Tag: JSW Steel

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Tata Power Secures Contract Worth Rs 400 crore From KSEB – Top Indian Market News

Tata Power secures contract worth Rs 400 crore from KSEB

Tata Power Company has secured a contract worth Rs 400 crore from the Kerala State Electricity Board Ltd (KSEB). The order consists of developing an 84 megawatt (MW) solar rooftop project for domestic consumers across all districts of Kerala. The project has to be commissioned within three months of receipt of an order from individual residential customers. The rooftop solar project is expected to generate 120 million units (MUs) of energy every year. 

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Delta Corp Q1 Results: Net loss at Rs 28.93 crore

Delta Corp Limited reported a consolidated net loss of Rs 28.93 crore for the quarter ended June 2021 (Q1 FY22). It had posted a net loss of Rs 28.24 crore in the corresponding quarter last year (Q1 FY21). Delta Corp had reported a net profit of Rs 57.77 crore in Q4 FY21. The company’s total income increased by 34.92% YoY to Rs 82.72 crore in Q1 FY22. Delta Corp is a gaming and hospitality company that owns and operates casinos and hotels.

Ashoka Buildcon receives order worth Rs 482 crore from Ircon International

Ashoka Buildcon Ltd has received a Letter of Award (LoA) from Ircon International for an order worth Rs 482.34 crore. The order consists of the supply, erection, testing, and commissioning of an Electro-Mechanical (E&M) System on the Dharam-Katra section of the Udhampur-Srinagar-Baramulla Rail Link (USBRL) project. Out of the 272 kilometers of the USBRL Project, work has been completed on 161 km and commissioned, said the Ministry of Railways in a press release. 

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JSW Steel’s output rises 65% YoY to 5.07 MT in Q1

JSW Steel Limited reported a 65% year-on-year (YoY) growth in production to 5.07 million tonnes (MT) for the quarter ended June 2021 (Q1 FY22). Total production rose 16% when compared to the previous quarter. The company’s capacity utilisation at the standalone level was at 91% in Q1. Amidst the second wave of the Covid-19 pandemic, JSW Steel had supplied over 65,000 tonnes of liquid oxygen across India during the April-June quarter.

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HCL Tech helps transform BP’s workplace services in multi-year deal

HCL Technologies Ltd has completed the first phase in building a modern digital workplace for UK-based multinational energy company BP. As part of a multi-year deal, HCL will help transform BP’s workplace services, enabling it to drive efficiency and create a standardised end-user experience for its employees across 500 sites. HCL Tech has been providing global site support services and managed telephony for 60,000 IT end-users at BP.

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HG Infra declared lowest bidder for road project in Delhi

HG Infra Engineering has been declared the lowest (L-1) bidder by the National Highways Authority of India (NHAI) for a road project in Delhi. The project involves the development of a six-lane Urban Extension Road (UER) on NH 344 M (Karala-Kanjhawala Road) in Delhi. The company’s bid project cost is Rs 1,393.11 crore. The order has to be completed within two years.

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Maruti Suzuki launches digital platform to provide car financing solutions

Maruti Suzuki India Ltd has announced the nationwide roll-out of its digital platform that provides end-to-end online car financing solutions to customers. The platform, Maruti Suzuki Smart Finance, will be available across India for customers of both Arena and Nexa dealerships. The automaker has on-boarded HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, IndusInd Bank, and 9 other financiers to provide enhanced car financing experience to customers.

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Tata Motors partners with IndusInd Bank to finance solutions for passenger vehicles

Tata Motors Limited has launched offers for its passenger vehicle customers in partnership with IndusInd Bank. As part of the collaboration, Tata Motors will provide the ‘Step Up’ scheme where customers can choose and buy from its range of passenger cars in India, with a special low EMI option scheme for the first 3-6 months. This is part of the automaker’s constant effort to fast-track the availability of safe personal mobility solutions to individuals and families at pocket-friendly rates.

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BHEL receives order from NPCIL for Nuclear Steam Generators

Bharat Heavy Electricals Ltd (BHEL) has secured an order for the supply of 12 steam generators from Nuclear Power Corporation of India Ltd (NPCIL). The order has been valued at Rs 1,405 crore. The generators will be manufactured at BHEL’s plant at Tiruchirapalli (Tamil Nadu). This is part of NPCIL’s Fleet Mode procurement program, which mandates the supply of steam generators for India’s highest-rated 700 MWe Pressurised Heavy Water Reactors to be set up at 4 different locations in the country.

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Kitex Group being kicked out of Kerala: MD

Sabu M. Jacob, the Managing Director of Kitex Garments Ltd, has alleged that he is being ‘kicked out’ of Kerala due to harassment by the state government. The company is planning to shift its proposed project worth Rs 3,500 crore to Telangana. Tamil Nadu and Karnataka had also shown interest in the project after the MD announced that Kitex was winding up the project in Kerala, citing an alleged witch-hunt. Read more here.

IPO Updates

The Rs 963.27-crore initial public offering (IPO) of G R Infraprojects was subscribed 102.58 times on the final day of bidding. The portion reserved for retail investors was subscribed 12.57 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 238.04 times and that of qualified institutional buyers (QIBs) 168.58 times. To know more about the IPO, click here.

The Rs 1,546.62-crore IPO of Clean Science and Technology was subscribed 93.41 times on the final day of bidding. The portion reserved for retail investors was subscribed 9 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 206.43 times and that of qualified institutional buyers (QIBs) 156.37 times. To know more about the IPO, click here.

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Heineken Acquires Additional 14.98% Stake in UBL – Top Indian Market News

Heineken acquires additional 14.98% stake in UBL

Dutch brewing company Heineken N.V. has acquired an additional 14.98% stake in United Breweries Ltd (UBL). Its total shareholding in UBL has increased from 46.5% to 61.5%. On June 22, SEBI had exempted Heineken from the obligation of making an open offer following its proposed acquisition of shares in UBL. 

A Debt Recovery Tribunal (DBT) has sold shares worth over Rs 5,800 crore of UBL, which was earlier attached under the anti-money laundering law as part of an alleged bank fraud probe against liquor baron Vijay Mallya. The DBT will further sell shares of UBL worth Rs 800 crore by June 25.

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Dabur India to invest Rs 550 crore to set up manufacturing unit in Madhya Pradesh

Dabur India Limited has commenced construction of its largest manufacturing facility near Indore in Madhya Pradesh. The FMCG firm will invest Rs 550 crore to set up the new unit. The facility would manufacture a wide range of Dabur’s food products, ayurvedic medicines, and health supplements. The first phase of construction is scheduled for completion by the end of the current financial year (FY22). The unit is expected to provide direct and indirect employment opportunities to over 3,000 people at the end of the final phase. 

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Piramal Pharma completes acquisition of Hemmo Pharmaceuticals

Piramal Pharma, a subsidiary of Piramal Enterprises Ltd, has completed the acquisition of Mumbai-based Hemmo Pharmaceuticals. In March, the company had entered into an agreement to acquire a 100% stake in Hemmo for an upfront consideration of Rs 775 crore and earn-outs linked to the achievement of milestones. With this acquisition, Piramal Pharma will gain access to the growing peptide Active Pharmaceutical Ingredient (API) market.

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GRSE commissions new 250 tonne Goliath Crane

Garden Reach Shipbuilders and Engineers (GRSE) Ltd has commissioned a new 250 tonne Goliath Crane at the company’s main works unit in Kolkata. The approximate cost of setting up the crane was Rs 155 crore. GRSE said the new Goliath Crane is a vital asset for the construction and repair of a wide range of modern and strategic warships. It has enhanced the capacity of the modernised infrastructure facility of the shipyard.

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Glenmark Pharma gets USFDA approval for inhalation product

Glenmark Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for Arformoterol Tartrate Inhalation Solution. The drug is used to treat conditions such as chronic bronchitis and emphysema. It will be manufactured at the pharma company’s facility in Monroe, North Carolina. According to IQVIA data, the generic version of the drug had annual sales of approximately $437.9 million (~Rs 3,250 crore) for the 12 months ended April 2021.

Cipla Limited has also received approval for the inhalation solution from the USFDA.

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Infosys’ Rs 9,200 crore share buyback to open on Friday

The Rs 9,200 crore share buyback plan of Infosys Limited is scheduled to commence from June 25, 2021 (Friday). The IT company has proposed to buy back shares at a maximum price of Rs 1,750 per share. The Board of Directors of Infosys had approved the buyback plan on April 14, and the shareholders’ approval was received on June 19. The last date for the share buyback has been fixed as December 24, 2021.

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HCC Q4 Results: Net profit falls 49% YoY to Rs 157 crore

Hindustan Construction Company (HCC) Ltd reported a 49.48% YoY decline in net profit to Rs 157.28 crore for the quarter ended March (Q4). Net profit has increased by 32.64% when compared to the previous quarter. Its total income rose 0.9% YoY to Rs 2,398.38 crore during the same period. Net loss for the financial year ended March 31, 2021 (FY21) stood at Rs 610.02 crore, compared to a net profit of Rs 197.03 crore in FY20. HCC stated that operations of its group companies have started recovering from the economic slowdown caused by the Covid-19 pandemic.

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ABB India installs digital solutions at JSW Steel’s plant in Maharashtra

ABB India Limited has completed the digitalisation of a melt shop at JSW Steel’s Dolvi works steel plant in Maharashtra. The digital solution connects steel melt shop operations with ladle and crane tracking and thermal loss prediction for higher casting speeds and additional output of 24,000 tonnes per annum (TPA). The ABB Ability Smart Melt Shop solution will help JSW Steel boost productivity and profitability.

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Tata Motors in talks to raise capital for EV business: Report

According to a report from Economic Times, Tata Motors is in strategic talks with investors (including private equity funds) to raise capital for its electric vehicle (EV) business. In March 2021, the company had received shareholders’ approval to hive off its passenger vehicles business (including the EV segment) into a separate subsidiary through a scheme of arrangement. The report further states that talks with investors are at an early stage, and may not result in a deal.

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Speciality Restaurants Q4 Results: Net profit jumps 122% YoY to Rs 8.4 crore

Speciality Restaurants Ltd (SPL) reported a 122.72% YoY jump in consolidated net profit to Rs 8.43 crore for the quarter ended March (Q4). Net profit has increased by 328.5% when compared to the previous quarter. Its total income declined by 4.5% YoY to Rs 75.17 crore during the same period. For the entire financial year 2020-21 (FY21), the company reported a net loss of Rs 29.45 crore. This is compared to a net loss of Rs 38 crore in FY20. SPL owns and operates multiple chains of fine and casual dining restaurants in India, Bangladesh, and Tanzania.

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JSW Steel Output Rises 10% to 13.67 LT in May – Top Indian Market News

JSW Steel output rises 10% to 13.67 LT in May

JSW Steel Ltd reported a 10% YoY growth in crude steel production to 13.67 lakh tonne (LT) in May 2021. The company had produced 12.48 LT steel during the same month last year. Its output of flat-rolled products increased by 10% YoY to 9.99 LT in May. The production of long-rolled products stood at 3.09 LT, up 55% YoY. Total capacity utilisation stood at 91% in May.

According to a Bloomberg report, JSW Steel is suing three of the largest American steel-makers for ‘conspiracy to cause direct harm’. These firms have refused to sell raw metal to the company’s US pipe and plate-making operations. JSW Steel has filed a lawsuit against US Steel Corp., Nucor Corp, and Cleveland-Cliffs Inc. in the US District Court, Southern District of Texas (Houston).

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Vehicle registrations fall 55% to 5.35 lakh units in May: FADA

Automobile registrations across all categories saw a sharp decline in May, as retail vehicle sales came to a halt due to lockdowns imposed by various states. According to data released by the Federation of Automobile Dealers Association (FADA), total vehicle registrations in May 2021 fell 54.79% month-on-month (MoM) to 5.35 lakh units. Two-wheeler sales declined by 53%, while sales of three-wheelers fell 76% when compared to April 2021. Overall passenger vehicle and commercial vehicle registrations declined by 59% MoM and 66% MoM, respectively, in May.

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Mazagon Dock Shipbuilders Q4 Results: Net profit jumps 247% YoY to Rs 259 crore

Mazagon Dock Shipbuilders Ltd reported a 247% YoY jump in consolidated net profit to Rs 259.14 crore for the quarter ended March (Q4). Its revenue from operations rose 5.92% YoY to Rs 1,105.11 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 9.09% YoY to Rs 513.89 crore. The company’s board has recommended a final dividend of Rs 1.83 per share. Mazagon Dock Shipbuilders is engaged in the business of building and repairing ships, submarines, and vessels.

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Affle India to acquire mobile marketing firm Jampp

Affle (India) Limited has announced plans to acquire Latin America-based mobile marketing firm Jampp. The company did not disclose the financial details of the transaction. Jampp is a leading programmatic mobile marketing company that was established in 2013. Its advertising platform is used by leading app marketers to acquire new users and also to drive repeat usage and transactions with existing users. Meanwhile, Affle also stated that it will increase its stake in social keyboard provider Bobble AI from 8% to 17.72%.

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Cera Sanitaryware Q4 Results: Net profit rises 23% YoY to Rs 45.7 crore

Cera Sanitaryware reported a 22.91% YoY growth in consolidated net profit to Rs 45.76 crore for the quarter ended March (Q4). Net profit has increased by 52.94% when compared to the previous quarter. Its revenue from operations rose 47.2% YoY to Rs 438.42 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 11.02% YoY to Rs 100.77 crore. The company’s board has recommended a dividend of Rs 13 per share.

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HDFC to raise Rs 2,000 crore by issuing bonds

HDFC Limited aims to raise up to Rs 2,000 crore by issuing debt securities on a private placement basis. The secured, redeemable, non-convertible debentures for an issue size of Rs 2,000 crore will be open for bid on June 14 and closed on the same day. The bonds with 10 years of tenure will carry a coupon rate of 6.88% per annum. The proceeds from the issue will be utilised for financing or refinancing HDFC’s housing finance business requirements.

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Ion Exchange secures orders worth Rs 1,000 crore 

Ion Exchange (India) Ltd has received a Letter of Award (LoA) from State Water Supply and Sanitation Mission, Namami Gange and Rural Water Supply Department under Jal Jeevan Mission for two EPC projects. One of the projects consists of the survey, design, supply, construction, and commissioning of a water treatment plant. The second project includes operation and maintenance (O&M) services for 10 years for rural drinking water supply to 1,000 villages in two districts of Uttar Pradesh. The value of the two projects is approximately Rs 1,000 crore.

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Alkem Labs launches Perampil tablets, an affordable anti-epileptic drug

Alkem Laboratories Ltd has announced the launch of Perampil (Perampanel) tablets in the strengths 2mg, 4mg, and 6mg at affordable rates. Perampanel has been approved by the Drugs Controller General of India (DCGI). It is used as adjunctive therapy in the treatment of partial-onset seizures in patients with epilepsy, aged four years and older. The product reaffirms the pharma company’s commitment towards improving epilepsy care by bringing multiple treatment options of quality products to patients and healthcare professionals in India.

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Century Ply Q4 Results: Net profit jumps 134% to Rs 86 crore

Century Plyboard (India) Limited reported a 134.14% YoY jump in consolidated net profit to Rs 86.63 crore for the quarter ended March (Q4). Net profit has increased by 31.56% when compared to the previous quarter. Its total income rose 42% YoY to Rs 755.22 crore during the same period. The company’s chairman stated that all segments had performed exceptionally well during Q4. Net profit for the financial year 2020-21 (FY21) increased by 27.15% YoY to Rs 191.46 crore.

Suven Pharma signs MoU with CSIR-IICT for Covid-19 drugs Molnupiravir, 2-DG

Suven Pharmaceuticals Ltd (SPL), CSIR-Indian Institute of Chemical Technology (IICT)- Hyderabad, and CSIR-National Institute of Interdisciplinary Science & Technology- Thiruvananthapuram, have signed a Memorandum of Understanding (MoU) for the process technology transfer and manufacturing of anti-Covid drug Molnupiravir. The complete technology know-how will be transferred, and SPL will manufacture and launch the drug as an effective medication for Covid-19 infected patients. CSIR-IICT will also provide SPL with the process technology for manufacturing another anti-Covid drug— 2-DG.

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NHPC Q4 Results: Net profit rises 80% YoY to Rs 464 crore

NHPC Limited reported an 80% YoY increase in consolidated net profit to Rs 464.60 crore for the quarter ended March (Q4). Its total income declined by 12% YoY to Rs 2,094.30 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 7.1% YoY to Rs 3,582.13. The company’s board has recommended a final dividend of Rs 0.35 per share. NHPC’s board has also approved a proposal to raise up to Rs 4,300 crore by issuing debt instruments in the current financial year (FY22).

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Yes Bank board approves plan to raise Rs 10,000 crore via debt securities

The Board of Directors of Yes Bank has approved the proposal to raise Rs 10,000 crore through the issue of debt securities. The types of debt securities to be issued include non-convertible debentures (NCDs), bonds, and medium-term note (MTN). The private lender also received board approval to shift its registered office to Yes Bank House in Santacruz, Mumbai from Yes Bank Tower in Elphinstone.

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SBI Reports 80% YoY Rise in Net Profit in Q4 – Top Indian Market News

SBI Q4 Results: Net profit rises 80% YoY to Rs 6,451 crore

State Bank of India (SBI) reported an 80.14% year-on-year (YoY) increase in standalone net profit to Rs 6450.75 crore for the quarter ended March (Q4). Net interest income (NII) rose 19% YoY to Rs 27,067 crore during the same period. [NII is the difference between the interest income a bank receives on loans, and the interest it pays to depositors] The gross non-performing assets (GNPA) ratio rose to 4.98% in Q4, compared with 4.77% in Q3. Provisions declined by 18.11% YoY to Rs 11,051 crore during the quarter. SBI’s board has declared a dividend of Rs 4 per share.

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India’s gas output rises 23% in April as RIL-BP fields start production

India’s natural gas production increased by 22.7% in April, after Reliance Industries Ltd (RIL) and UK-based BP Plc ramped up output from their eastern offshore KG-D6 block. Our country produced 2.65 billion cubic meters (bcm) of natural gas in April, compared with 2.16 bcm in the same month last year. Crude oil production declined by 2% YoY to 2.49 million tonnes in April, as state-owned ONGC and Oil India Ltd produced less. The data was released by the Ministry of Petroleum and Natural Gas.

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JSW Steel Q4 Results: Net profit rises 56.5% QoQ to Rs 4,198 crore

JSW Steel Limited reported a 56.5% quarter-on-quarter (QoQ) rise in consolidated net profit to Rs 4,198 crore for the quarter ended March (Q4 FY21). Net profit has jumped 1,717% YoY. Its revenue from operations rose 51% YoY to Rs 26,934 crore during the same period. The steelmaker’s exports grew 3.8% QoQ. JSW Steel’s board has announced a final dividend of Rs 6.5 per share. The company has also approved new projects that entail a capital expenditure of Rs 25,115 crore, spread between FY22 and FY24.

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SJVN secures 75 MW solar project in Uttar Pradesh

SJVN Limited has secured a 75 megawatt (MW) grid-connected solar project in Jalaun, Uttar Pradesh through tariff-based competitive bidding. The power generated from the project will be procured by Uttar Pradesh New and Renewable Development Agency (UPNEDA) for 25 years at Rs 2.68 per kilowatt-hour (KWh). SJVN is a joint venture between the Government of India (GoI) and the Himachal Pradesh government.

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Hindalco Q4 Results: Net profit jumps 189% YoY to Rs 1,928 crore

Hindalco Industries reported a 189% YoY jump in consolidated net profit to Rs 1,928 crore for the quarter ended March (Q4). Net profit has increased by 2.7% when compared to the previous quarter. Its revenue from operations rose 38% YoY to Rs 40,507 crore during the same period. The company’s India business posted a 72% YoY growth in revenue to Rs 653 crore in Q4. This was aided by higher volume growth, better product mix, and lower input costs. Hindalco’s board has declared a final dividend of Rs 3 per share. 

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Antony Waste Handling Cell receives C&T contract from Jhansi Smart City

AG Enviro Infra Projects, a subsidiary of Antony Waste Handling Cell Ltd, has received a Letter of Intent (IoT) from Jhansi Smart City Ltd for door-to-door Collection and Transportation (C&T) of solid waste. The C&T contract is worth Rs 21 crore and is applicable for a period of five years. It involves the collection of solid waste from points such as households, commercial shops, and bulk waste generators.

Shree Cement Q4 Results: Net profit rises 49% YoY to Rs 798 crore

Shree Cement Ltd reported a 48.98% YoY (or 26.5% QoQ) increase in consolidated net profit to Rs 798.43 crore for the quarter ended March (Q4). Its revenue from operations rose 23.12% YoY to Rs 4,204.88 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 48.83% YoY to Rs 2,285.87 crore. Shree Cement’s board has recommended a final dividend of Rs 60 per share.

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IndiGo selects CFM’s engines to power 310 A320neo family aircraft

InterGlobe Aviation (IndiGo) has selected CFM International LEAP-1A engines to power its fleet of 310 new Airbus A320neo, A321neo, and A321XLR aircraft. The airline has ordered 620 new installed engines and associated spare engines. The agreement with CFM also includes long-term, multi-year service contracts. The new agreement will help IndiGo secure LEAP-1A engines and service agreements for its A320neo family aircraft from 2023 onwards.

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Persistent Systems to acquire assets of Sureline Systems for $2.5 million

Persistent Systems Ltd has entered into an agreement to acquire select contracts, intellectual property, assets, and employees of Sureline Systems for $2.5 million (~Rs 18.20 crore). The acquisition is expected to strengthen Persistent Systems’ cloud transformation offering and solutions by reducing cloud migration costs. Based in California and Pune, Sureline Systems provides cloud migration and disaster recovery solutions.

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Dr. Lal PathLabs Q4 Results: Net profit jumps 156% YoY to Rs 83 crore

Dr. Lal PathLabs Ltd reported a 156% YoY jump in net profit to Rs 83.4 crore for the quarter ended March (Q4). Net profit has declined by 13% when compared to the previous quarter. Its revenue from operations rose 42% YoY to Rs 431 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 30% YoY to Rs 290.8 crore. The company’s board has declared a final dividend of Rs 8 per share.

South Indian Bank Q4 Results: Net profit at Rs 6.79 crore

South Indian Bank reported a net profit of Rs 6.79 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 143.69 crore in the corresponding quarter last year (Q4 FY20). Total income declined by 10.4% YoY to Rs 2,098.25 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio rose to 6.97% as of March 31, 2021 (FY21), compared with 4.98% in FY20. For the financial year ended March 31, 2021 (FY21), net profit declined 41% YoY to Rs 61.9 crore.

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Godrej Consumer Reports 59% YoY Rise in Net Profit in Q4 – Top Indian Market News

Godrej Consumer Q4 Results: Net profit rises 59% YoY to Rs 366 crore

Godrej Consumer Products Ltd (GCPL) reported a 59.13% year-on-year (YoY) increase in consolidated net profit to Rs 365.84 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 27%. Its revenue from operations rose 27% YoY to Rs 2,705.69 crore during the same period. GCPL’s revenue from the Indian market was up 34.63% YoY to Rs 1,499.74 crore. For the financial year ended March 31, 2021 (FY21), net profit rose 14.98% YoY to Rs 1,720.82 crore. GCPL said localised lockdowns could impact frontline servicing and replenishment of its outlets.

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JSW Hydro raises $707 million in first offshore bond issuance

JSW Hydro Energy, a subsidiary of JSW Energy Ltd, has raised $707 million (~Rs 5,185 crore) through its first-ever offshore bond issuance. The proceeds from the issue will be used to repay the existing debt of the company’s two operational hydro projects. The senior secured notes will bear interest from May 18, 2021, to May 18, 2031, at the rate of 4.125% per annum. The bonds will be listed on the Singapore Exchange (SGX).

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Moody’s cuts India’s FY22 GDP forecast to 9.3%

Rating agency Moody’s has slashed India’s gross domestic product (GDP) forecast for FY 2021-22 to 9.3% from the earlier projection of 13.7%. The downward revision in GDP estimates comes on the back of the second wave of Covid-19 infections across the country, which have triggered localised lockdowns and mobility curbs. Moody’s stated that the second wave will slow the near-term economic recovery and could also affect long-term growth dynamics.

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Infosys announces strategic collaboration with Britvic

Infosys Limited announced that it has been selected by UK-based Britvic as an end-to-end partner to help them deliver their strategic digital transformation roadmap and operations. Britvic is one of the leading branded soft drinks businesses in Europe. The IT services major will simplify and streamline Britvic’s cloud infrastructure and operations using its Infosys Cobalt platform.

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Granules India Q4 Results: Net profit rises 38% YoY to Rs 128 crore

Granules India Ltd reported a 38.15% YoY increase in consolidated net profit to Rs 127.6 crore for the quarter ended March (Q4). Its revenue from operations rose 33% YoY to Rs 799.3 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 63.8% YoY to Rs 549.45 crore. The pharma company’s board has recommended a final dividend of Rs 0.75 per share.

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JSW Steel’s crude steel out jumps two-fold to 13.71 LT in April

JSW Steel Limited said its crude steel output jumped over two-fold to 13.71 lakh tonnes (LT) in April 2021. The company had produced 5.63 LT in the same month last year. Crude steel output has declined by 5% when compared with March 2021. JSW Steel’s production of flat-rolled products rose three-fold to 9.57 LT, compared with 3.44 LT in April 2020. It produced 3.37 LT long-rolled products in April 2021, compared with 0.89 LT in April 2020.

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UPL signs licensing agreement with Japan-based Meiji Seika Pharma

UPL Limited said its subsidiary has entered into a licensing agreement with Japan-based Meiji Seika Pharma Co. Ltd for exclusive access to Flupyrimin in Southeast Asia. Flupyrimin is a patented active ingredient developed by Meiji. It is a novel insecticide that is effective against rice pests. UPL will obtain exclusive rights to develop, register, and commercialise formulations of Flupyrimin for applications in rice in Southeast Asia.

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Siemens Q2 Results: Net profit rises 90% YoY to Rs 334 crore

Siemens Limited reported a 90.3% YoY increase in consolidated net profit to Rs 334.4 crore for the quarter ended March (Q2 FY21). The company follows the October-September financial year cycle. On a quarterly basis, net profit has risen by 13.16%. Its total income rose 30% YoY to Rs 3,540 crore during the same period. Siemens registered new orders from continuing operations worth Rs 3,309 crore, registering a 16.9% rise compared with the same period last year (Q2 FY20). 

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Firstsource Solutions Q4 Results: Net profit falls 49% YoY to Rs 46 crore

Firstsource Solutions Ltd (FSL) reported a 49% YoY decline in net profit to Rs 46.68 crore for the quarter ended March (Q4). On a quarterly basis, net profit has fallen by 61%. The company’s revenue from operations rose 35% YoY (or 7% QoQ) to Rs 1,460 crore during the same period. Its BFSI vertical grew 66% YoY to Rs 758 crore, while the communications, media, and technology (CMT) vertical grew 23% YoY to Rs 300.94 crore. FSL is a leading business process management (BPM) company based in Mumbai.

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Linde India Q1 Results: Net profit jumps 676% YoY to Rs 303 crore

Linde India Limited reported a 676% YoY jump in consolidated net profit to Rs 303.23 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. On a quarterly basis, net profit increased by 433.8%. Its consolidated revenue rose 17% YoY to Rs 441.42 crore during the same period. The rise in profit has been primarily due to an exceptional item worth Rs 294 crore.

Indiabulls Housing Finance to divest its mutual fund business to Groww for Rs 175 crore

Indiabulls Housing Finance has entered into a definitive agreement with Nextbillion Technology Pvt. Ltd (which operates Groww) to divest its entire stake in the mutual fund business of its subsidiaries— Indiabulls Asset Management Co. Ltd and Indiabulls Trustee Co. Ltd for Rs 175 crore. The deal includes a cash equivalent of Rs 100 crore to be invested in Groww. The transaction is expected to be completed by June 30, 2022. Indiabulls Housing said it will narrow focus on its real estate asset management business, as it looks to operate with an asset-light strategy. 

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Kalpataru Power Q4 Results: Net profit falls 43% QoQ to Rs 174 crore

Kalpataru Power Transmission reported a 43.51% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 174 crore for the quarter ended March (Q4). Net profit has jumped 461% YoY.  Its revenue from operations rose 16% QoQ (or 15.8% YoY) to Rs 4,086 crore during the same period. For the financial year ended March 31, 2021 (FY21), its net profit has increased by 72.05% YoY to Rs 671 crore. The company’s board has recommended a final dividend of Rs 1.5 per share.

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HDFC Reports 42% YoY Rise in Net Profit in Q4 – Top Indian Market News

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HDFC Q4 Results: Net profit rises 42% YoY to Rs 3,180 crore

Housing Development Finance Corporation (HDFC) reported a 42% YoY increase in net profit to Rs 3,180 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased by 8.7%. Net interest income (NII) rose 14% YoY to Rs 4,065 crore during the same period. The gross non-performing assets (NPAs) ratio stood at Rs 1.98%, compared with 1.91% in Q3 FY21. HDFC’s board has approved a dividend of Rs 23 per share. The board has also approved fundraising of up to Rs 1.25 lakh crore by issuing non-convertible debentures on a private placement basis.

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Dabur Q4 Results: Net profit rises 34% YoY to Rs 378 crore

Dabur India Ltd reported a 34.4% YoY increase in consolidated net profit to Rs 378 crore for the quarter ended March (Q4). The FMCG firm’s revenue from operations rose 25.3% YoY to Rs 2,337 crore during the same period. Its India FMCG business grew 28.3% and posted best-ever volume growth of 25.4% in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 17.2% YoY to Rs 1,693 crore. Dabur India’s board has proposed a final dividend of Rs 3 per share.

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JSW Steel signs pact with JFE Steel Corp to establish JV in India

JSW Steel has signed a Memorandum of Understanding (MoU) with Japan-based JFE Steel Corporation to conduct a feasibility study to establish a grain-oriented electrical steel sheet manufacturing and sales joint venture (JV) company in India. Grain-oriented electrical steel is an important material used in the production of energy-efficient transformers and high-performance generators. The companies plan to complete the study within the current financial year and take appropriate steps to set up the JV company.

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Steel Strips Q4 Results: Net profit at Rs 44.5 crore

Steel Strips Wheels Ltd reported a net profit of Rs 44.56 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 5.25 crore in the corresponding period last year (Q4 FY20). On a quarterly basis, net profit has increased by 54% in Q4 FY21. Revenue from operations rose 80.81% YoY to Rs 699.87 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 110% YoY to Rs 49.25 crore. The company’s board has declared a final dividend of Rs 2 per share.

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Tata Motors to hike prices of passenger vehicles from May 8

Tata Motors Ltd said it will increase the prices of its passenger cars by an average of 1.8%, depending on the model and variant, from May 8. This is to partially offset the rise in input costs. The surge in prices of commodities such as steel and precious metals has forced the automaker to hike prices. Tata Motors will also extend price protection for customers who have booked vehicles on or before May 7.

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Kansai Nerolac Paints Q4 Results: Net profit rises 89% YoY to Rs 124 crore

Kansai Nerolac Paints Ltd reported an 89.14% YoY increase in consolidated net profit to Rs 123.62 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 39%. Its total revenue rose 35.14% YoY to Rs 1,459.57 crore during the same period. The company’s profit margins improved from 6.22% in Q4 FY20 to 8.51% in Q4 FY21. Kansai Nerolac Paints’ board has recommended a final dividend of Rs 4 per share.

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Godrej Agrovet Q4 Results: Net profit declines 24% You to Rs 56 crore

Godrej Agrovet Ltd reported a 24.12% YoY decline in net profit to Rs 56.59 crore for the quarter ended March (Q4). Its revenue fell 10.4% YoY to Rs 1,472.39 crore during the same period. The company’s poultry and processed foods business grew 22% YoY to Rs 139 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 2.47% YoY to Rs 313.74 crore. Godrej Agrovet’s board has declared a final dividend of Rs 8 per share.

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GE Shipping Company Q4 Results: Net profit at Rs 49 crore

Great Eastern Shipping Company reported a net profit of Rs 49.01 crore for the quarter ended March (Q4). It had posted a net loss of Rs 50.68 crore in the corresponding period last year. On a quarterly basis, net profit has fallen by 72% in Q4 FY21. Revenue from operations declined by 26.68% YoY to Rs 739.95 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 343.43% YoY to Rs 918.52 crore. GE Shipping Company’s board has announced a final dividend of Rs 9 per share.

The company’s board has also approved fundraising of up to Rs 1,000 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis.

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RailTel secures order worth Rs 11.99 crore from Cotton Corp

RailTel Corporation of India has received a work order from Cotton Corporation of India for hiring on-cloud Data Centre hosting for hardware and software, along with the migration of Oracle EBS and other applications. The total cost for the five years contract period is Rs 11.99 crore.

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Reasons Behind the Rise in Steel Prices in India

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Steel prices in India and across the globe have been rising exponentially since July 2020. After surging ~55% in the previous financial year (FY21), it was confirmed that major Indian steel players had hiked rates by a further 10% in April alone. A Rs 4,000 per tonne hike has taken domestic prices of hot-rolled coil (a steel product) to a 13-year high of around Rs 60,000 per tonne. While companies such as JSW Steel, SAIL, Tata Steel, and Jindal Steel & Power continue to benefit from higher prices, other sectors of our economy face huge difficulties.

What could be the reasons behind the surge in steel prices? Let us find out.

Why are Steel Prices Rising?

China Cuts Import Tariffs on Steel to Zero

Last week, China announced the suspension of import taxes on steel. This is part of the country’s multi-year campaign to use market pressures to force its steel manufacturers to shrink and become more energy-efficient and profitable. Thus, it is in line with China’s ongoing drive to reduce steel capacity. Duties on crude steel, pig iron, and recycled steel will be suspended from May 1 onwards. 

China has also removed a rebate (partial refund or tax relief) of 13% on the value-added tax (VAT) it offered on exports of 146 steel items. The rebate is now applicable on 28% of Chinese steel exports as compared to 98% earlier. These rebates would force Chinese steelmakers to concentrate on domestic markets and not produce extensively for overseas markets. This would lead to a general increase in global steel prices (as China produces more than 50% of the world’s steel).

On the other hand, Chinese export prices would no longer be the lowest in the world. It would also reduce the competitive pressure on suppliers particularly in the Asia Pacific region, including Japan, South Korea, Taiwan, Vietnam, and India.

Was China Hoarding Steel?

China had been the largest producer of steel for more than a decade and was known for dumping its steel products across the globe. It produces more than half of the world’s steel. Due to discounted prices, major foreign steelmakers found it very difficult to compete with their Chinese counterparts. 

Despite this, China had turned into a net importer of steel almost a year ago. Even when their steel plants were operating at 90% capacity in June 2020, the country began importing large quantities of steel. Through a well-defined fiscal and monetary stimulus package, China shifted its focus on creating demand and promoting development activities. Do bear in mind that this was during a period when other nations had been under strict lockdowns amidst the outbreak of the Covid-19 pandemic. As a result of these policies, China was able to control the global demand and supply of steel and thereby control prices.

Other Factors

Global steel prices have also skyrocketed due to a steep increase in the prices of iron ore. The decline in iron ore exports from countries such as Australia and Brazil had led to a surge in its prices. At the same time, the iron and steel industry has been witnessing strong growth in demand from China, India, Europe, and the United States. The reduction in global Covid-19 cases and strong vaccination drives have allowed economic activities to resume. However, the magnitude of this increase in demand is much greater than the supply. 

In the Indian context, steel companies had just started ramping up their production capacities in the last few months. There had been a greater demand for steel from the real estate and infrastructure sectors. Due to the surge in Covid-19 cases and the devastating impact associated with it, steelmakers (including JSW Steel, Jindal Steel & Power) have now reduced production to ramp up their supply of medical oxygen to hospitals.

The Impact of Rising Steel Prices

  • The Indian automobile sector has been heavily impacted due to the surge in steel prices and other essential metals. The rise in input costs had affected their operating profits and revenues. We saw that companies such as Maruti Suzuki, Tata Motors, Mahindra & Mahindra, and others had raised the prices of their vehicles in January 2021. Major automakers had to introduce a further hike in rates on select models in April as well. 
  • The real estate and infrastructure sectors will also be affected in the long term as steel and cement prices keep increasing at a rapid pace.
  • The rise in steel prices has also lead to an increase in inflation in India. This is on account of a considerable rise in inflation in the manufacturing sector. According to industry experts, steel prices are expected to remain at elevated levels in 2021 due to high demand. Major companies such as JSW Steel have stated that domestic steel prices are still much below the international rates. The rates are very likely to go up further in the coming months.

Stocks Benefiting from Rising Steel Rates

Over the past few months, we have been witnessing a significant rally in steel stocks due to the prospects of better margins. The shares of Steel Authority of India Ltd (SAIL), Tata Steel, and Jindal Steel & Power Ltd (JSPL) have surged by more than 65% so far since January 2021. JSW Steel has rallied by 85% during the same period. Tata Steel has crossed an important mark of Rs 1,000 and is rising further every day. 

Indian steelmakers are likely to show significant growth in EBITDA in their upcoming financial results. The policy changes introduced by China were well received by investors last week. A further hike in steel products is expected in May, and thus, we could see a potential upside in these stocks. 

However, with the prevailing Covid-19 situation in India, the steel industry is unsure whether it can ramp up production to meet the requirements of the automobile, construction, and other sectors. With most states in India imposing restrictions or lockdowns, production is most likely to be impacted. Let us look forward to seeing how the situation unfolds in the weeks to come.

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Infosys Reports 2.32% QoQ Decline in Net Profit in Q4 – Top Indian Market News

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Infosys Q4 Results: Net profit falls 2.32% QoQ to Rs 5,078 crore

Infosys Limited reported a 2.32% quarter-on-quarter (QoQ) decline in net profit to Rs 5,078 crore for the quarter ended March (Q4). The IT company’s revenue rose 1.5% QoQ to Rs 26,311 crore during the same period. Infosys crossed a revenue milestone of Rs 1 lakh crore in FY21. Total deal wins during the financial year stood at a record $14.1 billion (~Rs 1.05 lakh crore). Infosys’ board has approved a dividend of Rs 15 per share.

The Board of Directors of Infosys Ltd has approved a proposal to buyback equity shares worth Rs 9,200 crore. The company will buy back 5.25 crore equity shares at Rs 1,750 per share through the open market. The maximum buyback price represents a 25.2% premium to Tuesday’s closing price.

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Maruti Suzuki sells record 1.57 lakh CNG vehicles in FY21

Maruti Suzuki India Ltd said it has achieved its highest-ever CNG vehicle sales for a financial year at 1,57,954 units in FY 2020-21. This is a 48.40% rise in CNG vehicle sales as compared to the previous financial year. The automaker had sold 1,06,444 CNG units in FY 2019-20. Maruti Suzuki sells a range of factory-fitted CNG cars, including Alto, Celerio, Wagon-R, S-PRESSO, Eeco, Ertiga, Tour S, and Super Carry.

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Happiest Minds partners with BeatRoute to offer revenue realisation solutions for CPG industry

Happiest Minds Technologies has entered into a strategic partnership with BeatRoute to solve typical revenue realization problems faced by the consumer packaged goods (CPG) industry. BeatRoute’s cloud SaaS CRM-SFA platform enables CPG enterprises to achieve high impact digital transformation across their retail and business-to-business (B2B) field sales operations. This partnership empowers CPG enterprises with a goal-oriented digital transformation journey, by leveraging new-age technologies such as machine learning (ML) and store analytics.

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Sterlite Tech partners with UK-based Openreach to build ‘Full Fibre’ network

Sterlite Technologies Ltd has announced a strategic collaboration with Openreach, the largest digital network business in the United Kingdom. Openreach has chosen Sterlite Tech as a key partner to provide optical cable solutions for its new, ultra-fast, ultra-reliable ‘Full Fibre’ broadband network. Under the partnership, Sterlite Tech will be responsible for delivering millions of kilometres of optical fibre cable to support the ‘Full Fibre’ build programme over the next three years.

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Bharti Airtel unveils new corporate structure

Bharti Airtel has introduced a new corporate structure to sharpen the company’s focus on driving the rapidly unfolding digital opportunity in India while enabling it to unlock value. The new structure involves Airtel Digital Limited folding into the listed entity— Bharti Airtel Limited. Bharti Airtel will now house all of the digital assets, including Wynk Music, Airtel Xstream, Airtel Thanks, Airtel Ads, Airtel IQ, Airtel Cloud, and all future digital products and services. Airtel Limited, a wholly-owned subsidiary of Bharti Airtel, will house all the telecom businesses.

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Amazon moves SC against Delhi High Court stay order restraining Future Retail deal with Reliance

Future Retail, on Wednesday, said Amazon.com, Inc. has approached the Supreme Court against a Delhi High Court order which stayed a single judge’s order restraining Future Retail Ltd (FRL) from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business. FRL said it will “defend the matter/proceedings through its legal counsels”. Future Group and Amazon have been locked in a battle after the US-based e-commerce giant took FRL into emergency arbitration over an alleged breach of contract between them.

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JSW Steel completes acquisition of 31% stake in GSI Lucchini

JSW Steel Italy Srl, a subsidiary of JSW Steel Limited, has completed the acquisition of a 30.73% stake of Italy-based GSI Lucchini for €1 million (~Rs 8.98 crore). The balance share capital (69.63%) of GSI is already held by JSW Steel Italy Srl. GSI Lucchini is a leading producer of forged steel balls used in grinding mills. The manufacturing unit of GSI is located at the port city of Piombino in the Tuscany region, providing easy access to export markets.

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Aditya Birla Capital approves Aditya Birla Sun Life AMC IPO

The Board of Directors of Aditya Birla Capital Ltd (ABCL) has approved an initial public offering (IPO) of its subsidiary, Aditya Birla Sun Life AMC. The asset management company (AMC) is a joint venture between the Aditya Birla Group and Sun Life Financial. ABCL holds 51% in the JV, while the remaining 49% is held by Sun Life. Through the IPO, ABCL will sell upto 28.51 lakh equity shares held by it in Aditya Birla Sun Life AMC, while Sun Life will sell upto 3.6 crore shares.

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CIL’s coal allocation under spot e-auction rises 36% in April-Feb 2020-21

Coal India Limited (CIL) allocated 37.21 million tonnes (MT) of coal during the April-February period of the financial year 2020-21 under the spot e-auction scheme. This is a 36.3% increase as compared to the same period in FY20. Fuel allocation by CIL under the scheme also increased to 4.41 MT in February, from over 3.31 MT in the corresponding month of 2019-20.

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BEL Achieves Record Turnover of Rs 13,500 crore During 2020-21 – Top Indian Market News

BEL achieves record turnover of Rs 13,500 crore during 2020-21

Bharat Electronics Limited (BEL) said it has achieved a record turnover of about Rs 13,500 crore during FY 2020-21, despite challenges posed by the Covid-19 pandemic and high competition. The company’s turnover in the previous financial year stood at Rs 12,608 crore. BEL’s total order book as of April 1, 2021, stood at ~Rs 53,000 crore. The state-owned company also achieved export sales of around $50 million (~Rs 366 crore) during 2020-21.

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Automobile companies register strong sales growth in March

Major automobile companies reported healthy sales growth during March 2021. Maruti Suzuki posted a 1.15% increase in total sales to 1.67 lakh units in March, compared to 1.64 units sold in February. This was led by strong sales of utility vehicles, light commercial vehicles (LCVs), and vans. Tata Motor’s overall domestic sales rose 14% in March to 66,609 units from 58,473 units sold in February. Escort Ltd’s agricultural machinery segment sold 12,337 tractors in March, the highest-ever recorded in the month. M&M’s passenger vehicle sales increased by 8% month-on-month.

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IGL signs long-term pact with Delhi Transport Corp to supply CNG

Indraprastha Gas Limited (IGL) has signed a long-term agreement to supply compressed natural gas (CNG) to Delhi Transport Corporation (DTC). The gas supply agreement is valid till December 2030. DTC is the largest CNG-powered bus service operator in the world with a fleet size of 3,762 buses. It is in the process of procuring 1,000 new CNG buses, which would soon be plying on the roads of Delhi.

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JSW Steel completes acquisition of Welspun’s plates, coil mill business

JSW Steel Limited has completed the acquisition of Welspun Corp’s high-grade steel and coil business. Laptev Finance Pvt Ltd, a subsidiary of JSW Group, will first acquire Welspun’s Plates and Coil Mill division for Rs 848.5 crore— subject to closing adjustments towards net working capital. The subsidiary will transfer all rights and obligations related to the deal to JSW Steel for a consideration of Rs 1 crore.

In other news, JSW Steel has commenced production of hot-rolled plates at its Dolvi Works plant in Maharashtra. The company is in the process of increasing the plant’s capacity from 5 million tonnes per annum (MTPA) to 10 MTPA.

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RIL-BP seeks bids for sale of additional gas from KG-D6 basin

Reliance Industries Ltd (RIL) and its partner, BP, have sought bids from companies to sell the additional gas produced from the KG-D6 basin off the east coast of India. RIL and BP Exploration Alpha Ltd are currently producing and developing deepwater gas fields in the KG-D6 block under a production sharing contract with the Indian government. The consortium expects additional gas availability for sale at Kakinada, Andhra Pradesh from the last week of April or early May.

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Wipro to acquire Australia-based Ampion for $117 million

Wipro Limited has signed an agreement to acquire Ampion, an Australia-based provider of cybersecurity, DevOps, and quality engineering services. The cost of the acquisition is $117 million (~Rs 855 crore). The IT services major said the acquisition of Ampion strengthens its commitment towards clients and stakeholders in Australia and New Zealand. The deal is expected to close in the quarter ending June 30, 2021 (Q1).

In other news, Wipro Ltd has completed a strategic digital and IT partnership deal with German wholesaler Metro AG. Wipro has acquired Metro-Nom GMBH and Metro System Romania for Rs 450 crore. 

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IRB Infra receives LoA for road project in Himachal Pradesh

IRB Infrastructure Developers has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project in Himachal Pradesh. The project consists of four-laning the Pathankot-Mandi section of NH-20 in Himachal Pradesh on Hybrid Annuity Mode (HAM). The cost of the project is Rs 828 crore. With this, IRB Infra’s order book stands at Rs 14,509 crore.

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Tata Consumer divests stake in Empirical Group, Southern Tea

Tata Consumer Products Ltd (TCPL) said its step-down subsidiaries in the US are divesting their entire stakes in Empirical Group LLC and Southern Tea LLC to their joint venture (JV) partner Harris Tea Company. This move will help TCPL focus on its core branded business in the overseas markets. It will also help simplify and streamline the company’s operations to enhance business effectiveness and profitability.

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Reliance Infra sells Santacruz HQ to Yes Bank for Rs 1,200 crore

Reliance Infrastructure has sold its commercial property in Santacruz, Mumbai to its lender Yes Bank for Rs 1,200 crore. The entire proceeds from the sale of Reliance Centre will be utilised to repay the debt of Yes Bank. With this, Reliance Infrastructure has closed three major transactions in the last 90 days, including the sale of a road asset— Delhi-Agra toll road, transmission asset— Parbat Koldfam Transmission Company Ltd, and sale of Reliance Centre, Santacruz.

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Mastercard to invest $100 million in Airtel Africa’s mobile money unit

Bharti Airtel’s African arm, Airtel Africa plc, has signed a deal to sell a 3.75% stake in its mobile money operations to Mastercard Inc. The global payment processor will invest $100 million (~Rs 733 crore) in Airtel Mobile Commerce BV (AMC BV)— a wholly-owned subsidiary of Airtel Africa. AMC BV is the holding company for several of Airtel Africa’s mobile money operations. It intends to own and operate the mobile money businesses across all of Airtel Africa’s fourteen operating countries.

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SC Rules in Favour of Tata Group, Sets Aside NCLAT Order – Top Indian Market News

Supreme Court upholds Tata Sons’ decision to sack Cyrus Mistry as chairman

The Supreme Court (SC) on Friday upheld the Tata Group’s decision to sack Cyrus Mistry as chairman of the group.  A three-judge bench of SC, led by CJI Justice S A Bobde, set aside the National Company Law Appellate Tribunal (NCLAT) order that had reinstated Mistry on Tata Sons’ board and had termed current Chairman N Chandrasekaran’s appointment as ”illegal”. The SC also refused to entertain Shapoorji Pallonji Group’s plea for fair compensation of their equity shares in Tata Sons. 

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JSW Steel pays Rs 19,350 to complete acquisition of Bhushan Power & Steel

JSW Steel, on Friday, paid Rs 19,350 crore to the financial creditors of Bhushan Power & Steel Ltd (BPSL) towards implementation of the resolution plan for acquiring the insolvent company. With this move, Sajjan Jindal-led JSW Steel has closed the acquisition of BPSL. This marks JSW Steel’s entry into mineral-rich eastern India, which has so far been dominated by Steel Authority of India Ltd (SAIL) and Tata Steel.

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Bajaj Auto, Pierer Mobility to strengthen e-mobility cooperation

Bajaj Auto Limited said it is strengthening its strategic cooperation with Pierer Mobility AG for developing electric products in the two-wheeler sector. Both companies have decided to jointly explore zero tailpipe emissions, low maintenance, and long-lasting benefits of light electric vehicles (EVs) in urban settings and dense metropolitan areas. The first of these electric two-wheelers are set to hit the market in 2022.

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Barbeque Nation IPO subscribed 5.98 times on final day of bidding

The Rs 452-crore initial public offering (IPO) of Barbeque Nation Hospitality Limited was subscribed 5.98 times on the final day of bidding. The IPO has received bids for 2.99 crore equity shares against an offer size of 49.99 lakh shares. The portion reserved for retail investors was subscribed 13.13 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 3.1 times and that of qualified institutional buyers (QIBs) 5.11 times.

Godrej Properties sells over 275 flats worth Rs 475 crore at housing project in Noida

Godrej Properties Ltd said it has sold around 275 residences worth Rs 475 crore within one day at the launch of its housing project, Godrej Woods, in Noida. Located in Sector 43, Godrej Woods offers homes set amidst a lush green development with over 600 trees. The realty firm claims to have added 17 projects across five cities in the National Capital Region (NCR). Out of this, six projects have already been delivered.

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M&M board approves consolidation of Mahindra Electric Mobility

The Board of Directors of Mahindra & Mahindra Ltd has granted in-principle approval for the consolidation of Mahindra Electric Mobility Ltd (MEML) into the company. The consolidation will categorize electric vehicle (EV) operations into two focused verticals— Last-Mile Mobility and Electric Vehicle Tech Centre. M&M said simplifying the structure will drive improvements through innovation, execution excellence, efficiencies, and economies of scale.

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Tata Motors signs MoU with SBI for financing light commercial vehicles

Tata Motors has signed a three-year Memorandum of Understanding (MoU) with State Bank of India (SBI) to offer financial assistance for the purchase of the company’s range of small and light commercial vehicles. The collaboration with SBI will allow Tata Motors’ commercial vehicle (CV) customers to avail of loans in a hassle-free manner as well as access SBI’s unique technology-laden offerings.

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Power Grid acquires Bikaner-II Bhiwadi Transco from PFC

Power Grid Corporation of India said it has acquired Bikaner-II Bhiwadi Transco Ltd (BBTL), from Power Finance Corporation (PFC). BBTL is the special purpose vehicle (SPV) to establish a transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan. The transmission company was acquired for an aggregate value of about Rs 20.50 crore, including 10,000 equity shares at Rs 10 per share, along with its assets and liabilities.

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Confidence Petroleum signs agreement with GAIL Gas to set up CNG stations in Bengaluru

Confidence Petroleum India Ltd has signed an agreement with GAIL Gas for setting up 100 compressed natural gas (CNG) stations in Bengaluru. The CNG stations will be set up on a Build-Operate (BO) basis over the next three years. This will significantly improve the accessibility of CNG auto fuel for cars, autorickshaws, buses, and heavy vehicles of Bengaluru.

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Prestige Estates acquires 50% stake in JV partnership with DB Realty

Prestige Estate Projects, through its subsidiary- Prestige Falcon Realty Ventures, has invested through capital account contribution in Turf Estate Joint Venture LLP as a new partner with an equal share of profit/losses with DB Realty. The joint venture (JV) firm aims to develop a 2.6 million sq. ft. commercial project in Worli, Mumbai. The project would consist of two office towers.

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Prestige Estates Sells Assets Worth Rs 7,467 crore to Blackstone Group – Top Indian Market News

Prestige Estates sells assets worth Rs 7,467 crore to Blackstone Group

Prestige Estate Properties Ltd has sold assets worth Rs 7,467 crore to investment firm Blackstone Group as part of the first phase of a Rs 9,160 crore deal. Phase-1 of the transaction included the sale of 12 assets comprising of completed retail, office, and hotel properties. With the completion of this transaction, Prestige Estate’s net debt has reduced to Rs 997.5 crore (compared with Rs 8,464.5 crore as of December 31, 2020). Phase-2 of the transaction is expected to be completed by the end of the next quarter.

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Have adequate spectrum to be competitive in market: Vodafone Idea

P Balaji, Chief Regulatory and Corporate Affairs Officer of Vodafone Idea Ltd (VIL), said the company has an adequate spectrum to meet customers’ requirements and to be competitive in the market. He said that VIL had bid for just as much radiowaves as it needed to boost its services and coverage. This commentary comes after several reports stated that VIL may not have acquired large amounts of spectrum in the recent auctions due to financial constraints. Vodafone Idea’s spectrum holding after the recent auction stands at 1,768.60 MHz.

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Kalyan Jewellers IPO to open on March 16; price band fixed at Rs 86-87

Kalyan Jewellers, on Thursday, announced that it will open its initial public offering (IPO) on March 16. The price band of the IPO has been fixed at Rs 86 to Rs 87 per share. The offer size is Rs 1,175 crore, which comprises a fresh issue aggregating to Rs 800 crore and an offer for sale (OFS) of Rs 375 crore. The company will utilise the funds for meeting working capital requirements and for general corporate purposes. The issue will close on March 18.

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JSW Steel’s crude steel production declines 1% YoY in February

JSW Steel Limited reported that its crude steel production declined by 1% year-on-year (YoY) to 13.06 lakh tonnes in February 2021. The average capacity utilisation was 93% last month. The production of flat-rolled products declined 6% YoY to 9.27 lakh tonnes. The production of long-rolled products increased by 10% YoY to 3.4 lakh tonnes during the same period.

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Infosys BPM extends strategic partnership with Newmont Corp

Infosys BPM announced a five-year extension of its strategic collaboration with the world’s largest gold mining company- Newmont Corporation. The company will standardise and digitise delivery models across Newmont’s mining sites. Infosys BPM will leverage its automation, artificial intelligence (AI), and design thinking capabilities to deliver increased value for Newmont. Infosys BPM is the business process management arm of Infosys Limited.

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SpiceJet to offer RT-PCR test for Rs 500 in Mumbai, Delhi

SpiceJet Limited has launched the country’s cheapest Covid RT-PCR testing facility for the general public at Rs 499 through its subsidiary, SpiceHealth. It will also offer the testing facilities at a special price of Rs 299 (which is one-third of the prevailing market rate) to its passengers. In the first phase, SpiceHealth will make its testing facility available in Mumbai and Delhi.

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NMDC declares interim dividend of Rs 7.76 per share

NMDC Limited’s board has approved an interim dividend of Rs 7.76 per share for the financial year 2020-21. The company has fixed March 23, 2021, as the record date for payment of the interim dividend. State-owned NMDC is India’s largest iron ore miner and produces about 35 metric tonnes (MT) of iron ore from its three iron ore complexes in the country.

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Ramco Systems goes live at Nigeria-based Caverton Helicopters

Ramco Systems Limited announced that it has gone live at Caverton Helicopters with its Aviation M&E MRO Suite V5.8, thereby integrating and digitally transforming its business processes. The installed Aviation Suite helps Caverton Helicopters to track transactions, generate flight contract billing, and execute work packages. Caverton Helicopters is a Nigerian aerospace company that serves the West African offshore oil and gas industry.

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Ares SSG Capital completes acquisition of Altico Capital

Hong Kong-based Ares SSG Funds has completed the acquisition of debt-ridden Altico Capital. This buyout marks the first resolution of a defaulting non-banking finance company (NBFC) outside India’s Insolvency and Bankruptcy Code (IBC). State Bank of India (SBI), Bank of Baroda, Yes Bank, ACRE ARC, and Aditya Birla Finance were the main lenders to Altico Capital that have credit exposure. 

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Firms of Rakesh Jhunjunwala, Samir Arora file for mutual fund licenses

Helios Capital Management and Alchemy Capital Management are among four investment firms that have applied for mutual fund licenses with market regulator SEBI within the past 4 months. Singapore-based Helios Capital is founded by Samir Arora, while Alchemy Capital is co-founded by ace investor Rakesh Jhunjunwala. Bajaj Finserv, Capitalmind (Wisemarkets Analytics), Frontline Capital Services, Unifi Capital, and Zerodha Broking are other firms that have applied for mutual fund licenses.

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USTPO grants patent to Newgen Software for invention of advanced binarization process

The United States Patent and Trademark Office (USTPO) has granted a patent to Newgen Software Technologies Ltd for an invention entitled “Image Processing System and Method”. The patent is for a period of 20 years, which starts from March 2018. The invention is an image processing system that binarizes images, which refers to converting colored and grey images to black and white images. The process of binarization is used to reduce image size and to facilitate document analysis.

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MTAR Technologies IPO Subscribed 200.8 Times on Final Day of Bidding – Top Indian Market News

MTAR Technologies IPO subscribed 200.8 times on final day of bidding

The Rs 596.41-crore initial public offering (IPO) of MTAR Technologies was subscribed 200.79 times on the second day of bidding. The issue received bids for 145.79 crore equity shares against an offer size of 72.60 lakh shares. The portion reserved for retail investors was subscribed 28.4 times. The portion set aside for non-institutional investors (NIIs) was subscribed 650.7 times and that for qualified institutional buyers (QIBs) 165 times.

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Kotak Mahindra Bank divests 10% stake in ECA Trading Services to its subsidiary

Kotak Mahindra Bank has divested 10% stake in ECA Trading Services to its wholly-owned subsidiary, Kotak Securities, for Rs 1.98 crore. A total of 1.09 crore equity shares were sold to the subsidiary at Rs 10 per share. The divestment was done to comply with the prudential limit set by the Reserve Bank of India (RBI) on investment in a non-financial services entity.

On Thursday, Kotak Mahindra Bank signed a Memorandum of Understanding (MoU) with the Indian Army. The private sector lender will now handle the salary accounts of Indian Army personnel.

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PNB Housing Finance, Yes Bank enters into co-lending partnership

PNB Housing Finance and Yes Bank have entered into a strategic co-lending agreement to offer customised retail loans for homebuyers at competitive interest rates. The Delhi-based housing finance company will serve customers through the entire loan lifecycle including sourcing, documentation, and collection with an information-sharing arrangement with Yes Bank. Both companies will jointly do due diligence and co-originate the loan at an agreed ratio. 

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Tejas Network secures order from Mexico-based GigNet

GigNet, a Mexico-based digital infrastructure company, has selected Tejas Networks Limited’s optical networking and broadband access products for their high-capacity fiber-optic network expansion in the Cancun region of Mexico. Tejas Networks will supply its full range of last-mile access products to support the rapid growth of GigNet’s Smart Communities business segment for planned developments across the region.

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Lenders agree to JSW Steel’s terms for buying Bhushan Power: Report

As per a report from BloombergQuint, the lenders to Bhushan Power & Steel Ltd (BPSL) have agreed to the terms set by JSW Steel for purchasing the assets of insolvent BPSL. A majority of the financial creditors on Friday voted in favour of accepting JSW Steel’s Rs 19,350-crore offer for the sale. The report further states that the deal will be closed by the end of March.

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Dilip Buildcon receives LoA for two HAM projects in Karnataka

Dilip Buildcon Limited has received the Letter of Acceptance (LoA) for two Hybrid Annuity Mode (HAM) projects worth Rs 2,439 crore in Karnataka. The scope of the first project involves four laning of the Bangalore to Malur section of Bangalore-Chennai Expressway. The second project is for four-laning the Malur to Bangarpet section of Bangalore-Chennai Expressway. Both projects are to be completed within 24 months.

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Sun Pharma’s subsidiary to acquire Australia-based WRS Bioproducts

Sun Pharmaceutical Industries announced that one of its wholly-owned subsidiaries will acquire 4.28 lakh equity shares (or 12.5% stake) of Australia-based WRS Bioproducts. The consideration to be paid for acquiring the stake will be AUD 2 million (~Rs 11.21 crore). WRS Bioproducts is engaged in developing novel technologies to produce and commercialise supplements and nutraceutical ingredients from diverse algae species in Australia. Sun Pharma expects to complete the acquisition by March 15, 2021.

PVR opens new six-screen property in Mysuru

Multiplex operator PVR Limited announced the launch of a new six-screen property in Mysuru, Karnataka. The latest PVR Cinemas in Mysuru spreads across an area of 32,240 sq feet and can accommodate a total of 1,078 audiences. PVR said the new property features advanced cinematic technological solutions that offer a holistic movie-going experience. With this opening, PVR now operates 844 screens at 177 properties in 71 cities across India and Sri Lanka.

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Shilpa Medicare gets USFDA approval for Apremilast Tablets

Shilpa Medicare has received tentative approval from the US Food and Drug Administration (USFDA) for Apremilast Tablets- 10 mg, 20 mg, and 30 mg. The tablets are indicated for the treatment of psoriatic arthritis. According to IQVIA MAT 2020 data, the US market for Apremilast Tablets is approximately $2.4 billion (~Rs 17,541 crore). 

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Coal India declares second interim dividend of Rs 5 per share

The Board of Directors of Coal India Limited (CIL) has approved the payment of a second interim dividend for the financial year 2020-21 of Rs 5 per share. The record date for the same has been fixed as March 16. The date of payment of the interim dividend is March 24. CIL has also revised its capital expenditure (capex) plans to Rs 13,000 crore from Rs 10,000 crore after the government asked the company to push expenditure to spur demand in the post-lockdown period.  

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