment is in line with Indiamart Group’s long-term objective of offering various Software-as-a-Service (SaaS)-based solutions for businesses.

Prestige Estates acquires stake in partnership firms with land parcels in North Bengaluru

Prestige Estates Projects Limited said it has acquired a 45% stake in Century Megacity and a 55% stake in Century Landmark. Century Megacity is a partnership firm that holds land parcels in North Bangalore, which will be developed into an office space soon. Century Landmark is also a partnership firm holding land parcels in North Bangalore, which will be developed into a commercial space in the near future. 

Read more here.

Categories
Market News Top 10 News

Tata Power to Develop 60 MW Solar Project in Gujarat – Top Indian Market News

Tata Power receives order to develop 60 MW solar project in Gujarat

Tata Power Limited has secured an order to develop a 60 megawatt (MW) solar project for Gujarat Urja Vikas Nigam Ltd (GUVNL). The energy will be supplied to GUVNL under a power purchase agreement (PPA), which is valid for 25 years from the scheduled date of commercial operation. With this order, Tata Power’s renewable energy capacity will increase to 4,007 MW.

Read more here.

L&T secures orders worth Rs 1,000-2,000 crore across various business segments

Larsen & Toubro (L&T) said its construction arm has secured significant orders (in the range of Rs 1,000-2,000 crore) across various business segments. Its heavy civil infrastructure business has secured an EPC order to construct a four-lane bridge across river Ganga on the newly declared NH-131B in Bihar. L&T Construction’s water & effluent treatment business has received a design, build, and operate order from the Municipal Corporation of Amritsar for setting up a bulk water supply system.

Read more here.

Indiamart Intermesh to acquire 11% stake in Legistify Services

Indiamart Intermesh Ltd, through its wholly-owned subsidiary Tradezeal Online, will acquire an 11.01% stake in Legistify Services for Rs 1.30 crore. Legistify offers a SaaS (software as a service)-based ERP tool that allows enterprises to manage their legal workflows. Indiamart said this investment is in line with its long-term objective of offering various SaaS-based solutions for businesses.

Read more here.

BHEL secures order worth Rs 400 crore from Indian Oil Corp

Bharat Heavy Electricals Ltd (BHEL) has received an order worth Rs 400 crore for setting up a sulphur recovery unit at Indian Oil Corporation’s (IOCL) Paradip Refinery in Odisha. With this order, BHEL has made its entry into the downstream oil & gas process package business. The company’s scope in the contract includes project management, residual process design, testing, construction, commissioning, and performance guarantee test run of the 525 TPD (tonnes per day) sulphur recovery unit.

Read more here.

Dilip Buildcon wins order worth Rs 1,137 crore from NHAI

Dilip Buildcon Limited (DBL) has secured an order worth Rs 1,137 crore from the National Highways Authority of India (NHAI) for a road project in Karnataka. The project consists of four-laning the Sannur-Bikarnakatte section of NH-169 on Hybrid Annuity Mode (HAM). The completion period for the 45-km project is 24 months.

Read more here.

TCS unveils new brand statement- ‘Building on Belief’

Tata Consultancy Services (TCS) has unveiled a new brand statement— ‘Building on Belief’, as it embarks on its next decade of transformation-led growth. It expresses the active and collaborative role that TCS plays in partnering customers over the long term, leveraging its contextual knowledge, investments in research and innovation, and technology expertise to help them grow and achieve their transformational goals. TCS will launch an integrated 360-degree campaign across media platforms to highlight the new brand statement.

Read more here.

Alkem Labs to invest Rs 40 crore in ABCD Technologies

Alkem Laboratories said it has agreed to subscribe to a partnership interest in healthcare services firm ABCD Technologies LLP. The pharma company will invest Rs 40 crore in ABCD Tech. The objective of this acquisition is to digitise healthcare infrastructure in India towards facilitating better distribution practices. Last week, Sun Pharma, Lupin, Cadila Healthcare, and Torrent Pharma said they have subscribed to the partnership interest in the same firm.

SJVN to develop 70 MW grid-connected solar project in Gujarat

SJVN Limited has received a Letter of Award (LoA) from the Gujarat Urja Vikas Nigam Ltd (GUVNL) to develop a 70 MW grid-controlled solar power project in Gujarat. The company will supply electricity from this project to GUVNL at a rate of Rs 2.21 per kilowatt-hour for a period of 25 years. SJVN said this project will support in achieving its vision of increasing its electricity generation capacity to 5,000 MW by 2023.

Tamilnadu Petro to invest Rs 435 crore for capacity expansion

The Board of Directors of Tamilnadu Petroproducts has approved an investment of Rs 435 crore for capacity expansion and revamping its manufacturing plants. The capacity of its linear alkyl benzene (LAB) plant will be increased from 120 kilo-tonnes per annum (KTA) to 145 KTA at an estimated cost of Rs 240 crore. The company’s heavy chemicals division (HCD) plant will be modernised at an estimated cost of Rs 165 crore.

Read more here.

RBL Bank partners with Tide to serve banking needs of Indian SMEs

RBL Bank said it will provide banking infrastructure to UK-based fintech Tide’s India platform, which is focused on the small & medium enterprises (SME) segment. SMEs will have an option to open current and savings accounts at RBL Bank through Tide’s business platform. The bank can also integrate its payment APIs to enable Tide users to make seamless transactions through the platform.

Read more here.

Goldiam International receives export orders worth Rs 80 crore

Goldiam International Ltd said it has secured export orders from prominent international clients. It has won an order for manufacturing diamond-studded designed gold jewellery worth Rs 80 crore. The company will deliver the export orders within 3 months. Mumbai-based Goldiam International is a leading global exporter of luxurious diamond jewellery.

Categories
Market News Top 10 News

Total Acquires 20% Stake in Adani Green Energy – Top Indian Market News

Total acquires 20% stake in Adani Green Energy 

French oil and energy major Total SE announced the acquisition of a 20% stake in Adani Green Energy Limited (AGEL) from the Adani Group. The company will also buy a 50% stake in a portfolio of solar assets operated by AEGL. Total said it would pay $2.5 billion (~Rs 22,118 crore) as part of the acquisition. AEGL has more than 14.6 gigawatts of contracted renewable capacity, with an operating capacity of 3 GW, another 3 GW under construction, and 8.6 GW under development. The company has plans to achieve 25 GW of renewable power generation by 2025.

Read more here.

Mindtree Q3 Results: Net Profit rises 66% YoY to Rs 327 crore

Mindtree Ltd reported a 66% year-on-year (YoY) increase in consolidated net profit to Rs 326.5 crore for the quarter ended December (Q3). The IT firm’s revenue rose by 3% YoY to Rs 2,023.7 crore during the same period. The company’s active client base stood at 276, while it added eight new clients in Q3. Mindtree stated that it is witnessing a significant demand for its cloud, data, and analytics capabilities. 

Read more here.

Three UK partners with TCS to accelerate 5G network rollout

Tata Consultancy Services (TCS) has been selected by Three UK to help configure its mobile network for its ongoing 5G services rollout. Three UK is in the process of deploying a new 5G radio access network, which is already live in 175 towns and cities. TCS’ software will speed-up configuration checking and reduce manual errors, ensuring first-time-right network configuration. TCS will also provide 24×7 support across the network for configuration corrections and ad-hoc site testing. 

Read more here.

L&T secures order worth up to Rs 5,000 crore from RNVL in Uttarakhand

Larsen & Toubro (L&T) announced that its construction arm has secured a contract worth up to Rs 5,000 crore from Rail Vikas Nigam Ltd (RVNL) in Uttarakhand. The scope of the project includes the construction of tunnels, formation, construction shaft, and other ancillary works between Rishikesh and Karanprayag. L&T said the entire project is to be completed within a stringent timeline of 60 months.

Read more here.

IndiaMART InterMESH Q3 Results: Net profit rises 29% YoY to Rs 80 crore

IndiaMART InterMESH Ltd reported a 29.35% YoY increase in consolidated net profit to Rs 80.20 crore for the quarter ended December (Q3). Its revenue rose 5.28% YoY to Rs 173.60 crore during the same period. The company’s board has approved fund-raising of up to Rs 1,100 crore via equity and debt instruments. 

Gravita India secures order worth Rs 125 crore from Korea Zinc’s subsidiary

Gravita India has signed an agreement with Sorin Corporation, a subsidiary of Korea Zinc Co Ltd, for supplying approximately 8,000 MT of refined lead. At current lead prices, the contract would be valued at around Rs 125 crore. The agreement will be executed in the calendar year 2021. Gravita India stated that this contract will help the firm strengthen its market presence in the South East Asian market.

Read more here.

Metropolis Healthcare acquires Hitech Diagnostic Centre

Metropolis Healthcare Ltd has acquired Hitech Diagnostic Centre, a south India-based diagnostics laboratory chain, in a cash and stock deal. The company said it would pay Rs 511 crore in cash and issue up to 4.95 lakh equity shares of face value Rs 2 each on a preferential basis to Hitech’s promoter group. Through the acquisition, Metropolis will get access to 31 laboratories and 68 collection centres of Hitech.

Read more here

Motherson Sumi to acquire 75% stake in two companies of Turkey-based Plast Met Group

Motherson Sumi announced the acquisition of a 75% equity stake in two companies of the Turkey-based Plast Met Group through its subsidiary- Samvardhana Motherson Reflectec (SMR). The enterprise value of the deal is €21.78 million (Rs 193 crore). The all-cash deal is subject to regulatory approvals and is expected to be closed in the coming three months. The acquisition will mark Motherson Sumi’s entry into Turkey, which has a vehicle market of 1.4 million units annually.

Read more here.

Indian Hume Pipe Company receives LoA for water supply project in Uttar Pradesh

Indian Hume Pipe Company Ltd has received a revised Letter of Acceptance (LoA) from State Water & Sanitation Mission (SWSM), Government of Uttar Pradesh for water supply schemes in various villages of Kanpur Division. The project areas of the Kanpur Division are Auraiya, Etawah, Farukhabad, Kanpur Rural, Kanpur Urban, and Kannauj District. The total value of the work order is about Rs 400 crore.

Read more here.

Snowman Logistics Q3 Results: Net profit stands at Rs 1.4 crore

Snowman Logistics Ltd reported a net profit of Rs 1.42 crore for the quarter ended December (Q3). The company had posted a net loss of Rs 3.4 crore in the corresponding period in FY20. Its revenue increased by 3% YoY to Rs 60.18 crore in Q3 FY21. Snowman Logistics also announced that it has appointed Sunil Prabhakaran Nair as CEO and whole-time director of the firm for a further period of 3 years, with effect from February 13, 2021.

Majesco Q3 Results: Net profit up 23 times to Rs 27.7 crore

Majesco Ltd’s net profit jumped 23 times (or 3,127%) YoY to Rs 27.76 crore for the quarter ended December (Q3). Its total revenue rose by 715% YoY to Rs 38.41 crore during the same period. Majesco had completed a buyback of 15.74 lakh equity shares and paid Rs 133 crore to the shareholders in Q3. The company had also announced an interim dividend of Rs 974 per share during the quarter.

Caplin Point’s arm enters into strategic partnership with Canada’s JAMP Pharma Group

Caplin Steriles, a subsidiary of Caplin Point Laboratories Ltd (CPLL), has entered into a strategic partnership with Canada-based JAMP Pharma Group. The agreement includes six injectable products to be filed for Health Canada approval. Caplin Steriles has already filed some of these products in the United States. [CPLL is engaged in the manufacturing of active pharmaceutical ingredients (APIs), finished formulations, research & development, and clinical research]

Read more here.