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JSW Steel Completes Investment in JSW Paints – Top Indian Market Updates

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

JSW Steel completes strategic investment in JSW Paints

JSW Steel has officially completed the authorized strategic investment of ₹750 crore in JSW Paints. The investment was planned to be carried out in 3-4 rounds between FY 2021-22 to FY 2024-25. The last tranche of investment of around ₹75 crore was made on November 22, 2023. Post this allotment, JSW Steel holds a 12.84% stake in JSW Paints.

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L&T Finance gets $125 million loan to support MSMEs, farmers

L&T Finance has signed a $125 million loan pact with the Asian Development Bank (ADB) to support financing in rural and peri-urban areas in India, particularly for women borrowers. The funding comprises a loan of up to $125 million from ADB, and an agreement to syndicate an additional $125 million co-financing from other development partners. 

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Indian Hotels invests ₹55 crore in Genness Hospitality & ₹35 crore in Qurio Hospitality

Indian Hotels Company Ltd (IHCL) has invested ₹55 crore in Genness Hospitality and ₹35 crore in Qurio Hospitality via a rights issue. Genness Hospitality, incorporated for a greenfield project (Vivanta Hotel) in Ekta Nagar, Gujarat, is presently under development. The investment involves the acquisition of equity shares of Genness, an existing wholly-owned subsidiary of IHCL.

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Affle India files 10 new AI patents

Affle India Ltd has filed 10 new patents related to Artificial Intelligence (AI) in India. The company filed the patents with an aim to strengthen the company’s innovations in the domains of Artificial Intelligence (AI) and automation. The newly-filed patents include the systems and methods for transferring personalised machine learning or AI models and data, along with the ones that integrate models with coordinators and AI agents in a marketplace environment.

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Lupin secures USFDA nod for Bromfenac Ophthalmic solution

Lupin Ltd has received approval from the US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) concerning Bromfenac Ophthalmic Solution. The solution is used to treat postoperative inflammation. The company will manufacture the solution in its pithampur facility. According to IQVIA data, the drug had an estimated annual sales of $185 million in the US as of September 2023.

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Cipla stands firm amid USFDA scrutiny, pledges swift response to warning letter

Cipla Ltd reasserted its confidence in its existing commercial product portfolio, stating that it perceives no material risk to its current offerings. The pharma major’s response comes after the US Food & Drug Administration (USFDA) made public the warning letter it issued to the company’s Pithampur unit on November 20. 

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Coal India to phase out mining equipment imports in 6 years

Coal India Ltd has drawn up a plan to phase out imported mining equipments over the next six years. The company has imported high-capacity mining equipment worth ₹3,500 crore in the past five years. The move aims to encourage and develop domestically manufactured equipment.

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IOCL Eyes Net Zero Carbon Emissions by 2046 – Top Indian Market Updates

A logo of Indian Oil is picture outside a fuel station in New Delhi, India August 29, 2016. REUTERS/Adnan Abidi/Files

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

Indian Oil Corp eyes net zero carbon emissions by 2046

Indian Oil Corporation Ltd (IOCL) aims to achieve net zero carbon emissions by 2046. The company has prepared a roadmap to achieve net zero Scope 1 and 2 emissions (relating to emissions from crude refining and energy consumption). IOCL is also targeting to replace at least a tenth of its current fossil-fuel-based hydrogen at its refineries with carbon-free green hydrogen.

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HDFC Bank to acquire 9.94% stake in Go Digit Life Insurance

HDFC Bank plans to acquire a 9.94% stake in Go Digit Life Insurance Ltd, a company backed by Canada-based Fairfax Group. The bank has proposed an investment of Rs 49.9-69.9 crore (in two rounds) by subscribing to equity shares of the company. Go Digit Life Insurance is awaiting a certificate of registration by the Insurance Regulatory & Development Authority of India (IRDAI) to begin operations.

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PSP Projects secures new orders worth ₹247 crore

PSP Projects Ltd has secured contracts worth ₹247.35 crore from the Precast and Government segments. The total order inflow for the financial year 2022-23 (FY23) to date amounts to Rs 1,344.24 crore. PSP Projects is one of the prominent contractors offering a diversified range of construction and allied services. It focuses on industrial, institutional, government, and residential projects.

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Hero Electric, Jio-bp partner for two-wheeler EV adoption

Hero Electric has announced a partnership with Jio-bp to provide EV charging solutions. The electric scooter maker’s customers will get access to Jio-bp’s charging and battery swapping infrastructure. Both entities will bring the best of their global learnings in electrification and apply them to the Indian market to create a differentiated customer experience. Jio-bp is a joint venture between Reliance Industries Ltd and British oil giant BP 

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REC’s subsidiary hands over project-specific SPV to PowerGrid

REC’s wholly-owned subsidiary, REC Power Development & Consultancy Ltd. (RECPDCL), has handed over the project-specific Special Purpose Vehicle (SPV) formed for the construction of a transmission project (Neemuch Transmission Ltd) to Power Grid Corporation of India Ltd. Power Grid emerged as the successful bidder of the Inter-State Transmission Project of the Ministry of Power, Government of India.

Nelco signs pact with Intelsat to offer in-flight connectivity in India’s airspace

US-based Intelsat has signed a commercial agreement with Nelco Ltd to offer inflight connectivity services in Indian skies. The agreement will benefit Intelsat’s airline partners and flyers as they will get end-to-end broadband coverage on domestic and international aircraft flying across the country. Intelsat joins companies such as Reliance Jio, Bharti Airtel, and Vi that have received prior approvals from the Indian govt to offer internet services on-board flights.

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Indian Hotels looks at greenfield, brownfield opportunities in Gujarat

Indian Hotels Company Ltd (IHCL) is looking at growth opportunities in greenfield and brownfield projects to strengthen its footprint in Gujarat. The company is also looking at new commercial hubs like Bharuch and Vapi, wildlife destinations, and pilgrimages in the state. IHCL, which recently opened 111-room Ginger and 175-key Vivanta in Ahmedabad, has 19 properties in Gujarat. 

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Listed private non-finance companies report 41% sales growth in Q1 FY23: RBI

A Reserve Bank of India (RBI) report stated that listed private non-financial companies recorded a 41% sales growth during the first quarter of FY23. The manufacturing segment posted sales growth of 41.6%, driven by broad-based demand expansion across industries due to volume and price effects. Sales growth of information technology (IT) firms stood at 21.3% in Q1 FY23.

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Lupin, I’rom signs licensing pact for Denosumab biosimilar in Japan

Lupin Ltd has entered into an exclusive licensing agreement with Japan-based I’rom Group Co. Ltd. The two entities will conduct clinical trials, register, distribute and market biosimilar Denosumab in Japan. Denosumab is used for the treatment of postmenopausal women with osteoporosis (bones becoming fragile) at high risk of fracture. It is also used to prevent skeletal-related events in patients with bone metastases.

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IGX to start LNG trade from October

The Indian Gas Exchange (IGX) is planning to start trade in liquefied natural gas (LNG) from October to help last-mile areas unconnected with pipelines get access to natural gas. Liquid gas will now be arranged at terminals. Buyers can take in LNG tankers to far-away locations (200-300 km) that are not yet connected with pipelines.

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CCI Imposes Rs 200 crore Penalty on Maruti Suzuki – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

CCI imposes Rs 200 crore penalty on Maruti Suzuki over dealer discount policy

The Competition Commission of India (CCI) has imposed a penalty of Rs 200 crore on Maruti Suzuki India Ltd for indulging in anti-competitive practices by restricting discounts offered by its dealers. It was revealed that the automaker had employed mystery shopping agencies to ensure no additional discount was offered to customers by its dealerships. 

In 2019, CCI launched an investigation into the allegations that Maruti Suzuki forced its dealers to limit their discounts. An order based on the investigation was released today (August 23), in which the CCI directed Maruti Suzuki to ‘cease and desist’ from indulging in such practices and asked the company to deposit the fine within 60 days.

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Infosys CEO meets FM Sitharaman amid persistent tech issues with IT portal 

Union Finance Minister Nirmala Sitharaman met with Infosys CEO Salil Parekh to discuss the critical issue of persistent glitches in the new Income Tax (IT) portal. Since June 8, taxpayers using the e-portal have faced technical glitches, errors, and challenges in accessing it or several functions within the website. According to reports, the FM has demanded that the issues faced by taxpayers on the current functionalities of the IT portal should be resolved by Infosys within September 15, 2021. 

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Jio adds 54 lakh subscribers in June; Vodafone Idea loses 43 lakh subscribers

Reliance Jio Infocomm and Bharti Airtel added 54.6 lakh and 38.12 lakh wireless subscribers, respectively, in June 2021. Jio’s total subscriber base rose to 43.6 crore during the same month. Bharti Airtel’s overall mobile user base stood at 35.2 crore at the end of June. Meanwhile, Vodafone Idea (Vi) lost 42.8 lakh subscribers in June, and its user base shrunk to 27.3 crore. The data was released by the Telecom Regulatory Authority of India (TRAI).

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HDFC Bank partners with Paytm to offer digital banking services

HDFC Bank has entered into a strategic partnership with Paytm to expand its suite of digital banking services offered to individuals and merchants. The companies will build payment gateway and point-of-sale (PoS) solutions for merchants. Paytm and HDFC Bank will also launch a co-branded PoS product in the retail segment, which Paytm will have the option to offer to its own customer base. They will also look to offer credit products such as Paytm’s Buy Now-Pay Later solution Paytm Postpaid, Eazy EMI, and Flexi Pay.

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HCL Tech signs contract with Munich Re for digital workplace services in 40 countries

HCL Technologies Ltd has signed a contract with Germany-based insurer Munich Re to create a next-generation digital workplace for its workforce. The IT major will modernize and standardize workplace services for more than 16,000 employees across 40 countries. HCL Tech will adopt a “glocal” strategy to support Munich Re’s global workforce in multiple languages from near-shore locations.

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SSWL signs MoU with Western Hemisphere for $105 million deal

Steel Strips Wheels Ltd (SSWL) has signed a Memorandum of Understanding (MoU) with Western Hemisphere for an order worth nearly $105 million (~Rs 778 crore). The order includes the supply of steel and aluminium wheels for a minimum period of three years. The supplies of steel wheels will begin from SSWL’s Chennai and Dappar plants by September 2021. Supplies of aluminium wheels from its Mehsana plant will commence from the end of December 2021.

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Indian Hotels to raise Rs 3,000 crore via rights issue to meet financing needs

The Board of Directors of Indian Hotels Company Ltd (IHCL) has approved a proposal to raise Rs 3,000 crore through a rights issue. The objective of the issue is to meet the company’s financing needs for capital expenditure, growth plans, and debt repayment. IHCL’s board has also approved the formation of a Committee of Directors to decide the terms and conditions of the rights issue, including details of the issue price, record date, etc. Mumbai-based IHCL is the parent company of Taj Hotels.

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Eicher Motors reappoints Siddhartha Lal as Managing Director

Amidst a tussle over remuneration, the Board of Directors of Eicher Motors Ltd has decided to re-appoint Siddhartha Lal as Managing Director (MD) with effect from May 1, 2021. As per reports, Lal’s reappointment as MD was voted down earlier by the shareholders over a 10% hike in his salary proposed amid the Covid-19 pandemic— when the revenue and profit growth of the company has been slow. Eicher Motors’ board will now go back to shareholders for approval through a postal ballot.

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RattanIndia Enterprises forms subsidiary for drone business in India

RattanIndia Enterprises will incorporate a wholly-owned subsidiary to kickstart its Unmanned Aerial Vehicle (UAV) drone business operations in India. The company had recently announced a strategic investment in the US-based urban drone logistics platform Matternet. Drone systems have a wide variety of commercial and industrial applications in healthcare and e-commerce logistics, infrastructure monitoring, agriculture, weather monitoring, surveying, etc.

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Centre announces Rs 6 lakh crore National Monetisation Plan

The Central government has announced a Rs 6 lakh crore National Monetisation Plan (NMP) for monetising infrastructure assets across key sectors. The plan would cover a wide range of sectors, including road and railway assets, airports, power transmission lines, and gas pipelines. FM Nirmala Sitharaman stated that the assets would not be sold to the private sector but will only be given to them for their better utilisation. 

NMP is in line with Prime Minister Narendra Modi’s strategic divestment policy, under which the state will retain its presence in only a few identified sectors and the rest will be privatized. 

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World Bank Slashes India’s Growth Forecast to 8.3% for FY22 – Top Indian Market News

World Bank slashes India’s growth forecast to 8.3% for FY22

The World Bank has lowered its growth forecast for India from 10.1% to 8.3% for the current financial year (FY22). It stated that recovery in India is being hampered by the largest outbreak of Covid-19 cases that any country has seen since the beginning of the pandemic. “Economic activity in FY22 will benefit from policy support, including higher spending on infrastructure, rural development, health, and a stronger-than-expected recovery in services and manufacturing,” the World Bank said in its latest Global Economic Prospects report.

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Max Financial Q4 Results: Net profit at Rs 62.34 crore

Max Financial Services Ltd reported a consolidated net profit of Rs 62.34 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 36.09 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations jumped 128.88% YoY to Rs 9,759.75 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit increased by 179.6% YoY to Rs 405.39 crore. 

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Route Mobile to expand its global presence in Southeast Asia

Route Mobile Ltd announced the opening of a step-down subsidiary PT Route Mobile in Indonesia, as it seeks to expand its global presence in Southeast Asia. The company has appointed Elsiyah Susanto as Country Manager- Indonesia. The new office in Indonesia marks the company’s commitment to strengthen its presence in the region and assure better reachability to enterprises and brands. Route Mobile is a leading cloud communications platform as a service (CPaaS) provider based in Mumbai.

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Minda Corporation forms JV with South Korean firm for automotive antenna systems

Minda Corporation Ltd has announced a joint venture (JV) with South Korea-based INFAC Elecs Co. Ltd to bring its range of automotive antenna solutions to India. The partnership aims to capitalise on the opportunities for growth in automotive safety, connected and autonomous technologies. The JV will provide multiple products such as rod antenna, micro pole antenna, shark fin antenna, and low frequency (LF) antennas. It will manufacture the antennas locally from the newly established state-of-the-art manufacturing unit in Pune.

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MOIL secures patent from the government

MOIL Limited has secured a patent for an invention entitled ‘a composition useful as an alternative filling material for hydraulic stowing in an underground mine and the methods thereof’. The Indian government has granted the patent for 20 years, starting from March 31, 2018. This is the company’s first patent since its inception in 1962. State-owned MOIL is a manganese ore mining company based in Nagpur.

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Suven Pharma Q4 Results: Net profit rises 12% YoY to Rs 83 crore

Suven Pharmaceuticals Ltd reported a 12.05% YoY increase in consolidated net profit to Rs 83.12 crore for the quarter ended March (Q4). Net profit has declined by 26.85% when compared to the previous quarter. Its revenue from operations rose 40.27% YoY to Rs 259.16 crore during the same period. Net profit for the financial year 2020-21 increased by 14.30% YoY to Rs 362.34 crore. The pharma company’s board has recommended a final dividend of Re 1 per share.

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NCLT approves Videocon sale to Vedanta group firm Twinstar Technologies

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved Twinstar Technologies’ resolution plan for Videocon Industries Ltd. Twinstar is part of Anil Agarwal’s Vedanta Group. It had offered to pay Rs 2,962 crore to the lenders of Videocon, which is burdened with a massive debt of Rs 46,000 crore. In 2019, NCLT had allowed for the consolidation of insolvency proceedings against 13 entities of the Videocon Group.

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Inox Leisure to raise Rs 300 crore via QIP

The Board of Directors of Inox Leisure Ltd has approved the launch of a qualified institutional placement (QIP) to raise Rs 300 crore. The floor price of the QIP has been fixed at Rs 315.25 per share. This is a 5% discount to the current share price. The multiplex operator plans to utilize the net proceeds from the share sale to meet capital expenditure requirements for ongoing and future projects. The funds will also be used for business expansion and to repay existing/future debts.

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Indian Hotels Company signs pact with BACL for 775-room hotel at Bengaluru airport

Indian Hotels Company Ltd (IHCL) has entered into an agreement with Bengaluru Airport City Ltd (BACL) for a 775-room hotel at Kempegowda International Airport. It will be a combination of a 450-room ‘Vivanta’ hotel and a 325-room ‘Ginger’ hotel. The upcoming hotel complex, along with Taj Bangalore, will offer a combined inventory of 1,150 rooms. With this addition, IHCL will have 12 hotels in Bengaluru.

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CCI approves acquisition of three electricity supply companies of Odisha by Tata Power

The Competition Commission of India (CCI) has approved the acquisition of 51% of equity share capital in each of the three electricity supply companies of Odisha by Tata Power Company Ltd. This includes Western Electricity Supply Company of Odisha (WESCO), Southern Electricity Supply Company of Odisha (SOUTHCO), and Central Electricity Supply Company of Odisha Limited (CESCO). The 51% share capital of each utility company will be acquired by Tata Power from Grid Corporation of Odisha Ltd (GRIDCO).

Welspun Corp secures multiple orders worth Rs 1,725 crore

Welspun Corp has received multiple orders of approximately 164 kilometric tonnes (KMT), valuing close to Rs 1,725 crore. The orders include reinstatement of an offshore sour pipes supply contract in Australia for the Barossa Offshore Development Project. With these new orders, the company’s total order book stands at 525 KMT, valued at approximately Rs 4,800 crore.