Tag: manufacturing pmi

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Manufacturing PMI Remains Steady in April – Top Indian Market News

Manufacturing PMI remains steady in April

Manufacturing activity in India remained steady in April despite the devastating surge in Covid-19 cases amidst the second wave. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.5 in April, compared with 55.4 in March. This is the eighth straight month that PMI has remained in the expansion zone. Consumer goods were the strongest-performing category in April, followed by capital goods and intermediate goods. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

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Kotak Mahindra Bank Q4 Results: Net profit rises 33% YoY to Rs 1,682 crore

Kotak Mahindra Bank reported a 33% YoY increase in net profit to Rs 1,682 crore for the quarter ended March (Q4). Net interest income (NII) rose 8% YoY to Rs 3,843 crore during the same period. [NII is the interest income a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPAs) ratio fell 3.25% in Q4, compared with 3.27% in the preceding quarter (Q3 FY21). Kotak Bank’s total deposits rose 6.5% YoY to Rs 2.8 lakh crore in Q4.

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Natco Pharma gets emergency use approval for Baricitinib tablets for Covid-19 treatment

Natco Pharma has received emergency use approval for Barcitinib tablets from the Central Drugs Standard Control Organization (CDSCO). Baricitinib is used in combination with Remdesivir for the treatment of Covid-19 positive patients. Natco will be requesting a Compulsory License based on emergency use in light of the serious public health emergency across India due to the Covid-19 pandemic. The pharma company will launch the product within a week.

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IDBI Bank Q4 Results: Net profit jumps 278% YoY to Rs 512 crore

IDBI Bank reported a 278% YoY jump in net profit to Rs 512 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased by 35%. Net interest income (NII) rose 38% YoY to Rs 3,240 crore during the same period. The gross non-performing assets (NPAs) ratio stood at 22.37%, compared with 24.33% in Q3 FY21. IDBI Bank’s total deposits have increased by 4% YoY to Rs 2.3 lakh crore in FY21.

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NMDC reports 124% YoY jump in iron ore sales in April

NMDC Limited reported a 124% YoY increase in iron ore sales to 3.09 million tonnes (MT) in April 2021. The state-owned miner had posted iron ore sales of 1.38 MT during the corresponding month last year. The company’s iron ore production jumped 74% YoY to 3.13 MT in April 2021. On a quarterly basis, iron ore production has declined 31.5%, while sales fell 24.26%. 

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Godrej Properties Q4 Results: Net loss at Rs 192 crore

Godrej Properties Limited (GPL) reported a net loss of Rs 191.62 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 102 crore in the corresponding period last year (Q4 FY20). The company’s revenue declined 60% YoY to Rs 508 crore in Q4 FY21. The real estate developer recorded its highest-ever quarterly collection of Rs 2,041 crore and a net operating cash flow of Rs 785 crore in Q4. Total booking value increased by 10% YoY to Rs 2,632 crore.

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JSW Energy’s subsidiary signs PPA with SECI for supply of 540 MW wind energy

JSW Renew Energy, a wholly-owned subsidiary of JSW Future Energy Ltd, has signed a power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for the supply of 540 MW from a total blended wind capacity of 810 MW. This PPA marks JSW Energy’s entry into the wind or blended wind energy generation segment. In September 2020, JSW Future Energy had received Letter of Awards (LoAs) for a total blended wind capacity of 810 MW in respect to the tariff-based competitive bids invited by SECI for setting up 2,500 MW Inter-State Transmission System (ISTS)-connected blended wind power projects.

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SBI Life Q4 Results: Net profit at Rs 532 crore

SBI Life Insurance Company reported a flat net profit of Rs 532 crore for the quarter ended March (Q4). It had posted a net profit of Rs 531 crore in the corresponding period last year (Q4 FY20). Net premium income (NPI) rose 31% YoY to Rs 15,556 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has increased by 2% YoY to Rs 1,456 crore. The company’s board has declared an interim dividend of Rs 2.5 per share.

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Varun Beverages Q1 Results: Net profit jumps 127% YoY to Rs  136 crore

Varun Beverages Limited (VBL) reported a 127.7% YoY increase in consolidated net profit to Rs 136.76 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. Its revenue from operations rose 33.7% YoY to Rs 2,240.89 crore during the same period. Total sales volume grew 32.8% YoY to 15.1 crore cases in Q1 CY21. VBL’s board has announced a bonus issue in the ratio 1:2. [This means that one additional share will be issued for every two shares held by a shareholder of the company]

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Tata Chemicals Q4 Results: Net profit falls sharply to Rs 11.77 crore

Tata Chemicals Limited reported a 99.8% YoY (or 93% QoQ) decline in consolidated net profit to Rs 11.77 crore for the quarter ended March (Q4). Its total revenue rose 10.85% YoY to Rs 2,636 crore during the same period. The company’s basic chemistry products segment posted a 5.6% YoY growth, while the specialty chemicals segment saw a growth of 38% YoY. Tata Chemicals’ board has announced a dividend of Rs 10 per share.

Motherson Sumi’s subsidiary completes acquisition of Bombardier’s electric wiring business

Motherson Sumi Systems Ltd (MSSL) has completed the acquisition of Bombardier’s electric wiring business (which is based in Mexico). The acquisition was done by MSSL’s Mexican subsidiary— Motherson Rolling Stock Division (MRS). The assets and activities at Bombardier’s manufacturing site at Huehuetoca, Mexico (BT Ensambles México) have now been taken over by MRS.

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India’s Manufacturing PMI Falls to Lowest in Seven Months – Top Indian Market News

India’s manufacturing PMI declines to 7-month low of 55.4 in March

India’s factory activity grew at its weakest pace in seven months in March, as renewed lockdowns to curtail an increase in Covid-19 cases dampened domestic demand and output. The IHS Markit Purchasing Managers’ Index (PMI) for India’s manufacturing sector declined to 55.4 in March from 57.5 in February. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

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Adani Ports to acquire remaining 25% stake in Krishnapatnam Port

Adani Ports & Special Economic Zone Ltd (APSEZ) will acquire a 25% stake of Vishwa Samudra Holding in Krishnapatnam Port for Rs 2,800 crore. The company currently holds a 75% stake in Krishnapatnam Port. With this latest acquisition, the port will become a wholly-owned subsidiary of APSEZ. The transaction is expected to be completed within three months. Krishnapatnam Port is located in the Nellore district of Andhra Pradesh. It is an all-weather, deep-water port, with a current capacity of 64 million tonnes per annum (MTPA).

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Panacea Biotec to make 100 million doses of Sputnik V vaccine

Panacea Biotec Limited has signed an agreement with the Russian Direct Investment Fund (RDIF) for manufacturing 100 million doses of Sputnik V vaccine every year. According to a study conducted by The Lancet, Sputnik V showed an efficacy rate of 91.6%. The production of the vaccine at Panacea Biotec’s manufacturing units will help facilitate its global supply to the international partners of RDIF.

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Indian Oil Corp buys its first Johan Sverdrup crude cargoes: Report

As per a report from Reuters, Indian Oil Corporation (IOC) has bought 4 million barrels of  Norway’s Johan Sverdrup crude for the first time via a tender. IOC is looking to speed up the diversification of crude imports. The report states that IOC will take delivery of 2 million barrels each of the North Sea crude in May and June. The move follows the government’s call to cut dependence on crude from the Middle East due to the standoff between India and the world’s largest crude importer— Saudi Arabia.

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Tech Mahindra to launch blockchain solution for BFSI clients

Tech Mahindra Ltd has partnered with Netherlands-based Quantoz to launch a ‘stablecoin-as-a-service’ blockchain solution for global banks and financial institutions. Quantoz is a leading blockchain application incubator. Tech Mahindra will help customers integrate Quantoz’ NEXUS platform into their legacy infrastructure. This will enable automated token, crypto, and fiat transaction processing for a variety of banking and payment functions.

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Bharti Airtel partners with Apollo 24/7 to offer e-healthcare services

Bharti Airtel has partnered with Apollo 24/7 to offer a wide range of e-healthcare services to its customers as part of their exclusive ‘Thanks’ benefits. Under the partnership, Airtel Platinum and Gold customers will get complimentary membership to the Apollo Circle. This will include virtual consultation with top doctors and specialists from Apollo, as well as online test booking facilities. It will also offer home sample collection facilities and home delivery of medicines with cashback benefits.

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HDFC Bank Q4 advances grow 14% Rs 11,32,000 crore

HDFC Bank said its advances aggregated to approximately Rs 11,32,000 crore as of March 31, 2021 (Q4 FY21). This is a growth of 13.9% over Rs 9,93,700 crore as of March 31, 2020. Deposits grew by 16.3% YoY to Rs 13,35,000 crore in Q4. Domestic retail loans were up by 7.5% YoY, and domestic wholesale loans increased by 21% YoY during the same period.

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Marico expects to deliver low double-digit bottomline growth in Q4

Marico Limited said it expects low double-digit bottomline growth in the fourth quarter of the financial year 2020-21, after being impacted by the Covid-19 pandemic. The FMCG firm has witnessed healthy momentum building across its key portfolios. The company said it expects its operating margin to fall in Q4 due to input cost pressures. In Q4 FY21, the fast-moving consumer goods (FMCG) sector continued to exhibit improving demand trends as quarterly economic growth has moved into positive territory and the Covid-19 vaccination rollout gathered pace.

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GAIL India to invest in startups through ‘Pankh’

GAIL (India) Limited has launched a new initiative— ‘Pankh’, which aims to support startups in identified focus areas. The company has opened a fresh round for solicitation of investment proposals from startups that operate in natural gas, petrochemicals, energy, project management, bio-manure marketing, nano-materials, IoT, data mining, environment, and healthcare. The Solicitation Round will be open till May 30, 2021.

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Ircon International’s board approves bonus issue of 1:1

The Board of Directors of Ircon International has approved the issuance of bonus shares in the ratio 1:1. A 1:1 bonus issue means that exiting shareholders will receive one additional share for each share held in the firm. The record date for the bonus share issue is yet to be announced. State-owned Ircon International is an engineering and construction company specialized in transport infrastructure.

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India’s Manufacturing PMI Falls Marginally in February – Top Indian Market News

India’s manufacturing PMI falls marginally in February

India’s factory activity expanded for the seventh straight month in February, driven by strong demand and increased output. The IHS Markit Purchasing Managers’ Index (PMI) for India’s manufacturing sector eased slightly to 57.5 in February from 57.7 in January. Last month, firms responded to rising production needs by boosting their purchasing activities. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

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Automobile companies register strong sales growth in February

Major automobile companies reported healthy sales growth during February 2021. Tata Motors posted a 51.1% YoY jump in total sales to 61,365 units, as passenger vehicle (PV) sales surged two-fold to 27,225 units. Maruti Suzuki reported an 11.8% YoY increase in overall sales to 1.64 lakh units in February. Bajaj Auto posted a 6% YoY rise in total sales to 3.75 lakh units during the same period. Farm equipment manufacturer Escorts reported a 30.6% YoY increase in tractor sales to 11,230 units in February.

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BPCL approves sale of its 61.65% stake in Numaligarh refinery for Rs 9,875 crore

Bharat Petroleum Corporation Ltd’s (BPCL) board has approved the sale of its 61.65% stake in Numaligarh Refinery Ltd (NRL) for Rs 9,875 crore. The consortium of Oil India Ltd (OIL) and Engineers India Ltd will acquire 49% stake. The remaining 13.65% will be sold to the Government of Assam. The sale of NRL is considered to be the first step towards the disinvestment of BPCL.

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Sterlite Tech secures orders worth $100 million in Middle East, Africa 

Sterlite Technologies Ltd (STL) has secured orders worth $100 million (~Rs 734 crore) in the Middle East and Africa for setting up the network and infrastructure for 5G wireless services. The multi-year deals range from providing optical connectivity solutions to network solutions. With these new deals, the STL’s order book stands at a record Rs 11,300 crore. 

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Godrej Properties acquires land parcels worth Rs 166 crore for residential project in Navi Mumbai

Godrej Properties Ltd has emerged as the highest bidder for two adjacent land parcels in Navi Mumbai for a total bid value of Rs 166 crore. The e-auction was conducted by Maharashtra’s City and Industrial Development Corporation (CIDCO). The company will develop a residential project on the 1.5-acre land located in Sanpada, Navi Mumbai. The project is expected to have a development potential of around 4 lakh sq ft.

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IndiGo, BOC Aviation signs purchase-leaseback agreement for eight A320neo planes

Singapore-based aircraft leasing firm BOC Aviation has signed a purchase-and-leaseback agreement with InterGlobe Aviation (IndiGo) for eight new Airbus A320 neo planes. The aircraft are scheduled to be delivered in the second half of 2021. As of December 31, 2020, IndiGo had 287 aircraft in its fleet. Out of this, 272 were on operating lease, while the remaining 15 were owned/finance lease. 

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Siemens acquires 99.2% stake in C&S Electric for Rs 2,100 crore

Siemens Limited has completed the acquisition of a 99.22% equity share in C&S Electric Ltd for Rs 2,100 crore. The Competition Commission of India (CCI) had given its approval for the deal on August 20, 2020. The acquisition will enable Siemens to address the competitive infrastructure low-voltage market in India while creating a manufacturing hub to source low-voltage products for export to competitive markets globally.

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Bharat Dynamics secures order worth Rs 373 crore

Bharat Dynamics Limited said it has received an order worth Rs 372.98 crore for supplying MRSAM Missile Rear Sections for the Indian Air Force. The order is said to be executed on or before November 30, 2023. Hyderabad-based Bharat Dynamics is a leading manufacturer of defense equipment such as ammunitions and missile systems.  

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MCX signs MoU with NSE, India INX, NSDL, and CDSL to set up new entity at GIFT City

Multi Commodity Exchange of India Ltd (MCX) has signed a Memorandum of Understanding (MoU) with National Stock Exchange (NSE), India International Exchange IFSC Ltd (India INX), National Securities Depository Limited (NSDL), and Central Depository Services (India) Ltd (CDSL) for setting up Market Infrastructure Institutions comprising of International Bullion Exchange, Clearing Corporation and Depository at Gujarat International Financial Trade (GIFT) City.

[Bullion refers to physical gold and silver of high purity that is often kept in the form of bars, ingots, or coins]

Biocon Biologics, Viatris Inc. gets CHMP approval for Abevmy

Biocon Biologics, a subsidiary of Biocon Ltd, announced that the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) has recommended the approval of its biosimilar- Bevacizumab- to be marketed as Abevmy. The product was co-developed with US-based Viatris Inc. Abemby is indicated for the treatment of metastatic breast cancer, non-small-cell lung carcinoma, as well as ovarian, cervical, and renal cancer.

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India’s Manufacturing PMI Remains Stable in December – Top Indian Market News

India’s manufacturing PMI in expansionary zone for fifth straight month

Aided by improved domestic demand, business activity in India’s manufacturing sector continued to recover in December 2020. IHS Markit’s Manufacturing Purchasing Managers Index (PMI) rose from 56.3 in November to 56.4 in December. The loosening of Covid-19 restrictions, strengthening demand, and improved market conditions had led to an increase in factory orders during December. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

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SII to sell first 100 million doses of Covid-19 vaccine at Rs 200 per dose

Serum Institute of India (SII), the manufacturer of the Covishield vaccine, has announced that it plans to charge a special price of Rs 200 per dose for the first 100 million shots that it supplies to the government. Adar Poonawalla (the CEO of SII), stated that his firm is making around 50-60 million doses a month of the AstraZeneca-Oxford vaccine, which is cheaper than the one developed by Pfizer-BioNTech. It is also easier to store and transport. He further said that SII plans to price the vaccine at Rs 1,000 per dose in the open market if the government allows it to do so.

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No plans to enter contract farming, won’t purchase any agricultural land: Reliance Industries

Reliance Industries Limited (RIL) on Monday said it has no plans to enter contract or corporate farming and is committed to empowering farmers. RIL stated that it never bought agricultural land for corporate or contract farming and had no plans to do so either. RIL further said that its subsidiary, Reliance Retail, does not purchase food grains directly from farmers. 

Over the past few weeks, around 1,500 mobile towers and telecom gear owned by RIL’s Jio were vandalised in Punjab, allegedly by farmers. It was reported that farmers were angry over the company’s perceived role in framing three agricultural laws recently passed by Parliament. RIL also said it has filed a writ petition in the Punjab and Haryana High Court against vandalism of its communication towers.

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Jindal Steel & Power posts record sales, production numbers in December

Jindal Steel and Power Ltd (JSPL) posted a record 30% YoY jump in its standalone production and 25% YoY growth in sales during December 2020. The company’s total production from its plants in India was at 7.27 lakh tonne (LT) in December, as compared to 5.59 LT during the same month in 2019. The firm’s standalone sales were at 7.11 LT during the same month, as against 5.67 LT in December 2019. JSPL said the company recorded its highest ever production and sales numbers in December 2020, as well as in the October-December period.

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Income Tax Department raids 15 locations of Zee Entertainment

The Income Tax (I-T) Department has conducted a search and survey at 15 locations of Zee Entertainment Enterprises Ltd (ZEEL). The searches are based on alleged tax evasion data submitted by the Directorate General of GST Intelligence to the I-T department. A spokesperson for ZEEL stated that concerned officials of the company are providing all the required information and extending complete co-operation.

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L&T Hydrocarbon Engineering secures order worth over Rs 7,000 crore from HPCL Rajasthan Refinery

L&T Hydrocarbon Engineering (LTHE) has bagged an order worth over Rs 7,000 crore from HPCL Rajasthan Refinery Ltd (HRRL). The engineering, procurement, construction, and commissioning (EPCC) contract is for setting up a Dual Feed Cracker Unit (DFCU) for the Rajasthan Refinery Project at Barmer, Rajasthan. HRRL is a joint venture between Hindustan Petroleum Corporation (HPCL) and the Government of Rajasthan. 

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GMR Hyderabad, Dubai Airports launch global vaccine supply corridor

GMR Hyderabad International Airport Ltd and GMR Hyderabad Air Cargo have signed a Memorandum of Understanding (MoU) with Dubai Airports to build an exclusive vaccine air freight corridor product called HYDXB-VAXCOR (Hyderabad to Dubai Global Vaccine Corridor). They will prioritise the temperature-sensitive vaccine shipments moving between GMR Hyderabad and Dubai Airports for further connections to various continents for vaccine customers and logistics stakeholders. Hyderabad is the world’s emerging vaccine capital, with five major vaccine producers in the vicinity.

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Bajaj Auto sales rise 11% in December at 3.72 lakh units

Bajaj Auto Ltd, on Monday, reported an 11% YoY increase in total sales at 3,72,532 units in December 2020. The company had sold a total of 3,36,055 units in December 2019. Total motorcycle sales were at 3.38 lakh units in December, as compared to 2.84 lakh units in December 2019. Exports jumped 27% to 2.32 lakh units, as compared to 1.82 lakh units in the same month a year ago.

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Govt to divest 26% stake in BEML, invites bids till March 1

The Indian Government has invited preliminary bids for the strategic sale of a 26% stake, along with the transfer of management control, in BEML Limited. Bidders can submit their Expression of Interest (EoI) for buying the stake in BEML by March 1. SBI Capital Markets Limited has been appointed as the transaction adviser to advise and manage the strategic disinvestment process. BEML Ltd is engaged in the manufacturing and supply of equipment for mining, construction, defence, and rail projects. 

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Marico reports double-digit volume growth in Q3 FY21

Marico Ltd on Monday said it has witnessed a faster than expected recovery in consumer sentiment in India, aided by the festival season and a declining Covid-19 graph. The FMCG major’s Indian business posted a double-digit volume growth, while revenue growth was at par with volume expansion. The company stated that it has witnessed strong performance across its portfolio, with general trade continuing to grow healthily.

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Cochin Shipyard declares interim  dividend of Rs 9 per share

The Board of Directors of Cochin Shipyard Ltd has declared an interim dividend of Rs 9 per equity share of Rs 10 each, for the financial year 2020-21. The company has fixed January 14, 2021, as the record date for the interim dividend. The dividend will be payable to the eligible shareholders on or before February 2, 2021.

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