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Bharti Airtel to Invest Rs 5,000 crore in Data Centre Business – Top Indian Market News

Bharti Airtel to invest Rs 5,000 crore to triple data centre capacity by 2025

Bharti Airtel will invest Rs 5,000 crore over the next 3-4 years to scale up its data centre capacity in India to meet the surging demand from domestic and global customers. The telecom company has unveiled a refreshed brand identity— ‘Nxtra by Airtel’ for its data centre business. Nxtra has the largest network of data centres in India. It currently operates 10 large and 120 edge data centres located strategically across the country. As per Bharti Airtel’s estimates, the data center market in India will reach $4 billion (~Rs 29,600 crore) in the next 4 years. 

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Tata Steel divests entire stake in NatSteel Holdings for Rs 1,275 crore

Tata Steel Ltd (TSL) has sold its entire stake in Singapore-based NatSteel Holdings Pte for $172 million (~Rs 1,275 crore). NatSteel Holdings is a steel-making unit under T S Global Holdings (TSGH) Singapore, a 100% indirect subsidiary of Tata Steel. TSL will use the consideration received from the stake sale for reducing its offshore debt.

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TCS secures order from MCX to transform core trading systems

Multi Commodity Exchange of India (MCX) has selected Tata Consultancy Services (TCS) as the technology solution provider for its growth and transformation journey. TCS will help MCX build a new technology core and transform its trading and post-trading functions. The IT major will design and deploy a cutting-edge, ultra-low latency, and high-performance solution that integrates multiple systems to transform MCX’s end-to-end operations.

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NTPC’s renewable arm signs green term loan of Rs 500 crore with Bank of India 

NTPC Renewable Energy Ltd (REL) has signed its first green term loan agreement for Rs 500 crore. The loan agreement is at a competitive rate with a tenure of 15 years with Bank of India for its 470 megawatts (MW) solar project in Rajasthan and 200 MW in Gujarat. NTPC REL currently has a renewable project portfolio of 3,450 MW, of which 820 MW is under construction. NTPC REL will construct India’s largest local solar power park of 4.75 gigawatts (GW) in Kutch, Gujarat.

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Indel Money partners with IndusInd Bank to offer gold loans

Non-banking financial company Indel Money has entered into a co-lending partnership with IndusInd Bank to offer gold loans at competitive rates. Indel Money will originate and process gold loans based on mutually formulated credit parameters and eligibility criteria. IndusInd Bank will take into its book 80% of the gold loan generated by the co-lending arrangement, while the remaining 20% will be funded by Indel Money.

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JMC Projects secures orders worth Rs 1,849 crore

Civil engineering firm JMC Projects (India) Ltd has secured new orders worth Rs 1,849 crore. The projects include B&F projects in India of Rs 857 crore and social housing projects in the Maldives of Rs 992 crore. Currently, the company’s total order inflow stands at Rs 7,959 crore. JMC Projects is one of the leading civil construction and infrastructure EPC companies in India. It is a subsidiary of Kalpataru Power Transmission Ltd.

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Sterling and Wilson Solar secures order worth Rs 1,500 crore

Sterling and Wilson Solar Ltd (SWSL) has received the first order for its waste-to-energy business from a leading developer of energy assets in the UK and Europe. The order is worth approximately Rs 1,500 crore. Last month, the company had announced the expansion of its renewable energy offerings to include hybrid energy, energy storage, and waste-to-energy solutions. SWSL’s facility will process 23.2 tonnes of non-recyclable solid municipal waste per hour. It will help divert over 185,600 tonnes of waste each year.

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Centre hikes domestic natural gas prices by 62%

As per a notification from the Petroleum Planning and Analysis Cell (PPAC), the price of domestically produced natural gas would be $2.90 per million British thermal unit (mmBtu) from October 1, 2021, to March 31, 2022, from the current $1.79. Domestic gas prices have been hiked by 62% from the previous revision in April. The maximum sale price allowed for natural gas production from deepwater, ultra-deepwater, and high-pressure discoveries has been increased from $3.62 per mmBtu to $ 6.13 per mmBtu.

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Maruti Suzuki warns of production hit for second month due to chip shortage

Maruti Suzuki India Ltd is expecting total vehicle production in October at two of its plants to be around 60% of normal levels due to the global chip shortage. Maruti’s Haryana plant and its contract manufacturing company, Suzuki Motor Gujarat Private, will see production curbs in October. The acute shortage of semiconductors is forcing car manufacturers to drastically cut production.

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ABSL AMC IPO subscribed 1.08 times on second day of bidding

The Rs 2,768.26 crore initial public offering (IPO) of Aditya Birla Sun Life AMC was subscribed 1.08 times on the second day of bidding. Retail investors have subscribed 2 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 40% and 6.13%, respectively, against their reserved portions. 

To learn more about the IPO, click here.

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Zomato IPO Subscribed 38.25 Times on Final Day of Bidding – Top Indian Market News

Zomato IPO subscribed 38.25 times on final day of bidding

The Rs 9,375 crore initial public offering (IPO) of Zomato Limited was subscribed 38.25 times on the final day of bidding. The IPO has received bids for 2,751.25 crore equity shares against the issue size of 71.92 crore shares. Retail investors have subscribed 7.45 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 32.96 times and 51.79 times, respectively, against their reserved portions. 

HDFC AMC Q1 Results: Net profit rises 14% YoY to Rs 345.45 crore

HDFC Asset Management Company (AMC) reported a 14% YoY increase in net profit to Rs 345.45 crore for the quarter ended June (Q1 FY22). Net profit has increased by 9.3% when compared to the previous quarter. Its revenue from operations rose 23% YoY (or 0.8% QoQ) to Rs 507.1 crore during the same period. The company’s Quarterly Assets Under Management (QAAUM) rose 17% YoY to Rs 4,16,900 crore in Q1. HDFC AMC holds a 12.6% market share in QAAUM of the mutual fund industry.

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One97 Communications files DRHP for Rs 16,600 crore IPO

One97 Communications Ltd, the parent company of digital payments platform Paytm, has filed a Draft Red Herring Prospectus (DRHP) for its IPO with market regulator SEBI. The company aims to raise Rs 16,600 crore via the public issue. The fresh issue of shares (of the face value of Rs 1 each) aggregates to Rs 8,300 crore. Existing shareholders of the firm will offload their stake worth Rs 8,300 crore. The company will use the IPO proceeds to strengthen its payment ecosystem and drive new business initiatives and acquisitions.

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JMC Projects secures orders worth Rs 1,624 crore

JMC Projects (India) Ltd has secured new orders worth Rs 1,624 crore. The work includes a road project in Ghana, South Africa, and a few building projects in India. The company’s order inflow has reached Rs 4,659 crore in the current financial year (FY22). JMC Projects (India) is a subsidiary of Kalpataru Power Transmission Ltd. It is one of the leading civil construction and infrastructure EPC companies in India.

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Tata Power partners with HPCL to set up EV charging stations at petrol pumps

Tata Power has signed an agreement with Hindustan Petroleum Corp Ltd (HPCL) to provide electric vehicle (EV) charging stations at HPCL’s petrol pumps across the country. Under the agreement, Tata Power will provide EV charging infrastructure at HPCL’s retail outlets for EV users. People can use the Tata Power EZ Charge mobile application to utilise charging facilities. Tata Power Company owns a network of over 500 public chargers in petrol pumps, metro stations, and shopping malls in 100+ cities in India.

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L&T Finance Q1 Results: Net profit rises 20% YoY to Rs 178 crore

L&T Finance Holdings Ltd reported a 20% YoY increase in net profit to Rs 178 crore for the quarter ended June (Q1 FY22). Net profit has declined by 33% when compared to the previous quarter. Its revenue from operations declined by 7% YoY (or 8% QoQ) to Rs 3,140 crore during the same period. L&T Financial Services is a leading non-banking finance company (NBFC) that offers farm equipment finance, two-wheeler finance, micro-loans, etc. It is a subsidiary of Larsen & Toubro (L&T).

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NIIT partners with Sushant University to offer future-ready programs

NIIT Limited has partnered with Gurugram-based Sushant University to offer their upcoming batches of Bachelors in Computer Application (BCA) and BTech in Computer Science specialization in Banking & Finance and StackRoute – Full Stack Product engineering, respectively. The partnership aims to deliver future-ready programs to improve learning and employability for fresh graduates. The programs would empower them with the necessary skills to become ‘Day-1 job-ready industry professionals’.

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DEN Networks Q1 Results: Net profit falls 29% YoY to Rs 41 crore

DEN Networks Ltd reported a 29% YoY decline in net profit to Rs 41.15 crore for the quarter ended June (Q1 FY22). Net profit has increased by 11% when compared to the previous quarter. Its revenue from operations increased by 0.6% YoY to Rs 302 crore during the same period. DEN Networks distributes and promotes television channels through an extensive digital cable distribution network in India. It also offers over-the-top (OTT) entertainment and broadband services.

Tatva Chintan Pharma Chem IPO subscribed 4.5 times on first day

The Rs 500 crore IPO of Tatva Chintan Pharma Chem was subscribed 4.51 times on the first day of bidding. The IPO has received bids for 1.46 crore equity shares against the issue size of 32.61 lakh shares. Retail investors have subscribed 8.24 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 1.14 times and 50%, respectively, against their reserved portions.

To learn more about the IPO, click here.  

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TCS Reports 15% YoY Rise in Net Profit in Q4 – Top Indian Market News

TCS Q4 Results: Net profit rises 15% YoY to Rs 9,246 crore

Tata Consultancy Services (TCS) reported a 14.8% year-on-year (YoY) increase in net profit to Rs 9,246 crore for the quarter ended March (Q4). The IT firm’s revenue rose 9.4% YoY to Rs 43,705 crore during the same period. The company’s revenue from the Banking, Financial Services, and Insurance (BFSI) vertical rose 15% YoY to Rs 17,559 crore. TCS’s board has recommended a final dividend of Rs 15 per share. 

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Retail inflation rises to 5.52% in March; IIP contracts 3.6% in February

Retail inflation in India, measured by the Consumer Price Index (CPI), rose to 5.52% in March 2021. The CPI had increased steeply from 4.06% in January to 5.03% in February— due to a surge in food and fuel prices. Meanwhile, the Index of Industrial Production (IIP) contracted by 3.6% in February. The overall industrial output had contracted by 1.6% in January. The manufacturing sector output contracted by 3.7% in February, while mining output declined by 5.5%.

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Flipkart partners with Adani Group to strengthen logistics, data centre infrastructure

E-commerce major Flipkart has entered into a commercial partnership with the Adani Group to strengthen its logistics and data centre capabilities. Flipkart will work with Adani Logistics (a wholly-owned subsidiary of Adani Ports) to strengthen its supply chain infrastructure and further enhance its ability to serve its rapidly growing customer base. The Walmart-owned company will also set up its third data centre at AdaniConneX’s Chennai-based facility. This partnership will create around 2,500 direct jobs.

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Sputnik V vaccine recommended for emergency use approval in India

The Subject Expert Committee of the Drugs Controller General of India (DCGI) has recommended the use of Russia’s Sputnik V Covid-19 vaccine in the country. Sputnik V will be the third vaccine to be used in India after Serum Institute’s Covishield (developed by Oxford-AstraZeneca) and Bharat Biotech’s Covaxin. Sputnik V, manufactured in India by Dr. Reddy’s Laboratories, has an efficacy rate of 91.6%.

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Man Industries secures order worth Rs 766 crore

Man Industries (India) Limited has received an order worth Rs 766 crore from the domestic hydrocarbon sector. With this new order, the company’s total order book to be executed this year stands at approximately Rs 1,900 crore. Mumbai-based Man Industries is a leading manufacturer and exporter of large-diameter Carbon Steel Line Pipes used for various high-pressure transmission applications.

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Coforge to acquire controlling stake in SLK Global Solutions

Coforge Limited has signed definitive agreements to acquire a controlling stake in Bengaluru-based SLK Global Solutions. This is part of the company’s efforts to strengthen its financial services vertical. Coforge will acquire an 80% stake in the business process transformation (BPT) enterprise over the next two years (in various tranches). The acquisition of the first 60% stake is for a cash consideration of Rs 918.3 crore. 

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Passenger vehicle sales in India decline by over 2% in 2020-21: SIAM

According to a report by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales in India declined by 2.24% YoY to 27.11 lakh units in the financial year 2020-21. The figure stood at 27.73 lakh units in the previous financial year. Total commercial vehicle sales declined 20.77% YoY to 5.68 lakh units in FY21. Two-wheeler sales fell by 13.19% YoY to 1.51 crore units during the same period.

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JMC Projects receives new orders worth Rs 1,262 crore

JMC Projects (India) Limited has secured building projects in India worth Rs 1,059 crore. The company has also received a water project worth Rs 203 crore from the Maldives. Its total order wins for FY 2020-21 was around Rs 7,900 crore. JMC Projects is a civil engineering and EPC company. It is a subsidiary of Kalpataru Power Transmission Ltd.

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Praj Industries to set up ethanol plant for Godavari Biorefineries

Praj Industries Limited has secured an order from Godavari Biorefineries to set up a sugarcane syrup-based ethanol plant in Karnataka. Under the contract, Praj Industries will expand the existing ethanol manufacturing capacity of the plant to 600-kilo liter per day (KLPD), from the existing 400 KLPD, using sugarcane syrup. When commissioned, it will become India’s largest capacity syrup-based ethanol plant. 

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Solara Active Pharma’s board approves merger with Aurore Life Sciences

The Board of Directors of Solara Active Pharma Sciences Ltd has approved a merger with Hyderabad-based Aurore Life Sciences Pvt. Ltd with itself. After the merger, Solara will hold a 67% stake in Aurore Pharma Pvt., while promoter shareholding in Solara will increase from 42.57% to 55.15%. Solara’s board has also approved the merger of Empyrean Lifesciences and Hydra Active Pharma Sciences with itself.

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Reliance Jio Launches ‘JioBusiness’ to Digitally Transform MSMEs – Top Indian Market News

Reliance Jio launches ‘JioBusiness’ to digitally transform MSMEs

Reliance Jio has launched an integrated technology solution- JioBusiness to transform around 5 crore micro, small, and medium enterprises (MSMEs) in India. The company will provide enterprise-grade fiber connectivity that offers voice and data services. It will also provide digital solutions that help enterprises manage and grow their businesses. JioBusiness will offer devices to enable leading digital solutions for MSMEs. 

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Vehicle registrations fell 13.43% YoY in February: FADA

As per data released by the Federation of Automobile Dealers Associations (FADA), overall vehicle registrations declined by 13.43% year-on-year (YoY) to around 14.99 lakh in February 2021. The figure stood at over 17.31 lakh units in the corresponding period last year (Feb 2020). However, the data shows that registration of passenger vehicles grew by 10.59% YoY to 2.54 lakh units last month. 

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Puravankara to invest Rs 450 crore to develop residential project in Mumbai

Puravankara Limited will invest Rs 450 crore to develop a mixed-use residential project in Chembur, Mumbai. The project, named ‘Purva Clermont’, will come under the developer’s luxury portfolio World Home Collection. The project will be built on a 2.25-acre land parcel and will have five towers— four residential buildings with 233 units and one commercial office building. Construction of the project will begin in 3 months and is expected to be completed by 2025.

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L&T delivers 700 MW steam generator ahead of schedule

Larsen & Toubro (L&T) has despatched the first out of four 700 MWe (megawatt electrical) steam generators for the Gorakhpur Haryana Anu Vidyut Pariyojana (GHAVP) ahead of schedule. With this, the company has created a new global benchmark in the nuclear manufacturing industry. The hi-tech equipment was manufactured at L&T’s manufacturing facilities at Hazira and Vadodara Heavy Engineering Works (VHEW).

[GHAVP is a proposed 2,800 MW nuclear power plant that is being built on a 560-hectare area near Gorakhpur village in Haryana]

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JMC Projects signs agreement with FDC to construct 2,000 social housing units in Maldives

JMC Projects (India) Limited has signed an agreement with Fahi Dhiriulhun Corporation Ltd (FDC) for the design, finance, and construction of 2,000 social housing units in Hulhumale Island of Maldives. FDC is a state-owned company of the Government of Maldives. The total value for the project is estimated to be around $137 million (~Rs 1,000 crore). Mumbai-based JMC Projects is a leading construction company. It is also a subsidiary of Kalpataru Power Transmission Limited. 

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Inox Wind signs pact for 92 MW-projects with Integrum Energy

Inox Wind Limited has signed an agreement with Integrum Energy Infrastructure to supply, erect, and commission 92 megawatts (MW) of wind power projects. The projects comprise 2 MW turbines with a combination of total turnkey and limited scope supply services. The company will supply and commission wind turbines at Gujarat, Karnataka, Maharashtra, and Tamil Nadu by the third quarter of the next financial year (FY 2021-22). 

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Aurionpro Solutions enters into partnership with UK-based Future-Tech

Aurionpro Solutions Ltd has entered into a strategic partnership with UK-based Future-Tech for data center design and consultancy projects in India & South Asia. In recent years, the company has ventured into data centre building, consulting, and hybrid cloud services. Aurionpro will provide consultancy and assistance for rolling out 100 MW data centres for one of its customers within the next few years. Mumbai-based Aurionpro Solutions is an IT services company. It is also engaged in the sale of equipment and software licenses.

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Easy Trip Planners IPO subscribed 7.20 times on second day of bidding

The Rs 510-crore initial public offering (IPO) of Easy Trip Planners was subscribed 7.20 times on the second day of bidding. The issue received bids for 10.85 crore equity shares against an offer size of 1.5 crore shares. The portion reserved for retail investors was subscribed 32.71 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 4.05 times and that of qualified institutional buyers (QIBs) 28%.

To know more about the IPO, click here.

Praj Industries secures order from HPCL for setting up biogas plant

Praj Industries has received an order from Hindustan Petroleum Corporation Ltd (HPCL) for setting up a compressed biogas (CBG) plant at Badaun, Uttar Pradesh. The company will offer its RenGas technology to produce CBG from rice straw. The project will have the capacity to process 35,000 metric tonnes (MT) of rice straw as feedstock to generate 5,250 MT of CBG annually. Praj Industries stated that this project will be completed and commissioned within 12 months.

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Indoco Remedies launches Brinzolamide Ophthalmic Suspension in the US

Indoco Remedies Limited has announced the launch of Brinzolamide Ophthalmic Suspension in the United States. The product is developed and manufactured by Indoco Remedies for TEVA Pharmaceuticals at its facility in Goa. It is used to treat high pressure inside the eye due to ocular hypertension and open-angle glaucoma. As per IQVIA data, the US market size of this product stood at $184 million (~Rs 1,343 crore) as of December 2020.

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Jubilant Foodworks completes acquisition of 100% stake in Fides Food

Jubilant Foodworks announced that its wholly owned subsidiary, Jubilant Foodworks Netherlands B.V., has successfully completed the acquisition of 100% stake of Fides Food Systems Coöperatief U.A. Fides Food is the beneficial owner of 32.81% equity shares in DP Eurasia, which is the master franchisee of Domino’s Pizza in four countries— Turkey, Azerbaijan, Russia, and Georgia. The total value of the acquisiton was nearly Rs 252 crore.