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Ashok Leyland to Set Up ‘Mother EV’ Plant in India – Top Indian Market News

Ashok Leyland.

Ashok Leyland to set up ‘mother EV’ plant in India

Ashok Leyland Ltd has announced plans to set up a ‘mother plant’ in India under its UK-based subsidiary Switch for its electric vehicle (EV) business. Switch UK will set up an Indian entity, which in turn will establish the plant. Ashok Leyland’s entire EV business will move to Switch, and they will also develop EV-specific platforms in buses and electric light commercial vehicles (LCVs). The company’s existing EV products such as e-buses will also move to Switch.

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SJVN Q4 Results: Net profit rises 55% YoY to Rs 620 crore

SJVN Limited reported a 55.29% YoY increase in consolidated net profit to Rs 619.92 crore for the quarter ended March (Q4). Net profit has jumped 213.7% when compared to the previous quarter. Its total income rose 54.17% YoY to Rs 1,084.96 crore during the same period. Net profit for the financial year 2020-21 (FY21) rose 5.03% YoY to Rs 1,645.61 crore. The company’s board has recommended a dividend of Rs 0.40 per share. SJVN is a state-owned hydroelectric power generation company. 

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Shalimar Paints Q4 Results: Net loss at Rs 28.45 crore

Shalimar Paints Ltd reported a net loss of Rs 28.45 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 22.29 crore in the corresponding quarter last year (Q4 FY20). The total income increased by 40.9% YoY (or 27.9% QoQ) to Rs 118.48 crore in Q4 FY21. Net loss for the financial year ended March 31, 2021 (FY21) stood at Rs 49.51 crore. The company had posted a net loss of Rs 37.88 crore in FY20. 

IndusInd Bank acquires 70 lakh shares in Mcleod Russel

IndusInd Bank has acquired over 70 lakh shares in tea company Mcleod Russel after invoking pledged shares of the company to recover its dues. Equity shares of the tea company, held by Ichamati Investments Ltd, were pledged with the bank for securing the outstanding dues of borrower Mcleod Russel India Ltd (MRIL). Ichamati Investments held a 16.39% stake in Mcleod Russel as a promoter at the end of March 2021.

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Lupin launches generic HIV-1 drug in the US

Lupin Limited has launched Emtricitabine and Tenofovir Disoproxil Fumarate tablets in the US market. The drug is used in the treatment of HIV-1 infection. It is also used for pre-exposure prophylaxis to reduce the risk of sexually acquired HIV-1 infection. According to IQVIA data, the tablets had estimated annual sales of $2.1 billion (~Rs 15,587 crore) in the US for the 12 months ended March 2021. 

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Shree Renuka Sugars to invest Rs 450 crore to increase ethanol capacity 

Shree Renuka Sugars Ltd has announced plans to invest Rs 450 crore to expand its ethanol capacity. The company’s board has approved the proposal of expanding production capacity from 430-kilo litre per day (KLPD) to 1,400 KLPD. In February 2021, the board had approved a capacity expansion of ethanol from 720-kilo litre per day to 970-kilo litre per day. The Indian government has mandated 20% ethanol blending in fuel by 2025, compared to the current blending of 7.79%.

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Finolex Industries Q4 Results: Net profit jumps 409% YoY to Rs 298 crore

Finolex Industries Ltd reported a 409.44% YoY jump in consolidated net profit to Rs 298.84 crore for the quarter ended March (Q4). Net profit has increased by 15.2% when compared to the previous quarter. Its total income rose 64% YoY (or 16.48% QoQ) to Rs 1,262.88 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 121.9% YoY to Rs 737.79 crore. Finolex Industries manufactures and sells polyvinyl chloride (PVC) pipes and fittings in India. 

Ahluwalia Contracts Q4 Results: Net profit jumps 508% YoY to Rs 37.05 crore

Ahluwalia Contracts (India) Ltd reported a 508.4% YoY jump in consolidated net profit to Rs 37.05 crore for the quarter ended March (Q4). Net profit has increased by 151.7% when compared to the previous quarter. Its total revenue rose 38.6% YoY to Rs 761.70 crore during the same period. Net profit for the financial year 2020-21 (FY21) rose 19.89% YoY to Rs 77.20 crore. Ahluwalia Contracts is a leading construction company based in New Delhi.

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Power Grid Reports 6% YoY Rise in Net Profit in Q4 – Top Indian Market News

Power Grid Corp Q4 Results: Net profit rises 6% YoY to Rs 3,526 crore

Power Grid Corporation of India reported a 6.42% YoY (or 4.7 QoQ) increase in consolidated net profit to Rs 3,526.23 crore for the quarter ended March (Q4). Its revenue from operations rose 3.5% YoY to Rs 10,510.32 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 8.83% YoY to Rs 12,036.46 crore. The company’s board has recommended a final dividend of Rs 3 per share. Its board has also declared a bonus issue in the ratio 1:3. [Eligible shareholders will receive one extra share for every three shares held in the company]

Federal Bank to raise Rs 916 crore from IFC, associate entities

Federal Bank will raise nearly Rs 916 crore by issuing shares to International Finance Corporation (IFC) and its affiliates. The private lender’s board has approved the issuance of up to 10.5 crore equity shares (of the face value of Rs 2 each) to IFC, IFC Financial Institutions Growth Fund (FIG), and IFC Emerging Asia Fund (EAF) at Rs 87.39 per share. Federal Bank is also seeking shareholders’ approval to raise Rs 4,000 crore through a rights issue or Follow on Public Offer (FPO).

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Natco Pharma Q4 Results: Net profit declines 43% YoY to Rs 53 crore

Natco Pharma Ltd reported a 43.68% YoY decline in consolidated net profit to Rs 53 crore for the quarter ended March (Q4). Net profit has declined by 15.57% when compared to the previous quarter. Its total income declined by 24.62% YoY (or 6.81% QoQ) to Rs 359.7 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 4.32% YoY to Rs 440.9 crore. The company expects strong growth during the current financial year due to multiple high-value product launches in the US and a rebound in its India business.

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Lupin receives USFDA approval for Sevelamer Hydrochloride tablets 

Lupin Limited has received approval from the US Food & Drug Administration (USFDA) to market Sevelamer Hydrochloride tablets. The drug is used to control serum phosphorus in patients with chronic kidney disease on dialysis. According to IQVIA data, the tablets had estimated annual sales of $80 million (~Rs 592 crore) in the US for the 12 months ended March 2021. The product will be manufactured at Lupin’s facility in Nagpur.

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IndusInd Bank launches digital lending platform ‘IndusEasyCredit’

IndusInd Bank announced the launch of ‘IndusEasyCredit’, a digital lending platform that enables customers to meet their financial requirements from the comfort of their homes. Both existing customers and non-IndusInd Bank customers can instantly avail of personal loans or credit cards on a single platform in a completely paperless and digital manner. Currently, customers can only apply for the ‘IndusEasyCredit’ facility through the bank’s website.

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DB Corp Q4 Results: Net profit jumps 157% YoY to Rs 61.9 crore

DB Corp Limited reported a 157.42% YoY jump in consolidated net profit to Rs 61.91 crore for the quarter ended March (Q4). Net profit has declined by 37.48% when compared to the previous quarter. Its revenue from operations declined by 6.17% YoY to Rs 456.60 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 48.57% YoY to Rs 141.42 crore. The company’s board has recommended a final dividend of Rs 3 per share. DB Corp is a print media and publishing company based in Madhya Pradesh. 

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Nazara Technologies to acquire 69.82% stake in gaming firm Publishme

Nazara Technologies Ltd has signed a binding term sheet to acquire a 69.92% stake in Publishme, a mobile game publishing agency based in the Middle East and Turkey. The company will invest nearly Rs 20 crore for acquiring the majority stake in Publishme. With this acquisition, Nazara Tech will expand its international footprint in the freemium segment. It aims to build local execution capabilities by cutting across key growth segments— freemium, gamified learning, and esports.

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Adani Enterprises to invest Rs 1,000 crore in cement business: Report

According to a report from BusinessLine, the Adani Group is setting up a 5 metric tonne per annum (MTPA) cement plant in Maharashtra with an initial investment of Rs 1,000 crore. Adani Enterprises Limited (AEL) had recently announced the incorporation of a new wholly-owned subsidiary, Adani Cement Industries Ltd, to carry out the business as manufacturers and processors of all types of cement. The company has identified a 100-acre land in the Raigad district of Maharashtra to set up the cement plant. 

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Novartis India Q4 Results: Net profit rises 43% YoY to Rs 9.7 crore

Novartis India Ltd reported a 43.07% YoY increase in net profit to Rs 9.7 crore for the quarter ended March (Q4). Its revenue from operations rose 6%YoY to Rs 99.29 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) jumped 107.34% YoY to Rs 20.9 crore. The pharma company’s board has recommended a final dividend of Rs 10 per share. 

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Domestic air passengers in May 63% lower than April: DGCA

The total number of domestic passengers that travelled by air declined by 63% to 21.15 lakh in May 2021, compared to 57.25 lakh passengers in April. The second wave of the Covid-19 pandemic has severely hit the aviation sector. IndiGo carried 11.69 lakh passengers in May and secured 55.3% of the domestic market share. SpiceJet flew 1.99 lakh passengers during the same month, accounting for a 9.4% market share. Go First (previously known as GoAir) carried 1.38 lakh passengers in May. The data was released by the Directorate General of Civil Aviation (DGCA).

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Tube Investments Q4 Results: Net profit jumps 141% YoY to Rs 143 crore

Tube Investments of India reported a 141.91% YoY jump in consolidated net profit to Rs 143.84 crore for the quarter ended March (Q4). Net profit has increased by 34% when compared to the previous quarter. Its revenue from operations jumped 165.3% YoY to Rs 2,624.72 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 6.54% YoY to Rs 286.32 crore. The company’s board has recommended a final dividend of Rs 1.5 per share. Its board has also approved the fundraising of up to Rs 200 crore via debt securities. 

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Infosys Finacle launches digital banking SaaS offering for urban co-op banks

Infosys Finacle has launched a digital banking software-as-a-service (SaaS) platform to help Indian urban cooperative banks (UCBs) modernize their business and operations. The company is a part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys Ltd. The platform has already been adopted by three leading UCBs in India— Vidya Sahakari Bank, Urban Co-operative Bank, Bareilly, and Zoroastrian Cooperative Bank

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IPO Updates: 

Dodla Dairy

The Rs 520-crore IPO of Dodla Dairy Ltd was subscribed 3.3 times on the second day of bidding. The portion reserved for retail investors was subscribed 6.18 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 6% and that of qualified institutional buyers (QIBs) 28%. You can learn more about the IPO here.

KIMS 

The Rs 2,144-crore IPO of Krishna Institute of Medical Sciences Ltd was subscribed 56% on the second day of bidding. The portion reserved for retail investors was subscribed 1.95 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 9% and that of qualified institutional buyers (QIBs) 32%. You can learn more about the IPO here.

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MRF Reports 51% YoY Decline in Net Profit in Q4 – Top Indian Market News

MRF Q4 Results: Net profit declines 51% YoY to Rs 332 crore

MRF Limited reported a 51.1% YoY decline in consolidated net profit to Rs 332.15 crore for the quarter ended March (Q4). Net profit has declined by 36.2% when compared to the previous quarter. Its revenue from operations rose 30.7% YoY to Rs 4,816.46 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 10.2% YoY to Rs 1,277.07 crore. The tyre manufacturer’s board has recommended a final dividend of Rs 94 per share and a special dividend of Rs 50 per share.

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Centre to provide free Covid-19 vaccines to all adults from June 21: PM Modi

In his address to the nation, Prime Minister Narendra Modi stated that the Centre will take over the task of vaccination from state governments and provide Covid-19 vaccines free of cost to all adults from July 21. Out of the total vaccine being produced in India, the Centre will buy 75% and give it to states for free. Private hospitals will continue to have access to 25% of all vaccines. The government has also decided to extend the Pradhan Mantri Garib Kalyan Anna Yojana (free ration scheme) till Diwali in November. 

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L&T Construction wins significant orders for various businesses

The construction arm of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) for its various businesses. Its water and effluent treatment business has received an order from Bangalore Water Supply & Sewerage Board to design, build, and operate sewage treatment plants and pumping stations in the city. The buildings and factory business of L&T Construction has secured an order for the construction of sports infrastructure facilities at Kalinga Stadium in Odisha. 

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Central Bank of India Q4 Results: Net loss at Rs 1,349 crore

Central Bank of India reported a standalone net loss of Rs 1,349.21 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 1,529.07 crore in the corresponding period last year (Q4 FY20). The bank’s total income declined by 14% YoY to Rs 5,779.84 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio fell to 16.55%, compared with 18.92% in the year-ago period. Net profit for the entire financial year 2020-21 fell 20.84% YoY to Rs 887.58 crore.

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Lupin launches Digital Asthma Educator platform

Lupin Limited announced the launch of its Digital Asthma Educator platform for guiding patients on the correct technique of using inhalers. The platform is part of the pharma company’s long-running umbrella program, Joint Airways Initiative (JAI), for patients suffering from respiratory ailments. 

In a separate filing, Lupin announced it has received approval from the US Food & Drug Administration (USFDA) to market generic Emtricitabine and Tenofovir Disoproxil Fumarate tablets in the US market. The drug is used for the treatment of human immunodeficiency virus (HIV)-1 infection.

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ED transfers UBL shares worth over Rs 5,600 crore to recovery officer’s demat account

The Enforcement Directorate (ED) has transferred 4.13 crore equity shares of United Breweries Ltd (UBL) to the Demat account of the recovery officer of the Debt Recovery Tribunal. The shares are worth over Rs 5,600 crore. In March 2019, UBL had informed the exchanges that the Debt Recovery Tribunal in Bengaluru had transferred a 2.80% stake worth over Rs 1,025 crore held by United Breweries (Holdings) Ltd in the company in its name. UBL and United Breweries (Holdings) Ltd are promoted by Vijay Mallya.

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Union Bank of India Q4 Results: Net profit rises 83% QoQ to Rs 1,330 crore

Union Bank of India reported an 83% quarter-on-quarter (QoQ) rise in standalone net profit of Rs 1,330 crore for the quarter ended March (Q4). Net interest income (NII) declined by 18% QoQ to Rs 5,403 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 13.74%, compared with 13.49% in Q3. The bank stated that the results for the quarter and year ended March 31, 2021, include operations of Andhra Bank and Corporation Bank. The two banks were amalgamated into Union Bank of India on April 1, 2021. Hence, the results are not comparable.

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Average spot power price rises 10% to Rs 2.83 per unit in May at IEX

The average spot power price (or market clearing price) in the day-ahead market (DAM) increased over 10% YoY to Rs 2.83 per unit in May 2021 at the Indian Energy Exchange (IEX). The day-ahead market traded 4,364 million units (MU) volume in May with the average monthly price at Rs 2.83 per unit. The average spot power price saw a decline of 24% on a month-on-month basis, as the average monthly price was Rs 3.70 per unit in April. IEX traded 6,540 MU of electricity volume in May, achieving 9% YoY growth.

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NCLT approves Piramal Group’s resolution plan for DHFL

The National Company Law Tribunal (NCLT) approved Piramal Capital & Housing Finance’s resolution plan for the stressed mortgage lender Dewan Housing Finance Ltd (DHFL) with a few conditions. The Mumbai bench of NCLT has rejected former DHFL promoter Kapil Wadhawan’s plea to consider his offer for settlement. The tribunal has asked DHFL’s Committee of Creditors (CoC) to consider giving more money to small fixed deposit holders under the resolution plan. The Piramal Group has offered Rs 37,250 crore to DHFL’s creditors.

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Mrs. Bectors Food Q4 Results: Net profit rises 41% to Rs 12.77 crore

Mrs. Bectors Food Specialities reported a 41% YoY increase in consolidated net profit to Rs 12.77 crore for the quarter ended March (Q4). Net profit has declined by 38.3% when compared to the previous quarter. Its revenue from operations rose 15.26% YoY to Rs 223.98 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit jumped 138.47% YoY to Rs 72.28 crore. The company’s board has recommended a final dividend of Rs 2.40 per share.

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Infosys partners with Archrock for digital technology integration

Infosys Limited has collaborated with Archrock Inc to integrate digital technologies and mobile tools for its field service technicians. Archrock is a leading provider of natural gas compression services in the US. As part of the agreement, Infosys will leverage its pre-configured accelerator for Microsoft Dynamics 365 Field Service Application. This will help streamline and enhance Archorck’s field services and operational efficiencies.

Read more here.

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India’s Services PMI Falls into Contraction Territory in May – Top Indian Market News

India’s services PMI falls into contraction territory in May

India’s services sector activities slumped into contraction territory for the first time in eight months in May 2021. The deadlier second wave of the Covid-19 pandemic has led to muted domestic demand and a sharp decline in international orders. The IHS Markit India Services Purchasing Managers’ Index (PMI) fell to 46.4 in May, compared with 54 in April. PMI is a month-on-month calculation and a value below 50 represents contraction when compared to the previous month. The growth of new work intakes came to a halt in May, with companies posting the first decline in sales since September 2020. 

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Snowman Logistics partners with Dr Reddy’s for Sputnik-V vaccine in India

Snowman Logistics has entered into a strategic partnership with Dr Reddy’s Laboratories to provide end-to-end logistics solutions for the delivery of Sputnik-V Covid-19 vaccine across India. The company will manage the vaccine delivery through five of its high-capacity temperature-controlled warehouses in Mumbai, Delhi-NCR, Kolkata, Chennai, and Bengaluru. It will offer storage, order processing, shipper packing, and secondary transportation from these locations.

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Arvind Fashions Q4 Results: Net loss at Rs 99 crore

Arvind Fashions Ltd reported a consolidated net loss of Rs 99.45 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 209.12 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 14% YoY to Rs 768.59 crore in Q4 FY21. The company’s board has approved a proposal to raise up to Rs 400 crore via the further issue of shares through a preferential issue and/or Qualified Institutional Placement (QIP).

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Lupin to enter digital healthcare space in India

Lupin Limited said it will enter the digital healthcare space in India, with a focus to provide a digital therapeutics platform for doctors and patients. The company recently incorporated a new entity, Lupin Digital Health Ltd, which will undertake this venture. Lupin is a multinational pharmaceutical company based in Mumbai. It manufactures and distributes a wide range of branded and generic formulations, biotechnology products, active pharmaceutical ingredients (APIs), etc. 

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Gujarat State Petronet Q4 Results: Net profit rises 9% YoY to Rs 417 crore

Gujarat State Petronet Ltd reported an 8.82% YoY increase in consolidated net profit to Rs 416.67 crore for the quarter ended March (Q4). Net profit has declined by 11.43% when compared to the previous quarter. Its revenue from operations rose 19.37% YoY to Rs 3,828.66 crore during the same period. Net profit for the entire financial year 2020-21 (FY21) declined 7.08% YoY to Rs 1,606.76 crore. The company’s board has recommended a dividend of Rs 2 per share.

Zydus Cadila gets tentative USFDA approval to market lung cancer treatment drug

Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market Osimertinib tablets. The drug is used to treat lung cancer. It works by slowing or stopping the growth of cancer cells. The pharma company said the newly approved drug will be manufactured at its formulation manufacturing facility at SEZ, Ahmedabad. Zydus Cadila now has 318 approvals and has so far filed over 400 Abbreviated New Drug Applications (ANDAs) since the financial year 2003-04.

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Nilkamal Q4 Results: Net profit rises 20% YoY to Rs 38 crore

Nilkamal Limited reported a 19.84% YoY increase in consolidated net profit to Rs 38.06 crore for the quarter ended March (Q4). Net profit has declined by 29.9% when compared to the previous quarter. Its revenue from operations rose 21.10% YoY to Rs 679.92 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 20.52% YoY to Rs 112.93 crore. The company’s board has declared a final dividend of Rs 10 per share. 

Indian steel manufacturers hike rates by up to Rs 4,900 per tonne

Leading domestic steel manufacturers have hiked the prices of Hot Rolled Coil (HRC) and Cold Rolled Coil (CRC) by up to Rs 4,000 and Rs 4,900 per tonne, respectively. After the price revision, a tonne of HRC will cost Rs 70,000-71,000, while CRC will cost Rs 83,000-84,000 per tonne. The rise in steel prices will impact the prices of vehicles, consumer goods, and the cost of construction. 

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Nucleus Software Q4 Results: Net profit declines 2.8% YoY to Rs 27 crore

Nucleus Software Exports Ltd reported a 2.81% YoY decline in consolidated net profit to Rs 27.35 crore for the quarter ended March (Q4). Net profit has increased by 10.19% when compared to the previous quarter. Its revenue from operations declined 10.16% YoY to Rs 124.18 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 32.54% YoY to Rs 117.95 crore. The board of Nucleus Software Exports has recommended a final dividend of Rs 6 per share. 

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IDBI Bank secures $239 million debt judgment in London High Court

IDBI Bank has secured a $239 million (~Rs 1,744 crore) judgment in the commercial division of the High Court of London against a Cypriot subsidiary of India-based Essar Shipping Group. In March 2013, the bank had provided loans totaling $148 million to two Singapore registered companies— Varada Drilling One Pte Ltd and Varada Drilling Two Pte Ltd— for the construction of two jack-up drilling rigs. The borrowers failed to make scheduled repayments, and IDBI Bank had served a formal demand for repayment of the principal amount, interest, default interest, and fees in 2017.

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APL Apollo Tubes Q4 Results: Net profit rises 109% YoY to Rs 119 crore

APL Apollo Tubes Ltd reported a 109.82% jump in consolidated net profit to Rs 119.22 crore for the quarter ended March (Q4). Net profit has declined by 9.7% when compared to the previous quarter. Its total income rose 37% YoY to Rs 2,599.61 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 51.35% YoY to Rs 360.16 crore. APL Apollo is a leading manufacturer of welded steel tubes and pipes in India.

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PVR Reports Net Loss of Rs 289 crore in Q4 – Top Indian Market News

PVR Q4 Results: Net loss at Rs 289 crore

PVR Limited reported a consolidated net loss of Rs 289.12 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 74.49 crore in the corresponding quarter last year (Q4 FY20). The multiplex operator’s total income declined by 60.2% YoY (or 17.76% QoQ) to Rs 263.26 crore in Q4 FY21. PVR has posted a net loss of Rs 747.79 crore for the financial year ended March 31, 2021 (FY21). This is compared to a net profit of Rs 27.30 crore in FY20. With the resurgence of Covid-19 cases since April 2021, PVR has been taking all necessary measures to manage costs and preserve liquidity. 

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Adani Green’s subsidiary commissions 150-MW wind power project in Gujarat

Adani Wind Energy Kutchh Three has commissioned a 150 megawatt (MW) wind power project in Kutchh, Gujarat. The company is a subsidiary of Adani Green Energy Ltd (AGEL). The project has a Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) at 2.82 per kilowatt-hour for 25 years. With the successful commission of this project, AGEL’s total operational renewable capacity has increased to 5,070 MW. This is the company’s 6th project to be commissioned ahead of schedule over the past 12 months.

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Motherson Sumi Q4 Results: Net profit jumps 289% YoY to Rs 714 crore

Motherson Sumi Systems Ltd reported a 289% YoY jump in consolidated net profit to Rs 713.6 crore for the quarter ended March (Q4). Net profit has declined by 10.62% when compared to the previous quarter. Its revenue from operations rose 17.6% YoY to Rs 16,971.9 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 11% YoY to Rs 1,039.13 crore. The company’s board has recommended a final dividend of Rs 1.5 per share.

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Phoenix Mills, GIC to set up investment platform in India

Phoenix Mills Ltd (PML) and Singapore’s sovereign wealth fund GIC have entered into a strategic partnership to establish a $733 million (~Rs 5,300 crore) investment platform for retail-led mixed-use assets in India. GIC will acquire a minority stake (26.4%) in the portfolio of PML’s projects that are under development in Mumbai and Pune. The assets comprise 3.4 million sq. ft. of leasable retail and office space.

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Muthoot Finance Q4 Results: Net profit rises 22% YoY to Rs 995 crore

Muthoot Finance reported a 22.14% YoY increase in standalone net profit to Rs 995.66 crore for the quarter ended March (Q4). Its net interest income (NII) rose 15.7% YoY to Rs 1,829.5 crore during the same period. The company’s loan assets grew 26% YoY to Rs 52,622.3 crore as of March 31, 2021. Its total assets under management (AUM) rose 26% YoY to Rs 52,622 crore in FY21. Net profit for the financial year 2020-21 (FY21) increased by 23.32% YoY to Rs 3,722.18 crore. Muthoot Finance’s board has declared a dividend of Rs 20 per share.

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Tata Power Solar secures order worth Rs 686 crore from NTPC

Tata Power Solar, a wholly-owned subsidiary of Tata Power Ltd, has received a Letter of Award (LoA) from state-owned NTPC Ltd to build 210 megawatt peak (MWp) of solar PV projects. The scope of work includes transmission, engineering, procurement, installation, and commissioning of solar projects at an NTPC project site in Gujarat. The total order value of the projects is Rs 686 crore. The commission deadline has been set as November 2022.

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Route Mobile to develop A2P messaging platform for EITC-du

Route Mobile has announced a partnership with Emirates Integrated Telecommunications Company (EITC)- du, by offering a turnkey solution using its Smart Messaging Hub. This platform will enable du to launch a scalable revenue-generating messaging platform for the application-to-person (A2P) wholesale transit business. Route Mobile will oversee the infrastructure, technology, gateway connectivity, and day-to-day operations of the platform for du as a managed service.

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Wipro partners with Finastra to help digitalise banks in the Asia-Pacific

Wipro Limited and UK-based software vendor Finastra have announced a partnership to aid digital transformation of corporate banks in the Asia-Pacific region. The companies will create a unique offering that combines Wipro’s services catalogue with Finastra’s front-to-back finance and cash management solutions. The partnership will help banks transition quickly and enable them to meet client needs in a faster and more agile manner. 

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USFDA accepts Lupin’s application for Pegfilgrastim biosimilar

Lupin Limited announced that the US Food & Drug Administration (USFDA) has accepted the Biologics License Application (BLA) for its proposed biosimilar to Neulasta (Pegfilgrastim). According to IQVIA data, Pegfilgrastim had an estimated annual sales of $3.66 billion (~Rs 26,710 crore) in the US for the 12 months ended December 2020. Pegfilgrastim is used to prevent neutropenia or the lack of certain white blood cells in patients receiving chemotherapy.

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MTAR Technologies Q4 Results: Net profit jumps 103% YoY to Rs 18 crore

MTAR Technologies reported a 103.04% YoY increase in consolidated net profit to Rs 18.01 crore for the quarter ended March (Q4). Net profit has jumped 103.39% when compared to the previous quarter. Its revenue from operations rose 12.27% YoY to Rs 69.16 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 47.09% YoY to Rs 46.07 crore. The company’s board has recommended a dividend of Rs 3 per share.

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Rossari Biotech to acquire Unitop Chemicals for Rs 421 crore

Rossari Biotech Ltd has announced plans to acquire a 100% stake in Mumbai-based Unitop Chemicals Pvt Ltd for Rs 421 crore. Unitop Chemicals is a supplier of surfactants, emulsifiers, and specialty chemicals. It has three manufacturing sites in India with a total capacity of 86,000 metric tonnes per annum (MTPA). Rossari Biotech stated that 65% of the equity share capital of Unitop will be acquired upon the closure of the transaction. The remaining 35% will be acquired over the next two years. 

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Kalyan Jewellers Reports 54% YoY Rise in Net Profit in Q4 – Top Indian Market News

Kalyan Jewellers Q4 Results: Net profit rises 54% YoY to Rs 74 crore

Kalyan Jewellers reported a 54% YoY increase in consolidated net profit to Rs 73.9 crore for the quarter ended March (Q4). Its revenue from operations rose 42.78% YoY to Rs 3,050.60 crore during the same period. For the financial year ended March 31, 2021 (FY21), the company posted a net loss of Rs 6.07 crore. This is compared to a net profit of Rs 142,27 crore in FY20. Kalyan Jewellers has announced plans to open 21 showrooms in India in the current financial year (FY22).

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Indian economy not as hard hit as first wave, but uncertainties remain: RBI

The Reserve Bank of India (RBI) said that India’s economy has not moderated to the extent it did during the first wave of the Covid-19 pandemic, but uncertainties can act as a deterrent in the short term. In its annual report, RBI said India’s growth prospects now essentially depend on how fast the country can contain the second wave of infections. The central bank has also expressed concerns over the ‘bubble’ in the Indian equity markets and has hinted that high valuations in the market are far from ground realities.

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Cadila Healthcare Q4 Results: Net profit rises 73% YoY to Rs 679 crore

Cadila Healthcare reported a 73.25% YoY increase in consolidated net profit to Rs 679 crore for the quarter ended March (Q4). Net profit has increased by 28.7% when compared to the previous quarter. Its total revenue from operations rose 2.52% YoY to Rs 3,846.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 81.34% YoY to Rs 2,133.6 crore. The pharma company’s board has recommended a final dividend of Rs 3.5 per share. 

The company has announced plans to seek emergency use approval (EUA) for its Covid-19 vaccine, ZyCov-D, from the Drugs Controller General of India (DCGI) within the next two weeks.

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Lupin receives $50 million from Boehringer Ingelheim for achievement of key milestones

Lupin Limited has received a payment of $50 million (~Rs 363.5 crore) from Germany-based Boehringer Ingelheim for the achievement of ‘key milestones’ for its novel MEK inhibitor compound. The MEK inhibitor compound is under development by Boehringer Ingelheim as potential targeted therapy for patients with difficult-to-treat cancers. ‘Key milestones’ can be referred to as various successful steps on the way to a drug getting regulatory approval.

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Strides Pharma Q4 Results: Net profit at Rs 46 crore

Strides Pharma Science reported a consolidated net profit of Rs 46.09 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 203.93 crore in the corresponding period last year (Q4 FY20). Total revenue from operations rose 46.85% YoY to Rs 908.5 crore in Q4 FY21. The pharma company’s board has approved a final dividend of Rs 2.5 per share.

In a separate filing, Strides Pharma said it has partnered with Taiwan-based TLC to launch Liposomal Amphotericin B in India. The drug is used for the treatment of mucormycosis or Black Fungus.

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Dixon Tech Q4 Results: Net profit rises 60% YoY to Rs 44.3 crore

Dixon Technologies reported a 60% YoY increase in consolidated net profit to Rs 44.3 crore for the quarter ended March (Q4). Net profit has declined by 28% when compared to the previous quarter. Its total revenue from operations jumped 146% YoY to Rs 2,109.7 crore during the same period. Dixon Tech’s consumer electronics division posted a three-fold increase in revenues to Rs 1,178.6 crore in Q4. The company’s board has approved a final dividend of Rs 1 per share. 

Read more here.

Paytm targets $3 billion IPO this year: Report

According to a report from Bloomberg, digital payments provider Paytm is aiming to raise $3 billion (~Rs 21,800 crore) via an initial public offering (IPO) late this year. This would be India’s biggest-ever IPO. The company, formally called One97 Communications Ltd, plans to list in India around November. It is targeting a valuation of around $25 billion to $30 billion. Paytm is backed by Japan’s SoftBank Group, Warren Buffett’s Berkshire Hathaway Inc, and China-based Ant Financial.

Read more here. 

IRB Infra Q4 Results: Net profit declines 36.85% YoY to Rs 97.46 crore

IRB Infrastructure Developers Ltd reported a 36.85% YoY decline in consolidated net profit to Rs 97.46 crore for the quarter ended March (Q4). Net profit has increased by 40.2% when compared to the previous quarter. Its revenue from operations rose 1.35% YoY to Rs 1,605.85 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined 83.75% YoY to Rs 117.15 crore.  

Read more here.

Sun Pharma Q4 Results: Net profit jumps 123% YoY to Rs 894 crore

Sun Pharmaceutical Industries Ltd reported a 123.6% YoY increase in consolidated net profit to Rs 894 crore for the quarter ended March (Q4). Net profit has declined by 52% when compared to the previous quarter. Its revenue from operations rose 4% YoY to Rs 8,522 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 22.8% YoY to Rs 2,903.82 crore. The pharma company’s board has declared a final dividend of Rs 2 per share.

Read more here.

Liquor sales rise 6% in Q4; declines by 12% in FY21

The sales of Indian-made foreign liquor recovered in the January-March quarter (Q4) with a 6% growth, but it declined 12% in FY 2020-21 on an overall basis. States such as Uttarakhand, Himachal Pradesh, and Haryana reported over 40% growth in liquor sales. Maharashtra and Goa reported a 23% and 22% growth, respectively. According to estimates, the liquor industry contributes ~Rs 2 lakh crore to state exchequer through taxes and levies.

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Infibeam Avenues Q4 Results: Net profit at Rs 32 crore

Infibeam Avenues Ltd reported a consolidated net profit of Rs 32 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 24 crore in the corresponding quarter last year (Q4 FY20). The company’s gross revenue rose 42% YoY to Rs 201 crore in Q4 FY21. Its board has recommended a final dividend of Rs 0.05 per share. Infibeam Avenues’ board has also approved a further investment of Rs 1.05 crore in Avenues Payments India Pvt Ltd (RemitGuru). Ahmedabad-based Infibeam offers digital payments, e-commerce software, and internet services. 

Read more here. 

Petrol, diesel prices hiked for 14th time in May

The prices of petrol and diesel were hiked again on Thursday (May 27), touching fresh record highs across the country. In the national capital, the petrol price rose by 24 paise and that of diesel rose 29 paise. Following the latest price revision, petrol in Delhi is now retailing at Rs 93.68 per litre, while diesel is retailing at Rs 84.61 per litre. In Mumbai, petrol price neared Rs 100 per litre-mark and now stands at Rs 99.94 per litre.

Read more here.

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Vedanta Reports 95% QoQ Rise in Net Profit in Q4 – Top Indian Market News

Vedanta Q4 Results: Net profit rises 95% QoQ to Rs 6,432 crore

Vedanta Limited reported a 95% quarter-on-quarter (QoQ) increase in net profit to Rs 6,432 crore for the quarter ended March (Q4). Its net sales rose 24% QoQ to Rs 28,206 crore during the same period. This revenue growth was aided by a rise in volumes of its aluminium, zinc, and iron ore businesses. Operating margins fell to 32%, compared with 34% in the preceding quarter (Q3 FY21). Earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 17% to Rs 9,037 crore.

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Piramal Enterprises Q4 Results: Net loss at Rs 510 crore

Piramal Enterprise Ltd reported a consolidated net loss of Rs 510 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 1,702 crore in the corresponding period last year. The company’s revenue rose to Rs 3,402 crore in Q4 FY21, compared with Rs 3,341 crore in Q4 FY20. In the last two years, the company’s net debt has reduced by 45% to Rs 24,968 crore. The board of Piramal Enterprises has recommended a dividend of Rs 33 per share.

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HCC-KEC JV secures order worth Rs 1,147 crore from Chennai Metro Rail

Hindustan Construction Company (HCC), in a joint venture (JV) with KEC International Ltd, has secured a contract worth Rs 1,147 crore from Chennai Metro Rail. The order includes the construction of a 7.96 km elevated viaduct and 9 elevated stations on Corridor 4 of Phase-II of the Chennai Metro. The scope of work involves civil, architectural, plumbing & drainage, and temporary services. HCC holds a 51% stake in the JV, while KEC International holds 49% stake.

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Lupin Q4 Results: Net profit rises 18% YoY to Rs 460 crore

Lupin Limited reported an 18% YoY increase in consolidated net profit to Rs 460 crore for the quarter ended March (Q4 FY21). On a quarterly basis, net profit has risen by 5%. Its revenue from operations declined by 1.6% YoY to Rs 3,783 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 1,216 crore. The company had posted a net loss of Rs 269 crore in the previous financial year (FY20). Lupin’s board has recommended a dividend of Rs 6.5 per share. 

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Happiest Minds Q4 Results: Net profit falls 14% QoQ to Rs 36 crore

Happiest Minds reported a 14.5% quarter-on-quarter (QoQ) decline in net profit Rs 36.05 crore for the quarter ended March (Q4 FY21). Net profit has jumped 580% when compared to the corresponding period last year. The IT firm’s revenue declined 14.5% QoQ (up 18.4% YoY) to Rs 220.7 crore during the same period. In US Dollar terms, revenues for the March quarter grew 15.4% QoQ and 18% YoY to $30.2 million. The company added 23 clients during Q4, taking the total number of clients to 173 as of March 31, 2021. The board of Happiest Minds has recommended a final dividend of Rs 3 per share.

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Reliance Jio tops in 4G download speed, Vodafone in upload speed in April: TRAI

According to data released by the Telecom Regulatory Authority of India (TRAI), Reliance Jio has topped the 4G speed chart in April 2021 with a data download rate of 20.1 megabits per second (Mbps). Vodafone was ahead of others in upload speed at 6.7 Mbps. Jio has almost three times higher download speed compared to Vodafone. The average speed is computed by TRAI based on the data it collects across India with the help of its MySpeed application on a real-time basis.

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Pidilite Industries Q4 Results: Net profit rises 96% YoY to Rs 307 crore

Pidilite Industries reported a 96.4% YoY increase in consolidated net profit to Rs 307.44 crore for the quarter ended March (Q4). Its sales revenue rose 44.7% YoY to Rs 2,235.52 crore during the same period. Pidilite’s Consumer and Bazaar (C&B) segment posted a 45% YoY volume growth during the quarter. For the financial year ended March 31, 2021 (FY21), net profit rose 0.4% YoY to Rs 1,126.13 crore. The company’s board has announced a dividend of Rs 8.5 per share.

Read more here.

SBI Cards, Apollo Hospital, 3 Adani Group stocks enter MSCI India index

According to a release by index provider MSCI, Adani Enterprises, Adani Total Gas, and Adani Transmission have entered the MSCI India Domestic Index. SBI Cards and Payment Services and Apollo Hospital have also entered the leading index, which is being tracked widely by global investors. Zee Entertainment Enterprises has been deleted from the MSCI India index. All changes will be implemented as of May 27, 2021. According to Edelweiss Securities, India is expected to see a net inflow of $350 million from Foreign Institutional Investors (FIIs) following the adjustments made by MSCI in its global standard indices.

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IEX Q4 Results: Net profit rises 33% YoY to Rs 60.85 crore

Indian Energy Exchange (IEX) reported a 33% YoY increase in consolidated net profit to Rs 60.85 crore for the quarter ended March (Q4). Its total income rose to Rs 100.33 crore, compared with Rs 79.59 crore in the corresponding period last year (Q4 FY20). For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 205.43 crore. This is compared with a net profit of Rs 175.71 crore in FY20.

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Vinati Organics Q4 Results: Net profit declines 5% YoY to Rs 70.85 crore

Vinati Organics Limited reported a 5.06% YoY decline in net profit to Rs 70.85 crore for the quarter ended March (Q4). Its revenue from operations rose 14.03% YoY to Rs 279.77 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 19.32% YoY to Rs 269.32 crore. The company’s board has approved a final dividend of Rs 6 per share. Vinati Organics is a leading specialty chemicals company based in Mumbai.

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Eli Lilly signs licensing agreements with Torrent Pharma, Dr Reddy’s for Covid-19 drug

US-based drug firm Eli Lilly and Company has signed voluntary licensing agreements with Torrent Pharma, Dr Reddy’s Laboratories, and MSN Laboratories to expand the availability of Covid-19 drug Baricitinib in India. The drug is used in combination with Remdesivir for the treatment of Covid-19 patients with severe symptoms. On Monday, Eli Lilly had issued voluntary licenses to Cipla, Lupin, and Sun Pharma to manufacture and sell Baricitinib. This will enable the Indian pharma companies to use their existing distribution systems to ensure that the essential drug is accessible across the country.

Read more here.

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Editorial

Why are Indian Pharma Companies Investing in ABCD Technologies?

Indian pharma market is one of the biggest in the world. And, it is ready to add a new dimension to it. I am talking about the online business of pharma companies. In the last few days, we have seen reports where the Indian pharma companies are acquiring some stake in the same company. 

India’s top pharmaceutical companies, namely Sun Pharma, Cadila Healthcare, Lupin and Torrent Pharma are reportedly in talks to acquire business-to-business (B2B) healthcare platform Pharmarack. These reports also mention that the above mentioned four companies have invested Rs 40 crore each for 20% in the newly formed venture ABCD Technologies. 

This ABCD Technologies will be renamed IndoHealth Services. Then it will acquire Pune-based Pharmarack which we are talking about. But why is this sudden fuss all about? Pharmarack currently has 3,000-4,000 distributors and 100,000 retailers. The major pharma companies want to facilitate efficient goods distribution and digitalise the healthcare system. 

They want to efficiently utilize the resources of Pharmarack to have a robust presence in the online B2B marketplace and online pharmacy. The plan is that ABCD Technologies will buy full 100% equity in Pharmarack which is eventually owned by the leading pharma companies. A perfect case of acquisitions and mergers! 

The said group of pharma companies have also reportedly hired KPMG to make a strategy that will help them to compete in the online pharmacy segment. We have mentioned four companies above which are Sun Pharma, Cadila Healthcare, Lupin and Torrent Pharma. But according to recent news, even Dr Reddy and Cipla have invested in ABCD Technologies. Thus, things are still very unclear as to which company has bid for what much stake. But one thing which can be said definitely is that the race for the e-pharma market is heating up very fast.

A Fight against Reliance and Amazon

Reliance and Amazon have already started entering the online pharmacy market. Maybe this is why the established pharma companies are trying to stay together and fend off any monopoly to get established. Reliance has been selling healthcare and pharmaceutical products through JioMart since last year. They also acquired Netmeds last year who tags themselves as “India’s most convenient online pharmacy”.

Even Amazon was seen delivering medicines in Bangalore last year which raised a lot of concerns among the All India Organisation of Chemists and Druggists (AIOCD). The organisation represents 8.5 lakh chemists from different parts of the country. Last year, they tried to contest against the entry of corporate giants like Reliance and Amazon in the Indian pharma market. 

AIOCD wrote a letter to many parties including Mukesh Ambani, Amit Shah and PM Narendra Modi expressing their concerns. “It is pertinent to mention that this move will not only threaten the livelihood of millions of our citizens, but it will also create a monopoly in a perfect competition market and of course create a concentration of wealth while taking it away from our citizens and putting it in Reliance’s pocket,” the letter said.

There’s a fear that if Reliance and Amazon are allowed to operate their business freely in this domain, then we might see misuse of antibiotics. Also, the big corporate giants will have the margin to offer deep discounts on their medicines or some other financial incentives to the customers. This will attract customers and leave a very small portion of the current pharmacy market. This might jeopardise hundreds of jobs of chemists. 

E-Pharma to revolutionise the Indian drug market in future?

The Covid-19 has forced people to stay inside their homes. The rise in Covid cases always gives birth to the threat of another lockdown. Since the last 12 months, we have seen people depending on online shopping a lot more than they used to do earlier. In countries like the US and in Europe we are already seeing how nicely the e-pharma space is flourishing. 

Due to the unstructured and fragmented nature of the e-pharma market in India, the success has been slightly delayed. But Covid-19 might act as a perfect stimulus to force this change in behaviour among the people. Covid-19 has also given the opportunity to people to consult their doctors online. Now no longer they are forced to leave their home in sickness and visit a doctor. All this can be done solely on your smartphone or laptop! This has aided the doctors to increase their business as well.

In our opinion, the e-pharma market is the way to go ahead. But the authorities need to regulate the market. It is them who need to be the in-charge of this space. People should get the medicines at a reasonable price and at the same time, there should be no risk to their health. Government has to make sure that e-pharma space does not turn into a monopoly or an oligopoly form of market. In the meantime, let’s sit and see what are the further updates regarding ABCD Technologies in the next few weeks. Till then, keep reading!

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Nitin Gadkari Approves Proposal to Levy ‘Green Tax’ on Old Vehicles – Top Indian Market News

Nitin Gadkari approves proposal to levy ‘Green Tax’ on old vehicles

Union Minister for Road Transport and Highways Nitin Gadkari has approved a proposal to levy a ‘Green Tax’ on old vehicles that are polluting the environment. Transport vehicles older than eight years could be taxed at the rate of 10-25% of road tax. This will be imposed at the time of renewal of the fitness certificate. Personal vehicles will be charged Green Tax at the time of renewal of registration certificate after 15 years. A higher Green Tax of 50% will be levied on vehicles registered in highly polluted cities. The ministry will now consult state governments before finalising the proposal. 

Read more here.

Kotak Mahindra Bank Q3 Results: Net profit rises 16% YoY to Rs 1,853 crore

Kotak Mahindra Bank reported a 16% YoY increase in net profit to Rs 1,853.5 crore for the quarter ended December (Q3). Net interest income (NII) rose 17% YoY to Rs 4,007 crore during the same period. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] The lender’s gross non-performing assets (NPAs) ratio stood at 2.26% in Q3, against 2.55% in the previous quarter. Kotak Bank’s provisions and contingencies increased sharply by 34.9% to Rs 599 crore.

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L&T Q3 Results: Net profit rises 5% YoY to Rs 2,467 crore

Larsen and Toubro (L&T) reported a 4.87% YoY increase in consolidated net profit to Rs 2,466.71 crore for the quarter ended December (Q3). Its revenue from operations declined 1.78% YoY to Rs 35,596.42 crore during the same period. The company’s total orders in Q3 jumped 76% YoY and stood at Rs 73,233 crore. During the quarter, L&T was awarded the biggest EPC contract in the country and the first of its kind- the High Speed Rail order. The consolidated order book stood at a record Rs 3,31,061 crore as of December 31, 2020.

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ED raids 10 premises of Omkar Group for irregularities in SRA projects

The Enforcement Directorate (ED) on Monday conducted raids on 10 premises of Mumbai-based Omkar Group. The group is alleged to have misused various permissions given under the Slum Rehabilitation Authority (SRA) schemes. It is also alleged that they diverted ~Rs 450 crore taken by way of loan from Yes Bank. The premises of Omkar Realtors and Developers, which includes 7 residential and 3 commercial buildings in Mumbai, were searched by the central probe agency. 

[Piramal Enterprises’ shares fell 1.44% today. It has tied up with Omkar Realtors for various projects] 

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Dixon Tech’s subsidiary enters into deal with HMD India to manufacture Nokia smartphones

Padget Electronics, a wholly-owned subsidiary of Dixon Technologies, has entered into an agreement with HMD India for manufacturing Nokia smartphones. The smartphones will be manufactured at Padget’s manufacturing facility in Noida, Uttar Pradesh. HMD Global Oy, branded as HMD and Nokia Mobile, is a Finnish mobile phone manufacturer.

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Lupin gets USFDA approval for Sevelamer Carbonate tablets

Lupin Limited announced that it has received approval from the US Food & Drug Administration (USFDA) to market its generic Sevelamer Carbonate tablets. The tablets are used to control phosphorus in people with chronic kidney disease on dialysis. According to the IQVIA MAT September 2020 data, Sevelamer Carbonate tablets had estimated annual sales of $348 million (~Rs 2,537 crore) in the US.

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PNC Infratech secures EPC projects worth Rs 2,475 crore in Uttar Pradesh

PNC Infratech Ltd, in a joint venture with SPML Infra, has received Letters of Award (LoA) for six new EPC projects in Uttar Pradesh. The orders were placed by the State Water Supply & Sanitation Mission, Namami Gange & Rural Water Supply Department. The projects include the survey, design, construction, and commissioning of rural water supply for a total of 2,475 villages. The project is to be constructed and put on trial within 21 months upon signing of the agreement. The aggregate value of the six projects is approximately Rs 2,475 crore.

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UCO Bank Q3 Results: Net profit at Rs 35 crore

UCO Bank reported a net profit of Rs 35.44 crore for the quarter ended December (Q3). The lender had posted a net loss of Rs 960.17 crore during the corresponding period in FY20. Net interest income (NII) rose 13.8% YoY to Rs 1,407.2 crore in Q3 FY21. Net non-performing assets (NPAs) were at 2.97%, against 6.34% in Q3 FY20. Provisions for bad loans fell sharply to Rs 393.06 crore in Q3, compared to Rs 1,645.51 crore a year ago.

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ICICI Securities Q3 Results: Net profit rises 95% YoY to Rs 267 crore

ICICI Securities Ltd reported a 95% YoY increase in net profit to Rs 267 crore for the quarter ended December (Q3). Its revenue rose 47% YoY to Rs 620 crore during the same period. The company’s revenue growth in Q3 was driven by strong all-around performance in its equities & allied business, distribution business, and private wealth management business.

Strides Pharma gets USFDA approval for Ursodiol capsules

Strides Pharma Science Ltd announced that its wholly-owned subsidiary, Strides Pharma Global-Singapore, has received approval for Ursodiol capsules from the US Food & Drug Administration (USFDA). The tablets are indicated for the treatment of patients with Primary Biliary Cirrhosis (an autoimmune disease of the liver). The product will be manufactured at the company’s facility in Bengaluru and will be marketed by Strides Pharma Inc. in the US market.

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Home First Finance Company IPO subscribed 27 times on final day

The initial public offering (IPO) of Home First Finance Company was subscribed 26.65 times on the final day of bidding (Jan 25). The issue has received bids for 41.43 crore equity shares against an offer size of 1.56 crore shares. The category reserved for qualified institutional buyers (QIBs) was subscribed 52.63 times. The reserved portion for non-institutional investors was subscribed 39.08 times and individual retail investors 6.60 times.

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Aarti Drugs Q3 Results: Net profit jumps 144% YoY to Rs 68 crore

Aarti Drugs Ltd reported a 144.54% YoY increase in consolidated net profit to Rs 68 crore for the quarter ended December (Q3). It had posted a net profit of Rs 27.82 crore during the corresponding period in FY20. The company’s consolidated revenue rose 11.98% YoY to Rs 530.25 crore in Q3 FY21.

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Govt Finalises Covid-19 Vaccine Transport Module – Top Indian Market News

Some ampoules with ncov-2019 vaccine in a box. to fight the coronavirus pandemic.

Govt finalises Covid-19 vaccine transport module

The Central Government has prepared a detailed draft for air transportation of Covid-19 vaccines. Pune will be the central hub from where the vaccine distribution will take place. There are a total of 41 destinations (airports) across the country that has been finalised for the delivery of vaccines. The movement of vaccines to different parts of India is likely to begin by today or tomorrow. The development comes ahead of the Covid-19 vaccine dry run in all states across the country on January 8.

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Tata Power secures 110 MW solar power project worth Rs 488 crore from KSEB

Tata Power Company Ltd has bagged a contract worth Rs 488 crore from the Kerala State Electricity Board (KSEB) to develop a 110 MW solar project. The energy will be supplied to KSEB under a Power Purchase Agreement (PPA), valid for 25 years from the date of scheduled commercial operation. The plant is expected to generate about 274 million units (MUs) of energy per year and annually offset approximately 274 million kg of carbon dioxide. 

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SBI raises $600 million from overseas bond sale at coupon rate of 1.8%

State Bank of India (SBI) on Thursday raised $600 million (~Rs 4,403 crore) from selling bonds to international investors at a coupon rate of 1.80%. The issue, oversubscribed by 2.1 times, is part of the SBI’s $10 billion (~Rs 73,392 crore) medium-term note programme. The 5.5-year issue, denominated in US dollars, was priced at 140 basis points (bps) over the US treasury. The bonds issued through SBI’s London branch will be listed on Singapore Exchange and India INX.

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L&T Hydrocarbon Engineering secures offshore contract from ONGC

L&T Hydrocarbon Engineering (LTHE) has received an order from state-owned Oil & Natural Gas Corporation (ONGC). The contract involves engineering, procurement, construction, installation, and commissioning of a new living quarter platform, ‘NQL Platform’ with 120 men capacity. The platform will be constructed at NQ Complex in ONGC’s Mumbai High Asset on the west coast of India. The value of the contract ranges between Rs 2,500-5,000 crore.

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SEBI to allow more players to set up stock exchanges, depositories

The Securities and Exchange Board of India (SEBI), through a discussion paper, has proposed to ease ownership norms for entities that plan to start new stock exchanges in India. According to the discussion paper, any resident individual/domestic institution can set up a market infrastructure institution such as a stock exchange or a depository with 100% control, provided it is a public limited company. Earlier, individuals (resident or foreign), either directly or indirectly, could not hold more than 5% in a stock exchange or a depository.

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NMDC resumes diamond mining in Panna after forest department approval

The Madhya Pradesh Forest Department has allowed National Mineral Development Corporation Ltd (NMDC) to resume operation of its diamond mine at Majhgawan in Panna district. The operation was suspended as the environmental clearance for the mine came to an end on December 31, 2020. The state government has now extended the lease for the next 20 years. The matter of renewal of lease is pending before the State Wildlife Board and National Wildlife Board.

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Bharat Biotech enrolls over 25,800 volunteers for Covaxin Phase-3 trials

Bharat Biotech has enrolled 25,800 volunteers for Phase-3 clinical trials of its Covid-19 vaccine- Covaxin. The recruitment was supposed to be concluded by December 31 but was extended by a week since it was short of 4,000 volunteers at that time. The trials will be conducted at around 30 clinical sites throughout India. On January 3, Oxford-AstraZeneca’s Covishield (manufactured by SII) and Bharat Biotech’s Covaxin had received approval from India’s drug regulator DCGI for emergency use authorization.

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ABB India launches new range of circuit breakers for electrical retail market

ABB India Ltd has launched Formula DIN-Rail, a complete range of Miniature Circuit Breakers (MCBs), Residual Current Circuit Breakers (RCCBs), and Isolators for the electrical retail market. The company stated that its new range meets international standards and is manufactured in ABB’s Smart Buildings factory in Bengaluru. The ABB Formula DIN-Rail portfolio would be available through the ABB Electrification business retail network across India. It will also be available on ABB eMart, the company’s online marketplace.

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Mahindra Logistics launches EV-driven last-mile cargo delivery service

Mahindra Logistics Ltd (MLL) has announced the launch of its electric vehicle (EV) based last-mile cargo delivery service under the brand name ‘EDel’. The new service would initially operate across 6 major cities in India, including Bengaluru, New Delhi, Mumbai, Pune, Hyderabad, and Kolkata. MLL plans to expand EDel to a total of 14 cities in the next 12 months.

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Lupin gets USFDA nod for generic diabetes drug

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) for its Empagliflozin and Metformin Hydrochloride extended-release (ER) tablets. The tablets are indicated for the treatment of diabetes. The product will be manufactured at Lupin’s Nagpur-based manufacturing facility. As per IQVIA MAT November 2020 data, Empagliflozin and Metformin Hydrochloride ER Tablets had estimated annual sales of $357 million (~Rs 2,618 crore) in the US.

Read more here.

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Tata Sons Raises Stake in AirAsia India to 83.6% – Top Indian Market News

FILE PHOTO: AirAsia planes are seen parked at Kuala Lumpur International Airport 2, during the movement control order due to the outbreak of the coronavirus disease (COVID-19), in Sepang, Malaysia April 14, 2020. REUTERS/Lim Huey Teng/File Photo

Tata Sons raises stake in AirAsia India to 83.6%

Tata Sons has acquired an additional 32.67% stake in AirAsia India from Malaysian carrier AirAsia Berhad for $37.6 million (~Rs 276 crore). This takes Tatas’ stake in the Indian airline to 83.6%. As part of the transaction, Tata Sons has the option to pick up AirAsia Berhad’s remaining 16.33% stake after the closure of the current transaction. Prior to this transaction, Tata Sons held a 51% stake in AirAsia India, while AirAsia Berhad held a 49% stake.

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Asset quality of banking system may deteriorate sharply: RBI Report

According to RBI’s latest issue of ‘Report on Trend And Progress of Banking in India’, the asset quality of the Indian banking system may deteriorate sharply going ahead, due to the uncertainty induced by the pandemic and its real economic impact. The report states that bad loans on banks’ balance sheets have been falling consistently since March 2018. The gross non-performing asset (GNPA) ratio dropped from the highs of nearly 15% in March 2018 to about 7.5% as of September 2020. However, the six-month loan moratorium and the subsequent asset quality standstill norms have hidden the impact of Covid-19 on banks’ balance sheets.

[The RBI’s Trend and Progress report presents the performance of the banking sector, including co-operative banks, and non-banking financial institutions. The report also offers some perspectives on the evolving outlook for India’s financial sector.]

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Multi-modal approach to be established for transporting Covid-19 vaccine: Civil Aviation Ministry 

Civil Aviation Minister Hardeep Singh Puri stated that about 30 crore Indians will be vaccinated against Covid-19 by July 2021. The Aviation Secretary, Pradeep Singh Kharola, said that the government has identified airports and is also in talks with airlines to take care of the logistics. The Aviation Ministry is also working with the Ministry of Health and pharmaceutical companies to plan the vaccine roll-out.

Hardeep Singh Puri further stated that he foresees ‘a short extension’ of suspension of flights from the UK. This is to contain the spread of the new strain of coronavirus that was first detected in that country.  

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Tesla to start operations in India by early 2021: Nitin Gadkari

Union Transport Minister Nitin Gadkari stated that electric car manufacturer Tesla would be arriving in India ‘early’ in 2021. He said that Tesla will start operations first with sales and then look at assembly and manufacturing, based on the response to the cars. Recent reports also suggest that the first model to come to India will be the more affordable Tesla Model 3. The minister further stated that India will become ‘the number 1 manufacturing hub for automobiles in five years’. 

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L&T Construction bags contract for its Water & Effluent Treatment business

The Water & Effluent Treatment business of L&T Construction has secured an EPC order involving design, engineering, supply, and installation of plant and equipment. The contract is for laying 135km of slurry pipeline and pipeline systems between Bacheli and Nagarnar in Chhattisgarh. The value of the contract stands somewhere between the range of Rs 1,000-2,500 crore.

ICICI Bank to acquire 9.09% stake in Myclassboard Education Solutions

ICICI Bank Ltd announced that it will acquire a 9.09% stake in ed-tech platform Myclassboard Educational Solutions Pvt Ltd, for cash consideration of Rs 4.5 crore. Myclassboard offers an online school management platform and reported a turnover of Rs 12 crore in FY 2020. The transaction is expected to be completed by the end of February 2021.

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Glenmark Pharma launches Remogliflozin + Vildagliptin FDC to treat Type 2 diabetes

Glenmark Pharmaceuticals has launched a fixed-dose combination (FDC) of Remogliflozin Etabonate and Vildagliptin in India. The fixed drug combination is indicated for the management of Type 2 diabetes. The FDC will be marketed under two brand names- Remo V and Remozen V. Glenmark’s FDC has been launched at a breakthrough price of Rs 14 per tablet.

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Ahluwalia Contracts secures construction orders worth Rs 310 crore

Ahluwalia Contracts (India) Ltd said it has secured new construction orders worth around Rs 310 crore. The order consists of the construction of a high-rise multi-storied residential complex, located at Z-1, Project, Phase-III, Nandankanan Road, in Bhubaneswar (Orissa). The company stated that its total order inflow during FY21 stands at Rs 2086.44 crore. 

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Allied Digital Services’ subsidiary bags multi-year deals worth $21.8 million

Allied Digital Services Ltd announced that its US subsidiary, Allied Digital Services LLC, has bagged multi-year prestigious services deals with a collective total contract value of $21.8 million (~Rs 154 crore). The contracts have been secured from leading customers across Healthcare, Finance, and Automobile segments. Allied Digital USA will transform Infrastructure Management, Edge Computing, and User Computing across a wide range of technology platforms, operations, and geographies.

Vedanta Resources to issue $400 million notes to Oaktree Capital

A unit of Vedanta Resources will issue $400 million (~Rs 2,935 crore) in notes to an entity under Oaktree Capital Group, as the mining company looks to meet liquidity needs. The notes will be partly secured by shares in Mumbai-listed unit Vedanta Ltd. The new deal with Oaktree comes after Vedanta Resources sold $1 billion (~Rs 7,339 crore) of securities earlier this month, at one of the highest yields for a dollar bond in Asia this year.

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Lupin launches Mycophenolate Mofetil tablets in the US

Lupin Ltd, on Tuesday, announced the launch of Mycophenolate Mofetil tablets in the United States. The tablets are used to help prevent the body from rejecting organ transplants. The newly launched product is the generic equivalent of CellCept tablets of Roche Palo Alto LLC. According to IQVIA MAT October 2020 data, Mycophenolate Mofetil tablets USP had an annual sales of approximately $87 million (~Rs 638 crore) in the US.

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Automakers Fear Container Shortage to Hit Parts Supply, Output – Top Indian Market News

Indian automakers fear container shortage to hit parts supply, output

Automakers in India are bracing for a parts shortage and possible production losses over the next 3-4 months due to a global shortage of available shipping containers. The concern was put forth by the Society of Indian Automobile Manufacturers (SIAM). The trade body stated that shipping freight rates have surged since July and companies are now finding it difficult to sustain normal trade operations. Major auto exporters also have to book containers weeks in advance.

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Aurobindo Pharma & COVAXX to develop Covid-19 vaccine for India, UNICEF

Aurobindo Pharma Ltd has entered into an exclusive licensing agreement with US-based COVAXX to develop, commercialize, and manufacture UB-612 for India and the United Nations Children’s Fund (UNICEF). UB-612 is the first Multitope Peptide-based vaccine to fight Covid-19. COVAXX is currently conducting a Phase-1 clinical trial for the vaccine candidate. Aurobindo Pharma will manufacture the finished doses of UB-612 at its facilities in Hyderabad.

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Adani Power terminates pact to buy 49% stake in Odisha Power Gen Corp

Adani Power, on Thursday, said that the agreement to acquire a 49% stake in Odisha Power Generation Corporation (OPGC) from the affiliates of the AES Corporation has been formally terminated. The Odisha government, which holds a 51% stake in OPGC, had exercised the Right of First Refusal (RoFR) to purchase the 49% stake held by AES. In June 2020, Adani Power had announced a share sale and purchase agreement (SSPA) to acquire a total of 89.3 lakh equity shares (or 49% stake) in OPGC from AES OPGC Holding and AES India Pvt Ltd.

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SpiceJet partners with GMR Hyderabad Air Cargo for Covid-19 vaccine delivery

SpiceJet Ltd announced that it has signed a Memorandum of Understanding (MoU) with GMR Hyderabad Air Cargo (GHAC) to provide cargo services to all vaccine manufacturers in the region. SpiceXpress, the cargo arm of SpiceJet, aims to provide the first-mile pickup and last-mile delivery to carry Covid-19 vaccines across the domestic and international markets. Under the MoU, GHAC will provide the required space for SpiceJet’s vaccine shipments and also train its personnel on the handling of the vaccine.

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Vodafone Idea, Airtel file segmented offer details to TRAI

Vodafone Idea and Bharti Airtel have both complied with the telecom regulator’s (TRAI) recent directive and filed details of all their segmented offers made between January and November 2020. On December 4, TRAI had directed all telecom companies to submit details of all segmented offers made between January and November 2020, including offer name, tariff rates, terms and conditions, validity spans, and benefits- within 15 days. TRAI stated that such disclosures would need to be made on a monthly basis for each service area.

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India challenges Vodafone arbitration ruling in Singapore: Report

According to a report from ET, the Indian Government has challenged the international arbitration court’s ruling in favour of Vodafone Plc in the retrospective tax case. In September 2020, Vodafone had won the long-pending arbitration case against India’s income tax (IT) department that demanded over Rs 22,000 crore on a retrospective basis. The tribunal, in its ruling, had said the government must cease seeking dues from Vodafone and pay more than Rs 40 crore to the company as partial compensation for its legal costs.

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Govt of Himachal Pradesh allots three hydro projects to SJVN

The Government of Himachal Pradesh has allotted three hydro projects of 501 MW capacity in Chenab Basin to SJVN Ltd. In a Cabinet meeting held today (which was chaired by CM Jai Ram Thakur), SJVN was allocated 104 MW Tandi, 130 MW Rashil, and 267 MW Sach Khas Hydro Electric Projects in the Chenab Basin. With the allocation of these three projects, SJVN has now secured six projects with a total capacity of 1279 MW in the Chenab Basin.

Lupin gets tentative nod from USFDA for toenail fungus topical treatment solution

Lupin Ltd announced that it has received tentative nod from the US Food & Drug Administration (USFDA) to market generic Efinaconazole topical solution 10%. The solution is used for treatment of fungal infections of toenails. The product is a generic version of Bausch Health Americas Inc’s Jublia topical solution of the same strength. According to IQVIA MAT September 2020 data, Efinaconazole topical solution 10% had an estimated annual sales of $222.9 million (~Rs 1,640 crore) in the US.

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Central Bank to exit housing finance business; to sell JV stake for Rs 160 crore

Central Bank of India will exit its housing finance joint venture, CBHFL, by selling its entire stake of over 64% to Centrum Housing Finance. Centrum Capital, which is the parent of Centrum Housing, stated that the cost of the acquisition is about Rs 160 crore. Centrum Capital said the deal is expected to be closed in about 2-3 months. CBHFL is a financing and mortgage company jointly promoted by four public sector institutions – Central Bank of India, National Housing Bank, Specified Undertaking of Unit Trust of India (SUTTI), and Housing and Urban Development Corporation (HUDCO).

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Caplin Point receives approval from USFDA for anesthetic injection

Caplin Point Laboratories stated that its subsidiary, Caplin Steriles, has received final approval from the USFDA for etomidate injection USP. Etomidate is a general anesthetic, used for the induction of general anesthesia and for the supplementation of sub potent anesthetic agents. According to IQVIA (IMS Health), etomidate injection USP had US sales data of approximately $9 million (~Rs 66.16 crore) for the 12-month period ending October 2020.

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