Tag: Manappuram Finance

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Retail Inflation Falls to 4-Month Low in October – Top Indian Market Updates

Consumer Price Index

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

India’s retail inflation falls to 4-month low of 4.87% in October

India’s retail inflation, measured by the Consumer Price Index (CPI), declined to a four-month low of 4.87% in October. CPI stood at 5.02% in September 2023. The consumer food price index (CFPI) remained stable at 6.61% last month, a marginal decline from 6.62% recorded in September. RBI has projected 5.6% inflation for the October-December quarter.

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Manappuram Finance Q2 Results: Net Profit rises 20% YoY to ₹420 crore

Manappuram Finance Ltd reported a 20% YoY rise in net profit to ₹420 crore in the quarter ended September (Q2 FY24). The company’s total income stood at ₹1,456 crore, up 17% YoY. The interest income stood at ₹1,405 crore, up 13.4%YoY. Its finance costs grew 21% YoY to ₹443 crore. The company’s board declared a dividend of ₹0.85 per equity share.

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ONGC to start oil production from $5 billion deep-water project this month

Oil and Natural Gas Corporation (ONGC) is set to commence oil production from its Cluster-2 project in the Krishna Godavari basin in the Bay of Bengal. The floating production unit (FPSO), Armada Sterling-V, is already in the block. ONGC plans to gradually ramp up production, starting with 3 to 4 wells initially. Oil production from Cluster-2 should have begun by November 2021 but was delayed due to the pandemic.

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India’s coal import rose 4% in September

India’s coal import increased by 4.3% YoY to 20.61 million tonnes (MT) in September. Non-coking coal imports stood at 13.89 MT, against 12.08 MT imported in September last financial year. Coking coal imports dropped to 4.59 MT from 4.88 MT imported in September FY23.

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GAIL conducts world’s first ship-to-ship LNG transfer

GAIL (India) Ltd has conducted the world’s first ship-to-ship liquefied natural gas (LNG) transfer to reduce shipping costs and cut emissions. The company, which has contracted 5.8 million tonnes per annum (MTPA) of LNG from the US, implemented an innovative contractual arrangement to optimize vessel paths, resulting in a significant reduction in CO2 emissions.

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Patel family to acquire additional 1% stake in GMM Pfaudler

The Patel family, promoter of engineering firm GMM Pfaudler, is set to acquire an additional 1% stake in the company in a strategic transfer. The family will now own a 25.18% stake in GMM Pfaudler. The deal involves the purchase of 4.49 lakh equity shares from Pfaudler Inc. at ₹1,700 per share. The transaction is being done through Millars Machinery, a key entity within the promoter group.

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Tata Steel to scrap 800 jobs in the Netherlands

Tata Steel has revealed plans to eliminate 800 jobs at its plant in the Netherlands, located in IJmuiden near Amsterdam. The decision is aimed at enhancing market conditions and reducing costs for the under-pressure plant. The cuts will affect some 500 full-time workers, mainly in management, staff and support functions, while another 300 temporary jobs are also to disappear.

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Adani Electricity used renewable sources to supply power to Mumbai on Diwali

Adani Electricity relied completely on renewable sources for the supply of power to Mumbai for four hours on Diwali day. The company supplied 1,200 MW of power from renewable sources to its 3 million subscribers between 10 AM and 2 PM, meaning that over 40% of Mumbai’s power needs were derived from renewable energy.

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Bajaj Finance to Raise Rs 10,000Cr Via QIP, Preferential Issue – Top Indian Market Updates

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

Bajaj Finance approves ₹10,000 crore fundraise via QIP, preferential issue

Bajaj Finance Ltd’s board has approved a fundraise of up to ₹8,800 crore via a Qualified Institutional Placement (QIP). It has also approved raising up to ₹1,200 crore through a preferential issue of up to 15.5 lakh warrants convertible into an equivalent number of equity shares to Bajaj Finserv (its promoter company). Post conversion of the preferential warrants into equity, Bajaj FInserv’s share in Bajaj Finance will rise from 52.45% to 52.57%. 

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Tata Motors to upskill 50% of employees with new-age auto tech

Tata Motors plans to equip over 50% of its overall workforce with new-age auto tech capabilities within five years. This is part of the automaker’s strategy to develop skilled and future-ready staff focused on electric vehicles (EVs) and other emerging technologies in the auto industry. The company has specially curated training modules to address the requisite developmental needs of shopfloor technicians and line engineers.

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NHPC’s Teesta V plant shut after flash flood in Sikkim

NHPC Ltd shut down all units of its 510 megawatt (MW) Teesta V power plant after the flash flood in the Teesta River in Sikkim. A 500 MW project (Teesta VI) under construction has also been affected. Detailed assessment of losses and damages suffered will be carried out after the water level recedes, which may take 4-5 days.

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TCS secures order from Georgia state government

The Georgia Department of Labor (GDOL) has selected Tata Consultancy Services (TCS) to replace its 1980s-era legacy platform with a scalable cloud-based unemployment insurance system that streamlines the claims process. TCS’ latest order win comes after the tech giant already secured multiple orders across sectors in September.

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Manappuram Finance’s arm files ₹1,500 crore IPO papers with SEBI

Asirvad Micro Finance (AMF), a subsidiary of listed NBFC Manappuram Finance, filed a Draft Red Herring Prospectus (DRHP) with capital market regulator SEBI to raise ₹1,500 crore through an initial public offering (IPO). The public issue is purely a fresh issue of equity shares with no offer-for-sale (OFS) component. AMF has a presence across 22 states and 4 UTs through a network of 1,684 branches as of FY23.

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Hindalco to sign pact with Odisha Mining Corporation for long-term supply of Bauxite ore

Hindalco Industries Ltd will enter into a pact with the Odisha Mining Corporation for long-term supply of Bauxite ore. The company plans to secure Bauxite ore for its proposed 2-million tonnes alumina refinery and 150-MW captive power plant at Kansariguda, Rayagada district, in Odisha.

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JLR retail sales rise 21% YoY in Q2

Jaguar Land Rover’s (JLR) retail sales rose 21% year-on-year (YoY) to 106,561 units for the quarter ended September (Q2 FY24). The company had posted retail sales of 88,121 units in Q2 FY23. JLR’s wholesale volumes stood at 96,817 units, up 29% YoY. Wholesale volumes for the first half of FY24 were 1.90 lakh, up 29% YoY. 

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Future Consumer defaults on ₹370 crore payment

Future Consumer Ltd (FCL) has defaulted on the payment of ₹369.59 crore towards principal and interest on loans from banks, financial institutions and unlisted debt securities in the September quarter (Q2 FY24). The default amount for unlisted debt securities such as Non-Convertible Debentures (NCDs) and Non-Convertible Redeemable Preferential Shares (NCRPS) is ₹115.64 crore for Q2. FCL’s total liabilities stand at ₹468.12 crore, including short-term and long-term debts. 

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India’s GDP Grows 6.1% in Q4 – Top Indian Market Updates

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

India’s GDP grows 6.1% in Q4

India’s gross domestic product (GDP) grew at 6.1% in the last quarter of the previous financial year (Q4 FY23)— beating street estimates. In FY23, the economy grew at 13.1%, 6.2% and 4.5% in Q1, Q2 and Q3, respectively, on an annual basis. However, economists warned that the global slowdown and volatility in financial markets pose a risk to exports and the growth outlook in coming quarters.

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Civil aviation ministry comes out with draft aircraft bill

The Ministry of Civil Aviation has come out with a draft bill for putting in place a simplified approach to regulations pertaining to the aviation sector. The Draft Aircraft Bill, 2023, has been prepared after reviewing the existing Aircraft Act of 1934. It aims for better provisions for regulation and control of the design, manufacture, possession, use, operation, sale, import and export of aircraft.

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Vedanta Resources pays $400 million debt

Vedanta Resources Ltd (Vedanta), the parent company of Vedanta Ltd, has repaid loans worth $400 million, cutting gross debt to $6.4 billion. The company is targeting further debt reduction during the balance of FY24 and ultimately intends to lower gross debt towards zero.

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Manappuram Finance launches digital money lending app

Manappuram Finance Ltd has launched Ma-Money, a new digital lending platform. The objective of introducing the app is to provide customers with all the financial products offered by the company under one umbrella. The app is primarily targeted at customers in tier 2 and tier 3 cities

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PTC India signs two long-term agreements for 215 MW power purchase

PTC India has signed two agreements for the purchase of 215 megawatts (MW) of electricity on a long-term basis. While an agreement has been signed with Brookfield Renewables for purchase of 100 MW solar power, another pact is with V S Lignite for purchase of 115 MW thermal power. PTC India will market the power to various utilities and industrial consumers.

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Centre to offload stake in Coal India via OFS on June 1: Report

According to a CNBC-TV18 report, the Central Government will sell a stake in Coal India Ltd (CIL) through an offer for sale (OFS) on the BSE and NSE on Thursday (June 1). The size of OFS is likely to be around Rs 4,000 crore. The floor price has been fixed at Rs 225 a share, at a discount of nearly 7% as compared to Wednesday’s closing price of Rs 241.2.

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Dixon Tech to partner with Xiaomi India for manufacturing phones

Dixon Tech has partnered with Xiaomi India for manufacturing and exporting mobile phones from India. The company is also looking to enhance the component ecosystem in India through its wholly-owned subsidiaries. Earlier, Chinese electronics giant Xiaomi had partnered with homegrown Dixon Tech to locally manufacture Mi LED TVs.

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IPL final watched by 12 crore viewers on JioCinema: Viacom18

Reliance’s Viacom18 said the Indian Premier League (IPL) 2023 became the most-watched digital event globally as 12 crore unique viewers tuned in to watch the final match between Chennai Super Kings (CSK) and Gujarat Titans on JioCinema. JioCinema set a new world record as the final match had a peak concurrency of 3.21 crore viewers. Moreover, it registered over 1700 crore video views through the 16th edition of IPL.

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Prestige Estates expects 25% pre-sales growth in FY24

Prestige Estates recorded a 19% year-on-year (YoY) increase in total sales to Rs 3,888 crore in Q4, while collections rose 12% to Rs 2,763 crore. The company delivered 1.3 million sq. ft. of projects during the quarter. The real estate firm has exceeded its target of Rs 12,000 crore in pre-sales in FY23 and is expecting 20 to 25% growth in pre-sales in FY24.

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Tata Steel Announces Mega Merger – Top Indian Market Updates

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

Seven metal companies of Tata Group to be merged with Tata Steel

Tata Group announced the merger of seven of its metal companies into Tata Steel to drive efficiencies and reduce costs. Tata Steel Long Products, Tinplate Company Of India, TRF, Indian Steel & Wire Products, Tata Steel Mining, and S&T Mining will be amalgamated into their parent company Tata Steel Ltd. The resources of the merged entities can be pooled to unlock the opportunity for creating shareholder value.

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CIL to sign pacts with BHEL, IOCL to set up four coal gasification projects

Coal India Ltd (CIL) will sign agreements with Bharat Heavy Electricals Ltd (BHEL), Indian Oil Corporation Ltd (IOCL), and GAIL to set up four surface gasification projects. Through the gasification process, coal is converted into syngas (a fuel gas), which can be used in downstream production of value-added chemicals. The government aims to achieve 100 million tonnes of coal gasification in the next eight years to reduce crude oil imports.

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Sterling and Wilson Solar to set up solar plants in Nigeria

Sterling and Wilson Solar Solutions (SWSS) and its partner Sun Africa have signed an agreement with the Nigerian government to set up solar power plants aggregating 961 megawatt-peak (MWp). The plants and battery energy storage systems with a total installed capacity of 455 MWh will be set up at five different locations in Nigeria. SWSS is a US-based subsidiary of Sterling and Wilson Solar Ltd.

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Mahindra Group, BII commit $500 million for electric SUV space

Mahindra Group and British International Investment (BII) have committed $500 million (over ₹4,000 crore) for the electric sports utility vehicle space. BII has also announced an investment of $250 million in the group’s electric vehicle venture ‘EV Co’. Earlier this month, Mahindra unveiled its first electric SUV (XUV 400), which it plans to launch in early 2023.

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Reliance New Energy acquires 20% stake in Caelux for $12 million

Reliance New Energy Ltd (RNEL) has signed a definitive agreement to acquire a 20% stake in California-based Caelux Corporation for $12 million (~₹ 97.25 crore). Caelux is an industry leader in the research and development of perovskite-based solar technology. Its proprietary technology enables high-efficiency solar modules that can produce 20% more energy over the 25-year lifetime of a solar project at significantly lower installed cost.

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Glenmark Pharma, Bausch Health gets approval for RYALTRIS in Canada

Glenmark Pharmaceuticals and Bausch Health announced that RYALTRIS (a nasal spray) has received approval from Health Canada for the symptomatic treatment of moderate to severe seasonal allergic rhinitis (SAR) and associated ocular symptoms. SAR (or hay fever) is an inflammatory condition of the upper airways that occurs in response to exposure to airborne allergens (typically tree, grass, and weed pollens) in sensitized people.

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Manappuram Finance accepts rights issue proposal of Asirvad Microfinance

The Board of Directors of Manappuram Finance has accepted the rights issue proposal of its subsidiary, Asirvad Microfinance Ltd. The Kerala-based company said it is entitled to purchase 90.96 lakh shares at ₹268 per share. The board approved subscription to the rights issue of up to 93.28 lakh shares having a value of ₹250 crore (approx).

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Rupee hits record low against US Dollar

The Indian Rupee (INR) fell 41 paise to an all-time low of 81.20 against the US dollar in early trade today as US Treasury yields rose to fresh multi-year highs and dollar demand from importers. On Thursday, INR suffered its biggest single-session percentage decline since February due to a lack of aggressive intervention by the Reserve Bank of India (RBI) and a hawkish interest rate outlook by the US Federal Reserve.

Traders have asked for the central bank’s intervention to contain INR’s rapid fall.

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Proxy advisor flags governance concerns at PB Fintech

Proxy advisory firm Stakeholders Empowerment Services (SES) has raised certain corporate governance issues at PB Fintech Ltd regarding its amalgamation with Makesense Technologies and grant of stock options. SES has asked shareholders to seek clarification from the company as to why it initially proposed the amalgamation, then withdrew the application, and why it is being proposed again now.

PB Fintech is the parent company of Policybazaar, a one-stop platform for all types of insurance products.

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Bharti Airtel Opts to Defer AGR Dues by 4 Years – Top Indian Market Updates

airtel

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

Bharti Airtel opts to defer Rs 3,000 crore AGR dues for FY18, FY19 by 4 years

Bharti Airtel Ltd has opted for the four-year moratorium on adjusted gross revenue (AGR) dues for FY18 and FY19, amounting to ~Rs 3,000 crore. The company will not avail of the option to convert accrued interest on such statutory dues into government equity. The Department of Telecommunications (DoT) had recently offered the two options to all telcos as part of its support package for the industry.

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Manappuram Finance to raise up to Rs 770 crore via NCDs

Manappuram Finance Ltd’s board has approved a proposal to raise up to Rs 770 crore via non-convertible debentures (NCDs) on a private placement basis. The company will issue secured, unrated, and redeemable NCDs of the face value of Rs 10 lakh for a principal amount of ~Rs 770 crore. Kerala-based Manappuram Finance is one of India’s leading gold loan non-banking financial companies (NBFCs).

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JB Chemical’s board approves acquisition of Dr Reddy’s 4 brands

JB Chemicals & Pharmaceuticals’ board has approved a proposal to acquire four pediatric brands (Z&D, Pedicloryl, Pecef, and Ezinapi) from Dr. Reddy’s Laboratories Ltd for ~Rs 98 crore. All four brands are focused on the pediatric segment in India. The combined sales of these brands stood at around Rs 33 crore for FY 2021-22. The acquisition will be funded primarily through long-term debt.

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Vodafone Idea boosts 4G experience in Uttarakhand, UP West

Vodafone Idea (Vi) has enhanced its 4G experience in Uttarakhand & Uttar Pradesh West, enabling a better network experience and faster speeds. It has deployed the 900MHz spectrum on 3100+ sites and the 1800 MHz band on 10,295 sites in Uttarakhand & UP West, providing 97.5% of the population in the circle with stronger network indoors.

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Zydus Lifesciences gets USFDA approval for Lacosamide injection

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Lacosamide injection. The drug is used to treat partial-onset seizures. It acts on the central nervous system to reduce the number and severity of seizures. The pharma company will manufacture the drug at its injectables facility in Jarod, Gujarat. 

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SBI Cards partners with Aditya Birla Finance to launch credit cards

SBI Cards and Payment Services Ltd has entered into a strategic partnership with Aditya Birla Finance Ltd (ABFL) to launch the ‘Aditya Birla SBI Card’. The card will offer customers significant reward points on their telecom, fashion, travel, dining, entertainment, and hotel payments. The credit card is available in two variants— Aditya Birla SBI Card SELECT and Aditya Birla SBI Card— on the Visa platform.

Read more here.

Devyani International launches its 1000th outlet in Mumbai

Devyani International Ltd (DIL) has announced the milestone opening of its 1,000th outlet. Its newest Pizza Hut outlet in Mumbai marks DIL’s commitment to business growth across geographies. DIL is the largest quick-service restaurant (QSR) operator franchisee (or operator) of popular fast-food chains such as Pizza Hut, KFC, and Costa Coffee in India. 

CCI approves Google International’s acquisition of 1.28% stake in Bharti Airtel

The Competition Commission of India (CCI) has approved Google International’s buy of a 1.28% stake in Bharti Airtel. According to the agreement signed between the two firms, Google will acquire a 1.28% stake in Bharti Airtel for $700 million. It will also invest $300 million over the next five years in commercial arrangements in the areas of affordable mobile devices, 5G networks, and cloud technologies.

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ABB partners with THINK Gas to automate operations

ABB India Ltd has partnered with THINK Gas for automating operations across its gas network, which includes many remote terminals spread across multiple locations. THINK Gas has licenses to distribute compressed natural gas (CNG) across Punjab, Madhya Pradesh, Bihar, and Uttar Pradesh. ABB has created a system to integrate, monitor, and control the day-to-day operations of the company. It will help automate workflows to support operators and improve safety.

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UPL partners with Bungle to establish ‘Origeo’ in Brazil

UPL has partnered with US-based Bunge to increase productivity, profitability, and sustainability for farmers in Brazil. The two entities will establish Origeo, a company that will provide end-to-end solutions to farmers, in Brazil’s MAPITOBAPA macro-region. Origeo will combine Bunge’s expertise in financing, trading, and logistics with UPL’s sustainable agricultural inputs, solutions, and services portfolio.

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ITC’s Net Profit Rises 12% YoY in Q4 – Top Indian Market NEws

itc

ITC Q4 Results: Net profit rises 12% YoY to Rs 4,190 crore

ITC Limited reported an 11.8% YoY increase in net profit to Rs 4,190.96 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 16% YoY to Rs 16,426 crore during the same period. Revenue from ITC’s cigarette business grew 9.96% YoY to Rs 6,443.37 crore in Q4. Non-cigarette FMCG revenue stood at Rs 4,141.97 crore, up 12.32% YoY. ITC’s board has declared a final dividend of Rs 6.25 per share.

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Ruchi Soya to acquire Patanjali’s food retail business for Rs 690 crore

Ruchi Soya Industries Ltd (RSIL) will acquire Patanjali Ayurved’s food retail business for Rs 690 crore. The business comprises of 21 major products, including ghee, honey, spices, juices, and atta. The company will also get manufacturing plants located at Padartha (Uttarakhand) and Newasa (Maharashtra). RSIL’s board has also approved the change in the name of the firm to Patanjali Foods Ltd.

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Route Mobile Q4 Results: Net profit rises 29% YoY to Rs 45.68 crore

Route Mobile Ltd reported a 29.15% YoY increase in consolidated net profit to Rs 45.68 crore for the quarter ended March (Q4 FY22). Net profit rose 2.61% when compared to the previous quarter. Its total income grew 75.35% YoY (or 11.80% QoQ) to Rs 634.48 crore during the same period. Route Mobile’s board has declared a final dividend of Rs 2 per share.

Sun Pharma to launch first-in-class oral lipid-lowering drug in India

Sun Pharmaceutical Industries Ltd is planning to launch an oral drug, Bempedoic Acid, to reduce low-density lipoprotein (LDL) cholesterol. The pharma company will launch the drug under the brand name Brillo. The drug is indicated for people who have an inherited genetic disorder that causes high cholesterol levels or established heart disease where cholesterol levels remain high.

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ABFRL Q4 Results: Net profit at Rs 43.6 crore

Aditya Birla Fashion & Retail Ltd (ABFRL) reported a consolidated net profit of Rs 43.59 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 137.64 crore in the corresponding quarter last year (Q4 FY21). Its total income grew 25.57% YoY to Rs 2,309.55 crore during the same period. EBITDA stood at Rs 401 crore in Q4, up 58% YoY.

Read more here.

TVS Motor launches electric scooter iQube

TVS Motor Company Ltd rolled out its latest electric scooter, iQube, equipped with a host of features, including a best-in-class range of 140 km on a single charge. The Chennai-based company has unveiled three variants of the electric scooter. It will have a seven-inch touchscreen, voice assist, iQube Alexa skillset, and Bluetooth connectivity. TVS iQube and TVS iQube S will be available at Rs 98,564 and Rs 1,08,690, respectively.

Read more here.

IGL Q4 Results: Net profit rises 9% YoY to Rs 361 crore

Indraprastha Gas Ltd (IGL) reported a 9% YoY increase in net profit to Rs 361.6 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 54.9% YoY to Rs 2,649.77 crore during the same period. EBITDA rose 2% YoY to Rs 500 crore in Q4. Total volumes grew 14% YoY to 697 million standard cubic meters (mscm) in Q4. IGL’s board has declared a dividend of Rs 5.5 per share.

Read more here.

Manappuram Finance Q4 Results: Net profit falls 44% YoY to Rs 261 crore

Manappuram Finance Ltd reported a 44% YoY decline in net profit to Rs 261 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) fell 10.2% YoY to Rs 986.5 crore during the same period. [NII is the difference between the interest income earned on loans and the interest paid to depositors.] The gold loan financier’s assets under management (AUM) stood at Rs 30,300 crore in Q4, up 11.2% YoY.

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Union Cabinet amends biofuels policy, advances ethanol blending target to 2025-26

The Union Cabinet approved advancing the target of blending 20% ethanol in petrol by five years to 2025-26. Currently, ~10% of ethanol is blended in petrol. The Cabinet has also approved a proposal to allow more feedstocks for the production of biofuels. These decisions will help India cut its reliance on oil imports.

Read more here.

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SBI Cards Partners With Paytm to Tokenise Cards – Top Indian Market News

SBI Cards partners with Paytm to tokenise cards

SBI Cards & Payment Services Ltd has partnered with One97 Communications to enable cardholders to tokenise their cards on devices and make payments through Paytm. Tokenisation refers to masking the original card number by replacing it with a set of unique characters (termed as tokens) that secure the customer’s card details when a transaction is under process. The card tokenisation facility will be available only on Android NFC (near field communication) devices.

Read more here.

RBL Bank gets RBI approval to appoint Rajeev Ahuja as interim MD, CEO

The Reserve Bank of India (RBI) has approved the appointment of Rajeev Ahuja as the interim MD and CEO of RBL Bank for three months or till there is a regular appointment. In a sudden turn of events, the board of RBL Bank had sent the then Managing Director and Chief Executive Officer Vishwavir Ahuja on leave last Saturday. It also elevated Rajeev Ahuja as the interim MD and CEO to take care of the day-to-day operations of the bank. To learn more about the events that unfolded at RBL Bank, click here.

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NTPC’s arm to float global tender to set up 3GW RE project by February

NTPC Renewable Energy Ltd (NREL) will float a global engineering procurement and construction tender to set up a 3 gigawatts (GW) renewable energy project with a battery storage system. This project entails an investment of about Rs 15,000 crore. NREL, a wholly-owned subsidiary of NTPC Ltd, currently has a renewable project portfolio of 3,850 GW.

Read more here.

Kalpataru Power secures order worth Rs 1,560 crore

Kalpataru Power Transmission Ltd (KTPL) has secured new orders worth Rs 1,560 crore from India, Africa, CIS, and South America. The company’s international subsidiary has also secured new power transmission projects in Europe. KTPL provides engineering, procurement, and construction (EPC) services relating to power transmission & distribution, civil construction, railway track laying & electrification in India and internationally.

Read more here. 

Firstsource Solutions acquires American Recovery Services

Firstsource Solutions Ltd (FSL) has entered into an agreement to acquire American Recovery Services, Inc., a legal collections network based in Southern California. The acquisition enhances FSL’s leadership in consumer debt management services by adding legal stage collections capabilities. The cost of the acquisition is $53 million (~Rs 394 crore), including earnouts done through cash consideration. 

Read more here.

Granules India gets USFDA approval for Amphetamine Mixed Salts tablets

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Amphetamine mixed salts tablets. The drug is used to treat attention deficit hyperactivity disorder (ADHD) and narcolepsy (a chronic sleeping disorder). As per IQVIA data, the current annual US market for Amphetamine Mixed Salts immediate release tablets is approximately $335 million (~Rs 2,490 crore). 

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Cars24 partners with Bajaj Finance to provide seamless financing for used car buyers

CARS24 has partnered with Bajaj Finance Ltd to provide used car financing and facilitate a streamlined shopping experience for consumers. This mutually beneficial partnership is expected to increase penetration in the used cars industry. It will also enable consumers to further enjoy CARS24’s hassle-free customer experience with the financial solutions of Bajaj Finance.

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Manappuram Finance raises Rs 250 crore via bonds

Manappuram Finance Ltd has raised Rs 250 crore by issuing bonds, and the amount will be utilised to repay its debt and shore up capital resources. The company’s board has approved the allotment of secured, rated, listed, redeemable, non-convertible debentures for an amount of Rs 250 crore on a private placement basis. The bonds will be listed on BSE and hold an interest rate of 6.95% per annum. It will mature on December 30, 2024.

Nitin Spinners’ board approves capex plan of Rs 950 crore

The Board of Directors of Nitin Spinners Ltd (NSL) has approved a capital expenditure (capex) of Rs 950 crore for an expansion project. The company’s capacity addition is proposed to meet increasing demand, widen its product portfolio, and bring competitive cost advantage by having economies of scale. As part of the expansion plan, NSL will add 1.51 lakh equivalent spindles. The textile manufacturer currently has 3.32 lakh spindles (used for spinning wool and other fibers into thread).

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CCI approves acquisition of 96% stake in JPL by Worldone

The Competition Commission of India (CCI) has approved the acquisition of over 96% stake in Jindal Power Ltd (JPL) by Delhi-based Worldone Pvt Ltd. In July 2021, Jindal Steel & Power Ltd (JSPL) had received a Rs 7,401-crore revised offer from Worldone to acquire a 96.42% stake in Jindal Power Ltd (JPL). Worldone Pvt Ltd is a private company owned by the Promoter Group of JSPL. It manages and holds investments across various listed and unlisted companies.

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Manappuram Finance Posts 8% YoY Fall in Net Profit in Q2 – Top Indian Market News

Manappuram Finance Q2 Results: Net profit falls 8.8%% YoY to Rs 369 crore 

Manappuram Finance Ltd reported an 8.8% YoY decline in consolidated net profit to Rs 369.88 crore for the quarter ended September (Q2 FY22). Its income from operations fell 2.15% YoY to Rs 1,531.92 crore during the same period. Assets under management (AUM) grew 5.7% YoY to Rs 28,421.63 crore in Q2. The company’s board has declared an interim dividend of Rs 0.75 per share.

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SBI credit card users to pay Rs 99 + tax on all EMI transactions from Dec 1

State Bank of India has announced that it will charge its credit card customers a fee of Rs 99 plus taxes on all equated monthly installment (EMI) purchases from December 1. The processing fee will be charged at merchant outlets, e-commerce websites, and apps when making payments through SBI credit cards. The adoption of fees follows industry standards, as most banks have already been charging processing fees for EMI transactions for a long time now.

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SpiceJet Q2 Results: Net loss widens to Rs 562 crore

SpiceJet Limited reported a net loss of Rs 562 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 112.5 crore in the corresponding quarter last year (Q2 FY21). The airlines’ sales rose 27% YoY to Rs 1,342.5 crore in Q2 FY22. Jet fuel costs surged 120% YoY to Rs 615 crore for the company, followed by a rise in aircraft lease rentals. 

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Ujjivan Financial Services Q2 Results: Net loss at Rs 68 crore

Ujjivan Financial Services Ltd reported a net loss of Rs 68.18 crore for the quarter ended September (Q2 FY22). It had posted a net profit of Rs 89.76 crore in the corresponding quarter last year (Q2 FY21). Its total income fell 11.65% YoY to Rs 731.90 crore in Q2 FY22. Expenses stood at Rs 822.73 crore in Q2, an increase of 16.7% YoY.

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Granules India Q2 Results: Net profit falls 50.7% YoY to Rs 80.68 crore

Granules India Ltd reported a 50.69% YoY decline in net profit to Rs 80.68 crore for the quarter ended September (Q2 FY22). Net profit declined 32.99% compared to the previous quarter. Its total revenue rose 3.52% YoY (or 4.53% QoQ) to Rs 888.33 crore during the same period. During the quarter, pharma formulations grew 10% but active pharma ingredients (API) sales were down 25%.

Tata Consumer Products to acquire Tata SmartFoodz for Rs 395 crore

Tata Consumer Products Ltd (TCPL) will acquire Tata SmartFoodz Ltd (TSFL) from its group firm Tata Industries for a cash consideration of Rs 395 crore. This move is consistent with TCPL’s strategic intent to expand into value-added categories. TSFL, under the brand name Tata Q, offers a range of differentiated products manufactured using MATS technology in India.

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Nalco Q2 Results: Net profit rises seven-fold YoY to Rs 747 crore

National Aluminum Co. Ltd (NALCO) reported a seven-fold YoY jump in consolidated net profit to Rs 747.80 crore for the quarter ended September (Q2 FY22). Net profit increased 115% compared to the previous quarter. Its revenue from operations rose 51% YoY to Rs 3,592 crore during the same period. EBITDA stood at Rs 1,126 crore in Q2, an increase of 310% YoY.

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Ipca Labs Q2 Results: Net profit declines 6% YoY Rs 250 crore

Ipca Laboratories Ltd reported a 6.3% YoY decline in consolidated net profit to Rs 250.23 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 13.46% YoY to Rs 1,544.43 crore during the same period. The pharma company’s board has declared an interim dividend of Rs 8 per share.

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Coal India Reports 52% YoY Rise in Net Profit in Q1 – Top Indian Market News

Coal India Q1 Results: Net profit rises 52% YoY to Rs 3,169 crore

Coal India Ltd reported a 52.53% YoY increase in consolidated net profit to Rs 3,169.95 crore for the quarter ended June (Q1 FY22). Net profit declined by 30.89% when compared to the previous quarter. Its revenue from operations rose 36.76% YoY to Rs 25,282.15 crore during the same period. Total coal production increased by 2.43% YoY to Rs 123.98 million tonnes (MT) in Q1. Coal India’s total expenses jumped 31.3% YoY to Rs 21,626.5 crore during the April-June quarter of FY22.

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Reliance Industries, Bill Gates to invest in battery storage company

Reliance Industries Ltd (RIL), along with strategic investors Paulson & Co. Inc and Bill Gates, has announced an investment of $144 million (~Rs 1,070 crore) in Ambri Inc, an energy storage company based in Massachusetts, US. RIL’s subsidiary, Reliance New Energy Solar Ltd (RNESL), will invest $50 million to acquire 43.2 million shares of preferred stock in Ambri. The transaction is in line with RIL’s strategic plan to invest Rs 75,000 crore over the next 3 years to build a new clean energy business to fuel its commitment to be net carbon neutral by 2035.

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Jindal Steel & Power Q1 Results: Net profit jumps 10-fold to Rs 2,516 crore

Jindal Steel & Power Ltd reported a 967% YoY jump in consolidated net profit to Rs 2,515.71 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 63% YoY to Rs 10,609.5 crore during the same period. EBITDA grew 151% YoY to Rs 4,539 crore in Q1. Jindal Steel & Power produced 2.01 million tonnes (MT) of steel in Q1 FY22, compared to 1.65 MT in Q1 FY21. 

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CAMS Q1 Results: Net profit rises 58% YoY to Rs 63.24 crore

Computer Age Management Systems (CAMS) reported a 58.9% YoY increase in consolidated net profit to Rs 3,169.95 crore for the quarter ended June (Q1 FY22). Net profit increased by 5.19% when compared to the previous quarter. Its revenue from operations rose 35.36% YoY to Rs 201.18 crore during the same period. CAMS is a mutual fund transfer agency that provides services for investors, distributors, asset management companies (AMCs), and demat account holders in India.

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Dixon Tech to form JV with Japan’s Rexxam for PCB manufacturing

Dixon Technologies has entered into an agreement with Japan-based Rexxam Co. to form a joint venture (JV) to manufacture Printed Circuit Boards (PCBs) for air conditioners for domestic and international markets. Rexxam will hold a 60% stake in the JV, while Dixon Tech will own 40%. Meanwhile, Dixon has also proposed to file the necessary applications with the Department for Promotion of Industry & Internal Trade (DPIIT) to avail benefits under the government’s PLI scheme.

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Manappuram Finance Q1 Results: Net profit rises 18% YoY to Rs 436 crore

Manappuram Finance Ltd reported an 18.59% YoY increase in consolidated net profit to Rs 436.53 crore for the quarter ended June (Q1 FY22). Net profit has declined by 6.8% when compared to the previous quarter. Its revenue from operations rose 3.36% YoY to Rs 1,563.3 crore during the same period. Manappuram Finance is a leading non-banking financial company (NBFC) based in Kerala.

M&M to recall nearly 30,000 pickup trucks to replace faulty fluid pipe

Mahindra & Mahindra (M&M) announced that it was inspecting and replacing fluid pipes in some of its pickup trucks made between January 2020 and February 2021 for suspicion of improper assembly. The recall is limited to a batch of 29,878 vehicles and will be kept in line with M&M’s customer-centric approach. The issue will be rectified free of cost for customers, who will be individually contacted by the automaker.

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Motherson Sumi Systems Q1 Results: Net profit at Rs 290 crore

Motherson Sumi Systems Ltd reported a consolidated net profit of Rs 289.63 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 810.45 crore in the corresponding quarter last year (Q1 FY21) and a net profit of Rs 713.62 crore in the previous quarter (Q4 FY21). Its revenue from operations rose 98% YoY to Rs 16,712 crore in Q1 FY22. The company’s net debt has declined by 32% YoY to Rs 6,158 crore during the same period.

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Kalyan Jewellers Q1 Results: Net loss at Rs 51 crore

Kalyan Jewellers reported a consolidated net loss of Rs 51.3 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 85.87 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 109.19% YoY to Rs 1,636.77 crore in Q1 FY22. The company’s India revenue grew 94% YoY, while revenue from the Middle East jumped 183% YoY during the April-June quarter of FY22.

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Max Financial Q1 Results: Net profit falls 80% YoY to Rs 36 crore

Max Financial Services Ltd (MFSL) reported an 80% YoY decline in consolidated net profit to Rs 36 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 27% YoY to Rs 3,420 crore during the same period. MFSL’s new business premium grew 32% YoY to Rs 875 crore in Q1. The company’s sole operating subsidiary, Max Life, posted a 28% YoY increase in total revenues to Rs 4,626 crore in Q1. Max Life’s assets under management (AUM) grew 28% YoY to Rs 93,697 crore in the April-June quarter of FY22.

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Powergrid Q1 Results: Net profit jumps nearly three-fold to Rs 5,998.28 crore

Power Grid Corporation of India Ltd (PGCIL) reported a 193% YoY jump in consolidated net profit to Rs 5,998.28 crore for the quarter ended June (Q1 FY22). Net profit has increased by ~70% when compared to the previous quarter. Its revenue from operations rose 8% YoY to Rs 10,216 crore during the same period. EBITDA has increased by 8% YoY to Rs 8,997 crore in Q1.

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Zomato Q1 Results: Net loss at Rs 356 crore

Zomato Ltd reported a consolidated net loss of Rs 356.2 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 99.8 crore in the corresponding quarter last year (Q1 FY21) and a net loss of Rs 153 crore in Q4 FY21. Its adjusted sales growth grew 26% YoY to Rs 1,160 crore in Q1 FY22. [Adjusted sales is the sum of revenue from operations and customer delivery charges]. The gross order value (GOV) jumped four-fold YoY (or 37% QoQ) to Rs 4,540 crore in Q1. Total expenses jumped more than three times over the previous year to Rs 1,260 crore.

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Berger Paints Reports 2x Jump in Net Profit in Q4 – Top Indian Market News

Berger Paints Q4 Results: Net profit rises 101% YoY to Rs 209 crore

Berger Paints India Ltd reported a 101% YoY increase in consolidated net profit to Rs 208.60 crore for the quarter ended March (Q4). Net profit has declined by 24% when compared to the previous quarter. Its revenue from operations rose 49.5% YoY to Rs 2,026.09 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 9.4% YoY to Rs 719.75 crore. The company’s board has recommended a dividend of Rs 2.80 per share.

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Happiest Minds partners with Yotta Infra to deliver co-location, managed IT services

Happiest Minds Technologies has entered into a strategic partnership with Yotta Infrastructure to jointly offer co-location services and cloud solutions on the ‘anything-as-a-service’ model. Yotta’s entire range of enterprise IT services and a full array of managed services will be made available by Happiest Minds. Mumbai-based Yotta Infra is a managed data centre service provider.

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Manappuram Finance Q4 Results: Net profit rises 17% YoY to Rs 468 crore

Manappuram Finance reported a 17.6% YoY increase in consolidated net profit to Rs 468.35 crore for the quarter ended March (Q4). Net profit has declined by 2.8% when compared to the previous quarter. Its total income rose 0.75% YoY to Rs 1,630.25 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 16.5% YoY to Rs 1,724.95 crore. The non-banking finance company’s (NBFC) board has declared an interim dividend of Rs 0.75 per share.

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Zydus and TLC sign pact to market Liposomal Amphotericin B to treat black fungus in India

Zydus Cadila has signed an agreement with Taiwan-based TLC to market Liposomal Amphotericin B Injection (AmphoTLC), a critical drug used to treat Mucormycosis (Black Fungus), in India. As per the agreement, TLC will manufacture and supply AmphoTLC on a non-exclusive basis to Zydus, and Zydus will commercialize the anti-fungal drug in India. There is a severe shortage of the drug due to the surge in Black Fungus cases in India.

In a separate filing, Alembic Pharmaceuticals said it has received approval from the Drugs Controller General of India (DCGI) to manufacture Liposomal Amphotericin.

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V-Guard Industries Q4 Results: Net profit rises 112% YoY to Rs 68 crore

V-Guard Industries reported a 112% YoY jump in consolidated net profit to Rs 68.39 crore for the quarter ended March (Q4). Net profit has declined by 13% when compared to the previous quarter. Its revenue from operations rose 58% YoY to Rs 855.19 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has risen by 7.25% YoY to Rs 201.89 crore. The company’s board has declared a dividend of Rs 1.20 per share.

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TCS partners with VIAVI to accelerate disaggregated 5G RAN product innovation

Tata Consultancy Services (TCS) has partnered with US-based Viavi Solutions to launch new tech solutions that address the industry’s need for comprehensive testing of next-generation disaggregated 5G Radio Access Network (RAN) products. TCS will leverage its 5G expertise to help VIAVI launch its industry-first product suite for O-RAN implementations. Viavi Solutions is a global provider of network test, measurement and assurance solutions.

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Burger King Q4 Results: Net loss at Rs 25.9 crore

Burger King India Ltd reported a consolidated net loss of Rs 25.9 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 37.41 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 2.65% YoY to Rs 196.05 crore in Q4 FY21. Burger King India had an exceptional write-off of Rs 5.58 crore towards the decline in food inventory value and store shutdowns. For the financial year ended March 31, 2021 (FY21), net loss stood at Rs 173.91 crore. This is compared to a net loss of Rs 76.57 crore in FY20.

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Hitachi ABB Power Grids in India announces carbon-neutral program

Hitachi ABB Power Grids in India announced a comprehensive program to achieve carbon-neutrality targets in its operations by 2030. The program is designed to reduce the carbon footprint of its own operations and in the products that it delivers. The company expects to achieve its carbon-neutral target of 100% fossil-free electricity by the close of FY 2021-22. Hitachi ABB Power also aims to achieve a 50% reduction in waste generation and a 25% cut in freshwater usage by 2030.

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BPCL Q4 Results: Net profit at Rs 11,940 crore

Bharat Petroleum Corporation Ltd (BPCL) reported a net profit of Rs 11,940 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 1,361 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 21.5% YoY to Rs 98,755.6 crore in Q4 FY21. The company’s market sales grew 4% YoY to 11.17 million tonnes. BPCL’s board has approved a final dividend of Rs 58 per share.

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Pfizer India Q4 Results: Net profit declines 2.4% YoY to Rs 100.5 crore

Pfizer India Ltd reported a 2.4% YoY decline in net profit to Rs 105.55 crore for the quarter ended March (Q4). Net profit has declined by 28.8% when compared to the previous quarter. Its revenue from operations rose 6.5% YoY to Rs 534.76 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has fallen by 2.26% YoY to Rs 497.61 crore. The pharma company’s board has announced a total dividend of Rs 35 per share.

WhatsApp sues Centre over new privacy rules

WhatsApp has filed a lawsuit in the Delhi High Court against the Indian government’s new digital rules that take effect today (May 26), saying it would compel the company to break privacy protections to users. The Facebook-owned messaging service filed a petition against the new Information Technology (IT) Rules 2021 that will require it to “trace” the origin of messages sent on the platform, which it says is a violation of privacy.

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LT Foods Q4 Results: Net profit rises 4.4% YoY to Rs 56 crore

LT Foods Limited reported a 4.4% YoY increase in consolidated net profit to Rs 56.37 crore for the quarter ended March (Q4). Net profit has declined by 15% when compared to the previous quarter. Its total income declined 5.8% YoY to Rs 1,129.52 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 45% YoY to Rs 289.07 crore.

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Economic Survey Projects India’s Real GDP Growth at 11% in FY22 – Top Indian Market News

Economic Survey projects India’s real GDP growth at 11% in FY 2021-22

The Finance Ministry’s Economic Survey projects that India’s real gross domestic product (GDP) would record a growth of 11% in the financial year 2021-22. The nominal GDP growth has been estimated at 15.4%, implying an assumption of 4.4% inflation during the year. The survey states that the fundamentals of the Indian economy remain strong. The gradual scaling back of lockdowns, along with the support of the Atmanirbhar Bharat Mission have placed the economy firmly on the path of revival. It further states that the economy would take two years to reach and go past pre-pandemic levels.

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Tata Motors Q3 Results: Net profit rises 67% YoY to Rs 2,906 crore

Tata Motors reported a 67.2% YoY increase in consolidated net profit to Rs 2,906.45 crore for the quarter ended December (Q3). Its revenue rose 5.5% YoY to Rs 75,653.8 crore during the same period. The company’s largest subsidiary, Jaguar Land Rover, reported a profit before tax of £439 million (~Rs 4,394 crore), compared with £121 million (~Rs 1,211 crore) in the corresponding quarter last year. Tata Motors’ overall sales in India rose 24% YoY to 1.50 lakh units.

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SSAB withdraws initial interest for Netherlands business: Tata Steel

Tata Steel on Friday confirmed that Swedish steel-maker SSAB AB has withdrawn its initial interest for its Netherlands business. In November 2020, Tata Steel had announced that it was in talks with SSAB on a potential sale of its Netherlands assets, including the Ijmuiden steel mill. Tata Steel said it is committed to finding a strategic resolution for its European portfolio. The company’s European works council said it expected the separation of Tata Steel’s Dutch and British operations to continue.

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Cipla Q3 Results: Net profit jumps 113% YoY to Rs 748 crore

Cipla Limited reported a 113% YoY increase in net profit to Rs 748.1 crore for the quarter ended December (Q3). The drugmaker’s revenue rose 18% YoY to Rs 5,168.7 crore during the same period. The company’s sales in India grew 22% YoY to Rs 2,231 crore in Q3. Cipla’s board has approved a scheme of arrangement with two wholly-owned subsidiaries. The company will transfer its India-based US business into Cipla BioTec and transfer consumer business to Cipla Health.

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Indian Oil Corp Q3 Results: Net profit rises 62% YoY to Rs 4,359 crore

Indian Oil Corporation Limited (IOCL) reported a 62.41% YoY increase in consolidated net profit to Rs 4,359.11 crore for the quarter ended December (Q3). Its revenue from operations rose 0.57% YoY to Rs 1.47 lakh crore during the same period. The state-owned company sold 21.425 million metric tonnes (MMT) of oil products in domestic markets in Q3. IOCL’s board has approved an interim dividend of Rs 7.50 per share. 

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Manappuram Finance Q3 Results: Net profit rises 17% YoY to Rs 483 crore

Manappuram Finance Ltd reported a 16.64% YoY increase in consolidated net profit to Rs 483.19 crore for the quarter ended December (Q3). Its revenue from operations rose 14.46% YoY to Rs 1643.81 crore during the same period. Consolidated assets under management (AUM) grew by 14.70% YoY to Rs 27,642.48 crore in Q3. The company’s board has approved an interim dividend of Rs 0.65 per share.

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Dr. Reddy’s Labs Q3 Results: Net profit at Rs 20 crore

Dr. Reddy’s Laboratories reported a consolidated net profit of Rs 19.8 crore for the quarter ended December (Q3). It had posted a net loss of Rs 527.4 crore in the corresponding quarter last year. The company’s consolidated revenue rose 12% YoY to Rs 4,930 crore in Q3 FY21. Dr. Reddy’s stated that it was progressing well on the Phase-3 clinical trials for the Sputnik-V vaccine in India.

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Sun Pharma Q3 Results: Net profit jumps two-fold to Rs 1,852 crore

Sun Pharmaceuticals Ltd reported a two-fold YoY jump in consolidated net profit to Rs 1,852.5 crore for the quarter ended December (Q3). The drugmaker’s consolidated revenue rose 8% YoY to Rs 8,837 crore during the same period. Sun Pharma’s global specialty sales have continued to show an improving trend and have crossed pre-Covid levels. The company’s board has declared an interim dividend of Rs 5.50 per share.

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IndusInd Bank Q3 Results: Net profit falls 36% to Rs 830 crore

IndusInd Bank Ltd reported a 36.5% YoY decline in net profit to Rs 830.39 crore for the quarter ended December (Q3). Net interest income (NII) rose 11% YoY to Rs 3,406 crore during the same period. The lender’s gross non-performing asset (NPA) ratio stood at 1.74%, compared with 2.21% in Q2 FY21. IndusInd Bank’s total provisions rose 77.6% YoY to Rs 1,853.52 crore in Q3.

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L&T bags contract worth up to Rs 2,500 crore for Mumbai-Ahmedabad bullet train project 

Larsen & Toubro (L&T) has received a contract worth up to Rs 2,500 crore for Mumbai-Ahmedabad high-speed rail corridor project. The order is to procure, fabricate, assemble, paint, and transport 28 bridges. L&T said the project was secured through a consortium of L&T and IHI Infrastructure Systems (IIS) of Japan.

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UPL Q3 Results: Net profit rises 13% YoY to Rs 794 crore

UPL Limited reported a 13% YoY increase in net profit to Rs 794 crore for the quarter ended December (Q3). Its revenue rose 3% YoY to Rs 9,126 crore during the same period. The company’s India business grew 21% YoY to Rs 906 crore, despite a market slowdown during the quarter. UPL also reported an exceptional loss of Rs 78 crore in Q3 for costs related to restructuring in Europe and provision written back related to litigation costs in North America.

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Vedanta Q3 Results: Net profit rises 59% YoY to Rs 4,224 crore

Vedanta Ltd reported a 59% YoY increase in consolidated net profit to Rs 4,224 crore for the quarter ended December (Q3). Its revenue rose to Rs 23,621 crore, compared with Rs 22,007 crore in the corresponding quarter last year. The company’s strong performance in Q3 was mainly on account of increased commodity prices and better sales volumes in Zinc and Iron Ore businesses. Vedanta plans to reduce its debt by Rs 5,000 crore in the January-March quarter (Q4).

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Mrs Bectors Food IPO Subscribed 199 Times on Final Day of Bidding – Top Indian Market News

Mrs Bectors Food IPO subscribed 199 times on final day of bidding

Mrs Bectors Food Specialities’ initial public offering (IPO) was subscribed 199.41 times on the final day of subscription. It has become the most successful IPO in 2020. As per NSE data, the IPO received bids for 262 crore shares, as against 1.32 crore shares on offer. The qualified institutional investor category was subscribed 178.08 times and the non-institutional category was subscribed 625.20 times. Retail investors and employees’ reserved portion was subscribed 29.53 and 45.8 times, respectively. The shares of Mrs Bectors Food Specialities will be listed on December 28.

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Zee Entertainment acquires film production, distribution business from Zee Studios

Zee Entertainment Enterprises Ltd (ZEEL) said that its board has approved the acquisition of film production and distribution business from Zee Studios. Formerly known as Essel Vision Productions Ltd, Zee Studios is a wholly-owned subsidiary of ZEEL. As of March 31, 2020, the turnover of Zee Studios’ film production and distribution business stood at Rs 124.11 crore. ZEEL stated that it will take approximately two months to complete this acquisition.

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IFC and IFC Emerging Asia Fund to invest $76 million in Purvankara affordable housing

 IFC and IFC Emerging Asia Fund (EAF) have partnered with Puravankara Ltd to invest $76 million (~Rs 559 crore) in the development of up to four residential projects in India. The projects come under Puravankara’s affordable housing-focused ‘Provident’ brand. Two of the four projects are planned in Kochi and Bengaluru, with a saleable area of 4.5 million square feet. Puravankara stated that around 4,000 housing units will be built in the next 5-7 years.

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Manappuram Finance board gives approval to raise Rs 400 crore via bonds

The board of Manappuram Finance Ltd has approved raising Rs 400 crore through the issue of non-convertible debentures (NCDs) on a private placement basis. The company will issue secured, rated, listed, and redeemable NCDs for an amount of Rs 100 crore, with an option to retain oversubscription up to Rs 300 crore, which will aggregate to Rs 400 crore

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Tata Motors to buy out Marcopolo’s share in bus venture for Rs 100 crore

Tata Motors Ltd said it will buy out its partner’s stake in bus joint venture (JV) firm Tata Marcopolo Motors, for around Rs 100 crore. The company has entered into a share purchase agreement with Marcopolo S.A., through which it will purchase the balance 49% shareholding in Tata Marcopolo Motors Ltd (TMML). After the transaction is executed, TMML will become a wholly-owned subsidiary of Tata Motors. TMML is a 51:49 JV formed in 2006 between Tata Motors and Marcopolo S.A., that builds and sells buses under the Starbus and Starbus Ultra brands.

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HFCL’s cable manufacturing facility starts commercial production

HFCL Limited announced that it has started commercial production of Fibre-to-the-home (FTTH) cables at its new facility in Hyderabad. With this, HFCL, along with its subsidiary company, HTL Ltd, has become the largest manufacturer of FTTH cables in India, with a capacity of 6 lakh km per annum. The company will be supplying FTTH cables to telecom service providers in India, and will also export them to more than 30 countries.

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Mahindra World City receives certification for Zero Waste to Landfill

The Mahindra World City (MWC) in Chennai has become India’s first integrated city to receive third-party Zero Waste to Landfill (ZWL) certification. As part of its ZWL commitments, MWC Chennai is diverting 99 percent of waste (which is nearly 135 tonnes of waste) generated within its industrial zone away from landfills. This helps to avoid 115 tonnes of CO2 emissions every month. The certification was granted on MWC Chennai by Intertek, a globally recognised organisation that is responsible for auditing and certifying ZWL sites.

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L&T Hydrocarbon Engineering emerges lowest bidder for HPCL Rajasthan Refinery: Report

As per a report from Business Standard, L&T Hydrocarbon Engineering (LTHE) has emerged as the lowest bidder for HPCL Rajasthan Refinery Ltd’s two engineering, procurement, construction, and commissioning (EPCC) packages. The combined value for both packages is around Rs 13,000 crore. The scope of HPCL’s order involves the engineering, procurement, and construction of two critical process blocks of a 9.0 MMTPA (million metric tonnes per annum) integrated Refinery cum Petrochemical Complex.

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Mindspace REIT raises Rs 200 crore through issue of debentures

Mindspace Business Parks REIT has raised Rs 200 crore by issuing debentures on a private placement basis. The non-convertible debentures are proposed to be listed on the wholesale debt market (WDM) segment of BSE Limited. The tenure of the debentures is 36 months, with a coupon rate of 6.45% per annum. The REIT (real-estate investment trust) is likely to utilise the fund to refinance its existing debts.

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IndusInd Bank launches metal credit card ‘PIONEER Heritage’

IndusInd Bank, in partnership with Mastercard, has announced the launch of its first metal credit card- ‘PIONEER Heritage’. The bank stated that the card comes equipped with best-in-class features and privileges across an array of categories like travel, wellness, and lifestyle. The credit card has been specially curated to match the requirements of affluent Indian professionals and entrepreneurs.

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Board of Rane Holdings approves investment of up to Rs 60 crore in Rane (Madras) Ltd

The Board of Directors of Rane Holdings Ltd has approved a further investment in its subsidiary, Rane (Madras) Ltd, by up to Rs 60 crore. The funds for the investment will be raised by way of subscription to equity shares and/or convertible securities. The investment is subject to further regulatory approvals.