Tag: larsen & toubro

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Reliance, Ola Wins Support for Battery Manufacturing – Top Indian Market News

Reliance, Ola selected for incentives under PLI scheme for battery manufacturing

Reliance New Energy Solar, Ola Electric Mobility, Hyundai, and Rajesh Exports have been selected to receive incentives under a PLI scheme for manufacturing Advanced Chemistry Cell (ACC) Battery Storage in India. Hyundai and Ola Electric have been awarded support for setting up 20 Gigawatt Hour (GWh) of manufacturing capacity each. Reliance and Rajesh Exports will be getting PLI for setting up 5 GWh of manufacturing capacity.

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Invesco supports ZEEL-Sony merger deal; decides not to pursue EGM

Invesco Developing Markets Fund, the largest shareholder of Zee Entertainment Enterprises Ltd (ZEEL), said it will support the Zee-Sony merger deal. It has also decided not to pursue the call for an extraordinary general meeting (EGM) to remove ZEEL Managing Director and CEO Punit Goenka and two independent directors. ZEEL has welcomed the move and said it will continue to seek the required valuable support from all its stakeholders. 

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IDBI Bank’s board to consider Rs 8,000 crore resource for FY23

IDBI Bank’s board is planning to consider a proposal for approving a Rupee Bond borrowings limit of about Rs 8,000 crore for FY 2022-23. The board will meet on March 29 to consider the proposal. The resources will be borrowed in one or more tranches. IDBI Bank Ltd is an Indian private sector lender and a subsidiary of Life Insurance Corporation (LIC).

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India’s domestic aviation sector set to recover fully by mid-2022: Airbus official

India’s civil aviation sector is likely to rebound quickly from the Covid-19 crisis, even as the rising oil prices and the war in Ukraine will have an impact on the overall aviation market, said Remi Maillard, President of Airbus India & South Asia. He believes that domestic traffic in India will fully recover by the middle of the current year, while international traffic will rebound by the next year. Airbus has forecast that India will require 2,210 new aircraft over the next 20 years.

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NTPC commissions additional 42.5 MW capacity at Ramagundam solar project

NTPC Ltd has started commercial operations of an additional 42.5 MW of power generation capacity at Ramagundam floating solar project in Telangana. Earlier, the company had commissioned 17.5 MW (Part-I) and 20 MW (Part-II) of the solar project. The total commercially operational power generation capacity of the Ramagundam project has now reached 80 MW. The NTPC group’s installed and commercial capacity stands at 68,609.68 MW and 67,949.68 MW, respectively.

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IIFL Home Fin partners with SBI for affordable housing loans

IIFL Home Fin has entered into a co-lending partnership with State Bank of India (SBI) to accelerate effective and affordable credit to small home buyers in India. IIFL HFL will manage loan sourcing and servicing. Under the arrangement, 80% of the loan will be provided by SBI. IIFL HFL will service the customers throughout their entire loan cycle, from sourcing, documentation, disbursal to collection.

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Adani Enterprises, L&T among firms keen to build satellite launchers: Govt

The Government said Adani Enterprises Ltd and Larsen & Toubro are part of two consortia led by state-run enterprises that have shown interest in building Polar Satellite Launch Vehicles (PSLVs), ISRO’s rocket that put satellites in orbit. New Space India Ltd, a company under the Department of Space, had invited proposals from companies to build five PSLVs. State-run Bharat Heavy Electrical Ltd has also submitted a techno-commercial proposal for building PSLV.

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Motherson Sumi secures order from Boeing

Motherson Sumi Systems Ltd (MSSL) has secured an order from Boeing to manufacture and supply aftermarket molded polymer parts for commercial airplane interiors. The production will commence from the third quarter of FY23. It will be manufactured at MSSL’s plant situated in Noida. MSSL said it is scaling its capabilities to provide integrated solutions to the aerospace industry.

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L&T board approves long term borrowings up to Rs 10,000 crore

Infrastructure major Larsen & Toubro’s (L&T) board has approved long-term borrowings up to Rs 10,000 crore. Long-term borrowings include refinancing through external commercial borrowings, term loans, or non-convertible debentures. In other news, L&T has won a ‘significant’ order to construct hi-tech IT parks at eight locations across Bangladesh.

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India’s Top Upstream & Downstream Oil Companies: An Analysis

The oil and gas industry is one of the eight core industries in India. It has a powerful influence on all vital sections of our economy. Based on their operations and position in the supply chain for crude oil and its products, oil companies can be mainly divided into two: Upstream & Downstream. From exploration and production of oil to refinement and distribution, these companies play a crucial role in India’s economic growth.

In this article, learn about the major upstream and downstream oil companies of India.

What are Upstream Oil Companies?

The upstream segment is responsible for finding and producing crude oil and natural gas. This includes searching for potential oil fields, drilling exploratory wells, and examining whether they have the potential to deliver a sizable amount of oil. The companies involved in this segment also recover crude oil and natural gas to the surface. Such entities are also known as Exploration and Production (E&P) companies. They are heavily dependent on research and development (R&D) activities. The members of E&P companies include geologists, scientists, engineers, and seismic experts.

Modern oil exploration relies on geological surveys conducted using electronic equipment and artificial intelligence (AI). Mechanical drilling and fracking equipment has become more advanced and efficient over the past few years.

Oil & Natural Gas Corporation (ONGC)

Oil and Natural Gas Corporation (ONGC) Ltd is the largest producer of crude oil and natural gas in India. Its operations are primarily centered around the extraction of oil. The company accounts for ~71% of India’s total crude oil production. 

ONGC operates nearly 105 oil drilling rigs and 74 workover (portable) rigs. It owns more than 11,000 km of oil pipelines across India. Downstream oil companies such as Indian Oil Corp. (IOCL), BPCL, and HPCL use the crude extracted by ONGC as their raw material.

The Government of India (GoI) holds a majority stake (60.4%) in the company. ONGC comes under the administrative control of the Ministry of Petroleum & Natural Gas. You can learn more about the energy giant here.

Oil India Limited (OIL)

State-owned Oil India Ltd explores, develops, and produces crude oil and natural gas in India and internationally. The company operates 1,157 kilometers of cross-country crude oil pipelines. It also owns 13 drilling rigs, 14 work-over rigs, and 10 crude oil pumping stations in Assam, West Bengal, and Bihar.

OIL has participating interests in New Exploration Licensing Policy (NELP) blocks in Mahanadi Offshore, Mumbai Deepwater, and Krishna Godavari Deepwater. It is also involved in various offshore projects in Libya, the United States, Nigeria, Sudan, Venezuela, etc.

Reliance Industries Ltd

Reliance Petroleum, a subsidiary of RIL, is one of the major private players in the Indian upstream oil market. It operates two prominent oil rigs in the Bay of Bengal— Dhirubhai Deepwater (DD) KG-1 and DD KG-2. Reliance Industries also owns the largest refinery in the world— the Jamnagar oil refinery. It has the capacity to produce 1.97 lakh cubic meters of crude oil every day!

Larsen & Toubro Ltd

The leading engineering and construction company works on several projects that deal with the extraction of oil and its processing. L&T also offers critical equipment and systems for oil & gas projects. The company’s hydrocarbon business caters to the entire hydrocarbon value chain, including oil & gas processing, petroleum refining, chemicals & petrochemicals.

BP Plc

BP Plc is a British multinational oil and gas company headquartered in London. In 2020, the company formed an Indian joint venture (JV) with Reliance Industries Ltd. Operating under the “Jio-bp” brand, the JV aims to become a leading player in India’s fuel and mobility markets.

What are Downstream Oil Companies?

Downstream oil companies are involved in the refining, manufacturing, and marketing of petroleum products. This segment consists of oil refineries, petrochemical plants, and fuel distributors/retailers. They offer products such as petrol, diesel, natural gas, jet fuel, synthetic rubber, plastics, pesticides, pharmaceutical ingredients, and much more. Thus, downstream oil companies oversee the critical final steps of refining and converting crude oil into final products, which are then sold to end-consumers.

Indian Oil Corporation Ltd (IOCL)

IOCL is engaged in the refining, transportation, research & development, and marketing of petroleum products in India. Its products include petrol, diesel, lubricants, greases, aviation fuel, industrial fuels, and marine oils. The state-owned company operates 11 refineries across India, ~15,000 km of crude oil & gas pipelines, and 7 foreign subsidiaries. IOCL holds a 32% market share in the downstream oil industry.

Hindustan Petroleum Corporation Ltd (HPCL)

HPCL, a subsidiary of ONGC Ltd, refines and markets petroleum products in India and across the globe. The company offers petrol, diesel, kerosene, liquefied petroleum gas (LPG), naphtha lubricants, greases, and aviation turbine fuel. It also markets and exports bitumen, jet and marine fuel, marine lubes. 

As of March 2021, HPCL’s operating network consisted of 18,634 retail outlets, 6,192 LPG distributors, 46 aviation service facilities, and 41 oil & gas terminals. The company owns two refineries in Mumbai and Visakhapatnam. HPCL has secured a market share of 25% in the downstream oil sector.

Bharat Petroleum Corporation Ltd (BPCL)

BPCL refines crude oil and markets petroleum products in India. It has a network of ~15,402 fuel stations that sell petrol, diesel, automotive liquefied petroleum gas (LPG), and compressed natural gas. The company also offers automotive engine oils, gear oils, greases, and jet fuel to airlines. BPCL operates oil refineries in Mumbai, Bina (Madhya Pradesh), Numaligarh, and Kochi. They operate 2,241 km of multi-product pipelines. 

BPCL has a ~24% market share in India’s downstream oil sector.

The Way Ahead

Global crude oil prices have touched the roof amidst Russia’s invasion of Ukraine. There is a notable surge in demand, and the supply chains have broken. The oil market will face its biggest supply crisis in decades until the Organization of Petroleum Exporting Countries (OPEC) boosts production. A further increase in oil prices can push prices of essential commodities to higher levels.

Meanwhile, OPEC has projected that India’s demand for oil will double from current levels to ~11 million barrels per day by 2045. Due to the increasing demand for petroleum products, the Indian government has introduced various policies and subsidies to support upstream and downstream oil companies. It has even allowed 100% foreign direct investment (FDI) in upstream and private sector refining projects.

However, most oil companies mentioned above are now making a slow transition to renewable energy options. Crude oil, hydrocarbon, natural gas, and other fossil fuels are limited in nature. Such resources have been depleting rapidly in recent years. In the future, there will be a time when oil becomes scarce. India has pledged to decrease the carbon emission concentration in its GDP by 33%-35% by 2030 from the levels of 2005. The government also aims to double the country’s consumption of renewable energy to 20% by 2025.

Large oil companies are investing heavily in green energy projects and electric charging infrastructure to help India achieve these ambitious targets. Let us look forward to seeing how they execute their strategic plans.

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Tata Motors to Invest Rs 15,000 crore in EV Segment – Top Indian Market News

Tata Motors to invest Rs 15,000 crore in EV segment in 5 years

Tata Motors Ltd is planning to invest Rs 15,000 crore in the electric vehicle (EV) segment in the next five years. The automaker is planning to develop 10 more new offerings in the segment. It has raised $1 billion (~Rs 7,637 crore) in funding from private equity major TPG in its EV division, valuing the business at $9.1 billion. 

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Amazon, Future Retail talks have failed, lawyers tell Supreme Court

Talks between Amazon and Future Retail aimed at resolving a long-running dispute over whether Future’s retail assets can be sold to Reliance Industries have failed, lawyers for the companies told the Supreme Court. Both Amazon and Future would like to resume arbitration proceedings in Singapore that had been put on hold by the New Delhi High Court. The Supreme Court will hear arguments from Amazon on Wednesday and decide on the matter.

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Auto PLI scheme attracts Rs 74,850 crore investment proposals

Around 75 auto component makers received approvals from the Centre under the Production Linked Incentive (PLI) scheme for automobile and auto components manufacturing. Maruti Suzuki, Hero MotoCorp, Toyota, Motherson Sumi, Bosch, and Tata Autocomp are among the list of companies that have been approved for the scheme. The PLI scheme has attracted investment proposals of Rs 74,850 crore for the next five years. This figure is 76.11% higher than the planned target of Rs 42,500 crore.

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Heritage Foods launches Premium Badam Milk

Heritage Foods Ltd has launched an all-new Premium Badam Milk with real almond bits. The ‘Badam Charger’ is the latest addition to the company’s growing list of value-added products (VAP) portfolio. It is prepared without any artificial ingredients, colors, or flavours. The drink will be available across all general trade and modern trade stores. It will also be sold on online grocery platforms. 

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Blue Star launches new range of affordable ACs

Blue Star Ltd has unveiled a new range of ‘affordable-yet-best-in-class differentiated’ split air conditioners. The company has launched nearly 50 models across the spectrum of inverter, fixed speed, and window ACs. The range of ACs comprises 3-star, 4-star, and 5-star inverter split. They are available at prices starting from Rs 30,990. 

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Ramkrishna Forgings secures domestic order from India’s largest MHCV OEM

Ramkrishna Forgings Ltd (RFL) has secured an order worth Rs 75 crore per annum from India’s largest original equipment manufacturer (OEM) in the Medium & Heavy Commercial Vehicle (MHCV) segment. The company has established a strong presence among domestic customers. It is steadily cementing its position on the back of recent order wins. RFL is one of the leading suppliers of rolled, forged, and machined products.

L&T’s subsidiary wins multiple orders from India and abroad

The Power Transmission & Distribution business of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) in India and abroad. The renewable arm of the business has won an order to construct a 245 megawatts (MW) solar power project in Rajasthan. L&T has also secured an order to implement a solar photovoltaic cum storage project in Kutch, Gujarat. In the Middle East region, the business has won orders for the supply and construction of shunt reactors in 132 kV substations.

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Anupam Rasayan acquires 24.96% stake in Tanfac Industries

Anupam Rasayan India Ltd (ARIL) has completed the acquisition of a 24.96% stake in Tanfac Industries Ltd (TIL) from Birla Group Holdings. The specialty chemicals maker has acquired joint management control of TIL. ARIL has also become TIL’s promoter, along with Tamilnadu Industrial Development Corporation Ltd, with effect from March 11, 2022. Incorporated in 1972, TIL is a specialty fluoride chemical manufacturer.

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PNB declares IL&FS Tamil Nadu Power Company loan as fraud

Punjab National Bank reported a fraud of Rs 2,060 crore in the non-performing account (NPA) of IL&FS Tamil Nadu Power Company Ltd (TNPCL). The bank has made a provision of Rs 824 crore as per Reserve Bank of India’s prudential norms. Last month, Punjab & Sind Bank had declared the same account with outstanding dues of Rs 148 crore as fraud. IL&FS TNPCL had a payment due of Rs 7,181 crore at the end of March 31, 2021.

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Zomato grants $150 million loan to Blinkit

Zomato Ltd’s board has approved the acquisition of a 16.66% stake in Mukunda Foods, a food robotics company, for $5 million (~Rs 38.4 crore). The investment will help Mukunda Foods scale faster, help reduce restaurant food prices and expand margins. Zomato has also granted a loan of $150 million (~Rs 1,151 crore) to Blinkit (formerly known as Grofers), an instant delivery service.

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RIL Terminates Sub-Lease of 950 Future Stores – Top Indian Market News

Reliance terminates sub-lease of 950 Future stores

Reliance Retails Ventures Ltd (RRVL) has issued notices on Future Retail for terminating sub-leases of 950 stores it had taken over. The debt-laded Future Group firms have been served notices to terminate the lease of 835 Future Retail stores and 112 Future Lifestyle stores. In February, RRVL had taken over store spaces for which the Future Group couldn’t pay lease rent. These stores were then sub-let to the Future Group for operation.

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JSPL’s total sales rise 8% YoY in February

Jindal Steel & Power Ltd (JSPL) reported an 8% year-on-year increase in steel sales to 5.9 lakh tonnes (LT) in February 2022. The figure stood at 5.47 LT in Feb 2021. The company’s sales would have been higher if not for the limited rake availability in the eastern part of India. Exports contributed 24% to the sales volumes. JSPL’s total steel production stood at 6.57 lakh tonnes in Feb 2022, a 1% increase over the previous year.

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Kalpataru Power secures order worth Rs 3,276 crore

Kalpataru Power Transmission Ltd (KPTL) has received the Letter of Intent (LoI) for an order worth Rs 3,276 crore. The project involves the design, engineering, supply, and construction of an HVDC power transmission line of 700 km. KPTL is a leading global EPC player in the power and infrastructure contracting sector.

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L&T Construction secures three new contracts

Larsen & Toubro Ltd’s (L&T) construction and infrastructure businesses have secured significant orders (in the range of Rs 1,000-2,500 crore). Its Railways SBU has won an order for 25 kV overhead electrification, signalling, and telecom works for 549 RKM/678 TKM railway lines in the Northeast Frontier Railway. L&T is also executing four major EPC contracts from Central Organization for Railway Electrification (CORE). The company’s Factories Business secured an order from an FMCG firm for a food processing facility in Gujarat. 

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Exide Industries partners with SVOLT Energy Co. for technical know-how for making lithium-ion cell

Exide Industries Ltd has entered into a multi-year technical collaboration agreement with SVOLT Energy Technology Co. Ltd for technology and the necessary know-how for manufacturing lithium-ion cells in India. SVOLT will grant Exide an irrevocable right and license to use, exploit and commercialize necessary technology owned by them for lithium-ion cell manufacturing. It will also provide the support required for setting up a state-of-the-art greenfield manufacturing plant.

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Bharti Airtel acquires 9% stake in Avaada Clean for Rs 7.8 crore

Bharti Airtel Ltd has acquired a 9% stake in renewable energy firm Avaada Clean TN Project for ~Rs 7.88 crore in an all-cash deal. The acquisition is to comply with regulatory requirements for captive power plants under the provisions of Electricity Act 2003 and Indian Electricity Rules 2005 and procurement of cost-effective renewable energy

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USFDA issues 3 observations on Zydus’ Jarod manufacturing unit

Zydus Lifesciences Ltd has received three observations from the US Food & Drug Administration (USFDA) following inspection of its Jarod (Vadodara)-based manufacturing facility. The regulator inspected the injectable facility from Feb 24 to March 10, 2022. USFDA issues its observations through Form 483 after an inspection if the investigators have observed any conditions that may violate current good manufacturing practices.

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Lupin opens main reference lab in Kolkata for expansion in east India

Lupin Ltd has opened its first reference laboratory in East India in Kolkata. The lab has the capabilities to conduct a broad spectrum of routine and specialized tests in the fields of molecular diagnostics, microbiology, immunology, routine biochemistry, etc. The Kolkata reference laboratory will act as the hub for Lupin’s expansion plans in East India. The pharma company will also set up processing labs in West Bengal, Assam, Bihar, and Orissa.

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Maruti Suzuki expects PV sales to expand in double digits in FY23

Maruti Suzuki India Ltd expects sales of passenger vehicles (PV) to expand in double digits in FY23. Sales will mostly be driven by strong consumer demand and improved chip supplies. This will be a second consecutive year of double-digit growth for the market, which is likely to inch closer to the previous peak of 3.7 million units. Maruti Suzuki said it would like to sustain a strong growth momentum of FY22 on the back of its biggest product offensive seen in recent years.

Ebixcash files DRHP for Rs 6,000 crore IPO

Ebixcash Ltd, the Indian subsidiary of Nasdaq listed Ebix Inc, has filed preliminary papers with markets regulator SEBI to raise Rs 6,000 crore through an initial public offering. The company may also explore a pre-IPO placement of up to Rs 1,200 crore. Ebixcash is a technology enabled provider of digital products and services in the B2C, B2B arena.

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Reliance to Step Up Fuel Exports to Europe – Top Indian Market News

Reliance Industries to step up fuel exports to Europe

As per reports, Reliance Industries Ltd’s Jamnagar facility is lifting crude processing and deferring planned maintenance to take advantage of surging demand for diesel in Europe. RIL is already sending shipments of the fuel to Europe. The complex in Gujarat can process 1.36 million barrels of crude per day from two refineries and can export most of the fuel. 

Various Asian refiners are looking to send diesel abroad as crude oil prices surge in Europe following Russia’s invasion of Ukraine.

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Coal India receives 100% booking in its first single-window e-auction

Coal India Ltd’s first-ever offer of nearly 5.2 lakh tonnes (LT) of coal under the single-window e-auction received an encouraging response from coal consumers. 100% of the offered quantity was booked. After the merger of multiple auction windows into a solitary outlet, CIL conducted an e-auction in two of its subsidiaries on March 3, 2022. 

Cyient partners with iBASEt to drive business growth

Cyient has entered into a strategic partnership with iBASEt, a company that simplifies how complex products are built and maintained. iBASEt’s industry-leading manufacturing software solutions complement Cyient’s experience in implementing manufacturing execution solutions. 

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L&T Construction bags significant order from Delhi Metro

The heavy civil infrastructure business vertical of L&T Construction has won a significant order (in the range of Rs 1,000-2,500 crore) from the Delhi Metro Rail Corporation Ltd (DMRC). The scope of work includes the design and construction of 5 km of twin tunnel by shield tunnel boring machine, underground ramp, and four stations. The project is funded by Japan International Cooperation Agency (JICA).

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Expedia selects RateGain as a preferred connectivity partner

RateGain Travel Technologies Ltd announced its preferred connectivity partner status with Expedia Group. The company will work with the leadership team of Expedia Group to provide feedback and help shape future products and technology solutions. The Expedia Group Connectivity Partner Programme recognizes and rewards top connectivity providers, including channel managers, property management systems, and central reservation systems.

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PSP Projects secures order worth Rs 564 crore

PSP Projects Ltd has emerged as the lowest (L-1) bidder for a construction project in Gujarat. The order comprises the construction of a sports complex in Ahmedabad. The bid value of the project is Rs 563.99 crore. PSP Projects offers a wide range of construction and allied services for industrial, residential, and government residential projects in India.

Hatsun Agro to sell RTE business, Oyalo brand to Naga Ltd

Hatsun Agro Product Ltd (HAPL) has entered into a pact with Naga Ltd. to sell its Ready to Eat (RTE) business and ‘Oyalo’ brand for Rs 25 crore. The transaction will be effective by end of April 2022. As of March 2021, RTE’s net worth (based on the gross value of assets) was Rs 59.87 crore (5.86% of the net worth of the company). HAPL’s net worth stood at Rs 1,021.51 crore.

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J. Kumar Infra secures orders worth Rs 2,032 crore

J. Kumar Infraprojects Ltd has secured a work order from Pune Municipal Corporation for the development of the Mula Mutha river from Bund Garden Bridge to Mundhwa under the Pune river rejuvenation project. The order is worth Rs 604.75 crore. The company has also won an order worth Rs 1,426.99 crore for designing and constructing twin tunnels and four underground stations of Phase-IV of Delhi Metro.

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Vodafone UK in talks to sell remaining 21% in Indus Towers

As per an ET report, Vodafone Group Plc is in advanced talks with American Tower Co (ATC), Crown Castle International, Brookfield, and others to sell its remaining 21% stake in Indus Towers through block deals. Vodafone UK’s residual stake of 56.72 lakh shares in Indus Towers is valued at ~Rs 11,571 crore. Once Vodafone sells its stake in Indus Towers, it will mark the company’s exit from the passive telecom infrastructure business in India.

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Google to Invest up to $1 billion in Bharti Airtel – Top Indian Market News

Google to invest up to $1 billion in Bharti Airtel

US internet giant Google has announced an investment of up to $1 billion (~Rs 7,497 crore) in partnership with Bharti Airtel. It includes a $700 million equity investment in Bharti Airtel for a 1.28% stake and up to $300 million towards potential multi-year commercial agreements. Bharti Airtel and Google will work together to build on the telecom company’s extensive offerings that cover a range of Android-enabled devices to consumers via innovative affordability programs.

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L&T Q3 Results: Net profit falls 17% YoY to Rs 2,055 crore

Larsen & Toubro (L&T) Ltd reported a 16.7% YoY decline in consolidated net profit to Rs 2,054.74 crore for the quarter ended December (Q3 FY22). Net profit increased by 13% when compared to the previous quarter. Its revenue from operations rose 11.14% YoY (or 14% QoQ) to Rs 39,562.92 crore during the same period. The company secured orders worth Rs 50,359 crore in Q3, a decline of 31% YoY.

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Chambal Fertilisers Q3 Results: Net profit falls 8% YoY to Rs 435 crore

Chambal Fertilizers & Chemicals Ltd reported a 7.56% YoY decline in consolidated net profit to Rs 435.17 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 22.4% YoY to Rs 4,743.3 crore during the same period. EBITDA stood at Rs 582.7 crore in Q3, down 25.8% YoY. The company’s board has approved a proposal to set up an Ammonium Nitrate plant at Kota (Rajasthan) for an investment of Rs 1,170 crore.

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Britannia Q3 Results: Net profit falls 19% YoY to Rs 371 crore

Britannia Industries Ltd reported a 19% YoY decline in consolidated net profit to Rs 371 crore for the quarter ended December (Q3 FY22). Net profit fell 3% when compared to the previous quarter. Its revenue from operations rose 13% YoY to Rs 3,575 crore during the same period. EBITDA stood at Rs 539 crore in Q3, down 12% YoY. Higher input costs affected the FMCG company’s margins.

Kotak Mahindra Bank Q3 Results: Net profit rises 15% YoY to Rs 2,131 crore

Kotak Mahindra Bank reported a 15% YoY increase in net profit to Rs 2,131.4 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 8.2% YoY to Rs 4,334 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.71% in Q3 FY22, compared to 3.19% in Q2 FY22. The bank’s expenses stood at Rs 5,559 crore in Q3 FY22, up 10% YoY.

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Glenmark Pharma gets USFDA approval for Metronidazole gel

Glenmark Pharmaceuticals Ltd’s unit has received final approval from the US Food & Drug Administration (USFDA) to market Metronidazole Vaginal gel in the US. As per IQVIA data, the generic version of the product had achieved annual sales of ~$60.4 million during the twelve months ended November 2021.

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Marico Q3 Results: Net profit rises 1.6% YoY to Rs 317 crore

Marico Limited reported a 1.6% YoY increase in consolidated net profit to Rs 317 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 13.4% YoY to Rs 2,407 crore during the same period. Revenue from its domestic market stood at Rs 1,817 crore, up 11.6% YoY. The FMCG firm’s total expenses were up 15.4% YoY to Rs 2,022 crore. 

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HPCL expands footprint in non-fuel retailing

Hindustan Petroleum Corporation Ltd (HPCL) has announced plans to set up a chain of multi-channel retail stores at its petrol pumps. The company plans to give a push to non-fuel retailing. As part of this, HPCL has opened two more retail stores under the brand name ‘HaPpyShop’. The product range in each store has been planned to suit the tastes and preferences of the local neighbourhoods.

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Vedanta Q3 Results: Net profit rises 26% YoY to Rs 4,164 crore

Vedanta Ltd reported a 26.2% YoY increase in consolidated net profit to Rs 4,164 crore for the quarter ended December (Q3 FY22). Net profit fell 10% when compared to the previous quarter. Its total income rose 46.7% YoY to Rs 34,674 crore during the same period. Vedanta’s board has declared an interim dividend of Rs 13.5 per share.

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TVS Motor acquires Swiss e-bike maker SEMG

TVS Motor Company Ltd has acquired a 75% stake in Switzerland’s largest e-bike player Swiss E-Mobility Group (SEMG). The consideration paid for the acquisition is $100 million (~Rs 750 crore). The move is in line with TVS Motor’s strategy to expand in Europe through a portfolio of premium and technology-leading brands. The two-wheeler company plans to buy the remaining 25% stake by next year.

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Dixon Tech Q3 Results: Net profit falls 25% YoY to Rs 46 crore

Dixon Technologies Ltd reported a 25% YoY decline in net profit to Rs 46.38 crore in Q3 FY22. Its revenue from operations rose 41% YoY to Rs 3,073.25 crore during the same period. EBITDA stood at Rs 103.67 crore, up 3% YoY. Revenue from its consumer electronics segment grew 3.3% YoY to Rs 1,410.39 crore in Q3. Dixon Tech’s home appliance segment revenue fell 20% YoY to Rs 180.12 crore.

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Tata Group Takes Over Air India – Top Indian Market News

Tata Group takes over Air India after 69 years

The Tata Group has officially taken over Air India from the Indian government on Thursday. A consideration of Rs 2,700 crore has been received by the government as part of the divestment. “We are totally delighted to have Air India back at the Tata group,” said Tata Sons Chairman N Chandrasekaran. At present, Air India controls over 4,400 domestic and 1,800 international landing and parking slots at domestic airports.

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Canara Bank Q3 Results: Net profit jumps 115% YoY to Rs 1,502 crore

Canara Bank reported a 115.8% YoY jump in net profit to Rs 1,502 crore for the quarter ended December (Q3 FY22). Net profit increased 12.6% when compared to the previous quarter. Its net interest income (NII) rose 14.11% YoY (or 10.7% QoQ) to Rs 6,946 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 7.8% in Q3 FY22, compared to 8.42% in Q2 FY22. The bank’s provisions fell 46.7% YoY to Rs 2,244 crore in Q3 FY22.

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BEL signs $73 million contract with US-based Hyperion Global

Bharat Electronics Ltd (BEL) has entered into a contract with Hyperion Global Group LLC to develop, manufacture, and supply Internet of Things (IoT) devices for the US market. BEL will manufacture and supply IoT devices worth $73 million to Hyperion during the first year of commencement of supply. The contract pairs Hyperion’s need to provide advanced connectivity solutions with BEL’s world-class engineering and manufacturing capabilities.

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Route Mobile Q3 Results: Net profit rises 28% YoY to Rs 48 crore

Route Mobile Ltd reported a 28.3% YoY increase in consolidated net profit to Rs 48.27 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 44.2% YoY to Rs 567.49 crore during the same period. The company’s board has declared an interim dividend of Rs 3 per share.

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LTI partners with IIT Madras for innovation in 5G space

Larsen & Toubro Infotech (LTI) has partnered with the Indian Institute of Technology (IIT) Madras for collaborative research in the field of 5G. The companies aim to innovate in the emerging 5G space, enable 5G frameworks validation, and test various use cases. LTI and IIT Madras will promote research towards the development of a low-cost, low-frequency 5G network setup for better connectivity in rural India.

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PNB Q3 Results: Net profit jumps 123% YoY to Rs 1,126 crore

Punjab National Bank (PNB) reported a 123% YoY jump in net profit to Rs 1,126.78 crore for the quarter ended December (Q3 FY22). Net profit increased by 2% when compared to the previous quarter. Its net interest income (NII) fell 6.1% YoY to Rs 7,803.2 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 12.8% in Q3 FY22, compared to 13.6% in Q2 FY22.  

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Future Enterprises to sell 25% stake in general insurance JV to partner Generali

Future Enterprises Ltd (FEL) will sell its 25% equity in Future Generali India Insurance Company Ltd (FGIICL) to its joint venture (JV) partner Generali Participations Netherlands NV. The transaction is for a cash consideration of Rs 1,252.96 crore. This move is part of Future Group’s asset monetisation plans to reduce debts. Generali has also acquired an option to buy out FEL’s remaining interest in FGIICL.

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L&T partners with HydrogenPro for manufacturing hydrogen electrolysers in India

Larsen & Toubro Ltd has partnered with Norway-based HydrogenPro to access its electrolyser technology to enter the green hydrogen market. As part of the agreement, L&T and HydrogenPro will set up a joint venture company in India to manufacture gigawatt-scale alkaline water electrolysers. The planned joint venture is part of L&T’s strategy to expand its presence across the green energy value chain. 

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Laurus Labs Q3 Results: Net profit falls 44% YoY to Rs 154 crore

Laurus Labs Ltd reported a 44% YoY decline in net profit to Rs 154 crore for the quarter ended December (Q3 FY22). Its revenue from operations fell 20% YoY to Rs 1,029 crore during the same period. EBITDA stood at Rs 290 crore in Q3, down 17% YoY. The pharma company’s Q3 results were impacted by lower sales of active pharmaceutical ingredients (APIs) and formulations due to stocking at channel partners.

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M&M records 1 lakh bookings of XUV700, bills 14,000 units

Mahindra & Mahindra Ltd has clocked almost one lakh bookings of its latest sports utility vehicle XUV700 besides billing the first 14,000 units of the vehicle by January. In a statement, M&M said it is focusing on meeting its committed delivery timelines to customers despite dynamic supply chain issues.

In other news, Mahindra Electric Mobility has launched its new electric three-wheeler e-Alfa Cargo, priced at Rs 1.44 lakh. The launch marks the company’s entry into the rapidly growing e-cart segment.

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Coforge Q3 Results: Net profit rises 51% YoY to Rs 183 crore

Coforge Ltd reported a 51% YoY increase in net profit to Rs 183.7 crore for the quarter ended December (Q3 FY22). Net profit increased by 34.4% when compared to the previous quarter. The IT company’s revenue from operations rose 39% YoY (or 5.7% QoQ) to Rs 1,658 crore during the same period. EBITDA stood at Rs 246.7 crore, up 14.8% QoQ. Coforge Ltd’s board has declared an interim dividend of Rs 13 per share.

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HUL’s Net Profit Rises 17% YoY in Q3 – Top Indian Market News

HUL Q3 Results: Net profit rises 17% YoY to Rs 2,243 crore

Hindustan Unilever Ltd reported a 16.76% YoY increase in net profit to Rs 2,243 crore for the quarter ended December (Q3 FY22). Net profit rose 5% when compared to the previous quarter. Its revenue from operations rose 10.23% YoY to Rs 13,183 crore during the same period. EBITDA stood at Rs 3,279 crore, up 15% YoY. HUL’s home care segment grew 23% YoY, while its beauty & personal care segment grew 7% YoY in Q3. 

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Asian Paints Q3 Results: Net profit falls 18% YoY to Rs 1,016  crore

Asian Paints Ltd reported an 18% YoY decline in consolidated net profit to Rs 1,015.69 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 25.6% YoY to Rs 8,527.24 crore during the same period. The rise in raw input costs offset the benefits of price hikes. The company’s paint business grew 25.4% YoY to Rs 8,319.4 crore. Its domestic decorative business registered an 18% volume growth in Q3.

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Delhi HC restrains HFCL for manufacturing multitube cable as STL claims patent

The Delhi High Court has restrained Himachal Futuristic Communications Ltd (HFCL) and its subsidiaries for allegedly manufacturing and selling optic fibre cable based on Sterlite Technologies Ltd’s (STL) multitube technology in a patent infringement case. HFCL has initiated required legal actions to get the restrain order vacated and also for the cancellation of the subject patent.

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Cyient Q3 Results: Net profit rises 38% YoY to Rs 132 crore

Cyient Ltd reported a 38% YoY increase in net profit to Rs 131.8 crore for the quarter ended December (Q3 FY22). Net profit rose 13.84% when compared to the previous quarter. Its revenue from operations rose 13.3% YoY (or 6.5% QoQ) to Rs 1,183.4 crore during the same period. The digital solutions company registered a 5% QoQ increase in EBITDA to Rs 163.2 crore in Q3.

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Natco Pharma signs pact with MPP to sell Molnupiravir capsules

Natco Pharma Ltd has signed a non-exclusive license agreement with the Medicines Patent Pool (MPP), Switzerland, to manufacture and sell Molnupiravir capsules. The capsules will be sold under the brand name MOLNUNAT for treatment of Covid-19 infection in patients who have a high risk of progression of the disease, including hospitalisation or death. 

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Havells Q3 Results: Net profit falls 12% YoY to Rs 305 crore

Havells India Ltd reported a 12.6% YoY decline in consolidated net profit to Rs 305.82 crore for the quarter ended December (Q3 FY22). Net profit rose 1.13% when compared to the previous quarter. Its revenue from operations rose 15% YoY to Rs 3,664.2 crore during the same period. The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) fell 13.4% YoY at Rs 440 crore.

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Vedanta to create $10 billion fund to bid for BPCL stake, other assets

Vedanta Resources Ltd plans to create a $10 billion (~Rs 74,395 crore) fund to bid for assets, including the Indian government’s stake in Bharat Petroleum Corp Ltd (BPCL). The government is seeking to privatise state-run BPCL by selling its ~53% stake in the firm (worth over $6 billion). The fund will be made up of its own resources and outside investment. Vedanta may also finance the BPCL acquisition through debt.

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Bajaj Finserv Q3 Results: Net profit falls 3% YoY to Rs 1,256 crore

Bajaj Finserv Ltd reported a 2.63% YoY decline in consolidated net profit to Rs 1,256 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 10.21% YoY to Rs 17,589 crore during the same period. The company’s expenses increased by 29% YoY to Rs 899 crore in Q3. Bajaj Finserv’s assets under management (AUM) grew 26% YoY to Rs 1,81,250 crore.

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Larsen &Toubro dispatches coke drums to Mexico

Larsen & Toubro Ltd’s (L&T) heavy engineering arm has dispatched six of the world’s largest coke drums, weighing 658 tonnes, each to Mexico. The drums were manufactured at L&T’s state-of-the-art Heavy Engineering Complex located at Hazira near Surat. It will be used for a refinery project by PTI Infraestructura de Desarrollo, a subsidiary of the Mexico’s state-owned oil company PEMEX (Petróleos Mexicanos).

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Independent directors of PTC Financial Services resign citing governance issues

All three independent directors of PTC Financial Services Ltd resigned on Wednesday, citing corporate governance lapses. They have flagged serious concerns on the conduct of the management of PFS India Ltd (the parent company), led by managing director and CEO Pawan Singh. They also referred to the issues regarding a Rs 125 crore-bridge loan given to NSL Nagapatnam Power and Infratech Pvt Ltd, besides alleging that no action has been taken on certain corporate governance issues.

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PNB Housing Q3 Results: Net profit falls 19% YoY to Rs 188 crore

PNB Housing Finance Ltd reported a 19% YoY decline in net profit to Rs 188 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) fell 26% YoY to Rs 439 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 7.64% in Q3 FY22, compared to 5.94% in Q2 FY22.

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UltraTech Cement Posts 8% YoY Rise in Net Profit in Q3 – Top Indian Market News

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UltraTech Cement Q3 Results: Net profit rises 8% YoY to Rs 1,708 crore

UltraTech Cement Ltd reported a 7.8% YoY increase in consolidated net profit to Rs 1,708 crore for the quarter ended December (Q3 FY22). Net profit increased 31% when compared to the previous quarter. Its revenue from operations rose 5.89% YoY (or 8% QoQ) to Rs 12,985 crore during the same period. The company’s domestic cement sales volumes grew 13.2% YoY in Q3.

The cement manufacturer has approved a capital expenditure of Rs 965 crore for capacity expansion at Birla White from 6.5 lakh tonnes per annum (LTPA) to 12.53 LTPA.

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Tata Power Renewable Energy commissions 100 MW solar projects in Uttar Pradesh

Tata Power Renewable Energy Ltd (TPREL) has commissioned two solar power projects of 50 megawatts (MW) each in Uttar Pradesh. The plants are expected to generate more than 221.26 million units annually. A Power Purchase Agreement (PPA) was signed between TPREL and Uttar Pradesh Power Corporation Ltd (UPPCL) for these two projects. The plants at Prayagraj and Banda will reduce 1.77 lakh tonnes of carbon emission annually.

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L&T dispatches critical reactors to US for renewable diesel project ahead of schedule

Larsen & Toubro’s (L&T) heavy engineering arm has flagged off five critical renewable diesel reactors to Diamond Green Diesel (DGD) two weeks ahead of the contractual delivery date. DGD is North America’s largest renewable diesel producer. L&T is executing three such green diesel projects for US and European clients at its fully integrated, digitally-enabled heavy engineering complex located at Hazira, Gujarat.

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HFCL Q3 Results: Net profit falls 5% YoY to Rs 78 crore

HFCL Ltd reported a 5% YoY decline in consolidated net profit to Rs 81 crore for the quarter ended December (Q3 FY22). Net profit fell 4% when compared to the previous quarter. Its revenue from operations fell 5% YoY to Rs 1,215 crore during the same period. EBITDA stood at Rs 174 crore, up 4% YoY. The company has raised Rs 600 crore via a qualified institutional placement (QIP). The amount will be utilised to build network solution capabilities to tap the upcoming opportunities in the telecom and defence sectors.

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Tech Mahindra acquires European firm CTC for Rs 2,628 crore

Tech Mahindra has announced the acquisition of a 100% stake in Europe-based Com tec Co IT (CTC) for €310 million (~Rs 2,628 crore). The company is also investing €20 million for acquiring 25% ownership in two IT platforms (SWFT and Surance) of CTC. Tech Mahindra stated that the acquisitions will strengthen its digital engineering and insurance technology businesses.

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Ajmera Realty to invest Rs 900 crore to develop residential project in Mumbai

Ajmera Realty & Infra India Ltd has announced plans to invest Rs 900 crore to develop a residential project as part of its 100-acre master layout in Wadala, Mumbai. The financing of the project will be supported through a mix of internal accruals, a construction finance loan from HDFC, and sales advances. The project is estimated to drive a sales value of Rs 1,500 crore. It will comprise 540 residential apartments across two wings.

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Bajaj Auto to set up third EV plant in Aurangabad

Bajaj Auto Ltd will set up its third electric vehicle (EV) plant in Aurangabad, Maharashtra. The company had earlier announced the rollout of its new EV two-wheeler plant in Pune, where it will be spending Rs 300 crore to manufacture the new electric scooter Chetak. Reports indicate that the new facility in Aurangabad will manufacture a range of electric three-wheelers.

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Bhansali Engineering Q3 Results: Net profit falls 44% YoY to Rs 75 crore

Bhansali Engineering Polymers Ltd (BEPL) reported a 44.4% YoY decline in consolidated net profit to Rs 75.71 crore for the quarter ended December (Q3 FY22). Net profit fell 4% when compared to the previous quarter. Its revenue from operations fell 17% YoY to Rs 341.52 crore during the same period. Total expenses rose 7% YoY to Rs 246.34 crore in Q3. BEPL has declared an interim dividend of Rs 1 per share. 

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KEC International secures orders worth Rs 1,112 crore

KEC International Ltd has secured new orders worth Rs 1,112 crores across its various businesses. The company’s transmission & distribution (T&D) business secured orders for T&D projects in the Middle East and the Americas. Its civil business segment has received orders for infrastructure works in the water pipeline and urban infra segments in India. KEC International’s cable business has bagged orders from India and overseas.  

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Sonata Software Q3 Results: Net profit rises 81% YoY to Rs 97 crore

Sonata Software Ltd reported an 81.5% YoY increase in consolidated net profit to Rs 97.67 crore for the quarter ended December (Q3 FY22). Net profit rose 7% when compared to the previous quarter. Its revenue from operations rose 33% YoY (or 93% QoQ) to Rs 1,858.02 crore during the same period. EBITDA grew 29% YoY to Rs 146.9 crore in Q3. Sonata Software provides IT consulting, product engineering services, and application development solutions. 

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Angel One Q3 Results: Net profit jumps 125% YoY to Rs 164 crore

Angel One reported a 125% YoY jump in consolidated net profit to Rs 164 crore for the quarter ended December (Q3 FY22). Net profit rose 23% when compared to the previous quarter. Its revenue from operations rose 95% YoY (or 13% QoQ) to Rs 597 crore during the same period. EBITDA stood at Rs 234 crore in Q3, up 121% YoY. Angel One has declared an interim dividend of Rs 7 per share.

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TCS Reports 12% YoY Rise in Net Profit in Q3 – Top Indian Market News

TCS Q3 Results: Net profit rises 12% YoY to Rs 9,769 crore

Tata Consultancy Services (TCS) reported a 12.3% YoY increase in consolidated net profit to Rs 9,769 crore for the quarter ended December (Q3 FY22). Net profit increased 2% when compared to the previous quarter. Its revenue from operations rose 16.3% YoY to Rs 48,885 crore during the same period. The IT major has declared an interim dividend of Rs 7 per share. TCS has also announced a share buyback at Rs 4,500 per share, a 16.6% premium over the last traded stock price.

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Retail inflation surges to 5-month high of 5.59% in Dec

India’s retail inflation, as measured by the Consumer Price Index (CPI), surged to a five-month high of 5.59% in December. CPI stood at 4.91% in November. Food inflation increased to 4.05% in December, compared to 1.87% in the previous month.

Meanwhile, India’s Index of Industrial Production (IIP) witnessed a 1.4% year-on-year (YoY) growth in November. The power sector saw a growth of 2.1% YoY to 147.9 in November, while the manufacturing sector saw a rise of 0.9% to 129.6.

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Vodafone Idea, Tata Teleservices will not become PSUs: Govt

The Telecom Ministry announced that Vodafone Idea (Vi), Tata Teleservices, and Tata Teleservices (Maharashtra) Ltd (TTML) will not become public sector undertakings (PSUs) after their interest payable on dues are converted into government equity. The companies will continue to run as professionally managed private telecom operators. The government will hold a 35.8% stake in Vi and 9.5% stake in TTML post conversion.

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Infosys Q3 Results: Net profit rises 12% YoY to Rs 5,809 crore

Infosys Ltd reported an 11.8% YoY increase in consolidated net profit to Rs 5,809 crore for the quarter ended December (Q3 FY22). Net profit increased 7% when compared to the previous quarter. Its revenue from operations rose 22.9% YoY (or 8% QoQ) to Rs 31,867 crore during the same period. Infosys secured large deals worth $2.53 billion (~Rs 18,690 crore) in Q3. 

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Kalpataru Power raises Rs 200 crore via NCD issue

Kalpataru Power Transmission Ltd has raised Rs 200 crore through the issuance of non-convertible debentures (NCDs). The company has allotted 2,000 NCDs of the face value of Rs 10 lakh each on a private placement basis. The NCDs will be listed on the wholesale debt market segment of BSE.

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Wipro Q3 Results: Net profit at Rs 2,969 crore

Wipro Ltd reported a 0.03% YoY (or 1.3% QoQ) increase in net profit to Rs 2,969 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 29.6% YoY (or 3.3% QoQ) to Rs 20,313 crore during the same period. Revenue from its IT services business stood at $2,639.7 million, an increase of 27.5% YoY and 2.3% QoQ. Wipro declared an interim dividend of Rs 1 per share. 

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L&T’s subsidiary secures two mega offshore contracts from overseas client

A consortium led by L&T Hydrocarbon Engineering (LTHE) has secured two mega offshore orders worth over Rs 7,000 crore from an overseas client. The scope of work comprises engineering, procurement, and construction (EPC) for new facilities and integration with existing installations. LTHE is currently executing several domestic and international offshore projects. 

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Tech Mahindra partners with Nokia for 5G-based solutions for enterprises

Tech Mahindra has partnered with telecom gear maker Nokia to deploy 5G-based solutions for business organisations. Under this partnership, Tech Mahindra will leverage Nokia’s private wireless digital automation cloud (DAC) solution for customers and facilitate in automating 5G private wireless network management on a cloud computing system. Nokia DAC will also enable access to other network management and operations solutions and integration with the third-party applications in the network. 

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Kolte-Patil Developers’ sales volume rises 56% in Q3

Kolte-Patil Developers Ltd reported a 56% YoY increase in sales volume to 0.86 million sq. ft. for the quarter ended December (Q3 FY22). Sales volume rose 28% when compared to the previous quarter. The total sales value stood at Rs 561 crore in Q3, a growth of 77% YoY and 31% QoQ. The company is set to expand its portfolio of projects with several launches lined up across key micro-markets in Pune, Mumbai, and Bengaluru.

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HeidelbergCement India commissions plant for use of alternate fuels at Narsingarh Clinker unit

HeidelbergCement India Ltd has commissioned a state-of-the-art facility to substitute part of the fossil fuels with alternate fuels (AF) in cement production. The AF receiving, storage, and feeding system was built at Narsingarh Clinker Unit at an investment of Rs 16 crore. The project will reduce the company’s carbon footprint by reducing the consumption of conventional fossil fuels.

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Quiklyz to offer range of EVs for leasing, subscription

Mahindra Finance’s Quiklyz will offer the widest range of electric vehicles (EVs) for leasing and subscription to potential customers. Quiklyz is a vehicle leasing and subscription platform that offers convenience, flexibility, and choice to customers across Indian cities. It currently has the largest portfolio of EVs on the subscription platform.

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Centre to Become Largest Shareholder in Vi – Top Indian Market News

Govt to become largest shareholder in Vodafone Idea

Vodafone Idea’s (Vi) board has informed the Department of Telecommunications (DoT) that it will opt for converting the interest on spectrum and adjusted gross revenue (AGR) dues into government equity. The Indian govt will hold 35.8% and become the single largest shareholder in Vi. The cash-strapped telecom company had past AGR dues worth Rs 58,254 crore, of which it has paid Rs 7,854 crore.

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JSW Steel combined output grows 28% in Q3

JSW Steel Ltd reported a 28% YoY growth in combined steel production to 5.35 million tonnes (MT) for the quarter ended December (Q3 FY22). The company’s standalone output rose 8% YoY to 4.41 MT during the same period. JSW Steel’s capacity utilisation at the standalone level stood at 94% in Q3. 

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DLF sells properties worth Rs 1,500 crore in new luxury housing project in Delhi

DLF Limited has sold properties worth Rs 1,500 crore in its newly launched housing project at Moti Nagar in Delhi. On Friday, the realty major launched its luxury housing project ‘ONE Midtown’ comprising 913 units at Shivaji Marg in Moti Nagar, with a starting price of Rs 3 crore. DLF is developing this project in partnership with Singapore sovereign wealth fund GIC.

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L&T’s heavy engineering arm dispatches mega tubular reactors to petrochemical complex overseas

Larsen & Toubro (L&T) Ltd’s heavy engineering arm has dispatched two large ethylene oxide reactors weighing 1,200 tonnes each from Hazira (Gujarat) to a large petrochemical complex overseas. This was a repeat order after four identical reactors were supplied by L&T to the same client in 2020. These highly complex reactors are crucial equipment for the production of mono ethylene glycol in the petrochemical complex.

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Tata Teleservices opts for conversion of interest to equity; Centre to hold 9.5%

Tata Teleservices has opted for converting the interest from adjusted gross revenue (AGR) dues amounting to Rs 850 crore to equity. The government will hold 9.5% in the company. Tata Teleservices has AGR dues of Rs 16,798 crore, of which it has paid Rs 4,197 crore and had opted for the 4-year AGR and spectrum payment moratorium.

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Marksans Pharma gets USFDA approval for Cetrizine Hydrochloride tablets

Marksans Pharma Ltd has received final approval from US Food & Drugs Administration (USFDA) for over-the-counter Cetirizine Hydrochloride tablets. The drug is indicated for the treatment of perennial allergic rhinitis, including sneezing, postnasal discharge, watery eyes, and running nose. The product will be marketed under store brand labels and is comparable to the brand Zyrtec.

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Aurobindo Pharma in talks with PEs for stake sale in injectable business: Report

As per a report from the Economic Times, Aurobindo Pharma Ltd has initiated talks with private equity (PE) funds to sell a stake of around 30-35% in its injectable business for Rs 4,500-5,250 crore. With this move, the drugmaker plans to unlock value in its core businesses. TPG Capital Management, Advent International, Bain Capital, and Blackstone have been contacted for a potential transaction, valuing the business at Rs 15,000 crore.

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Delta Corp Q3 Results: Net profit at Rs 70 crore

Delta Corp Ltd reported a consolidated net profit of Rs 70.38 crore for the quarter ended December (Q3 FY22). It had reported a net profit of Rs 1.28 crore in the corresponding quarter last year (Q3 FY21). The company’s revenue jumped 104% YoY to Rs 247 crore in Q3 FY22. EBITDA stood at Rs 106.9 crore during the same period, an increase of 813% YoY.

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Future Group seeks SC’s permission to proceed with sale of assets to Reliance Retail

Future Group has sought permission from the Supreme Court (SC) to proceed with the deal to sell its retail assets to Reliance Retail. The court was hearing a combination of several cases filed by Amazon and Future Group in a dispute arising out of the e-commerce giant’s objection to the Indian company’s Rs 25,000 crore deal with Reliance. “We should be allowed to secure shareholder approval, seek nod from CCI, NCLT,” said senior advocate Harish Salve, representing Future Retail.

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Federal Bank’s subsidiary FedFina to initiate IPO process

The Board of Directors of Federal Bank has approved the process of an initial public offering (IPO) of its subsidiary Fedbank Financial Services Ltd (FedFina). FedFina is the retail-focused non-banking finance company set up by the Kerala-based bank. The IPO is subject to approvals from the Securities and Exchange Board of India (SEBI).

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Adani Green posts 84% YoY growth in total operational capacity in Q3

Adani Green Energy’s total operational capacity increased by 84% year-on-year (YoY) to 5,410 megawatts (MW) for the quarter ended December. The company’s sale of energy increased by 97% YoY at 2,504 million units during the same period.

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L&T Bags Order for Mumbai-Ahmedabad Bullet Train Project – Top Indian Market News

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L&T secures third order for Mumbai-Ahmedabad bullet train project

Larsen & Toubro (L&T) has secured a third order for the Mumbai-Ahmedabad High Speed Rail from the National High Speed Rail Corporation Ltd (NHSRCL). The order includes the design and construction of civil & building works for a double-line high-speed railway of a length of 8.198 km. It also includes the construction of the major station of Vadodara and other key civil structures.

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Axis Bank issues first Letter of Credit on dedicated govt-backed platform

Axis Bank issued the banking industry’s first Letter of Credit (LC) on the Secured Logistics Document Exchange (SLDE), a government-backed blockchain-enabled platform. The deal involved ArcelorMittal Nippon and the bank’s client Lalit Pipes & Pipes Ltd (LPPL). Axis Bank released an LC on behalf of LPPL, which required such a non-fund-based credit line for a business transaction with ArcelorMittal Nippon Steel India.

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Anupam Rasayan signs LoI worth $95 million with MNC firm

Anupam Rasayan India Ltd (ARIL) has signed a Letter of Intent (LoI) worth $95 million (~Rs 700 crore) with a multinational crop protection firm for the supply of a new life science-related active ingredient. The company will enter into a long-term contract to supply this specialty chemical product for the next five years. This LoI further expands ARIL’s high-value product portfolio with major global players.

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Adani Power, Gujarat discom settle dispute

Adani Power Ltd (APL) and Gujarat Urja Vikas Nigam Ltd (GUVNL) have reached an out-of-court settlement on a dispute pertaining to the termination of a power purchase agreement. APL has agreed to forego a compensation claim worth Rs 11,000 crore against the electricity distribution company (discom). The two companies will now work out a new tariff for the generation and supply of the 1,000-MW electricity based on domestic coal.

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GTPL Hathway partners with Aprecomm to optimize WiFi connections with AI

GTPL Hathway Ltd will remotely optimize its residential Wi-Fi connections using Artificial Intelligence (AI) in partnership with Aprecomm. The partnership would help GTPL bring down customer issue resolution time and enhance the experience of more than 7 lakh connected broadband households. Aprecomm’s AI Engine will allow GTPL to convert its household connections to AI-enabled smart WiFi access points.

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Edelweiss partners with Indian Bank for co-lending to priority sector

Edelweiss Financial Services and ECL Finance announced a strategic co-lending partnership with Indian Bank for priority sector lending. The lenders recently signed a Memorandum of Understanding (MoU) to expand the portfolio of lending products available to the target customers, thereby increasing access to credit. Agriculture, micro-enterprises, and advances to weaker sections of society are amongst the categories that form the priority segment of lending.  

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Alembic Pharma gets USFDA approval for Dronedarone tablets

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Dronedarone Tablets. The drug is indicated to reduce the risk of hospitalization for atrial fibrillation in patients in sinus rhythm. According to IQVIA data, Dronedarone tablets had an estimated market size of $500 million (~Rs 3,705 crore) for the twelve months ended September 2021.

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RailTel declares interim dividend of Rs 1.75 per share

RailTel Corporation of India has declared an interim dividend of Rs 1.75 per share for the financial year 2021-22. The company has fixed January 21 as the record date for the payment of the interim dividend. The total payout of the dividend is approximately Rs 56 crore. RailTel is one of the largest telecom infrastructure providers in the country, with a pan-India optic fibre network covering several towns, cities, and rural areas.

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JBM Auto acquires 51% stake in JBM Green Energy Systems

JBM Auto Ltd has acquired the majority stake (51%) in JBM Green Energy Systems Pvt Ltd (JBM GESPL) and JBM EV Industries Pvt Ltd (JBM EIPL) through a subsidiary, JBM Electric Vehicles Private Ltd. JBM GESPL and JBM EIPL have now become indirect subsidiary companies of JBM Auto. The company has announced plans to commission an end-to-end e-mobility ecosystem completely localised in India.

SJVN gets category ‘I’ licence for inter-state trading of electricity across India

The Central Electricity Regulatory Commission (CERC) has given category ‘I’ licence to SJVN Ltd for inter-state power trading across India. According to the CERC order, no objections were received on the petition of SJVN for grant of a category ‘I’ licence for inter-state trading in electricity. State-owned SJVN Ltd is engaged in hydroelectric power generation and transmission.

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