Tag: larsen & toubro

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SBI Posts 41% YoY Rise in Net Profit in Q4 – Top Indian Market News

SBI Q4 Results: Net profit rises 41% YoY to Rs 9,113 crore

State Bank of India (SBI) reported a 41.27% YoY increase in net profit to Rs 9,113.52 crore for the quarter ended March (Q4 FY22). Net interest income (NII) rose 15.26% YoY to Rs 31,198 crore during the same period. The gross non-performing assets (GNPA) ratio fell to 3.97% in Q4 FY22, compared to 4.5% in Q3 FY22. SBI’s board has declared a dividend of Rs 7.10 per share.

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Maruti Suzuki to invest Rs 11,000 crore in first phase at Sonipat

Maruti Suzuki India Ltd will invest Rs 11,000 crore to make the first phase of its new manufacturing facility at Sonipat (Haryana) operational. The facility could emerge as the largest production base for the company in India. The first plant will have a manufacturing capacity of 2.5 lakh vehicles per annum. It is expected to be commissioned within 2025.

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Tech Mahindra Q4 Results: Net profit rises 39% YoY to Rs 1,506 crore

Tech Mahindra Ltd reported a 39.2% YoY (or 10% QoQ) increase in consolidated net profit to Rs 1,506 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 24.5% YoY (or 5.8% QoQ) to Rs 12,116 crore during the same period. The company bagged orders worth Rs 73,941 crore in Q4, registering a growth of 46% YoY. Tech Mahindra’s board has declared a final dividend of Rs 15 per share.

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Zydus Lifesciences launches drug for treating bad cholesterol

Zydus Lifesciences Ltd has launched its Bempedoic acid drug under the ‘Bemdac’ brand. The drug offers a new line of treatment for patients suffering from uncontrolled levels of bad cholesterol, despite lifestyle modifications. Low-density lipoprotein cholesterol (LDL-c) increases the chances of health problems such as heart attack or stroke.

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Eicher Motors Q4 Results: Net profit rises 16% YoY to Rs 610 crore

Eicher Motors Ltd reported a 15.96% YoY increase in consolidated net profit to Rs 610.14 crore for the quarter ended March (Q4 FY22). Net profit rose 34% when compared to the previous quarter. Its revenue from operations grew 8.6% YoY (or 11% QoQ) to Rs 3,193.32 crore during the same period. The automaker’s board has declared a dividend of Rs 21 per share.

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L&T secures order from Rajasthan govt

Larsen & Toubro Ltd has secured a significant order (in the range of Rs 1,000-2,500 crore) from the Rajasthan government for executing a parallel carrier system to the Rajiv Gandhi Lined Canal. The project will serve the water demands of the districts of Jodhpur, Pali, and Barmer. It will also supply raw water to Delhi Mumbai Industrial Corridor and Rajasthan State Industrial Development Investment Corporation Ltd (RIICO).

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HAL Q4 Results: Net profit rises 91% YoY to Rs 3,105 crore

Hindustan Aeronautics Ltd (HAL) reported a 90.8% YoY increase in consolidated net profit to Rs 3,105.17 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 6.4% YoY to Rs 11,561.1 crore during the same period. EBITDA stood at Rs 2,499.7 crore in Q4, down 7.9% YoY. Total expenses rose 11.1% YoY to Rs 9,061.3 crore.

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Patel Engineering secures contract worth Rs 2,461 for Kwar HE Project

Patel Engineering Ltd has bagged a contract worth Rs 2,461 crore for constructing a diversion tunnel, concrete gravity dam, pressure shafts, underground powerhouse, and tailrace tunnel for the Kwar HE Project in Jammu & Kashmir. The project aims to harness the vast hydro potential of the Chenab river.

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Bandhan Bank Q4 Results: Net profit jumps 1,747% YoY to Rs 1,902.3 crore

Bandhan Bank reported a 1,747% YoY jump in net profit to Rs 1,902.3 crore for the quarter ended March (Q4 FY22). Net interest income (NII) rose 44.6% YoY to Rs 2,539.8 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 6.46% in Q4 FY22, compared to 6.81% in Q4 FY21. Provisions stood at Rs 4.7 crore in Q4 FY22, down 99.7% YoY.

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Escorts Q4 Results: Net profit falls 28% YoY to Rs 190 crore

Escorts Limited reported a 28.42% YoY decline in consolidated net profit to Rs 189.98 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 15.7% YoY to Rs 1,878.51 crore during the same period. Tractor volumes fell 32.8% YoY to 21,985 units in Q4. Construction equipment sales stood at 1,286 units, down 19.8% YoY. The company’s board has declared a final dividend of Rs 7 per share.

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Retail Inflation Spikes to 7.79% in April – Top Indian Market News

Retail inflation spikes to 7.79% in April

India’s retail inflation, measured by the Consumer Price Index (CPI), surged to an eight-year high of 7.79% in April. Retail inflation stood at 6.95% in March. This is the fourth consecutive month that CPI data has breached the Reserve Bank of India’s (RBI) upper margin of 6%. Inflation in the food basket spiked in April to 8.38%.

India’s factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a growth of 1.9% in March. IIP had surged 24.2% in March 2021 (due to a low base).

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Tata Motors Q4 Results: Net loss at Rs 1,033 crore

Tata Motors Ltd reported a consolidated net loss of Rs 1,032.84 crore for the quarter ended March (Q4 FY22). The automaker has posted a net loss of Rs 1,516.14 crore in Q3 FY22 and a loss of Rs 7,605.4 crore in Q4 FY21. Its revenue from operations fell 11.5% YoY to Rs 78,439 crore in Q4 FY22. Jaguar Land Rover (JLR) posted revenue of £4.8 billion in the March quarter, up 1% QoQ.

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IndiGo, Air France-KLM implement codeshare agreement

Air France-KLM and IndiGo have implemented a codeshare agreement, allowing each airline to sell seats on other’s flights. Under this pact, Air France and KLM will offer their passengers access to 30 new Indian cities. IndiGo will be able to sell seats on the European airline group’s flights on more than 300 routes. From their hubs in Paris and Amsterdam, Air France-KLM will operate flights to Delhi, Mumbai, Chennai, and Bengaluru.

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L&T Q4 Results: Net profit rises 10% YoY to Rs 3,620 crore

Larsen & Toubro Ltd reported a 10% YoY increase in net profit to Rs 3,621 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 10% YoY to Rs 52,851 crore during the same period. The company bagged orders worth Rs 73,941 crore in Q4, registering a growth of 46% YoY. L&T’s board has declared a final dividend of Rs 1.75 per share.

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BIAL partners with Kotak Mahindra Bank, Phi Commerce to facilitate one-stop payment solution

Bangalore International Airport Ltd (BIAL) has partnered with Kotak Mahindra Bank and Phi Commerce to facilitate a one-stop omnichannel payment solution at Kempegowda International Airport. The solution will enable a secure, scalable, and unified payment experience. It will power business-to-business (B2B) and business-to-consumer (B2C) payments across online and offline channels.

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RBL Q4 Results: Net profit jumps 162% YoY to Rs 197 crore

RBL Bank Ltd reported a 162.7% YoY jump in net profit to Rs 197.83 crore for the quarter ended March (Q4 FY22). Net interest income (NII) rose 24.9% YoY to Rs 1,131.4 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 4.4% in Q4 FY22, compared to 4.84% in Q3 FY22. Provisions fell 36% YoY to Rs 400.67 crore in Q4 FY22.

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Dalmia Cement to invest Rs 2,600 crore in Tamil Nadu

Dalmia Cement (Bharat) Ltd has drawn up a Rs 2,600-crore investment plan spread over the next four years to take up expansion of its existing facilities and also set up new manufacturing units in Tamil Nadu. The company will set up two greenfield grinding units with a capacity of producing two million tonnes per annum each.

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Ujjivan SFB Q4 Results: Net profit falls 7% YoY to Rs 126.5 crore

Ujjivan Small Finance Bank reported a 7% YoY decline in net profit to Rs 126.5 crore for the quarter ended March (Q4 FY22). Its total income rose 25% YoY to Rs 920 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 7.34% in Q4 FY22, compared to 7.1% in Q4 FY21.

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Reliance Jio adds 12.6 lakh subscribers in March; Bharti Airtel adds 22.5 lakh: TRAI

Reliance Jio added 12.6 lakh subscribers in March 2022. Bharti Airtel gained 22.5 lakh subscribers in March, while Vodafone Idea (Vi) lost 28.1 lakh subscribers. Jio continued to have the largest market share at 35.37%. Bharti Airtel and Vodafone Idea’s market shares stood at 31.55% and 22.83%, respectively, in March. The data was released by the Telecom Regulatory Authority of India (TRAI).

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Apollo Tyres Q4 Results: Net profit falls 61% YoY to Rs 113 crore

Apollo Tyres Ltd reported a 61% YoY decline in consolidated net profit to Rs 113 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 11% YoY to Rs 5,578 crore during the same period. EBITDA stood at Rs 626 crore in Q4, down 23% YoY. The tyre manufacturer’s board has declared a dividend of Rs 3.25 per share.

Kalpataru Power Transmission, subsidiaries secure orders worth Rs 4,474 crore

Kalpataru Power Transmission Ltd (KPTL) and its subsidiaries have bagged new orders worth Rs 4,474 crore. KPTL received orders from India and international markets in the power transmission business of Rs 1,957 crore. The company secured oil and gas pipeline projects in India and the Middle East worth Rs 169 crore. Its subsidiary, JMC Projects (India) Ltd, bagged water supply projects of Rs 2,193 crore in India.

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UPL Posts 29% YoY Rise in Q4 Net Profit – Top Indian Market News

UPL Q4 Results: Net profit rises 29% YoY to Rs 1,379 crore

UPL Ltd reported a 29% YoY increase in consolidated net profit to Rs 1,379 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 24% YoY to Rs 15,860 crore during the same period. The chemical manufacturer’s EBITDA stood at Rs 3,591 crore in Q4, up 26% YoY. UPL’s board has declared a dividend of Rs 10 per share.

UPL has settled a case with SEBI pertaining to the alleged failure to modify the terms of appointment of the auditor of its subsidiary. It has paid Rs 19.5 lakh towards settlement charges.

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Vodafone Idea partners with SonyLIV to boost content offerings

Vodafone Idea (Vi) has partnered with SonyLIV to offer premium content services. SonyLIV is the video streaming platform from Sony Pictures Networks India. Vi has introduced a new add-on recharge of Rs 82, which will provide a free mobile-only subscription of SonyLIV Premium for 28 days and an added data benefit of 4GB with 14-day validity.

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PVR Q4 Results: Net loss at Rs 105.5 crore

PVR Limited reported a consolidated net loss of Rs 105.49 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 289.21 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations jumped nearly three-fold to Rs 537.14 crore in Q4 FY22. The multiplex chain operator’s total expenses stood at Rs 731.17 crore, up 43.91% YoY.

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L&T secures order from Jharkhand govt

Larsen & Toubro Ltd has secured a significant order (in the range of Rs 1,000-2,500 crore) from the Government of Jharkhand. The project aims to provide water to irrigate 22,283 hectares of culturable command area (CCA) in Dumka district by pumping water from the Sidheshwari river. The scope of the order includes survey, design, and construction of a barrage across the river.

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Suven Pharma Q4 Results: Net profit rises 11% YoY to Rs 92 crore

Suven Pharmaceuticals Ltd reported a 10.3% YoY increase in consolidated net profit to Rs 91.66 crore for the quarter ended March (Q4 FY22). Net profit fell 42.7% when compared to the previous quarter. Its revenue from operations rose 40.54% YoY to Rs 364 crore during the same period. The pharma company’s board has declared an interim dividend of ₹1 per share.

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Can Fin Homes clarifies on possible RBI probe into fraud detection

Can Fin Homes Ltd offered clarification on a possible Reserve Bank of India (RBI) probe into the detection of fraud in 37 accounts, saying it has not received any such information from the regulator. Earlier today, a media report claimed that RBI may launch a probe into the detection of fraudulent accounts in Can Fin Homes. The company further said the report is factually incorrect and that it is unaware of its source.

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HCL Tech to acquire digital banking firm Confinale

HCL Technologies UK has signed a definitive agreement to acquire Switzerland-based Confinale AG, a digital banking and wealth management consulting specialist. With this acquisition, HCL Tech will expand its footprint in the global wealth management market. Confinale has one of the largest pools of Avaloq-certified specialists in Europe. It works with leading banks and wealth advisors. 

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LIC IPO subscribed 2.94 times on final day of bidding  

The Rs 21,008.48 crore initial public offering (IPO) of Life Insurance Corporation of India (LIC) was subscribed 2.94 times on the final day of bidding. Retail investors have subscribed 1.98 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 2.91 times and 2.83 times, respectively, against their reserved portions. LIC policyholders have subscribed 6.09 times the portion reserved for them. 

Aarti Drugs Q4 Results: Net profit rises 7% YoY to Rs 55 crore

Aarti Drugs Ltd reported a 7.14% YoY increase in consolidated net profit to Rs 55.34 crore for the quarter ended March (Q4 FY22). Net profit fell 5% when compared to the previous quarter. Its revenue from operations rose 38.4% YoY to Rs 694.27 crore during the same period. The pharma company’s total expenses stood at Rs 626.73 crore in Q4, up 43.2% YoY.

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SRF Q4 Results: Net profit rises 59% YoY to Rs 

SRF Limited reported a 59% YoY increase in consolidated net profit to Rs 605.65 crore for the quarter ended March (Q4 FY22). Net profit rose 19.8% when compared to the previous quarter. Its revenue from operations rose 36% YoY to Rs 3,549 crore during the same period. The company’s chemicals business posted a revenue of Rs 1,572 crore in Q4, up 36% YoY. 

SRF’s board has approved a project to set up dedicated facilities to produce key specialty products at its Dahej plant at an estimated cost of Rs 115 crore. They have also approved a project for capacity expansion at the Dahej plant at an approx. cost of Rs 30 crore.

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Adani Power’s Net Profit Jumps Multifold to Rs 4,645 crore in Q4 – Top Indian Market News

Adani Power Q4 Results: Net profit jumps multifold to Rs 4,645 crore

Adani Power Ltd reported a multifold jump in net profit to Rs 4,645.47 crore for the quarter ended March (Q4 FY22). It had posted a net profit of Rs 13.13 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations grew 93% YoY to Rs 13,308 crore during the same period. EBITDA stood at Rs 7,942 crore in Q4, up 271% YoY. 

In Q4, Adani Power Rajasthan received nearly Rs 3,000-4,000 crore towards domestic coal shortfall claims, along with carrying cost and late payment surcharge from Rajasthan DISCOMs under a Supreme Court order.

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M&M partners with J&K Bank to offer tractor, farm equipment loans

Mahindra & Mahindra (M&M) Ltd has partnered with Jammu & Kashmir Bank to offer loans for tractors and farm machinery. J&K Bank will provide financing to prospective customers of M&M branded tractors and farm machinery via its branches. They also aim to offer improved access to affordable credit through innovative and attractive financing solutions that will help farmers acquire the latest farm equipment to boost their yields

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Welspun Corp secures order worth Rs 706 crore from IOCL

Welspun Corp Ltd (WCL) has received an order worth Rs 706 crore from Indian Oil Corporation Ltd (IOCL) of approximately 48,000 million tonnes (MT). The order includes setting up a crude oil pipeline system with a capacity of 17.5 million tonnes per annum (MTPA) from Mundra in Gujarat to Panipat Refinery in Haryana. WCL is one of the largest welded line people manufacturers in India.

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Marico Q4 Results: Net profit rises 13% YoY to Rs 257 crore

Marico Limited reported a 13.21% YoY increase in consolidated net profit to Rs 257 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 7.4% YoY to Rs 2,161 crore during the same period. Total expenses grew 7.13% YoY to Rs 1,863 crore in Q4. Revenue from the domestic market stood at Rs 1,654 crore, up 5.08% YoY. 

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Sona Comstar partners with C-Motive Tech to develop electrostatic drive motors

Sona Comstar has partnered with US-based startup C-Motive Technologies to develop electrostatic drive motors for electric vehicle (EV) applications. The startup uses electrostatic forces to build motors through a series of multiplicative gains in mechanical, electrical, and electrochemical innovations. Sona Comstar will also participate in C-Motive’s latest financing round.

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CAMS Q4 Results: Net profit rises 23% YoY to Rs 74 crore

Computer Age Management Services (CAMS) Ltd reported a 23% YoY increase in net profit to Rs 73.84 crore for the quarter ended March (Q4 FY22). Net profit fell 4.5% when compared to the previous quarter. Its revenue rose 22% YoY to Rs 243.18 crore during the same period. CAMS acts as a registrar and transfer agent to mutual funds.

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L&T secures contract for bullet train project

Larsen & Toubro (L&T) Ltd’s construction arm has secured a large contract (in the range of Rs 2,500-5,000 crore) from the National High-Speed Rail Corporation Ltd (NHSRCL). The order involves the construction of 116 route km of the high-speed ballastless track works for Mumbai-Ahmedabad High-Speed Rail (MAHSR) project. Upon completion, this slab track system will enable trains to travel at a speed of 320 kilometers per hour.

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Firstsource Solutions Q4 Results: Net profit jumps 183% YoY to Rs 132.4 crore

Firstsource Solutions Ltd (FSL) reported a 183% YoY jump in consolidated net profit to Rs 132.39 crore for the quarter ended March (Q4 FY22). Net profit fell 2.26% when compared to the previous quarter. Its total income rose 5.6% YoY (or 5.43% QoQ) to Rs 1,543.54 crore during the same period. FSL is a business process management company headquartered in Mumbai.

Dabur Q4 Results: Net profit falls 22% YoY to Rs 294 crore

Dabur India Ltd reported a 22% YoY decline in consolidated net profit to Rs 294.34 crore for the quarter ended March (Q4 FY22). The FMCG major’s revenue from operations rose 7.7% YoY to Rs 2,517.81 crore during the same period. EBITDA stood at Rs 453.6 crore in Q4, up 2.5% YoY. Dabur India’s board has declared a final dividend of Rs 2.7 crore.

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Tata Power Solar bags Rs 5,500 cr order from SJVN

Tata Power Solar has secured India’s largest solar engineering procurement and construction (EPC) order for a 1 gigawatt (GW) project worth Rs 5,500 crore from state-owned SJVN Ltd. Covering 5,000 acres of land in Rajasthan, this project aims at reducing around 22,87,128 kg of carbon emission. It is expected to generate ~2,500 million units (MU) annually.

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Bajaj Finance Reports 80% YoY Rise in Q4 Net Profit – Top Indian Market News

Bajaj Finserv

Bajaj Finance Q4 Results: Net profit rises 80% YoY to Rs 2,420 crore

Bajaj Finance Ltd reported an 80% YoY (or 14% QoQ) increase in net profit to Rs 2,419.5 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 30% YoY to Rs 6,068 crore during the same period. The company’s assets under management (AUM) increased by 29% YoY to Rs 1.97 lakh crore. Its deposit book grew 19% YoY to Rs 30,800 crore in Q4 FY22. Bajaj Finance has declared a dividend of Rs 20 per share.

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RIL, Ta’ziz sign shareholder agreement for Ruwais chemicals project

Reliance Industries Ltd (RIL) and Abu Dhabi Chemicals Derivatives Company RSC (Ta’ziz) have signed the formal shareholder agreement for the Ta’ziz EDC & PVC project. The joint venture will construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC), and Polyvinyl Chloride (PVC) production facility, with a total investment of ~$2 billion. The project aims to strengthen domestic supply chains in the UAE.

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L&T to partner with IIT Bombay for green hydrogen tech development

Larsen & Toubro (L&T) has partnered with the Indian Institute of Technology-Bombay to jointly pursue research and development work in the green hydrogen value chain. L&T’s engineering expertise, product scale-up, commercialization know-how, and IIT Bombay’s cutting-edge research in hydrogen technologies will help this partnership accomplish its goals. They aim to create scalable and cost-effective solutions in the green hydrogen space.

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Sanofi India Q1 Results: Net profit rises 63% YoY to Rs 238 crore

Sanofi India Ltd reported a 63.4% YoY increase in net profit to Rs 238.4 crore for the quarter ended March (Q1 CY22). The pharma company follows the January-December financial year cycle. Its revenue from operations fell 2.5% YoY to Rs 707 crore during the same period. EBITDA stood at Rs 194.5 crore, up 2.7% YoY.

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Amazon to continue arbitration against Future Group in Singapore: Report

According to an ET report, Amazon will go ahead with its arbitration proceedings against the Future Group in Singapore. It will raise the issue of the Indian group allegedly alienating its retail assets in favour of Reliance Industries (RIL). The Singapore International Arbitration Centre (SIAC) is likely to resume hearing the Amazon-Future Group dispute in the first or second week of May.

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Adani Group in advanced talks to acquire Holcim business in India: Report

As per reports, the Adani Group is in advanced talks to buy Holcim’s cement business in India. The group could sign a deal to acquire a controlling stake in Ambuja Cements Ltd from Switzerland-based Holcim (the world’s largest cement maker). Currently, Holcim holds a 63.1% stake in Ambuja. 

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Airtel Payments Bank partners with IndusInd Bank to offer FD facility to customers

Airtel Payments Bank has partnered with IndusInd Bank to offer fixed deposits for its customers. Users can open FDs starting from Rs 500 up to Rs 1.9 lakh in a few minutes through a digital process on the Airtel Thanks mobile app. Savings account customers will get a yearly interest rate of up to 6.5% and senior citizens will get an additional 0.5% on all FDs.

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Atul Q4 Results: Net profit falls 22% YoY to Rs 136 crore

Atul Limited reported a 22.16% YoY decline in consolidated net profit to Rs 136.26 crore for the quarter ended March (Q4 FY22). Net profit fell 12.3% when compared to the previous quarter. The chemical manufacturer’s total income rose 22.75% YoY (or 0.6% QoQ) to Rs 1,392.64 crore during the same period. EBITDA stood at Rs 205.2 crore, down 19.35% YoY. Atul Ltd’s board has declared a dividend of Rs 25 per share.

HAL signs deal with BEL to make IRST system for Su-30 MKI jets

Hindustan Aeronautics Ltd (HAL) and Bharat Electronics Ltd (BEL) signed a contract for the co-development and production of the Long Range Dual Band Infra-Red Search and Track System (IRST) for Sukhoi Su-30 MKI jets. The proposed IRST system will be a high-end strategic technology product in the field of defence avionics. It will enhance the Indian Air Force’s air superiority. 

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Tata Teleservices Q4 Results: Net loss at Rs 280 crore

Tata Teleservices (Maharashtra) Ltd reported a net loss of Rs 280.62 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 288.3 crore in the corresponding quarter last year (Q4 FY21). The company’s revenue from operations rose 2.8% YoY to Rs 272.78 crore in Q4 FY22. Tata Teleservices is a broadband, telecommunications, and cloud service provider based in Mumbai. 

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LIC IPO to open on May 4; price band set at Rs 902-949 per share

Life Insurance Corporation (LIC) has fixed a price band of Rs 902-949 per share for its Rs 21,000-crore initial public offering (IPO). There is a discount of Rs 60 for policyholders and a Rs 45 discount for employees. The IPO will open for anchor investors on May 2 and for other investors from May 4-9. The Indian government is looking to sell a 3.5% stake in the state-owned insurance company. 

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Wipro to acquire 100% stake in Rizing for $540 million

Wipro Limited will acquire a 100% stake in US-based Rizing Intermediate Holdings for $540 million (~Rs 4,135 crore). The IT major aims to scale up its systems, applications & products (SAP) consulting capabilities through this acquisition. The transaction is expected to be completed before the quarter ending June 30 (Q1 FY23).

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AU Small Finance Bank Q4 Results: Net profit jumps 105% YoY to Rs 346 crore

AU Small Finance Bank (SFB) reported a 105% YoY (or 16% QoQ) increase in net profit to Rs 346 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 43% YoY to Rs 937 crore during the same period. AU SFB’s board has declared a dividend of ₹1 per share. They have also recommended a bonus issue of one equity share for every one share held. 

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Coal India’s Supplies to Power Sector Rise 14% – Top Indian Market News

Coal India’s supplies to power sector rise 14% amid surging demand

Coal India Ltd (CIL) has increased supplies to coal-based electricity generating plants by 14.2% in the first half of April. The company’s supplies have hit 1.6 million tonnes per day (MTPA) during this period. However, soaring power demand due to hotter-than-normal summer seems to have exceeded the upsurge in supplies. CIL is coordinating with the ministries of coal, power, and railways to build up stocks at power plants. 

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Amazon, Reliance, Sony competing for IPL broadcast rights: Report

Amazon.com, Inc., The Walt Disney Co., and Reliance Industries Ltd are among those that have signaled an intention to bid for the broadcast rights of the Indian Premier League (IPL). Sony Group Corp, Zee Entertainment Enterprises Ltd, and fantasy-sports platform Dream11 have also purchased bid-related documents from the Board of Control for Cricket in India (BCCI). The BCCI will be conducting the online auction from June 12 onwards.

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IndiGo, Qatar Airways reactivate codeshare partnership

Qatar Airways and IndiGo are reactivating their codeshare partnership following India’s decision to resume regular international passenger flights from March 27. In a codeshare partnership, each carrier on its distribution system can sell seats of other’s flights. As part of this expanded code-share agreement, Qatar Airways will place its marketing code on IndiGo-operated flights between Doha and Delhi, Mumbai, & Hyderabad, starting from April 25.

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L&T secures orders for its water & effluent treatment business

Larsen & Toubro Construction’s international arm has secured a contract for its water & effluent treatment business to construct and commission water supply schemes for various towns in Tanzania. The project will be funded by the EXIM Bank of India. The company has also received add-on domestic orders from the Uttar Pradesh State Water & Sanitation Mission to implement various rural water supply projects.

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Ajmera Realty targets sales value realisation of Rs 5,000 crore in the next 3-5 years

Ajmera Realty & Infra India Ltd expects to clock in sales worth Rs 5,000 crore in the next 3-5 years from its existing projects and future launches. The company also announced plans to launch six projects in the current and the next financial year with a revenue potential of Rs 4,000 crore. The funding for these new projects will be via a mix of internal accruals, bank funding, and sales advances.

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TCS expands multi-year partnership deal with IRONMAN Group Oceania 

Tata Consultancy Services (TCS) has expanded its partnership with The IRONMAN Group Oceania in a multi-year deal for Sun-Herald City2Surf, the world’s largest fun run. The IT firm will continue to power the official event app, enhancing the fun run experience with live results tracking and leader board data. It will also include custom City2Surf selfie frames and a personalised race-ready checklist.

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Patel Engineering secures contract worth Rs 419 crore from MCGM

Patel Engineering has bagged a contract worth Rs 419.70 crore from the Municipal Corporation of Greater Mumbai (MCGM). The scope of the contract involves the construction of a tunnel from Powai to Ghatkopar high-level reservoir and further up to Ghatkopar low-level reservoir. The work is scheduled to be completed in 51 months as per the contract terms.

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Reliance Jio loses 36 lakh subscribers in Feb, Bharti Airtel adds 15 lakh: TRAI 

Reliance Jio lost 36.6 lakh subscribers in February 2022, taking its total customer base to 40.27 crore. Bharti Airtel gained 15.91 lakh subscribers in Feb, while Vodafone Idea (Vi) lost 15.32 lakh subscribers. Airtel and Vi’s total customer count stood at 35.8 crore and 26.35 crore, respectively. The data was released by the Telecom Regulatory Authority of India (TRAI).

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Reliance Brands to acquire 51% stake in Abu Jani Sandeep Khosla

Reliance Brands Ltd (RBL) has signed a definitive agreement to acquire a 51% majority stake in couturiers Abu Jani Sandeep Khosla (AJSK). AJSK currently has three other labels— ASAL by Abu Sandeep (a formal, occasion & wedding wear, womenswear label) GULABO, and MARD (a formal and occasion wear men’s label). RBL is a subsidiary of Reliance Retail Ventures Ltd.

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WPI Inflation Rises to 14.55% in March – Top Indian Market News

WPI inflation rises to 14.55% in March

As per data released by the Ministry of Commerce & Industry, India’s Wholesale Price Index (WPI) rose to 14.55% in March 2022. Wholesale price inflation has remained in double-digits for the 12th consecutive month since April 2021. WPI grew 13.11% in February, while WPI for January stood at 13.68%. The food articles segment witnessed a rise of 8.06% in March, compared to 8.19% in Feb.

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JSPL reports record steel production, sales in FY22

Jindal Steel and Power Ltd (JSPL) reported record sales of 7.63 MT in the previous financial year (FY22), up 5.03% YoY. It also produced a record 8.1 MT of steel in FY22. The company posted the highest ever production of 2.11 MT in Q3 FY22, up 2% YoY. JSPL’s Angul plant expansion is on track. They expect to reach more than 15 MT capacity by FY25.

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Mindtree Q4 Results: Net profit rises 49% YoY to Rs 473 crore

Mindtree Ltd reported a 49.1% YoY rise in consolidated net profit to Rs 473 crore for the quarter ended March (Q4 FY22). Net profit rose 8% compared to the previous quarter. Its revenue from operations rose 37.4% YoY (or 5.4% QoQ) to Rs 2,897.4 crore during the same period. Mindtree’s board has declared a final dividend of Rs 27 per share. 

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Ashok Leyland to enter used commercial vehicles business

Ashok Leyland Ltd has partnered with Mahindra First Choice Wheels to enter the used commercial vehicles business. The two entities will establish a platform that facilitates the exchange, proper disposal, and purchase of old commercial vehicles. Ashok Leyland aims to streamline the used vehicles market by leveraging its digital ecosystem and its existing and potential channel partners in over 700 parking yards spread across India.

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Indiabulls Real Estate to use Rs 865 crore QIP proceeds for land acquisition, reducing debt

Indiabulls Real Estate Ltd (IBREL) will utilise Rs 865 crore raised by issuing shares to institutional investors mainly for land acquisition and debt reduction. The Mumbai-based firm launched its Qualified Institutional Placement (QIP) on March 7. The current shareholders of IBREL diluted a 15.8% stake through the QIP.

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Passenger vehicle exports from India rose 43% in FY22

Passenger vehicle (PV) exports from India increased 43% YoY to 5,77,875 units in FY22. Maruti Suzuki India led the segment with dispatches of over 2.3 lakh units. Passenger car shipments saw 42% growth at 3,74,986 units, while utility vehicle exports rose 46% to 2,01,036 units in FY22. The data was released by the Society of Indian Automobile Manufacturers (SIAM). 

In other news, Maruti Suzuki has increased the prices of its entire model range by 0.9-1.9% to offset the impact of rising input costs.

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SBI raises $500 million via IFSC Gift City branch

State Bank of India (SBI) has raised $500 million (~Rs 3,800 crore) through its IFSC Gift City branch. This is the first offshore USD Secured Overnight Financing Rate (SOFR) linked syndicated loan raised by SBI through its Gift City branch. MUFG, Bank of America, and JP Morgan were the joint lenders for this offering. First Abu Dhabi Bank acted as the facility agent.

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Zydus Lifesciences gets USFDA approval for Vitamin B12 injection

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Cyanocobalamin injection. The drug is used to treat and prevent Vitamin B12 deficiency caused by pernicious anemia. It will be manufactured at the pharma company’s injectables manufacturing facility at Jarod, Gujarat.

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L&T planning to merge L&T Infotech, Mindtree to create $22 billion firm: Report

According to a Bloomberg report, Larsen & Toubro Ltd. is weighing a merger between two of its publicly traded software firms— L&T Infotech and Mindtree. The boards of the two companies will reportedly consider share swap ratios for the merger as early as next week. The merger will result in cost synergies for both IT companies as admin costs would come down.

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Mahindra Lifespaces acquires 11.5-acre land parcel in Pune

Mahindra Lifespace Developers has acquired an 11.5-acre land parcel in Pimpri, Pune. The land is estimated to have a developable potential of ~2 million sq. ft. of saleable area and a gross development value of around Rs 1,700 crore. The realty firm expects to launch the first phase of the project within the next 12 months. 

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RVNL signs MoU with Mahanadi Coalfield for rail infra projects

Rail Vikas Nigam Ltd and Mahanadi Coalfields Ltd (MCL) have signed a Memorandum of Understanding (MoU) for the implementation of rail infrastructure projects. The pact will help in expediting the development of critically important rail infra projects of MCL for evacuation of coal to meet the growing energy demand of India. MCL operates seven open cast mines and three underground mines in Odisha.

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TCS Posts 7% YoY Rise in Net Profit in Q4 – Top Indian Market News

TCS Q4 Results: Net profit rises 7% YoY to Rs 9,926 crore

Tata Consultancy Services (TCS) reported a 7% YoY increase in consolidated net profit to Rs 9,926 crore for the quarter ended March (Q4 FY22). Net profit rose 1.6% when compared to the previous quarter. Its revenue from operations grew 16% YoY (or 3.5% QoQ) to Rs 50,591 crore during the same period. The IT company secured new deals worth $11.3 billion in Q4, taking the total order book to $34.6 billion for FY22. TCS’ board has declared a final dividend of Rs 22 per share for Q4 FY22.

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Tata Motors to ramp up EV production as demand rises

Tata Motors Ltd will ramp up the production of electric vehicles (EVs) as demand continues to outpace the manufacturing activity by a large margin. The automaker has been receiving an average of 5,500-6,000 bookings in the past two months for its EV range. The company sells three electric products (Nexon EV, Tigor EV, and XPRES-T) in the domestic market. It has also recently unveiled a coupe-style SUV which it plans to launch in the next two years.

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Godrej Industries launches Godrej Capital

Godrej Industries Ltd (GIL) announced the launch of Godrej Capital Limited (GCL). GCL will be the holding entity for Godrej Housing Finance and Godrej Finance Ltd (an NBFC). GIL has committed to invest Rs 1,500 crore as capital in the financial services arm. It expects the business to require a total equity investment of Rs 5,000 crore by 2026. With this launch, GIL aims to build a world-class retail financial services business.

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Glenmark Pharma gets DCGI approval for Phase-1 trial of novel molecule

Glenmark Specialty S.A. has received approval from the Drugs Controller General of India (DCGI) to conduct a Phase-1 clinical trial of its novel small-molecule, GRC 54276. The molecule has shown the ability to kill tumor cells in pre-clinical studies as a single agent. Glenmark will initiate a Phase-1 clinical trial in India by June 2022. The study will evaluate the safety and tolerability of GRC 54276 as a monotherapy. 

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MCX to partner with Chittagong Stock Exchange to set up derivatives platform

Multi Commodity Exchange of India (MCX) is planning to collaborate with Chittagong Stock Exchange (CSE) of Bangladesh to provide consultancy services for establishing a commodity derivatives platform in the country. MCX will provide consultation services to CSE in areas of regulations, products, clearing & settlement services, warehousing, etc. CSE is one of the two stock exchanges based in the port city of Chittagong, Bangladesh.

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Tata Steel infuses Rs 625 crore in Tata Steel Mining

Tata Steel Ltd has acquired 32.63 crore equity shares of Tata Steel Mining Ltd (TSML) at a premium of Rs 9.15 per share. The aggregate amount paid for acquiring the shares is Rs 625 crore. This equity infusion is for funding TSML’s acquisition of Rohit Ferro Tech under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code.

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HAL-L&T consortium emerges lowest bidder for ISRO project

A consortium of Hindustan Aeronautics Ltd (HAL) and Larsen & Toubro (L&T) has emerged as the lowest (L-1) bidder to make five Polar Space Launch Vehicles (PSLVs) for ISRO. HAL will be the lead partner with L&T, while other vendors will be involved with the consortium in the manufacturing of the launch vehicles. The contract is yet to be formalized.

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Intellect Design secures digital banking contract from VPBank

Intellect Global Transaction Banking (iGTB) has signed a transformative deal with Vietnam-based VP Bank to digitize and streamline its transaction banking offerings. This deal marks the tenth key digital banking transformation deal in Vietnam. iGTB is the transaction banking specialist from Intellect Design Arena Ltd.

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Kesoram Industries Q4 Results: Net loss at Rs 46.6 crore

Kesoram Industries Ltd reported a consolidated net loss of Rs 46.67 crore for the quarter ended March (Q4 FY22). It had reported a net profit of Rs 112.26 crore in the corresponding quarter last year (Q4 FY21). The company’s revenue rose 19.7% YoY to Rs 1,031.78 crore in Q4 FY22. Kesoram Industries is engaged in the manufacture of cement, tyres, tubes, pipes, paper, and heavy chemicals.

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Tata Motors Secures Order for 1,300 CVs – Top Indian Market News

Tata Motors secures order for 1,300 CVs from VRL Logistics

Tata Motors has secured an order for 1,300 commercial vehicles (CVs) from VRL Logistics. The order comprises medium & heavy commercial vehicles (MHCV) and intermediate & light commercial vehicle (ILCV) range, which suit the logistics operations of VRL Logistics. The vehicles provide superior drivability, high fuel efficiency, and a low total cost of ownership.

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NCLT approves Tata Steel Mining’s resolution plan for Rohit Ferro-Tech

The Kolkata bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Tata Steel Mining Ltd (TSML) for the acquisition of debt-ridden Rohit Ferro-Tech Ltd. TSML is a wholly-owned subsidiary of Tata Steel. Tata Steel is also in the process to acquire Odisha-based Stork Ferro & Mineral Industries for Rs 155 crore. This move will augment the company’s ferro-alloys processing capacities.

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Hester Biosciences gets Rs 60 crore grant from govt to make Covaxin drug substance

Hester Biosciences Ltd has received a grant of Rs 60 crores from the government’s Biotechnology Industry Research Assistance Council (BIRAC) to manufacture Covid-19 vaccine under Mission Covid Suraksha. The Ahmedabad-based poultry and animal vaccine maker is a part of the Gujarat Covid Vaccine Consortium (GCVC). In May 2021, GCVC signed an agreement with Bharat Biotech for manufacturing Covaxin drug substance.

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Bank of Maharashtra to divest entire 4% stake in ISARC

Bank of Maharashtra will divest its entire stake in India SME Asset Reconstruction Company (ISARC) for Rs 4 crore. The bank’s 4% stake, equivalent to 40 lakh equity shares, will be sold at Rs 9.80 per share for a cash consideration of Rs 3.92 crore. The transaction is expected to be completed by the end of December 2022.

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Lupin launches generic contraceptive drug in the US

Lupin Limited has launched Merzee capsules, a medication used to prevent pregnancy, in the US market. The product was launched under an exclusive license, marketing, and distribution agreement with Slayback Pharma LLC. As per IQVIA data, the generic version of the drug had estimated annual sales of $90 million (~Rs 685 crore) in the US during the 12 months ended February 2022.

In other news, Lupin has completed the acquisition of a portfolio of brands from Anglo-French Drugs & Industries Ltd (AFDIL) and its associates. The acquisition will strengthen the company’s India formulation business.

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Axis Bank signs partial guarantee pact with ADB to support supply chain financing

Axis Bank has partnered with Asian Development Bank (ADB) for a partial guarantee program with an initial outlay of $150 million (~Rs 1,139.85 crore). The program is aimed at supporting supply chain financing for impact sectors. ADB will provide guarantees for the loans issued by Axis Bank. It will have a special focus on environmental, social, and governance (ESG) and priority sectors. 

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Domestic pharma industry revenues to grow by 6-8% in FY23: ICRA

According to rating firm ICRA, the revenues of leading domestic pharma companies are likely to grow by 6-8% in the current financial year (FY23). Sales growth in FY23 is expected to be supported by a growth of 7-9% in the domestic market, 12-14% in the emerging markets, and 7-9% in the European business. Meanwhile, growth in the US business is expected to remain muted due to a subdued pricing environment in the market in the near to mid-term.

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L&T Construction secures contracts under various businesses

Larsen & Toubro Ltd’s construction arm has secured significant orders (in the range of Rs 1,000-2,500 crore) under various businesses. The Water & Effluent Treatment business has bagged a contract from the Rural Drinking Water & Sanitation Division, Karnataka, to construct drinking water supply facilities for 396 rural habitations in Dharwad and Belagavi. L&T GeoStructure has received an order from Tata Chemicals to commission a jetty-based marine outfall system and allied works in Gujarat.

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Godrej Consumer gains market share in 85% of its categories 

Godrej Consumer Products Ltd (GCPL) said it has been gaining market share in 85% of its categories despite the Indian FMCG industry witnessing a consumption slowdown over the past few months. “In India, we expect to deliver close to double-digit sales growth, driven entirely by pricing. Our 2-year [sales] CAGR would be in the early twenties. We witnessed a mixed performance in our Personal Care and Home Care categories,” said GCPL in an exchange filing. 

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Motherson Sumi completes acquisition of 55% stake in CIM Tools

Motherson Sumi Systems Ltd (MSSL) has completed the acquisition of a majority stake in Bengaluru-based CIM Tools Private Ltd. In October 2021, MSSL had announced the acquisition of a 55% stake in CIM, a leading supplier in the aerospace supply chain. This acquisition marks MSSL’s entry into the aerospace industry. It also provides access to an existing and well-established customer base.

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Invesco divests 7.8% stake in ZEEL

Invesco Developing Market Funds sold a 7.8% stake in Zee Entertainment Enterprises Ltd (ZEEL) via a block deal today. It will sell 7.74 crore shares, which are worth around Rs 2,200 crore. Invesco will continue to hold an 11% stake in ZEEL. To learn more about ZEEL’s boardroom battle, click here.

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Bandhan-led consortium to acquire IDFC Mutual Fund biz for Rs 4,500 crore

IDFC Ltd has decided to sell IDFC Asset Management Company and IDFC AMC Trustee Company Ltd to a consortium comprising Bandhan Financial Holdings (BFHL), GIC, and ChrysCapital for Rs 4,500 crore. IDFC AMC manages over Rs 1.15 lakh crore of assets under management (AUM) as of FY22. It has a presence in over 50 cities and investors in 750 cities and towns nationwide.

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HDFC Bank to Raise up to Rs 50,000 crore via Bonds – Top Indian Market News

HDFC Bank to raise up to Rs 50,000 crore via bonds

HDFC Bank’s board will consider a proposal for raising up to Rs 50,000 crore over the next 12 months. The bank aims to raise funds by issuing Perpetual Debt Instruments (part of Additional Tier-I capital), Tier-II Capital Bonds, and Long Term Bonds (Financing of Infrastructure and Affordable Housing). The board is scheduled to meet on April 16 to consider and approve the financial results for the March quarter (Q4) and FY 2021-22.

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L&T’s building & factories biz secures ‘significant’ orders

Larsen & Toubro Ltd’s (L&T) building and factories business has received significant orders (in the range of Rs 1,000-2,500 crore) from prestigious clients. The health segment of the business has secured an order from the Government of Telangana to construct a 1,750-bed super specialty hospital at Warangal. The project also involves constructing a configuration of the basement and other ancillary buildings.

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Titan reports muted sales in Q4

Titan Company Ltd said it finished the March quarter (Q4 FY22) on a satisfactory note, despite partial Omicron-led lockdowns and other disruptions. The company’s jewellery division reported a 4% YoY decline in revenue during Q4. Revenue from the watches and wearables segment grew 12% YoY. Meanwhile, Titan’s eyecare division recorded 5% YoY growth, while other businesses saw a 23% rise in revenue. 

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Maruti Suzuki to hike vehicle prices this month

Maruti Suzuki India Ltd (MSIL) plans to hike the prices of different models in April due to rising input costs. The automaker did not disclose the quantum of the proposed price hike. It has already hiked vehicle prices by nearly 8.8% from January 2021 to March 2022 due to the constant increase in input costs.

In other news, MSIL has recalled 19,731 units of its EECO model to inspect and rectify incorrect marking of wheel rim size.

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Actis nearing a deal to buy road assets worth $400 million from Welspun Group: Report

According to a Bloomberg report, UK-based Actis is nearing a deal to acquire a portfolio of road assets from Welspun Group for nearly $400 million (~Rs 3,032 crore). The buyout firm is in advanced talks for the assets and is set to beat out several rival bidders. The deal could give Welspun’s road portfolio an enterprise value of about $1.2 billion.

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HAL, Israel Aerospace Industries sign pact for MMTT aircraft

Hindustan Aeronautics Limited (HAL) has signed a Memorandum of Understanding (MoU) with Israel Aerospace Industries (IAI) to convert civil (passenger) aircraft to multi-mission tanker transport (MMTT) aircraft in India. Under this pact, HAL will convert pre-owned civil aircraft into air-refueling aircraft with cargo and transport capabilities. This move aims to provide India’s defence ecosystem with new capabilities and cost-effective solutions in the market.

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Union Bank to invest Rs 1,000 crore to upgrade IT infrastructure

Union Bank will invest Rs 1,000 crore in upgrading its information technology (IT) platforms in the current financial year. It aims to generate revenue from digital channels and save costs. The state-owned bank launched its super app named UnionNxt today. The main thrust of its digital initiatives is to empower customers with smarter ways of banking across all segments.

In other news, Union Bank’s MD Rajkiran Rai G said the lender will transfer 15 bad loan accounts worth Rs 50,000 crore to the National Asset Reconstruction Company (bad bank) by the end of April.

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Equitas SFB gross advances rise 15%, deposits up 16% in FY22

Equitas Small Finance Bank’s (SFB) gross advances witnessed a 15% YoY growth on a provisional basis to Rs 20,648 crore in FY22. Total deposits grew by 16% YoY to Rs 18,951 crore in FY22, compared to Rs 16,392 crore in FY21. The bank’s CASA (current account & savings account) deposits rose 76% YoY to Rs 9,855 crore in FY22. Equitas SFB saw an all-around improvement in performance in the previous quarter (Q4 FY22) as well.

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JSW Steel successfully bids for Ajgaon iron ore block mining license

The Directorate of Geology and Mining, Maharashtra, has declared JSW Steel Ltd as a
“preferred bidder” for a composite licence of an unexplored iron ore mine (Ajgaon Iron Ore Block) in Sindhudurg district. JSW Steel is engaged in the manufacturing and distribution of iron and steel products in India and across the globe.

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Vodafone Idea launches Vi Jobs & Education for job seekers

Vodafone Idea has partnered with Apna, Enguru, and Pariksha platforms to provide over 26 crore customers access to curated job search and exam preparation facilities targeted at Indian youth. The telecom operator has launched Vi Jobs & Education on the Vi App to increase customer stickiness with the brand by offering services to its large prepaid customer base. The platform offers free priority access to India’s most prominent job listings.

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IEX reports 38% YoY rise in trade volumes in FY22

Indian Energy Exchange (IEX) registered a 38% YoY growth in trade volumes at 1,02,035 million units (MUs) in the financial year 2021-22. IEX achieved 9,605 MU volume in March, recording a growth of 16% YoY. The volume comprises 8,702 MU in the conventional power market, 392 MU in the green power market, and 511 MU in the renewable energy certificates market.

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Jio-BP, TVS Motor to Collaborate on EV Charging Solutions – Top Indian Market News

Jio-BP, TVS Motor to collaborate on EV charging solutions

Jio-BP has partnered with TVS Motor Company to establish public electric vehicle (EV) charging infrastructure for electric two-wheelers and three-wheelers across India. The customers of TVS electric vehicles will get access to the widespread charging network of Jio-BP. Both companies will bring the best of their global learnings in electrification and apply them to the Indian market to create a differentiated customer experience.

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Tata Power commissions 160 MW solar project in Rajasthan

Tata Power Solar Systems (TPSS) has commissioned a 160 megawatts (MW) AC solar project at Jetstar, Rajasthan. Around 6.75 lakh monocrystalline photovoltaic (PV) modules were used in this installation. The project will produce 387 million units (Ms) of energy per year. The Jetstar project was completed within 15 months. TPSS is a wholly-owned subsidiary of Tata Power.

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L&T secures orders under its transportation infra biz

The construction arm of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) for its transportation infrastructure business. The business has secured an order from the Tamil Nadu Road Infrastructure Development Corp. to construct the Chennai Peripheral Ring Road EPC-02 Package of Section-II. It has also received an order from the Uttar Pradesh Metro Rail Corporation (UPMRCL) Ltd.

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Dr. Reddy’s launches generic Methylprednisolone Sodium Succinate for injection in US

Dr. Reddy’s Laboratories Ltd has launched its generic Methylprednisolone Sodium Succinate for injection in the US market. The drug is indicated for various conditions, including arthritis, blood disorders, and severe allergic reactions. As per IQVIA data, the generic version of the drug had sales of $144 million (~Rs 1,083 crore) in the US during the twelve months ended Feb 2022.

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Adani Power receives Rs 3,000 crore dues from Rajasthan discoms

Adani Power Ltd has received Rs 3,000 crore dues with interest from state-owned power distribution companies (discoms) of Rajasthan as compensation for higher fuel costs. On February 25, the Supreme Court ordered the Rajasthan discoms to pay Rs 3,048.63 crore along with interest within four weeks. It also ruled that the discoms would otherwise be liable for contempt of court.

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Nazara Tech to invest Rs 19 crore in US-based Bitkraft Ventures

Nazara Technologies Ltd plans to invest $2.5 million (~Rs 18.81 crore) in a US-based game fund, Bitkraft Ventures. The investment was made by Nazara Tech’s Singapore arm. Two-thirds of the amount will be deployed over a period of three years. Bitkraft Ventures is an early-stage investment firm that backs startups in gaming, Web3, and immersive technology.

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Tata Steel uses inland waterways to ship heavy machinery for Kalinganar project

Tata Steel Ltd has used inland waterways in Odisha to bring in heavy machinery for its ongoing Kalinganagar plant expansion project. Development of inland waterways for the steel industry is a focus area of the government as transporting goods through this route is cheaper compared to rail and road. The move will pave the way for a sustainable logistics model with a potential cost advantage.

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Ramkrishna Forgings secures export order worth Rs 135 crore 

Ramkrishna Forgings Ltd has received an export order worth Rs 135 crore from a Euroasian original equipment manufacturer (OEM). The order is for the supply of heavy-duty commercial vehicle crankshafts to be executed over the next five years. The company’s management is confident of rapid growth on the back of higher capacity and improving utilization.

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Karur Vysya Bank’s business turnover crosses Rs 1.25 lakh crore in FY21

Karur Vysya Bank’s total business crossed Rs 1.25 lakh crore by the end of the previous financial year (FY22). Total business constitutes the total deposits and advances of the bank. Total deposits of the lender stood at Rs 68,676 crore as of March 31, 2022, while the total advances stood at Rs 58,086 crore.

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TCS signs multi-year contract with US company

Tata Consultancy Services (TCS) has signed a material multi-year contract with a large US company, expanding its long-standing partnership to accelerate its cloud transformation journey. The transformation will serve as a platform for the company’s future growth to enable business expansion, incubate new business models, improve customer experience, and other strategic benefits. The cloud-enabled operating model will be powered by advanced cognitive automation capabilities.

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Suven Pharma to acquire Casper Pharma for $20.5 million

The Board of Directors of Suven Pharmaceuticals Ltd has approved the acquisition of Hyderabad-based Casper Pharma for $20.5 million (~Rs 155 crore). Casper has an installed manufacturing capacity of 120 crore for solid oral dosage forms such as tablets or capsules. The acquisition is expected to be completed within 30 days.

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PVR to Merge With INOX – Top Indian Market News

PVR to merge with INOX to form India’s largest entertainment company

Multiplex chains PVR Ltd and INOX Leisure Ltd have decided to merge to form the largest entertainment company in India. On Sunday, the boards of the two companies approved the amalgamation and share exchange ratios. INOX shareholders will receive three shares in PVR for 10 shares of INOX. After the merger, PVR promoters will have a 10.62% stake, while INOX promoters will have a 16.66% stake in the combined entity. 

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Tata Power, Rustomjee Group collaborate for EV charging infrastructure

Tata Power has partnered with real estate developer Rustomjee Group to provide electric vehicle (EV) charging solutions across its residential and commercial projects in Mumbai. The power company will install dedicated charging infrastructure for residents of Rustomjee in Mumbai MMR. EV owners will have the access to a 24×7 charging facility and maintenance support.

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L&T constructs 7-storey facility for DRDO in record 45 days

Larsen & Toubro Ltd has constructed a 7-storey, state-of-the-art Flight Control System (FCS) integration facility for the Defence Research and Development Organization (DRDO) in 45 days. The company used integrated hybrid modular construction technology to build the facility. Constructed on a total built-up area of 130,000 sq. feet, the site team had to coordinate with 21 off-site locations to integrate design, structure, and architecture services.

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Adani Group selects Google Cloud to modernise IT operations for future scale, innovation

Adani Group has announced a multi-year partnership with Google Cloud to modernise IT operations for future scale and group-wide innovation. The first phase of the partnership is underway. The Adani Group is making swift progress in migrating its extensive IT footprint from its existing on-premises data centre to Google Cloud.

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G R Infraprojects emerges lowest bidder for road project in Rajasthan

G R Infraprojects Ltd has emerged as the lowest (L-1) bidder for a road project in Rajasthan worth Rs 1,368 crore. The project involves the construction of a 4-lane greenfield expressway spur from Bandikui to Jaipur on a hybrid annuity model. It also entails an operations and maintenance cost of Rs 2.97 crore in the first year. G R Infraprojects is an integrated road engineering, procurement, and construction (EPC) company.

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HCL Tech to provide global service desk and on-site support to Novo Nordisk

Danish pharma company Novo Nordisk has selected Tata Consultancy Services (TCS) to provide global service desk and on-site support. Through the partnership, HCL will help Novo Nordisk transform its IT operations and drive efficiency across its workforce. HCL will implement a multilingual and omnichannel digital workplace solution for Novo Nordisk. 

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Coal India records high of 528 MT of coal supplies to domestic power utilities

Coal India Ltd (CIL) has supplied an all-time high of 528 million tonnes (MTs) of coal to India’s power utilities. This is 98.5% of the prorated demand of 535 MTs projected by the Ministry of Power and Central Electricity Authority. CIL is concentrating all its efforts to meet the projected coal demand of the power sector. The company is expected to open the next financial year (FY23) with over 60 MT at its pitheads (top or entrance of the mining pits).

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EaseMyTrip, DBS Bank India to launch green debit card

DBS Bank India has partnered EaseMyTrip to launch an environment-friendly international debit card. It is made from 99% recycled polyvinyl chloride (PVC) material. The digibank EaseMyTrip Green Debit Card provides exclusive travel-related offers to customers. It also rewards users for adopting eco-friendly practices while encouraging them to reduce their carbon footprint.

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Aurobindo Pharma acquires business and assets of Veritaz Healthcare for Rs 171 crore

Aurobindo Pharma Ltd has acquired the business and certain assets of Veritaz Healthcare for a cash consideration of Rs 171 crore. The transaction is expected to close by May 2022. Veritaz sells branded generic formulations and other healthcare-related products in the Indian market. Its sales and distribution network includes nearly 50,000 retailers, spread across 23 cities.

Aster DM Healthcare to invest Rs 500 crore to set up healthcare facilities in Tamil Nadu

Aster DM Healthcare Ltd has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to set up healthcare facilities. The MoU proposed an investment of Rs 500 crore in hospitals, pharmacies, and laboratories in Tamil Nadu. It will help provide affordable, quality healthcare and generate employment for more than 3,500 people.

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