kiocl Archives

TVS Motors to invest Rs 1,200 crore in future technologies and EV

TVS Motor Company Ltd has signed a Memorandum of Understanding (MoU) with the Govt of Tamil Nadu to invest Rs 1,200 crore in future technologies and electric vehicles (EVs) over the next four years. The investment would be for the design, development, and manufacturing of new products and capacity expansion in the EV space. TVS Motor said the signing of the MoU was in line with its firm belief in the potential of the state in terms of human resources, infrastructure, and overall business environment.

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NCLAT stays Rs 200 crore penalty imposed by CCI on Maruti Suzuki

The National Company Law Appellate Tribunal (NCLAT) has stayed the Rs 200 crore penalty imposed by the Competition Commission of India (CCI) on Maruti Suzuki India Ltd. However, NCLAT directed the automaker to deposit 10% of the total penalty amount with the NCLAT’s Registrar within three weeks. It will take up the appeal filed by Maruti Suzuki for admission on December 15.

On August 23, 2021, CCI had imposed a penalty of Rs 200 crore on MSIL for allegedly restraining competition with its policy of controlling the discounts that dealers could offer customers.

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NPCI Bharat BillPay onboards Tata Power to facilitate electricity bill payments

NPCI Bharat BillPay has onboarded Tata Power on its platform ClickPay— making it the first power company to go live on the newly launched platform. Tata Power will generate the ClickPay link and share it with customers, which will redirect them to the payment page. This initiative will enable more than seven lakh customers of Tata Power to pay their electricity bills in a hassle-free and seamless manner.

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KIOCL signs pact with Truman Engineering to set up heat recovery coke oven plant

KIOCL Ltd has entered into an agreement with Tauman Engineering Ltd for setting up a heat recovery coke oven plant at a contract price of Rs 185 crore. The plant will have a production capacity of 1,80,000 tonnes per annum (TPA). The company has signed a tripartite agreement with Tauman Engineering and CSIR-Central Institute of Mining and Fuel Research for providing the technology and know-how.

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Alembic Pharma gets USFDA approval for formoterol fumarate inhalation solution

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic version of formoterol fumarate inhalation solution. The drug is indicated for the treatment of constriction of airways in patients with chronic obstructive pulmonary disease. According to IQVIA data, the inhalation solution had a market size of $310 million (~Rs 2,308 crore) for twelve months ended September 2021.

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TCS expands partnership with Swiss Re to build cloud-based digital workplace

Tata Consultancy Services (TCS) has expanded its strategic partnership with Swiss Re to help them build a more social and open digital workspace. As part of this initiative, TCS will support the reinsurance company to develop its future-ready, cloud-based digital workplace using Microsoft technologies. It will enable Swiss Re to accelerate the innovation pipeline within the organisation.

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Future Retail employees urge Supreme Court to clear asset sale in Amazon dispute

The Future Retail Employee Welfare Association has filed a special leave petition in the Supreme Court (SC), seeking to intervene in the current proceedings of the company’s dispute with Amazon over its 2019 deal with Reliance. The association has stated that the interests of nearly 27,000 employees of Future Retail have been affected by the orders passed in arbitral proceedings. Amazon is trying to block the sale of Future Group’s retail, wholesale, and logistics business to Reliance Industries Ltd (RIL) for Rs 24,713 crore for allegedly breaking contracts.

In other news, the SC has deferred the hearing in the legal tussle between Amazon and Future Group to December 8. This is on account of the inconvenience caused by the bulky documents placed on record by the parties.

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Nxtra by Airtel launches new hyperscale data centre park in Chennai

Bharti Airtel Ltd’s subsidiary Nxtra launched its new 38 megawatts (MW) hyperscale data centre park in Chennai on Tuesday. The centre is fully integrated with Airtel’s global submarine cable network, providing an end-to-end secure connectivity solution to hyperscalers. Nxtra claims to operate the largest network of data centres in India. It aims to invest Rs 5,000 crore by 2025 to increase its data centre capacity three times to over 400 MW.

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Greaves Electric Mobility inaugurates its largest EV production facility in Tamil Nadu

Greaves Cotton Ltd’s e-mobility arm, Greaves Electric Mobility, announced the opening of its largest EV production facility at Ranipet in Tamil Nadu. Spread across 35 acres, the plant is located in the industrial centre of Tamil Nadu. It will serve as an e-mobility hub for both domestic and export markets. The manufacturing facility with additional assembly lines will produce up to 10 lakh vehicles a year.

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Equitas SFB partners with HDFC Bank to offer co-branded credit cards

Equitas Small Finance Bank (SFB) has partnered with HDFC Bank to launch its new co-branded credit cards. This strategic partnership draws on HDFC Bank’s strengths as India’s leading issuer of credit cards and superior customer engagement to extend best-in-class services to Equitas SFB’s customer base. The credit card is available in two categories— Excite Credit Card (offers a credit limit of Rs 25,000-2 lakh) and Elegance Credit Card (provides a credit of over Rs 2 lakh).

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SpiceJet brings back Boeing 737 Max; customers to enjoy free onflight WiFi

SpiceJet Ltd has brought back Boeing 737 MAX aircraft into operation after a gap of around two-and-a-half years. Earlier this month, the airline had entered into an agreement with Boeing to settle outstanding claims related to the grounding of 737 Max aircraft and its return to service. SpiceJet has started flying two Boeing 737 Max planes in India, and 11 more such aircraft will start flying in India in the next 15-20 days. The domestic carrier will also offer free onboard WiFi on the Boeing 737 Max.

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Finance Ministry announces relief measures for sectors impacted by Covid-19

Union Finance Minister Nirmala Sitharaman has announced a Rs 6.28 lakh crore stimulus package to boost Covid-affected sectors. An amount of Rs 23,220 crore will be set aside for the expansion of medical infrastructure for one year. Once issuance resumes, five lakh tourist visas will be issued free of charge. This incentive will cost the government around Rs 100 crore.

The Finance Ministry also announced a Rs 1.1 lakh crore loan guarantee scheme for Covid-affected sectors. Under this scheme, around 25 lakh beneficiaries will be able to borrow up to Rs 1.25 lakh through micro-finance institutions (MFIs). The cap of the Emergency Credit Line Guarantee Scheme (ECLGS) will be raised from Rs 3 lakh crore to Rs 4.5 lakh crore. The Centre will also allocate Rs 3.03 lakh crore to revamp state-owned power distribution companies.

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HAL Q4 Results: Net profit rises 31% YoY to Rs 1,622 crore

Hindustan Aeronautics Ltd (HAL) reported a 31.27% YoY increase in consolidated net profit to Rs 1,622.19 crore for the quarter ended March (Q4). Net profit has increased by 90% when compared to the previous quarter. Its total income rose 4.38% YoY (or 97% QoQ) to Rs 10,870.24 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 12.37% YoY to Rs 3,239.46 crore. HAL’s board has recommended a final dividend of Rs 30 per share.

Tata Motors to launch 10 new electric vehicles by 2025

Tata Motors Ltd has announced plans to roll out 10 new battery electric vehicles (BEVs) in its domestic portfolio by 2025. Going ahead, the automaker plans to drive its business model towards sustainable mobility. The company is also exploring opportunities to invest in lithium cell manufacturing in India and Europe. This is to establish a proper supply chain for its zero-emission vehicles in the coming decade. Tata Motors will also leverage its resources to set up a wide network of charging infrastructure in India.

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NALCO Q4 Results: Net profit jumps 830% YoY to Rs 935 crore

National Aluminium Company Ltd (NALCO) reported an 830.99% YoY jump in consolidated net profit to Rs 935.74 crore for the quarter ended March (Q4). Net profit has increased by 290.36% when compared to the previous quarter. Its total income rose 40.75% YoY (or 19% QoQ) to Rs 2,874.47 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) jumped 853.8% YoY to Rs 1,299.41 crore.

Power Mech Projects secures order worth Rs 9,300 crore from Coal India

Power Mech Projects Ltd has received an order worth Rs 9,294 crore for a mine development and operation (MDO) project from Central Coalfields Ltd (CCL), a subsidiary of Coal India. The contract consists of mine infrastructure development, extraction of coking coal, processing, crushing, and transportation of coal to a washery of CCL. The project has been awarded to a consortium of Power Mech Projects and AMR India. Interestingly, the market cap of Power Mech Projects is less than Rs 1,000 crore.

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Tech Mahindra to acquire US-based Brainscale

Tech Mahindra Ltd, through its wholly-owned subsidiary Tech Mahindra (Americas) Inc., will acquire a 100% stake in US-based Brainscale. The cost of the acquisition is $28.8 million (~Rs 214 crore). Brainscale is a cloud-focused company that has expertise in cloud consulting, application development, and data analytics. This acquisition will help Tech Mahindra drive the growth of its cloud-related IT services in the North American market.

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KIOCL gets in-principle approval for mining in Devadari mines

The Union Ministry of Environment, Forests, and Climate Change has given Stage-I approval for the diverting 401.57 hectares of forest land at Devadari Hill Range in Ballari district (Karnataka) for iron ore and manganese ore mining by KIOCL Limited. The contract is for a period of 50 years. The Stage-II clearance is likely to be received by the end of the current financial year. Mining operations are expected to commence in 2022-23 (FY23).

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Commercial Bank of Kuwait selects TCS’ BaNCS for treasury solutions

The Commercial Bank of Kuwait (CBK) has selected Tata Consultancy Services (TCS) Ltd’s ‘BaNCS for Treasury’ solution to manage risks, enhance asset class coverage, and drive future growth. The solution will help CBK offer a wider range of cash and derivative treasury products and integrate various trading and messaging platforms. It will also help CBK offer extensive accounting and reporting capabilities and manage cash and positions in real-time.

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NLC India Q4 Results: Net profit rises 52% YoY to Rs 756 crore

NLC India reported a 51.9% YoY increase in consolidated net profit to Rs 756.83 crore for the quarter ended March (Q4). Its revenue from operations declined by 7.4% YoY to Rs 2,839.55 crore during the same period. The revenue from the lignite mining segment declined by 24.88% YoY to Rs 1,258.93 crore in Q4. Net profit for the financial year 2020-21 (FY21) declined by 7.4% YoY to Rs 1,345.44 crore. NLC India’s board has recommended a final dividend of Rs 1.5 per share. NLC India is a state-owned company engaged in fossil fuel mining and thermal power generation.

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Emami hikes stake in male grooming startup The Man Company

Emami Limited has increased its stake in Helios Lifestyle from 33.09% to 45.96%. Helios Lifestyle is a direct-to-consumer startup that sells male grooming products under The Man Company brand. It offers a wide range of premium men’s grooming products under the bath and body, beard management, shaving, and perfumes category. FMCG firm Emami said this investment was in line with its strategy of leveraging emerging online opportunities brought about by rapid digitisation. This transaction makes Emami the largest shareholder in Helios Lifestyle.

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