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Manufacturing PMI Rises to 53.7 in September – Top Indian Market News

Manufacturing PMI rises to 53.7 in September 

India’s manufacturing activity expanded for the third straight month in September. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 53.7 in September, compared with 52.3 in August. Companies benefited from strengthening demand conditions amid the easing of Covid-19 restrictions. However, the increase in fuel, raw material, and transportation prices pushed the overall rate of input cost inflation to a five-month high. 

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

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Auto sales data for September 2021: Highlights

Maruti Suzuki India posted a 34% month-on-month (MoM) decline in total sales to 86,380 units in September 2021. The fall in sales is mainly due to the global semiconductor shortage. Sales from its utility vehicle segment and exports fell 43% and 14.8%, respectively.  

Tata Motors Ltd registered an 8.16% MoM decline in passenger vehicle sales to 25,370 units in September. The automaker’s commercial vehicle sales increased 11.6% MoM to 33,258 units. Overall domestic sales rose 9.16% MoM to 59,156 units. 

Mahindra & Mahindra’s auto segment posted total sales of 28,112 units in September, a decline of 8% over August. M&M’s farm equipment segment posted an 89% rise in sales to 40,331 units.   

Bajaj Auto Ltd posted a 7.7% MoM increase in total sales to 4,02,021 units. Meanwhile, Escorts posted a 54.8% MoM rise in tractor sales to 8,816 units in September.

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Natco Pharma launches Everolimus tablets in the US

Natco Pharma Ltd’s marketing partner, Breckenridge Pharmaceutical Inc., has launched Everolimus tablets 10mg in the US market. The drug is indicated for the treatment of certain types of cancers, tumors, and seizures. According to industry sales data, the generic version of the drug generated annual sales of $392 million (~Rs 2,905 crore) during the twelve months ended July 2021.

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Ipca Labs’ US arm acquires further 20% stake in Bayshore Pharma

Ipca Pharmaceuticals Inc., USA has acquired an additional 20% share capital of New Jersey-based Bayshore Pharmaceuticals LLC. The consideration paid for acquiring the stake is $1.2 million (~Rs 8.90 crore). With this acquisition, Bayshore Pharma is now a wholly-owned subsidiary of lpca Pharmaceuticals Inc, USA. The company will continue to commercialise registered generic drug products in the US market through Bayshore.

IEX power market grows 59% in September

Indian Energy Exchange (IEX) traded 8,997 mega unit (MU) electricity volume in September 2021, achieving a 59% YoY growth. The electricity market registered a 57% YoY growth in volumes to 25,857 MU for the quarter ended September (Q2 FY22). The day-ahead market traded 6,418 MU volume in September, with the average monthly price at Rs 4.4 per unit. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 193 MU during the same month, recording 81% YoY growth.

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NMDC targets 47 MT iron ore production in FY22

NMDC Limited is aiming to achieve 47 million tonnes (MT) of iron ore production during the current financial year (FY22). The state-owned company will also spend Rs 3,720 crore on capital expenditure. NMDC’s total production in September 2021 stood at 2.69 million tonnes, compared to 1.83 MT in September 2020. Its sales increased by 29% YoY to 2.73 MT in September 2021.

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VST Tillers Tractors signs pact with US-based Zimeno

VST Tillers Tractors Ltd (VTTL) has entered into a master service agreement with US-based Zimeno, Inc to develop an integrated tractor powertrain for Zimeno’s electric tractor. VTTL is a leading farm mechanisation player in India, with a dominant market share in the power tiller segment (54% as of FY21). The company also has a market share of 10% in the compact tractor segment.

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Ambuja Cements begins commercial production at Marwar plant

Ambuja Cements Ltd has commenced commercial production of clinker and cement at its Marwar greenfield plant in Nagaur, Rajasthan. The investment for this project is around Rs 2,350 crore. The plant will increase Ambuja Cement’s clinker capacity by 3 million tonnes per annum (MTPA) and cement sales by 5 MTPA. The plant has a Waste Heat Recovery System (WHRS) that converts waste heat derived during the production process into energy.

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Oyo files DRHP to raise over Rs 8,000 crore via IPO

Hotel-booking startup Oyo Hotels & Homes has filed the Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 8,430 crore ($1.1 billion) via an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating up to Rs 7,000 crore and an offer for sale (OFS) of Rs 1,430 crore. According to CB Insights, the startup was last valued at ~$9 billion (~Rs 66,720 crore), making it India’s third most valuable startup. The company is expected to list on the Indian stock exchanges by early next year.

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Tech Mahindra to acquire Germany-based BERIS consulting GmbH

Tech Mahindra GmbH will acquire a 100% stake in BERIS consulting GmbH for a cash consideration of €7 million (~Rs 60.2 crore). BERIS is headquartered in Wolfsburg, Germany, and has about 125+ employees. The acquisition will help Tech Mahindra unlock the transformational growth in the IT and application space for the automotive industry.

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Bharti Airtel Conducts Cloud Gaming Session on 5G Trial Network – Top Indian Market News

Bharti Airtel conducts cloud gaming session on 5G trial network

Bharti Airtel has successfully conducted India’s first cloud gaming session in a 5G environment. The demonstration was conducted in Manesar, Gurgaon, as part of the ongoing 5G trials using spectrum allotted by the Department of Telecommunications (DoT). Cloud gaming enables users to stream and play games in real-time without having to download or invest in gaming hardware. Bharti Airtel stated that cloud gaming will be one of the biggest use cases of 5G, given the combination of high speed and low latency (no lag).

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Tata Power to set up 330 MW solar project in Madhya Pradesh

Tata Power Saurya Ltd (TPSL), a wholly-owned subsidiary of Tata Power, has received a Letter of Award (LoA) from Rewa Ultra Mega Solar to build a 330 megawatt (MW) solar project in Neemuch Solar Park in Madhya Pradesh. The project has been awarded through tariff-based competitive bidding, followed by an e-reverse auction. The energy from the project will be supplied to the Indian Railways and Madhya Pradesh Power Management Company Ltd under a power purchase agreement (PPQ) valid for 25 years. 

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Infosys Springboard to offer digital reskilling to over 1 crore people by 2025

Infosys Ltd has launched Infosys Springboard to accelerate its digital reskilling initiatives and expand it to over 1 crore students and professionals by 2025. The program offers a virtual platform to deliver corporate-grade learning experiences for learners, ranging from school and college students to professionals and adults. Nearly 4 lakh learners and over 300 education institutions, NGOs, and support groups are part of the initiative. Infosys Springboard comes under the IT firm’s corporate social responsibility (CSR) initiatives.

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Just Dial’s board approves allotment of 2 crore shares to Reliance Retail

The Board of Directors of Just Dial Ltd has approved the allotment of 2.12 crore equity shares to Reliance Retail Ventures Ltd (RRVL). The allocation has been done at Rs 1,022.25 per share through preferential allotment on a private placement basis. Following this, RRVL holds 40.98% of the total paid-up equity share capital of Just Dial. To learn more about the deal, click here.

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Adani Green Energy raises $750 million via green bonds

Adani Green Energy Ltd (AGEL) has raised $750 million (~Rs 5,475 crore) through the issuance of green bonds. The bond issue was oversubscribed 4.7 times. The funds will be utilised towards meet the capital expenditure requirements for AGEL’s renewable projects that are under construction. With this bond issuance, AGEL has completed the final phase of its capital management plan. The company now has a fully-funded program for both debt and equity to achieve its target of 25 gigawatts (GW) of renewable energy capacity by 2025.

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M&M to cut production by 25% due to semiconductor shortage

Mahindra & Mahindra Ltd (M&M) will observe ‘No Production Days’ of around 7 days in September as its automotive division continues to face supply shortages of semiconductors. This move is estimated to result in a reduction in production volumes of the automotive division by 20-25% in September. M&M’s revenue and profitability will be impacted in line with the fall in production volumes. 

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Bajaj Healthcare to commence production of Nimesulide API

Bajaj Healthcare Ltd will start commercial production of Nimesulide Active Pharmaceutical Ingredient (API) at its Tarapur unit in Maharashtra on Sept 3. The company has received approval from FDA Maharashtra to manufacture and market Nimesulide API as an approved medication for pain relief and prevention of fever in India. The total installed capacity of the Tarapur unit is 111 metric tonnes (MT) per month.

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BLS International gets ePassport renewal contract from Philippines Dept of Foreign Affairs

BLS International Services Ltd has signed a contract with the Philippines Department of Foreign Affairs to provide ePassport renewal services in Italy, Qatar, and Malaysia. The company will simplify the application procedure and shorten the overall application processing time, thus contributing to improved customer service. BLS International Services is an outsourcing service provider for government and diplomatic missions worldwide.

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Natco Pharma launches generic cancer drug in Canda

Natco Pharma (Canda) Inc., a subsidiary of Natco Pharma, has launched generic Nat-Lenalidomide capsules in the Canadian market. The drug is used for the treatment of multiple myeloma (cancer that forms in a type of white blood cell called a plasma cell). It is a generic alternative to Revlimid, which is to be approved by Health Canada. The launch of the product represents an important milestone in Natco Pharma’s continued efforts to expand its product portfolio.

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Ahluwalia Contracts secures order worth Rs 229 crore from WBHIDCO

Ahluwalia Contracts (India) Ltd has received an order worth Rs 229 crore from West Bengal Housing Infrastructure Development Corporation (WBHIDCO). The order is for the construction of an affordable housing project in Kolkata. Ahluwalia Contracts is a construction company based in New Delhi. Its project portfolio includes residential and commercial complexes, hotels, hospitals, corporate offices, IT parks, and institutional buildings.

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Exports rise 45% YoY in August to $33.14 billion

India’s merchandise exports stood at $33.14 billion in August 2021, an increase of 45.17% over the corresponding month last year. Total exports during April-August this year rose 66.92% YoY to $98.05 billion. Meanwhile, imports increased by 51.47% YoY to $47.01 billion in August. The trade deficit during the month stood at $13.87 billion, compared to $8.2 billion in the year-ago period. The data was released by the Ministry of Commerce & Industry.

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Zydus Cadila’s ZyCoV-D Gets Emergency Use Approval in India – Top Indian Market News

Zydus Cadila’s ZyCoV-D gets emergency use authorisation in India

The Subject Expert Committee (SEC) of Central Drugs Standard Control Organisation (CDSCO) has recommended the Emergency Use Authorization (EUA) for Zydus Cadila’s Covid-19 vaccine, ZyCoV-D, in India. The three-dose vaccine is applied using a needle-free system known as Tropis, which can also lead to a significant reduction in any kind of side effects. ZyCoV-D has an efficacy rate of 66.6% in a late-stage trial of more than 28,000 volunteers nationwide.

In other news, Zydus Pharmaceuticals Inc. (a subsidiary of Zydus Cadila) has signed a pact with Italy-based CHEMI SpA to launch a generic drug used in the treatment of Deep Vein Thrombosis (blood clot formed in deep veins of the body). 

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Ujjivan founder flags asset quality, attrition concerns as CEO resigns

A day after Nitin Chugh resigned as CEO of Ujjivan Small Finance Bank, Samit Ghosh (the founder of Ujjivan Financial Services) highlighted two major concerns at the bank. The extent of provisions against bank loans over the last year and the high attrition rate (the rate at which people leave) at various levels were concerning. Ujjivan SFB’s board will undertake a review of the bank’s loan book to identify accounts where further provisioning is needed. The bank’s gross non-performing assets (GNPA) ratio jumped from 7.1% in Q4 FY21 to 9.8% in Q1 FY22.

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TTK Prestige to commence normal operations at Khardi unit

TTK Prestige Ltd announced that a long-term settlement has been reached with the permanent workmen at its manufacturing unit at Khardi, Maharashtra. The company’s management had declared a lock-out at the unit on November 17, 2020. Under the new settlement, the workmen have agreed not to indulge in disruptive activities henceforth and have also accepted improved productivity norms. Normalised manufacturing operations are expected to commence on August 23, 2021.

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Ashoka Buildcon secures 1,500 MW solar parks project in Madhya Pradesh

Ashoka Buildcon Ltd has secured an order for a 1,500 megawatt (MW) solar parks project in Madhya Pradesh from Rewa Ultra Mega Solar. The accepted contract price of the project is Rs 186.11 crore. Ashoka Buildcon is a leading construction engineering company based in Nashik, Maharashtra.

SpiceJet launches 14 new domestic flights

SpiceJet Ltd has launched 14 new flights, including 12 industry-first non-stop flights. It will be the first airline to connect Bhavnagar-Delhi, Bhavnagar-Surat, Gwalior-Jaipur, Kishangarh (Ajmer)-Mumbai, Pune-Tirupati, and Varanasi-Dehradun. The airline also plans to launch a non-stop flight connecting Bhavnagar (Gujarat) with Mumbai.

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Natco Pharma faces setback in US patent litigation

A US District Court has ruled against Natco Pharma and its partner Alvogen in patent litigation related to Chicago-based AbbVie’s Pharmacyclics LLC’s Imbruvica. The court upheld Pharmacyclics LLC and Johnson & Johnson’s Janssen Biotech’s four patents related to Imbruvica. AbbVie’s Pharmacyclics owns the patents and markets the drug with Janssen Biotech. Imbruvica is used to treat certain blood cancers.

In 2018, Natco Pharma and Alvogen had filed an Abbreviated New Drug Application (ANDA) for a generic version of Imbruvica.

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Facebook India launches ‘Small Business Loans Initiative’ for SMBs across 200 cities

Facebook India has launched the ‘Small Business Loans Initiative’ to help small and medium businesses (SMBs) that advertise on the social media platform to get quick access to credit through independent lending partners. India is the first Facebook country where this program is getting rolled out. The initiative is open to registered businesses across 200 towns and cities across India. The interest range for these loans is pre-defined between 17-20% per annum.

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Steel Strip Wheels secures export orders worth Rs 81 crore

Steel Strip Wheels Ltd (SSWL) has secured an export order valued at close to $11 million (~Rs 81 crore) from Western Hemisphere. SSWL will complete the execution of the orders by December 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.

Adani Total Gas to acquire 50% stake in Smartmeters Technologies

Adani Total Gas has executed a Share Subscription and Shareholders’ Agreement (SSSA) with Gujarat State Export Corp Ltd (GSEC) and Smartmeters Technologies Pvt Ltd (SMTPL) to acquire a 50% stake in SMTPL. The acquisition is expected to be completed by September 2021. Gujarat-based SMTPL is a manufacturer of gas meters with end-to-end solutions and services.

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Tata Steel Reports 34% QoQ Rise in Net Profit in Q1 – Top Indian Market News

Tata Steel Q1 Results: Net profit at Rs 8,907 crore

Tata Steel Ltd reported a consolidated net profit of Rs 8,907 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 4,416 crore in Q1 FY21 and a net profit of Rs 6,644 crore in the previous quarter (Q4 FY21). Its revenue from operations jumped 109.5% YoY to Rs 53,372 crore in Q1 FY22. The company posted its highest-ever EBITDA of Rs 16,185 crore during the quarter, registering a growth of 25.7 times YoY (or 13.3% QoQ). Tata Steel’s crude steel production rose 54.8% YoY to 4.63 million tonnes (MT) in Q1.

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Bharat Forge Q1 Results: Net profit at Rs 153 crore

Bharat Forge Ltd reported a consolidated net profit of Rs 153.7 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 125.8 crore in Q1 FY21 and a net profit of Rs 208.6 crore in Q4 FY21. Its revenue from operations rose 82.6% YoY (or 1.2% QoQ) to Rs 2,107.7 crore in Q1 FY22. EBITDA stood at Rs 454.6 crore during the same period, recording a growth of 20.7% quarter-on-quarter (QoQ). Bharat Forge completed the acquisition of Sanghvi Forgings for Rs 77.06 crore in Q1.

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Tata Power Solar secures Rs 386 crore contract in Leh

Tata Power Solar has secured a contract worth Rs 386 crore to build a 50 megawatt (MW) solar photovoltaic (PV) plant with a 50 MWh battery energy storage system (BESS) project at Phyang village in Leh, Ladakh. The commercial operation date for this project is set for March 2023.  This will be India’s first co-located large-scale BESS solution as well as the first large-scale solar PV project in the union territory of Ladakh. Tata Power Solar is a wholly-owned subsidiary of Tata Power Company Ltd. 

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IRCTC Q1 Results: Net profit at Rs 82 crore

Indian Railway Catering & Tourism Corp Ltd (IRCTC) reported a net profit of Rs 82.5 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 24.6 crore in Q1 FY21 and a net profit of Rs 103.7 crore in Q4 FY21. Its revenue from operations rose 85.4% YoY to Rs 243 crore in Q1 FY22. IRCTC’s board has approved the proposal for the split of 1 share at a face value of Rs 10 each into 5 shares at a face value of Rs 2 each (1:5 ratio).

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BPCL Q1 Results: Net profit declines 28% YoY to Rs 1,502 crore

Bharat Petroleum Corp Ltd (BPCL) reported a 27.6% YoY decline in net profit to Rs 1,501.6 crore for the quarter ended June (Q1 FY22). Net profit has declined by 87.4% when compared to the previous quarter. Its revenue from operations rose 77% YoY to Rs 89,687 crore during the same period. BPCL’s gross refining margin stood at $4.12 per barrel in Q1 FY22, compared to $0.39 per barrel in Q1 FY21.

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CCI directs Grasim Industries to cease, desist from unfair business practices

The Competition Commission of India (CCI) has directed Grasim Industries to cease and desist from indulging in unfair business practices after it found that the company had abused its dominant position with respect to the supply of certain staple fibre. CCI said Grasim had been charging discriminatory prices for the staple fibre. In a regulatory filing dated August 9, Grasim Industries said, “While the company is yet to receive certified copy of the said order (from CCI), it believes that on merits it has sufficient grounds for an appeal”.

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Eicher Motors Q1 Results: Net profit at Rs 237 crore

Eicher Motors Ltd reported a consolidated net profit of Rs 237.1 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 55.2 crore in Q1 FY21. Net profit has declined by 55% when compared to the previous quarter (Q4 FY21). Its revenue from operations jumped 141% YoY (but declined by 33% QoQ) to Rs 1,974.3 crore in Q1 FY22. The company’s sales declined by 40% QoQ to Rs 1.24 lakh unit in the April-June quarter of FY22.

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Natco Pharma Q1 Results: Net profit declines 39% YoY to Rs 75 crore

Natco Pharma Ltd reported a 38.9% YoY decline in consolidated net profit to Rs 75 crore for the quarter ended June (Q1 FY22). Net profit has increased by 41.5% when compared to the previous quarter. Its total income declined by 26.6% YoY (but increased by 18.7% QoQ) to Rs 427.3 crore during the same period. The pharma company’s board has recommended an interim dividend of Rs 2 per share.

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Hero MotoCorp Q1 Results: Net profit jumps 498% YoY to Rs 365 crore

Hero MotoCorp Ltd reported a 498% YoY jump in net profit to Rs 365 crore for the quarter ended June (Q1 FY22). Net profit has declined by 58% when compared to the previous quarter. Its revenue from operations rose 85% YoY (but declined by 37% QoQ) to Rs 5,487 crore during the same period. The motorcycle maker’s total sales declined by 35% QoQ to 10.24 lakh units in the April-June quarter of FY22.

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PFC Q1 Results: Net profit rises 28% YoY to Rs 4,554 crore

Power Finance Corporation (PFC) reported a 28% YoY increase in net profit to Rs 4,554 crore for the quarter ended June (Q1 FY22). Its total income rose 12% YoY to Rs 18,973.93 crore during the same period. PFC’s board has approved an interim dividend of Rs 2.25 per share. State-owned PFC is the financial backbone of the Indian power sector.

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Power Grid Reports 6% YoY Rise in Net Profit in Q4 – Top Indian Market News

Power Grid Corp Q4 Results: Net profit rises 6% YoY to Rs 3,526 crore

Power Grid Corporation of India reported a 6.42% YoY (or 4.7 QoQ) increase in consolidated net profit to Rs 3,526.23 crore for the quarter ended March (Q4). Its revenue from operations rose 3.5% YoY to Rs 10,510.32 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 8.83% YoY to Rs 12,036.46 crore. The company’s board has recommended a final dividend of Rs 3 per share. Its board has also declared a bonus issue in the ratio 1:3. [Eligible shareholders will receive one extra share for every three shares held in the company]

Federal Bank to raise Rs 916 crore from IFC, associate entities

Federal Bank will raise nearly Rs 916 crore by issuing shares to International Finance Corporation (IFC) and its affiliates. The private lender’s board has approved the issuance of up to 10.5 crore equity shares (of the face value of Rs 2 each) to IFC, IFC Financial Institutions Growth Fund (FIG), and IFC Emerging Asia Fund (EAF) at Rs 87.39 per share. Federal Bank is also seeking shareholders’ approval to raise Rs 4,000 crore through a rights issue or Follow on Public Offer (FPO).

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Natco Pharma Q4 Results: Net profit declines 43% YoY to Rs 53 crore

Natco Pharma Ltd reported a 43.68% YoY decline in consolidated net profit to Rs 53 crore for the quarter ended March (Q4). Net profit has declined by 15.57% when compared to the previous quarter. Its total income declined by 24.62% YoY (or 6.81% QoQ) to Rs 359.7 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 4.32% YoY to Rs 440.9 crore. The company expects strong growth during the current financial year due to multiple high-value product launches in the US and a rebound in its India business.

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Lupin receives USFDA approval for Sevelamer Hydrochloride tablets 

Lupin Limited has received approval from the US Food & Drug Administration (USFDA) to market Sevelamer Hydrochloride tablets. The drug is used to control serum phosphorus in patients with chronic kidney disease on dialysis. According to IQVIA data, the tablets had estimated annual sales of $80 million (~Rs 592 crore) in the US for the 12 months ended March 2021. The product will be manufactured at Lupin’s facility in Nagpur.

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IndusInd Bank launches digital lending platform ‘IndusEasyCredit’

IndusInd Bank announced the launch of ‘IndusEasyCredit’, a digital lending platform that enables customers to meet their financial requirements from the comfort of their homes. Both existing customers and non-IndusInd Bank customers can instantly avail of personal loans or credit cards on a single platform in a completely paperless and digital manner. Currently, customers can only apply for the ‘IndusEasyCredit’ facility through the bank’s website.

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DB Corp Q4 Results: Net profit jumps 157% YoY to Rs 61.9 crore

DB Corp Limited reported a 157.42% YoY jump in consolidated net profit to Rs 61.91 crore for the quarter ended March (Q4). Net profit has declined by 37.48% when compared to the previous quarter. Its revenue from operations declined by 6.17% YoY to Rs 456.60 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 48.57% YoY to Rs 141.42 crore. The company’s board has recommended a final dividend of Rs 3 per share. DB Corp is a print media and publishing company based in Madhya Pradesh. 

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Nazara Technologies to acquire 69.82% stake in gaming firm Publishme

Nazara Technologies Ltd has signed a binding term sheet to acquire a 69.92% stake in Publishme, a mobile game publishing agency based in the Middle East and Turkey. The company will invest nearly Rs 20 crore for acquiring the majority stake in Publishme. With this acquisition, Nazara Tech will expand its international footprint in the freemium segment. It aims to build local execution capabilities by cutting across key growth segments— freemium, gamified learning, and esports.

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Adani Enterprises to invest Rs 1,000 crore in cement business: Report

According to a report from BusinessLine, the Adani Group is setting up a 5 metric tonne per annum (MTPA) cement plant in Maharashtra with an initial investment of Rs 1,000 crore. Adani Enterprises Limited (AEL) had recently announced the incorporation of a new wholly-owned subsidiary, Adani Cement Industries Ltd, to carry out the business as manufacturers and processors of all types of cement. The company has identified a 100-acre land in the Raigad district of Maharashtra to set up the cement plant. 

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Novartis India Q4 Results: Net profit rises 43% YoY to Rs 9.7 crore

Novartis India Ltd reported a 43.07% YoY increase in net profit to Rs 9.7 crore for the quarter ended March (Q4). Its revenue from operations rose 6%YoY to Rs 99.29 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) jumped 107.34% YoY to Rs 20.9 crore. The pharma company’s board has recommended a final dividend of Rs 10 per share. 

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Domestic air passengers in May 63% lower than April: DGCA

The total number of domestic passengers that travelled by air declined by 63% to 21.15 lakh in May 2021, compared to 57.25 lakh passengers in April. The second wave of the Covid-19 pandemic has severely hit the aviation sector. IndiGo carried 11.69 lakh passengers in May and secured 55.3% of the domestic market share. SpiceJet flew 1.99 lakh passengers during the same month, accounting for a 9.4% market share. Go First (previously known as GoAir) carried 1.38 lakh passengers in May. The data was released by the Directorate General of Civil Aviation (DGCA).

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Tube Investments Q4 Results: Net profit jumps 141% YoY to Rs 143 crore

Tube Investments of India reported a 141.91% YoY jump in consolidated net profit to Rs 143.84 crore for the quarter ended March (Q4). Net profit has increased by 34% when compared to the previous quarter. Its revenue from operations jumped 165.3% YoY to Rs 2,624.72 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 6.54% YoY to Rs 286.32 crore. The company’s board has recommended a final dividend of Rs 1.5 per share. Its board has also approved the fundraising of up to Rs 200 crore via debt securities. 

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Infosys Finacle launches digital banking SaaS offering for urban co-op banks

Infosys Finacle has launched a digital banking software-as-a-service (SaaS) platform to help Indian urban cooperative banks (UCBs) modernize their business and operations. The company is a part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys Ltd. The platform has already been adopted by three leading UCBs in India— Vidya Sahakari Bank, Urban Co-operative Bank, Bareilly, and Zoroastrian Cooperative Bank

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IPO Updates: 

Dodla Dairy

The Rs 520-crore IPO of Dodla Dairy Ltd was subscribed 3.3 times on the second day of bidding. The portion reserved for retail investors was subscribed 6.18 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 6% and that of qualified institutional buyers (QIBs) 28%. You can learn more about the IPO here.

KIMS 

The Rs 2,144-crore IPO of Krishna Institute of Medical Sciences Ltd was subscribed 56% on the second day of bidding. The portion reserved for retail investors was subscribed 1.95 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 9% and that of qualified institutional buyers (QIBs) 32%. You can learn more about the IPO here.

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Report of NSDL Freezing 3 FPI Accounts ‘Erroneous’, says Adani Group – Top Indian Market News

Report of NSDL freezing accounts of FPIs are erroneous: Adani Group

In a filing to the stock exchanges, the Adani Group clarified that reports of the National Securities Depository Ltd (NSDL) freezing the accounts of three foreign portfolio investors (FPIs) are “blatantly erroneous”. They stated that the report was meant to deliberately mislead the investing community. Earlier today, the Economic Times had reported that NSDL froze the accounts of Mauritius-based Albula Investment Fund, Cresta Fund, and APMS Investment Fund due to ‘insufficient disclosure of information regarding beneficial ownership’. These foreign funds reportedly hold shares worth Rs 43,500 crore in four listed companies of the Adani Group.

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Coal India Q4 Results: Net profit falls 1% YoY to Rs 4,587 crore

Coal India Limited (CIL) reported a 1.1% YoY decline in consolidated net profit to Rs 4,586.78 crore for the quarter ended March (Q4). Net profit has increased by 48.66% when compared to the previous quarter. Its revenue from operations fell 4.2% YoY to Rs 24,510.80 crore during the same period. CIL’s total production fell 4.8% YoY to Rs 203.42 million tonnes (MT) in Q4. Net profit for the financial year 2020-21 (FY21) declined by 24% YoY to Rs 12,699.89 crore. CIL’s board has recommended a final dividend of Rs 3.5 per share.

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WPI inflation hits record high of 12.94% in May

Inflation, as measured by the Wholesale Price Index (WPI), hit an all-time high of 12.94% in May 2021, compared to the corresponding month last year. This is mainly due to rising crude oil prices and higher costs of manufactured products. WPI stood at 10.97% in April. The inflation of primary articles stood at 9.61% year-on-year (YoY) in May, against 10.16% in April. Prices of food articles stood at 4.31% YoY in May, compared with 4.92% in April. Fuel and power inflation rose to 37.6% YoY during May, against an increase of 20.94% in April.

Meanwhile, inflation based on Consumer Price Index (CPI) rose to 6.3% in May, compared to 4.32% in April.

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Amara Raja Batteries to diversify into emerging energy opportunities

Amara Raja Batteries Ltd (ARBL) has announced plans to invest an estimated $1 billion (~Rs 7,320 crore) over the next 5-10 years to expand into new sectors and enter new geographies. The company has decided to invest in green technologies, including lithium-ion batteries, to capitalise on fast-evolving trends in the energy and mobility sectors. The government’s Rs 18,000 crore PLI scheme for advanced chemistry cells provides ARBL a push towards building a domestic supply chain for lithium to serve the fast-growing electric vehicle (EV) and energy sectors.

Read more here.

Indian Overseas Bank Q4 Results: Net profit jumps 2-fold to Rs 350 crore

Indian Overseas Bank (IOB) reported an over two-fold YoY jump in consolidated net profit to Rs 349.77 crore for the quarter ended March (Q4). Net profit has increased by 64.31% when compared to the previous quarter. Its total income rose 10.75% YoY to Rs 6,073.80 crore during the same period. The gross non-performing assets ratio fell to 11.69% in Q4 FY21, compared to 14.78% in the year-ago period (Q4 FY20). Net profit for the financial year 2020-21 (FY21) jumped 109.75% YoY to Rs 831.47 crore. IOB’s board has approved a proposal to raise up to Rs 1,000 crore by issuing bonds.

Read more here.

Natco Pharma’s partner gets USFDA approval for anti-cancer drug

Breckenridge Pharmaceutical Inc., a marketing partner of Natco Pharma, has received approval from the US Food and Drug Administration (USFDA) for Carfilzomib vials. The drug is used to treat multiple myeloma (cancer that forms in a type of white blood cell known as plasma cell). According to industry sales data, the generic version of the drug had annual US sales of $696 million (~Rs 5,096 crore) for the twelve months ended December 2020.

Read more here.

Tata Motors to raise up to Rs 500 crore via NCDs

The Board of Directors of Tata Motors has approved a proposal to raise up to Rs 500 crore through the issue of securities on a private placement basis. The company will issue 5,000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) of the face value of Rs 10 lakh each. The automaker did not share details on how it plans to use the capital.  

Read more here.

Greenply Q4 Results: Net profit at Rs 28.63 crore

Greenply Industries Ltd reported a consolidated net profit of Rs 28.63 crore for the quarter ended March (Q4 FY21). It had reported a net loss of Rs 21.49 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations rose 15% YoY to Rs 396.70 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) increased by 28.91% YoY to Rs 60.91 crore. The company’s board has recommended a final dividend of Rs 0.4 per share.

Read more here.

Kajaria Ceramics Q4 Results: Net profit jumps 169% YoY to Rs 131 crore

Kajaria Ceramics reported a 168.7% YoY jump in consolidated net profit to Rs 131.17 crore for the quarter ended March (Q4). Its revenue from operations rose 46.08% YoY to Rs 952.51 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 21.83% YoY to Rs 308.90 crore. The company’s board approved the expansion of a manufacturing facility at Gailpur (Rajasthan) for ceramic floor tiles. Kajaria Ceramics is the largest manufacturer of ceramic/vitrified tiles in India and the eighth largest in the world.

Read more here.

IPO Updates:

Shyam Metalics

The Rs 909-crore initial public offering (IPO) of Shyam Metalics and Energy Ltd was subscribed 1.23 times on the first day of bidding. The portion reserved for retail investors was subscribed 2.19 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 70% and that of employees 27%. You can learn more about the IPO here.

Sona BLW Precision Forgings

The Rs 5,550-crore initial public offering (IPO) of Sona BLW Precision Forgings Ltd was subscribed 11% on the first day of bidding. The portion reserved for retail investors was subscribed 51%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1% and that of qualified institutional buyers (QIBs) 2%.

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Amara Raja Batteries Reports 38% YoY Rise in Net Profit in Q4 – Top Indian Market News

Amara Raja Batteries Q4 Results: Net profit rises 38% YoY to Rs 189 crore

Amara Raja Batteries reported a 38% YoY increase in consolidated net profit to Rs 189.38 crore for the quarter ended March (Q4). Net profit has declined by 2.23% when compared to the previous quarter. Its revenue from operations rose 33% YoY to Rs 2,102.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 2.11% YoY to Rs 646.83 crore. The company’s board has announced a final dividend of Rs 6 per share. 

Read more here.

Adani Green Energy’s arm transfers 74% stake of Mundra Solar Energy to Adani Tradecom

Adani Renewable Energy Holding Four Ltd, a wholly-owned subsidiary of Adani Green Energy, has transferred 74% shareholding of Mundra Solar Energy Ltd (MSEL) to Adani Tradecom LLP (ATLLP). The subsidiary has transferred 7,400 equity shares of the face value of Rs 10 each, aggregating to Rs 74,000, to ATLLP. MSEL is incorporated to manufacture crystalline silicon solar PV cells, modules, and ancillary products. It is yet to commence business operations.

Read more here.

AkzoNobel Q4 Results: Net profit rises 37% YoY to Rs 74 crore

AkzoNobel India reported a 37% YoY increase in consolidated net profit to Rs 74.25 crore for the quarter ended March (Q4). Net profit has declined by 15% when compared to the previous quarter. The paints manufacturer’s revenue declined 9% YoY to Rs 2,421.3 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 12.56% YoY to Rs 207.64 crore. The company’s board has announced a dividend of Rs 30 per share.

Read more here.

Hero MotoCorp to resume production at all plants from May 24

Hero MotoCorp said it will resume production at all its manufacturing plants in India from May 24 (Monday). The two-wheeler manufacturer had temporarily shut down operations from April 22 due to the second wave of the Covid-19 pandemic. At the beginning of this week, the company had resumed partial operations at its three plants at Gurugram, Dharuhera (Haryana), and Haridwar (Uttarakhand).

Read more here.

Natco Pharma gets USFDA approval for generic cancer treatment drug

Natco Pharma Limited has received approval from the US Food & Drug Administration (USFDA) for generic Lenalidomide capsules. The drug is indicated for the treatment of adults with multiple myeloma, mantle cell lymphoma, and myelodysplastic syndromes (cancer). The pharma company has also received final approval for its Abbreviated New Drug Application (ANDA) for Everolimus tablets. This drug is indicated for the treatment of organ rejection in kidney and liver transplants.

Read more here.

Punjab & Sind Bank Q4 Results: Net profit at Rs 161 crore

Punjab & Sind Bank reported a net profit of Rs 161 crore for the quarter ended March (Q4 FY21). It had reported a net loss of Rs 236 crore in the corresponding quarter last year (Q4 FY20). This is the first quarterly profit for the bank after eight consecutive quarters of net losses. Its total income declined by 15.24% YoY to Rs 1,940.62 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has widened to Rs 2,732.90 crore. This is compared with a net loss of Rs 990.80 crore in FY20.

Read more here.

FTSE includes Gland Pharma, IRFC in All World Index

Index provider FTSE has included newly listed stocks Gland Pharma and Indian Railway Finance Corporation (IRFC) in its All World index as part of its quarterly rebalancing review.  FTSE will also implement the fourth and final tranche of India Foreign Ownership Limit (FOL) changes. All changes will be effective from June 21, 2021. According to a report from Edelweiss Alternate Research, the inclusion of Gland Pharma and IRFC in the All World index is likely to bring in an estimated inflow of $68 million and $20 million, respectively.

Read more here.

TVS Electronics Q4 Results: Net profit at Rs 5.85 crore

TVS Electronics has reported a standalone net profit of Rs 5.85 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 5.69 crore in the corresponding period last year (Q4 FY20). Its revenue from operations rose 35.79% YoY to Rs 72.31 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has increased by 97.44% YoY to Rs 0.77 crore.                     

Read more here.

TCS launches innovation hub to boost sustainable development in Europe

Tata Consultancy Services has launched a co-innovation and advanced research centre in Amsterdam to bring together an ecosystem of partners from academia, government institutions, start-ups, and technology providers. TCS Pace Port Amsterdam will serve as a hub for TCS teams to co-innovate with European customers, guiding them through the discovery, definition, refinement, and delivery phases of innovation.

TCS has also announced plans to set up over 100 Covid-19 vaccination centres across India. The IT company is partnering with hospitals and health care providers to procure doses for vaccinating its associates and their families.

Read more here.

MCX Q4 Results: Net profit declines 41% YoY to Rs 38 crore

Multi Commodity Exchange of India reported a 41% YoY decline in consolidated net profit to Rs 38.44 crore for the quarter ended March (Q4). Net profit has declined by 46.5% when compared to the previous quarter. Its total income declined by 19.62% YoY to Rs 108.46 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit fell 4.77% YoY to Rs 225.22 crore. MCX’s board has announced a final dividend of Rs 27.70 per share.

Mangalam Cement Q4 Results: Net profit rises 134% YoY to Rs 36 crore

Mangalam Cement reported a 134.5% YoY increase in standalone net profit to Rs 36.4 crore for the quarter ended March (Q4). Net profit has declined by 2% when compared to the previous quarter. Its revenue from operations rose 38.42% YoY to Rs 410.82 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 43.5% YoY to Rs 108.98 crore. Mangalam Cement’s board has declared a dividend of Rs 1.50 per share. 

Read more here.

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Manufacturing PMI Remains Steady in April – Top Indian Market News

Manufacturing PMI remains steady in April

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

Read more here.

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

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

Read more here.

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

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

Read more here.

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

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

Read more here.

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

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

Read more here.

Godrej Properties Q4 Results: Net loss at Rs 192 crore

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

Read more here. 

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

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

Read more here.

SBI Life Q4 Results: Net profit at Rs 532 crore

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

Read more here.

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

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

Read more here.

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

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

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

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

Read more here.

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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.

Read more here.

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%.

Read more here.

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.

Read more here.

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.

Read more here.

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. 

Read more here.

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.

Read more here.

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.

Read more here.

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. 

Read more here.

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.

Read more here.

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India’s WPI Inflation Rises to 4.17% in February – Top Indian Market News

India’s WPI inflation rises to 4.17% in February

Wholesale inflation in India jumped to a 27-month high in February 2021, as prices of food, fuel, and power surged. Inflation based on the Wholesale Price Index (WPI) increased to 4.17% in February, compared to 2.03% in January. The WPI Food Index rose to 3.31% in the same period, compared with -0.26% in January. It is estimated that core-WPI inflation will climb to 7-7.5% by May 2021. This indicates that there is increased pressure on India’s economy. The data was released by the Ministry of Commerce and Industry. 

Read more here.

Adani Ports receives LoI to build West Container Terminal at Colombo Port

A consortium led by Adani Ports and Special Economic Zone Ltd (APSEZ) has received a Letter of Intent (LoI) from the Sri Lankan government to build and run the West Container Terminal (WCT) at Colombo Port. APSEZ will own a majority stake of 51% in the terminal, while local partner John Keels Holding PLC will hold 34%. The remaining 15% will be held by Sri Lanka Ports Authority (SLPA). WCT will have an annual capacity of 2.6 million twenty-foot equivalent units (TEUs). [TEU is used to measure cargo capacity for container ships and container terminals]

Read more here.

Laxmi Organic Industries IPO subscribed 2.28 times on first day of bidding

The Rs 600-crore initial public offering (IPO) of Laxmi Organic Industries was subscribed 2.28 times on the first day of bidding. The issue received bids for 7.42 crore equity shares against an offer size of 3.25 crore shares. The portion reserved for retail investors was subscribed 4.34 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 49% and that of qualified institutional buyers (QIBs) 1%.

Read more here.

Finance Minister introduces Bill in Rajya Sabha to allow 74% FDI in insurance

Finance Minister Nirmala Sitharaman, on Monday, introduced a Bill in Rajya Sabha that seeks to amend the Insurance Act in order to increase foreign direct investment (FDI) in the insurance sector from 49% to 74%. On Wednesday (March 10), the Union Cabinet gave its approval for amendments to the Insurance Bill 2021. The increase in FDI limit will help improve life insurance penetration and create more value-based affordable healthcare for all Indians.

Read more here.

Adani Welspun discovers gas in Mumbai Offshore’s Tapti-Daman sector

Adani Welspun Exploration Ltd (AWEL) announced its first-ever gas discovery in Nelp-VII block in the Tapti-Daman sector of the Mumbai Offshore basin. AWEL is a joint venture (JV) between Adani Group and Welspun Enterprises. The block is spread across 714.6 sq km and AWEL owns 100% interest in it. “This discovery will help take India closer to its target of becoming a gas-based economy,” said Gautam Adani, Chairman of the Adani Group.

Read more here.

ITC to expand food portfolio by launching milkshakes, cakes: Report

As per a report from BloombergQuint, ITC Limited plans to expand its offerings in categories such as chocolates and staples, as it looks to boost its food portfolio. The report states that the company has also launched three varieties of cakes under the Sunfeast brand at Rs 10 per pack. It has also launched Sunfeast Wonderz Milk (milkshakes) in the range of Rs 25-35. The launches are part of ITC’s efforts to generate Rs 1 lakh crore revenue from its fast-moving consumer goods business.

Read more here.

Tech Mahindra to acquire majority stake in Perigord Asset Holdings

Tech Mahindra Ltd has announced plans to acquire a 70% stake in Perigord Asset Holdings Ltd, an Ireland-based business process outsourcing (BPO) services company. The majority stake will be acquired directly and indirectly through its wholly-owned subsidiary— Mahindra Engineering Services (Europe) Ltd. The total cost of the acquisition is €21 million (~Rs 181.65 crore). The remaining 30% stake will be acquired over the next 4 years.

Read more here.

Anupam Rasayan IPO subscribed 3.64 times on second day of bidding

The Rs 760-crore initial public offering (IPO) of Anupam Rasayan India was subscribed 3.64 times on the second day of bidding. The issue received bids for 3.53 crore equity shares against an offer size of 97.01 lakh shares. The portion reserved for retail investors was subscribed 6.6 times and that of employees 93%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1.39 times and that of qualified institutional buyers (QIBs) 37%.

To know more about the IPO, click here.

Shree Cement starts commercial production at Odisha unit

Shree Cement Limited has commenced commercial production at its new cement grinding unit at Athagarh Tehsil in Cuttack District, Odisha. The unit has a grinding capacity of 3 million tonnes per annum (MTPA). Shree Cement is a leading cement manufacturer based in Kolkata. It also produces and sells power under Shree Power and Shree Mega Power.

Read more here.

Craftsman Automation IPO subscribed 55% on first day of bidding 

The Rs 823.70-crore initial public offering (IPO) of Craftsman Automation was subscribed 55% on the first day of bidding. The issue received bids for 21.31 lakh equity shares against an offer size of 38.70 lakh shares. The portion reserved for retail investors was subscribed 1.06 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 9%. QIBs are yet to put in bids for the IPO.

To know more about the IPO, click here.

Natco Pharma to launch pheromone-based product to control pests in cotton crop

Natco Pharma Limited will launch its first Green Label Pheromone product for the effective management of Pink Bollworm (PBW) in cotton crop during the Kharif season. The product will be launched under the brand ‘Natmate PBW’. This is the first pheromone-based product made in India that has received approval from the Central Insecticide Board (CIB). The damage to the quality and yield of cotton due to PBW is significant and severely affects the livelihood of small farmers in India.

Read more here.

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Tata Motors’ Shareholders Approve Hiving Off PV Business Into New Entity – Top Indian Market News

Tata Motors’ shareholders approve hiving off PV business into new entity

Tata Motors Limited announced that its shareholders have approved the separation of its passenger vehicle (PV) business into a new entity. On March 5, the shareholders of the company voted to consider and approve the transfer of the PV business unit to TML Business Analytics Services Ltd on a slump sale basis. The automaker said that its passenger vehicles business is valued at Rs 9,417 crore. The process of hiving-off its domestic PV business is expected to be completed by May-June this year.

Read more here.

Tata Motors, Ashok Leyland, M&M looking to acquire 26% stake in BEML: Report

As per a report from Mint, Tata Motors, Ashok Leyland, and Mahindra & Mahindra are among at least six companies looking to buy the government’s 26% stake in state-run BEML Limited. The report states that Bharat Forge and Megha Engineering & Infrastructure are also likely to submit Expression of Interest (EoI) for acquiring the stake in BEML. In January 2021, the Department of Investment and Public Asset Management (DIPAM) had invited EoIs to offload their 26% stake in BEML. The government currently holds a 54.03% stake in the defence and construction equipment manufacturing firm. 

Read more here.

Atul Auto launches new autorickshaw model in CNG, LPG, and petrol variants

Atul Auto Limited has announced the launch of a new next-generation CNG, LPG, and petrol autorickshaw model for the Gujarat market. The supplies of the new model will begin from April 2021 for India and international markets. The new model comes with features like an international styled beige dashboard, semi-digital instrument cluster, step-less entry, and LED tail lamps.

Read more here.

Adani Green Energy’s subsidiary commissions 100-MW wind power plant in Gujarat

Adani Green Energy Limited announced that its subsidiary, Adani Wind Energy Kutch Three Limited (AWEKTL), has commissioned a 100 megawatt (MW) wind power plant in Kutch, Gujarat. With this, the company has an operational wind generation capacity of 497 MW. The plant has a Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) at Rs 2.82 per kilowatt-hour (kwh). 

Read more here.

Talbros Automotive secures multi-year contract worth Rs 304 crore

Talbros Automotive Components Ltd and its joint venture (JV) partners have won multi-year orders worth Rs 304 crore. The orders are spread across its domestic and international customers. The order covers the company’s flagship products- gaskets and forgings. It also includes products from the JV’s— Talbros Marugo Rubber Pvt Ltd and Magneti Marelli Talbros Chassis Systems Pvt Ltd.

Read more here.

Easy Trip Planners IPO subscribed 2.33 times on first day of bidding

The Rs 510-crore initial public offering (IPO) of Easy Trip Planners was subscribed 2.33 times on the first day of bidding. The issue received bids for 3.51 crore equity shares against an offer size of 1.5 crore shares. The portion reserved for retail investors was subscribed 12.58 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 15%. 

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DCW raises Rs 410 crore through debentures

DCW Limited said it has raised Rs 410 crore through the issuance of debentures to refinance its existing term loans and increase working capital. The company issued Non-Convertible Debentures (NCDs) worth Rs 350 crore and Optionally Convertible Debentures (OCDs) amounting to Rs 60 crore. The OCDs will be converted into equity within 18 months. The speciality chemical firm expects this fundraise to enhance capacity utilisation and meet increasing product demand.

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Subex to launch new AI automation platform in April

Subex Limited announced that it will launch a new artificial intelligence (AI) automation platform in April 2021. The platform will help enterprises in their AI adoption journey. Bengaluru-based Subex is a leading software company that provides digital trust products for telecom service providers. 

Natco Pharma receives final approval from USFDA for Everolimus tablets

Natco Pharma Limited announced that its marketing partner, Breckenridge Pharmaceutical Inc. (BPI), has received final approval for Everolimus Tablets from the US Food & Drug Administration (USFDA). The tablets are indicated for the treatment of breast cancer and a few other types of cancers. BPI plans to launch 2.5 mg, 5 mg, and 7.5 mg strengths of the product shortly within the next few weeks.

Meera Industries receives export order worth $180,000

Meera Industries Limited has received an export order worth $180,000 (~Rs 1.31 crore) from Turkey-based Monofiber Teknik Tekstil San Tic. The order is for the company’s recently launched MODEL DTX-260 (Direct Twisting + Precision Winding). The machine is used for all kinds of industrial thread twisting and winding like woven sacks threads, cotton twine, etc. Meera Industries is a leading textile machinery manufacturing company based in Gujarat.

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Amazon Moves Supreme Court Against Future-Reliance Retail Deal – Top Indian Market News

Amazon moves Supreme Court against Future-Reliance Retail deal

Amazon.com, Inc has moved the Supreme court against the Rs 24,713 crore deal between Future Retail and Reliance Retail. Recently, a special bench of the Delhi High Court dealt a blow to the US firm by revoking a previous court decision that effectively blocked the deal. The e-commerce giant has now challenged the lifting of ‘status quo’ orders by the special bench. Amazon had alleged that Future Retail violated contracts by agreeing to sell its retail assets to Reliance Industries in 2020. Future Group has denied any wrongdoing. 

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To learn more about the retail war between Reliance and Amazon, click here. 

Oil India Q3 Results: Net profit rises 25% YoY to Rs 889 crore

Oil India Limited (OIL) reported a 25.42% YoY increase in consolidated net profit to Rs 889.69 crore for the quarter ended December (Q3). It had posted a net profit of Rs 709.39 crore in the corresponding quarter last year. However, the company’s revenue declined by 27.72% YoY to Rs 2,137.34 crore in Q3 FY21. OIL has declared an interim dividend of Rs 3.5 per share.

Blue Star launches commercial refrigeration products for vaccine storage

Blue Star Limited has announced the launch of a new range of refrigeration products and solutions that are ideal for storing vaccines. The products comprise of specifically designed, temperature-controlled refrigerators and transporters. These are integral for building a robust ecosystem for vaccine distribution in India. Blue Star has also announced the launch of its new touchless storage water coolers and soft-push bottled water dispensers.

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Piramal Enterprises Q3 Results: Net profit rises 10% YoY to Rs 799 crore

Piramal Enterprises Ltd reported a 10% YoY increase in consolidated net profit to Rs 799 crore for the quarter ended December (Q3). The company’s two prominent units- finance and pharma- reported a 3% YoY decline in consolidated revenues to Rs 3,169 crore in Q3. Piramal had recently emerged as the successful bidder for Dewan Housing Finance Corporation Ltd (DHFL). The company said that the acquisition is in line with its strategy to diversify its loan book.

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Natco Pharma Q3 Results: Net profit declines 39% YoY to Rs 63 crore

Natco Pharma reported a 39.27% YoY decline in consolidated net profit to Rs 63.40 crore for the quarter ended December (Q3). Its revenue from operations increased by 26.33% YoY to Rs 355.20 crore during the same period. The pharma company’s profit was impacted due to lower sales in domestic oncology. It also faced a weak realization of profit from oseltamivir products (used to treat symptoms caused by flu virus) in the US. Natco Pharma has declared an interim dividend of Re 1 per share.

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Coal India Q3 Results: Net profit falls 21% YoY to Rs 3,085 crore

Coal India Ltd (CIL) reported a 21.4% YoY decline in consolidated net profit to Rs 3,085.4 crore for the quarter ended December (Q3). Its revenue increased by 2.1% YoY to Rs 23,686 crore during the same period. CIL produced 156.8 million tonnes of coal during the quarter, compared to 147.50 million tonnes in Q3 FY20. The company’s expenses increased by 1.7% YoY to Rs 19,592 crore.

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MRF Q3 Results: Net profit jumps two-fold to Rs 521 crore

MRF reported a two-fold increase in consolidated net profit to Rs 520.54 crore for the quarter ended December (Q3). Its revenue from operations increased to Rs 4,641 crore, compared to Rs 4,057.75 crore in the corresponding quarter last year. The company’s board has approved raising of Rs 1,000 crore by issuing non-convertible debentures on a private placement basis. MRF has also declared an interim dividend of Rs 3 per share.

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BHEL secures order to supply 2 Super Rapid Gun Mounts for Indian Navy ships

Bharat Heavy Electricals Ltd (BHEL) has secured an order from the Indian Navy for supplying two Super Rapid Gun Mounts for all its warships. The company has established dedicated manufacturing and inspection facilities at its plant in Haridwar for the production, installation, and commissioning of these standardised guns. BHEL is also working on an upgraded version of these guns (with enhanced range) to cater to future requirements of warships.

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Sun Pharma founder to pay Rs 62.35 lakh to SEBI for settling whistleblower charges

Dilip Shanghvi, founder and MD of Sun Pharmaceutical Industries Ltd (SPIL), will have to pay Rs 62.35 lakh to market regulator SEBI towards settling the charges by a whistleblower. In a letter to SEBI, the whistleblower alleged that Sun Pharma and its subsidiary, Sun Pharmaceutical Laboratories, had been diverting funds through Aditya Medisales Ltd (AML), which is its sole distributor in India. The letter also alleged that transactions with AML were ongoing for several years. However, AML was disclosed as a related party of SPIL only in FY 2017-18. 

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ACC Q4 Results: Net profit rises 73% YoY to Rs 472 crore

ACC Limited reported a 72.88% YoY increase in consolidated net profit to Rs 472.44 crore for the fourth quarter ended December (Q4). The company follows the January-December financial year cycle. Its total revenue rose 2.08% YoY to Rs 4,144.72 crore during the same period. ACC’s revenue from its cement segment grew by 4.63% YoY to Rs 3,876.54 crore in Q4. The company’s board has declared an interim dividend of Rs 14 per share.

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Power Grid Q3 Results: Net profit rises 26% YoY to Rs 3,368 crore

Power Grid Corporation of India reported a 26% YoY increase in consolidated net profit to Rs 3,367.71 crore for the quarter ended December (Q3). Its total revenue rose 8.3% YoY to Rs 10,142.5 crore during the same period. The company’s transmission business grew 9.3% YoY to Rs 10,042.97 crore in Q3. Power Grid’s telecom segment registered a 4.5% YoY growth in revenue to Rs 206.85 crore during the October-Decemer quarter (Q3).