Tag: larsen & toubro

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Wipro’s Net Profit Rises 3% YoY in Q3 – Top Indian Market Updates

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

Wipro Q3 Results: Net profit up 3% YoY to ₹3,053 crore

Wipro Ltd reported a 2.8% year-on-year (YoY) increase in consolidated net profit to ₹3,053 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 14.3% YoY to ₹23,229 crore during the same period. The company secured deals worth $4.3 billion, up 26% YoY. Wipro announced an interim dividend of ₹1 per share.

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Citroen India partners with Jio-BP to build EV infrastructure

Citroen India announced a strategic partnership with Jio-BP to build electric vehicle (EV) infrastructure and services across its network. The partnership will enable Jio-BP to install DC fast chargers across Citroen’s key dealership network and workshops across the country in phases. Jio-BP is a fuels and mobility joint venture between Reliance Industries Ltd (RIL) and UK-based BP. 

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Mahindra Lifespaces acquires 4.25-acre land parcel in South Bangalore

Mahindra Lifespace Developers has bought a 4.25-acre land parcel in Singasandra, South Bangalore. The land is estimated to have a developable potential of around 4.6 lakh sq. ft. of saleable area and a gross development value of over ₹400 crore primarily comprising premium residential apartments. This latest acquisition is aligned with the company’s strategy of further strengthening its presence in India’s IT capital.

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L&T signs pact with Norway-based firm to develop floating green ammonia projects

Larsen & Toubro (L&T) has signed a pact with Norway-based H2Carrier (H2C) to develop floating green ammonia projects for industrial-scale applications. As per the agreement, L&T will become a partner for engineering, procurement, construction, installation, and commissioning of the topsides for H2C’s floating process plants.

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India’s ethanol capacity to jump 25% to 1,250 crore litres by year-end: Govt

The overall ethanol production capacity in India is expected to go up by 25% to 1,250 crore litres by the end of this year, as proactive steps have been taken for faster clearance of projects. A single-window clearance has been put in place so that ethanol projects seeking interest grants and environment clearances are given faster clearance. India has doubled ethanol blending with petrol to 10% in the last two years.

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Heritage Foods rights issue to open on Jan 30

The Board of Directors of Heritage Foods Ltd. has fixed Jan 20 as the record date for its rights issue, which will open on January 30. The company will issue 46.4 million equity shares at ₹5 per rights equity share (aggregating to ₹23.2 crore). The rights issue will close on February 13. Heritage Foods is engaged in the business of milk and dairy products, cattle feed, and renewable energy.

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HCL Tech secures deal to modernise IT operations for State Farm

HCL Technologies Ltd has received an order from US-based insurance company State Farm to modernise its IT service desk and infrastructure operations. Several State Farm employees supporting this work will transfer to HCL Tech to continue their key role in delivering technology services. HCL Tech will leverage its portfolio and execution capabilities to accelerate the modernisation of a hybrid cloud environment for the insurance firm.

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Gold prices in India hit record high

Indian gold futures hit a record high today, tracking gains in the overseas market. Domestic gold futures rose to ₹56,245 per 10 grams, surpassing the previous record of ₹56,191 recorded in August 2020. Gold rates have surged since November 2022 due to a weaker dollar and expectations of slower interest rate hikes by the U.S. Federal Reserve. 

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Domestic passenger vehicle sales rise 23% in Q3: SIAM

According to the Society of Indian Automobile Manufacturers, passenger vehicle wholesales rose 23% YoY to 9,34,955 units in the quarter ended December (Q3 FY23). The surge in sales was aided by robust demand during the festive season. In December, passenger vehicle sales witnessed an increase of 7% YoY to 2,35,309 units. 

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TCS Posts 11% YoY Rise in Net Profit in Q3 – Top Indian Market Updates

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

TCS Q3 Results: Profit rises 11% YoY to ₹10,846 crore

Tata Consultancy Services (TCS) reported an 11% year-on-year (YoY) increase in consolidated net profit to ₹10,846 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 19% YoY (or 5.2% QoQ) to ₹58,229 crore during the same period. Its order book stood at $7.8 billion in Q3, down from $8.1 billion in Q2. The results are below street/analysts’ estimates. TCS’s board has approved an interim dividend of ₹8 per share and a special dividend of ₹67 per share.  

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IDBI Bank divestment process to complete in FY24: DIPAM

The divestment process of IDBI Bank will complete in the fiscal year 2023-24, said Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey. Multiple expressions of interest were received for the strategic disinvestment of Centre and LIC’s stake in IDBI Bank. The transaction will now move to the second stage in which the potential bidders will conduct due diligence before putting in financial bids.

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Reliance Capital lenders decide to go for fresh auction: Report

According to an Economic Times report, Reliance Capital’s lenders have proposed holding a fresh auction next week at a minimum bid threshold of ₹9,500 crore for the bankrupt financial services firm. This follows a row over the Hinduja Group bid that came in after the last auction deadline and was higher than the top offer that had been made within the stipulated time by Torrent Investments.

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OVL retakes 20% stake in Sakhalin-1 oil, gas fields

ONGC Videsh Ltd (OVL) has re-taken a 20% stake in the Sakhalin-1 oil and gas fields in Russia. OVL is the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC). Sakhalin-1 is a large oil and gas field in far-east offshore Russia spread over 1,140 square kilometers. It was producing 220,000 barrels per day (bpd) of oil before Russia invaded Ukraine. Of this, OVL’s share was 44,000 bpd or 2.2 million tonnes per annum.

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Adani Total Gas hikes CNG price by ₹1 in Gujarat

Adani Total Gas Ltd (ATGL) hiked the price of compressed natural gas (CNG) in Gujarat by ₹1 per kilogram, said Federation of Gujarat Petroleum Dealers Association President Arvind Thakkar. This has taken the price from ₹79.34 to ₹80.34 per kilogram. The hike by ATGL comes days after state-run Gujarat Gas raised the price of CNG by nearly ₹3.5 per kg.

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L&T’s heavy engineering arm wins multiple orders in Q3

The heavy engineering arm of Larsen & Toubro won multiple significant orders (in the range of ₹1,000-2,500 crore) in the October-December quarter (Q3) of FY 2022-23. In the overseas market, L&T Heavy Engineering secured orders for one of the heaviest reactors and screw plug heat exchangers for a refinery in Mexico. It also secured orders for the supply of critical reactors and vessels for blue ammonia projects in the US and Uzbekistan.

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India’s thermal coal imports up nearly 15% in 2022: Coalmint

According to a Coalmint report, India’s imports of thermal coal (used for power generation) grew 14.7% YoY to 161.18 million tonnes (MT) in 2022, driven by higher domestic production and shipments by utilities. Meanwhile, imports of coking coal rose 0.8% to 56.1 MT, anthracite (hard coal) grew 12.2% to 1.79 MT, and PCI pulverized coal injection (PCI) shipments increased 8% YoY to 13.43 MT.

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Dr. Lal PathLabs to ramp up operations in Western India

Diagnostic chain Dr. Lal PathLabs is eyeing a leadership position in Western India. Its subsidiary, Suburban Diagnostics, has opened its largest reference lab in Vidyavihar, (Mumbai), which is expected to ramp up testing capabilities and volumes significantly in the coming months. The company will also expand the number of diagnostic centres from 750 to 2,800 and later to 4,500.

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M&M launches new versions of Thar

Mahindra & Mahindra (M&M) launched the latest versions of its popular sports utility vehicle (SUV) Thar. The prices for the new version will start at ₹9.99 lakh (ex-showroom) and go up to ₹13.49 lakh. The latest range includes rear-wheel drive variants (without 4-wheel drive capability) in two engine options with manual and automatic transmissions.

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India’s fuel demand rises 3.1% YoY in December

India’s fuel consumption (or oil demand) rose 3.1% YoY to 19.60 million tonnes (MT) in December, as per data from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry. Sales of petrol were 5.9% higher at 2.98 MT. Cooking gas or liquefied petroleum gas (LPG) sales increased by 3.9% YoY to 2.58 MT last month.

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Adani to Pay Extra ₹26Cr to NDTV Open Offer Sellers – Top Indian Market Updates

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

Adani Group to pay additional ₹48.65 per share to NDTV open offer sellers 

Adani Enterprises Ltd will pay an additional ₹48.56 per share for the NDTV shares it bought under its open offer. This is to match the price that was paid to NDTV founder-promoters (Prannoy Roy and Radhika Roy) who sold most of their stake to the Adani Group last week. With the additional payment in place, NDTV investors who sold their shares in the open offer will receive ₹342.65 per share. Earlier, the offer price offered by Adani was ₹294 per share.  

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RIL, Adani Group, NTPC among 7 bidders for SKS Power

SKS Power Generation’s lenders have received seven bids to take over the distressed power producer. Reliance Industries, the Adani Group, NTPC, Torrent Power, Jindal Power, Sarda Energy & Minerals, and Singapore-based Vantage Point Asset Management have submitted final bids to take over the distressed company. SKS Power owes ₹1,890 crore to Bank of Baroda and State Bank of India. 

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EV industry seeks extension of subsidies under FAME-II in Budget

The Society of Manufacturers of Electric Vehicles (SMEV) has sought an extension of subsidies for EVs under the FAME-II scheme. The industry has also sought the inclusion of light to heavy commercial vehicles in it to promote electric mobility. In its pre-Budget recommendations, the industry body also called for a uniform 5% Goods & Services Tax (GST) on spare parts for electric vehicles.

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HDFC Bank partners with Microsoft for digital transformation journey

HDFC Bank is partnering with Microsoft in the next phase of its digital transformation. The private sector lender is developing in-house Internet Protocols (IPs) and collaborating with several fintech companies to co-create technology IPs. HDFC Bank will leverage Microsoft Azure to modernise its enterprise data landscape and scale its information management capabilities across enterprise reporting and advanced analytics using artificial intelligence.

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India’s coal production rises 16% to 608 MT in April-Dec: Govt

India’s coal output rose by 16.39% year-on-year (YoY) to 607.97 million tonnes (MT) during the April-December period of the current financial year (FY23). Coal production by Coal India Ltd (which accounts for over 80% of the domestic output of coal) rose 15.82% YoY to 479.05 MT during the same period.

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L&T Construction wins orders from Madhya Pradesh

Larsen and Toubro Ltd’s water and effluent treatment business has secured repeat orders from the Government of Madhya Pradesh to execute two lift irrigation projects. The project will irrigate 2.05 lakh hectares of land that covers over 500 villages in the Dewas and Dhar districts in Madhya Pradesh. It will lift 60 cubic metre per second of water from the Narmada River to irrigate farmlands, benefitting 3,00,000 farmers in the process

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Granules to use Greenko’s clean energy for proposed ₹2,000 crore plant in Kakinada

Granules India has entered into a strategic partnership with Greenko Group to develop Integrated Green Pharmaceutical Zones (GPZ), starting with Kakinada, Andhra Pradesh. The company will use carbon-free energy and green hydrogen derivatives supplied by Greenko ZeroC, beginning with its proposed ₹2,000 crore greenfield plant in Kakinada spread across 100 acres. The investment will be spread across 5 years. 

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ONGC’s ‘Sagar Samrat’ starts oil, gas output in Arabian Sea

ONGC’s vintage offshore drilling rig ‘Sagar Samrat’ has been commissioned as a Mobile Offshore Production Unit (MOPU) in the Arabian Sea. It will handle up to 20,000 barrels per day of crude oil, with a maximum export gas capacity of 2.36 million cubic metres per day. The MOPU is expected to add 6,000 barrels per day of oil to ONGC’s production in the coming days.

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NTPC starts India’s first green hydrogen blending operation in PNG network

NTPC Ltd has started India’s first green hydrogen blending operation in the piped natural gas (PNG) network of its township in Kawas, Surat. The project is a joint effort of NTPC and Gujarat Gas Ltd (GGL). This set-up is geared up to supply H2-NG (natural gas) to households of Kawas township. 

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Wipro Secures Multi-million Dollar Deal From Mazda – Top Indian Market Updates

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

Wipro secures multi-million dollar deal from Mazda

Mazda Motor Logistics Europe has selected Wipro Ltd for a five-year, multi-million dollar managed services contract for its entire application landscape. The partnership will help industrialize Mazda IT, digitize processes, and infuse tools to drive automation. Mazda is currently transforming itself into a more centralized organization with standardized business capabilities to reduce costs.

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KPTL wins new orders worth ₹1,397 crore in India, abroad

Kalpataru Power Transmission Ltd (KPTL) has secured new orders in India and overseas markets worth ₹1,397 crore in the transmission and distribution (T&D) segment. With these new orders, the year-to-date (YTD) FY23 order intake has reached ₹15,784 crores at a consolidated level.

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Ramkrishna Forgings to buy up to 51% stake in TSUYO

Ramkrishna Forgings Ltd’s (RFL) board has approved a proposal to acquire up to 51% stake in TSUYO Manufacturing. This proposed investment will help TSUYO enhance its product portfolio and expand its facilities for manufacturing motors, controllers, e-axles, and differentials. The acquisition will significantly improve RFL’s capabilities and expand its market share in the evolving EV segment.

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Indian Renewable Energy Development Agency to lend ₹4,444 crore to SJVN Green Energy

Indian Renewable Energy Development Agency (IREDA) has signed a loan pact with SJVN Green Energy Ltd (SGEL) for financing ₹4,444.71 crore for its 1,000 megawatts (MW) solar power project at Bikaner, Rajasthan. SGEL is a subsidiary of SJVN Ltd. The IREDA-funded project will connect to the 400/220 KV substation Bikaner-II (near Bikaner).

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Reliance Retail arm launches FMCG brand ‘Independence’ in Gujarat

Reliance Consumer Products, the FMCG arm of Reliance Retail, announced the launch of its made-for-India consumer packaged goods brand ‘Independence’ in Gujarat. The company will sell products ranging from staples to processed foods and other daily essentials. The company plans to step up the launch to cover FMCG retailers across Gujarat in the coming months.

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IDBI Bank approaches bankruptcy court against Zee Entertainment Enterprises

IDBI Bank has filed an insolvency resolution petition against Zee Entertainment Enterprises Ltd (ZEEL) for the default of over ₹149 crore. The bank, claiming to be a financial creditor, filed the petition before the Mumbai bench of the National Company Law Tribunal (NCLT). The development comes at a time when ZEEL is in the process of a merger with Sony Pictures Network India (SPN).

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Air Senegal picks RateGain for accurate and real-time intelligence

Senegal’s national carrier Air Senegal has selected RateGain Travel Technologies Ltd’s product ‘AirGain’ for real-time market insights. The product will enable Air Senegal to track movements on all important routes 80% faster to stay on top of market changes and give the most competitive offer to its customers. It will help the airline’s revenue managers adapt to the post-pandemic world by offering critical market insights and making the right pricing decisions.

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L&T wins two orders for its hydrocarbon business

L&T Energy Hydrocarbon (LTEH) has secured two significant orders (in the range of ~₹1,000-2,500 crore) for its asset management and AdVENT business verticals. It has received a five-year contract for integrated operations and maintenance of the upstream oil & gas processing facility at Rageshwari gas terminal. They have also received an order for the construction of a hydrogen generation unit (HGU) from Matheson Tri Gas, Inc.

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Hinduja Global Solutions to consider share buyback on Monday

Hinduja Global Solutions’ board will meet on December 19 to consider a share buyback. Earlier in January 2022, the company said as the sale of its healthcare business has enhanced free reserves substantially, the allowable limit of the share buyback can be about ₹1,000 crore.

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Raw sugar hits near 6-year high on lack of Indian supplies

Raw sugar futures on Intercontinental Exchange Inc hit their highest in nearly six years as flows from #2 exporter India declined. Mills in India are reportedly producing almost no raw sugar at the moment because white sugar is currently more lucrative (profitable), leaving the market short at a time when top exporter Brazil is in between harvests.

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India’s Services PMI Hits 3-Month High in Nov – Top Indian Market Updates

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

India’s services PMI hits three-month high in Nov

Services activity in India expanded at the fastest pace in three months in November 2022 as a result of strong demand, successful marketing, and sustained growth in sales. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 56.4 in November, compared to 55.1 in October. Services companies across India reported higher operating expenses in Nov. 

[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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Tata Motors likely to hike price of passenger vehicles in Jan

Tata Motors is likely to hike passenger vehicle prices from next month to make its model range compliant with stricter emission norms that kick in from April 1, 2023. The revised prices are expected to offset the impact of commodity prices, which have remained high for most of the current year, said the automaker’s Managing Director Shailesh Chandra. He added that battery prices have surged and have not been passed on to the market yet.

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ICICI Bank to shift focus to SME lending, supply chain finance

ICICI Bank will be shifting focus to small & medium enterprises (SME) lending and supply chain financing to grow in the future as it works to ensure that new risks don’t build up. In the supply chain segment, the bank sees strong momentum in new client additions across corporates & vendors. The lender is also expanding its presence in high-potential markets and created 104 zonal heads, 24 city heads, and 9 state heads.

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L&T secures order in Mumbai-Ahmedabad bullet train project

Larsen & Toubro Ltd (L&T) has secured a large order (in the range of ₹2,500-5,000 crore) in the proposed Mumbai-Ahmedabad bullet train project. The project assigned by the National High-Speed Rail Corporation includes the commissioning of a depot spread over 82 hectares in Gujarat.

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Adani Green commissions 450 MW wind-solar hybrid power plant in Rajasthan

Adani Green Energy Ltd (AGEL) has commissioned its third wind-solar hybrid power plant at Jaisalmer, Rajasthan. The combined operational generation capacity of this newly commissioned hybrid power plant is 450 megawatts (MW). The plant has Power Purchase Agreements (PPA) with Solar Energy Corporation of India (SECI) at Rs 2.67 per kilowatt-hour (kwh) for 25 years.

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JSW Energy starts phase-wise commissioning of wind power project at Tuticorin

JSW Renew Energy Two has started phase-wise commissioning of the 450 MW wind power project awarded under SECI Tranche X at Tuticorin, Tamil Nadu. The project has a power purchase agreement with Solar Energy Corporation of India (SECI) for 25 years. JSW Energy has set a target for a 50% reduction in its carbon footprint by 2030 and achieving carbon neutrality by 2050.

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IndiGo announces 32 new connecting flights to Europe

InterGlobe Aviation Ltd (IndiGo) has announced 32 new connecting flights to Europe through its codeshare partnership with Turkish Airlines. The new routes include major destinations like Milan, Manchester, Birmingham, Rome, and Venice. Codesharing allows an airline to book its passengers on its partner carriers and provide seamless travel to destinations where it has no presence.

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India records over 23 billion digital payments worth ₹38.3 lakh crore in Q3

Worldline India’s ‘Digital Payments Report’ stated that India recorded 23.06 billion digital transactions worth ₹38.3 lakh crore during Oct-Dec (Q3 FY23). These digital transactions include payments done by Unified Payments Interface (UPI), debit & credit cards, prepaid payment instruments like mobile wallets, and prepaid cards. UPI transactions volume rose 88% year-on-year (YoY) to 19.65 billion in Q3. 

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Infosys sets up new proximity center in Sweden

Infosys Ltd has established a new proximity center in Sweden as it aims to enhance its localization strategy in the Nordic region by bringing next-gen digital offerings to its clients. The new center represents another step toward strengthening Infosys’ presence in Gothenburg, an emerging automotive, digital tech, and green innovation hub in Europe.

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GST Collection up 11% YoY in Nov – Top Indian Market Updates

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

GST collection in Nov at ₹1.46 lakh crore, up 11% YoY

The gross Goods & Service Tax (GST) revenue collection for November stood at ₹1,45,867 crore, up 11% year-on-year (YoY). The Central GST accounted for ₹25,681 crore and State GST for ₹32,651 crore. The IGST accounted for ₹77,103 crore. The GST authorities have adopted advanced analytics of live data to track transactions.

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Manufacturing PMI hits 3-month high in November

Manufacturing sector activity in India touched a three-month high in November 2022 as new orders and exports expanded. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.7 in November, compared to 55.3 in October. There was strong demand and a substantial easing of cost pressures last month.

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

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IOCL to set up a new company for green business

Indian Oil Corporation (IOCL) is planning to set up a new company to house its alternative energy businesses. It is venturing into green hydrogen production and targeting 5% of the hydrogen produced by it as green hydrogen by 2027-28 and 10% by 2029-30. Discussions are in advanced stages with FIIs and other stakeholders to create a structure for the company.

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RIL is the most valuable company in India: Report

Reliance Industries Ltd has topped the list of 500 most valuable companies in India according to Axis Bank’s Burgundy Private and Hurun India’s latest report. RIL’s value stood at ₹17.2 lakh crore, up 3.6% compared to last year. Tata Consultancy secured the second spot despite its value contracting 10.8% YoY to ₹11.6 lakh crore. It was followed by HDFC Bank with a value of Rs 8.3 lakh crore.

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Adani Green raises ₹1,630 crore via subsidiary

Adani Green Energy Ltd has raised 27,954 million Japanese Yen (~₹1,630 crore) through its subsidiary (Adani Solar Energy AP Six) to refinance its existing indebtedness. The project loan facility is supported by MUFG Bank and Sumitomo Mitsui Banking Corporation with equal participation.

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Tata’s Nelco seeks to offer satellite broadband services

Tata Group company Nelco has applied for the global mobile personal communication by satellite (GMPCS) licence. It has become the fourth company in India to seek the licence for launching broadband-from-space services. The Department of Telecommunications (DoT) has sought more details from Nelco as to how it plans to provide satellite communication services in India. 

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L&T closes $107 million loan with SMBC

Larsen & Toubro Ltd has closed a three-year $107 million sustainability-linked loan from Sumitomo Mitsui Banking Corporation (SMBC). The facility incorporates interest rate reductions linked to the achievement of two of L&T’s predetermined sustainability targets– the reduction of greenhouse gas emission intensity and water consumption intensity against target levels.

Read more here.

Auto sales in November: Highlights

The festive season helped drive strong overall sales for most Indian automakers in November. 

Maruti Suzuki India Ltd posted a 14% year-on-year (YoY) increase in total sales to 1.59 lakh units in Nov 2022. Sales from its utility vehicle segment rose 32.5% YoY to 32,563 units. Exports fell 7.7% YoY to 19,738 units.

Tata Motors Ltd registered a 55% YoY increase in passenger vehicle sales to 46,425 units in Nov. The automaker’s commercial vehicle sales fell 10% YoY to 29,053 units. Electric passenger vehicle sales jumped 146% YoY to 4,451 units.

Mahindra & Mahindra’s passenger vehicles division posted total sales of 30,392 units in Nov, up 56% YoY. M&M’s tractor segment posted a 10% YoY increase in sales to 30,528 units.  

TVS Motor Company posted a 2% YoY increase in total sales to 2.64 lakh units. Meanwhile, Hero MotoCorp posted a 12% YoY increase in total sales to 3.91 lakh units in Nov. 

Read more here.

Windfall profit tax on crude oil halved

The Central government on Thursday slashed the windfall profit tax on domestically produced crude oil to less than half. It also reduced the levy on diesel. The revised tax rates become effective from December 2, 2022. The tax on crude oil produced by firms such as the state-owned Oil and Natural Gas Corporation (ONGC) has been reduced to ₹4,900 per tonne from the existing ₹10,200 per tonne.

Read more here.

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ICICI Bank, Axis Bank to Acquire Stake in IOCL’s JV – Top Indian Market Updates

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

ICICI Bank, Axis Bank to acquire stake in IOCL’s JV

ICICI Bank, Axis Bank, and SBI Life Insurance will acquire a 10% stake each in a proposed joint venture (JV) of Indian Oil Corporation Ltd (IOCL) and Chennai Petroleum. The target entity will be incorporated through seed capital of ₹5 lakh each from the three entities. The JV aims to set up a 9 million metric tonne per annum refinery at Nagapattinam, Tamil Nadu.

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Tata Consumer to buy Bisleri International for ₹7,000Cr: Report

According to an Economic Times report, Tata Consumer Products Ltd (TCPL) will acquire Bisleri International for an estimated ₹6,000-7,000 crore. Ramesh Chauhan, chairman of Bisleri, does not have a successor to take his company to the next level. Bisleri is India’s largest packaged water company. It is expected to report a turnover of ₹2,500 crore and a profit of ₹220 crore in FY23.

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Canara Bank launches Electronic Bank Guarantee with NeSL

Canara Bank has launched an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Ltd (NeSL). With this, the lender now offers an API-based digital workflow of bank guarantees. This platform offers greater transparency, better monitoring triggers, and secured transmission of bank guarantees to beneficiaries.

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Bajaj Electricals partners with Cultinno to kick off innovation challenge

Cultinno has partnered with Bajaj Electricals Ltd to launch the ‘Bajaj Cultinno Challenge’. The two entities are trying to find a solution that will keep water heaters operational despite being under high TDS (total dissolved solids) conditions. Mumbai-based Cultinno is a social impact initiative aimed at driving a culture of innovation

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USFDA issues 8 observations to Lupin’s drug, API production facilities in Mandideep plant

The US Food & Drug Administration (USFDA) has issued Form-483 with eight observations each for Lupin Ltd’s product and raw material production centres at its facility in Mandideep (Madhya Pradesh). Form 483 is issued when the investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic Act and related Acts.

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Coal stock at thermal power plants may reach 45 MT by March-end

The Indian government is planning to increase coal stock at thermal power plants to 45 million tonnes (MT) by March-end. The Ministry of Coal further plans to increase the stock of fossil fuel at the pithead. The total coal output in the country stands at 448 MT as of October, 18% higher than the production in the corresponding period of FY22. The growth of coal production from Coal India Ltd (CIL) is also more than 17% YoY.

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Cipla’s Goa unit continues to be classified as ‘Official Action Indicated’

Cipla Ltd has received a notice from the USFDA stating that the classification of its manufacturing facility in Goa continues to be ‘Official Action Indicated’ (OAI). USFDA may continue to withhold product approvals from this facility till the outstanding observations are resolved. Cipla said it is working closely with USFDA and is committed to addressing all issues at the earliest. 

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Sonata Software secures multi-year deal from Global Cloud Xchange

Global Cloud Xchange (GCX) has selected Sonata Software as its technology and business transformation partner in a multi-million, multi-year deal. Sonata will help GCX migrate from legacy technology and platforms while enabling strategic business transformation. GCX is a network service company powering digital transformation for enterprises, new media providers, and telecom carriers.

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L&T Construction secures order from Greenko Group

Larsen & Toubro’s construction arm has secured a significant order (in the range of ₹1,000-2,500 crore) from leading global renewable energy company Greenko Group. The order is for the development of an off-stream pumped storage project in Madhya Pradesh. The Gandhisagar Pumped Storage Project (PSP) will be designed to meet a pumped storage capacity of 10,080 megawatt-hours (MWHr).

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Laurus Labs to acquire 26% stake in Ethan Energy

Laurus Labs will acquire a 26% stake in solar charger manufacturer Ethan Energy India Pvt Ltd at ₹52.70 per share. The total number of shares to be bought by Laurus Labs will be 7.4 lakh. With this acquisition, the pharma company will be able to consume 100% of Ethan Energy’s 10 MW solar energy plant.

FDI equity inflows fall 24% YoY in Q2: DPIIT

Foreign direct investment (FDI) equity inflows into India fell nearly 24% year-on-year (or 37% QoQ) to $10.3 billion in the September quarter (Q2). In the first half of FY23, FDI equity inflows fell 14% YoY to $26.91 billion. The data was released by the Department for Promotion of Industry & Internal Trade (DPIIT). 

Globally, FDI inflows rebounded in 2021 from pandemic lows. However, it has fallen in 2022 following the start of the Russia-Ukraine war and tight monetary policies in FDI-source countries.

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Tata Steel Posts 87% YoY Fall in Q2 Net Profit – Top Indian Market Updates

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

Tata Steel Q2 Results: Net profit falls 87% YoY to ₹1,514 crore

Tata Steel reported an 87% YoY (or 80% QoQ) decline in consolidated net profit to ₹1,514 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 0.8% YoY to ₹59,877.52 crore during the same period. EBITDA stood at ₹6,060.4 crore in Q2, down 62% YoY. The company’s consolidated production fell 3% YoY to 7.56 million tonnes in Q2.

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L&T secures orders worth ₹1,000-2,500 crore in Saudi Arabia

Larsen & Toubro’s Power Transmission & Distribution business has secured multiple orders worth ₹1,000-2,500 crore to build transmission lines and substations in Saudi Arabia. L&T Construction will undertake engineering, design, procurement, and construction of more than 400KM of 380 kilovolts (kV) overhead transmission lines and a new 230kV gas-insulated substation with associated automation and protection systems.

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India’s April-Sept fiscal deficit touches $74.91 billion

India’s federal fiscal deficit in the first half of the financial year (April-Sept) rose to ₹6.20 lakh crore ($74.91 billion) from ₹5.27 lakh crore a year earlier. [Fiscal deficit is the difference between the total revenue and total expenditure of a government.] The fiscal deficit for the period touched 37.3% of the annual estimate as the govt spent more on fertiliser, food, and fuel subsidies.

Meanwhile, net tax collections during April-September rose to ₹10.12 lakh crore, up 10% YoY.

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L&T Q2 Results: Net profit rises 22.5% YoY to ₹2,229 crore

Larsen & Toubro Ltd reported a 22.5% year-on-year (YoY) increase in consolidated net profit to ₹2,229 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 23% YoY to ₹42,763 crore during the same period. Consolidated order intake rose 23% YoY during the quarter to ₹51,914 crore. L&T’s total order book stood at ₹3.72 lakh crore at the end of Q2.

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DoT approves 42 firms for telecom products under PLI scheme

The Department of Telecommunications (DoT) has given approval to 42 companies under the production-linked incentive (PLI) scheme for telecom and networking products. Global firms like Samsung, Nokia, Rising Star, Flextronics, and local players like HFCL, ITI, and Tejas Networks are the companies selected under the scheme. These firms have committed investments of ₹4,115 crore in the sector.

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Bharti Airtel Q2 Results: Net profit rises 89% YoY to ₹2,145.2 crore

Bharti Airtel reported an 89% YoY rise in consolidated net profit to ₹2,145.2 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 22% YoY (or 5.3% QoQ) to ₹6,332 crore during the same period. The telecom company’s average revenue per user (ARPU) grew 23.7% YoY or 3.6% QoQ to ₹190. Its customer base stood at 50.1 crore across 16 countries, up 4.8% YoY.

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ONGC plans 1 GW solar power plant in Rajasthan

Oil and Natural Gas Corporation (ONGC) is planning to set up a 1 gigawatt (GW) solar power plant in Rajasthan in a key move aimed at securing a foothold in the green energy space. The company has approached the state government, seeking 5,000 acres of land to house its proposed plant. The project may require an investment of ₹5,000 crore and take about three years to finish.

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Jindal Saw set to acquire Sathavahana Ispat under IBC for ₹530 crore

Jindal Saw Ltd emerged as the highest bidder at ₹530 crore to acquire Sathavahana Ispat (SI), which is undergoing corporate insolvency. J C Flower Asset Reconstruction Company is the sole creditor of SI with an admitted claim of ₹1,747 crore. SI has a 50 megawatt captive power plant and one plant each in Andhra Pradesh and Karnataka for producing pig iron and ductile iron pipe.

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Mahindra Finance raises ₹275 crore by issuing bonds

Mahindra & Mahindra Financial Services has raised ₹275 crore by issuing bonds on a private placement basis. The company’s board had approved the allotment of 2,750 secured redeemable non-convertible market-linked debentures. The face value of the bond is ₹10 lakh each, aggregating to ₹275 crore.

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RBI launches first pilot of wholesale Digital Rupee

Reserve Bank of India (RBI) will commence a pilot project for a wholesale central bank digital rupee on Nov 1. The digital rupee will be initially used to settle transactions in government securities. State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC have been identified for participation in the pilot. 

Read more here.

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WPI Eases to 10.7% in Sept – Top Indian Market Updates

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

WPI eases to 10.7% in September

India’s wholesale inflation, measured by the Wholesale Price Index (WPI), eased to 10.70% in September. WPI had spiked to 12.41% in August, while the revised WPI for July stood at 14.07%. The food articles segment eased to 11.03% in September, compared to 12.37% in August. The fuel and power segment marginally fell from 33.67% in August to 32.61% last month. 

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Federal Bank Q2 Results: Net profit rises 53% YoY to ₹704 crore

Federal Bank posted its highest-ever quarterly profit of ₹704 crore for the quarter ended September (Q2 FY23), up 53% YoY or 17% QoQ. The net interest income (NII) grew 19% YoY to ₹1,762 crore during the same period. [NII is the difference between the interest income a bank received on loans and the interest it pays depositors.] The gross non-performing assets ratio (GNPA) stood at 2.46% in Q2, compared to 2.69% in Q1. Provisions fell 9% YoY to ₹268 crore in Q2 FY23.

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PSP Projects emerges lowest bidder for project in Gujarat

PSP Projects Ltd has emerged as the lowest (L1) bidder for a government project for developing a world-class sustainable tourist/pilgrimage destination in Gujarat. The bid value for the project is worth ₹345.30 crore. PSP Projects is one of India’s fastest-growing construction companies based in Ahmedabad, Gujarat. It provides construction services for industrial, institutional, residential, and commercial projects in India. 

Bajaj Auto Q2 Results: Net profit rises 20% YoY to ₹1,530 crore

Bajaj Auto Ltd reported a 20% YoY increase in net profit to ₹1,530 crore for the quarter ended September (Q2 FY23). Its revenue from operations rose 16.4% YoY to ₹10,202.8 crore during the same period. EBITDA rose 25.5% YoY to ₹1,759 crore. The company sold 11,51,012 units in Q2, up 0.57% YoY. Bajaj Auto saw domestic volumes nearly double from Q1 across both two-wheeler and three-wheeler segments.

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EaseMyTrip launches SIP scheme for travel plans

Online travel platform EaseMyTrip has announced the launch of a new product line— Save Now Buy Later (SNBL). It is an investment scheme that allows customers to start a Systematic Investment Plan (SIP) for their travel plans. Customers can invest an amount as low as ₹100 on a recurring basis. Investments will get a return of up to 20% on the total invested amount exclusively from the company.

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Unichem Labs gets USFDA approval for Phenytoin Sodium capsules

Unichem Laboratories Ltd has received abbreviated new drug application (ANDA) approval for its Extended Phenytoin Sodium Capsules USP- 100gms from the US Food & Drug Administration (USFDA). The capsules are indicated for the treatment of tonic-clonic and psychomotor seizures. It prevents seizures during or after neurosurgery. The product will be commercialised from Unichem Lab’s plant in Ghaziabad, Uttar Pradesh.

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Shree Cement Q2 Results: Net profit falls 67% YoY to ₹183 crore

Shree Cement Ltd reported a 67.5% YoY decline in consolidated net profit to ₹183.24 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 19.7% YoY to ₹4,038.03 crore during the same period. Total expenses increased by 41.4% YoY to ₹3956.90 crore in Q2. The company’s board has accepted the resignation of its long-serving Chairman Benu Gopal Bangur.

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L&T Construction secures order under its water and effluent treatment business

Larsen & Toubro Ltd’s construction arm has secured significant orders (in the range of ₹1,000-2,500 crore) under its water & effluent treatment business. It has received repeat orders from the Govt. of Gujarat to execute pumping system and pipeline works from Tappar Dam to Nirona Dam. The project aims to strengthen water resources in the Kutch district of Gujarat by filling existing reservoirs that will irrigate 36,392 hectares of land.

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Bharti Airtel launches ‘Always On’ IoT connectivity solution

Bharti Airtel launched the ‘Always On’ Internet of Things (IoT) connectivity solution in the domestic market. The solution contains dual profile M2M (machine to machine) eSim, which allows an IoT device to stay connected to a mobile network from different Mobile Network Operators in the eSIM. It is best suited for vehicle tracking providers, auto manufacturers, and any use cases where equipment works in remote locations requiring universal connectivity.

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Tata Elxsi Q2 Results: Net profit rises 39% YoY to ₹174 crore

Tata Elxsi Ltd reported a 39.1% YoY increase in net profit to ₹174.3 crore for the quarter ended Sept (Q2 FY23). Net profit declined by 5.5% when compared to the previous quarter. Its revenue from operations rose 28.2% YoY (or 5.1% QoQ) to ₹763.2 crore during the same period. The company crossed the 11,000-employee mark with 1,532 net additions in Q2.

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Infosys Posts 11% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

Infosys Q2 Results: Net profit rises 11% YoY to ₹6,021 crore

Infosys Ltd reported an 11% YoY increase in consolidated net profit to ₹6,021 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 23.4% YoY to ₹36,538 crore during the same period. Infosys secured contracts worth $2.7 billion in Q2, compared to $1.7 billion in Q1. The IT company’s board has declared an interim dividend of ₹16.5 per share.

The board has also approved the buyback of shares worth ₹9,300 crore at ₹1,850 per share.

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Future Enterprises defaults on ₹9.16 crore interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) has defaulted on payment of interest on non-convertible debentures (NCDs) totalling ₹9.16 crore. The due date for payment was October 11, 2022. The debentures are secured and have a coupon rate of 10.15% per annum. The total amount of securities issued was ₹180 crore and a default has occurred on this gross principal amount.

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Mindtree Q2 Results: Net profit rises 28% YoY to ₹509 crore

Mindtree Ltd reported a 27.5% YoY increase in consolidated net profit to ₹509 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 31.5% YoY to ₹3,400 crore during the same period. The IT company secured deals worth $518 million in Q2, up 44% YoY. The attrition rate was down from 24.5% in Q1 to 24.1% in Q2.

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Passenger vehicle wholesales rises 92% in Sept: SIAM

Passenger vehicle (PV) wholesales in India surged 92% YoY to 3,07,389 units in September 2022, as per data released by the Society of Indian Automobile Manufacturers (SIAM). The high demand can be linked to the festive season. Two-wheeler sales rose 13% YoY to 17,35,199 units in Sept. During the July-September period (Q2 FY23), PV sales increased by 38% YoY to 10,26,309 units.

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Coal India to set up 1,190 MW solar power plant in Rajasthan

Coal India Ltd (CIL) will set up a 1,190 megawatts (MW) solar power plant in the Bikaner district of Rajasthan. The company has signed a Memorandum of Understanding (MoU) with Rajasthan Vidyut Utpadan Nigam Ltd (RUVNL) for the same. The solar plant will be set up in a 2,000 MW solar park developed by RVUNL in Poogal, Bikaner.

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Veranda Learning arm to acquire J K Shah Classes for ₹337.82 crore

Veranda Learning Solutions Ltd has signed a definitive agreement for the acquisition of equity shares of J K Shah Education Pvt Ltd through its wholly-owned subsidiary, Veranda XL Learning Solutions Pvt Ltd. In the first phase, Veranda will pay ₹337.82 crore to acquire a 76% stake in J K Shah Education. J K Shah Education is a pioneer in teaching chartered accountancy, company secretary, and cost accountant aspirants.

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Bandhan Bank to raise exposure of secured loans to 70% by 2025

Bandhan Bank will diversify its asset base by increasing exposure to secured loans to 70% by 2025. The bank will also diversify its geographical presence. MD & CEO of Bandhan Bank Chandra Sekhar Ghosh said the percentage of the bank’s secured loans at present is 39%. Nearly 10% of its exposure will be on retail channels, including automobiles, two-wheelers, gold, and personal loans.

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L&T’s heavy engineering arm bags ‘significant orders’ in Q2

Larsen & Toubro Ltd’s (L&T) heavy engineering arm has secured significant contracts (in the range of ₹1,000-2,500 crore) across various business segments. The company secured a key order for the supply of reactors for renewable diesel production from a prestigious client in Singapore. It also received a repeat order for the supply of four identical coke drums for a refinery in Mexico.

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Adani Ports to develop Tajpur deep-sea port in West Bengal

Adani Ports and Special Economic Zone (APSEZ) has received a Letter of Award (LoA) from the Government of West Bengal for the development of a deep-sea port at Tajpur. This port would be developed on a build, finance, design, operation, and transfer basis. According to a statement from the state government, the port would entail an investment of ₹15,000 crore.

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RITES secures order worth ₹499 crore from Bangalore Metro Rail

RITES Ltd has secured a new business order worth ₹499.41 crore from Bangalore Metro Rail Corporation Ltd. The order is for the construction of a depot cum workshop at Challaghatta in the Reach-2 Extension of the Bengaluru Metro Rail Project Phase-2. RITES is engaged in design, engineering, consultancy, and project management for the transport infrastructure sector.

Read more here.

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Jio-bp to Set Up Charging Network for M&M – Top Indian Market Updates

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

Jio-bp to set up charging network for M&M’s upcoming e-SUVs launches

Jio-bp said it will set up a charging network for Mahindra & Mahindra’s upcoming electric SUV launches. Starting with 16 cities, Jio-bp will install DC fast chargers at M&M’s dealership network and workshops across India. M&M launched its first all-electric SUV, the XUV400, at Mahindra Research Valley in Chennai earlier this month. Jio-bp is a fuels & mobility joint venture between Reliance Industries Ltd (RIL) and UK-based bp.

Sobha achieves highest-ever quarterly sales value in Q2

Sobha Ltd achieved its highest-ever quarterly sales value of ₹1,164 crore during the Sept quarter (Q2 FY23), up 13% YoY. In terms of volume, total sales fell 0.89% YoY to 1.35 million sq. ft. during the same period. Total average price realization improved to ₹8,709 per square feet in Q2, registering a growth of 14% YoY. 

Sobha has launched three new residential projects— two in Bangalore and one in Thiruvananthapuram with a total saleable area of 880,893 sq. ft.

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India to offer 26 blocks for producing oil, gas in mega offshore bid round

The Directorate General of Hydrocarbons said the Indian government will offer 26 blocks or areas for finding and producing oil & gas in a mega offshore bid round. Out of the 26 blocks, 15 areas are in ultra-deepwater, 8 in the shallow sea, and 3 blocks are onland. Around 16 areas for prospecting for coal-bed methane (CBM) are also being offered in a separate round. 

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Power Grid acquires SPV to build transmission project

Power Grid Corporation of India has acquired 100% equity in a special purpose vehicle (SPV) to build an inter-state transmission project for eastern and northeastern regions. The consideration paid for the acquisition was ₹7.04 crore, including 50,000 equity shares and assets & liabilities of the company. The SPV is yet to start commercial operations.

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JSW Neo Energy to develop 126 MW Chhatru hydel project in Himachal Pradesh

JSW Neo Energy (a subsidiary of JSW Energy Ltd) has received a Letter of Intent from the Himachal Pradesh government for developing the 126 megawatts (MW) Chhatru hydro-power plant. JSW Energy has set an ambitious target for a 50% reduction in its carbon footprint by 2030 and to achieve carbon neutrality by 2050. It has set a target to reach 20 GW capacity by 2030, with the share of renewable energy increasing to 85%.

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Marksans Pharma to acquire Teva’s manufacturing site in Goa

Marksans Pharma has entered into an agreement with Israeli drugmaker Teva to acquire its manufacturing site in Goa on a slump sale basis. The Mumbai-based company has agreed to retain the site employees with existing terms of employment. Marksans Pharma has also entered into a business transfer agreement with Tevapharm India to acquire its business relating to the manufacture and supply of bulk pharmaceutical formulations.

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L&T Construction wins order under its water and effluent treatment business

Larsen & Toubro Ltd’s (L&T) construction arm has secured a significant contract (in the range of ₹1,000-2,500 crore) from the Government of Odisha to execute irrigation projects.  The scope of work includes the execution of 23 lift irrigation schemes consisting of intake points spread across Anandapur Left Main Canal, Bidydharpur Barrage, Hadagarh Reservoir, Anandapur Barrage & Kharsua, Kani & Baitarani Rivers. 

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NMDC signs pact with RailTel for ICT and digital solutions

NMDC and RailTel Corporation of India have entered into an agreement covering the information & communications technology (ICT) and digital transformation services of NMDC at its corporate offices and mining complexes. This partnership will focus on the optimal utilization of resources and build mineral accountability. RailTel will provide consultancy, project management, and execution services to enhance NMDC’s efficiency and transparency.

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G M Breweries Q2 Results: Net profit rises 4% YoY to ₹22 crore

G M Breweries Ltd reported a 3.8% YoY (or 40.4% QoQ) increase in net profit to ₹22.69 crore for the quarter ended September (Q2 FY23). The company’s revenue from operations rose 22.35% YoY to ₹141.86 crore during the same period. Total expenses stood at ₹532.60 crore in Q2, up 26.11% YoY. G M Breweries manufactures country liquor (CL) and Indian-made foreign liquor (IMFL).  

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Dr Reddy’s Labs’ plant gets World Economic Forum recognition

The World Economic Forum has recognised Dr. Reddy’s Laboratories Ltd’s largest manufacturing facility in Bachupally, Hyderabad, as part of its Global Lighthouse Network. Lighthouses are factories leading the way in Fourth Industrial Revolution technologies to drive impact in productivity, workforce engagement, sustainability, and supply chain resilience.

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L&T to Build Nuclear Facility for NPCIL – Top Indian Market Updates

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

L&T to build nuclear facility for NCPIL

Larsen & Toubro Ltd has emerged as the lowest bidder for an order from the Nuclear Power Corporation of India Ltd (NPCIL) for electro-mechanical works of the Nuclear Island in the Gorakhpur Haryana Anu Vidyut Pariyojana. The contract is worth up to ₹2500 crore. L&T’s scope of the order will include engineering, procurement, construction, and commissioning of nuclear equipment, valves, plant water package, and piping for all core nuclear systems.

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Tata Power to develop 10,000 MW clean energy capacity in Rajasthan in next five years

Tata Power plans to develop around 10,000 megawatts (MW) of renewable energy capacity in the next five years in Rajasthan. It will develop up to 8,000 MW of utility-scale projects, 1,000 MW of solar rooftop projects, and 1,50,000 solar pumps in the state. Its expansion projects will generate employment for more than 6,000-8,000 people in Rajasthan.

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Ajmera Realty & Infra’s sales rises 82% to ₹166 crore in Q2

Ajmera Realty & Infra India Ltd recorded an 82% YoY increase in sales to ₹166 crore for the quarter ended September (Q2 FY23). The developer sold a total of nearly 80,000 square feet of carpet area in Q2. The quarterly performance has helped the company record a 181% YoY growth in sales to ₹566 crore during the first half of FY 2022-23.

The real estate company is gearing up for new launches in the upcoming quarters as part of its overall strategy to gain market share.

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Central govt, LIC to divest over 60% stake in IDBI Bank

The Central government and Life Insurance Corporation of India (LIC) said they will divest a 60.72% stake in IDBI Bank. Expressions of Interest (EoIs) from likely bidders will be invited on October 7, said the Department of Investment & Public Asset Management (DIPAM). In May 2021, the Cabinet Committee on Economic Affairs had given in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank.

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Hero MotoCorp launches its first electric scooter: Vida V1

Hero MotoCorp Ltd launched its first electric scooter Vida V1 in two variants priced at ₹1.45 lakh and ₹1.59 lakh (ex-showroom). The Vida V1 Plus and Pro will offer top speeds of 80 km/hr and a range of 143 km and 165 km, respectively. The scooter has a removable battery and also comes with a portable charger. The company is setting up a network of fast-charging facilities to top up charge at 1.2 km/minute.

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Equitas SFB gross advances up 20% to ₹22,802 crore in Q2

Equitas Small Finance Bank (SFB) Ltd’s gross advances grew by 20% YoY to ₹22,802 crore during the quarter ended September (Q2 FY23). The bank’s disbursements were up by 22% YoY to ₹3,845 crore. Total deposits rose by 20% YoY to ₹21,726 crore during the same period. Retail term deposits were at ₹7,665 crore in Q2, up by 13% YoY.

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Kalyan Jewellers reports 20% YoY revenue growth in Q2

Kalyan Jewellers Ltd reported a 20% YoY growth in consolidated revenue in Q2 FY23. Revenue growth in H1 FY23 was approximately 48% as compared to the same period in the previous financial year. The company continues to see robust operating momentum in its business in India, driven by the effective execution of growth strategies. Its online jewellery platform, Candere, launched its first physical showroom in Q2 FY23.

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EDQM finds one major deficiency at Biocon’s API plant

The European Directorate for the Quality of Medicines and Healthcare (EDQM) found one major ‘deficiency’ at Biocon Ltd’s active pharmaceutical ingredient (API) plant in Bengaluru. The pharma company said that there were no critical deficiencies. Biocon said it will respond to the agency with appropriate corrective and preventive actions within the stipulated time.

Read more here.