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M&M Finance Launches Car Leasing & Subscription Biz – Top Indian Market News

Mahindra Finance launches car leasing and subscription business

Mahindra & Mahindra Financial Services Ltd announced the launch of a lease-based vehicle subscription business for urban centres. The company is eyeing a business of Rs 10,000 crore from this segment in the next 3-5 years. Under the brand ‘Quiklyz’, Mahindra Finance will offer multi-brand vehicle leasing and subscription, targeting to reach nearly 30 cities within a year.

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IndusInd Bank launches mobile app for merchants

IndusInd Bank has launched Indus Merchant Solutions, a mobile app that enables merchants, retailers, and professionals to carry out banking transactions digitally. The platform will allow merchants and retailers to undertake activities such as accepting instant cashless payments on mobile phones, tracking inventory via in-built dashboards, and avail small ticket business loans. It also allows users to apply for an exclusive Point of Sale (PoS) machine to facilitate card-based payments. 

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Jio tops 4G chart in download speed; Airtel, Vi reduce gap in October: TRAI data

Reliance Jio Infocomm has retained its top position with the highest average data download speed of 21.9 megabits per second (Mbps) among 4G service providers in October. Bharti Airtel and Vodafone Idea’s (Vi) networks have been continuously recording an increase in data download speed, thereby reducing the gap with the Jio network. Airtel 4G data download speed increased to 13.2 Mbps in October from 5 Mbps in June. Vi’s 4G speed increased to 15.6 Mbps from 6.5 Mbps in June. 

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Alembic Pharma JV gets USFDA approval for antibacterial ointment

Alembic Pharmaceutical Ltd’s joint venture (JV) Aleor Dermaceuticals has received final approval from the US Food & Drug Administration (USFDA) for Mupirocin Cream USP, 2%. The drug is indicated for the treatment of secondarily infected traumatic skin lesions. As per IQVIA data, the product had an estimated market size of $28 million (~Rs 208.05 crore) for the 12 months ended June 2021.

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JSW Steel enters S&P DJSI for Emerging markets for 2021

JSW Steel Ltd has been selected in the S&P Dow Jones Sustainability Index (DJSI) for Emerging Markets for 2021. The steelmaker is one of the 15 companies from India that have made it to the DJSI EM Index, which comprises 108 companies globally. JSW Steel has progressively improved its score across the three domains of environment, social, and governance (ESG). DJSI is the gold standard for corporate sustainability. It is highly regarded by global investors, fund managers, and financial analysts looking at ESG-based investments. 

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Nucleus Software gets shareholders’ approval for Rs 159 crore share buyback

Nucleus Software Exports Ltd has received shareholders’ approval for the proposed buyback of 22.67 lakh equity shares at Rs 700 per share. The company will buy back shares for an aggregate amount not exceeding Rs 159 crore. The total share buyback represents 7.81% of the total paid-up equity capital of the company.

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NIIT partners with Axis Bank to launch FinTech Engineering Programme

NIIT Digital Banking Academy, a joint initiative by Axis Bank and NIIT Institute of Finance, Banking and Insurance (NIIT IFBI), launched its second program for experienced IT professionals. The program offers a great career as “FrontEnd and BackEnd Application Developers” with Freecharge, one of the leading digital platforms for financial services. Axis Bank’s NIIT Digital Banking Academy was launched in 2021 to build a high-quality talent pool in fintech roles.  

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SAIL supplies 50,000 tonne steel for Purvanchal Expressway

Steel Authority of India Ltd (SAIL) has supplied ~50,000 tonnes of steel for the Purvanchal Expressway in Uttar Pradesh. The products supplied for the project were TMT bars, structurals, and plates. PM Narendra Modi on Tuesday inaugurated the 341-km-long expressway, which connects Lucknow to Ghazipur in eastern UP.

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Vedanta considers complete corporate overhaul to unlock value

Vedanta Ltd is considering plans for a complete overhaul of its corporate structure. The company is evaluating all options including demergers, spin-offs, and strategic partnerships. It is looking at listing its aluminium, iron & steel, and oil & gas verticals as separate entities. The Anil Agarwal-led company has constituted a committee of directors to evaluate and recommend such options and alternatives.

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IPO Updates:

The Rs 1,023.47 crore IPO of Tarsons Products Ltd was subscribed 77.49 times on the final day of bidding. Retail investors have subscribed 10.56 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 184.48 times and 115.77 times, respectively, against their reserved portions. 

The Rs 1,013.61 crore IPO of Go Fashion (India) Ltd was subscribed 2.46 times on the first day of bidding. Retail investors have subscribed 12.14 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 44% and 25%, respectively, against their reserved portions. To learn more about the IPO, click here. 

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Zomato IPO Subscribed 38.25 Times on Final Day of Bidding – Top Indian Market News

Zomato IPO subscribed 38.25 times on final day of bidding

The Rs 9,375 crore initial public offering (IPO) of Zomato Limited was subscribed 38.25 times on the final day of bidding. The IPO has received bids for 2,751.25 crore equity shares against the issue size of 71.92 crore shares. Retail investors have subscribed 7.45 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 32.96 times and 51.79 times, respectively, against their reserved portions. 

HDFC AMC Q1 Results: Net profit rises 14% YoY to Rs 345.45 crore

HDFC Asset Management Company (AMC) reported a 14% YoY increase in net profit to Rs 345.45 crore for the quarter ended June (Q1 FY22). Net profit has increased by 9.3% when compared to the previous quarter. Its revenue from operations rose 23% YoY (or 0.8% QoQ) to Rs 507.1 crore during the same period. The company’s Quarterly Assets Under Management (QAAUM) rose 17% YoY to Rs 4,16,900 crore in Q1. HDFC AMC holds a 12.6% market share in QAAUM of the mutual fund industry.

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One97 Communications files DRHP for Rs 16,600 crore IPO

One97 Communications Ltd, the parent company of digital payments platform Paytm, has filed a Draft Red Herring Prospectus (DRHP) for its IPO with market regulator SEBI. The company aims to raise Rs 16,600 crore via the public issue. The fresh issue of shares (of the face value of Rs 1 each) aggregates to Rs 8,300 crore. Existing shareholders of the firm will offload their stake worth Rs 8,300 crore. The company will use the IPO proceeds to strengthen its payment ecosystem and drive new business initiatives and acquisitions.

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JMC Projects secures orders worth Rs 1,624 crore

JMC Projects (India) Ltd has secured new orders worth Rs 1,624 crore. The work includes a road project in Ghana, South Africa, and a few building projects in India. The company’s order inflow has reached Rs 4,659 crore in the current financial year (FY22). JMC Projects (India) is a subsidiary of Kalpataru Power Transmission Ltd. It is one of the leading civil construction and infrastructure EPC companies in India.

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Tata Power partners with HPCL to set up EV charging stations at petrol pumps

Tata Power has signed an agreement with Hindustan Petroleum Corp Ltd (HPCL) to provide electric vehicle (EV) charging stations at HPCL’s petrol pumps across the country. Under the agreement, Tata Power will provide EV charging infrastructure at HPCL’s retail outlets for EV users. People can use the Tata Power EZ Charge mobile application to utilise charging facilities. Tata Power Company owns a network of over 500 public chargers in petrol pumps, metro stations, and shopping malls in 100+ cities in India.

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L&T Finance Q1 Results: Net profit rises 20% YoY to Rs 178 crore

L&T Finance Holdings Ltd reported a 20% YoY increase in net profit to Rs 178 crore for the quarter ended June (Q1 FY22). Net profit has declined by 33% when compared to the previous quarter. Its revenue from operations declined by 7% YoY (or 8% QoQ) to Rs 3,140 crore during the same period. L&T Financial Services is a leading non-banking finance company (NBFC) that offers farm equipment finance, two-wheeler finance, micro-loans, etc. It is a subsidiary of Larsen & Toubro (L&T).

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NIIT partners with Sushant University to offer future-ready programs

NIIT Limited has partnered with Gurugram-based Sushant University to offer their upcoming batches of Bachelors in Computer Application (BCA) and BTech in Computer Science specialization in Banking & Finance and StackRoute – Full Stack Product engineering, respectively. The partnership aims to deliver future-ready programs to improve learning and employability for fresh graduates. The programs would empower them with the necessary skills to become ‘Day-1 job-ready industry professionals’.

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DEN Networks Q1 Results: Net profit falls 29% YoY to Rs 41 crore

DEN Networks Ltd reported a 29% YoY decline in net profit to Rs 41.15 crore for the quarter ended June (Q1 FY22). Net profit has increased by 11% when compared to the previous quarter. Its revenue from operations increased by 0.6% YoY to Rs 302 crore during the same period. DEN Networks distributes and promotes television channels through an extensive digital cable distribution network in India. It also offers over-the-top (OTT) entertainment and broadband services.

Tatva Chintan Pharma Chem IPO subscribed 4.5 times on first day

The Rs 500 crore IPO of Tatva Chintan Pharma Chem was subscribed 4.51 times on the first day of bidding. The IPO has received bids for 1.46 crore equity shares against the issue size of 32.61 lakh shares. Retail investors have subscribed 8.24 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 1.14 times and 50%, respectively, against their reserved portions.

To learn more about the IPO, click here.  

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TCS Reports 28.5% YoY Rise in Net Profit in Q1 – Top Indian Market News

TCS Q1 Results: Net profit rises 28.5% YoY to Rs 9,008 crore

Tata Consultancy Services (TCS) reported a 28.5% year-on-year (YoY) increase in consolidated net profit to Rs 9,008 crore for the quarter ended June (Q1 FY22). Its net profit has declined by 2.5% when compared to the previous quarter. The IT firm’s revenue from operations increased by 18.5% YoY to Rs 45,411 crore in Q1. TCS’ performance in Q1 was powered by higher demand from businesses ramping up digital services during the Covid-19 crisis. The company’s board has approved an interim dividend of Rs 7 per share.

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LTI completes acquisition of Cuelogic Technologies

Larsen & Toubro Infotech (LTI) has completed the acquisition of Cuelogic Technologies, a digital engineering company based in Pune. The cost of the acquisition was $8.4 million (~Rs 61.6 crore). LTI said this acquisition would help in enhancing its digital engineering practice by combining Cuelogic’s tools, methodologies, and workforce. This is LTI’s seventh acquisition since it got listed in 2016.

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Shyam Metalics Q4 Results: Net profit at Rs 388 crore

Shyam Metalics and Energy Ltd reported a 386% YoY jump in consolidated net profit to Rs 387.50 crore for the quarter ended March 2021 (Q4 FY21). Net profit has increased by 79.57% when compared to the previous quarter. Its revenue from operations jumped 116.9% YoY to Rs 2,350.51 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 147.87% YoY to Rs 843.36 crore. The company’s board has recommended a dividend of Rs 2.70 per share.

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Sanofi, GSK receive approval for Phase 3 trial of Covid-19 vaccine in India

French pharma company Sanofi and GlaxoSmithKline plc (GSK) have received approval to conduct the Phase-3 clinical trial of their Covid-19 vaccine candidate in India. The global and randomised Phase 3 study will include 35,000 volunteers aged 18 and older across sites in the US, Asia, Africa, and Latin America. Sanofi and GSK hope to get approvals for their protein-based Covid-19 vaccine by the end of 2021. 

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NIIT partners with Axis Bank to launch Digital Banking Academy

NIIT Institute of Finance Banking and Insurance (NIIT IFBI) and Axis Bank have launched a FinTech Professional Programme under the Axis Bank – NIIT Digital Banking Academy. The course is designed to build future-ready fintech professionals for Axis Bank. The program offers graduates with 0-3 years of experience an opportunity to join Axis Bank as Deputy Manager (IT). NIIT IFBI is a subsidiary of NIIT Limited. 

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Alembic Pharma gets USFDA approval for anti-depressant drug

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for Desipramine Hydrochloride tablets. The drug is indicated for the treatment of depression. According to IQVIA data, the tablets had estimated sales of $7 million (~Rs 52.4 crore) during the 12 months ended March 2021.

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Magenta to deploy M&M’s Treo Zor electric cargo vehicles in Bengaluru

Mahindra & Mahindra (M&M) has partnered with Magenta to deploy its Treo Zor electric cargo vehicles in Bengaluru for last-mile delivery of essential and non-essential goods. Magenta will deploy a hundred Mahindra Treo Zor electric three-wheelers in the city, which will be inducted into its delivery fleet of the new e-mobility Electric Vehicle Enabled Transport (EVET) platform. Magenta is a clean energy solutions provider based in Navi Mumbai.

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STFC gets Rs 312.5 crore capital infusion from promoter Shriram Capital

Shriram Transport Finance Company (STFC) has received Rs 312.50 crore from its promoter Shriram Capital Finance in connection with the allotment of preference shares and warrants. STFC has allotted 17,36,100 equity shares at Rs 1,440 per share to Shriram Capital Finance. The same amount of warrants (convertible into equity shares) have also been allotted at Rs 1,440 per warrant.

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Bharat Dynamics to supply Akash Missiles to IAF

Bharat Dynamics Ltd (BDL) has signed a contract with the Ministry of Defence for the manufacturing and supply of Akash Missiles to the Indian Air Force (IAF). The total value of the contract is Rs 499 crore. BDL has also received export leads from certain countries expressing interest in procuring the missiles. The company said it has a well-established infrastructure and expertise to execute these orders and meet the customer delivery schedule.

IPO Updates

The Rs 963.27-crore initial public offering (IPO) of G R Infraprojects was subscribed 5.75 times on the second day of bidding. The portion reserved for retail investors was subscribed 7.5 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 6.31 times and that of qualified institutional buyers (QIBs) 2.79 times. To know more about the IPO, click here.

The Rs 1,546.62-crore IPO of Clean Science and Technology was subscribed 4.28 times on the second day of bidding. The portion reserved for retail investors was subscribed 5.43 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 4.51 times and that of qualified institutional buyers (QIBs) 2.12 times. To know more about the IPO, click here.

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Reliance to Buy IMG Worldwide’s Stake in Sports Management JV – Top Indian Market News

Reliance Industries to buy IMG Worldwide’s stake in sports management JV

Reliance Industries Limited (RIL) will be increasing its stake in IMG-Reliance Ltd, by buying out IMG Worldwide LLC from the sports management business. The transaction will cost RIL not more than Rs 52.08 crore. IMG-R will become a wholly-owned subsidiary of the company and will be rebranded once the deal is done.

RIL had formed an equal joint venture with the international sports marketing and management firm, IMG Worldwide LLC, in 2010. The venture aimed to develop, market, and manage sports and entertainment in India. IMG is in the business of sports, events, media, and fashion, operating in more than 30 countries.

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Govt plans dry run for Covid-19 vaccine in 4 states next week

The central government, on Friday, said that it has planned a dry run for the administration of the Covid-19 vaccine in Andhra Pradesh, Assam, Gujarat, and Punjab next week. According to the Health Ministry, each state will plan the dry run in two districts and preferably in different session type settings. The Health Ministry stated that this exercise will enable end-to-end mobilisation and testing of the Covid-19 vaccination process.

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AAI raises objections to Adani Enterprises branding in private airports

The Airports Authority of India (AAI) has objected to Adani Enterprises Ltd (AEL) using its brand name in three airports – Mangaluru, Lucknow, and Ahmedabad. AEL had acquired the three airports two months ago. The state-owned airport operator stated that this violated the concession agreement (CA) agreed upon by the Adani group and the AAI. The agreement mandates the airports should not be branded in a manner that identifies the company or its shareholders.

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SBI Life acquires 9% stake in Paisalo Digital for Rs 186.20 crore

SBI Life Insurance Company Ltd announced that it has acquired a nearly 9% stake in non-banking finance company Paisalo Digital for about Rs 186.20 crore. The company has acquired a total of 38 lakh equity shares (or 8.99%) at Rs 489.99 per share, for a cash consideration as an ordinary course of business on the stock exchange on December 24. Incorporated in 1992, Paisalo Digital provides loans to individuals, SMEs & MSMEs, and Joint Liability Group (microfinance) through 129 branches across the country.

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Aavas Financiers to raise Rs 100 crore by issuing bonds via private placement

Aavas Financiers Ltd, on Friday, said its Board of Directors has approved raising Rs 100 crore by issuing bonds on a private placement basis. The company stated that rated, listed, senior, secured, redeemable, non-convertible debentures aggregating to Rs 100 crore will be issued. Aavas is engaged in the business of providing housing loans, primarily, in the unserved and unreached markets.

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IOC to buy 15 hydrogen-fueled buses 

As a measure to push India’s hydrogen-based mobility solutions ecosystem, Indian Oil Corporation (IOC) plans to buy 15 buses that can run on hydrogen fuel. The country’s largest oil refiner and fuel retailer is also setting up a facility at its Faridabad research and development (R&D) centre to produce hydrogen to run the buses. This project is the first-ever attempt in the country to address all the aspects of hydrogen-based mobility as the ultimate green option.

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Oaktree and Piramal increase their bids for DHFL

US-based Oaktree Capital has raised its offer for the bankrupt Dewan Housing Finance Corporation Ltd (DHFL) by Rs 1,700 crore. Oaktree’s offer came a day after Piramal raised its bid by Rs 1,000 crore and also improved its offer for a controlling stake in DHFL’s Pramerica Life Insurance Company to Rs 1,000 crore from Rs 300 crore. Oaktree’s bid for DHFL is now at Rs 36,410 crore and that of Piramal is Rs 34,909 crore.

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NIIT board approves Rs 237-crore buyback plan

NIIT Ltd announced that its Board of Directors has approved a Rs 237-crore buyback proposal. The corporate training firm stated that up to 98.75 lakh fully paid-up equity shares will be bought back at Rs 240 per share. The buyback, which is proposed to be made under the tender offer route, is subject to shareholders’ approval by passing a special resolution through a postal ballot.

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L&T Construction 3D prints India’s first building with reinforcement

L&T Construction has 3D printed a G+1 (Ground plus One) building with reinforcement for the first time in India. The 3D printed building, which has a built-up area of 700 sq. feet, has been built with a special, in-house developed concrete mix using indigenously available regular construction materials. The building is located at L&T Construction’s facility in Kanchipuram.

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USFDA informs Biocon, Mylan of deferred action on biosimilar license plea

Biocon Ltd announced that its subsidiary, Biocon Biologics, and Mylan have been informed by the US Food & Drug Administration (USFDA) of deferred action on the biologics license application (BLA) for a biosimilar to drug Avastin. The drug is used to treat various types of cancers. To complete the application, the USFDA noted that an inspection of the manufacturing facility is required as a part of the standard review process.

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