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Indian Oil Becomes Title Sponsor of MotoGP Bharat – Top Indian Market Updates

Indian Oil

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

Indian Oil becomes title sponsor of MotoGP Bharat

Indian Oil Corporation has become the title sponsor for MotoGP Bharat. The event is scheduled at the Buddh International Circuit in Greater Noida from September 22 to 24. The event will see participation from 42 teams and 84 riders. The race will be live-streamed on Jio Cinema and Sports18 in India.

Read more here.

SBI plans to bundle home loans with rooftop solar installations

State Bank of India (SBI) plans to bundle and make home loans with rooftop solar installations mandatory for residential projects funded from its long-term climate action funds drawn down from multilateral agencies. SBI has a home loan book of over ₹6.3 lakh crore as of June and outstanding foreign exchange (forex) loans of $2.3 billion from multilateral lenders, including the World Bank, Asian Development Bank, and KfW of Germany.

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Centre receives ₹1,487 crore from NTPC as dividend

According to the Secretary of the Department of Investment and Public Asset Management, the central government has received about ₹1,487 crore from NTPC as dividends. NTPC is India’s largest power utility firm with an installed capacity of 73,824 MW (including Joint Ventures) and plans to become a 130 GW company by 2032. On Wednesday, the govt received ~₹1,701 crore from Power Grid Corporation of India Ltd (PGCIL) as a dividend.

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Tata Steel to get £500 million from UK govt for Port Talbot

Tata Steel and the UK government have signed a joint agreement on a proposal to invest in Electric Arc Furnace steelmaking at the Port Talbot site costing £1.25 billion. The government will grant up to £500 million to Tata Steel. The steel company said it would reduce direct emissions by 50 million tonnes over a decade.

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Ashok Leyland to invest ₹1,000 cr to set up its first plant in Uttar Pradesh

Ashok Leyland will invest ₹1,000 crore in Uttar Pradesh to set up a bus manufacturing facility focused on clean mobility. The company has signed a Memorandum of Understanding (MoU) with the Uttar Pradesh government to come up with the plant. The company will set up an integrated commercial vehicle bus plant focused on green mobility near Lucknow.

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India may add up to 30 GW more thermal power capacity

According to the Union Power Minister R. K Singh, India may add 25-30 gigawatts (GW) of thermal electricity generation capacity. The additional investment is in addition to 50 GW already under work to meet the rising demand. Singh said that India has around 25 GW of thermal capacity under construction and another 25 GW is planned.

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TotalEnergies in talks to invest in Adani Green’s projects

TotalEnergies SE is in talks to invest in renewable energy projects developed by Adani Green Energy Ltd. They are looking to buy stakes in some of Adani Green’s projects to expand its portfolio of clean energy projects. TotalEnergies could invest about $700 million in total into the projects. This deal potentially marks the first public deal between the French oil giant and Gautam Adani since Hindenburg. 

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SpiceJet completes $1.5 million payment to Credit Suisse

SpiceJet completed the payment of $1.5 million payment to Credit Suisse. The payment comes days after India’s Supreme Court (SC) urged the company’s chairman Ajay Singh to make the payment or face consequences. Earlier this week, SC had asked Singh to make a payment of $5,00,000 towards an instalment to Credit Suisse by September 22, along with $1 million towards the defaulted amount.

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IOCL clears ₹904 crore additional investment in Hindustan Urvarak & Rasayan

Indian Oil Corporation Ltd’s (IOCL) board of directors has approved an additional investment of ₹903.52 crore in Hindustan Urvarak and Rasayan Ltd (HURL). HURL was formed in June 2016 as a joint venture consortium of five public sector units for catering to the urea needs of farmers in the eastern and northern parts of India. Coal India, NTPC, and IOCL are the lead promoters of HURL, holding a total of 89% stake (29.67% each).

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Shakti Pumps secures ₹293 crore order from UP govt

Shakti Pumps (India) Ltd received a Letter of Award (LoA) under the PM- KUSUM III scheme under component B from the UP government’s Department of Agriculture. The Agricultural Department placed an order for 10,000 pumps worth ₹293 crore. Under the contract, Shakti Pumps will supply, install, and commission solar water pumping systems. The company plans to complete the project in 90 days.

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Bharat Electronics bags orders worth ₹3,000 crore

Bharat Electronics Ltd (BEL) has received orders worth ₹3,000 crore, including an order worth ₹2,118.57 crore from Cochin Shipyard. The company will supply next-generation missile vessels equipped with state-of-the-art technology worth ₹2,118.57 crore to the Indian Navy. The project will involve the active engagement of Indian electronics and related sectors, including micro, small, and medium enterprises (MSMEs).

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Indian Oil Corp to Consider Fundraising via Rights Issue – Top Indian Market Updates

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

Indian Oil board to consider fundraising via rights issue

Indian Oil Corporation Ltd’s (IOCL) board of directors will consider fundraising plans through a rights issue of equity shares.  The proposed rights issue is seen as strengthening its capex spending and the credibility of its emission-reduction plans. IOC’s rights issue, if considered, will be subject to various statutory approvals as may be required.

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Olectra Greentech receives electric bus order worth Rs 10,000 crore

A consortium of Olectra Greentech and Evey Trans Private Ltd secured a Letter of Intent for supplying electric buses from Maharashtra State Road Transport Corporation (MSRTC). The order involves the supply, operation and maintenance of 5,150 electric buses. The value of the supply is approximately ₹10,000 crore for Olectra, and the nature of the contract is a ‘Gross Cost Contract’ basis. The contract period is 12 years.

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Samvardhana Motherson to acquire 100% stake in Rollon Hydraulics for Rs 103 crore

Samvardhana Motherson International Ltd (SAMIL) will acquire a 100% stake in Rollon Hydraulics Private Ltd for ₹103 crore. Rollon is engaged in manufacturing, assembly, and supply of high precision turned parts, spools, and other machined components with critical engineering applications for the agriculture and off-highway segment from its two facilities based out of Bengaluru. The target business will be housed under SAMIL’s precision metals and modules division.

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TVS Motor launches modern-retro motorcycle TVS RONIN in Indonesia

TVS Motor Company Ltd has entered into the premium lifestyle segment with the launch of TVS RONIN for its customers in Indonesia. TVS RONIN is the first ‘modern-retro’ motorcycle from TVS Motor Company. It will be available in Indonesia in two variants — TVS RONIN SS (single tone single channel ABS), and TVS RONIN TD (Triple tone dual channel ABS). It will be available in select TVS Motor outlets across the country starting July 2023.

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Cipla’s US subsidiary recalls some of its inhalers due to container defect

Cipla’s subsidiary Cipla USA has made a voluntary nationwide recall of six batches of its inhaler Albuterol Sulfated. The company recalled it due to a container defect by Cipla USA. The recalled batches were manufactured in November 2021 with an expiry date of November 2023. Cipla made the recall after a market complaint on one of the inhalers, where leakage was observed through the inhaler valve.

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RIL, Adani Total Gas planning plants for compressed biogas

Reliance Industries (RIL) and Adani Total Gas (ATGL) are planning to set up 10 compressed biogas (CBG) plants each, across the country. These plants will be of up to 30 million tonnes per annum capacity. Five plants will be set in the next five years. The rest would come up later. The companies would invest up to ₹2500 crore each in setting up these plants.

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Intellect Design Arena loses contract with government e-marketplace

Intellect Design Arena’s contract with the Government e-Marketplace (GeM) got terminated due to lower prices quoted by competitors. Since 2017, Intellect Design Arena has been helping the government develop the GeM platform, which is critical for all public procurements of goods and services by the Central government departments and ministries. The competitor quoted nearly 48% lower than the indicative pricing by the Government.

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Defence Ministry to procure 2 upgraded Dornier aircraft from HAL for Rs 459 crore

The Ministry of Defence (MoD) and Hindustan Aeronautics Ltd (HAL) have signed a contract for the procurement of two Dornier aircraft for the Indian Coast Guard (ICG) for ₹458.87 crore. The contract includes an associated engineering support package and the aircraft will be procured under the Buy Indian Category. The aircraft will be fitted with several advanced equipment, namely a glass cockpit, maritime patrol radar, electro-optic infra-red device, and mission management system, among others.

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Jaiprakash Associates defaults on Rs 4,044 crore loans

Jaiprakash Associates has defaulted on loans worth ₹4,044 crore, including principal and interest. The company on June 30th defaulted on repayments of a principal amount of ₹1,660 crore and interest of ₹2,384 crore. The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans and FCCB (foreign currency convertible bonds).

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Viacom18 acquires media rights of USA’s Major League Cricket tournament

Reliance’s Viacom18’s sports network and Major League Cricket (MLC) have inked a media rights agreement that would see the tournament’s debut edition airing exclusively on the company’s Sports18 channel and the JioCinema app in India. The event will start on July 13, when the Texas Super Kings play the Los Angeles Knight Riders at Grand Prairie Stadium outside of Dallas, Texas.

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Reliance Retail board approves equity capital reduction plan

RlL’s subsidiary Reliance Retail Ltd’s board of directors has approved a proposal to reduce the equity share capital. Also, the company will pay ₹1,362 per share, determined based on the valuation obtained from two reputed independent registered valuers, which will be paid towards the capital reduction. Upon reduction, Reliance Retail shares held by such shareholders will stand cancelled and extinguished.

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Adani Promoters Prepay Loans Worth ₹8,000Cr – Top Indian Market Updates

adani

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

Adani promoters prepay to ₹8,000Cr loans to release pledged shares

Promoters of Adani Group will pre-pay loans worth $1,114 million for the release of pledged shares ahead of maturity in September 2024. The promoter’s early payment will help release 168.27 million shares of Adani Ports, 11.77 million shares of Adani Transmission, and 27.56 million shares of Adani Green Energy. This move is an attempt to clear up investor worries about the Adani Group’s balance sheet and its capacity to make debt payments.

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Tata Steel Q3 Results: Net loss at ₹2,224 crore

Tata Steel Ltd reported a consolidated net loss of ₹2,224 crore for the quarter ended December (Q3 FY23). It posted a net profit of ₹9,572 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations fell 6% YoY to ₹57,084 crore in Q3 FY23. For the India business, the company has reported a profit of ₹1,918 crore with a revenue of ₹32,325 crore.

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Vodafone Idea partners with Motorola to drive 5G connectivity across 5G smartphone portfolio

Vodafone Idea has partnered with Motorola to ensure seamless 5G connectivity across its fifth-generation smartphone portfolio. Motorola has successfully tested its latest and most popular smartphone models on 3350 to 3400 MHz spectrum bands on Vi 5G network in New Delhi. On Friday, the Central govt approved the conversion of the troubled telco’s accumulated interest dues worth ₹16,000 crore into equity.

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Adani Transmission Q3 Results: Net profit rises 73% YoY to ₹478 crore

Adani Transmission reported a 73% YoY increase in consolidated net profit to ₹478 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 15.8% YoY to ₹3,037 crore during the same period. EBITDA stood at 1,708 crore in Q3, up 28.9% YoY. Adani Transmission is the transmission and distribution business arm of the Adani Group.

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Indian Oil to sign MoU with LanzaJet for sustainable aviation fuel

Indian Oil Corp will sign a Memorandum of Understanding (MoU) with sustainable fuel tech provider LanzaJet to produce sustainable aviation fuel at its Panipat refinery in northern India. The company has a tie-up with LanzaTech for converting waste gas to ethanol, and U.S.-based LanzaJet will be helping in upgrading ethanol to jet fuel. 

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Easy Trip Planners Q3 Results: Net profit rises 4% YoY to ₹42 crore

Easy Trip Planners Ltd reported a 4% YoY increase in consolidated net profit to ₹41.7 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 58% YoY to ₹136 crore during the same period. The company reported the highest-ever gross booking revenue (GBR) of ₹2,267 crore in Q3, driven by strong volume growth in the flight and hotels segment.

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Snowman Logistics takes 50,000 sq. ft warehousing space at Hosur industrial park

Snowman Logistics Ltd (SLL) has taken a 50,000 sq. ft warehousing space at Horizon Industrial Park, Hosur, Bengaluru. This will be SLL’s first dry warehouse and its largest with 5,500 pallet positions. Horizon Industrial Parks is a logistics platform in India, owned and managed by Blackstone Real Estate funds.

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Auto retail sales rise 14% in January: FADA

According to the Federation of Automobile Dealers Association (FADA), automobile retail sales in India rose 14% year-on-year (YoY) to 18.27 lakh units in January. Passenger vehicle registrations rose by 22% YoY to 3.40 lakh units, while two-wheeler retails rose 10% YoY to 12.65 lakh units in Jan. Commercial vehicle registrations stood at 82,428 units last month, up 16% YoY.

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Blue Star invests ₹350 crore in new plant

Blue Star Ltd has opened a new plant in Sri City, Andhra Pradesh. The factory’s first phase has a capacity of 3 lakh room AC units, with the potential to scale up to 1.2 million units by the financial year 2027 (FY27). The company has invested ₹350 crore in the present phase of the plant, with provision for an additional investment outlay of ₹200 crore by the time Phase-3 is launched in FY27.

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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.

Read more here.

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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Vedanta to Invest up to $20B in Semiconductor Biz – Top Indian Market News

Vedanta to invest up to $20 billion in semiconductor business in India

Vedanta Ltd has earmarked $15 billion for its foray into the electronic chip and display manufacturing space. The conglomerate plans to scale up the investment to as much as $20 billion (~Rs 1.49 lakh crore). Vedanta’s group firm Avanstrate will spearhead the semiconductor business. It expects to roll out electronic chips and displays from Indian manufacturing plants by 2025.

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Mahindra Holidays & Resorts to sell entire 10.76% stake in Nreach Online Services

Mahindra Holidays & Resorts India Ltd will sell its entire 10.76% stake in Nreach Online Services Pvt Ltd to Gift Management Asia Pte Ltd (GMAPL) for a consideration of Rs 29.31 crore. The company has entered into an agreement with GMAPL for the sale of its entire investment consisting of 5,738 equity shares in Nreach Online Services. The transaction is expected to be completed on or before July 31, 2022.

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Coal India’s fuel supply stands at 575 MT so far in FY22

Coal India Ltd (CIL) has supplied 575 million tonnes (MT) of coal so far this financial year (FY22), surpassing the total dispatch of dry fuel in 2020-21. The company had dispatched 574.5 MT of coal in FY21. Meanwhile, coal imports were down to a nine-year low due to a sharp increase in international coal prices. 

CIL has warned that the production of coal may fall if the company is not able to raise prices. It is facing cost pressures from a looming rise in salaries and on higher prices of diesel used to power mining equipment.

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IndiGo takes delivery of A320 neo plane powered with sustainable aviation fuel

IndiGo has taken delivery of its first aircraft from Airbus (A320 neo) that operated on a blend of sustainable aviation fuel and normal fuel. The airline’s CEO, Ronojoy Dutta, said they are also talking to a lot of manufacturers on Sustainable Aviation Fuel (SAF). Over a period from 2016 to 2023, IndiGo is aiming at a 16% reduction in carbon emissions.

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Domestic air traffic falls 43% to 64.08 lakh passengers in Jan: DGCA

Domestic air traffic fell around 43% to 64.08 lakh passengers in January 2022. The passenger load factors (or occupancy rates) fell for all Indian carriers last month. SpiceJet reported the highest seat occupancy of 73.4% in Jan, compared to 80.2% in December. IndiGo registered a load factor of 66.6% in Jan, compared to 78.1% in Dec. The data was released by the Directorate General of Civil Aviation (DGCA).

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Bank of Baroda, Canara Bank announce subscription to IDRCL shares

Canara Bank has picked up a 14.9% stake in India Debt Resolution Company Ltd (IDRCL), while Bank of Baroda bought 12.3% in it. IDRCL is an asset management company set up by the government. It will work in association with the National Asset Reconstruction Company Ltd (NARCL) to clean up the banking sector’s bad loans (NPAs). IDRCL will provide management and resolution of assets acquired by NARCL.

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Indian Oil sets up 1,000 EV charging stations

India’s largest oil refiner Indian Oil Corporation Ltd (IOCL) has set up 1,000 electric vehicle charging stations. Now, IOCL has EV charging points in more than 500 towns and cities, including multiple state and national highways. It has collaborated with Tata Power PowerGrid, NTPC, Tech Mahindra, Ola, and BHEL for setting up EV chargers at its fuel stations. The company is targeting to provide EV charging facilities at 10,000 fuel stations in the next three years.

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MRF lines up Rs 1,000 crore expansion plan in Telangana

MRF Limited has announced an investment of Rs 1,000 crore for expansion of its facility and creating a new specialty assembly line at Sangareddy, Telangana. The company’s officials also offered Rs 4 crore to the state government’s ‘Mana vooru – Mana badi’ program under its corporate social responsibility (CSR) initiative.

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IndiGo Signs Codeshare Pact With Air France-KLM – Top Indian Market News

IndiGo signs codeshare agreement with Air France-KLM

InterGlobe Aviation Ltd (IndiGo) has signed an extensive codeshare agreement with Air France-KLM. With this partnership, Air France and KLM will offer their customers access to 25 new Indian destinations. Meanwhile, customers of IndiGo will get access to over 250 global destinations offered by Air France and KLM. The codeshare agreement is subject to government approval and is expected to start in February 2022.

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Macrotech Developers, Morgan Stanley to build warehouse project at Rs 600 crore investment

Macrotech Developers Ltd has partnered with Morgan Stanley Real Estate Investing (MSREI) to develop a premium warehousing project with an investment of Rs 600 crore. The logistics park will be spread over 72 acres at Palava Industria & Logistics Park (PILP) near Mumbai. As per the agreement, Macrotech Developers would act as the development manager for the project, responsible for leasing, project development, and asset management.

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SJVN, DVC to harness 2,000 MW floating solar energy projects

SJVN Ltd and Damodar Valley Corporation (DVC) have signed a Memorandum of Understanding (MoU) for harnessing 2,000 megawatts (MW) floating solar energy projects. Both entities will jointly identify suitable water bodies and available land under the SJVN and DVC command areas for setting up renewable power projects. This initiative is in line with the renewable energy target set by the Centre and would enable SJVN to expand its footprint across India.

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Havells starts operations at washing machine manufacturing unit in Rajasthan

Havells India Ltd has commenced operations at its washing machine manufacturing unit at Ghiloth, Rajasthan. Spread across 50 acres, the unit will significantly strengthen the washing machine production capacity of Lloyd (a Havells brand) with a targeted output of 3 lakh units annually. The Ghiloth facility also houses a manufacturing unit for Lloyd air conditioners with a capacity of 10 lakh units per year.

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Man Industries secures pipe manufacturing orders worth Rs 225 crore

Man Industries (India) Ltd has secured orders worth Rs 225 crore for manufacturing pipes. With this new order, the company’s order book has reached Rs 1,700 crore. The projects are to be executed in the next 6-7 months. Man Industries is a manufacturer and exporter of large diameter carbon steel line pipes for various high-pressure transmission applications such as gas, crude oil, petrochemical products, and potable water.

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REC signs pact with KfW Development Bank to finance power sector, renewable energy projects

REC Limited has signed an agreement with KfW Development Bank to avail official development assistance (ODA) term loan of $169.5 million to finance the power sector and renewable energy projects. The proceeds from the ODA loan will be deployed for part-financing of innovative solar PV technology-based power generation projects. REC Ltd (formerly Rural Electrification Corporation Ltd) is a public infrastructure finance company in India’s power sector.

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Hero MotoCorp to raise prices of vehicles by up to Rs 2,000

Hero MotoCorp Ltd will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from January 4, 2022. The prices will be raised by up to Rs 2,000. This move is to partially offset the impact of steadily increasing commodity prices. It would mark the third hike in Hero MotoCorp’s two-wheeler prices within a span of six months. 

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Dixon Tech to invest Rs 127 crore to set up tab, laptop production facility

Dixon Technologies Ltd has announced plans to invest Rs 127 crore to set up a facility at the Kopparty YSR Electronics Manufacturing Cluster (EMC) in Kadapa district, Andhra Pradesh. The firm will produce security surveillance systems, digital video recorders, laptops, and tablets at the new facility. The unit would get two lakh sq ft of space spread across four sheds. Dixon Tech aims to create employment opportunities for 1,800 people at the facility.

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Ami Organics to transfer production operations of speciality chemical biz at Ankleshwar to Jhagadia facility

Ami Organics Ltd will transfer the current production operations of specialty chemical business at Ankleshwar facility (acquired from Gujarat Organics Ltd) to a single location at the Jhagadia facility. This move is part of the company’s capacity and production rationalization exercise. The transfer will help the firm achieve better utilization of the plant and improve operational efficiency. Ami Organics is a research and development (R&D) driven pharmaceutical company based in Gujarat.

Indian Oil to invest Rs 9,028 cr to build new crude oil pipeline

Indian Oil Corp (IOC) will invest Rs 9,028 crore to build a new crude oil pipeline between Mundra in Gujarat and Panipat in Haryana. The pipeline will have a capacity of 17.5 million metric tonnes per annum (MTPA). IOC will also build nine crude oil tanks of 60,000 kilolitres each at Mundra. The company aims to raise the capacity of the Panipat refinery from 15 MTPA to 25 MTPA by the second quarter of 2024-25.

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Biocon initiates clinical study for Itolizumab in India after approval from DCGI

Biocon Biologics has initiated the clinical study for its drug Itolizumab in India after approval from the Drugs Controller General of India (DCGI). The clinical trial is to understand the possible use of Itolizumab to treat Lupus Nephritis, an autoimmune disease. The company’s partner, US-based Equillium Inc, has expanded its ‘EQUALISE’ study in Systemic Lupus Erythematosus (SLE) and Lupus Nephritis for Itolizumab to clinical centers in India.

Read more here.

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Sun Pharma Reports 62% QoQ Rise in Net Profit in Q1 – Top Indian Market News

Sun Pharma Q1 Results: Net profit rises 62% QoQ to Rs 1,444 crore

Sun Pharmaceutical Industries reported a 62% quarter-on-quarter (QoQ) increase in net profit to Rs 1,444.17 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 1,655.6 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations rose 28% YoY to Rs 9,719 crore in Q1 FY22. Revenue from its India formulations business increased by 39% YoY (or 24% QoQ) to Rs 3,308.4 crore during the same period. Sun Pharma launched 13 new products in the Indian market in Q1.

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UPL Q1 Results: Net profit rises 23% YoY to Rs 678 crore

UPL Limited reported a 23% YoY increase in consolidated net profit to Rs 678 crore for the quarter ended June (Q1 FY22). Net profit has increased by 36% when compared to the previous quarter. Its revenue from operations rose 9% YoY to Rs 8,515 crore during the same period. The agrochemical manufacturer posted a 6% YoY growth in total sales volumes, aided by double-digit growth in the Latin American and Indian markets. 

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Lupin acquires Australia-based Southern Cross Pharma 

Lupin Limited has acquired Australia-based Southern Cross Pharma Pty Ltd (SCP), a generic drug manufacturer. As part of the transaction, Lupin’s Australia subsidiary will gain access to over 60 registered products having sales of over $22 million (~Rs 163 crore). Established in 2000, Southern Cross Pharma is engaged in the development, registration, and distribution of generic pharmaceutical products. This acquisition will increase Lupin’s value proposition and market share in the Australian market.

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Indian Oil Corp Q1 Results: Net profit jumps three-fold to Rs 5,941 crore

Indian Oil Corporation (IOC) reported a 211% YoY jump in standalone net profit to Rs 5,941.37 crore for the quarter ended June (Q1 FY22). Net profit has declined by 32.3% when compared to the previous quarter. Its revenue from operations rose 74% YoY to Rs 1.55 lakh crore during the same period. IOC’s gross refining margin (GRM) stood at $6.58 per barrel in Q1 FY22, compared to $1.98 per barrel in Q1 FY21. 

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Dana invests $18 million in Ashok Leyland’s e-bus arm

Dana Inc. has acquired a 1% stake in UK-based Switch Mobility for $18 million (~Rs 13 crore). Switch Mobility is Ashok Leyland Ltd’s electric commercial vehicle subsidiary. US-based Dana will be the preferred supplier of electric drivetrain components for Switch Mobility’s e-bus and EV commercial vehicle offerings. This includes e-axles, gearboxes, motors, software & controls, and electronics cooling systems. Switch Mobility will launch its first electric light commercial vehicle (e-LCV) in India by the end of December 2021.

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Bandhan Bank Q1 Results: Net profit falls 32% YoY to Rs 373 crore

Bandhan Bank reported a 32% YoY decline in net profit to Rs 373.10 crore for the quarter ended June (Q1 FY22). Its total income rose 20.4% YoY to Rs 2,647.5 crore during the same period. The gross non-performing assets (GNPA) ratio increased to 8.2% in Q1 FY22, compared to 6.8% in Q4 FY21. Provisions for bad loans and contingencies rose 62% YoY to Rs 1,374.87 crore in Q1 FY22.

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Marico Q1 Results: Net profit falls 6% YoY to Rs 365 crore

Marico Limited reported a 5.9% YoY decline in consolidated net profit to Rs 365 crore for the quarter ended June (Q1 FY22). Net profit has increased by 60.79% when compared to the previous quarter. Its revenue from operations rose 31% YoY to Rs 2,525 crore during the same period. EBITDA increased by 3% YoY to Rs 481 crore in Q1. The FMCG company posted volume growth of 21% YoY. The Saffola franchise (comprising of edible oils and food) delivered 24% YoY volume growth in Q1.

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Ashoka Buildcon secures order worth Rs 600 crore

Ashoka Buildcon Ltd has secured a contract for the development of Grand Port Hospital in Mumbai to a 600-bed super specialty hospital. The company will also construct a medical college with residential quarters of Zodiac Healotronics. The accepted EPC contract value of the project is Rs 600 crore.

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JSW Energy Q1 Results: Net profit declines 6% YoY to Rs 201 crore

JSW Energy Ltd reported a 5.6% YoY decline in consolidated net profit to Rs 201 crore for the quarter ended June (Q1 FY22). Net profit has increased by 88.65% when compared to the previous quarter. Its total income declined by 1.44% YoY to Rs 1,859.53 crore during the same period. JSW Energy’s power generation stood at 5,141 million units in Q1 FY22, compared to 4,930 million units in Q1 FY21.

KEC International secures new orders worth Rs 1,503 crore

KEC International Ltd has received new orders worth Rs 1,503 crore across various businesses. Its transmission and distribution (T&D) business has secured orders of Rs 866 crore for T&D projects in India, SAARC, Africa, and the Americas. The company’s railways business has won an order worth Rs 321 crore for overhead electrification and associated works. Its civil business has secured orders of Rs 176 crore for infrastructure works in the Metals & Mining, Data Centre, and FMCG segments in India.

Exide Industries Q1 Results: Net profit at Rs 32 crore

Exide Industries Ltd reported a consolidated net profit of Rs 32.88 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 10.68 crore in the corresponding quarter last year (Q1 FY21). Net profit has declined by 89.7% when compared to the previous quarter (Q4 FY21). Its revenue from operations rose 40.2% YoY to Rs 3,543 crore in Q1 FY22.

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Rolex Rings IPO subscribed 130 times on final day of bidding 

The Rs 731 crore IPO of Rolex Rings Ltd was subscribed 130.44 times on the final day of bidding. Retail investors have subscribed 24.49 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 360.11 times and 143.58 times, respectively, against their reserved portions. 

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IOC Reports 78% QoQ Rise in Net Profit in Q4 – Top Indian Market News

Indian Oil

IOCL Q4 Results: Net profit rises 78% QoQ to Rs 8,781 crore

Indian Oil Corporation Ltd (IOCL) reported a 78.6% quarter-on-quarter (QoQ) increase in net profit to Rs 8,781 crore for the quarter ended March (Q4). Its revenue rose 16.3% QoQ to Rs 1.24 lakh crore during the same period. The oil retailer’s operating profit grew 40.3% QoQ to Rs 13,502 crore. The company’s gross refining margin (GRM) stood at $5.46 a barrel in FY21, compared with $0.08 per barrel in FY20. IOCL’s board has recommended a final dividend of Rs 1.50 per share.

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Adani Green Energy to acquire 5-GW renewable portfolio from SB Energy for $3.5 billion

Adani Green Energy Ltd (AGEL) has signed definitive agreements to acquire 5 gigawatts (GW) of renewable power portfolio from SB Energy India for a fully completed enterprise evaluation of $3.5 billion (~Rs 25,600 crore). SB Energy is a joint venture (JV) between Japan-based Softbank Group and Bharti Group, who held 80% and 20% stake, respectively. It has a total renewable portfolio of 4,954 megawatts (MW) across four states in India. This transaction marks the largest acquisition in the renewable energy sector in India.

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JK Tyre Q4 Results: Net profit at Rs 196 crore

JK Tyre & Industries reported a consolidated net profit of Rs 196.02 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 46.95 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 63.3% YoY to Rs 2,921.28 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has jumped 111% YoY to Rs 319.34 crore. The company’s board has recommended a dividend of Rs 2 per share.

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Anupam Rasayan secures orders worth Rs 540 crore to supply specialty chemicals

Anupam Rasayan India Ltd has secured orders worth Rs 540 crore from two multinational companies for supplying specialty chemicals. The company will provide life sciences-related specialty chemicals to both firms for a period of five years. It will produce the materials required for these contracts in its current multipurpose facilities. Gujarat-based Anupam Rasayan is engaged in custom synthesis and manufacturing of specialty chemicals.

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BEML unveils mechanical minefield marking equipment for Indian Army

BEML has rolled out the prototype of mechanical minefield marking equipment Mk-II, built on BEML TATRA 6×6— an ‘Atmanirbhar’ product. The equipment is designed for marking minefields at a faster rate, semi-automatically, and with minimal human intervention. The product was developed through a transfer of technology (ToT) from Research & Development Establishment Engineers (R&DE Engineers) of the Defence Research and Development Organisation (DRDO). 

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Heritage Foods Q4 Results: Net profit at Rs 24 crore

Heritage Foods Ltd reported a consolidated net profit of Rs 24.4 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 209.9 crore in the corresponding quarter last year (Q4 FY20). The dairy company’s revenue from operations declined by 5% YoY to Rs 619.4 crore in Q4 FY21. The board of Heritage Foods has recommended a dividend of Rs 5 per share.

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Royal Enfield to recall 2.36 lakh motorcycles due to defects in ignition coil

Eicher Motors-owned Royal Enfield announced that it will recall around 2,36,966 motorcycles across several models due to defects in the ignition coil. The defects could cause misfiring, and in rare cases, an electric short circuit. The recall will apply to Meteor, Classic, and Bullet model motorcycles sold in India, Thailand, Indonesia, Philippines, Australia, New Zealand, and Malaysia. The defect was discovered during routine internal testing.

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Endurance Tech Q4 Results: Net profit rises 75% YoY to Rs 187.4 crore

Endurance Technologies reported a 75.42% YoY increase in consolidated net profit to Rs 187.4 crore for the quarter ended March (Q4). Net profit has declined by 1.4% when compared to the previous quarter. Its sales revenues rose 33.58% YoY to Rs 2,132.90 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 8% YoY to Rs 519.7 crore. The company’s board has recommended a dividend of Rs 6 per share. Endurance Technologies is a leading manufacturer of automotive components in India.

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Happiest Minds partners with Coca Cola Bottling Company to drive robotic automation journey 

Happiest Minds Technologies said it has successfully executed a digital transformation project for Coca Cola Bottling Company United. The order is for streamlining Coca Cola United’s order management with robotic process automation (RPA) in Microsoft Power Automate. The new, simplified process allows orders from all channels, such as inbound and outbound call center agents, field service sales representatives at customer sites, and via a customer self-service portal.

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Dr Reddy’s in talks with RDIF on Sputnik V for other countries

Dr Reddys Laboratories is in discussions with the Russian Direct Investment Fund (RDIF) for acquiring rights of Covid-19 vaccine Sputnik V for more countries. Recently, Dr Reddy’s and Apollo Hospital announced that they have kicked off the first phase of vaccinations with Sputnik V in Hyderabad and Visakhapatnam. The pharma company plans to supply Sputnik V to the Indian government only when local production begins around July.

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India’s Manufacturing PMI Falls to Lowest in Seven Months – Top Indian Market News

India’s manufacturing PMI declines to 7-month low of 55.4 in March

India’s factory activity grew at its weakest pace in seven months in March, as renewed lockdowns to curtail an increase in Covid-19 cases dampened domestic demand and output. The IHS Markit Purchasing Managers’ Index (PMI) for India’s manufacturing sector declined to 55.4 in March from 57.5 in February. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

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Adani Ports to acquire remaining 25% stake in Krishnapatnam Port

Adani Ports & Special Economic Zone Ltd (APSEZ) will acquire a 25% stake of Vishwa Samudra Holding in Krishnapatnam Port for Rs 2,800 crore. The company currently holds a 75% stake in Krishnapatnam Port. With this latest acquisition, the port will become a wholly-owned subsidiary of APSEZ. The transaction is expected to be completed within three months. Krishnapatnam Port is located in the Nellore district of Andhra Pradesh. It is an all-weather, deep-water port, with a current capacity of 64 million tonnes per annum (MTPA).

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Panacea Biotec to make 100 million doses of Sputnik V vaccine

Panacea Biotec Limited has signed an agreement with the Russian Direct Investment Fund (RDIF) for manufacturing 100 million doses of Sputnik V vaccine every year. According to a study conducted by The Lancet, Sputnik V showed an efficacy rate of 91.6%. The production of the vaccine at Panacea Biotec’s manufacturing units will help facilitate its global supply to the international partners of RDIF.

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Indian Oil Corp buys its first Johan Sverdrup crude cargoes: Report

As per a report from Reuters, Indian Oil Corporation (IOC) has bought 4 million barrels of  Norway’s Johan Sverdrup crude for the first time via a tender. IOC is looking to speed up the diversification of crude imports. The report states that IOC will take delivery of 2 million barrels each of the North Sea crude in May and June. The move follows the government’s call to cut dependence on crude from the Middle East due to the standoff between India and the world’s largest crude importer— Saudi Arabia.

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Tech Mahindra to launch blockchain solution for BFSI clients

Tech Mahindra Ltd has partnered with Netherlands-based Quantoz to launch a ‘stablecoin-as-a-service’ blockchain solution for global banks and financial institutions. Quantoz is a leading blockchain application incubator. Tech Mahindra will help customers integrate Quantoz’ NEXUS platform into their legacy infrastructure. This will enable automated token, crypto, and fiat transaction processing for a variety of banking and payment functions.

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Bharti Airtel partners with Apollo 24/7 to offer e-healthcare services

Bharti Airtel has partnered with Apollo 24/7 to offer a wide range of e-healthcare services to its customers as part of their exclusive ‘Thanks’ benefits. Under the partnership, Airtel Platinum and Gold customers will get complimentary membership to the Apollo Circle. This will include virtual consultation with top doctors and specialists from Apollo, as well as online test booking facilities. It will also offer home sample collection facilities and home delivery of medicines with cashback benefits.

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HDFC Bank Q4 advances grow 14% Rs 11,32,000 crore

HDFC Bank said its advances aggregated to approximately Rs 11,32,000 crore as of March 31, 2021 (Q4 FY21). This is a growth of 13.9% over Rs 9,93,700 crore as of March 31, 2020. Deposits grew by 16.3% YoY to Rs 13,35,000 crore in Q4. Domestic retail loans were up by 7.5% YoY, and domestic wholesale loans increased by 21% YoY during the same period.

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Marico expects to deliver low double-digit bottomline growth in Q4

Marico Limited said it expects low double-digit bottomline growth in the fourth quarter of the financial year 2020-21, after being impacted by the Covid-19 pandemic. The FMCG firm has witnessed healthy momentum building across its key portfolios. The company said it expects its operating margin to fall in Q4 due to input cost pressures. In Q4 FY21, the fast-moving consumer goods (FMCG) sector continued to exhibit improving demand trends as quarterly economic growth has moved into positive territory and the Covid-19 vaccination rollout gathered pace.

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GAIL India to invest in startups through ‘Pankh’

GAIL (India) Limited has launched a new initiative— ‘Pankh’, which aims to support startups in identified focus areas. The company has opened a fresh round for solicitation of investment proposals from startups that operate in natural gas, petrochemicals, energy, project management, bio-manure marketing, nano-materials, IoT, data mining, environment, and healthcare. The Solicitation Round will be open till May 30, 2021.

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Ircon International’s board approves bonus issue of 1:1

The Board of Directors of Ircon International has approved the issuance of bonus shares in the ratio 1:1. A 1:1 bonus issue means that exiting shareholders will receive one additional share for each share held in the firm. The record date for the bonus share issue is yet to be announced. State-owned Ircon International is an engineering and construction company specialized in transport infrastructure.