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WPI Inflation Eases to -3.48% in May – Top Indian Market Updates

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

May WPI inflation falls to -3.48%, lowest since November 2015

According to the Ministry of Commerce, India’s wholesale price index (WPI)-based inflation fell from -0.92% in April to -3.48% in May. WPI is at its lowest level since November 2015, marking the second consecutive month of negative wholesale inflation in India. Food wholesale inflation declined to -1.59%, while inflation in the fuel and power category reached -9.17%. Additionally, inflation in manufactured products decreased from -2.42% to -2.97% in May.

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Indian Oil Corp to set up aviation fuel plant with LanzaJet in Haryana

Indian Oil Corp Ltd (IOCL) plans to establish an 80,000 tonnes sustainable aviation fuel plant in partnership with LanzaJet in Haryana. The project is estimated to require an investment of approximately $280.1 million (~Rs 2,300 crore). IOCL is currently undertaking a pilot project for green fuel in collaboration with Praj Industries in Maharashtra.

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Ipca Labs receives 11 observations from USFDA for MP facility

The US Food and Drug Administration (USFDA) has raised concerns about Ipca Laboratories’ manufacturing facility in Ratlam, Madhya Pradesh. During an inspection conducted from June 5 to June 13, the USFDA issued 11 observations about the facility. These observations pertain to compliance with cGMP (Current Good Manufacturing Practices) regulations. This is crucial for ensuring the quality and safety of pharmaceutical products.

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Gujarat Pollution Control Board revokes closure order to Heranba Industries

Heranba Industries announced that the Gujarat Pollution Control Board (GPCB) has lifted the order for the closure of its Vapi’s Pant units. The company had previously received an order from the GPCB instructing the prohibition and closure of operations at Unit-I and Unit-II located in Vapi. This development allows the company to resume its operations at the Vapi’s Pant units.

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SpiceJet’s financial woes deepen with $15 million judgment in UK court

SpiceJet is facing new troubles as two aircraft leasing companies, GASL Ireland and VS MSN, have obtained a summary judgment of $15 million against the airline in the London High Court. This judgment adds to the existing legal challenges faced by SpiceJet, as three more cases have been filed against the airline in the commercial courts in London. GASL Ireland and VS MSN are expected to seek enforcement of the UK court’s judgment through the National Company Law Tribunal (NCLT) in India.

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Ramkrishna Forgings bags order worth 4.5 million euros in Europe

Ramkrishna Forgings has secured a contract worth 4.5 million euros from a well-known European passenger rail coach manufacturer. The contract entails supplying undercarriage parts, and the company expects the contract to be completed within a two-year timeframe. Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed-die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel forgings.

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KEC International secures orders worth Rs 1,373 crore

KEC International Ltd has secured orders worth Rs 1,373 crore across multiple business segments. The orders include projects in the railways vertical, transmission and distribution (T&D), cable, and civil businesses. In the T&D segment, the company received orders for transmission projects in India and the United States, including a 400 KV transmission line order in India and the supply of towers, hardware, and poles in the US through its subsidiary, SAE Towers.

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USFDA concludes inspection at Ahmedabad facility of Zydus Lifesciences with zero observation

Zydus Lifesciences Ltd has received a “Nil observation” from the US Food and Drug Administration (USFDA) for its Zydus Biotech Park in Ahmedabad. This indicates that the facility complies with the current Good Manufacturing Practices (GMP), ensuring the production of safe and effective products. In addition, Zydus Lifesciences has obtained final approval from the USFDA for Varenicline tablets, used to treat smoking addiction.

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Anupam Rasayan secures Rs 2,195 crore supply deal from Japanese firm

Anupam Rasayan has secured a supply contract worth Rs 2,186 crore from a prominent Japanese specialty chemical company. The contract involves the supply of a life science active ingredient for five years. The supply is scheduled to begin in 2025. It is subject to successful product validation, which is expected to take place over the next 18 months. Anupam Rasayan will produce the active ingredient in its existing multipurpose manufacturing facilities.

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Maruti Suzuki to launch its most expensive car in India

Maruti Suzuki is preparing to launch its most expensive car, ‘Invicto,’ with a starting price of over Rs 20 lakh. The three-row, seven-seater MPV is considered a twin of Toyota’s Hycross. Maruti Suzuki aims to capture a significant portion of the market with the Invicto, which will be available in petrol and hybrid variants. The three-row SUV/MPV segment stood at around 2.58 lakh units in FY22, with vehicles priced over Rs 20 lakh accounting for approximately 1.2-1.25 lakh units.

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SBI’s Net Profit Jumps 83% YoY to Rs 16,695cr in Q4 – Top Indian Market Updates

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

SBI Q4 Results: Net profit rises 83% YoY to Rs 16,695 crore

State Bank of India (SBI) reported an 83% YoY increase in standalone net profit to Rs 16,695 crore for the quarter ended March (Q4 FY23). Net Interest Income (NII) stood at Rs 40,393 crore, up 29% YoY. The gross non-performing assets (NPA) ratio fell from 3.14% in Q4 FY22 to 2.78% in Q4 FY23. The bank’s board has declared a dividend of Rs 11.3 per equity share.

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India’s coal production up 8.5% to 73 MT in April

According to the Ministry of Coal, India’s coal production increased by 8.5% to 73.14 million tonnes (MT) in April 2023, compared to 67.20 MT in April 2022. This accounted for 94.89% of the production target set for April 2023. Coal India and its subsidiaries contributed 57.57 MT to the overall production, marking a 7.67% growth from April 2022.

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ITC Q4 Results: Net profit rises 23% YoY to Rs 5,175 crore

ITC reported a 23% YoY increase in consolidated net profit to Rs 5,175 crore in Q4 FY23. Its operating revenue rose 7% YoY to Rs 19,058 crore during the same quarter. EBITDA stood at Rs 6,209 crore, up 18.9% YoY in Q4 FY23. The company’s board has recommended a final dividend of Rs 6.75 and a special dividend of Rs 2.75 per equity share.

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Zydus Lifesciences Q4 Results: Net profit falls 25% YoY to Rs 297 crore

Zydus Lifesciences reported a 25% YoY decline in consolidated net profit to Rs 296.6 crore in Q4 FY23. However, its consolidated total revenue rose 32% YoY to Rs 5,011 crore during the same quarter. EBITDA stood at Rs 1,257 crore, up 75% YoY. The company’s board has recommended a final dividend of Rs 6 per equity share.

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Vedanta to free up cash and raise funds as it nears $500 million bond maturity

According to a Bloomberg report, Vedanta Group seeks to raise funds and generate cash as its $500 million bond matures. The board of Vedanta Ltd. is considering a dividend payout, while the conglomerate is in talks with banks for a potential $500 million raise. Vedanta Resources Ltd. relies on funds from its subsidiaries to reduce debt after a failed zinc mining unit sale.

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Ramco Cements Q4 Results: Net profit rises 23% YoY to Rs 152 crore

Ramco Cements reported a 22.6% YoY increase in net profit to Rs 152 crore in Q4 FY23. Its revenue increased by 50.2% YoY to Rs 2,568 crore during the same quarter. EBITDA stood at Rs 412 crore, up 39.5% YoY in Q4. 

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Paytm partners with NPCI to launch Paytm SBI Card on the RuPay network

One97 Communications Ltd’s Paytm has collaborated with NPCI and SBI Card to launch the Paytm SBI Card on the RuPay network. Customers who join will receive privileges worth up to Rs 75,000, including a complimentary Paytm First Membership with OTT platform access and flight ticket discounts through the Paytm app. Cardholders also get other cashback offers on various transactions.

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Godrej Agrovet and SBI launch finance offering for oil palm farmers

Godrej Agrovet’s Oil Palm Business has collaborated with SBI to launch a finance offering for oil palm farmers. The product aims to support farmers by providing loans for setting up micro-irrigation facilities, implementing fencing arrangements for protection against cattle grazing, and improving tube wells on their oil palm farms. This initiative aims to enhance Fresh Fruit Bunches (FFB) productivity, acting as a catalyst for oil palm growth.

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GAIL shuts Ratnagiri LNG terminal till September, cuts imports

GAIL (India) Ltd has temporarily halted LNG imports at its Ratnagiri plant in Maharashtra since mid-May. The facility is shut down annually during the monsoon season due to operational challenges caused by rain and high tides. A breakwater is currently under construction and is expected to be completed next year, eliminating the need for seasonal shutdowns. GAIL’s last LNG cargo was received on May 11 at the Dabhol port.

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Oriana Power commissions 2.7 MW solar project at IOCL refinery in Haryana

Oriana Power has successfully commissioned a 2.7 MW solar project at the Indian Oil Corporation Ltd (IOCL) refinery in Panipat, Haryana. The project was completed within a record time of three months and is specifically for Indian Synthetic Rubber Private Ltd (ISRPL), a joint venture between IOCL and Trimurti Holding Corporation. This marks the successful establishment of a single rooftop solar power plant at the IOCL refinery.

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Pfizer suspends sale of some popular products due to technical issues

Pfizer Ltd has halted the sale and use of its bacterial infection products in India due to technical issues at a contract manufacturing site. The company has requested a temporary suspension of Magzex, Zosyn, Magnamycin injections, and Magnex forte supplies. Stockists and distributors have been instructed to refrain from selling, distributing, or using the products until further notice from Pfizer.

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Bharti Airtel’s Net Profit Rises 50% YoY to Rs 3,006Cr in Q4 – Top Indian Market Updates

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

Bharti Airtel Q4 Results: Net Profit rises 50% YoY to Rs 3,006 crore

Bharti Airtel reported a 50% YoY increase in consolidated net profit to Rs 3,006 crore for Q4 FY23. Its consolidated revenue jumped 14.3% YoY to Rs 36,009 crore during the same quarter. EBITDA stood at Rs 18,807 crore, up 18% YoY in Q4FY23. The company’s board has recommended a final dividend of Rs 4 per equity share.

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BPCL board approves Rs 49,000 crore capex for ethylene cracker project at Bina refinery

Bharat Petroleum Corporation Ltd (BPCL) has received board approval for several projects. These include an ethylene cracker project at Bina Refinery, expansion of the refinery, and downstream petrochemical plants. Additionally, the company will set up two 50 MW wind power plants costing approximately Rs 978 crore for captive consumption, one at the Bina refinery and another at the Mumbai refinery.

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SGX Nifty to be known as GIFT Nifty from July 3

According to a circular from Singapore Exchange, SGX Nifty will be known as GIFT Nifty from July 3, 2023. All SGX orders will be completely transferred to Gift City, NSE IFSC Exchange for matching and the facility would be the sole trading location for SGX Nifty derivatives as of July 3.

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Sona Comstar partners with UK’s Equipmake to make electric powertrains in India

Sona BLW Precision Forgings Ltd has signed an agreement with UK-based Equipmake to produce electric powertrains for cars, buses, and commercial vehicles in India and other markets. The licensing agreement allows Sona Comstar, a subsidiary of Sona BLW, to manufacture and sell EV powertrains, subsystems, and components based on Equipmake’s patented spoke motor and inverter technology.

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Bank of Baroda Q4 Results: Net profit jumps 168% YoY to Rs 4,775 crore

Bank of Baroda reported a 168% YoY jump in standalone net profit to Rs 4,775 crore for Q4 FY23. Its Net Interest Income (NII) jumped 33.8% YoY to Rs 11,525 crore during the same quarter. Gross NPA and Net NPA stood at 3.79% and 0.89% respectively. The bank’s board has recommended a dividend of Rs 5.5 per equity share.

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Eveready Industries cuts direct distributors to 1,000

Eveready Industries India Ltd has implemented a network revamp strategy to improve efficiency. The company’s direct distributors have been reduced from 5,000 to 1,000. The changes extend not only to the organization but also to the channel structures, focusing on a more streamlined and efficient distribution network.

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Bank of Baroda made a provision of Rs 500 crore against GoFirst exposure

Bank of Baroda has made a provisioning of Rs 500 crore against its exposure to financially troubled airline Go First, which has been granted bankruptcy protection preventing the repossession of its planes by lessors. The bankruptcy filing of Go First lists Bank of Baroda, Central Bank of India, IDBI Bank, and Deutsche Bank among its financial creditors, with a total owed amount of Rs 6,521 crore.

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IOCL Q4 Results: Net profit jumps 52% YoY to Rs 10,841 crore

Indian Oil Corp Ltd reported a 52% YoY jump in consolidated net profit to Rs 10,841 crore for Q4 FY23. Its operating revenue rose 10% YoY to Rs 2.3 Lakh crore during the quarter. The company’s board has recommended a final dividend of Rs 3 per equity share.

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SPML Infra lenders start Rs 2,000-crore debt sale based on anchor bid from NARCL

Lenders led by the State Bank of India (SBI) have initiated the sale of SPML Infrastructure’s debt worth over Rs 2,000 crore based on an anchor bid by the government-backed National Asset Reconstruction Company Limited (NARCL). The debt offered for sale includes fund-based and non-fund-based loans, optionally convertible debentures, and carries a security value of Rs 1,203 crore. The six banks, including SBI, Canara Bank, ICICI Bank, PNB, BOB, and Union Bank of India, are collectively selling the debt.

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INOX Air Products investing Rs 1,300 cr to set up air separation units at Tata Steel’s Dhenkanal plant

INOX Air Products will invest Rs 1,300 crore to establish two air separation units (ASUs) with a daily capacity of 1,800 tonnes each at Tata Steel’s plant in Dhenkanal, Odisha. The ASUs will produce industrial gases such as oxygen, nitrogen, and argon, which are vital for the steel manufacturing process. The project is expected to be operational by March 2025, and the partnership agreement covers 20 years for the supply of gases.

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Chalet signs franchise agreement with IHCL for Delhi airport hotel

Chalet Hotels Ltd’s subsidiary Chalet Airport Hotel Private Limited has entered into a franchise agreement with Indian Hotels Company Limited (IHCL), backed by the Tata Group. The agreement is for a new luxury hotel at Terminal 3 of Indira Gandhi International Airport in New Delhi. The hotel will be under the Taj brand and will feature 400 rooms and dining and conferencing facilities.

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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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HDFC to Raise Rs 57,000 crore via NCDs – Top Indian Market Updates

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

HDFC to raise Rs 57,000 crore through non-convertible debentures

HDFC Ltd’s board has approved raising funds through non-convertible debentures (NCDs) in various rounds aggregating to Rs 57,000 crore. The decision was taken since the outstanding borrowings of HDFC are approx. Rs 5.70 lakh crore, and it would need to borrow further for its business purposes till the effective date of the merger. It is expected that HDFC Ltd would merge with its subsidiary HDFC Bank by the third quarter of the next financial year.

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IDFC First Bank partners with Crunchfish to demonstrate offline retail payments

IDFC First Bank has partnered with Sweden-based Crunchfish to pilot a project to demonstrate offline retail payments. The bank is set to be a part of RBI’s pilot project to enable offline payments. A unique digital payment solution was designed by Crunchfish for merchants and customers under the RBI’s Regulatory Sandbox Program.

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Sun Pharma eyes revenue hit due to ransomware attack

Sun Pharmaceutical Industries is set to take a hit on its revenues due to containment measures taken by the company after a ransomware attack earlier this month affected its business operations. A ransomware group has claimed responsibility for an ‘IT security incident’ at Sun Pharma, whose effect included a breach of certain file systems and the theft of certain company data and personal data.

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CIRP initiated in cases of DHFL, ABG Shipyard, Bhushan Power & Steel

Corporate insolvency resolution process (CIRP) was initiated in the cases of DHFL, ABG Shipyard and Bhushan Power and Steel (BPSL) and resolution plans were approved in cases of DHFL and BPSL. The amount realisable to creditors for DHFL and BPSL is Rs 37,167 crore and Rs 19,895 crore, respectively. 

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L&T’s power transmission and distribution business wins large orders

Larsen & Toubro Ltd’s (L&T) power transmission and distribution (T&D) business has secured orders (in the range of Rs 2,500-5,000 crore) in India and overseas. One of the orders is related to establishing over 365 km of 765kV double circuit transmission lines to enable the transfer of power from Rajasthan to Gujarat. The company will also implement an Advanced Distribution Management System (ADMS) in the Greater Mumbai area.

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HDFC Mutual Fund files for India’s first Sovereign Green Bond MF

HDFC Asset Management Co. Ltd., investment manager of HDFC Mutual Fund (HDFC MF), has filed for India’s first target maturity funds tracking Sovereign Green Bonds (SGrBs). SGrBs are bonds issued by the Government of India (GoI) whose proceeds will be deployed in public sector projects that help reduce the carbon intensity of the economy.

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Indian Oil, BPCL exceed their capex targets this year

Indian Oil Corp Ltd (IOCL) and Bharat Petroleum Corp Ltd (BPCL) have exceeded their capital expenditure targets for the current financial year. During April-February, IOCL spent Rs 31,800 crore against the full year’s capex target of Rs 28,550 crore, while BPCL spent Rs 10,280 crore, crossing its target of Rs 10,000 crore. IOCL has been spending heavily on refinery & petrochemical expansion, enhancing natural gas infrastructure, marketing, and establishing new pipelines.

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Lupin gets USFDA approval for Valbenazine Capsules

Lupin Ltd has received tentative approval from US Food & Drug Administration (USFDA) for Valbenazine Capsules. The drug is used to treat involuntary movements of the face, tongue or other body parts. As per IQVIA data, Valbenazine capsules had estimated annual sales of $1,235 million in the US for the 12 months ended Dec 2022.

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Nelco opposes telecom operators’ stance on spectrum sharing

Satellite communications service provider Nelco has opposed telecom operators’ stance on spectrum sharing and said that spectrum should be used only for the purposes it is assigned. Submitting counter comments to the telecom regulator’s consultation paper, the company and industry body SatCom Industry Association (SIA) India argued that the satcom spectrum is limited and hence sharing it with telcos would hamper the growth of the satcom sector.

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S&P keeps India’s economic growth forecast unchanged at 6% in FY24

S&P Global Ratings kept its forecast for India’s economic growth unchanged at 6% in the next financial year (FY24), before rising to 6.9% in the following year. It sees India’s gross domestic product (GDP) likely growing by 7% in the current financial year (FY23). S&P expected the Reserve Bank of India to raise its already high policy rate further following a recent upside surprise to inflation.

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Govt to Sell Up to 3.5% Stake in HAL – Top Indian Market Updates

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

Govt to sell up to 3.5% stake in Hindustan Aeronautics

The Indian government is planning to sell up to 3.5% stake in Hindustan Aeronautics Ltd (HAL). The stake sale would be valued at ₹28.6 lakh crore, based on a floor price of Rs 2,450 per share. According to the latest shareholding pattern, the govt holds a 75.15% stake in the public sector aerospace and defence company. HAL’s current market cap stands at Rs 87,800 crore.

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IOC to invest Rs 61,077 crore in petrochemical complex at Paradip

Indian Oil Corporation Ltd (IOCL) will invest Rs 61,077 crore in building a petrochemical complex at Paradip in Odisha. This mega project will be the largest-ever investment of Indian Oil at a single location. This is part of IOCL’s transition plan, including boosting petrochemical intensity to help protect against volatility.

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India’s 2022/23 iron ore exports to hit 5-year low

India’s iron ore exports are set to fall 24% to a five-year low in the current financial year (FY23) as an export tax imposed last May stalled shipments. The country is likely to export about 20 million tonnes (MT) of iron ore in 2022/23, down from 26.3 MT last year. In May 2022, the government imposed a 50% export tax on low-grade iron ore lumps and fines and a 45% export duty on pellets to meet rising local demand.

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Hero MotoCorp to hike prices by up to 2% from April

Hero MotoCorp Ltd will increase prices of its model range by around 2% from next month to offset the impact of rising production costs in order to conform to stricter emission norms. The company will make an upward revision in the ex-showroom prices of its select motorcycles and scooters, effective from April 1, 2023. The Indian automobile industry is currently working to make its products meet the second phase of Bharat Stage Emission Standards 4 (BS-VI).

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KEC International bags orders worth Rs 1,560 crore from PowerGrid

KEC International has secured new orders worth Rs 1,560 crore from Power Grid Corporation of India Ltd (PGCIL). This includes a 765 kV transmission line, a 765/400 kV AIS substation, and 765 kV GIS substations. With this order, the company’s year-to-date (YTD) order intake stands at an all-time high of over Rs 21,000 crore, a substantial growth of 30% YoY.

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RailTel wins order worth Rs 35 crore to establish data centres

RailTel Corporation of India has secured a Rs 34.91 crore contract from Madhya Pradesh State Electronics Development Corporation for the expansion and setting up of data centres. The work order includes the expansion of the existing State Data Centre (SOC) and the establishment of a Disaster Recovery (DR) Center. The contract will be executed over five years.

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HPCL plans to set up its third LPG cavern in Gujarat

Hindustan Petroleum Corporation (HPCL) is planning to set up its third Liquefied Petroleum Gas (LPG) underground storage facility (or cavern) in India. The facility will be set up in Vadodara, Gujarat, with a capacity to store 60,000 tonnes of LPG. HPCL plans to spend up to Rs 1000 crore to set up the cavern.

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Power Finance Corporation to get Rs 165 cr loan from JBIC

Power Finance Corporation (PFC) has signed a pact with Japan Bank for International Cooperation (JBIC) for a project loan of JPY 2.65 billion (~Rs 165 crore). Under this facility, JBIC has proposed to finance some of PFC’s projects that ensure the effective reduction of greenhouse gas emissions and conservation of the global environment.

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IFC invests Rs 240 crore in JK Tyre for 5.6% stake

International Finance Corporation (IFC) will invest around Rs 240 crore in JK Tyre & Industries Ltd. As part of the deal, IFC will receive a 5.6% stake in JK Tyres through the issue of compulsorily convertible debentures (CCDs) on a preferential basis. The investment will help JK Tyres become a “green company” with sustainable use of energy & natural resources.

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Reliance Consumer expands FMCG portfolio

Reliance Consumer Products (RCP) announced the expansion of its packaged goods portfolio, including soaps, hygiene, laundry and home care products. It has set up direct competition with established players such as Hindustan Unilever (HUL), Reckitt Benckiser and Procter & Gamble (P&G). RCP is the FMCG arm and wholly-owned subsidiary of Reliance Retail Ventures Ltd (RRVL).

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Vedanta Repays $100M to Standard Chartered Bank – Top Indian Market Updates

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

Vedanta repays $100 million to Standard Chartered Bank

Vedanta Ltd said it has repaid $100 million (~Rs 828 crore) to Standard Chartered Bank via release of encumbrance on March 10, 2023. Earlier, Vedanta Resources said it has enough means to meet debt repayment liabilities in the coming quarters as it looked to ease investor concerns surrounding its financial position. The company has pre-paid all of its debt that was due for repayment till March 2023, deleveraging by $2 billion in the past 11 months.

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Reliance Jio launches 5G services in 34 cities

Reliance Jio Infocomm has added 34 more cities to its True 5G network, taking the total number of the service offering to 365. Ambur, Chidambaram, Namakkal, Pudukottai, Ramanathapuram, Sivakasi, Tiruchengode and Villupuram in Tamil Nadu and Puducherry were covered in the latest round. In Jan, the company said that it has invested ₹40,446 crore in Tamil Nadu.

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Mindpsace REIT raises ₹550 crore through green bonds to refinance loans

Mindspace Business Parks REIT (Mindspace REIT) has raised Rs 550 crore through an issue of green bonds. Executive Committee of the manager (K Raheja Corp Investment Managers LLP) has approved the allotment of 55,000 green debt securities in the form of listed, rated, secured non-convertible debentures of Rs 1 lakh each by way of the private placement. The proceeds will be used towards refinancing loans availed by one of the asset special purpose vehicles (SPVs) to fund eligible green projects.

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IOC floats new unit for clean energy business

Indian Oil Corporation Ltd (IOCL) has floated a new subsidiary under low-carbon, clean and green energy business as the company pivots a transition plan to achieve net zero emissions from its operations by 2046. IOCL also plans to set up green hydrogen plants at all its refineries as part of a Rs 2 lakh crore green transition plan.

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Engineers India looks at new sectors, overseas for new phase of growth

Engineers India Ltd (EIL) is looking to diversify in new areas such as nuclear energy and tap overseas markets in regions such as the Middle East to drive the next phase of growth. In recent times, EIL has also added biofuels and green hydrogen to the list of industries where it provides consultancy right from design and feasibility studies to engineering, procurement, construction and maintenance.

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Ramakrishna Forgings secures order to supply 80,000 wheels to Indian Railways

Ramakrishna Forgings has emerged as the lowest bidder in the tender for manufacturing and supplying up to 80,000 wheels annually to the Indian Railways. This will help in import substitution and the establishment of greenfield wheel manufacturing facilities in India. At Rs 1.88 lakh per tonne, Ramakrishna Forgings’ bid was significantly lower than the Rs 2.75 lakh per tonne bid by Bharat Forge.

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Future Retail executive chairman Kishore Biyani withdraws resignation letter

Debt-ridden Future Retail Ltd said Kishore Biyani has withdrawn his resignation as the executive chairman and director of the company. Future Retail is currently under insolvency proceedings. Biyani had tendered his resignation on Jan. 23.

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KEC International bags orders worth Rs 1,028 crore

KEC International Ltd secured multiple new orders worth Rs 1,028 crore across its various businesses. The company has secured new orders in the transmission and distribution project segment in East Asia Pacific, the Middle East, and the Americas. The new orders include a 500/230 kV GIS substation order in Thailand, a 110 kV transmission line order in Saudi Arabia, and a supply of towers in the Middle East.

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Dixon Tech to receive ₹150 crore under PLI Scheme

The Central government has cleared another tranche of the PLI scheme worth Rs 765 crore. Out of this, Dixon Technologies Ltd. will be receiving nearly Rs 150 crore. The amount received by Dixon will be for its subsidiary Padget Electronic. A large portion of the total amount released on the PLI scheme will go to Wistron, Apple’s contract manufacturer in India.

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Adani Repays Rs 4,000Cr Bridge Loan – Top Indian Market Updates

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

Adani Group repays $500 million bridge loan

The Adani Group has repaid a $500 million bridge loan due on March 9, a portion of the loan from global banks amounting $4.5 billion, to finance the purchase of Holcim Ltd’s cement assets last year. The money was released to lenders on Tuesday. Some banks had hesitated to refinance the debt following the Hindenburg incident.

Read more here.

Alembic Pharma gets final USFDA approval for hypertension drug

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application of Prazosin Hydrochloride Capsules. The drug is used for the treatment of hypertension (to lower blood pressure). According to IQVIA data, the product has an estimated market size of $50 million for the 12 months ending December 2022.

Read more here.

IOC to develop Haldia refinery into petrochemicals complex

Indian Oil Corporation (IOC) is set to develop its existing refinery in West Bengal’s Haldia into a petrochemicals complex for sustaining operations profitably. IOC has sought land from Hindustan Fertilizer Corporation (HFC), whose factory is lying defunct, for developing the petrochemicals complex.

Read more here.

Ashok Leyland rolls out Embrace Equity programme

Ashok Leyland has launched a new campaign called ‘Embrace Equity’ commemorating International Women’s Day being celebrated. The initiative is an attempt to provide women with equal opportunities. The automaker has invited 100 women to New Delhi to be trained on driving commercial vehicles at its training institute.

Read more here.

Adani Power amalgamates six subsidiary companies

Adani Power has amalgamated six of its subsidiaries with itself. An amalgamation of six wholly-owned subsidiary companies of Adani Power Ltd (APL)– Adani Power Maharashtra Ltd (APML), Adani Power Rajasthan Ltd (APRL), Udupi Power Corporation Ltd (UPCL), Raipur Energen Ltd (REL), Raigarh Energy Generation Ltd (REGL), and Adani Power (Mundra) Ltd (APMuL)– with APL was sanctioned by the Ahmedabad-bench of National Company Law Tribunal.

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Jio extends 5G coverage to 27 more cities, now covers 331 cities across India

Reliance Jio has launched its 5G services in 27 more cities of 13 states and union territories to extend its network of ultra-high-speed telephony to 331 cities across India. Jio True 5G is now available in 27 additional cities in states like Andhra Pradesh, Chhattisgarh, Jammu & Kashmir, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Punjab, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand and West Bengal.

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Jubilant Pharmova’s API facility in Karnataka gets VAI status from USFDA 

​​Jubilant Pharmova Ltd’s Active Pharmaceutical Ingredients (API) manufacturing facility at Nanjangud in Karnataka has been assigned a Voluntary Action Indicated (VAI) status by the US Food & Drug Administration. The VAI classification is issued when ‘objectionable conditions or practices are found during the inspection but the agency is not prepared to take or recommend any administrative or regulatory action’. VAI is the second-best classification that a plant can get from the USFDA after ‘No Action Indicated’.

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India imposes money laundering provisions on crypto sector

The Finance Ministry has imposed anti-money laundering legislation to crypto trading, safekeeping, and related financial services in a move to tighten oversight of digital assets. The move by India aligns with a global trend of requiring digital-asset platforms to follow anti-money laundering standards similar to those followed by other regulated entities like banks or stock brokers.

Read more here.

HDB Financial Services flags data breach at service provider

HDB Financial Services (a subsidiary of HDFC Bank) had a data breach at one of its service providers which processes customer information. HDB is working with a regulator and an office of the government to investigate the incident. HDFC Bank said it was not affected by the incident.

Read more here.

Future Enterprises admitted for insolvency

Future Enterprise has been admitted to insolvency resolution requiring the firm to be auctioned to recover unpaid dues. In a regulatory filing, The Mumbai bench of the National Company Law Tribunal has ordered the commencement of corporate insolvency resolution process (CIRP). The NCLT appointed a resolution professional to manage the affairs of the company till it is sold to a successful bidder.

Read more here.

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Adani Enterprises FPO Fully Subscribed on Final Day – Top Indian Market Updates

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

Adani Enterprises FPO fully subscribed on final day

The follow-on public offering (FPO) of Adani Enterprises Ltd secured bids for 50.85 million shares against an offer size of 45.5 million shares (representing a 1.12 times subscription) on the final day of bidding. Non-institutional investors (NIIs) put in bids for over three times the 96.16 lakh shares reserved for them. The 1.28 crore shares reserved for qualified institutional buyers (QIBs) were almost fully subscribed. The FPO received a muted response from retail investors.

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India’s GDP growth to slow down to 6-6.8%: Economic Survey

According to the Economic Survey released by the government, India’s economic growth is forecast to be 6.5% in FY24, compared to 7% in the current financial year (FY23). The projection is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, IMF, and RBI. Meanwhile, the govt has achieved 48% of its disinvestment target of ₹65,000 crore for FY23 as of Jan 18.

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IOCL Q3 Results: Net profit falls 92% YoY to ₹442 crore

Indian Oil Corporation Ltd (IOCL) reported a 92% YoY decline in net profit to ₹442 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 22.7% YoY to ₹2.04 lakh crore during the same period. Total expenses increased 20.18% YoY to ₹2.29 lakh crore in Q3. Domestic sales volume rose by 10.22% YoY to 23.17 million metric tonnes (MMT), while export sales fell 27.71% YoY to 1.135 MMT.

Read more here.

Lupin gets tentative USFDA approval for DETAF tablets

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for its new drug application Dolutegravir, Emtricitabine, and Tenofovir Alafenamide (DETAF) tablets. DETAF is used to manage HIV infections and will be available for supplies to low and middle-income countries. The product will be manufactured at Lupin’s facility in Nagpur. 

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UPL Q3 Results: Net profit rises 16% YoY to ₹1,087 crore

UPL Limited reported a 16% YoY decline in consolidated net profit to ₹1,087 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 21% YoY to ₹13,679 crore during the same period. EBITDA stood at ₹3,305 crore in Q3, up 14% YoY. In India, UPL saw healthy growth driven by strong traction in its seeds business, while the crop protection business saw flat growth.

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Godrej Properties buys 89-acre land parcel in Khalapur

Godrej Properties Ltd has entered into an agreement for the outright purchase of an 89-acre land parcel in the Khalapur locality of Maharashtra’s Raigad district. The plot is estimated to have a development potential of around 1.9 million sq ft of saleable area consisting primarily of residential plotted development. It is in proximity to the Mumbai-Pune Expressway and offers good connectivity to Mumbai, Navi Mumbai, and Pune.

Read more here.

Sun Pharma Q3 Results: Net profit rises 5% YoY to ₹2,166 crore

Sun Pharmaceutical Industries Ltd reported a 5% YoY increase in consolidated net profit to ₹2,166 crore for the quarter ended December (Q3 FY23). The pharma company’s revenue from operations rose 14% YoY to ₹11,241 crore during the same period. Sun Pharma’s board has also declared an interim dividend of ₹7.50 per share. 

Read more here.

Hindustan Zinc to invest $1 billion to replace diesel-run mining vehicles with EVs

Hindustan Zinc Ltd (HZL) will invest $1 billion to convert around 900 diesel-run mining vehicles into battery-operated ones over the next five years. The company is steadily switching to electric vehicles for its underground mine operations. With the help of Finnish technology company Normet Group Oy, HZL has inducted battery-powered service equipment and utility vehicles into underground mining to help decarbonise and improve environmental sustainability in the mining industry.

Read more here.

Godrej Consumer Q3 Results: Net profit rises 3.5% YoY to ₹546 crore

Godrej Consumer Products Ltd reported a 3.5% YoY increase in consolidated net profit to ₹546.34 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 9% YoY to ₹3,598.92 crore during the same period. Its India business sales grew by 11% YoY to ₹1,975 crore and volumes rose 3% YoY. 

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Income Tax Department conducts survey action against Cipla: Report

As per a CNBC-TV18 report, the Income Tax Department has carried out a survey action against drug major Cipla Ltd. The department is conducting the surprise action to check the balance sheets and other business documents of the pharma company as part of an alleged tax evasion investigation. 

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India’s core sector growth at 3-month high of 7.4% in Dec

Production of eight infrastructure sectors rose at a three-month high of 7.4% in December 2022, compared to 4.1% in Dec 2021. The production of coal rose by 11.5%, fertiliser by 7.3%, steel by 9.2%, and electricity by 10% in Dec 2022 compared to a year ago. Crude oil production declined by 1.2% YoY in December 2022.

Read more here.

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Jio to Provide Managed Services for IOCL for 5 years – Top Indian Market Updates

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

IOCL selects Jio’s managed network services for its petrol pumps

Indian Oil Corp Ltd (IOCL) has selected the enterprise arm of Reliance Jio Infocomm, JioBusiness, to deploy and manage Software Defined Wide Area Network (SD-WAN) solutions across its 7,200 retail outlets for five years. Jio’s SD-WAN solutions will be used to power IOCL’s retail automation and critical business processes. This includes payment processing, daily price updates, remote desktop protocol (RDP) software, and network monitoring.

Read more here.

Maruti Suzuki signs 5-year pact with Kamarajar port for PV exports

Maruti Suzuki India Ltd (MSIL) has signed a five-year pact with Kamarajar Port Ltd in Chennai for exporting its passenger vehicles (PVs) to international markets. Under this agreement, Kamarajar Port will be used to export cars to Africa, the Middle East, Latin America, ASEAN, Oceania, and SAARC regions. A car-cum-general cargo berth has been developed and commissioned by Kamarajar Port for handling automobile units.

Read more here.

JK Cement buys controlling stake in Acro Paints for ₹153 crore

JK Paints & Coatings, a wholly-owned subsidiary of JK Cement Ltd, has acquired a controlling stake in Acro Paints for ₹153 crore. Acro Paints is a leading manufacturer of architectural, high-performance paints and coatings in north India. This acquisition is a step towards fast-tracking JK Cement’s entry into the paints segment, expanding its product offerings, and potentially foraying into new markets.

Read more here.

Reliance Retail acquires Metro AG’s India business for ₹2,850 crore

Reliance Retail Ventures Ltd (RRVL) has signed definitive agreements to acquire a 100% equity stake in Metro Cash and Carry India Pvt. Ltd, which operates under the ‘Metro India’ brand, for ₹2,850 crore. Through this acquisition, RRVL will get access to a network of Metro India stores located in prime locations across key cities, a large base of registered kiranas & institutional customers, and a strong supplier network.

Read more here.

Viacom18 acquires media rights to Olympic Games 2024 for $31 million

Viacom18 Media has secured exclusive media rights to broadcast the Olympic Games Paris 2024 in the Indian subcontinent. It has also bagged the non-exclusive rights to the Winter Youth Olympic Games in Gangwon 2024. According to reports, Viacom18 is believed to have paid roughly $31 million (~₹256.6 crore) to secure the rights. The company will provide multi-platform coverage of the games and ensure free-to-air television coverage within the region.

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Tata Communications to acquire US-based Switch Enterprises for ₹486 crore

Tata Communications Ltd will acquire New York-based end-to-end live video production company The Switch Enterprises (TSE) in an all-cash deal for ₹486 crore. With both companies coming together, Tata Communications will support TSE’s customers with global reach to over 190 countries and territories. Meanwhile, TSE will bring live production capabilities to help organisations produce high-quality immersive content faster and more efficiently.

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Jio deposits ₹3,720 crore in SBI escrow account to buy Reliance Infratel: Report

As per an Economic Times report, Reliance Jio has deposited ₹3,720 crore in an SBI escrow account, marking another step towards completing the acquisition of Reliance Infratel Ltd (RITL). RITL is the tower business of Reliance Communications, which is under an insolvency process. 

In November 2022, the National Company Law Tribunal (NCLT) in Mumbai approved the acquisition of RITL by Reliance Project & Property Management Services Ltd (RP&PMSL), a subsidiary of Reliance Jio that looks into the tower business.

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CIL can pursue overseas acquisition of coal mines after detailed study of blocks: Parliamentary Panel

The Standing Committee on Coal, Mines, and Steel said Coal India Ltd (CIL) can still pursue the overseas acquisition of mines after a detailed study and analysis of the blocks, especially for low ash coking coal. The committee is of the view that this will not only reduce the import of fossil fuels but also open new avenues of mining abroad. 

[In 2009, CIL had acquired prospecting licences for coal blocks in Mozambique through one of its wholly-owned subsidiaries. However, it was found that the quality of coal in the allocated blocks was inferior and extraction was commercially unviable.]

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NTPC, GE Power signs pact to enable more usage of low carbon fuel in plants

NTPC and GE Power India Ltd have signed a Memorandum of Understanding (MoU) to reduce the amount of coal used in power plants and replace it with low-carbon fuels like methanol, agriculture waste, biomass, and ammonia. The two entities will also develop, test, and demonstrate technologies that allow total co-firing with lower carbon fuels in coal-fired power plants.

Read more here.

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GST Collection up 11% YoY in Nov – Top Indian Market Updates

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

GST collection in Nov at ₹1.46 lakh crore, up 11% YoY

The gross Goods & Service Tax (GST) revenue collection for November stood at ₹1,45,867 crore, up 11% year-on-year (YoY). The Central GST accounted for ₹25,681 crore and State GST for ₹32,651 crore. The IGST accounted for ₹77,103 crore. The GST authorities have adopted advanced analytics of live data to track transactions.

Read more here.

Manufacturing PMI hits 3-month high in November

Manufacturing sector activity in India touched a three-month high in November 2022 as new orders and exports expanded. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.7 in November, compared to 55.3 in October. There was strong demand and a substantial easing of cost pressures last month.

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

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IOCL to set up a new company for green business

Indian Oil Corporation (IOCL) is planning to set up a new company to house its alternative energy businesses. It is venturing into green hydrogen production and targeting 5% of the hydrogen produced by it as green hydrogen by 2027-28 and 10% by 2029-30. Discussions are in advanced stages with FIIs and other stakeholders to create a structure for the company.

Read more here.

RIL is the most valuable company in India: Report

Reliance Industries Ltd has topped the list of 500 most valuable companies in India according to Axis Bank’s Burgundy Private and Hurun India’s latest report. RIL’s value stood at ₹17.2 lakh crore, up 3.6% compared to last year. Tata Consultancy secured the second spot despite its value contracting 10.8% YoY to ₹11.6 lakh crore. It was followed by HDFC Bank with a value of Rs 8.3 lakh crore.

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Adani Green raises ₹1,630 crore via subsidiary

Adani Green Energy Ltd has raised 27,954 million Japanese Yen (~₹1,630 crore) through its subsidiary (Adani Solar Energy AP Six) to refinance its existing indebtedness. The project loan facility is supported by MUFG Bank and Sumitomo Mitsui Banking Corporation with equal participation.

Read more here.

Tata’s Nelco seeks to offer satellite broadband services

Tata Group company Nelco has applied for the global mobile personal communication by satellite (GMPCS) licence. It has become the fourth company in India to seek the licence for launching broadband-from-space services. The Department of Telecommunications (DoT) has sought more details from Nelco as to how it plans to provide satellite communication services in India. 

Read more here.

L&T closes $107 million loan with SMBC

Larsen & Toubro Ltd has closed a three-year $107 million sustainability-linked loan from Sumitomo Mitsui Banking Corporation (SMBC). The facility incorporates interest rate reductions linked to the achievement of two of L&T’s predetermined sustainability targets– the reduction of greenhouse gas emission intensity and water consumption intensity against target levels.

Read more here.

Auto sales in November: Highlights

The festive season helped drive strong overall sales for most Indian automakers in November. 

Maruti Suzuki India Ltd posted a 14% year-on-year (YoY) increase in total sales to 1.59 lakh units in Nov 2022. Sales from its utility vehicle segment rose 32.5% YoY to 32,563 units. Exports fell 7.7% YoY to 19,738 units.

Tata Motors Ltd registered a 55% YoY increase in passenger vehicle sales to 46,425 units in Nov. The automaker’s commercial vehicle sales fell 10% YoY to 29,053 units. Electric passenger vehicle sales jumped 146% YoY to 4,451 units.

Mahindra & Mahindra’s passenger vehicles division posted total sales of 30,392 units in Nov, up 56% YoY. M&M’s tractor segment posted a 10% YoY increase in sales to 30,528 units.  

TVS Motor Company posted a 2% YoY increase in total sales to 2.64 lakh units. Meanwhile, Hero MotoCorp posted a 12% YoY increase in total sales to 3.91 lakh units in Nov. 

Read more here.

Windfall profit tax on crude oil halved

The Central government on Thursday slashed the windfall profit tax on domestically produced crude oil to less than half. It also reduced the levy on diesel. The revised tax rates become effective from December 2, 2022. The tax on crude oil produced by firms such as the state-owned Oil and Natural Gas Corporation (ONGC) has been reduced to ₹4,900 per tonne from the existing ₹10,200 per tonne.

Read more here.

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ICICI Bank, Axis Bank to Acquire Stake in IOCL’s JV – Top Indian Market Updates

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

ICICI Bank, Axis Bank to acquire stake in IOCL’s JV

ICICI Bank, Axis Bank, and SBI Life Insurance will acquire a 10% stake each in a proposed joint venture (JV) of Indian Oil Corporation Ltd (IOCL) and Chennai Petroleum. The target entity will be incorporated through seed capital of ₹5 lakh each from the three entities. The JV aims to set up a 9 million metric tonne per annum refinery at Nagapattinam, Tamil Nadu.

Read more here.

Tata Consumer to buy Bisleri International for ₹7,000Cr: Report

According to an Economic Times report, Tata Consumer Products Ltd (TCPL) will acquire Bisleri International for an estimated ₹6,000-7,000 crore. Ramesh Chauhan, chairman of Bisleri, does not have a successor to take his company to the next level. Bisleri is India’s largest packaged water company. It is expected to report a turnover of ₹2,500 crore and a profit of ₹220 crore in FY23.

Read more here.

Canara Bank launches Electronic Bank Guarantee with NeSL

Canara Bank has launched an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Ltd (NeSL). With this, the lender now offers an API-based digital workflow of bank guarantees. This platform offers greater transparency, better monitoring triggers, and secured transmission of bank guarantees to beneficiaries.

Read more here.

Bajaj Electricals partners with Cultinno to kick off innovation challenge

Cultinno has partnered with Bajaj Electricals Ltd to launch the ‘Bajaj Cultinno Challenge’. The two entities are trying to find a solution that will keep water heaters operational despite being under high TDS (total dissolved solids) conditions. Mumbai-based Cultinno is a social impact initiative aimed at driving a culture of innovation

Read more here.

USFDA issues 8 observations to Lupin’s drug, API production facilities in Mandideep plant

The US Food & Drug Administration (USFDA) has issued Form-483 with eight observations each for Lupin Ltd’s product and raw material production centres at its facility in Mandideep (Madhya Pradesh). Form 483 is issued when the investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic Act and related Acts.

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Coal stock at thermal power plants may reach 45 MT by March-end

The Indian government is planning to increase coal stock at thermal power plants to 45 million tonnes (MT) by March-end. The Ministry of Coal further plans to increase the stock of fossil fuel at the pithead. The total coal output in the country stands at 448 MT as of October, 18% higher than the production in the corresponding period of FY22. The growth of coal production from Coal India Ltd (CIL) is also more than 17% YoY.

Read more here.

Cipla’s Goa unit continues to be classified as ‘Official Action Indicated’

Cipla Ltd has received a notice from the USFDA stating that the classification of its manufacturing facility in Goa continues to be ‘Official Action Indicated’ (OAI). USFDA may continue to withhold product approvals from this facility till the outstanding observations are resolved. Cipla said it is working closely with USFDA and is committed to addressing all issues at the earliest. 

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Sonata Software secures multi-year deal from Global Cloud Xchange

Global Cloud Xchange (GCX) has selected Sonata Software as its technology and business transformation partner in a multi-million, multi-year deal. Sonata will help GCX migrate from legacy technology and platforms while enabling strategic business transformation. GCX is a network service company powering digital transformation for enterprises, new media providers, and telecom carriers.

Read more here.

L&T Construction secures order from Greenko Group

Larsen & Toubro’s construction arm has secured a significant order (in the range of ₹1,000-2,500 crore) from leading global renewable energy company Greenko Group. The order is for the development of an off-stream pumped storage project in Madhya Pradesh. The Gandhisagar Pumped Storage Project (PSP) will be designed to meet a pumped storage capacity of 10,080 megawatt-hours (MWHr).

Read more here.

Laurus Labs to acquire 26% stake in Ethan Energy

Laurus Labs will acquire a 26% stake in solar charger manufacturer Ethan Energy India Pvt Ltd at ₹52.70 per share. The total number of shares to be bought by Laurus Labs will be 7.4 lakh. With this acquisition, the pharma company will be able to consume 100% of Ethan Energy’s 10 MW solar energy plant.

FDI equity inflows fall 24% YoY in Q2: DPIIT

Foreign direct investment (FDI) equity inflows into India fell nearly 24% year-on-year (or 37% QoQ) to $10.3 billion in the September quarter (Q2). In the first half of FY23, FDI equity inflows fell 14% YoY to $26.91 billion. The data was released by the Department for Promotion of Industry & Internal Trade (DPIIT). 

Globally, FDI inflows rebounded in 2021 from pandemic lows. However, it has fallen in 2022 following the start of the Russia-Ukraine war and tight monetary policies in FDI-source countries.

Read more here.