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Tata Tech to Launch IPO Tomorrow – Top Indian Market Updates

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

Tata Tech to launch ₹3,042Cr IPO tomorrow

The much-awaited initial public offering (IPO) of Tata Technologies (a subsidiary of Tata Motors) will open for subscription tomorrow— Nov 22. The company is planning to raise ₹3,042.51 crore. The price band for the issue has been fixed at Rs 475-500 per share. The issue comprises only an offer-for-sale (OFS) by the promoter and investors. 

Read more here.

KEC International bags new projects worth ₹1,005Cr

KEC International Ltd has secured new projects worth ₹1,005 crore across its various business verticals, including railways and cables. The company has secured projects for transmission, distribution, and cabling in India, the Middle East, Europe, Africa and the Americas.

Read more here.

RIL to invest ₹20,000Cr in West Bengal on 5G, retail, energy

Reliance Jio is set to take the power of 5G to West Bengal even as the telco is on track to conclude the world’s fastest 5G rollout in India by December end. RIL chairman, Mukesh Ambani, said that every home in West Bengal would be converted into smart homes very soon with the rapid rollout of JioFiber (wired broadband) and Jio AirFiber services (the company’s 5G-based fixed wireless access service).

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Tata Motors re-enters Thailand with CVs

Tata Motors has appointed Inchcape Plc as its distributor for commercial vehicles in Thailand, re-entering the market after a three-year break. The company stopped selling its pickup trucks and small commercial vehicles in Thailand after it closed its 100% subsidiary in 2020. However, it has been providing support and services to customers there.

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TCS makes provision of $125 million in Q3 for Epic Systems penalty 

The US Supreme Court has rejected an appeal by Tata Consultancy Services (TCS) against a $140-million penalty concerning a trade secret lawsuit filed by US-based Epic Systems. The firm will make a provision of $125 million for the same in the third quarter of this financial year ending December 2023.

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OneWeb gets approval to launch satcom services in India

Bharti Airtel-backed low earth orbit (LEO) satellite firm OneWeb has been granted the necessary regulatory approvals from the Indian National Space Promotion and Authorization Centre (IN-SPACe) to launch commercial broadband services in India. Now, the company needs spectrum allocation from the Department of Telecommunications (DoT) to commence commercial connectivity services.

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Jindal Power will not bid to take over Go First

Jindal Power Ltd has decided to not follow through with a bid to take over Go First, pushing the insolvent airline closer to liquidation. It is the only company whose expression of interest to take over Go First was accepted by creditors. According to Reuters, Jindal had decided against bidding after evaluating the airline’s financial statements.

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Titan Company plans to hire over 3,000 employees in 5 years

The Titan Company is planning to add over 3,000 employees in the next 5 years across the engineering, design, luxury, digital, data analytics, marketing and sales domains. The company is looking for professionals with specialised skills such as data analytics, cyber security, product management, digital marketing and other new-age skills, amongst others. 

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DLF buys office space in Gurgaon for ₹81 crore

DLF group’s subsidiary, DLF Building & Services Pvt Ltd has bought about 31,254 sq. ft. of premium office space at Horizon Centre on Golf Course Road in Gurgaon for ₹81 crore. The building is the costliest office space tower in Gurgaon. The space was owned by Madhur Maini and has been leased to WeWork India.

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Strides Pharma gets USFDA approval for oral solution to treat seizures

Strides Pharma Science Ltd’s subsidiary, Strides Pharma Global Pte Ltd, Singapore, has received approval from the US Food & Drug Administration (USFDA) for Levetiracetam Oral Solution. It is an oral drug used to treat seizures. The pharma major will manufacture the product at its facility in Bengaluru. According to IQVIA data, the Levetiracetam Oral Solution had a market size of $55 million in the last 12 months.

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HDFC Bank Posts 50% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

HDFC Bank Q2 Results: Net profit rises 50% to ₹15,976 crore

HDFC Bank reported a 50% YoY rise in net profit to ₹15,976 crore for the quarter ended September 2023 (Q2 FY24). Net interest income (NII) rose 30.2% YoY to ₹27,385 crore during the same period. However, the bank’s gross non-performing assets (NPA) rose 17 basis points to 1.34% in Q2. Provisions for the quarter fell 10.3% YoY to ₹2,903 crore. This is HDFC Bank’s first quarterly result post-merger.

Read more here.

Wholesale inflation hits 6-month high in Sept

According to data released by the Ministry of Commerce & Industry, India’s Wholesale Price Index (WPI)-based inflation reached a six-month high of -0.26% in September. This marks WPI’s sixth consecutive month in negative territory. The persistent deflation in factory gate prices is attributed to a high base effect and significant deceleration in food prices. Food inflation fell significantly from 10.6% in August to 3.35% in September.

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Jio Financial Q2 Results: Net profit doubles QoQ to ₹668 crore

Jio Financial Services (JFS) posted a 101.3% quarter-on-quarter (QoQ) increase in consolidated net profit to ₹668.18 crore in Q2 FY24. The company’s total income rose 47% QoQ to ₹608 crore during the same period. Share of profit of joint venture and associates rose above 3.25 times over the previous quarter to ₹217.82 crore.

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Grasim to raise up to ₹4,000 crore via rights issue

Grasim Industries Ltd’s board has approved raising up to ₹4,000 crore through a rights issue. The company will issue equity shares with a face value of ₹2 each through rights issue for an amount not exceeding ₹4,000 crore to eligible shareholders as on the record date. The record will be announced later. The board or a constituted committee of the board will decide all other terms and conditions of the rights issue.

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Federal Bank Q2 Results: Net profit rises 36% YoY to ₹954 crore

Federal Bank reported a 35.54% YoY increase in standalone net profit to ₹953.82 crore in Q2 FY24. Net Interest Income (NII) grew 17% YoY to ₹2,056.42 crore during the same period. The gross non-performing assets (NPAs or bad loans) fell from 2.46% in Q2 FY23 to 2.26% in Q2 FY24.

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Domestic PV sales up 2% at 3.61 lakh in September: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), domestic passenger vehicle (PV) sales increased by 1.87% YoY to 3.61 lakh units in September, compared to 3.55 lakh units in September FY22. Domestic two-wheeler sales rose to 17.5 lakh units in September FY23, compared to 17.4 lakh units last year.

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ICICI Securities Q2 Results: Net profit rises 41% YoY to ₹424 crore

ICICI Securities reported a 41% YoY rise in net profit to ₹424 crore in Q2 FY24. The company had posted a net profit of ₹300.4 crore in the year-ago period. Total income rose 44% YoY to ₹1,249 crore in Q2, led by growth in broking income. During the quarter, ICICI Securities added 2.24 lakh clients, expanding its customer base to 95 lakh.

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KPIL secures ₹2,217 crore new orders in India, abroad

Kalpataru Projects International Ltd (KPIL) has secured new orders worth ₹2,217 crore in the domestic and international markets. The company’s Transmission and Distribution (T&D) business secured contracts worth ₹1,993 crore in India and overseas markets. Furthermore, its building and factories (B&F) segment has received ₹224 crore new orders in the domestic market. 

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Venus Remedies receives marketing approval for chemo drugs from Philippines

Venus Remedies has received marketing approval from the Philippines for six key chemotherapy drugs. The approved drugs are crucial for cancer treatment and include bortezomib, cisplatin, doxorubicin, docetaxel, fluorouracil, and paclitaxel. With this, Venus Remedies has secured 525 marketing approvals for its oncology products across 76 countries. 

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KEC International bags orders worth ₹1,315 crore

KEC International Ltd has secured new orders amounting to ₹1,315 crore across its diverse business verticals. Its transmission and distribution (T&D) sector received a series of notable projects spanning India, the Middle East, Australia, and the Americas. These projects include the installation of a 765 kV Transmission line and a 765 kV AIS Substation in India. The company’s cables business also secured orders for the supply of various types of cables, both within India and overseas.

Read more here.

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Market News Top 10 News

Cabinet Clears Advent’s Acquisition of Suven Pharma – Top Indian Market Updates

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

Cabinet clears Advent’s acquisition of Suven Pharma

The Cabinet Committee on Economic Affairs has approved the foreign direct investment (FDI) proposal of up to ₹9,589 crore in Suven Pharmaceuticals Ltd by private equity firm Advent International through its Cyprus-based Berhyanda Ltd. In December 2022, Advent entered into a definitive agreement to acquire a 50.1% stake in Suven Pharma. It will also launch an open offer for an additional 26% of the pharma company.

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NCLAT terminates insolvency proceedings against Coffee Day Global Ltd

The National Company Law Appellate Tribunal (NCLAT) has set aside an insolvency order against Coffee Day Global Ltd (CDGL). The move comes after CDGL settled with its financial creditor, IndusInd Bank. The Counsel representing the companies informed NCLAT’s Chennai bench about the settlement and sought permission to withdraw insolvency litigations. CDGL owns and operates the coffee chain Cafe Coffee Day. 

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Adani Group to refinance debt taken for Ambuja Cements acquisition

Adani Group is in talks with banks to refinance debt taken on to fund its purchase of Ambuja Cements Ltd. This could be one of Asia’s largest syndicated loan deals of the year. Banks are likely to refinance a total of $3.5 billion. The group would repay at least $300 million on the original Ambuja facility.

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Reliance Retail in talks with Gulf, Singapore funds on $1.5 bn injection

Reliance Retail is in talks with existing investors, including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia, for combined new investments of around $1.5 billion (~₹12,440 crore). The talks with investors are part of an internal target to raise $3.5 billion, which the company wants to close by the end of September.

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JioCinema to stream India-Australia ODI series for free

Reliance’s JioCinema will livestream India’s 3-match ODI home series against Australia at no cost. This move marks the initiation of international series coverage in JioCinema’s rights cycle. The OTT platform will broadcast the matches in 11 different languages. It has enlisted cricketers Suresh Raina, Kedar Jadhav, Aakash Chopra, and others to form an expert panel.

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DMRC, BEL to jointly develop indigenous train control system

Delhi Metro Rail Corporation (DMRC) and Bharat Electronics Ltd (BEL) have signed a Memorandum of Understanding (MoU) to develop an indigenous communication-based train control (i-CBTC) system. The team has commenced work at DMRC’s i-CBTC lab. It will soon develop and deploy a prototype i-CBTC product on a “designated test track” within the DMRC network. 

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IndiGo to use tech to study fatigue among their pilots

Pilots of IndiGo Airlines will soon wear a wrist gadget and use a ground device to detect fatigue and check their alertness level before and after their flights. The airline will start this experiment in collaboration with French aerospace conglomerate Thales Group. This is to collect data and use it to make flight patterns and rosters that reduce the tiredness of their pilots.

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Reliance Jio seeks DoT approval to widen E-band spectrum use

Reliance Jio has sought approval from the Department of Telecommunications (DoT) to widen the use of the E-band spectrum. Last year, DoT gave E-band spectrum to telecom companies administratively for backhaul use only to smoothen the 5G rollout. Jio now wants the DoT to send a fresh reference to the Telecom Regulatory Authority of India (TRAI), which underlines that the E-band spectrum can also be used for access services.

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Bombay Dyeing to sell off 22-acre land for ₹5,200 crore

Bombay Dyeing and Manufacturing Company Ltd (BDMC) has approved the proposal to monetise a prime land parcel in Worli, Mumbai. BDMC’s board of directors gave the green light to a proposal that involves selling approx. 22 acres of land, along with the associated floor space index. Goisu Realty Private Ltd, a subsidiary of Sumitomo Realty & Development Company Ltd, will acquire this land.

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KEC International secures order worth ₹1,145Cr in Saudi Arabia 

KEC International’s  Transmission & Distribution (T&D) business has secured an order worth ₹1,145 crore in the Kingdom of Saudi Arabia (KSA). The company will design, supply and install a 380 kV Overhead Transmission Line in KSA. With this order, the company’s year-to-date (YTD) order intake has surpassed ₹7,500 crores, registering a growth of 30% YoY.

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SEBI finds significant red flags in transactions between ZEEL and Essel entities

The Securities and Exchange Board of India (SEBI) argued before the Securities Appellate Tribunal (SAT) that it sees significant red flags in the transactions between Zee Entertainment Enterprises Ltd (ZEEL) and Essel entities. According to SEBI counsel, the scheme was to circulate ZEEL’s own money back into the company through entities to pay back the debt of Essel entities. SEBI added that the transactions between ZEEL and Essel entities can’t be genuine or a coincidence.

Read more here.

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Can NIFTY Stay Above Supports? – Pre-Market Analysis Report

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

Stocks

Jio Financial Services will get listed on the market today. Intraday trading is restricted for the stock for 10 days, and it will have a circuit limit of 5%. The share price is expected to be around ₹300.

Titan acquired an additional 27.18% equity stake in CaratLane from its founder and his family members, for Rs 4,621 crore in cash. This will take their shareholding to more than 98%.

M&M announced a proactive inspection of certain wiring and spring parts in XUV models. Inspection and rectification will be carried out for free.

KEC International has secured new orders worth Rs 1,007 crore across its various businesses.

What Happened on Friday?

NIFTY started the day at 19,301 with a small gap-down. The index tried moving up but fell to 19,250 levels. There was good buying and a failed breakout after 2 PM. Nifty closed at 19,310, down by 55 points or 0.28% 

BANK NIFTY started the day at 43,724 with a gap-down of 166 points. The index mostly consolidated throughout the day between 43,770 and 43,960 levels with a negative bias. BANK NIFTY closed at 43,851, down by 40 points or 0.09%. 

U.S. markets closed flat. The European markets closed in the red.

What to Expect Today?

The Asian markets are trading mixed.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 19,320.

All the factors combined indicate a flat opening in the market.

NIFTY has supports at 19,240, 19,200 and 19,130. We can expect resistances at 19,360, 19,438, 19,560 and 19,620.

BANK NIFTY has supports at 43,680 and 43,540 and 43,470. Resistances are at 43,960, 44,100 and 44,277.

NIFTY has the highest call OI build-up at 19,400. The highest put OI build-up is at 19,300. PCR is at 0.83.

BANK NIFTY has the high call OI build-up at 44,000. The highest put OI build-up is also at 43,500. PCR is at 0.77.

Foreign Institutional Investors net-sold shares worth Rs -339 crores. Domestic Institutional Investors net-bought worth Rs 267 crores.

INDIA VIX is at 12.14. 

I was looking for this week’s direction from the market on Friday. Our market moved down till the important support of 19,240 then easily bounced up. The 1-day chart confirms that it is a good buying zone.

The market is weak with NIFTY closing at the worst level since 30 June.

Friday gave a trend of a consolidation week, keeping this as the current expectation of the week. 

But we will be keeping strict stop losses on the lower side, to prevent damage from a fall. Again, keep in mind that we are near very important support in NIFTY. 

BANK NIFTY is trapped in a very wide consolidation zone around June ranges. Expect some volatile up and down movements within them!

Today’s expectation is a flat opening followed by selling till 19,240 again. From here, expecting buying to kick in and keep the market stable.

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Market News Top 10 News

Services PMI Growth Declines to a 3-Month in June – Top Indian Market Updates

market updates | marketfeed

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

Services PMI growth declines to a three-month low of 58.5

India’s services sector eased to a three-month low in June. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 58.5 in June, compared to 61.2 in May. A quicker expansion in the intake of new business, positive demand trends, advertising, and favourable market conditions kept the momentum going in the services sector.

[PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.]

Read more here.

KEC International secures order worth Rs 1,042-crore

KEC International Ltd has received new orders worth ₹1,042 crore across its various businesses. The company’s railway business received its first international order for a signalling and telecommunication project in SAARC. Its metals and mining segment received an order for supplying various types of cables in India and overseas. It also received orders for transmission and distribution projects in India, the Middle East, Europe, and the Americas.

Read more here.

GR Infra executes a concession agreement with NHAI

GR Infraprojects’ subsidiary GR Varanasi Kolkata Highway Pvt Ltd executed the concession agreement with the National Highways Authority of India (NHAI) on July 5. The bid project cost is ₹1,248 crore and is a Hybrid Annuity Mode (HAM) project. The project is for constructing a 6‐lane Greenfield Varanasi‐ Ranchi‐Kolkata Highway from Anarbansalea village to Sagrampur village. The road has a total length of 33.5 kilometres.

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L&T’s construction arm bags significant order for developing office space in Mumbai

Larsen & Toubro’s construction subsidiary has secured an order worth ₹1000-2500 crores for developing office space in Mumbai. The company will develop a commercial office space with an approximate built-up area of 14.85 lakh square feet. The company will construct the project using composite steel construction technology. The project involves civil works, composite steel, façade, MEP and External Development Activities for basement construction, ground and 12 floors. The company has scheduled for completion in 2026.

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HDFC Bank’s merged loan book with HDFC at $273.8 billion as of June end

HDFC Bank’s merged loan book with HDFC stood at about ₹22.45 lakh crore ($273.77 billion) as of the end of the June quarter. The bank merged with HDFC on July 1. HDFC Bank’s loan book rose 13.1% in the June quarter from a year ago on a proforma basis, though some numbers may not be directly comparable with those of the previous year.

The merged entity’s deposits aggregated to about ₹20.64 lakh crore as of June end, up 16.2% YoY.

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Paytm reports a 37% YoY rise in GMV in Q1

Paytm has reported a 37% YoY rise to ₹4.05 lakh crore in gross merchandise value (GMV) in the quarter ended June (Q1 FY23), while the average monthly transacting users went up by 23% YoY. The company saw continued expansion of its consumer base with average monthly transacting users (MTU) at 9.2 crores for the quarter, up 23% YoY. The loan distribution business recorded disbursements of ₹14,845 crore, a YoY growth of 167%.

Read more here.

Strides Pharma arm sells manufacturing facility to Syngene

Strides Pharma Science Ltd has sold the multi-modal manufacturing facility of its biologics arm to Syngene International Ltd. for ₹702 crore. Syngene shall acquire Unit 3 on a slump sale basis, and the consideration for the transaction will be settled in cash. The company expects the transaction to conclude within 90 days.
Read more here.

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WPI Inflation Eases to -3.48% in May – Top Indian Market Updates

market updates | marketfeed

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

May WPI inflation falls to -3.48%, lowest since November 2015

According to the Ministry of Commerce, India’s wholesale price index (WPI)-based inflation fell from -0.92% in April to -3.48% in May. WPI is at its lowest level since November 2015, marking the second consecutive month of negative wholesale inflation in India. Food wholesale inflation declined to -1.59%, while inflation in the fuel and power category reached -9.17%. Additionally, inflation in manufactured products decreased from -2.42% to -2.97% in May.

Read more here.

Indian Oil Corp to set up aviation fuel plant with LanzaJet in Haryana

Indian Oil Corp Ltd (IOCL) plans to establish an 80,000 tonnes sustainable aviation fuel plant in partnership with LanzaJet in Haryana. The project is estimated to require an investment of approximately $280.1 million (~Rs 2,300 crore). IOCL is currently undertaking a pilot project for green fuel in collaboration with Praj Industries in Maharashtra.

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Ipca Labs receives 11 observations from USFDA for MP facility

The US Food and Drug Administration (USFDA) has raised concerns about Ipca Laboratories’ manufacturing facility in Ratlam, Madhya Pradesh. During an inspection conducted from June 5 to June 13, the USFDA issued 11 observations about the facility. These observations pertain to compliance with cGMP (Current Good Manufacturing Practices) regulations. This is crucial for ensuring the quality and safety of pharmaceutical products.

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Gujarat Pollution Control Board revokes closure order to Heranba Industries

Heranba Industries announced that the Gujarat Pollution Control Board (GPCB) has lifted the order for the closure of its Vapi’s Pant units. The company had previously received an order from the GPCB instructing the prohibition and closure of operations at Unit-I and Unit-II located in Vapi. This development allows the company to resume its operations at the Vapi’s Pant units.

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SpiceJet’s financial woes deepen with $15 million judgment in UK court

SpiceJet is facing new troubles as two aircraft leasing companies, GASL Ireland and VS MSN, have obtained a summary judgment of $15 million against the airline in the London High Court. This judgment adds to the existing legal challenges faced by SpiceJet, as three more cases have been filed against the airline in the commercial courts in London. GASL Ireland and VS MSN are expected to seek enforcement of the UK court’s judgment through the National Company Law Tribunal (NCLT) in India.

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Ramkrishna Forgings bags order worth 4.5 million euros in Europe

Ramkrishna Forgings has secured a contract worth 4.5 million euros from a well-known European passenger rail coach manufacturer. The contract entails supplying undercarriage parts, and the company expects the contract to be completed within a two-year timeframe. Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed-die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel forgings.

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KEC International secures orders worth Rs 1,373 crore

KEC International Ltd has secured orders worth Rs 1,373 crore across multiple business segments. The orders include projects in the railways vertical, transmission and distribution (T&D), cable, and civil businesses. In the T&D segment, the company received orders for transmission projects in India and the United States, including a 400 KV transmission line order in India and the supply of towers, hardware, and poles in the US through its subsidiary, SAE Towers.

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USFDA concludes inspection at Ahmedabad facility of Zydus Lifesciences with zero observation

Zydus Lifesciences Ltd has received a “Nil observation” from the US Food and Drug Administration (USFDA) for its Zydus Biotech Park in Ahmedabad. This indicates that the facility complies with the current Good Manufacturing Practices (GMP), ensuring the production of safe and effective products. In addition, Zydus Lifesciences has obtained final approval from the USFDA for Varenicline tablets, used to treat smoking addiction.

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Anupam Rasayan secures Rs 2,195 crore supply deal from Japanese firm

Anupam Rasayan has secured a supply contract worth Rs 2,186 crore from a prominent Japanese specialty chemical company. The contract involves the supply of a life science active ingredient for five years. The supply is scheduled to begin in 2025. It is subject to successful product validation, which is expected to take place over the next 18 months. Anupam Rasayan will produce the active ingredient in its existing multipurpose manufacturing facilities.

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Maruti Suzuki to launch its most expensive car in India

Maruti Suzuki is preparing to launch its most expensive car, ‘Invicto,’ with a starting price of over Rs 20 lakh. The three-row, seven-seater MPV is considered a twin of Toyota’s Hycross. Maruti Suzuki aims to capture a significant portion of the market with the Invicto, which will be available in petrol and hybrid variants. The three-row SUV/MPV segment stood at around 2.58 lakh units in FY22, with vehicles priced over Rs 20 lakh accounting for approximately 1.2-1.25 lakh units.

Read more here.

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L&T to Build India’s Tallest Commercial Building in Mumbai – Top Indian Market Updates

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

Larsen & Toubro to construct India’s tallest commercial building in Mumbai

Larsen and Toubro (L&T) Construction has secured an order to construct commercial towers in Mumbai. The exact value of the projects has not been disclosed, but they fall within the range of Rs 1,000 crore to Rs 2,500 crore. One of the orders involves building the tallest commercial building in India, with a height of over 300.05 metres. The project includes four-level basements and two towers with 70 and 50 floors, totaling a built-up area of 3.4 million square feet.

Read more here.

Aditya Birla Group forays into branded jewellery retail business

Aditya Birla Group is entering the jewellery retail business with a Rs 5,000 crore investment. This is their third venture in two years, following paints and business to business (B2B) e-commerce. The new business, called ‘Novel Jewels Ltd’, will open big jewellery stores in India and feature their own jewellery brands.

Read more here.

GTPL Hathway plans capex of Rs 1400 crore over the next three years

GTPL Hathway plans to invest Rs 1,400 crore in the next three years in capital expenditure (capex). They will allocate around Rs 450-500 crore annually for capex. The investment will be evenly split between their cable TV and broadband businesses. In FY22, they spent Rs 468.5 crore on capex, with Rs 225 crore for broadband and the remainder for cable TV.

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IPCA Labs undergoes crucial USFDA inspection at Ratlam facility amid import alert

The United States Food & Drugs Administration (USFDA) is currently inspecting IPCA Laboratories’ API facility in Ratlam. This inspection is important because the facility has been under import alert since FY15, affecting supplies to the US. Three major facilities of Ipca, including Ratlam, Silvassa, and Pithampur, are still under import alert. In April 2023, the USFDA inspected Ipca’s formulation facility in Silvassa, resulting in three observations.

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JK Cement to buy 100% stake in Toshali Cements for Rs 157 crore

JK Cement Ltd announced its plan to acquire a 100% stake in Toshali Cements Private Ltd for Rs 157 crore. The company aims to expand its presence in the eastern region with this acquisition. The Board of Directors approved to sign a Share Purchase Agreement for the acquisition. Toshali currently operates two manufacturing units, one in Odisha with a clinker capacity of 0.33 MTPA and a grinding capacity of 0.198 MTPA.

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KEC International receives two orders for train collision avoidance systems

KEC International has received two large orders worth Rs 600 crore for its Train Collision Avoidance System (TCAS) called Kavach. The recent tragic train collision in Odisha has highlighted the urgent need for TCAS implementation. With these orders in hand, the company anticipates more tenders and increased demand for their TCAS systems.

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Sonata Software partners with SAP Commerce to drive digital innovation, e-commerce solutions

Sonata Software has partnered with SAP Commerce to drive digital innovation and support businesses. The collaboration aims to offer customized e-commerce solutions and seamless experiences to customers. Sonata Software will provide implementation, customisation, and maintenance services, including integration with third-party systems. The partnership will enable customers to benefit from storefront design, services across multiple channels, and ongoing support and maintenance.

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Man Infra receives another redevelopment project in Mumbai’s Ghatkopar

Man Infraconstruction Ltd’s subsidiary MICL Creators LLP  has announced a new residential project in Ghatkopar East, Mumbai. By acquiring development rights from neighboring societies, the company will work on a total area of approximately 13 lakh square feet. The project is expected to be completed in the next 3.5 to 4 years, with a saleable carpet area of around 4 lakh square feet.

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Bank Nifty weekly options contract to now expire on Fridays

The National Stock Exchange (NSE) has changed the weekly options expiry day for Nifty Bank contracts based on feedback. Starting from July 7, 2023, Nifty Bank’s weekly options contracts will expire on Fridays instead of Thursdays. If Friday is a trading holiday, the expiry will occur on the previous day. Monthly contracts will also expire on the last Friday of each month, except when it coincides with a trading holiday, in which case the expiry will be on the previous Thursday. Existing F&O contracts will have their expiry and maturity dates rescheduled to Fridays from July 6.

Read more here.

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Market News Top 10 News

Maruti Suzuki’s Net Profit Jumps 43% YoY to Rs 2,624cr – Top Indian Market Updates

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

Maruti Suzuki Q4 Results: Net profit jumps 43% YoY to Rs 2,624 crore

Maruti Suzuki reported a 43% YoY increase in net profit to Rs 2,624 crore and an operating revenue of Rs 32,048 crore, up 20% YoY, for Q4 FY23. The company sold a total of 514,927 vehicles in Q4 and sales in the domestic market stood at 4,50,208 units, up 7.1% over Q4FY22. The company’s board has approved a dividend of Rs 90 per share.

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Patel Engineering JV bags irrigation projects worth Rs 841 crores

Patel Engineering Joint Venture (JV) has secured irrigation projects worth Rs 841 crore in Maharashtra. The JV received a Letter of Award (LoA) for the Krishna Marathwada Irrigation Project – Lift Irrigation Scheme 01 and 02 from the Water Resources Department. The EPC contracts are valued at Rs 841 crore and are to be executed within 36 months. Patel Engineering’s share in the projects is Rs 451.28 crore.

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Bajaj Finance Q4 Results: PAT jumps 30% YoY to Rs 3,158 

Bajaj Finance reported a 30% YoY increase in consolidated net profit to Rs 3,158 crore for Q4 FY23. The company’s net interest income (NII) rose 28% YoY to Rs 7,771 crore. New loans grew by 20% to 7.56 million and assets under management rose 29% to Rs 2.47 lakh crore. The gross non-performing assets (NPAs) and net NPAs declined during the quarter at 0.94% and 0.34%, respectively. The board has recommended a dividend of Rs 30 per share.

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KPI Green commissions 26.1-MW wind-solar hybrid power project in Gujarat

KPI Green Energy has commissioned a 26.1 MW wind-solar hybrid power project in Bhavnagar, Gujarat. The project comprises 16.1 MW wind and 10 MW solar capacity. It was established under the Gujarat Wind-Solar Hybrid Power Policy 2018, and power purchase agreements have been made with commercial and industrial clients.

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KEC International bags orders worth  ₹ 1,017 crore

KEC International won new orders worth Rs 1,017 crore in various segments. The transmission and distribution (T&D) business secured an order for a 765 kV transmission line from a private developer in India, while the civil business received orders for industrial and residential projects. The company’s cable business secured orders for the supply of various types of cables in India and overseas.

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ONGC plans to invest Rs 1 lakh crore by 2030 to boost petchem capacity

Oil & Natural Gas Corp (ONGC) plans to invest Rs 1 lakh crore by 2030 to double the combined petrochemicals capacity of its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) and joint venture ONGC Petro additions Ltd (OPaL) to 8 million metric tonnes per annum. The plan will involve the construction of two mega projects on the east and west coast that will either directly use crude to produce chemicals or take other feedstocks.

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Dalmia Bharat executes definitive agreements with JAL to acquire cement assets

Dalmia Bharat has executed definitive agreements with Jaiprakash Associates Ltd (JAL) to acquire JAL’s cement assets for an enterprise value of Rs 1,500 crore and costs and expenses of up to Rs 190 crore. The acquisition will be subject to various clearances and approvals related to JP Super plant and mines. Dalmia Cement (Bharat) Ltd (DCBL), a subsidiary of Dalmia Bharat, will acquire JP Super Cement Plant in Uttar Pradesh.

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HDFC Life Q4 Results: Profit growth flat at Rs 359 crore

HDFC Life Insurance reported a net profit of Rs 359 crore for Q4 FY23, which is flat compared with the same period last year. However, net profit for the quarter rose 14% from Q3 FY23. The net premium income stood at Rs 19,426 crore, up 36% YoY. The first-year premium income for the quarter rose 73% to Rs 4,467 crore. The company’s board has recommended a final dividend of Rs 1.90 per equity share.

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Union Bank to raise funds up to Rs 10,100 crore via QIPs and Bonds

Union Bank of India is planning to raise up to Rs 10,100 crore in capital via public issue, Basel III compliant Additional Tier 1 (AT1) bonds, and Tier 2 bonds. The capital will be raised in tranches of up to Rs 8,000 crore through public issue, rights issue, and private placements, including Qualified Institutions Placements (QIPs). The remaining Rs 2,100 crore will be raised through Basel III compliant AT1 and/or Tier 2 bonds, including foreign currency-denominated bonds.

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Govt to Sell Up to 3.5% Stake in HAL – Top Indian Market Updates

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

Govt to sell up to 3.5% stake in Hindustan Aeronautics

The Indian government is planning to sell up to 3.5% stake in Hindustan Aeronautics Ltd (HAL). The stake sale would be valued at ₹28.6 lakh crore, based on a floor price of Rs 2,450 per share. According to the latest shareholding pattern, the govt holds a 75.15% stake in the public sector aerospace and defence company. HAL’s current market cap stands at Rs 87,800 crore.

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IOC to invest Rs 61,077 crore in petrochemical complex at Paradip

Indian Oil Corporation Ltd (IOCL) will invest Rs 61,077 crore in building a petrochemical complex at Paradip in Odisha. This mega project will be the largest-ever investment of Indian Oil at a single location. This is part of IOCL’s transition plan, including boosting petrochemical intensity to help protect against volatility.

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India’s 2022/23 iron ore exports to hit 5-year low

India’s iron ore exports are set to fall 24% to a five-year low in the current financial year (FY23) as an export tax imposed last May stalled shipments. The country is likely to export about 20 million tonnes (MT) of iron ore in 2022/23, down from 26.3 MT last year. In May 2022, the government imposed a 50% export tax on low-grade iron ore lumps and fines and a 45% export duty on pellets to meet rising local demand.

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Hero MotoCorp to hike prices by up to 2% from April

Hero MotoCorp Ltd will increase prices of its model range by around 2% from next month to offset the impact of rising production costs in order to conform to stricter emission norms. The company will make an upward revision in the ex-showroom prices of its select motorcycles and scooters, effective from April 1, 2023. The Indian automobile industry is currently working to make its products meet the second phase of Bharat Stage Emission Standards 4 (BS-VI).

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KEC International bags orders worth Rs 1,560 crore from PowerGrid

KEC International has secured new orders worth Rs 1,560 crore from Power Grid Corporation of India Ltd (PGCIL). This includes a 765 kV transmission line, a 765/400 kV AIS substation, and 765 kV GIS substations. With this order, the company’s year-to-date (YTD) order intake stands at an all-time high of over Rs 21,000 crore, a substantial growth of 30% YoY.

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RailTel wins order worth Rs 35 crore to establish data centres

RailTel Corporation of India has secured a Rs 34.91 crore contract from Madhya Pradesh State Electronics Development Corporation for the expansion and setting up of data centres. The work order includes the expansion of the existing State Data Centre (SOC) and the establishment of a Disaster Recovery (DR) Center. The contract will be executed over five years.

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HPCL plans to set up its third LPG cavern in Gujarat

Hindustan Petroleum Corporation (HPCL) is planning to set up its third Liquefied Petroleum Gas (LPG) underground storage facility (or cavern) in India. The facility will be set up in Vadodara, Gujarat, with a capacity to store 60,000 tonnes of LPG. HPCL plans to spend up to Rs 1000 crore to set up the cavern.

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Power Finance Corporation to get Rs 165 cr loan from JBIC

Power Finance Corporation (PFC) has signed a pact with Japan Bank for International Cooperation (JBIC) for a project loan of JPY 2.65 billion (~Rs 165 crore). Under this facility, JBIC has proposed to finance some of PFC’s projects that ensure the effective reduction of greenhouse gas emissions and conservation of the global environment.

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IFC invests Rs 240 crore in JK Tyre for 5.6% stake

International Finance Corporation (IFC) will invest around Rs 240 crore in JK Tyre & Industries Ltd. As part of the deal, IFC will receive a 5.6% stake in JK Tyres through the issue of compulsorily convertible debentures (CCDs) on a preferential basis. The investment will help JK Tyres become a “green company” with sustainable use of energy & natural resources.

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Reliance Consumer expands FMCG portfolio

Reliance Consumer Products (RCP) announced the expansion of its packaged goods portfolio, including soaps, hygiene, laundry and home care products. It has set up direct competition with established players such as Hindustan Unilever (HUL), Reckitt Benckiser and Procter & Gamble (P&G). RCP is the FMCG arm and wholly-owned subsidiary of Reliance Retail Ventures Ltd (RRVL).

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Vedanta Repays $100M to Standard Chartered Bank – Top Indian Market Updates

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

Vedanta repays $100 million to Standard Chartered Bank

Vedanta Ltd said it has repaid $100 million (~Rs 828 crore) to Standard Chartered Bank via release of encumbrance on March 10, 2023. Earlier, Vedanta Resources said it has enough means to meet debt repayment liabilities in the coming quarters as it looked to ease investor concerns surrounding its financial position. The company has pre-paid all of its debt that was due for repayment till March 2023, deleveraging by $2 billion in the past 11 months.

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Reliance Jio launches 5G services in 34 cities

Reliance Jio Infocomm has added 34 more cities to its True 5G network, taking the total number of the service offering to 365. Ambur, Chidambaram, Namakkal, Pudukottai, Ramanathapuram, Sivakasi, Tiruchengode and Villupuram in Tamil Nadu and Puducherry were covered in the latest round. In Jan, the company said that it has invested ₹40,446 crore in Tamil Nadu.

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Mindpsace REIT raises ₹550 crore through green bonds to refinance loans

Mindspace Business Parks REIT (Mindspace REIT) has raised Rs 550 crore through an issue of green bonds. Executive Committee of the manager (K Raheja Corp Investment Managers LLP) has approved the allotment of 55,000 green debt securities in the form of listed, rated, secured non-convertible debentures of Rs 1 lakh each by way of the private placement. The proceeds will be used towards refinancing loans availed by one of the asset special purpose vehicles (SPVs) to fund eligible green projects.

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IOC floats new unit for clean energy business

Indian Oil Corporation Ltd (IOCL) has floated a new subsidiary under low-carbon, clean and green energy business as the company pivots a transition plan to achieve net zero emissions from its operations by 2046. IOCL also plans to set up green hydrogen plants at all its refineries as part of a Rs 2 lakh crore green transition plan.

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Engineers India looks at new sectors, overseas for new phase of growth

Engineers India Ltd (EIL) is looking to diversify in new areas such as nuclear energy and tap overseas markets in regions such as the Middle East to drive the next phase of growth. In recent times, EIL has also added biofuels and green hydrogen to the list of industries where it provides consultancy right from design and feasibility studies to engineering, procurement, construction and maintenance.

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Ramakrishna Forgings secures order to supply 80,000 wheels to Indian Railways

Ramakrishna Forgings has emerged as the lowest bidder in the tender for manufacturing and supplying up to 80,000 wheels annually to the Indian Railways. This will help in import substitution and the establishment of greenfield wheel manufacturing facilities in India. At Rs 1.88 lakh per tonne, Ramakrishna Forgings’ bid was significantly lower than the Rs 2.75 lakh per tonne bid by Bharat Forge.

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Future Retail executive chairman Kishore Biyani withdraws resignation letter

Debt-ridden Future Retail Ltd said Kishore Biyani has withdrawn his resignation as the executive chairman and director of the company. Future Retail is currently under insolvency proceedings. Biyani had tendered his resignation on Jan. 23.

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KEC International bags orders worth Rs 1,028 crore

KEC International Ltd secured multiple new orders worth Rs 1,028 crore across its various businesses. The company has secured new orders in the transmission and distribution project segment in East Asia Pacific, the Middle East, and the Americas. The new orders include a 500/230 kV GIS substation order in Thailand, a 110 kV transmission line order in Saudi Arabia, and a supply of towers in the Middle East.

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Dixon Tech to receive ₹150 crore under PLI Scheme

The Central government has cleared another tranche of the PLI scheme worth Rs 765 crore. Out of this, Dixon Technologies Ltd. will be receiving nearly Rs 150 crore. The amount received by Dixon will be for its subsidiary Padget Electronic. A large portion of the total amount released on the PLI scheme will go to Wistron, Apple’s contract manufacturer in India.

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Adani Group Launches App for Airports Vertical – Top Indian Market Updates

adani

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

Adani Group launches consumer app for airports vertical

The Adani Group has rolled out Adani One, a consumer app for its airports vertical. Users will be able to book flights & cabs, shop for duty-free products, and check their flight status through the app. The app also has a loyalty program for users to earn and redeem reward points. The group currently operates seven airports in India — Mumbai, Ahmedabad, Guwahati, Lucknow, Mangalore, Jaipur, and Thiruvananthapuram.

Read more here.

Reliance Jio gains 14 lakh subscribers in Oct, Bharti Airtel adds 8 lakh users: TRAI

Reliance Jio added 14.1 lakh wireless subscribers in October 2022, while Bharti Airtel gained 8 lakh subscribers. Vodafone Idea (Vi) continued to suffer heavy customer losses and is unable to compete effectively with its financially stronger rivals. Vi lost 35 lakh subscribers in Oct, further shrinking its total subscriber base to 24.56 crore. Data released by the Telecom Regulatory Authority of India (TRAI) showed that Jio and Bharti Airtel’s total user bases stood at 42.13 crore and 36.5 crore, respectively.

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Car sales in India set to hit record 38 lakh units in 2022: Report

According to an Economic Times report, India’s automakers are projected to end this calendar year with sales of ~38 lakh passenger vehicles (PVs), driven by sustained demand and improved component supplies that helped them increase production. This projection exceeds the previous record by more than 4 lakh vehicles. Sales in the first 11 months of 2022 have already crossed the previous annual record of 33.9 lakh units set in 2018.

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Yes Bank completes transfer of bad loans worth ₹48,000 crore to J.C. Flowers

Yes Bank completed the transfer of bad loans worth ₹48,000 crore ($5.81 billion) to private equity firm J.C. Flowers. This transaction would clean and strengthen Yes Bank’s balance sheet. The deal comes more than two years after the Reserve Bank of India stepped in to take control of the bank after a dramatic rise in bad loans alarmed investors and depositors.

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Dr. Reddy’s Labs completes Phase 1 study of proposed arthritis drug

Dr. Reddy’s Laboratories Ltd has successfully completed the Phase 1 study of its proposed biosimilar of Tocilizumab. The drug is to be used to treat rheumatoid arthritis in adults. This study used a subcutaneous formulation to evaluate the pharmacokinetic equivalence, safety, and immunogenicity of the company’s Tocilizumab biosimilar candidate in comparison to reference products.

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KEC International secures new orders worth ₹1,313 crore

KEC International Ltd has secured new orders worth ₹1,313 crore across various business verticals. It has secured orders for transmission & distribution projects in India, East Asia Pacific, and SAARC. These include a 220 kV gas-insulated substation (GIS) for a refinery project in India, a 500 kV transmission line in Thailand, and another 132 kV transmission line and substations in Nepal.

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CDSL buys 46,000 sq. ft. office in Mumbai for ₹163 crore

Central Depository Services Ltd (CDSL) has acquired two floors of office space measuring over 46,000 sq ft carpet area in commercial tower Marathon Futurex in Mumbai’s Lower Parel for ₹163 crore. The depository services company paid stamp duty worth ₹9.79 crore for the registration of the deals that took place on December 14.

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Glenmark Pharma gets USFDA approval for high blood pressure drug 

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Nicardipine Hydrochloride Capsules. The drug is used to treat high blood pressure and chest pain. The generic version of the drug achieved annual sales of ~$10.9 million for the 12 months ended Oct 2022, according to IQVIA sales data.

Read more here.

HDFC Bank targets issuing 10 lakh credit cards a month

HDFC Bank Ltd is looking to issue 10 lakh credit cards a month, said Parag Rao, the bank’s country head for payments business, consumer finance, digital banking & marketing. The company will announce partnerships across a range of industries from online retail to food delivery in the coming weeks to increase spending on cards. They also plan to collaborate with two airlines and a large hotel chain.

In other news, HDFC Bank is reportedly seeking to raise nearly $1 billion via an offshore loan.

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HZL to spend over $1 billion on shift to battery-operated mining vehicles

Hindustan Zinc (HZL) is planning to invest over $1 billion (~₹8,270 crore) to convert its diesel-fired mining vehicles into battery-operated ones and also to fully turn a green energy user over the next five years. The company is already running four of its 900 mining vehicles on battery on a pilot basis.

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Manufacturing PMI Slows to 3-month Low in Sept – Top Indian Market Updates

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

Manufacturing PMI slows to 3-month low of 55.1 in Sept

India’s manufacturing sector activity fell to a three-month low in September 2022. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.1 in September, compared to 56.2 in August. However, output remained solid despite global headwinds and recession fears. Input costs rose at the slowest rate in almost two years as suppliers’ stocks improved in line with subdued global demand for raw materials.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.  

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JSW Cement raises ₹400-crore sustainability-linked loan

JSW Cement Ltd will raise ₹400 crore through a sustainability-linked loan from MUFG Bank India to fund the company’s capacity expansion plans. MUFG Bank acted as the mandated lead arranger, bookrunner (MLAB), and sustainability loan coordinator for this transaction. The fundraise will help JSW Cement towards its target of building up to 25 million tonnes per annum (MTPA) capacity by FY25.

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Adani Ports reports 13% rise in cargo volumes in Sept

Adani Ports & Special Economic Zone (APSEZ) Ltd’s cargo volumes reached 26.1 million metric tonnes (MMT) in September, recording an increase of 13% YoY. In the first six months of FY23, APSEZ managed 177.5 MMT of cargo, an increase of 11% over the corresponding period last year. The company said it is well aligned to meet its annual cargo volume guidance of 350-360 MMT in FY23.

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Reliance Jio in talks with global firms for supply to 5G stack

Reliance Jio is in talks with global network operators to supply its locally developed end-to-end 5G stack. The solution (developed by Jio Platforms) consists of 5G radio, a complete 5G core network, cloud infrastructure deployment, and the cloud-native operation support system (OSS) platforms. Reliance Jio is set to launch 5G services across metro cities of Delhi, Mumbai, Chennai, and Kolkata by Diwali.

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CNG prices may go up by at least Rs 8-12 per kg

As per an Economic Times report, compressed natural gas (CNG) prices are likely to be hiked by ₹8-12 per kg after the Central government raised the prices of input natural gas to a record high. The price of gas piped to household kitchens may be hiked by over ₹6 per unit. Last week, the govt. raised the prices of gas produced from old fields from $6.1 per million BTU to $8.57 per million British thermal units (BTU).

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Welspun Corp to sell its land and building at Dahej unit

Welspun Corp Ltd (WCL) has signed a Memorandum of Agreement with Laxmi Organic Industries Ltd for the sale of land and civil structures at its Dahej unit in Gujarat for ₹130 crore. The unit comprises an insignificant portion of WCL’s operations. The management feels that the transaction would not have any adverse effect on the company’s operations.

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Vodafone Idea CEO urges govt to reduce levies to help telcos invest in capex-heavy 5G networks

Vodafone Idea (Vi) CEO Akshaya Moondra has called on the government to reduce the hefty levies in the telecom sector so that operators can improve cash generation and invest in capital-intensive 5G networks. The govt. levies amount to 58% of industry revenues, including the price of spectrum. He also urged the Centre to take more steps to ease right of way (RoW) rules to boost 5G deployments.

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M&M records highest monthly wholesales in September

Mahindra & Mahindra Ltd reported the highest ever monthly wholesales of 64,486 vehicles in September, mainly driven by strong demand for its sports utility vehicles. The automaker had dispatched 28,112 passenger and commercial vehicles in September 2021. Last month, M&M posted its highest ever monthly sales of SUVs at 34,262 units, recording a 2x year-on-year (YoY) jump.

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Nykaa’s board approves 5:1 bonus share issue

The Board of Directors of FSN E-Commerce (Nykaa) has approved the issuance of bonus shares in the ratio 5:1. The company will issue 5 fully paid-up equity shares of ₹1 each for every 1 fully paid-up equity share of ₹1 each held by a shareholder. The board has fixed November 3, 2022, as the record date for determining investors’ eligibility for the bonus share issue.

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KEC International secures new orders worth ₹1407 crore

KEC International Ltd has secured new orders worth ₹1407 crore across various businesses. Its Transmission & Distribution (T&D) business has received an order for establishing 400 kV transmission lines for the Kuwait-Saudi Arabia interconnection project. The company’s civil business has bagged an order for the construction of official quarters and associated facilities for senior govt officials in India.

Read more here.