Tag: mahindra logistics

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PVR to Invest ₹350cr for 100 New Screens in FY23 – Top Indian Market Updates

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

PVR to invest ₹350 crore for 100 new screens in FY23

PVR Limited will invest up to ₹350 crore to open 100 new screens in the current financial year (FY23). The investments will be funded by cash balances from internal accruals and also by some debt. The company expects its mega-merger with Inox Leisure to close by February 2023, after which it will start to run as a combined business. 

Read more here.

DLF to develop luxury project in Gurgaon; targets ₹1800 crore sale

DLF Limited will develop a new luxury housing project in DLF5, Gurugram, with an estimated sales realisation of ₹1,700-1,800 crore. It will comprise 292 residences in a total developable area of 8.5 lakh square feet. The company has focused on many low-rise luxury developments and has sold floors worth ₹3,000 crore in 20 months.

Read more here.

Mahindra Lifespace eyes society redevelopment projects in Mumbai

Mahindra Lifespace Developers Ltd (MLDL) expects to secure two society redevelopment projects in Mumbai in FY23. The company is also looking to develop data centres as part of its expansion plans. MLDL aims to develop build-to-suit industrial and warehousing space in its existing large integrated industrial parks and may also look at housing for senior citizens.

Read more here.

Tata Group to halve number of listed companies to boost competitive strength

The Tata Group has commenced plans to halve the number of listed companies in the conglomerate from 29 to ~15 in the coming months to focus on investing in fewer but bigger entities that can compete well in the marketplace. They are speeding up its simplification and synergising strategy to better focus on growth & scale and improve cashflows in the larger companies. Last week, the group initiated the process of consolidating its steel business by merging seven subsidiaries into Tata Steel.

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Tata Motors to invest ₹2,000 crore per annum on CV business

Tata Motors Ltd plans to continue investing up to ₹2,000 crore per annum in its commercial vehicle (CV) business to launch new models. The company is also looking to transition to cleaner mobility through vehicles powered by CNG and other alternative fuel options. It expects CNG models to account for nearly 40% in intermediate & light commercial vehicles and 20% in small CVs going ahead.

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HAL sets up ₹208 crore rocket engine manufacturing facility

Hindustan Aeronautics Ltd (HAL) has set up a ₹208 crore Integrated Cryogenic Engine Manufacturing Facility (ICMF) that would cater to the entire rocket engine production under one roof for Indian Space Research Organisation (ISRO). Set up over an area of 4,500 square metres, the facility will house over 70 hi-tech equipment and testing facilities for manufacturing cryogenic and semi-cryogenic engines of Indian rockets.

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Samsung, Axis Bank launch co-branded card

Samsung and Axis Bank have launched a new co-branded credit card in India. The credit card will be powered by Visa and comes with a host of benefits such as cashback and reward points. It offers 10% cashback across all Samsung products (smartphones, tablets, TVs, ACs) and services around the year. The two entities have also partnered with key partner merchants such as BigBasket, Myntra, Tata 1mg, and Zomato.

Read more here.

Mahindra Logistics to acquire Rivigo’s B2B express business

Mahindra Logistics Ltd (MLL) has reached an agreement to acquire Rivigo Services Pvt. Ltd’s (RSPL) business-to-business (B2B) express business. MLL will take over the customers, team, assets, and technology platform of the B2B express business. RSPL will continue to own its truck fleet and the rights to the full truckload (FTL) operations.

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BSE gets final SEBI approval to launch electronic gold receipts

BSE Ltd has received final approval from the Securities and Exchange Board of India (SEBI) for introducing the Electronic Gold Receipt (EGR) segment on its platform. The exchange conducted several mock trading in the test environment for its members to facilitate trading in EGRs. EGRs will go a long way in building a transparent channel for gold trade on a national institutionalised platform.

To learn more about EGRs, click here.

Read more here.

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HUL Reports 9% YoY Rise in Net Profit in Q4 – Top Indian Market News

HUL Q4 Results: Net profit rises 9% YoY to Rs 2,327 crore

Hindustan Unilever Ltd (HUL) reported an 8.6% YoY increase in net profit to Rs 2,327 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 10.4% YoY to Rs 13,190 crore during the same period. The FMCG company’s home care segment grew 24% YoY in Q4, while its foods & refreshment segment grew 5%. HUL’s board has declared a dividend of Rs 19 per share.

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NTPC partners with Energy Vault for gravity-based energy storage tech

NTPC Limited has signed a Memorandum of Understanding (MoU) with Switzerland-based Energy Vault Holdings, Inc. The two entities aim to deploy gravity-based energy storage technology and software solutions based on the outcome of a joint feasibility study. The technology also offers beneficial utilization of coal ash for manufacturing composite blocks for Energy Vault’s energy storage system.

In other news, NTPC will raise Rs 1,500 crore by issuing non-convertible debentures (NCDs) on a private placement basis on Friday. The proceeds will be utilised for funding capital expenditure and refinancing existing loans.

Read more here.

ONGC signs pact with Equinor for E&P, clean energy

Oil & Natural Gas Corporation (ONGC) signed a pact with Norwegian energy giant Equinor ASA for collaboration in oil and gas exploration and production as well as clean energy projects. The two entities will collaborate in the field of upstream oil and gas, midstream, marketing, and trading. They will also explore options in low carbon fuel, renewables, Carbon Capture Storage (CCS) solutions, etc.

Read more here.

IEX Q4 Results: Net profit rises 45% YoY to Rs 88 crore

Indian Energy Exchange (IEX) reported a 45% YoY increase in net profit to Rs 88 crore for the quarter ended March (Q4 FY22). Net profit rose 10% when compared to the previous quarter. Its revenue from operations rose 19% YoY to Rs 112 crore during the same period. EBITDA stood at Rs 95 crore, up 23% YoY. The company’s board has declared a final dividend of ₹1 per share.

Bajaj Auto Q4 Results: Net profit falls 2% YoY to Rs 1,526 crore

Bajaj Auto Ltd reported a 2% YoY decline in consolidated net profit to Rs 1,526 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 7% YoY (or 11.35% QoQ) to Rs 7,974.84 crore during the same period. Bajaj Auto sold 3,89,155 units domestically in Q4, registering a 27% YoY decline. The company’s board has declared a dividend of Rs 140 per share.

Read more here.

Lupin partners with Yabao to market pediatric formulations in China

Lupin Ltd has partnered with Yabao Pharmaceutical Co. Inc. to meet the growing demand for quality drugs with pediatric formulations in the Chinese market. The latest Chinese pediatric pharma market report indicates that the market for pediatric drugs in China was pegged at ~$33 billion in 2021, growing at a rate of 9.23%. Yabao is a leading pharma company with fully integrated development, manufacturing, and commercialization in China.

Read more here.

Mahindra Logistics Q4 Results: Net profit falls 9% YoY to Rs 11 crore

Mahindra Logistics Ltd reported a 9% YoY decline in net profit to Rs 11 crore for the quarter ended March (Q4 FY22). Net profit jumped 119% when compared to the previous quarter. Its revenue from operations rose ~10% YoY to Rs 1,073 crore during the same period. EBITDA stood at Rs 54.96 crore, up 19% YoY. Mahindra Logistics’ board has declared a dividend of Rs 2 per share.

Read more here.

TVS Motor partners with Rapido to expand hyperlocal mobility

TVS Motor Company has announced a strategic partnership with Bengaluru-based on-demand delivery and mobility platform Rapido. The two entities will collaborate by leveraging synergies of their respective businesses in India’s fast-moving mobility market. The partnership will cover two-wheeler and three-wheeler vehicles. It will also extend across internal combustion engine (ICE) and electric vehicle (EV) segments.

Read more here.

Bharti Airtel acquires 7% stake in NaaS startup Cnergee Technologies

Bharti Airtel has acquired a 7% stake in Navi Mumbai-based cloud-based networking solutions provider Cnergee Technologies. This move will enable Airtel to sharpen its Network as a Service (NaaS) proposition for Small & Medium Businesses (SMBs) looking to accelerate their shift to cloud-based applications. Cnergee Technologies has developed a range of 5G-ready software tools for NaaS that can be deployed at scale.

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Centre offers higher fertilizer subsidy for Kharif season

The Central government has announced nutrient-based subsidy rates for phosphatic and potassic fertilizers for the upcoming Kharif crop season. The new subsidy rates translate to over a 50% YoY increase in the subsidy given per bag of fertilizer. The higher fertilizer subsidies will help farmers cushion the impact of rising global prices. The Union Cabinet also approved the construction of the 540 megawatts (MW) Kwar Hydro Electric project in Jammu & Kashmir. 

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HDFC AMC Q4 Results: Net profit rises 8.7% YoY to Rs 343.5 crore

HDFC Asset Management Company (AMC) reported an 8.7% YoY increase in net profit to Rs 343.55 crore for the quarter ended March (Q4 FY22). Net profit fell 5% when compared to the previous quarter. Its total income rose 6.5% YoY to Rs 580.93 crore during the same period. HDFC AMC’s board has declared a dividend of Rs 42 per share.

Read more here.

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India’s GDP Grows 5.4% in Q3 – Top Indian Market News

India’s GDP grows 5.4% in Q3

India’s gross domestic product (GDP) grew by 5.4% in the December quarter (Q3 FY22), lower than 8.4% growth in the previous quarter (Q2 FY22). The agricultural sector grew at 2.6% in Q3 FY22, compared to 3.7% in Q2. The mining sector grew 8.8% in the October-December quarter of FY22, compared to 14.2% growth in the last quarter. India’s construction sector witnessed a -2.8% growth in Q3, compared to 8.2% in Q2. 

According to the latest estimates from the Ministry of Statistics and Programme Implementation, the economy is likely to grow at 8.9% in FY 2021-22. There are rising risks from higher prices of crude oil and commodities after Russia’s invasion of Ukraine.

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Biocon Biologics acquires Viatris’ biosimilar business for $3.34 billion 

Biocon Biologics Ltd (BBL) has entered into a definitive agreement with its partner Viatris Inc to acquire its biosimilar business for $3.34 billion. The deal will enable BBL to secure a robust commercial engine in the developed markets of the US and Europe. Viatris would receive cash of $2 billion upon closing the deal and up to $335 million as additional payments in 2024. BBL will also issue Compulsorily Convertible Preference Shares (CCPS) worth $1 billion to Viatris. BBL is a subsidiary of Biocon Ltd.

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Mahindra Logistics acquires Hyderabad-based Whizzard

Mahindra Logistics Ltd (MLL) has acquired a majority stake in Hyderabad-based last-mile delivery services provider Whizzard. This acquisition will complement MLL’s existing last-mile delivery business and its electric vehicle (EV)-based delivery services. Whizzard offers seamless handling of 60-million packages per year across diverse segments.

Read more here.

Zen Technologies secures export order worth Rs 13.5 crore

Zen Technologies Ltd has secured an export contract worth Rs 13.50 crores for the supply of training equipment. The company’s total order book currently stands at Rs 428.56 crore. Hyderabad-based Zen Tech designs, develops, and manufactures state-of-the-art training simulators. It also offers drones and anti-drone solutions.

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Piramal Enterprises to raise up to Rs 500 crore via NCDs

The Administrative Committee of Piramal Enterprises Ltd’s board has approved a proposal to raise up to Rs 500 crore by issuing non-convertible debentures (NCDs) on a private placement basis. It has approved the issue of NCDs of up to Rs 100 crore, along with an option to retain an oversubscription of up to Rs 400 crore (greenshoe option). The NCDs will have a tenure of 30 months with a coupon rate of 8% per annum.

Read more here.

IndiGo, SpiceJet to operates special flights to evacuate Indians stranded in Ukraine

SpiceJet Ltd and IndiGo will operate special flights from Budapest (Hungary) and Bucharest (Romania) on Monday and Tuesday to evacuate Indians stranded in Ukraine due to Russia’s military offensive. Around 14,000 Indians, mainly college students, are currently stranded in Ukraine. Tata Group-owned Air India has evacuated a total of 1,156 Indian nationals in five evacuation flights till now.

Read more here.

HPCL, SECI to work together in electric mobility, alternative fuels

Hindustan Petroleum Corp Ltd (HPCL) has signed a Memorandum of Understanding (MoU) with Solar Energy Corporation of India (SECI) for collaboration in the field of renewable energy, electric mobility, and alternative fuels. The two entities will also develop environmental, social, and governance (ESG) projects. The partnership is in line with the Indian government’s vision of a carbon-neutral economy by 2070.

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DLF expects Rs 700 crore sales revenue from housing project in Chennai

DLF Limited has launched a new housing project in Chennai and expects a sales revenue of Rs 700 crore over the next 18 months. The realty company will invest ~Rs 100 crore to develop infrastructure at the 85-acre housing project (termed ‘Parc Estate’). DLF will develop 1,500 plots, having a 2.15 million sq. ft. area. It will sell 750 plots in the first phase in a price bracket of Rs 20 lakh to Rs 1.25 crore.

Read more here.

Sterlite Tech partners with Analog Devices to develop O-RAN 5G radio units

Sterlite Technologies Ltd (STL) has partnered with US-based Analog Devices, Inc. to develop 5G Open RAN radio units (O-RU). The two firms will build 5G-ready solutions to expand the diversity of commercially available O-RUs. STL and Analog Devices will work closely with other ecosystem providers, including leading power amplifier (PA) vendors.

Read more here.

IndiaMART acquires stake in Realbooks

IndiaMART InterMESH Ltd has announced an investment of ~Rs 13.75 crore in Adansa Solutions Private Ltd. As part of the transaction, IndiaMART has agreed to acquire shares via a mix of primary and secondary share purchases. Its final shareholding in Adansa will stand at 26.01%. Adansa Solutions, under the brand name Realbooks, offers a cloud-based accounting software product for businesses.

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Tanla Platforms partners with Truecaller

Tanla Platforms Ltd has entered into an exclusive partnership with Truecaller, a global platform that verifies contacts and blocks unwanted communication. Under the partnership, Truecaller Business Messaging will be exclusively powered by Tanla’s Wisely CPaaS platform. Wisely is one of the world’s largest blockchain-enabled communications platform as a service (CPaaS) platforms. The collaboration aims to help businesses reach out to more than 300 million active users of Truecaller with relevant messages.

Read more here.

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IMF Raises India’s Growth Projection to 12.5% in FY22 – Top Indian Market News

IMF raises India’s growth projection to 12.5% in FY22

The International Monetary Fund (IMF) has upgraded its growth projection for India to 12.5% for FY 2021-22 from 11.5% estimated in January. As per IMF’s report, India is the only country expected to register double-digit growth in the current financial year. The GDP growth for FY23 is estimated at 6.9%. However, the surge in Covid-19 cases poses a severe downside risk to the growth outlook for the economy. The IMF’s World Economic Outlook now sees world growth of 6% this year, after the contraction of 3.3% in 2020 amidst the Covid-19 pandemic.

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Cargo volume handled by Adani Ports rises 41% YoY in March

Adani Ports & Special Economic Zone Ltd (APSEZ) said it had handled cargo volume of 26 million metric tonnes (MMT) in March, an increase of 41% over the corresponding period last year. The overall cargo volumes handled by APSEZ rose 27% year-on-year (YoY) to 73 MMT for the quarter ended March (Q4). In the container segment, APSEZ handled cargo volumes of 247 MMT, an increase of 11% YoY.

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Bharti Airtel to transfer 800MHz spectrum in 3 circles to Jio

Reliance Jio Infocomm has signed a definitive agreement with Bharti Airtel for acquiring the ‘Right to Use’ spectrum in the 800MHz band in Andhra Pradesh, Delhi, and Mumbai circles. Through this agreement, Airtel will receive a consideration of Rs 1,037.6 crore from Jio for the proposed transfer. With this trading of the right to use spectrum, Jio will have 2x15MHz of spectrum in the 800MHz band in Mumbai circle and 2x10MHz of spectrum in the 800MHz band in Andhra Pradesh and Delhi circles.

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Flipkart partners with Mahindra Logistics to accelerate deployment of EVs

E-commerce giant Flipkart has announced its partnership with Mahindra Logistics Ltd (MLL) to help accelerate the deployment of electric vehicles (EVs) across its logistics fleet in India. Flipkart has committed to 100% electric mobility of its logistics fleet and will deploy more than 25,000 EVs by 2030. Through its EDEL brand, MLL will play a significant role in working with various original equipment manufacturers (OEMs) to help Flipkart’s sustainable transition to EVs. 

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Sobha posts record sales bookings in FY21

Sobha Limited reported a total sales volume of 13.37 lakh square feet of super built-up area worth Rs 1,072 crore for the quarter ended March (Q4). The real estate developer’s sales volumes achieved in Bengaluru, Gurugram, Pune, and Kochi were the highest ever in its history. Sales volume and total sales value were up 48% YoY and 54% YoY, respectively, in Q4 FY21. Sobha launched new residential projects of 2.77 million square feet of super built-up area and 0.27 million square feet of commercial space.

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Power market traded highest ever monthly volume of 8,249 MU in March: IEX

Indian Energy Exchange (IEX) said its power market traded the highest ever monthly volume of 8,249 million units (MU) in March 2021, posting a growth of 92% YoY. This has been due to the increase in demand and consumption of electricity across the country. The electricity market achieved an all-time high volume of 73,941 million units in FY21. This a growth of 37.2% as compared to the previous financial year.

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Delhi HC rejects Britannia’s plea of trademark infringement against ITC’s Sufeast Digestive Biscuits

A single-judge bench of the Delhi High Court dismissed a petition of Britannia Industries against ITC Limited for alleged trademark infringement by ITC’s Sunfeast Farmlite Digestive biscuits. Britannia had claimed that the labelling and packaging of ITC’s digestive biscuits were deceptively similar to that of its NutriChoice Digestive biscuits. The court ruled that it “cannot readily presume the digestive biscuit consumer, even if of average intelligence and imperfect recollection, to be unaware of the difference between these categories of digestive biscuits”.

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G M Breweries Q4 Results: Net profit rises 155% YoY to Rs 45 crore

G M Breweries Limited reported a 155.29% YoY increase in net profit to Rs 45.34 crore for the quarter ended March (Q4). Its revenue from operations rose 17.18% YoY to Rs 127.70 crore during the same period. G M Breweries’ net profit has increased by 18.02% YoY to Rs 80.09 crore for the financial year ended March 2021. The company’s board has proposed a dividend of Rs 4 per share.

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JSPL reports highest ever production, sales in FY21

Jindal Steel & Power Ltd (JSPL) reported a 61% year-on-year (YoY) increase in sales to a record high of 7.86 lakh tonnes in FY 2020-21. This can be attributed to robust domestic demand, attractive export markets, and a wide range of product offerings. The steelmaker said its production has crossed the 20 lakh tonne mark for the first time.

In other news, JSPL has announced plans to sell its entire stake in its wholly-owned subsidiary, Jindal Power Ltd, to bring down its overall debt to Rs 28,000 crore and reduce carbon emissions within the group.

Read more here.

Axis Bank becomes co-promoter of Max Life Insurance

Axis Bank, along with its subsidiaries— Axis Capital and Axis Securities, has become the co-promoter of Max Life Insurance Company after completing the acquisition of a 12.99% stake in the firm. The Axis entities have a right to acquire an additional stake of up to 7% in Max Life in one or more tranches (rounds). “With the conclusion of this transaction, Max Life’s Board will be strengthened further, with co-option of three nominee directors of Axis entities on its Board,” said Axis Bank in a statement.

Read more here.

Saregama signs licensing deal with short video app Triller

Saregama India Limited has signed a global licensing deal with short format video platform Triller. As part of the deal, Saregama will license its entire catalog to Triller, which will allow users to create innovative content using the robust music library of over 1.30 lakh songs in diverse Indian languages. Saregama is India’s oldest music label owned by RP-Sanjiv Goenka group of companies. 

Read more here.

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India’s Services PMI Rises to 55.3 in February – Top Indian Market News

India’s services PMI rises to 55.3 in February

India’s services activity expanded at the fastest rate in a year in February. This was driven by an extended robust recovery in domestic demand. However, employment had fallen further and overall input costs increased last month. The IHS Markit Purchasing Managers’ Index (PMI) for services stood at 55.3 in February, compared to 52.8 in January. PMI is a month-on-month calculation and a value of more than 50 represents an expansion when compared to the previous month. 

Read more here.

Tata Power to develop 15 MW solar project for Tata Steel in Jamshedpur

TP Saurya, a wholly-owned subsidiary of Tata Power Ltd, has signed a Power Purchase Agreement (PPA) with Tata Steel Ltd (TSL) to develop a 15 megawatt (MW) solar power project in Jamshedpur, Jharkhand. The energy will be supplied to TSL under the PPA, which is valid for a period of 25 years from the scheduled commercial operation date. The project will be commissioned within 6 months.

Read more here.

SpiceJet partners with WheelTug for reserving electric taxi system production slots

SpiceJet Limited has partnered with WheelTug Plc for reserving 400 production slots for the electric taxi system. This system allows SpiceJet to move an aircraft forward or backward without powering its engines or using external tugs. It will help the airline in saving fuel, cut costs, and also reduce carbon emissions.

Read more here.

MTAR Tech IPO subscribed 3.68 times on first day of bidding

The Rs 596.41-crore initial public offering (IPO) of MTAR Technologies was subscribed 3.68 times on the first day of bidding. The issue received bids for 2.67 crore equity shares against an offer size of 72.60 lakh shares. The portion reserved for retail investors was subscribed 6.93 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 1.02 times. 

Read more here.

To know more about the IPO, click here.

Infosys secures $500 million deal from Google: Report

As per a report from Economic Times, Infosys Limited has won a nearly $500 million (~Rs 3,640 crore) deal from Alphabet Inc.’s Google to provide customer experience and engineering support for its products. The report states that this is “one of the largest all-digital deals” in customer experience services.

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Mahindra Logistics, Bajaj Electricals signs logistics agreement worth Rs 1,000 crore

Mahindra Logistics Ltd (MLL) has signed an agreement with Bajaj Electricals Ltd (BEL) to handle its end-to-end logistics network and solutions. The total contract value will be over Rs 1,000 crore over the next 5 years. MLL has developed a fully redesigned and consolidated logistics network for BEL. The network includes storage optimization, transportation management, and inventory movement services.

Read more here.

Power Mech Projects secures multiple orders worth Rs 734 crore

Power Mech Projects Ltd announced that it has received Letters of Award (LoAs) for orders worth Rs 734 crore. The construction firm has won an order worth Rs 401 crore for the operation and maintenance of boilers & auxiliaries and other miscellaneous works of the 4×660 megawatt (MW) Thermal Power Plant of Vedanta Ltd in Jharsuguda, Odisha. The company has also won an order of Rs 198 crore for engineering, procurement, and construction (EPC) works for Kurmitar Iron Ore Mining Pvt Ltd in Odisha.

Read more here.

Kalpataru Power Transmission secures orders worth Rs 1,554 crore

Kalpataru Power Transmission Ltd has secured orders worth Rs 1,554 crore. The orders include those from India, the Commonwealth of Independent States (countries such as Azerbaijan, Armenia, Georgia, etc), and Latin America in the power transmission business. The company’s international subsidiary has also received new power transmission projects in Europe.

Read more here.

Bank of Baroda raises Rs 4,500 crore through QIP

Bank of Baroda has raised Rs 4,500 crore through a qualified institutional placement (QIP). The capital raising committee of the bank’s board has approved the issue and allotment of 55.07 crore equity shares to eligible qualified institutional buyers (QIBs) at Rs 81.70 per share. The issue had opened on February 25 and closed on March 2. 

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RPP Infra secures orders worth Rs 1,000 crore

RPP Infra Projects said it has won four work orders worth Rs 1,000 crore. The company has received an order from the Tamil Nadu Water Supply and Drainage Board for Rs 131.14 crore. It has also bagged an order worth Rs 558.66 crore from the Highways Department as part of the Chennai-Kanyakumari Industrial Corridor project. The third order is from the Chennai Municipal Corporation’s Storm Water Drain department, which is worth Rs 187.14 crore. The fourth order is from the Water Resource Department, Tamil Nadu for the renovation, extension, and modernisation of the Lower Bhavani Project main canal in Erode District worth Rs 123.07 crore.

Read more here.

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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.

Read more here.

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. 

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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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Editorial

Logistics Firms That Could Benefit from Covid-19 Vaccines

Three major pharmaceutical companies have approached the Indian drug regulator for emergency use authorisation of their respective Covid-19 vaccine candidates. This includes the vaccine developed by Pfizer-BioNtech, Serum Institutes’ Covidshield (which is developed by Oxford-AstraZeneca), and Bharat Biotech’s Covaxin. All of us are eagerly waiting for the regulator to give a final verdict. 

Even if these companies get the necessary approvals, there still exists a major hurdle- how can the Covid-19 vaccine be distributed to the entire population of India? This is where logistics companies come in. Over the past few weeks, the stocks of logistics companies have shown an impressive surge. Let us take a look at potential firms that could help India to solve its vaccine distribution issue. One factor to be understood is that both cold chain and normal logistics companies will benefit, considering that there are multiple vaccines almost ready for deployment. So let us jump in.

Snowman Logistics

By now, Snowman Logistics Ltd would be a well-known company for all of us. It is India’s leading integrated temperature-controlled logistics company. They have over 31 warehouses across 15 cities. The company has also stated plans to expand its capacity to 33 cold storage facilities in 17 cities over the next two months. Snowman was one of the first companies which stated that they could offer the required logistics services for the Pfizer vaccine in India. As we know, this particular vaccine requires an ultra-cold chain of -70 degrees. Currently, Snowman Logistics’ can provide a storage and transportation chain for up to -30 degrees.

The company entered into a very promising partnership on December 10. Snowman Logistics and SpiceJet have signed a Memorandum of Understanding (MoU) for jointly distributing Covid-19 vaccines across India. As per the deal, Snowman will handle the ground services which include activities such as transportation to/from manufacturers, packing, and storage – all in the required temperature zones. SpiceJet will provide air connectivity for temperature-controlled distribution of the COVID-19 vaccines across India, as well as internationally.

Over the last 5 weeks, the share price of Snowman Logistics has gained 96%! marketfeed had prepared a very detailed analysis of the company. You can read it here.

Blue Star

Blue Star Limited is a leading manufacturer of air conditioners and commercial refrigerators. It is not strictly a logistics company, but they offer a wide range of cold storage facilities. The company has 4 major manufacturing plants which are located in Dadra, Kala Amb (Himachal Pradesh), Wada (Maharashtra), and Ahmedabad. It is interesting to know the Blue Star has a presence in more than 18 countries in the Middle East, Africa, and South Asian regions. 

The company has stated that except for transportation facilities, it will offer a wide range of cold storage facilities for the vaccine. Blue Star is making sure that its deep freezers and ice lined refrigerators (ILRs) are ready to support the storage of Covid-19 vaccines in India. They have planned to conduct additional shifts between December 2020 and April 2021 at their manufacturing plants. This is to ensure that they are ready to meet any demands made by the vaccine developers.

Over the last month, the share price of Blue Star Ltd has jumped by more than 20%.

Mahindra Logistics

Mahindra Logistics Ltd (MLL) is one of India’s leading providers of third-party logistics solutions. The company serves more than 400 corporate customers across the world. They have 16 million sq feet of warehouse space and operate in more than 650 locations. The company is known for its supply chain management solutions.

At present, MLL does not provide cold chain logistics. However, the company stated that they have recognized the need/demand for cold chain facilities in pharmaceuticals. They are currently on their path for a huge expansion into the temperature-controlled logistics space. Mahindra Logistics has stated that they will be ready with their cold storage logistics facilities for the Covid-19 vaccine by the end of the current financial year. They have also hired experienced personnel in this particular field to help them provide the best service. 

The share price of Mahindra Logistics has increased by around 6.5% over the last one month.

Blue Dart Express

Blue Dart Express Ltd is a prominent logistics company based in Mumbai. It is owned by DHL and DHL Express (Singapore) Pte Ltd. The company has a cargo line known as Blue Dart Aviation, that operates in South Asian countries. It is also one of the leading logistical firms that are gearing up to take up the huge task of transporting Covid-19 vaccines in India. 

In October, Blue Dart announced that it will offer a complete supply chain solution for the life sciences and clinical trials sector. The company has also ensured that it will provide cold chain services to ensure seamless transport of shipments like vaccines.

Over the last few months, the company has taken a proactive role in increasing its infrastructure and improving its Temperature-Controlled Logistics platform. The company has assured that it is prepared to meet any immediate large-scale demand.

Allcargo Logistics

Allcargo Logistics Ltd is a leading logistics firm headquartered in Mumbai. The company provides services such as global multimodal transport operations, pan India container freight stations, third-party logistics, and much more. It also has world-class warehousing facilities that are also integrated with cold chain storage. Allcargo has a strong presence in more than 160 countries.

Over the last month, Allcargo Logistics’s share price has shown an increase of more than 15%.

Navkar Corporation

Navkar Corporation Ltd. is engaged in Container Freight Station (CFS) operations. They are focused on capitalizing on the available opportunities in the logistics space in Western India. The company has a dedicated cold storage facility in Maharashtra. Navkar’s CFSs have the capacity to store vaccines in temperature-controlled warehouses. So it can be a very interesting pick.

Over the last month, the share price of Navkar Corp Ltd has increased by more than 56%. This has probably not fallen under your radar and can be checked out.

Conclusion

We have only selected a handful of the prominent logistics companies that have shown their interest in catering to the vaccine distribution needs in India. There are other listed firms such as Tiger Logistics India Ltd and Arshiya Limited, whose share prices have also shown a similar surge.

Once we get a confirmation of a vaccine being approved in India, all these stocks could see a huge rally. These companies could enter into partnerships with major vaccine developers in the days to come. However, there still exist certain limitations with respect to the temperature requirements for the Covid-19 vaccines. We can see that Snowman Logistics and other firms are trying to develop the technology and increase their capacities to ensure proper distribution of the vaccine for all Indians. Pfizer has even said that they plan to use their own logistics facilities to distribute the vaccine in our country. 

Do keep a close watch on all these prominent logistics companies of India. Will they be able to deliver on their promises? Will these firms be able to actively support what is to become one of the largest vaccination drives in the world? Let us wait and watch.