Tag: LTTS

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LTTS Posts 22% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

LTTS Q2 Results: Net profit rises 22% YoY to ₹282 crore

L&T Technology Services (LTTS) reported a 22.7% YoY increase in consolidated net profit to ₹282.4 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 24% YoY to ₹1,995 crore during the same period. LTTS secured a ₹60 million-plus deal in the second quarter. The IT company’s board has declared an interim dividend of ₹15 per share.

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Jio adds 32.8 lakh subscribers in August, Vi lost 19.6 lakh

Reliance Jio added 32.8 lakh wireless subscribers in August 2022, taking its user base to 41.92 crore. Bharti Airtel gained 3.26 lakh subscribers, while Vodafone Idea (Vi) lost 19.6 lakh subscribers in August. The data released by the Telecom Regulatory Authority of India (TRAI) shows that Bharti Airtel’s wireless customer base stood at 36.38 crore in August and Vi’s user base fell to 25.31 crore.

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Polycab Q2 Results: Net profit rises 37% YoY to ₹270 crore

Polycab Ltd reported a 37% YoY increase in consolidated net profit to ₹268 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 10.8% YoY to ₹3,332.3 crore during the same period. EBITDA stood at ₹426.8 crore in Q2, up 45.81% YoY. Revenue from the company’s wires and cables business grew 13% YoY to ₹2,925.9 crore.

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Apollo Hospitals partners with Bombay Hospital to boost liver transplants in Mumbai

Apollo Hospitals Enterprises Ltd entered into a Memorandum of Understanding with Bombay Hospital to boost liver transplants in Mumbai and Western India. The collaboration with Bombay Hospital will increase access to Apollo’s advanced liver transplant program for patients across the Mumbai Metropolitan Region.

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Tata Communications Q2 Results: Net profit rises 25% YoY to ₹532 crore

Tata Communications Ltd reported a 25.13% YoY increase in consolidated net profit to ₹532.29 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6.15% YoY (or 2.8% QoQ) to ₹4,430.74 crore during the same period. EBITDA stood at ₹1,130 crore in Q2, up 1.5% YoY (or 5% QoQ). The company’s data business revenues grew 11.2% YoY to ₹3,493 crore.

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Suzlon secures order to supply wind turbines to Adani Green Energy

Suzlon Energy Ltd has secured an order to supply 23 wind turbines totalling 48.3 megawatts (MW) from Adani Green Energy Ltd. The company will install 23 units of their wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located in Mandvi, Gujarat, and is expected to be commissioned in 2023.

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GAIL wins bid for debt-laden JBF Petrochemicals

GAIL (India) Ltd emerged as the successful bidder to acquire debt-laden JBF Petrochemicals. The state-owned company’s resolution plan received a 100% vote from the committee of creditors of JBF. GAIL was among a host of major companies like ONGC, Reliance Industries, Indian Oil, and others that showed interest in JBF Petrochemicals, which has defaulted against a bank loan of nearly ₹5,000 crore. 

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TV18 Broadcast Q2 Results: Net profit falls 95% YoY to ₹10.28 crore

TV18 Broadcast Ltd reported a 95.55% YoY decline in consolidated net profit to ₹10.28 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 12.65% YoY to ₹1,473.43 crore during the same period. The media company’s total expenses stood at ₹1,485.95 crore, up 34.59% YoY.

Its parent company, Network18 Media & Investments Ltd, reported a consolidated net loss of ₹28.84 crore in Q2 FY23. It had posted a net profit of ₹199.27 crore in the corresponding quarter last year (Q2 FY22). Revenue from operations rose 11.65% YoY to ₹1,548.89 crore in Q2 FY23.

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USFDA issues four observations to Alembic Pharma’s Panelav plant

Alembic Pharmaceuticals has received a Form 483 with four procedural observations for an inspection conducted by the US Food & Drug Administration (USFDA) at its Panelav formulation facility. USFDA inspected the company’s oncology injectable formulation facility at Panelav from October 4-14. None of the observations are related to data integrity, and the pharma company’s management believes that they are addressable. 

Read more here.

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Market News Top 10 News

RBI Hikes Repo Rate by 50 bps to 5.9% – Top Indian Market Updates

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

RBI hikes repo rate by 50 bps to 5.9%

The Reserve Bank of India (RBI) has hiked the repo rate by 50 basis points (bps) to 5.90% to control high inflation rates. This is the fourth straight increase in the current cycle. The RBI has now raised rates by a total of 190 bps since its mid-meeting hike in May 2022. The central bank has lowered India’s real gross domestic product (GDP) forecast for FY23 from 7.2% to 7%. It has also maintained the consumer price index (CPI) inflation forecast for FY23 at 6.7%

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Akasa Air partners with RateGain for dynamic allocation of airfares

Akasa Air has partnered with RateGain Travel Technologies Ltd for gathering real-time air travel information that will help the airline in deciding dynamic fares. RateGain said its AI-powered platform, AirGain, provides the airline’s revenue and pricing teams with the most accurate and reliable market insights to build a competitive pricing strategy. It provides real-time competitor insights across channels to reduce disparity and revenue losses.

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HDFC raises lending rate by 50 bps

HDFC Ltd hiked its lending rate by 50 basis points (bps) after the Reserve Bank of India (RBI) raised the benchmark interest rate to curb inflation. The move would increase equated monthly installments (EMIs) for housing loans by the firm. HDFC has undertaken seven rate hikes in the last five months.

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PM Modi to launch 5G services on Saturday

Prime Minister Narendra Modi will launch 5G services in India tomorrow during the inauguration of the sixth edition of India Mobile Congress (IMC-2022). Mobile operators plan to commence the commercial rollout of 5G after that. Reliance Jio and Bharti Airtel have announced plans to start 5G later in October, and metro cities will be provided with services by Diwali.

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Inox Leisure opens multiplex theater in Srinagar

Inox Leisure Ltd has commenced commercial operations of a multiplex cinema theatre in Srinagar, Jammu & Kashmir. The multiplex consists of three screens and 522 seats. INOX is now present in 74 cities with 165 Multiplexes, 705 screens, and a total seating capacity of 1,57,290 across India.

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LTTS partners with Qualcomm to provide solutions for 5G private networks

L&T Technology Services Ltd (LTTS) has extended its collaboration with US-based chipmaker Qualcomm Technologies to deploy end-to-end solutions for the global 5G private network industry. LTTS will establish an engineering center of excellence in California with Qualcomm Technologies’ support to accelerate the adoption of 5G private wireless networks.

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Vi partners with CareGame to launch 5G mobile cloud gaming in India

Vodafone Idea Ltd has partnered with Paris-based gaming technology company CareGame to launch 5G mobile cloud gaming in India. The company said that with 5G’s low latency technology, the cloud gaming industry is expected to democratise even further. Android and iOS users will be able to experience high-quality mobile gaming across popular genres without downloading them.

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Dilip Buildcon emerges as lowest bidder for ₹723 crore project

Dilip Buildcon Ltd was declared as the lowest (L-1) bidder for Phase 2 of the Ahmedabad Metro Rail project in Gujarat. The project entails the construction of 7.5 kilometers of elevated viaduct and seven stations from Sector-1 to Mahatma Mandir. The cost of the project (excluding GST) is expected to be ₹723.45 crore. 

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India’s core sector growth slows to 3.3% in August

The output of eight core infrastructure sectors grew 3.3% in August 2022— the lowest in nine months. The production growth of core sectors stood at 12.2% in the year-ago period. Output growth of eight infrastructure sectors (coal, crude oil, natural gas, refinery products, fertiliser, steel, cement, and electricity) was 9.8% during April-August of FY23, compared to 19.4% a year ago.

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Market News Top 10 News

RIL to Roll Out 5G Services by Diwali – Top Indian Market Updates

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

RIL to launch 5G services by Diwali; reveals ₹75,000 crore investment in petchem

Reliance Industries Ltd (RIL) has laid out a ₹2 lakh crore plan to launch the next generation (5G) of wireless services in India within two months. The company aims to deploy 5G services across metro cities by Diwali. RIL will partner with Qualcomm Inc to provide cloud-based 5G network solutions for businesses. It will also collaborate with Meta Platform Inc. for its JioMart shopping integration on WhatsApp.

Mukesh Ambani laid out a clear roadmap of how the conglomerate will be divided among two sons Akash and Anant, and daughter Isha. RIL will also launch its fast-moving consumer goods (FMCG) business this year. Moreover, they’ve announced an investment of ₹75,000 crore in the petrochemical business over the next five years.

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Lupin gets USFDA nod for generic cancer treatment drug

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) to market Dasatinib tablets in America. The drug is used to treat certain types of cancer. It works by slowing or stopping the growth of cancer cells. As per IQVA MAT data, Dasatinib tablets had estimated annual sales of $1,569 million in the US.

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ABB India to upgrade Smart Power factory in Bengaluru

ABB India has decided to expand and upgrade its Smart Power factory in Nelamangala, Bengaluru, to meet the strong demand for its Smart Power solutions and energy management technologies. The facility is equipped with advanced collaborative robotics technology for better human-machine interfaces, artificial intelligence (AI), and digitalization technologies to create an automated and future-ready factory.

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LTTS secures 5-year deal from BMW Group

L&T Technology Services (LTTS) has secured a multi-million-dollar deal from BMW Group. As part of the 5-year deal, LTTS will provide high-end engineering services for BMW’s suite of infotainment consoles targeted for its range of hybrid vehicles. The proximity to BMW Group’s campus will enable LTTS’ engineers to work on various solutions and offer services in real-time.

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Mahindra Finance partners with CRIF to enhance customer experience

Mahindra & Mahindra Financial Services Ltd has partnered with CRIF Solutions to offer a seamless onboarding experience for customers seeking loans. The company will leverage an automated platform called StrategyOne (an Enterprise Business Rules Engine provided by CRIF) to integrate its customer acquisition channels across multiple retail asset product lines. This partnership will facilitate quicker loan approval decisions by combining automation and risk analysis.

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EaseMyTrip partners with magicpin to launch services for travel, shopping

Easy Trip Planners Ltd (EaseMyTrip) has announced a partnership with magicpin to launch a suite of products and services that will bring travel and shopping experiences together through cross-promotion. This partnership will have unique and specially curated offerings on each other’s platforms.

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Aurobindo Pharma subsidiary’s plant gets one observation from USFDA

The USFDA has issued one observation after inspecting a plant owned by Aurobindo Pharma’s US-based unit. The health regulator conducted its Pre-Approval Inspection (PAI) and Good Manufacturing Practice (GMP) inspection at the plant from August 22-26. The plant is owned by Aurolife Pharma LLC, a wholly-owned step-down subsidiary of Aurobindo Pharma Ltd. The company said it will respond to the USFDA within the stipulated timeline.

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​​IRCTC plunges 8% after it withdraws e-tender for data monetisation plan

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) fell over 8% today after the company withdrew the e-tender for its data monetisation plan. The bill was withdrawn after IRCTC was summoned by a Parliamentary panel over its controversial passenger data monetisation plan on Friday. The panel sought IRCTC’s stance on the proposal as it was concerned over possible data privacy violations.

Last week, IRCTC revealed plans to employ a consultant to conduct business with government and private companies by using its customer and vendor application data. The company estimated a revenue opportunity of ₹1,000 crore from this move.

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Vodafone Idea denies report of data breach

Vodafone Idea (Vi) has denied an alleged data leak of more than 20 million customers. A report by cyber security research firm CyberX9 claimed that call data records of around 20.6 million customers of Vi were leaked and accessed by cyber-criminals. The telco said the report is “false and malicious”.

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RBI to establish fraud registry to check bank frauds

The Reserve Bank of India (RBI) aims to establish a fraud registry to compile a database of dubious websites, phones, and other digital fraud methods as part of its attempts to increase client safety. Such a database will help to stop fraudsters from committing the same fraud because the websites or phone numbers will be blacklisted.

Read more here.

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Editorial

An Analysis of India’s Booming AI Industry

Three-dimensional synthesis of works, on behalf of the future of science and technology, network communications, digital age

We live in a world where intelligent computers or machines recognise and interact with human speech and objects. It can even strategise and solve problems like humans. Smartphones, banking systems, and social media platforms are able to analyse our behaviour patterns and help enhance the quality of everyday life. Self-driving or autonomous cars are finally a reality.

In this article, we explore an industry that is considered vital for India’s growing economy— the artificial intelligence (AI) industry! We shall also find out who the top players in this field are.

What Exactly is AI?

In simple terms, Artificial Intelligence (AI) is a branch of computer science that builds smart machines capable of performing tasks that typically require human intelligence. We can create algorithms (a set of rules) to classify, analyse, and draw predictions from extensive data. Thus, smart machines can learn from new data, act on it, and efficiently solve problems in our personal and professional lives. AI is capable of making decisions and performing tasks at a much faster speed with accuracy. It is essentially creating a world where human intervention is not required.

Meanwhile, Machine Learning (ML) is a division of AI wherein systems can identify patterns and link them by analyzing data made available to them.​​ Many enterprises use ML to track and understand customer behavior and operational business patterns.

AI can now drive vehicles, detect cancer cells, help with facial recognition, and even make financial decisions! Law enforcement agencies and court systems use AI. Repetitive tasks such as clerical work, invoicing, and management reporting can be automated to save time and costs. Many factories use AI-powered robots to increase productivity and improve accuracy. You may not even realise it, but AI can be found everywhere: the Google Assistant and Siri on your devices, conversational bots, email spam filters, restaurant or OTT movie recommendations, etc.

Now, let’s look at the top five companies leading the AI revolution in India:

Tata Elxsi Ltd

Tata Elxsi Ltd is a company that often goes under the radar of most investors. It is one of the leading providers of design and technology services in the world. With the help of digital technologies such as Internet of Things (IoT), Cloud, Mobility, Virtual Reality, and AI, Tata Elxsi develops smart products and services for their customers. All these applications will be used on a massive scale in the future as the world shifts toward AI and data analytics.

The Bengaluru-based firm serves the automotive, home appliances, semiconductor, media, broadcast, communications, rail, and healthcare industries. It has received considerable recognition in the fields of self-driving cars, video analytics solutions, and healthcare monitoring. In the current influencer era, Tata Elxsi has delivered AI solutions for content curation, moderation, understanding trends, and recommendation of ad insertion.

The Artificial Intelligence Centre of Excellence (AI CoE) by Tata Elxsi deals with the growing need for intelligent systems.

L&T Technology Services Ltd

L&T Technology Services (LTTS) offers engineering, research, and development services across India, North America, and Europe. The company builds automation and process control systems for factories/plants across multiple industries. Moreover, it offers cloud, Internet of Things (IoT), artificial intelligence (AI), and data analytics services.

Last year, US-based Mavenir and NVIDIA selected LTTS to accelerate the adoption of the industry’s first converged AI-on-5G. NVIDIA’s AI-on-5G is a platform that will accelerate the digital transformation of enterprises across all industries. Meanwhile, LTTS also developed an AI-based smart parking solution with Intel Corporation. 

Happiest Minds Technologies Ltd

Happiest Minds Technologies is a leading IT solutions and services provider based in Bengaluru. They offer AI, cloud, Internet of Things (IoT), blockchain, and robotics services across industries. The company uses artificial intelligence for language processing, image analytics, object identification, and video analytics to provide technology solutions. Happiest Minds also works on emerging technologies like augmented reality (AR) and virtual reality (VR). The mid-cap IT company is currently planning to acquire firms with expertise in automation and AI.

Cyient Ltd

Hyderabad-based Cyient offers geospatial, IT, and data analytics solutions in Asia, North America, and Europe. It is one of the Top 30 outsourcing companies in the world. They primarily develop and use AI for remote sensing, navigational data mapping, and other location-based services. 

Mphasis Ltd

Mphasis is an information technology solutions provider that specializes in cloud-based AI services worldwide. It offers blockchain, business process, enterprise automation, design, infrastructure, and cloud services. In July 2021, the United States Patent and Trademark Office (USPTO) awarded Mphasis a patent for its AI-driven application and infrastructure management solution. It predicts errors and failures of any application and enables preventive maintenance measures. The company also aims to expand its portfolio of AI/ML innovation in the coming years.

Conclusion

After realising its true potential, Indian enterprises have been investing heavily in artificial intelligence solutions to reduce costs and improve customer retention. Other important companies in the AI/robotics industry include Zensar Technologies Ltd, Persistent Systems Ltd, Tata Consultancy Services (TCS), and Affle India Ltd. A research report by International Data Corporation (IDC) forecasts the Indian market for AI software and hardware services to grow at a CAGR of 20.2% to a whopping $7.8 billion! Indian organisations plan to use AI extensively for customer support, IT automation, security, supply chain management, and much more. 

If developed ethically and morally, AI could contribute significantly to the betterment of society.

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

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Federal Bank Posts 64% YoY Rise in Q1 Net Profit – Top Indian Market Updates

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

Federal Bank Q1 Results: Net profit rises 64% YoY to Rs 601 crore

Federal Bank reported a 63.5% YoY increase in net profit to Rs 600.66 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 13% YoY to Rs 1,604.5 crore during the same period. [NII is the difference between the interest income a bank earns from loans and the interest it pays depositors.] The bank’s gross non-performing assets (GNPA) ratio stood at 2.69% in Q1 FY23, compared to 2.8% in Q4 FY22. Provisions fell 74% YoY to Rs 166.68 crore.

Read more here.

Bharti Airtel declares successful trial of 5G captive network at Bosch facility

Bharti Airtel Ltd announced the successful trial of India’s first 5G private network at the Bosch Automotive Electronics India (RBAI) facility in Bengaluru. The telecom major’s on-premise 5G Captive Private Network was built over the trial 5G spectrum allocated by the Department of Telecommunications (DoT). Airtel has implemented two industrial-grade use cases for quality improvement and operational efficiency at Bosch’s manufacturing facility

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Yes Bank selects JC Flowers ARC to offload bad loans worth Rs 48,000 crore

Yes Bank has signed a term sheet with JC Flowers Asset Reconstruction (ARC) for the sale of identified stressed loans of the bank worth up to Rs 48,000 crore. The bank proposes to run a transparent bidding process for the sale of its bad loan portfolio, with JC Flowers ARC’s bid as the base bid. JC Flowers has likely valued Yes Bank’s bad loan book of Rs 48,000 crore at Rs 12,107 crore, which will get transferred to the ARC.

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Kesoram Industries Q1 Results: Net loss at Rs 61 crore

Kesoram Industries Ltd reported a consolidated net loss of Rs 61.25 crore for the quarter ended June (Q1 FY23). It had posted a net profit of Rs 12.77 crore in the corresponding quarter last year (Q1 FY22). Revenue from operations grew 4.18% YoY to Rs 891.23 crore in Q1 FY23. The company’s total expenses stood at Rs 998.54 crore in Q1, up 19.5% YoY. Kesoram Industries manufactures cement, tyres, tubes, rayon, paper, and heavy chemicals.

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Adani Group plans to create aero cities alongside its airports: Report

As per a report by Economic Times, Adani Group has plans to develop real estate projects alongside its airports in India in addition to its aeronautical and non-aeronautical (terminal) operations. Adani Airports will develop nearly 70 million sq. ft. on over 500 acres of land across all airports under its city-side developments portfolio. These “aero cities’” will be a mix of hotels, convention centres, retail, entertainment, logistics, and other allied real estate segments.

Read more here.

Kotak Mahindra Bank completes its integration for direct tax payments

Kotak Mahindra Bank has become one of the first private banks to integrate with the new e-filing portal of the Income Tax Department. The bank’s customers can now pay their direct taxes through the e-pay tax tab on the portal using Kotak Net Banking or by visiting a branch. In October 2021, Kotak Mahindra Bank became the first Scheduled Private Sector Bank to receive approval as a collections partner for taxes.

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JK Tyre strengthens retail presence with 70th outlet

JK Tyre & Industries Ltd has set up a new truck wheel centre in Tamil Nadu, in line with its strategy to strengthen its presence in India. The new outlet is the company’s 15th outlet in Tamil Nadu and 70th in the country. Spread across 4,000 sq. ft., the facility provides end-to-end solutions for truck and bus tyres. It is equipped with trained technical advisors, wheel servicing equipment, and a wide range of truck tyres.

Read more here.

NHPC signs pacts to develop green hydrogen tech in Leh, Kargil

NHPC Limited has signed two agreements to develop green hydrogen technologies in Leh and Kargil. The company will consider the development of a Pilot Green Hydrogen fuel cell-based Microgrid (including hydrogen production) to meet the power requirements of NHPC’s guest house at Nimmo Bazgo Power Station in Leh. NHPC will also produce green hydrogen fuel to run two buses for up to 8 hours in Kargil.

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LTTS Q1 Results: Net profit rises 27% YoY to Rs 274 crore

L&T Technology Services (LTTS) reported a 27% YoY increase in consolidated net profit to Rs 274.2 crore for the quarter ended June (Q1 FY23). Revenue from operations grew 23.4% YoY to Rs 1,873.7 crore during the same period. The company secured a $50 million plus deal, four $15 million deals, and two $10 million deals in Q1.

Read more here.

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Mukesh Ambani Resigns as Director of Reliance Jio – Top Indian Market Updates

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

Mukesh Ambani resigns as director of Reliance Jio

Mukesh Ambani has resigned from the board of his group’s telecom arm, Reliance Jio Infocomm Ltd. He has handed over the reins of the company to his elder son Akash. In a stock exchange filing, Reliance Jio said its board has “approved the appointment of Akash M Ambani, non-executive director, as chairman of the Board of Directors of the company.”

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Tata Steel to ramp up Neelachal Ispat Nigam’s operation to 1.1 MTPA within a year

Tata Steel Ltd (TSL) Chairman N Chandrasekaran said the company will boost the operation of Neelachal Ispat Nigam Ltd (NINL) to a rated capacity of 1.1 million tonnes per annum (MTPA) within the next year. In January 2022, Tata Steel Long Products (a subsidiary of TSL) won the bid to acquire a 93.71% stake in NINL at an enterprise value of Rs 12,100 crore. Tata Steel is expected to complete the acquisition by the end of Q1 FY23.

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Ruchi Soya Industries changes name to Patanjali Foods Ltd

Edible oil manufacturer Ruchi Soya Industries Ltd (RSIL) announced that the company’s name has been changed to Patanjali Foods Ltd with effect from June 24. In 2019, Baba Ramdev-led Patanjali Ayurved acquired Ruchi Soya for Rs 4,350 crore through an insolvency process. Last month, Patanjali Ayurved sold its food retail business to RSIL for Rs 690 crore. The move was part of its strategy to focus on the non-food, traditional medicine, and wellness business.

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Indiabulls Real Estate guilty of profiteering Rs 6.46 crore

The National Anti-profiteering Authority (NAA) has found Indiabulls Real Estate Ltd (IREL) guilty of not passing on over Rs 6.46 crore input tax credit benefits to homebuyers after the introduction of GST. The concerned project, named Sierra-Vizag, is situated in Visakhapatnam. The NAA has directed IREL to pass on the profiteered amount to homebuyers within 3 months, along with interest.

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LTTS launches engineering design centre in France

L&T Technology Services Ltd. (LTTS) has launched an engineering design centre in Toulouse, France. The centre will initially focus on developing cutting-edge solutions for the aerospace and defence industries. LTTS also plans to hire over 100 engineers for the centre in the next two years.

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Tata Motors to increase prices of commercial vehicles from July 1

Tata Motors Ltd. has announced a price hike of 1.5-2.5% for its range of commercial vehicles (CVs), effective from July 1. The percentage of hike will depend on the individual model and variant. “The steep rise in overall input costs makes it imperative to pass on a residual proportion via a minimised price hike,” the automaker said in a statement.

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India Cements acquires 100% stakes in Springway Mining

India Cements Ltd has acquired the entire paid-up equity and preference share capital of Springway Mining Private Ltd for Rs 182.89 crore. Springway Mining was in the process of setting up a cement plant in Madhya Pradesh. 

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Glenmark Pharma acquires OTC drugs from Wockhardt

Glenmark Pharma’s US subsidiary has acquired a portfolio of approved over-the-counter (OTC) abbreviated new drug applications (ANDAs) from Wockhardt. The move is part of the pharma company’s strategy to expand its US OTC portfolio. Glenmark Pharma’s current portfolio consists of 175 products authorized for distribution in the US and 48 ANDAs pending approval with the US Food & Drug Administration (USFDA).

Read more here.

Infosys secures order from Global Express

Australia-based Global Express has selected Infosys Ltd to separate the technology landscape after its divestment from Toll Holdings. The IT major will leverage the blueprints and tools from Infosys Cobalt, a set of services, solutions, and platforms for enterprises to accelerate their cloud journey. Infosys will also migrate Global Express’ applications and services to a sustainable and energy-efficient data centre and public cloud on AWS.

Read more here.

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Market News Top 10 News

Future Retail to Take Action to Reverse RIL’s Store Takeovers – Top Indian Market News

Will act to reverse store takeovers by Reliance: Future Retail

Future Retail Ltd (FRL) accused Reliance Industries Ltd (RIL) of forcefully taking over stores and asserted that it did not hand over any of its retail units to the conglomerate. FRL’s board is committed to taking necessary action to seek value adjustments and reversal of RIL’s takeover of its stores.

Last month, RIL took over the operations of ~950 stores of FRL and offered jobs to its employees after the Kishore Biyani-led group failed to make lease payments.

Read more here. 

Torrent Power to acquire 51% stake in power distribution utility of Dadra & Nagar Haveli

Torrent Power Ltd (TPL) has signed agreements to acquire a 51% stake in Dadra & Nagar Haveli and Daman & Diu (DNH & DD) Power Distribution Corporation Ltd. This acquisition will strengthen TPL’s position as the leading power distribution company in India. It will now have a presence in 12 cities spread across 3 states and 1 Union Territory. With the addition of DNH & DD, TPL will distribute nearly 24 billion units of electricity per annum to over 3.85 million customers.

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L&T Technology Services establishes Digital Twin Practice in collaboration with Microsoft & Bentley Systems

L&T Technology Services Ltd (LTTS) has launched a next-generation IoT-based engineering practice on Digital Twins for the manufacturing and industrial sectors. LTTS has partnered with Microsoft and Bentley Systems to establish a Center of Excellence (CoE) that will address and accelerate the Digital Twin requirements of new-age manufacturing companies. 

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Shyam Metalics’ board approves Rs 990 crore capex plans

Shyam Metalics & Energy Ltd’s (SMEL) board has approved a proposal to allocate Rs 990 crore as capital expenditure (capex) to expand manufacturing capacities. The company aims to expand its capacity by 2.85 million tonnes per annum (MTPA) as it enters FY23. The increased aggregate capacity will now be 14.5 MTPA. SMEL has also commissioned an alumnium-foil-making plant with an annual capacity of 40,000 tonnes. 

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Singapore Exchange selects TCS as strategic partner for NSE IFSC-SGX Connect

Singapore Exchange (SGX) has selected the TCS BaNCS platform to power the NSE IFSC-SGX Connect (Gift Connect) for trade execution and clearing of NIFTY products on behalf of its members globally. SGX has set up SGX India Connect IFSC Pvt Ltd (a special purpose vehicle) at Gujarat International Finance Tec-City. The exchange aims to enable international access to Indian capital markets and create a larger liquidity pool of international and domestic participants. 

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Tata Power partners with Battery Smart to install EV charging stations in Delhi

Tata Power Delhi Distribution Ltd has partnered with Battery Smart, a battery-swapping network for electric vehicles (EVs), to open Swap Stations for two-and-three wheelers across North Delhi in 2022. By creating a vast network of Swap Points across Delhi, both companies are supporting the state government’s ‘Switch Delhi’ campaign. 

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Tata Communications, Formula 1 announce multi-year strategic collaboration

Tata Communications Ltd (TCL) and Formula 1 have announced a multi-year strategic collaboration. TCL will return to the sport of racing as the Official Broadcast Connectivity Provider of Formula 1. The company will provide global end-to-end managed network services for video contribution. It will also deliver and enhance the global fan experience.

Read more here.

Tech Mahindra partners with Cisco to modernize 5G infra 

Tech Mahindra Ltd has announced a collaboration with Cisco to modernize 5G infrastructure with a routed optical networking solution. The partnership aims to simplify internet transport networks by using optical and routing technologies to converge service over an Internet Protocol (IP) infra. The combined synergies of both companies will enable an end-to-end value proposition for service providers to reduce complexity in their networks.

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Piramal Capital ties up with IMGC to offer home loans

Piramal Capital & Housing Finance Ltd (PCHFL) has partnered with India Mortgage Guarantee Corporation (IMGC) to offer home loans ranging from Rs 5-75 lakh to salaried and non-salaried customers. Under this arrangement, IMGC will provide guarantee on a part of the loan so that it is secured in case of a default. PCHFL aims to generate 10-12% of its business from the partnership by the end of FY23.

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Oil India’s board approves Rs 6,555 crore investment for Numaligarh petrochemical project

Oil India Ltd’s board has approved an investment of Rs 6,555 crore in its subsidiary, Numaligarh Refinery. The capital will be allocated for implementing a petrochemical project (a polypropylene unit and associated facilities) at the refinery. The board has also approved the formation of a joint venture (JV) between Assam Gas and Oil India. The JV will take over three geographical areas offered by Petroleum and Natural Gas Regulatory Board under the 11th round of city gas distribution bidding.

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LIC IPO May Get Pushed to FY23 – Top Indian Market News

LIC IPO may get pushed to FY23 amid volatility 

The government may postpone Life Insurance Corporation’s (LIC) mega initial public offering (IPO) to the next financial year (FY23). The Centre is likely to hold a meeting to reassess the IPO timing amid market volatility due to the Russia-Ukraine war. On February 13, India’s largest life insurer had filed the Draft Red Herring Prospectus (DRHP) for a 5% stake sale by the government. You can read more about it here.

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Vodafone Idea board approves Rs 14,500 crore fund-raising plan

Vodafone Idea Ltd’s board has approved a proposal to raise up to Rs 4,500 crore from its promoters– Vodafone Group and Aditya Birla Group – through a preferential share issue at Rs 13.30 a share. The board also cleared raising another Rs 10,000 crore via equity and debt instruments. The cash-strapped telecom operator is looking to strengthen its balance sheet and invest in network infrastructure after availing of a government bailout.

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Tata Motors to deploy mobile showrooms in rural areas

Tata Motors Ltd will deploy over 100 mobile showrooms across India as part of an initiative to offer doorstep car buying experience in rural areas. The automaker has launched Anubhav, a showroom on wheels, in line with its rural marketing strategy. The initiative will help increase Tata Motors’ reach in rural areas, which have high potential in terms of population and economy.

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LT Foods acquires 51% stake in Golden Star Trading

LT Foods Ltd announced the acquisition of a 51% stake in Golden Star Trading Inc. along with its brand Golden Star through its subsidiary LT Foods Americas Inc. (LTFA). LTFA is a material non-listed subsidiary of LT Foods. It contributes more than 35% to the overall revenue through its flagship brand Royal in North America. The acquisition entails strengthening the share of LTFA in the branded jasmine rice market.

Mahindra Finance’s disbursements up 44% at Rs 2,733 crore in February

Mahindra & Mahindra Financial Services Ltd’s loan disbursements rose 44% to Rs 2,733 crore in February. The collection efficiency during the month stood at 98%. The year-to-date (YTD) disbursement at approximately Rs 23,632 crore registered a yearly growth of 42%. The positive trend in collections led to a month-on-month improvement in asset quality.

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Adani Ports achieves 14% growth in handled cargo volumes in Feb

Adani Ports & Special Economic Zone (APSEZ) Ltd handled cargo volumes of 24.15 million metric tonnes (MMT), registering a growth of 14.4% YoY. During the eleven months of FY22, APSEZ’s portfolio of ports handled a total cargo volume of 283 MMT, recording a 28% YoY growth.

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LTTS secures multi-year engineering contract from Airbus Group

L&T Technology Services Ltd (LTTS) has secured a multi-year contract from European aerospace major Airbus under its Engineering, Manufacturing Engineering, and Services Strategic Suppliers program. The engagement covers all Airbus divisions, subsidiaries, and affiliates. LTTS has scaled up operations across Airbus’ key geographic locations, including Toulouse (France), which will become the main R&D Centre of Excellence (CoE),

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TCS launches Enterprise 5G Edge Suite solutions

Tata Consultancy Services (TCS) has launched its Enterprise 5G Edge Suite of solutions with Microsoft Azure private mobile edge computing (private MEC). The suite brings comprehensive capabilities that help enterprises design, integrate, and operate an enterprise 5G edge ecosystem using the Azure private MEC solution. The new offering will serve various use cases, including bringing together enterprise assessment toolkits for edge and 5G readiness.

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Lupin gets USFDA approval to market Efinaconazole Topical solution in the US

Lupin Ltd has received approval from the US Food & Drug Administration to market Efinaconazole topical solution in the US market. The drug is used to treat fungal toenail infections. The product will be manufactured at the company’s facility in Pithampur, Madhya Pradesh. According to IQVIA-December 2021 data, Efinaconazole topical solution had estimated annual sales of $274 million (~Rs 2,078.6 crore) in the US.

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Bajaj Finance’s Net Profit Rises 85% YoY in Q3 – Top Indian Market News

Bajaj Finserv

Bajaj Finance Q3 Results: Net profit rises 85% YoY to Rs 2,125 crore

Bajaj Finance Ltd reported an 85% YoY increase in consolidated net profit to Rs 2,125 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 40% YoY to Rs 6,000 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 1.73% in Q3 FY22, compared to 2.45% in Q2 FY22. Bajaj Finance’s assets under management (AUM) rose 26% YoY to Rs 1,81,250 crore in Q3 FY22.

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Reliance Retail acquires 54% stake in Addverb Technologies for $132 million

Reliance Retail Ventures Ltd has acquired a 54% stake in robotics startup Addverb Technologies for $132 million (~Rs 984.4 crore). The deal will provide Addverb Technologies an opportunity to deploy robots at scale in omnichannel distribution centres across different segments. The company is planning to deploy its robots across hospitals and airports.

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L&T Tech Q3 Results: Net profit rises 34% YoY to Rs 249 crore

L&T Technology Services Ltd (LTTS) reported a 34% YoY increase in consolidated net profit to Rs 248.8 crore for the quarter ended December (Q3 FY22). Net profit rose 8% when compared to the previous quarter. Its revenue from operations rose 21% YoY (or 5% QoQ) to Rs 1,687.5 crore during the same period. EBITDA stood at Rs 314 crore, up 48% YoY. LTTS has declared an interim dividend of Rs 10 per share.

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Tata Motors to hike prices of passenger vehicles from Jan 19

Tata Motors Ltd will increase the prices of its passenger vehicles by an average of 0.9%, with effect from January 19. The steep rise in overall input costs has compelled the automaker to pass on some proportion to customers through a minimal price hike. At the same time, Tata Motors has introduced a reduction of up to Rs 10,000 on specific variants in response to customer feedback.

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EaseMyTrip signs pact with Flybig to sell tickets exclusively on its platform

Easy Trip Planners Ltd has partnered with regional airline Flybig to sell its tickets exclusively on the EaseMyTrip platform. All bookings of Flybig by any other online travel portals will also go through and be processed by EaseMyTrip. With this partnership, Flybig aims to explore new avenues for growth and widen its network. Flybig plans to induct five aircraft by the end of March 2022.

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DCM Shriram Q3 Results: Net profit rises 38% YoY to Rs 350 crore

DCM Shriram Ltd reported a 38% YoY increase in consolidated net profit to Rs 349.57 crore for the quarter ended December (Q3 FY22). Net profit jumped 122% when compared to the previous quarter. Its revenue from operations rose 26.5% YoY to Rs 2,790 crore during the same period. EBITDA rose 46% YoY to Rs 588 crore in Q3. The chemical manufacturer has declared an interim dividend of Rs 5.2 per share. 

IndusInd Bank sells Rs 4,050 crore distressed loans to ARC in last 9 months

As per a report from the Economic Times, IndusInd Bank sold more than Rs 4,050 crore of distressed loans to asset reconstruction companies (ARC) in the last nine months to clean its books. The bank sold Rs 2,552 crore loans to Edelweiss ARC and Rs 1,500 crore to Omkara ARC in separate pools, comprising retail and corporate loans. The report further states that IndusInd Bank’s aim to maintain its net non-performing assets (NPAs) below 1% could have prompted it to sell the distressed loans.

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Tata Elxsi Q3 Results: Net profit rises 43% YoY to Rs 151 crore

Tata Elxsi Ltd reported a 43.5% YoY increase in net profit to Rs 151 crore for the quarter ended December (Q3 FY22). Net profit rose 20.4% when compared to the previous quarter. Its revenue from operations rose 33.2% YoY (or 6.7% QoQ) to Rs 635.4 crore during the same period. EBITDA grew 46.8% YoY to Rs 210.8 crore in Q3.

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Dixon Tech enters into JV with Imagine Marketing

Dixon Technologies Ltd has entered into a 50:50 joint venture (JV) with the makers of Boat brand of electronics, Imagine Marketing. The JV will undertake the design and manufacturing of wireless audio solutions in India. The partners will also co-invest in the evolving Indian mobile accessory market as part of the Make in India initiative. The joint venture will invest Rs 40 crore over the next four years.

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Nazara Tech acquires 55% stake in adtech firm Datawrkz

Nazara Technologies Ltd has acquired a 55% stake in programmatic advertising and monetisation company Datawrkz. The transaction will value the company at around Rs 225 crore. The acquisition will help enhance Nazara Tech’s in-house capabilities to optimise its customer acquisition spending. It will also help the company enhance yields on ad monetisation of its large consumer base.

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Jio adds 20.1 lakh mobile subscribers in November; Airtel adds 13 lakh users

Reliance Jio Infocomm gained 20.1 lakh mobile subscribers in November 2021. Jio’s total subscriber base rose to 42.86 crore during the same month. Bharti Airtel added 13.1 lakh users, taking its overall mobile user base to 35.52 crore at the end of November. Vodafone Idea (Vi) lost 18.9 lakh subscribers in November and its user base shrunk to 26.71 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

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Trident Q3 Results: Net profit rises 88% YoY to Rs 211 crore

Trident Ltd reported an 88% YoY increase in net profit to Rs 211.09 crore for the quarter ended December (Q3 FY22). Net profit fell 10% when compared to the previous quarter. Its total income rose 51.6% YoY to Rs 1,983.65 crore during the same period. The textile firm’s EBITDA stood at Rs 406 crore in Q3, up 68% YoY.

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OIL Reports 111% YoY Jump in Net Profit in Q2 – Top Indian Market News

crude oil prices

Oil India Q2 Results: Net profit jumps 111% YoY to Rs 504.46 crore

Oil India Limited (OIL) reported a 111% YoY jump in net profit to Rs 504.46 crore for the quarter ended September (Q2 FY22). Its turnover rose 52.8% YoY to Rs 3,311.18 crore during the same period. EBITDA stood at Rs 1,290.99 crore in Q2, an increase of 50.9% YoY. Crude oil price realisation for Q2 FY22 rose to $71.35 per barrel, compared to $42.74 per barrel in the corresponding period last year. OIL’s board has recommended an interim dividend of Rs 3.5 per share.

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Bank of Baroda Q2 Results: Net profit rises 24% YoY to Rs 2,088 crore

Bank of Baroda reported a 24.4% YoY increase in net profit to Rs 2,087.9 crore for the quarter ended September (Q2 FY22). Its net interest income (NII) rose 2.11% YoY to Rs 7,566 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 8.11% in Q2, compared to 8.9% in the previous quarter. The bank’s provisions fell 2% YoY to Rs 2,754 crore.

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LTTS partners with Microsoft to offer industrial Io-based smart solutions

L&T Technology Services Ltd (LTTS) has partnered with Microsoft Corp. to offer its Energy & Sustainability Manager (ESM) solution on Microsoft Azure to digitally transform and create sustainable factories of the future. LTTS’ ESM is a comprehensive compliance and standard-driven solution that tracks energy losses across plants. It helps to reduce wastage sustainably throughout a business and provides visibility into utilities and plant equipment.

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Berger Paints Q2 Results: Net profit falls 1% YoY to Rs 219 crore

Berger Paints Ltd reported a 1% YoY decline in consolidated net profit to Rs 219.21 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 27.68% YoY to Rs 2,225.01 crore during the same period. The paint manufacturer’s total expenses stood at Rs 1,939.59 crore in Q2, an increase of 31.7% YoY.

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DLF to add 2.3 million sq. ft. in retail portfolio

DLF Limited will add 2.3 million square feet to its existing 4.2 million sq. ft. of retail portfolio with six new properties as part of its expansion plans. The realty company is introducing a new line of growth with the introduction of premium neighborhood plazas in Gurugram, Chennai, and Delhi. In addition to this, DLF Retail will be entering the Goa market with Patto Plaza, a 0.3 million sq. ft. premium offering at one of the most prime localities in the city. 

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Alembic Pharma Q2 Results: Net profit falls 50% YoY to Rs 169 crore

Alembic Pharmaceuticals Ltd reported a 50% YoY decline in net profit to Rs 169.29 crore for the quarter ended September (Q2 FY22). Its revenue from operations fell 11% YoY to Rs 1,292.32 crore during the same period. The US generics business posted a 40% YoY fall in sales to Rs 348 crore in Q2. Revenue from its domestic formulations business stood at Rs 509 crore, registering a growth of 23% YoY. 

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UCO Bank enters co-lending agreement with Aadhar Housing Finance

UCO Bank has entered into a co-lending agreement with Aadhar Housing Finance to offer home loans at competitive rates. The partnership aims at providing easy and convenient home finance solutions to customers from the economically weaker sections of society. The co-lending framework of the Reserve Bank of India (RBI) provides a tool for banks and non-banks to collaborate, leverage on their respective strengths to give an affordable solution to the unserved and underserved sections.

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Cadila Healthcare gets USFDA approval for pre-surgery injection

Cadila Healthcare has received final approval from the US Food & Drug Administration (USFDA) for Glycopyrrolate injection. The drug is used before surgery to decrease the volume of secretions from the mouth, lungs, and stomach. It will be manufactured at the group’s injectables manufacturing facility at CHL-Jarod, near Vadodara in Gujarat.

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Cabinet approves ethanol price hike by up to Rs 1.4 per litre for blending in petrol

The Union Cabinet has hiked the price of ethanol extracted from sugarcane for blending in petrol by up to Rs 1.47 per litre for the 2021-22 marketing year, starting December. It is part of the government’s target to achieve 20% doping by 2025. Higher mixing of ethanol in petrol will help India cut its oil import bill and also benefit sugar cane farmers and sugar mills.

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Bharti Airtel, Oracle enter into a data centre and cloud deal in India

Bharti Airtel and Oracle have extended their partnership to support the growth of India’s digital economy by bringing a range of industry-leading cloud solutions to more than 10 lakh enterprise customers. Oracle will expand its India West (Mumbai) region capacity with Nxtra by Airtel to support the increasing demand for cloud services in India. Nxtra by Airtel operates India’s largest data centre network of 10 hyper data centres and 120 edge data centres.

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HUL Posts 9% YoY Rise in Net Profit in Q2 – Top Indian Market News

HUL Q2 Results: Net profit rises 9% YoY to Rs 2,187 crore

Hindustan Unilever Ltd (HUL) reported a 9% year-on-year (YoY) increase in net profit to Rs 2,187 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 11.2% YoY to Rs 12,724 crore during the same period. The company’s domestic consumer growth in Q2 was at 11% YoY. Operating margins fell 50 basis points to 24.6%. HUL’s board has approved an interim dividend of Rs 15 per share.

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Bharti Airtel launches Video Platform as a Service offering for OTT firms

Bharti Airtel has announced the launch of a Video Platform as a Service (CPaaS) solution— Airtel IQ Video. The product has been developed by Airtel’s in-house engineering teams. By leveraging Bharti Airtel’s resilient cloud and video technologies, Airtel IQ Video allows businesses to build world-class video streaming products for large and small screens with minimal investment in infrastructure and technology. Raj TV, Eros Now, and CG Telecom of Nepal have already deployed Bharti Airtel’s new solution.

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Nestle India Q3 Results: Net profit rises 5% YoY to Rs 617 crore

Nestle India reported a 5.16% YoY increase in net profit to Rs 617.37 crore for the quarter ended September (Q3 CY21). The company follows the January-December financial year cycle. Net profit increased by 14.63% compared to the previous quarter. Its revenue from operations rose 9.6% YoY to Rs 3,865 crore during the same period. Domestic sales growth stood at 10.1% in Q2. Nestle India’s board has declared a second interim dividend of Rs 110 per share.

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TV18 Broadcast Q2 Results: Net profit rises 86% YoY to Rs 140 crore

TV18 Broadcast Ltd reported an 86.67% YoY increase in consolidated net profit to Rs 140 crore for the quarter ended September (Q2 FY22). Net profit increased by 41.3% compared to the previous quarter. Its revenue from operations rose 29% YoY to Rs 1,309 crore during the same period. TV18 Broadcast (a subsidiary of Network18) runs the largest news network in India, spanning business, general, and regional news channels.

Meanwhile, Network18 Media & Investments reported a 307.7% QoQ jump in consolidated net profit to Rs 39.02 crore in Q2 FY22. The company had posted a net loss of Rs 9.47 crore in the corresponding quarter last year (Q2 FY21). Total income rose 13.12% QoQ (or 29.73% YoY) to Rs 1,392.35 crore in the July-Sept quarter of FY22.

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Aurionpro signs agreement to increase stake in SC Soft to 80%

Aurionpro Solutions Ltd has announced the signing of an agreement for the acquisition of a further stake in its subsidiary, SC Soft Pte Ltd. The transaction involves the acquisition of a 29% stake in SC Soft from existing shareholders in various tranches. In 2018, Aurionpro Solutions had acquired a 51% stake in SC Soft, a technology company that specialises in automated fare collection and payment solutions for mass transportation. 

DCM Shriram Q2 Results: Net profit rises 33.2% YoY to Rs 159 crore

DCM Shriram Ltd reported a 33.2% YoY increase in consolidated net profit to Rs 159 crore for the quarter ended September (Q2 FY22). Net profit rose 0.23% compared to the previous quarter. The chemical manufacturer’s total income rose 6.49% YoY (or 8.57% QoQ) to Rs 2,198.61 crore during the same period. DCM Shriram’s expenses increased by 3.11% YoY to Rs 1,970 crore in Q2. The company’s board has declared an interim dividend of Rs 4.60 per share.

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Dr Reddy’s Labs gets USFDA approval for Lenalidomide capsules

Dr Reddy’s Laboratories has received final approval for Lenalidomide capsules from the US Food and Drug Administration (USFDA). The drug is used to treat various types of cancers. With this approval, the pharma company is eligible for 180 days of generic drug exclusivity for Lenalidomide capsules, 2.5 mg and 20 mg. 

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ACC Q3 Results: Net profit rises 23.7% YoY to Rs 450 crore

ACC Limited reported a 23.7% YoY increase in consolidated net profit to Rs 450.19 crore for the quarter ended September (Q3 CY21). The company follows the January-December financial year cycle. Net profit fell 20.9% compared to the previous quarter. Its revenue from operations rose 5% YoY to Rs 3,653 crore during the same period. The cement manufacturer’s earnings before interest, tax, depreciation, and amortization (EBITDA) was higher by 6% YoY at Rs 712 crore in Q2.

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L&T Technology Services Q2 Results: Net profit rises 39% YoY to Rs 230 crore

L&T Technology Services (LTTS) Ltd reported a 38.97% YoY increase in consolidated net profit to Rs 230 crore for the quarter ended September (Q2 FY22). Net profit rose 6.38% compared to the previous quarter. Its total income rose 19.45% YoY (or 4.76% QoQ) to Rs 1,637 crore during the same period. LTTS secured a total of five deals with a total contract value of more than $10 million in Q2. EBIT margins grew by 470 basis points (bps) at 18.4%.

ICICI Securities Q2 Results: Net profit rises 26% YoY to Rs 351 crore

ICICI Securities Ltd reported a 26.28% YoY increase in consolidated net profit to Rs 351.24 crore for the quarter ended September (Q2 FY22). Net profit rose 13% compared to the previous quarter. Its total income rose 26% YoY to Rs 857 crore during the same period. The board of ICICI Securities has declared an interim dividend of Rs 11.25 per share.

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Reliance Retail acquires majority stake in designer Ritu Kumar’s firm

Reliance Retail Ventures Ltd (RRVL) has acquired a majority stake (~52%) in iconic Indian fashion designer Ritu Kumar’s company Ritika Pvt Ltd. The Ritu Kumar business includes four fashion brand portfolios that cumulatively retail out of 151 point of sales globally. The partnership between the pioneering designer and RRVL aims to highlight India’s re-emerging role in the international couture industry. 

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