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India’s Retail Inflation Eases to 5.66% – Top Indian Market Updates

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

Retail inflation eases to 5.66% in March

Retail inflation in India eased to a 16-month low of 5.66% in March 2023 from 6.75% in March 2022 as food inflation moderated on account of falling vegetable prices. The consumer food price index (CFPI) eased to 4.79%, down from 5.95% in February 2023 and 7.68% in March 2022. Rural inflation stood at 5.51%, while urban inflation stood at 5.89%. Retail inflation in India fell marginally but remained above RBI’s 6% upper tolerance band for the second straight month in February 2023.

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IIP data: India’s industrial output rises 5.6% in February

India’s industrial output, as measured by the Index of Industrial Production (IIP) rose 5.6% year-on-year (YoY) in Feb 2023. For the 11-month period from April 2022 to February 2023, industrial output registered a growth of 5.5%. The January IIP growth was revised to 5.2%. 

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TCS Q4 Results: Net profit rises 15% YoY to Rs 11,392 crore 

Tata Consultancy Services (TCS) reported a 16.9% YoY increase in revenue at Rs 59,162 crore while profit rose 14.76% YoY to Rs 11,392 crore in Q4 FY22. Both revenue and profit figures were below Street estimates. The order book for the quarter stood at $10 billion. The IT company’s board has announced a final dividend of Rs 24 per share.

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HDFC Bank signs agreement with Export-Import Bank of Korea for $300M credit line

HDFC Bank has signed a “Master Inter Bank Credit Agreement” with the Export-Import Bank of Korea for a $300 million line of credit. The pact was signed by the two entities at GIFT City in Gujarat. This agreement will help HDFC Bank raise foreign currency funds that it would extend to Korea-related businesses.

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Karnataka Bank authorised to collect direct, indirect taxes

Karnataka Bank has been authorised to collect direct and indirect taxes on behalf of the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC). This authorisation is provided by the Reserve Bank of India. The RBI gave this authorisation on the recommendation from the Controller General of Accounts (CGA).

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Canara Bank, Bharat BillPay partner for cross-border bill payments

Canara Bank and NPCI Bharat BillPay Ltd (NBBL) have announced the launch of cross-border inward bill payment services for Indians based in Oman. NRIs can now leverage the robust platform offered by the Bharat Bill Payment System (BBPS) to make bill payments on behalf of their families through the Musandam Exchange. Canara Bank has become the first Indian public sector bank to offer inbound cross-border bill payments through BBPS.

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Puravankara achieves highest-ever annual and quarterly sales

Puravankara has achieved the highest-ever annual and quarterly sales of any financial year since its inception. The firm has clocked Rs 1,007 crore in sale value in Q4 and a total of Rs 3,107 crore for FY23. The company also recorded a 57% jump in customer collections from the real estate business to Rs 2,258 crore.

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RIL readies $2.4-3 billion InvIT for retail warehousing assets: Report

According to an ET report, Reliance Industries Ltd (RIL) has initiated a process that could see the group unlock value in the backend warehousing and related logistics assets of its retail business through an infrastructure investment trust (InvIT). Reliance Retail Ltd has already started laying the groundwork for the proposed InvIT of its warehousing assets. It registered a trust and Intelligent Supply Chain Infrastructure Trust with the Securities and Exchange Board of India (SEBI) at the end of February.

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BHEL signs MoU with NPCIL for nuclear power plants business

Nuclear Power Corporation of India Ltd (NPCIL) and Bharat Heavy Electricals Ltd (BHEL) entered into a Memorandum of Understanding (MoU) for collaboration for Pressurised Heavy Water Reactor (PHWR) technology-based Nuclear Power Plants. A pressurized heavy-water reactor (PHWR) is a nuclear reactor that uses heavy water (deuterium oxide D2O) as its coolant and neutron moderator.

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Sula Vineyards’ own brand sales volumes cross 1 million cases mark in FY23

Sula Vineyards Ltd said sales volume from its own brands crossed 1 million cases in FY23. Sales volumes in elite & premium wines went past the 5 lakh cases mark for the first time. On a provisional basis, Sula Vineyards said its net revenue for Q4 stood at Rs 104.3 crore from its own brands. For the financial year 2022-23 (FY23), net revenue from own brands stood at Rs 482.5 crore and Rs 45 crore from wine tourism. 

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Tata Motors to Hike Prices of CVs by 2.5% From Jan – Top Indian Market News

Tata Motors to hike prices of CVs by 2.5% from Jan 2022

Tata Motors Ltd will hike the prices of its commercial vehicles (CV) by ~2.5% from January 1, 2022. The price increment will be effective across the following segments: medium & heavy commercial vehicles (M&HCV), light commercial vehicles (LCV), small CVs, and buses. The increase in the costs of commodities and raw materials (aluminium, steel, semiconductors, and essential metals) has forced the automaker to incite an increment in price.

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Reliance Jio conducts trial of connected drones on its 5G network

Reliance Jio has conducted successful trials of connected drones on its indigenous 5G network. The trial involved a precision command and control of drones over 5G using a fleet management system running on the cloud. It performed tasks such as image recognition, track-and-trace, discrete payload pickup & delivery, video imagery, and real-time drone control. Jio has developed its own homegrown 5G stack, which it plans to export abroad after testing its competence on a pan-India scale.

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Tata Power signs MoU with IIT Madras to collaborate on R&D, training, tech solutions

Tata Power has signed a Memorandum of Understanding (MoU) with IIT Madras to collaborate on research & development (R&D), consultancy, advocacy, training, and technology solutions. As a part of the MoU, Tata Power and IIT Madras will aim to pursue advanced research in areas of future technology. The agreement also includes campus recruitment opportunities for postgraduate students of IIT Madras.

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Godrej Properties partners with TDI Group for luxury housing project in Delhi

Godrej Properties Ltd has entered into a joint venture (JV) with TDI Group to build a luxury housing project at Connaught Place in Central Delhi. The project would have a development potential of about 1.25 lakh square feet saleable area. This will be the realty company’s third project in Delhi.

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IEX electricity volume up 54% YoY to 9,477 MU in November

Indian Energy Exchange (IEX) traded 9,477 million units (MU) of electricity in November 2021, achieving a 54% YoY (or 3.4% QoQ) growth. The traded volumes of the day-ahead market fell 3% YoY to 4,719 MU in November, with the average monthly price at Rs 3.1 per unit. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 302.7 MU during the same month, registering a 23.4% YoY growth.

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Ramkrishna Forgings secures order worth Rs 72 crore

Ramkrishna Forgings Ltd has received a domestic order worth Rs 72 crore from an Indian automaker in the medium & heavy commercial vehicles (MHCV) segment.  The order has to be executed over a period of four years. The company has built a strong and diverse customer base in India and is now looking to strengthen its presence and gain market share. 

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Toyota Kirloskar Motor partners with Karnataka Bank for financing solutions

Toyota Kirloskar Motor (TKM) has partnered with Karnataka Bank to finance its vehicles across cities and towns in India. The bank will be one of the preferred financiers for the entire range of vehicles sold by TKM. The finance options at competitive interest rates will be available to customers (including those covered under priority sector schemes) for purchasing Toyota vehicles for private and commercial use.

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GSS Infotech acquires Polimeraas for Rs 250 crore

GSS Infotech Ltd has acquired a 100% stake in farm-to-store company Polimeraas for Rs 250 crore in a stock and cash deal. Polimeraas operates 75 stores across Hyderabad and Bangalore, with an average footfall of 21,000 per store per month. The company deals with procurement, distribution, and sale of agricultural products, processed food, and other home consumables. GSS Infotech is an IT company specialising in application development, e-commerce & cloud, security, and remote infrastructure management.

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Indo Count Industries to acquire home textile business of GHCL

Indo Count Industries Ltd (ICIL) has entered into a Business Transfer Agreement (BTA) with GHCL Ltd for the acquisition of its home textile business at Vapi, Gujarat. The company has also signed an Asset Transfer Agreement (ATA) for the acquisition of specified assets of GHCL’s US subsidiary. The cost of the acquisition is Rs 576 crore. ICIL is a leading manufacturer and exporter of home textiles.

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Vodafone Idea in talks with vendors for sourcing 5G gear

As per reports, Vodafone Idea (Vi) has initiated talks with several local & international telecom vendors and system integrators to explore gear sourcing options for its 5G network. The company aims to negate potential cost implications that sourcing from traditional European vendors Nokia and Ericsson may have in the absence of competition. Vi’s rivals Reliance Jio and Bharti Airtel have either developed their own 5G stack or have entered strategic partnerships to jointly build the network technology in India with non-traditional companies.

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Tata Elxsi Reports 39% YoY Rise in Net Profit – Top Indian Market News

Tata Elxsi Q3 Results: Net profit rises 39% YoY to Rs 105 crore

Tata Elxsi Ltd reported a 39.49% year-on-year (YoY) increase in net profit to Rs 105.2 crore, for the quarter ended December (Q3). This is the highest-ever quarterly profit achieved by the IT company. The firm’s revenue showed a growth of 12.67% YoY to Rs 477.10 crore. The robust growth in top-line revenue was largely led by Tata Elxsi’s design-led technology services.

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Tesla in talks with 5 state governments to begin India operations: Report

As per a report from CNBC-TV18, Tesla is exploring the possibility of setting up manufacturing, R&D centres in India. The report states that Tesla is actively consulting Centre and state governments and is in the process of carrying out a location search for setting up operations. The electric vehicle (EV) manufacturing giant has hired a global consulting firm for the same. The state governments of Maharashtra, Gujarat, Andhra Pradesh, Karnataka, and Tamil Nadu have held talks with Tesla.

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CCI finalises investigation report on complaints against Maruti Suzuki

The investigation wing of the Competition Commission of India (CCI) has submitted its report on complaints against Maruti Suzuki for final consideration. The report says that Maruti does not allow dealers to pass on discounts to consumers. It found that the company created a lack of competition between dealers and even sent decoy customers to ensure that they do not give out discounts. Maruti Suzuki would penalize dealers if they were found to be passing on discounts.

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SpiceJet signs MoU with Brussels Airport for transporting Covid-19 vaccines

SpiceJet Ltd has signed a Memorandum of Understanding (MoU) with Belgium’s Brussels Airport for providing seamless transportation of Covid-19 vaccines. As part of the agreement, Brussels Airport would assist SpiceJet with respect to slots, networking, and contracts for the speedy delivery of vaccines. Brussels Airport will be the airlines’ first flight point for Europe.

SpiceJet, on Tuesday, carried India’s first consignment of Serum Institute’s ‘Covishield’ consisting of 34 boxes and weighing 1,088 kilograms from Pune to Delhi. The first consignment of the Covishield vaccine was dispatched from SII in the early hours of Tuesday. India will launch its nationwide vaccination drive on January 16.

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PVR to launch QIP in February to raise Rs 800 crore: Report

As per a report from CNBC-TV18, PVR is planning to launch a qualified institutional placement (QIP) by February to raise about Rs 800 crore. The report states that PVR’s Board of Directors has already approved this fundraise. PVR will use the funds to acquire independent multiplexes. Axis Capital and Kotak Investment Banking have been appointed as advisers to take this transaction forward.

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L&T Infotech expands global alliance with IBM

Larsen & Toubro Infotech (LTI) said that it would expand its global alliance with IBM to help businesses transform their operations through hybrid cloud adoption. LTI will help clients migrate and modernize core business applications by leveraging IBM Cloud offerings. Under this agreement, L&T Infotech and IBM plan to establish an innovation center in Bengaluru in 2021. 

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Karnataka Bank Q3 Results: Net profit rises 10% YoY to Rs 135 crore

Karnataka Bank Ltd reported a 10% rise in net profit at Rs 135.38 crore for the quarter ended December (Q3), as compared to Rs 123.14 crore in the year-ago period. The bank’s net interest income (NII) increased by 21% YoY to Rs 614 crore in Q3. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] The aggregate provision against the likely impact of Covid-19 as of December 31, 2020, stood at Rs 148 crore.

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Tata Chemicals in advanced talks to acquire Archean’s industrial salt unit: Report

As per a report from BloombergQuint, Tata Chemicals Ltd is in advanced talks to acquire the industrial salt unit of Archean Group that could value the business at Rs 450 crore ($61 million) at a minimum. The report states that the board of Tata Chemicals is set to discuss the potential offer later this month. The Archean unit makes industrial salt used as an intermediary in the manufacturing of products such as detergents, textile dyes, plastics, and glass. It has a production capacity of 3 million metric tonnes. 

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IndiGo plans to add flights connecting 7 more cities

InterGlobe Aviation Ltd (IndiGo) announced that it plans to start new flights connecting Leh, Darbhanga, Agra, Kurnool, Bareilly, Durgapur, and Rajkot from February onwards. The low-cost carrier currently connects 61 domestic cities, and the addition of these new stations will take the number to 68. IndiGo will secure all regulatory approvals, and specific flight schedules will be announced as these approvals are received.

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Mahindra Lifespace Developers partners with SBI for faster home loan approvals, discounts

Mahindra Lifespace Developers Ltd has signed an MoU with State Bank of India (SBI) for faster home loan approvals, as well as to offer special discounts to customers and employees of both companies. The agreement also includes co-promotional activities and outreach initiatives. Mahindra Lifespace’s development footprint spans 25.1 million sq ft of completed, ongoing, and forthcoming residential projects across 7 Indian cities.

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RPP Infra Projects JV bags order worth Rs 232 crore

RPP-RK JV has received a new work order for Rs 231.77 crore from Highways Department for Chennai-Kanyakumari Industrial Corridor Projects. RPP Infra Projects Ltd holds a 60% share in the JV firm. The company has to execute these orders within 24 months. With this work order, the company is on its way to achieving an order book of Rs 2,000 crore.

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