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Tata Tech to Launch IPO Tomorrow – Top Indian Market Updates

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

Tata Tech to launch ₹3,042Cr IPO tomorrow

The much-awaited initial public offering (IPO) of Tata Technologies (a subsidiary of Tata Motors) will open for subscription tomorrow— Nov 22. The company is planning to raise ₹3,042.51 crore. The price band for the issue has been fixed at Rs 475-500 per share. The issue comprises only an offer-for-sale (OFS) by the promoter and investors. 

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KEC International bags new projects worth ₹1,005Cr

KEC International Ltd has secured new projects worth ₹1,005 crore across its various business verticals, including railways and cables. The company has secured projects for transmission, distribution, and cabling in India, the Middle East, Europe, Africa and the Americas.

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RIL to invest ₹20,000Cr in West Bengal on 5G, retail, energy

Reliance Jio is set to take the power of 5G to West Bengal even as the telco is on track to conclude the world’s fastest 5G rollout in India by December end. RIL chairman, Mukesh Ambani, said that every home in West Bengal would be converted into smart homes very soon with the rapid rollout of JioFiber (wired broadband) and Jio AirFiber services (the company’s 5G-based fixed wireless access service).

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Tata Motors re-enters Thailand with CVs

Tata Motors has appointed Inchcape Plc as its distributor for commercial vehicles in Thailand, re-entering the market after a three-year break. The company stopped selling its pickup trucks and small commercial vehicles in Thailand after it closed its 100% subsidiary in 2020. However, it has been providing support and services to customers there.

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TCS makes provision of $125 million in Q3 for Epic Systems penalty 

The US Supreme Court has rejected an appeal by Tata Consultancy Services (TCS) against a $140-million penalty concerning a trade secret lawsuit filed by US-based Epic Systems. The firm will make a provision of $125 million for the same in the third quarter of this financial year ending December 2023.

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OneWeb gets approval to launch satcom services in India

Bharti Airtel-backed low earth orbit (LEO) satellite firm OneWeb has been granted the necessary regulatory approvals from the Indian National Space Promotion and Authorization Centre (IN-SPACe) to launch commercial broadband services in India. Now, the company needs spectrum allocation from the Department of Telecommunications (DoT) to commence commercial connectivity services.

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Jindal Power will not bid to take over Go First

Jindal Power Ltd has decided to not follow through with a bid to take over Go First, pushing the insolvent airline closer to liquidation. It is the only company whose expression of interest to take over Go First was accepted by creditors. According to Reuters, Jindal had decided against bidding after evaluating the airline’s financial statements.

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Titan Company plans to hire over 3,000 employees in 5 years

The Titan Company is planning to add over 3,000 employees in the next 5 years across the engineering, design, luxury, digital, data analytics, marketing and sales domains. The company is looking for professionals with specialised skills such as data analytics, cyber security, product management, digital marketing and other new-age skills, amongst others. 

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DLF buys office space in Gurgaon for ₹81 crore

DLF group’s subsidiary, DLF Building & Services Pvt Ltd has bought about 31,254 sq. ft. of premium office space at Horizon Centre on Golf Course Road in Gurgaon for ₹81 crore. The building is the costliest office space tower in Gurgaon. The space was owned by Madhur Maini and has been leased to WeWork India.

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Strides Pharma gets USFDA approval for oral solution to treat seizures

Strides Pharma Science Ltd’s subsidiary, Strides Pharma Global Pte Ltd, Singapore, has received approval from the US Food & Drug Administration (USFDA) for Levetiracetam Oral Solution. It is an oral drug used to treat seizures. The pharma major will manufacture the product at its facility in Bengaluru. According to IQVIA data, the Levetiracetam Oral Solution had a market size of $55 million in the last 12 months.

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WPI Inflation Rises to -0.52% in August – Top Indian Market Updates

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

WPI inflation rises to -0.52% in August

India’s wholesale inflation remained in the negative territory for the fifth month in a row in August. The wholesale price index (WPI)-based inflation increased slightly to -0.52% in August, compared to -1.36% in July. This continued decline in wholesale prices can be attributed to the comparison with a higher base period. It is also mainly due to a fall in prices of mineral oils, basic metals, chemicals, textiles, and food products compared to the same month last year

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Oil India to invest ₹25,000 crore for net zero by 2040

Oil India Ltd plans to invest ₹25,000 crore in clean energy projects that will help it achieve a net zero carbon emission goal by 2040. The company’s net zero plan includes a combination of cutting down the flaring of gas and commercialisation of stranded gas. It also consists of setting up renewable electricity generation capacity, building green hydrogen plants, and constructing biogas & ethanol plants.

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Tata Motors to set up separate sales network for EVs

Tata Motors is planning to create a distinct sales network for its electric passenger vehicles (EVs) in the current financial year (FY24). The move aims to offer a specialised experience to customers opting for eco-friendly models. Tata Motors recently unveiled updated versions of its Nexon EV and Nexon with an internal combustion engine.

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Maruti Suzuki partners with Indian Bank to provide financing solutions

Maruti Suzuki India Ltd has partnered with Indian Bank to provide financing solutions to its dealers. The two parties have signed a Memorandum of Understanding (MoU), which will empower over 4,000 Maruti Suzuki dealerships across the country with comprehensive inventory funding options for their working capital requirements.

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DGCA raises concerns with P&W about issues in IndiGo plane engines

Following engine failure incidents with IndiGo aircraft, the Directorate General of Civil Aviation (DGCA) has asked Pratt & Whitney (P&W) to issue a service bulletin in the next 60 days with the fleet management action plan. IndiGo’s fleet of A320 planes is powered by P&W engines. A total of 11 engines were impacted due to the high-pressure turbine (HPT) hub issues, which were flagged by the engine maker in July.

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Hamleys opens first store in Italy

Reliance Brands-owned Hamleys has opened its first exclusive retail store in Italy, in collaboration with franchisee GIOCHI PREZIOSI S.P.A (GP). GP holds the exclusive rights to operate Hamleys outlets throughout Italy. In 2019, Reliance Brands (a subsidiary of Reliance Industries) acquired the British toy retailer for approx. ₹620 crore then.

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Paper industry revenue may dip 8-10% in FY24: Crisil

As per rating agency Crisil, Indian paper manufacturers’ revenue may decline 8-10% in FY24 despite gains in volume, as the average realisations are likely to soften on lower raw material prices and intense competition. The industry’s total volume is expected to rise 5-7% in FY24, similar to the last financial year. The operating margin will remain healthy at 18-19%, ensuring a stable cash flow generation.

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Axis Finance approaches NCLAT against NCLT approval of Zee-Sony merger

Axis Finance has filed an appeal in the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal’s (NCLT) approval of the Zee-Sony merger. This comes just over a month after the NCLT’s Mumbai bench approved the merger on August 10 by dismissing all applications against it.

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India’s air traffic rose 22% in August

According to data released by the Directorate General of Civil Aviation (DGCA), Indian airlines carried 124.23 lakh passengers in August, a rise of 22.8% compared to July. IndiGo continued to hold the largest market share at 63.3%, followed by Air India and Vistara with a 9.8% share each. 

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India’s Retail Inflation Eases to 6.83% in August – Top Indian Market Updates

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

India’s retail inflation cools to 6.83% in August

According to the National Statistics Office (NSO), India’s annual retail inflation (measured by the Consumer Price Index) eased to 6.83% in August. Inflation came down from a 15-month high of 7.44% in July. The fall was largely led by a decline in vegetable prices. Food inflation fell from 11.51% in July to 9.94% in August.

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India’s industrial output grew 5.7% in July

According to data published by the Ministry of Statistics and Programme Implementation, India’s Index of Industrial Production (IIP) expanded at a rate of 5.7% in July 2023. The expansion was at a faster pace in July than a month ago. Mining output grew 10.7% YoY, while manufacturing output and electricity generation expanded at 4.6% and 8% YoY, respectively, in July.

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Govt may impose addl tax to restrict sale of diesel vehicles

Nitin Gadkari, the Minister of Road, Transport & Highways (MoRTH) plans to propose to the Indian govt to consider imposing additional taxes on diesel vehicles. The additional tax is to restrict the sale of diesel vehicles unless automakers voluntarily move away from it. The minister made the statement while speaking at the 63rd Annual Convention of the Society of Indian Automobile Manufacturers (SIAM).

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NTPC pays final dividend of ₹2,908.99 cr for 2022-23

NTPC announced the payment of ₹2,908.99 crore final dividend for 2022-23. This payment constitutes 30% of the paid-up equity share capital of NTPC. The total dividend disbursed for FY 2022-23 stands at ₹7,030.08 crore, being 41% of the profit after tax (PAT). This marks the 30th consecutive year in which the company has distributed dividends.

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Tata Power Delhi Distribution ties with US-based Utiltyx for cyber security

Tata Power Delhi Distribution has partnered with Utiltyx, the Indian subsidiary of a US-based cyber security and data analytics software company. The partnership aims to enhance the company’s preparedness against future threats and challenges related to cyber security. The association is aimed at augmenting Intelligent Electronic Device (IED) visibility, strengthening Tata Power-DDL’s capabilities to fight cyber threats.

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Reliance Retail Ventures gets ₹2,000 crore from KKR

KKR is investing another ₹2,069.5 crore through an affiliate in Reliance Retail Ventures (RRVL). This follow-on investment will translate into an additional equity stake of 0.25% in RRVL. The additional acquisition will take KKR’s total stake in RRVL to 1.42%. The private equity firm acquired the stake at a valuation of ₹8.36 lakh crore.

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Hindalco partners with Metra for extrusion tech

Hindalco Industries has signed a technology partnership agreement with Italy-based Metra to manufacture high-speed aluminium rail coaches. The partnership is aimed at sharing extrusion and fabrication technology for building high-speed aluminium rail coaches. Hindalco is the world’s largest aluminium rolling and recycling company. 

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SpiceJet pays Kal Airways ₹100Cr

SpiceJet paid Kal Airways and its promoter Kalanithi Maran ₹100 crore towards an arbitral award. The payment was made a day after the Delhi High Court ordered it to complete the payment by September 12. On August 24, the court had asked SpiceJet and Singh to pay ₹100 crore to Maran by September 10, failing which the court had said it might consider the attachment of their properties.

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IndiGo plans to lease 22 Airbus A320 aircraft

IndiGo is looking to induct up to 22 aircraft from the secondary lease market as it faces the grounding of several Airbus A320 Neo aircraft powered by Pratt & Whitney engines. Over 1,000 P&W engines will need to be inspected after the manufacturer found that contamination of powder metal defects could lead to the cracking of some engine components. 

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Coal India to invest ₹24,000 crore in green transportation

Coal India Ltd (CIL) is planning to invest ₹24,000 crore in green transportation in three phases. This investment is part of CIL’s plan to ensure the eco-friendly transfer of coal from its production point to handling plants. The phases will cover 61 First Mile Connectivity (FMC) projects, which will have a combined capacity of 763.5 million tonnes per annum. Under these green projects, coal will be loaded directly into rail wagons through mechanised piped conveyors with a rapid loading system.

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Uno Minda to buy an additional 3.81% stake in European subsidiary

Uno Minda Ltd’s Board of Directors approved the acquisition of the remaining stake in Uno Minda Europe Gmbh. The acquisition will be at a consideration of 1.3 million euros (~₹11.58 crore) to make it a wholly-owned subsidiary. The stake will be purchased by SAM Global Pte Ltd, a wholly-owned subsidiary of Uno Minda Ltd.

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Jio Financial Services to Get Listed on Aug 21 – Top Indian Market Updates

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

Jio Financial Services to get listed in NSE, BSE on Aug 21

Shares of Jio Financial Services Ltd (JFSL) will get listed on stock exchanges on August 21. The company’s shares were credited to demat accounts of eligible RIL shareholders last week in a 1:1 ratio. This means for every RIL share held as of the record date of July 20, shareholders got one share of JFSL. As part of a special price discovery session held on the record date, the stock’s pre-listing price came out to be ₹261.85 per share.

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Adani says TAQA is not in talks for $2.5 billion investment

Adani Transmission denied reports Abu Dhabi National Energy Co. PJSC (TAQA) will deploy $1.5-2.5 billion in Adani Group firms or in a single entity. Earlier today, Economic Times reported TAQA is looking to double down in India and is evaluating a large exposure in the expansive power businesses of Gautam Adani that span thermal generation to transmission, clean energy and green hydrogen.

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Jalan-Kalrock Consortium seeks more time to pay ₹350 cr to Jet Airways’ lenders

The Jalan Kalrock Consortium (JKC) has sought an extension to make payments of up to ₹350 crore to the Committee of Creditors of bankrupt airline Jet Airways. The National Company Law Appellate Tribunal (NCLAT) has asked JKC to file an application stating the conditions for seeking an extension to make the payments. Jet Airways, which stopped operations due to financial crunch, went through lengthy insolvency proceedings and JKC emerged as the winning bidder.

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Tata Comm challenges DoT’s Rs 991.5 cr demand in TDSAT

Tata Communications has challenged the Department of Telecom’s (DoT) ₹991.5 crore licence fee demand pertaining to past years in the Telecom Disputes Settlement and Appellate Tribunal (TDSAT). DoT has raised certain license-fee demands of ₹991.54 crore for FY 2006-07 (international long-distance or ILD and internet service provider or ISP) and FY 2007-08 (National long-distance or NLD, ILD, and ISP).

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NLC India signs pact to supply 300 MW solar power to Rajasthan

NLC India has signed an agreement to supply 300 MW of solar power for 25 years to Rajasthan Urja Vikas Nigam under the Central Public Sector Undertaking (CPSU) Scheme. The company currently has 1,421 MW of renewable energy capacity. The 300 MW solar project capacity is under execution at Barsingsar, Bikaner District, Rajasthan.

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Amazon Data Services, L&T signs 18-year lease for 4-acre land in Powai

Amazon Data Services India has picked up a land parcel spread over four acres in Mumbai’s Powai suburb from Larsen & Toubro through a long-term lease of nearly 18 years. The subsidiary of Amazon is planning to develop a data centre on this land parcel and pay rent of over ₹562 crore over the total lease tenure (excluding the rent escalation). The agreement includes a clause to escalate lease rental by 3% every year.

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Venus Remedies launches flagship R&D drug Elores in Oman

Venus Remedies Ltd on Friday said it has launched its flagship R&D drug, Elores, in the $1.4-billion pharmaceutical market in Oman. The drug is clinically proven to be effective against ICU infections caused by multidrug-resistant extended-spectrum beta-lactamase (ESBL) and metallo beta-lactamase (MBL)-producing gram-negative bacteria. The antibacterial market in Oman is worth $7.5 million, and Elores is looking to capture 0.5% of this segment by 2025.

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Indian Hume Pipe secures order worth ₹639 crore from Odisha

Indian Hume Pipe Company Ltd has received a letter of award (LoA) for a project worth ₹639.16 crore from Rural Water Supply & Sanitation, Odisha. The company will execute a Rural Piped Water Supply Project, which pertains to a total of six blocks in the Puri district of the state. The project is set to be completed within two years.

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Route Mobile to manage Vi’s international A2P SMS traffic

Route Mobile has entered into an exclusive partnership with Vodafone Idea Ltd (VIL) to deploy and implement its suite of end-to-end application-to-person (A2P) monetisation solutions for all A2P SMS traffic on VIL’s network. A2P SMS is a type of messaging technique where a text is sent from a software application run by an enterprise to a consumer’s device.

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Lupin acquires Ondero & Ondero Met to expand diabetes portfolio

Lupin has acquired German brands Ondero and Ondero – Met from Boehringer Ingelheim International. The company entered into an acquisition agreement in August 2022 through a cash consideration of €26 million. The pharma company said this acquisition strengthens its commitment to providing superior treatment options for patients navigating the complexities of diabetes.

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IndiGo Posts Rs 3,091Cr Profit in Q1 – Top Indian Market Updates

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

IndiGo Q1 Results: Net profit at ₹3,091 crore

InterGlobe Aviation (IndiGo) reported a consolidated net profit of ₹3,091 crore for the quarter ended June (Q1 FY24); beating street estimates. This is the highest-ever quarterly net profit reported by the budget carrier. The airline posted a loss of ₹1,064 crore in Q1 FY23. Its revenue from operations rose 30% YoY to ₹16,683 crore during the same period. IndiGo’s passenger ticket revenues were at Rs 14,996 crore, up 31% YoY.

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Carlyle to acquire 5.91% stake in SpiceJet at Rs 48 per share

SpiceJet Ltd has sought shareholder approval to issue a 5.91% stake in the low-cost airline to Carlyle Aviation Partners (CAP). CAP is the aircraft financing unit of global private equity giant Carlyle Group. The company will also issue equity shares of 20% to promoter Ajay Singh (the airline’s CEO) at ₹10 per share.

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Titan Q1 Results: Net profit falls 2% YoY to ₹777 crore

Titan reported a 2% YoY decline in net profit of ₹777 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 19% YoY to ₹10,306 crore during the same period. The company’s jewellery segment posted revenue of ₹9,070 corre in Q1, up 19% YoY. Titan’s watches and wearables business recorded a total income of ₹890 crore, up 13% YoY.

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Tata Power RE signs PPAs with MSEDCL for solar projects

Tata Power Renewable Energy Limited (TPREL) has signed two power purchase agreements (PPAs) with Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) for commissioning two solar power projects. Located in Maharashtra, these projects of 200 MW and 150 MW will play a crucial role in fulfilling the state’s renewable energy target.

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Gujarat Gas Q1 Results: Net profit falls 43% YoY to ₹216 crore

Gujarat Gas reported a 43% YoY fall in consolidated net profit to ₹216 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 26% YoY to ₹3,923.7 crore during the same period. EBITDA fell 36% YoY to ₹388 crore in Q1. Its total gas sales volume for the quarter stood at 9.22 million metric standard cubic meters per day (mmscmd), compared to 8.86 mmscmd in Q1 FY23.

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Ambuja-ACC is frontrunner to acquire Sanghi Cements

Adani Group’s Ambuja-ACC has emerged as the frontrunner to acquire Sanghi Cements after deal negotiations moved forward over the past week. The group has come close to the expected enterprise value of ₹6000 crore that Sanghi Cement’s promoters have demanded as consideration for the sale of the company.

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Sula Vineyards receives excise duty notice of ₹116 crore from Maharashtra govt

Sula Vineyards Ltd (SVL) has received an excise duty notice of ₹116 crore from the Maharashtra excise department. This comes after the minister (State Excise Revenue) vacated the interim stay granted on the demand notice issued by the Nashik collector for recovery of excise duty from SVL. Sula Vineyards has been recognised as the market leader across wine variants, including red, white, and sparkling wines.

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Ambuja Cements Q1 Results: Net profit rises 31% YoY to ₹1,135 crore

Ambuja Cements reported a 31% YoY rise in consolidated net profit to ₹1,135 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 9% YoY to ₹8,713 crore during the same period. The company’s EBITDA stood at ₹948.8 crore in Q1, up 38% YoY. Its total sales volume rose 23% YoY to ₹9.1 million tonnes (MT).

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Brookfield India REIT raises ₹2,305 crore via sale of units

Brookfield India Real Estate Trust has raised ₹2,305 crore by selling units to institutional investors on a private placement basis. The firm will mainly use this fund for the acquisition of two assets in Gurugram and Mumbai. The company has approved the allotment of 9.13 crore units to 64 successful eligible institutional investors at the issue price of ₹252.50 per unit.

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