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IndiGo Surpasses Milestone of 2,000 Daily Scheduled Flights – Top Indian Market Updates

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

IndiGo surpasses milestone of 2,000 daily scheduled flights

IndiGo achieved a significant milestone by surpassing 2,000 planned flights per day, making it the first airline in India to do so. This marks a substantial increase in operational capacity. According to the latest data for October 2023, IndiGo is among the top 10 airlines globally in both frequency and seat capacity.

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Adani Power promoter entities buy 2% stake via open market

Two promoter group entities in Adani Power have acquired a 2% additional stake in the company in a since September through the open market. Ardour Investment Holding and Emerging Market Investment DMCC acquired 7.92 crore shares or 2.06% stake in Adani Power between September 26 and November 16. Following the acquisition, the cumulative shareholding of promoters increased to 71.14%.

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RBI’s move will not impact bank’s ability to grow: SBI Chairman

According to the Chairman of The State Bank of India, Dinesh Kumar Khara, the Reserve Bank of India’s move on consumer loans would not affect the lender’s ability to grow. The impact of the increased risk weight on personal loans (including credit cards) will be 55-60 basis points (bps). SBI’s capital adequacy ratio stood at 14.28% as of September end.

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Lupin receives USFDA nod for Ganirelix Acetate injection

Lupin Ltd received approval from the United States Food and Drug Administration (USFDA) for Ganirelix Acetate injection. The drug is used to treat ovarian hyperstimulation. The pharma major will manufacture the injection at its facility in Nagpur, Maharashtra. As per IQVIA MAT data for September 2023, Ganirelix Acetate Injection had estimated annual sales worth $84 million in the United States.

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AGS Transact Technologies wins ₹1,100 crore order from SBI for 2,500 ATMs

AGS Transact Technologies Ltd has secured an order worth ₹1,100 crore from State Bank of India (SBI) to deploy 2,500 ATMs over seven years. The company will deploy these ATMs on a transaction fee basis as a part of the Total Outsourcing Model. It will start the deployment of the new ATMs in the next calendar year.

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JSW Infra secures ₹4,119 crore all-weather port project in Karnataka

JSW Infrastructure has received a letter of award (LoA) from the Karnataka Maritime Board to construct an all-weather port project in Karnataka. The estimated cost of the project is ₹4,119 crore, with an initial capacity of 30 million tonnes per annum (MTPA). The proposed Keni Port would have modern environment-friendly mechanised facilities for handling cape-size vessels.

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Delhi HC stays proceedings in money laundering case against Hero Motocorp’s Pawan Munjal

The Delhi High Court stayed the proceedings against Hero Motocorp chairman Pawan Kant Munjal in a money laundering case being probed by the Enforcement Directorate (ED). Justice Saurabh Banerjee issued notice to the investigating agency on Munjal’s petition against the ED case and granted it time to file its reply. 

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Hindustan Zinc needs govt nod to create separate biz entities

The Ministry of Mines has written to Hindustan Zinc Ltd (HZL), stressing that any business reorganisation would require formal approval from the government. HZL’s board is exploring a corporate restructuring plan to create three separate legal entities for zinc & lead, silver, and recycling businesses to unlock shareholder value. The government has a 29.54% stake in HZL, which is 64.92% owned by Vedanta Ltd.

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India seeks to restart stalled Adani coal imports probe

Indian investigators have sought the Supreme Court’s permission to restart a probe into Adani Group’s alleged coal import overvaluation. The Directorate of Revenue Intelligence aims to collect evidence from Singapore, accusing Adani of thwarting efforts. Adani denies wrongdoing, facing wider scrutiny since Hindenburg Research’s accusations. Legal battles span Mumbai, New Delhi, and Singapore.

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SBI to launch ‘Yono Global’ app in Singapore and US

State Bank of India (SBI) will soon launch its banking mobile app ‘Yono Global’ in Singapore and the US, offering digitised remittance and other services to its customers. Currently, SBI offers Yono Global services in 9 countries, starting with UK operations in September 2019. SBI’s foreign operations have a total balance sheet size of $78 billion.

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Zomato Posts Rs 36Cr Net Profit in Q2- Top Indian Market Updates

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

Zomato Q2 Results: Net profit at ₹36 crore

Zomato Ltd reported a net profit of ₹36 crore for the quarter ended September (Q2 FY24). The food delivery platform posted a net loss of ₹251 crore in the same period a year ago. Its revenue from operations rose 71% YoY to ₹2,848 crore in Q2 FY24. EBITDA stood at ₹41 crore against a loss of ₹192 crore in Q2 last year.

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Reliance Retail to acquire beauty business of Arvind Fashions

Reliance Retail will acquire Arvind Fashions Ltd’s (AFL) wholly-owned subsidiary, Arvind Beauty Brand Retail Ltd (ABBRL), in an all-cash transaction. Reliance Beauty & Personal Care Ltd will run the Sephora India business after the deal. The transaction has been done at an enterprise value of ₹216 crore towards the sale of the entire equity stake and repayment of loans.

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RBI imposes monetary penalty on PNB, Federal Bank, others

The Reserve Bank of India (RBI) imposed monetary penalties on Punjab National Bank, Federal Bank, Kosamattam Finance, and Mercedes-Benz Financial Services India for rule violations. The central bank has imposed a penalty of ₹72 lakh on Punjab National Bank, ₹30 lakh on Federal Bank, ₹13.38 lakh on Kosamattam Finance, and ₹10 lakh on Mercedes-Benz Financial Services.

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Titan Q2 Results: Net profit rises 10% YoY to ₹940 crore

Titan Company Ltd reported a 10% YoY increase in net profit to ₹940 crore for the quarter ended September 2023 (Q2 FY24); beating estimates. Its revenue from operations increased 34% YoY to ₹11,660 crore during the same period. EBIT rose 13% YoY to ₹1,367 crore in Q2. The jewellery segment recorded a 19% YoY growth in revenue to ₹8,575 crore.

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L&T to divest 100% stake in subsidiary LTIEL

Larsen & Toubro (L&T) will sell its entire stake in L&T Infrastructure Engineering Ltd (LTIEL) to STUP Consultants Pvt Ltd, a subsidiary of France-based Assystem SA. This transaction aligns with L&T’s commitment to focus on its core businesses and assets. LTIEL provides standalone engineering consultancy services for the infrastructure sector. The transaction is expected to be finalized before January 15, 2023, pending certain conditions.

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MRF Q2 Results: Net profit jumps 361% YoY to ₹572 crore

MRF Ltd reported a 361% YoY jump in net profit to ₹571.9 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 6% YoY to ₹5,719 crore during the same period. EBITDA stood at ₹1,129 crore, up two-fold YoY. The company’s board declared a dividend of ₹3 per equity share.

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Raymond picks stake in MPPL

The Raymond Group will foray into the aerospace, defence and electric vehicles (EV) components business with the acquisition of a 59.25% stake (worth ₹682 Cr) in Maini Precision Products Ltd (MPPL). The company expects the transaction to be completed in the ongoing financial year. The acquisition will be funded by a mix of debt and internal accruals. Raymond also expects the acquisition to strengthen its existing engineering business.

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IndiGo Q2 Results: Net profit at ₹188 crore

InterGlobe Aviation Ltd (IndiGo) reported a consolidated net profit of ₹188 crore for the quarter ended September (Q2 FY24). The airline posted a net loss of ₹1,583 crore in Q2 last year. Its consolidated revenue from operations grew 20% YoY to ₹14,944 crore in Q2 FY24. Earnings before interest tax depreciation, amortisation and restructuring or rent costs (EBITDAR) stood at ₹2,446 crore, up 968% YoY.

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Lupin, Zydus Lifesciences signs licensing, supply pact for Saroglitazar Mg

Lupin Ltd and Zydus Lifesciences Ltd have entered into a licensing and supply agreement to co-market Saroglitazar Mg. The drug is used to treat non-alcoholic fatty liver disease and nonalcoholic steatohepatitis in India. Lupin will have semi-exclusive rights to co-market the product in India under the brand name LINVAS. Zydus launched the drug under the brand names Lipaglyn and Bilypsa and will continue to market them.

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Sterlite Power Transmission to demerge its transmission infra business

Sterlite Power Transmission (SPTL) will demerge its electricity transmission infrastructure business spread across India and Brazil. The demerged entity will continue to hold the global products and specialised engineering, procurement and construction (EPC) services business and the convergence – fiberco business. Through this demerger, SPTL intends to create ‘pure play’ business verticals based on end-customer base, investor class and returns.

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MOIL ore production grew 45% to 9.26 LT in April-October

MOIL reported a 45% YoY rise in manganese ore production to 9.26 lakh tonnes (LT) during April-October 2023. It had produced 6.38 LT manganese ore during the year-ago period. The cumulative sales were 8.44 LT, up 57% from 5.37 LT in the first seven months of the previous fiscal. MOIL meets about 46% of the total requirement of dioxide ore in India.

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Adani Ports delivers record cargo volumes in October

Adani Ports & Special Economic Zone Ltd (APSEZ) handled 37 million metric tonnes (MMT_ of total cargo in October 2023, a growth of 48% YoY. The Haifa Port in Israel handled over 1.1 MMT of cargo in October, marginally better than the average cargo volume run rate of the last six months.

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HDFC Life Posts 15% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

HDFC Life Q2 Results: Net profit rises 15% YoY to ₹378 crore

HDFCL Life Insurance Company Ltd reported a 15% YoY increase in net profit to ₹378 crore for the quarter ended September 2023 (Q2 FY24). Its net premium rose 13% YoY to ₹14,797 crore during the same period. Revenue remained almost unchanged at ₹23,018 crore. Total assets under management (AUM) stood at ₹2.64 lakh crore, a rise of 18% YoY.

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India’s trade deficit eases in September

India’s merchandise deficit eased amidst a sharper decline in imports. According to data released by the Ministry of Commerce & Industry, the merchandise trade deficit fell to $19.4 billion in September, compared to $24.2 billion in August. Exports fell by 2.6% YoY to $34.5 billion. Imports fell by 15% annually to $53.8 billion.

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Ashok Leyland bags order for 1,666 buses from Tamil Nadu STU

Ashok Leyland Ltd has secured an order for 1,666 diesel buses from Tamil Nadu State Transport Undertakings (STU). The order is for the procurement of BS VI bus chassis. This is the single-largest order received from the state transport undertaking. Currently, Tamil Nadu’s STU has more than 18,000 Ashok Leyland buses operational in its fleet.

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Glenmark Pharma’s biotech arm licences its immunology portfolio

Glenmark Pharmaceuticals Ltd.’s wholly owned clinical-stage biotechnology subsidiary, Ichnos Sciences Inc., has entered into an exclusive worldwide licensing agreement with Astria Therapeutics for its immunology portfolio. Astria Therapeutics will pay Ichnos up to $320 million (~₹2,700 crore) in upfront, development, regulatory and sales milestone payments in addition to up to low double-digit royalties.

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Zydus unit recalls 7,248 bottles of Oxybutynin Chloride tablets in US

A unit of Zydus Lifesciences is recalling over 7,000 bottles of Oxybutynin Chloride tablets in the US due to manufacturing issues. The drug is used to treat overactive bladder and urinary conditions. The lot was produced in Ahmedabad and distributed in the US by Zydus Pharmaceuticals (USA) Inc.

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Tata Steel plans to meet 25% of energy needs via green sources

Tata Steel plans to meet at least a fourth of its energy requirements through green energy by FY30 on its path to becoming net neutral on carbon emissions by 2045. It plans to do so using a mix of hydrogen injections and renewable energy (including solar and wind) at its plants across India. Tata Steel is also exploring the use of syngas as a replacement for coke in blast furnaces.

IndiGo co-founder in talks to buy ‘sizable’ stake in SpiceJet

As per reports, IndiGo co-founder Rakesh Gangwal is in talks to buy a “sizable” stake in troubled domestic airline SpiceJet. Gangwal and his wife Shobha Gangwal hold 13.23% and 2.99%, respectively, in IndiGo operator InterGlobe Aviation. Cash-strapped SpiceJet has been struggling to raise funds and restore operations for about a fourth of its fleet that has been grounded amid fierce competition in the sector.  

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Bajaj Electricals secures ₹564 crore order from Power Grid

Bajaj Electricals Ltd. has secured an order worth ₹564.2 crore from Power Grid Corp. for new transmission lines in Andhra Pradesh. The scope of work includes a 400kV new transmission line for 83.1 km in Ananthapur and another 400kV transmission line for 183 km in Kurnool. The projects will be completed within 21 months. 

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Vedanta Approves NCD Issue Worth Rs2,500Cr – Top Indian Market Updates

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

Vedanta approves issue of NCDs worth ₹2,500Cr

Vedanta’s board has approved raising to ₹2,500 crore through the issue of secured, unrated, unlisted, redeemable non-convertible debentures (NCDs). The company will issue 2.5 lakh NCDs with a face value of ₹1 lakh each. The issue will be done on a private placement basis. The NCDs could be issued in one or more tranches. Vedanta mentioned that this proposal is part of its routine refinancing that is undertaken in the ordinary course of business.

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JSW in talks with LG Energy Solution to make EV batteries

According to a report from Reuters, JSW is in early-stage talks with LG Energy Solution (LGES) for jointly manufacturing batteries in India. JSW held talks with senior LGES executives in Korea earlier this month, proposing a partnership to manufacture battery cells in India for EVs and energy storage. The move comes as the company presses ahead with plans to build electric vehicles locally.

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Adani Group forms JV to redevelop Dharavi slums

Adani Group’s property unit has formed a joint venture (JV) with Mumbai’s slum rehabilitation authority to redevelop the Dharavi. This is a key step towards rebuilding one of Asia’s biggest slums that is mixed in legal controversy. A spokesperson from Adani Group confirmed the formation of a new entity— Dharavi Redevelopment Project Pvt Ltd. This is a significant development as Adani faces an ongoing legal challenge from a rival bidder, Dubai-based SecLink Technologies Corp.

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Trucap Finance, HDFC Bank commence co-lending partnership for MSME business

HDFC Bank and TruCap Finance Ltd (TRU) have entered into a co-lending partnership. TRU will leverage its Lending-as-a-Service (LaaS) model to offer quality credit solutions to underserved borrowers. HDFC Bank and TRU will jointly offer MSME business loans and Gold Loans to borrowers predominantly in non-urban locations. TruCap Finance (TRU) is a non-banking finance company dealing in gold and business loans.

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Tata Consumer close to acquiring Ching’s Secret

Tata Consumer Products Ltd (TCPL) has emerged as the frontrunner to acquire Capital Foods Pvt Ltd at a valuation of ₹5,500 crore. Capital Foods is the maker of condiments, food products and ingredients under the Ching’s Secret and Smith & Jones brands. TCPL will first acquire 65-70% of the company from its three investors, with a pathway to acquire the rest in different phases.

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ABB India to provide power to Samskip’s hydrogen-fueled container vessels

ABB India Ltd has secured an order from Netherlands-based global logistics company Samskip to provide a comprehensive power distribution system for two new-built short-sea container ships. The vessels will be among the world’s first of their kind to use hydrogen as a fuel. As part of its services, ABB will deliver Samskip with the new, compact version of the ABB Onboard DC Grid power distribution system to ensure optimal use of energy on board.

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IndiGo, British Airways enter into new codeshare partnership

IndiGo and British Airways have signed a codeshare agreement to further boost connections between India and the UK. Through this partnership, British Airways will add its code to a couple of destinations across IndiGo’s network which would allow customers to enjoy improved connectivity between India and the UK for travel from October 12. 

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BPCL issues corporate guarantee for $200 million loan availed by a subsidiary

Bharat Petroleum Corp Ltd (BPCL) has turned guarantor for a $200 million loan (~₹1,661 crore) availed by its step-down subsidiary. The company has issued a corporate guarantee in relation to the three-year term loan facility proposed to be availed by BPRL International BV through the State Bank of India, DIFC Branch. BPRL International is a wholly-owned subsidiary of Bharat PetroResources Ltd (BPRL), which is a subsidiary of BPCL.

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WPI Inflation Rises to -0.52% in August – Top Indian Market Updates

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

WPI inflation rises to -0.52% in August

India’s wholesale inflation remained in the negative territory for the fifth month in a row in August. The wholesale price index (WPI)-based inflation increased slightly to -0.52% in August, compared to -1.36% in July. This continued decline in wholesale prices can be attributed to the comparison with a higher base period. It is also mainly due to a fall in prices of mineral oils, basic metals, chemicals, textiles, and food products compared to the same month last year

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Oil India to invest ₹25,000 crore for net zero by 2040

Oil India Ltd plans to invest ₹25,000 crore in clean energy projects that will help it achieve a net zero carbon emission goal by 2040. The company’s net zero plan includes a combination of cutting down the flaring of gas and commercialisation of stranded gas. It also consists of setting up renewable electricity generation capacity, building green hydrogen plants, and constructing biogas & ethanol plants.

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Tata Motors to set up separate sales network for EVs

Tata Motors is planning to create a distinct sales network for its electric passenger vehicles (EVs) in the current financial year (FY24). The move aims to offer a specialised experience to customers opting for eco-friendly models. Tata Motors recently unveiled updated versions of its Nexon EV and Nexon with an internal combustion engine.

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Maruti Suzuki partners with Indian Bank to provide financing solutions

Maruti Suzuki India Ltd has partnered with Indian Bank to provide financing solutions to its dealers. The two parties have signed a Memorandum of Understanding (MoU), which will empower over 4,000 Maruti Suzuki dealerships across the country with comprehensive inventory funding options for their working capital requirements.

Read more here.

DGCA raises concerns with P&W about issues in IndiGo plane engines

Following engine failure incidents with IndiGo aircraft, the Directorate General of Civil Aviation (DGCA) has asked Pratt & Whitney (P&W) to issue a service bulletin in the next 60 days with the fleet management action plan. IndiGo’s fleet of A320 planes is powered by P&W engines. A total of 11 engines were impacted due to the high-pressure turbine (HPT) hub issues, which were flagged by the engine maker in July.

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Hamleys opens first store in Italy

Reliance Brands-owned Hamleys has opened its first exclusive retail store in Italy, in collaboration with franchisee GIOCHI PREZIOSI S.P.A (GP). GP holds the exclusive rights to operate Hamleys outlets throughout Italy. In 2019, Reliance Brands (a subsidiary of Reliance Industries) acquired the British toy retailer for approx. ₹620 crore then.

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Paper industry revenue may dip 8-10% in FY24: Crisil

As per rating agency Crisil, Indian paper manufacturers’ revenue may decline 8-10% in FY24 despite gains in volume, as the average realisations are likely to soften on lower raw material prices and intense competition. The industry’s total volume is expected to rise 5-7% in FY24, similar to the last financial year. The operating margin will remain healthy at 18-19%, ensuring a stable cash flow generation.

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Axis Finance approaches NCLAT against NCLT approval of Zee-Sony merger

Axis Finance has filed an appeal in the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal’s (NCLT) approval of the Zee-Sony merger. This comes just over a month after the NCLT’s Mumbai bench approved the merger on August 10 by dismissing all applications against it.

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India’s air traffic rose 22% in August

According to data released by the Directorate General of Civil Aviation (DGCA), Indian airlines carried 124.23 lakh passengers in August, a rise of 22.8% compared to July. IndiGo continued to hold the largest market share at 63.3%, followed by Air India and Vistara with a 9.8% share each. 

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Cabinet Clears Advent’s Acquisition of Suven Pharma – Top Indian Market Updates

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

Cabinet clears Advent’s acquisition of Suven Pharma

The Cabinet Committee on Economic Affairs has approved the foreign direct investment (FDI) proposal of up to ₹9,589 crore in Suven Pharmaceuticals Ltd by private equity firm Advent International through its Cyprus-based Berhyanda Ltd. In December 2022, Advent entered into a definitive agreement to acquire a 50.1% stake in Suven Pharma. It will also launch an open offer for an additional 26% of the pharma company.

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NCLAT terminates insolvency proceedings against Coffee Day Global Ltd

The National Company Law Appellate Tribunal (NCLAT) has set aside an insolvency order against Coffee Day Global Ltd (CDGL). The move comes after CDGL settled with its financial creditor, IndusInd Bank. The Counsel representing the companies informed NCLAT’s Chennai bench about the settlement and sought permission to withdraw insolvency litigations. CDGL owns and operates the coffee chain Cafe Coffee Day. 

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Adani Group to refinance debt taken for Ambuja Cements acquisition

Adani Group is in talks with banks to refinance debt taken on to fund its purchase of Ambuja Cements Ltd. This could be one of Asia’s largest syndicated loan deals of the year. Banks are likely to refinance a total of $3.5 billion. The group would repay at least $300 million on the original Ambuja facility.

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Reliance Retail in talks with Gulf, Singapore funds on $1.5 bn injection

Reliance Retail is in talks with existing investors, including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia, for combined new investments of around $1.5 billion (~₹12,440 crore). The talks with investors are part of an internal target to raise $3.5 billion, which the company wants to close by the end of September.

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JioCinema to stream India-Australia ODI series for free

Reliance’s JioCinema will livestream India’s 3-match ODI home series against Australia at no cost. This move marks the initiation of international series coverage in JioCinema’s rights cycle. The OTT platform will broadcast the matches in 11 different languages. It has enlisted cricketers Suresh Raina, Kedar Jadhav, Aakash Chopra, and others to form an expert panel.

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DMRC, BEL to jointly develop indigenous train control system

Delhi Metro Rail Corporation (DMRC) and Bharat Electronics Ltd (BEL) have signed a Memorandum of Understanding (MoU) to develop an indigenous communication-based train control (i-CBTC) system. The team has commenced work at DMRC’s i-CBTC lab. It will soon develop and deploy a prototype i-CBTC product on a “designated test track” within the DMRC network. 

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IndiGo to use tech to study fatigue among their pilots

Pilots of IndiGo Airlines will soon wear a wrist gadget and use a ground device to detect fatigue and check their alertness level before and after their flights. The airline will start this experiment in collaboration with French aerospace conglomerate Thales Group. This is to collect data and use it to make flight patterns and rosters that reduce the tiredness of their pilots.

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Reliance Jio seeks DoT approval to widen E-band spectrum use

Reliance Jio has sought approval from the Department of Telecommunications (DoT) to widen the use of the E-band spectrum. Last year, DoT gave E-band spectrum to telecom companies administratively for backhaul use only to smoothen the 5G rollout. Jio now wants the DoT to send a fresh reference to the Telecom Regulatory Authority of India (TRAI), which underlines that the E-band spectrum can also be used for access services.

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Bombay Dyeing to sell off 22-acre land for ₹5,200 crore

Bombay Dyeing and Manufacturing Company Ltd (BDMC) has approved the proposal to monetise a prime land parcel in Worli, Mumbai. BDMC’s board of directors gave the green light to a proposal that involves selling approx. 22 acres of land, along with the associated floor space index. Goisu Realty Private Ltd, a subsidiary of Sumitomo Realty & Development Company Ltd, will acquire this land.

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KEC International secures order worth ₹1,145Cr in Saudi Arabia 

KEC International’s  Transmission & Distribution (T&D) business has secured an order worth ₹1,145 crore in the Kingdom of Saudi Arabia (KSA). The company will design, supply and install a 380 kV Overhead Transmission Line in KSA. With this order, the company’s year-to-date (YTD) order intake has surpassed ₹7,500 crores, registering a growth of 30% YoY.

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SEBI finds significant red flags in transactions between ZEEL and Essel entities

The Securities and Exchange Board of India (SEBI) argued before the Securities Appellate Tribunal (SAT) that it sees significant red flags in the transactions between Zee Entertainment Enterprises Ltd (ZEEL) and Essel entities. According to SEBI counsel, the scheme was to circulate ZEEL’s own money back into the company through entities to pay back the debt of Essel entities. SEBI added that the transactions between ZEEL and Essel entities can’t be genuine or a coincidence.

Read more here.

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India’s Retail Inflation Eases to 6.83% in August – Top Indian Market Updates

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

India’s retail inflation cools to 6.83% in August

According to the National Statistics Office (NSO), India’s annual retail inflation (measured by the Consumer Price Index) eased to 6.83% in August. Inflation came down from a 15-month high of 7.44% in July. The fall was largely led by a decline in vegetable prices. Food inflation fell from 11.51% in July to 9.94% in August.

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India’s industrial output grew 5.7% in July

According to data published by the Ministry of Statistics and Programme Implementation, India’s Index of Industrial Production (IIP) expanded at a rate of 5.7% in July 2023. The expansion was at a faster pace in July than a month ago. Mining output grew 10.7% YoY, while manufacturing output and electricity generation expanded at 4.6% and 8% YoY, respectively, in July.

Read more here. 

Govt may impose addl tax to restrict sale of diesel vehicles

Nitin Gadkari, the Minister of Road, Transport & Highways (MoRTH) plans to propose to the Indian govt to consider imposing additional taxes on diesel vehicles. The additional tax is to restrict the sale of diesel vehicles unless automakers voluntarily move away from it. The minister made the statement while speaking at the 63rd Annual Convention of the Society of Indian Automobile Manufacturers (SIAM).

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NTPC pays final dividend of ₹2,908.99 cr for 2022-23

NTPC announced the payment of ₹2,908.99 crore final dividend for 2022-23. This payment constitutes 30% of the paid-up equity share capital of NTPC. The total dividend disbursed for FY 2022-23 stands at ₹7,030.08 crore, being 41% of the profit after tax (PAT). This marks the 30th consecutive year in which the company has distributed dividends.

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Tata Power Delhi Distribution ties with US-based Utiltyx for cyber security

Tata Power Delhi Distribution has partnered with Utiltyx, the Indian subsidiary of a US-based cyber security and data analytics software company. The partnership aims to enhance the company’s preparedness against future threats and challenges related to cyber security. The association is aimed at augmenting Intelligent Electronic Device (IED) visibility, strengthening Tata Power-DDL’s capabilities to fight cyber threats.

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Reliance Retail Ventures gets ₹2,000 crore from KKR

KKR is investing another ₹2,069.5 crore through an affiliate in Reliance Retail Ventures (RRVL). This follow-on investment will translate into an additional equity stake of 0.25% in RRVL. The additional acquisition will take KKR’s total stake in RRVL to 1.42%. The private equity firm acquired the stake at a valuation of ₹8.36 lakh crore.

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Hindalco partners with Metra for extrusion tech

Hindalco Industries has signed a technology partnership agreement with Italy-based Metra to manufacture high-speed aluminium rail coaches. The partnership is aimed at sharing extrusion and fabrication technology for building high-speed aluminium rail coaches. Hindalco is the world’s largest aluminium rolling and recycling company. 

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SpiceJet pays Kal Airways ₹100Cr

SpiceJet paid Kal Airways and its promoter Kalanithi Maran ₹100 crore towards an arbitral award. The payment was made a day after the Delhi High Court ordered it to complete the payment by September 12. On August 24, the court had asked SpiceJet and Singh to pay ₹100 crore to Maran by September 10, failing which the court had said it might consider the attachment of their properties.

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IndiGo plans to lease 22 Airbus A320 aircraft

IndiGo is looking to induct up to 22 aircraft from the secondary lease market as it faces the grounding of several Airbus A320 Neo aircraft powered by Pratt & Whitney engines. Over 1,000 P&W engines will need to be inspected after the manufacturer found that contamination of powder metal defects could lead to the cracking of some engine components. 

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Coal India to invest ₹24,000 crore in green transportation

Coal India Ltd (CIL) is planning to invest ₹24,000 crore in green transportation in three phases. This investment is part of CIL’s plan to ensure the eco-friendly transfer of coal from its production point to handling plants. The phases will cover 61 First Mile Connectivity (FMC) projects, which will have a combined capacity of 763.5 million tonnes per annum. Under these green projects, coal will be loaded directly into rail wagons through mechanised piped conveyors with a rapid loading system.

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Uno Minda to buy an additional 3.81% stake in European subsidiary

Uno Minda Ltd’s Board of Directors approved the acquisition of the remaining stake in Uno Minda Europe Gmbh. The acquisition will be at a consideration of 1.3 million euros (~₹11.58 crore) to make it a wholly-owned subsidiary. The stake will be purchased by SAM Global Pte Ltd, a wholly-owned subsidiary of Uno Minda Ltd.

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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.

Read more here.

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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Daily Market Feed Pre Market Report

Gap-Down Opening Again! Will Supports be Respected? – Pre-Market Analysis Report

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

Stocks

ITC reported a standalone profit of Rs 4,902.74 crore, up 17.6% YoY. Revenue fell 8%, but margins increased. Also, the board approved the demerger of the hotel business; ITC shareholders will get 1 share of the hotel company for every 10 shares held.

Vodafone Idea reported a loss of Rs 7,840 crore, increasing more than ₹1,400 crores from last quarter.

Hero MotoCorp’s promoter family settled cases between themselves. It includes cases of management positions and usage of the trademark ‘HERO’. 

Coffee Day reported a profit of Rs 21 crore, against a loss of Rs 17 crore last year with better revenue.

IndiGo’s promoter family is looking to raise Rs 3,735 crore via a block trade, selling shares at ₹2,400/share. This is 5% lower than the current market price.

Indiabulls Housing has recorded a consolidated profit of Rs 296.2 crore, up 3.3% YoY.

What to Expect Today?

NIFTY started the day at 19,383 with a small gap-down but fell to 19,260 immediately. There was a bounce back from this zone, and short-covering even took the index above the day-high. NIFTY closed at 19,434, up by 6.25 points or 0.03% 

BANK NIFTY started the day at 44,066 with a gap-down and fell 300 points in 10 minutes. It then slowly moved back up, but could not break the day-high like NIFTY. BANK NIFTY closed at 44,090, down by 108 points or 0.24%. 

US markets were flat on Monday and in deep red yesterday. The European markets also closed in the red.

The Asian markets are trading in deep red.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in the red at 19,394.

All the factors combined indicate a gap-down opening in the market.

NIFTY has supports at 19,400, 19,360, 19,300 and 19,240. We can expect resistances at 19,438, 19,560 and 19,620.

BANK NIFTY has supports at 43,960, 43,840, 43,750 and 43,680. Resistances are at 44,277,  44,520, and 44,800.

NIFTY has the highest call OI build-up at 19,600. The highest put OI build-up is at 19,400. PCR is at 0.86.

BANK NIFTY has the highest call OI build-up at 44,500. The highest put OI build-up is at 44,000. PCR is at 0.76.

Foreign Institutional Investors net-sold shares worth Rs 2,324 crores. Domestic Institutional Investors net-bought worth Rs 1460 crores.

INDIA VIX is at 11.99, and looking to move up which could indicate a fall loading in the market. The VIX in the U.S market is also up.

The U.S. market has broken a consolidation zone and moved down yesterday night. This will contribute to initial weakness in our market and possible selling from FIIs.

NIFTY has the next important support at 19,240. It is a very strong buying zone as demonstrated on Monday.

If that level is broken, a quick fall to 19,200 can be expected to fill the gap in daily charts.

For the day, if a gap-down is seen and buying from there, it will indicate some short sellers booking profits. I would not go bullish until at least Monday’s high is broken.

BANK NIFTY has a good support level at 43,680 on the daily charts. Do keep this level in mind while trading.

The last 2 days before the weekly expiry. Hope you have safe and easy trades like FinNIFTY on Tuesday! Even with consolidation or movement, expected moves can still give profits.

Have a safe trading day!

Follow along with Smart Money(NIFTY) and Piggy Bank(BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Market News Top 10 News

SBI’s Net Profit Rises 178% YoY to Rs 16,884Cr in Q1 – Top Indian Market Updates

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

SBI Q1 Results: Net profit jumps 178% YoY to ₹16,884 crore

State Bank of India (SBI) reported a 178.24% YoY jump in net profit to ₹16,884 crore for the quarter ended June (Q1 FY24), beating street estimates. Its Net Interest Income (NII) increased 24.7% YoY to ₹38,905 crore during the same period. The bank’s Gross Non-Performing Assets (NPA) reduced to 2.76% compared to 2.78% in Q1 FY23. On the balance sheet side, credit growth was recorded at 13.9% YoY with domestic advances growing at 15.08% YoY.

Read more here.

MCA examines SEBI’s allegations against Zee Ent

According to an ET Now report, the Ministry of Corporate Affairs (MCA) is examining irregularities in Zee Entertainment Enterprises as alleged by the market regulator SEBI. However, the company said it is not aware of any MCA probe and has not received any such notification from the ministry, news agency Reuters said citing a source. The MCA has taken cognizance of SEBI’s interim order which alleged bogus book entries and siphoning of funds, and is probing lapses in corporate governance issues.

Read more here.

M&M Q1 Results: Net profit rises 98% YoY to ₹2,774 crore

Mahindra & Mahindra (M&M) reported a 98% YoY increase in standalone net profit to ₹2,774 crore for Q1 FY24. Its revenue from operations rose 22% YoY to ₹24,056 crore during the same period. EBITDA stood at ₹3,547 crore, up 46% YoY. In the automotive segment, the company recorded the highest-ever first-quarter volumes at 186,000, up 21% over the previous year’s quarter.

Read more here.

India’s forex reserves fall $3.2 billion to $603.87 billion as on July 28

As per RBI data, India’s foreign exchange reserves dipped $3.2 billion to $603.87 billion for the week ending July 28. Foreign exchange reserves stood at $607.03 billion for the week ended on July 21. Foreign currency assets (FCAs) dropped by $2.4 billion to $535.33 billion. In October 2021, the country’s forex kitty reached an all-time high of USD 645 billion.

The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

Read more here.

BHEL Q1 Results: Net loss at ₹343 crore

Bharat Heavy Electronics Ltd (BHEL) reported a consolidated net loss of ₹343 crore in Q1 FY24. The company reported a consolidated net loss of ₹187.99 crore in Q1 FY23. The total income of the company rose to ₹5,117.20 crore in the quarter from ₹4,742.28 crore in the same period a year, up 7.9% YoY. However, the company’s total expenses rose to ₹5,595.47 crore in the quarter from ₹5,006.50 crore in the June quarter last year. 

Read more here.

IT dept conducts searches across several premises of Kalpataru group

The Income Tax (I-T) department searched the real estate development company Kalpataru Group’s premises in Rajasthan and Mumbai on Friday. According to Deccan Herald, the search sites include the residences of group founder Mofatraj P Munot and Managing Director Parag M Munot. A source quoted in the report said that the misappropriation of funds of “hundreds of crores” have been uncovered.

Read more here.

Delhivery Q1 Results: Net loss narrows to ₹89.5 crore

Delhivery reported a consolidated net loss of ₹89.5 crore for the June quarter (Q1 FY24). Net loss stood at ₹399 crore in Q1 FY23. Consolidated revenue from operations rose 10.5% YoY to ₹1,929 crore during the same period. Express parcel shipment volumes grew 19% YoY to 182 million in the quarter. Truckload and supply chain services businesses saw robust sequential revenue growth of 20% and 10%, respectively.

Read more here.

Blackstone sets its sights on buying out Hamieds from Cipla

Blackstone is set to submit a non-binding bid as early as next week to acquire the entire 33.47% promoter stake in Cipla. Cipla is India’s third-largest generics company by revenue. This will formally start a process that could see the eventual exit of the Hamied family from the company they created in 1935. The move by Blackstone, if it comes about, will also trigger an open offer for an additional 26% of the company. 

Read more here.

Devyani International Q1 Results: Net profit falls 84% YoY to ₹12 crore

Devyani International reported a 84% YoY fall in net profit to ₹11.75 crore for Q1 FY24. Net profit stood at ₹73.84 crore in Q1 FY23. However, its revenue from operations rose 20% YoY to ₹846.63 crore during the same period. The decline in net profit was due to a 24% jump in its total expenses which stood at ₹793.16 crore in Q1FY24. The company’s sales were up 12% quarter-on-quarter (QoQ).

Read more here.

IndiGo reaches milestone of 1,900 flights per day

IndiGo crossed a significant milestone in its history by reaching 1,900 flights per day on its 17th anniversary. The airline has come a long way from launching its inaugural flight in 2006 to etching its name in history on June 19 this year by bagging the largest order in aviation history of 500 A320 aircraft. The order solidified the company’s position as the airline with the biggest order in the industry.

Read more here.

USFDA clears Granules India’s foreign arm with zero observation

The United States Food and Drug Administration (USFDA) has completed a ‘post-marketing adverse experience inspection’ for Granules India’s foreign arm with zero observations. The inspection was conducted at Granules India’s wholly-owned foreign subsidiary, Granules Pharmaceuticals Inc., located in Virginia, United States, from July 31 to August 3. The inspection was closed with zero observations. 

Read more here.

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Daily Market Feed Pre Market Report

U.S. Markets also Fall. NIFTY to Open Flat – Pre-Market Analysis Report

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

Stocks

JSW Steel signed a joint-venture deal with Japan’s JFE Steel to produce cold-rolled silicon steel. The project cost is Rs 5,500 crore and will be financed by a mix of equity and debt.

Vedanta’s promoter group Twin Star Holdings is looking to sell a 4.3% stake via a block trade, for at least Rs 4,136 crore. 16 crore shares are being sold at a floor price of Rs 258.5/share, at a discount of 5% on Wednesday’s closing price.

Both houses of Parliament have cleared the Amendment Bill which opens up mining of deep-seated minerals like lithium mining to private players. 

Sheela Foam approved raising up to Rs 1,200 crore via Qualified Institutional Placement, and another Rs 600 crore via bonds.

Hindalco Industries has won the bid to mine the Meenakshi West coal mine in Odisha.

Titan reported a 4% fall in net profit at Rs 753 crores. Margins of the company fell.

Indigo reported a net profit of Rs 3,090 crore, beating street estimates. Revenue jumped up 30% YoY.

HPCL reported a net profit of Rs 6,765.5 crore for Q1, v/s net loss of Rs 8,557.12 crore last year. It is still lower than expected as margins fell.

Major results today: Adani Enterprises, Adani Power, Bharti Airtel, Dabur 

What to Expect Today?

NIFTY started the day at 19,655 with a gap-down. It moved down from the first candle while respecting technical supports. After touching a day-low of 19,423, the index bounced 100 points. NIFTY closed at 19,526, down by 207 points or 1.05%.

BANK NIFTY started the day at 45,234 near an important zone. The index continued to fall, and went till near 44,700 levels. BANK NIFTY closed at 4,995, down by 596 points or 1.31%. 

US markets closed in the red, with NASDAQ down 2%. The European markets closed in the red.

The Asian markets are mostly trading in the red.

The U.S. Futures are trading in the green.

GIFT NIFTY is trading slightly in the green at 19,515.

All the factors combined indicate a flat to gap-up opening in the market.

NIFTY has supports at 19,513,19400 and 19,300. We can expect resistances at 19,566, 19,617, 19,658 and 19,760.

BANK NIFTY has supports at 44,900, 44,730 and, 44,600. Resistances are at 45,229, 45,472 and 45,635.

NIFTY has the highest call OI build-up at 19,800 and 19,600. The highest put OI build-up is at 19,500 and 19,400. PCR is at 0.56.

BANK NIFTY has the highest call OI build-up at 46,000. The highest put OI build-up is at 45,000. PCR is at 0.57. 

Foreign Institutional Investors net-sold shares worth Rs -1877 crores. Domestic Institutional Investors net-sold worth -2 crores.

INDIA VIX jumped 9% to 11.27.

Yesterday’s big news was the U.S. credit rating downgrade by Fitch. This resulted in our market falling more than 1%.

When the U.S. markets opened, it looked like it would not fall much but eventually fell more than 1%.

Our market was driven by the news, added to the rolling away of aggressive put sellers at 19,700 and 19,600.

Watch out for Adani Enterprises’ results today.

NIFTY has treated it as the correction it was waiting for but still held strong over 19,500. Bank Nifty however fell into the previous consolidation zone in the daily charts.

With it being the monthly expiry, do have a watch out for volatility carried on from yesterday. If the international markets stabilise, we may see an upward towards the second half with the aggressive sellers at 19,600 rolling away!

We will be trading Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) today. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

Categories
Market News Top 10 News

IndiGo Posts Rs 3,091Cr Profit in Q1 – Top Indian Market Updates

indigo

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

IndiGo Q1 Results: Net profit at ₹3,091 crore

InterGlobe Aviation (IndiGo) reported a consolidated net profit of ₹3,091 crore for the quarter ended June (Q1 FY24); beating street estimates. This is the highest-ever quarterly net profit reported by the budget carrier. The airline posted a loss of ₹1,064 crore in Q1 FY23. Its revenue from operations rose 30% YoY to ₹16,683 crore during the same period. IndiGo’s passenger ticket revenues were at Rs 14,996 crore, up 31% YoY.

Read more here.

Carlyle to acquire 5.91% stake in SpiceJet at Rs 48 per share

SpiceJet Ltd has sought shareholder approval to issue a 5.91% stake in the low-cost airline to Carlyle Aviation Partners (CAP). CAP is the aircraft financing unit of global private equity giant Carlyle Group. The company will also issue equity shares of 20% to promoter Ajay Singh (the airline’s CEO) at ₹10 per share.

Read more here.

Titan Q1 Results: Net profit falls 2% YoY to ₹777 crore

Titan reported a 2% YoY decline in net profit of ₹777 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 19% YoY to ₹10,306 crore during the same period. The company’s jewellery segment posted revenue of ₹9,070 corre in Q1, up 19% YoY. Titan’s watches and wearables business recorded a total income of ₹890 crore, up 13% YoY.

Read more here.

Tata Power RE signs PPAs with MSEDCL for solar projects

Tata Power Renewable Energy Limited (TPREL) has signed two power purchase agreements (PPAs) with Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) for commissioning two solar power projects. Located in Maharashtra, these projects of 200 MW and 150 MW will play a crucial role in fulfilling the state’s renewable energy target.

Read more here.

Gujarat Gas Q1 Results: Net profit falls 43% YoY to ₹216 crore

Gujarat Gas reported a 43% YoY fall in consolidated net profit to ₹216 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 26% YoY to ₹3,923.7 crore during the same period. EBITDA fell 36% YoY to ₹388 crore in Q1. Its total gas sales volume for the quarter stood at 9.22 million metric standard cubic meters per day (mmscmd), compared to 8.86 mmscmd in Q1 FY23.

Read more here.

Ambuja-ACC is frontrunner to acquire Sanghi Cements

Adani Group’s Ambuja-ACC has emerged as the frontrunner to acquire Sanghi Cements after deal negotiations moved forward over the past week. The group has come close to the expected enterprise value of ₹6000 crore that Sanghi Cement’s promoters have demanded as consideration for the sale of the company.

Read more here.

Sula Vineyards receives excise duty notice of ₹116 crore from Maharashtra govt

Sula Vineyards Ltd (SVL) has received an excise duty notice of ₹116 crore from the Maharashtra excise department. This comes after the minister (State Excise Revenue) vacated the interim stay granted on the demand notice issued by the Nashik collector for recovery of excise duty from SVL. Sula Vineyards has been recognised as the market leader across wine variants, including red, white, and sparkling wines.

Read more here.

Ambuja Cements Q1 Results: Net profit rises 31% YoY to ₹1,135 crore

Ambuja Cements reported a 31% YoY rise in consolidated net profit to ₹1,135 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 9% YoY to ₹8,713 crore during the same period. The company’s EBITDA stood at ₹948.8 crore in Q1, up 38% YoY. Its total sales volume rose 23% YoY to ₹9.1 million tonnes (MT).

Read more here.

Brookfield India REIT raises ₹2,305 crore via sale of units

Brookfield India Real Estate Trust has raised ₹2,305 crore by selling units to institutional investors on a private placement basis. The firm will mainly use this fund for the acquisition of two assets in Gurugram and Mumbai. The company has approved the allotment of 9.13 crore units to 64 successful eligible institutional investors at the issue price of ₹252.50 per unit.

To learn more about REITs, click here.

Read more here.