Tag: nbcc

Categories
Daily Market Feed Post Market Analysis

Sharp Recovery After Gap Down. Bearishness to Continue? – Post-Market Analysis

closing bell | marketfeed

NIFTY started the day at 19,545 with a big gap-down of 126 points. The index took support near the round levels of 19,500, moved up to 19,600, consolidated, and gave a breakout till yesterday’s closing levels of 19,680. After taking rejection there, the index fell back to 19,600 levels. Nifty closed at 19,624, down by 46 points or 0.24%.

Nifty chart October 19 - post-market analysis

BANK NIFTY (BNF) started the day at 43,616 with a gap down of 272 points. After the big gap-down opening, the index rose sharply till yesterday’s closing levels of 44,000, took rejection, fell to 43,750 levels, and shot back up to 44,060. Then, the index gradually fell to 43,750 levels again. BNF closed at 43,754, down by 134 points or 0.31%.

Bank Nifty chart October 19 - post-market analysis

All indices except Nifty Auto (+0.5%), Nifty Media (+0.14%), and Nifty FMCG (+0.14%) closed flat-to-red. Nifty Metal (-0.88%) fell the most.

Major Asian markets closed mixed (Japan’s Nikkei fell 1.9%). European markets are currently trading in the red.

Today’s Moves

Bajaj Auto (+6.7%) was NIFTY50’s top gainer. The stock hit a 52-week high of ₹5,495 after the two-wheeler manufacturer reported strong Q2 results.

Shares of PSU civil construction company NBCC (India) Ltd (+9.5%) have zoomed over 60% in 3 months.

LTI Mindtree (+6.6%) jumped after the IT major posted Q2 earnings yesterday.

Wipro (-2.98%) was NIFTY50’s top loser. The company reported flat overall growth in Q2 due to the macroeconomic slowdown and cutbacks in discretionary spending in global markets.

MMTC (-9.95%) fell sharply today. The stock has crashed nearly 20% in 2 days on reports that the govt may shut down the company.

Markets Ahead

Bank Nifty made very volatile moves today. Meanwhile, Nifty tried recovering from the lows but faced rejection from the resistance zones.

Nifty: The important support to watch out for is 19,600. A breakdown from there may take the index down to 19,500 levels. The earlier resistance in Nifty will now act as support. The resistance to look out for will be 19,680 levels, and a breakout from there could give us targets of 19,720 and 19,800.

Bank Nifty: The immediate support in BNF is near today’s low and round levels of 43,500. This is an important long-term support zone as you can see in the chart below. A closing below that zone on a daily or weekly time frame could confirm long-term bearishness. On the other hand, the resistance zone is 44,000, and BNF needs to close above that for some bullishness or reversal.

Premiums in Nifty contracts today and Bank Nifty contracts yesterday experienced insane gamma spikes in Out of the Money (OTM) options. The premiums shot up from ₹1 to ₹25-20 in Nifty today and ₹15 premiums spiked to ₹300 yesterday in Bank Nifty! This creates panic situations for option sellers, whereas such moves reward option buyers if they’re in the right direction.

How was Nifty expiry? Are you in net profit or loss? Let us know in the comments below!

Please join The Stock Market Show at 7 PM on our YouTube channel.

Categories
Daily Market Feed Post Market Analysis

Markets Take a Pause! Nifty Hits Fresh All-Time High – Post-Market Analysis

Markets Take a Pause - post-market analysis | marketfeed

NIFTY started the day at 20,127 with a gap-up of 57 points. The index moved up 40 points to 20,170 levels— creating a fresh all-time high! After making a double top, Nifty fell to 20,050 levels and consolidated within a 50-point range between 20,050 and 20,100 levels for the most part of the day. Nifty closed at 20,103, up by 33 points or 0.16%.

Nifty chart Sept 14 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 46,013 with a gap-up of 103 points. After the initial up-move to 46,150 levels, the index faced rejection and fell over 350 points till the 45,800 support zone. It later bounced back to 46,000 levels and consolidated between these levels for the most part of the day. BNF closed at 46,000, up by 91 points or 0.2%.

Bank Nifty chart Sept 14 - post-market analysis | marketfeed

All indices except Nifty Media (-0.4%) and Nifty FMCG (-0.15%) closed in the green. Nifty PSU Bank (+1.64%) moved up the most. 

Major Asian markets closed up to 1.5% in the green. European markets are currently trading mixed.

Today’s Moves

UPL (+3.85%) was NIFTY50’s top gainer. Antique Stock Broking has revised the stock’s rating to ‘Buy’.

Central Bank (+10.89%) jumped on the back of strong volumes.

NBCC (+7.7%) moved up after the civil construction firm received an order worth ₹180 crore from Steel Authority of India Ltd.

Sugar stocks Dhampur Sugar, Avadh Sugar, Balrampur Chini Mills, Rana Sugar, Shree Renuka Sugars, Eid Parry, Triveni Engineering, and others closed 4-11% in the green. Reports reveal that sugar prices may rise as Maharashtra’s sugar output is set to fall to a 4-year low in the 2023-24 crop year.

Asian Paints (-1.14%) was NIFTY50’s top loser. Stocks of paint companies were in focus today after Grasim Industries announced plans to launch its paints business ‘Birla Opus’ in Q4 FY24.

Markets Ahead

Our targets of 20,150 levels in Nifty and close to 46,200 in Bank Nifty were achieved. The markets are holding these higher levels and the current dips appear to be minor corrections. Given the ongoing strength in the markets, you could consider option buying trades, which may offer more rewarding opportunities with a higher probability of success.

Nifty: The index is currently facing strong resistance around the 20,100 level. If Nifty manages to surpass this hurdle, it may potentially reach its all-time high at 20,170, with the next target being 20,250. On the other hand, if there’s a decline below 20,040, it could push the index down to the 20,000 mark and 19,950 as the second target.

Bank Nifty: In the case of Bank Nifty, a crucial resistance level to watch is the round level of 46,000. If there’s a breakout above this level, it could potentially drive the index up to 46,150 and ultimately to its all-time high at 46,300. Meanwhile, a significant support level to keep an eye on is at 45,750. If the index breaks below this support, it may lead to targets of 45,500 and 45,300.

The markets have formed a DOJI candle on the daily time frame, indicating indecision. A breakout or breakdown, followed by confirmation, will likely determine the direction in which the markets will trend.

Consumer inflation in the US rose for the second consecutive month in August. The US Consumer Price Index (CPI) rose by 0.6% last month, the largest gain since June 2022. This was mainly due to higher gas prices.

Meanwhile, India’s wholesale inflation increased slightly to -0.52% in August 2023 vs. -1.36% in July. WPI-based inflation has been in the negative territory for the fifth month in a row!

How did expiry day trading go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!

Categories
Market News Top 10 News

Jio Fin Services to be Excluded From NSE Indices – Top Indian Market Updates

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

Jio Financial Services to be excluded from NSE indices from Sept 7

NSE Indices is set to remove Jio Financial Services Ltd (JFSL) from its Nifty indices. This move comes after JSFL stock failed to meet the price band criteria on two consecutive trading days. The exclusion from the NSE indices, including Nifty 50, Nifty 100, Nifty 200, Nifty 500, and others will become effective from September 7, 2023. JFSL’s inclusion in various NSE indices was announced earlier in July 2023 due to the demerger of the financial services business from Reliance Industries Ltd. 

Read more here.

Instant settlement of Indian stock market trades to come in by October 2024

According to a Reuters report, the Securities and Exchange Board of India (SEBI) expects instant settlement of stock market trades to be implemented by October 2024. Currently, trades in India are settled in “T+1” or one day after the trades are initiated. Instant settlement would ensure trades are settled immediately. To start, SEBI would implement settlement within one hour of the trade, with instant settlement coming some months later.

Read more here.

Andhra Pradesh govt, SBI sign deal to establish 7,500 micro food processing units

State Bank of India (SBI) and the Andhra Pradesh Food Processing Society (APFPS) have entered into an agreement to upgrade and support the establishment of at least 7,500 micro food processing units in the state. This agreement will be executed in the ongoing financial year (FY24) under the Prime Minister Formalisation of Micro Food Processing Enterprises (PMFME) scheme. SBI has already sanctioned over 500 loans under the PMFME scheme in FY23..

Read more here.

Bain approaches Dr Reddy’s Labs for joint Cipla bid

Bain Capital has approached Dr Reddy’s Laboratories (DRL) to explore a joint bid to buy out the promoters of Cipla Ltd, the Hamied family. Last week, senior leadership from both sides met along with their advisors to discuss and formulate a strategy. DRL is believed to be evaluating the opportunity and countering the offer by Torrent Pharma, which is currently the sole Indian strategic investor who has bid for the promoter stake.

Read more here.

M&M signs sponsorship deal with Disney Star for ICC WC

Mahindra & Mahindra (M&M) has signed a sponsorship deal with Disney Star for the upcoming ICC Cricket World Cup 2023. The World Cup will be played in India from October 5 to November 19. The association marks Mahindra’s most significant foray into sports sponsorships. As part of the deal, M&M has become the associate sponsor of Star Sports and a co-sponsor on the digital platform Disney+ Hotstar.

Read more here.

CBI arrests GAIL’s Executive Director and four others in bribery case

The Central Bureau of Investigation (CBI) has arrested five people, including GAIL Executive Director KB Singh, in connection with an alleged bribery of ₹50 lakh. The agency is conducting searches at Delhi, Noida, Uttar Pradesh and Visakhapatnam. CBI alleged that Singh had demanded the bribe in exchange for favours in a GAIL project. GAIL is India’s leading natural gas transmission and marketing company.

Read more here.

Cipla acquires Actor Pharma for $49 million

Cipla is set to acquire Actor Pharma with a view to expand its footprint in the South African market. Actor Pharma is a privately owned consumer health and generic medicine company. The acquisition will take place at a cost of ZAR900 million or $48.6 million. The transaction was executed through Cipla’s wholly-owned subsidiary in South Africa. The company signed a binding term-sheet with Actor Holdings to acquire 100% of the issued ordinary shares of Actor Pharma.

Read more here.

NBCC gets order worth Rs 2,000 crore from Kerala State Housing Board

National Buildings Construction Corporation Ltd (NBCC) has received an order worth ₹2,000 crore from the Kerala State Housing Board (KSBH). The project entails the development of 17.9 acres of land parcel of Kerala State Housing Board at Marine Drive, Kochi, Kerala. The time period for the order execution is yet to be decided. 

Read more here.

Categories
Market News Top 10 News

Piramal Pharma’s US Facility Passes USFDA Inspection – Top Indian Market Updates

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

Piramal Pharma’s Sellersville facility clears USFDA inspection

Piramal Pharma has passed an inspection by the United States Food and Drug Administration (USFDA) of its manufacturing facility in Sellersville, Pennsylvania, and issued an Establishment Inspection Report (EIR) for the unit. The inspection took place between December 19, 2022, and January 13, 2023. The Sellersville facility is involved in manufacturing and packaging solid oral dosage forms, liquids, creams, and ointments.

Read more here.

Foxconn to bring in technology partners for semiconductor manufacturing in JV with Vedanta

The Vedanta-Foxconn semiconductor joint venture (JV) has shared its technology partners with the Indian government.Vedanta will take the lead on the construction of the Gujarat factory, with revenue expected by 2027. The consortium plans to begin manufacturing chips of 40 nm on a factory line with a capacity of 40,000 wafers per month. The Indian govt has promised to cover half of the project cost and provide other incentives as part of a $10 billion package to promote domestic semiconductor manufacturing.

Read more here.

NMDC explores lithium reserves for mining in Australia

NMDC Ltd is exploring lithium reserves in Australia. The company is the majority owner of a mine located in Mt. Bevan, and hopes to begin mining within two years. NMDC is seeking to secure supplies of lithium to support the production of electric vehicle batteries as part of India’s push to promote green vehicles.

Read more here.

IndusInd Bank signs $100 million loan deal with JBIC to aid Japanese OEMs in India

IndusInd Bank has signed a long-term loan agreement with the Japan Bank for International Cooperation (JBIC) to provide credit facilities to companies in the supply chain of Japanese origin equipment manufacturers (OEMs) in India. The funds raised will be used to provide need-based credit facilities to upstream and downstream companies of Japanese construction equipment firms in India, including component suppliers, dealers, and final buyers of the machinery. The $100 million loan is the first of its kind by JBIC through an IFSC Banking unit at GIFT City. 

Read more here.

Prestige Estates quarterly sales surge to Rs 3,889 crore

Prestige Estates has reported the highest-ever sales of Rs 12,930.9 crore, up 25% YoY, and collections of Rs 9,805.5 crore, up 31% YoY during FY23. Quarterly sales were up 19% YoY to Rs 3,888.8 crore and quarterly collections up 12% YoY to Rs 2,763.3 crore in Q4 FY23. The company sold over 9,600 homes in FY23 and launched 26.38 million square feet, up 57% YoY.

Read more here.

RBI grants AU Small Finance Bank permission to deal with foreign exchange

AU Small Finance Bank has received permission from the Reserve Bank of India (RBI) to act as an Authorised Dealer (Category-I (AD-I) under section 10 of FEMA, 1999). The permission is subject to compliance of applicable regulations. In addition, the RBI has approved the re-appointment of Sanjay Agarwal as managing director and CEO of the bank and Uttam Tibrewal as whole-time director for a period of three years.

Read more here.

Zydus Lifesciences gets USFDA approval to manufacture generic anti-inflammatory drug

Zydus Lifesciences has received final approval from the USFDA to manufacture and market generic Roflumilast Tablets used to reduce inflammation in the lungs that leads to chronic obstructive pulmonary disease (COPD). The drug will be manufactured at the group’s formulation manufacturing facility in SEZ Ahmedabad. Roflumilast Tablets had annual sales of USD 34 million in the United States in FY23.

Read more here.

Shakti Pumps gets pending $1 million for Ugandan Water Project from EXIM Bank

Shakti Pumps has received a pending USD 1 million from EXIM Bank on behalf of the Government of Uganda for a project aimed at providing safe and sustainable water supply to half a million people in 20 rural districts. The project involves the supply of a solar-powered water pumping system, for which Shakti Pumps was awarded a contract worth USD 35.30 million in March 2021 by the Ministry of Water and Environment of the Ugandan government.

Read more here.

NBCC gets project worth Rs 208 crore from PWD Puducherry

NBCC (India) Limited has been awarded a project worth Rs 208 crore from PWD Puducherry. The project involves providing comprehensive design, engineering, and project management consultancy services for a range of infrastructure works, including the construction of a disabled accessible platform, iconic cycle track, and sewage system remodeling. NBCC has also recently received orders worth Rs 448 crore from the Ministry of Home Affairs and the NCLT nod to dissolve its subsidiary, NBCC Engineering & Consultancy Limited (NECL).

Read more here.

UltraTech Cement commissions 2.2 MTPA cement grinding unit in Bihar

UltraTech Cement has commissioned a 2.2 MTPA Brownfield expansion at its grinding unit in Patliputra, Bihar, increasing its grinding capacity to 4.7 mtpa. The expansion will allow the company to meet growing demand for cement in the East region and increase its blended cement ratio. UltraTech Cement’s total grey cement manufacturing capacity in India is now 129.15 mtpa. The company reported a 12% YoY increase in consolidated sales volume to 105.7 million tonnes in FY23. A 14% YoY increase in grey cement volumes to 100.1 mt was also reported.

Read more here.

Categories
Market News Top 10 News

ZEEL Gets Global Rights to Air UAE T20 League – Top Indian Market News

ZEEL secures global rights to air UAE T20 League

UAE’s T20 League has signed a long-term global media rights contract with Zee Entertainment Enterprises Ltd (ZEEL) to air the tournament exclusively on ZEEL’s channels and OTT platform (ZEE5) across the world.  The league comprises six teams competing in a 34-match competition. The matches will air across ZEEL’s 10 linear channels in the HSM (Hindi Speaking Markets), South & East regions in English, Hindi, and Tamil languages. 

Read more here.

Grasim Industries Q4 Results: Net profit jumps 122% YoY to Rs 1,068 crore

Grasim Industries Ltd reported a 122.4% YoY jump in net profit to Rs 1,068.03 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 45.1% YoY to Rs 6,376.39 crore during the same period. The company’s board has declared a dividend of Rs 5 per share and a special dividend of Rs 5 per share.

Read more here.

ABFRL to raise Rs 2,195 crore via preferential issue

Aditya Birla Fashion & Retail Ltd’s (ABFRL) board has approved a proposal to raise up to Rs 2,195 crore via preferential issue of shares and warrants to an affiliate of GIC, Singapore’s sovereign wealth fund. After completing this transaction, GIC will own a ~7.5% equity stake in ABFRL. ABFRL plans to use the proceeds from the issue to accelerate its growth engine built around the strength of its current business.

Read more here.

BLS International signs contract to process German visas in North America & Mexico

BLS International Ltd has signed a 7-year contract to process short-term and long-term visas for Germany in North America and Mexico. The company will start operations with two centres in Mexico and eight centres in North America. It will provide visa outsourcing services and several value-added services like photocopy, translation, courier, and insurance for the convenience of applicants.

Bank of India Q4 Results: Net profit jumps 142% YoY to Rs 606 crore

Bank of India reported a 142% YoY jump in consolidated net profit to Rs 606 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 36% YoY to Rs 3,986 crore during the same period. The gross non-performing assets (GNPA) ratio improved to Rs 9.98% in Q4 FY22, compared to 13.77% in Q4 FY21. The bank’s board has approved a dividend of Rs 2 per share.

Read more here.

Alembic Pharma gets USFDA approval for Pirfenidone tablets

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Pirfenidone tablets. The drug is used to treat idiopathic pulmonary fibrosis (a lung disease). According to IQVIA data, Pirfenidone tablets had an estimated market size of $548 million (~Rs 4,250 crore) for the 12 months ended December 2021. 

Read more here.

NBCC secures contract worth Rs 313 crore from PSCDL

NBCC (India) Ltd has received a work order worth Rs 313.80 crore from Puducherry Smart City Development Ltd (PSCDL). The project consists of planning, designing, and executing various infrastructure development works in Puducherry. NBCC (India) is a Government of India (GoI) Navratna Enterprise. 

Read more here.

IRCTC takes down insurers’ services for data privacy issues

Indian Railway Catering & Tourism Corporation (IRCTC) has temporarily taken down the services of Bajaj Allianz and Liberty General Insurance from its platform after noticing a vulnerability on the insurers’ websites that put the personal data of passengers at risk. IRCTC has a monopoly over train ticket booking in India. The insurance companies provide travel insurance to passengers that book their train and flight tickets through IRCTC.

Read more here.

Ipca Labs Q4 Results: Net profit falls 19% YoY to Rs 130 crore

Ipca Laboratories Ltd reported a 19% YoY decline in consolidated net profit to Rs 130.23 crore for the quarter ended March (Q4 FY22). Its total income rose 15% YoY to Rs 1,303.64 crore during the same period. The Active Pharmaceutical Ingredients (APIs) business registered total revenue of Rs 257.84 crore, down 1% YoY.

Read more here.

Categories
Market News Top 10 News

SJVN to Set Up 1,000 MW Solar Power Project – Top Indian Market News

SJVN to set up 1,000 MW grid-connected solar power project

Satluj Jal Vidyut Nigam (SJVN) has secured a contract to set up a 1,000 megawatt (MW) grid-connected solar power project through the bids floated by the Indian Renewable Energy Development Agency (IREDA). The tentative cost for the construction and development of the project is Rs 5,500 crore. It is expected to generate 2,365 million units (MU) of power in the first year. The power generated from the project will be solely for self-use or use by government entities, either directly or through power distribution companies (DISCOMs).

Read more here.

Zydus Cadila signs pact with Shilpa Medicare to manufacture ZyCoV-D vaccine

Cadila Healthcare Ltd has entered into a definitive agreement with Shilpa Medicare to manufacture its Covid-19 vaccine ZyCoV-D. Shilpa Medicare will produce and supply the vaccine from its integrated biologics R&D cum manufacturing center at Dharwad, Karnataka. India’s drug regulator had given emergency use authorisation for Cadila’s ZyCoV-D on August 20. It is the world’s first DNA plasmid vaccine that can be administered to adults and children aged 12 years and above.

Read more here.

NBCC secures Rs 968 crore contract to construct 2,000 flats in the Maldives

State-owned NBCC Limited has secured a contract worth Rs 968.5 crore for the construction of 2,000 social housing units in the Maldives. This project is NBCC’s biggest-ever order in the overseas market. A loan agreement was signed between Fahi Dhiriulhun Corporation Limited (FDC) and Exim Bank of India for financing the project. The project covers over 7.2 acres of land across seven plots.

Read more here.

Caplin Point Labs’s CRO arm completes USFDA audit with zero observations

The US Food & Drug Administration (USFDA) had completed a virtual audit of Caplin Point Laboratories’ clinical research organisation (CRO) division. The audit ended with zero observations. The pharma company said it is committed to maintaining the highest standards of quality and compliance at all its units. The CRO division, Amaris Clinical, performs clinical studies for submissions to various regulators.

Ircon International to set up 500 MW solar power plant

Ircon International Ltd has won a bid to set up a 500 megawatt (MW) solar power plant through an e-reverse auction under the Central Public Sector Undertaking (CPSU) Scheme-II floated by the Indian Renewable Energy Development Agency (IREDA). The approximate cost of the project is Rs 2,400 crore. State-owned Ircon International is a railway infrastructure company.

Read more here.

IIFL Finance to raise up to Rs 1,000 crore via bonds

IIFL Finance Ltd will open a public issue of secured bonds on September 27 to raise up to Rs 1,000 crore. It will utilise the funds for business growth and capital augmentation. The bonds offer a yield of up to 8.5% per annum and a high degree of safety. The company will issue secured and redeemable non-convertible debentures (NCDs) aggregating to Rs 100 crore, with a greenshoe option to retain an over-subscription up to Rs 900 crore.

Read more here.

Global oil and gas investment will be 30% below pre-Covid level: ONGC

Global investment in the upstream oil and gas sector this year will be around 30% below pre-Covid levels according to Oil and Natural Gas Corp (ONGC) Chairman Subhash Kumar. He also stated that industry outlooks expect India’s energy demand to double by 2050 with strong growth in natural gas. Meanwhile, ONGC has started gas production from the second deep-water well in its KG basin block in the Bay of Bengal.

Read more here.

Auriopro launches ‘AuroPay’ platform to offer wide range of services in payment ecosystem

Aurionpro Solutions Ltd has expanded its footprint in the payment business by launching a payment platform. The company has incorporated Aurionpro Payments Pte Ltd (APPL) as a subsidiary in Singapore. APPL has unveiled ‘AuroPay’, an innovative payment platform that offers secure online payment services. The platform will provide gateway services to merchant organizations and become a one-stop shop covering a wide range of services in the payment ecosystem.

CCI fines United Breweries, Carlsberg in beer price-fixing case

The Competition Commission of India (CCI) has imposed a penalty of Rs 750 crore on United Breweries Ltd. and Rs 120 crore on Carlsberg India for indulging in cartelisation in the sale and supply of beer in the country. The two companies and SABMiller India engaged in price coordination and supply restrictions of beer between 2009 and 2018. CCI has also directed the companies, All India Brewers’ Association (AIBA), and various individuals to “cease and desist” from anti-competitive practices in the future.

Read more here.

Categories
Market News Top 10 News

Tata Motors to Deliver 15 Hydrogen-Powered Buses to IOC – Top Indian Market News

FILE PHOTO: Tata Motors logos are seen at their showroom in Mumbai February 14, 2013. REUTERS/Vivek Prakash/File Photo

Tata Motors to deliver 15 hydrogen-powered buses to Indian Oil Corp

Tata Motors has secured an order for 15 hydrogen-based proton exchange membrane (PEM) fuel cell buses from Indian Oil Corporation Limited (IOCL). All 15 buses will be delivered within 144 weeks from the date of signing of the Memorandum of Understanding (MoU). The automaker will also collaborate with IOCL to undertake research & development (R&D) projects and collectively study the potential of fuel cell technology for commercial vehicles. 

Read more here.

NBCC Q4 Results: Net profit at Rs 83 crore

NBCC (India) Limited reported a consolidated net profit of Rs 83.30 crore for the quarter ended March 2021 (Q4 FY21). It posted a net profit of Rs 83.77 crore in the corresponding quarter last year (Q4 FY20). Its total income rose 2.09% YoY to Rs 2,706.80 crore in Q4 FY21. Net profit for the financial year 2020-21 (FY21) jumped 136.5% YoY to Rs 236.24 crore. The construction company’s board has recommended a final dividend of Rs 0.47 per share.

In other news, NBCC has secured a project worth Rs 206 crore from Odisha Hydro Power Corporation Ltd. 

Read more here.

AstraZeneca partners with Docon to digitalise 1,000 clinics across India

AstraZeneca Pharma India Ltd has signed an agreement with Bengaluru-based health-tech startup, Docon Technologies, for digitising 1,000 clinics across India. Docon will equip clinics with customised Electronic Medical Record (EMR) systems, which enable clinicians to access complete patient history. As part of the pilot phase, around 200 clinics across Tier 1 and Tier 2 towns have been upgraded.

Read more here.

Ircon International Q4 Results: Net profit rises 47% YoY to Rs 170 crore

Ircon International reported a 47.69% YoY increase in consolidated net profit to Rs 170.43 crore for the quarter ended March (Q4). Its revenue from operations rose 29.27% YoY to Rs 2,421.65 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 19.4% YoY to Rs 391.06 crore. Ircon International is an engineering and construction company that specializes in transport infrastructure. It is a wholly-owned subsidiary of the Indian Railways.

Read more here.

Lupin receives USFDA approval for HIV drug under PEPFAR

Lupin Limited has received approval from the US Food & Drug Administration (USFDA) for Dolutegravir, Lamivudine, and Tenofovir Disoproxil Fumarate (TLD) tablets, along with an antiretroviral fixed-dose combination. It is indicated for the treatment of HIV in adults and pediatric patients. The approval has been given under the US President’s Emergency Plan for AIDS Relief (PEPFAR). The product will be manufactured at Lupin’s facility in Nagpur, Maharashtra. 

Read more here.

Tech Mahindra partners with TAC Security for enterprise security solutions

Tech Mahindra Ltd has partnered with TAC Security to enable next-generation enterprise security for customers globally. US-based TAC Security is a risk and vulnerability management firm. The partnership will leverage artificial intelligence (AI) and user-friendly analytics to measure, prioritise, and mitigate vulnerabilities across the entire IT stack. They will help safeguard clients’ applications and infrastructure against cyber threats.

Read more here.

Hatsun Agro expands dairy products portfolio; to sell paneer under ‘Arokya’ brand

Hatsun Agro Product Ltd has expanded its products portfolio by introducing paneer under the ‘Arokya’ brand. It will initially be sold in Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Goa, Maharashtra, and Pondicherry. The company stated that Arokya Paneer is made using fresh milk sourced directly from farmers and natural lemon. The product is available in a 200-gram pack and is priced at Rs 100. Hatsun Agro is a leading private sector dairy company based in Chennai.

Read more here.

Sunteck Realty Q4 Results: Net profit jumps 215% YoY to Rs 10.4 crore

Sunteck Realty Ltd reported a 215.94% YoY jump in consolidated net profit to Rs 10.40 crore for the quarter ended March (Q4). Net profit has declined by 55.35% when compared to the previous quarter. Its total income rose 113.52% YoY to Rs 194.67 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 43.35% YoY to Rs 41.94 crore. The company’s board has recommended a final dividend of Rs 1.5 per share. 

Read more here.

Promoters of Macrotech Developers repay debt of Rs 1,596 crore owed to company

Macrotech Developers announced that its promoters have repaid the entire debt owed by them to the company. The promoters owed a sum of Rs 1,596 crore as of March 31, 2021. Of this, a sum of Rs 400 crore was repaid on April 29, 2021. The balance of Rs 1,196 crore, along with interest accrued, was repaid today (June 30). Macrotech Developers further said it targets a significant reduction in net debt to Rs 10,000 crore by the end of the current financial year (FY22). It will also focus on a capital-light growth strategy around affordable and mid-income housing and digital infrastructure.

Read more here.

EID Parry Q4 Results: Net loss at Rs 6.34 crore

EID Parry (India) reported a consolidated net loss of Rs 6.34 crore for the quarter ended March 2021 (Q4 FY21). It had reported a net profit of Rs 157.23 crore in the corresponding quarter last year (Q4 FY20). Its total income declined by 7.8% YoY to Rs 3,928.52 crore in Q4 FY21. Net profit for the financial year 2020-21 (FY21) declined by 4.38% YoY to Rs 447.37 crore. EID Parry is engaged in the manufacturing and marketing of sugar, bio-pesticides, and nutraceuticals.

Categories
Market News Top 10 News

Centre’s Net Indirect Tax Collections Rise 12% in FY21 – Top Indian Market News

Centre’s net indirect tax collections rise 12% in FY21

The Centre’s net revenue collections from indirect taxes witnessed a 12.3% year-on-year (YoY) rise to 10.71 lakh crore in the financial year 2020-21. This was supported by robust growth in receipts from customs duty and central excise (mostly from petrol and diesel). This figure has surpassed both the original as well as upwardly revised estimates for FY21 in the case of customs duty, central excise, and service tax taken together. The Centre collected Rs 1.32 lakh crore in customs duty receipts in FY21, an increase of 21% YoY. 

Read more here.

BPCL partners with Accenture to transform its sales, distribution network

Bharat Petroleum Corporation Ltd (BPCL) has partnered with Accenture to transform its extensive sales and distribution network. Accenture will use its capabilities in data, artificial intelligence (AI), and cloud technologies to build, design, and implement a digital platform, called IRIS. This platform will integrate real-time data from across BPCL’s countrywide network to provide a consolidated view of its extensive operations.

Read more here.

S&P Dow Jones Indices removes Adani Ports from sustainability index

S&P Dow Jones Indices said it is removing Adani Ports and Special Economic Zone Ltd (APSEZ) from its sustainability index due to the company’s business ties with Myanmar’s military, which is accused of human rights violations after a coup in February. APSEZ had earlier announced plans of building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC). The stock will be removed from the index prior to the open on April 15.

Read more here.

L&T begins construction of 300-MW solar power plant in Saudi Arabia

The renewables arm of Larsen & Toubro’s (L&T) Power Transmission & Distribution Business has secured the go-ahead to begin construction of a 300 MW solar power plant in Jeddah, Saudi Arabia. The engineering, procurement, and construction (EPC) order was received from a consortium of Masdar, EDF Renewables, and Nesma Company. Earlier, L&T said it had secured a major EPC order for establishing a 1.5 gigawatt (GW) Sudair solar PV project in Saudi Arabia.

Read more here.

Adani Green Energy’s subsidiary commissions 50-MW solar plant in Chitrakoot

Adani Solar Energy Chitrakoot One Ltd (ASECOL), a subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 50 megawatt (MW) solar power plant in Chitrakoot, Uttar Pradesh. The plant has a power purchase agreement (PPA) with the Uttar Pradesh Power Corporation Ltd at Rs 3.07 per kilowatt-hour for a period of 25 years. This takes AGEL’s total operational renewable capacity to 3,520 MW.

Read more here.

JLR will report significant cash flow in Q4: Tata Motors

Tata Motors Limited said Jaguar Land Rover (JLR) is confident of reporting significant cash flows for the quarter ended March (Q4) and break-even on a cash flow basis for the financial year ended March 31. JLR posted a 12.4% year-on-year (YoY) increase in retail sales to 123,483 units in Q4. Sales of Jaguar declined by 17.1%YoY to 23,463 units, while sales of Land Rover jumped 22.6% YoY to 100,020 units during the same period.

Read more here.

Ashoka Buildcon declared lowest bidder for Gujarat Rail project

Ashoka Buildcon Limited has emerged as the lowest (L1) bidder for a tender floated by Gujarat Rail Infrastructure Development Corporation. The project consists of Gauge Conversion of Bechraji-Ranuj section to Broad Gauge with 25 kilovolt (kV) AC electrification in Ahmedabad Division of Western Railway. The total project cost is Rs 333.26 crore.

Cipla doubles remdesivir production amid unprecedented demand

Cipla Limited said it has doubled production of Covid-19 medication remdesivir to help meet “unprecedented demand” as India battles the second wave of infections. Recently, the Centre banned the export of the antiviral drug and its Active Pharmaceutical Ingredients (API) to deal with shortages of the medication. The drugmaker is working with authorities to restrict remdesivir supply just to hospitals and areas with a high burden of severe Covid-19 cases.

Read more here.

NBCC secures order to construct office building in Noida

NBCC (India) Limited has been awarded a work order for engagement as Project Management Consultant (PMC) for the construction of a Fertilizer Corporation of India (FCIL) office building at Noida, Uttar Pradesh. The total value of the project is Rs 65.10 crore at a PMC fee of 7%. NBCC (India) is a Government of India enterprise that provides civil engineering construction services.

Read more here.

Ramco Systems partners with EXSYN Aviation Solutions

Ramco Systems Limited has partnered with EXSYN Aviation Solutions to jointly offer aircraft data migration solutions to new clients. This partnership will enable new clients that are onboarding Ramco Aviation M&E MRO Suite to trust and rely on the expertise and technology of EXSYN. This will help clients to smoothly migrate their data from existing systems into Ramco applications.

Read more here.

Categories
Market News Top 10 News

Adani Transmission to Acquire Warora-Kurnool Transmission For Rs 3,370 crore – Top Indian Market News

Electricity Pylons at sunset on background

Adani Transmission to acquire Warora-Kurnool Transmission for Rs 3,370 crore

Adani Transmission Ltd (ATL) has signed an agreement with Essel Infraprojects for the acquisition of Warora-Kurnool Transmission Limited (WKTL). ATL said the acquisition is valued at Rs 3,370 crore. With this acquisition, the cumulative network of ATL will reach 17,200 circuit kilometers (ckt km). Out of this, 12,350 ckt km is already operational, and 4,850 ckt km is in various stages of execution. WKTL will develop, operate, and maintain transmission lines aggregating to 1,750 ckt km, which links the western and southern regions of India.

Read more here.

HCL Tech launches digital acceleration center in Canada

HCL Technologies announced the launch of an innovation center focused on digital acceleration in Mississauga, Ontario. HCL will deliver advanced technology solutions to its global client base to help accelerate their digital transformation journeys. The company will provide digital and analytics solutions, cloud consulting, cybersecurity, and IT infrastructure solutions from its new global delivery center. The IT major said it continues its expansion and growth in Canada with plans to hire 2,000 employees in the next three years.

Read more here.

Mukund completes sale of land in Thane to NTT Global Data Centers Nav2

Mukund Limited has completed the transfer of surplus leasehold land at Thane to NTT Global Data Centers Nav2 Pvt Ltd for Rs 801 crore. The company will utilise the amount for repayment of debts. The specialty steelmaker said it has brought down its overall debt by Rs 975 crore during FY 2020-21. Mukund has also sold its 51% stake in the joint venture, Mukund Sumi Special Steel, to Jamnalal Sons Private Ltd and has received Rs 713.61 crore as the first installment.

Read more here.

Lumax Industries to set up manufacturing unit at Sanand

The Board of Directors of Lumax Industries has approved capital expenditure (capex) amounting to Rs 80 crore for setting up a manufacturing unit in Sanand, Gujarat. The unit will cater to the orders received from MG Motors and other customers. The total capex will be funded by a mix of debt and internal accruals. The project is expected to be operational by the third quarter (Q3) of FY 2021-22. 

The company’s board has approved the setting up of an office in the Czech Republic to strengthen its technological capabilities.

Read more here.

BPCL sells entire 61.5% stake in Numaligarh Refinery to Oil India, Engineers India

Bharat Petroleum Corporation Ltd has sold its entire 61.5% stake in Numaligarh Refinery Ltd (NRL) to a consortium of Oil India Limited (OIL), Engineers India, and Government of Assam for Rs 9,876 crore. OIL acquired a 54.16% stake from BPCL, while Engineers India bought a 4.4% stake. The sale of NRL clears the way for the privatisation of India’s second-largest fuel retailer.

Read more here.

Adani Green Energy completes acquisition of 20-MW solar project in UP

Adani Green Energy Ltd (AGEL) has completed the acquisition of Spinel Energy & Infrastructure Ltd (SEIL) from Hindustan Cleanergy and Peridot Power Ventures. SEIL has a 20 megawatt (MW) operating solar project in Mahoba, Uttar Pradesh. The project has a long-term Power Purchase Agreement (PPA) with UP state discom at Rs 7,54 per kilowatt-hour (kWh). AGEL acquired the entire share capital and securities of SEIL at an enterprise value of Rs 133 crore.

Read more here.

Minda Industries to expand capacity at Bawal plant

The Board of Directors of Minda Industries has approved the expansion of a production plant of its material subsidiary, Minda Kosei Aluminium Wheel Pvt Ltd. The subsidiary manufactures aluminium alloy wheels for original equipment manufacturers (OEMs). A fresh investment of Rs 167 crore has been approved for the expansion of Minda Kosei’s Bawal plant in Haryana from 1,20,000 wheels per month to 1,80,000 wheels per month. 

The company’s board has also approved an investment of Rs 90 crore to set up a plant in Gujarat for manufacturing four-wheeler automotive lighting products.

Vascon Engineers receives LoA for projects worth Rs 515 crore

Vascon Engineers Limited has received a Letter of Acceptance (LoA) from the Uttar Pradesh Public Works Department for two projects worth Rs 515.63 crore. The first project consists of establishing a new medical college (attached with the existing District Hospital) in Bijnor. The second project includes the establishment of a medical college in Kaushambi district. Both projects have to be completed within 18 months.

NBCC (India) secures redevelopment work for Rs 1,356 crore

NBCC (India) Limited has secured an order for the redevelopment of GPRA Colony at Netaji Nagar, New Delhi. This includes the construction of General Pool Office Accommodation (GPOA), SARTAC Office Hostel, and other infrastructure buildings and allied works. The estimated value of the engineering, procurement, and construction (EPC) order is Rs 1,356.15 crore.

Categories
Market News Top 10 News

RailTel Corp Launches WiFi Facilities at 4,000 Railways Stations – Top Indian Market News

RailTel Corp launches WiFi facilities at 4,000 railways stations; secures order worth Rs 25 crore from BSNL

RailTel Corporation of India has started monetising its WiFi facilities at railway stations by launching high-speed prepaid WiFi at over 4,000 railway stations across India. The scheme is expected to bring additional revenue of Rs 15 crore per annum to the company. RailTel has also selected Margo Networks, a subsidiary of Zee Entertainment Ltd, to provide Content-on-Demand (CoD) services in trains and railway stations. 

In other news, RailTel Corp has received an advance purchase order amounting to Rs 25.46 crore per annum from Bharat Sanchar Nigam (BSNL). The scope of work consists of the commissioning of point-to-point links. The advance purchase order issued for the work will be valid for one year and further extendable by two years.

Read more here.

Wipro to acquire UK-based consultancy firm Capco for $1.45 billion

IT major Wipro Limited said it will acquire UK-based management and technology consultancy firm Capco for $1.45 billion (~Rs 10,550 crore). Capco serves financial institutions across the Americas, Europe, and Asia-Pacific regions. This acquisition will make Wipro one of the largest end-to-end global consulting, technology, and transformation service providers to the banking and financial services industry. 

Read more here.

Ashoka Buildcon to acquire 49% stake in Ashoka Highways for Rs 36 crore

Ashoka Buildcon Ltd has entered into a share purchase agreement (SPA) with India Infrastructure Fund (IIF) for purchasing a 49% stake held by IIF in Ashoka Highways (Bhandara). The aggregate consideration to be paid for acquiring the stake is Rs 35.98 crore. The completion of the transaction is subject to approvals from the National Highways Authority of India (NHAI). Ashoka Buildcon currently holds 9 shares in Ashoka Highways (Bhandara).

Read more here.

TCS partners with VodafoneZiggo to accelerate its fixed fiber network rollout

Tata Consultancy Sevices (TCS) has expanded its strategic partnership with VodafoneZiggo B.V. Netherlands to accelerate its fixed fiber network rollout. TCS will deploy artificial intelligence (AI), machine learning technology, as well as TCS Twin— its digital twin solution for enterprises— for the rollout of VodafoneZiggo’s business-to-business (B2B) fixed fiber network. This will enable superior connectivity for subscribers and a faster launch of new services.

Read more here.

Dilip Buildcon receives LoA from Mahanadi Coalfield for mining project in Odisha

Dilip Buildcon Ltd has received a Letter of Acceptance (LoA) for a mine developer cum operator (MDO) contract from Mahanadi Coalfield Limited. The scope of work consists of the development and operation of the SIARMAL Open Cast Project in Odisha. The value of the contract is Rs 36,819.07 crore. The contract period is 25 years.

IEX reports 50% YoY volume growth in February

Indian Energy Exchange (IEX) announced that its electricity market registered a volume of 6,769 million units (MU) in February 2021. This is a 50% growth as compared to February 2020. The company said that the robust growth in volume indicates that IEX’s electricity market is clearly positioned as the most preferred option for distribution utilities and industrial consumers to source electricity for addressing the demand-supply balance.

Read more here.

MTAR Technologies IPO subscribed 10.27 times on second day of bidding

The Rs 596.41-crore initial public offering (IPO) of MTAR Technologies was subscribed 10.27 times on the second day of bidding. The issue received bids for 7.45 crore equity shares against an offer size of 72.60 lakh shares. The portion reserved for retail investors was subscribed 16.55 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 8.04 times. Qualified institutional buyers (QIBs) have put in 96% bids against their reserved portion. 

To know more about the IPO, click here.

Alembic Pharma’s JV Aleor Dermaceuticals gets USFDA approval for Testosterone Gel

Alembic Pharmaceuticals said its joint venture (JV) firm Aleor Dermaceuticals has received final approval from the US Food and Drug Administration (USFDA) for Testosterone Gel. The product is used for replacement therapy in adult males for conditions associated with deficiency of testosterone. According to IQVIA data, Testosterone Gel had sales of approximately $86 million (~Rs 626 crore) for the 12 months ending December 2020.

Read more here.

GE Shipping buys secondhand bulk carrier of about 56,103 dwt

Great Eastern (GE) Shipping Company Ltd has signed a contract to buy a secondhand Supramax Bulk Carrier of about 56,103 deadweight tonnage (dwt). The 2013 Japanese-built vessel is expected to join the company’s fleet in the first quarter of the upcoming financial year (Q1 FY22). Mumbai-based GE Shipping is India’s largest private sector shipping service provider.

Read more here.

NBCC (India) signs MoU with Rashtriya Ispat Nigam

NBCC (India) Limited has signed a Memorandum of Understanding (MoU) with Rashtriya Ispat Nigam Ltd (RINL) for the redevelopment and monetisation of 22.19 acres of land parcels at Maddilapalem, Visakhapatnam. The company will be paid Project Management Consultancy (PMC) fee at 7% of the estimated/approved project cost or actual project cost.

Read more here.

Max Healthcare launches QIP to raise around Rs 1,200 crore

Max Healthcare Institute Limited has launched a qualified institutional placement (QIP) to raise around Rs 1,200 crore. The floor price of the QIP has been fixed at Rs 190.40 per share. The company will utilise the funds raised from the QIP for meeting its capital expenditure and working capital requirements. The funds will also be used for repayment of debt and other general purposes.

Categories
Market News Top 10 News

Adani Ports’ Q3 Profit Rises 16% YoY to Rs 1,576 crore – Top Indian Market News

adani ports and sez

Adani Ports Q3 Results: Net profit rises 16% YoY to Rs 1,576 crore

Adani Ports & Special Economic Zone (APSEZ) Ltd reported a 16.22% YoY increase in consolidated net profit to Rs 1,576.53 crore for the quarter ended December (Q3). Its consolidated revenue rose 12% YoY to Rs 4,274.79 crore during the same period. APSEZ’s overall cargo volume surged 37% YoY to 76 million metric tonnes (MMT) in Q3. The revenue from port operations increased by 35% YoY, while its logistics business grew by 8% YoY during the October-December period.

Read more here.

GAIL acquires IEX’s 5% stake in Indian Gas Exchange

State-owned GAIL (India) Ltd has acquired a 5% stake in Indian Gas Exchange (IGX) from its parent company, Indian Energy Exchange (IEX). It has been reported that 36.93 lakh equity shares of IGX have been sold to GAIL for a cash consideration of Rs 3.69 crore. IEX stated that the partnership between IGX and GAIL will add robust value addition in the development of gas markets in India.

Read more here.

Muthoot Finance Q3 Results: Net profit rises 17% YoY to Rs 1,006 crore

Muthoot Finance reported a 17% YoY increase in consolidated net profit to Rs 1,006.6 crore for the quarter ended December (Q3). Its revenue rose 16% YoY to Rs 3,000.78 crore during the same period. The company’s consolidated loan assets grew by 28% YoY to Rs 55,800 crore during the nine months of 2020-21. Muthoot Finance said that its active customer base crossed 50 lakh. 

Read more here.

HFCL partners with Qualcomm for development of Wi-Fi 6 products

HFCL Limited has partnered with US-based Qualcomm Technologies for the development of Wi-Fi 6 products. WiFi 6 is the next generation of WiFi, which is compatible and complementary to 5G networks. HFCL said it is eyeing to increase its WiFi segment revenue by threefold to Rs 450 crore over the next 3 years. The company will market the co-developed products worldwide after necessary trials under its IO brand.

Read more here.

Berger Paints Q3 Results: Net profit rises 51% YoY to Rs 275 crore

Berger Paints India Ltd reported a 51.2% YoY increase in consolidated net profit to Rs 274.98 crore for the quarter ended December (Q3). Its revenue from operations rose 25% YoY to Rs 2,118.2 crore during the same period. The company has witnessed a consistent pick-up in demand for its high-margin decorative paints business. 

Read more here.

Tata Steel Q3 Results: Net profit at Rs 3,989 crore

Tata Steel Limited reported a consolidated net profit of Rs 3,989 crore for the quarter ended December (Q3). It had posted a net loss of Rs 1,228 crore in the corresponding quarter last year. The company’s revenue rose 11.5% YoY to Rs 39,594 crore in Q3 FY21. The company’s performance in Q3 was driven by higher prices, better product mix, lower exports, and operating efficiency initiatives.

Read more here.

IOB Q3 Results: Net profit at Rs 213 crore

Indian Overseas Bank (IOB) reported a net profit of Rs 213 crore for the quarter ended December. The bank has posted a net loss of Rs 6,075 crore in the corresponding quarter last year. Net interest income (NII) rose 19% YoY to Rs 1,522 crore in Q3 FY21. IOB’s gross non-performing assets (GNPA) ratio declined to 12.19%, compared with 17.12% in Q3 FY20.

Read more here.

Bharat Electronics secures order worth Rs 1,000 crore from Ministry of Defence

Bharat Electronics Ltd has signed a contract with the Ministry of Defence for the procurement of Software Defined Radio Tactical (SDR-Tac). The estimated contract value is Rs 1,000 crore. SDR-Tac is a radio system primarily used in ships. BEL will deliver the product to the Indian Navy within three years.

Read more here.

Mahanagar Gas Q3 Results: Net profit rises 16% YoY to Rs 217 crore

Mahanagar Gas Ltd (MGL) reported a 16.8% YoY increase in net profit to Rs 217.2 crore for the quarter ended December (Q3). Its revenue rose 10.4% YoY to Rs 666.4 crore during the same period. MGL has increased the price of CNG by Rs 1.50 per kg and that of domestic PNG (cooking gas) by 95 paise per unit in Mumbai. The company’s board has declared an interim dividend of Rs 9 per share.

Indoco Remedies Q3 Results: Net profit jumps 169% YoY to Rs 25 crore

Indoco Remedies reported a 169.2% YoY increase in consolidated net profit to Rs 25.1 crore for the quarter ended December (Q3). The company’s consolidated revenue rose 17.2% YoY to Rs 332.3 crore during the same period. Revenue from its international business registered a strong growth of 73% YoY in Q3. Indoco Remedies is a Mumbai-based research-oriented pharma company that has a presence in over 55 countries.

Read more here.

BPCL to sell 61.6% stake in Numaligarh refinery by March-end

Bharat Petroleum Corporation Ltd (BPCL) said it plans to complete its 61.65% stake sale in Numaligarh Refinery (NRL) to Oil India Limited and the Government of Assam by March 31. The transaction is subject to government approvals. The sale of NRL is considered to be the first step towards the disinvestment of BPCL. In the nation’s biggest privatisation till date, the Central government will sell its entire 52.98% stake in BPCL.

Read more here.

NBCC’s subsidiary secures project worth Rs 1,800 crore

NBCC (India) Ltd announced that its subsidiary, HSCC Limited, has secured a project for the upgradation of district hospitals and medical colleges in 12 districts of Rajasthan. The agreement was signed between HSCC and the Medical Education Department, Government of Rajasthan. The total cost of the project is estimated at Rs 1,800 crore.

Read more here.

Categories
Market News Top 10 News

Reliance Jio to Launch 5G Services in India by Second Half of 2021 – Top Indian Market News

Reliance Jio to launch 5G services in India by second half of 2021: Mukesh Ambani

RIL chief Mukesh Ambani, on Tuesday, said that Reliance Jio will pioneer the 5G revolution in India by the second half of 2021. He was speaking at the fourth edition of the India Mobile Congress. The solution for the fifth-generation wireless service will be built indigenously, said the RIL chairman. Ambani further said that India requires policy developments for the early implementation of 5G services.

Read more here.

ICICI Bank to sell 2.21% equity stake in ICICI Securities via OFS

ICICI Bank said that it will be selling up to 71.21 lakh shares (2.21% equity) in ICICI Securities through an offer for sale (OFS). An OFS is a method by which a promoter of a listed company sell their shares and reduce their holdings. The floor price of the OFS has been set at Rs 440 per share. The lender stated that this move is to meet the minimum public shareholding (MPS) norm.

Read more here.

Godrej Properties acquires 18-acre land in Bengaluru to build housing project

Godrej Properties Ltd has bought an 18-acre land parcel in Bengaluru to develop a housing project. The project will offer 2.4 million square feet of saleable area, comprising primarily residential apartments. The site, located in Whitefield, offers a well-developed social and civic infrastructure with multiple schools, hospitals, and commercial spaces in close proximity.

Read more here.

Canara Bank sets floor price of Rs 103.50 per share for QIP

Canara Bank Ltd has set a floor price of Rs 103.50 per share for its proposed Rs 2,000 crore qualified institutional placement (QIP). A QIP allows a listed company to raise capital from domestic markets without the need to submit any pre-issue filings to market regulators. A meeting of the sub-committee of Canara Bank’s board is scheduled to be held on December 10. At the meeting, the board will determine the issue price for the equity shares, as well as the number of shares to be allotted to the qualified institutional buyers.

Read more here.

Passenger vehicle retail sales rise 4% in November on festive demand: FADA

The Federation of Automobile Dealers Association (FADA) said that passenger vehicle retail sales saw an increase of 4.17% YoY in November. The number of units sold in November increased to 2,91,001, as compared to 2,79,365 units in November 2019. FADA stated that there had been a rise in vehicle registrations over the Diwali-Dhanteras period. However, two-wheeler sales declined 21.4% YoY to 14.13 lakh units during the same month.

Read more here.

Indoco Remedies wins tenders worth Rs 140 crore in Germany for Allopurinol tablets

Indoco Remedies Ltd said that it has won tenders worth Rs 140 crore in Germany, for the supply of Allopurinol tablets. The tablets are used to treat gout and kidney stones. The drug firm has stated that the revenue expected from this business is Rs 70 crore per annum. The supplies to Germany will begin from January 2021 and continue till the end of 2022.

Read more here.

TVS Srichakra to invest Rs 1,000 crore to expand manufacturing capacity

TVS Srichakra Ltd will invest around Rs 1,000 crore to ramp up manufacturing at its Madurai and Pantnagar plants. The investment will increase its two and three-wheeler tyre capacity by 25%-30% and double the off-highway tyre capacity. The proposed investment will be made over a three-year period. The company stated that this expansion programme is aimed at meeting the growing demand across its customer base- both domestically and globally.

Read more here.

Mindspace REIT to raise Rs 200 crore via debentures

Mindspace Business Parks REIT said it will raise up to Rs 200 crore through the issuance of debentures on a private placement basis. The decision was taken at an executive committee meeting of K Raheja Corp Investment Managers LLP, which is the manager of Mindspace REIT. Mindspace Business Parks is India’s second Real Estate Investment Trust (REIT), after Embassy Office Parks. 

Read more here.

Cupid wins order to supply Covid-19 Antigen Based Rapid Test Kits

Cupid Ltd has received a purchase order from Uttar Pradesh Medical Supplies Corporation for the supply of Covid-19 Antigen Based Rapid Test Kits. The estimated value of the order has been set at Rs 8.27 crore. This is the company’s first order to supply its specialised test kits.

Read more here.

NBCC bagged orders worth Rs 325 crore in November

NBCC (India) Ltd said that it secured a total business of Rs 324.81 crore in November 2020. The construction services company is a Government of India Navaratna enterprise. The firm operates through 3 segments- project management consultancy (PMC), real estate development, and engineering, procurement & construction (EPC).

Read more here.