Tag: Infosys

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ICICI Securities to Consider Delisting – Top Indian Market Updates

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

ICICI Securities to consider delisting

ICICI Securities will hold a board meeting on Thursday, June 29, to consider a proposal of delisting its equity shares. The company’s parent, ICICI Bank, will also hold a similar board meeting for the proposal. As per the March quarter shareholding pattern, ICICI Bank holds a 74.85% stake in its broking subsidiary.

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Adani Power commissions Unit-2 of thermal power plant in Jharkhand

Adani Power’s subsidiary Adani Power Jharkhand Ltd (APJL) has commissioned Unit 2 of the 800 MW power project in Godda, Jharkhand. The project is part of the 2×800 MW Ultra-supercritical power project of APJL. The company will export the entire power generated from the project to Bangladesh through dedicated 400 kV transmission lines. The power project achieved commercial operations on June 25, 2023.

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L&T Finance plans to sell its wholesale book to banks, NBFCs

L&T Finance Holdings plans to sell its wholesale loan book to interested banks, NBFCs, and funds. The company also plans to repay or refinance its existing wholesale loan book. The move comes as the company aims to become a 100% retail finance company. As of March 31, 2023, the wholesale book of the company was 25% of the total loan book (₹19,840 crore).

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TCS bags deal to transform customer experience for European policyholders

Tata Consultancy Services (TCS) has partnered with Standard Life International DAC to transform its operating model and enhance the customer experience for its European policyholders. The partnership will use the TCS Digital Platform for Life and Pensions to create a more seamless and digital experience for customers. The two organisations have plans to replicate this successful model in other European markets.

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Ajanta Pharma’s Gujarat plant gets zero observations from USFDA

Ajanta Pharma’s Dahej formulation facility received no observations from the US Food & Drugs Administration (USFDA) inspection. The formulation facility was inspected by the USFDA team between June 19-23, 2023. No Form 483 was issued to the company, meaning that there were no observations regarding the quality of the facility or the products manufactured there. In September 2022, the USFDA inspected this facility and issued two observations on that particular plant that manufactures formulations.

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RailTel secures order worth ₹294 crore from Tamil Nadu government

RailTel Corporation of India has secured a work order worth ₹294.37 crore from Tamil Nadu State Marketing Corporation (TASMAC). The order is for implementing an integrated solution that will help end-to-end computerization and connectivity of core and support functions of the domestic entity for five years.

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L&T’s power transmission arm bags orders in India, overseas

Larsen & Toubro (L&T)’s power transmission and distribution business has secured new orders in India and abroad. The company won two orders in the Middle East for upgrading electrical networks in large industrial facilities. It also won an order to build a transmission line in Andhra Pradesh. The order is worth approximately ₹1,000-2,500 crore.

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Godrej Properties acquires 15 acres land in Gurugram to develop premium residential apartments

Godrej Properties has acquired nearly 15 acres of land in Gurugram, Haryana, to develop premium residential apartments. The project will offer approximately 1.6 million square feet of premium residential development with exceptional lifestyle amenities. The deal value has not been disclosed.

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Infosys signs $454 mn deal with Danske Bank to boost digital transformation

Denmark-based Danske Bank has selected Infosys as a partner to accelerate its digital transformation. The deal is valued at $454 million for five years, with an option to renew for one additional year for a maximum of three times. The partnership will focus on developing customer-facing digital solutions and modernizing Danske Bank’s technology infrastructure.

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NMDC plans $61 million investment in first gold block

NMDC plans to invest around ₹500 crore ($61 million) in its first foray into gold mining. The company is “on track” to secure a lease for the Chigargunta-Bisanatham gold block in Andhra Pradesh. The block has estimated gold reserves of around 1.83 million tonnes, containing 5.15 grams of gold per tonne.

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Cyient DLM IPO to open tomorrow

The initial public offer (IPO) of Cyient DLM Limited will open tomorrow, on 27th June 2023. The public issue worth is ₹592 crores and will be open for bidding till 30th June 2023. The price band for the issue is between ₹250 and ₹265 per equity share. Cyient DLM is a supplier to global OEMs (original equipment manufacturers) in the aerospace, defence, medical technology, and industrial sectors.

Read more here.

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IndusInd Bank’s Net Profit Rises 50% YoY to Rs 2,040Cr – Top Indian Market Updates

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

IndusInd Bank Q4 Results: Net profit Jumps 50% YoY to Rs 2,040 crores

IndusInd Bank has reported a 50% YoY increase in net profit to Rs 2,040 crore and a Net Interest Income (NII) of Rs 4,669 crore, up 17% YoY, for Q4 FY 22-23. The bank’s net non-performing assets (NPA) ratio fell to 0.59% from 0.64% in Q4 FY22.  Its loan book grew 21% YoY to Rs 2.89 lakh crore. The bank’s board recommended a dividend of Rs 14 per equity share.

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NMDC plans to increase iron ore output by more than 21% in FY23

NMDC plans to increase iron ore production to 50 million tonnes in the current financial year (FY24), up 21% from last year. The company’s output in Q4 FY23 was its highest for a quarter, and it expects uniform production for FY24 (except for the September quarter due to monsoon rains). NMDC has iron ore mines in Chhattisgarh and Karnataka and is exploring lithium reserves in Australia, where it holds a majority stake in a mine.

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Tata Steel commences trial use of hydrogen gas in blast furnace at Jamshedpur plant

Tata Steel has begun trial injection of hydrogen gas in one of the six blast furnaces at its Jamshedpur plant in Jharkhand. The trial will continue for 4-5 days and will provide insights into operating blast furnaces with greener fuel injectants, reducing fossil fuel consumption and CO2 emissions. The trial has the potential to reduce coke rate by 10%, resulting in a 7-10% reduction in CO2 emissions per tonne of crude steel produced.

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Adani Ports starts $130 million buyback of bonds to prepay near-term debt

Adani Ports and Special Economic Zone Limited (APSEZ) is set to buy outstanding 3.375% senior notes due 2024 for $130 million in cash. The purchase will be funded through cash reserves available with the company. The move is aimed at partly prepaying the company’s near-term debt maturities and to convey its comfortable liquidity position. After the completion of this tender offer, the outstanding notes are expected to remain at $520 million.

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Infosys signs pact with Aramco to boost employee experience with AI

Infosys has signed a Memorandum of Understanding (MoU) with Saudi Aramco to collaborate on HR technology. The companies aim to bring new insights to HR data and analytics, use automation tools, and enhance employee experience through AI technologies. Infosys will also embed digital transformation practices and tools into Aramco’s HR platform to enhance the overall digital experience for employees.

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Bank of Maharashtra Q4 Results: Net profit jumps 135% YoY to Rs 840 crore

Bank of Maharashtra announced a 135% YoY jump in net profit to Rs 840 crore for the quarter ended March (Q4 FY23). Its Net Interest Income (NII) increased by over 35% YoY to Rs 2,187 crore during the same period. The bank’s net non-performing assets (NNPA) declined to 0.25%, compared to 0.47% in the same quarter last year. The bank’s board recommended a dividend of Rs 1.3 per share. 

The board also approved a capital raise of up to Rs 7,500 crore via equity and debt.

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Maharashtra Seamless receives Rs 262 crore order from ONGC 

Maharashtra Seamless has received an order from ONGC for the supply of seamless tubing pipes and accessories to be delivered to five Indian states. The company will gradually dispatch the order over 10 months. It has an annual capacity of 650,000 tonnes for seamless pipes and serves the oil and gas sector, power, automotive, and general engineering industries.

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Zydus Lifesciences gets USFDA approval for heart diseases treatment drug

Zydus Lifesciences has obtained final approval from the US Food and Drug Administration (USFDA) for Icosapent Ethyl capsules for the treatment of heart diseases. These tablets are used to reduce fat (triglyceride) levels in the blood in adult patients with severe hypertriglyceridemia. According to IQVIA data, the annual sales of Icosapent Ethyl Capsules in the United States were $1,316 million for the 12 months ended February 2023.

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Bharti Airtel partners with Secure Meters to deploy narrow band-powered smart metres in Bihar

Bharti Airtel has partnered with Secure Meters to deploy narrow band (NB-IoT) powered smart meters in Bihar, India. Under the partnership, Airtel will deploy NB-IoT services to power 1.3 million homes via a smart meter solution. The deployment is said to be India’s first NB-IoT solution on a narrow band with a fall-back option that will work on 2G and 4G. It will also ensure real-time connectivity and uninterrupted transfer of critical data.

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Singapore’s regulatory body approves HDFC Bank to acquire shares in Griha Pte

HDFC Bank has received approval from the Monetary Authority of Singapore (MAS) to acquire 20% or more stake in HDFC’s Investments-subsidiary, Griha Pte. Limited. Griha Pte is a foreign step-down subsidiary of HDFC Limited. The scheme was approved by the HDFC board and received no objection or approval letters from various Indian authorities, including the RBI, SEBI, CCI, and NCLT.

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Mankind Pharma IPO opens tomorrow

Mankind Pharma’s IPO opens tomorrow. The issue will be open till April 27th and is completely an offer for sale (OFS) of 40 million equity shares by promoters and existing shareholders. The company has set a price band of Rs 1,026-1,080 per share for the IPO. Mankind Pharma’s products span therapeutic areas ranging from antibiotics to erectile dysfunction medications.

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Infosys’ Net Profit Rises 8% YoY in Q4 – Top Indian Market Updates

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

Infosys Q4 Results: Net profit rises 8% YoY to Rs 6,128 crore

Infosys reported an 8% year-on-year (YoY) growth in consolidated net profit to Rs 6,128 crore for the quarter ended March 2023 (Q4 FY23). Consolidated revenue for the period increased by 16% YoY to Rs 37,441 crore. The IT company missed analysts’ estimates for both revenue and profit. The company’s operating margin contracted by 50 basis points sequentially to 21%. Infosys’ board has approved a final dividend of Rs 17.50 per share.

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Passenger vehicle sales in India up 26.7% in FY23: SIAM

India’s passenger vehicle sales grew 26.7% in the financial year 2022-23 as chip shortages eased and demand for sport utility vehicles (SUVs) surged. Wholesale passenger vehicle volumes for the year rose from 3.1 million units in FY22 to 3.9 million units in FY23. Domestic wholesales of passenger vehicles grew 4.7% YoY in March at 2,92,030 units. Two-wheeler sales clocked 12,90,553 units in the domestic market last month, as compared to 11,98,825 units in the year-ago period. 

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Fasal partners with SBI to help farmers get easy access to loans

Agri-tech company Fasal is partnering with the State Bank of India (SBI) to provide farmers with easy access to capital. The partnership will help solve cash-flow constraints during key cycles in farming by providing quick, easy, and collateral-free loans at very competitive rates. Through Fasal’s latest financing solution, farmers can access collateral-free loans up to three lakhs.

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RBI begins evaluating potential bidders for IDBI Bank

The Reserve Bank of India (RBI) has begun evaluating at least five potential bidders interested in picking up a majority stake in state-owned IDBI Bank Ltd. Kotak Mahindra Bank, CSB Bank, and Emirates NBD are among those that have submitted expressions of interest (EoIs). However, it is not verified or confirmed. It is the first major divestment across state-owned banks as part of a broader privatisation plan. This could fetch the government $3.66 billion at the current market valuation. The government owns 45.48% of IDBI Bank, and is looking to divest a 30.48% stake.

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IOCL, Adani-Total, and Shell acquire Reliance’s KG-D6 gas

Indian Oil Corporation Ltd (IOCL), Adani-Total Gas Ltd, and Shell were among the 29 companies that successfully bid for natural gas from Reliance Industries Ltd and BP’s KG-D6 block. In the e-auction held on Wednesday, IOCL secured nearly half of the 6 million standard cubic meters per day of gas, followed by state-owned gas utility GAIL, Adani-Total Gas Ltd, Shell, GSPC, and IGS. The auction incorporated the government’s new marketing rules, prioritizing supplies to CNG-selling city gas companies.

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Coal India boosts coking coal output, production up 17 %

Coal India Ltd has reported a 17.2% increase in coking coal production, which helped reduce the country’s reliance on coal imports for iron and steel production. Coking coal production reached 54.6 million tonnes (MT) in FY23, marking a substantial year-on-year growth compared to 46.6 million tonnes in FY22. CIL’s subsidiaries based in Jharkhand were major contributors to the increased production.

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JSPL to double rail-making capacity

Jindal Steel and Power Ltd (JSPL) announced plans to more than double its rail-making capacity to 2.2 million tonnes (MT) by setting up a new rail mill with an annual capacity of 1.2 MT in Angul, Odisha. The company did not disclose the exact investment figures, but sources estimate it to be in the range of Rs 2,500 crore to Rs 3,000 crore. JSPL is also supplying 260-meter rails to Indian Railways, dedicated freight corridors, and other critical projects of national importance from its Raigarh mill.

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Kolte-Patil Developers reports highest ever pre-sales at Rs 2,232 crore in FY23

Kolte-Patil Developers Ltd has recorded its highest-ever annual pre-sales of 3.27 million square feet, valued at Rs 2,232 crore, for FY23. During the quarter, the company achieved sales of Rs 704 crore, showing a growth of 41% YoY. Additionally, strong volume growth of 25% contributed to the sales numbers for the quarter. The company also reported collections at the highest-ever levels for the year and quarter at Rs 1,902 crore and Rs 589 crore, respectively, indicating healthy cash-flow generation.

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Varun Beverages to consider a stock split on May 2

Varun Beverages Ltd (VBL) will consider a stock split on May 2, 2023. The company has previously given 1:2 bonuses three times in the last four years. The goal of the stock split is to make the shares more accessible to retail investors and improve liquidity. VBL supplies PepsiCo products to over 100,000 retail outlets. The company’s stock has been performing well in the market, and the stock split may further enhance its appeal to investors.

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ONGC to Invest $2 Billion in Mumbai Offshore – Top Indian Market Updates

ONGC market updates | marketfeed

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

ONGC to invest $2 billion in Mumbai offshore to raise oil, gas output

Oil & Natural Gas Corporation (ONGC) is set to invest over $2 billion (₹16,500 crore) to drill a record 103 wells on its main gas-bearing asset in the Arabia Sea. The company plans to add 100 million tonnes to its overall production. ONGC has three main assets off the west coast– Mumbai High, Heera and Neelam, and Bassein and Satellite, which contributed the bulk of 21.7 million tonnes of oil and 21.68 billion cubic metres of gas it produced in 2021-22.

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NSE gets SEBI approval to launch Social Stock Exchange as separate segment

The National Stock Exchange (NSE) has received final approval from the Securities & Exchange Board of India (Sebi) to set up a Social Stock Exchange (SSE) as a separate segment of the NSE. The SSE aims to provide a new avenue for social enterprises to finance social initiatives, give them visibility, and increase transparency in fund mobilization and utilisation by social enterprises.

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ZEEL CEO challenges NCLT’s insolvency order before NCLAT

Zee Entertainment Enterprises Limited (ZEEL) MD & CEO Punit Goenka has moved the National Company Law Appellate Tribunal (NCLAT) seeking relief from the order passed by the National Company Law Tribunal (NCLT). The NCLT allowed IndusInd Bank’s plea to admit ZEEL under the Corporate Insolvency Resolution Process (CIRP) on Wednesday. The NCLAT hears appeals against the orders passed by NCLT.

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Tata Motors seeks investors for stake in EV business

Tata Motors has begun discussions with sovereign wealth funds and private equity investors such as UAE-based Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company to sell a significant minority stake in its EV division. Tata Motors plans to raise up to $1 billion through the equity sale and will use the bulk of proceeds to retire a part of its outstanding debt.

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Jio-BP to sell bio-CNG, compressed biogas

Jio-bp will shortly begin retailing compressed biogas (CBG) and bio-CNG (B-CNG), both of which can be used in place of compressed natural gas in CNG-powered vehicles. The company will retail CBG and B-CNG at its outlets in western India initially and later expand to other outlets. Jio-bp is a fuel retail joint venture between Reliance Industries and British oil major BP. 

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Domestic oil demand growth to fall to 5% in FY24: Govt forecast

Domestic oil demand growth will slow to 5% in 2023-24 after a scorching expansion of nearly 10% in this financial year, said the Petroleum Planning and Analysis Cell (PPAC). India will consume 233.8 million metric tonnes (MMT) of refined products in 2023-24, compared to the estimated consumption of 222.9 MMT in the current financial year (FY23) according to the forecast.

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ZEEL, Jio TV extend content partnership for two years

Zee Entertainment Enterprises Ltd (ZEEL) has renewed its content partnership with Jio Platforms-owned live TV aggregation app Jio TV for two more years. ZEEL’s suite of over 60 SD and HD channels will continue to be available on the Jio TV app. The company also distributes news broadcaster Zee Media’s channels. 

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Adani Group invests $442 million in cash-strapped Sri Lanka

Sri Lanka’s Board of Investment has approved the commissioning of two wind power plants by Adani Green Energy Limited for a total of $442 million. According to Reuters, Adani Group officials are in Colombo to evaluate future projects, including a $700 million port terminal at Sri Lanka’s largest port. 

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Infosys partners with Microsoft to accelerate enterprise cloud transformation

Infosys Ltd will partner with global tech giant Microsoft to accelerate the adoption of cloud solutions across the globe. The partnership will see Infosys onboard its set of cloud services, solutions, and platforms for enterprises to Microsoft’s various cloud-based platforms like Microsoft Azure. Microsoft’s cloud clients will also be able to take advantage of the Infosys Cobalt suite of solutions.

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Thales picks L&T Technology Services for 5G-driven connectivity solutions

French IT major Thales has selected L&T Engineering Services Ltd. (LTTS) to offer 5 G-driven next-gen connectivity solutions for urban railway operators in collaboration with Qualcomm Technologies. The solution leverages LTTS’ chip-to-cloud expertise as well as a technology portfolio of connected IoT devices and 5G small cells based on Qualcomm Technologies.

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Retail Inflation Eases to 5.72% in Dec – Top Indian Market Updates

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

Retail inflation eases to 5.72% in December

India’s retail inflation, measured by the Consumer Price Index (CPI), eased to a one-year low of 5.72% in December 2022. CPI stood at 5.88% in November and 6.77% in October 2022. Food inflation came in at 4.19% in December, compared to 4.67% in Nov. Inflation in the fuel & light segment was 10.97% last month.

Factory output, measured by the Index of Industrial Production (IIP), rose to a five-month high of 7.1% in Nov 2022. IIP had contracted (-)4% in Oct.

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Infosys Q3 Results: Net profit rises 13% YoY to ₹6,586 crore

Infosys Ltd reported a 13.4% year-on-year (YoY) increase in consolidated net profit to ₹6,586 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 20.2% YoY to ₹38,318 crore during the same period. It won deals worth $3.3 billion in Q3, the strongest in the last eight quarters. Infosys added 1,627 employees during the quarter.

Read more here.

Jio launches True 5G services in Ujjain

Reliance Jio has set up its 5G services in Ujjain, Madhya Pradesh. With the launch, Jio has now become the first and the only operator in MP to launch 5G services across all prominent large cities in the state, including Bhopal, Indore, Gwalior, and Jabalpur. Users will be able to enjoy Unlimited 5G Data with up to 1 Gbps+ speed at no additional cost.

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HCL Tech Q3 Results: Net profit rises 19% YoY to ₹4,096 crore

HCL Technologies Ltd reported a 19% YoY (or 17% QoQ) increase in consolidated net profit to ₹4,096 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 19.5% YoY to ₹26,700 crore during the same period. The total contract value of new deal wins stood at $2.35 billion, up 10% YoY. HCL Tech’s board has approved an interim dividend of ₹10 per equity share. 

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NCLT grants approval to PVR-Inox merger scheme

The Mumbai bench of the National Company Law Tribunal (NCLT) has sanctioned the scheme of arrangement between cinema chains PVR and Inox Leisure. Once the NCLT issues the detailed order copy, the two companies will file it with regulatory authorities like the Registrar of Companies (RoC) and stock exchanges. The allotment of shares is likely to be completed in the next few weeks.

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ONGC to rely more on advanced tech: Sushma Rawat

Oil & Natural Gas Corporation (ONGC) will increase reliance on advanced technologies and tech-savvy younger minds to boost chances of making major discoveries, said Sushma Rawat (ONGC’s exploration chief). The company will acquire more exploration acreage and bring in new technologies to enhance the quality of seismic surveys and data interpretation. 

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Zydus Lifesciences gets final USFDA approval for Brexpiprazole tablets

Zydus Worldwide DMCC (a subsidiary of Zydus Lifesciences Ltd) has received final approval from the US Food & Drug Administration (USFDA) to market Brexpiprazole tablets. Brexpiprazole is an antipsychotic drug used along with antidepressants to treat major mental conditions like depression and schizophrenia. The drug will be manufactured at the group’s formulation facility at Ahmedabad Special Economic Zone (SEZ), Gujarat.

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Apax Partners likely to sell 4.63% shares in Shriram Finance via block deal: Report

According to a CNBC-TV18 report, private equity fund Apax Partners is planning to sell its shares in Shriram Finance Ltd via a block deal tomorrow. APAX’s subsidiary, Dynasty Acquisition, would sell up to 1.73 crore shares or 4.63% stake in the non-banking finance company (NBFC). The size of this deal is ₹2,250 crore.

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SEBI allows exchanges to launch multiple contracts in same commodity

The Securities and Exchange Board of India (SEBI) has allowed stock exchanges to launch multiple contracts in the same commodity to encourage broader participation of investors in the commodity derivatives market. Exchanges have been demanding multiple contracts on a single commodity to ensure that all market players across the value chain are catered to. Currently, all commodities (except gold, silver, and precious metals) have a single contract, which limits investors’ and traders’ participation.

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India’s Services PMI Hits 3-Month High in Nov – Top Indian Market Updates

market updates | marketfeed

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

India’s services PMI hits three-month high in Nov

Services activity in India expanded at the fastest pace in three months in November 2022 as a result of strong demand, successful marketing, and sustained growth in sales. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 56.4 in November, compared to 55.1 in October. Services companies across India reported higher operating expenses in Nov. 

[PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.]

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Tata Motors likely to hike price of passenger vehicles in Jan

Tata Motors is likely to hike passenger vehicle prices from next month to make its model range compliant with stricter emission norms that kick in from April 1, 2023. The revised prices are expected to offset the impact of commodity prices, which have remained high for most of the current year, said the automaker’s Managing Director Shailesh Chandra. He added that battery prices have surged and have not been passed on to the market yet.

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ICICI Bank to shift focus to SME lending, supply chain finance

ICICI Bank will be shifting focus to small & medium enterprises (SME) lending and supply chain financing to grow in the future as it works to ensure that new risks don’t build up. In the supply chain segment, the bank sees strong momentum in new client additions across corporates & vendors. The lender is also expanding its presence in high-potential markets and created 104 zonal heads, 24 city heads, and 9 state heads.

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L&T secures order in Mumbai-Ahmedabad bullet train project

Larsen & Toubro Ltd (L&T) has secured a large order (in the range of ₹2,500-5,000 crore) in the proposed Mumbai-Ahmedabad bullet train project. The project assigned by the National High-Speed Rail Corporation includes the commissioning of a depot spread over 82 hectares in Gujarat.

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Adani Green commissions 450 MW wind-solar hybrid power plant in Rajasthan

Adani Green Energy Ltd (AGEL) has commissioned its third wind-solar hybrid power plant at Jaisalmer, Rajasthan. The combined operational generation capacity of this newly commissioned hybrid power plant is 450 megawatts (MW). The plant has Power Purchase Agreements (PPA) with Solar Energy Corporation of India (SECI) at Rs 2.67 per kilowatt-hour (kwh) for 25 years.

Read more here.

JSW Energy starts phase-wise commissioning of wind power project at Tuticorin

JSW Renew Energy Two has started phase-wise commissioning of the 450 MW wind power project awarded under SECI Tranche X at Tuticorin, Tamil Nadu. The project has a power purchase agreement with Solar Energy Corporation of India (SECI) for 25 years. JSW Energy has set a target for a 50% reduction in its carbon footprint by 2030 and achieving carbon neutrality by 2050.

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IndiGo announces 32 new connecting flights to Europe

InterGlobe Aviation Ltd (IndiGo) has announced 32 new connecting flights to Europe through its codeshare partnership with Turkish Airlines. The new routes include major destinations like Milan, Manchester, Birmingham, Rome, and Venice. Codesharing allows an airline to book its passengers on its partner carriers and provide seamless travel to destinations where it has no presence.

Read more here.

India records over 23 billion digital payments worth ₹38.3 lakh crore in Q3

Worldline India’s ‘Digital Payments Report’ stated that India recorded 23.06 billion digital transactions worth ₹38.3 lakh crore during Oct-Dec (Q3 FY23). These digital transactions include payments done by Unified Payments Interface (UPI), debit & credit cards, prepaid payment instruments like mobile wallets, and prepaid cards. UPI transactions volume rose 88% year-on-year (YoY) to 19.65 billion in Q3. 

Read more here.

Infosys sets up new proximity center in Sweden

Infosys Ltd has established a new proximity center in Sweden as it aims to enhance its localization strategy in the Nordic region by bringing next-gen digital offerings to its clients. The new center represents another step toward strengthening Infosys’ presence in Gothenburg, an emerging automotive, digital tech, and green innovation hub in Europe.

Read more here.

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Infosys Posts 11% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

Infosys Q2 Results: Net profit rises 11% YoY to ₹6,021 crore

Infosys Ltd reported an 11% YoY increase in consolidated net profit to ₹6,021 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 23.4% YoY to ₹36,538 crore during the same period. Infosys secured contracts worth $2.7 billion in Q2, compared to $1.7 billion in Q1. The IT company’s board has declared an interim dividend of ₹16.5 per share.

The board has also approved the buyback of shares worth ₹9,300 crore at ₹1,850 per share.

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Future Enterprises defaults on ₹9.16 crore interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) has defaulted on payment of interest on non-convertible debentures (NCDs) totalling ₹9.16 crore. The due date for payment was October 11, 2022. The debentures are secured and have a coupon rate of 10.15% per annum. The total amount of securities issued was ₹180 crore and a default has occurred on this gross principal amount.

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Mindtree Q2 Results: Net profit rises 28% YoY to ₹509 crore

Mindtree Ltd reported a 27.5% YoY increase in consolidated net profit to ₹509 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 31.5% YoY to ₹3,400 crore during the same period. The IT company secured deals worth $518 million in Q2, up 44% YoY. The attrition rate was down from 24.5% in Q1 to 24.1% in Q2.

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Passenger vehicle wholesales rises 92% in Sept: SIAM

Passenger vehicle (PV) wholesales in India surged 92% YoY to 3,07,389 units in September 2022, as per data released by the Society of Indian Automobile Manufacturers (SIAM). The high demand can be linked to the festive season. Two-wheeler sales rose 13% YoY to 17,35,199 units in Sept. During the July-September period (Q2 FY23), PV sales increased by 38% YoY to 10,26,309 units.

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Coal India to set up 1,190 MW solar power plant in Rajasthan

Coal India Ltd (CIL) will set up a 1,190 megawatts (MW) solar power plant in the Bikaner district of Rajasthan. The company has signed a Memorandum of Understanding (MoU) with Rajasthan Vidyut Utpadan Nigam Ltd (RUVNL) for the same. The solar plant will be set up in a 2,000 MW solar park developed by RVUNL in Poogal, Bikaner.

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Veranda Learning arm to acquire J K Shah Classes for ₹337.82 crore

Veranda Learning Solutions Ltd has signed a definitive agreement for the acquisition of equity shares of J K Shah Education Pvt Ltd through its wholly-owned subsidiary, Veranda XL Learning Solutions Pvt Ltd. In the first phase, Veranda will pay ₹337.82 crore to acquire a 76% stake in J K Shah Education. J K Shah Education is a pioneer in teaching chartered accountancy, company secretary, and cost accountant aspirants.

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Bandhan Bank to raise exposure of secured loans to 70% by 2025

Bandhan Bank will diversify its asset base by increasing exposure to secured loans to 70% by 2025. The bank will also diversify its geographical presence. MD & CEO of Bandhan Bank Chandra Sekhar Ghosh said the percentage of the bank’s secured loans at present is 39%. Nearly 10% of its exposure will be on retail channels, including automobiles, two-wheelers, gold, and personal loans.

Read more here.

L&T’s heavy engineering arm bags ‘significant orders’ in Q2

Larsen & Toubro Ltd’s (L&T) heavy engineering arm has secured significant contracts (in the range of ₹1,000-2,500 crore) across various business segments. The company secured a key order for the supply of reactors for renewable diesel production from a prestigious client in Singapore. It also received a repeat order for the supply of four identical coke drums for a refinery in Mexico.

Read more here.

Adani Ports to develop Tajpur deep-sea port in West Bengal

Adani Ports and Special Economic Zone (APSEZ) has received a Letter of Award (LoA) from the Government of West Bengal for the development of a deep-sea port at Tajpur. This port would be developed on a build, finance, design, operation, and transfer basis. According to a statement from the state government, the port would entail an investment of ₹15,000 crore.

Read more here.

RITES secures order worth ₹499 crore from Bangalore Metro Rail

RITES Ltd has secured a new business order worth ₹499.41 crore from Bangalore Metro Rail Corporation Ltd. The order is for the construction of a depot cum workshop at Challaghatta in the Reach-2 Extension of the Bengaluru Metro Rail Project Phase-2. RITES is engaged in design, engineering, consultancy, and project management for the transport infrastructure sector.

Read more here.

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Market News Top 10 News

JSW Steel to Invest $1.2 billion to Cut Carbon Emissions – Top Indian Market Updates

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

JSW Steel to invest $1.2 billion to cut carbon emissions

JSW Steel Ltd will collaborate with Germany-based SMS Group and invest $1.26 billion (~₹10,010 crore) to cut down carbon emissions at its manufacturing plants. SMS group will provide its technology experts, design, and engineering consultancy to execute various projects for decarbonisation. JSW Steel aims to bring down greenhouse gas emissions by 42% to less than 1.95 tonnes of carbon dioxide per tonne of crude steel by 2030.

Read more here.

Reliance Jio gets approval from DoT to launch satellite-based broadband services

Reliance Jio Infocomm has reportedly received approval from the Department of Telecommunications (DoT) to offer global mobile personal communication by satellite (GMPCS) services in India. The telecom major can now provide GMPCS services, including voice and data services, through satellite in permitted service areas. The license is granted for 20 years. 

Read more here.

Aurionpro launches digital transformation platform ‘Aurobees’ for SMEs

Aurionpro Solutions Ltd announced the launch of ‘Aurobees’, a comprehensive digitalization, fulfillment, and finance platform that assists small & medium-sized organisations (SMEs). The platform helps SMEs to smoothly take their enterprises online by supporting digital presence. It is a highly scalable solution for digitization and fulfillment across the manufacturing, trade, distribution, freight forwarding, warehousing, transportation, and e-commerce industries.

Zydus Lifesciences gets USFDA approval for Lenalidomide capsules

Zydus Lifesciences Ltd has received approval from the US Food & Drug Administration (USFDA) to market Lenalidomide capsules. The drug is used to treat various types of cancers by slowing or stopping the growth of cancer cells. As per IQVIA MAT data, Lenalidomide had annual sales of $2.86 billion in the US during the 12 months ended July 2022.

Read more here.

Retailers report 15% growth in sales in August: RAI

According to a survey by the Retailers Association of India (RAI), retail businesses across India reported a growth of 15% in sales when compared to pre-pandemic levels (August 2019). “Most items have witnessed inflation. Retailers are indicating that higher price items are selling well, and lower price items are not seeing as much growth,” said Kumar Rajagopalan, CEO of RAI.

Sales across categories showed steady growth in August 2022, with sports goods indicating a strong performance. Footwear, quick service restaurants (QSR), and jewellery also performed better than other categories last month.

Read more here.

Bajaj Holdings announces interim dividend of ₹110 for FY23

Bajaj Holdings Ltd announced an interim dividend for the current financial year (FY23). The company’s board declared an interim dividend of ₹110 per equity share of the face value of ₹10 for the financial year ending March 31, 2023. Bajaj Holdings has fixed Sept 23 as the record date. The interim dividend will be credited on or around October 10, 2022.

Read more here.

Infosys partners with Bpost to improve security for postal services experiences

Infosys Ltd has partnered with Bpost (Belgium Post) to secure the cloud environment and build robust cyber resilience for mail delivery and logistics services. Bpost is a leading postal operator and omni-commerce logistics partner in Europe. Infosys and Palo Alto Networks (a global cybersecurity leader) have equipped Bpost with solutions to identify and rapidly respond to suspicious security events.

Read more here.

KEC International secures new orders worth ₹1,108 crore

KEC International Ltd has secured new orders worth ₹1,108 crore across its various businesses in India. The company’s transmission and distribution (T&D) business has received orders for T&D and cabling projects in India, the Middle East, and Africa. Its oil and gas pipelines business has secured an order for laying cross-country pipelines and associated works in India.

Read more here.

Vedanta, Foxconn to set up semiconductor plant in Gujarat

Mining conglomerate Vedanta Ltd and Taiwanese electronics manufacturing giant Foxconn will make an investment of ₹1.54 lakh crore to set up India’s first semiconductor plant in Gujarat. The 60:40 joint venture of Vedanta-Foxconn will establish a semiconductor fab unit, a display fab unit, and a semiconductor assembling, testing unit on a 1000-acre land in Ahmedabad district.

Read more here.

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Market News Top 10 News

Mukesh Ambani Resigns as Director of Reliance Jio – Top Indian Market Updates

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

Mukesh Ambani resigns as director of Reliance Jio

Mukesh Ambani has resigned from the board of his group’s telecom arm, Reliance Jio Infocomm Ltd. He has handed over the reins of the company to his elder son Akash. In a stock exchange filing, Reliance Jio said its board has “approved the appointment of Akash M Ambani, non-executive director, as chairman of the Board of Directors of the company.”

Read more here.

Tata Steel to ramp up Neelachal Ispat Nigam’s operation to 1.1 MTPA within a year

Tata Steel Ltd (TSL) Chairman N Chandrasekaran said the company will boost the operation of Neelachal Ispat Nigam Ltd (NINL) to a rated capacity of 1.1 million tonnes per annum (MTPA) within the next year. In January 2022, Tata Steel Long Products (a subsidiary of TSL) won the bid to acquire a 93.71% stake in NINL at an enterprise value of Rs 12,100 crore. Tata Steel is expected to complete the acquisition by the end of Q1 FY23.

Read more here.

Ruchi Soya Industries changes name to Patanjali Foods Ltd

Edible oil manufacturer Ruchi Soya Industries Ltd (RSIL) announced that the company’s name has been changed to Patanjali Foods Ltd with effect from June 24. In 2019, Baba Ramdev-led Patanjali Ayurved acquired Ruchi Soya for Rs 4,350 crore through an insolvency process. Last month, Patanjali Ayurved sold its food retail business to RSIL for Rs 690 crore. The move was part of its strategy to focus on the non-food, traditional medicine, and wellness business.

Read more here.

Indiabulls Real Estate guilty of profiteering Rs 6.46 crore

The National Anti-profiteering Authority (NAA) has found Indiabulls Real Estate Ltd (IREL) guilty of not passing on over Rs 6.46 crore input tax credit benefits to homebuyers after the introduction of GST. The concerned project, named Sierra-Vizag, is situated in Visakhapatnam. The NAA has directed IREL to pass on the profiteered amount to homebuyers within 3 months, along with interest.

Read more here.

LTTS launches engineering design centre in France

L&T Technology Services Ltd. (LTTS) has launched an engineering design centre in Toulouse, France. The centre will initially focus on developing cutting-edge solutions for the aerospace and defence industries. LTTS also plans to hire over 100 engineers for the centre in the next two years.

Read more here.

Tata Motors to increase prices of commercial vehicles from July 1

Tata Motors Ltd. has announced a price hike of 1.5-2.5% for its range of commercial vehicles (CVs), effective from July 1. The percentage of hike will depend on the individual model and variant. “The steep rise in overall input costs makes it imperative to pass on a residual proportion via a minimised price hike,” the automaker said in a statement.

Read more here.

India Cements acquires 100% stakes in Springway Mining

India Cements Ltd has acquired the entire paid-up equity and preference share capital of Springway Mining Private Ltd for Rs 182.89 crore. Springway Mining was in the process of setting up a cement plant in Madhya Pradesh. 

Read more here.

Glenmark Pharma acquires OTC drugs from Wockhardt

Glenmark Pharma’s US subsidiary has acquired a portfolio of approved over-the-counter (OTC) abbreviated new drug applications (ANDAs) from Wockhardt. The move is part of the pharma company’s strategy to expand its US OTC portfolio. Glenmark Pharma’s current portfolio consists of 175 products authorized for distribution in the US and 48 ANDAs pending approval with the US Food & Drug Administration (USFDA).

Read more here.

Infosys secures order from Global Express

Australia-based Global Express has selected Infosys Ltd to separate the technology landscape after its divestment from Toll Holdings. The IT major will leverage the blueprints and tools from Infosys Cobalt, a set of services, solutions, and platforms for enterprises to accelerate their cloud journey. Infosys will also migrate Global Express’ applications and services to a sustainable and energy-efficient data centre and public cloud on AWS.

Read more here.

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Market News Top 10 News

WPI Inflation Rises to Record-High of 15.88% in May – Top Indian Market Updates

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

WPI inflation rises to record-high of 15.88% in May

Inflation based on the Wholesale Price Index (WPI) hit a record high of 15.88% in May 2022, compared to 15.08% in April. The surge is mainly driven by inflation in vegetable prices, which grew from 23.24% in April to 56.36% in May. Inflation in the fuel and power segment jumped to 40.62% in May from 38.66% in April. Food inflation rose to 10.89% in May, compared to 8.88% in April.

Read more here.

Adani Group, TotalEnergies to invest $50 billion in green hydrogen

French energy major TotalEnergies will invest at ~$12.5 billion for a 25% stake in Adani Group’s new clean energy services company, Adani New Industries Ltd (ANIL). ANIL will be created by Adani Enterprises Ltd, in partnership with TotalEnergies. The new venture aims to invest over $50 billion over the next 10 years in green hydrogen and associated ecosystems. It will develop a green hydrogen production capacity of 1 million tonnes per annum before 2030.

Read more here.

LIC increases stake in Capri Global to over 7% with Rs 221 crore investment

Life Insurance Corporation of India (LIC) has increased its stake in Capri Global Capital from 5.043% to 7.059% during the Feb-June period with an investment of ~Rs 221 crore. Capri Global is a non-banking finance company (NBFC) with a presence in the construction finance, affordable housing, and indirect retail lending segments.

Read more here.

Dr. Reddy’s Labs launches Sorafenib tablets in the US

Dr. Reddy’s Laboratories Ltd has launched Sorafenib tablets in the US market after getting approval from the US Food & Drug Administration (USFDA). The drug is used in the treatment of liver, kidney, and thyroid cancer. The product is a therapeutic generic equivalent of Bayer HeathCare Pharma’s Nexavar tablets.

Read more here.

Infosys partners with Harvard Business Publishing to offer digital courses

Infosys Ltd has partnered with Harvard Business Publishing to empower India’s next generation with essential digital and life skills. This initiative will be brought forward via Infosys Springboard, a platform that provides critical digital and life skills. Students and young professionals can now access select Harvard Business Review articles, videos, and podcasts. 

Read more here.

Ashok Leyland’s arm Switch Mobility to raise $300 million; unveils e-bus platform

Ashok Leyland Ltd’s electric vehicle arm, Switch Mobility, is in talks with investors to raise about $300 million (~Rs 2,340 crore). Around $200 million will be utilised for capital expenditure requirements, and $100 million will go towards its subsidiary, Ohm Global Mobility. Switch Mobility has also launched its next-gen electric bus platform ‘Switch EiV 12’ for the Indian market.

Read more here.

Shriram City to raise up to Rs 300 crore by issuing bonds

Shriram City Union Finance Ltd (SCUFL) will raise up to Rs 300 crore by issuing debt securities on a private placement basis. The Banking & Securities Management Committee of SCUFL has approved the issuance of principal-protected market-linked non-convertible debentures (PP-MLD) for Rs 50 crore with a green shoe option up to Rs 250 crore. 

Read more here.

SBI hikes deposit, lending rates

State Bank of India (SBI) has raised its deposit and lending rates following the Reserve Bank of India’s repo rate hike last week. The lender’s interest rates have been raised by 0.20% on domestic term deposits of below Rs 2 crore for select tenors. SBI will offer an interest rate of 4.60% for deposits of 211 days to less than one year, compared to 4.40% earlier.

Read more here.

NTPC to begin commercial operations of 15 MW solar capacity at Kawas Solar Project

NTPC Ltd will commence commercial operations of its 15 megawatts (MW) solar capacity at Kawas Solar Project in Gujarat on Wednesday. With this, the standalone installed and commercial capacity of NTPC will rise to 54,666.68 MW. Meanwhile, its group installed and commercial capacity will become 69,031.68 MW.

Read more here.

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Editorial

Major IT Stocks are Falling! Find Out Why!

The stock markets have not been kind to investors over the past few months. Foreign institutional investors (FIIs) have pulled out nearly Rs 1.65 lakh crore so far from the Indian equity markets this year. Major IT stocks (mostly considered defensive stocks historically) have been under heavy selling pressure. The NIFTY IT Index has fallen ~24% since the beginning of April. For comparison, the NIFTY50 fell 9% during the same period. TCS, Infosys, and HCL Tech have all plummeted 10% each since mid-April, while Wipro crashed ~17%! 

In this article, we discuss the factors behind the downtrend in IT stocks.

Reasons Behind the Fall in IT Stocks

Rising Inflation:

Globally, inflation rates are at sky-high levels. Goods and services have become expensive. India’s inflation rate has surpassed RBI’s projections due to many global factors, especially the Ukraine-Russia crisis and rising crude oil prices. It is time for the government to withdraw money out of the system.

The US Fed, Reserve Bank of India (RBI), and other central banks have increased interest rates aggressively. Unfortunately, this move could lead to a slowdown in the global economy. Many investors resorted to dumping IT stocks with high valuations in anticipation of a hike in interest rates.

To make matters worse, clients will be willing to spend less on digital projects, thereby affecting the revenues of IT firms.

Disappointing Q4 Results: 

Even though IT giants like Tata Consultancy Services (TCS) and Infosys reported healthy revenue numbers in the March quarter (Q4 FY22), it did not translate into a comparable increase in profits. Most IT firms reported lower-than-expected earnings with weak operating margins. Thus, market participants simply lost confidence in the IT sector.

Decline in Margins: 

The attrition rate within the IT industry remains at an all-time high. [The rate signifies the number of employees who had either resigned or retired and are not replaced. IT employees often have to endure long working hours and the pressure of meeting targets, leading to burnout.] Moreover, employee and travel costs have been rising rapidly after Covid-19 restrictions were lifted.

As a result of heavy competition and a limited supply of talent in the industry, most prominent IT firms are giving out salary hikes to retain employees. They have also resorted to mass hiring, which is a significant loss of man-hours and other resources. All these increased expenses are adversely impacting margins.

The Way Ahead

Most analysts are expecting IT stocks to drag down the markets further. The slowdown in economic growth, along with revenue and margin pressures, could continue. This phenomenon is not just unique to India. In fact, all major IT and growth stocks in the global stock markets have been severely hit by the prospects of higher interest rates.

On the flip side, this could turn out to be a good opportunity for investors to add or average IT stocks to their portfolios. Look into fundamentally strong companies in the Indian IT industry and buy them at fair valuations.

Have you added IT stocks over the past month? Let us know in the comments section of the marketfeed app.

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Market News Top 10 News

Infosys Reports 12% YoY Rise in Net Profit in Q4 – Top Indian Market News

Infosys Q4 Results: Net profit rises 12% YoY to Rs 5,686 crore 

Infosys Ltd reported a 12% YoY rise in consolidated net profit to Rs 5,686 crore for the quarter ended March (Q4 FY22). Net profit fell 2.12% when compared to the previous quarter. Its revenue from operations rose 23% YoY (or 1.28% QoQ) to Rs 32,276 crore during the same period. The IT company secured new deals worth $2.3 billion in Q4, taking the total order book to $9.5 billion for FY22. Infosys’ board has declared a final dividend of Rs 16 per share. 

Read more here.

Auto sales fell 6% in FY22 due to supply-side disruptions: SIAM

The automobile industry saw a 6% decline in sales in FY22 as supply-side disruptions persisted. The segment comprising passenger cars, utility vehicles, and vans sold 2.79 lakh units in March, a 3.93% YoY decline. However, sales rose 6.28% when compared to February. Total two-wheeler sales fell 13.31% over Feb and ~20.88% YoY to 11.84 lakh units in March. The data was released by the Society of Indian Automobile Manufacturers (SIAM).

Read more here.

Prestige Estates registers highest ever sales at Rs 10,382.2 crore in FY22

Prestige Estates Projects Ltd registered the highest ever sales of Rs 10,382.2 crore in FY22, up 90% YoY. It also recorded the highest ever collections of Rs 7,466.4 crore, up 47% YoY. During the year, the Group launched 16.77 million sq. ft. of realty projects across geographies. Prestige has lined up launches over 15 million sq. ft. across Bengaluru, Mumbai, NCR, Hyderabad, and Chennai.

Read more here.

DGCA bars 90 SpiceJet pilots from flying 737 Max planes

The Directorate General of Civil Aviation (DGCA) has barred 90 SpiceJet pilots from operating Boeing 737 Max aircraft after finding them not properly trained. The regulator will take strict action against those found responsible for the lapse. The pilots will have to undergo training again on the 737 Max simulator.

Read more here.

Blue Star doubles production capacity on inaugurating new unit in Wada

Blue Star has doubled its production capacity of deep freezers by opening its new manufacturing facility at Wada, Maharashtra. The new facility aims to cater to the production of the company’s commercial refrigeration products and solutions. It has the capacity to produce around 2 lakh deep freezers and 1 lakh storage water coolers per annum. The facility was built with a capital expenditure of Rs 130 crore. 

Read more here.

Fino Payments Bank to acquire 12.19% stake in Paysprint

Fino Payments Bank Ltd’s board has approved a strategic investment in New Delhi-based fintech startup Paysprint. The company will acquire a 12.19% stake in Paysprint by subscribing to its shares. The move will enable Fino to leverage Paysprint’s technology to offer API (application programming interface) plugins for the bank’s digital platform. 

Read more here.

Tata Motors adds 160 service workshops to its network

Tata Motors Ltd has added 160 new service workshops for passenger vehicles, taking the total number of operational workshops across India to 705. The automaker now provides extensive service coverage across 485 cities. They have also launched a new mobile servicing option called EzServe. The platform allows customers to get basic service work and quick repairs done on their vehicles at their preferred location. 

Read more here.

Man Infra secures order worth Rs 938 crore

Man Infraconstruction Ltd has received a Letter of Acceptance (LoA) from Bharat Mumbai Container Terminal (BMCTPL) for a contract worth Rs 937.89 crore. The contract is for supplying materials for the reclamation works being done under Phase-II at JNPT, Navi Mumbai. The order will be executed in a time frame of two years.

Read more here.

HCL Tech expands global partnership with Avaloq

HCL Technologies Ltd has expanded its global partnership with Zurich-based Avaloq, a leading provider of digital banking solutions. The IT major will develop a world-class lifecycle management center for Avaloq clients. It will also invest in ongoing training and development for HCL teams working with Avaloq products.

In other news, HCL Tech is extending its strategic partnership with Microsoft to bring security capabilities to clients worldwide. HCL has joined the Microsoft Intelligent Security Association (MISA). It is an integrated ecosystem of independent software vendors and managed security service providers. 

Read more here.

Adani Green Energy becomes 8th most valued firm

With a market valuation of Rs 4.49 lakh crore, Adani Green Energy Ltd has become the eighth most valued firm in India after overtaking Bajaj Finance and HDFC. The company’s shares have rallied ~55% over the past month. AGEL is developing a renewable portfolio of 25 GW by 2025, which includes wind power, solar power, and hybrid power projects.