Tag: Mahindra Finance

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Cabinet Approves Rs 19,744Cr for National Green Hydrogen Mission – Top Indian Market Updates

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

Cabinet approves ₹19,744 crore for National Green Hydrogen Mission

The Union Cabinet has approved provisions of the National Green Hydrogen Mission. It has sanctioned ₹19,744 crore for implementation of the project. The mission aims to provide direct incentives for manufacturing green hydrogen and generating hydrogen from green power sources. Incentives will also be given for manufacturing electrolysers in India for five years.

Read more here.

Adani plans to focus on digital expansion in 2023: Report

According to a Times of India report, Adani Group’s chairman Gautam Adani has been planning to roll out enterprise 5G services and consumer apps this year. He will be focusing on building AI-ML (artificial intelligence & machine learning) & industrial cloud capabilities and expanding data centres. Rolling out its 5G services and business-to-consumer (B2C) apps to digitally onboard millions of customers will be the company’s priority in 2023.

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Switch Mobility, JBM Auto, PMI Electro Mobility win e-bus contracts from Centre

Ashok Leyland’s Switch Mobility, JBM Auto, and PMI Electro Mobility have emerged as the lowest bidders for a $362.24 million (~₹3,000 crore) tender floated by state-run Convergence Energy Services Ltd (CESL). Switch Mobility will supply 2,600 electric buses in three states, JBM Auto 1,781 e-buses in three states, and PMI Electro quoted the lowest for the supply of 2,080 electric buses in two states.

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Housing demand across India rises 19% in Q3

The Magicbricks’ PropIndex report for the quarter ended Dec (Q3 FY22) said the aggregate residential demand (indicated by searches) increased 19% YoY led by major cities such as Mumbai with a 52.1% rise, Noida 35.8%, Gurgaon 34.5%, Delhi 14.8% and Bengaluru with 33% growth. The average property rates increased 13.9% YoY, and the cumulative supply (indicated by listings) grew 2.7% YoY.

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Vedanta’s aluminium production falls 2% in Q3

Vedanta Ltd’s total aluminum production declined by 2% YoY to 5.66 lakh tonne in the three months ended December 2022. Alumina production at Lanjigarh refinery in Odisha FELL 6% YoY and 2% from the previous quarter to 4.43 lakh tonne due to maintenance activities in calciners. Total production of finished steel was at 3.06 lakh tonne in Q3, down by 13% YoY.

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RailTel to monetise Wi-Fi footfalls in rail stations, eyes ₹250 crore revenue in 5 years

RailTel Corporation of India Ltd has initiated a Wi-Fi monetisation project covering more than 6,100 railway stations across India where a public Wi-Fi network has already been made available by the company. The company has signed a five-year agreement with three partners— 3i Infotech Ltd, Forensics Intelligence Surveillance & Security Technologies Private Ltd, and Yellow Inc for the project. 

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RBI lifts restrictions imposed on Mahindra Finance

Reserve Bank of India has lifted restrictions on Mahindra & Mahindra Financial Services Limited on loan recovery via third-party services. On September 22, 2022, RBI directed the company to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders. The company was allowed to carry out recovery or repossession activities through its own employees.

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NTPC’s power generation jumps 11% to 254 BU in April-December 2022

NTPC Ltd has reported an 11.6% year-on-year (YoY) growth in power generation during the April-December period in FY23. The state-owned company generated 295.4 billion (BU) of power during the period. The coal-based thermal power plants of the company utilised 73.7 percent of their capacity, a jump from 68.5 percent utilisation in the year-ago period. NTPC also commissioned India’s first green hydrogen blending project on Tuesday.

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Tata Steel Posts 87% YoY Fall in Q2 Net Profit – Top Indian Market Updates

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

Tata Steel Q2 Results: Net profit falls 87% YoY to ₹1,514 crore

Tata Steel reported an 87% YoY (or 80% QoQ) decline in consolidated net profit to ₹1,514 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 0.8% YoY to ₹59,877.52 crore during the same period. EBITDA stood at ₹6,060.4 crore in Q2, down 62% YoY. The company’s consolidated production fell 3% YoY to 7.56 million tonnes in Q2.

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L&T secures orders worth ₹1,000-2,500 crore in Saudi Arabia

Larsen & Toubro’s Power Transmission & Distribution business has secured multiple orders worth ₹1,000-2,500 crore to build transmission lines and substations in Saudi Arabia. L&T Construction will undertake engineering, design, procurement, and construction of more than 400KM of 380 kilovolts (kV) overhead transmission lines and a new 230kV gas-insulated substation with associated automation and protection systems.

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India’s April-Sept fiscal deficit touches $74.91 billion

India’s federal fiscal deficit in the first half of the financial year (April-Sept) rose to ₹6.20 lakh crore ($74.91 billion) from ₹5.27 lakh crore a year earlier. [Fiscal deficit is the difference between the total revenue and total expenditure of a government.] The fiscal deficit for the period touched 37.3% of the annual estimate as the govt spent more on fertiliser, food, and fuel subsidies.

Meanwhile, net tax collections during April-September rose to ₹10.12 lakh crore, up 10% YoY.

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L&T Q2 Results: Net profit rises 22.5% YoY to ₹2,229 crore

Larsen & Toubro Ltd reported a 22.5% year-on-year (YoY) increase in consolidated net profit to ₹2,229 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 23% YoY to ₹42,763 crore during the same period. Consolidated order intake rose 23% YoY during the quarter to ₹51,914 crore. L&T’s total order book stood at ₹3.72 lakh crore at the end of Q2.

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DoT approves 42 firms for telecom products under PLI scheme

The Department of Telecommunications (DoT) has given approval to 42 companies under the production-linked incentive (PLI) scheme for telecom and networking products. Global firms like Samsung, Nokia, Rising Star, Flextronics, and local players like HFCL, ITI, and Tejas Networks are the companies selected under the scheme. These firms have committed investments of ₹4,115 crore in the sector.

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Bharti Airtel Q2 Results: Net profit rises 89% YoY to ₹2,145.2 crore

Bharti Airtel reported an 89% YoY rise in consolidated net profit to ₹2,145.2 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 22% YoY (or 5.3% QoQ) to ₹6,332 crore during the same period. The telecom company’s average revenue per user (ARPU) grew 23.7% YoY or 3.6% QoQ to ₹190. Its customer base stood at 50.1 crore across 16 countries, up 4.8% YoY.

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ONGC plans 1 GW solar power plant in Rajasthan

Oil and Natural Gas Corporation (ONGC) is planning to set up a 1 gigawatt (GW) solar power plant in Rajasthan in a key move aimed at securing a foothold in the green energy space. The company has approached the state government, seeking 5,000 acres of land to house its proposed plant. The project may require an investment of ₹5,000 crore and take about three years to finish.

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Jindal Saw set to acquire Sathavahana Ispat under IBC for ₹530 crore

Jindal Saw Ltd emerged as the highest bidder at ₹530 crore to acquire Sathavahana Ispat (SI), which is undergoing corporate insolvency. J C Flower Asset Reconstruction Company is the sole creditor of SI with an admitted claim of ₹1,747 crore. SI has a 50 megawatt captive power plant and one plant each in Andhra Pradesh and Karnataka for producing pig iron and ductile iron pipe.

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Mahindra Finance raises ₹275 crore by issuing bonds

Mahindra & Mahindra Financial Services has raised ₹275 crore by issuing bonds on a private placement basis. The company’s board had approved the allotment of 2,750 secured redeemable non-convertible market-linked debentures. The face value of the bond is ₹10 lakh each, aggregating to ₹275 crore.

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RBI launches first pilot of wholesale Digital Rupee

Reserve Bank of India (RBI) will commence a pilot project for a wholesale central bank digital rupee on Nov 1. The digital rupee will be initially used to settle transactions in government securities. State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC have been identified for participation in the pilot. 

Read more here.

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Jio to Launch 5G Services Tomorrow – Top Indian Market Updates

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

Jio to start 5G services from Dussehra in 4 cities with a free welcome offer

Reliance Jio will start 5G services in India with a “free welcome offer” from Dussehra. The telecom operator will commence a beta trial of its True-5G services on the auspicious occasion in four cities– Mumbai, Delhi, Kolkata, and Varanasi. Jio will send an invite to customers under Jio True 5G Welcome Offer to try its 5G services. Subscribers will get unlimited 5G data with up to 1 gigabit per second speed.

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Bank of Baroda looks to ramp up wealth management business

State-run Bank of Baroda is hiring more than 850 relationship managers and executives to strengthen its wealth management business as it seeks to tap into the growing segment across India. The bank aims to nearly triple its assets under management (AUM) to more than ₹85,000 crore (from Rs 30,000 crore at present) in the next five years by cross-selling to about 2.5 lakh wealthy customers who already have accounts with it.

Auto sector to witness the best festive season of the decade: FADA

The Federation of Automobile Dealers Associations (FADA) anticipates that October will be the best festive in a decade for the passenger vehicle (PV) segment due to higher sales. In September, the automobile sector witnessed an 11% YoY growth in total retail vehicle sales as better supplies from manufacturers allowed dealers to ramp up customer deliveries amid the ongoing festive period.

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Mahindra Finance reports 110% YoY growth in September

Mahindra Finance Ltd continued its momentum with the disbursement of approx. ₹4,080 crore, delivering a 110% YoY growth in September 2022. In the first half of FY23, the company is estimated to report loan disbursements of ~₹21,300 crore. Healthy disbursement trends during the first half have led to a strong gross asset book of ₹73,900 crore, a growth of nearly 16% YoY.

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UPI payment crosses ₹11 lakh crore milestone in Sept

Payment through Unified Payments Interface (UPI) crossed a milestone of ₹11 lakh crore in September, according to data released by the National Payments Corporation of India (NPCI). The platform saw 678 crore transactions last month. Payment through UPI had crossed ₹10 lakh crore in May 2022. [UPI is an instant real-time payment system that facilitates inter-bank peer-to-peer (P2P) transactions.]

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RIL’s subsidiary, Sanmina Corp to set up electronics JV

Reliance Industries’s arm RSBVL and US-based Sanmina Corporation have set up a joint venture to manufacture 4G and 5G hardware for Indian and overseas markets. The JV was set up at a total enterprise valuation of ~₹3,300 crore. It will manufacture hardware products at Sanmina’s 100-acre campus in Chennai. Reliance Strategic Business Ventures Ltd (RSBVL) will hold a 50.1% stake in the JV, while Sanmina will hold 49.9% stake.

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Lupin gets USFDA approval for generic HIV drug

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) to market Darunavir Tablets in the US market. The drug is used to treat Human Immunodeficiency Virus (HIV) infection. As per IQVIA MAT data, Darunavir tablets had estimated annual sales of $343 million in the US during the 12 months ended June 2022.

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CCI approves Sony-ZEEL merger with conditions

The Competition Commission of India (CCI) conditionally approved the proposed merger of Zee Entertainment Enterprises Ltd. (ZEEL) and Culver Max Entertainment Pvt. Ltd. (formerly known as Sony Pictures Networks India). The approval was granted after the CCI accepted the voluntary remedies proposed by the parties to allay possible anti-competitive concerns. To learn more about the merger, click here.

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Total trade volume at IEX falls 8% in September

Indian Energy Exchange (IEX) registered an 8% YoY decline in total trade volume to 8,160 million units (MU) in September. On a month-on-month (MoM) basis, IEX registered a 5% growth last month. The average clearing price in the Day-ahead market rose to ₹5.63 in Sept, up 28% YoY and 9% MoM. 

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Fortis Healthcare Shares Crash 20% on SC Order – Top Indian Market Updates

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

Fortis Healthcare shares crash 20% as SC extends stay on IHH open offer

Shares of Fortis Healthcare Ltd crashed nearly 20% after the Supreme Court (SC) ordered the continuation of a stay on IHH Healthcare’s open offer for the company. The court ordered a forensic audit of the share sale in Fortis Healthcare in 2018 and refused to allow the open offer from Malaysia’s IHH Healthcare Bhd to proceed. Malvinder Singh and Shivinder Singh, former promoters of the company, were handed six-month jail terms by the SC for their involvement in the deal.

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SpiceJet announces 20% salary hike for pilots: Report

As per an ET Now report, SpiceJet Ltd has announced a 20% salary hike for pilots from October. The airline reportedly received the first tranche of the Emergency Credit Line Guarantee Scheme (ECLGS) payment of around ₹125 crore last week. SpiceJet recently decided to place certain pilots on leave without pay (LWP) for three months as a temporary measure to rationalise costs.

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Lux Industries draws up plans to increase turnover of flagship brand

Innerwear major Lux Industries Ltd has drawn up plans to increase the turnover of its flagship brand Lux Cozi from ₹700 crore to ₹1,000 crore by FY25. The company wants to expand its presence in regional markets and engage regional celebrities as brand ambassadors. It has roped in Sourav Ganguly, the former captain of the Indian cricket team, as the brand ambassador for Lux Cozi.

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Axis Bank starts digital lending through Account Aggregator Framework

Axis Bank has started lending through its Account Aggregator (AA) Framework. The bank offers personal loans, credit cards, auto loans, and small business loans through the account aggregator journey. It provides instant loans that are completely digital and paperless for existing and new customers.

RBI asks Mahindra Finance to stop loan recovery via external agents

The Reserve Bank of India (RBI) ordered Mahindra & Mahindra Financial Services to immediately stop loan recoveries via external agents till further orders. This comes days after the company’s loan recovery agents allegedly crushed a 27-year-old woman in Jharkhand to death under a tractor. The agent was forcibly taking the vehicle away for non-payment of dues.

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IndusInd Bank, RBL Bank increase MCLR

IndusInd Bank and RBL Bank have increased their marginal cost of funds-based lending rates (MCLR) effective Thursday. Their decision comes days ahead of RBI’s Monetary Policy Committee’s (MPC) meeting on the repo rate. IndusInd Bank hiked its MCLR by 5-10 basis points, while RBL Bank hiked the rate by 20 bps. [MCLR is the lowest interest rate that a financial institution can offer on loans.] 

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ICICI Bank launches ‘Festive Bonanza’ for its customers

ICICI Bank announced the launch of ‘Festive Bonanza’, a wide variety of offers for all its customers at the onset of the festive season. Customers can enjoy discounts and cashback up to ₹25,000, which can be availed using the bank’s credit cards, debit cards, internet banking, consumer finance, and cardless EMI. The bank has collaborated with leading brands and e-commerce platforms across a wide range of products and services.

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Hero MotoCorp hikes prices of scooters, motorcycles

Hero MotoCorp Ltd has increased the prices of its scooters and motorcycles across India with immediate effect. The price hike will be as high as ₹1,000. The company has taken the step to partially offset the impact of cost inflation. The current product portfolio of Hero MotoCorp includes 14 motorcycles ranging from ₹55,450 to ₹1,36,378 and four scooters ranging from ₹66,250 to ₹77,078.

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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.

Read more here.

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.

Read more here.

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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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.

Read more here.

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.

Read more here.

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.

Read more here.

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L&T, ReNew Tie Up For Green Hydrogen Projects – Top Indian Market News

L&T partners with ReNew for green hydrogen projects in India

Larsen & Toubro (L&T) and ReNew Power have signed an agreement to tap the $2 billion green hydrogen business opportunities in India and neighboring countries. Under this agreement, L&T and ReNew will jointly develop, own, execute and operate green hydrogen projects. The partnership will allow both companies to pool their knowledge, expertise, and resources to take maximum advantage of the transition to cleaner fuel amidst climate change concerns. 

Read more here.

Maruti Suzuki to hike prices in January

Maruti Suzuki India Ltd (MSIL) has announced plans to hike vehicle prices in January 2022 due to the increase in various input costs. The company said that the price hike will vary for different models. MSIL had increased the prices of its models in March, July, and September this year.

Read more here.

Sundaram Clayton accelerates transformation journey with Altizon’s Datonis Digital Factory

Altizon Inc. is working with Sundaram Clayton Ltd (SCL) to scale up the deployment of its industry-leading Datonis Digital Factory in casting and machining cells across all SCL plants in India and North America. US-based Altizon’s Datonis Digital Factory is a cloud-based smart manufacturing platform that enables SCL to connect data from their physical assets, spread across multiple locations and enterprise systems onto a single platform. 

Read more here.

ABB India completes sale of Dodge Business for Rs 45 crore

ABB India Ltd has completed the sale of its mechanical power transmission division (Dodge Business) to Dodge Industrial India Pvt Ltd (DIIPL). The consideration received for the sale is Rs 44.58 crore. DIIPL is an affiliate of RBC Bearings Incorporated, an international manufacturer and marketer of highly engineered precision bearings and products.

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Cadila’s Covid vaccine to be introduced in 7 states first

The Indian government will initially introduce Cadila Healthcare Ltd’s Covid-19 vaccine ZyCoV-D in seven states, including Maharashtra and West Bengal. The pharma company will supply one crore doses of ZyCoV-D to the Centre by December. ZyCoV-D has been developed indigenously by Cadila Healthcare. It is also the first Covid-19 vaccine that is needle-free and administered using PharmaJet, a needle-free applicator to ensure painless intradermal vaccine delivery.

Read more here.

Shriram City Union Finance disburses highest ever loans worth Rs 1,022 crore in November

Shriram City Union Finance disbursed the highest ever loans worth Rs 1,022 crore for 1.6 lakh two-wheelers in November. This is the second consecutive November that the non-banking financing company (NBFC) has crossed the Rs 1,000 crore disbursement mark. The company primarily caters to salaried and non-salaried buyers inclined towards entry-segment two-wheelers, having the highest demand across categories.

Skipper secures orders worth Rs 300 crore

Skipper Limited has secured an order worth Rs 115 crore for transmission towers from Power Grid Corporation of India (PGCIL). The company’s engineering business has received export orders for transmission towers worth Rs 185 crore for several T&D projects across Latin America, the Middle East, West Asia, and South Asia markets. It has also secured export orders for telecom towers from Latin America and Africa. Skipper Ltd is an Indian transmission and distribution structures manufacturing company.

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Bharat Dynamics secures order worth Rs 471 crore from Indian Army

Bharat Dynamics Ltd (BDL) has signed a contract with the Indian Army worth Rs 471.41 crore for the refurbishment of IGLA – 1M missiles. The refurbishment will increase the life of the missiles by 10 years. BDL will also deal with the manufacturing and supply of guided missiles, underwater weapon systems, airborne weapon systems, ground support equipment, and product life cycle support.  

Read more here.

Mahindra Finance reports 17% YoY rise in disbursements in Nov

Mahindra & Mahindra Financial Services Ltd reported a 17% year-on-year (YoY) increase in loan disbursements to Rs 2,500 crore. The collection efficiency improved further to 94% in November 2021, compared to 84% in Nov 2020 and 91% in October 2021. The company expects this positive trend to continue in December. 

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India to launch $10 billion incentive package to attract chip makers: Report

According to a report from Bloomberg, India is finalizing an incentive package of $10.2 billion (~Rs 76,400 crore) to attract companies to start manufacturing semiconductors in the country. The government will offer incentives over six years for domestic production of semiconductor fabs, display fabs, design, and packaging to cut down dependence on imports. The report further states that the Union Cabinet is expected to take up the proposal for approval soon.

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M&M Finance Launches Car Leasing & Subscription Biz – Top Indian Market News

Mahindra Finance launches car leasing and subscription business

Mahindra & Mahindra Financial Services Ltd announced the launch of a lease-based vehicle subscription business for urban centres. The company is eyeing a business of Rs 10,000 crore from this segment in the next 3-5 years. Under the brand ‘Quiklyz’, Mahindra Finance will offer multi-brand vehicle leasing and subscription, targeting to reach nearly 30 cities within a year.

Read more here.

IndusInd Bank launches mobile app for merchants

IndusInd Bank has launched Indus Merchant Solutions, a mobile app that enables merchants, retailers, and professionals to carry out banking transactions digitally. The platform will allow merchants and retailers to undertake activities such as accepting instant cashless payments on mobile phones, tracking inventory via in-built dashboards, and avail small ticket business loans. It also allows users to apply for an exclusive Point of Sale (PoS) machine to facilitate card-based payments. 

Read more here.

Jio tops 4G chart in download speed; Airtel, Vi reduce gap in October: TRAI data

Reliance Jio Infocomm has retained its top position with the highest average data download speed of 21.9 megabits per second (Mbps) among 4G service providers in October. Bharti Airtel and Vodafone Idea’s (Vi) networks have been continuously recording an increase in data download speed, thereby reducing the gap with the Jio network. Airtel 4G data download speed increased to 13.2 Mbps in October from 5 Mbps in June. Vi’s 4G speed increased to 15.6 Mbps from 6.5 Mbps in June. 

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Alembic Pharma JV gets USFDA approval for antibacterial ointment

Alembic Pharmaceutical Ltd’s joint venture (JV) Aleor Dermaceuticals has received final approval from the US Food & Drug Administration (USFDA) for Mupirocin Cream USP, 2%. The drug is indicated for the treatment of secondarily infected traumatic skin lesions. As per IQVIA data, the product had an estimated market size of $28 million (~Rs 208.05 crore) for the 12 months ended June 2021.

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JSW Steel enters S&P DJSI for Emerging markets for 2021

JSW Steel Ltd has been selected in the S&P Dow Jones Sustainability Index (DJSI) for Emerging Markets for 2021. The steelmaker is one of the 15 companies from India that have made it to the DJSI EM Index, which comprises 108 companies globally. JSW Steel has progressively improved its score across the three domains of environment, social, and governance (ESG). DJSI is the gold standard for corporate sustainability. It is highly regarded by global investors, fund managers, and financial analysts looking at ESG-based investments. 

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Nucleus Software gets shareholders’ approval for Rs 159 crore share buyback

Nucleus Software Exports Ltd has received shareholders’ approval for the proposed buyback of 22.67 lakh equity shares at Rs 700 per share. The company will buy back shares for an aggregate amount not exceeding Rs 159 crore. The total share buyback represents 7.81% of the total paid-up equity capital of the company.

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NIIT partners with Axis Bank to launch FinTech Engineering Programme

NIIT Digital Banking Academy, a joint initiative by Axis Bank and NIIT Institute of Finance, Banking and Insurance (NIIT IFBI), launched its second program for experienced IT professionals. The program offers a great career as “FrontEnd and BackEnd Application Developers” with Freecharge, one of the leading digital platforms for financial services. Axis Bank’s NIIT Digital Banking Academy was launched in 2021 to build a high-quality talent pool in fintech roles.  

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SAIL supplies 50,000 tonne steel for Purvanchal Expressway

Steel Authority of India Ltd (SAIL) has supplied ~50,000 tonnes of steel for the Purvanchal Expressway in Uttar Pradesh. The products supplied for the project were TMT bars, structurals, and plates. PM Narendra Modi on Tuesday inaugurated the 341-km-long expressway, which connects Lucknow to Ghazipur in eastern UP.

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Vedanta considers complete corporate overhaul to unlock value

Vedanta Ltd is considering plans for a complete overhaul of its corporate structure. The company is evaluating all options including demergers, spin-offs, and strategic partnerships. It is looking at listing its aluminium, iron & steel, and oil & gas verticals as separate entities. The Anil Agarwal-led company has constituted a committee of directors to evaluate and recommend such options and alternatives.

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IPO Updates:

The Rs 1,023.47 crore IPO of Tarsons Products Ltd was subscribed 77.49 times on the final day of bidding. Retail investors have subscribed 10.56 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 184.48 times and 115.77 times, respectively, against their reserved portions. 

The Rs 1,013.61 crore IPO of Go Fashion (India) Ltd was subscribed 2.46 times on the first day of bidding. Retail investors have subscribed 12.14 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 44% and 25%, respectively, against their reserved portions. To learn more about the IPO, click here. 

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India to grow oil refining capacity to 450 MT by 2025 – Top Indian Market News

Japan's economic backbone (Lomo-esque & sepia-ish)

India to grow oil refining capacity to 450 MT by 2025: PM Modi

Prime Minister Narendra Modi, on Monday, announced that India will increase its oil refining capacity to 450 million tonnes by 2025. The refining capacity is currently at 250 million tonnes. He stated that India’s energy sector will be growth-centric, investor-friendly, and environmentally conscious. While addressing the fourth India Energy Forum by CERAWeek, PM Modi further said that energy security will be India’s biggest priority.

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Kotak Bank reports 26% YoY increase in net profit

Kotak Mahindra Bank reported a 26.27% year-on-year (YoY) increase in standalone net profit at Rs 2,184.48 crore, for the quarter ended September (Q2). The bank’s Net Interest Income (NII) saw a rise of 16.8% to Rs 3,913 crore, during the same period. NII is the difference between the interest income a bank receives from loans, and the interest it pays to depositors. The share price of Kotak Bank saw a rise of 1.99%, and closed at Rs 1,410.55 on the NSE today.

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Bharti Airtel enters cloud communications market with ‘Airtel IQ’

Telecom operator Bharti Airtel, on Monday, launched a cloud-based communication platform called ‘Airtel IQ’. The platform will help enterprises in India to deepen their engagement with customers. According to Airtel, companies such as Swiggy, JustDial, Rapido, and Urban Company have already signed deals to use this platform. Bharti Airtel is the first telecom company to enter this segment, and expects the market to grow 20% YoY.

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Mahindra Finance Q2 Results: 34% YoY increase in net profit

Mahindra Finance Limited has reported a 33.7% year-on-year increase in consolidated net profit at Rs 352.5 crore, for the quarter ended September (Q2). The company’s total income increased by 4.6% YoY to Rs 3,070.5 crore, during the same period. The customer base of Mahindra Finance crossed 69 lakh during July-September, and reported strong rural demand.

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SBI Life reports two-fold jump in net profit at Rs 299.73 crore

SBI Life Insurance Company Ltd reported a two-fold year-on-year (YoY) increase in net profit at Rs 299.73 crore, for the quarter ended September (Q2). The total income of the company saw a rise of 45% YoY to Rs 18,458.25 crore, during the same period. The share price of SBI Life saw an increase of 1.34%, and closed at Rs 781 on the NSE today.

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TCS partners with Volt to expand payment offerings

Tata Consultancy Services (TCS), on Monday, announced that they have partnered with Australia’s first neo-bank, Volt. A neobank is a digital or virtual bank, or a bank that does not have any physical branches. The partnership has been aimed at launching Volt 2.0, a next-generation Banking as a Service (BaaS) platform. With the help of TCS, Volt’s digital payment methods will also be improved.

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Poly Medicure Q2 Results: Net profit rises 23% YoY to Rs 35 crore

Poly Medicure Limited reported a 23.27% year-on-year increase in net profit at Rs 35.01 crore, for the quarter ended September (Q2). The total sales of the company saw a growth of 14.81% YoY to Rs 199.63 crore, during the same period. The share price of Poly Medicure fell 0.67%, and closed at Rs 490 on the NSE on Monday.

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Aurobindo Pharma to sell US unit Natrol for $550 million

Aurobindo Pharma has signed a deal with New Mountain Capital to sell its US-based subsidiary, Natrol LLC. The cost of the sale has been estimated at $550 million (~Rs 4,048 crore). The deal is subject to regulatory approvals, and is expected to close by January 2021. The drug company had acquired Natrol in December 2014.

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Yes Bank sells DHFL bonds, raises Rs 500 crore from secondary market

Yes Bank has sold bonds in Dewan Housing Finance Corporation Ltd (DHFL) on the secondary market to raise Rs 500 crore. According to Yes Bank’s MD, Prashant Kumar, the company is planning to reduce its links with the troubled DHFL. He also stated that the bank is looking to sell its mutual funds by the end of the year, in order to raise more capital.

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CDSL reports 68% YoY increase in profit after tax to Rs 49 crore

The Central Depository Services (India) Limited reported a 68% year-on-year (YoY) increase in profit after tax (PAT) at Rs 48.87 crore, for the quarter ended September (Q2). The total income increased by 46% to Rs 101.16 crore, during the same period. CDSL allows investors to deposit securities by opening a Demat account. It gets its revenue from transaction charges and accounts maintenance charges.

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