Tag: larsen & toubro

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World Bank Cuts India’s GDP Growth Forecast for FY23 – Top Indian Market Updates

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

World Bank cuts India’s GDP growth forecast to 6.5% for FY23

The World Bank cut its FY 2022-23 (FY23) real gross domestic product (GDP) growth forecast for India to 6.5% from an earlier estimate of 7.5%. It has warned that spillovers from Russia’s invasion of Ukraine and global monetary tightening will weigh on the economic outlook. The World Bank said private investment growth is likely to decline due to economic uncertainty and higher financing costs. Slowing global demand will impact India’s exports as well.

Read more here.

Nykaa enters into strategic alliance with Apparel Group to enter GCC market

Nykaa has entered a strategic alliance with Dubai-based fashion & lifestyle retail conglomerate Apparel Group to expand in Gulf countries. The two companies will work together to build a multi-brand beauty retail business in Gulf Cooperation Council (GCC) nations. Nykaa expects stronger demand for its products in the current quarter after a subdued season where inflationary pressures dented consumer spending.

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Mahindra Lifespaces forms JV with Actis for industrial, logistics real estate

Mahindra Lifespace Developers Ltd has entered into an agreement with UK-based Actis to establish a joint venture (JV) platform for developing industrial and logistics real estate facilities across India. The total investment in the business over the initial years is estimated to be ₹2,200 crore. Up to 100 acres of land with ready infrastructure in two Mahindra World Cities have been identified as seed sites to be bought and developed by the JV.

Read more here.

Ujjivan SFB records 44% jump in loan book in Sept

Ujjivan Small Finance Bank (SFB) reported a 44% YoY growth in gross loan book at ₹20,938 crore at the end of September 2022. This was driven by micro, affordable housing, and individual borrowings. Deposits rose 45% YoY to ₹20,389 crore, driven by strong momentum in retail deposits, which were up 71% YoY.

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Petrol, diesel price freeze in India likely to be extended due to OPEC output cut

The six-month-long freeze in the price of petrol and diesel will be extended after international oil prices rose on the announcement of deep production cuts by OPEC+. The top oil-producing nations have agreed to cut production by two million barrels per day to boost recovery in oil prices that had dropped to pre-Ukraine war levels.

This is bad news for India as a fall in oil prices in recent weeks had helped the govt bring down its import bill and limit losses that state-owned fuel retailers were incurring on selling petrol and diesel.

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L&T’s construction arm bags significant orders from auto major

Larsen & Toubro Ltd’s construction arm has secured significant orders (in the range of ~₹1,000-2,500 crore) from a leading automobile major to construct a state-of-the-art manufacturing facility in Haryana. The scope of the order involves the design and execution of civil, structural, and architectural works. The company has also won an order to construct a police reserve campus in Guwahati from the Public Works Department (PWD), Assam.

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HFCL partners with Qualcomm to develop 5G small cells

HFCL has partnered with Qualcomm Technologies Inc., for HFCL’s design and development of 5G Outdoor Small Cell products. The investment in 5G small cells will enable faster rollout of 5G networks, improved 5G user experience, and more efficient utilization of the 5G spectrum. HFCL’s 5G Outdoor Small Cell supports both 5G Non-Standalone (NSA) and Standalone (SA) modes.

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Bharti Airtel launches 5G Plus in 8 cities

Bharti Airtel has launched 5G Plus in Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Siliguri, Nagpur, and Varanasi. Airtel 5G Plus will run on a technology that will ensure that all 5G smartphones in India seamlessly work on the Airtel network. The company claims to deliver high speeds and super-fast call connections. Customers who have 5G smartphones can enjoy Airtel 5G Plus on their existing data plans until the rollout is more widespread.

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NTPC partners with GE Gas Power for hydrogen co-firing in gas turbines

NTPC Ltd has signed a Memorandum of Understanding (MoU) with GE Gas Power to explore the feasibility of hydrogen co-firing blended with natural gas in GE’s 9E gas turbines installed at NTPC’s Kawas gas power plant in Gujarat. The two companies will explore the pathways to reduce carbon dioxide emissions from the plant and further implementation at scale across NTPC’s installed units in India. 

Read more here.

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Tata Motors Launches India’s Cheapest Electric Car – Top Indian Market Updates

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

Tata Motors launches Tiago EV at ₹8.49 lakhs

Tata Motors launched its new and cheapest electric vehicle car, the Tiago EV, at an introductory price of ₹8.49 lakh. The hatchback comes with two battery options. The 24kWh battery offers a range of 315 km on a full charge, while the 19.2kWh battery is expected to deliver a range of 250 km. The automaker will offer eight years or 1,60,000 kms warranty on battery and motor.

Read more here.

Godrej Properties acquires seven-acre land in Bengaluru

Godrej Properties Ltd has acquired a 7-acre land parcel in Indiranagar extension in Bengaluru. The plot has a total development potential of around 6 lakh sq. ft. and an estimated booking value potential of ₹750 crore. The company is planning to develop the plot as a premium residential project comprising apartments of various configurations.

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L&T Construction to build new medical college in Assam

Larsen & Toubro Ltd’s construction arm has secured a significant contract (in the range of ₹1,000-2,500 crore) from the State Government of Assam. The company will construct a new medical college and hospital at Golaghat, Assam. The facility will include a 430-bed teaching hospital, academic block, private ward, hostel, and residential facilities. The total built-up area will be 9.44 lakh square feet.

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Vi to lose access to towers if it fails to clear dues: Indus Towers

Vodafone Idea (Vi) risks losing access to Indus Towers’ mobile towers from November 2022 if it fails to clear its dues. On Monday, Indus Towers held a board meeting to discuss the company’s mounting trade receivables. It reportedly issued a “strongly-worded” letter to Vi, directing the telecom company to pay 100% of monthly dues. Vodafone Idea’s total tower dues exceed ₹10,000 crore.

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Airtel Payments Bank to install 1.5 lakh micro ATMs in FY23

Airtel Payments Bank has started rolling out 1.5 lakh micro ATMs in a phased manner across Tier 2 cities and semi-urban regions to facilitate cash withdrawal for customers. The bank will gradually expand its service to cover more banking points in a phased manner. It is now integrated with the National Payments Corporation of India’s National Financial Switch (NFS) to facilitate micro ATM transactions.

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Ramco Cements commissions cement plant in AP

Ramco Cements Ltd has commissioned its fifth integrated cement plant at Kolumigundla, Andhra Pradesh, at a cost of ₹3,000 crore. The plant has a clinkerisation capacity of 2.25 million tonnes per annum. The plant is capable of manufacturing various types of cement as per the specifications of the Bureau of Indian Standards (BIS). The unit will provide jobs to over 1,000 people.

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Union Cabinet approves 3-month extension for PMGKAY

The Central government announced the extension of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for another three months till December 2022. The PMGKAY was launched in March 2020 to provide free 5kg foodgrains per person per month to about 80 crore beneficiaries covered under the National Food Security Act (NFSA). The extension for three months will cost ₹44,700 crore, said Union Minister Anurag Thakur.

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Indian fertilizer companies sign MoU with Canada’s Canpotex

Coromandel International, Chambal Fertilizers, and Indian Potash Ltd have signed a Memorandum of Understanding (MoU) with Canada-based Canpotex. This MoU will help reduce supply & price volatility and ensure a stable long-term supply of potash fertilizer to India.  Canpotex will supply up to 15 lakh metric tonnes of potash annually for three years to these Indian three companies. 

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Edelweiss Financial Services to raise up to ₹400 crore

Edelweiss Financial Services (EFSL) has announced plans to raise up to ₹400 crore through a public issue of bonds next week. The base issue size is ₹200 crore with an option to retain oversubscription up to ₹200 crore. EFSL will issue secured redeemable non-convertible debentures (NCDs) of the face value of ₹1,000 each. The issue opens on October 3 and closes on October 17.

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Krsnaa Diagnostics enters B2C segment

Krsnaa Diagnostics is set to enter the business-to-consumer (B2C) segment with a chain of 600 diagnostic centres across India. The company’s entry into the B2C space is likely to change the industry dynamics on pricing. It offers imaging and pathological tests at discounts of 45-60% and 40–80% to the market rates, respectively.

Read more here.

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Vedanta Secures Two Coal Mines in E-Auction – Top Indian Market Updates

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

Vedanta secures two coal mines in Odisha in e-auction

Vedanta Ltd has emerged as the highest bidder for two coal mines in Odisha on the second day of the commercial coal mines e-auction. The company won the bid for Ghogharpalli and its dip extension mines. Both coal mines are fully explored and have a peak rate capacity (PRC) of 20 million tonnes per annum. The government placed 10 coal mines on sale on Tuesday and Wednesday. 

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Tube Investments to leverage Murugappa Group firms to boost EV business

Tube Investments of India (TII) is looking to leverage the expertise of all the companies within the Murugappa Group as it sets a roadmap for its electric vehicles (EV) business. The financing expertise of Cholamandalam Investment & Finance Co will help the company fund its customers. Group firms CG Power and Shanthi Gears can help make motors and gearboxes for electric vehicles. TII also plans to invest up to ₹1,000 crore in its EV business.

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Tata Power Solar Systems to set up 100 MW project for SJVN in Gujarat

Tata Power Solar Systems Ltd (TPSSL) will set up a 100 megawatts (MW) ground-mounted solar project for SJVN Ltd in Gujarat for ₹612 crore. The project will get commissioned within 11 months. With this order win, TPSSL’s total portfolio will touch 9.9 gigawatt-peak (GWp). The company’s total order book currently stands at ₹15,520 crore.

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Tamilnad Mercantile Bank to focus on phygital platform, network expansion: CEO

Tamilnad Mercantile Bank (TMB) will focus on strengthening its exposure in the phygital platform and expand its branch network during the current financial year (FY23), said MD & CEO S Krishnan. Retail, agriculture, and micro, small and medium enterprises (MSME) segments would be the bank’s focus areas, as this vertical comprises 88% of its exposure.

Shares of TMB made a muted debut on the NSE today, falling by 2.94% from the issue price. 

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New momentum of auto industry’s innovation for greener alternatives need of the hour: PM Modi

Prime Minister Narendra Modi stressed the need for the automobile industry’s innovation for green alternatives to ensure environmental protection and help make India self-reliant. In a written address to the annual session of the Society of Indian Automobile Manufacturers (SIAM), he said the automobile sector has contributed to the all-round development and growth of the economy through new avenues for employment generation. 

Meanwhile, Kenichi Ayukawa, MD & CEO of Maruti Suzuki, said the Indian auto sector will be near 100% self-reliant by 2047.

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Reliance Jio adds 29.4 lakh subscribers in July; Vi loses 15.4 lakh users

Reliance Jio added 29.4 lakh mobile subscribers in July 2022, taking its total subscription base to 41.59 crore. Bharti Airtel added 5.1 lakh subscribers, and its total user base stood at 36.34 crore. Meanwhile, Vodafone Idea (Vi) lost 15.4 lakh mobile customers in July, and its user base fell to 25.5 crore. Jio and Airtel further widened their market shares to 36.23% and 31.66%, respectively. Vi’s share narrowed to 22.22% in July.

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L&T Construction secures significant orders

Larsen & Toubro Ltd’s (L&T) construction arm has secured a significant order (in the range of ₹1,000-2,500 crore). The Water & Effluent Treatment business has received an order from the Government of Odisha to execute a pressurized underground pipeline irrigation network system for the Lower Suktel Irrigation project. The project aims to provide water to irrigate 27,000 hectares of Culturable Command Area (CCA) in the Balangir district, Odisha. 

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Mindtree designs remote digital solution for L&T green hydrogen plant in Gujarat

Mindtree Ltd has implemented a digital command and control solution for L&T’s recently-commissioned green hydrogen plant in Hazira, Gujarat. The solution enables remote monitoring and control of all services at the plant. It helps optimise operational and energy costs and drive effective utilisation of resources such as solar energy and battery energy storage systems.

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BPCL divestment not on the table as of now: Oil Minister

The divestment of Bharat Petroleum Corporation Ltd (BPCL) is not on the table as of now, said Minister of Petroleum and Natural Gas Hardeep Singh Puri. In August, the Centre told Parliament that it will decide on re-initiating the process of BPCL strategic sale based on a review of the situation in due course.

In May 2022, the govt. formally withdrew its offer to sell its entire 52.98% stake in BPCL. A majority of bidders had expressed their inability to participate in the current privatisation process due to prevailing conditions in the global energy market.

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UPL acquires 26% stake in Clean Max Kratos

UPL Ltd has acquired a 26% stake in renewable energy firm Clean Max Kratos Pvt Ltd. Clean Max was incorporated on July 28 with paid-up capital of ₹1 lakh. The company will develop and maintain a hybrid 28.05 MW solar and 33 MW wind power project. This project will enable UPL to increase its renewable energy usage to 30% of its total global power consumption (from the current level of 8%).

Read more here.

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Zomato Discontinues Pro, Pro Plus Programs – Top Indian Market Updates

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

Zomato discontinues Pro, Pro Plus programs

Food delivery platform Zomato has stopped onboarding new members and merchant partners to ‘Pro’ and ‘Pro Plus’ programs. These are members-only programs that assured food delivery on priority and exclusive discounts. After membership terms expire, active members won’t be able to extend or renew their subscriptions. The company said it will come up with a new program as a replacement for the discontinued schemes.

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L&T secures large contract from Indian Oil Corporation

The hydrocarbon-onshore division of Larsen & Toubro’s energy business has secured a large contract (in the range of Rs 2,500-5,000 crore) from Indian Oil Corporation Ltd (IOCL). The contract is for setting up a Residue Hydrocracker Unit (RHCU) for IOCL’s P-25 Project. IOCL is implementing the Panipat refinery expansion (P-25) project to enhance capacity from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA.

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Hatsun Agro approves plan to raise Rs 700 crore

Hatsun Agro Products Ltd’s (HAPL) board has approved a proposal to raise Rs 700 crore through private placement of shares via a Qualified Institutional Placement (QIP). The board also gave its approval to acquire paid-up share capital (not exceeding 20%) of Huoban Energy 4 Pvt. Ltd. The investment is done for consuming solar energy captively for HAPL’s plant in Maharashtra.

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RIL files contempt petition against SEBI before Supreme Court

Reliance Industries Ltd (RIL) has filed a contempt plea against the Securities & Exchange Board of India (SEBI) before the Supreme Court (SC), alleging ‘wilful disobedience’ about an order of the apex court that had directed the market regulator to give RIL access to certain documents in a 20-year-old stock allotment case. The move comes when SEBI plans to file a review petition in SC against the August 5 order that had ruled in favour of RIL on accessing the relevant documents.

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Aurionpro secures order from one of the largest public sector banks in India

Aurionpro Solutions Ltd (ASL) has secured an order from one of the largest public sector banks in India. The order is for providing 24×7 support monitoring services for the Murex Treasury Platform at the bank. “The recent upgradation of our partnership with Murex and this new win has strengthened our position in the market, and we are looking forward to further deepening our engagement with the bank,” said ASL in a statement.

Creditors to Future Retail place claims worth Rs 21,000 crore

Future Retail Ltd. has received claims of Rs 21,057 crore from 33 financial creditors, as per data released by the company that is under the corporate insolvency resolution process. Of the total claims received, Rs 17,511.69 crore has been verified by the interim resolution professional (IRP). Claims worth Rs 3,546 crore have not yet been verified. State Bank of India, Punjab National Bank, and other state-owned lenders have claimed over Rs 12,755 crore.

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Bank of Baroda plans to raise Rs 2,500 crore via AT1 bonds

Bank of Baroda has announced plans to raise debt capital of Rs 2,500 crore through Additional Tier-1 (AT1) bonds in single or multiple rounds. AT1 bonds are a type of perpetual (no maturity date) debt instrument that banks use to augment their core equity base. They offer higher returns to investors but carry higher risk as well. 

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Subex to deploy its fraud management solution for Ethio Telecom

Ethio Telecom has selected Subex Ltd to deploy its fraud management solution. The solution will replace Ethio’s existing legacy fraud management system, enabling them to move from a traditional rules-based approach to an AI-first approach. They will be able to bring in enhanced accuracy, coverage, and time-to-detect. Ethio Telecom is Ethiopia’s leading integrated telecom solutions provider with over 50 million subscribers.

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Cipla aims to double India business in 5 years, looks at innovation in US: CEO

Cipla Ltd hopes to transform itself into a global healthcare organisation, with a sharp focus on strengthening its presence in the US market and doubling its Indian business, said CEO Umang Vohra. He said Cipla has the potential to double US business on the back of new launches in the next five years. The pharma major is also looking at China, Brazil, South Africa, and Australia as key markets, with Australia likely to be a $100-million market shortly.

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Sobha settles nearly Rs 2.93 crore with SEBI in trade case

Real estate developer Sobha Ltd has settled Rs 2.925 crore with market regulator SEBI. Following this, the adjudication proceedings initiated against Sobha and its three Executive Directors have been disposed of. The settlement order has been passed on Monday and came into force with immediate effect.

During FY17-19, SEBI investigated certain transactions carried by Sobha with D.K. Shivakumar (DKS) and his family members/associates, which was allegedly against the interest of the minority shareholders of Sobha.

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Hindalco Posts 48% YoY Rise in Net Profit in Q1 – Top Indian Market Updates

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

Hindalco Industries Q1 Results: Net profit rises 48% YoY to Rs 4,119 crore

Hindalco Industries reported a 48% YoY increase in consolidated net profit to Rs 4,119 crore for the quarter ended June (Q1 FY23). This is the highest-ever quarterly profit figure the aluminium maker ever posted. Its revenue from operations rose 40.2% YoY to Rs 58,018 crore during the same period. EBITDA stood at Rs 8,640 crore, up 27% YoY. Hindalco’s results in Q1 were driven by the robust performance of its aluminium downstream and copper businesses.

Read more here.

Tata Power partners with JP Infra to set up EV charging points in Mumbai

Tata Power has partnered with real estate developer JP Infra Mumbai to provide electric vehicle (EV) charging points across residential projects in Mumbai. Residents with EVs will have access to a 24×7 charging facility. They can also connect through the Tata Power EZ mobile application for all services, including remote vehicle charging monitoring and e-payments. 

Read more here.

Max Healthcare Q1 Results: Net profit rises 11% YoY to Rs 229 crore

Max Healthcare Institute Ltd reported an 11% YoY increase in net profit to Rs 229 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 5.3% YoY to Rs 1,393 crore during the same period. EBITDA stood at Rs 370 crore in Q1, up 3% YoY. The average revenue per operating bed (ARPOB) increased to Rs 66,000 in Q1 FY23, compared to Rs 51,500 in Q1 FY22.

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JSW Energy’s arm to acquire renewable assets from Mytrah Energy

JSW Neo Energy (a wholly-owned subsidiary of JSW Energy) will acquire a portfolio of 1,753 megawatts (MW) of renewable energy generation capacity from Mytrah Energy (India) Pvt. Ltd for Rs 10,530 crore. The assets have a proven operational track record and long-term power purchase agreements (PPA) with an average remaining life of 18 years. The acquisition will help JSW Energy to achieve its renewable-led capacity growth target of 10 gigawatts (GW) by FY25. 

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IRCTC Q1 Results: Net profit jumps 198% YoY to Rs 246 crore

Indian Railway Catering & Tourism Corporation (IRCTC) reported a 198% YoY jump in net profit to Rs 245.52 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 250.34% YoY to Rs 852.59 crore during the same period. Total expenses stood at Rs 548 crore in Q1, up 272.8% YoY.

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L&T Construction to build cooling towers for Rawatbhata Atomic Power Project

Larsen & Toubro’s construction arm has secured an order (in the range of Rs 1,000-2,500 crore) from the Nuclear Power Corporation of India Ltd (NPCIL) to build natural draught cooling towers and a cooling water pump house for the Rawatbhata Atomic Power Project. The scope of work also includes the construction of a cement mortar-lined and coated steel pipe, the main medium to transport hot water from the turbine to the cooling towers. The project is scheduled to be completed in 36 months.

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Eicher Motors Q1 Results: Net profit jumps 157% YoY to Rs 611 crore

Eicher Motors Ltd reported a 157.52% YoY jump in consolidated net profit to Rs 245.52 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 71.18% YoY to Rs 3,325.8 crore during the same period. EBITDA stood at Rs 831 crore in Q1, up 147% YoY.

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Civil Aviation Ministry to remove fare caps imposed on airlines from August 31

The Ministry of Civil Aviation will remove fare caps for domestic airlines from August 31, 2022. The Central govt had regulated fares by imposing a minimum and maximum band based on the flight’s duration to prevent ticket prices from spiking due to pent-up demand arising from an easing of restrictions on air travel. The ministry will re-evaluate the fare cap for domestic airlines once there is a healthier environment in terms of jet fuel prices.

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SJVN to set up 10,000 MW clean energy projects in Rajasthan

SJVN Ltd has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan to develop 10,000 MW renewable energy projects in the state. These projects/parks will boost socio-economic development in the state and open up multiple direct and indirect employment opportunities. An investment of Rs 50,000 crore is estimated for developing these projects in the next 5-7 years.

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Tata Consumer Q1 Results: Net profit rises 38% YoY to Rs Rs 255 crore

Tata Consumer Products Ltd (TCPL) reported a 38% YoY increase in consolidated net profit to Rs 255.46 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 11% YoY to Rs 3,3 crore during the same period. TCPL’s India business grew by 9%, while the international business revenue was up 9% in Q1.

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CCI Clears Axis Bank-Citi Deal – Top Indian Market Updates

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

CCI clears Axis Bank-Citi deal

The Competition Commission of India (CCI) has approved Axis Bank’s proposed acquisition of Citi’s consumer business in India. Under the Rs 12,325 crore deal, the bank would take over Citi’s credit card, personal loans, and wealth management businesses. In March 2022, Axis Bank and Citi signed a definitive agreement for the deal, which is likely to be completed by September 2024. This acquisition will help Axis Bank gain access to 30 lakh new customers.

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L&T Q1 Results: Net profit rises 45% YoY to Rs 1,702 crore

Larsen & Toubro Ltd (L&T) reported a 44.93% YoY increase in consolidated net profit to Rs 1,702.07 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 22.2% YoY to Rs 35,853.2 crore during the same period. L&T secured orders worth Rs 41,805 crore at the group level in Q1, registering a growth of 57% YoY. The group’s infrastructure project segment received order inflows of Rs 18,343 crore, up 66% YoY.

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Sun Pharma expands tie-up with Cassiopea for acne cream to six countries

Sun Pharmaceutical Industries Ltd has expanded the scope of its partnership with Italy-based Cassiopea regarding a medication to treat acne. It has signed licensing and supply agreements for WINLEVI (clascoterone) cream 1% for six countries. Sun Pharma will receive the exclusive right to develop and commercialise WINLEVI in Japan, Australia, New Zealand, Brazil, Mexico, and Russia.

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Bajaj Auto Q1 Results: Net profit rises 11% YoY to Rs 1,173 crore

Bajaj Auto Ltd reported a 10.5% YoY increase in net profit to Rs 1,173 crore for the quarter ended June (Q1 FY23). Net profit declined by 20% when compared to the previous quarter. Its revenue from operations grew 8% YoY to Rs 7,386 crore during the same period. EBITDA stood at Rs 8,324 crore in Q1, up 8% YoY. Bajaj Auto’s sales volumes fell 7% YoY (or 4% QoQ) to 9,33,646 units.

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123 GW of solar capacity either commissioned or in pipeline: Govt

India has commissioned 57.71 gigawatts (GW) of solar capacity, while another 48.71 GW has been in the pipeline since June-end. Minister of State for New & Renewable Energy Bhagwanth Khuba said a solar energy capacity of 123.11 GW has either been commissioned or is in the pipeline. The government aims to achieve 100 GW solar power capacity by December 2022. Meanwhile, renewable energy projects of 60.66 GW capacity are under various stages of implementation.

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Tata Power Q1 Results: Net profit rises 90% YoY to Rs 883 crore 

Tata Power Company Ltd reported a 90% YoY increase in consolidated net profit to Rs 883.54 crore for the quarter ended June (Q1 FY23). Its total income grew 42% YoY to Rs 14,638.78 crore during the same period. The company’s total expenses stood at Rs 14,660.14 crore in Q1, up 54% YoY. Tata Power plans a consolidated capital expenditure (capex) of Rs 14,000 crore in FY23, including a Rs 10,000 crore investment in the renewables sector.

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Tata Motors partners with Indian Bank to provide retail car loans

Tata Motors Ltd has signed a pact with Indian Bank to facilitate financing for its passenger vehicle (PV) customers as the festive season approaches. The lender will provide customised car loans from its 5,700+ branches across India for Tata Motors’ passenger vehicle range. Customers can obtain car loans at interest rates starting at 7.8% with an option to avail of up to 90% financing of the PVs. 

Read more here.

Ujjivan SFB Q1 Results: Net profit at Rs 203 crore

Ujjivan Small Finance Bank (SFB) reported a net profit of Rs 203 crore for the quarter ended June (Q1 FY23). It had posted a net loss of Rs 233 crore in the corresponding quarter last year (Q1 FY22). Its net interest income (NII) grew 56% YoY to Rs 600 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 6.51% in Q1 FY23, compared to 9.79% in Q1 FY22. The bank’s retail deposits rose 65% YoY to Rs 10,761 crore in Q1 FY23.

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Wipro bags five-year contract from Nokia for digital transformation

Wipro Limited has signed a new five-year contract with Finnish telecom equipment maker Nokia for digital transformation. The IT major will deliver global business services in support of Nokia’s renewed operating model. It will focus on process optimisation and enhanced user & customer experience across order management, supply chain, finance, and accounting operations.

Asian Paints Q1 Results: Net profit rises 80% YoY to Rs 1,036 crore

Asian Paints Ltd reported an 80.39% YoY increase in consolidated net profit to Rs 1,036.03 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 55% YoY to Rs 8,578.88 crore during the same period. The company’s total expenses stood at Rs 7,287.84 crore, up 48.9% YoY. The domestic decorative business experienced good consumer demand and recorded stellar revenue growth in Q1.

Read more here.

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Axis Bank’s Net Profit Rises 91% YoY in Q1 – Top Indian Market Updates

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

Axis Bank Q1 Results: Net profit rises 91% YoY to Rs 4,125 crore

Axis Bank reported a 91% YoY increase in net profit to Rs 4,125 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 21% YoY to Rs 9,384 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 2.76% in Q1 FY23, compared to 2.82% in Q4 FY22. The bank’s fee income rose 34% YoY to Rs 3,576 crore in Q1.

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L&T to sell 8 roads, transmission project to Edelweiss fund for Rs 7,000 crore

Larsen & Toubro Ltd (L&T) will sell eight operational road assets and a power transmission project to Edelweiss Infrastructure Yield Plus, a fund managed by Edelweiss Alternative Asset Advisors. The enterprise value of the assets stands at Rs 7,000 crore. The latest move is part of L&T’s asset-light strategy of exiting several non-core assets. The deal is awaiting regulatory approvals from the National Highways Authority of India (NHAI) and market regulator SEBI.

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Tech Mahindra Q1 Results: Net profit falls 16% YoY to Rs 1,132 crore

Tech Mahindra Ltd reported a 16.4% YoY decline in consolidated net profit to Rs 1,132 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 24.6% YoY to Rs 12,708 crore during the same period. EBITDA stood at Rs 1,880 crore, up 0.2% YoY. The IT company secured new deals worth $803 million in Q1, a decline of 1.5% YoY or 20.5% QoQ. Tech Mahindra will invest in new and emerging technologies to deliver differentiated offerings.  

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Natco Pharma’s partner gets USFDA nod for prostate cancer treatment drug

Natco Pharma Ltd’s partner Breckenridge Pharmaceutical Inc has received approval from the US Food & Drug Administration (USFDA) for generic Cabazitaxel intravenous powder. The drug is used to treat prostate cancer. As per IQVIA data, the generic version of the drug generated annual sales of $303 million (~Rs 2,417 crore) during the 12 months ended May 2022. 

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Tata Steel Q1 Results: Net profit falls 13% YoY to Rs 7,765 crore

Tata Steel Ltd reported a 12.8% YoY (or 20.4% QoQ) decline in consolidated net profit to Rs 7,764.96 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 18.6% YoY to Rs 63,430 crore during the same period. The company produced 7.74 million tonnes (MT) of steel during the quarter, registering a decline of 1.8% YoY. The performance in Q1 was impacted by higher pet coke prices, which led to higher operating costs.

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Intellect Design Arena’s arm secures order from Mineral Development Bank

Myanmar-based Mineral Development Bank has chosen Intellect Global Consumer Banking’s (iGCB) Intellect Digital Core to transform its banking solutions. The bank aims to open 15 branches this year. The digital transformation will provide the bank with a platform to innovate faster than its competitors. iGCB is the consumer banking arm of Intellect Design Arena Ltd, a global leader in financial technology for the banking and insurance sectors.

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HDFC Securities partners with Equitas SFB to offer Demat, trading services

HDFC Securities has partnered with Equitas Small Finance Bank (SFB) to provide its clients with Demat account and broking investment services. With this partnership, Equitas SFB will offer its customers a “3-in-1″ account for accessing the services of HDFC Securities. All customers can now open their Demat, trading accounts for buying and selling shares and trading in futures, options, and even currencies.

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IEX Q1 Results: Net profit rises 10% YoY to Rs 69 crore

Indian Energy Exchange (IEX) reported a 10.05% YoY increase in consolidated net profit to Rs 69.12 crore for the quarter ended June (Q1 FY23). Net profit fell 21.7% when compared to the previous quarter. Its total income rose 10.2% YoY to Rs 113.4 crore during the same period. EBITDA stood at Rs 81 crore in Q1, up 8% YoY.

Govt sets target to raise share of natural gas in energy mix to 15% by 2030

The Indian government has set a target to raise the share of natural gas in the total energy mix from 6.3% currently to 15% by 2030. Initiatives have been taken to expand the National Gas Grid from 21,715 km to about 33,500 km. Several Liquefied Natural Gas (LNG) terminals will also be established across the country. The govt will also allow marketing and pricing freedom to gas produced from high pressure/high-temperature areas, deep water & ultra-deepwater, and coal seams.

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Macrotech Developers Q1 Results: Net profit rises 68% YoY to Rs 271 crore 

Macrotech Developers Ltd (Lodha Group) reported a 68.75% YoY increase in consolidated net profit to Rs 271.26 crore for the quarter ended June (Q1 FY23). Its total income grew 52.9% YoY to Rs 2,675.78 crore during the same period. The company reduced its net debt by Rs 450 crore to Rs 8,856 crore in Q1. 

The real estate company expects to enter into alliances to undertake joint development projects with a combined gross development value of Rs 15,000 crore in the current financial year (FY23).

Read more here.

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Coal India’s Capex Jumps 65% in Q1 – Top Indian Market Updates

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

Coal India’s capex jumps 65% in Q1 FY23

Coal India Ltd’s capital expenditure (capex) rose 65% year-on-year (YoY) to Rs 3,304 crore during the quarter ended June (Q1 FY23). The company has sustained its capex growth for the ninth successive quarter. Capex under first-mile connectivity (FMC) projects rose four-fold to Rs 577 crore. Land acquisition at Rs 608 crore accounted for nearly one-fifth of the total capex basket in Q1. 

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Kalyan Jewellers to add 10 outlets before Diwali in non-south markets

Kalyan Jewellers Ltd plans to strengthen its retail footprints in the non-south market by adding 10 showrooms before Diwali. The company will invest around Rs 250-300 crore towards this expansion. Kalyan Jewellers ventured into the franchise model of business in June 2022 with the launch of its first franchise-owned outlet in Aurangabad. Of the overall 127 stores spread across India, 77 stores are in the south and 50 in the non-south regions.

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NTPC aims to raise Rs 5,000 crore via stake sale in green arm

NTPC Limited plans to raise Rs 5,000 crore by selling a stake in a newly created green energy arm. The state-owned power generation company has appointed SBI Capital Markets to advise on the sale process. On Saturday, NTPC announced plans to hive off 15 of its renewable energy projects into NTPC Green Energy Ltd. The assets being separated have a book value of Rs 10,000 crore.

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Paytm’s lending biz clocks Rs 24,000 crore revenue run rate in Q1

Paytm’s lending and disbursements business achieved a milestone Rs 24,000 crore annualised run rate in the April-June quarter (Q1 FY23). The number of loans disbursed through the platform jumped 492% YoY to 8.5 million. Paytm also reached its highest number of monthly transacting users (MTU) at 76 million on its super app in Q1. It registered a 101% YoY increase in merchant payment volumes at Rs 2.96 lakh crore.

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Zydus Lifesciences gets final USFDA approval for Type-2 diabetes drug

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Empagliflozin and Metformin Hydrochloride tablets. The drug is used with proper diet and exercise to improve glycemic control in adults with Type-2 diabetes. The drug will be manufactured at the pharma company’s formulation facility at the Special Economic Zone (SEZ), Ahmedabad.

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L&T Construction secures order to build data centres in Mumbai, Navi Mumbai

Larsen & Toubro (L&T) Construction has secured significant contracts (in the range of Rs 1,000-2,500 crore) to build data centres of capacities totalling 10.8 megawatts (MW) at Mumbai and Navi Mumbai. The company will design and build the data centres and allied buildings, including fit-outs. 

L&T has also received an order for the engineering, procurement, and construction of The Statue of Adi Shankaracharya at Omkareshwa (‘Statue of Oneness’) in Madhya Pradesh. The 108-feet high bronze statue is scheduled to be completed in 15 months. 

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SBI subsidiary signs pact with MEA for Trilateral Development Cooperation Fund

SBICAP Ventures Ltd (SVL) has signed a Memorandum of Understanding (MoU) with the Ministry of External Affairs (MEA) for establishing the Trilateral Development Cooperation Fund (TDC Fund) for joint projects with global partners. The TDC Fund will route India’s commitment of ~Rs.175 crore to the Global Innovation Development Fund (GIP Fund). This fund will invest mainly in small & medium enterprises (SMEs) from India that tackle development challenges.

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IOC, BPCL, HPCL may post Rs 10,700 crore loss in Q1: Report

As per a report by ICICI Securities, Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL), and Hindustan Petroleum Corp. Ltd (HPCL) may post a combined loss of Rs 10,700 crore in the April-June quarter (Q1 FY23) on selling petrol and diesel at rates below cost. While crude oil prices soared in Q1, petrol and diesel rates were not revised. This led to marketing losses which offset strong refining margins. IOCL, BPCL, and HPCL control 90% of the retail petrol and diesel sales in India.

Read more here.

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Editorial

An Analysis of India’s Green Hydrogen Industry

India has announced plans to de-carbonize within the next 30 years. The government has taken strategic decisions to reduce the reliance on fossil fuels and cut down costly imports. Our country’s target of achieving 175 gigawatts (GW) of renewable energy capacity by 2022 has received a significant boost through new policies. As part of these efforts, India is now focusing on the development and production of green hydrogen as an energy source.

In this article, we shall analyse an industry that is gradually evolving and essential for India’s growing economy— the green hydrogen energy industry! We shall also find out who the top players in this field are.

What Exactly is Green Hydrogen?

Hydrogen is the most common element in the universe. However, it only exists in the form of combinations with other elements. Hydrogen is commonly extracted from compounds such as water, and the process can be quite energy-intensive. Based on the sources and processes by which hydrogen is derived, it can be categorized into three: 

  • Grey hydrogen: Produced from fossil fuels (primarily natural gas).
  • Blue hydrogen: Generated from fossil fuels with carbon capture and storage options. 
  • And finally, green hydrogen: Generated from renewable power sources such as solar, wind, and geothermal energy.

Green hydrogen is produced by splitting water into hydrogen and oxygen using renewable electricity. This chemical process is known as electrolysis. The main advantage of green hydrogen is that it is a clean-burning molecule. It can help reduce carbon emissions in the iron and steel, chemicals, and transportation sectors. A truly revolutionary concept, indeed!

The Green Hydrogen Industry in India

Since green hydrogen is one of the cleanest forms of energy, it is now considered the best solution to achieve net-zero emissions. Many countries are now investing billions of dollars into the development of green hydrogen infrastructure. Meanwhile, India has also taken various steps to support green initiatives. 

  • In August 2021, Prime Minister Narendra Modi launched the National Hydrogen Energy Mission (NHEM) and announced his decision to transform India into a global hub for green hydrogen production and export. Between 2021 and 2024, the government will invest Rs 800 crore in research & development projects that aim to cut down the cost of green hydrogen production.
  • India’s current energy import bill is over Rs 12 lakh crore a year. The dependence on coal and oil is likely to surge by 2-3 times in the near future. Thus, NHEM will help to stop our reliance on expensive oil imports. Green hydrogen will become a necessity to meet energy consumption requirements in the long term. 
  • In February 2022, the Indian government introduced the Green Hydrogen Policy. It targets the production of 5 million metric tonnes per annum (MTPA) of green hydrogen by 2030. Under this policy, a renewable energy plant set up to supply power for green hydrogen production before July 2025 will get 25 years of free power transmission! This policy will bring a sense of competitiveness amongst players in the green hydrogen sector. 
  • Many entities are working on the development of hydrogen fuel cell technology to power automobiles. We will soon be able to see many hydrogen-powered vehicles plying on Indian roads!

Now, let’s look at the top 5 companies leading the green hydrogen revolution in India.

Reliance Industries Ltd

  • Reliance Industries Ltd (RIL) has entered the green energy sector with highly ambitious plans. 
  • Chairman Mukesh Ambani had revealed a roadmap to invest $10 billion (or Rs 75,400 crore) in solar, green hydrogen, batteries, and fuel cells over the next three years.
  • RIL has also started developing the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Gujarat. This Rs 60,000 crore project will be an integrated facility that manufactures components such as solar cells & modules, batteries, fuel cells, and an electrolyzer plant to produce green hydrogen.
  • RIL has partnered with Danish company Stiesdal A/S through its subsidiary Reliance New Energy Solar Ltd to develop and manufacture hydrogen electrolyzers.
  • Reliance has vowed to produce green hydrogen at $1 per kilogram by 2030.

GAIL (India) Ltd

  • GAIL is currently working on building the largest green hydrogen plant in our country as it looks to supplement its natural gas business with carbon-free fuel.
  • It had recently floated a global tender to procure an electrolyzer that can produce 4.5 tonnes of hydrogen per day.
  • The company has also started mixing hydrogen in natural gas systems of key cities as part of a pilot project. 

NTPC

  • State-owned NTPC plans to produce green hydrogen on a commercial scale. 
  • NTPC will establish a 4,750 MW renewable energy park in Rann of Kutch.
  • The company is running a pilot project at one of its units in Uttar Pradesh, where the cost of hydrogen is currently around $2.8-3/kg. 
  • NTPC  also plans to set up its first green hydrogen fuelling station in Leh, Ladakh.
  • The PSU aims to achieve 60 gigawatts (GW) of renewable capacity by 2032. 

Indian Oil Corporation (IOC)

  • IOC plans to build a green hydrogen plant at its Mathura refinery in Uttar Pradesh. The unit is likely to have a capacity of nearly 1.6 lakh barrels per day.
  • The company has set a target of converting at least 10% of its hydrogen consumption at refineries to green hydrogen in the upcoming years.
  • IOC also aims to establish a standalone green hydrogen manufacturing unit in Kochi, Kerala. This unit will draw energy from the solar power facility of Cochin International Airport Ltd. 

Larsen & Toubro

  • Larsen & Toubro signed a major pact with Norway-based HydrogenPro AS to establish an alkaline water electrolysis unit in India.
  • They also plan to set up green hydrogen plants at their manufacturing units.
  • L&T recently announced the formation of a joint venture with Indian Oil Corporation and Nasdaq-listed ReNew Power to develop a green hydrogen business in India.
  • L&T has set a target to become a net-zero company by 2040. The company aims to invest Rs 1,000-5,000 crore on green initiatives in the coming years.

Conclusion

India’s green hydrogen market is at an infant stage. Producing hydrogen fuel is an expensive task, with the biggest cost being the electrolyser. It is also quite expensive to move/transport hydrogen. Manufacturing at a greater scale could reduce such costs. However, production capacities are low due to limited demand. 

Despite these challenges, our government has taken the initial steps toward encouraging research & development of green hydrogen. In 2017, the Indian hydrogen market was valued at $50 million. This market is expected to grow to $81 million by 2025! No wonder a lot of companies are entering this highly-promising sector! They have already started tapping into the potential of hydrogen as an energy source. Many are examining methods to bring down the cost of production and find alternate use-cases. As citizens, we can build awareness of the technology behind green hydrogen and its benefit to the environment.

What are your views on the evolving green hydrogen industry in India? Let us know in the comments section of the marketfeed app!

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Market News Top 10 News

Vi Defers Rs 8,837 crore AGR Dues Payment – Top Indian Market Updates

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

Vodafone Idea defers Rs 8,837 crore AGR dues payment

Vodafone Idea Ltd’s (VIL) board has decided to defer payment of additional adjusted gross revenues (AGR) of Rs 8,837 crore dues by four years. On June 15, the Department of Telecommunications (DoT) had raised AGR demand for additional two financial years beyond 2016-17, which were not covered under the Supreme Court order on the statutory dues. The DoT letter also offers VIL an option for equity conversion of interest dues upfront for these AGR-related dues.

Read more here.

Tata Steel plans low CO2 steel-making technologies in UK, Netherlands

Tata Steel Ltd is working on a plan for transition to low carbon technologies for making steel in the UK and the Netherlands. Both Tata Steel UK and Tata Steel Netherlands have been developing detailed plans for transition to low CO2 technologies. It is in line with the parent company’s goal to produce CO2-neutral steel by 2050 in Europe. 

Read more here.

L&T’s hydrocarbon business secures large contracts

L&T Energy Hydrocarbon (LTEH) has secured three offshore packages (in the range of Rs 2,500-5,00) crore) from an overseas client. The orders consist of the engineering, construction, and installation of various new offshore jacket structures. LTEH offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers.

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Macrotech Developers enters Bengaluru; eyes Rs 1,200 crore sales from first housing project

Macrotech Developers Ltd announced its entry into the Bengaluru market. It has formed a joint venture to develop its first housing project with an estimated sales booking value of Rs 1,200 crore. The realty firm will acquire 100% equity of G Corp Homes to make its foray into the Bengaluru market. Macrotech Developers markets its properties under the Lodha brand.

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Indian media, entertainment industry likely to touch Rs 4.30 lakh cr by 2026: PwC report

As per a report by global consultancy firm PwC, the Indian media and entertainment industry is expected to grow at a CAGR of 8.8% and reach Rs 4.30 lakh crore by 2026. The growth would be paced by digital media and advertising through deeper penetration of the internet and mobile devices in the domestic market. TV advertising is expected to reach over Rs 43,000 crore by 2026.

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Glenmark Pharma says USFDA issues Form 483 observations for co’s formulation facility

The US Food & Drug Administration (USFDA) has issued Form 483 with six observations to Glenmark Pharma’s formulation manufacturing facility in Baddi, Himachal Pradesh. The facility caters to the production of oral solids, liquid orals, and external preparations like lotions, creams, and respiratory segment products. The pharma company said it is committed to undertaking all necessary steps to address USFDA’s observations at the earliest. 

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RBI taps HDFC, ICICI, SBI for blockchain-based trade financing project

The Reserve Bank of India (RBI) is engaging with HDFC Bank, ICICI Bank, State Bank of India, and dozen other top lenders to run a blockchain-based pilot project centered on trade financing. The project could help prevent loan frauds by fugitive borrowers (like Nirav Modi and Mehul Choksi) that found loopholes in the system to siphon off thousands of crores. Belgium-based SettleMint, US-based Corda Technologies, and IBM would provide technical support for the project.

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Aditya Birla Sun Life AMC partners BentallGreenOak

Aditya Birla Sun Life AMC Ltd and BentallGreenOak are planning to raise ~Rs 1,000 crore through their joint platform for structured credit investments in India. The funds will be used to invest in real estate projects in key property markets, including metro cities. BentallGreenOak is a global real estate investment management advisor based in Toronto, Canada.

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Tata Nexon EV catches fire in Mumbai; automaker initiates probe

Tata Motors Ltd is investigating the root cause behind a Nexon EV electric car that caught fire in the suburb of Vasai, Mumbai. This was the first instance of an EV made by the automaker going up in flames. Tata Motors has sold more than 30,000 EVs so far, which have cumulatively covered over 100 million kilometres across India over the past four years.

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Market News Top 10 News

Tata Motors Secures Biggest Ever EV Fleet Order – Top Indian Market Updates

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

Tata Motors bags biggest ever EV fleet order in India

Tata Motors Ltd has secured an order for the supply of 10,000 XPRES-T EV units from BluSmart Electric Mobility. The deployment of 10,000 units makes this the biggest ever EV fleet order in India. The vehicles will be used across India for commuters, helping minimise the carbon footprint.

In other news, Tata Motors has partnered with Kolte-Patil Developers Ltd to set up EV charging infra across Pune, Mumbai, and Bengaluru.

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Adani Enterprises to set up hyper-scale data centre at Bengal Silicon Valley

The West Bengal government has given approval to Adani Enterprises to set up a hyper-scale data centre at Bengal Silicon Valley. The project will come up on 51.75 acres of land. Bengal Silicon Valley is an innovative information technology hub. It is envisioned to attract investment in IT and telecom projects with employment potential.

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Zydus Lifesciences gets USFDA approval for Famotidine tablets

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Famotidine tablets. The drug is a histamine H2 receptor blocker, which works by reducing the amount of acid in the stomach. The pharma company will manufacture the product at its drug formulation facility at SEZ, Ahmedabad.

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TVS looks to raise up to Rs 5,000 cr in EV push: Report

TVS Motor Co. Ltd is reportedly in advanced talks to raise Rs 4,000-5,000 crore from private equity firms to fund the expansion plan of the group’s newly formed electric mobility arm. The company aims to consolidate its position as a leader in the EV segment through relevant product offerings and increase its network presence across India.  TVS has achieved a 19% market share in the highspeed electric scooter segment in FY 2021-22.

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Cyient to acquire Portugal-based Celfinet for €41 million

Cyient Ltd has signed a definitive agreement to acquire Celfinet, a Portugal-based wireless engineering services firm, for €41 million (~Rs 341 crore). Celfinet offers end-to-end network planning and performance optimization services. This acquisition will help Cyient strengthen its wireless engineering practice to support Communication Service Providers (CSPs) and enterprises to deploy their connectivity networks at scale.

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Automobile retail sales remained low in May compared to pre-Covid period: FADA

As per data from the Federation of Automobile Dealers Association (FADA), total retail vehicle sales stood at 16,46,773 in May 2022, compared to 5,36,795 units in the same period last year. Sales were lower by ~10% compared with the pre-covid month of May 2019. FADA said the government’s reduction in fuel prices will tame inflation and boost vehicle sales.

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L&T Construction to construct Bandra wastewater treatment facility

The Water & Effluent Treatment business of L&T Construction has secured a large order (in the range of Rs 2,500-5,000 crore) from the Brihanmumbai Municipal Corporation (BMC). The project involves the construction of a state-of-the-art wastewater treatment facility with best-in-class treatment standards.

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Power Mech Projects secured orders worth Rs 522 crore

Power Mech Projects Ltd (PMPL) has received a Letter of Award (LoA) for five separate work orders worth Rs 521.95 crore. The company bagged an order worth Rs 119 crore from BHEL for civil structural works for the flue gas desulphurization (FGD) system in the existing 1×800 megawatt (MW) North Chennai Thermal Power Plant. PMPL has secured an order worth Rs 126.91 crore from Thyssenkrupp Industries India for supplying structural steel fabricated items.

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IRB Infra Developers offers Vadodara Kim Expressway to IRB InvIT Fund

IRB Infrastructure Developers Ltd has offered Vadodara Kim Expressway to IRB InvIT Fund. The Vadodara Kim stretch, part of the Delhi-Mumbai Expressway (DME), is 23.740 km long and has a project cost outlay of Rs 2,094 crore. IRB InvIT Fund is a publicly offered and listed infrastructure investment trust (InvIT).

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Market News Top 10 News

GAIL to Invest ₹6,000 crore in Renewables in Next 3 Years – Top Indian Market News

GAIL to invest Rs 6,000 crore in renewables in next three years

GAIL India Ltd has announced plans to invest Rs 6,000 crore in renewable energy over the next three years. The investment can go up by an additional Rs 20,000 crore by 2030, said Manoj Jain— Chairman and MD. GAIL has outlined an overall capital expenditure (capex) plan of up to Rs 40,000 crore in the next five years.

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Sun Pharma Q4 Results: Net loss at Rs 2,277 crore

Sun Pharmaceutical Industries Ltd (SPIL) reported a consolidated net loss of Rs 2,277 crore for the quarter ended March (Q4 FY22). It had posted a net profit of Rs 894 crore in the corresponding quarter last year. Its revenue from operations rose 11% YoY to Rs 9,386.1 crore in Q4 FY22. ​​The pharma company faced a one-time loss of Rs 3,935.7 crore due to antitrust payments and other lawsuit settlements in the US. SPIL’s board has declared a final dividend of Rs 3 per share.

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Tata Motors signs MoU for potential acquisition of Ford India’s Sanand plant

Tata Passenger Electric Mobility Ltd (TPEML) has signed a Memorandum of Understanding (MoU) with Ford India Pvt Ltd and the Government of Gujarat for the potential acquisition of Ford’s vehicle manufacturing facility in Sanand. The proposed MoU includes the purchase of land & buildings, vehicle manufacturing plant, machinery and equipment, and transfer of all eligible employees of the unit. TPEML is a subsidiary of Tata Motors.

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LIC Q4 Results: Net profit falls 18% YoY to Rs 2,409 crore

Life Insurance Corporation of India (LIC) reported a 17.41% YoY decline in consolidated net profit to Rs 2,409.39 crore for the quarter ended March (Q4 FY22). Its net premium income (NPI) rose 17.8% YoY to Rs 1.44 lakh crore during the same period. Income from investments stood at Rs 67,855.59 crore in Q4, compared to Rs 67,684.27 crore in the year-ago quarter. LIC’s board declared a dividend of Rs 1.5 per share.

Read more here. 

Jubilant Foodworks Q4 Results: Net profit falls 9% YoY to Rs 96 crore

Jubilant Foodworks Ltd (JFL) reported an 8.8% YoY decline in consolidated net profit to Rs 96 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 13.3% YoY to Rs 1,175.97 crore during the same period. Total expenses increased 13.7% YoY to Rs 1,038.27 crore. JFL opened 80 new Domino’s Pizza restaurants in Q4. The company’s board declared a dividend of Rs 1.2 per share. 

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L&T secures order for Chennai Metro Rail Project

Larsen & Toubro Ltd has secured a significant order (in the range of Rs 1,000-2,500 crore) for the Chennai Metro Rail Project. The scope of the order involves the construction of an elevated viaduct of ~10 km, including an elevated ramp and 10 elevated metro stations. This metro rail package is to be constructed in 35 months.

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IRCTC Q4 Results: Net profit doubles to Rs 213.78 crore

Indian Railway Catering & Tourism Corp (IRCTC) reported a 105.99% YoY jump in net profit to Rs 213.78 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 103.95% YoY to Rs 690.96 crore during the same period. Revenue from internet ticketing stood at Rs 292.82 crore, up 38.11% YoY. IRCTC’s board has declared a final dividend of Rs 1.5 per share.

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Aditya Birla Sun Life AMC partners with BentallGreenOak to form credit investment vehicle

Aditya Birla Sun Life AMC Ltd (ABSLAMC) has partnered with BentallGreenOak to form a structured credit investment vehicle. This investment vehicle will target structured debt investments in post-approval real estate projects, primarily in Tier-1 metropolitan locations. The collaboration brings together two established investment managers with extensive track records in both the domestic and international markets.

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Natco Pharma Q4 Results: Net loss at Rs 50.5 crore

Natco Pharma Ltd reported a consolidated net loss of Rs 50.5 crore for the quarter ended March (Q4 FY22). It had posted a net profit of Rs 53 crore in the corresponding quarter last year. Its revenue from operations rose 80.13% YoY to Rs 596.8 crore in Q4 FY22. ​​The loss in the fourth quarter was primarily due to inventory value write-off and provision of estimated credit losses.

Read more here.