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Adani Ports Secures $3 billion Port Project in West Bengal – Top Indian Market Updates

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

Adani Ports secures $3 billion port project in West Bengal

Adani Ports & Special Economic Zone (APSEZ) will develop the Tajpur deep sea port in West Bengal at a planned investment of $3.1 billion (~₹24,775 crore). The local government expects to create 25,000 direct jobs and over 100,000 indirect jobs through this port. APSEZ has a 30% domestic market share and has been securing global contracts, including the Haifa port project in Israel and a port terminal in Sri Lanka.

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DGCA extends flight caps on SpiceJet till October 29

SpiceJet Ltd will continue to operate only 50% of approved flights till October 29, said the Directorate General of Civil Aviation (DGCA) in an order. During the period, the airline will be subject to enhanced surveillance by the DGCA. The move comes after SpiceJet flights were involved in several incidents, which the DCGA said were due to “poor internal safety oversight and inadequate maintenance actions”.

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Govt approves ₹19,500-crore PLI scheme for manufacturing solar PV modules

The Union Cabinet approved a ₹19,500 crore Production-Linked Incentive (PLI) scheme on the ‘National Programme on High-Efficiency Solar PV Modules’.  The scheme aims to bring direct investment of ~₹94,000 crore and lead to direct employment of about 1,95,000 people. It will enable the installation of ~65,000 megawatts (MW) per annum manufacturing capacity of fully and partially integrated solar photovoltaic (PV) modules.

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Tata Group evaluating options to consolidate AirAsia India, Vistara under Air India: Report

According to an ET Now report, the Tata Group is evaluating options to consolidate AirAsia India and Vistara under Air India to bring operational synergies among the three airlines under its umbrella. Air India CEO & MD Campbell Wilson has set up a team to will look into the synergy between Air India Express and AirAsia India and also between Air India and Vistara and how to achieve the merger. He has reportedly asked the team to submit its plan within 1 year.

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KPIT Tech acquires 4 Technica Group companies for ₹640 crore

KPIT Technologies Ltd’s board has approved the acquisition of four Technica Group companies for ₹640 crore. The target entities specialise in production-ready system prototyping (combination of network system architecture, hardware prototyping, integration), automotive ethernet products, and tools for validation. The deal is expected to be closed by the end of October 2022.

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Reliance Retail in talks for rights of beauty retailer Sephora: Report

Economic Times reported that Reliance Retail is in advanced talks to acquire the rights for beauty retailer Sephora in India. Sephora’s operations will transfer from Arvind Fashions Ltd to Reliance Retail if an agreement is reached. Owned by French luxury goods group LVMH, Sephora has 25 stores in 13 cities across India. It has brands in categories such as cosmetics, fragrances, skincare, makeup, and hair care.

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Sonder Holdings selects RateGain to strengthen its presence in global distribution system

US-based hospitality company Sonder Holdings Inc. has selected RateGain Travel Technologies to strengthen its presence on the Global Distribution System (GDS). Sonder has connected with RateGain’s Connectivity Switch Platform and introduced its own dedicated chain code, SS. This makes it faster and easier for agents to search for Sonder’s availability on travel reservation systems.

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KEC International wins new orders worth ₹1,123 crore

KEC International Ltd has secured new orders worth ₹1,123 crore across its various businesses in India. Its Transmission & Distribution (T&D) business has received orders for building substations in India. KEC’s railways business has secured an order for the construction of bridges and associated works for railway lines. Meanwhile, its civil business bagged an order for infrastructure works in the hydrocarbon segment.

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Wipro fires 300 employees found moonlighting with rival company

IT major Wipro Ltd terminated the services of 300 staff members who it discovered were working for its competitors while still being on the company’s payroll (also called moonlighting). Chairman Rishad Premji asserted that he stands by his recent comments on moonlighting being a complete violation of integrity “in its deepest form”.

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JSW Steel to Invest $1.2 billion to Cut Carbon Emissions – Top Indian Market Updates

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

JSW Steel to invest $1.2 billion to cut carbon emissions

JSW Steel Ltd will collaborate with Germany-based SMS Group and invest $1.26 billion (~₹10,010 crore) to cut down carbon emissions at its manufacturing plants. SMS group will provide its technology experts, design, and engineering consultancy to execute various projects for decarbonisation. JSW Steel aims to bring down greenhouse gas emissions by 42% to less than 1.95 tonnes of carbon dioxide per tonne of crude steel by 2030.

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Reliance Jio gets approval from DoT to launch satellite-based broadband services

Reliance Jio Infocomm has reportedly received approval from the Department of Telecommunications (DoT) to offer global mobile personal communication by satellite (GMPCS) services in India. The telecom major can now provide GMPCS services, including voice and data services, through satellite in permitted service areas. The license is granted for 20 years. 

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Aurionpro launches digital transformation platform ‘Aurobees’ for SMEs

Aurionpro Solutions Ltd announced the launch of ‘Aurobees’, a comprehensive digitalization, fulfillment, and finance platform that assists small & medium-sized organisations (SMEs). The platform helps SMEs to smoothly take their enterprises online by supporting digital presence. It is a highly scalable solution for digitization and fulfillment across the manufacturing, trade, distribution, freight forwarding, warehousing, transportation, and e-commerce industries.

Zydus Lifesciences gets USFDA approval for Lenalidomide capsules

Zydus Lifesciences Ltd has received approval from the US Food & Drug Administration (USFDA) to market Lenalidomide capsules. The drug is used to treat various types of cancers by slowing or stopping the growth of cancer cells. As per IQVIA MAT data, Lenalidomide had annual sales of $2.86 billion in the US during the 12 months ended July 2022.

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Retailers report 15% growth in sales in August: RAI

According to a survey by the Retailers Association of India (RAI), retail businesses across India reported a growth of 15% in sales when compared to pre-pandemic levels (August 2019). “Most items have witnessed inflation. Retailers are indicating that higher price items are selling well, and lower price items are not seeing as much growth,” said Kumar Rajagopalan, CEO of RAI.

Sales across categories showed steady growth in August 2022, with sports goods indicating a strong performance. Footwear, quick service restaurants (QSR), and jewellery also performed better than other categories last month.

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Bajaj Holdings announces interim dividend of ₹110 for FY23

Bajaj Holdings Ltd announced an interim dividend for the current financial year (FY23). The company’s board declared an interim dividend of ₹110 per equity share of the face value of ₹10 for the financial year ending March 31, 2023. Bajaj Holdings has fixed Sept 23 as the record date. The interim dividend will be credited on or around October 10, 2022.

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Infosys partners with Bpost to improve security for postal services experiences

Infosys Ltd has partnered with Bpost (Belgium Post) to secure the cloud environment and build robust cyber resilience for mail delivery and logistics services. Bpost is a leading postal operator and omni-commerce logistics partner in Europe. Infosys and Palo Alto Networks (a global cybersecurity leader) have equipped Bpost with solutions to identify and rapidly respond to suspicious security events.

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KEC International secures new orders worth ₹1,108 crore

KEC International Ltd has secured new orders worth ₹1,108 crore across its various businesses in India. The company’s transmission and distribution (T&D) business has received orders for T&D and cabling projects in India, the Middle East, and Africa. Its oil and gas pipelines business has secured an order for laying cross-country pipelines and associated works in India.

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Vedanta, Foxconn to set up semiconductor plant in Gujarat

Mining conglomerate Vedanta Ltd and Taiwanese electronics manufacturing giant Foxconn will make an investment of ₹1.54 lakh crore to set up India’s first semiconductor plant in Gujarat. The 60:40 joint venture of Vedanta-Foxconn will establish a semiconductor fab unit, a display fab unit, and a semiconductor assembling, testing unit on a 1000-acre land in Ahmedabad district.

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India’s Services PMI Hits 11-Year High in June – Top Indian Market Updates

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

India’s services PMI hits 11-year high in June

Services activity in India expanded at the fastest pace in 11 years in June 2022. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 59.2 in June, compared to 58.9 in May. The data indicated further accelerations in new business growth and output at Indian services companies amid ongoing improvements in demand conditions. However, concerns surrounding price pressures restricted business confidence. 

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

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Adani Power to seek shareholders’ approval for deal worth Rs 5,000 crore with AdaniConnex

Adani Power Ltd (APL) will seek shareholders’ approval for the proposed related-party transaction worth ~Rs 5,000 crore with AdaniConnex Pvt. Ltd (ACPL) during its annual general meeting on July 27. The transaction involves the sale of APL’s special purpose vehicles (SPVs) or subsidiaries to ACPL. AdaniConneX is a 50:50 joint venture (JV) between Adani Enterprises and US-based EdgeConneX that builds data centres across India.

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Passenger vehicle sales rose 40% in June: FADA

As per data released by the Federation of Automobile Dealers Association (FADA), retail passenger vehicle sales in India rose 40% YoY to 2,60,683 units in June. An increase in dispatches indicates that supplies of semiconductors have improved. Two-wheeler retail sales increased 20% YoY last month to 11,19,096 units.

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KEC International aims to double civil contracts business to Rs 4,000 crore in FY23

KEC International Ltd is betting on its civil contracts business and aims to double revenue in the segment during the current financial year (FY23). The company’s total revenue increased 5% YoY to Rs 13,700 crore in FY22, led by growth in the civil, railways, and cables businesses. The contribution of the civil business to the total revenue stood at Rs 1,900 crore.

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Tata Steel’s output remains flat at 7.66 MT in Q1

Tata Steel Ltd’s consolidated steel output remained flat at 7.66 million tonnes (MT) during the April-June quarter (Q1) of the current financial year (FY23). The company produced 7.65 MT of steel in Q1 FY22. Consolidated sales fell 4% YoY to 6.53 MT during the same period. Tata Steel India registered over a 6% YoY rise in output at 4.92 MT. Its sales fell 2% YoY to 4.06 MT.

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RBL Bank’s total deposits rise 6% YoY in Q1

RBL Bank Ltd’s total deposits rose 6% year-on-year (YoY) to Rs 79,217 crore as of June 30, 2022 (Q1 FY23). Deposits rose 0.27% when compared to the previous quarter. The bank’s current account-savings account (CASA) stood at Rs 28,525 crore in Q1, up 14% YoY or 2% QoQ. Gross advances grew 7% YoY and 0.24% QoQ to Rs 62,095 crore in Q1.

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IEX electricity volume rises 17% YoY in June

Indian Energy Exchange (IEX) registered a 17% YoY growth in power trade volumes to 8,267 million units (MU) in June 2022. This comprises 7,058 MU in the conventional power market, 536 MU in the green power market, and 673 MU in the renewable energy certificate market. Prices at the day ahead market reduced from Rs 6.76 in May to Rs 6.49 per unit in June due to improved supply-side availability. For the first quarter of FY23, IEX achieved 23,437 MU volume across all segments, registering a 10% YoY growth.

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Tejas Networks acquires 62.65% stake in Saankhya Labs for Rs 276.24 crore

Tejas Networks Ltd (TNL) has acquired a 62.65% stake in Saankhya Labs for Rs 276.24 crore. The company intends to acquire the balance 37.35% stake in the Bengaluru-based firm in due course. The acquisition will help enhance TNL’s wireless offerings by adding 5G ORAN, 5G Cellular Broadcast, and satellite communication products to its product portfolio. It also gives the company access to in-house semiconductor chip design expertise for specialised applications.

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Biocon Biologics gets EU GMP certification for new facility in Bengaluru

Biocon Biologics (a subsidiary of Biocon Ltd) has received the Europen Union’s Good Manufacturing Practice (GMP) certification from the Health Products Regulatory Authority (HPRA), Ireland, for its new monoclonal antibodies (mAbs) drug substance manufacturing facility at Biocon Park, Bengaluru. The GMP accreditation is offered to pharmaceutical manufacturers who adhere to a minimal standard in their production practices. 

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Adani Green Energy Raises $288M for RE Projects – Top Indian Market News

Adani Green Energy raises $288 million for RE projects

Adani Green Energy Ltd (AGEL) has raised $288 million (~Rs 2,188 crore ) for the construction of its renewable energy (RE) projects. The funds will initially finance the 450 megawatts (MW) hybrid portfolio of solar and wind RE projects that AGEL is setting up in Rajasthan. The extended pool of liquidity strengthens AGEL’s strategy to fast-track the development of its under-construction asset portfolio. AGEL has set a target of achieving 45 GW renewable energy capacity by 2030.

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Airbus in talks with Tatas, Indian carriers for A350XWB aircraft

Airbus is in talks with Tata Group and Indian carriers for a deal regarding the procurement of its wide-bodied A350XWB planes. Currently, only Vistara and Air India have wide-bodied aircraft in their fleet. Wide-bodied planes like the A350XWB have larger fuel tanks that allow them to travel longer distances. “We predict a 6.2% yearly average growth for the air traffic out of India. The world average is at 3.9%,” noted Remi Maillard, President & MD of Airbus India & South Asia.

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Glenmark Pharma gets USFDA approval for Lacosamide tablet

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Lacosamide tablets. The drug is used to treat partial-onset seizures in patients 4-years and older. As per IQVIA January 2022 data, the generic version of the drug had achieved annual sales of ~$1.7 billion (~Rs 12,964 crore). 

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Godrej Properties records sales worth Rs 1,002 crore in Pune township project

Godrej Properties Ltd (GPL) has achieved sales of Rs 1,002 crore in 2021-22 in its township project ‘Riverhills’ in Mahalunge, Pune. The realty company has sold over 1,550 homes across 1.5 million sq. ft. in the current financial year. Since the launch of Phase-1 of the township in September 2019, GPL has sold over 3,600 homes with 3.4 million square feet of area and a booking value of over Rs 2,100 crore.

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TCS, Google Cloud secures Fletcher Building digitisation deal

Tata Consultancy Services (TCS) has secured a deal from Fletcher Building to build a Google cloud-based enterprise platform to support long-term growth. TCS and Google Cloud will implement enterprise-grade cloud capability to run the realty company’s mission-critical enterprise workloads. Both entities will develop Fletcher Building’s customer data strategy to create an end-to-end understanding of customer needs and behaviors.

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Wockhardt partners with SII to set up vaccine manufacturing plant in UK

Wockhardt UK has partnered with a subsidiary of Serum Institute of India (SII) to set up a new vaccine manufacturing facility in Wrexham, North Wales (UK). The collaboration between Wockhardt UK and Serum Life Sciences UK Ltd will help create employment opportunities and establish a new sterile fill and finish facility in Wrexham. The facility will deliver an additional 150 million vaccine doses of multiple vaccines.

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NMDC becomes first Indian company to cross 40 MT iron ore production in a year

NMDC Ltd has crossed the milestone of producing over 40 million tonnes (MT) of iron ore in a year, becoming the first Indian company to do so. The company has now set a target of becoming a 100 million tonnes per annum (MTPA) company by 2030. NMDC plans to leverage its expertise in moving towards a multi-mineral outlook with coal, diamond, gold, and other strategic minerals to its portfolio.

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Strides Pharma signs pact with MPP to market Covid-19 drug

Strides Pharma Science Ltd has signed a sub-licence agreement with Medicines Patent Pool (MPP) to commercialise the generic version of Pfizer’s Covid-19 oral treatment (Kovidax) in 95 low and middle-income countries. The product will be manufactured at Strides’ flagship facility in Bengaluru. The company has also secured active pharmaceutical ingredients (API) supplies for the drug via a preferred partnership agreement. 

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KEC International secures new orders worth Rs 1,005 crore

KEC International Ltd has secured new orders worth Rs 1,005 crores across its various business segments. The transmission & distribution (T&D) business has received orders for the supply of towers and poles in the Americas. Its railways business has won orders for overhead electrification and associated works. The company’s civil business has secured an order for the construction of a depot cum workshop in the urban infra segment in India.

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Banks recover Rs 61,000 crore via one-time settlement of loans

The Central Govt informed Parliament that around 11 banks have recovered ~Rs 61,000 crore by way of one-time settlement of loans in nearly four financial years. The figures are for the last three financial years and up to December 2021 of FY22. As per RBI norms, banks are required to have a board-approved loan recovery policy. The policy may cover negotiated settlements through compromise, including one-time settlements (OTS). Such measures will help banks promptly recycle their funds with advantage.

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Domestic air traffic rose 20% in Feb: DGCA

Around 76.96 lakh domestic passengers travelled by air in February 2022, a 20% increase over January. This shows a sign of recovery for the domestic aviation market, which had dipped 43% due to the third wave of the Covid-19 pandemic. IndiGo carried 39.51 lakh passengers in Feb, securing a 51.3% share of the domestic market. SpiceJet Ltd flew 8.2 lakh passengers and Air India flew 8.55 lakh passengers in February.

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UltraTech Cement Posts 8% YoY Rise in Net Profit in Q3 – Top Indian Market News

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UltraTech Cement Q3 Results: Net profit rises 8% YoY to Rs 1,708 crore

UltraTech Cement Ltd reported a 7.8% YoY increase in consolidated net profit to Rs 1,708 crore for the quarter ended December (Q3 FY22). Net profit increased 31% when compared to the previous quarter. Its revenue from operations rose 5.89% YoY (or 8% QoQ) to Rs 12,985 crore during the same period. The company’s domestic cement sales volumes grew 13.2% YoY in Q3.

The cement manufacturer has approved a capital expenditure of Rs 965 crore for capacity expansion at Birla White from 6.5 lakh tonnes per annum (LTPA) to 12.53 LTPA.

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Tata Power Renewable Energy commissions 100 MW solar projects in Uttar Pradesh

Tata Power Renewable Energy Ltd (TPREL) has commissioned two solar power projects of 50 megawatts (MW) each in Uttar Pradesh. The plants are expected to generate more than 221.26 million units annually. A Power Purchase Agreement (PPA) was signed between TPREL and Uttar Pradesh Power Corporation Ltd (UPPCL) for these two projects. The plants at Prayagraj and Banda will reduce 1.77 lakh tonnes of carbon emission annually.

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L&T dispatches critical reactors to US for renewable diesel project ahead of schedule

Larsen & Toubro’s (L&T) heavy engineering arm has flagged off five critical renewable diesel reactors to Diamond Green Diesel (DGD) two weeks ahead of the contractual delivery date. DGD is North America’s largest renewable diesel producer. L&T is executing three such green diesel projects for US and European clients at its fully integrated, digitally-enabled heavy engineering complex located at Hazira, Gujarat.

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HFCL Q3 Results: Net profit falls 5% YoY to Rs 78 crore

HFCL Ltd reported a 5% YoY decline in consolidated net profit to Rs 81 crore for the quarter ended December (Q3 FY22). Net profit fell 4% when compared to the previous quarter. Its revenue from operations fell 5% YoY to Rs 1,215 crore during the same period. EBITDA stood at Rs 174 crore, up 4% YoY. The company has raised Rs 600 crore via a qualified institutional placement (QIP). The amount will be utilised to build network solution capabilities to tap the upcoming opportunities in the telecom and defence sectors.

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Tech Mahindra acquires European firm CTC for Rs 2,628 crore

Tech Mahindra has announced the acquisition of a 100% stake in Europe-based Com tec Co IT (CTC) for €310 million (~Rs 2,628 crore). The company is also investing €20 million for acquiring 25% ownership in two IT platforms (SWFT and Surance) of CTC. Tech Mahindra stated that the acquisitions will strengthen its digital engineering and insurance technology businesses.

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Ajmera Realty to invest Rs 900 crore to develop residential project in Mumbai

Ajmera Realty & Infra India Ltd has announced plans to invest Rs 900 crore to develop a residential project as part of its 100-acre master layout in Wadala, Mumbai. The financing of the project will be supported through a mix of internal accruals, a construction finance loan from HDFC, and sales advances. The project is estimated to drive a sales value of Rs 1,500 crore. It will comprise 540 residential apartments across two wings.

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Bajaj Auto to set up third EV plant in Aurangabad

Bajaj Auto Ltd will set up its third electric vehicle (EV) plant in Aurangabad, Maharashtra. The company had earlier announced the rollout of its new EV two-wheeler plant in Pune, where it will be spending Rs 300 crore to manufacture the new electric scooter Chetak. Reports indicate that the new facility in Aurangabad will manufacture a range of electric three-wheelers.

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Bhansali Engineering Q3 Results: Net profit falls 44% YoY to Rs 75 crore

Bhansali Engineering Polymers Ltd (BEPL) reported a 44.4% YoY decline in consolidated net profit to Rs 75.71 crore for the quarter ended December (Q3 FY22). Net profit fell 4% when compared to the previous quarter. Its revenue from operations fell 17% YoY to Rs 341.52 crore during the same period. Total expenses rose 7% YoY to Rs 246.34 crore in Q3. BEPL has declared an interim dividend of Rs 1 per share. 

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KEC International secures orders worth Rs 1,112 crore

KEC International Ltd has secured new orders worth Rs 1,112 crores across its various businesses. The company’s transmission & distribution (T&D) business secured orders for T&D projects in the Middle East and the Americas. Its civil business segment has received orders for infrastructure works in the water pipeline and urban infra segments in India. KEC International’s cable business has bagged orders from India and overseas.  

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Sonata Software Q3 Results: Net profit rises 81% YoY to Rs 97 crore

Sonata Software Ltd reported an 81.5% YoY increase in consolidated net profit to Rs 97.67 crore for the quarter ended December (Q3 FY22). Net profit rose 7% when compared to the previous quarter. Its revenue from operations rose 33% YoY (or 93% QoQ) to Rs 1,858.02 crore during the same period. EBITDA grew 29% YoY to Rs 146.9 crore in Q3. Sonata Software provides IT consulting, product engineering services, and application development solutions. 

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Angel One Q3 Results: Net profit jumps 125% YoY to Rs 164 crore

Angel One reported a 125% YoY jump in consolidated net profit to Rs 164 crore for the quarter ended December (Q3 FY22). Net profit rose 23% when compared to the previous quarter. Its revenue from operations rose 95% YoY (or 13% QoQ) to Rs 597 crore during the same period. EBITDA stood at Rs 234 crore in Q3, up 121% YoY. Angel One has declared an interim dividend of Rs 7 per share.

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Tata Steel’s Output Grows 2% YoY to 7.68 MT in Q3 – Top Indian Market News

Tata Steel’s output grows 2% YoY to 7.68 MT in Q3

Tata Steel Ltd reported a 2% YoY rise in consolidated steel output to 7.68 million tonnes (MT) for the October-December period (Q3 FY22). Consolidated sales fell 3% YoY to 6.88 MT during the same period. Tata Steel produced 4.80 MT of steel in Q3 FY22 in India, compared to 4.60 MT a year ago.

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HDFC Bank starts online customs duty payment facility for customers

HDFC Bank announced that its integration with the Central Board of Indirect Taxes and Customs (CBIC) ICEGATE platform has gone live. This will allow customers to pay their customs duty directly via the bank. The private sector lender has facilitated both retail and wholesale payments of customs duty.

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JSW Steel to invest Rs 15,000 crore to expand Vijaynagar facility

JSW Steel Ltd has announced a 15,000-crore brownfield expansion project at its Vijaynagar Steel Works to increase capacity by 5 million tonnes per annum (MTPA) to 18 MTPA by FY24. The company has received environmental clearance for the project. It is planning to complete a 1 MTPA expansion through the upgradation of the current facility to achieve 13 MTPA capacity within the next 12 months.

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Tata Power leads S&P Global’s ESG score for power utilities in India

Tata Power has secured the highest score among its peers in the Indian power sector in S&P Global’s recently released corporate sustainability assessment (CSA) results. The company scored 67 out of 100, which is significantly higher than the average world electric utility sector (comprising both Indian and global electric utilities) score of 38. The S&P Global CSA is an annual evaluation of companies’ sustainability practices since 1999.

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Lupin launches Molnulup for Covid-19 treatment

Lupin Ltd has launched antiviral medication Molnupiravir under the brand name Molnulup in India for Covid-19 treatment. The Drugs Controller General of India (DCGI) has given emergency use authorisation (EUA) for Molnupiravir for the treatment of adult Covid-19 patients who have a high risk of progression of the disease. Pre-clinical and clinical data have shown Molnupiravir to be effective against the most common SARS-CoV-2 variants.

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Alembic Pharma gets tentative USFDA approval for depressive disorder drug

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for its generic Vortioxetine tablets. The drugs are indicated for the treatment of major depressive disorder. According to IQVA data, Vortioxetine tablets had an estimated market size of $1,249 million for twelve months ended September 2021.

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RIL executes agreement to acquire 40% stake in Sterling & Wilson from Shapoorji Pallonji

Reliance Industries Ltd (RIL) has executed an agreement to acquire a 40% stake in Sterling and Wilson Renewable Energy from Shapoorji Pallonji and Company. Reliance New Energy Solar Ltd, a wholly-owned subsidiary of RIL, acquired 1.84 crore shares of Sterling & Wilson Renewable for Rs 690 crore in an off-market deal.

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TCS wins second phase of Centre’s Passport Seva Program

The Ministry of External Affairs has selected Tata Consultancy Services (TCS) to implement the second phase of the Passport Seva Program, India’s largest mission-critical e-governance program till date. TCS will be managing the project for another 9.5 years. The IT major will refresh existing systems and develop new solutions to enable the issuance of e-passports using technologies such as biometrics, artificial intelligence, and advanced data analytics. Analysts estimate the deal to be valued at about Rs 6,000-8,000 crore.

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KEC International secures new orders worth Rs 1,025 crore 

KEC International Ltd has secured new orders worth Rs 1,025 crore across its various businesses. The company’s transmission and distribution business has secured orders for projects in India and the Middle East. Its civil business has also secured an order for infrastructure works in the metals and mining segment in India.

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G.M. Breweries Q3 Results: Net profit rises 6.25% YoY to Rs 19.8 crore

G.M. Breweries Ltd (GMBL) reported a 6.25% YoY increase in net profit to Rs 19.79 crore for the quarter ended December 2021 (Q3 FY22). Its revenue from operations rose 16.9% YoY to Rs 130.88 crore during the same period. EBITDA fell 2.9% YoY to Rs 27.8 crore. Maharashtra-based GMBL is engaged in the manufacturing and marketing of alcoholic beverages.

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CCI Suspends Amazon’s 2019 Deal With Future Group – Top Indian Market News

CCI suspends Amazon’s 2019 deal with Future Group citing suppression of information

The Competition Commission of India (CCI) has suspended Amazon.com, Inc’s 2019 deal with Future Group following a review of allegations that the e-commerce giant had concealed information while seeking regulatory approval. CCI has also imposed a penalty of Rs 200 crore on Amazon. The step taken by CCI could have far-reaching consequences on Amazon’s legal battles with now-estranged partner Future. 

Over the past year, Amazon has successfully used the terms of its $200 million investment in 2019 to block Future Group’s attempt to sell retail assets to Reliance Industries Ltd for $3.4 billion.

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Hindalco to acquire Hydro’s aluminium extrusion unit in Andhra Pradesh

Hindalco Industries Ltd has signed a definitive agreement to acquire Norway-based Hydro’s aluminium extrusions business in India for Rs 247 crore. Hydro’s integrated facility at Kuppam, Andhra Pradesh, has a 15,000-tonne aluminium extrusions capacity. It is integrated with advanced value-added capabilities for surface finishing and fabrication. It offers custom aluminium extrusion products and solutions for auto, building and construction, and industrial applications.

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Tata Motors partners with Maharashtra govt to set up vehicle scrappage facility

Tata Motors has signed a Memorandum of Understanding (MoU) with the Govt of Maharashtra to set up a registered vehicle scrapping facility (RVSF). in the state. The scrappage centre will have a recycling capacity of up to 35,000 vehicles per year for end-of-life passenger and commercial vehicles. The automaker had earlier signed an MoU with the Gujarat government for setting up a scrapping facility in Ahmedabad.

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Union Bank of India enters into co-lending partnership with HomeFirst 

Union Bank of India and Home First Finance Company India Ltd have entered into a strategic co-lending partnership to offer home loans to customers at competitive interest rates. The partnership aims at leveraging the strengths of both firms to provide a seamless experience to retail home loan customers in the priority sector. HomeFirst will originate loans as per the agreed credit policy of the bank in line with the provisions of RBI’s co-lending model. 

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KEC International secures new orders worth Rs 1,041 crore

KEC International Ltd has secured new orders worth Rs 1,041 crore across its various businesses. The company’s Transmission & Distribution (T&D) segment has received orders for T&D projects in India, the Middle East, and the Americas. The civil business has secured an order for building a Data Centre in Western India. KEC International’s cables business has secured orders for various types of cables in India and overseas.

Bharti Airtel prepays Rs 15,519 crore towards deferred spectrum liabilities

Bharti Airtel Ltd has pre-paid Rs 15,519 crore to the Department of Telecommunications (DoT) towards the complete deferred liabilities pertaining to the spectrum it acquired in the 2014 spectrum auction. The company had acquired 128.4MHz of spectrum for a consideration of Rs 19,051 crores in the 2014 auction. 

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Domestic air traffic saw 17% growth in November: DGCA

Domestic air passenger traffic witnessed a 17% month-on-month (MoM) growth in November 2021. Around 10.52 million passengers took to the skies in November, compared to 8.99 million in October and 7.07 million in September. IndiGo carried 5.71 million passengers during November and secured a 54.3% market share. SpiceJet carried 1.08 million passengers, registering a market share of 10.3%.

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RCF gets Govt approval for setting up new NPK plant

Rashtriya Chemicals & Fertilizers Ltd (RCF) has received approval from the Department of Fertilizers (DOF) for setting up a 1,200 million tonnes per day (MTPD) NPK plant. The nitrogen-phosphorus-potassium (NPK) plant will be set up at an estimated cost of Rs 914.58 crore. The project will be completed in 36 months.

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Raymond to raise up to Rs 100 crore via NCDs

The Board of Directors of Raymond Ltd has approved the issue of non-convertible debentures (NCDs) for an amount up to Rs 100 crore on a private placement basis. The tenure of the NCDs, which carry a coupon rate of 7.6% per annum (payable annually), is 1,095 days from the deemed date of allotment. The NCDs will be listed on the National Stock Exchange (NSE).

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GAIL, Gujarat Alkalies to set up bio-ethanol plant in Gujarat

GAIL (India) Ltd has signed a pact with Gujarat Alkalies & Chemicals Ltd (GACL) to set up a 500-kilolitres per day Bio Ethanol Plant in Gujarat and explore other business opportunities of mutual interest. In other news, GAIL’s board of directors is scheduled to meet on December 23, 2021, to consider the interim dividend pay-out for FY 2021-22. 

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Vakrangee partners with Upstox to offer trading services through BharatEasy app

Vakrangee Digital Ventures Ltd has partnered with Upstox to offer online trading account opening services through its BharatEasy mobile app. The company will also provide services from its physical network of Vakrangee Kendras. Vakrangee Digital is a wholly-owned subsidiary of Vakrangee Ltd, a technology company that provides banking, insurance, e-governance, e-commerce, and logistics services. 

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WPI Inflation Hits Five-Month High of 12.54% in October – Top Indian Market News

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WPI inflation hits five-month high of 12.54% in October

India’s wholesale inflation accelerated to a five-month high at 12.54% in October 2021. The wholesale price index (WPI) grew 10.66% in September and 1.31% in October 2020. The high rate of inflation is primarily due to the rise in prices of mineral oils, basic metals, food products, crude petroleum & natural gas. Food inflation contracted 1.69% in October, compared to a 4.69% contraction seen in September. The inflation in manufactured products stood at 12.04% in October from 11.41% a month ago.

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HCC-KEC JV wins Rs 1,309 crore Chennai Metro order

Hindustan Construction Company (HCC), in consortium with KEC International Ltd, has secured a Rs 1,309 crore order as a part of the second phase of Chennai Metro Rail. The order entails the construction of an 11.61 km elevated viaduct section and 11 elevated stations on corridor-5 of the second phase of Chennai Metro. The order is scheduled to be completed in 36 months.

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Vodafone Idea clarifies on reports of getting SBI loan after govt’s relief measures

Debt-ridden Vodafone Idea Ltd issued a clarification on a Bloomberg report that suggested that the company may get fresh loans from State Bank of India (SBI) after the government’s relief measures. “The company keeps discussing with various banks its funding and other requirements in the ordinary course of its business, including with SBI who is one of our main bankers. As of now, there is no development, which would require disclosure under the SEBI Listing Regulations,” Vodafone Idea informed in an exchange filing. 

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Power Mech Projects secures orders worth Rs 725.17 crore

Power Mech Projects Ltd (PMPL) has secured two orders worth Rs 725.17 crore. The company has bagged an order worth Rs 645 crore from the National Highways Authority of India (NHAI). The order is for four-laning of NH-365A from Kodad to Khammam in Telangana under the Centre’s Bharatmala Pariyojana project. PMPL has received another order worth Rs 80.17 crore from Howe India to design and build a coal handling plant in Odisha.

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Ashok Leyland in talks with investors to raise funds for EV arm

Ashok Leyland Ltd is in talks with strategic and financial investors to raise funds for Switch Mobility, its newly formed electric vehicle (EV) subsidiary. The trucks and bus manufacturer has hived off its EV division to better tap growth opportunities through the onboarding of partners.  The company also plans to roll out CNG-fitted commercial vehicles during the later part of this financial year.

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Dixon Tech partners with BSH for manufacturing of fully automatic washing machine

Dixon Technologies (India) Ltd has commenced production of fully automatic washing machines for BSH Household Appliances Manufacturing Pvt Ltd. The product will be manufactured at Dixon’s state-of-the-art manufacturing facility at Tirupati. Germany-based BSH is the largest manufacturer of home appliances in Europe.

Bharti Airtel forms ESG Committee to strengthen its focus on sustainable business

Bharti Airtel has formed a Committee of Board of Directors, called the ESG Committee, to sharpen the company’s focus towards its Environmental, Sustainability, and Governance (ESG) agenda. The committee will provide strategic guidance and oversight to the company’s progress on ESG targets, initiatives, and best practices. The telecom operator has named Manish Kejriwal, Lead Independent Director on the Board, as the Chairman of the ESG Committee.

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Delhi HC rules in favour of Britannia over Good Day brand

The Delhi High Court has ruled in favour of Britannia Industries after it had challenged oral care maker Good Day over its brand name, which is identical to one of Britannia’s mainstay biscuit brands Good Day. The court has directed the oral care maker to stop manufacturing, selling, and advertising Good Day toothpaste. ‘Good Day’ is a known trademark of Britannia and protected across all product categories.

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Parliamentary panel stresses on cryptocurrency regulation in meeting: Report

A Parliamentary Standing Committee on Finance, led by former union minister Jayant Sinha, held a meeting today with industry associations and experts on cryptocurrency. During the meeting, there was a consensus that crypto can’t be stopped, but must be regulated, news agency ANI reported. The meeting saw the participation of representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), among others.

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Tata Steel revives plans to sell its Thailand business

Tata Steel Ltd (TSL) has revived plans to sell its Thailand business. The company looks to exit less profitable overseas units in the ongoing supercycle. The proposed sale, coming on the heels of TSL’s move to offload its Singapore business NatSteel Holdings, will aid the company cut its debt further. Bangkok-listed Tata Steel Thailand has a market value of over $410 million (~Rs 3,049 crore).

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Retail Inflation Rises to 4.48% in October – Top Indian Market News

Retail inflation rises marginally to 4.48% in October

India’s retail inflation, as measured by the Consumer Price Index (CPI), rose marginally to 4.48% in October from 4.35% in September. This is the fourth successive month that the CPI data has come below the Reserve Bank of India’s (RBI) upper margin of 6%. Food inflation has increased slightly to 0.85% in October from 0.68% in September.

Meanwhile, India’s factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a 3.1% year-on-year (YoY) growth in September. The mining sector saw a growth of 8.6% YoY to 95.1 in September, while the manufacturing sector saw a rise of 2.7% YoY to 129.9. 

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ONGC Q2 Results: Net profit jumps 565% YoY to Rs 18,347 crore 

Oil and Natural Gas Corporation (ONGC) Ltd reported a 565% YoY jump in net profit to Rs 18,347 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 44% YoY to Rs 24,353.6 crore during the same period. The operating margin expanded to 48.17% in Q2 FY22 compared to 37.78% in Q2 FY21. ONGC’s board has declared an interim dividend of Rs 5.5 per share.

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KEC International wins orders worth Rs 1,415 crore

KEC International Ltd has secured new orders worth Rs 1,415 crore in the Civil and Oil & Gas Pipeline businesses in India. The company has received an order from Chennai Metro Rail Limited (CMRL) for the construction of elevated viaduct along with 11 stations. It has received a civil infra works order from a defence entity. KEC International has also secured an order from Indian Oil Corp for the laying of oil and gas pipelines.

Vodafone Idea Q2 Results: Net loss narrows to Rs 7,132 crore

Vodafone Idea (Vi) reported a consolidated net loss of Rs 7,132.3 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 7,319 crore in the previous quarter. Its revenue from operations rose 3% QoQ to Rs 9,406.4 crore during the same period. Vi’s operating profit rose 4.2% QoQ to Rs 3,862.9 crore. The average revenue per user (ARPU) stood at Rs 109 in Q2, an increase of 4.8% QoQ.

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Grasim Industries Q2 Results: Net profit jumps 180% YoY to Rs 979 crore

Grasim Industries Ltd reported a 180% YoY jump in net profit to Rs 979.1 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 67% YoY to Rs 4,933 crore during the same period. The company’s operating profit increased 87% YoY to Rs 1,504 crore. Grasim’s chemical business posted a 44.5% YoY growth in total sales to Rs 1,627 crore in Q2. 

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Ramkrishna Forgings partners with ePropelled to manufacture eDTS motor technology

Ramkrishna Forgings has signed a Memorandum of Understanding with ePropelled (USA), a technology company that offers leading-edge electric propulsion systems. The two companies will develop eAxle products based on ePropelled’s patented Dynamic Torque Switching™ (eDTS) technology. The solution increases power efficiency by at least 15%, allowing manufacturers to reduce the size and cost of their battery packs.

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Coal India Q2 Results: Net profit falls marginally to Rs 2,933 crore

Coal India Ltd reported a 0.6% YoY decline in consolidated net profit to Rs 2,933 crore for the quarter ended September (Q2 FY22). Net profit fell 7.5% compared to the previous quarter. Its revenue from operations rose 10% YoY to Rs 23,291 crore during the same period. The raw coal production improved to 125.83 million tonnes (MT) in Q2 FY22, compared to 114.98 MT in Q2 FY21.

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Airtel Payments Bank to double business correspondent network to 1 million a year

According to a report from Economic Times, Airtel Payments Bank plans to double its countrywide business correspondents (BCs) network to 1 million in the next 12 months. It also aims to drive monetisation through a combination of transactions and interest-based income, besides boosting revenues from cash management services in the business-to-business (B2B) space. APB is looking to gain the necessary reach to cater to the remittances market and the Aadhar-enabled payment services business to serve millions of potential customers.

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Hindalco Q2 Results: Net profit jumps 783% YoY to Rs 3,417 crore

Hindalco Industries Ltd reported a 783% YoY jump in consolidated net profit to Rs 3,417 crore for the quarter ended September (Q2 FY22). Net profit increased 23% compared to the previous quarter. Its revenue from operations rose 52.6% YoY to Rs 47,665 crore during the same period. EBITDA stood at Rs 8,048 crore in Q2, a growth of 56% YoY (or 19% QoQ). Hindalco said its Q2 performance was largely driven by a strategic product mix, higher volumes, and stability in operations.

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SJVN signs pact with Solarworld to develop 75 MW solar power project in UP

SJVN Limited has signed an agreement with Noida-based Solarworld Energy Solutions to develop a 75 megawatt (MW) solar power project at Parasan Solar Park in Uttar Pradesh. The total cost of the project is Rs 313.59 crore. The project will generate 168.34 million units (MU) of energy annually with a capacity utilisation factor (CUF) of 25.06%.

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Motherson Sumi Q2 Results: Net profit falls 36% YoY to Rs 217 crore

Motherson Sumi Systems Ltd (MSSL) reported a 35.8% YoY decline in net profit to Rs 216.96 crore for the quarter ended September (Q2 FY22). Its revenue from operations fell 5.9% YoY to Rs 14,076.39 crore during the same period. Total expenses fell by 3% YoY to Rs 14,001.29 crore in the second quarter.

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Sun Pharma Reports 62% QoQ Rise in Net Profit in Q1 – Top Indian Market News

Sun Pharma Q1 Results: Net profit rises 62% QoQ to Rs 1,444 crore

Sun Pharmaceutical Industries reported a 62% quarter-on-quarter (QoQ) increase in net profit to Rs 1,444.17 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 1,655.6 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations rose 28% YoY to Rs 9,719 crore in Q1 FY22. Revenue from its India formulations business increased by 39% YoY (or 24% QoQ) to Rs 3,308.4 crore during the same period. Sun Pharma launched 13 new products in the Indian market in Q1.

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UPL Q1 Results: Net profit rises 23% YoY to Rs 678 crore

UPL Limited reported a 23% YoY increase in consolidated net profit to Rs 678 crore for the quarter ended June (Q1 FY22). Net profit has increased by 36% when compared to the previous quarter. Its revenue from operations rose 9% YoY to Rs 8,515 crore during the same period. The agrochemical manufacturer posted a 6% YoY growth in total sales volumes, aided by double-digit growth in the Latin American and Indian markets. 

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Lupin acquires Australia-based Southern Cross Pharma 

Lupin Limited has acquired Australia-based Southern Cross Pharma Pty Ltd (SCP), a generic drug manufacturer. As part of the transaction, Lupin’s Australia subsidiary will gain access to over 60 registered products having sales of over $22 million (~Rs 163 crore). Established in 2000, Southern Cross Pharma is engaged in the development, registration, and distribution of generic pharmaceutical products. This acquisition will increase Lupin’s value proposition and market share in the Australian market.

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Indian Oil Corp Q1 Results: Net profit jumps three-fold to Rs 5,941 crore

Indian Oil Corporation (IOC) reported a 211% YoY jump in standalone net profit to Rs 5,941.37 crore for the quarter ended June (Q1 FY22). Net profit has declined by 32.3% when compared to the previous quarter. Its revenue from operations rose 74% YoY to Rs 1.55 lakh crore during the same period. IOC’s gross refining margin (GRM) stood at $6.58 per barrel in Q1 FY22, compared to $1.98 per barrel in Q1 FY21. 

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Dana invests $18 million in Ashok Leyland’s e-bus arm

Dana Inc. has acquired a 1% stake in UK-based Switch Mobility for $18 million (~Rs 13 crore). Switch Mobility is Ashok Leyland Ltd’s electric commercial vehicle subsidiary. US-based Dana will be the preferred supplier of electric drivetrain components for Switch Mobility’s e-bus and EV commercial vehicle offerings. This includes e-axles, gearboxes, motors, software & controls, and electronics cooling systems. Switch Mobility will launch its first electric light commercial vehicle (e-LCV) in India by the end of December 2021.

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Bandhan Bank Q1 Results: Net profit falls 32% YoY to Rs 373 crore

Bandhan Bank reported a 32% YoY decline in net profit to Rs 373.10 crore for the quarter ended June (Q1 FY22). Its total income rose 20.4% YoY to Rs 2,647.5 crore during the same period. The gross non-performing assets (GNPA) ratio increased to 8.2% in Q1 FY22, compared to 6.8% in Q4 FY21. Provisions for bad loans and contingencies rose 62% YoY to Rs 1,374.87 crore in Q1 FY22.

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Marico Q1 Results: Net profit falls 6% YoY to Rs 365 crore

Marico Limited reported a 5.9% YoY decline in consolidated net profit to Rs 365 crore for the quarter ended June (Q1 FY22). Net profit has increased by 60.79% when compared to the previous quarter. Its revenue from operations rose 31% YoY to Rs 2,525 crore during the same period. EBITDA increased by 3% YoY to Rs 481 crore in Q1. The FMCG company posted volume growth of 21% YoY. The Saffola franchise (comprising of edible oils and food) delivered 24% YoY volume growth in Q1.

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Ashoka Buildcon secures order worth Rs 600 crore

Ashoka Buildcon Ltd has secured a contract for the development of Grand Port Hospital in Mumbai to a 600-bed super specialty hospital. The company will also construct a medical college with residential quarters of Zodiac Healotronics. The accepted EPC contract value of the project is Rs 600 crore.

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JSW Energy Q1 Results: Net profit declines 6% YoY to Rs 201 crore

JSW Energy Ltd reported a 5.6% YoY decline in consolidated net profit to Rs 201 crore for the quarter ended June (Q1 FY22). Net profit has increased by 88.65% when compared to the previous quarter. Its total income declined by 1.44% YoY to Rs 1,859.53 crore during the same period. JSW Energy’s power generation stood at 5,141 million units in Q1 FY22, compared to 4,930 million units in Q1 FY21.

KEC International secures new orders worth Rs 1,503 crore

KEC International Ltd has received new orders worth Rs 1,503 crore across various businesses. Its transmission and distribution (T&D) business has secured orders of Rs 866 crore for T&D projects in India, SAARC, Africa, and the Americas. The company’s railways business has won an order worth Rs 321 crore for overhead electrification and associated works. Its civil business has secured orders of Rs 176 crore for infrastructure works in the Metals & Mining, Data Centre, and FMCG segments in India.

Exide Industries Q1 Results: Net profit at Rs 32 crore

Exide Industries Ltd reported a consolidated net profit of Rs 32.88 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 10.68 crore in the corresponding quarter last year (Q1 FY21). Net profit has declined by 89.7% when compared to the previous quarter (Q4 FY21). Its revenue from operations rose 40.2% YoY to Rs 3,543 crore in Q1 FY22.

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Rolex Rings IPO subscribed 130 times on final day of bidding 

The Rs 731 crore IPO of Rolex Rings Ltd was subscribed 130.44 times on the final day of bidding. Retail investors have subscribed 24.49 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 360.11 times and 143.58 times, respectively, against their reserved portions. 

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Vedanta Reports 95% QoQ Rise in Net Profit in Q4 – Top Indian Market News

Vedanta Q4 Results: Net profit rises 95% QoQ to Rs 6,432 crore

Vedanta Limited reported a 95% quarter-on-quarter (QoQ) increase in net profit to Rs 6,432 crore for the quarter ended March (Q4). Its net sales rose 24% QoQ to Rs 28,206 crore during the same period. This revenue growth was aided by a rise in volumes of its aluminium, zinc, and iron ore businesses. Operating margins fell to 32%, compared with 34% in the preceding quarter (Q3 FY21). Earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 17% to Rs 9,037 crore.

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Piramal Enterprises Q4 Results: Net loss at Rs 510 crore

Piramal Enterprise Ltd reported a consolidated net loss of Rs 510 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 1,702 crore in the corresponding period last year. The company’s revenue rose to Rs 3,402 crore in Q4 FY21, compared with Rs 3,341 crore in Q4 FY20. In the last two years, the company’s net debt has reduced by 45% to Rs 24,968 crore. The board of Piramal Enterprises has recommended a dividend of Rs 33 per share.

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HCC-KEC JV secures order worth Rs 1,147 crore from Chennai Metro Rail

Hindustan Construction Company (HCC), in a joint venture (JV) with KEC International Ltd, has secured a contract worth Rs 1,147 crore from Chennai Metro Rail. The order includes the construction of a 7.96 km elevated viaduct and 9 elevated stations on Corridor 4 of Phase-II of the Chennai Metro. The scope of work involves civil, architectural, plumbing & drainage, and temporary services. HCC holds a 51% stake in the JV, while KEC International holds 49% stake.

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Lupin Q4 Results: Net profit rises 18% YoY to Rs 460 crore

Lupin Limited reported an 18% YoY increase in consolidated net profit to Rs 460 crore for the quarter ended March (Q4 FY21). On a quarterly basis, net profit has risen by 5%. Its revenue from operations declined by 1.6% YoY to Rs 3,783 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 1,216 crore. The company had posted a net loss of Rs 269 crore in the previous financial year (FY20). Lupin’s board has recommended a dividend of Rs 6.5 per share. 

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Happiest Minds Q4 Results: Net profit falls 14% QoQ to Rs 36 crore

Happiest Minds reported a 14.5% quarter-on-quarter (QoQ) decline in net profit Rs 36.05 crore for the quarter ended March (Q4 FY21). Net profit has jumped 580% when compared to the corresponding period last year. The IT firm’s revenue declined 14.5% QoQ (up 18.4% YoY) to Rs 220.7 crore during the same period. In US Dollar terms, revenues for the March quarter grew 15.4% QoQ and 18% YoY to $30.2 million. The company added 23 clients during Q4, taking the total number of clients to 173 as of March 31, 2021. The board of Happiest Minds has recommended a final dividend of Rs 3 per share.

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Reliance Jio tops in 4G download speed, Vodafone in upload speed in April: TRAI

According to data released by the Telecom Regulatory Authority of India (TRAI), Reliance Jio has topped the 4G speed chart in April 2021 with a data download rate of 20.1 megabits per second (Mbps). Vodafone was ahead of others in upload speed at 6.7 Mbps. Jio has almost three times higher download speed compared to Vodafone. The average speed is computed by TRAI based on the data it collects across India with the help of its MySpeed application on a real-time basis.

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Pidilite Industries Q4 Results: Net profit rises 96% YoY to Rs 307 crore

Pidilite Industries reported a 96.4% YoY increase in consolidated net profit to Rs 307.44 crore for the quarter ended March (Q4). Its sales revenue rose 44.7% YoY to Rs 2,235.52 crore during the same period. Pidilite’s Consumer and Bazaar (C&B) segment posted a 45% YoY volume growth during the quarter. For the financial year ended March 31, 2021 (FY21), net profit rose 0.4% YoY to Rs 1,126.13 crore. The company’s board has announced a dividend of Rs 8.5 per share.

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SBI Cards, Apollo Hospital, 3 Adani Group stocks enter MSCI India index

According to a release by index provider MSCI, Adani Enterprises, Adani Total Gas, and Adani Transmission have entered the MSCI India Domestic Index. SBI Cards and Payment Services and Apollo Hospital have also entered the leading index, which is being tracked widely by global investors. Zee Entertainment Enterprises has been deleted from the MSCI India index. All changes will be implemented as of May 27, 2021. According to Edelweiss Securities, India is expected to see a net inflow of $350 million from Foreign Institutional Investors (FIIs) following the adjustments made by MSCI in its global standard indices.

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IEX Q4 Results: Net profit rises 33% YoY to Rs 60.85 crore

Indian Energy Exchange (IEX) reported a 33% YoY increase in consolidated net profit to Rs 60.85 crore for the quarter ended March (Q4). Its total income rose to Rs 100.33 crore, compared with Rs 79.59 crore in the corresponding period last year (Q4 FY20). For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 205.43 crore. This is compared with a net profit of Rs 175.71 crore in FY20.

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Vinati Organics Q4 Results: Net profit declines 5% YoY to Rs 70.85 crore

Vinati Organics Limited reported a 5.06% YoY decline in net profit to Rs 70.85 crore for the quarter ended March (Q4). Its revenue from operations rose 14.03% YoY to Rs 279.77 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 19.32% YoY to Rs 269.32 crore. The company’s board has approved a final dividend of Rs 6 per share. Vinati Organics is a leading specialty chemicals company based in Mumbai.

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Eli Lilly signs licensing agreements with Torrent Pharma, Dr Reddy’s for Covid-19 drug

US-based drug firm Eli Lilly and Company has signed voluntary licensing agreements with Torrent Pharma, Dr Reddy’s Laboratories, and MSN Laboratories to expand the availability of Covid-19 drug Baricitinib in India. The drug is used in combination with Remdesivir for the treatment of Covid-19 patients with severe symptoms. On Monday, Eli Lilly had issued voluntary licenses to Cipla, Lupin, and Sun Pharma to manufacture and sell Baricitinib. This will enable the Indian pharma companies to use their existing distribution systems to ensure that the essential drug is accessible across the country.

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ICICI Securities’ Net Profit Jumps Two-Fold in Q4 – Top Indian Market News

ICICI Securities Q4 Results: Net profit jumps two-fold to Rs 329 crore

ICICI Securities Limited reported over a two-fold year-on-year (YoY) increase in net profit to Rs 329 crore for the quarter ended March (Q4). Its revenue jumped 53% YoY to Rs 739 crore during the same period. The revenue growth was supported by a strong performance of equities and allied operations. The company’s private wealth management and investment banking businesses also showed significant growth. ICICI Securities has declared a final dividend of Rs 13.5 per share.

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Hero MotoCorp partners with Gogoro with focus on electric mobility

Hero MotoCorp Limited has announced a strategic partnership with Taiwan-based Gogoro Inc. to accelerate the shift to electric mobility in India. The companies will establish a battery swapping joint venture (JV) to bring Gogoro’s industry-leading battery swapping platform to India. The partnership will also focus on electric vehicle (EV) development to launch Hero-branded, powered by Gogoro network vehicles to the market.

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KEC International secures orders worth Rs 1,245 crore

KEC International Limited has secured new orders worth Rs 1,245 crore across various business segments. Its transmission & distribution business has secured orders worth Rs 629 crore in India, Middle East, Africa, and the Americas. The company’s railways business has secured orders worth Rs 446 crore, and civil business has won orders of Rs 107 crore for infrastructure works in the defence and industrial segments in India. With these orders, the total order inflow for FY 2020-21 stands at Rs 11,876 crore.

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Phillips Carbon Black Q4 Results: Net profit rises 75% YoY to Rs 128 crore

Phillips Carbon Black Limited reported a 75.55% YoY increase in consolidated net profit to Rs 127.73 crore for the quarter ended March (Q4). Its revenue rose 23.75% YoY to Rs 866.73 crore during the same period. The company’s carbon black segment posted a 24.77% YoY increase in revenue to Rs 848.28 crore. Kolkata-based Phillips Carbon Black is the largest carbon black manufacturer in India. [Carbon black is used as a reinforcing agent in tires. It is also used for printing and as a coating for electric wires]

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Merger of TV18 Broadcast, Hathway Cable, Den Networks with Network18 Media cancelled

Den Networks Limited said it has decided not to proceed with the composite scheme of arrangement in which TV18 Broadcast, Hathway Cable & Datacom, and Den Networks were to merge into Network18 Media & Investments. The company said the shareholders are aware that the scheme was filed with both NSE and BSE for their no-objection letter. On February 17, 2020, Reliance Industries Ltd (RIL) had announced the consolidation of its all media and distribution businesses under one umbrella brand ‘Network18’.

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Tejas Networks Q4 Results: Net profit at Rs 33 crore

Tejas Networks Limited reported a net profit of Rs 33.55 crore for the quarter ended March (Q4). It had posted a net loss of Rs 126.53 crore in the corresponding period last year. Revenue from operations rose over 269% YoY to Rs 201.55 crore in Q4 FY21. The company posted a 35% YoY increase in total revenue to Rs 526.60 crore and a net profit of Rs 37.54 (against a net loss of Rs 237.12 crore) for the financial year ended March 31, 2021. 

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Indiabulls Housing Finance enters into co-lending partnership with HDFC

Indiabulls Housing Finance Limited (IHFL) has entered into a strategic co-lending partnership with HDFC Limited to offer housing loans to homebuyers at competitive rates. IHFL will originate retail home loans as per jointly drawn-up credit policy and retain 20% of the loan in its books, and 80% will be on HDFC’s books. IHFL will service the loan account throughout the life cycle of the loan. Technology-led co-lending will help IHFL to offer a convenient and seamless experience to its customers. It will also help the company to expand its presence in Tier-3 and Tier-4 cities in India.

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5Paisa Capital Q4 Results: Net profit at Rs 6.21 crore

5Paisa Capital Limited reported a consolidated net profit of Rs 6.21 crore for the quarter ended March (Q4). The company had posted a net loss of Rs 1.76 crore in the corresponding period last year. Total revenue from operations rose 41% year-on-year (YoY) to Rs 49.9 crore in Q4 FY21. 5 onboarded more than 2 lakh new clients during the quarter, taking the total number of registered clients to 13.5 lakh.

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Tata Steel, HSBC execute a blockchain-enabled paperless trade transaction

Tata Steel Limited and HSBC (an investment banking company) have executed a blockchain-enabled, paperless trade transaction of export of steel by Tata Steel (India) to UAE-based Universal Tube & Plastic Industries. The end-to-end paperless trade transaction was done through a collaboration pivoted by Tata Steel across the spectrum over the Contour and essDOCS platforms. This transaction validates the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.

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Vaccine updates: States to get Covishield vaccine at Rs 400; Covaxin shows 78% efficacy in Phase-3 interim analysis 

The Serum Institute of India (SII) announced that state governments will get the Covishield vaccine at Rs 400 a dose and private hospitals at Rs 600. The price for the central government stays at Rs 150 per dose. SII will address the limited capacity of scaling up vaccine production within the next two months. According to a PTI report, Covishield comprises more than 90% of the 12.76 crore Covid-19 vaccines administered in India so far.

Bharat Biotech said its Covid-19 vaccine, Covaxin, demonstrated overall interim clinical efficacy of 78% in Phase-3 trials. The efficacy against severe Covid-19 disease was 100%. The Hyderabad-based biotechnology company has announced plans to produce up to 3 crore vaccines next month.

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