Tag: kalpataru power

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SBI’s Net Profit Rises 178% YoY to Rs 16,884Cr in Q1 – Top Indian Market Updates

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

SBI Q1 Results: Net profit jumps 178% YoY to ₹16,884 crore

State Bank of India (SBI) reported a 178.24% YoY jump in net profit to ₹16,884 crore for the quarter ended June (Q1 FY24), beating street estimates. Its Net Interest Income (NII) increased 24.7% YoY to ₹38,905 crore during the same period. The bank’s Gross Non-Performing Assets (NPA) reduced to 2.76% compared to 2.78% in Q1 FY23. On the balance sheet side, credit growth was recorded at 13.9% YoY with domestic advances growing at 15.08% YoY.

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MCA examines SEBI’s allegations against Zee Ent

According to an ET Now report, the Ministry of Corporate Affairs (MCA) is examining irregularities in Zee Entertainment Enterprises as alleged by the market regulator SEBI. However, the company said it is not aware of any MCA probe and has not received any such notification from the ministry, news agency Reuters said citing a source. The MCA has taken cognizance of SEBI’s interim order which alleged bogus book entries and siphoning of funds, and is probing lapses in corporate governance issues.

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M&M Q1 Results: Net profit rises 98% YoY to ₹2,774 crore

Mahindra & Mahindra (M&M) reported a 98% YoY increase in standalone net profit to ₹2,774 crore for Q1 FY24. Its revenue from operations rose 22% YoY to ₹24,056 crore during the same period. EBITDA stood at ₹3,547 crore, up 46% YoY. In the automotive segment, the company recorded the highest-ever first-quarter volumes at 186,000, up 21% over the previous year’s quarter.

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India’s forex reserves fall $3.2 billion to $603.87 billion as on July 28

As per RBI data, India’s foreign exchange reserves dipped $3.2 billion to $603.87 billion for the week ending July 28. Foreign exchange reserves stood at $607.03 billion for the week ended on July 21. Foreign currency assets (FCAs) dropped by $2.4 billion to $535.33 billion. In October 2021, the country’s forex kitty reached an all-time high of USD 645 billion.

The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

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BHEL Q1 Results: Net loss at ₹343 crore

Bharat Heavy Electronics Ltd (BHEL) reported a consolidated net loss of ₹343 crore in Q1 FY24. The company reported a consolidated net loss of ₹187.99 crore in Q1 FY23. The total income of the company rose to ₹5,117.20 crore in the quarter from ₹4,742.28 crore in the same period a year, up 7.9% YoY. However, the company’s total expenses rose to ₹5,595.47 crore in the quarter from ₹5,006.50 crore in the June quarter last year. 

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IT dept conducts searches across several premises of Kalpataru group

The Income Tax (I-T) department searched the real estate development company Kalpataru Group’s premises in Rajasthan and Mumbai on Friday. According to Deccan Herald, the search sites include the residences of group founder Mofatraj P Munot and Managing Director Parag M Munot. A source quoted in the report said that the misappropriation of funds of “hundreds of crores” have been uncovered.

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Delhivery Q1 Results: Net loss narrows to ₹89.5 crore

Delhivery reported a consolidated net loss of ₹89.5 crore for the June quarter (Q1 FY24). Net loss stood at ₹399 crore in Q1 FY23. Consolidated revenue from operations rose 10.5% YoY to ₹1,929 crore during the same period. Express parcel shipment volumes grew 19% YoY to 182 million in the quarter. Truckload and supply chain services businesses saw robust sequential revenue growth of 20% and 10%, respectively.

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Blackstone sets its sights on buying out Hamieds from Cipla

Blackstone is set to submit a non-binding bid as early as next week to acquire the entire 33.47% promoter stake in Cipla. Cipla is India’s third-largest generics company by revenue. This will formally start a process that could see the eventual exit of the Hamied family from the company they created in 1935. The move by Blackstone, if it comes about, will also trigger an open offer for an additional 26% of the company. 

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Devyani International Q1 Results: Net profit falls 84% YoY to ₹12 crore

Devyani International reported a 84% YoY fall in net profit to ₹11.75 crore for Q1 FY24. Net profit stood at ₹73.84 crore in Q1 FY23. However, its revenue from operations rose 20% YoY to ₹846.63 crore during the same period. The decline in net profit was due to a 24% jump in its total expenses which stood at ₹793.16 crore in Q1FY24. The company’s sales were up 12% quarter-on-quarter (QoQ).

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IndiGo reaches milestone of 1,900 flights per day

IndiGo crossed a significant milestone in its history by reaching 1,900 flights per day on its 17th anniversary. The airline has come a long way from launching its inaugural flight in 2006 to etching its name in history on June 19 this year by bagging the largest order in aviation history of 500 A320 aircraft. The order solidified the company’s position as the airline with the biggest order in the industry.

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USFDA clears Granules India’s foreign arm with zero observation

The United States Food and Drug Administration (USFDA) has completed a ‘post-marketing adverse experience inspection’ for Granules India’s foreign arm with zero observations. The inspection was conducted at Granules India’s wholly-owned foreign subsidiary, Granules Pharmaceuticals Inc., located in Virginia, United States, from July 31 to August 3. The inspection was closed with zero observations. 

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Adani Lenders Consider $750 Million Loan For Ambuja Cements – Top Indian Market Updates

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

Adani lenders consider up to $750 million loan for Ambuja debt

Barclays Plc, Deutsche Bank AG and Standard Chartered Plc are in talks to lend between $600 million and $750 million collectively to Adani Group. The loan is part of discussions to refinance the debt taken to fund its purchase of Ambuja Cements Ltd. The loan would be syndicated. If executed, the loan of as much as $750 million would be part of that broader refinancing. The talks haven’t yet concluded, and the amounts could still change. 

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Bajaj Finserv Q1 Results: Net profit rises 48% YoY to ₹1,943 crore

Bajaj Finserv reported a 48.4% YoY rise in consolidated net profit to ₹1,943 crore for the quarter ended June (Q1 FY24. The company’s net profit in the same quarter last year was ₹1,309 crore. Its operating revenue also rose 47% YoY to ₹23,280 crore during the same period. Its subsidiary, Bajaj Finance reported the highest-ever quarterly increase in its customer franchise of 3.84 million and the highest-ever new loans booked of 9.94 million in Q1FY24.

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Sona BLW Precision Q1 Results: Net profit rises 47% to ₹112 crore

Sona BLW Precision reported a 47% YoY increase in consolidated net profit to ₹112 crores for the June quarter (Q1 FY24). Its revenue from operations rose 25.17% YoY to ₹731 crore during the same period. The company’s board approved an investment of ₹99.7 crores for capacity expansion of its Chennai plant from 4 lakh to 6 lakh electric vehicle traction motors. It also decided to add a new capacity of 5 lakh units of printed circuit board assembly by 2024-2025.

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US FDA concerns in Lupin’s Goa, Pithampur facilities are now resolved

Drug Ltd has received correspondence from the US Food & Drug Administration (USFDA) that it has now addressed the concerns raised in the warning letter for its facilities in Goa and Pithampur Unit-2, Indore. This comes after the satisfactory evaluation of the corrective actions taken by Lupin. The actions were in response to the Warning Letter issued by the US FDA on November 6, 2017.

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IEX Q1 Results: Net profit rises 10% YoY to ₹76 crore

Indian Energy Exchange Ltd (IEX) reported a 10% YoY increase in consolidated net profit to ₹10 crore for the June quarter (Q1 FY24). Its total income stood at ₹127 crore during the same period, up 12.3% YoY. EBITDA grew marginally to ₹82 crore in Q1FY24 from ₹81 crore in Q1FY23. Recently, IEX witnessed a steep fall in its share price that could be related to the Central Electricity Regulatory Commission’s plan to initiate market coupling.

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Cipla promoters in talks to sell part stake to private equity firms

According to a CNBC TV18 report, Cipla’s promoters are in talks with private equity firms to sell a part of their total holding in the company. At present, The promoters own a 33.47% stake in the company. An investment bank has been hired to advise on the deal. Furthermore, Private Equity (PE) firms like Blackstone and Baring Asia are amongst others that are in talks to explore a deal. 

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Bharat Forge receives approval to participate in potential defence programs in future

Bharat Forge Ltd has received approval to participate in potential defence programs in future. The license is granted by the Ministry of Home Affairs (MCA) under Arms Rules, 2016. The approval is for small arms and ammunition. Bharat Forge serves several sectors including Automotive, Railways, Aerospace, Marine, Oil & Gas, Power, Construction and Mining. It is among the largest forging companies globally.

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L&T says it will pay back to shareholders if the cash surplus is much higher than requirement

Larsen & Toubro will return money to shareholders if the cash surplus is much higher than the company’s requirements. L&T’s CFO, R Shankar Raman’s declaration of the company’s willingness to return surplus cash to shareholders showcases Larsen & Toubro’s commitment to financial prudence and shareholder value. 

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Kalpataru Projects International, subsidiaries bag orders worth ₹2,261 crore

Kalpataru Projects International and its subsidiaries have bagged orders worth ₹2,261 crore. These new contracts include orders in the T&D (transmission and distribution) business of ₹2,036 crore in overseas markets. Besides, it also got a cross-country oil & gas pipeline project in India of ₹225 crore. It is currently executing projects in over 30 countries and has a presence in 70 nations.

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BPCL still in talks for Russian oil deal, discounts narrow

Bharat Petroleum Corp is still in talks with Russian oil major Rosneft to buy oil under a term deal. According to a Reuters report from last month, BPCL is in talks to buy up to 6 million metric tons of Russian oil under a term deal with Rosneft. Indian refiners have been snapping up discounted Russian oil since many other countries imposed sanctions on Moscow after it invaded Ukraine. The discounts make Russian oil cheaper than similar grades from the Middle East.

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FTSE to Replace HDFC with HDFC Bank Post Merger – Top Indian Market Updates

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

FTSE to replace HDFC with HDFC Bank post merger

According to a report by Nuvama Alternative & Quantitative Research, FTSE Global Equity indices is expected to replace HDFC Ltd with HDFC Bank. HDFC Ltd is part of the FTSE indices, while HDFC Bank is not a member. FTSE will continue with the current free float shares of HDFC Ltd in the indexes and rename the constituent with HDFC Bank’s name. This will result in no weight changes in the indexes. The move could lead to a potential inflow of around $1.3 billion.

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RIL & BP commence production from third deepwater field in India’s KG D6 block

Reliance Industries Limited (RIL) and British Petroleum (BP Plc) have commenced gas and condensate production from the MJ field followed by testing and commissioning activities. RIL is the operator of the KG D6 block with a 66.67% participating interest, and BP holds a 33.33% participating interest. The start of gas and condensate production from the MJ field follows the start-up of the R-Cluster field in December 2020 and Satellite Cluster in April 2021.

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Bharat Electronics receives defence and non-defence orders worth Rs 2,191 crore

 Bharat Electronics Ltd (BEL) has received new defence and non-defence orders worth ₹2,191 crores. The orders are for the supply of Long Range Guidance Kit with Warhead, Airborne V/UHF Jammer, Battlefield Surveillance Radar (Short Range) Upgrade, Missile Guidance Radar & Control Centre, Upgraded Radio Relay (F) with Data Modem Encryption Unit Mk II, Identify Friend or Foe Mk XII A, Anti-Submarine Warfare Shallow Water Craft (ASW SWC) Sonar and Spares.

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Jubilant Food pushes deadline to restructure overseas arms to June 2024

Jubilant FoodWorks Ltd is postponing the completion deadline to restructure overseas subsidiaries. The internal restructuring is now likely to be completed by June 2024. The date was set earlier for June 2023. The company stated in a regulatory filing that the move comes due to certain regulatory requirements.

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India’s April-May fiscal deficit at Rs 2.1 lakh crore

According to the Controller General of Accounts (CGA), the Indian government’s fiscal deficit at the end of May stood at 11.8% of the full-year Budget Estimates (BE) for 2023-24. The net tax revenue was ₹2.78 lakh crore (~11.9% of the BE). Its total expenditure was ₹6.25 lakh crore, approximately 13.9% of the estimates presented in the Union Budget for the current fiscal.

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Paytm partners with Shriram Finance to boost loan distribution business

Paytm’s parent company One 97 Communications Ltd has announced its partnership with the non-banking financial company (NBFC) Shriram Finance. Paytm will offer loan products of Shriram Finance on its platform to further expand its listings. The deal will combine Paytm’s large user base and digital loan distribution technology with Shriram Finance’s good geographical reach, deep risk understanding, and collections capabilities.

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Kalpataru Projects International wins new orders worth Rs 1,008 in India, overseas market

Kalpataru Projects International Ltd. (KPIL) has secured new orders worth ₹1,008 crores. The company and its subsidiaries have received new contracts worth ₹635 crores in the transmission and distribution (T&D) business in its Indian and overseas markets. Additionally, the company has won orders worth ₹373 crores in civil works for its buildings business in India.

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Shree Cement’s arm begins trial production at clinker grinding unit in West Bengal

Shree Cement’s subsidiary Shree Cement East Pvt Ltd has started trial production at its clinker grinding unit in West Bengal. The new unit has a capacity of 3 million tonnes per annum (MTPA). The company’s total cement capacity, including its subsidiary, has increased to 49.90 MTPA.

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L&T Technology Services partners with Palo Alto Networks for 5G, OT security offerings

L&T Technology Services Ltd has partnered with cybersecurity firm Palo Alto Networks. The partnership aims to provide enterprises with security services and solutions in 5G and Operations Technology (OT) areas. LTTS mentioned that the collaboration offers scalable and real-time security measures for 5G networks. This provides the customers with enhanced visibility and control over their network slices, private networks, and multi-access edge computing.

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ABB India awarded electrification and automation contract for ArcelorMittal Nippon Steel

ABB India has won the contract to provide electrification and automation systems for ArcelorMittal Nippon Steel India’s advanced steel cold rolling mill (CRM) in Hazira, Gujarat. The contract at the manufacturing plant comes through the project’s Original Equipment Manufacturer (OEM), John Cockerill India Limited (JCIL). The Joint Venture (JV) between the companies is setting up the new cold rolling mill as part of its downstream expansion plan.

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India’s forex reserves fall $2.91 billion to $593.2 billion as of June 23

According to the Reserve Bank of India (RBI), India’s forex reserves fell $2.9 billion and stood at $593.2 billion as of June 23. India’s foreign currency assets declined by $2.21 billion to $525.4 billion. India’s gold reserves fell by $745 million, taking the overall levels to $44.3 billion. Meanwhile, SDRs were up by $85 million to $18.33 billion.

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IMF Cuts India’s FY24 GDP Forecast to 5.9% – Top Indian Market Updates

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

IMF cuts India’s FY24 GDP forecast to 5.9%

The International Monetary Fund (IMF) has revised its growth forecast for India’s current financial year (FY24) from 6.1% to 5.9%, citing tightening financing conditions and ongoing challenges from the Russia-Ukraine war and the lingering pandemic. Despite the downward revision, India is expected to remain the fastest-growing economy over the next two years. The IMF also projects a slowdown in India’s inflation with an expected rate of 4.9% in the current fiscal year and further decreasing to 4.4% in the next year.

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NSE Indices rolls out India’s first REITs, InvITs index

NSE Indices Ltd (NSE’s index services subsidiary) launched India’s first-ever Real Estate Investment Trusts (REITs) & Infrastructure Investment Trusts (InvITs) Index – Nifty REITs & InvITs Index. The Nifty REITs & InvITs index aims at tracking the performance of REITs and InvITs that are publicly listed and traded on the National Stock Exchange. The index will be reviewed and rebalanced every quarter.

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Glenmark Pharma plans to sell stake in Glenmark Life to reduce debt

Glenmark Pharmaceuticals Ltd is considering selling a majority of its 82% stake in unit Glenmark Life Sciences in a bid to reduce the overall debt burden. Kotak Mahindra Capital has reportedly been hired to oversee the sale. Glenmark Life had a market valuation of Rs 5,013 crore as of the stock’s closing price on Monday, which values Glenmark Pharma’s stake at Rs 4,110 crore. 

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HDFC Bank to raise $6 billion in debt over next 1 year

HDFC Bank will consider raising debt of $6 billion (~Rs 50,000 crore) over the next year. The bank will discuss the fundraise at its board meeting on Saturday (April 15). The proposed fund raise would be by issuing perpetual debt instruments, Additional Tier-1 (AT-1) bonds, Tier-II capital bonds or long-term bonds. The bank will report its earnings for the January-March quarter on Sat.

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Lemon Tree signs franchise agreements to set up two hotels in Nepal

Lemon Tree Hotels (LTH) has signed two franchised agreements for two hotels, Lemon Tree Premier & Lemon Tree Resort, in Budhanilkantha and Lumbini in Nepal, respectively. The company claims to now have five properties in Nepal under different brands of Lemon Tree. Last week, LTH signed a licence agreement for an 88-room property in Whitefield, Bengaluru. The property is expected to be operational by October 2023.

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Kalpataru Power, subsidiaries gets orders worth Rs 3,079 crore

Kalpataru Power Transmission Ltd (KPTL) and its subsidiaries have secured orders worth Rs 3,079 crore in March and April 2023. The orders include civil works for a data centre and buildings of Rs 1,234 crore, an engineering procurement construction (EPC) order of Rs 754 crore in the railway business, and water supply projects of Rs 708 crore in India. It also received residential and institutional building projects worth Rs 233 crore in Africa.

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SBI to consider raising funds via unsecured notes worth up to $2B

SBI plans to raise up to $2 billion through a public offer or private placement of senior unsecured notes in US dollars during the current financial year. The bank’s Executive Committee of the Central Board will meet on April 18 to consider the proposal. The funds will be raised in single or multiple rounds, and the bank will examine the status and decide on long-term fundraising through a public offer and/or private placement of senior unsecured notes in US dollars during the financial year 2023-24.

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Indian companies will face higher interest burden in FY24: India Ratings

Ind-Ra expects the interest burden on corporates to surpass pre-Covid levels, with interest outflows projected to increase by 30% in FY24 compared to FY22, reaching Rs 3.38 lakh crore. According to a report by India Ratings & Research (Ind-Ra), the advantages enjoyed by Indian companies due to lower interest rates and reduced debt in the past are likely to be reversed in the current fiscal year. This is attributed to the sharp rise in interest rates and higher working capital financing needs.

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Reliance Seeks Bids for Sale of KG-D6 Gas – Top Indian Market Updates

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

RIL seeks bids for sale of KG-D6 gas at rates linked to JKM

Reliance Industries Ltd (RIL) and partner BP have sought bids for 6 million metric standard cubic meters a day (mmscmd) of natural gas produced from their KG D6 field off the eastern coast for the next five years. The auction is planned for January 18, and supplies will start in February. Reliance and BP have linked price bids to JKM, the spot market benchmark for liquified natural gas (LNG) delivered to Japan and South Korea.

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Shriram Finance secures $100 million loan from Asian Development Bank

Shriram Finance Ltd said it had secured a five-year loan worth $100 million (~₹826.74 crore) from Asian Development Bank to provide credit to its customers towards the purchase of new and used vehicles across India. The company also raised $250 million from US Development Finance Corporation and $475 million through a 144A Bond from the international market earlier this year. The lender is a merged entity of Shriram City Union Finance and Shriram Transport Finance.

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Kalpataru Power secures order worth ₹1,247 crore

Kalpataru Power Transmission Ltd (KPTL) & its international subsidiaries have secured new orders worth ₹1,247 crore. The orders are for the Indian and overseas markets in the transmission & distribution (T&D) business. KPTL’s order inflows in FY23 have crossed ₹17,031 crore on a consolidated basis. They are currently executing projects in over 30 countries and have global footprints in 67 countries.

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Coal sector constructs 8 eco-parks to promote mine tourism

The Central govt. has constructed eight eco-parks in different parts of India to boost mine tourism. Two more parks will be completed in the ongoing financial year (FY23). In line with the sustainable development and green initiatives, coal/lignite public sector enterprises (PSUs) have planted around 47 lakh saplings on 2300 hectares of land from January to November this year.

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Adani Group acquires NDTV founders’ 27.26% equity stake

Adani Group has acquired a 27.26% equity stake in NDTV from Prannoy Roy and Radhika Roy (founders of the news broadcaster). Vishvapradhan Commercial Pvt. Ltd (an indirect subsidiary of Adani Enterprises) holds an 8.27% equity stake in NDTV, and RRPR (another indirect subsidiary) held a 29.18% equity stake in NDTV. After this recent acquisition, RRPR will hold 56.45% of NDTV.

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Zydus Lifesciences gets final USFDA approval for insomnia drug

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market its generic version of Triazolam tablets. The drug is used on a short-term basis to treat insomnia (difficulty falling asleep or staying asleep). The product will be manufactured at the Zydus Lifesciences’ formulation facility at Moraiya, Ahmedabad. As per IQVIA MAT data, Triazolam tablets had annual sales of $11.7 million in the US for the 12 months ended Sept 2022.

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Religare Finvest signs settlement agreement with all its lenders for OTS

Debt-ridden Religare Finvest Ltd (RFL) has signed an agreement with all its lenders for a one-time settlement (OTS). This move will allow the company to exit from the Corrective Action Plan imposed by the RBI. RFL, an NBFC subsidiary of Religare Enterprises Ltd, owed about ₹5,300 crore to a consortium of lenders led by the State Bank of India (SBI). It has been in financial distress due to the alleged misappropriation of funds by promoters Shivinder Singh and his brother Malvinder Singh.

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Electric vehicle sales on track to cross 10 lakh milestone this year

Retail sales of electric vehicles (EVs) in India are estimated to top the 10 lakh mark in the calendar year 2022, accounting for about 4.7% of the total automobile sales. According to data on the government’s Vahan website, nearly 9,89,000 EVs have been registered with regional transport offices till Thursday. EV fleet operators and individuals buying two-wheelers have been the main drivers of this growth.

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Fiscal deficit touches 59% of full-year target in November

India’s fiscal deficit for the first eight months of this financial year (April-November of FY23) stood at ₹9.78 lakh crore or 58.9% of annual estimates. Total receipts stood at ₹14.65 lakh crore, while overall expenditure from April to November was at ₹24.43 lakh crore. They were 64.1% and 61.9%, respectively, of this fiscal year’s budget target. [Fiscal deficit is the difference between total revenue and total expenditure of the government.]

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Hero MotoCorp commences deliveries of VIDA V1 electric scooter

Hero MotoCorp has commenced customer deliveries of its first electric scooter— VIDA V1. The first electric vehicle of the brand was delivered in Bengaluru. The electric scooter has a range of 163 km on a single charge with a top speed of 80 km/hr. It is available in two variants— VIDA V1 Plus at Rs 1,35,705 and VIDA V1 Pro at Rs 1,46,880 (effective on-road price Delhi).

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IndiGo’s Net Loss Widens to ₹1,583Cr in Q2 – Top Indian Market Updates

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

IndiGo Q2 Results: Net loss widens to ₹1,583 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of ₹1,583 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹1,435.6 crore in Q2 FY22. The company’s revenue from operations rose 122.8% YoY to ₹12,496.6 crore in Q2 FY23. The number of passengers increased by 75.9% YoY to 1.97 crore. IndiGo’s passenger ticket revenues stood at ₹11,110.4 crore, an increase of 135.6%.

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Maruti Suzuki lines up over ₹7,000 crore capex for current fiscal: CFO

Maruti Suzuki India Ltd plans to invest over ₹7,000 crore this year (FY23) on various initiatives, including the construction work of its new plant in Haryana and new model launches, said Chief Financial Officer (CFO) Ajay Seth. The new plant is expected to be operational by 2025, with an installed production capacity of 2.5 lakh units in the first phase. MSIL will also invest in other areas like research & development, regular maintenance, etc.

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TVS Motor Company Q2 Results: Net profit rises 47% YoY to ₹407 crore

TVS Motor Company Ltd reported a 46.8% year-on-year (YoY) increase in net profit to ₹407.47 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 28.4% YoY to ₹7,219.18 crore during the same period. The company posted total sales of 10.27 lakh units in Q2, up 12% YoY. Operating EBITDA grew 31% YoY to ₹737 crore in Q2.

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Kalpataru Power secures orders worth ₹1,290 crore

Kalpataru Power Transmission Ltd (KPTL) has secured orders worth ₹1,290 crore across various business verticals. The transmission and distribution (T&D) orders will help the company consolidate its presence in key T&D markets like the Middle East and Latin America. KPTL’s total order intake year till date in FY23 is around ₹6,890 crore,

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GAIL Q2 Results: Net profit falls 46% YoY to ₹1,537 crore

GAIL (India) Ltd reported a 46% YoY decline in net profit to ₹1,573.07 crore in Q2 FY23. The company had to slash petrochemical output after a former unit of Russian energy giant Gazprom stopped gas supplies. Its revenue from operations rose 79% YoY to ₹38,390.89 crore during the same period. Profits from the gas transmission business also fell 32% YoY to ₹709.59 crore.

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Lupin gets USFDA approval for generic oral contraceptive pill

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) to market Drospirenone tablets in the US market. The drug is used in birth control pills to prevent pregnancy and in menopausal hormone therapy. As per IQVIA MAT data, Drospirenone tablets had estimated annual sales of $141 million in the US market during the 12 months ended Sept 2022.

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Titan Q2 Results: Net profit rises 34% YoY to ₹857 crore

Titan Company Ltd reported a 34% YoY increase in net profit to ₹857 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 22% YoY to ₹8,730 crore during the same period. The jewellery business posted an 18% YoY growth in revenue to ₹7,2013 crore in Q2. Revenue from its watches & wearables segment stood at ₹829 crore, up 21% YoY.

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India’s forex reserves record biggest weekly gains in more than a year

India’s foreign exchange (forex) reserves jumped to $531.081 billion in the week ending October 28, 2022, making it the biggest weekly gain in more than a year. All indicators in reserves witnessed an upside in the latest week with foreign currency assets outperforming. The forex reserves had fallen to their lowest level since July 2020 to $524.52 billion for the week ending Oct 21.

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Cipla Q2 Results: Net profit rises 11% YoY to ₹789 crore

Cipla Ltd reported an 11% YoY increase in consolidated net profit to ₹788.9 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 5.57% YoY to ₹5,828.54 crore during the same period. Revenue from Cipla’s pharma segment stood at ₹5,690.68 crore in Q2, up 5.11% YoY.

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Marico Q2 Results: Net profit falls 3% YoY to ₹301

Marico Ltd reported a 3% YoY decline in net profit to ₹301 crore in Q2 FY23. The FMCG company’s revenue from operations rose 3% YoY to ₹2,496 crore during the same period. EBITDA stood at ₹433 crore in Q2, up 2.4% YoY. Domestic revenues rose 1% YoY to ₹1,896 crore. Price hikes in hair oils and premium personal care portfolios were more than offset by price cuts in Parachute coconut oil and Saffola oils.

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Demat Accounts in India Cross 10 Crore Mark – Top Indian Market Updates

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

Demat accounts cross 10 crore mark in August

The total number of Demat accounts in India crossed the 10 crore mark in August 2022. In August alone, over 7 crore active Demat accounts were registered. CDSL operated 7.16 crore Demat accounts with total assets under custody (AUC) of ₹38.5 lakh crore as of August, while NSDL had 2.89 crore accounts with AUC of ₹320 lakh crore. The culture of equity investing is slowly and steadily picking up in India, especially in Tier-2 and Tier-3 cities.

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Blue Star secures two orders worth ₹390 crore from BMRCL

Blue Star Ltd has secured two orders from Bangalore Metro Rail Corporation Ltd (BMRCL) for the upcoming Pink Line of Bangalore Metro Rail Project Phase-II. The first order, worth ₹203 crore, is a turnkey project including maintenance works for Tunnel Ventilation System (TVS) and Environmental Control System (ECS) for six underground stations and associated tunnel sections.

The second order, worth ₹187 crore, is a turnkey project for Electrical & Mechanical (E&M) works for five underground stations and five elevated stations.

Read more here.

Suzlon secures 180.6 MW wind energy project from Sembcorp’s arm

Suzlon Energy Ltd has secured an order to set up a 180.6 megawatts (MW) wind energy project from Singapore-based Sembcorp’s arm Green Infra Wind Energy Ltd. The company will install 86 Wind Turbine Generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located at Bagalkot, Karnataka, and is expected to be commissioned in 2024.

Read more here.

Saregama launches feature phone with pre-loaded Hindi songs

Saregama India Ltd has launched Carvaan Mobile, a keypad feature phone with 1500 preloaded Hindi songs and two screen sizes, priced at ₹2490 and ₹1990, respectively. This is the first feature phone from the music brand. The mobile is available across retail markets and e-commerce platforms such as Amazon, Flipkart, and saregama.com. Saregama also sells Carvaan, a digital audio player with preloaded songs.

Read more here.

Kalpataru Power wins orders worth ₹1,345 crore

Kalpataru Power Transmission Ltd (KPTL) and its international units have secured orders worth ₹1,345 crore. The company has won orders in India and overseas markets in the transmission and distribution (T&D) business. It has also received orders for pipeline laying and metro rail electrification works in India.

Read more here.

Quiklyz to expand presence in the electric mobility leasing space

Quiklyz has announced its expansion plans in the electric mobility leasing space. The company will now offer customized leasing and subscription solutions for electric three-wheelers (3W) and four-wheelers (4W) to its partners. It has financed over 1000 electric vehicles over the past 12 months, including passenger vehicles and 3Ws. Quiklyz is the new-age vehicle leasing and subscription business of Mahindra & Mahindra Financial Services Ltd.

Read more here.

Paytm reports 72% YoY growth in merchant payment volume

Digital payments platform Paytm reported a 72% YoY growth in gross merchandise value (GMV) to ₹2.10 lakh crore for the two months ended August 2022. [GMV is the value of total payments made to merchants through app transactions or payment solutions.] The company distributed 6 million loans during the same period. The average monthly transacting users (MTU) grew 40% YoY to 7.88 crore during July-August 2022. 

Read more here.

Blue Jet Health files papers for ₹1,800-crore IPO

Specialty pharmaceutical and healthcare ingredient company Blue Jet Healthcare filed its Draft Red Herring Prospectus (DRHP) with market regulator SEBI for an initial public offer (IPO). The public issue is entirely an offer-for-sale (OFS) of up to 21.7 million shares by the promoters and other shareholders, aggregating to ₹1,800 crore.

Meanwhile, SEBI has given approval to Concord Enviro Systems (an environmental engineering solutions firm) to raise funds via an IPO.

Read more here.

Canara Bank hikes benchmark lending rate by up to 0.15%

Canara Bank has raised its benchmark Marginal Cost of Funds Based Landing Rate (MCLR) by up to 0.15%, a move that will make loans costlier. The one-year MCLR will be 7.75% from Wednesday onwards, compared to the existing rate of 7.65%. This rate is used to fix most consumer loans such as auto, personal, and home loans. [MCLR is the lowest interest rate that a bank can offer.] 

Read more here.

RIL to acquire 79.4% stake in SenseHawk for $32 million

Reliance Industries Ltd (RIL) has entered into definitive agreements with US-based SenseHawk Inc. to acquire a 79.4% stake in the company for $32 million (~₹255.5 crore). SenseHawk is an early-stage developer of software-based management tools for the solar energy generation industry. It helps accelerate solar projects from planning to production by helping companies streamline processes and use automation.

Read more here.

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Bharti Airtel Pays Rs 8,312 crore for 5G Spectrum – Top Indian Market Updates

airtel

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

Bharti Airtel pays Rs 8,312.4 crore to DoT for 5G spectrum

Bharati Airtel Ltd has paid Rs 8,312.4 crore to the Department of Telecommunications (DoT) towards dues for spectrum acquired in the recently concluded 5G auctions. With this payment, the telco has paid four years of 2022 spectrum dues upfront. 

The upfront payment, the moratorium on spectrum dues, and AGR-related payments for four years will free up future cash flows and allow Bharti Airtel to dedicate resources to concentrate on the 5G rollout.

Read more here.

India’s oil demand to rise 7.7% in 2023: OPEC

As per an OPEC report, India’s demand for petroleum products like petrol and diesel will grow by 7.73% in 2023, the fastest pace in the world. The country’s demand for oil products is projected to rise from 4.77 million barrels per day (bpd) in 2022 to 5.14 million bpd in 2023. India is the world’s third largest oil importing and consuming nation behind the United States and China.

Read more here.

Sona Comstar partners with Israeli startup Drive to develop new tech in smart mobility

Sona Blw Precision Forgings Ltd (Sona Comstar) has partnered with Israel-based startup Drive to develop and commercialise new technologies in the smart mobility space. The partnership will give Sona Comstar access to Drive’s new testing, evaluation, and development centre. As an innovation-hub partner, the company can participate in Drive’s startup commercialisation program FastLane.

Read more here.

Kalpataru Power moves court in Paris to enforce Rwanda Energy arbitration award

Kalpataru Power Transmission Ltd (KPTL) has approached the Judicial Court of Paris to seek enforcement of an arbitration award of over $32 million (~Rs 240 crore) against Rwanda Energy Group (REG). KPTL had entered into a contract with REG in November 2013 to install and commission a 220 kilovolt (KV) power transmission network connecting the Democratic Republic of Congo and Rwanda. A dispute arose when REG refused to pay KPTL for price adjustment.

Read more here.

UPL signs pact with Oro Agri for co-distribution of ‘Orange Oil’

UPL Ltd has partnered with US-based Oro Agri for the co-distribution and development of Orange Oil, a bio-solution effective against a variety of pests and illnesses. The company will co-distribute the bio-protection formulation starting in 2023. While UPL will leverage its global distribution network to explore new markets and expand its client base, Oro Agri will continue to supply current customers directly.

Read more here.

Ashok Leyland announces merger of Hinduja Leyland Finance with NXTDIGITAL

Ashok Leyland Ltd has announced the merger of non-banking financial company (NBFC) Hinduja Leyland Finance (HLF) with NXT DIGITAL. The move will help integrate business operations, ensure efficiency in cash management, and formulate integrated operational and marketing strategies. The share exchange ratio for the merger will entail 23 shares of NXTDIGITAL to be allocated for every 10 shares of Leyland Finance held. 

Read more here.

India’s 10-year bond yield drops 10 basis points

Indian government bond yields declined on Wednesday, with the benchmark 10-year yield crashing 10 basis points (bps), following a sharp fall in global oil prices that could further lower the inflation trajectory. The benchmark 10-year govt bond yield was at 7.1966% as of 10:25 AM today. It had fallen to 7.1947% earlier in the day, after closing at 7.2894% on Friday. Global oil prices dropped, with the benchmark Brent crude contract declining to its lowest level in six months on Tuesday.

Read more here.

Jio adds 42.2 lakh subscribers in June; Bharti Airtel gains 7.9 lakh users 

Reliance Jio Infocomm gained 42.23 lakh mobile subscribers in June 2022, taking its total user base to 41.3 crore. Bharti Airtel added 7.93 lakh users, and its total mobile subscriber count rose to 36.29 crore. Vodafone Idea lost nearly 18.01 lakh mobile subscribers during June. India’s total wireless subscribers count increased marginally to 114.73 crore at the end of June 2022. 

Read more here.

M&M in talks with different states to set up EV production site

Mahindra & Mahindra has initiated talks with various state governments in India to set up manufacturing infrastructure for its upcoming range of electric sports utility vehicles (SUVs). It will evaluate incentives offered by different state governments before finalising a strategy for the production of these EVs. The automaker has lined up five new electric SUVs. The first four are expected to hit the roads between December 2024 and 2026.

Read more here.

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

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

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

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

Read more here.

Delhivery to expand infra in Mumbai, Bengaluru

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

Read more here.

NSDL looking to raise Rs 4,500 crore via IPO

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

To learn more about depositories, click here.

Read more here.

Kalpataru Power secures orders worth Rs 2,290 crore

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

Read more here.

GAIL to venture into gas liquefaction retail sales

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

Read more here.

Macrotech Developers to provide warehousing space to Skechers near Mumbai

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

Read more here.

Vodafone Idea to raise Rs 436 crore from Vodafone Group

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

Read more here.

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

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

Read more here.

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

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

Read more here.

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RIL Terminates Sub-Lease of 950 Future Stores – Top Indian Market News

Reliance terminates sub-lease of 950 Future stores

Reliance Retails Ventures Ltd (RRVL) has issued notices on Future Retail for terminating sub-leases of 950 stores it had taken over. The debt-laded Future Group firms have been served notices to terminate the lease of 835 Future Retail stores and 112 Future Lifestyle stores. In February, RRVL had taken over store spaces for which the Future Group couldn’t pay lease rent. These stores were then sub-let to the Future Group for operation.

Read more here.

JSPL’s total sales rise 8% YoY in February

Jindal Steel & Power Ltd (JSPL) reported an 8% year-on-year increase in steel sales to 5.9 lakh tonnes (LT) in February 2022. The figure stood at 5.47 LT in Feb 2021. The company’s sales would have been higher if not for the limited rake availability in the eastern part of India. Exports contributed 24% to the sales volumes. JSPL’s total steel production stood at 6.57 lakh tonnes in Feb 2022, a 1% increase over the previous year.

Read more here.

Kalpataru Power secures order worth Rs 3,276 crore

Kalpataru Power Transmission Ltd (KPTL) has received the Letter of Intent (LoI) for an order worth Rs 3,276 crore. The project involves the design, engineering, supply, and construction of an HVDC power transmission line of 700 km. KPTL is a leading global EPC player in the power and infrastructure contracting sector.

Read more here.

L&T Construction secures three new contracts

Larsen & Toubro Ltd’s (L&T) construction and infrastructure businesses have secured significant orders (in the range of Rs 1,000-2,500 crore). Its Railways SBU has won an order for 25 kV overhead electrification, signalling, and telecom works for 549 RKM/678 TKM railway lines in the Northeast Frontier Railway. L&T is also executing four major EPC contracts from Central Organization for Railway Electrification (CORE). The company’s Factories Business secured an order from an FMCG firm for a food processing facility in Gujarat. 

Read more here.

Exide Industries partners with SVOLT Energy Co. for technical know-how for making lithium-ion cell

Exide Industries Ltd has entered into a multi-year technical collaboration agreement with SVOLT Energy Technology Co. Ltd for technology and the necessary know-how for manufacturing lithium-ion cells in India. SVOLT will grant Exide an irrevocable right and license to use, exploit and commercialize necessary technology owned by them for lithium-ion cell manufacturing. It will also provide the support required for setting up a state-of-the-art greenfield manufacturing plant.

Read more here.

Bharti Airtel acquires 9% stake in Avaada Clean for Rs 7.8 crore

Bharti Airtel Ltd has acquired a 9% stake in renewable energy firm Avaada Clean TN Project for ~Rs 7.88 crore in an all-cash deal. The acquisition is to comply with regulatory requirements for captive power plants under the provisions of Electricity Act 2003 and Indian Electricity Rules 2005 and procurement of cost-effective renewable energy

Read more here.

USFDA issues 3 observations on Zydus’ Jarod manufacturing unit

Zydus Lifesciences Ltd has received three observations from the US Food & Drug Administration (USFDA) following inspection of its Jarod (Vadodara)-based manufacturing facility. The regulator inspected the injectable facility from Feb 24 to March 10, 2022. USFDA issues its observations through Form 483 after an inspection if the investigators have observed any conditions that may violate current good manufacturing practices.

Read more here.

Lupin opens main reference lab in Kolkata for expansion in east India

Lupin Ltd has opened its first reference laboratory in East India in Kolkata. The lab has the capabilities to conduct a broad spectrum of routine and specialized tests in the fields of molecular diagnostics, microbiology, immunology, routine biochemistry, etc. The Kolkata reference laboratory will act as the hub for Lupin’s expansion plans in East India. The pharma company will also set up processing labs in West Bengal, Assam, Bihar, and Orissa.

Read more here.

Maruti Suzuki expects PV sales to expand in double digits in FY23

Maruti Suzuki India Ltd expects sales of passenger vehicles (PV) to expand in double digits in FY23. Sales will mostly be driven by strong consumer demand and improved chip supplies. This will be a second consecutive year of double-digit growth for the market, which is likely to inch closer to the previous peak of 3.7 million units. Maruti Suzuki said it would like to sustain a strong growth momentum of FY22 on the back of its biggest product offensive seen in recent years.

Ebixcash files DRHP for Rs 6,000 crore IPO

Ebixcash Ltd, the Indian subsidiary of Nasdaq listed Ebix Inc, has filed preliminary papers with markets regulator SEBI to raise Rs 6,000 crore through an initial public offering. The company may also explore a pre-IPO placement of up to Rs 1,200 crore. Ebixcash is a technology enabled provider of digital products and services in the B2C, B2B arena.

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TCS Reports 12% YoY Rise in Net Profit in Q3 – Top Indian Market News

TCS Q3 Results: Net profit rises 12% YoY to Rs 9,769 crore

Tata Consultancy Services (TCS) reported a 12.3% YoY increase in consolidated net profit to Rs 9,769 crore for the quarter ended December (Q3 FY22). Net profit increased 2% when compared to the previous quarter. Its revenue from operations rose 16.3% YoY to Rs 48,885 crore during the same period. The IT major has declared an interim dividend of Rs 7 per share. TCS has also announced a share buyback at Rs 4,500 per share, a 16.6% premium over the last traded stock price.

Read more here.

Retail inflation surges to 5-month high of 5.59% in Dec

India’s retail inflation, as measured by the Consumer Price Index (CPI), surged to a five-month high of 5.59% in December. CPI stood at 4.91% in November. Food inflation increased to 4.05% in December, compared to 1.87% in the previous month.

Meanwhile, India’s Index of Industrial Production (IIP) witnessed a 1.4% year-on-year (YoY) growth in November. The power sector saw a growth of 2.1% YoY to 147.9 in November, while the manufacturing sector saw a rise of 0.9% to 129.6.

Read more here.

Vodafone Idea, Tata Teleservices will not become PSUs: Govt

The Telecom Ministry announced that Vodafone Idea (Vi), Tata Teleservices, and Tata Teleservices (Maharashtra) Ltd (TTML) will not become public sector undertakings (PSUs) after their interest payable on dues are converted into government equity. The companies will continue to run as professionally managed private telecom operators. The government will hold a 35.8% stake in Vi and 9.5% stake in TTML post conversion.

Read more here.

Infosys Q3 Results: Net profit rises 12% YoY to Rs 5,809 crore

Infosys Ltd reported an 11.8% YoY increase in consolidated net profit to Rs 5,809 crore for the quarter ended December (Q3 FY22). Net profit increased 7% when compared to the previous quarter. Its revenue from operations rose 22.9% YoY (or 8% QoQ) to Rs 31,867 crore during the same period. Infosys secured large deals worth $2.53 billion (~Rs 18,690 crore) in Q3. 

Read more here.

Kalpataru Power raises Rs 200 crore via NCD issue

Kalpataru Power Transmission Ltd has raised Rs 200 crore through the issuance of non-convertible debentures (NCDs). The company has allotted 2,000 NCDs of the face value of Rs 10 lakh each on a private placement basis. The NCDs will be listed on the wholesale debt market segment of BSE.

Read more here.

Wipro Q3 Results: Net profit at Rs 2,969 crore

Wipro Ltd reported a 0.03% YoY (or 1.3% QoQ) increase in net profit to Rs 2,969 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 29.6% YoY (or 3.3% QoQ) to Rs 20,313 crore during the same period. Revenue from its IT services business stood at $2,639.7 million, an increase of 27.5% YoY and 2.3% QoQ. Wipro declared an interim dividend of Rs 1 per share. 

Read more here.

L&T’s subsidiary secures two mega offshore contracts from overseas client

A consortium led by L&T Hydrocarbon Engineering (LTHE) has secured two mega offshore orders worth over Rs 7,000 crore from an overseas client. The scope of work comprises engineering, procurement, and construction (EPC) for new facilities and integration with existing installations. LTHE is currently executing several domestic and international offshore projects. 

Read more here.

Tech Mahindra partners with Nokia for 5G-based solutions for enterprises

Tech Mahindra has partnered with telecom gear maker Nokia to deploy 5G-based solutions for business organisations. Under this partnership, Tech Mahindra will leverage Nokia’s private wireless digital automation cloud (DAC) solution for customers and facilitate in automating 5G private wireless network management on a cloud computing system. Nokia DAC will also enable access to other network management and operations solutions and integration with the third-party applications in the network. 

Read more here.

Kolte-Patil Developers’ sales volume rises 56% in Q3

Kolte-Patil Developers Ltd reported a 56% YoY increase in sales volume to 0.86 million sq. ft. for the quarter ended December (Q3 FY22). Sales volume rose 28% when compared to the previous quarter. The total sales value stood at Rs 561 crore in Q3, a growth of 77% YoY and 31% QoQ. The company is set to expand its portfolio of projects with several launches lined up across key micro-markets in Pune, Mumbai, and Bengaluru.

Read more here.

HeidelbergCement India commissions plant for use of alternate fuels at Narsingarh Clinker unit

HeidelbergCement India Ltd has commissioned a state-of-the-art facility to substitute part of the fossil fuels with alternate fuels (AF) in cement production. The AF receiving, storage, and feeding system was built at Narsingarh Clinker Unit at an investment of Rs 16 crore. The project will reduce the company’s carbon footprint by reducing the consumption of conventional fossil fuels.

Read more here.

Quiklyz to offer range of EVs for leasing, subscription

Mahindra Finance’s Quiklyz will offer the widest range of electric vehicles (EVs) for leasing and subscription to potential customers. Quiklyz is a vehicle leasing and subscription platform that offers convenience, flexibility, and choice to customers across Indian cities. It currently has the largest portfolio of EVs on the subscription platform.

Read more here.

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SBI Cards Partners With Paytm to Tokenise Cards – Top Indian Market News

SBI Cards partners with Paytm to tokenise cards

SBI Cards & Payment Services Ltd has partnered with One97 Communications to enable cardholders to tokenise their cards on devices and make payments through Paytm. Tokenisation refers to masking the original card number by replacing it with a set of unique characters (termed as tokens) that secure the customer’s card details when a transaction is under process. The card tokenisation facility will be available only on Android NFC (near field communication) devices.

Read more here.

RBL Bank gets RBI approval to appoint Rajeev Ahuja as interim MD, CEO

The Reserve Bank of India (RBI) has approved the appointment of Rajeev Ahuja as the interim MD and CEO of RBL Bank for three months or till there is a regular appointment. In a sudden turn of events, the board of RBL Bank had sent the then Managing Director and Chief Executive Officer Vishwavir Ahuja on leave last Saturday. It also elevated Rajeev Ahuja as the interim MD and CEO to take care of the day-to-day operations of the bank. To learn more about the events that unfolded at RBL Bank, click here.

Read more here.

NTPC’s arm to float global tender to set up 3GW RE project by February

NTPC Renewable Energy Ltd (NREL) will float a global engineering procurement and construction tender to set up a 3 gigawatts (GW) renewable energy project with a battery storage system. This project entails an investment of about Rs 15,000 crore. NREL, a wholly-owned subsidiary of NTPC Ltd, currently has a renewable project portfolio of 3,850 GW.

Read more here.

Kalpataru Power secures order worth Rs 1,560 crore

Kalpataru Power Transmission Ltd (KTPL) has secured new orders worth Rs 1,560 crore from India, Africa, CIS, and South America. The company’s international subsidiary has also secured new power transmission projects in Europe. KTPL provides engineering, procurement, and construction (EPC) services relating to power transmission & distribution, civil construction, railway track laying & electrification in India and internationally.

Read more here. 

Firstsource Solutions acquires American Recovery Services

Firstsource Solutions Ltd (FSL) has entered into an agreement to acquire American Recovery Services, Inc., a legal collections network based in Southern California. The acquisition enhances FSL’s leadership in consumer debt management services by adding legal stage collections capabilities. The cost of the acquisition is $53 million (~Rs 394 crore), including earnouts done through cash consideration. 

Read more here.

Granules India gets USFDA approval for Amphetamine Mixed Salts tablets

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Amphetamine mixed salts tablets. The drug is used to treat attention deficit hyperactivity disorder (ADHD) and narcolepsy (a chronic sleeping disorder). As per IQVIA data, the current annual US market for Amphetamine Mixed Salts immediate release tablets is approximately $335 million (~Rs 2,490 crore). 

Read more here.

Cars24 partners with Bajaj Finance to provide seamless financing for used car buyers

CARS24 has partnered with Bajaj Finance Ltd to provide used car financing and facilitate a streamlined shopping experience for consumers. This mutually beneficial partnership is expected to increase penetration in the used cars industry. It will also enable consumers to further enjoy CARS24’s hassle-free customer experience with the financial solutions of Bajaj Finance.

Read more here.

Manappuram Finance raises Rs 250 crore via bonds

Manappuram Finance Ltd has raised Rs 250 crore by issuing bonds, and the amount will be utilised to repay its debt and shore up capital resources. The company’s board has approved the allotment of secured, rated, listed, redeemable, non-convertible debentures for an amount of Rs 250 crore on a private placement basis. The bonds will be listed on BSE and hold an interest rate of 6.95% per annum. It will mature on December 30, 2024.

Nitin Spinners’ board approves capex plan of Rs 950 crore

The Board of Directors of Nitin Spinners Ltd (NSL) has approved a capital expenditure (capex) of Rs 950 crore for an expansion project. The company’s capacity addition is proposed to meet increasing demand, widen its product portfolio, and bring competitive cost advantage by having economies of scale. As part of the expansion plan, NSL will add 1.51 lakh equivalent spindles. The textile manufacturer currently has 3.32 lakh spindles (used for spinning wool and other fibers into thread).

Read more here.

CCI approves acquisition of 96% stake in JPL by Worldone

The Competition Commission of India (CCI) has approved the acquisition of over 96% stake in Jindal Power Ltd (JPL) by Delhi-based Worldone Pvt Ltd. In July 2021, Jindal Steel & Power Ltd (JSPL) had received a Rs 7,401-crore revised offer from Worldone to acquire a 96.42% stake in Jindal Power Ltd (JPL). Worldone Pvt Ltd is a private company owned by the Promoter Group of JSPL. It manages and holds investments across various listed and unlisted companies.

Read more here.