Tag: knr construction

Categories
Market News Top 10 News

Cabinet Approves Relief Package for Telecom Sector – Top Indian Market News

Cabinet approves 4-year moratorium on AGR dues, 100% FDI in telecom sector

The Union Cabinet has approved a four-year moratorium on payment of spectrum dues by telecom companies. The government has also decided to allow 100% foreign direct investment (FDI) in the telecom sector. The Centre has decided to rationalise the definition of Adjusted Gross Revenue (AGR). These measures are aimed at providing relief to companies such as Vodafone Idea and Bharti Airtel, who have to pay thousands of crores in unprovisioned past statutory dues. 

In other news, the Cabinet has also approved a Production Linked Incentive (PLI) scheme for the automobile and auto components sector with a budgetary outlay of Rs 25,929 crore. They have also approved a PLI scheme for the drone industry.

Read more here.

Tata Consumer signs pact with IIMR to strengthen R&D efforts on millets

Tata Consumer Products (TCP) has partnered with the Indian Institute of Millet Research (IIMR)-Hyderabad to unlock the full potential of millets as a healthier and more sustainable alternative to traditional grains. The two entities will combine research and development (R&D) expertise and drive the innovation of millets. This partnership will help TCP strengthen its product portfolio in the area of millets. TCP has identified pantry and mini-meals segments as some of the key areas of focus in its growth strategy.

Read more here.

Lupin launches generic Duexis tablets in the US

Lupin Limited has launched generic Duexis (ibuprofen and famotidine) tablets in the US market. The drug is used to treat symptoms of rheumatoid arthritis and osteoarthritis (inflammation or swelling of the joints). Duexis is also used to decrease the risk of developing upper gastrointestinal ulcers. According to IQVIA data, the generic version of the drug had sales of $765 million (~Rs 5,620 crore) in the US market for the 12-months ended July 2021.

Read more here.

SpiceJet to launch 38 new domestic and international flights

SpiceJet Limited will start 38 new domestic and international flights between September 15-25. The airline has launched flights on the Delhi-Surat, Bengaluru-Varanasi, Mumbai-Jaipur, Mumbai-Jharsuguda, Chennai-Pune, Chennai-Jaipur routes. Spicejet will also resume flights to and from Dubai, connecting Mumbai, Delhi, Ahmedabad, Kochi, Kozhikode, Amritsar, and Mangaluru.

Read more here.

USPTO approves Subex’s patent application that seeks to maximise revenue of telecom firms

The US Patent and Trademark Office (USPTO) has approved a patent application of Subex Ltd. The new patent extends the revenue maximisation capabilities of telecom firms, helping operators and subscribers to take proactive actions. Subex will set standards for telecom operators to identify monetisation opportunities. It will also help in detecting risks such as digital fraud to prevent damage before it occurs. Subex is a leading telecom analytics solutions provider.

Read more here.

Dabur hikes prices of hair oil brands by 2-7.5%

FMCG major Dabur Limited has hiked the prices of its hair oils across brands by 2.3-7.5% within the past 1-2 months. According to sources in trade and distributors, the hikes have been seen in the Amla, Vatika, and Anmol Gold Coconut hair oil brands. The maximum retail price (MRP) of the 275 ml Dabur Amla hair oil bottle has been hiked by 2.9% to Rs 138, while the MRP of the 450 ml bottle is costlier by 5% at Rs 209. The price hikes come on the back of rising raw material prices, especially of crude oil and crude derivatives such as Light Liquid Paraffin (LLP).

Read more here.

NCC declared lowest bidder for all 3 packages of Bangalore Metro’s Airport Line

NCC Limited was declared as the lowest (L-1) bidder to construct all three packages of Bangalore Metro’s 37 km Airport Line (Blue Line). The Airport Line will link Bengaluru’s Kempegowda International Airport (KIA) with KR Puram. The ORR-Airport Metro project will comprise two new metro lines (with a total length of 56 km) along Outer Ring Road (ORR) and National Highway 44— between Central Silk Board and KIA. It includes 30 new metro stations that will offer multimodal facilities, including bus bays, taxi stands, pedestrian walkways, and bridges.

Read more here.

KNR Constructions receives LoA for order worth Rs 1,041.5 crore 

KNR Constructions Ltd has received a Letter of Acceptance (LoA) for an order worth Rs 1,041.5 crore. The order includes the development of a six-lane Chittor-Thatchur Highway in Andhra Pradesh and Tamil Nadu on Hybrid Annuity Mode (HAM). The project is expected to be completed within two years. KNR Construction will also be in charge of operation and maintenance for 15 years from the date of commercial operation.

Read more here.

Categories
Market News Top 10 News

Bharti Airtel to Reduce Debt, Fuel Growth With Rs 21,000 crore Fund Raise – Top Indian Market News

Bharti Airtel to reduce debt, fuel growth with Rs 21,000 crore capital raise

Bharti Airtel founder-chairman Sunil Mittal said the telecom operator aims to improve its access to growth capital and reduce debt leverage. He said the company has been “loaded with extraordinary debt” and will not shy away from raising tariffs. During an investor call, Sunil Mittal also said that he remains committed to the idea of monetisation of assets at an appropriate time. The remarks come a day after Bharti Airtel’s board approved a plan to raise Rs 21,000 crore by selling shares to existing shareholders, ahead of the rollout of its 5G network.

Read more here.

NTPC to ramp up coal stock and production from captive mines

NTPC Ltd said it is arranging for coal at its power projects where fuel stocks are low and increasing production from its captive coal mines to help meet the surge in electricity demand. This move comes against the backdrop of India stopping coal supplies for a week to plants having more than 15 days’ stock to free up ~1.77 lakh tonnes of fossil fuel to be redistributed to power plants having low stocks. Coal stocks have depleted at thermal power plants primarily due to an increase in demand for electricity and lower generation by hydropower plants.

Read more here.

SSWL signs pact with Tata Steel Long Products to supply round bars

Steel Strips Wheels Ltd (SSWL) has signed an agreement with Tata Steel Long Products (TSLP) to supply round bars of various grades for a period of 3 years. These products will target automotive customers in India. According to SSWL, the deal has a supply potential of 50,000 tonnes of rolled round bars per annum. TSLP, a subsidiary of Tata Steel, manufactures high alloy steel for the auto sector and wire rope industry.

Read more here.

Maruti Suzuki to hike prices of all models in September

Maruti Suzuki India Ltd announced that it will raise prices across its range of vehicles in September to offset the increase in input costs. This will be the third price hike by the company in the current financial year (FY22). “Over the past year, the cost of the company’s vehicles continue to be adversely impacted due to increase in various input costs. Hence, it has become imperative to pass on some impact of the additional cost to the customers through a price rise” said Maruti Suzuki in a filing. 

Read more here.

Granules India gets Health Canada approval to market arthritis tablets

Granules India Ltd has received marketing approval from Health Canada for Acetaminophen Extended-Release (ER) tablets OTC, 650mg. It is used for the treatment of Arthritis pain. The drug will be manufactured at the company’s facility in Gagillapur, Hyderabad. Now, Granules India has a total of two Abbreviated New Drug Submission (ANDS) approvals from Health Canada.

Read more here.

L&T Construction secures multiple contracts across various business segments

L&T Construction has secured significant orders (in the range of Rs 1,000-2,500 crore) across various business segments. The buildings and factories business has received an order to construct multilevel parking and an advocates chamber for the High Court at Allahabad with a built-up area of ~20 lakh square feet. Its power transmission and distribution business has bagged an order for the construction of a substation in Saudi Arabia. L&T’s smart world and communication business has secured a smart city project at Moradabad, Uttar Pradesh. 

Read more here.

Anupam Rasayan secures deal worth Rs 135 crore from Japanese firm

Anupam Rasayan India Ltd (ARIL) has received and signed a Letter of Intent (LoI) worth Rs 135 crore with a Japanese multinational chemical company for supplying a life sciences-related specialty chemical product. The company will enter into a long-term contract with the Japanese firm to supply the product for the next 4 years. ARIL is one of the leading companies engaged in the custom synthesis and manufacturing of specialty chemicals in India.

Read more here.

KNR Construction to dilute stake in 3 highways projects to Cube Highways

The Board of Directors of KNR Constructions Ltd has approved the dilution of its entire stake in three wholly-owned subsidiary highway companies to Cube Highways and Infrastructure III Pte. Ltd and affiliates. The company will dilute its stake in KNR Shankarampet Projects, KNR Srirangam Infra, and KNR Tirumala Infra. The transaction will be based on the share purchase agreements (SPAs) entered into by KNR Constructions and its subsidiaries according to the concession agreement and Ministry of Road Transport and Highways circulars.

Read more here.

L&T Finance in talks with HSBC to sell its mutual fund business: Report

According to news reports, L&T Finance is in advanced talks with HSBC to sell its mutual fund (MF) arm. In 2020, private equity firm Blackstone was also engaged in talks with L&T Finance to buy its MF business for Rs 3,200 crore. However, the deal did not materialise as market regulator SEBI did not give its approval due to the nature of the deal. SEBI does not favour private equity firms owning a majority stake in mutual funds due to their short-term nature. L&T Finance aims to sell its mutual fund arm to monetise its non-core businesses.

Read more here.

Categories
Market News Top 10 News

Govt Approves Rs 10,900 crore PLI Scheme for Food Processing Sector – Top Indian Market News

Govt approves Rs 10,900 crore PLI scheme for food processing sector

The Union Cabinet has approved the extension of a production-linked incentive (PLI) scheme for the food processing sector. An outlay of Rs 10,900 crore has been approved as incentives for domestic manufacturing in the sector. This PLI scheme will help create 2.5 lakh jobs by 2026-27, boost exports, and facilitate the expansion of India’s food processing capacity to generate processed food output worth Rs 33,496 crore. The incentives under the PLI scheme would be paid for six years ending 2026-27.

Read more here.

Kalpataru Power bags new orders worth Rs 625 crore

Kalpataru Power Transmission Ltd (KTPL) has secured new orders worth Rs 625 crore in the domestic and overseas markets. The company’s power transmission business has won orders from Africa and another order for railway electrification in India. KTPL’s international subsidiary has also received new power transmission projects in Europe. With these new orders, KTPL’s overall order book for FY 2020-21 has exceeded Rs 16,000 crore at the consolidated level.

Read more here.

India’s core sector output contracts 4.6% in February

The output of eight core infrastructure sectors contracted 4.6% in February 2021. Coal production declined by 4.4% last month, while petroleum refinery production declined by 10.9%. Natural gas and crude oil production declined by 1% and 3.2%, respectively. Cement production fell by 5.5%. This signifies India’s uncertain path to recovery amidst the second wave of Covid-19 infections. The data was released by the Ministry of Commerce and Industry.

Read more here.

IRB Infra Developers secures two highway projects

IRB Infrastructure Developers has won a highway project in West Bengal worth Rs 2,421 crore, which involves six-laning of the Dankuni-Palsit section of NH-19. The company has also secured a Hybrid Annuity Mode (HAM) project worth Rs 828 crore in Himachal Pradesh for four-laning of the Pathankot-Mandi section of NH-20. With these two projects, IRB Infra closes FY 2020-21 with a total order book of Rs 5,004 crore

Read more here.

Piramal Pharma to acquire 100% stake in Hemmo Pharma for Rs 775 crore

Piramal Pharma Solutions (PPS) will acquire a 100% stake in Hemmo Pharmaceuticals Pvt Ltd for Rs 775 crore. PPS is the contract development and manufacturing organization of Piramal Pharma Ltd. Through this acquisition, PPS will gain access to the growing peptide active pharmaceutical ingredients (APIs) market. With over 38 years of experience, Hemmo Pharma is one of the few pure-play synthetic peptide API manufacturers in the global marketplace.

Read more here.

SpiceJet partners with Avenue Capital to acquire 50 new aircraft

SpiceJet Limited has signed a Memorandum of Understanding (MoU) with New York-based Avenue Capital Group for financing, acquisition, and sale & lease-back of up to 50 new planes. The MoU sets out the next steps and conditions upon which Avenue Capital will assist with placing SpiceJet’s new aircraft portfolio. SpiceJet has identified the new planes to be ordered as a unique opportunity for investment.

Read more here.

KNR Construction secures LoA for road project in Kerala

KNR Constructions Ltd has received a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a road project in Kerala. The project consists of six-laning of the Ramanattukara Junction to Valnechery bypass section of NH-66 on a Hybrid Annuity Mode (HAM). The project bid cost is Rs 2,367 crore, and the company’s bid price is Rs 2,116 crore.

Read more here.

M&M’s Japanese subsidiary collaborates with Kubota

The Japanese subsidiary of Mahindra & Mahindra (M&M), Mitsubishi Mahindra Agricultural Machinery, and Kubota Co. have entered into a business collaboration arrangement. The partnership will focus on expanding mutual OEM (original equipment manufacturing) supply arrangements, joint utilisation of Internet of Things (IoT), and other sophisticated technology solutions. Both companies will explore opportunities in product development for the Japanese market.

Read more here.  

Bharti Airtel receives CERT-IN empanelment to offer cybersecurity services to Union, State govt

Bharti Airtel Limited has received the CERT-IN empanelment to offer its cybersecurity solutions to Union and State governments, as well as Public Sector entities. The Indian Computer Emergency Response Team (CERT-IN) is the nodal agency within the Ministry of Electronics and IT, which deals with cybersecurity threats and works to strengthen the defense of the Indian internet domain. As part of Airtel Secure, Bharti Airtel has set up a state-of-the-art Security Intelligence Centre with access to advanced technology and AI and ML tools to track and mitigate potential online threats.

Read more here.

Welspun One Logistics Parks launches integrated online platform for landowners, brokers

Welspun One Logistics Parks (WOLP) has launched a first-of-its-kind integrated online platform, “Partner Portal”, for landowners and brokers. The platform is aimed at digitisation of the land buying and leasing process in the industrial real estate sector. The company said it has already seen active participation from several users through the pilot launch phase. WOLP is an integrated funding, development, and asset management platform backed by the Welspun Group.

Read more here.

Categories
Editorial

Highway Infra Construction Firms: An Analysis

As we know, the infrastructure sector has received a significant boost through the provisions of the Union Budget 2021-22. The Finance Ministry has allocated a whopping Rs 1.18 lakh crore towards the Ministry of Road Transport and Highways. This fund would be utilised for the launch of mega national highway projects across the states of Tamil Nadu, West Bengal, Assam, and Kerala. This would strengthen the existing transportation networks in India and ensure more connectivity.

This is clearly great news for large infrastructure companies that constantly receive contracts from the National Highways Authority of India (NHAI). Over the years, these firms have built and maintained some of the best roads and highways in our country. Let us take a closer look at some of the prominent companies that excel in the construction of highways in India. 

Larsen & Toubro

Larsen & Toubro (L&T) Limited is engaged in engineering, construction, and manufacturing operations worldwide. The company’s infrastructure segment constructs buildings and factories, transportation infrastructure, heavy civil infrastructure, power transmission and distribution, etc. L&T Infrastructure Development Projects Limited (L&T IDPL) is a pioneer of the Public-Private-Partnership (PPP) model of development in India. IDPL’s portfolio of road projects includes some of the most economically significant and high-traffic corridors connecting key industrial cities and ports. The company’s total portfolio consists of 17 projects, comprising 7,800 lane kilometers of roads and highways. 

L&T has invested heavily in research and development (R&D) activities to improve efficiency and accuracy. Thus, they have been able to complete and deliver projects within the stipulated time.

Financial Performance:

L&T’s revenues and profits have shown consistent growth over the years. This is primarily due to the large number of contracts they receive from Central and state government agencies. The company reported a 4.8% year-on-year (YoY) increase in net profit to Rs 2,446.7 crore for the quarter ended December (Q3). L&T’s revenue from operations declined 1.78% YoY to Rs 35,596 crore during the same period. The company’s order inflow in Q3 was the highest-ever in any quarter. It received fresh orders worth a new record of Rs 73,233 crore. 

Over the last 5 years, L&T’s revenue has grown at a yearly rate of 9.71%, whereas the industry average stood at 5.44%. The company has continued to show its dominance in the infrastructure sector by securing a large number of “significant contracts” over the past year. It has been able to obtain a market share of 50.04%. L&T offers very attractive dividends as well.

The share price of L&T has surged by more than 82% since April 2020.

Dilip Buildcon

Dilip Buildcon Limited (DBL) is one of the leading infrastructure companies that is engaged in the construction of roads, bridges, dams, and commercial & residential buildings. It operates in two segments- EPC Projects and Toll Operations. The company undertakes state and national highway projects, city road projects, and bridge operation and maintenance projects. The company also develops irrigation projects, urban development projects, dams, canals, metro rail viaducts, and much more. It is involved in the maintenance of road infrastructure facilities and toll operations. DBL has established its presence in more than 19 states.

Dilip Buildcon’s revenue has grown at a yearly rate of 28.85% over the past 5 years, whereas the industry average stood at 5.44%.  The company posted a 107% YoY jump in consolidated net profit to Rs 181.91 crore for the quarter ended December (Q3). Revenue had increased by 7.1% YoY to  Rs 2,746.19 crore in Q3. These are strong figures indeed. It has been able to secure a market share of 3.31%.

Since April 2020, the shares of Dilip Buildcon have rallied by more than 187%.

IRB Infrastructure Developers

IRB Infrastructure Developers Limited is engaged in the construction, development, and maintenance of roads and highways on a build-operate-transfer (BOT) basis. The company operates in two segments- Toll Operate & Transfer Projects and Construction. IRB is also involved in real estate development, generation and sale of electricity through windmills, and airport infrastructure activities. The company has 21 projects with 12,317 lane kilometers of roads and highways. 

Recently, the company emerged as the successful bidder for the construction of eight lanes of the Gandeva-Ena stretch of the upcoming Vadodara-Mumbai Expressway in Gujarat. The length of the stretch is 27.5 kilometers. The cost of the project is Rs.1,755 crore.

Financial Performance:

IRB Infra Developers have shown a consistent increase in profits and revenues over the years. The company reported a 56% YoY decline in net profit to Rs 69.48 crore for the quarter ended December (Q3). Its total revenue fell to Rs 1,594.80 crore in Q3, compared to Rs 1,790 crore during the July-September quarter (Q2). However, the company said its construction segment has seen a robust recovery and continues to strengthen further.

Over the past 5 years, the revenue of IRB Infrastructure Developers has grown at a yearly rate of 12.39%, whereas the industry average stood at 5.44%. The company has been able to obtain a market share of 2.39%. 

The stock price of IRB Infrastructure Developers has surged by 116% since April 2020.

PNC Infratech

PNC Infratech Limited is a construction, development, and management company based in Agra. The company undertakes various infrastructure projects, including highways, bridges, flyovers, power transmission lines, airport runways and pavements, and track construction. It also provides end-to-end infrastructure implementation solutions such as engineering, procurement, and construction services (EPC) on a fixed-sum turnkey basis. 

Recently, the company’s subsidiary -PNC Unnao Highways- received an order worth Rs 1,602 crore from the NHAI. The project consists of four-laning of the Unnao-Lalganj section of NH 232-A in Uttar Pradesh. Two of its other subsidiaries have won orders aggregating to ~Rs 3,500 crore in Uttar Pradesh.

Financial Performance:

The revenues and profits of PNC Infratech have seen a sharp uptrend over the years. The company reported a 163% YoY jump in consolidated net profit to Rs 176.14 crore for the quarter ended December (Q3). Its revenue from operations increased by 13.78% YoY to Rs 1,582.02 crore during the same period. The company recorded substantial growth in both bottom-line and top-line segments in Q3.

Over the last 5 years, PNC Infratech’s revenue has grown at a yearly rate of 25.3%, whereas the industry average stood at 5.44%. The company has been able to secure a market share of 1.95%.

The shares of PNC Infratech have surged by 154% since April 2020.

KNR Constructions Limited

KNR Constructions Limited operates as an infrastructure development company in India. It provides engineering, procurement, and construction (EPC) services for roads and highways, irrigation, and urban water infrastructure management sectors. It undertakes various infrastructure projects, such as expressways, national highways, flyovers, bridges and viaducts, irrigation projects, and much more.

Several financial analysts suggest that KNR Constructions’ strong balance sheet gives it a key competitive advantage over its peers in bidding for newer projects. It has time and again completed and executed projects ahead of schedule. Over the last 5 years, KNR Constructions’ revenue has grown at a yearly rate of 21.76%, whereas the industry average stood at 5.44%. However, the company has been only able to obtain a market share of 0.85%. 

The share price of KNR Constructions has surged by 109% since April 2020.

Conclusion

We have only mentioned five major companies that could benefit from the new highway projects announced by the Finance Minister. Other listed firms involved in the construction and maintenance of highways include HG Infra Engineering, Bharat Road Network, Ashoka Buildcon, Sadbhav Engineering, MEP Infrastructure, etc. 

The development of a strong transportation network plays an important role in the overall economic growth of our country. These companies have time and again contributed their expertise and resources to the construction of our national highways and city roads. They are likely to receive more orders from the NHAI in the months to come. The National Bank for Financing Infrastructure and a Development Finance Institution (DFI) will be set up in our country to provide an extra and essential boost to the sector. Due to positive sentiments surrounding their financial results, fresh orders from NHAI, and provisions of the Budget, we could see a further rally in the shares of these infrastructure firms.

Categories
Market News Top 10 News

Adani Green Energy’s Unit Wins 300-MW Wind Power Project – Top Indian Market News

Adani Green Energy’s unit wins 300 MW wind power project

Adani Green Energy Ltd (AGEL) said its subsidiary, Adani Renewable Energy Holding Fifteen Ltd (AREHFL), has received the Letter of Award (LoA) to set up a 300 megawatt (MW) wind power project. The fixed tariff for this project capacity is Rs 2.77 per kilowatt-hour (kWh) for a period of 25 years. The project comes under a tender issued by the Solar Energy Corporation of India for setting up 1,200 MW interstate transmission system (ISTS)-connected wind projects. This takes AGEL’s total renewable energy capacity to 15,165 MW.

Read more here.

Delhi HC stays order restraining Future Retail to go ahead with Reliance deal

The Delhi High Court, on Monday, stayed a single judge’s order restraining Future Retail from going ahead with its Rs 24,713 crore deal with Reliance Retail. The deal was objected to by US-based e-commerce giant Amazon.com, Inc. A division bench of Chief Justice D.N Patel and Justice Jasmeet Singh issued a notice to Amazon on Future Group’s appeal challenging the single judge’s judgment (made on March 18) on the deal. The bench has listed the matter for further hearing on April 30.

Read more here.

Lok Sabha passes Insurance (Amendment) Bill to raise FDI cap to 74%

The Lok Sabha has passed the Insurance (Amendment) Bill, 2021, which seeks to raise the limit for Foreign Direct Investment (FDI) in insurance companies from 49% to 74%. The Bill was passed by the Rajya Sabha last week and now requires Presidential approval to become law. The increase in FDI limit will help improve life insurance penetration and create more value-based affordable healthcare for all Indians.

Read more here.

RailTel Corp secures order worth Rs 153 crore from Central Coalfields

RailTel Corporation of India has secured a work order amounting to Rs 153.15 crore from Central Coalfields Limited. The order consists of establishing MPLS-VPN Network or higher Bandwidth on a rental basis for 5 years. State-owned RailTel Corp is one of the largest neutral telecom infrastructure providers in India.

Read more here.

Bharti Airtel to allot 3.64 crore shares to Lion Meadow Investment

Bharti Airtel said its Special Committee of Directors for Fund Raising has approved allotment of 3.64 crore equity shares on a preferential basis to Warburg Pincus’ affiliate Lion Meadow Investment Limited (LMIL) at an issue price of Rs 600 per share. As per the deal, Bharti Airtel will acquire a 20% stake in its DTH arm, Bharti Telemedia, from LMIL for Rs 3,126 crore. After this transaction, LMIL will hold a 0.664% stake in Bharti Airtel.

Read more here.

Mindtree partners with Knauf to drive its digital transformation initiatives

Mindtree Ltd has signed a multi-year agreement with Germany-based Knauf to help accelerate its IT transformation initiatives. Knauf is a global manufacturer of building materials and construction systems. The IT services firm will build a future-ready technology core, drive innovation, and improve Knauf’s operating efficiency. Mindtree will also provide application development services and help in digitising Knauf’s infrastructure.

Read more here.

KNR Constructions receives LoA for road project in Karnataka

KNR Constructions Ltd has received the Letter of Acceptance (LoA) for a road construction project worth Rs 1,100.88 crore in Karnataka. The project involves four-laning of the Bangalore-Mangalore section of NH-75 on an engineering, procurement, and construction (EPC) basis. The project is to be completed within 24 months.

Read more here.

Thermax’s arm partners with Steinmüller Babcock Environment for waste-to-energy tech

Thermax Ltd said its wholly-owned subsidiary, Thermax Babcock & Wilcox Energy Solutions (TBWES), has signed a Know-How Transfer and License agreement with Steinmüller Babcock Environment GmbH (SBE), Germany for Waste-to-Energy technology. TBWES will design, engineer, manufacture, and sell Municipal Solid Waste (MSW) fired waste to energy solutions using SBE’s well-established grate and boiler technology.

Read more here.

Piramal Capital & Housing Finance raises Rs 4,050 crore via issuance of NCDs

Piramal Enterprises Ltd (PEL) said its subsidiary, Piramal Capital & Housing Finance Ltd, has raised Rs 4,050 crore through the issuance of long-term non-convertible debentures (NCDs). The five-year NCDs were issued in two tranches (rounds) in March 2021. With this, the total amount raised by PEL (including debt, equity, and asset sales) since April 2019 has touched Rs 50,000 crore. 

Read more here.

Man Industries wins orders worth Rs 500 crore from domestic, overseas markets

Man Industries (India) Ltd said it has won orders worth Rs 500 crore from domestic and export markets in the oil & gas and water segments. With this, the company’s total order book stands at Rs 1,250 crore. Mumbai-based Man Industries is one of India’s leading large diameter pipe manufacturing companies.

Read more here.

Maruti Suzuki to hike car prices in April due to rise in input costs

Maruti Suzuki India Ltd said it will raise prices for different car models to mitigate the impact of rising input costs. The car manufacturer did not specify by how much it planned to raise prices. The price hike comes at a time when Maruti Suzuki’s sales have stabilised after a year of troubled business due to the Covid-19 pandemic. In January 2021, the automaker had increased prices for certain models by around Rs 34,000.

Read more here.

Categories
Market News Top 10 News

Reliance, BP Start Gas Production From Asia’s Deepest Project – Top Indian Market News

Reliance & BP begin gas production from R Cluster, Asia’s deepest offshore field

Reliance Industries Ltd (RIL) and BP announced the start of gas production from the R Cluster, an ultra-deep-water gas field in block KG-D6, off the east coast of India. The two companies are developing three deepwater gas projects in block KG-D6 — R Cluster, Satellites Cluster, and MJ. These three projects are expected to meet 15% of India’s gas demand by 2023. The peak gas production from the three fields is expected to be around 30 mmscmd (1 billion cubic feet/day) by 2023- which is about 25% of India’s domestic production. This will help reduce the country’s dependence on imported gas.

RIL is the operator of KG-D6 with a 66.67% participating interest and BP holds a 33.33% stake. BP plc is a multinational oil and gas company headquartered in London, England. It is one of the world’s seven oil and gas ‘supermajors’.

Read more here.

Domestic air traffic declines 51% YoY in November

A total of 63.54 lakh domestic passengers travelled by air in November, which is 51% lower than the corresponding period in 2019. IndiGo carried 34.23 lakh passengers in November, thus securing a 53.9% share of the total domestic market. SpiceJet flew 8.4 lakh passengers, which is a 13.2% share of the market. The data was released by the Directorate General of Civil Aviation (DGCA).

Read more here.

Govt proposes ethanol-blended gasoline as automobile fuel to curb pollution

The Union Ministry of Road Transport & Highways has proposed the adoption of E20 fuel- a blend of 20% of ethanol with gasoline- as automobile fuel. This is part of India’s attempts to reduce harmful emissions from vehicles and curb pollution. The ministry has also proposed the adoption of mass emission standards for E20 fuel and has sought comments from relevant stakeholders for the same.

In other news, Union Food Minister Piyush Goyal announced that the government cannot reduce the minimum price at which sugar mills buy canes from farmers. He has asked the sugar industry to be more efficient, profitable, and diversify its product portfolio with less dependence on the central subsidy.

Read more here.

Steel Ministry finalises plan on PLI for specialty steel: Report

According to a report from CNBC-TV18, the Steel Ministry has finalised a plan for specialty steel manufacturing under the Production Linked Incentive (PLI) scheme. The ministry has proposed a three incentive slab of 3%, 6%, and 9% for each grade of specialty steel. The PLI for each company will be subject to a ceiling of Rs 200 crore and the outlay for specialty steel is marked Rs 6,322 crore for a five-year period.

Read more here.

Borosil Renewables raises Rs 200 crore through QIP

Borosil Renewables Ltd (BRL) said that it has raised Rs 200 crore by issuing 1.58 crore at Rs 126.55 per share, through a qualified institutional placement (QIP). The issue opened on December 14 and closed on December 17. Post the QIP issue, the holding of promoter and promoter group will be 61.92%. The funds raised will be utilised by BRL to more than double its solar glass production capacity- from 450 tonnes per day (TPD) to 950 TPD.

Read more here.

HG Infra receives LoA from NHAI for Rs 1,198 crore project

HG Infra Engineering Ltd has received a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a project in Rajasthan worth Rs 1,198.93 crore. The company will construct an eight-lane carriageway on an engineering, procurement, and construction (EPC) mode. The length of the project is 45.64 kilometers. The project will be completed within 2 years.

Read more here.

KNR Constructions’ board approves issue of bonus shares

The Board of Directors of KNR Constructions Ltd has approved the issue of bonus shares in the ratio 1:1.  This means that a shareholder will get one bonus share for each existing share held by them. KNR Constructions is a multi-domain infrastructure development company and has conducted technically complex and high-value projects across segments such as national highways, flyovers, bridges & viaducts, etc.

Read more here

Ansal Properties to raise Rs 100 crore, to focus on completion of existing projects

Ansal Properties and Infrastructure Ltd said it will raise Rs 35 crore through the issue of warrants to non-promoters, as part of its plan to raise Rs 100 crore in the next few months.  The company’s board has approved the issue and allotment of around 5 crore Warrants to Non-Promoter (Public) investors, which would eventually be converted into equity shares. Ansal Properties will utilise the funds to pay off its debts and fast-track the completion of its current projects. 

Read more here.

Strides Pharma gets USFDA approval for general Oxybutynin Chloride tablets

Strides Pharma Science Ltd said that its Singapore-based arm has received approval from the US Food and Drug Administration for generic Oxybutynin Chloride tablets. The tablets are used to treat symptoms of overactive bladder and urinary incontinence (loss of bladder control). The product will be manufactured at the company’s flagship facility at Bengaluru and will be marketed by Strides Pharma Inc in the US.

Read more here.

RITES secures project management consultancy work worth Rs 62 crore

RITES Limited has secured an order to provide Project Management Consultancy services for the development of a greenfield port at Machilipatnam in Andhra Pradesh. The contract is worth Rs 62 crore. Rail India Technical and Economic Service (RITES) Ltd is a Gurugram-based engineering consultancy firm that specializes in the field of transport infrastructure.