Tag: ncc

Categories
Market News Top 10 News

India’s Manufacturing PMI Slows to 5-Month Low in Sept – Top Indian Market Updates

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

India’s manufacturing PMI slows to a 5-month low in Sept

India’s manufacturing sector slowed to a 5-month low in September 2023. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 57.5 in September, compared to 58.6 in August. The contraction in manufacturing activity was due to a soft increase in new orders, which slowed production.

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

Read more here.

IHC raises its stake in Adani Enterprises to above 5%

International Holding Co (IHC) has increased its total stake in Adani Enterprises (AEL) to above 5%. The development comes days after it decided to offload stakes in two other group companies as part of its portfolio restructuring/rejig. Although IHC hasn’t disclosed the amount invested in the company, a 5% stake in AEL as of Tuesday is valued at ₹13,600 crore.

Read more here.

Bajaj Finserv’s insurance arm receives GST Demand Notice

Bajaj Allianz General Insurance Company Ltd (BAGIC) received a show cause cum demand notice from the Directorate General of Goods and Services Tax (GST) Intelligence. The authority alleged a tax demand of ₹1010.05 crore. BAGIC is Bajaj Finserv’s insurance subsidiary. As per the notice, the company failed to pay GST between July 2017 and March 2022.

Read more here.

PFC sanctions ₹15,000 crore loans, forays into funding of airport projects

Power Finance Corporation (PFC) has sanctioned ₹15,000 crore loans for various projects. Furthermore, it has entered into funding airport projects. As part of its diversification strategy and funding for infrastructure projects, PFC sanctioned its first financing for a greenfield airport project in Andhra Pradesh. PFC’s Board of Directors also reviewed strategic agendas pertaining to the company’s business diversification strategy.

Read more here.

India’s coal production rises 16% YoY in September

India’s coal output increased 15.81% YoY to 67.21 million tonnes (MT) in September, compared to 58.04 MT in September FY22-23. The cumulative coal production up to September increased to 428.25 MT in the current financial year, over 382.16 MT in the year-ago period. Coal India Ltd’s (CIL) output increased to 51.44 MT in September as against 45.67 MT a year ago. CIL accounts for over 80% of domestic coal production.

Read more here.

JSPL starts coal production at Chhattisgarh’s Gare Palma mine

Jindal Steel & Power Ltd (JSPL) has started coal production at its Gare Palma IV/6 mine in Chhattisgarh. The mine will support the proposed expansion of its Raigarh integrated steel plant from the existing 3.6 MTPA to a capacity of 9.6 million tonnes per annum (MTPA).

Read more here.

Vedanta to complete steel asset sale this fiscal year

Vedanta Ltd will complete the divestment of its steel assets by March 2024. The company started the review of its steel and steel raw material business in June. Vedanta is also planning to demerge its business unit into independent companies. Its parent company, Vedanta Resources, has been struggling to raise funds due to rating downgrades and concerns about meeting its debt obligations.

Read more here.

NCC secures 3 orders worth ₹4,206 crore

NCC Ltd secured three orders worth ₹4,205.94 crore in September from both Central and State government agencies. These orders are to different divisions within the company: ₹819.20 crore for the water division, ₹173.19 crore for the electrical division, and ₹3,213.55 crore for the transportation division. 

Read more here.

Strides Pharma gets USFDA approval for Ethyl capsules

Strides Pharma Global Pte. Ltd has received approval from the US Food & Drug Administration (USFDA) for its generic version of Icosapent Ethyl capsules. The capsules are used to control triglyceride levels in the blood and is bioequivalent and therapeutically equivalent to the reference listed drug Vascepa of Amarin. As per IQVIA, the product has a market size of around $1.3 billion. Strides Pharma Global Pte. Ltd is a wholly-owned Singaporean subsidiary of Strides Pharma. 

Read more here.

TRSL secures ₹857 crore order from Gujarat Metro Rail

Titagarh Rail Systems Ltd (TRSL) has secured a contract worth ₹857 crore with the Gujarat Metro Rail Corporation Ltd (GMRC) to manufacture 72 standard gauge cars. These metro cars are destined for the first phase of the Surat Metro Rail Project. The contract for designing, manufacturing, supplying, testing, commissioning, and training for these metro cars. The execution of this contract is scheduled to commence 76 weeks after its signing. 

Read more here.

Categories
Market News Top 10 News

India’s Manufacturing PMI Rises to 55.3 in Oct – Top Indian Market Updates

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

India’s manufacturing PMI rises to 55.3 in Oct

India’s manufacturing sector activity remained resilient in October, led by strong growth in factory orders and production. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.3 in October 2022, compared to 55.1 in Sept. Job creation grew at the fastest pace in three years.

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

Read more here.

Auto sales data for October 2022: Highlights 

Maruti Suzuki India Ltd posted a 21% year-on-year (YoY) increase in total sales to 1.67 lakh units in October 2022. Sales from its utility vehicle segment rose 14.4% YoY to 30,971 units. Exports fell 4.1% YoY to 20,448 units.

Tata Motors Ltd registered a 33% YoY increase in passenger vehicle sales to 45,423 units in Oct. The automaker’s commercial vehicle sales fell 2% YoY to 32,912 units. Overall domestic sales rose 17% YoY to 76,537 units. 

Mahindra & Mahindra’s passenger vehicles division posted total sales of 32,298 units in Oct, up 60% YoY. M&M’s tractor segment posted an 11% YoY increase in sales to 51,994 units.  

TVS Motor Company posted a 10.9% YoY increase in total sales to 3.44 lakh units. Meanwhile, Hero MotoCorp posted a 17% YoY decline in total sales to 4.54 lakh units in October. 

Read more here.

Adani Ports Q2 Results: Net profit rises 69% YoY to ₹1,677.48 crore

Adani Ports & Special Economic Zone Ltd reported a 68.5% YoY increase in consolidated net profit to ₹1,677.48 crore in Q2 FY23. Its revenue from operations rose 33% YoY to ₹5,210.8 crore during the same period. The company’s cargo volumes grew 15% YoY to ₹86.6 million metric tonnes (MMT) in Q2.

Read more here.

PNB Housing Finance expects 40% jump in disbursals this fiscal: MD & CEO

The domestic housing finance sector is now witnessing robust demand after the pandemic, and PNB Housing Finance expects strong growth of 40% in disbursals in FY23, said the company’s MD & CEO Girish Kousgi. “With the real estate boom coupled with economic activity in the country and a high shortage of housing, opportunity is still very high. All these things put together, I feel that the demand is robust,” he said.

Read more here.

Voltas Q2 Results: Net loss at ₹7.41 crore

Voltas Ltd reported a consolidated net loss of ₹7.41 crore for the quarter ended Sept (Q2 FY23). It posted a net profit of ₹104 crore in Q2 FY22. The company’s revenue from operations rose 6% YoY to ₹1,768 crore during the same period. Voltas incurred a one-off expense of ₹106 crore as an overseas customer terminated a contract.

Read more here.

NCC secures orders worth ₹1,056 crore in Oct

NCC Limited received two new orders worth ₹1,056 crore (exclusive of GST) in October from State Government agencies. These orders pertain to the company’s Water and Environment Division. NCC develops and builds residential & commercial properties, industrial facilities, public buildings, roads, and civil engineering structures across India.

Read more here.

Tech Mahindra Q2 Results: Net profit falls 4% YoY to ₹1,285 crore

Tech Mahindra reported a 4% YoY decline in consolidated net profit to ₹1,285.4 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 20.6% YoY to ₹13,129 crore during the same period. The IT firm secured deals worth $712 million in Q2, a decline of 10.7% from the previous quarter. Tech Mahindra’s board has declared a special dividend of ₹18 per share.

Read more here.

SEBI fines 21 entities in Sunstar Realty Development case

The Securities and Exchange Board of India (SEBI) has imposed a fine of ₹1.05 crore on 21 entities for manipulating the share price of Sunstar Realty Development Ltd (SRDL). SEBI conducted an investigation of SRDL’s stock from June 2015 to March 2016 to ascertain whether there were any violations of the Prohibition of Fraudulent & Unfair Trade Practices rules.

In other news, SEBI barred fugitive businessman Mehul Choksi from the securities markets for 10 years. It also imposed a fine of ₹5 crore on him for indulging in fraudulent trading in the shares of Gitanjali Gems Ltd.

Read more here.

PNB Q2 Results: Net profit falls 63% YoY to ₹411 crore

Punjab National Bank reported a 63% YoY decline in net profit to ₹411 crore for the quarter ended Sept (Q2 FY23). Its net interest income (NII) rose 30.2% YoY to ₹8,271 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 13.36% in Q2 FY22 to 10.48% in Q2 FY23. Provisions for bad loans stood at ₹3,555.98 crore in Q2 FY23, up 32% YoY.

Read more here.

UPL Q2 Results: Net profit rises 28% YoY to ₹814 crore

UPL Ltd reported a 28.4% YoY increase in consolidated net profit to ₹1,285.4 crore in Q2 FY23. Its revenue from operations rose 18.4% YoY to ₹12,507 crore during the same period. EBITDA stood at ₹2,768 crore in Q2, up 35% YoY. UPL saw revenue in Latin America, North America, and India grow by 20-24% YoY, but growth in Europe was muted at 1%.

Read more here.

Nykaa Q2 Results: Net profit jumps 344% YoY to ₹5.2 crore

FSN E-Commerce Ventures (Nykaa) reported a 344% YoY jump in consolidated net profit to ₹5.2 crore in Q2 FY23. Its revenue from operations rose 39% YoY to ₹1,230.8 crore during the same period. The lifestyle retailer’s gross merchandise value or GMV rose 45% YoY to Rs 2,345.7 crore in Q2.

Read more here.

Categories
Market News Top 10 News

India’s GDP Grows 8.7% in FY22 – Top Indian Market Updates

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

India’s GDP growth slows to 4.1% in Q4; FY22 growth at 8.7%

India’s gross domestic product (GDP) in the January-March quarter (Q4 FY22) grew 4.1%. In the third quarter of FY22, GDP growth slowed to 5.4% from 8.5% in the second quarter and 20.3% in the first quarter. India’s economy had just begun to recover from the Covid-19 pandemic-induced slump when a rise in Omicron cases in January brought back restrictions.

The GDP growth in the financial year 2021-22 stood at 8.7%, compared to a contraction of 6.6% in FY21.

Read more here.

M&M raises auto, farm equipment biz capex by 27% till FY24

Mahindra & Mahindra Ltd has increased its mid-term capital expenditure for automotive and farm equipment business by 27% or Rs 3,400 crore to Rs 15,300 crore till FY24. The automaker aims to increase the capacity for its XUV700 and new models in the pipeline. The Rs 400 crore spike in capex for farm business will go into new plant expansion. 

Read more here.

NCC bags three orders worth Rs 6,388 cr in May

Construction firm NCC Limited secured three orders worth Rs 6,388 crores in May 2022. The company has received an order from Brihanmumbai Municipal Corporation for the design, build, operation & maintenance of the Malad Wastewater Treatment Facility under the Mumbai Sewage Disposal Project-II. It has received similar orders from other state government agencies.

Read more here.

CarTrade Tech partners with IDFC First Bank to offer financing solutions for used cars

CarTrade Tech Ltd has announced a strategic partnership with IDFC First Bank to offer easy and smart financing for used cars. The bank will become the preferred financier for customers purchasing used vehicles from CarWale abSure’s dealers with customised offerings to suit their needs. CarWale abSure is the used car platform of CarTrade Tech.

Defence Ministry signs Rs 2,971 crore deal with BDL

The Ministry of Defence has signed a deal with Bharat Dynamics Ltd (BDL) for the supply of Astra Mk-1 missiles for the Indian Air Force and Navy at the cost of Rs 2,971 crore. Astra Mk-1 is India’s first indigenous air-to-air missile. This project will act as a catalyst for the development of infrastructure and testing facilities at BDL.

Read more here.

Tata Elxsi partners with Lenovo to deliver XR solutions

Tata Elxsi has partnered with Lenovo to develop smart extended reality (XR) solutions for enterprise and engineering applications. Customers using Lenovo’s smart XR devices will benefit from end-to-end solutions and services from Tata Elxsi and Lenovo. The two entities will enable enterprises to deliver immersive digital transformation solutions.

Read more here.

ONGC sees crude oil production rising 11% by FY25

Oil & Natural Gas Corporation (ONGC) said its crude oil production will rise 11% and natural gas output will jump 25% after newer discoveries in the western and eastern offshore start producing. Crude oil production is expected to rise from 19.54 million tonnes (MT) in FY 2021-22 to 19.88 MT in FY23 and 21.58 MT in FY24. ONGC will spend Rs 31,000 crore from 2022 to 2025 on exploration campaigns throughout India.

Read more here.

Govt keeps fiscal deficit at 6.7% of GDP for FY22

The fiscal deficit for FY 2021-22 worked out to be 6.71% of the gross domestic product (GDP). The figure is lower than the 6.9% projected by the Ministry of Finance in the revised budget estimates. The fiscal deficit in the absolute terms was Rs 15,86,537 crore (provisional). The revenue deficit at the end of FY22 was 4.37%.

[Fiscal deficit is the difference between the total revenue and total expenditure of the government].

Read more here.

LIC makes Rs 42,000 crore equity gains in FY22

Life Insurance Corp of India (LIC) made Rs 42,000 crore of gains from equity investments in the financial year ended March 2022 (FY22), up 17% YoY. The company reported equity gains of Rs 36,000 crore in the previous year. LIC’s Managing Director Raj Kumar said the insurer will match the profitability of its private sector counterparts in the next five years.

Read more here.

Categories
Market News Top 10 News

Cabinet Approves Relief Package for Telecom Sector – Top Indian Market News

Cabinet approves 4-year moratorium on AGR dues, 100% FDI in telecom sector

The Union Cabinet has approved a four-year moratorium on payment of spectrum dues by telecom companies. The government has also decided to allow 100% foreign direct investment (FDI) in the telecom sector. The Centre has decided to rationalise the definition of Adjusted Gross Revenue (AGR). These measures are aimed at providing relief to companies such as Vodafone Idea and Bharti Airtel, who have to pay thousands of crores in unprovisioned past statutory dues. 

In other news, the Cabinet has also approved a Production Linked Incentive (PLI) scheme for the automobile and auto components sector with a budgetary outlay of Rs 25,929 crore. They have also approved a PLI scheme for the drone industry.

Read more here.

Tata Consumer signs pact with IIMR to strengthen R&D efforts on millets

Tata Consumer Products (TCP) has partnered with the Indian Institute of Millet Research (IIMR)-Hyderabad to unlock the full potential of millets as a healthier and more sustainable alternative to traditional grains. The two entities will combine research and development (R&D) expertise and drive the innovation of millets. This partnership will help TCP strengthen its product portfolio in the area of millets. TCP has identified pantry and mini-meals segments as some of the key areas of focus in its growth strategy.

Read more here.

Lupin launches generic Duexis tablets in the US

Lupin Limited has launched generic Duexis (ibuprofen and famotidine) tablets in the US market. The drug is used to treat symptoms of rheumatoid arthritis and osteoarthritis (inflammation or swelling of the joints). Duexis is also used to decrease the risk of developing upper gastrointestinal ulcers. According to IQVIA data, the generic version of the drug had sales of $765 million (~Rs 5,620 crore) in the US market for the 12-months ended July 2021.

Read more here.

SpiceJet to launch 38 new domestic and international flights

SpiceJet Limited will start 38 new domestic and international flights between September 15-25. The airline has launched flights on the Delhi-Surat, Bengaluru-Varanasi, Mumbai-Jaipur, Mumbai-Jharsuguda, Chennai-Pune, Chennai-Jaipur routes. Spicejet will also resume flights to and from Dubai, connecting Mumbai, Delhi, Ahmedabad, Kochi, Kozhikode, Amritsar, and Mangaluru.

Read more here.

USPTO approves Subex’s patent application that seeks to maximise revenue of telecom firms

The US Patent and Trademark Office (USPTO) has approved a patent application of Subex Ltd. The new patent extends the revenue maximisation capabilities of telecom firms, helping operators and subscribers to take proactive actions. Subex will set standards for telecom operators to identify monetisation opportunities. It will also help in detecting risks such as digital fraud to prevent damage before it occurs. Subex is a leading telecom analytics solutions provider.

Read more here.

Dabur hikes prices of hair oil brands by 2-7.5%

FMCG major Dabur Limited has hiked the prices of its hair oils across brands by 2.3-7.5% within the past 1-2 months. According to sources in trade and distributors, the hikes have been seen in the Amla, Vatika, and Anmol Gold Coconut hair oil brands. The maximum retail price (MRP) of the 275 ml Dabur Amla hair oil bottle has been hiked by 2.9% to Rs 138, while the MRP of the 450 ml bottle is costlier by 5% at Rs 209. The price hikes come on the back of rising raw material prices, especially of crude oil and crude derivatives such as Light Liquid Paraffin (LLP).

Read more here.

NCC declared lowest bidder for all 3 packages of Bangalore Metro’s Airport Line

NCC Limited was declared as the lowest (L-1) bidder to construct all three packages of Bangalore Metro’s 37 km Airport Line (Blue Line). The Airport Line will link Bengaluru’s Kempegowda International Airport (KIA) with KR Puram. The ORR-Airport Metro project will comprise two new metro lines (with a total length of 56 km) along Outer Ring Road (ORR) and National Highway 44— between Central Silk Board and KIA. It includes 30 new metro stations that will offer multimodal facilities, including bus bays, taxi stands, pedestrian walkways, and bridges.

Read more here.

KNR Constructions receives LoA for order worth Rs 1,041.5 crore 

KNR Constructions Ltd has received a Letter of Acceptance (LoA) for an order worth Rs 1,041.5 crore. The order includes the development of a six-lane Chittor-Thatchur Highway in Andhra Pradesh and Tamil Nadu on Hybrid Annuity Mode (HAM). The project is expected to be completed within two years. KNR Construction will also be in charge of operation and maintenance for 15 years from the date of commercial operation.

Read more here.

Categories
Market News Top 10 News

Burger King India IPO Gets Oversubscribed on Day 1 – Top Indian Market News

Burger King India IPO subscribed more than 3 times on Day 1

The initial public offering (IPO) of Burger King India was subscribed more than three times on the opening day of the issue. The Rs 810-crore issue has received bids for 23.32 crore equity shares, which was 3.13 times the total issue size. The IPO consists of a fresh issue of Rs 450 crore and an offer for sale (OFS) of up to 6 crore shares, aggregating Rs 360 crore. The price band of the issue has been fixed at Rs 59-60 per share.

Read more here.

BPCL receives three preliminary bids, says Oil Minister Dharmendra Pradhan

India’s Oil Minister Dharmendra Pradhan announced that state-owned Bharat Petroleum Corporation Ltd (BPCL) has received three preliminary bids, as part of its stake sale. Earlier, Vedanta had confirmed putting in an expression of interest (EoI) for buying the government’s 52.98% stake in BPCL. The other two bidders are said to be global funds, one of them being Apollo Global Management.

Read more here.

Infosys, Rolls-Royce enters into strategic partnership for aerospace engineering in India

IT major Infosys Ltd and Rolls-Royce have entered into a strategic partnership for sourcing engineering and R&D services for Rolls-Royce’s civil aerospace business. As part of the partnership, Rolls-Royce will transition a significant part of its engineering centre capabilities for civil aerospace in Bengaluru to Infosys. The engineering centre will strengthen Infosys’ existing capabilities in Turbomachinery and Propulsion. 

Read more here.

NCC secures four orders worth Rs 3,905 crore

NCC Limited announced that it has received four external orders totaling Rs 3,905 crore. One order of Rs 848 crore is for NCC’s water division and the remaining four orders pertain to its building division. It has received these orders from central and state government agencies. These orders will be executed over the next 24 to 42 months.

Read more here.

Wipro wins multi-year contract from Verifone

Wipro Ltd announced that it has won a multi-year contract from Verifone, a global leader in payments and commerce solutions. The IT major will develop new features, capabilities, and interfaces for Verifone’s Cloud Services offerings. By leveraging its global engineering support team, Wipro will assist Verifone to transform its customer partnerships.

Read more here.

L&T to sell UK marine automation platform to Rolls-Royce

Larsen & Toubro (L&T) has signed a pact with Rolls-Royce for the divestment of its UK-based integrated marine automation solutions provider, Servowatch Systems. L&T stated that this move is aimed at unlocking value within the existing business portfolio by divesting non-core units. Servowatch Systems has grown into an internationally recognized provider of marine automation platforms over the past eight years of L&T’s ownership.

Read more here.

SpiceJet to provide logistical support for Covid-19 vaccine delivery

SpiceJet announced that it will provide logistical support for the delivery of Covid-19 vaccines. The airline’s cargo arm, SpiceXpress, will be transporting the vaccine through a specialised service called Spice Pharma Pro. The company stated that it has the ability to transport extremely sensitive drugs and vaccines in controlled temperatures ranging from -40°C to +25°C. 

Read more here.

IndiGo achieves 70% of its pre-Covid capacity, operating 1,000 flights daily

Interglobe Aviation Ltd (IndiGo) stated that it has reached 70% of its pre-Covid capacity and is operating 1,000 daily flights to and from 65 destinations. This includes 59 domestic and 6 international destinations. The company expects the growth to continue into 2021. IndiGo, which is India’s largest airline, operated around 1,500 daily flights before the pandemic hit.

Read more here.

Dabur and other top brands sell adulterated honey: CSE

An investigation by the Centre for Science and Environment (CSE) claims that several brands of honey, including those sold by Dabur India Ltd, Patanjali, and Zandu, are adulterated. CSE had sent samples from 13 brands to a German lab for testing the purity of their honey. The tests reveal that most brands sell honey that is laced with sugar syrup.

Read more here.

Phoenix Mills and GIC to set up mixed-use retail platform

Phoenix Mills Ltd (PML) and its subsidiaries have entered into a non-binding term sheet with GIC Private Equity, for the formation and development of a retail-led mixed-used platform. PML will contribute retail assets such as Phoenix Marketcity Mumbai and Phoenix Marketcity Pune as a part of the platform. GIC is Singapore’s sovereign wealth fund. It will invest in 3 PML subsidiaries- Offbeat Developers Pvt Ltd, Graceworks Realty & Leisure Pvt Ltd, and Vamona Developers Pvt Ltd. GIC will use a combination of primary infusion and secondary purchase of equity shares.

Read more here.