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Infosys Reports 11.8% YoY Rise in Net Profit in Q2 – Top Indian Market News

Infosys Q2 Results: Net profit rises 11.8% YoY to Rs 5,421 crore

Infosys Ltd reported an 11.8% YoY increase in consolidated net profit to Rs 5,421 crore for the quarter ended Sept (Q2 FY22). Net profit rose 4.35% when compared to the previous quarter. Its revenue from operations rose 20.5% YoY (or 6.1% QoQ) to Rs 29,602 crore during the same period. Digital revenues stood at 56.1% of total revenues, reporting year-on-year constant currency growth of 42.4%. The IT major’s board has declared an interim dividend of Rs 15 per share.  

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Tata Motors partners with Endress+Hauser Flowtec to deploy e-buses for employees

Tata Motors has partnered with Endress+Hauser Flowtec India Pvt. Ltd (EHFI) to deploy electric buses for employee transportation. The automaker has delivered two units of 9-metre 34-seater AC electric buses and a DC fast charger for green employee mobility from its facility in Aurangabad. The electric buses were flagged off at EHFI’s facility in Aurangabad. EHFI is a global leader in measurement instrumentation, services, and solutions for industrial process engineering.

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Wipro Q2 Results: Net profit rises 18.8% YoY to Rs 2,930 crore

Wipro Limited reported an 18.86% YoY increase in consolidated net profit to Rs 2,930.7 crore for the quarter ended Sept (Q2 FY22). However, net profit declined by 9.62% when compared to the previous quarter. Its revenue from operations rose 7.7% QoQ to Rs 19,667.4 crore during the same period. Wipro expects revenues to grow 2-4% in constant currency terms in the December quarter (Q3 FY22).

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UltraTech Cement commissions 1.2 MTPA of cement capacity

Ultratech Cement Ltd announced the commissioning of cement capacity of 1.2 million tonnes per annum (MTPA) in October 2021. The cement major’s Patliputra Cement Works in Bihar added a cement capacity of 0.6 MTPA, taking its total capacity to 2.5 MTPA. Dankuni Cement Works in West Bengal increased cement capacity by 0.6 MTPA, taking its total capacity to 2.2 MTPA. This additional capacity will help Ultratech Cement service the fast-growing cement demand in the eastern markets and increase its blended cement ratio.

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Hero MotoCorp partners with Gilera Motors to expand operations in Argentina

Hero MotoCorp has partnered with Gilera Motors Argentina to reinvigorate and expand its operations in one of the key markets in South America. This move is in line with its aggressive global business strategy. As part of the agreement, Gilera Motors will be the exclusive distributor for the sale and service of Hero MotoCorp motorcycles and scooters in Argentina. It will also make new investments in operations to drive business growth.

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Mindtree Q2 Results: Net profit rises 57% YoY to Rs 398.9 crore

Mindtree reported a 57.23% YoY increase in consolidated net profit to Rs 398.9 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 16.16% when compared to the previous quarter. The IT company’s revenue from operations rose 34.3% YoY (or 13% QoQ) to Rs 2,586 crore during the same period. Mindtree’s board has declared an interim dividend of Rs 10 per share.

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Invesco reveals merger talks between ZEEL and Reliance Industries

Invesco, the single largest shareholder of Zee Entertainment Enterprises Ltd (ZEEL), said it had tried to facilitate a possible deal between Reliance Industries Ltd and the company but refuted claims it had pushed for the transaction at a lower valuation. The latest statement from Invesco comes a day after ZEEL CEO Punit Goenka told the company’s board that Invesco had come with a proposal in February for a merger with certain entities owned by a large Indian group with an inflated valuation of at least Rs 10,000 crore. Invesco and ZEEL are locked in a legal battle over the former’s demand for holding an Extraordinary General Meeting (EGM).

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Piramal-Bain Capital fund IndiaRF invests Rs 310 crore in Primacy Industries

India Resurgence Fund (IndiaRF), a joint venture between Piramal Enterprises Ltd and Bain Capital Credit, has invested Rs 310 crore in Primacy Industries Ltd. The investment proceeds will be used towards strengthening the balance sheet of Primacy and providing fresh capital to fuel its growth plans. Primacy Industries is a fast-growing contracting business for fragrance-based consumer products in the air-care, personal care, and health & hygiene categories.

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Sona Comstar partners with NASSCOM to boost digital skills of employees

Sona Comstar has partnered with FutureSkills Prime– a MeitY-NASSCOM Digital Skilling Initiative to upskill its workforce in cutting-edge digital technologies with industry-relevant and government-recognized curriculum-based courses. FutureSkills Prime is the first-of-its-kind public-private cooperation between the Ministry of Electronics and Information Technology (MeitY) and NASSCOM to create a digital skilling ecosystem for India’s citizens. 

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Larsen & Toubro: Origin, Businesses, and More

With a legacy of over 80 years, Larsen & Toubro Limited has played an integral role in the overall development of India. Established by two Danish refugees during the World War II period, L&T has grown into one of the largest engineering and construction companies in the world. It has built major highways, airports, metros, factories, nuclear reactors, power plants, defence equipment, and much more. They continue to receive large orders worth thousands of crores almost every month. 

In this article, we dive into the rich history of L&T and learn more about its businesses.

Brief History of L&T

Two Danish engineers, Henning Holck-Larsen and Søren Kristian Toubro, came to India in the late 1930s. They initially established a business of importing and selling Danish dairy equipment in our country. Unfortunately, the business was severely hit by import restrictions that followed Germany’s invasion of Denmark in 1940. Despite their struggles, the duo remained in India and set up a small workshop to undertake engineering work and services. They found a favourable business opportunity to repair and fabricate ships during World War II. This gave rise to Larsen & Toubro (L&T).

In 1940, L&T secured its first major order. It was to set up a soda ash plant for the Tata Group. Many domestic and international companies were impressed by L&T’s quality of work and promptness. They began to collaborate with many foreign players. L&T represented British manufacturers of equipment used to make hydrogenated oils, soaps, glass, etc. In 1945, they entered into an agreement with US-based Caterpillar Tractor Company for marketing earth moving equipment. 

Larsen & Toubro Private Ltd was incorporated in 1946. They set up offices in New Delhi, Calcutta, and Madras. It became a publicly listed company in 1950. Interestingly, Dr. Homi J. Bhabha (the Father of Nuclear Research in India) was a friend of the Danish duo. During the 1960s, he chose L&T to build reactors and critical components for India’s nuclear program. 

In the 1970s and 80s, L&T started to receive large contracts from the Indian Space Research Organisation (ISRO). They also entered into a partnership with the Defence Research & Development Organisation (DRDO) to design weapon and missile systems. Thus, it is clear that L&T has played a vital role in the development of our country.

Group Companies of L&T

Since its incorporation, L&T has diversified into numerous sectors. They are present in the infrastructure, power, hydrocarbon, defence, information technology (IT), systems & equipment, finance, and real estate industries. L&T offers its services in more than 50 countries. Currently, the multinational conglomerate has 118 subsidiaries, 25 joint ventures (JVs), and 35 joint operations companies. Such a huge company!

L&T Construction

It is India’s largest construction organisation and ranked amongst the top 15 contractors in the world. L&T Construction’s business verticals include:

  • Buildings and Factories – airports, commercial and residential buildings, factories.
  • Heavy Civil Infrastructure – nuclear reactors, dams, tunnels, ports, defence installations, hydropower projects.
  • Transport Infrastructure – roads, highways, airport runways, railway tracks.
  • Power Transmission and Distribution – substations, utility power distribution systems, transmission lines.
  • Water & Effluent Treatment – water supply and distribution projects, wastewater management systems, smart water infrastructure.
  • Metallurgical and Material Handling – offers solutions for bulk handling of iron and steel, aluminium, copper, zinc, etc.

L&T’s shares (the construction and engineering arm) have generated returns at a strong CAGR of ~20.37% over the last 21 years.

L&T Hydrocarbon Engineering (LTHE)

The company offers integrated ‘design-to-build’ solutions for onshore and offshore hydrocarbon projects across the globe. LTHE’s offerings span across the entire hydrocarbon chain for oil & gas processing, petroleum refining, chemicals & petrochemicals, and fertilizer sectors.

L&T Power

L&T Power executes coal-based, gas-based, nuclear, hydro, and solar power projects in India and across the globe. They also supply essential equipment to power plants.

L&T Heavy Engineering

The company provides custom-designed, fabricated ‘engineered-to-order’ equipment, and critical piping solutions to process plants and nuclear plants. L&T Heavy Engineering caters to the refinery, oil & gas, fertilizer, petrochemical, and nuclear power industries. 

L&T Realty

The company was established in 2011. It has an extensive portfolio spanning 70 million sq ft. of residential, commercial, and retail properties. The company is currently present in Mumbai, Navi Mumbai, National Capital Region (NCR), Bengaluru, Hyderabad, and Chennai. L&T Realty derives its competitive edge from transparency, strong consumer connect, and efficient designs.

Other Businesses

Apart from the subsidiaries mentioned above, L&T is a leading provider of design-to-delivery solutions for India’s defence sector. It constructs underground structures, military bases, and storage depots. L&T also offers a range of vessels for defence, including warships, submarines, auxiliary vessels, and special naval platforms.

L&T Infrastructure Development Projects Ltd is a leading player in Public-Private Partnership (PPP) projects in India. It has completed landmark projects across key sectors— roads, transmission lines, ports, water supply, renewable energy, and many more.

L&T Metro Rail in Hyderabad is the world’s largest metro project in PPP mode. It covers 69.2 km across three corridors.

Listed Subsidiaries of L&T:

L&T Finance Holdings (LTFH)

L&T Finance Holdings Ltd (LTFH) is a leading non-banking financial services company (NBFC). Under the rural finance segment, it offers farm equipment finance, two-wheeler finance, and micro-loans. LTFH provides home loans, loans against property, and real estate finance. The company’s subsidiaries offer asset management and wealth management services as well. LTFH operates ~197 branches and more than 1,395 micro-loan meeting centers across India.

The company’s revenue and profit growth were fairly consistent until the last financial year (primarily due to the negative effects of the Covid-19 pandemic). However, L&T Finance’s revenue has grown at a CAGR of 13.88% over the past 5 years. Its shares have rallied by ~51% over the past year.

L&T Technology Services (LTTS)

L&T Technology Services offers engineering, research, and development services across India, North America, and Europe. It provides dedicated engineering solutions to the transport industry (primarily trucks and off-road vehicles, aerospace, and rail industries). LTTS builds automation and process control systems for factories/plants across multiple industries. Moreover, the company offers cloud, Internet of Things (IoT), artificial intelligence (AI), data analytics, and other services.

LTTS’ total revenue has grown at a CAGR of 12.2% over the past 5 years, above the IT industry’s average of 8.5%. The company’s share price has surged ~141% over the past year.

Larsen & Toubro Infotech (LTI)

LTI is a technology consulting and digital solutions company. They provide IT services and solutions across India, North America, Europe, and Asia-Pacific. LTI offers application development, maintenance & outsourcing, infrastructure management, and platform-based solution services. The company has a strategic collaboration agreement with Amazon Web Services, Inc. (AWS) to focus on data migration, analytics, and Internet of Things (IoT). They are present in 31 countries and operate 29 delivery centers globally.

Over the past five years, the company’s revenue has grown at a CAGR of 15.91% and net profit at 18.28%. LTI’s shares have jumped 87% over the past year.

Mindtree Limited

Mindtree is a global technology consulting and services company. L&T acquired a controlling stake in Mindtree in 2019. It offers analytics and information management, application development & maintenance, business process management (BPM), cloud services, etc. It has posted stellar financial performance over the last five financial years. Revenue has grown at a CAGR of 11.29% from FY17-21, whereas profits have grown at a yearly rate of 14.9%. The shares of the company have rallied ~173% over the past year.

Conclusion

Interestingly, Larsen & Toubro Ltd has zero promoter holding. It is managed by highly experienced professionals. Toubro retired from active management in 1962, while Holck-Larsen retired as chairman in 1978. After it became a promoter-less blue-chip company, Reliance Industries and Aditya Birla Group attempted a hostile takeover of L&T. However, the visionary CEO and MD of the company, Anil Manibhai Naik, held a firm stance and was determined not to get oppressed/ill-treated by bigger corporations. With a strong will and intense teamwork, L&T was able to grow multifold and expand.

L&T has emerged as one of the top engineering firms outside India, especially in the Middle East. They focused extensively on foreign markets to maintain profitability during certain times when their domestic peers/competitors were struggling for fresh orders.

The company has played a significant role in building India’s social infrastructure as well. Through its integrated community development programmes, they have provided systems for safe drinking water and sanitation. L&T also supports farmers by training them on horticulture, zero-budget natural farming, and sustainable agricultural practices. They have built numerous health centres and outpatient departments (OPDs) across our country.

The growth of Larsen & Toubro is an inspiration to many. Despite a rocky start, the company and its founders have revolutionised various industries in India. They will continue to contribute towards the further economic growth of our nation.

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Mindtree Reports 61% YoY Rise in Net Profit in Q1 – Top Indian Market News

Mindtree Q1 Results: Net profit rises 61% YoY to Rs 343 crore

Mindtree Limited reported a 61% YoY increase in net profit to Rs 343.3 crore for the quarter ended June (Q1 FY22). Net profit has increased by 8.2% when compared to the previous quarter. Its revenue from operations rose 20% YoY (or 8.6% QoQ) to Rs 2,291.7 crore during the same period. The IT company recorded its highest-ever order book of $504 million (~Rs 3,760 crore) in Q1, a growth of 34% QoQ. However, the attrition rate jumped from 12.1% in Q4 FY21 to 13.7% in Q1 FY22.

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NTPC REL to build India’s first green Hydrogen Mobility project in Ladakh

NTPC Renewable Energy Ltd (NTPC REL), a subsidiary of NTPC Ltd, has signed a pact with the Union Territory of Ladakh to set up India’s first green Hydrogen Mobility project in the region. The company also inaugurated the first solar installations in Leh, in the form of solar trees and a solar carport. NTPC plans to launch five hydrogen buses in the region and set up a solar plant and green hydrogen generations unit in Leh.

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Maharashtra govt unveils EV policy, sets a target of 25% electrification of public transport by 2025

To further promote the cause and mass adoption of electric vehicles in the state, the Maharashtra government has unveiled a revised electric vehicle (EV) policy. The govt has set an objective to accelerate the adoption of battery-powered EVs in such a manner that it contributes to 10% of new vehicle registration by 2025. The policy also proposes to achieve 25% electrification of public transport and last-mile delivery vehicles by 2025.

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Ramkrishna Forgings secures multi-year order from European OEM

Ramkrishna Forgings Ltd has received a multi-year order from a European original equipment manufacturer (OEM) worth Rs 132 crore. The order is to be implemented for three years, distributed equally. The company’s MD said this order improves revenue visibility and profitability over the next three years. Ramkrishna Forgings is a leading manufacturer and supplier of open and closed die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel. 

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NMDC’s board approves demerger of steel business

The Board of Directors of National Mineral Development Corporation (NMDC) has approved the Scheme of Arrangement for Demerger between NMDC Ltd and NMDC Steel Limited. The scheme is subject to statutory and regulatory approvals from SEBI, the Ministry of Corporate Affairs, etc. NMDC Steel carries out the business of manufacturing and import/export of various categories of steel and iron ore.

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Lupin launches generic antifungal drug in the US market

Lupin Limited has announced the launch of Tavaborole topical solution in the US. The drug is a generic equivalent of kerydin topical solution of US-based Anacor Pharmaceuticals. It is indicated for the treatment of onychomycosis (fungal infection) of the toenails. According to IQVIA data, Tavaborole topical solution had estimated annual sales of $53 million (~Rs 394 crore) in the US for the 12 months ended May 2021. The product will be manufactured at Lupin’s facility in Pithampur, Madhya Pradesh.

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Ceat partners with Tata Power to set up captive solar power plant

Ceat Limited has entered into a partnership with Tata Power to establish a 10 megawatt (MW) captive solar power plant at its tyre manufacturing facility in Bhandup, Mumbai. TP Akkalkot Renewable Ltd, a special purpose vehicle (SPV) created by Tata Power, will be responsible for undertaking the construction, operation, and maintenance of the solar plant. Ceat will hold a 26% stake in the SPV, while Tata Power will own 74%. 

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Tata Metaliks Q1 Results: Net profit at Rs 94.72 crore

Tata Metaliks Limited reported a net profit of Rs 94.72 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 12.36 crore in the corresponding quarter last year (Q1 FY21). Total income jumped 187.43% YoY to Rs 606.45 crore in Q1 FY22. Tata Metaliks is a leading manufacturer of pig iron and ductile iron pipes in India.

ITC to double presence of its e-store to 14 cities

ITC Limited has announced plans to double the geographical presence of its e-stores to 14 cities in India. The company had launched its e-store (itcstore.in) service across seven cities with more than 700 products. It currently sells products across 46 categories through the e-store. This includes organic and multi-grain atta, ghee, frozen snacks, luxury chocolates, etc. To drive traffic, ITC also runs surprise offers at Re 1 for new products that are launched in the e-store.

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Steel Strips Wheels secures order worth Rs 113 crore from Western Hemisphere

Steel Strips Wheels Ltd (SSWL) has received export orders worth Rs 113 crore from Western Hemisphere. SSWL will complete the execution of the orders by August 21, 2021, from its Chennai and Dappar plants. The company said orders of similar capacity are anticipated in coming months from a similar customer base, as business continues to recover rapidly.

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Bank NPAs Could Rise To 9.8% in March 2022, says RBI – Top Indian Market News

Bank NPAs could rise to 9.8% in March 2022, says RBI

The Reserve Bank of India (RBI) has said in its Financial Stability Report that Non-Performing Assets (NPA) at Scheduled Commercial Banks (SCBs) could rise to anywhere between 9.8% to 11.2% by March 2022. The Gross NPA ratio for SCBs stood at 7.4% in March 2021. The report further states that Public Sector Undertaking (PSU) banks could see their bad loans rise to 12.52% by March 2022. PSU Banks had reported a gross NPA ratio of 9.54% as of March 2021.

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Edelweiss Financial Services to exit insurance business

Edelweiss Financial Services will exit the insurance broking business by selling its 70% stake in Edelweiss Gallagher Insurance Brokers Ltd (EGIBL) to US-based Arthur J. Gallagher & Co. (AJG). AJG currently holds a 30% stake in EGIBL. The transaction is likely to be completed within 10 months. This acquisition is subject to approvals by the Insurance Regulatory and Development Authority of India (IRDAI). 

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SBI MF launches ETF on Nifty India Consumption Index

SBI Mutual Fund is going to launch an exchange-traded fund that shall track the Nifty India Consumption Index. The new fund offer (NFO) which began on June 30, 2021, shall end on July 14, 2021. The Nifty India Consumption Index tracks a basket of companies that represents domestic consumption. The index contains stocks like Hindustan Unilever (HUL), ITC, Asian Paints, Bharti Airtel, Maruti Suzuki India, and many more.

Bharti Airtel launches ‘Black Plans’ to increase revenue

Bharti Airtel Ltd has announced a new plan known as ‘Airtel Black’. This plan intends to bundle telecom, DTH, and fibre under a single billing plan. The subscribers of Airtel Black will be entitled to priority resolution of faults and extra benefits. The move is aimed at attracting high-paying customers and driving average revenue per user (ARPU).

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India’s exports hit $95 billion in April-June 2021: Piyush Goyal 

India’s exports have touched $95 billion or nearly Rs 7 lakh crore in the April-June quarter this year, said Minister of Commerce and Industry Piyush Goyal at a conference. The minister also commented that despite Covid-19, India saw foreign direct investment (FDI) inflows of almost $81.72 billion (~Rs 6.09 lakh crore) for the financial year 2020-21 (FY21). The top investors who contributed to India’s high FDI inflow in FY21 include Singapore (29%), followed by the US (23%) and Mauritius (9%).

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Zydus Cadila gets USFDA approval to market generic HIV infection treatment tablets

Zydus Cadila has received approval from the US Food and Drug Administration (USFDA) to market generic Emtricitabine and Tenofovir Disoproxil Fumarate tablets. The drug is used with other HIV medications to help control HIV infection. The tablets will be manufactured at the pharma company’s formulation facility at SEZ, Ahmedabad.

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Laurus Labs receives license to manufacture Covid-19 drug 2DG

The Defence Research & Development Organisation (DRDO) has granted a license to Laurus Labs to manufacture and market 2-Deoxy-D-Glucose (2DG). The Drugs Controller General of India (DCGI) has given emergency approval for 2DG for use on Covid-19 patients in our country. Two other companies— Shilpa Medicare and Dr Reddy’s Laboratories— have also received approval to market 2DG.

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Mindtree completes acquisition of NxT Digital Business from L&T

Mindtree Limited has completed the acquisition of Nxt Digital Business from Larsen & Toubro (L&T). This will enable the IT firm to capture opportunities in the Internet of Things (IoT) and Industry 4.0 space. The cost of the acquisition was Rs 198 crore. L&T is also the promoter/holding company of Mindtree with a 61.03% stake.

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Adani Ports registers 83% YoY rise in cargo volumes in June

Adani Ports and Special Economic Zone (APSEZ) handled cargo volumes of 25.54 million metric tonnes (MMT) in June 2021, registering a growth of 83% on a year-on-year (YoY) basis. In the container segment, APSEZ handled cargo volumes of 0.67 million twenty-foot equivalents (TUEs) in June. The company handled cargo volumes of 75.69 MMT for the April-June quarter (Q1 FY22).

UPI hits record 280 crore transactions in June 

The United Payments Interface (UPI) hit a record high of 280 crore transactions in the month of June 2021. The value of UPI transactions grew by 12% from Rs 4.5 lakh crore in May to Rs 5.5 lakh crore in June this year. The is mainly due to the recovery in our economy, as the number of Covid-19 cases slowly decline and businesses reopen.

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Tech Mahindra’s Net Profit Declines 17.4% QoQ in Q4 – Top Indian Market News

Tech Mahindra Q4 Results: Net profit declines 17.4% QoQ to 1,081 crore

Tech Mahindra reported a 17.4% quarter-on-quarter (QoQ) decline in net profit to Rs 1,081 crore for the quarter ended March (Q4). Net profit is up 34.6% on a year-on-year (YoY) basis. The IT firm’s revenue rose 0.9% QoQ to Rs 9,730 crore during the same period. Its total contract value (TCV) during the quarter more than doubled to $1 billion (~Rs 7,480 crore), compared with $455 million in Q3 FY21. Tech Mahindra has also announced the acquisition of US-based Eventus Solutions Group for $44 million. The company’s board has approved a final dividend of Rs 30 per share.

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Reliance, BP start production from second deepwater gas field in KG-D6 block

Reliance Industries Ltd (RIL) and UK-based BP Plc have started production from their second new deepwater gas field in the KG-D6 block on the east coast of India. The Satellite Cluster field will produce gas from four reservoirs utilising a total of five wells. It is expected to reach gas production of up to 6 million standard cubic meters per day. RIL is the operator of the KG-D6 block with a 66.67% participating interest, while BP holds 33.33%.

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HDFC Life Q4 Results: Net profit rises 2% YoY to Rs 317 crore

HDFC Life Insurance Company Ltd reported a 2% YoY increase in standalone net profit to Rs 317.94 crore for the quarter ended March (Q4). Its net premium income (NPI) rose 23% YoY to Rs 12,868 crore during the same period. HDFC Life sold around 9.8 lakh new individual policies during the quarter, registering a growth of 10% YoY. The company’s board has recommended a final dividend of Rs 2.02 per share.

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Mindtree partners with US-based Duck Creek Technologies

Mindtree Limited has partnered with US-based Duck Creek Technologies to improve customer experience for UPC Insurance customers through the implementation of Software-as-a-Service (SaaS)-based core systems. The services include policy, billing, claims, data insights, and insurance technology solutions. Multiple applications will be consolidated on a single integrated platform using OnDemand— DuckCreek’s solution for the property and casualty (P&C) insurance industry.

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SBI Cards Q4 Results: Net profit jumps 110% YoY to Rs 175 crore

SBI Cards and Payment Services Ltd reported a 110% YoY increase in net profit to Rs 175 crore for the quarter ended March (Q4). Total income fell to Rs 2,468 crore during the same period, compared with Rs 2,510 crore in Q4 FY20. Interest income stood at Rs 1,072 crore, and income from fees and services increased 16% YoY to Rs 1,114 crore in Q4 FY21. Gross non-performing assets (NPAs) stood at 4.99% of gross advances, compared to 2.01% in Q4 FY20. 

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Natco seeks emergency approval to launch Covid-19 drug Molnupiravir in India

Natco Pharma Limited has applied to the Central Drugs Standard Control Organisation (CDSCO) for approval of Phase-III clinical trial of Molnupiravir Capsules, used for the treatment of Covid-19 patients. The capsule was developed by American pharma major Merck, along with Ridgeback Biotherapeutics. According to pre-clinical data, patients treated with Molnupiravir achieved response within 5 days of therapy— indicating that the duration of treatment with the capsule is short.

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Castrol India Q1 Results: Net profit rises 95% YoY to Rs 243 crore

Castrol India Limited reported a 94.5% YoY increase in net profit to Rs 243.60 crore for the quarter ended March (Q4). Total sales rose 65.5% YoY to Rs 1,138.70 crore during the same period. The company reported healthy cash from operations at Rs 269 crore in Q4 FY21, which is equivalent to 1.1 times of profit after tax. Castrol India manufactures and markets automotive and industrial lubricants, as well as specialty products.

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Power Mech Projects secures contract worth Rs 343 crore

Power Mech Projects Limited has received a Letter of Intent from the Singareni Collieries Company for a contract worth Rs 343.44 crore. The project consists of the operation and maintenance of the 2×660 megawatt (MW) Singareni Thermal Power Plant in Pegadapalli, Telangana. Power Mech Tech operates as an engineering and construction company, which provides erection, testing, and commissioning (ETC) services for power projects.

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Tata Motors expects temporary hit on demand; to calibrate supplies

Tata Motors Limited has adopted a ‘business agility plan’ through which it aims to calibrate and match supplies with retail demand. The automaker will ensure that optimal levels of inventory are maintained with dealers to meet customer demands. It will also be prepared for a rebound in demand once the situation returns to normalcy. Like most other auto companies, Tata Motors is also expecting a temporary disruption in vehicle demand and supply of parts amidst lockdowns imposed due to a surge in Covid-19 cases.

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Biocon Biologics, Viatris receive approval for cancer drug

Biocon Biologics (a subsidiary of Biocon Ltd) has received marketing authorisation approval from the European Commission for Abevmy 100 & 400 mg. The approved drug is a biosimilar of Bevacizumab and was co-developed with Viatris Inc. Abevmy is indicated for the treatment of metastatic colorectal carcinoma, metastatic breast cancer, ovarian, cervical, and renal cancer as part of a specific regimen. 

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DGCA extends fare capping on domestic flights till May 31

The Directorate General of Civil Aviation (DGCA) has decided to extend fare capping on domestic flights till May 31. The aviation authority has also limited flight capacity of domestic flights at 80% of pre-Covid levels. This new move has been done in view of the prevailing Covid-19 situation in the country. Last month, the DGCA had announced that the suspension of international flights has been extended till April 30. However, international scheduled flights may be allowed on selected routes by the concerned authority on a case-to-case basis.

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Mindtree Reports 53% YoY Rise in Net Profit in Q4 – Top Indian Market News

Mindtree Q4 Results: Net profit rises 53% YoY to Rs 317 crore

Mindtree Limited reported a 53.4% year-on-year (YoY) increase in consolidated net profit to Rs 317.3 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 2.9%. The IT firm’s revenue from operations rose 3% YoY to Rs 2,109.3 crore during the same period. Its order book grew 12.3% YoY to $1,382 million in FY21. Mindtree has announced a final dividend of Rs 17.5 per share.

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NALCO receives mining lease for Utkal-E coal block in Odisha

The Department of Steel & Mines, Government of Odisha, has granted the mining lease of Utkal-E coal block to National Aluminium Company (NALCO) Limited. The initial capacity of the Utkal-E coal block is 2 million tonnes per year, with a total mineable reserve of ~70 million tonnes. With the grant of Utkal D & E coal blocks, NALCO’s total mineable coal reserve will increase to 175 million tonnes.

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Ashok Leyland delivers light bulletproof vehicles to Indian Air Force

Ashok Leyland said it has delivered the first lot of Light Bulletproof Vehicles (LBPV) to the Indian Air Force. The LBPV is an adopted version of Lockheed Martin’s Common Vehicle Next-Gen (CVNG). It was developed under a transfer of technology (TOT) agreement between Ashok Leyland and Lockheed Martin. The LBPV has high off-road mobility in mud, sand, rocks, and shallow water. It can accommodate a crew of six people, with ample cargo space to carry substantial mission equipment.

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L&T secures significant orders across business segments

Larsen & Toubro (L&T) said its construction arm has received significant orders (in the range of Rs 1,000-2,500 crore) across business segments in the domestic and international markets. Its power transmission and distribution business has won orders to construct two 132/11kV substations in Dubai. L&T’s building and factories business has secured an order from a leading cement manufacturer to construct a 3.5 MTPA cement plant in Rajasthan.

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Maruti Suzuki hikes prices of select models by up to Rs 22,500

Maruti Suzuki India said it has hiked prices of select car models by up to Rs 22,500 to partially offset the impact of rising input costs. The weighted average price increase of ex-showroom prices (Delhi) across models is 1.6%. The price hike will be applicable to all car models, except Celerio and Swift. In January 2021, the automaker had announced a price hike of select models by Rs 34,000 due to a rise in input costs.

Read more here.

Quess Corp to acquire remaining 30% stake in Conneqt from Tata Sons for Rs 208 crore

Quess Corp Limited said it will acquire the remaining 30% equity stake in Conneqt Business Solutions Ltd from Tata Sons for Rs 208 crore. With this transaction, Conneqt will become a wholly-owned subsidiary of Quess Corp. This will allow the company to realise synergies between its various divisions (including Conneqt and Allsec Technologies). It will also strengthen Quess’ position to accelerate growth in the IT/ITeS space.

Read more here.

GTPL Hathway Q4 Results: Net profit at Rs 56.89 crore

GTPL Hathway Ltd reported a consolidated net profit of Rs 56.89 crore for the quarter ended March (Q4). It had posted a net loss of Rs 13.62 crore in the corresponding period last year. The company’s revenue from operations rose 17.82% YoY to Rs 748.72 crore in Q4 FY21. Its board has recommended a dividend of Rs 4 per share. GTPL Hathway is a leading digital cable TV and broadband service provider.

Read more here.

RITES-led consortium emerges lowest bidder for railway project in Bangladesh

A consortium led by RITES Limited has emerged as the lowest (L1) bidder for a tender floated by Bangladesh Railways. The order consists of the construction of a dual gauge railway line from Bogura to Shahid M. Mansur Ali station in Bangladesh. The project is funded by Exim Bank of India under the Line of Credit (LOC) scheme. RITES stated that the total fee income would be ~Rs 63 crore.

Read more here.

NTPC to raise Rs 3,996 crore via bonds

NTPC Limited said it will raise Rs 3,996 crore through the issuance of non-convertible bonds on April 20, 2021 (Tuesday). The bonds will be issued on a private placement basis at a coupon rate of 6.87% per annum. The proceeds from this issue will be utilised for funding capital expenditure, refinancing of existing loans, and other general corporate purposes. The bonds are proposed to be listed on NSE.

Read more here.

Vivimed Labs receives approval for 3 products

Vivimed Labs Limited has received approvals for 3 products from its state-of-the-art manufacturing site in Hyderabad. The approved products include Bilastine tablets 20mg under the brand name- FLUSTIN. It is used in the treatment of allergic Rhinoconjunctivitis and Urticaria (hives). The second product is Ornidazole and Otloxacin tablets, used in the treatment of bacterial and parasitic infections. The third product is Paracetamol 12 Smg/Sml and Chlorpheniramine Maleate Syrup (used to treat symptoms of allergic conditions).

IndiGo to waive-off change fees on domestic bookings made from April 17-30

InterGlobe Aviation Ltd (IndiGo) announced that it will not charge any fees to change the time or date on domestic tickets that are booked between April 17-30. The airline said passengers can make unlimited changes on domestic tickets booked between this period. However, there will be no change in cancellation fees.

In other news, IndiGo said it had transported a total of 81,437 kg of Covid-19 vaccines between January 12 and April 12. The airline had a leading market share of 36.56% in Covid-19 vaccine transportation during this period.

Read more here.

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Market News Top 10 News

Adani Green Energy’s Unit Wins 300-MW Wind Power Project – Top Indian Market News

Adani Green Energy’s unit wins 300 MW wind power project

Adani Green Energy Ltd (AGEL) said its subsidiary, Adani Renewable Energy Holding Fifteen Ltd (AREHFL), has received the Letter of Award (LoA) to set up a 300 megawatt (MW) wind power project. The fixed tariff for this project capacity is Rs 2.77 per kilowatt-hour (kWh) for a period of 25 years. The project comes under a tender issued by the Solar Energy Corporation of India for setting up 1,200 MW interstate transmission system (ISTS)-connected wind projects. This takes AGEL’s total renewable energy capacity to 15,165 MW.

Read more here.

Delhi HC stays order restraining Future Retail to go ahead with Reliance deal

The Delhi High Court, on Monday, stayed a single judge’s order restraining Future Retail from going ahead with its Rs 24,713 crore deal with Reliance Retail. The deal was objected to by US-based e-commerce giant Amazon.com, Inc. A division bench of Chief Justice D.N Patel and Justice Jasmeet Singh issued a notice to Amazon on Future Group’s appeal challenging the single judge’s judgment (made on March 18) on the deal. The bench has listed the matter for further hearing on April 30.

Read more here.

Lok Sabha passes Insurance (Amendment) Bill to raise FDI cap to 74%

The Lok Sabha has passed the Insurance (Amendment) Bill, 2021, which seeks to raise the limit for Foreign Direct Investment (FDI) in insurance companies from 49% to 74%. The Bill was passed by the Rajya Sabha last week and now requires Presidential approval to become law. The increase in FDI limit will help improve life insurance penetration and create more value-based affordable healthcare for all Indians.

Read more here.

RailTel Corp secures order worth Rs 153 crore from Central Coalfields

RailTel Corporation of India has secured a work order amounting to Rs 153.15 crore from Central Coalfields Limited. The order consists of establishing MPLS-VPN Network or higher Bandwidth on a rental basis for 5 years. State-owned RailTel Corp is one of the largest neutral telecom infrastructure providers in India.

Read more here.

Bharti Airtel to allot 3.64 crore shares to Lion Meadow Investment

Bharti Airtel said its Special Committee of Directors for Fund Raising has approved allotment of 3.64 crore equity shares on a preferential basis to Warburg Pincus’ affiliate Lion Meadow Investment Limited (LMIL) at an issue price of Rs 600 per share. As per the deal, Bharti Airtel will acquire a 20% stake in its DTH arm, Bharti Telemedia, from LMIL for Rs 3,126 crore. After this transaction, LMIL will hold a 0.664% stake in Bharti Airtel.

Read more here.

Mindtree partners with Knauf to drive its digital transformation initiatives

Mindtree Ltd has signed a multi-year agreement with Germany-based Knauf to help accelerate its IT transformation initiatives. Knauf is a global manufacturer of building materials and construction systems. The IT services firm will build a future-ready technology core, drive innovation, and improve Knauf’s operating efficiency. Mindtree will also provide application development services and help in digitising Knauf’s infrastructure.

Read more here.

KNR Constructions receives LoA for road project in Karnataka

KNR Constructions Ltd has received the Letter of Acceptance (LoA) for a road construction project worth Rs 1,100.88 crore in Karnataka. The project involves four-laning of the Bangalore-Mangalore section of NH-75 on an engineering, procurement, and construction (EPC) basis. The project is to be completed within 24 months.

Read more here.

Thermax’s arm partners with Steinmüller Babcock Environment for waste-to-energy tech

Thermax Ltd said its wholly-owned subsidiary, Thermax Babcock & Wilcox Energy Solutions (TBWES), has signed a Know-How Transfer and License agreement with Steinmüller Babcock Environment GmbH (SBE), Germany for Waste-to-Energy technology. TBWES will design, engineer, manufacture, and sell Municipal Solid Waste (MSW) fired waste to energy solutions using SBE’s well-established grate and boiler technology.

Read more here.

Piramal Capital & Housing Finance raises Rs 4,050 crore via issuance of NCDs

Piramal Enterprises Ltd (PEL) said its subsidiary, Piramal Capital & Housing Finance Ltd, has raised Rs 4,050 crore through the issuance of long-term non-convertible debentures (NCDs). The five-year NCDs were issued in two tranches (rounds) in March 2021. With this, the total amount raised by PEL (including debt, equity, and asset sales) since April 2019 has touched Rs 50,000 crore. 

Read more here.

Man Industries wins orders worth Rs 500 crore from domestic, overseas markets

Man Industries (India) Ltd said it has won orders worth Rs 500 crore from domestic and export markets in the oil & gas and water segments. With this, the company’s total order book stands at Rs 1,250 crore. Mumbai-based Man Industries is one of India’s leading large diameter pipe manufacturing companies.

Read more here.

Maruti Suzuki to hike car prices in April due to rise in input costs

Maruti Suzuki India Ltd said it will raise prices for different car models to mitigate the impact of rising input costs. The car manufacturer did not specify by how much it planned to raise prices. The price hike comes at a time when Maruti Suzuki’s sales have stabilised after a year of troubled business due to the Covid-19 pandemic. In January 2021, the automaker had increased prices for certain models by around Rs 34,000.

Read more here.

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Editorial

FTSE Index Rejig to Boost Indian Stocks?

On February 19, UK-based index provider Financial Times Stock Exchange (FTSE) announced certain vital changes as part of its quarterly index review. The FTSE report mentions various Indian stocks that will be added or removed in its All-World and All-Cap Index. As per reports, India is expected to receive significant inflows in the range of $800 million to $1 billion (~Rs 5,789 crore – Rs 7,232 crore) as a result of these changes. Let us have a detailed understanding of what this actually means.

What is FTSE?

The Financial Times Stock Exchange (FTSE) Group is a UK-based organization that is engaged in the management of asset exchanges and creation of index offerings for global financial markets. It manages the FTSE 100 (also known as “Footsie”), which is an index of 100 companies listed on the London Stock Exchange with the highest market capitalization.

Similarly, FTSE manages a large number of other prominent indices that are tracked by investors around the world. Let us take a look at a few of these: 

  • The FTSE Global Equity Index Series is a series of stock market indices that provides coverage of over 16,000 stocks in 49 countries. 
  • The FTSE All-World Index is a market-capitalisation weighted index representing the performance of the large and mid-cap stocks from the FTSE Global Equity Index Series. 
  • Meanwhile, the FTSE Global All Cap Index is a market-capitalisation weighted index representing the performance of the large, mid, and small-cap stocks globally.

Latest Announcements from FTSE:

According to its recent ‘March-21 Semi-Annual Rebal Results’ report, FTSE will add 29 Indian stocks to the All Cap Index, while 5 stocks will be added to the All-World Index. Also, FTSE will be implementing the 3rd tranche (round) of the India Foreign Ownership Limit (FOL) changes on March 19, 2021. When FTSE introduces these changes to the FOL, it would pave the way for a huge infusion of foreign money into these Indian stocks.

Here is a list of prominent stocks that will be added to FTSE’s indices:

Large Cap Index:

Stocks that will be IncludedStocks that will be Excluded
Reliance Industries Partly Paid-up SharesUnited Breweries 
Adani EnterprisesPunjab National Bank
Adani Total Gas

Mid Cap Index:

Stocks that will be IncludedStocks that will be Excluded
Honeywell AutomationAdani Enterprises
Hindustan AeronauticsFuture Retail
Apollo Hospitals
Mindtree
Varun Beverages
United Breweries
Punjab National Bank

What is the Impact of these Changes?

We normally see that Mutual Funds and Exchange Traded Funds (ETFs)— who are continuously tracking these particular indices— would begin to infuse millions into the stocks that have just been included. Or, various institutional investors would see potential in these stocks due to their impressive fundamental or technical forecasts. This confidence from big players will also make small retailers invest more money into these stocks. Eventually, the share prices of these companies would have a high chance of increasing. 

We witnessed a very similar case when there was a reorganisation in the Morgan Stanley Emerging Markets Index in October 2020. You can read more about the MSCI rejig here.

As per a report from Edelweiss Research, Reliance Industries Partly Paid-up Shares are set to see inflows worth $165 million (~Rs 1,195 crore) after being included in the FTSE All-World index. It was also reported that Mindtree, Varun Beverages, Hindustan Aeronautics, Adani Gas, Honeywell Automation, and Apollo Hospitals are likely to receive inflows in the range of $20 million-$80 million (~Rs 144 crore – Rs 579 crore).

On the other hand, the inclusion of these stocks in major global indices shows encouraging signs of how our Indian companies are performing. Do look out for such important and relevant news (such as the FTSE rejig), as it could have an effect on how markets perform on specific days.

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Market News Top 10 News

Supreme Court Halts Future Group-Reliance Deal on Amazon Plea – Top Indian Market News

Supreme Court halts Future Group-Reliance deal on Amazon plea

The Supreme Court on Monday asked the National Company Law Tribunal (NCLT) not to pass a final order on Future Retail’s Rs 24,713-crore asset sale to Reliance Industries Ltd. However, the apex court has allowed the NCLT to continue hearing on amalgamation proceedings between Future Retail and Reliance. The SC also agreed to hear Amazon’s plea against the Delhi High Court verdict staying its single-judge directive to maintain status quo on the deal.

Read more here.

L&T secures large contracts in power transmission segment

Larsen and Toubro (L&T) said its Power Transmission & Distribution (PT&D) business has secured large domestic and overseas contracts. As per the company’s specifications, a ‘large’ contract ranges between Rs 2,500-Rs 5,000 crore. The PT&D business has secured two EPC orders to establish 400 MW solar photovoltaic projects in Gujarat. The business segment has also won an order to install 400 kV line-connected current limiting reactors in Qatar.

Read more here.

Bharat Forge partners with Paramount Group to manufacture armoured vehicles in India

Bharat Forge Limited has partnered with global aerospace and technology firm Paramount Group to manufacture armoured vehicles in India. An agreement was signed by both companies during the International Defence Expo (IDEX 2021) in Abu Dhabi. As per the agreement, the companies will join forces to manufacture Kalyani M4, a flagship aromoured vehicle designed by Paramount in partnership with Pune-based Kalyani Group.

Read more here.

Mindtree achieves Google Cloud Partner specialisation in application development

Mindtree Limited has achieved the Application Development Partner Specialization in the Google Cloud Partner Advantage Program. The IT company said this specialization highlights its expertise and success in building customer solutions in application development using Google Cloud technology. Mindtree further said it is committed to helping enterprises grow and scale their business by offering a wide spectrum of cloud-based services.

Read more here.

Dr Reddy’s launches Lansoprazole tablets in the US

Dr Reddy’s Laboratories has announced the launch of Lansoprazole delayed-release orally disintegrating tablets in the United States. The tablets are used to treat certain stomach and esophagus problems such as acid reflux, ulcers. According to IMS Health data, the generic version of the tablets had US sales of approximately $87 million (~Rs 630 crore) for the recent twelve months ending in December 2020.

Read more here.

Glenmark Pharma’s arm gets Russian Health Ministry approval for Ryaltris nasal spray

Glenmark Pharmaceuticals said its Swiss subsidiary, Glenmark Specialty, has received marketing approval from the Ministry of Health of the Russian Federation for its Ryaltris Nasal Spray. Ryaltris is indicated for the treatment of seasonal and perennial allergic rhinitis in adults and children over the age of 12 years. The company expects the product to be made available to patients in Russia in the first quarter of FY 2021-22.

Read more here.

Vivimed Labs receives approval from Uzbekistan govt for Febril syrup

Vivimed Labs Limited announced that it has received approval for Febril syrup 100ml from the Uzbekistan government. The product is used to relieve symptoms of allergy, hay fever, and the common cold. Hyderabad-based Vivimed Labs is a global supplier of specialty chemicals and pharmaceutical products.

Read more here.

Steel Strips Wheels secures export orders worth €850,000

Steel Strips Wheels Ltd (SSWL) has secured export orders of over 93,000 wheels for the EU caravan trailer market. The orders are valued at around €850,000 (~Rs 7.47 crore). The export orders will be executed between April and June from the company’s plant in Chennai. SSWL is a leading manufacturer of steel wheel rims for various segments of the automobile industry.

Tata Motors launches all-new Safari

Tata Motors Limited, on Monday, launched the all-new Tata Safari at a starting price of Rs 14.69 lakh (ex-showroom, Delhi). The SUV will be available in 6 variants. The automaker has also launched an Adventure Persona edition of the Tata Safari, which ranges between Rs 20.20 lakh – Rs 21.45 lakh.

Read more here.

Hindalco’s board approves amendments to Dividend Distribution Policy

Hindalco Industries Ltd announced that its Board of Directors has approved an amendment to its Dividend Distribution Policy. The objective of this policy is to provide clarity to stakeholders on the company’s dividend distribution framework. Hindalco’s board will now endeavour to distribute a dividend in the range of 8% to 10% of the Free Cash Flow at its consolidated level.

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Market News Top 10 News

Total Acquires 20% Stake in Adani Green Energy – Top Indian Market News

Total acquires 20% stake in Adani Green Energy 

French oil and energy major Total SE announced the acquisition of a 20% stake in Adani Green Energy Limited (AGEL) from the Adani Group. The company will also buy a 50% stake in a portfolio of solar assets operated by AEGL. Total said it would pay $2.5 billion (~Rs 22,118 crore) as part of the acquisition. AEGL has more than 14.6 gigawatts of contracted renewable capacity, with an operating capacity of 3 GW, another 3 GW under construction, and 8.6 GW under development. The company has plans to achieve 25 GW of renewable power generation by 2025.

Read more here.

Mindtree Q3 Results: Net Profit rises 66% YoY to Rs 327 crore

Mindtree Ltd reported a 66% year-on-year (YoY) increase in consolidated net profit to Rs 326.5 crore for the quarter ended December (Q3). The IT firm’s revenue rose by 3% YoY to Rs 2,023.7 crore during the same period. The company’s active client base stood at 276, while it added eight new clients in Q3. Mindtree stated that it is witnessing a significant demand for its cloud, data, and analytics capabilities. 

Read more here.

Three UK partners with TCS to accelerate 5G network rollout

Tata Consultancy Services (TCS) has been selected by Three UK to help configure its mobile network for its ongoing 5G services rollout. Three UK is in the process of deploying a new 5G radio access network, which is already live in 175 towns and cities. TCS’ software will speed-up configuration checking and reduce manual errors, ensuring first-time-right network configuration. TCS will also provide 24×7 support across the network for configuration corrections and ad-hoc site testing. 

Read more here.

L&T secures order worth up to Rs 5,000 crore from RNVL in Uttarakhand

Larsen & Toubro (L&T) announced that its construction arm has secured a contract worth up to Rs 5,000 crore from Rail Vikas Nigam Ltd (RVNL) in Uttarakhand. The scope of the project includes the construction of tunnels, formation, construction shaft, and other ancillary works between Rishikesh and Karanprayag. L&T said the entire project is to be completed within a stringent timeline of 60 months.

Read more here.

IndiaMART InterMESH Q3 Results: Net profit rises 29% YoY to Rs 80 crore

IndiaMART InterMESH Ltd reported a 29.35% YoY increase in consolidated net profit to Rs 80.20 crore for the quarter ended December (Q3). Its revenue rose 5.28% YoY to Rs 173.60 crore during the same period. The company’s board has approved fund-raising of up to Rs 1,100 crore via equity and debt instruments. 

Gravita India secures order worth Rs 125 crore from Korea Zinc’s subsidiary

Gravita India has signed an agreement with Sorin Corporation, a subsidiary of Korea Zinc Co Ltd, for supplying approximately 8,000 MT of refined lead. At current lead prices, the contract would be valued at around Rs 125 crore. The agreement will be executed in the calendar year 2021. Gravita India stated that this contract will help the firm strengthen its market presence in the South East Asian market.

Read more here.

Metropolis Healthcare acquires Hitech Diagnostic Centre

Metropolis Healthcare Ltd has acquired Hitech Diagnostic Centre, a south India-based diagnostics laboratory chain, in a cash and stock deal. The company said it would pay Rs 511 crore in cash and issue up to 4.95 lakh equity shares of face value Rs 2 each on a preferential basis to Hitech’s promoter group. Through the acquisition, Metropolis will get access to 31 laboratories and 68 collection centres of Hitech.

Read more here

Motherson Sumi to acquire 75% stake in two companies of Turkey-based Plast Met Group

Motherson Sumi announced the acquisition of a 75% equity stake in two companies of the Turkey-based Plast Met Group through its subsidiary- Samvardhana Motherson Reflectec (SMR). The enterprise value of the deal is €21.78 million (Rs 193 crore). The all-cash deal is subject to regulatory approvals and is expected to be closed in the coming three months. The acquisition will mark Motherson Sumi’s entry into Turkey, which has a vehicle market of 1.4 million units annually.

Read more here.

Indian Hume Pipe Company receives LoA for water supply project in Uttar Pradesh

Indian Hume Pipe Company Ltd has received a revised Letter of Acceptance (LoA) from State Water & Sanitation Mission (SWSM), Government of Uttar Pradesh for water supply schemes in various villages of Kanpur Division. The project areas of the Kanpur Division are Auraiya, Etawah, Farukhabad, Kanpur Rural, Kanpur Urban, and Kannauj District. The total value of the work order is about Rs 400 crore.

Read more here.

Snowman Logistics Q3 Results: Net profit stands at Rs 1.4 crore

Snowman Logistics Ltd reported a net profit of Rs 1.42 crore for the quarter ended December (Q3). The company had posted a net loss of Rs 3.4 crore in the corresponding period in FY20. Its revenue increased by 3% YoY to Rs 60.18 crore in Q3 FY21. Snowman Logistics also announced that it has appointed Sunil Prabhakaran Nair as CEO and whole-time director of the firm for a further period of 3 years, with effect from February 13, 2021.

Majesco Q3 Results: Net profit up 23 times to Rs 27.7 crore

Majesco Ltd’s net profit jumped 23 times (or 3,127%) YoY to Rs 27.76 crore for the quarter ended December (Q3). Its total revenue rose by 715% YoY to Rs 38.41 crore during the same period. Majesco had completed a buyback of 15.74 lakh equity shares and paid Rs 133 crore to the shareholders in Q3. The company had also announced an interim dividend of Rs 974 per share during the quarter.

Caplin Point’s arm enters into strategic partnership with Canada’s JAMP Pharma Group

Caplin Steriles, a subsidiary of Caplin Point Laboratories Ltd (CPLL), has entered into a strategic partnership with Canada-based JAMP Pharma Group. The agreement includes six injectable products to be filed for Health Canada approval. Caplin Steriles has already filed some of these products in the United States. [CPLL is engaged in the manufacturing of active pharmaceutical ingredients (APIs), finished formulations, research & development, and clinical research]

Read more here.

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Market News Top 10 News

India’s Manufacturing PMI Falls to 3-month Low – Top Indian Market News

India’s manufacturing PMI falls to 3-month low

Factory activity in India fell to its lowest in three months (in November), which reflects a slower increase in sales and production. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) has declined from 58.9 in October to 56.3 in November. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

Read more here.

Dr. Reddy’s and RDIF begin clinical trials for Sputnik-V vaccine in India

Dr. Reddy’s Laboratories and the Russian Direct Investment Fund (RDIF) has commenced Phase 2/3 clinical trials for the Sputnik-V vaccine in India. The clinical trials are being conducted by JSS Medical Research. Dr. Reddy’s plans to administer the vaccine to 100 volunteers in phase 2 and 1,400 volunteers for the last stage. The company also expects the clinical trials to be completed by March.

Read more here.

Auto companies report strong sales performance

The sales data of major auto companies for the month of November was released today. Hero MotoCorp reported a 14% YoY growth in overall sales and had sold 5.91 lakh units in November. Tata Motors posted a 26% YoY rise in domestic sales. TVS Motor witnessed an overall sales growth of 21% YoY at 3.2 lakh units. The farm equipment sales of Mahindra & Mahindra jumped 56% YoY in November.

Read more here.

Bajaj Auto, Pierer Industrie AG start preliminary talks on stake transfer

Bajaj Auto Ltd has started a preliminary discussion with its Australian partner, Pierer Industrie AG, for simplifying their shareholding pattern in KTM. At present, Pierer Mobility AG (PMAG) and Bajaj Auto’s subsidiary (Bajaj Auto International Holdings BV) hold 51.7% and 48%, respectively, in KTM AG. Pierer Industrie is the parent company of PMAG and holds 60% in the company.

As part of the proposed transaction, Bajaj Auto will swap its 48% stake in KTM AG for a stake in PMAG. Then, both Pierer Industrie and Bajaj will move their stakes in PMAG to a new holding company.

Read more here

Divis Labs to start construction of Unit-III facility in Andhra Pradesh on Dec 7

Divis Laboratories stated that the construction of its Unit-III facility in Kona Forest, near Kakinada in Andhra Pradesh, will commence on December 7. The company will invest Rs 1,500 crore in a phased manner for the implementation of its Unit-III facility. The operations are likely to commence within 12-18 months for the first phase of the project.

Read more here.

TVS Motor acquires Intellicar Telematics for Rs 15 crore

TVS Motor Company Ltd has acquired Bengaluru-based Intellicar Telematics Pvt Ltd for Rs 15 crore. Intellicar provides advanced fleet management solutions through its integrated platform. It also has strong analytics and data management capabilities. This move will help TVS Motor to accelerate its ongoing digital initiatives for delivering enhanced customer experience.

Read more here.

Mindtree partners with Databricks to offer cloud-based data intelligence

Mindtree Ltd has partnered with US-based Databricks, a data and AI company, to help customers implement cloud-based data platforms for advanced analytics. The partnership will help organizations to accelerate their digital adoption journey and drive far-reaching business impact for customers. It will enable the seamless implementation of self-service analytics to improve data-driven decision making.

Read more here.

LTI selects Temenos to launch digital banking platform in the Nordic market

Larsen & Toubro Infotech (LTI) has partnered with Temenos to launch a digital banking platform in the Nordic region. The Nordic region consists of countries such as Denmark, Finland, Iceland, Norway, etc. The platform will help to modernize core banking systems and help financial institutions to reduce costs. Temenos India Pvt Ltd is a leading banking software company based in Bengaluru.

Read more here.

PNC Infratech wins EPC project in Andhra Pradesh

PNC Infratech Ltd has received a letter of acceptance (LoA) from the Andhra Pradesh Water Resources Department for an engineering, procurement, and construction (EPC) project. The cost of the project is Rs 1,000 crore. The order is for the upgradation of a canal system from Pothireddypadu Head Regulator and BCR Complex in Andhra Pradesh.

Read more here.

Sequent Scientific launches veterinary medicine in 19 European countries

Sequent Scientific Ltd announced the launch of veterinary medicine (Halofusol) in 19 European countries. The product had recently received approval from the European Medicines Agency (EMA), through its Spanish subsidiary- Laboratorios Karizoo, S A. The company has also stated plans to extend the launch to other geographies.

Read more here.

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Market News Top 10 News

Mindtree’s net profit rises 88% YoY- Top Indian Market News

Mindtree’s net profit rises 88% year-on-year to Rs 254 crore

IT services company Mindtree Limited on Thursday reported a rise in net profit by 87.9% year-on-year (YoY) to Rs 253.7 crore for the quarter ended September (Q2). The company’s revenue increased by 0.6% YoY to Rs 1,926 crore. Mindtree has also declared an interim dividend of Rs 7.5 per share.

Read more here.

Centre to borrow Rs 1.1 lakh crore to meet GST compensation shortfall

The Finance Ministry announced that the Central Government will borrow Rs 1.1 lakh crore to meet the shortfall of Goods and Services Tax (GST) compensation cess. The amount borrowed will be passed on to the states as a back-to-back loan. 

Read more here.

Equitas Small Finance Bank fixes IPO price band at Rs 32-33

Equitas Small Finance Bank, a subsidiary of Equitas Holdings, has fixed the price band at Rs 32-33 per share for its Initial Public Offering (IPO). The Rs 280 crore IPO is all set to open for subscription on October 20th. The expected date of listing has been set for November 2nd.

Read more here.

Lakshmi Vilas Bank board approves rights issue of Rs 500 crore

The Board of Directors of private-sector lender Lakshmi Vilas Bank has approved the decision to raise up to Rs 500 crore through a rights issue. A rights issue means that a company offers more shares to its current shareholders, in order to raise extra capital. Last week, the bank said that it had received a non-binding offer for a merger with Clix Group.

Read more here.

Hindustan Zinc signs pact with Gujarat Govt to set up zinc smelter plant

Hindustan Zinc Ltd has signed a Memorandum of Understanding (MoU) with the Gujarat government to set up a greenfield zinc smelter. The project will require an investment of up to Rs 10,000 crore, and will create more than 5,000 direct and indirect jobs. This is one of the largest MoUs signed by the state under its new industrial policy.

Read more here.

Apollo Hospitals ready to administer 10 lakh Covid-19 vaccines a day

Apollo Hospitals has announced that it is prepared to administer 10 lakh Covid-19 vaccines per day. The company has laid out a well-detailed plan to use 500 corporate health centers and 4,000 pharmacies, along with their digital platform Apollo 24/7, to ensure widespread reach of the much-awaited vaccine.

Read more here.

Tata Elxsi selected as certified 3PL partner for Google Widevine

Design and technology services company Tata Elxsi has announced its selection as a 3PL certification partner for Google Widevine. The company will deliver secure content protection for broadcast, media, and consumer electronics. Third-party logistics (3PL) refers to an organization’s use of third party businesses to outsource certain specific activities.

Read more here.

Infosys hits Rs 5 lakh crore in market capitalization

Infosys Limited on Thursday became the fifth Indian company to cross Rs 5 lakh crore in market capitalization. It is the second IT firm, after TCS, to have achieved this milestone. Infosys had reported great Q2 results on Wednesday, and announced an interim dividend of Rs 12 per share.

Read more here.

Adani Green transfers Essel solar assets to Total JV

Adani Green Energy Ltd, on Thursday, announced that it has transferred Essel Group’s 205 MW (megawatt) solar assets to its joint venture with French energy company TOTAL SE. The transfer has been completed for an amount of Rs 1,632 crore, as per a regulatory filing to the BSE. The solar assets are located in Punjab, Karnataka, and Uttar Pradesh.

Read more here.

Rane Brake announces share buyback at Rs 825 per share

On Thursday, the Board of Directors of Rane Brake Linings approved a share buyback at Rs 825 per share. Shares of the company saw a rise of 12% to Rs 715, after the announcement was made. According to its latest Q2 results, the company has reported a 54.7% year-on-year (YoY) increase in net profits at Rs 11.5 crore.

Read more here.