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Jio Financial Services to Get Listed on Aug 21 – Top Indian Market Updates

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

Jio Financial Services to get listed in NSE, BSE on Aug 21

Shares of Jio Financial Services Ltd (JFSL) will get listed on stock exchanges on August 21. The company’s shares were credited to demat accounts of eligible RIL shareholders last week in a 1:1 ratio. This means for every RIL share held as of the record date of July 20, shareholders got one share of JFSL. As part of a special price discovery session held on the record date, the stock’s pre-listing price came out to be ₹261.85 per share.

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Adani says TAQA is not in talks for $2.5 billion investment

Adani Transmission denied reports Abu Dhabi National Energy Co. PJSC (TAQA) will deploy $1.5-2.5 billion in Adani Group firms or in a single entity. Earlier today, Economic Times reported TAQA is looking to double down in India and is evaluating a large exposure in the expansive power businesses of Gautam Adani that span thermal generation to transmission, clean energy and green hydrogen.

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Jalan-Kalrock Consortium seeks more time to pay ₹350 cr to Jet Airways’ lenders

The Jalan Kalrock Consortium (JKC) has sought an extension to make payments of up to ₹350 crore to the Committee of Creditors of bankrupt airline Jet Airways. The National Company Law Appellate Tribunal (NCLAT) has asked JKC to file an application stating the conditions for seeking an extension to make the payments. Jet Airways, which stopped operations due to financial crunch, went through lengthy insolvency proceedings and JKC emerged as the winning bidder.

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Tata Comm challenges DoT’s Rs 991.5 cr demand in TDSAT

Tata Communications has challenged the Department of Telecom’s (DoT) ₹991.5 crore licence fee demand pertaining to past years in the Telecom Disputes Settlement and Appellate Tribunal (TDSAT). DoT has raised certain license-fee demands of ₹991.54 crore for FY 2006-07 (international long-distance or ILD and internet service provider or ISP) and FY 2007-08 (National long-distance or NLD, ILD, and ISP).

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NLC India signs pact to supply 300 MW solar power to Rajasthan

NLC India has signed an agreement to supply 300 MW of solar power for 25 years to Rajasthan Urja Vikas Nigam under the Central Public Sector Undertaking (CPSU) Scheme. The company currently has 1,421 MW of renewable energy capacity. The 300 MW solar project capacity is under execution at Barsingsar, Bikaner District, Rajasthan.

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Amazon Data Services, L&T signs 18-year lease for 4-acre land in Powai

Amazon Data Services India has picked up a land parcel spread over four acres in Mumbai’s Powai suburb from Larsen & Toubro through a long-term lease of nearly 18 years. The subsidiary of Amazon is planning to develop a data centre on this land parcel and pay rent of over ₹562 crore over the total lease tenure (excluding the rent escalation). The agreement includes a clause to escalate lease rental by 3% every year.

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Venus Remedies launches flagship R&D drug Elores in Oman

Venus Remedies Ltd on Friday said it has launched its flagship R&D drug, Elores, in the $1.4-billion pharmaceutical market in Oman. The drug is clinically proven to be effective against ICU infections caused by multidrug-resistant extended-spectrum beta-lactamase (ESBL) and metallo beta-lactamase (MBL)-producing gram-negative bacteria. The antibacterial market in Oman is worth $7.5 million, and Elores is looking to capture 0.5% of this segment by 2025.

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Indian Hume Pipe secures order worth ₹639 crore from Odisha

Indian Hume Pipe Company Ltd has received a letter of award (LoA) for a project worth ₹639.16 crore from Rural Water Supply & Sanitation, Odisha. The company will execute a Rural Piped Water Supply Project, which pertains to a total of six blocks in the Puri district of the state. The project is set to be completed within two years.

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Route Mobile to manage Vi’s international A2P SMS traffic

Route Mobile has entered into an exclusive partnership with Vodafone Idea Ltd (VIL) to deploy and implement its suite of end-to-end application-to-person (A2P) monetisation solutions for all A2P SMS traffic on VIL’s network. A2P SMS is a type of messaging technique where a text is sent from a software application run by an enterprise to a consumer’s device.

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Lupin acquires Ondero & Ondero Met to expand diabetes portfolio

Lupin has acquired German brands Ondero and Ondero – Met from Boehringer Ingelheim International. The company entered into an acquisition agreement in August 2022 through a cash consideration of €26 million. The pharma company said this acquisition strengthens its commitment to providing superior treatment options for patients navigating the complexities of diabetes.

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Adani Group Enters Into Cement Business – Top Indian Market News

Adani Group enters into cement business; incorporates Adani Cement

The Adani Group, which has a strong presence in the ports, airports, power, gas distribution, and other businesses, is all set to enter the cement sector in India. Adani Enterprises announced that it has incorporated a new wholly-owned subsidiary, Adani Cement, with an authorized share capital of Rs 10 lakh and paid-up capital of Rs 5 lakh. The new subsidiary will operate as a manufacturer, producer, and processor of all types of cement. This development is likely to cause some disruption in the highly competitive Indian cement industry.

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SEBI looks into Rs 4,000 deal between PNB Housing Finance, Carlyle

PNB Housing Finance Ltd’s Rs 4,000 crore deal with US-based private equity firm Carlyle Group has come under the scanner of the Securities and Exchange Board of India (SEBI). The development comes after proxy advisory firm Stakeholders Empowerment Services (SES) red-flagged the deal structure. In a report, SES stated that the deal was an abuse of minority shareholder rights and questioned why PNB willingly surrendered its control over its housing finance arm to the Carlyle Group without extracting a fair compensation control premium.

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J K Cement Q4 Results: Net profit rises 32% YoY to Rs 216 crore

J K Cement Ltd reported a 32.76% YoY increase in consolidated net profit to Rs 215.91 crore for the quarter ended March (Q4). Net profit has declined by 1.58% when compared to the previous quarter. Its total income rose 37.84% YoY to Rs 2,168.18 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 44.14% YoY to Rs 709.71 crore. The cement manufacturer’s board has recommended a dividend of Rs 15 per share.

India’s fuel demand slips to nine-month low in May

India’s fuel demand fell to its lowest level in nine months in May 2021 as restrictions to curb the second wave of Covid-19 infections affected mobility and muted economic activity. Total fuel demand fell 11.3% to 15.1 million tonnes (MT) in May, compared to April. Petrol consumption in May declined by 16% to 1.99 MT over the previous month. Diesel sales declined by 17% to 5.53 MT when compared to April. The data was released by the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Oil.

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Indian Hume Pipe Q4 Results: Net profit rises 51.7% YoY to Rs 38 crore

Indian Hume Pipe Company reported a 51.74% YoY increase in net profit to Rs 38.45 crore for the quarter ended March (Q4). Net profit has jumped 767.95% when compared to the previous quarter. Its total income rose 20.8% YoY (or 70.5% QoQ) to Rs 481.03 crore during the same period. However, net profit for the financial year 2020-21 (FY21) declined by 42.78% YoY to Rs 42 crore. The concrete pipe manufacturing company’s board has recommended a dividend of Rs 2 per share.

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Info Edge acquires Bengaluru-based Zwayam Digital

Info Edge India Ltd has entered into an agreement to acquire 100% share capital of Zwayam Digital Pvt Ltd. The Bengaluru-based firm operates Zwayam, an artificial intelligence (AI) and machine learning-powered recruitment management software platform. It helps enterprises streamline and automate their entire recruitment workflow from sourcing to onboarding. Info Edge’s Managing Director said this acquisition will complement the company’s current recruitment offerings and help it cement its position as a leader in the enterprise recruitment solutions market.

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BPCL seeks exemption from open offer for listed joint ventures

Bharat Petroleum Corporation Ltd (BPCL) has written to market regulator SEBI, seeking an exemption to the regulation that its new owner would have to make an open offer to minority shareholders of two companies which it is a promoter of— Petronet LNG and Indraprastha Gas Ltd (IGL). BPCL holds a 12.5% stake in Petronet LNG and a 22.5% stake in IGL and is a promoter for both companies. This means that potential buyers of BPCL would be required to make an open offer for the two promoter firms, which would cost them more.

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VRL Logistics Q4 Results: Net profit declines 6.5% QoQ to Rs 37.16 crore 

VRL Logistics Ltd reported a 6.5% quarter-on-quarter (QoQ) decline in net profit to Rs 37.16 crore for the quarter ended March 2021 (Q4 FY21). Net profit has jumped 1,644% when compared to the corresponding quarter last year (Q4 FY20). Its total income rose 6% QoQ (or 20.54% YoY) to Rs 603.02 crore in Q4 FY21. Net profit for the financial year 2020-21 (FY21) declined by 50% YoY to Rs 45.06 crore. The company’s board has recommended a dividend of Rs 4 per share.

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Inox Leisure allots Rs 96.77 lakh shares to QIBs at Rs 310 per share

The Board of Directors of Inox Leisure Ltd has approved the issue and allotment of 96.77 lakh equity shares to eligible qualified institutional buyers (QIBs) at an issue price of Rs 310 per share. The issue price is a ~5% discount to Friday’s closing price. The QIP was opened on June 8 and closed on June 11. Thus, the multiplex operator has raised Rs 300 crore via the QIP.

Anupam Rasayan Q4 Results: Net profit jumps 113% YoY to Rs 22 crore

Anupam Rasayan India Ltd reported a 113.29% YoY jump in consolidated net profit to Rs 22.14 crore for the quarter ended March (Q4). Net profit has increased by 2.31% when compared to the previous quarter. Its total income rose 65.9% YoY (or 44.63% QoQ) to Rs 274.16 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 32.12% YoY to Rs 70.29 crore. The Board of Directors of the specialty chemicals manufacturer has recommended a dividend of Rs 0.5 per share.

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Govt Successfully Divests 20% Stake in IRCTC – Top Indian Market News

Govt successfully divests 20% stake in IRCTC

The Government has successfully divested its 20% stake in the Indian Railway Catering and Tourism Corporation (IRCTC), through an offer for sale (OFS). The Centre had set the floor price of the OFS at Rs 1,367. The IRCTC stated that the retail portion of the OFS saw a 228% demand for the shares on offer. Following the OFS, the government’s stake in IRCTC will drop to 67.4%. 

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India’s industrial production grows 3.6% in October

India’s industrial output, as per the Index of Industrial Production (IIP), grew by 3.63% YoY in October. The IIP had shrunk by 6.6% in October 2019. The data was released by the Ministry of Statistics & Programme Implementation (MoSPI). The rise in IIP data during October is primarily on account of the electricity and manufacturing sectors. The country’s industrial production turned positive in September, after six months of negative growth. 

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Passenger vehicle sales rise for the fourth straight month

The domestic wholesales of passenger vehicles increased by 4.85% YoY to 2.64 lakh units in November. Car sales declined by 2.77% YoY to 1.49 lakh units, while sales of utility vehicles were up by 17.16% YoY to 1.03 lakh units. The data was compiled by the Society of Indian Automobile Manufacturers (SIAM). The industry body stated that the rise in sales was primarily on account of the festive season.

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AstraZeneca to test combination of its Covid-19 vaccine with Sputnik V

AstraZeneca has initiated a program to assess Covid-19 vaccine combinations. The British pharma company will co-operate with Russian vaccine developers to test the combinations of its experimental Covid-19 vaccine with Russia’s Sputnik V shot. The program will be aimed at boosting the efficacy of AstraZeneca’s vaccine. The trials will start by the end of the year.

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Family-owned TVS Group changes ownership model

TVS Group has decided to go for restructuring, by giving each family group complete ownership of businesses they currently manage. The group’s holding company has also been scrapped. The TVS brand will be allotted to each family group for use in their lines of business on a perpetual, royalty-free basis. The TVS group, consisting of over 50 companies, has a claimed turnover of $6.5 billion (Rs 47,949 crore). 

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BSE launches e-agricultural spot market platform

The Bombay Stock Exchange (BSE) has launched an electronic spot platform for agricultural commodities. The BSE e-Agricultural Markets Ltd (BEAM) will function as a national level, electronic, and transparent commodity spot trading platform. BEAM would offer customised solutions to farmers, traders, and stakeholders to facilitate risk-free purchase and sale of various agricultural commodities

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Hatsun Agro Product’s board approves allotment of 5.38 crore bonus shares

The Board of Hatsun Agro Product Ltd has approved the allotment of 5.38 crore bonus equity shares of ₹1 each. The bonus shares will be issued to members holding equity shares as of 10 December 2020. The ratio for allotment of bonus shares has been set at 1:3. This means that one bonus share will be issued for every 3 fully paid-up equity shares held by a shareholder. The bonus shares will be credited/dispatched on or before 17 December 2020.

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Blackstone to acquire Piramal Glass for $1 billion: Report

According to a report from CNBC-TV18, Blackstone has signed a deal to acquire Piramal Glass for $1 billion (~Rs 7,376 crore). The private equity major will make an upfront payment of $850 million and take over the ownership and management of  Piramal Glass. The remaining $150 million will be paid after Piramal Glass achieves specific business milestones. Piramal Glass Ltd is a manufacturer of specialised glass packaging solutions for cosmetics, perfumery, speciality food, beverages, and pharma industries. 

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Indian Hume Pipe receives LoA for water supply schemes in Uttar Pradesh

Indian Hume Pipe Company Ltd has received a Letter of Acceptance (LoA) for providing water supply schemes in 550 villages of Kanpur Division in Uttar Pradesh. The value of the order has been estimated at Rs 550 crore. The project will be completed in 21 months from the date of signing the final agreements.

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Alambic Pharma gets USFDA nod for bipolar disorder treatment drug

Alembic Pharmaceuticals Ltd has received approval from the US Food and Drug Administration for its Abbreviated New Drug Application (ANDA) for Asenapine Sublingual tablets. The tablets are indicated for the treatment of bipolar disorder. The pharma company stated that the tablets have an estimated market size of $217 million (~Rs 1,600 crore).

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