Tag: jio-bp

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Maruti Suzuki to Hike Prices in April – Top Indian Market Updates

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

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

Maruti Suzuki to hike prices in April

Maruti Suzuki India Ltd will hike prices in April 2023 due to increased cost pressure which will be passed on through the price increase. The company continues to witness increased cost pressure driven by overall inflation and regulatory requirements. India is also implementing Bharat Stage 6 regulations from next month that require automakers to fit their vehicles with a device to check emissions, leading to extra costs.

Read more here.

Glenmark gets USFDA nod for generic drug with 180-day exclusivity

Glenmark Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for Calcipotriene & Betamethasone Dipropionate Foam (CBDF). The medication is used to treat plaque psoriasis (a condition in which skin cells build up and form scales and itchy, dry patches). with this approval, Glenmark is eligible for 180 days of generic drug exclusivity for CBDF.

Read more here.

Jio-bp to install EV charging stations at Piramal’s residential projects in Mumbai

Jio-bp, a joint venture between Reliance Industries and bp, is set to install EV charging stations in all of Piramal Realty’s residential projects in Mumbai. Customers and visitors to Piramal’s residential projects will be able to charge their electric vehicles seamlessly at Jio-bp pulse EV charging stations at sites with the Jio-bp pulse mobile app. The company will provide battery-swapping services through its extensive network of stations.

Read more here.

Vedanta denies media reports of Agarwal planning stake sale worth $630 million

News agency Bloomberg reported that chairman Anil Agarwal is weighing a stake sale in Vedanta as a last-resort option and is studying the possibility of selling less than 5% of the company. However, representatives of the company have denied it. Shares of Vedanta fell as much as 6.3% on Thursday after the report to their lowest since early March.

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TotalEnergies says investments in Adani entities comply with Indian laws

French oil major TotalEnergies said its investments in three subsidiaries of Indian conglomerate Adani were undertaken in full compliance with Indian laws and with TotalEnergies’ own governance processes. It was responding to a Le Monde report detailing allegations of financial irregularities that short-seller Hindenburg Research has levelled against Adani. TotalEnergies said that at current market prices, its interests in Adani entities would be worth $5.1 billion.

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TVS Motor’s social arm allocates ₹10 crore investments towards water conservation

Srinivasan Services Trust, the social arm of automobile major TVS Motor Company, has invested more than Rs 21 crore over the last six years towards water conservation efforts in Tamil Nadu and Maharashtra. It has also planned to invest over Rs 10 crore in the next three years in water conservation initiatives. 

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ITC to go for climate risk modelling for food business: Chairman

ITC Limited’s Chairman Sanjiv Puri said the conglomerate is going for climate-risk modelling to identify the hotspots owing to extreme weather conditions. Puri said that a team of experts is engaged in this job of modelling comprising big data analytics. This practice will also reduce the emission of greenhouse gases (GHGs).

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NSE, BSE to put Adani Power under short-term additional surveillance measure again

The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) will include Adani Power under the short-term additional surveillance measure (ASM) framework from Thursday. The move comes after the two exchanges moved Adani group stocks Adani Green Energy and NDTV from the second stage of the long-term ASM framework to Stage I on Monday.

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Udayshivakumar Infra IPO subscribed 32.49 times on final day

The ₹66 crore initial public offering (IPO) of Udayshivakumar Infra was subscribed 32.49 times on final day of bidding. The portion reserved for retail investors was subscribed 14.95 times. Non-institutional Investors (NIIs) bid 64.08 times against their reserved portion, while Qualified Institutional Buyers (QIBs) subscribed 42.92 times.

Reliance Jio announces pre-paid plans for Indian Premier League

Reliance Jio has introduced new prepaid packs with a 3GB daily data allowance ahead of the start of this year’s Indian Premier League (IPL). In addition to the high data allowance base packs, it also launched data add-on packs with up to 90-day validity and a data allowance of 150 GB. Competitors Bharti Airtel and Vodafone Idea are yet to announce offers around the IPL.

Read more here.

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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.

Read more here.

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.

Read more here.

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.

Read more here.

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. 

Read more here.

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. 

Read more here.

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.

Read more here.

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RBI Hikes Repo Rate by 25 bps to 6.5% – Top Indian Market Updates

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

RBI hikes repo rate by 25 bps to 6.5%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) increased the repo rate by 25 basis points (bps) to 6.5%. The MPC has raised the key rate by 250 bps since May 2022. The real GDP growth for 2023-24 is projected at 6.4%. The RBI has hinted at more interest rate hikes to curb rising inflation. 

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Shree Cement Q3 Results: Net profit falls 44% YoY to ₹277 crore

Shree Cement reported a 44% YoY decline in net profit to ₹277 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 15% YoY to ₹4,069 crore during the same period. EBITDA stood at ₹869 crore in Q3, down 7% YoY. Its total volume rose 23% YoY to 8.03 million tonnes. The cement manufacturer’s board has declared an interim dividend of ₹45 per share.

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Bharti Airtel partners with Vultr to offer cloud solutions for enterprise clients

Bharti Airtel has announced a strategic partnership with Vultr to offer cloud solutions to enterprise customers. The partnership will open up a suite of solutions including cloud computing and infrastructure services to India’s digital ecosystem. Vultr will help the telco’s enterprise customers to gain global reach and cost-performance advantage to build, test and run demanding cloud workloads.

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Adani Power Q3 Results: Net profit falls 96% YoY to ₹9 crore

Adani Power Ltd reported a 96% YoY decline in consolidated net profit to ₹8.7 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 44.8% YoY to ₹7,764.4 crore during the same period. EBITDA stood at ₹1,469.7 crore in Q3, down 17% YoY.

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UK govt offers counter-package to Tata Steel for Port Talbot plant

The UK government has offered a counter-package to Tata Steel Ltd against its proposal seeking a financial package to execute its decarbonisation plans for its plant in Port Talbot. Tata Steel owns the UK’s largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. The company had sought 1.5 billion pounds from the UK government to execute its decarbonisation plans.

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Adani Wilmar Q3 Results: Net profit rises 16% YoY to ₹246 crore

Adani Wilmar reported a 16% YoY increase in net profit to ₹246.2 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 7.4% YoY to ₹15,438 crore during the same period. EBITDA rose 20.2% YoY to ₹605.3 crore in Q3. The standalone volume grew by 17% YoY to 1.41 million MT.

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Ujjivan Small Finance Bank launches app to ease banking access for ‘digitally challenged’

Ujjivan Small Finance Bank launched ‘Hello Ujjivan’, a mobile banking application with voice, visual, and vernacular-enabled features to provide banking access to individuals who have limited reading and writing skills. Customers can speak to the app in their native language to perform banking transactions and access services such as paying loan EMIs, opening FD and RD accounts, transferring funds, checking account balances, and updating passbooks.

Read more here.

Jio-bp rolls out E20 blended petrol

Fuels and mobility entity Jio-bp announced the roll-out of E20 blended petrol (20% ethanol and 80% of fossil-based fuel). Customers with E20 petrol-compatible vehicles will be able to opt for this fuel at select Jio-bp outlets, and the offering will soon be expanded across the network. Operating under ‘Jio-bp’, Reliance BP Mobility Ltd (RBML) is an Indian fuels & mobility joint venture between Reliance Industries and UK-based bp.

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TCS secures $700-million deal from UK insurance services provider

Tata Consultancy Services (TCS) has announced an expansion of its long-standing partnership with Phoenix Group (the UK’s largest long-term savings and retirement provider) through a contract valued at over £600 million (~₹6,000 crore).  TCS will digitally transform Phoenix’s ReAssure business, including its administration services. This will be one of the largest deals for the IT company in the coming quarter.

Read more here.

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Wipro’s Net Profit Rises 3% YoY in Q3 – Top Indian Market Updates

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

Wipro Q3 Results: Net profit up 3% YoY to ₹3,053 crore

Wipro Ltd reported a 2.8% year-on-year (YoY) increase in consolidated net profit to ₹3,053 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 14.3% YoY to ₹23,229 crore during the same period. The company secured deals worth $4.3 billion, up 26% YoY. Wipro announced an interim dividend of ₹1 per share.

Read more here.

Citroen India partners with Jio-BP to build EV infrastructure

Citroen India announced a strategic partnership with Jio-BP to build electric vehicle (EV) infrastructure and services across its network. The partnership will enable Jio-BP to install DC fast chargers across Citroen’s key dealership network and workshops across the country in phases. Jio-BP is a fuels and mobility joint venture between Reliance Industries Ltd (RIL) and UK-based BP. 

Read more here.

Mahindra Lifespaces acquires 4.25-acre land parcel in South Bangalore

Mahindra Lifespace Developers has bought a 4.25-acre land parcel in Singasandra, South Bangalore. The land is estimated to have a developable potential of around 4.6 lakh sq. ft. of saleable area and a gross development value of over ₹400 crore primarily comprising premium residential apartments. This latest acquisition is aligned with the company’s strategy of further strengthening its presence in India’s IT capital.

Read more here.

L&T signs pact with Norway-based firm to develop floating green ammonia projects

Larsen & Toubro (L&T) has signed a pact with Norway-based H2Carrier (H2C) to develop floating green ammonia projects for industrial-scale applications. As per the agreement, L&T will become a partner for engineering, procurement, construction, installation, and commissioning of the topsides for H2C’s floating process plants.

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India’s ethanol capacity to jump 25% to 1,250 crore litres by year-end: Govt

The overall ethanol production capacity in India is expected to go up by 25% to 1,250 crore litres by the end of this year, as proactive steps have been taken for faster clearance of projects. A single-window clearance has been put in place so that ethanol projects seeking interest grants and environment clearances are given faster clearance. India has doubled ethanol blending with petrol to 10% in the last two years.

Read more here.

Heritage Foods rights issue to open on Jan 30

The Board of Directors of Heritage Foods Ltd. has fixed Jan 20 as the record date for its rights issue, which will open on January 30. The company will issue 46.4 million equity shares at ₹5 per rights equity share (aggregating to ₹23.2 crore). The rights issue will close on February 13. Heritage Foods is engaged in the business of milk and dairy products, cattle feed, and renewable energy.

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HCL Tech secures deal to modernise IT operations for State Farm

HCL Technologies Ltd has received an order from US-based insurance company State Farm to modernise its IT service desk and infrastructure operations. Several State Farm employees supporting this work will transfer to HCL Tech to continue their key role in delivering technology services. HCL Tech will leverage its portfolio and execution capabilities to accelerate the modernisation of a hybrid cloud environment for the insurance firm.

Read more here.

Gold prices in India hit record high

Indian gold futures hit a record high today, tracking gains in the overseas market. Domestic gold futures rose to ₹56,245 per 10 grams, surpassing the previous record of ₹56,191 recorded in August 2020. Gold rates have surged since November 2022 due to a weaker dollar and expectations of slower interest rate hikes by the U.S. Federal Reserve. 

Read more here.

Domestic passenger vehicle sales rise 23% in Q3: SIAM

According to the Society of Indian Automobile Manufacturers, passenger vehicle wholesales rose 23% YoY to 9,34,955 units in the quarter ended December (Q3 FY23). The surge in sales was aided by robust demand during the festive season. In December, passenger vehicle sales witnessed an increase of 7% YoY to 2,35,309 units. 

Read more here.

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Can BluSmart EV Cabs be a Threat to Ola, Uber?

An electric vehicle (EV) ride-hailing platform has made a grand entrance at a time when Ola and Uber (who have largely enjoyed a duopoly) are facing the rage of customers over numerous concerns, particularly with how surge pricing is determined. 

In this article, we discuss the challenges faced by online cab service providers and how BluSmart, the newest entrant in the ride-hailing segment, seems to be checking off all the right boxes. 

Transformation of the Indian Taxi Industry 

We have all witnessed a major transition in the Indian taxi industry. Around 2010, we experienced a shift from radio cabs or conventional taxis to online cab services from OLA and Uber.

Before the OLAs and Ubers took over the Indian market, there was a scarcity of good cab services. There was a time when getting a taxi in places like Mumbai and Delhi required a 40-minute wait. Owing to high demand and betterment in the quality of cabs, the organised taxi market grew. The online players were responsible for changing the customer perception of taxi services in India.

“Customer is god”. We all know that, but these online players also strived to keep their driver-partners content. Bonuses, incentives, free training, and health check-ups were provided. These companies knew that if they kept their drivers satisfied, then the riding experience would improve, and that would translate into higher brand value. 

Challenges Faced by Online Cab Service Providers

With rising fuel prices over the years, driver incentives were eliminated and the earlier no-cancellation policy was now a major curse.

  • App-based taxi aggregator companies had promised their drivers high monetary incentives. However, incentives were drastically cut, resulting in increased driver dissatisfaction.
  • The average wait time for the cab was 2-4 minutes, which has now been increased to 12-15 minutes. 
  • Fare prices have also increased, which is driving customers away.
  • Users have been complaining about the high rates of cancellations and the drivers’ insistence on cash payments.
  • The drivers work 14-16 hours shifts a day to make ends meet.

BluSmart: Disrupting the Disruptors

These shortcomings are exactly what Gurugram-based BluSmart is attempting to address and eradicate!

BluSmart is an electric shared smart mobility platform that offers intelligent, economical, sustainable, and efficient transportation. It was established in 2019 with sustainability being the core foundation of its operations. They have the vision to bring positive environmental changes to Indian cities by establishing a holistic and comprehensive electric on-demand mobility platform. 

As of July 2022, the company announced it had saved 4300+ tonnes of CO2 over 1.8 million rides in Delhi NCR and received Verra accreditation (a standard for certifying carbon emissions reductions) on carbon emissions.  

BluSmart’s drivers don’t have a cancel button in their app! It has also onboarded women drivers. In that sense, it seems to be checking off all the right boxes— spanning higher service levels, environmental awareness, and women empowerment. 

Challenges in Growth

BluSmart’s expansion faces several hindrances. It accepts reservations/bookings for its automobiles and works in accordance with the availability of slots. Since the rider already has a set itinerary, this will not pose a problem. However, it may lose out on rides where spontaneous travel decisions are made. On the same right, BluSmart users have reported that their vehicle usually arrives at the pickup location well before the allotted time frame. 

Also, their vehicles are not driver-owned assets, unlike Ola or Uber. BluSmart possesses ownership of all its vehicles. Its entire fleet is electric and consists of Tata Tigor EVs. This also implies that these vehicles require a location to recharge their batteries. The lack of charging infrastructure in India poses a significant hurdle to the company’s expansion. However, BluSmart has partnered with Jio-BP to set up charging infrastructure across India. 

The Way Ahead 

BluSmart is dedicated to expanding its substantial and competitive presence throughout all of the nation’s megacities. After being Delhi NCR-focused, it has started operations in certain areas in Bengaluru, including Indiranagar, Koramangala, Wilson Garden, Domlur, HSR Layout, Bellandur, and a few more. 

The ride-sharing company also aims to grow its fleet size from 2,200 cars to more than 5,000 by the end of this year. It plans to operate 30,000 EV cabs by the end of 2023!

BluSmart is creating inclusive and equitable economic opportunities for driver-partners who can drive and earn without the hassles of asset ownership. The startup’s goal is to provide economical and environmentally friendly transportation options for metropolitan India.

Will BluSmart outsmart Ola and Uber, or will it face the heat and pressure of the veterans? Let us know your views in the comments section of the marketfeed app!

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Jio-bp to Set Up Charging Network for M&M – Top Indian Market Updates

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

Jio-bp to set up charging network for M&M’s upcoming e-SUVs launches

Jio-bp said it will set up a charging network for Mahindra & Mahindra’s upcoming electric SUV launches. Starting with 16 cities, Jio-bp will install DC fast chargers at M&M’s dealership network and workshops across India. M&M launched its first all-electric SUV, the XUV400, at Mahindra Research Valley in Chennai earlier this month. Jio-bp is a fuels & mobility joint venture between Reliance Industries Ltd (RIL) and UK-based bp.

Sobha achieves highest-ever quarterly sales value in Q2

Sobha Ltd achieved its highest-ever quarterly sales value of ₹1,164 crore during the Sept quarter (Q2 FY23), up 13% YoY. In terms of volume, total sales fell 0.89% YoY to 1.35 million sq. ft. during the same period. Total average price realization improved to ₹8,709 per square feet in Q2, registering a growth of 14% YoY. 

Sobha has launched three new residential projects— two in Bangalore and one in Thiruvananthapuram with a total saleable area of 880,893 sq. ft.

Read more here.

India to offer 26 blocks for producing oil, gas in mega offshore bid round

The Directorate General of Hydrocarbons said the Indian government will offer 26 blocks or areas for finding and producing oil & gas in a mega offshore bid round. Out of the 26 blocks, 15 areas are in ultra-deepwater, 8 in the shallow sea, and 3 blocks are onland. Around 16 areas for prospecting for coal-bed methane (CBM) are also being offered in a separate round. 

Read more here.

Power Grid acquires SPV to build transmission project

Power Grid Corporation of India has acquired 100% equity in a special purpose vehicle (SPV) to build an inter-state transmission project for eastern and northeastern regions. The consideration paid for the acquisition was ₹7.04 crore, including 50,000 equity shares and assets & liabilities of the company. The SPV is yet to start commercial operations.

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JSW Neo Energy to develop 126 MW Chhatru hydel project in Himachal Pradesh

JSW Neo Energy (a subsidiary of JSW Energy Ltd) has received a Letter of Intent from the Himachal Pradesh government for developing the 126 megawatts (MW) Chhatru hydro-power plant. JSW Energy has set an ambitious target for a 50% reduction in its carbon footprint by 2030 and to achieve carbon neutrality by 2050. It has set a target to reach 20 GW capacity by 2030, with the share of renewable energy increasing to 85%.

Read more here.

Marksans Pharma to acquire Teva’s manufacturing site in Goa

Marksans Pharma has entered into an agreement with Israeli drugmaker Teva to acquire its manufacturing site in Goa on a slump sale basis. The Mumbai-based company has agreed to retain the site employees with existing terms of employment. Marksans Pharma has also entered into a business transfer agreement with Tevapharm India to acquire its business relating to the manufacture and supply of bulk pharmaceutical formulations.

Read more here.

L&T Construction wins order under its water and effluent treatment business

Larsen & Toubro Ltd’s (L&T) construction arm has secured a significant contract (in the range of ₹1,000-2,500 crore) from the Government of Odisha to execute irrigation projects.  The scope of work includes the execution of 23 lift irrigation schemes consisting of intake points spread across Anandapur Left Main Canal, Bidydharpur Barrage, Hadagarh Reservoir, Anandapur Barrage & Kharsua, Kani & Baitarani Rivers. 

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NMDC signs pact with RailTel for ICT and digital solutions

NMDC and RailTel Corporation of India have entered into an agreement covering the information & communications technology (ICT) and digital transformation services of NMDC at its corporate offices and mining complexes. This partnership will focus on the optimal utilization of resources and build mineral accountability. RailTel will provide consultancy, project management, and execution services to enhance NMDC’s efficiency and transparency.

Read more here.

G M Breweries Q2 Results: Net profit rises 4% YoY to ₹22 crore

G M Breweries Ltd reported a 3.8% YoY (or 40.4% QoQ) increase in net profit to ₹22.69 crore for the quarter ended September (Q2 FY23). The company’s revenue from operations rose 22.35% YoY to ₹141.86 crore during the same period. Total expenses stood at ₹532.60 crore in Q2, up 26.11% YoY. G M Breweries manufactures country liquor (CL) and Indian-made foreign liquor (IMFL).  

Read more here.

Dr Reddy’s Labs’ plant gets World Economic Forum recognition

The World Economic Forum has recognised Dr. Reddy’s Laboratories Ltd’s largest manufacturing facility in Bachupally, Hyderabad, as part of its Global Lighthouse Network. Lighthouses are factories leading the way in Fourth Industrial Revolution technologies to drive impact in productivity, workforce engagement, sustainability, and supply chain resilience.

Read more here.

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IOCL Eyes Net Zero Carbon Emissions by 2046 – Top Indian Market Updates

A logo of Indian Oil is picture outside a fuel station in New Delhi, India August 29, 2016. REUTERS/Adnan Abidi/Files

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

Indian Oil Corp eyes net zero carbon emissions by 2046

Indian Oil Corporation Ltd (IOCL) aims to achieve net zero carbon emissions by 2046. The company has prepared a roadmap to achieve net zero Scope 1 and 2 emissions (relating to emissions from crude refining and energy consumption). IOCL is also targeting to replace at least a tenth of its current fossil-fuel-based hydrogen at its refineries with carbon-free green hydrogen.

Read more here.

HDFC Bank to acquire 9.94% stake in Go Digit Life Insurance

HDFC Bank plans to acquire a 9.94% stake in Go Digit Life Insurance Ltd, a company backed by Canada-based Fairfax Group. The bank has proposed an investment of Rs 49.9-69.9 crore (in two rounds) by subscribing to equity shares of the company. Go Digit Life Insurance is awaiting a certificate of registration by the Insurance Regulatory & Development Authority of India (IRDAI) to begin operations.

Read more here.

PSP Projects secures new orders worth ₹247 crore

PSP Projects Ltd has secured contracts worth ₹247.35 crore from the Precast and Government segments. The total order inflow for the financial year 2022-23 (FY23) to date amounts to Rs 1,344.24 crore. PSP Projects is one of the prominent contractors offering a diversified range of construction and allied services. It focuses on industrial, institutional, government, and residential projects.

Read more here.

Hero Electric, Jio-bp partner for two-wheeler EV adoption

Hero Electric has announced a partnership with Jio-bp to provide EV charging solutions. The electric scooter maker’s customers will get access to Jio-bp’s charging and battery swapping infrastructure. Both entities will bring the best of their global learnings in electrification and apply them to the Indian market to create a differentiated customer experience. Jio-bp is a joint venture between Reliance Industries Ltd and British oil giant BP 

Read more here.

REC’s subsidiary hands over project-specific SPV to PowerGrid

REC’s wholly-owned subsidiary, REC Power Development & Consultancy Ltd. (RECPDCL), has handed over the project-specific Special Purpose Vehicle (SPV) formed for the construction of a transmission project (Neemuch Transmission Ltd) to Power Grid Corporation of India Ltd. Power Grid emerged as the successful bidder of the Inter-State Transmission Project of the Ministry of Power, Government of India.

Nelco signs pact with Intelsat to offer in-flight connectivity in India’s airspace

US-based Intelsat has signed a commercial agreement with Nelco Ltd to offer inflight connectivity services in Indian skies. The agreement will benefit Intelsat’s airline partners and flyers as they will get end-to-end broadband coverage on domestic and international aircraft flying across the country. Intelsat joins companies such as Reliance Jio, Bharti Airtel, and Vi that have received prior approvals from the Indian govt to offer internet services on-board flights.

Read more here.

Indian Hotels looks at greenfield, brownfield opportunities in Gujarat

Indian Hotels Company Ltd (IHCL) is looking at growth opportunities in greenfield and brownfield projects to strengthen its footprint in Gujarat. The company is also looking at new commercial hubs like Bharuch and Vapi, wildlife destinations, and pilgrimages in the state. IHCL, which recently opened 111-room Ginger and 175-key Vivanta in Ahmedabad, has 19 properties in Gujarat. 

Read more here.

Listed private non-finance companies report 41% sales growth in Q1 FY23: RBI

A Reserve Bank of India (RBI) report stated that listed private non-financial companies recorded a 41% sales growth during the first quarter of FY23. The manufacturing segment posted sales growth of 41.6%, driven by broad-based demand expansion across industries due to volume and price effects. Sales growth of information technology (IT) firms stood at 21.3% in Q1 FY23.

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Lupin, I’rom signs licensing pact for Denosumab biosimilar in Japan

Lupin Ltd has entered into an exclusive licensing agreement with Japan-based I’rom Group Co. Ltd. The two entities will conduct clinical trials, register, distribute and market biosimilar Denosumab in Japan. Denosumab is used for the treatment of postmenopausal women with osteoporosis (bones becoming fragile) at high risk of fracture. It is also used to prevent skeletal-related events in patients with bone metastases.

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IGX to start LNG trade from October

The Indian Gas Exchange (IGX) is planning to start trade in liquefied natural gas (LNG) from October to help last-mile areas unconnected with pipelines get access to natural gas. Liquid gas will now be arranged at terminals. Buyers can take in LNG tankers to far-away locations (200-300 km) that are not yet connected with pipelines.

Read more here.

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DHFL Promoters Booked in Rs 34,615 crore Bank Fraud Case – Top Indian Market Updates

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

DHFL promoters booked in Rs 34,615 crore bank fraud case

The Central Bureau of Investigation (CBI) has registered a fresh case against DHFL promoters Kapil and Dheeraj Wadhawan for defrauding a consortium of banks led by Union Bank of India for Rs 34,615 crore. It is the biggest bank fraud case registered by CBI. The agency is carrying out searches at 12 locations in Mumbai at the premises of the accused.

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Delhivery to expand infra in Mumbai, Bengaluru

Delhivery Ltd has announced plans to expand its infrastructure in Bhiwandi (Greater Mumbai) and Bengaluru to enhance its processing capacity to cater to demand from the southern and western regions of India. The company will collaborate with Welspun on a 7 lakh sq. ft. mega-gateway facility in Mumbai. It is also partnering with GMR Group for an over 1-million sq. ft. facility in Bengaluru.

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NSDL looking to raise Rs 4,500 crore via IPO

National Securities Depository Ltd (NSDL) is eyeing to raise Rs 4,500 crore through an initial public offering (IPO). It is India’s first and biggest depository services company. As of May 31, 2022, NSDL managed more than 2.76 crore investor accounts with a Demat custody value of Rs 297.55 lakh crore. The company has more than 89% market share in terms of Demat asset value. 

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Kalpataru Power secures orders worth Rs 2,290 crore

Kalpataru Power Transmission Ltd and its subsidiaries have secured new orders worth Rs 2,290 crore. These include orders from international markets in the power transmission business of Rs 1,416 crore. The company has also won orders for the construction of an elevated viaduct and five elevated stations of the Kanpur Metro Rail Project, civil works for a data centre, and buildings & factories projects across India totaling Rs 874 crore.

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GAIL to venture into gas liquefaction retail sales

GAIL (India) Ltd plans to liquefy natural gas for easy transportation and sale in areas that are not connected with pipeline grids. It has placed orders for two small-scale liquefaction skids capable of producing LNG on a pilot basis. These plants will help in the distribution of natural gas through liquefaction in new city gas distribution areas and liquefaction of gas at isolated fields. It will also support the establishment of LNG fueling stations.

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Macrotech Developers to provide warehousing space to Skechers near Mumbai

Realty firm Macrotech Developers Ltd will provide 1.1 million square feet of warehousing space to Skechers at Palava near Mumbai. Skechers is a global athletic footwear and apparel brand. The first phase of Skechers’ national distribution centre (NDC) will be delivered in mid-2023. It will be the second-largest NDC for Skechers in Asia and is likely to be one of the tallest warehouse structures in India.

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Vodafone Idea to raise Rs 436 crore from Vodafone Group

Vodafone Idea Ltd’s board has approved a proposal to raise Rs 436.21 crore through the preferential issue of equity shares or warrants to its UK-based parent firm, Vodafone Group. In case the funds are raised via allotment of equity shares, the issue price will be Rs 10.20 per share. In the case of warrants, the issue price will be Rs 10.20, and 100% of the issue price will be paid upfront at the time of subscription of warrants.

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Jio-bp to power EV charging stations at Nexus malls across 13 cities

Nexus Malls has partnered with Jio-bp for the rollout of EV charging stations and battery swapping stations across 17 malls in 13 cities. Jio-bp is a fuel and mobility joint venture between Reliance Industries Ltd and UK-based bp. As part of this partnership, Jio-bp will install 24×7 charging infrastructure for two and four-wheeler EVs at Nexus malls.

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Carlyle acquires 24% stake in Bharti Airtel’s Nxtra for Rs 1,788 crore

CA Cloud Investments, an affiliate of US-based Carlyle Group, has completed the acquisition of a 24.04% stake in Bharti Airtel’s subsidiary Nxtra Data. The Indian teleco will continue to hold the remaining stake in the data centre company. Nxtra Data provides data centre colocation services through its 10 data centres across India.

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Jio-BP to Set Up EV Charging Infra at Omaxe Properties – Top Indian Market Updates

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

Jio-BP to set up EV charging infra at Omaxe properties

Real estate developer Omaxe Ltd has partnered with Jio-bp to establish a battery charging ecosystem for electrical vehicles. Jio-bp is a fuel and mobility joint venture (JV) between Reliance Industries and UK-based bp. The JV will install 24×7 EV charging and swapping infrastructure for two and four-wheelers at Omaxe properties across India.

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Shriram Transport Finance raises $250 million loan from DFC

Shriram Transport Finance Company Ltd (STFCL) has secured long-term funding of $250 million (~Rs 1,944 crore)  from the US International Development Finance Corporation (DFC). The external commercial borrowing is a fixed-rate 10-year loan. The funds raised from DFC will enable STFCL to on-lend for the purchase of new and used vehicles throughout India.

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UltraTech Cement partners with Coolbrook to reduce CO2 emissions at plants

UltraTech Cement has signed a Memorandum of Understanding (MoU) with Finland-based Coolbrook to explore the possibility of reducing CO2 emissions from its cement manufacturing operations. The two entities will explore electrification of the cement kiln heating process. They aim to develop optimal electric process heating solutions for the cement manufacturing process replacing fossil fuels.

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Welspun Corp, Tata Steel to manufacture pipes for hydrogen transportation

Welspun Corp Ltd (WCL) has partnered with Tata Steel to develop the framework and manufacture pipes for transporting pure hydrogen and natural gas-blended hydrogen. Through this strategic collaboration, WCL aims to assess the suitability of its “green” pipes for the transportation of pure hydrogen.

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Fino Payments Bank partners with Go Digit for shop insurance policy

Fino Payments Bank Ltd has exclusively partnered with Go Digit General Insurance Ltd to offer shop insurance policies to small and medium business owners. The tie-up will allow businesses to avail the benefits of Go Digit’s My Business Policy in case of an adverse event. Fino is associated with Go Digit as a corporate agent.

Reliance closes in on Boots acquisition, makes binding offer

The consortium of Reliance Industries Ltd (RIL) and US buyout firm Apollo Global Management Inc. has moved closer to acquiring Walgreens Boots Alliance Inc’s international chemist and drugstore units. The bid for the Boots business is fully backed by committed financing. If completed, the deal will be RIL’s largest cross-border acquisition.

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Coal India floats its first tender for coal imports

Coal India Ltd (CIL) has floated an international competitive bidding e-tender, seeking bids for importing 2.416 million tonnes (MTs) of coal. The coal being sourced on behalf of the state generating companies (gencos) and independent power plants (IPPs) is based on the indents (order) received from them for the period of July-September of FY23. 

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Iraqi Airways goes live on Ramco Systems’ aviation system

Ramco Systems Ltd has successfully gone live at Iraqi Airways with its Aviation M&E MRO Suite V5.9. It has completely digitalized all core business processes of the airways. Ramco’s next-gen digital platform offers Iraqi Airways real-time data availability, ensuring 100% aircraft airworthiness on the release.

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Equity mutual fund inflows rise 16% in May: AMFI

Net investments into equity and equity-linked schemes rose 16% over the previous month to Rs 18,529.4 crore in May. Multi caps witnessed the least investments among all categories, while large caps saw the most. The monthly contribution to systematic investment plans (SIPs) grew by Rs 423.33 crore in May. The data was released by the Association of Mutual Funds in India (AMFI).

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UltraTech Cement to Invest Rs 12,886 crore for Capacity Expansion – Top Indian Market Updates

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

UltraTech Cement to invest Rs 12,886 crore towards capacity expansion

UltraTech Cement Ltd’s board has approved a proposal to invest Rs 12,886 crore to add 22.6 million tonnes per annum (MTPA) capacity to its total production. The company aims to set up integrated and grinding units and bulk terminals. These new capacities are expected to commence commercial production in a staggered way across India by the end of FY25. 

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Abdul Latif Jameel to invest Rs 150 million in Greaves Cotton’s EV arm

Saudi Arabia-based Abdul Latif Jameel International (ALJI) will invest $150 million (~Rs 1,160 crore) for a 35.8% stake in Greaves Electric Mobility (GEM). This values the electric vehicle (EV) arm at Rs 3,298 crore. ALJI has an option to invest another $70 million in the next twelve months. GEM has a strong presence in both electric 2-wheelers and electric 3-wheelers segments.

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La Opala RG commences production at Uttarakhand unit

La Opala RG announced the commencement of commercial production at its green field plant at Sitarganj, Uttarakhand. The unit has a production capacity of 11,000 metric tons per annum. It is the second plant of the company in the state. La Opala RG is a pure-play tableware company. Its brands include La Opala, Diva, and Solitare.

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BLS International signs pact with Royal Thai Consulate General

The Royal Thai Consulate-General, Mumbai, has authorised BLS International Ltd to accept and process visa applications. The company will provide Thai visa application services and value-added services like form filling assistance, SMS tracking, primetime submission, travel insurance, etc.  BLS International is a trusted global tech-enabled services partner for governments and citizens.

Ashok Leyland unveils eight-wheel truck AVTR 2620

Ashok Leyland Ltd has unveiled its first eight-wheel truck (AVTR 2620), making the company the only player to have a full range of trucks based on lift axle technology. The new product can be operated as a 25.5 tonne truck with lift axle down and an 18.5 tonne truck with lift axle up, offering lower fuel and operating costs during light load.

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Fire breaks out at Deepak Nitrite GIDC plant

Deepak Nitrite Ltd’s GIDC plant at Nandesari, Vadodra, witnessed five major chemical blasts today. Smoke was visible from a long distance, and 7-8 fire-fighters reached the spot to put out the fire. Deepak Nitrite manufactures and sells basic chemicals, fine & speciality chemicals, and performance products in India.

Jio-bp to partner with MG Motor, Castrol to boost EV adoption in India

MG Motor India and Castrol India Ltd will partner with Jio-bp to explore mobility solutions for electric cars. The three entities will explore setting up a four-wheeler EV charging infrastructure and expand Castrol’s existing auto service network to cater to EV customers. This partnership is in line with Jio-bp and MG Motor’s commitment to providing vast and reliable charging infra to electric car customers and accelerating EV adoption in India.

[Jio-bp is a joint venture between Reliance Industries Ltd (RIL) and British oil and gas major bp].

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GR Infra’s arm signs pact with NHAI for road project in Andhra Pradesh

GR Madanapalli Pileru Highway Pvt Ltd (GRMPHPL) has signed an agreement with the National Highways Authority of India (NHAI) for a road project worth Rs 1,577 crore. The project consists of four-laning of NH-71 from Madanapalli to Pileru in Andhra Pradesh. The length of the road is 55.9 km. GRMPHPL is a wholly-owned subsidiary of GR Infraprojects Ltd.

SEBI penalises Eicher Motors for flouting rules

Securities and Exchange Board of India (SEBI) imposed a penalty of Rs 10 lakh for failing to follow rules in the duplicate share certificates case. The company has to pay the fine within 45 days. The order comes after the SEBI received a complaint from Adesh Kaur against the automaker. It mentioned that 903 shares of the company were fraudulently transferred to an account of an impersonator who managed to forge her signature and change her address.

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Jio-BP, TVS Motor to Collaborate on EV Charging Solutions – Top Indian Market News

Jio-BP, TVS Motor to collaborate on EV charging solutions

Jio-BP has partnered with TVS Motor Company to establish public electric vehicle (EV) charging infrastructure for electric two-wheelers and three-wheelers across India. The customers of TVS electric vehicles will get access to the widespread charging network of Jio-BP. Both companies will bring the best of their global learnings in electrification and apply them to the Indian market to create a differentiated customer experience.

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Tata Power commissions 160 MW solar project in Rajasthan

Tata Power Solar Systems (TPSS) has commissioned a 160 megawatts (MW) AC solar project at Jetstar, Rajasthan. Around 6.75 lakh monocrystalline photovoltaic (PV) modules were used in this installation. The project will produce 387 million units (Ms) of energy per year. The Jetstar project was completed within 15 months. TPSS is a wholly-owned subsidiary of Tata Power.

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L&T secures orders under its transportation infra biz

The construction arm of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) for its transportation infrastructure business. The business has secured an order from the Tamil Nadu Road Infrastructure Development Corp. to construct the Chennai Peripheral Ring Road EPC-02 Package of Section-II. It has also received an order from the Uttar Pradesh Metro Rail Corporation (UPMRCL) Ltd.

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Dr. Reddy’s launches generic Methylprednisolone Sodium Succinate for injection in US

Dr. Reddy’s Laboratories Ltd has launched its generic Methylprednisolone Sodium Succinate for injection in the US market. The drug is indicated for various conditions, including arthritis, blood disorders, and severe allergic reactions. As per IQVIA data, the generic version of the drug had sales of $144 million (~Rs 1,083 crore) in the US during the twelve months ended Feb 2022.

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Adani Power receives Rs 3,000 crore dues from Rajasthan discoms

Adani Power Ltd has received Rs 3,000 crore dues with interest from state-owned power distribution companies (discoms) of Rajasthan as compensation for higher fuel costs. On February 25, the Supreme Court ordered the Rajasthan discoms to pay Rs 3,048.63 crore along with interest within four weeks. It also ruled that the discoms would otherwise be liable for contempt of court.

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Nazara Tech to invest Rs 19 crore in US-based Bitkraft Ventures

Nazara Technologies Ltd plans to invest $2.5 million (~Rs 18.81 crore) in a US-based game fund, Bitkraft Ventures. The investment was made by Nazara Tech’s Singapore arm. Two-thirds of the amount will be deployed over a period of three years. Bitkraft Ventures is an early-stage investment firm that backs startups in gaming, Web3, and immersive technology.

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Tata Steel uses inland waterways to ship heavy machinery for Kalinganar project

Tata Steel Ltd has used inland waterways in Odisha to bring in heavy machinery for its ongoing Kalinganagar plant expansion project. Development of inland waterways for the steel industry is a focus area of the government as transporting goods through this route is cheaper compared to rail and road. The move will pave the way for a sustainable logistics model with a potential cost advantage.

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Ramkrishna Forgings secures export order worth Rs 135 crore 

Ramkrishna Forgings Ltd has received an export order worth Rs 135 crore from a Euroasian original equipment manufacturer (OEM). The order is for the supply of heavy-duty commercial vehicle crankshafts to be executed over the next five years. The company’s management is confident of rapid growth on the back of higher capacity and improving utilization.

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Karur Vysya Bank’s business turnover crosses Rs 1.25 lakh crore in FY21

Karur Vysya Bank’s total business crossed Rs 1.25 lakh crore by the end of the previous financial year (FY22). Total business constitutes the total deposits and advances of the bank. Total deposits of the lender stood at Rs 68,676 crore as of March 31, 2022, while the total advances stood at Rs 58,086 crore.

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TCS signs multi-year contract with US company

Tata Consultancy Services (TCS) has signed a material multi-year contract with a large US company, expanding its long-standing partnership to accelerate its cloud transformation journey. The transformation will serve as a platform for the company’s future growth to enable business expansion, incubate new business models, improve customer experience, and other strategic benefits. The cloud-enabled operating model will be powered by advanced cognitive automation capabilities.

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Suven Pharma to acquire Casper Pharma for $20.5 million

The Board of Directors of Suven Pharmaceuticals Ltd has approved the acquisition of Hyderabad-based Casper Pharma for $20.5 million (~Rs 155 crore). Casper has an installed manufacturing capacity of 120 crore for solid oral dosage forms such as tablets or capsules. The acquisition is expected to be completed within 30 days.

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RBI Retains Growth Forecast for FY22 at 9.5% – Top Indian Market News

RBI retains GDP growth target at 9.5% in FY22

The Reserve Bank of India’s Monetary Policy Committee (MPC) has left the Repo Rate unchanged at 4%. The Reverse Repo Rate also remains unchanged at 3.35%. The RBI’s projection of real Gross Domestic Product (GDP) growth for FY22 has been retained at 9.5%. The GDP growth forecast stands at 6.6% for Q3 and 6% for Q4. The MPC expects inflation based on the Consumer Price Index (CPI) to be at 5.1% in Q3 and 5.7% in Q4.

RBI’s overarching policy focus and priority will be on supporting growth amidst the threat of a third wave of Covid-19.

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Jio-BP signs agreement with M&M to develop EV charging solutions

Jio-BP has signed an agreement with Mahindra & Mahindra (M&M) Ltd to develop electric vehicle (EV) related products and services, including EV charging solutions. The non-binding pact also includes identifying common interests in low-carbon and regular fuels. Jio-BP’s existing stations will be used for charging M&M’s electric three-wheelers, cars, quadricycles, and small commercial vehicles. Fuel and mobility player Jio-BP is a joint venture of Reliance Industries Ltd and UK-based BP plc.

Read more here. 

Bharti Airtel partners with Juniper Networks to expand network coverage

Bharti Airtel Ltd has selected Juniper Networks to deliver network upgrades for the expansion of its nationwide broadband coverage. The telecom company has expanded its Fibre-to-the-Home broadband coverage to over 430 towns. It further plans to cover 3 crore households in over 2,000 cities over the next three years. Juniper Networks will supply, install and provide support for upgrades to the MX Series routers and line cards as part of its broadband network gateway to manage Bharti Airtel’s subscribers and services.

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Alembic Pharma gets USFDA approval for hypertension drug

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Selexipag tablets. The drug is indicated for the treatment of pulmonary arterial hypertension (PAH) to delay disease progression and reduce the risk of hospitalization. As per IQVIA data, Selexipag tablets had an estimated market size of $461 million (~Rs 61.1 lakh) for twelve months ended September 2021. 

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L&T Infotech launches data monetising tool

Larsen & Toubro Infotech (LTI) has launched its data-to-decisions product suite ‘Fosfor’ for businesses seeking to monetise data. The Fosfor suite of products has go-to-market and technology partnerships with leading cloud companies. It is uniquely positioned in the market for artificial intelligence (AI) driven products.

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ABB India to deploy next-gen digital tech for power supply in Indore

ABB India Ltd has partnered with Indore Smart City Development Ltd (ISCDL) to deploy next-generation digital technology that enables a continuous supply of electricity to homes and businesses. In the first phase, this technology enabled more than 2,300 connections to achieve a 24/7 electricity supply with an efficient automatic response system (ARS) in case of power outages or disruption. ABB India and ISCDL plan to replicate the same model in other areas of the city and position Indore as a model for smart city projects across India.

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DLF to launch 7.7 million sq. ft. of real estate projects in second half of FY22

DLF Ltd plans to launch 7.7 million sq. ft. of real estate projects in the second half of 2021-22. This includes value homes, premium housing, and commercial properties. The company is also expected to announce the launch of the first phase of Midtown West, a premium residential complex on Shivaji Marg, Delhi. The project, with a revenue potential of Rs 12,000-15,000 crore, will have 3-4 BHK apartments.

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HCL Tech partners with apoBank to acquire German IT consulting firm

HCL Technologies Ltd has partnered with Deutsche Apotheker- und Ärztebank eG (apoBank) to acquire IT consulting company Gesellschaft für Banksysteme GmbH (gbs).  HCL Tech will hold a 51% stake, while apoBank will own a 49% stake of gbs. This strategic acquisition will add an edge to HCL’s existing capabilities to accelerate digital transformation and further enhance its scale in Germany. The transaction is expected to close in January 2022.