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SBI’s Digital Rupee Now Linked to UPI – Top Indian Market Updates

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

SBI’s digital rupee now linked to UPI

State Bank of India (SBI) has made the NPCI’s UPI system interoperable with its digital rupee (e₹) as part of the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) programme. The SBI digital rupee will now be accessible through the ‘eRupee by SBI’ application. Users can scan any merchant UPI QR code for swift and secure transactions. SBI was among the first few banks to participate in the RBI’s retail digital e-rupee project in December 2022.

Read more here.

Vi clears 10% statutory dues for Q1

According to a Times of India (TOI) report, Vodafone Idea (Vi) cleared nearly 10% of the statutory dues needed to pay to the Department of Telecom (DoT) for the April-June quarter. The company has also assured DoT to pay the remaining amount by the end of September. Vi had to pay a license fee of around ₹770 crore by July and ₹1,680 crore as the first instalment for the spectrum it purchased in auctions that were held last year.

Read more here.

Oil India board okays Rs 1,738-crore equity investment in NEGDL

Oil India Ltd (OIL) has received board approval for its equity investment in its joint venture (JV) company, the North East Gas Distribution Company Ltd (NEGDCL). The JV is in partnership with Assam Gas Company Ltd (AGCL). OIL’s board approved an investment of up to ₹1,738 crore. This strategic investment aligns with Oil India’s 49% shareholding in NEGDCL, as it takes a substantial step forward in the execution of city gas distribution (CGD) projects.

Read more here.

BHEL bags order for India’s largest multipurpose hydropower project

Bharat Heavy Electricals Ltd (BHEL) has secured an order for electro-mechanical works for the 2,880-MW Dibang multipurpose project in Arunachal Pradesh. This is India’s largest-capacity hydropower project. The order was received from the National Hydroelectric Power Corporation (NHPC). This order involves a 12×240 MW hydropower project situated in Roing, in the Lower Dibang Valley district of Arunachal Pradesh.

Read more here.

Indian Bank partners with IBM to deploy compute infrastructure

Indian Bank has partnered with IBM to deploy new front-end banking applications and provide the bank with safe computing infrastructure. With this partnership, Indian Bank wants to consolidate its Front Branch Servers for better manageability and availability at both Data Centres (DC) and Disaster Recovery (DR) centres in Mumbai and Chennai.

Read more here.

Sundaram Home Finance plans to enter affordable home loan segment

Sundaram Home Finance (SHF) is planning to enter the affordable home loan segment, which is growing fast in sync with the government’s “housing for all” goal. The company will focus on Tier-2 and Tier 3 towns for its diversification into the affordable housing segment. Sundaram Home Finance had ₹11,200 crore of assets under management at the end of March 2023. SHF is a wholly-owned subsidiary of Sundaram Finance.

Read more here.

EFC India starts 65,000 sq ft co-working centre in Noida

EFC (I) Ltd has entered into the Delhi-NCR market with the start of a new centre in Noida comprising 65,000 square feet of area. The new centre will house brands, including Tata Capital and Virtuous Transactional Analyst, among others. EFC will itself occupy 25,000 square feet of office space. Delhi NCR has been among the top three national markets in office leasing.

Read more here.

IndiGo, Air India to set up leasing units at GIFT City

IndiGo and Air India will set up leasing arms at GIFT City, Gujarat. The government’s plan of projecting India as a hub of aircraft leasing will get a big boost with this move. IndiGo has around 1,000 aircraft in its order book. It will set up a leasing unit for financing its aircraft by investing ₹30 crore. The airline will also issue a corporate guarantee of up to $996 million for payment obligation of the company.

Read more here.

Muthoot FinCorp launches Rs 400 crore in NCDs in bid for capital growth

Muthoot FinCorp Ltd has unveiled its 16th series of secured, redeemable, non-convertible debentures (NCDs). The issue aims to raise a corpus of ₹400 crore. This offering falls within the company’s shelf limit of ₹1,100 crore, signaling its intent to tap into the investment market effectively. The inaugural tranche of ₹100 crore, which includes a green shoe option of ₹300 crore, forms the “Tranche I Issue.” This offering opened to the public on Sept 1, 2023, and will remain accessible until Sept 14, 2023.

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India seeks asset valuer for strategic divestment of IDBI Bank

The Indian government has initiated the process of appointing an asset valuer for the strategic divestment of IDBI Bank. The move is part of its ongoing efforts to optimise its stake in the financial institution. The selected asset valuer will play a crucial role in determining the fair value of IDBI Bank’s assets and liabilities.

Read more here.

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India’s GDP Growth Slows to 4.4% in Q3 – Top Indian Market Updates

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

India’s GDP growth slows to 4.4% in Q3

India’s gross domestic product (GDP) for the October-December quarter (Q3 FY23) slowed down to 4.4%. The GDP had moderated to 6.3% in Q2 from 13.5% in Q1. GDP at Constant (2011-12) prices in Q3 2022-23 is estimated at ₹40.19 lakh crore in Q3, as against ₹38.51 lakh crore in Q3 2021-22. The Indian economy is expected to grow at 7% in FY23.

Read more here.

Geological Survey of India finds Gold Deposits in Odisha

Surveys from the Geological Survey of India (GSI) have found gold deposits in three districts of Odisha. State Steel and Mines Minister Prafulla Mallik said that the gold reserves were found in Deogarh, Keonjhar and Mayurbhanj.

Read more here.

SBI enters social loan market

State Bank of India has concluded a landmark $1 billion (~₹8,200 crore) syndicated social loan, making it the largest Environmental, Social, and Governance (ESG) loan raised by a commercial bank in the Asia Pacific market. The loan is of $500 million of the primary issue and an equal amount in greenshoe (or overallotment) option. It is also the first issue of such kind from the bank. 

Read more here.

IDFC, Federal Bank partner with Sa-Dhan on UPI123PAY

IDFC First and Federal Bank will partner with association of microfinance institutions Sa-Dhan and Delhi-based fintech solutions provider NextGen to promote digital payments by feature phone users. The banks will help in developing a new payment and collection system by using feature phones with the technological intervention being provided by them.

Read more here

India approves $3.9 billion hydropower project near China border

India has approved its largest-ever hydropower project in the mountainous northeastern region bordering China as it seeks to build renewable generation to meet rising power demand. The govt approved the estimated investment of $3.9 billion for the 2,880-megawatt Dibang project in Arunachal Pradesh. The project is estimated to take nine years to build.

Read more here.

India’s passenger vehicle sales to grow 9-10% in 2024: CRISIL

Rating agency CRISIL has forecast that India’s passenger vehicle sales are expected to grow about 9-10% in the next financial year (FY24), which is 20% more than the pre-pandemic levels. The forecast is owed to strong demand and easing chip shortages. India is currently the world’s fourth-largest car market.

Read more here.

Zydus Lifesciences receives USFDA approval to market generic drug

Zydus Lifesciences has received approval from the US Food & Drug Administration (USFDA) to market Apixaban tablets. The drug blocks the activity of certain clotting substances in the blood. It is used to lower the risk of stroke or a blood clot in people with a heart rhythm disorder called atrial fibrillation.

Read more here.

Indian Bank ties up with Toyota Kirloskar Motor to offer vehicle financing

Indian Bank has signed a pact with automaker Toyota Kirloskar Motor to offer vehicle financing options to its customers. The tie-up would offer various initiatives including 90% on-road funding with no processing fee, foreclosure, and party payment charges to prospective customers.

Read more here.

Bharti Airtel outpaces Jio in revenue market share growth in Q3

For the second time in a row, Bharti Airtel has grabbed more revenue market share (RMS) than Reliance Jio Infocomm in the third quarter of FY23. This is mainly due to the sharp hike in base prepaid rates Airtel took last November in Odisha and Haryana along with share gains in rural markets. Loss-making Vodafone Idea (Vi) continued to lose RMS share in Q3.

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PNC Infratech bags ₹771 crore railway project in Haryana

PNC Infratech has secured a ₹771.46 crore railway project from the Haryana Orbital Rail Corporation Ltd. The scope of work includes construction design and construction of civil works at Sultanpur station in connection with the laying of a new double railway line. The construction is to be completed in 30 months.

Read more here.

MRF raises ₹150 crore through NCDs via private placement

MRF Ltd has raised ₹150 crore via non-convertible debentures (NCDs) on a private placement basis. The NCDs have been listed on the debt segment of the National Stock Exchange of India with effect from February 2023. The date of maturity of these debentures is February 24, 2026.

Read more here.

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Grasim Gets Rs 8,334 crore Income Tax Demand – Top Indian Market News

Grasim Industries gets Rs 8,334 crore income tax demand

The Income Tax (IT) department has raised a demand of Rs 8,334 crore against Grasim Industries Ltd (GIL) as capital gains tax for the assessment year 2018-19. The demand by the IT department is related to the scheme of GIL’s merger with Aditya Birla Nuvo and Aditya Birla Financial Services. GIL said it would “take appropriate action against the order, which it believes is against the spirit of tax laws.”

Read more here.

Reliance incorporates subsidiary in UAE for trading oil

Reliance Industries Ltd (RIL) has incorporated a wholly-owned subsidiary, Reliance International Limited (RINL), in Abu Dhabi Global Market, United Arab Emirates (UAE). RIL has invested Rs 7.42 crore in cash in 10 lakh equity shares of $1 each of Reliance International Ltd. The subsidiary was set up for trading crude oil, petroleum products, petrochemicals, and agricultural commodities.

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ZEEL moves Bombay HC against Invesco’s demand for EGM

Zee Entertainment Enterprises Ltd (ZEEL) has filed a civil suit in the Bombay High Court against Invesco, one of its largest shareholders. ZEEL has requested the court to declare that the requisition notice sent to the company by Invesco Developing Markets Fund and OFI Global China Fund is illegal and invalid. On September 11, the major shareholders had called for an Extraordinary General Meeting (EGM) to remove CEO and MD Punit Goenka and two other directors from ZEEL’s board.

Read more here.

Indian Bank acquires 13.2% stake in NARCL

Indian Bank has picked up a 13.27% stake in the proposed bad bank National Asset Reconstruction Company Ltd (NARCL). The lender has subscribed to 1.98 lakh equity shares of NARCL for cash consideration of Rs 19.80 crore. The investment of an equity stake of 13.27% would be reduced to 9.90% by December 31, 2021. State Bank of India, Union Bank of India, and Punjab National Bank had picked up over 12%  stake each in NARCL on Thursday.

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Banks in favour of RBI-led resolution for SREI Group: Report

According to a report from CNBC-TV18, a consortium of lenders led by UCO Bank has reached out to the Reserve Bank of India (RBI), seeking a DHFL-like resolution for SREI Group. The group, along with SREI Infrastructure Finance and SREI Equipment Finance, collectively owe the consortium ~Rs 36,000 crores. State Bank of India, Bank of Baroda, Bank of India, Indian Bank, PNB, Axis Bank are some of the other lenders to SREI Group. 

Read more here.

Petrol, diesel prices rise to record highs

Petrol and diesel prices surged to new record highs across the country on Saturday after rates were hiked again by 25 paise and 30 paise a litre, respectively. According to a price notification of state-owned fuel retailers, the price of petrol in Delhi rose to its highest ever level of Rs 102.14 a litre and Rs 108.19 per litre in Mumbai. The price hike follows international oil prices soaring to a near three-year high as global output disruptions forced energy companies to draw more crude oil out of their stockpiles.

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Indraprastha Gas hikes CNG prices by 5%, PNG by 7%

Indraprastha Gas Ltd (IGL) has raised the prices of compressed natural gas (CNG) by 5% and piped natural gas (PNG) by 7% following a sharp increase in domestic natural gas price by the government. The rate of CNG (used for transport) has been hiked by Rs 2.28 per kg to Rs 47.48 per kg in Delhi. The price of PNG (used for cooking) has been increased by 2.10 per standard cubic meter (SCM) to Rs 33.01 per SCM.

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DoT amends telecom licence norms to relax penal provisions

The Department of Telecommunications (DoT) has amended licence norms to rationalise the interest rate for delayed payment of licence fees. This move will ease the financial burden on the telecom sector and promote ease of doing business. The DoT will now charge 2% interest above the one-year marginal cost of lending rate (MCLR) of State Bank of India (SBI) for the delay in payment of licence fees or any other statutory dues, and the interest will be compounded annually. Earlier, telecom firms were required to pay 4% interest above the one-year MCLR of SBI, and the interest was compounded monthly.

Read more here.

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HCL Tech Reports 9% YoY Rise in Net Profit in Q1 – Top Indian Market News

HCL Tech Q1 Results: Net profit rises 9% YoY to Rs 3,213 crore

HCL Technologies Ltd reported a 9.4% year-on-year (YoY) increase in consolidated net profit to Rs 3,213 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 12.5% YoY to Rs 20,068 crore during the same period. The total contract value (TCV) of new deals stood at $1,664 million in Q1, an increase of 37% YoY. HCL Tech’s attrition rate for IT services declined from 14.6% in Q1 FY21 to 11.8% in Q1 FY22. The IT company’s board has declared an interim dividend of Rs 6 per share. 

Read more here. 

SC reserves order on Bharti Airtel, Vodafone Idea’s pleas in AGR case

The Supreme Court (SC) reserved its order on Bharti Airtel and Vodafone Idea’s pleas seeking correction of errors in adjusted gross revenue (AGR) demands. The SC stated that recalculation of AGR dues will not be allowed. The telecom operators had sought the correction in AGR demand, citing errors in the Department of Telecommunications’ (DoT) calculation of dues. You can learn more about the entire telecom AGR saga here.

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ACC Q2 Results: Net profit jumps two-fold to Rs 569 crore

ACC Limited reported a 110% YoY jump in consolidated net profit to Rs 569.45 crore for the quarter ended June (Q2 CY21). The cement maker follows the January-December financial year cycle. Its revenue from operations rose 49.29% YoY to Rs 3,884.94 crore during the same period. Total cement volumes rose 43.7% YoY to 6.84 million tonnes (MT) in Q2. Revenue from its cement business increased by 43.9% YoY to Rs 3,672.31 crore.

Read more here.

HDFC Life Q1 Results: Net profit declines 33% YoY to Rs 302 crore

HDFC Life Insurance Company Ltd reported a 33% YoY decline in standalone net profit to Rs 302 crore for the quarter ended June (Q1 FY22). Its total premium rose 31% YoY to Rs 7,656 crore during the same period. The fall in profit was due to higher claim payout and higher provisions to mitigate the impact of the Covid-19 pandemic. HDFC Life paid over 70,000 claims in Q1. The gross and net claims provided amounted to Rs 1,598 crore and Rs 956 crore, respectively.

Read more here.

L&T Construction secures contracts under various businesses

The construction arm of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) across various business segments. The power transmission and distribution business has won an order to construct a 220 kilovolt (kV) transmission line in Ladakh. It has also received an order to design, supply, construct, test, and commission a 132/11kV substation with associated cable works in Dubai city. L&T’s factory business has secured an order from a leading cement manufacturer to construct a 1.8 million tonne per annum (MTPA) grinding unit in Dolvi, Maharashtra.

Read more here. 

Centre to collect Rs 70,000 crore from asset monetisation of PowerGrid, NTPC, REC over five years

According to a report from ET Now, the Central government is likely to collect Rs 70,000 crore through monetisation of assets of state-owned power giants such as Power Grid, NTPC, and REC in the next five years. Around 50% of funds are likely to be utilised for boosting state transmission and power distribution infrastructure. Central public sector enterprises (CPSEs) will join hands with state power distribution companies (discoms) through joint venture agreements for support.  

Read more here.

Tatva Chintan IPO subscribed 15 times on second day of bidding 

The Rs 500 crore initial public offering (IPO) of Tatva Chintan Pharma Chem Ltd was subscribed 15.05 times on the second day of bidding. The IPO received bids for 4.90 crore equity shares against the issue size of 32.61 lakh shares. Retail investors have subscribed 23.74 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 12.21 times and 1.97 times, respectively, against their reserved portions. 

To learn more about the IPO, click here.

Indian Bank Q1 Results: Net profit jumps multifold to Rs 1,182 crore

Indian Bank reported a 220% YoY jump in net profit to Rs 1,182 crore for the quarter ended June (Q1 FY22). Net profit has declined 31% when compared to the previous quarter. Its Net Interest Income (NII) rose 3% YoY to Rs 3,994 crore during the same period. [NII is the difference between the interest income a bank earns on its lending activities and the interest it pays to depositors]. The gross non-performing assets (GNPA) ratio stood at 9.69% in Q1 FY22, compared to 10.9% in Q1 FY21. 

Read more here. 

GTPL Hathway Q1 Results: Net profit rises 16% YoY to Rs 47 crore

GTPL Hathway Ltd reported a 16.1% YoY increase in consolidated net profit to Rs 47.46 crore for the quarter ended June (Q1). Net profit has declined by 16.5% when compared to the previous quarter. Its revenue from operations rose 21.46% YoY to Rs 601.77 crore during the same period. GTPL Hathway is a leading provider of cable television and broadband services. The company serves customers in ~800 cities across 12 states in India.

Tata Steel Mining and Jindal Stainless signs MoU for joint mining operations

Tata Steel Mining and Jindal Stainless have signed a Memorandum of Understanding (MoU) to jointly unearth the Chrome Ore locked up in the boundary between their mines at Sukinda (Odisha). It would help in the conservation of chromite ore, which otherwise would have been left unmined forever. The companies have initiated steps to get necessary approvals from the concerned authorities before jointly starting mining operations.

Read more here.

NAM India Q1 Results: Net profit rises 16% YoY to Rs 182 crore

Nippon Life India Asset Management Ltd (NAM India) reported a 16% YoY increase in net profit to Rs 181.54 crore for the quarter ended June (Q1 FY22). Net profit has increased by 8.8% when compared to the previous quarter. Its total income rose 10% YoY to Rs 369.18 crore during the same period. The average quarterly assets under management (AUM) rose 33% to Rs 2.40 lakh crore in Q1.

Read more here.

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IndiGrid InvIT to Acquire Power Transmission Project From Sterlite Power – Top Indian Market News

IndiGrid InvIT to acquire power transmission project from Sterlite Power for Rs 4,625 crore

India Grid Trust (IndiGrid) has signed a share purchase agreement to acquire NER-II Transmission Limited from Sterlite Power. The indicative value of the acquisition is Rs 4,625 crore. The 830 circuit-km long transmission project is spread across Assam, Arunachal Pradesh, and Tripura. With this acquisition, IndiGrid’s assets under management (AUM) will increase by 35% to over Rs 20,000 crore.

IndiGrid is an infrastructure investment trust (InvIT) that owns inter-state power transmission assets in India.

Read more here.

Jaguar Land Rover to lay-off one-third of its workforce in India

Tata Group-owned Jaguar Land Rover (JLR) has announced job cuts in India in line with this ‘Reimagine’ strategy. As per reports, JLR will lay off one-third of its workforce in the country to cut costs. The layoffs have already started and are likely to continue throughout this month. JLR’s global strategy is to remove about 2,000 employees working in the non-manufacturing departments by the next financial year.

Read more here.

To know more about JLR’s Reimagine strategy, click here. 

Indian Bank to divest stake in asset reconstruction JV ASREC (India)

Indian Bank will divest its stake in joint venture (JV) entity ASREC (India) Limited as part of an asset monetisation exercise. ASREC is an asset reconstruction company in which Indian Bank, Bank of India, Union Bank of India, Life Insurance Company (LIC), and Deutsche Bank are shareholders. State-owned Indian Bank holds a 38.26% stake in the entity. The bank had earlier announced plans to monetise (or sell-off) its non-core assets to boost capital, even as it is looking to raise Rs 4,000 crore through a share-sale.

Read more here.

Embassy REIT receives approval for simplifying the holding structure of key portfolio assets

Embassy Office Parks REIT announced that it has received approval from the National Company Law Tribunal (NCLT) in relation to the scheme of arrangement among its entities. This consists of restructuring Embassy REIT’s key portfolio assets including Embassy Manyata and Embassy TechZone. Embassy REIT had initiated the scheme to simplify its holding structure by reducing the shareholding tiers, as well as to increase the dividend component of its unit-holders. 

Read more here.

You can learn more about REIT’s here.

Cipla announces liquidation of step-down subsidiary Cipla (UK)

Cipla Limited announced that its step-down subsidiary, Cipla (UK), has been voluntarily liquidated with effect from March 5, 2021. The pharma company said that the liquidation was a part of an internal reorganisation and it will not affect the performance or revenue of the firm. [Liquidation is the process of closing or winding down a company and selling off its assets]

Govt open to experimenting with cryptocurrency: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharman has hinted that the Centre may not go for a blanket ban on digital currencies. She said that the government is keeping windows opens for experimentations in the cryptocurrency world. The minister further said that the call on cryptocurrencies will be taken only after deliberations with the Reserve Bank of India (RBI) and cabinet members are over.

Read more here. 

DHFL auditor finds another fraud of Rs 1,424 crore

Dewan Housing Finance Limited (DHFL) said its administrator has filed additional affidavits in NCLT Mumbai in connection with fraud amounting to over Rs 1,424 crore. DHFL’s auditor recently found certain transactions that were undervalued and fraudulent in nature, which amounted to Rs 1,424 core. The company is being run by an administrator in the aftermath of the IL&FS crisis in 2018 and unearthing of massive fraud. DHFL is currently undergoing a corporate debt resolution process in the National Company Law Tribunal (NCLT), Mumbai. 

Read more here.

TVS Motor Company to provide free Covid-19 vaccination to all employees

TVS Motor Company announced that it has extended free Covid-19 vaccination for all employees and their immediate family members. The vaccination drive will cover 35,000 direct and indirect company employees across India. “With this vaccination drive, we continue our endeavour to prioritise the health and safety of all our employees and their families”, said R Ananda Krishnan, Executive Vice President of Human Resources at TVS.

Read more here.

Sayaji Hotels to expand its presence to 7 new locations

Sayaji Hotels Management Ltd (SHML), a wholly-owned subsidiary of Sayaji Hotels Limited, has announced plans of setting up properties across seven cities in India. This includes Vizag, Bhuj, Dehradun, Udaipur, Jamnagar, Nashik, and Morbi. This expansion plan will lead to an addition of 476 new rooms and an overall increase of 1,000 rooms into the company’s portfolio by the next financial year (FY 2021-22).

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Reliance Industries’ Net Profit Rises 12% YoY to Rs 13,101 crore – Top Indian Market News

Reliance Industries Q3 Results: Net profit rises 12% YoY to Rs 13,101 crore

Reliance Industries Ltd (RIL) reported a 12.5% YoY increase in consolidated net profit to Rs 13,101 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 11,640 crore during the corresponding period in FY20. RIL’s consolidated revenue declined 21% YoY to Rs 1.23 lakh crore in Q3 FY21. The weak topline performance of the company was attributed to the continued struggles of the refining business. The revenues of the refining and petrochemical business, which contribute nearly two-thirds to RIL’s topline revenues, fell to Rs 83,838 crore in Q3.

Reliance Jio Infocomm Ltd reported a 15.5% quarter-on-quarter (QoQ) increase in consolidated net profit to Rs 3,489 crore for the quarter ended December (Q3). Revenue from operations increased 5.3% QoQ to Rs 19,475 crore. The telecom company witnessed a net addition of 52 lakh customers during the same period. The average revenue per user (ARPU) came at Rs 151 per subscriber per month.

Read more here.

Grasim to enter paints business with Rs 5,000 crore investment

Aditya Birla Group’s flagship company, Grasim Industries Ltd, announced its plans to enter the paints business with an initial investment of Rs 5,000 crore over the next 3 years. Kumar Mangalam Birla, Chairman of Aditya Birla Group, stated that Grasim’s entry into the paints segment will add size, scale, and diversity to its existing portfolio of established standalone businesses. Grasim will offer a wide choice to Indian consumers, as it plans to introduce the latest range of paint products in line with global mega-trends.

Read more here.

Yes Bank Q3 Results: Net profit rises to Rs 151 crore

Yes Bank Ltd reported a net profit of Rs 150.7 crore for the quarter ended December (Q3). The lender had posted a net loss of Rs 18,560 crore in the corresponding period in FY20. Net interest income (NII) jumped more than two-fold YoY to Rs 2,560.4 crore. The bank’s gross non-performing asset (NPA) ratio stood at 15.36% compared with 16.9% in the July-September quarter (Q2 FY21). 

Yes Bank’s board has voted in favour of raising funds worth Rs 10,000 crore via qualified institutional placement (QIP), non-convertible debentures (NCDs), etc.

Read more here.

Adani Total Gas, Torrent Gas acquires 5% stake each in Indian Gas Exchange

Adani Total Gas and Torrent Gas have acquired a 5% stake each in the Indian Gas Exchange (IGX). Both companies have spent Rs 3.69 crore each for acquiring the stake.  IGX is a wholly-owned subsidiary of the Indian Energy Exchange (IEX) and is the first authorised gas exchange in the country. It has 16 members and more than 500 registered clients, along with 3 physical hubs across Gujarat and Andhra Pradesh.

Read more here.

JSW Steel Q3 Results: Net profit jumps 13-fold to Rs 2,681 crore

JSW Steel Ltd reported a 12.70 times (or 1,170%) YoY jump in consolidated net profit to Rs 2,681 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 211 crore in the corresponding period in FY20. Revenue from operations rose 21.1% YoY to Rs 21,859 crore in Q3 FY21. Its average capacity utilisation improved to 91%, compared to 86% in the September quarter (Q2 FY21). JSW Steel’s performance in Q3 was driven by robust operating income amid a strong demand environment.

Read more here.

NTPC declares 150 MW unit of Kameng Hydro-Electric Project commercially operational

NTPC Limited announced that the 150 megawatt (MW) unit of Kameng Hydro-Electric Project of its subsidiary, North Eastern Electric Power Corporation, is commercially operational. With this, the commissioned and commercial capacity of the NTPC group has become 63,785 MW and 63,125 MW, respectively. [NTPC Ltd is a state-owned power generation company]

Read more here.

Indian Bank Q3 Results: Profit rises 108% YoY to Rs 514 crore

Indian Bank Ltd reported a 108% YoY increase in profit to Rs 514.28 crore for the quarter ended December (Q3). The bank’s net interest income (NII) jumped 120% YoY to Rs 4,313.3 crore during the same period. Gross non-performing assets (NPAs) as a percentage of assets rose to 9.04% in Q3. Indian Bank’s board has approved a proposal to raise Rs 4,000 crore through qualified institutional placements (QIP), follow-on public offer (FPO), or rights issue.

Read more here.

Om Metals Infra receives LoA for Shahpurkandi power house project

Om Metals Infraprojects Ltd has received a letter of award (LoA) from the Water Resources Department, Govt. of Punjab, for project works of Shahpurkandi power-house project. The estimated value of the contract is Rs 621 crore. The company will construct two power houses as part of the Hydel Channel of Shahpurkandi Dam Project via an engineering, procurement, and construction (EPC) mode. 

Read more here.

SBI Life Q3 Results: Profit falls 40% YoY to Rs 232 crore

SBI Life Insurance Ltd reported a 40.2% YoY decline in profit to Rs 232.85 crore for the quarter ended December (Q3). Net premium income rose to Rs 13,766.49 crore in Q3 FY21, as compared to Rs 11,694.51 crore in Q3 FY20. The company has kept an additional reserve of Rs 70.38 crore for Covid-19 pandemic-related liabilities.

Read more here.

Alembic Pharma gets USFDA approval for orthostatic hypotension tablets

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA)- Midodrine Hydrochloride Tablets USP. The tablets are indicated for the treatment of symptomatic orthostatic hypotension (OH). OH refers to a sudden drop in blood pressure when you stand from a seated or prone (lying down) position. According to IQVIA data, the tablets had an estimated market size of $60 million (~Rs 437 crore) for the twelve months ended September 2020.

Read more here.

Indigo Paints IPO subscribed over 117 times on final day

The initial public offering (IPO) of Indigo Paints was subscribed 117.02 times on the final day of the bidding process. The issue received bids for 64.57 crore shares against the issue size of 55.18 lakh shares. The reserved portion for retail investors witnessed a subscription of 15.93 times, and that of employees 2.49 times. The portion set aside for qualified institutional buyers was subscribed 189.6 times, and that of non-institutional investors 263 times.

Read more here.