Tag: NHPC

Categories
Market News Top 10 News

Bajaj Finance to Raise Rs 10,000Cr Via QIP, Preferential Issue – Top Indian Market Updates

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

Bajaj Finance approves ₹10,000 crore fundraise via QIP, preferential issue

Bajaj Finance Ltd’s board has approved a fundraise of up to ₹8,800 crore via a Qualified Institutional Placement (QIP). It has also approved raising up to ₹1,200 crore through a preferential issue of up to 15.5 lakh warrants convertible into an equivalent number of equity shares to Bajaj Finserv (its promoter company). Post conversion of the preferential warrants into equity, Bajaj FInserv’s share in Bajaj Finance will rise from 52.45% to 52.57%. 

Read more here.

Tata Motors to upskill 50% of employees with new-age auto tech

Tata Motors plans to equip over 50% of its overall workforce with new-age auto tech capabilities within five years. This is part of the automaker’s strategy to develop skilled and future-ready staff focused on electric vehicles (EVs) and other emerging technologies in the auto industry. The company has specially curated training modules to address the requisite developmental needs of shopfloor technicians and line engineers.

Read more here.

NHPC’s Teesta V plant shut after flash flood in Sikkim

NHPC Ltd shut down all units of its 510 megawatt (MW) Teesta V power plant after the flash flood in the Teesta River in Sikkim. A 500 MW project (Teesta VI) under construction has also been affected. Detailed assessment of losses and damages suffered will be carried out after the water level recedes, which may take 4-5 days.

Read more here.

TCS secures order from Georgia state government

The Georgia Department of Labor (GDOL) has selected Tata Consultancy Services (TCS) to replace its 1980s-era legacy platform with a scalable cloud-based unemployment insurance system that streamlines the claims process. TCS’ latest order win comes after the tech giant already secured multiple orders across sectors in September.

Read more here.

Manappuram Finance’s arm files ₹1,500 crore IPO papers with SEBI

Asirvad Micro Finance (AMF), a subsidiary of listed NBFC Manappuram Finance, filed a Draft Red Herring Prospectus (DRHP) with capital market regulator SEBI to raise ₹1,500 crore through an initial public offering (IPO). The public issue is purely a fresh issue of equity shares with no offer-for-sale (OFS) component. AMF has a presence across 22 states and 4 UTs through a network of 1,684 branches as of FY23.

Read more here.

Hindalco to sign pact with Odisha Mining Corporation for long-term supply of Bauxite ore

Hindalco Industries Ltd will enter into a pact with the Odisha Mining Corporation for long-term supply of Bauxite ore. The company plans to secure Bauxite ore for its proposed 2-million tonnes alumina refinery and 150-MW captive power plant at Kansariguda, Rayagada district, in Odisha.

Read more here.

JLR retail sales rise 21% YoY in Q2

Jaguar Land Rover’s (JLR) retail sales rose 21% year-on-year (YoY) to 106,561 units for the quarter ended September (Q2 FY24). The company had posted retail sales of 88,121 units in Q2 FY23. JLR’s wholesale volumes stood at 96,817 units, up 29% YoY. Wholesale volumes for the first half of FY24 were 1.90 lakh, up 29% YoY. 

Read more here.

Future Consumer defaults on ₹370 crore payment

Future Consumer Ltd (FCL) has defaulted on the payment of ₹369.59 crore towards principal and interest on loans from banks, financial institutions and unlisted debt securities in the September quarter (Q2 FY24). The default amount for unlisted debt securities such as Non-Convertible Debentures (NCDs) and Non-Convertible Redeemable Preferential Shares (NCRPS) is ₹115.64 crore for Q2. FCL’s total liabilities stand at ₹468.12 crore, including short-term and long-term debts. 

Read more here.

Categories
Market News Top 10 News

NCLT Approves ZEEL’s Merger With Sony – Top Indian Market Updates

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

NCLT approves ZEEL’s merger with Sony

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the merger scheme between Zee Entertainment Enterprises Ltd (ZEEL) with Culver Max Entertainment (Sony). The tribunal has also dismissed all objections regarding the merger.  This is a key regulatory approval for the mega-merger, aimed at creating a $10-billion media giant.

Read more here.

RBI keeps repo rate unchanged at 6.5%

Reserve Bank of India (RBI) left the repo rate (key policy rate) unchanged at 6.5%. The central bank’s Monetary Policy Committee (MPC) also retained its withdrawal of accommodation stance to ensure that the retail inflation remains within the target of 4%. The RBI retained the GDP growth projection for the current financial year (FY24) at 6.5% and raised the inflation projection marginally to 5.4%

Read more here.

Grasim Q1 Results: Net profit falls 18% YoY to ₹1,576 crore

Grasim Industries reported an 18% YoY fall in consolidated net profit to ₹1,576 crore for the quarter ended June (Q1 FY24). Its consolidated revenue for the quarter stood at ₹31,065 crore, up 10.7% YoY. The decline in net profit could be attributed to an over 14% YoY jump in its total expenses for Q1 at ₹27,923.38 crore. 

Read more here.

SBI Card enables RuPay credit cards on UPI

SBI Card and National Payments Corporation of India (NPCI) announced the linking of SBI credit cards on the RuPay platform with UPI. The company’s customers will now be able to make UPI transactions through credit cards issued on RuPay. The facility can be availed of by registering the credit card with third-party UPI apps.

Read more here.

Samvardhana Motherson Q1 Results: Net profit jumps four-fold to ₹601 crore

Samvardhana Motherson reported a four-fold rise in consolidated net profit to ₹601 crore for the June quarter (Q1 FY24). Its consolidated revenue from operations rose 27% YoY to ₹22,462 crore during the same period. EBITDA stood at ₹1,940 crore, up 69% YoY, driven by operating efficiency, and softening of material and energy prices. 

Read more here.

Pidilite Q1 Results: Net profit rises 32% YoY to ₹474 crore

Pidilite Industries reported a 31.5% YoY jump in net profit to ₹473.7 crore for Q1 FY24. Its consolidated revenue rose 5.6% YoY to ₹3,275.1 crore during the same period. EBITDA rose 33.5% YoY ₹706.8 crore from ₹529.5 crore in the same quarter last year. EBITDA margin also expanded by 450 basis points (bps) from 17.1%, YoY to 21.6%.

Read more here.

Godrej Cons to build manufacturing facility in Tamil Nadu

Godrej Consumer Products Ltd (GCPL) announced that it has signed a Memorandum of Understanding (MoU) with the state government of Tamil Nadu. The MoU is for building a manufacturing facility near Chennai. The company will make an investment of ₹515 crore over the next five years. It will serve as a manufacturing hub for brands such as Cinthol, Godrej Expert Rich Crème, Godrej Selfie Shampoo Hair Colour, and Goodknight.

Read more here.

Hero MotoCorp Q1 Results: Net profit rises 32% YoY to ₹825 crore

Hero MotoCorp reported a 32% YoY increase in net profit to ₹825 crore for Q1 FY24. Its consolidated revenue rose 4.5% YoY to ₹8,767.3 crore during the same period. EBITDA grew 28% YoY ₹1,206 crore in Q1. The company incurred a one-time cost of ₹160 crore towards the voluntary retirement scheme (VRS) offered to certain employees.

Read more here.

NHPC plans to build pumped hydro storage projects of 22,000 MW

NHPC Ltd is planning to develop around 20,000-22,000 MW of pumped hydro energy storage projects in the coming years. The capacities are being explored in Odisha, Maharashtra, Madhya Pradesh and Andhra Pradesh. However, the detailed project report and the approvals are likely to take a couple of years for at least some of these capacities to start building.

Read more here.

Vi seeks time till Dec to clear its statutory dues

Vodafone Idea has sought time till the end of December 2023 to clear its remaining statutory dues. The company hopes to close its fundraising from banks and third-party investors in the “near future” and is reiterating that its promoters are “committed” to supporting the company. Replying to a Department of Telecommunications (DoT) show cause notice, the company cited continuing liquidity challenges due to its delayed fundraising.

Read more here.

LIC Q1 Results: Net profit jumps 14x to ₹9,544 crore

Life Insurance Corporation of India (LIC) reported a 14x YoY increase in net profit to ₹9,544 crore for Q1 FY24. Its net premium income was flat at ₹98,363 crore during the same period. Income from investments rose 30% YoY to ₹90,309 crore in Q1.

Read more here.

Hindalco, Texmaco to make aluminium rail wagons, coaches

Hindalco Industries and Texmaco Rail & Engineering have entered into a strategic alliance and announced a ₹200 crore investment to develop and manufacture aluminium rail wagons and coaches that will help the Indian Railways achieve emission goals and boost operating efficiency. Texmaco is the flagship of the Adventz Group.

Read more here.

Categories
Market News Top 10 News

PV Wholesales Rise 13.54% in May – Top Indian Market Updates

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

Passenger vehicle wholesales rise 13.54% in May at 3.3 lakh units

According to the Society of Indian Automobile Manufacturers (SIAM), wholesale domestic passenger vehicle (PV) sales in May increased by 13.54% YoY to 3,34,247 units, compared to 2,94,392 units in May FY22. Domestic two-wheeler sales rose 17.42% YoY to 14,71,550 units in May FY23. Overall, total vehicle dispatches across categories in May were recorded at 18,08,686 units, up from 15,32,861 units in May 2022.

Read more here.

MRF hits Rs 1 lakh per share

Tyre major MRF Ltd. saw its share price climb above the ₹1 lakh mark in intraday trading on the BSE and NSE today, making it the first Indian stock to trade above the six-figure mark. On the NSE, MRF touched an intraday peak of ₹1,00,439.95. As of Tuesday, the market capitalisation of MRF stood at ₹42,390 crore.

Read more here.

Adani Group’s wind power project in Sri Lanka to be ready by Dec 2024

Adani Group is set to complete its renewable energy project in Sri Lanka, generating 500 MW in the north and eastern regions by December 2024. Energy Minister Kanchana Wijesekara discussed the project’s progress with Adani Group’s MD & CEO and project management team, focusing on challenges, roadmaps, and timelines. The Adani Group received approval in August last year to commence wind power projects in Pooneryn.

Read more here.

India set to start mega hydropower project near China border

India is all set to commence the Subansiri Lower hydropower project in July. NHPC Ltd will conduct trial runs, with the first unit expected to be commissioned in December. By the end of 2024, all eight units will be operational. This 2-gigawatt project is crucial for grid stability as solar and wind power generation increases. Despite facing environmental concerns and protests, the project will help India tap into its significant hydropower potential.

Read more here.

Granules India gets USFDA approval for hypertension drug

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for its Metoprolol Succinate Extended-Release Tablets. These tablets are bioequivalent to Toprol-XL Tablets and are used for the treatment of hypertension to reduce blood pressure. According to IQVIA, the present annual market for Metoprolol Succinate ER Tablets in the US is around $321 million.

Read more here.

L&T secures orders for hydrocarbon business

Larsen & Toubro’s subsidiary L&T Energy Hydrocarbon (LTEH) has secured contracts worth Rs 1,000-2,500 crore. The contracts involve engineering, procurement, construction, and installation of new offshore structures. LTEH focuses on executing offshore projects domestically and internationally with a commitment to strengthening regional presence through investments in local skills, procurement from local vendors, and collaboration with local contractors for sustainable growth.

Read more here.

Adani Group in talks for major debt refinancing: Report

According to a CNBC-TV18 report, Adani Group is planning to refinance a loan facility of up to $3.8 billion taken for the acquisition of Ambuja Cements Ltd. The group is considering converting the original loan into longer-term debt and has initiated individual discussions with banks. Adani expects to conclude the process within 3-4 months, and most of the existing lenders are expected to participate.

Read more here.

Zydus Lifesciences gets USFDA approval to manufacture generic version of Varenicline

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market the generic version of Varenicline tablets, used to treat smoking addiction. The company plans to manufacture the product at its formulation manufacturing facility in Ahmedabad SEZ, India. According to IQVIA MAT data 2023, Varenicline tablets had annual sales of $501 million in the US.

Read more here.

HFCL receives Rs 80 crore order from DMRC for three priority corridors

HFCL Ltd has secured a new order worth Rs 80.92 crore from Delhi Metro Rail Corporation (DMRC). The order is for the implementation of a fibre optics transmission system in three priority corridors of Phase IV of the Delhi metro rail project. The contract includes the design, manufacturing, supply, installation, testing, and commissioning of the system. The project timeline is 156 weeks from the date of notice to proceed (NTP).

Read more here.

Aircastle files fresh plea against SpiceJet

Aircraft lessor Aircastle has escalated its legal battle against SpiceJet by filing a new plea on June 13. The plea accuses SpiceJet of unpaid dues and seeks insolvency proceedings. This comes after Aircastle’s earlier attempt to initiate insolvency proceedings against SpiceJet. The NCLT has scheduled a hearing on July 17 to assess the validity of the new plea. Aircastle persists in its efforts to recover the unpaid dues from the struggling airline.

Read more here.

IndiGo gets DGCA nod to operate flight services to Nairobi

IndiGo has received permission from the Directorate General of Civil Aviation (DGCA) to operate flights to Nairobi in Kenya. This marks IndiGo’s entry into the African region. The airline had previously announced its plans to expand internationally, including destinations like Nairobi and Jakarta. According to a DGCA official, the approval for IndiGo’s operations in Nairobi will be effective from July 24.

Read more here.

Categories
Market News Top 10 News

India Approves Rs 2,980Cr for Exploration of Coal and Lignite Scheme – Top Indian Market Updates

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

India approves Rs 2,980 crore for Exploration of Coal and Lignite scheme

The union government has approved the continuation of the central sector plan ‘Exploration of Coal and Lignite scheme’ with an estimated expenditure of Rs 2,980 crore from FY 2021-22 to FY 2025-26. The scheme includes promotional exploration and detailed drilling in non-CIL (non-Coal India Ltd) areas to estimate coal resources. The geological reports generated through these explorations are utilized for auctioning new coal blocks.

Read more here.

Cabinet approves Rs 89,000-crore revival plan for BSNL

The Union Cabinet approved an Rs 89,047 crore revival package for state-run telecom company BSNL. Measures include equity infusion for 4G/5G spectrum and increased authorised capital. BSNL aims to become a stable telecom provider, focusing on remote connectivity. BSNL partnered with TCS for nationwide 4G deployment amidst rivals’ 5G rollouts. The company’s struggle with poor infrastructure and tough competition from Jio, Airtel, and Vodafone Idea prompted this move. 

Read more here.

NHPC signs agreement for developing 7,350 MW pumped storage hydropower projects in Maharashtra

NHPC has partnered with the Maharashtra government to construct pumped storage hydro projects with a total capacity of 7,350 MW and an investment of Rs 44,000 crore. The agreement also includes the development of other renewable energy projects in Maharashtra. The MoU aims to utilise pumped storage projects as energy storage solutions to support the national objective of achieving 500 GW of renewable energy capacity by 2030 and becoming net zero by 2070.

Read more here.

Torrent Power to build 3 hydro projects for Rs 27,000 crore in Maharashtra

Torrent Power Ltd has signed a Memorandum of Understanding (MoU) with the Maharashtra government. The agreement is for the development of three pumped storage hydro projects in the state. The projects, with a capacity of 5,700 MW and an investment of around Rs 27,000 crore are expected to create employment for approximately 13,500 people during the construction phase. Torrent plans to complete the projects within 5 years.

Read more here.

KPI Green Energy gets LoI for 40 MW hybrid project in Gujarat

KPI Green Energy has received a letter of intent (LoI) to develop a 40 MW hybrid green energy project in Gujarat. The project will consist of 21.50 MW wind and 18.5 MW solar capacity. Anupam Rasayan India issued the largest single LoI to KPI Green for this venture. The company sees this LoI as a major achievement, demonstrating its robust presence in the renewable energy sector.

Read more here.

Allcargo arm to sell stake in logistics parks to Blackstone for Rs 400 crore

Allcargo Logistics Ltd’s subsidiary Transindia Real Estate Ltd is selling the Jhajjar logistics park and a 10% stake in other parks to Blackstone. The Jhajjar Park will be sold for approximately Rs 625 crore. Additionally, the company will divest its 10% stake in various logistics and industrial parks for around Rs 60 crore. These divestments will provide Transindia Real Estate with over Rs 400 crore, supporting its growth, financial capabilities, and strategic investments in new opportunities.

Read more here.

Coal India free float to increase in FTSE on June 7

FTSE has announced an increase in the free float of Coal India Ltd after a successful Offer for Sale (OFS). The rise in free float could result in an inflow of approximately $18.5 million and 6.6 million equity shares. This adjustment will occur on June 7, affecting indices such as FTSE All-World, FTSE MPF All-World, FTSE Global Large Cap, and FTSE Emerging. The updated shareholder information for Coal India prompted the investability weight change in these indices.

Read more here.

VA Tech Wabag wins Rs 420 crore project in Maharashtra

VA Tech Wabag has been awarded a project worth Rs 420 crore by CIDCO, a Maharashtra government agency. The water treatment and desalination solutions provider will undertake the design, build, and operation (DBO) of a water treatment plant (WTP) in Jite, Raigad district. The proposed capacity of the plant is 270 Mega Litres per Day (MLD) as per the project details.

Read more here.

HCL Tech launches 5G test lab in Chennai

HCL Technologies has launched a cutting-edge test lab in Chennai, facilitating global telecom infrastructure OEMs to validate 5G solutions. The facility is equipped with advanced scanners for testing large base stations and small antennas used in various devices. With experienced engineers, HCL Tech ensures precise testing and verification of cellular and non-cellular products.

Read more here.

Tata Elxsi partners with ISRO to develop crew recovery models for Gaganyaan Mission

Tata Elxsi has partnered with the Indian Space Research Organisation (ISRO) for the Gaganyaan Mission, creating crew module recovery models (CMRM) for training. The mission aims to demonstrate human spaceflight capability, with a 400-kilometre orbit and a three-day mission. Safe crew recovery in Indian sea waters is crucial, requiring minimal time delay.

Read more here.

Categories
Market News Top 10 News

India’s Manufacturing PMI Hits a 3-Month High in March – Top Indian Market Updates

market updates | marketfeed

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

India’s manufacturing PMI hits a three-month high of 56.4 in March

India’s manufacturing sector expanded at its quickest pace in three months in March on improved output and new orders. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 56.4 in March, compared to 55.3 in Feb. Foreign demand for Indian goods increased as well, with new export orders rising in March.

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 March 2023: Highlights  

Maruti Suzuki India wholesale sales remained flat at 1.70 lakh units in March 2023. Sales of its mini & compact vehicle segment fell 14% YoY to 83,714 units. Exports rose 13.7% YoY to 30,119 units.

Tata Motors Ltd registered a 4% YoY increase in passenger vehicle sales to 44,225 units in March. The automaker’s commercial vehicle sales remained flat at 46,823 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 35,997 units in March, an increase of 30% YoY. M&M’s tractor sales rose 18% YoY to 35,014 units. 

TVS Motor Company’s total sales stood at 3.17 lakh units in March, up 3% YoY.

Read more here.

Axis Bank launches business management solution for merchants

Axis Bank, in partnership with Visa, launched an app that will empower merchants to accept payments through various digital modes and enable them to manage their day-to-day business digitally. The app (Digital Dukaan) has been specifically designed to address business requirements such as accepting digital payments, inventory management and billing.

Read more here.

NTPC and NHPC to merge

The Indian government is considering selling NTPC Ltd’s two hydropower firms to NHPC Ltd to create a single hydropower company. This move will improve efficiency, cut costs, and help meet high demand at night when solar projects do not run. NTPC acquired the projects (THDC India Ltd and NEEPCO) three years ago for about $1.34 billion under a consolidation plan by the Indian government. 

Read more here.

SAIL produces record 18.28 MT crude steel in FY23

Steel Authority of India (SAIL) has reported a 5.3% year-on-year rise in crude steel production to a record 18.28 million tonnes (MT) in the financial year 2022-23, with hot metal production up 3.6% YoY to 19.40 MT. SAIL, the country’s largest steel producer, has been focusing on value-added and special-steel production. It has five integrated and three special steel plants across India.

Read more here.

SpiceJet hives off cargo and logistics business into separate entity

SpiceJet Ltd has separated its cargo and logistics business, SpiceXpress, into a separate entity named SpiceXpress and Logistics Pvt Ltd. The move has resulted in a one-time gain of Rs 2,555.77 crore for SpiceJet. The separation also enables SpiceXpress to raise funds independently. SpiceXpress, which reported a net profit of Rs 51.4 crore for the April-December period of FY23, is expected to attract more investments and partnerships to further grow its business.

Read more here.

Yulu and Zomato announce tie-up for last-mile deliveries

Yulu, a shared electric Mobility-as-a-Service (MaaS) platform, has partnered with food delivery platform Zomato to use Yulu DeX EVs for intra-city deliveries. Yulu will provide about 25,000-35,000 Yulu DeX to delivery partners onboarded on Zomato’s platform for last-mile deliveries on custom-made rental plans. Once deployed, these Yulu DeX have the potential of serving 3 lakh green deliveries every day by 2026. 

Read more here.

TCS secures contract from Norwegian rail network operator Bane NOR

Tata Consultancy Services (TCS) has won a contract from Bane NOR to enable secure access to its digital systems. As TCS’ strategic partner, the company will provide identity governance and administration, access management, identity lifecycle management, and application management operations in a managed services model. Bane NOR is the government agency responsible for maintaining and developing the Norwegian railway network.

Read more here.

Tejas Networks bags record order from BSNL

Tejas Networks has received an advance purchase order worth Rs 696 crore from Bharat Sanchar Nigam Limited (BSNL) to upgrade its pan-India IP-MPLS-based Access and Aggregation Network (MAAN). The company will supply, install, and commission over 13,000 of its TJ1400 series of next-generation routers for a converged multi-service packet network being rolled out nationwide.

Read more here.

Oil prices surge 8% after OPEC+ announces surprise output cut

Oil prices surged nearly 8% today morning, with Brent Crude making a high of $86.44 after Saudi Arabia and OPEC+ announced a surprise cut in production of around 1.16 million barrels per day. West Texas Intermediate or WTI Crude prices also surged up to 7.5% to $81.58 per barrel. The cuts will begin in May and go on till the end of the year.

Read more here.

Categories
Market News Top 10 News

India’s GDP Growth Slows to 4.4% in Q3 – Top Indian Market Updates

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

India’s GDP growth slows to 4.4% in Q3

India’s gross domestic product (GDP) for the October-December quarter (Q3 FY23) slowed down to 4.4%. The GDP had moderated to 6.3% in Q2 from 13.5% in Q1. GDP at Constant (2011-12) prices in Q3 2022-23 is estimated at ₹40.19 lakh crore in Q3, as against ₹38.51 lakh crore in Q3 2021-22. The Indian economy is expected to grow at 7% in FY23.

Read more here.

Geological Survey of India finds Gold Deposits in Odisha

Surveys from the Geological Survey of India (GSI) have found gold deposits in three districts of Odisha. State Steel and Mines Minister Prafulla Mallik said that the gold reserves were found in Deogarh, Keonjhar and Mayurbhanj.

Read more here.

SBI enters social loan market

State Bank of India has concluded a landmark $1 billion (~₹8,200 crore) syndicated social loan, making it the largest Environmental, Social, and Governance (ESG) loan raised by a commercial bank in the Asia Pacific market. The loan is of $500 million of the primary issue and an equal amount in greenshoe (or overallotment) option. It is also the first issue of such kind from the bank. 

Read more here.

IDFC, Federal Bank partner with Sa-Dhan on UPI123PAY

IDFC First and Federal Bank will partner with association of microfinance institutions Sa-Dhan and Delhi-based fintech solutions provider NextGen to promote digital payments by feature phone users. The banks will help in developing a new payment and collection system by using feature phones with the technological intervention being provided by them.

Read more here

India approves $3.9 billion hydropower project near China border

India has approved its largest-ever hydropower project in the mountainous northeastern region bordering China as it seeks to build renewable generation to meet rising power demand. The govt approved the estimated investment of $3.9 billion for the 2,880-megawatt Dibang project in Arunachal Pradesh. The project is estimated to take nine years to build.

Read more here.

India’s passenger vehicle sales to grow 9-10% in 2024: CRISIL

Rating agency CRISIL has forecast that India’s passenger vehicle sales are expected to grow about 9-10% in the next financial year (FY24), which is 20% more than the pre-pandemic levels. The forecast is owed to strong demand and easing chip shortages. India is currently the world’s fourth-largest car market.

Read more here.

Zydus Lifesciences receives USFDA approval to market generic drug

Zydus Lifesciences has received approval from the US Food & Drug Administration (USFDA) to market Apixaban tablets. The drug blocks the activity of certain clotting substances in the blood. It is used to lower the risk of stroke or a blood clot in people with a heart rhythm disorder called atrial fibrillation.

Read more here.

Indian Bank ties up with Toyota Kirloskar Motor to offer vehicle financing

Indian Bank has signed a pact with automaker Toyota Kirloskar Motor to offer vehicle financing options to its customers. The tie-up would offer various initiatives including 90% on-road funding with no processing fee, foreclosure, and party payment charges to prospective customers.

Read more here.

Bharti Airtel outpaces Jio in revenue market share growth in Q3

For the second time in a row, Bharti Airtel has grabbed more revenue market share (RMS) than Reliance Jio Infocomm in the third quarter of FY23. This is mainly due to the sharp hike in base prepaid rates Airtel took last November in Odisha and Haryana along with share gains in rural markets. Loss-making Vodafone Idea (Vi) continued to lose RMS share in Q3.

Read more here.

PNC Infratech bags ₹771 crore railway project in Haryana

PNC Infratech has secured a ₹771.46 crore railway project from the Haryana Orbital Rail Corporation Ltd. The scope of work includes construction design and construction of civil works at Sultanpur station in connection with the laying of a new double railway line. The construction is to be completed in 30 months.

Read more here.

MRF raises ₹150 crore through NCDs via private placement

MRF Ltd has raised ₹150 crore via non-convertible debentures (NCDs) on a private placement basis. The NCDs have been listed on the debt segment of the National Stock Exchange of India with effect from February 2023. The date of maturity of these debentures is February 24, 2026.

Read more here.

Categories
Market News Top 10 News

Adani Group to Acquire 29.2% Stake in NDTV – Top Indian Market Updates

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

Adani Group to acquire 29.2% stake in NDTV

Adani Group’s media arm announced it will indirectly acquire a 29.18% stake in New Delhi Television Ltd (NDTV) and launch an open offer for another 26% stake in the media house. Three firms, Vishvapradhan Commercial Pvt. Ltd., AMG Media Networks, and Adani Enterprises Ltd, will acquire up to 1,67,62,530 fully paid-up equity shares of NDTV (having a face value of Rs 4) at Rs 294 per share from the public shareholders.

Read more here.

India’s crude oil production falls 3.8% in July

India’s crude oil production fell 3.8% YoY in July on lower output from fields operated by state-owned ONGC and private sector firms. Production of crude oil fell from 2.54 million tonnes (MT) in July 2021 to 2.45 MT in July 2022. ONGC’s total production fell 1.7% YoY to 1.63 MT due to lower output from western offshore. The country’s 22 oil refineries processed 10.52% more crude oil at 21.43 million tonnes as demand for fuel picked up.

Read more here.

Godrej Agrovet signs MoU with 3 states on oil palm cultivation

Godrej Agrovet Ltd has signed Memorandum of Understandings (MoUs) with the governments of Assam, Manipur, and Tripura for the development and promotion of oil palm cultivation under the National Mission on Edible Oils-Oil Palm scheme. The company will be allotted land in the three states for developing sustainable palm oil plantations in the region. In August 2021, the Indian govt launched the National Mission on Edible Oils-Oil Palm scheme with a planned outlay of Rs 11,040 crore.

Read more here.

NHPC signs pact with BEL to set up solar equipment manufacturing facility

NHPC Ltd has signed a pact with Bharat Electronics Ltd (BEL) to set up a large-capacity solar equipment manufacturing facility. State-owned hydro power giant NHPC has an installation base of 7071.2 megawatts (MW) from 24 power stations. It is engaged in the construction of 11 projects aggregating to a total installed capacity of 7,539 MW.

Read more here.

SpiceJet plans to raise funds worth $251 million: Report

As per a report from ET Now, SpiceJet Ltd is looking to raise funds worth $250.53 million (~Rs 1,998 crore). The low-cost airline is pursuing multiple ways to raise funds, including government lending schemes or equity sales. SpiceJet has been under the scanner lately, following incidents of technical snags that prompted India’s aviation regulator to order a reduction in its approved fleet by 50% for eight weeks.

Read more here.

Ramco Systems partners with Australian freight and distribution service provider

Ramco Systems Ltd will implement its Logistics ERP Software at Freight Specialists to automate company-wide operations and services. The software will include modules for transportation, warehouse, and invoice management. It will offer superior user experience, end-to-end visibility, and control while enabling real-time operational excellence. Freight Specialists is a leading freight and distribution services provider based in Sydney, Australia.

Read more here.

India to become world’s number one producer of steel: Jyotiraditya Scindia

Union Minister Jyotiraditya M Scindia said India will become the number one producer of steel in the world in the days to come. He was of the view that our country has moved from becoming the net importer of steel to the net exporter of steel. Currently, India is the world’s second-largest producer of crude steel after China. The per capita steel consumption has increased from 57.8 kg in 2013-14 to 78 kg. The government intends to achieve 300 million tonnes (MT) of steel production target by 2030.

Read more here.

GMDC to hire consultants to set up modular lignite washery

Gujarat Mineral Development Corporation (GMDC) has invited requests for proposals (RFPs) for technology consultants for the dry beneficiation technology sulphur removal plant. The company aims to set up a modular lignite washery to remove pyrites/sulphur from lignite produced from the company’s Surkha (North) mines in Bhavnagar, Gujarat. This will help reduce sulphur dioxide emissions and improve boiler efficiency for the end users.

Read more here.

Tata Motors signs PPA with Tata Power to develop onsite solar project

Tata Motors has signed a Power Purchase Agreement (PPA) with Tata Power to develop a 7.25 megawatt-power (Mwp) onsite solar project at its commercial vehicle manufacturing facility in Jamshedpur. With this project, the onsite solar plant capacity of the facility will reach 14 MWp, which will generate 442 million units of green electricity having the potential to reduce carbon emission by 3.5 lakh tonnes.

Categories
Market News Top 10 News

Federal Bank Posts 64% YoY Rise in Q1 Net Profit – Top Indian Market Updates

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

Federal Bank Q1 Results: Net profit rises 64% YoY to Rs 601 crore

Federal Bank reported a 63.5% YoY increase in net profit to Rs 600.66 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 13% YoY to Rs 1,604.5 crore during the same period. [NII is the difference between the interest income a bank earns from loans and the interest it pays depositors.] The bank’s gross non-performing assets (GNPA) ratio stood at 2.69% in Q1 FY23, compared to 2.8% in Q4 FY22. Provisions fell 74% YoY to Rs 166.68 crore.

Read more here.

Bharti Airtel declares successful trial of 5G captive network at Bosch facility

Bharti Airtel Ltd announced the successful trial of India’s first 5G private network at the Bosch Automotive Electronics India (RBAI) facility in Bengaluru. The telecom major’s on-premise 5G Captive Private Network was built over the trial 5G spectrum allocated by the Department of Telecommunications (DoT). Airtel has implemented two industrial-grade use cases for quality improvement and operational efficiency at Bosch’s manufacturing facility

Read more here.

Yes Bank selects JC Flowers ARC to offload bad loans worth Rs 48,000 crore

Yes Bank has signed a term sheet with JC Flowers Asset Reconstruction (ARC) for the sale of identified stressed loans of the bank worth up to Rs 48,000 crore. The bank proposes to run a transparent bidding process for the sale of its bad loan portfolio, with JC Flowers ARC’s bid as the base bid. JC Flowers has likely valued Yes Bank’s bad loan book of Rs 48,000 crore at Rs 12,107 crore, which will get transferred to the ARC.

Read more here.

Kesoram Industries Q1 Results: Net loss at Rs 61 crore

Kesoram Industries Ltd reported a consolidated net loss of Rs 61.25 crore for the quarter ended June (Q1 FY23). It had posted a net profit of Rs 12.77 crore in the corresponding quarter last year (Q1 FY22). Revenue from operations grew 4.18% YoY to Rs 891.23 crore in Q1 FY23. The company’s total expenses stood at Rs 998.54 crore in Q1, up 19.5% YoY. Kesoram Industries manufactures cement, tyres, tubes, rayon, paper, and heavy chemicals.

Read more here.

Adani Group plans to create aero cities alongside its airports: Report

As per a report by Economic Times, Adani Group has plans to develop real estate projects alongside its airports in India in addition to its aeronautical and non-aeronautical (terminal) operations. Adani Airports will develop nearly 70 million sq. ft. on over 500 acres of land across all airports under its city-side developments portfolio. These “aero cities’” will be a mix of hotels, convention centres, retail, entertainment, logistics, and other allied real estate segments.

Read more here.

Kotak Mahindra Bank completes its integration for direct tax payments

Kotak Mahindra Bank has become one of the first private banks to integrate with the new e-filing portal of the Income Tax Department. The bank’s customers can now pay their direct taxes through the e-pay tax tab on the portal using Kotak Net Banking or by visiting a branch. In October 2021, Kotak Mahindra Bank became the first Scheduled Private Sector Bank to receive approval as a collections partner for taxes.

Read more here.

JK Tyre strengthens retail presence with 70th outlet

JK Tyre & Industries Ltd has set up a new truck wheel centre in Tamil Nadu, in line with its strategy to strengthen its presence in India. The new outlet is the company’s 15th outlet in Tamil Nadu and 70th in the country. Spread across 4,000 sq. ft., the facility provides end-to-end solutions for truck and bus tyres. It is equipped with trained technical advisors, wheel servicing equipment, and a wide range of truck tyres.

Read more here.

NHPC signs pacts to develop green hydrogen tech in Leh, Kargil

NHPC Limited has signed two agreements to develop green hydrogen technologies in Leh and Kargil. The company will consider the development of a Pilot Green Hydrogen fuel cell-based Microgrid (including hydrogen production) to meet the power requirements of NHPC’s guest house at Nimmo Bazgo Power Station in Leh. NHPC will also produce green hydrogen fuel to run two buses for up to 8 hours in Kargil.

Read more here.

LTTS Q1 Results: Net profit rises 27% YoY to Rs 274 crore

L&T Technology Services (LTTS) reported a 27% YoY increase in consolidated net profit to Rs 274.2 crore for the quarter ended June (Q1 FY23). Revenue from operations grew 23.4% YoY to Rs 1,873.7 crore during the same period. The company secured a $50 million plus deal, four $15 million deals, and two $10 million deals in Q1.

Read more here.

Categories
Market News Top 10 News

SpiceJet Settles Dispute With Credit Suisse – Top Indian Market News

SpiceJet settles dispute with Credit Suisse

SpiceJet Ltd has signed and concluded the settlement, consent term with Credit Suisse in a pending dispute. The settlement involves payment of a certain amount upfront and the balance amount over a mutually agreed timeline. The airline had already provided a bank guarantee of $5 million under the direction of the Madras High Court in the matter. It claimed that there are no adverse financial liabilities on the company.

Read more here.

Adani Ports Q4 Results: Net profit falls 22% YoY to Rs 1,033 crore

Adani Ports & Special Economic Zone Ltd (APSEZ) reported a 21.78% YoY decline in consolidated net profit to Rs 1,033 crore for the quarter ended March (Q4 FY22). Its total income rose 8.5% YoY to Rs 4,418 crore during the same period. APSEZ achieved a total cargo volume of 312 million metric tonnes (MMT) in Q4, registering a growth of 26% YoY. 

Read more here.

J&J, Momenta files patent infringement lawsuit against Natco Pharma

Johnson & Johnson and Momenta Pharmaceuticals have filed a patent infringement lawsuit against Natco Pharma Ltd and its marketing partner Mylan Pharma in the US. The lawsuit alleges infringement of two old patents associated with Glatiramer Acetate injection (used to treat relapsing forms of multiple sclerosis in adults). Natco Pharma and Mylan said they will strongly defend this “meritless” suit.

Read more here.

IndiGo Q4 Results: Net loss widens to Rs 1,682 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 1,682 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 1,147.2 crore in Q4 FY21 and a net profit of Rs 130 crore in Q3 FY22. The revenue from operations rose 29% YoY to Rs 8,020.74 crore in Q4 FY22. The airline’s fuel expenses surged 68.2% YoY to Rs 3,220.6 crore in Q4.

Read more here.

Lupin to resize portfolio, slash costs in US biz

Lupin Ltd, which is struggling to grow sales in the US market, is planning to exit low-margin generic products and reduce cash burn through monetisation of various assets and specialty product capabilities. CEO Vinita Gupta said the company had already exited a few products filed from its Somerset facility in New Jersey. It has also identified 15-20 more products to exit.

Read more here.

Reliance Jio using drones for tower surveillance, upkeep ahead of 5G rollouts

Telecom giant Reliance Jio is using drones to run a pilot project around tower surveillance and upkeep across India. It plans to use the technology to survey sites and plan the next wave of tower rollouts for its upcoming 5G network deployments. The drones will be used to check the health of towers and Jio’s assets deployed on them. This move will help the telco drive time and cost efficiencies. 

Read more here.

NHPC Q4 Results: Net profit rises 6% YoY to Rs 467 crore

NHPC Limited reported a 5.61% YoY increase in consolidated net profit to Rs 467.15 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 4.05% YoY to Rs 1,674.31 crore during the same period. Total expenses rose 11.88% YoY to Rs 1,583.96 crore. NHPC’s board has declared a dividend of Rs 0.5 per share. 

The state-owned company’s board has also approved a proposal to raise debt up to Rs 6,300 crore in FY 2022-23.

Read more here.

KPIT Tech to acquire vehicle diagnostics specialists SOMIT Solutions

KPIT Technologies Ltd announced the acquisition of SOMIT Solutions, a cloud-based vehicle diagnostics specialist. The total consideration for 100% shareholding will not exceed 7.68 million pounds (~Rs 74.45 crore). The acquisition complements KPIT’s aftersales diagnostics platform and strengthens its positioning to cater to the multi-billion automotive aftersales industry.

Read more here.

Coal India Q4 Results: Net profit rises 46% YoY to Rs 6,693 crore

Coal India Ltd (CIL) reported a 45.91% YoY increase in consolidated net profit to Rs 6,692.94 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 22.5% YoY to Rs 32,706.77 crore during the same period. The company produced 209 million tonnes (MT) of coal in Q4 FY22, compared to 203.42 MT in Q4 FY21. CIL’s board has declared a dividend of Rs 3 per share. 

Read more here.

Categories
Market News Top 10 News

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

JSW Steel output rises 10% to 13.67 LT in May

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

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

Read more here.

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

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

Read more here.

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

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

Read more here.

Affle India to acquire mobile marketing firm Jampp

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

Read more here.

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

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

Read more here.

HDFC to raise Rs 2,000 crore by issuing bonds

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

Read more here.

Ion Exchange secures orders worth Rs 1,000 crore 

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

Read more here.

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

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

Read more here.

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

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

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

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

Read more here.

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

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

Read more here.

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

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

Read more here.

Categories
Market News Top 10 News

India to Target 20% Ethanol Blending in Petrol by 2025, says PM Modi – Top Indian Market News

petrol prices

India advances 20% ethanol blending in petrol to 2025: PM Modi

Prime Minister Narendra Modi, on Saturday, said the target date for achieving 20% ethanol-blending with petrol has been advanced by five years to 2025 to cut pollution and reduce import dependence. The E100 pilot project related to the production and distribution of ethanol was also launched in Pune today. Ethanol extracted from sugarcane and damaged food grains is less polluting and its use will also provide farmers with an alternate source of income. 

Last year, the Central government had set a target of reaching 10% ethanol blending in petrol (10% ethanol mixed with 90% diesel) by 2022 and 20% doping in 2030.

Read more here.

VA Tech Wabag Q4 Results: Net profit at Rs 32 crore

VA Tech Wabag Ltd reported a standalone net profit of Rs 32.82 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net profit of Rs 1.38 crore in the corresponding quarter last year (Q4 FY20). Total income rose 39.2% YoY to Rs 701.09 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit rose 24.3% YoY to Rs 73.03 crore. VA Tech Wabag is a water treatment company based in Chennai.

Read more here.

IOL Chemicals Q4 Results: Net profit declines 16% YoY to Rs 75 crore

IOL Chemicals and Pharmaceuticals Ltd reported a 16.63% YoY decline in net profit to Rs 75.25 crore for the quarter ended March (Q4). Net profit has declined by 35.5% when compared to the previous quarter. Its revenue from operations rose 4% YoY to Rs 467 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 23.05% YoY to Rs 444.46 crore. The company’s board has recommended a final dividend of Rs 2 per share.

Read more here.

GST collection declines in May; still holds above Rs 1 lakh crore mark 

The gross Goods and Services Tax (GST) revenue collected in May 2021 stood at Rs 1,02,709 crore, as per data released by the Ministry of Finance. This marks the eighth month in a row that GST revenue has stayed above the Rs 1 lakh crore mark. GST collection took a severe hit in May due to lockdowns and other restrictions imposed by states to curb the second wave of Covid-19 infections. The total GST revenue in May 2021 stands 65% higher than the corresponding month last year. GST collections in April 2021 stood at a record high of Rs 1.41 lakh crore.

Read more here.

PNB targes 3-fold rise in profit at nearly Rs 6,000 crore in FY22 

Punjab National Bank (PNB) announced that it is expecting a nearly three-fold jump in net profit to Rs 6,000 crore during the current financial year (FY22). The lender said this target will depend on credit growth and overall demand in the economy. It projects a loan growth of 8-10% for the banking industry on the assumption that the economy will grow at 9.5% in 2021-22. PNB has also identified bad loans (NPAs) worth Rs 8,000 crore, which will be transferred to the National Asset Reconstruction Company Ltd (NARCL).

Read more here.

REC subsidiary transfers two project specific SPVs to PowerGrid

REC Power Distribution Company Ltd, a wholly-owned subsidiary of REC Limited, has handed over two project-specific Special Purpose Vehicles (SPVs) to Power Grid Corporation of India. The SPVs include Fatehgarh Bhadla Transco Ltd and Sikar New Transmission Ltd. The selection of PowerGrid was carried out through Tariff Based Competitive Bidding (TBCB) conducted by the Ministry of Power, Government of India.

Read more here.

Dynemic Products Q4 Results: Net profit declines 27% YoY to Rs 5.8 crore

Dynemic Products Ltd reported a 27.72% YoY decline in consolidated net profit to Rs 5.79 crore for the quarter ended March (Q4). Net profit has declined by 30% when compared to the previous quarter. Its revenue from operations rose 29.43% YoY to Rs 56.56 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 17.87% YoY to Rs 28.49 crore. Dynemic Products is a leading manufacturer of food colours.

Read more here.

IPO-bound Paytm reports loss of Rs 1,701 crore in FY21

One97 Communications Ltd, the parent company of Paytm, reported a consolidated loss of Rs 1,701 crore for the financial year ended March 31, 2021 (FY21). It had posted a loss of Rs 2,942 crore in FY20. Its total revenue declined by 10% YoY to Rs 3,186 crore. Expenses fell 22% YoY to Rs 4,782.95 crore. Last week, Bloomberg reported that Paytm is planning to raise ~Rs 21,800 crore via an initial public offering (IPO). The digital payments provider is targeting a valuation of $25 billion to $30 billion.

Read more here.

NHPC to lease electric vehicles, fast charging devices from EESL

NHPC Limited has signed an agreement with Energy Efficiency Services Ltd (EESL) for leasing 25 electric vehicles (EVs) and three fast-charging devices to be used by its officials. With the induction of these EVs, NHPC will have the biggest fleet of zero-emission cars among all major public sector undertakings (PSUs). EESL has been procuring EVs from automakers such as Tata Motors and Mahindra & Mahindra (M&M) and supplying them to different ministries and PSUs.

Read more here.

IFGL Refractories Q4 Results: Net loss at Rs 2.53 crore

IFGL Refractories Ltd reported a consolidated net loss of Rs 2.53 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 13.93 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 27.66% YoY to Rs 283.52 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit jumped 237.22% YoY to Rs 65.59 crore. The company’s board has approved a total dividend of Rs 10 per share.

IFGL Refractories is a manufacturer of specialised refractories (materials that can withstand very high temperatures) used in steel plants.

Read more here.