Tag: mazagon dock shipbuilders

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Market News Top 10 News

RBI Stops Bank of Baroda From Adding Users to Mobile App – Top Indian Market Updates

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

RBI stops Bank of Baroda from adding customers to its mobile app

The Reserve Bank of India (RBI) has directed Bank of Baroda to stop adding customers to its mobile application, bob World. The ban is based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application. In July, Al Jazeera reported that Bank of Baroda officials had linked bank accounts to unrelated mobile numbers to achieve stiff targets to get customers to join the app.

Read more here.

Tata Power partners with Bridgestone to install EV chargers

Bridgestone India has partnered with Tata Power to install electric vehicle (EV) chargers for four-wheelers at its dealerships across India. Tata Power will install 25/30 kilowatt-hour (Kwh) capacity DC fast chargers. The chargers are capable of charging a four-wheeler within one hour and will allow 20-24 vehicles to be charged in a day. It will be operational 24×7.

Read more here.

Adani Group’s $3.5 billion Ambuja loan moves ahead

A consortium of banks that had engaged in discussions to provide Adani Group with a $3.5 billion loan for refinancing the debt taken to acquire Ambuja Cements Ltd has now obtained internal approval for this loan. The banks will provide approximately $250 million each toward the syndicated loan. Barclays Plc, Deutsche Bank AG and Standard Chartered Plc are part of a larger consortium of banks.

Read more here.

India’s crude steel output grows to 70 MT in April-Sept

India’s crude steel production rose 14.7% YoY from 61.06 million tonnes (MT) to 69.65 MT during the April-September period of FY24. The increase in production was mainly due to improved capacity utilisation rates and the ramping up of capacities by key Indian steel players. The domestic consumption of finished steel also rose 14.77 YoY to 63.99 MT from 55.75 MT in FY24.

Read more here.

Godrej Properties to sell 14 acres of land in Gurugram

Godrej Properties is in advanced talks with Hero Realty to sell a 14-acre land parcel in Gurugram for around ₹730 crore. The real estate developer bought the land in Sector 89 around two years ago from a local land-aggregating company. The deal is said to be at an advanced stage and both parties have agreed on the transaction.

Read more here.

NSDL to acquire office space in BKC from IDFC Bank

National Securities Depository Ltd (NSDL) has acquired a 68,000 sqft office space from IDFC First Bank in Mumbai’s Bandra-Kurla Complex (BKC) for approx. ₹198 crore. The property will serve as NSDL’s new headquarters and is expected to be ready by January-February 2024. The decision is part of the consolidation of the bank’s operations near its corporate office at IDFC FIRST Bank Tower in Mumbai.

Read more here.

SpiceJet and Celestial Aviation in advanced stages of settlement

SpiceJet Ltd and aircraft lessor Celestial Aviation Services Ltd are in advanced stages of settlement over a default of $29.9 million for nine aircraft. The National Company Law Tribunal (NCLT) has deferred the matter to November 7. SpiceJet is facing insolvency proceedings from two other aircraft lessors and an engine lessor. The airline has argued against the maintainability of these petitions.

Read more here.

L&T Construction secures significant order from Rajasthan govt

Larsen and Toubro Ltd’s (L&T) construction arm has secured an order (worth ~₹1000-2500 crore) from the Rajasthan Government’s public health and engineering department. The engineering, procurement and construction order is to build a water supply project in the Chittorgarh district of Rajasthan for 648 villages from the Chambal River. This order marks L&T’s fourth order in this month so far.

Read more here.

Sterlite Technologies’s subsidiary launches generative AI platform

Sterlite Technologies’ subsidiary, STL Digital, has launched a generative AI platform, Alnnov. The generative AI services, frameworks, methodologies and solutions are designed for enterprises to accelerate Generative AI-led innovation and adoption. The platform will accelerate the generative AI-led adoption as well as innovation for modern enterprises.

Read more here.

Mazagon Dock signs Letter of Intent for 10 multi-purpose hybrid power vessels

Mazagon Dock Shipbuilders Ltd (MDL) has signed a Letter of Intent (LoI) with a European client. The LoI is to construct six firm units and four optional units of 7,500 DWT multi-purpose hybrid power vessels. The prices of these vessels will be finalised at the time of signing the official contract.

Read more here.

Dr Reddy’s subsidiary faces antitrust lawsuit in US over Revlimid patents

Dr Reddy’s Laboratories Ltd’s wholly-owned subsidiary, Dr Reddy’s Laboratories Inc., has been named as a defendant in a recently filed lawsuit in the US. The complaint, filed by Mayo Clinic and Lifepoint Corporate Services, asserts claims under federal & state antitrust laws and other state laws alleging that the defendants improperly restrained competition and maintained a shared monopoly in the sale of brand and generic Revlimid through their respective settlements of patent litigation.

Read more here.

Puravankara’s sale bookings rises 102% YoY in Q2

Puravankara Ltd’s sale bookings rose 102% YoY to ₹1,600 crore in Q2 FY24 from ₹791 crore in Q1. The company’s sale bookings in value terms rose 89% YoY to 2.01 million square feet in Q2. It stood at 1.07 million in Q2 FY23. Average sales realisation also increased 7% to ₹7,947 per sq ft from ₹7,396 per sq ft last year.


Read more here.

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Daily Market Feed Post Market Analysis

Supports Respected! Nifty Closes Above 19,400 – Post-Market Analysis

NIFTY started the day at 19,383 with a gap-down of 44 points. Within just 10min of opening, the index fell nearly 130 points to 19,260— breaching the support zones of 19,300. After the fake breakdown, Nifty moved up sharply by nearly 200 points throughout the day to 19,460 levels. Nifty closed at 19,434, up by 6.25 points or 0.03% 

Nifty chart Aug 14 - post-market analysis

BANK NIFTY (BNF) started the day at 44,066 with a small gap-down of 132 points. In the first 10min, the index fell over 300 points to 43,770 levels. It then slowly moved up to 44,200 levels— a rally of more than 430 points from the day’s low. BNF closed at 44,090, down by 108 points or 0.24%. 

Bank Nifty chart Aug 14 - post-market analysis

All other indices except Nifty Media (+0.8%), Nifty IT (+0.68%), and Nifty FMCG (+0.49%) closed in the red. Nifty Metal (-2.1%) fell the most. 

Major Asian markets closed in the red. European markets are currently trading mixed.

Today’s Moves

LTIMindtree (+1.68%) was NIFTY50’s top gainer on the back of strong volumes.

Olectra Greentech (+9.59%) broke its 5-day losing streak, surging up to 10% today.

Mazagon Dock Shipbuilders (+7.6%) jumped after the company’s Chairman Sanjeev Singhal said he anticipates a strong FY25 with major order deliveries.

Adani Ent (-3.29%) was NIFTY50’s top loser. Other Adani Group stocks also fell sharply after Deloitte Haskins & Sells resigned as the statutory auditor of Adani Ports.

Nykaa (-8.14%) crashed after several brokerage firms highlighted challenges in the company’s growth in their post-earnings stock reviews. 

Markets Ahead

As mentioned earlier, the markets were weak, and a flat or gap-down opening could take the indices further down. And that’s what happened today. After the gap-down, Nifty went on to hit our target of 19,300, and Bank Nifty was in our volatile zone.

Nifty: There is strong buying from 19,300 levels, but the markets can still be bearish until the 19,500 resistance is breached. In that case, the index may turn bullish and go on to hit targets of 19,630. If today’s swing of 19,350 is breached, the index will test 19,300 again, and if that’s broken, Nifty can fall to bigger targets of 19,200 and 18,900 in the coming weeks.

Bank Nifty: The index is looking weaker than Nifty, and is still in our volatile zone between 44,500 and 43,400. Bank Nifty can continue to be volatile and hit stop losses on both sides, so wait for this range to be broken.

Finnifty: The index moved in a similar pattern as Bank Nifty today. Being expiry today, it was relatively easy for non-directional option sellers as the IV (which spiked initially) was cooling off gradually.

Meanwhile, India’s retail inflation surged 7.44% on an annual basis in July, compared to 4.81% in June. The sharp rise can be attributed to a steeper-than-expected increase in vegetable prices (especially tomatoes) over the past month.

How did FIN NIFTY expiry trading go? Let us know in the comments section of the marketfeed app.

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The markets will remain closed tomorrow on account of Independence Day. marketfeed wishes all our readers a very Happy Independence Day!

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Jargons

Which are the Best Defence Stocks in India?

The Indian defence and aerospace sector is about to undergo a transformation that would allow it to firmly establish a position among other global industries. Our government is now favouring domestic defence equipment development over imports. Indian companies have been encouraged and assisted in designing, developing, and producing a wide range of military systems and platforms. This is thanks to the policy framework that our government has put in place over the past ten years. In this article, we provide insight into the defence sector of India and the best defence stocks to watch out for. 

An Overview of India’s Defence Sector

  • India is on its way to becoming self-sufficient in the large-scale production of military aircraft, vehicles, missile systems, arms and ammunition, etc.
  • The Defence Ministry’s budgetary allotment was increased by 13% to ₹5.94 lakh crore in Budget 2023–24.  This shows a very large potential for growth in the defence sector.
  • Our government is all set to spend nearly ₹6 lakh crore on defence equipment in Financial Year 2024. And 99% of this equipment will be sourced from Indian industries. Much to the US and Russia’s dismay, India’s defence imports are shrinking due to the emergence of the Indian defence industry. 
  • India is also close to procuring weapons for the Indian Armed Forces worth ₹70,500 crore ($8.7bn), which will all be Made in India. India’s defence imports declined by 11% between 2013-17 and 2018-22, and this decline was linked to a complex procurement process.
  • India bagged an export order worth $155 million for 155-mm artillery guns and another deal for supplying Teevra 40-mm guns to the Indonesian Navy. Armenia signed a $250 million contract for India’s Pinaka missiles.
  • The govt continues to promote joint ventures between Indian and international businesses to carry out co-development, share innovations, and manufacture goods for both domestic use and export.

India is very close to becoming a defence manufacturing hub as it supplies equipment and ammunition to the world. 

Top Defence Stocks in India to Watch Out For:

Sl. NoDefence Companies5-Year Stock Return
1Hindustan Aeronautics Ltd.385%
2Bharat Electronics Ltd270%
3Bharat Dynamics Ltd242%
4Mazagon Dock Shipbuilders Ltd.982%.  
5.Cochin Shipyard Ltd.56% 
(Returns as of July 20, 2023)

1. Hindustan Aeronautics Ltd.

Established in 1940, Hindustan Aeronautics Limited (HAL) is engaged in the design, development, manufacture, repair, and servicing of aircraft, helicopters, aero engines, and aerospace structures in India.  It falls under the administrative control of the Ministry of Defence. HAL has designed and manufactured some of the most advanced Light Combat Aircraft (such as “Tejas”) and helicopters for the Indian Armed Forces. The company gets exclusive contracts from the space, defence, and civil industries around the world.

HAL has delivered good profit growth of 23.9% CAGR over the last 5 years and maintained a healthy dividend payout of 26.8%. This defence stock has given a healthy return of 385%  in 5 years.

2. Bharat Electronics Ltd.

Bharat Electronics Ltd. (BEL) meets the specialised electronic equipment requirements of the Indian Armed Forces. The company designs, manufactures, supplies, and exports electronic equipment and systems for the defence and civilian markets.  BEL’s defence products include communication systems, land-based radars, naval systems, electronic warfare systems, tank & armoured fighting vehicle electronic systems, and much more. The company has partnered with DRDO laboratories to design and produce customised defence systems.  

BEL has been maintaining a healthy dividend payout of 40.5% The company is also nearly debt free. The stock has given a return of 270% in 5 years. However, it has seen a very slow growth in its sales, ranging only about 11% in the past five years. 

The Defence Ministry has also inked two contracts worth over Rs 3,700 crore with the public sector undertaking (PSU) for radars and receivers that will enhance the operational capabilities of the Indian Air Force. 

3. Bharat Dynamics Ltd.

Bharat Dynamics (BDL) is a Government of India Enterprise. It is engaged in the manufacturing of guided missiles and allied defence equipment. The company’s product portfolio includes surface-to-air missiles, anti-tank guided missiles, underwater weapons, launchers, countermeasures, and mechanised infantry weapons. 

The business is expected to deliver a strong quarter and is almost debt-free. The corporation has continued to pay out a solid 41.7% in dividends. However, it has delivered a poor sales growth of -11.5% over the past five years and a low return on equity of 13.1% over the last 3 years. The stock return has been 242% over the past 5 years.

The state-owned aerospace and defence company said it entered into 10 deals with several foreign and Indian companies during Aero India, 2023.

4. Mazagon Dock Shipbuilders Ltd. 

Mazagon Dock Shipbuilders Ltd is primarily engaged in building & repairing ships, submarines, and various types of vessels and related engineering products for various domestic and international clients. It began operations in 1934 as a private corporation and was taken over by the Indian government in 1960.

The company is expected to give a good quarter and has delivered good profit growth of 19.5% CAGR over the last 5 years. This defence stock has given a 5-year return of 982%.  Shipbuilding accounted for around 89% of the company’s sales as of 2020, followed by the sale of base and depot supplies (8%) and ship maintenance (3%).

5. Cochin Shipyard Ltd.

Cochin Shipyard Ltd (CSL) manufactures and repairs boats for the Indian Navy, Coast Guard, and private entities. In 2013, this shipyard launched INS Vikrant, the nation’s first indigenous aircraft carrier.

The company has been maintaining a healthy dividend payout of 27.6%.  It has delivered a poor sales growth of -0.21% over the past five years. CSL’s stock has gained 56% over the past 5 years. 

CSL has signed a contract for building six Next Generation Missile Vessels (NGMV) for the Indian Navy for Rs 9,805 crore with the delivery of ships set to begin in 2027.

More Defence Stocks in India:

Other prominent defence stocks in India include:

  1. Ashok Leyland – It is one of the top suppliers of trucks or armoured vehicles for the Indian army.
  2. Larsen & Toubro – Over the years, L&T has designed, developed, and manufactured arms, military equipment, and even submarines.
  3. Astra Microwave Products – The company supplies microwave-based high-value radio frequency super components.
  4. Bharat Forge –  As per reports, the company may start supplying artillery guns to the Indian army.
  5. Apollo Microsystems – The company provides custom-built electronics and electro-mechanical solutions to the defence sector.
  6. Reliance Naval & Engineering – The company has entered into a warship repair agreement with the Ministry of Defence.

In conclusion, the Indian defence sector offers potential investors a favourable environment. By examining the top defence stocks, we have explored companies with strong financial performance, market reputation, and growth potential. The sector is on the rise, fueled by more expenditure on defence and favourable government policies, and this presents appealing investment prospects. With careful consideration, investing in the best defence stocks in India can be a strategic move with significant potential for long-term gains.

Disclaimer: The defence stocks mentioned in the article are solely for educational purposes. Please do your own research before investing.

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Market News Top 10 News

RBI Pauses Interest Rate Hike – Top Indian Market Updates

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

RBI keeps repo rate unchanged at 6.5%

The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5%. The RBI’s Monetary Policy Committee (MPC) unanimously decided to maintain the repo rate at its current level, with a majority of five out of six members focusing on “withdrawal of accommodation” to align inflation with the target while supporting growth. RBI expects GDP to grow 6.5% in the current financial year. Retail inflation is expected to moderate to 5.2% in FY24. The repo rate has been raised by 250 basis points (bps) in the last 11 months, starting from May 2022.

[The repo rate is the key lending rate through which the RBI lends money to commercial banks against government securities.]

Read more here.

SP Group looks to raise $1.75 billion against Tata stake

Shapoorji Pallonji (SP) Group is reportedly in talks with lenders to raise $1.75 billion by pledging half of its stake in Tata Sons. The funds raised would be used to repay part of SP Group’s debt obligations and inject cash into its operating companies. The group has already pledged close to 9% of its 18.37% stake in Tata Sons. If the latest transaction goes through, its entire stake (valued at around Rs 94,000 crore) would be pledged to lenders, including foreign banks and overseas hedge and credit funds. 

Read more here.

HPCL may soon launch ethanol cooking stoves

Hindustan Petroleum Corporation (HPCL), in collaboration with the Indian Institute of Technology (IIT) Guwahati, has developed a cooking stove that runs on bio-ethanol, a green fuel produced by the fermentation of sugar or food grains. HPCL is planning a pilot launch of the ethanol-fueled stove soon and the introduction of ethanol ATMs where users can procure ethanol in canisters for the stove. These ATMs may be positioned at HPCL’s retail outlets, as per industry executives familiar with the development.

Read more here.

Tata Steel saw record operational performance in FY23

Tata Steel achieved a record operational performance in the last financial year, producing 19.87 million tonnes (MT) of steel compared to 19.06 MT in the previous year. Sales also increased to 18.87 MT from 18.27 MT. Despite facing challenges, the company’s CEO & MD, T V Narendran, attributed the success to a strong marketing network and agile business model. In the January-March period, Tata Steel India’s production rose to 5.15 million tonnes from 4.90 million tonnes in the same period the previous year.

Read more here.

General insurance industry premium grows 16% in FY23

The general insurance industry in India grew at a healthy pace of 16% in FY23, with total premiums reaching Rs 2,56,920 crore. The standalone health insurance sector also showed robust growth with premium growth of 26% to reach Rs 26,242 crore. ICICI Lombard’s premium grew by 17% for FY23, while New India Assurance’s growth was 6% due to sluggish performance in the first half of the year. Star Health Insurance reported premium growth of 11% in March and 13% for the year.

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Promoter group companies fully repaid loan against shares: Jindal Steel & Power

Jindal Steel and Power Ltd’s (JSPL) promoter group companies have fully repaid all outstanding loans against shares of the company. The promoter group companies, namely OPJ Trading Pvt Ltd, Opelina Sustainable Services Pvt Ltd, and Gagan Infraenergy Ltd, have paid off the loan liabilities, resulting in the loan against share (LAS) for the Naveen Jindal group now standing at Nil. This repayment is part of JSPL’s deleveraging strategy.

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Rail Vikas Nigam Ltd emerges as lowest bidder for Mumbai Metro project worth Rs 380 crore

Rail Vikas Nigam Limited (RVNL) has emerged as the lowest bidder (L1) for a Mumbai Metro project worth Rs 378.2 crore. RVNL has been selected for the design, manufacture, supply, installation, testing, and commissioning of various systems including substations, cabling, and overhead catenary system for Mumbai Metro line 2B of MMRDA (Mumbai Metropolitan Region Development Authority).

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Mazagon Dock Shipbuilders’ turnover jumps 32% in 2022-23

Mazagon Dock Shipbuilders has reported a 32% increase in revenue from operations in the financial year 2022-23, reaching Rs 7,547 crore. It is one of the few shipyards in India capable of building Destroyers and Conventional Submarines. The company’s primary customers are the Indian Navy and the Indian Coast Guard, and it has delivered several major warships in the past.

Read more here.

Religare Enterprises to acquire MyInsuranceClub to expand offerings

Religare Enterprises Limited (REL) has signed a Share Purchase Agreement to acquire MyInsuranceClub (MIC), an insurance web aggregator, from iGear Holdings Private Ltd. This acquisition is part of REL’s strategy to democratize the insurance business in India and expand its offerings in the insurance distribution space. MyInsuranceClub is the first IRDAI-approved web insurance distribution and comparison platform.

Read more here.

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Market News Top 10 News

M&M Reports 8-Fold Jump in Net Profit in Q2 – Top Indian Market News

Mahindra & Mahindra Q2 Results: Net profit jumps 785% YoY to Rs 1,432 crore

Mahindra & Mahindra Ltd reported a 785% YoY jump in net profit to Rs 1,431.7 crore for the quarter ended September (Q2 FY22). Net profit increased 67% compared to the previous quarter. Its revenue from operations rose 14.7% YoY (or 13% QoQ) to Rs 13,305.4 crore during the same period. The automaker sold 99,334 vehicles in Q2, an increase of 9% YoY. Tractor sales fell 5% YoY to 88,920 units. The surge in profit was aided by strong export volumes and by mitigating some impact from the severe global semiconductor shortage.

M&M has announced plans to launch 16 electric vehicles (EVs) by 2027 across SUV and light commercial vehicle categories to strengthen its position in India’s electric mobility segment. The automaker will invest Rs 3,000 crore into EV development. 

Read more here.

Praj Industries partners with Indian Oil to produce cleaner fuel

Praj Industries Ltd and Indian Oil Corporation have signed a Memorandum of Understanding (MoU) to explore opportunities in the production of alcohol to jet (ATJ) fuels, 1G & 2G ethanol, compressed bio-gas (CBG), and related opportunities in the biofuels industry. This MOU will boost ATJ fuel production capacity and its use in India to curb emissions emanating from the airplanes as per the International Air Transport Association’s (IATA) mandate. Indian Oil and Praj will also collaborate to set up biofuel production facilities, including biodiesel, and ethanol.

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MRF Q2 Results: Net profit falls 54% YoY to Rs 189 crore

MRF Limited reported a 53.9% YoY decline in consolidated net profit to Rs 189.06 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 15.62% YoY to Rs 4,907.81 crore during the same period. The tyre manufacturer’s board has declared an interim dividend of Rs 3 per share.

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BHEL Q2 Results: Net loss narrows to Rs 46 crore

Bharat Heavy Electricals Ltd (BHEL) reported a consolidated net loss of Rs 46.58 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 552.38 crore in the corresponding quarter last year (Q2 FY21). Its revenue from operations rose 42.6% YoY to Rs 4,910.62 crore in Q2 FY22. Total expenses stood at Rs 5,275.39 crore during the July-Sept quarter of FY22, an increase of 16.2% YoY.

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Tata Motors partners with Bank of India for vehicle financing

Tata Motors has partnered with Bank of India (BOI) to offer finance options to all its passenger vehicle customers. BOI will provide loans to Tata Motors’ customers at an interest rate starting from as low as 6.85%. The scheme will offer a maximum of 90% financing on the total cost of the vehicle, which includes insurance and registration. The offers through the partnership will be applicable on the ‘New Forever’ range of conventional cars, SUVs, and EVs for personal segment buyers.

Read more here. 

Indraprastha Gas Q2 Results: Net profit rises 30% YoY to Rs  crore

Indraprastha Gas Ltd (IGL) reported a 30% YoY increase in net profit to Rs 400.54 crore for the quarter ended September (Q2 FY22). The company’s turnover rose 39% YoY to Rs 2,005.07 crore during the same period. IGL registered an average daily sale of 7.24 million metric standard cubic meters per day (mmscmd) in Q2 FY22 compared to 5.50 mmscmd in Q2 FY21, recording a growth of 32%.

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IRCON International emerges lowest bidder for order worth Rs 5,142 crore

IRCON International has emerged as the lowest (L-1) bidder in a tender valuing approximately Rs 5,142 crore floated by National High-Speed Rail Corporation (NHSRCL). The order involves the design, supply, and construction of track and track-related works (including testing and commissioning) for the double-line high-speed railway between Zaroli village and Vadodara in Gujarat. The completion period of the project is approx. 6.5 years.

Read more here.

IDFC Q2 Results: Net profit at Rs 262 crore

IDFC Limited reported a consolidated net profit of Rs 262.55 crore for the quarter ended September (Q2 FY22). During the quarter, the company had received Rs 200 crore as its share of profit from its associates and joint ventures. It had posted a net loss of Rs 146.68 crore in the corresponding quarter last year (Q2 FY21). 

The Board of Directors of IDFC Ltd has approved the merger scheme of IDFC Alternatives Ltd, IDFC Trustee Company Ltd, and IDFC Projects Ltd (wholly-owned subsidiary companies) into IDFC.

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PowerGrid Q2 Results: Net profit rises 9% YoY to Rs 3,376 crore

Power Grid Corporation of India reported a 9% YoY increase in consolidated net profit to Rs 3,376.38 crore for the quarter ended September (Q2 FY22). Its total income rose 7% YoY to Rs 10,514.74 crore during the same period. During the quarter, 2,100 circuit kilometers (ckm) of transmission lines and 14,000 megavolt-ampere (MVA) transformation capacity were added. 

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Mazagon Dock delivers 4th Scorpene Submarine ‘Vela’ to Indian Navy

Mazagon Dock Shipbuilders Ltd (MDL) has delivered the fourth Scorpene Submarine of Project P-71 to the Indian Navy. It will be commissioned as INS Vela. With the delivery of Vela, MDL has lived up to its reputation as one of the country’s leading shipyards and reaffirmed India’s membership in the exclusive club of submarine-building nations.

Read more here.

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Market News Top 10 News

RIL to Invest Rs 75,000 crore in Renewable Energy Gigafactories – Top Indian Market News

RIL to invest Rs 75,000 crore in four renewable energy gigafactories

Reliance Industries Ltd (RIL) will invest Rs 75,000 crore over the next three years to set up four renewable energy gigafactories in Jamnagar, Gujarat. The complex will include a solar photovoltaic module factory and an advanced energy storage battery factory. It would also comprise an electrolyzer factory for the production of green hydrogen and a fuel-cell factory for converting hydrogen into motive and stationary power. RIL aims to create the capacity to generate 100 gigawatts (GW) of electricity from renewable sources by 2030. Chairman Mukesh Ambani has also outlined a 1-1-1 vision to bring down the cost of hydrogen to under $1 per 1 kg in 1 decade.

Read more here.

HDFC Life acquires Exide Life in a Rs 6,687 crore cash and stock deal

HDFC Life Insurance Company has announced the acquisition of Exide Life Insurance Company in a Rs 6,687 crore deal. Exide Life is a wholly-owned subsidiary of battery maker Exide Industries Ltd. As part of the cash and stock deal, HDFC Life will issue 8.7 crore shares to Exide Industries at Rs 685 per share and a cash payout of Rs 726 crore. HDFC Life stated that the proposed transaction will accelerate the growth of its agency business and strengthen other distribution channels including Broker and Co-operative Banks. 

Read more here.

India’s services PMI jumps to six-month high in August

India’s services sector activity jumped to its highest level since February 2021 on account of inflows of new work and improving demand. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 56.7 in August, compared to 45.4 in July. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month. The access to vaccines has improved, and consumer footfall has increased following the reopening of several establishments.

Read more here.

PVR opens 3-screen multiplex in Jamnagar

PVR Limited has opened a three-screen multiplex in Jamnagar at ICR-The Entertainment World, Gujarat. The property is spread over an area of 30,000 sq. ft. and has a capacity of 706 seats. The company invested Rs 6 crore in the project. With this launch, PVR operates the largest multiplex network with 849 screens at 177 properties in 72 cities (India and Sri Lanka).

Read more here.

Tata Motors opens 70 new sales outlets in a single day

Tata Motors has inaugurated 70 sales outlets across South India in a single day (Sept 3) as part of its retail acceleration strategy. Spread across 53 cities, the outlets are strategically mapped to emerging markets of the Southern region. The showrooms will be home to the automaker’s ‘New Forever’ range of passenger vehicles, including its electric vehicle (EV) portfolio. 

Read more here.

Indiabulls Housing Finance to raise Rs 1,000 crore via bond issue

Indiabulls Housing Finance Ltd has announced the launch of a public issue of secured and/or unsecured, redeemable, non-convertible debentures (NCDs) of the face value of Rs 1,000 each. The NCDs will offer coupon rates ranging from 8.05% to 9.75% per annum. Tranche I of the issue has a base size of Rs 200 crore with a greenshoe (or over-allotment) option of up to Rs 800 crore, aggregating up to Rs 1,000 crore.

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Maruti Suzuki recalls 1.81 lakh vehicles to rectify safety defects

Maruti Suzuki India Ltd has issued recall orders for 1.81 lakh units of its cars to check and rectify faults that may potentially result in safety-related issues. The recall order has been issued voluntarily by the company, and owners with possibly affected vehicles will be contacted by Maruti Suzuki authorized workshops. The recall order covers petrol models of Ciaz, S-Cross, Vitara Brezza, Ertiga, and XL6, and only units manufactured between May 4, 2018, and October 27, 2020. 

Read more here.

Mazagon Dock to partner with Russia’s Zvezda to construct commercial ships

Prime Minister Narendra Modi announced that Mazagon Dock Shipbuilders will partner with Russia’s Zvezda to construct commercial ships. He was addressing a session of the 6th Eastern Economic Forum (EEF) via video conferencing today. Zvezda is the largest shipyard in Russia, designed for the construction of all types of sea-going vessels and production platforms for operation on the Russian shelf. 

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Zen Tech secures Rs 155 crore contract from Indian Air Force

Zen Technologies Ltd has secured an order worth Rs 155 crore from the Indian Air Force (IAF) for the supply of Counter Unmanned Aircraft Systems (CUAS). The order will be carried out in a 12-month time frame. With this order, Zen Technologies’ total order book stands at Rs 402.61 crore. The company’s order book for equipment is worth Rs 284.09 crore, and the order book for annual maintenance contracts stood at Rs 118.52 crore.

Read more here.

Automobile PLI scheme to be announced next week: Report

According to a report from CNBC-TV18, the Central government may announce a Production Linked Incentive (PLI) scheme for the automobile sector next week. This scheme will help increase competitiveness and take the growth of the vehicle and auto components industry to the next level. The report further states that the PLI scheme has been modified after consultations between the Centre and the auto industry and includes an emphasis on the promotion of new technologies. 

Read more here.

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Market News Top 10 News

JSW Steel Output Rises 10% to 13.67 LT in May – Top Indian Market News

JSW Steel output rises 10% to 13.67 LT in May

JSW Steel Ltd reported a 10% YoY growth in crude steel production to 13.67 lakh tonne (LT) in May 2021. The company had produced 12.48 LT steel during the same month last year. Its output of flat-rolled products increased by 10% YoY to 9.99 LT in May. The production of long-rolled products stood at 3.09 LT, up 55% YoY. Total capacity utilisation stood at 91% in May.

According to a Bloomberg report, JSW Steel is suing three of the largest American steel-makers for ‘conspiracy to cause direct harm’. These firms have refused to sell raw metal to the company’s US pipe and plate-making operations. JSW Steel has filed a lawsuit against US Steel Corp., Nucor Corp, and Cleveland-Cliffs Inc. in the US District Court, Southern District of Texas (Houston).

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Vehicle registrations fall 55% to 5.35 lakh units in May: FADA

Automobile registrations across all categories saw a sharp decline in May, as retail vehicle sales came to a halt due to lockdowns imposed by various states. According to data released by the Federation of Automobile Dealers Association (FADA), total vehicle registrations in May 2021 fell 54.79% month-on-month (MoM) to 5.35 lakh units. Two-wheeler sales declined by 53%, while sales of three-wheelers fell 76% when compared to April 2021. Overall passenger vehicle and commercial vehicle registrations declined by 59% MoM and 66% MoM, respectively, in May.

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Mazagon Dock Shipbuilders Q4 Results: Net profit jumps 247% YoY to Rs 259 crore

Mazagon Dock Shipbuilders Ltd reported a 247% YoY jump in consolidated net profit to Rs 259.14 crore for the quarter ended March (Q4). Its revenue from operations rose 5.92% YoY to Rs 1,105.11 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 9.09% YoY to Rs 513.89 crore. The company’s board has recommended a final dividend of Rs 1.83 per share. Mazagon Dock Shipbuilders is engaged in the business of building and repairing ships, submarines, and vessels.

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Affle India to acquire mobile marketing firm Jampp

Affle (India) Limited has announced plans to acquire Latin America-based mobile marketing firm Jampp. The company did not disclose the financial details of the transaction. Jampp is a leading programmatic mobile marketing company that was established in 2013. Its advertising platform is used by leading app marketers to acquire new users and also to drive repeat usage and transactions with existing users. Meanwhile, Affle also stated that it will increase its stake in social keyboard provider Bobble AI from 8% to 17.72%.

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Cera Sanitaryware Q4 Results: Net profit rises 23% YoY to Rs 45.7 crore

Cera Sanitaryware reported a 22.91% YoY growth in consolidated net profit to Rs 45.76 crore for the quarter ended March (Q4). Net profit has increased by 52.94% when compared to the previous quarter. Its revenue from operations rose 47.2% YoY to Rs 438.42 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 11.02% YoY to Rs 100.77 crore. The company’s board has recommended a dividend of Rs 13 per share.

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HDFC to raise Rs 2,000 crore by issuing bonds

HDFC Limited aims to raise up to Rs 2,000 crore by issuing debt securities on a private placement basis. The secured, redeemable, non-convertible debentures for an issue size of Rs 2,000 crore will be open for bid on June 14 and closed on the same day. The bonds with 10 years of tenure will carry a coupon rate of 6.88% per annum. The proceeds from the issue will be utilised for financing or refinancing HDFC’s housing finance business requirements.

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Ion Exchange secures orders worth Rs 1,000 crore 

Ion Exchange (India) Ltd has received a Letter of Award (LoA) from State Water Supply and Sanitation Mission, Namami Gange and Rural Water Supply Department under Jal Jeevan Mission for two EPC projects. One of the projects consists of the survey, design, supply, construction, and commissioning of a water treatment plant. The second project includes operation and maintenance (O&M) services for 10 years for rural drinking water supply to 1,000 villages in two districts of Uttar Pradesh. The value of the two projects is approximately Rs 1,000 crore.

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Alkem Labs launches Perampil tablets, an affordable anti-epileptic drug

Alkem Laboratories Ltd has announced the launch of Perampil (Perampanel) tablets in the strengths 2mg, 4mg, and 6mg at affordable rates. Perampanel has been approved by the Drugs Controller General of India (DCGI). It is used as adjunctive therapy in the treatment of partial-onset seizures in patients with epilepsy, aged four years and older. The product reaffirms the pharma company’s commitment towards improving epilepsy care by bringing multiple treatment options of quality products to patients and healthcare professionals in India.

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Century Ply Q4 Results: Net profit jumps 134% to Rs 86 crore

Century Plyboard (India) Limited reported a 134.14% YoY jump in consolidated net profit to Rs 86.63 crore for the quarter ended March (Q4). Net profit has increased by 31.56% when compared to the previous quarter. Its total income rose 42% YoY to Rs 755.22 crore during the same period. The company’s chairman stated that all segments had performed exceptionally well during Q4. Net profit for the financial year 2020-21 (FY21) increased by 27.15% YoY to Rs 191.46 crore.

Suven Pharma signs MoU with CSIR-IICT for Covid-19 drugs Molnupiravir, 2-DG

Suven Pharmaceuticals Ltd (SPL), CSIR-Indian Institute of Chemical Technology (IICT)- Hyderabad, and CSIR-National Institute of Interdisciplinary Science & Technology- Thiruvananthapuram, have signed a Memorandum of Understanding (MoU) for the process technology transfer and manufacturing of anti-Covid drug Molnupiravir. The complete technology know-how will be transferred, and SPL will manufacture and launch the drug as an effective medication for Covid-19 infected patients. CSIR-IICT will also provide SPL with the process technology for manufacturing another anti-Covid drug— 2-DG.

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NHPC Q4 Results: Net profit rises 80% YoY to Rs 464 crore

NHPC Limited reported an 80% YoY increase in consolidated net profit to Rs 464.60 crore for the quarter ended March (Q4). Its total income declined by 12% YoY to Rs 2,094.30 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 7.1% YoY to Rs 3,582.13. The company’s board has recommended a final dividend of Rs 0.35 per share. NHPC’s board has also approved a proposal to raise up to Rs 4,300 crore by issuing debt instruments in the current financial year (FY22).

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Yes Bank board approves plan to raise Rs 10,000 crore via debt securities

The Board of Directors of Yes Bank has approved the proposal to raise Rs 10,000 crore through the issue of debt securities. The types of debt securities to be issued include non-convertible debentures (NCDs), bonds, and medium-term note (MTN). The private lender also received board approval to shift its registered office to Yes Bank House in Santacruz, Mumbai from Yes Bank Tower in Elphinstone.

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