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Manufacturing PMI Slips to 55.5 in October – Top Indian Market Updates

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

Manufacturing PMI falls to 8-month low of 55.5 in October

India’s manufacturing activity slipped to the lowest level in eight months in October 2023. The S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell to 55.5 in October, compared to 57.5 in September. There was a slower increase in total new orders, production, exports, buying levels and stocks of purchases last month. Hiring activity and business confidence slipped to a five-month low.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

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Sun Pharma Q2 Results: Net profit rises 5% YoY to ₹2,375.5 crore

Sun Pharmaceutical Industries Ltd reported a 5% year-on-year (YoY) increase in consolidated net profit to ₹2,375.5 crore for the quarter ended September (Q2 FY24).. Its revenue from operations rose 11% YoY to ₹12,192 during the same period. EBITDA stood at ₹3,179.3 crore in Q2, up 8% YoY. The pharma company posted an 11% YoY growth in India formulations sales to ₹3,842.5 crore.

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Fino Payments Bank likely to apply for SFB license by year-end: MD

Fino Payments Bank is likely to apply for the small finance bank (SFB) license by the end of this year, managing director Rishi Gupta said. The bank has nearly ₹600 crore of net worth while the minimum capital requirement for small finance banks is pegged at ₹200 crore. Reserve Bank of India allows non-corporate payments banks to apply for a small finance bank license after completing five years of business.

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JK Tyre Q2 Results: Net profit jumps 401% YoY to ₹248 crore

 JK Tyre and Industries Ltd reported a 401% YoY jump in net profit to ₹248.6 crore for the quarter ended September (Q2 FY24). Its revenue grew 4% YoY to ₹3,905 crore during the same period. EBITDA stood at ₹597 crore in Q2, up from ₹305 crore during the same period last year. The tyre maker also approved an investment of ₹1,025 crore for expanding its manufacturing capacity.

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Q2 GDP number will surprise on the upside: RBI Governor

India’s growth momentum remains strong and the second-quarter gross domestic product (GDP) growth number is expected to surprise on the upside, said Reserve Bank of India Governor Shaktikanta Das. The GDP growth figure for the July-September quarter (Q2) will be released on November 30 by the National Statistical Office (NSO). GDP growth rose to a four-quarter high of 7.8% in April-June.

The RBI has projected GDP growth at 6.5% for FY24 and 6.5% for Q2.

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Ambuja Cements Q2 Results: Net profit jumps 9-fold YoY to ₹792.96 crore

Ambuja Cements reported a nine-fold YoY jump in consolidated net profit to ₹792.96 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined 4.1% YoY to ₹7,423.95 crore during the same period. EBITDA stood at ₹1,302 crore in Q2 FY24, compared to ₹975 crore in Q2 FY23. 

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SpiceJet inducts five Boeing 737 aircraft

SpiceJet has inducted five leased Boeing 737s (including three 737 Max aircraft) into its fleet. The introduction of these aircraft will help the airline launch several exciting new flight routes and services. SpiceJet operates about 250 daily flights to 48 destinations within India and to international destinations. Its fleet is a mix of aircraft, including Boeing 737 Max, Boeing 700 and Q400s.

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Adani Wilmar Q2 Results: Net loss at ₹131 crore

Adani Wilmar reported a net loss of ₹131 crore for the quarter ended September 2023 (Q2 FY24). This included a one-time loss of ₹53.5 crore. The company had posted a net profit of ₹48.76 crore in Q2 FY23. Its revenue from operations fell 13% YoY to ₹12,267.15 crore in Q2 FY24. EBITDA stood at ₹144 crore, down 43% YoY. 

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Tata Motors gets PLI certificate in 4-wheeled goods vehicle category

The Automotive Research Association of India (ARAI) awarded Tata Motors with India’s first auto Production-Linked Incentive (PLI) certificate in the N1 category, specifically on four-wheeled goods vehicles. The primary objective of the PLI scheme is to improve efforts in localising production and stimulate exports within the automotive industry.

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Auto sales data for October 2022: Highlights  

Maruti Suzuki India posted a 19% year-on-year (YoY) increase in total sales to 1.99 lakh units in October 2022. Sales of its compact vehicle segment fell 3.4% YoY to 98,621 units. Exports rose 7.4% YoY to 21,951 units.

Tata Motors Ltd registered a 6% YoY increase in total sales to 80,825 units in October. The automaker’s commercial vehicle sales rose 4% YoY to 34,317 units. Overall passenger vehicle sales rose 7% YoY to 48,637 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 43,708 units in October, an increase of 35% YoY. M&M’s tractor sales fell 3% YoY to 50,460 units. 

Bajaj Auto posted a 19% YoY increase in total sales to 4.08 lakh units in October. Meanwhile, TVS Motor Company’s total sales stood at 3.44 lakh units in Oct, up 22% YoY.

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India’s Manufacturing PMI Slows to 5-Month Low in Sept – Top Indian Market Updates

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

India’s manufacturing PMI slows to a 5-month low in Sept

India’s manufacturing sector slowed to a 5-month low in September 2023. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 57.5 in September, compared to 58.6 in August. The contraction in manufacturing activity was due to a soft increase in new orders, which slowed production.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

IHC raises its stake in Adani Enterprises to above 5%

International Holding Co (IHC) has increased its total stake in Adani Enterprises (AEL) to above 5%. The development comes days after it decided to offload stakes in two other group companies as part of its portfolio restructuring/rejig. Although IHC hasn’t disclosed the amount invested in the company, a 5% stake in AEL as of Tuesday is valued at ₹13,600 crore.

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Bajaj Finserv’s insurance arm receives GST Demand Notice

Bajaj Allianz General Insurance Company Ltd (BAGIC) received a show cause cum demand notice from the Directorate General of Goods and Services Tax (GST) Intelligence. The authority alleged a tax demand of ₹1010.05 crore. BAGIC is Bajaj Finserv’s insurance subsidiary. As per the notice, the company failed to pay GST between July 2017 and March 2022.

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PFC sanctions ₹15,000 crore loans, forays into funding of airport projects

Power Finance Corporation (PFC) has sanctioned ₹15,000 crore loans for various projects. Furthermore, it has entered into funding airport projects. As part of its diversification strategy and funding for infrastructure projects, PFC sanctioned its first financing for a greenfield airport project in Andhra Pradesh. PFC’s Board of Directors also reviewed strategic agendas pertaining to the company’s business diversification strategy.

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India’s coal production rises 16% YoY in September

India’s coal output increased 15.81% YoY to 67.21 million tonnes (MT) in September, compared to 58.04 MT in September FY22-23. The cumulative coal production up to September increased to 428.25 MT in the current financial year, over 382.16 MT in the year-ago period. Coal India Ltd’s (CIL) output increased to 51.44 MT in September as against 45.67 MT a year ago. CIL accounts for over 80% of domestic coal production.

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JSPL starts coal production at Chhattisgarh’s Gare Palma mine

Jindal Steel & Power Ltd (JSPL) has started coal production at its Gare Palma IV/6 mine in Chhattisgarh. The mine will support the proposed expansion of its Raigarh integrated steel plant from the existing 3.6 MTPA to a capacity of 9.6 million tonnes per annum (MTPA).

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Vedanta to complete steel asset sale this fiscal year

Vedanta Ltd will complete the divestment of its steel assets by March 2024. The company started the review of its steel and steel raw material business in June. Vedanta is also planning to demerge its business unit into independent companies. Its parent company, Vedanta Resources, has been struggling to raise funds due to rating downgrades and concerns about meeting its debt obligations.

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NCC secures 3 orders worth ₹4,206 crore

NCC Ltd secured three orders worth ₹4,205.94 crore in September from both Central and State government agencies. These orders are to different divisions within the company: ₹819.20 crore for the water division, ₹173.19 crore for the electrical division, and ₹3,213.55 crore for the transportation division. 

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Strides Pharma gets USFDA approval for Ethyl capsules

Strides Pharma Global Pte. Ltd has received approval from the US Food & Drug Administration (USFDA) for its generic version of Icosapent Ethyl capsules. The capsules are used to control triglyceride levels in the blood and is bioequivalent and therapeutically equivalent to the reference listed drug Vascepa of Amarin. As per IQVIA, the product has a market size of around $1.3 billion. Strides Pharma Global Pte. Ltd is a wholly-owned Singaporean subsidiary of Strides Pharma. 

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TRSL secures ₹857 crore order from Gujarat Metro Rail

Titagarh Rail Systems Ltd (TRSL) has secured a contract worth ₹857 crore with the Gujarat Metro Rail Corporation Ltd (GMRC) to manufacture 72 standard gauge cars. These metro cars are destined for the first phase of the Surat Metro Rail Project. The contract for designing, manufacturing, supplying, testing, commissioning, and training for these metro cars. The execution of this contract is scheduled to commence 76 weeks after its signing. 

Read more here.

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India’s Manufacturing PMI Hits 3-Month High in August – Top Indian Market Updates

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

India’s manufacturing PMI hits 3-month high in August

India’s manufacturing sector expanded significantly in August 2023, reaching a 3-month high. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 58.6 in August, compared to 57.7 in July. The expansion in manufacturing activity was supported by the rise in new orders last month.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

Auto sales data for August 2023: Highlights  

Maruti Suzuki India posted a 14.5% year-on-year (YoY) increase in total sale sales to 1.89 lakh units in August 2023. Sales of its mini & compact vehicle segment fell 9.7% YoY to 84,660 units. Exports rose 14.6% YoY to 24,614 units.

Tata Motors Ltd registered a 3% YoY fall in passenger vehicle sales to 45,933 units in August. The automaker’s total commercial vehicle sales rose by 1.9% YoY to 32,077 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 37,270 units in August, an increase of 25% YoY. Tractor sales are up 1% at 21,676 units. However, its tractor exports fell 26% YoY 1,029 units. 

TVS Motor Company’s total two-wheeler sales stood at 3.32 lakh units in August, up 5% YoY. Meanwhile, Bajaj Auto’s total sales fell 15% YoY to 3.42 lakh units.

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India’s GST revenue rises to Rs 1.59 lakh crore in August, up 11% YoY

India’s Goods and Services Tax (GST) revenue increased 11% YoY in August 2023. The month saw a collection of ₹1,59,069 crore in gross GST revenue, highlighting the steady economic recovery and tax compliance. Central GST (CGST) accounted for ₹28,328 crore, while State GST (SGST) amounted to ₹35,794 crore. Integrated GST (IGST) collections stood at ₹83,251 crore.

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Bajaj Auto’s finance subsidiary secures RBI’s NBFC licence

Bajaj Auto Ltd’s wholly-owned subsidiary Bajaj Auto Consumer Finance Ltd has received a licence from the Reserve Bank of India (RBI). The license is to launch a non-banking finance company (NBFC). However, Bajaj Auto Consumer Finance Ltd can’t accept public deposits from the public. The company’s core objective is to offer financing solutions exclusively for vehicles manufactured or endorsed by Bajaj Auto and its associated entities.

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Muthoot Finance hikes stake to 59% in microfinance subsidiary for ₹43 crore

Muthoot Finance Ltd has acquired an additional 2.05% stake in its subsidiary Belstar Microfinance Ltd in a cash deal of ₹43 crore. Following the acquisition, Muthoot’s total shareholding in the Tamil Nadu-based microfinance company has increased from 56.97% to 59.02%. In 2017, Muthoot Finance acquired a 53% stake in Belstar as part of its diversification strategy. 

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PVR Inox breaks box office collection record in August

PVR Inox posted the highest-ever monthly admissions and Box Office (BO) month of all time in August 2023. The company recorded a gross box office revenue of  ₹532 crore. In the previous month, the multiplex achieved a footfall of nearly 190 lakh. This was driven by Hindi films, including Gadar 2, OMG2, and Dreamgirl 2. Jailer, Rocky aur Rani ki Prem Kahani, and Hollywood’s Oppenheimer also added to the achievement.

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Reliance launches ‘Campa Cricket’ ahead of marquee tournaments like World Cup

Amid the ongoing men’s cricket tournament Asia Cup and the upcoming Men’s ODI cricket World Cup, Reliance Consumer Products Ltd (RCPL) has launched a cricket-themed drink, Campa Cricket. In a move to expand its beverage portfolio, the company plans to launch in several states, including Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat, Maharashtra, West Bengal and Uttar Pradesh.

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Coal India output grows 13% to 52.3 MT in Aug

Coal India Ltd (CIL) posted a 13.2% growth in its output at 52.3 million tonnes (MT) in August 2023, compared to 46.2 MT in the year-ago month. The supplies rose to 59 MT in August, registering a rise of 15.3%. In FY2023-24 so far, the company produced 281.5 MT, posting an 11.1% year-on-year growth.

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BSE share buyback price raised to ₹1,080 per share

BSE’s board approved an increase in the offer price for its proposed share buyback and also fixed the record date for the same. The share buyback price has been increased to ₹1,080 per share from ₹816 per share earlier. BSE’s board also fixed the record date for the proposed share buyback at September 14, 2023. The buyback is payable in cash for an aggregate maximum amount not exceeding ₹374 crore.

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India’s Manufacturing PMI Falls to 57.7 in July – Top Indian Market Updates

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

India’s manufacturing PMI falls to 57.7 in July

India’s manufacturing activity maintained its growth momentum as order growth remained high in July. The IHS Markit India Manufacturing Purchasing Managers’ Index came in at 57.7 in July compared to 57.8 in June. New export business growth picked up to the fastest since last November.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

Auto sales data for July 2023: Highlights  

Maruti Suzuki India posted a 3% year-on-year (YoY) increase in total sales to 1.82 lakh units in July 2023. Sales of its mini & compact vehicle segment fell 27% YoY to 76,692 units. Exports rose 9.2% YoY to 22,199 units.

Tata Motors Ltd’s total passenger vehicle sales were flat at 47,689 units in July. The automaker’s commercial vehicle sales declined by 4% YoY to 32,944 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 36,205 units in July, an increase of 29% YoY. M&M’s exports fell 9% YoY to 2,540 units.

TVS Motor Company’s total sales stood at 3.26 lakh units in July, up 4% YoY. Meanwhile, Bajaj Auto’s sales fell 15% YoY to 2.69 lakh units.

Read more here.

Adani Total Gas Q1 Results: Net profit rises 9% YoY to ₹150 crore

Adani Total Gas reported a 9% YoY increase in consolidated net profit to ₹150 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose by 2% YoY to ₹1,135 crore during the same period. EBITDA stood at ₹225 crore, up 12% YoY on account of higher volume and cost optimisation. CNG volumes increased by 18% YoY while PNG volume decreased by 6% YoY.

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Arvind SmartSpaces signs two golf-themed projects in Ahmedabad

Arvind SmartSpaces Ltd (ASL) has signed two large horizontal (plots and Villas) multiuse, golf-themed development projects in Ahmedabad. The projects have a total estimated area of 704 acres and a top-line potential of ₹2,300 crore. These projects are located in South Ahmedabad and would be ASL’s 17th and 18th projects in Ahmedabad. Both projects are signed under the joint development model enabling low capital intensity and higher returns.

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L&T’s Construction unit wins multiple orders for heavy civil infrastructure business

Larsen and Toubro’s subsidiary L&T Construction has won multiple orders for its heavy civil infrastructure business. The order is from Rail Vikas Nigam Ltd. (RVNL) for the design and construction of an underground metro project in connection with the Joka – Esplanade Metro Corridor in the city of Kolkata. The company didn’t disclose the exact value of the orders but defined them as ‘large’ orders. All orders between ₹2,500 crore and ₹5,000 crore are classified under the ‘large’ category by L&T.

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PVR Inox Q1 Results: Net loss at ₹82 crore

PVR Inox reported a consolidated net loss of ₹82 crores for the June quarter (Q1 FY24). However, its revenue from operations rose 32% YoY to ₹1,304 crore during the same period. The loss was primarily due to an over 56% rise in company expenses. The movie exhibition cost jumped to ₹298 crore in Q1FY24, which was up both sequentially and on a YoY basis.

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Kolte-Patil acquires 2 society redevelopment projects in Mumbai suburb

Kolte-Patil Developers has agreed to redevelop two housing societies in the micro-market of Bangur Nagar in Goregaon, western suburbs of Mumbai. The projects with a total saleable area of around 4.8 lakh sq ft are estimated to have a revenue potential of ₹950 crore. The company has already executed a residential redevelopment project spread over 2.77 lakh sq ft in this micro-market and the project has already been sold out with a sales value of ₹495 crore.

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Glenmark gets USFDA nod to market generic diabetes drug

Glenmark Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) to market a generic diabetes drug in the American market. The company has received final approval from the USFDA for Saxagliptin Tablets, the generic version of AstraZeneca’s Onglyza1 tablets. According to IQVIATM sales data, for the 12 months ending June 2023, the Onglyza tablets achieved annual sales of around USD 100.7 million.

Read more here.

Oberoi Realty Q1 Results: Net profit falls 20% YoY to ₹322 crore

Oberoi Realty reported a 20% YoY fall in consolidated net profit to ₹321.64 crores for the June quarter (Q1 FY24). Its total income fell slightly to ₹933.56 crore during the same period. Total income stood at ₹934.81 crore in Q1 FY23. Expenditure grew to ₹509.07 crore in the quarter from ₹463.32 crore in the year-ago period.

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Bharti Airtel launches self-service digital marketing product Airtel IQ Reach

Bharti Airtel has launched an enterprise communications platform, Airtel IQ Reach. It will enable brands/ companies to drive targeted customer engagements through personalised communications. Airtel IQ Reach is aimed at small and medium businesses and is currently available using WhatsApp as a messaging platform, with SMS and voice to be added in the future. Additionally, businesses will get access to customer information only if the customer chooses to respond to the communication sent out.

Read more here.

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India’s Manufacturing PMI Falls to 57.8 in June – Top Indian Market Updates

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

India’s manufacturing PMI slips to 57.8 in June

India’s manufacturing PMI (Purchasing Manager’s Index) for June stood at 57.8, compared to 58.87 in May. The PMI of 57.8 is higher than 50 indicating an expansion in activities. Anything below 50 indicates contraction. India’s May manufacturing sector activity was at a 31-month high.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

Adani Ports registers record cargo volume of over 100 MMT in June quarter

Adani Ports and Special Economic Zone Ltd (APSEZ) has reported an 11.5% YoY increase in cargo volume handled at 101.4 million metric tonnes (MMT) in the quarter ending June 2023. This is the highest-ever quarterly cargo volume handled by the company. The company witnessed growth across most ports and all three broad cargo segments. The container segment grew 19% YoY, while liquids and gas and dry bulk segments grew 8% and 7% YoY respectively.

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Edelweiss Financial Services to raise Rs 300 crore from NCDs 

Edelweiss Financial Services has announced the public issue of secured redeemable non-convertible debentures (NCDs). The NCDs have a face value of ₹1,000 each, amounting to ₹150 crores (base issue size). The issue also has the option to retain over-subscription up to ₹150 crores aggregating to ₹300 crores. Effective annual yield for NCDs ranges from 8.94% to 10.46%.

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USFDA closes inspection at Zydus’ Ahmedabad unit with VAI recommendation

Zydus Lifesciences Ltd’s Ahmedabad unit received an ‘Establishment Inspection Report’ (EIR) from the United States Food and Drug Administration (USFDA). The inspection has been closed with a ‘voluntary action indicated’ (VAI) recommendation in the EIR. A VAI is generally issued when a plant receives observations and responds to them, and the regulator believes the response by the company is satisfactory.

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Kansai Nerolac sells Thane land parcel for Rs 671 crore to Hiranandani Group

Kansai Nerolac Paints Ltd sold its land parcel in Thane to the Hiranandani Group. The sale was for a total consideration of ₹671 crore. The company entered into a deed of conveyance last Friday for the sale of a total area of 97,090 square metres together with the transfer of rights in land admeasuring 6,300 square metres.

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SpiceJet repays Rs 100 crore to City Union Bank, releasing all securities pledged

SpiceJet completed the ₹100 crore settlement payment to City Union Bank a little over a decade after it took the loan. The airline said it paid the last Rs 25 crore tranche on June 30, 2023, thereby shutting the loan account opened in 2012. With this, all the securities of the airline that had been pledged with the bank now get released. 

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Lupin gets USFDA nod for cyanocobalamin nasal spray

Lupin Ltd has received approval from the United States Food and Drug Administration (US FDA) for its Abbreviated New Drug Application (ANDA) for cyanocobalamin nasal spray. The cyanocobalamin nasal spray is a generic equivalent of Nascobal nasal spray. According to IQVIA MAT, Cyanocobalamin nasal spray (RLD Nascobal) had estimated annual sales of $69 million in the US.

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IIFL Finance raises $175 million from HSBC, Union Bank & Bank of Baroda

IIFL Finance raised $175 million through the external commercial borrowing (ECB) route in June 2023. The NBFC has raised $75 million from HSBC, $50 million from Union Bank (Sydney), and $50 million from Bank of Baroda. The company raised funds at SOFR (Secured Overnight Financing Rate) plus 200 basis points. With this, the company’s total borrowing since March 2023 aggregates to $275 million.

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Zee and IndusInd Bank announce a settlement of all dues

The National Company Law Appellate Tribunal (NCLAT) has closed the insolvency proceedings against Zeel after payment to creditors. NCLAT recorded that all payments were made to IndusInd Bank by June 30 as per the agreed-upon terms. As per IndusInd Bank’s plea, Zee paid nearly ₹84 crores in the case related to Siti Networks.

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Bank of Maharashtra clocks 25% loan growth

Bank of Maharashtra has posted a credit growth of 24.93% at ₹1.75 lakh crore in the June quarter. The outstanding credit was ₹1.40 lakh crore at the end of June 30, 2022. The bank registered a 24.82% growth in the total business (total advances and total deposits) to ₹4.19 lakh crore at the end of June 2023 compared to ₹3.36 lakh crore in the June quarter of 2022.

Read more here.

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India’s Manufacturing PMI Hits 31-month High in May – Top Indian Market Updates

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

India’s manufacturing PMI hits 31-month high in May

India’s manufacturing sector expanded significantly, reaching a 31-month high in May. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 58.7 in May, compared to 57.2 in April. The strong performance was driven by robust demand and output and the highest hiring rate in six months.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

Auto sales data for May 2023: Highlights  

Maruti Suzuki India posted a 10% year-on-year (YoY) increase in total wholesale sales to 1.78 lakh units in May 2023. Sales of its mini & compact vehicle segment fell 30% YoY to 12,236 units and 5% YoY to 71,419 units respectively. Exports fell 3% YoY to 26,477 units.

Tata Motors Ltd registered a 6% YoY increase in domestic passenger vehicle sales to 45,878 units in May. The automaker’s commercial vehicle sales declined by 12% YoY to 28,989 units.

Mahindra & Mahindra’s total domestic passenger vehicle segment posted total sales of 32,886 units in May, an increase of 22% YoY. The total sales are up 14% at 61,415 units as compared to 53,726 units in May 2022. 

TVS Motor Company’s total sales stood at 3.3 lakh units in May, up 9% YoY. Meanwhile, Bajaj Auto’s sales rose 29% YoY to 3.55 lakh units.

Read more here.

Coal India spends 15% higher than statutory requirement on CSR

Coal India Ltd has exceeded the required expenditure on corporate social responsibility (CSR) projects in FY23. They spent Rs 513 crore, which is 15.3% more than the statutory requirement of Rs. 445 crore. Over the past four years, CIL has spent a total of Rs. 2,238 crore on CSR, surpassing the mandated amount of Rs. 1,735 crore. Notable projects include a 5,000-seater library at Ranchi University and the treatment of thalassemia children through bone marrow transplantation.

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Venus Remedies gets marketing authorization from Saudi Arabia for Docetaxel

Venus Remedies Ltd has obtained marketing authorization in Saudi Arabia for Docetaxel, a commonly used chemotherapy drug. This achievement follows the company’s recent GMP certification for its production facilities in Baddi, Himachal Pradesh. It serves as a primary treatment option for breast, prostate, stomach, and non-small cell lung cancers. The global Docetaxel market, valued at USD 102 billion, is projected to reach USD 184 billion by 2030, with a compound annual growth rate (CAGR) of 10.22%.

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Aurum PropTech set to buy Ratan Tata-backed NestAway

Aurum PropTech plans to acquire NestAway Technologies, a managed rental home company backed by Goldman Sachs, Tiger Global, and Ratan Tata. The acquisition will involve a complete buyout of all existing shareholders, including the founders and global institutional investors. The deal is estimated to be worth over $20 million, making it a significant acquisition in the rental platform sector.

Read more here.

Coal India output grows 9.5% to record 60 MT in May

Coal India Ltd (CIL) achieved a 9.5% YoY increase in coal output with a new monthly production in May 2023 to 60 million tonnes (mt). The combined production of CIL and its subsidiaries in April-May 2023 reached 117.5 mt, an 8.6% growth from the previous year. In May 2023, total coal supplies rose to 63.7 mt, a 4.1% rise from May 2022. The coal off-take for April-May 2023 stood at 126 million tonnes, showing a 6.2% YoY growth.

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GST collections rise 12% to Rs 1.57 lakh crore in May

The Goods and Services Tax (GST) collections in May reached Rs 1.57 lakh crore, showing a 12% YoY growth. The gross GST revenue collected consisted of CGST at Rs 28,411 crore, SGST at Rs 35,828 crore, IGST at Rs 81,363 crore (including Rs 41,772 crore from imports), and cess at Rs 11,489 crore (including Rs 1,057 crore from imports). Last year’s May GST collection was around Rs 1.41 lakh crore.

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GOCL Corporation bags orders worth Rs 257 crore from Coal India

Hinduja Group’s subsidiary GOCL Corporation Ltd has secured orders worth Rs 257.72 crore from Coal India Ltd. The two-year order, spanning from June 2023 to May 2025, involves the supply of detonators, accessories, and cartridge explosives. The current business activities of GOCL include energetics, mining & infrastructure services, and property development.

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Bank of Maharashtra likely to raise up to Rs 1,000 crore via QIP

According to a CNBC report, the Bank of Maharashtra intends to raise funds through a qualified institutional placement (QIP), targeting up to Rs 1,000 crore. The QIP may consist of a base size of Rs 500 crore, which could be extended by an additional Rs 500 crore through a greenshoe option. Institutional investors may be offered a discount of approximately 5% for the QIP. This move aims to attract investment from institutional investors and strengthen the bank’s capital base.

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L&T to create renewable energy infra for world’s largest green hydrogen plant in Saudi Arabia

Larsen and Toubro Ltd (L&T) has been awarded contracts worth $2.779 billion (~Rs 22,900Cr) to create renewable energy infrastructure for the world’s largest green hydrogen plant in Saudi Arabia. L&T’s power transmission and distribution business will be responsible for engineering, procuring, and constructing a 2.2 GWac PV solar plant,a 1.65 GW wind generation balance of plant, and a 400 MWh battery energy storage system.

Read more here.

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India’s Manufacturing PMI Hits a 3-Month High in March – Top Indian Market Updates

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

India’s manufacturing PMI hits a three-month high of 56.4 in March

India’s manufacturing sector expanded at its quickest pace in three months in March on improved output and new orders. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 56.4 in March, compared to 55.3 in Feb. Foreign demand for Indian goods increased as well, with new export orders rising in March.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

Auto sales data for March 2023: Highlights  

Maruti Suzuki India wholesale sales remained flat at 1.70 lakh units in March 2023. Sales of its mini & compact vehicle segment fell 14% YoY to 83,714 units. Exports rose 13.7% YoY to 30,119 units.

Tata Motors Ltd registered a 4% YoY increase in passenger vehicle sales to 44,225 units in March. The automaker’s commercial vehicle sales remained flat at 46,823 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 35,997 units in March, an increase of 30% YoY. M&M’s tractor sales rose 18% YoY to 35,014 units. 

TVS Motor Company’s total sales stood at 3.17 lakh units in March, up 3% YoY.

Read more here.

Axis Bank launches business management solution for merchants

Axis Bank, in partnership with Visa, launched an app that will empower merchants to accept payments through various digital modes and enable them to manage their day-to-day business digitally. The app (Digital Dukaan) has been specifically designed to address business requirements such as accepting digital payments, inventory management and billing.

Read more here.

NTPC and NHPC to merge

The Indian government is considering selling NTPC Ltd’s two hydropower firms to NHPC Ltd to create a single hydropower company. This move will improve efficiency, cut costs, and help meet high demand at night when solar projects do not run. NTPC acquired the projects (THDC India Ltd and NEEPCO) three years ago for about $1.34 billion under a consolidation plan by the Indian government. 

Read more here.

SAIL produces record 18.28 MT crude steel in FY23

Steel Authority of India (SAIL) has reported a 5.3% year-on-year rise in crude steel production to a record 18.28 million tonnes (MT) in the financial year 2022-23, with hot metal production up 3.6% YoY to 19.40 MT. SAIL, the country’s largest steel producer, has been focusing on value-added and special-steel production. It has five integrated and three special steel plants across India.

Read more here.

SpiceJet hives off cargo and logistics business into separate entity

SpiceJet Ltd has separated its cargo and logistics business, SpiceXpress, into a separate entity named SpiceXpress and Logistics Pvt Ltd. The move has resulted in a one-time gain of Rs 2,555.77 crore for SpiceJet. The separation also enables SpiceXpress to raise funds independently. SpiceXpress, which reported a net profit of Rs 51.4 crore for the April-December period of FY23, is expected to attract more investments and partnerships to further grow its business.

Read more here.

Yulu and Zomato announce tie-up for last-mile deliveries

Yulu, a shared electric Mobility-as-a-Service (MaaS) platform, has partnered with food delivery platform Zomato to use Yulu DeX EVs for intra-city deliveries. Yulu will provide about 25,000-35,000 Yulu DeX to delivery partners onboarded on Zomato’s platform for last-mile deliveries on custom-made rental plans. Once deployed, these Yulu DeX have the potential of serving 3 lakh green deliveries every day by 2026. 

Read more here.

TCS secures contract from Norwegian rail network operator Bane NOR

Tata Consultancy Services (TCS) has won a contract from Bane NOR to enable secure access to its digital systems. As TCS’ strategic partner, the company will provide identity governance and administration, access management, identity lifecycle management, and application management operations in a managed services model. Bane NOR is the government agency responsible for maintaining and developing the Norwegian railway network.

Read more here.

Tejas Networks bags record order from BSNL

Tejas Networks has received an advance purchase order worth Rs 696 crore from Bharat Sanchar Nigam Limited (BSNL) to upgrade its pan-India IP-MPLS-based Access and Aggregation Network (MAAN). The company will supply, install, and commission over 13,000 of its TJ1400 series of next-generation routers for a converged multi-service packet network being rolled out nationwide.

Read more here.

Oil prices surge 8% after OPEC+ announces surprise output cut

Oil prices surged nearly 8% today morning, with Brent Crude making a high of $86.44 after Saudi Arabia and OPEC+ announced a surprise cut in production of around 1.16 million barrels per day. West Texas Intermediate or WTI Crude prices also surged up to 7.5% to $81.58 per barrel. The cuts will begin in May and go on till the end of the year.

Read more here.

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India’s Manufacturing PMI Slows to 4-Month Low in Feb – Top Indian Market Updates

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

India’s manufacturing PMI slows to 4-month low in Feb

India’s manufacturing sector expanded at the slowest pace in four months in February. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.3 in Feb, compared to 55.4 in Jan. New orders and output rose sharply last month, indicating strong domestic demand despite inflationary pressures. 

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

February GST collection at Rs 1.50 lakh crore, up 12% YoY

The gross Goods and Service Tax (GST) revenue collection in February 2023 stood at Rs 1,49,577 crore, an increase of 12% on an annual basis. Of the total revenue collected, central GST is Rs 27,662 crore, state GST is Rs 34,915 crore, integrated GST is Rs 75,069 crore, while cess is Rs 11,931 crore.

Read more here.

Auto sales data for Feb 2023: Highlights  

Maruti Suzuki India posted a 5% year-on-year (YoY) increase in wholesale sales to 1.72 lakh units in Feb 2023. Sales of its mini & compact vehicle segment rose 4.4% YoY to 1.01 lakh units. Exports fell 28.4% YoY to 17,207 units.

Tata Motors Ltd registered a 7% YoY increase in passenger vehicle sales to 43,140 units in Feb. The automaker’s commercial vehicle sales declined by 3% YoY to 36,565 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 30,538 units in Feb, an increase of 10% YoY. M&M’s tractor sales rose 26% YoY to 25,791 units. 

TVS Motor Company’s total sales stood at 2.76 lakh units in Feb, down 2% YoY. Meanwhile, Bajaj Auto’s sales fell 11% YoY to 2.8 lakh units.

Read more here.

Axis Bank completes acquisition of Citigroup’s India consumer business for Rs 11,603 crore

Axis Bank has completed the acquisition of Citigroup’s India consumer business from Citibank N.A. and NBFC consumer business from Citicorp Finance (India) Ltd. as going concerns. The transaction has been completed for an overall consideration of Rs 11,603 crore in cash, based on the contracted computation of closing positions of assets, assets under management (AUMs), and liabilities as of Jan 31, 2023.

Read more here.

PNB withdraws divestment process in Canara HSBC Life Insurance

Punjab National Bank (PNB) will discontinue the process of divestment in associate company Canara HSBC Life Insurance. The bank had acquired a stake in the life insurer post-amalgamation of the erstwhile Oriental Bank of Commerce (OBC). It will hold its stake in the life insurer as an investor, subject to regulatory approvals. 

Read more here.

Alembic Pharma gets USFDA approval to market generic cancer drug

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Docetaxel Injection in multiple-dose vials. The drug is indicated for the treatment of breast cancer, non-small cell lung cancer, and castration-resistant prostate cancer. According to IQVIA data, Docetaxel injection has an estimated market size of USD 11 million in the US market. 

Read more here.

Welspun Corp secures order for export of LSAW pipes and bends to Middle East

Welspun Corp Ltd (WCL) has secured an order for the export of LSAW pipes and bends to the Middle East. The contract is for approximately 83,000 MT bare pipes, with an option of coating exercisable by the project owner subsequently. The pipes supplied to the Middle East will be used for offshore production and transport of gas.

Read more here.

PVR Inox to add 200 screens every year

Multiplex operator PVR is working on “getting economies of scale” after the merger of rival Inox Leisure and expects double-digit growth in its topline (revenue) in FY24, said managing director Ajay Bijli. The company is working on synergies on revenue from ticket prices, food & beverage, advertising, and operating costs. PVR-Inox also plans to add 200 screens every year.

Read more here.

Adani Group secures $3 billion credit from sovereign wealth fund: Report

According to a Reuters report, Adani Group has told creditors it has secured a $3 billion loan from a sovereign wealth fund. Sources said the credit line from the sovereign wealth fund could be increased to $5 billion, citing a memo that was circulated to participants as highlights of a three-day investor roadshow that ended on Wednesday. The identity of the sovereign wealth fund was not disclosed in the memo.

Read more here.

Petrol, diesel sales up 12-13% in February

Domestic sales of petrol and diesel rose 12% YoY and 13% YoY, respectively, in February due to increased mobility of people and goods in an expanding economy. Jet fuel sales in Feb 2023 were 41% higher than in the same month last year but 10% lower than in 2020. Sales of liquefied petroleum gas (mainly used for cooking) increased by 2.4% YoY in Feb.

Read more here.

Bajaj Finserv gets SEBI license to start mutual fund business

Bajaj Finserv has received a SEBI license to start a mutual fund business. The company has formed two wholly-owned subsidiaries — Bajaj Finserv Mutual Fund Trustee Ltd (BFMFTL) and Bajaj Finserv Asset Management Ltd (BFAML). Bajaj Finserv Mutual Fund, with BFAML as the investment manager, will offer a range of mutual fund products, including equity, debt, and hybrid funds to investors.

Read more here.

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Manufacturing PMI Hits 13-Month High in Dec – Top Indian Market Updates

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

India’s manufacturing PMI rises to 13-month high in Dec

India’s manufacturing sector recorded its sharpest growth in output in 13 months in December 2022. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 57.8 in December, compared to 55.7 in Nov. New orders rose at the fastest pace since February 2021 even though selling prices surged more than input costs for the first time in two and a half years.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.  

Read more here.

Auto sales data for Dec 2022: Highlights  

Maruti Suzuki India posted a 9% year-on-year (YoY) decline in total sales to 1.39 lakh units in December 2022. Sales of its compact vehicle segment fell 21.5% YoY to 67,267 units. Exports fell 2.2% YoY to 21,796 units.

Tata Motors Ltd registered a 10% YoY increase in total sales to 72,997 units in Dec. The automaker’s commercial vehicle sales fell 0.6% YoY to 33,949 units. Overall passenger vehicle sales rose 14% YoY to 40,407 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 28,445 units in Dec, an increase of 61% YoY. M&M’s tractor sales rose 27% YoY to 23,243 units. 

TVS Motor Company’s total sales stood at 2.28 lakh units in Dec, down 3% YoY. Meanwhile, Bajaj Auto’s sales fell 22% YoY to 2.81 lakh units.

Read more here.

India’s electricity consumption grows 11% to 121.19 BU in December

Power consumption in India grew 11% YoY to 121.19 billion units (BU) in December 2022. This indicates the sustained momentum of economic activities last month. Reports indicate that power consumption and demand will further increase in January due to the use of heating appliances (especially in the north) and a further improvement in economic activities.

Read more here.

SBI, ICICI Bank, HDFC Bank remain domestic systemically important banks: RBI

The Reserve Bank of India (RBI) said the State Bank of India, ICICI Bank, and HDFC Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs). D-SIBs are interconnected entities whose failure can impact the whole financial system and create instability. The current update is based on the data collected from banks as of March 31, 2022, the RBI said.

Read more here.

CIL’s coal supply to power sector rises 11% to 433 MT in April-Dec

Coal India Ltd’s (CIL) coal supply to the power sector rose 11% YoY to 432.7 million tonnes (MT) in the April-December period of the current financial year (FY23). The supply to the non-power sector last month was 10.5 MT due to increased output. The company supplied close to 508 MT of coal to all-consuming segments in April- December, registering a growth of 5.4% YoY. CIL accounts for over 80% of India’s coal output.

Read more here.

Tea industry facing multiple challenges in wake of Covid pandemic: Experts

The tea industry in India is struggling with low prices and high input costs due to the damages caused by the Covid-19 pandemic. Production has also been declining from 1,390 million kg in 2019 to 1,258 million kg in 2020, 1,329 million kg in 2021, and 1,050 million kg till October 2022. Stakeholders within the industry are calling for more focus on quality and boosting exports. 

Read more here.

Recession will hit a third of the world in 2023, warns IMF chief

A third of the global economy will be in recession this year, said International Monetary Fund (IMF) chief Kristalina Georgieva. 2023 will be “tougher” than last year as the US, European Union (EU), and China will see their economies slow down, she added. Global growth is forecast to slow from 6% in 2021 to 3.2% in 2022 and 2.7% in 2023.

Read more here.

JSW Group plans to foray into EVs

JSW Group is considering a foray into the manufacturing of electric vehicles (EVs), said Group Chief Financing Officer Seshagiri Rao. The group is looking to manufacture four-wheelers. The EV manufacturing plan is being discussed actively at the group level, he said while revealing JSW Group’s aim to expand its presence into more sectors.

Read more here.

Dabur acquires a 51% stake in Badshah Masala

FMCG firm Dabur India has completed the acquisition of a 51% stake in Badshah Masala Private Ltd for Rs 587.52 crore.  Badshah Masala manufactures, markets, and exports ground spices, blended spices, and seasonings. Dabur will acquire the remaining 49% stake over the next five years.

Read more here.

PSP Projects emerges lowest bidder for ₹1,364 crore govt project

PSP Projects Ltd has emerged as the lowest bidder for a government project worth  ₹1,364.47 crore in Surat, Gujarat. The company will construct a high-rise office building for Surat Municipal Corporation. PSP Projects is a multi-disciplinary construction company that engages in industrial, institutional, and residential projects in India.

Read more here.

APL Apollo posts 50% growth in sales volume in Q3

Structural steel tube company APL Apollo Tubes Ltd. registered its highest quarterly sales volume of 6,05,049 tonnes in the quarter ended Dec (Q2 FY23), showing a 50% YoY growth. The sales volume for the first nine months of the current financial year rose by 35% to 16,30,120 tonnes. APL Apollo Tubes operates 11 manufacturing facilities with a total capacity of 2.6 million tonnes. 

Read more here.

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India’s Manufacturing PMI Rises to 55.3 in Oct – Top Indian Market Updates

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

India’s manufacturing PMI rises to 55.3 in Oct

India’s manufacturing sector activity remained resilient in October, led by strong growth in factory orders and production. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.3 in October 2022, compared to 55.1 in Sept. Job creation grew at the fastest pace in three years.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.  

Read more here.

Auto sales data for October 2022: Highlights 

Maruti Suzuki India Ltd posted a 21% year-on-year (YoY) increase in total sales to 1.67 lakh units in October 2022. Sales from its utility vehicle segment rose 14.4% YoY to 30,971 units. Exports fell 4.1% YoY to 20,448 units.

Tata Motors Ltd registered a 33% YoY increase in passenger vehicle sales to 45,423 units in Oct. The automaker’s commercial vehicle sales fell 2% YoY to 32,912 units. Overall domestic sales rose 17% YoY to 76,537 units. 

Mahindra & Mahindra’s passenger vehicles division posted total sales of 32,298 units in Oct, up 60% YoY. M&M’s tractor segment posted an 11% YoY increase in sales to 51,994 units.  

TVS Motor Company posted a 10.9% YoY increase in total sales to 3.44 lakh units. Meanwhile, Hero MotoCorp posted a 17% YoY decline in total sales to 4.54 lakh units in October. 

Read more here.

Adani Ports Q2 Results: Net profit rises 69% YoY to ₹1,677.48 crore

Adani Ports & Special Economic Zone Ltd reported a 68.5% YoY increase in consolidated net profit to ₹1,677.48 crore in Q2 FY23. Its revenue from operations rose 33% YoY to ₹5,210.8 crore during the same period. The company’s cargo volumes grew 15% YoY to ₹86.6 million metric tonnes (MMT) in Q2.

Read more here.

PNB Housing Finance expects 40% jump in disbursals this fiscal: MD & CEO

The domestic housing finance sector is now witnessing robust demand after the pandemic, and PNB Housing Finance expects strong growth of 40% in disbursals in FY23, said the company’s MD & CEO Girish Kousgi. “With the real estate boom coupled with economic activity in the country and a high shortage of housing, opportunity is still very high. All these things put together, I feel that the demand is robust,” he said.

Read more here.

Voltas Q2 Results: Net loss at ₹7.41 crore

Voltas Ltd reported a consolidated net loss of ₹7.41 crore for the quarter ended Sept (Q2 FY23). It posted a net profit of ₹104 crore in Q2 FY22. The company’s revenue from operations rose 6% YoY to ₹1,768 crore during the same period. Voltas incurred a one-off expense of ₹106 crore as an overseas customer terminated a contract.

Read more here.

NCC secures orders worth ₹1,056 crore in Oct

NCC Limited received two new orders worth ₹1,056 crore (exclusive of GST) in October from State Government agencies. These orders pertain to the company’s Water and Environment Division. NCC develops and builds residential & commercial properties, industrial facilities, public buildings, roads, and civil engineering structures across India.

Read more here.

Tech Mahindra Q2 Results: Net profit falls 4% YoY to ₹1,285 crore

Tech Mahindra reported a 4% YoY decline in consolidated net profit to ₹1,285.4 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 20.6% YoY to ₹13,129 crore during the same period. The IT firm secured deals worth $712 million in Q2, a decline of 10.7% from the previous quarter. Tech Mahindra’s board has declared a special dividend of ₹18 per share.

Read more here.

SEBI fines 21 entities in Sunstar Realty Development case

The Securities and Exchange Board of India (SEBI) has imposed a fine of ₹1.05 crore on 21 entities for manipulating the share price of Sunstar Realty Development Ltd (SRDL). SEBI conducted an investigation of SRDL’s stock from June 2015 to March 2016 to ascertain whether there were any violations of the Prohibition of Fraudulent & Unfair Trade Practices rules.

In other news, SEBI barred fugitive businessman Mehul Choksi from the securities markets for 10 years. It also imposed a fine of ₹5 crore on him for indulging in fraudulent trading in the shares of Gitanjali Gems Ltd.

Read more here.

PNB Q2 Results: Net profit falls 63% YoY to ₹411 crore

Punjab National Bank reported a 63% YoY decline in net profit to ₹411 crore for the quarter ended Sept (Q2 FY23). Its net interest income (NII) rose 30.2% YoY to ₹8,271 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 13.36% in Q2 FY22 to 10.48% in Q2 FY23. Provisions for bad loans stood at ₹3,555.98 crore in Q2 FY23, up 32% YoY.

Read more here.

UPL Q2 Results: Net profit rises 28% YoY to ₹814 crore

UPL Ltd reported a 28.4% YoY increase in consolidated net profit to ₹1,285.4 crore in Q2 FY23. Its revenue from operations rose 18.4% YoY to ₹12,507 crore during the same period. EBITDA stood at ₹2,768 crore in Q2, up 35% YoY. UPL saw revenue in Latin America, North America, and India grow by 20-24% YoY, but growth in Europe was muted at 1%.

Read more here.

Nykaa Q2 Results: Net profit jumps 344% YoY to ₹5.2 crore

FSN E-Commerce Ventures (Nykaa) reported a 344% YoY jump in consolidated net profit to ₹5.2 crore in Q2 FY23. Its revenue from operations rose 39% YoY to ₹1,230.8 crore during the same period. The lifestyle retailer’s gross merchandise value or GMV rose 45% YoY to Rs 2,345.7 crore in Q2.

Read more here.

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Manufacturing PMI Slows to 3-month Low in Sept – Top Indian Market Updates

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

Manufacturing PMI slows to 3-month low of 55.1 in Sept

India’s manufacturing sector activity fell to a three-month low in September 2022. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.1 in September, compared to 56.2 in August. However, output remained solid despite global headwinds and recession fears. Input costs rose at the slowest rate in almost two years as suppliers’ stocks improved in line with subdued global demand for raw materials.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.  

Read more here.

JSW Cement raises ₹400-crore sustainability-linked loan

JSW Cement Ltd will raise ₹400 crore through a sustainability-linked loan from MUFG Bank India to fund the company’s capacity expansion plans. MUFG Bank acted as the mandated lead arranger, bookrunner (MLAB), and sustainability loan coordinator for this transaction. The fundraise will help JSW Cement towards its target of building up to 25 million tonnes per annum (MTPA) capacity by FY25.

Read more here.

Adani Ports reports 13% rise in cargo volumes in Sept

Adani Ports & Special Economic Zone (APSEZ) Ltd’s cargo volumes reached 26.1 million metric tonnes (MMT) in September, recording an increase of 13% YoY. In the first six months of FY23, APSEZ managed 177.5 MMT of cargo, an increase of 11% over the corresponding period last year. The company said it is well aligned to meet its annual cargo volume guidance of 350-360 MMT in FY23.

Read more here.

Reliance Jio in talks with global firms for supply to 5G stack

Reliance Jio is in talks with global network operators to supply its locally developed end-to-end 5G stack. The solution (developed by Jio Platforms) consists of 5G radio, a complete 5G core network, cloud infrastructure deployment, and the cloud-native operation support system (OSS) platforms. Reliance Jio is set to launch 5G services across metro cities of Delhi, Mumbai, Chennai, and Kolkata by Diwali.

Read more here.

CNG prices may go up by at least Rs 8-12 per kg

As per an Economic Times report, compressed natural gas (CNG) prices are likely to be hiked by ₹8-12 per kg after the Central government raised the prices of input natural gas to a record high. The price of gas piped to household kitchens may be hiked by over ₹6 per unit. Last week, the govt. raised the prices of gas produced from old fields from $6.1 per million BTU to $8.57 per million British thermal units (BTU).

Read more here.

Welspun Corp to sell its land and building at Dahej unit

Welspun Corp Ltd (WCL) has signed a Memorandum of Agreement with Laxmi Organic Industries Ltd for the sale of land and civil structures at its Dahej unit in Gujarat for ₹130 crore. The unit comprises an insignificant portion of WCL’s operations. The management feels that the transaction would not have any adverse effect on the company’s operations.

Read more here.

Vodafone Idea CEO urges govt to reduce levies to help telcos invest in capex-heavy 5G networks

Vodafone Idea (Vi) CEO Akshaya Moondra has called on the government to reduce the hefty levies in the telecom sector so that operators can improve cash generation and invest in capital-intensive 5G networks. The govt. levies amount to 58% of industry revenues, including the price of spectrum. He also urged the Centre to take more steps to ease right of way (RoW) rules to boost 5G deployments.

Read more here.

M&M records highest monthly wholesales in September

Mahindra & Mahindra Ltd reported the highest ever monthly wholesales of 64,486 vehicles in September, mainly driven by strong demand for its sports utility vehicles. The automaker had dispatched 28,112 passenger and commercial vehicles in September 2021. Last month, M&M posted its highest ever monthly sales of SUVs at 34,262 units, recording a 2x year-on-year (YoY) jump.

Read more here.

Nykaa’s board approves 5:1 bonus share issue

The Board of Directors of FSN E-Commerce (Nykaa) has approved the issuance of bonus shares in the ratio 5:1. The company will issue 5 fully paid-up equity shares of ₹1 each for every 1 fully paid-up equity share of ₹1 each held by a shareholder. The board has fixed November 3, 2022, as the record date for determining investors’ eligibility for the bonus share issue.

Read more here.

KEC International secures new orders worth ₹1407 crore

KEC International Ltd has secured new orders worth ₹1407 crore across various businesses. Its Transmission & Distribution (T&D) business has received an order for establishing 400 kV transmission lines for the Kuwait-Saudi Arabia interconnection project. The company’s civil business has bagged an order for the construction of official quarters and associated facilities for senior govt officials in India.

Read more here.

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Manufacturing PMI at 56.2 in August – Top Indian Market Updates

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

Manufacturing PMI hits 8-month high in August

India’s manufacturing sector activity continued to grow at a robust pace in August, led by a pick-up in demand amid softening input cost inflation. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 56.2 in August, compared to 56.4 in July. Both output and new orders grew during the month.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.  

Read more here. 

Auto sales data for August 2022: Highlights  

Maruti Suzuki India posted a 26.4% year-on-year (YoY) increase in total sales to 1,65,173 units in August 2022. Sales of its compact vehicle segment rose 42% YoY to 93,719 units. Exports rose 4.2% YoY to 21,481 units.

Tata Motors Ltd registered a 41% YoY increase in total sales to 76,479 units in August. The automaker’s commercial vehicle sales rose 6% YoY to 31,492 units. Overall passenger vehicle sales rose 68% YoY to 47,166 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 29,852 units in August, an increase of 87% YoY. M&M’s commercial vehicle sales jumped 142% YoY to 21,492 units. 

Bajaj Auto posted an 8% YoY increase in total sales to 4,01,595 units. Meanwhile, TVS Motor Company’s total sales stood at 3,15,539 units in August, up 15% YoY.

Read more here.

GMDC to study economic viability of rare earth elements processing unit in Gujarat

Gujarat Mineral Development Corp. Ltd. (GMDC) said it would conduct a study to determine the economic viability of setting up a rare earth elements (REE) processing unit in Gujarat. REE is crucial for developing green energy technologies like permanent magnets for electric vehicles, wind turbines, and LEDs. The company also plans to carry out a pre-economic assessment for the deposit at Ambadongar (Gujarat) and test for REE oxide production.

Read more here.

CIL achieves 108% of its annual supply target to power sector during April-August

Coal India Ltd’s (CIL) supplies to the power sector rose to 243.3 million tonnes (MTs) in April-August against the annual action plan (AAP) target of 225.4 MTs. With improved coal supplies, coal stock at power plants rose to 30 MT in August. This is higher than 12.8 MTs of coal stocks at the end of August in FY22.

Read more here.

NDTV says stake sale to Adani needs approval from tax authorities

New Delhi Television Ltd (NDTV) said a major stake sale by its founders to the Adani Group would require clearance from India’s tax authorities. In 2017, the Income Tax Dept. provisionally barred NDTV’s founders, Prannoy and Radhika Roy, from selling a part of their stake as part of a reassessment of their taxes. Last week, the Adani Group unveiled plans to control a majority stake in the news network.

Read more here.

Lux Industries aims to double market share of its innerwear brand in India

Lux Industries Ltd is aiming to double the market share of its brand Lux Venus in the Indian innerwear segment. The company has repositioned Lux Venus and has rolled out a brand-new campaign, “Sabko Maangta Hai”, featuring actor Salman Khan. Currently, Lux Venus has a strong presence in the market due to its high brand recall and enjoys a market share of 15-16% in the men’s innerwear market. 

Read more here.

Zomato shares rise 8% on launching next-day intercity delivery service

Shares of Zomato Ltd were trading more than 8% higher today after the company launched ‘Intercity Legends’, its intercity delivery service for popular dishes. By leveraging Zomato’s vast network of restaurant partners and delivery partners and a deep understanding of food technology, dishes will be delivered from across India, the very next day of ordering. State-of-the-art mobile refrigeration technology preserves food without the need to freeze it or add any kind of preservatives.

Read more here.

HDFC Bank to open 207 branches in Maharashtra

HDFC Bank announced plans to open 207 branches and 80 smart banking lobbies in Maharashtra this financial year (FY23). Of these, 90 branches will be opened in metro and urban areas, while 117 branches will be in semi-urban and rural areas. As part of the expansion plan, the bank said it plans to hire over 3,000 employees across the state. 

Read more here.

BEL signs MoU with Smiths Detection to manufacture high-energy scanning systems in India

Bharat Electronics Ltd (BEL) has signed a Memorandum of Understanding (MoU) with Smiths Detection to offer advanced, high-energy scanning systems to the Indian market. UK-based Smiths Detection is a threat detection and security inspection technologies company. The MoU will leverage the high-end technological capabilities of both firms to meet India’s domestic security needs.

Read more here.