Tag: nmdc

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Adani Ports to Buy Back up to Rs 1,620Cr of 2024 Bond – Top Indian Market Updates

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

Adani Ports to buy back up to ₹1,620Cr of 2024 bond

Adani Ports & Special Economic Zone (SEZ) commenced a cash tender offer for up to $195 million (~₹1,620 crore) to partly prepay its near-term debt maturities. The company started a buyback programme of some debt securities in April to prepay part of its near-term loans due in 2024. The tender offer is to buy the outstanding 3.375% senior notes due in 2024 for up to $195 million in cash. 

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Bank of Maharashtra fails to attract buyers for loans to Asian Hotels

Bank of Maharashtra failed to receive any firm bids for its loans of Asian Hotels (North) at the auction held on Tuesday. Asian Hotels (North) operates the five-star property Hyatt Regency (Delhi). According to the auction notice from the bank, it had set a reserve price of ₹330 crore as against the outstanding dues of ₹ 324 crore.

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Dixon Tech signs manufacturing agreement with Xiaomi

Dixon Technologies Ltd’s subsidiary, Padget Electronics Pvt Ltd, has entered into an agreement with Xiaomi to manufacture smartphones and other related products. The manufacturing will take place at Padget’s manufacturing facility in Noida. The deal will help Xiaomi India leverage Dixon’s status of being cleared to receive sops under the government’s production-linked incentive (PLI) scheme for mobile manufacturing. 

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NMDC’s China exports hindered by logistics

According to a Reuters report, NMDC is unable to export low-grade iron ore to China due to logistics issues. The company did not immediately reply to a Reuters email seeking comments. There is a severe shortage of rakes to move the ore anywhere in the country which is affecting exports. China imports around 80% of India’s overall shipments.

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Apollo acquires under-development hospital asset from Future Oncology in Kolkata

Apollo Hospitals has acquired a partially built hospital in Sonarpur, Kolkata, from Future Oncology Hospital and Research Centre for ₹102 crore in an all-cash deal. The acquired hospital has a total capacity of 325 beds. The acquisition is being fully funded through internal accruals by Apollo Multi Speciality Hospitals, a wholly-owned subsidiary of Apollo Hospitals.

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ADIA looks to invent $600 million into RIL’s retail business

According to an Economic Times report, Abu Dhabi Investment Authority (ADIA) is looking to buy an additional stake in Reliance Retail. ADIA is seeking to invest $600 million into Reliance Retail at valuations that significantly exceed those during an earlier concluded fundraising round three years ago. 

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Tata Power Renewable Energy to set up 41 MW captive solar plant for TP Solar

Tata Power Renewable Energy Ltd (TPREL) will set up a 41 MW captive solar plant at Thoothukudi, Tamil Nadu. The plant is for TP Solar’s new greenfield 4.3 GW solar cell and module manufacturing facility located at Tirunelveli, Tamil Nadu. The solar project will be commissioned 12 months from the signing of the Project Development Agreement (PDA). TPREL is a subsidiary of Tata Power.

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Glenmark signs agreement to market Cosmo Pharma’s acne cream in Europe, South Africa

Glenmark Specialty SA (GSSA) has signed distribution and licence agreements with Cosmo Pharmaceuticals NV for Winlevi, which is used in treating acne. The company will market and distribute Winlevi in Europe and South Africa. Glenmark Speciality SA will receive exclusive rights from Cosmo’s subsidiary to commercialise Winlevi in 15 EU countries and South Africa. GSSA is a subsidiary of Glenmark Pharma.

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Aditya Birla Capital gets ₹750 crore investment in subsidiary

Aditya Birla Capital Ltd (ABCL) announced investment in its wholly-owned subsidiary. The company is making an investment of around ₹750 crore on a rights basis in the equity shares of Aditya Birla Finance Ltd (ABFL). ABCL is investing in ABFL to meet its growth and funding requirements and improve its leverage ratio.

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ICICI Securities to Consider Delisting – Top Indian Market Updates

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

ICICI Securities to consider delisting

ICICI Securities will hold a board meeting on Thursday, June 29, to consider a proposal of delisting its equity shares. The company’s parent, ICICI Bank, will also hold a similar board meeting for the proposal. As per the March quarter shareholding pattern, ICICI Bank holds a 74.85% stake in its broking subsidiary.

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Adani Power commissions Unit-2 of thermal power plant in Jharkhand

Adani Power’s subsidiary Adani Power Jharkhand Ltd (APJL) has commissioned Unit 2 of the 800 MW power project in Godda, Jharkhand. The project is part of the 2×800 MW Ultra-supercritical power project of APJL. The company will export the entire power generated from the project to Bangladesh through dedicated 400 kV transmission lines. The power project achieved commercial operations on June 25, 2023.

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L&T Finance plans to sell its wholesale book to banks, NBFCs

L&T Finance Holdings plans to sell its wholesale loan book to interested banks, NBFCs, and funds. The company also plans to repay or refinance its existing wholesale loan book. The move comes as the company aims to become a 100% retail finance company. As of March 31, 2023, the wholesale book of the company was 25% of the total loan book (₹19,840 crore).

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TCS bags deal to transform customer experience for European policyholders

Tata Consultancy Services (TCS) has partnered with Standard Life International DAC to transform its operating model and enhance the customer experience for its European policyholders. The partnership will use the TCS Digital Platform for Life and Pensions to create a more seamless and digital experience for customers. The two organisations have plans to replicate this successful model in other European markets.

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Ajanta Pharma’s Gujarat plant gets zero observations from USFDA

Ajanta Pharma’s Dahej formulation facility received no observations from the US Food & Drugs Administration (USFDA) inspection. The formulation facility was inspected by the USFDA team between June 19-23, 2023. No Form 483 was issued to the company, meaning that there were no observations regarding the quality of the facility or the products manufactured there. In September 2022, the USFDA inspected this facility and issued two observations on that particular plant that manufactures formulations.

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RailTel secures order worth ₹294 crore from Tamil Nadu government

RailTel Corporation of India has secured a work order worth ₹294.37 crore from Tamil Nadu State Marketing Corporation (TASMAC). The order is for implementing an integrated solution that will help end-to-end computerization and connectivity of core and support functions of the domestic entity for five years.

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L&T’s power transmission arm bags orders in India, overseas

Larsen & Toubro (L&T)’s power transmission and distribution business has secured new orders in India and abroad. The company won two orders in the Middle East for upgrading electrical networks in large industrial facilities. It also won an order to build a transmission line in Andhra Pradesh. The order is worth approximately ₹1,000-2,500 crore.

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Godrej Properties acquires 15 acres land in Gurugram to develop premium residential apartments

Godrej Properties has acquired nearly 15 acres of land in Gurugram, Haryana, to develop premium residential apartments. The project will offer approximately 1.6 million square feet of premium residential development with exceptional lifestyle amenities. The deal value has not been disclosed.

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Infosys signs $454 mn deal with Danske Bank to boost digital transformation

Denmark-based Danske Bank has selected Infosys as a partner to accelerate its digital transformation. The deal is valued at $454 million for five years, with an option to renew for one additional year for a maximum of three times. The partnership will focus on developing customer-facing digital solutions and modernizing Danske Bank’s technology infrastructure.

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NMDC plans $61 million investment in first gold block

NMDC plans to invest around ₹500 crore ($61 million) in its first foray into gold mining. The company is “on track” to secure a lease for the Chigargunta-Bisanatham gold block in Andhra Pradesh. The block has estimated gold reserves of around 1.83 million tonnes, containing 5.15 grams of gold per tonne.

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Cyient DLM IPO to open tomorrow

The initial public offer (IPO) of Cyient DLM Limited will open tomorrow, on 27th June 2023. The public issue worth is ₹592 crores and will be open for bidding till 30th June 2023. The price band for the issue is between ₹250 and ₹265 per equity share. Cyient DLM is a supplier to global OEMs (original equipment manufacturers) in the aerospace, defence, medical technology, and industrial sectors.

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Tata Steel’s Profit Falls 82% YoY to Rs 1,705Cr in Q4 – Top Indian Market Updates

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

Tata Steel Q4 Results: Profit falls 82% YoY to Rs 1,705 crore

Tata Steel reported an 82% YoY fall in consolidated net profit to Rs 1,705 crore for Q4 FY23. Its revenue from operations also fell 9% YoY to Rs 62,961 crore during the same period. EBITDA stood at Rs 7,225 crore in Q4 FY23, compared to Rs 5,174 crore in Q4 FY22. The company’s board has recommended a dividend of Rs 3.6 per equity share.

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Auto sales data for April 2023: Highlights  

Maruti Suzuki India posted a 6.5% year-on-year (YoY) increase in wholesale sales to 1.61 lakh units in April 2023. Sales of its mini & compact vehicle segment rose 16.7% YoY to 89,045. Exports fell 7.8% YoY to 16,941 units.

Tata Motors Ltd registered a 13% YoY increase in passenger vehicle sales to 47,107 units in April. The automaker’s commercial vehicle sales declined by 6% YoY to 6,984 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 34,698 units in April, an increase of 54% YoY. M&M’s tractor sales fell 11% YoY to 36,405 units. 

TVS Motor Company’s total sales stood at 3.06 lakh units in April, up 4% YoY. Meanwhile, Bajaj Auto’s sales rose 11% YoY to 2.8 lakh units.

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NMDC iron ore output rises 11.42% to 3.51 MT in April

NMDC Ltd reported an 11.42% rise in its iron ore production of 3.51 million tonnes (MT) in April 2023. It produced 3.15 MT of iron ore in the same month last year. The state-owned company is also involved in the exploration of a wide range of minerals like copper, rock phosphate, limestone, dolomite and gypsum.

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Adani Total Gas Q4 Results: Profit rises 21% YoY to Rs 98 crore

Adani Total Gas reported a 21% YoY increase in consolidated net profit at Rs 98 crore for Q4 FY23. Operating revenue stood at Rs 1,197 crore, a 12% increase from Q4 FY22. ATGL’s operating profit rose 45% to Rs 205 crore. The company’s board approved a dividend of Rs 0.25 per equity share.

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Suzlon secures 69.3 MW wind energy project from Juniper Green Energy

Suzlon has secured an order from Juniper Green Energy to develop a 69.3 megawatts (MW) wind power project. The project is located in Surendra Nagar district in Gujarat and is expected to be commissioned in 2024. As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project including, erection and commissioning.

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USFDA halts Sun Pharma’s trials on dermatological drug

The US Food & Drug Administration (FDA) has asked Sun Pharmaceutical Industries Ltd to halt tests on one dose of an experimental dermatological drug due to the potential of blood clots. The FDA has also said that patients with alopecia areata (an autoimmune condition that results in patchy hair loss) on the 12 mg dose of deuruxolitinib should discontinue its use.

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Ambuja Cements Q4 Results: Net profit rose 2% YoY to Rs 502 crore

Ambuja Cements reported a 1.6% YoY rise in standalone net profit to Rs 502 crore for Q4 FY23. Operating revenue stood at Rs 4,256 crore, an 8% increase from Q4 FY22. EBITDA for the quarter stood at Rs 788 crore, compared to Rs 793 crore in Q4 FY22. The company’s board approved a dividend of Rs 2.5 per equity share.

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Varun Beverages Q4 Results: Net Profit rises 69% YoY to Rs 429 crore

Varun Beverages reported a 69% YoY increase in consolidated net profit to Rs 429 crore for Q4 FY23. Its operating revenue for the quarter increased 37.8% YoY to Rs 3,952 crore. EBITDA rose 50.3% YoY to Rs 798 crore. The company’s board also announced a 1:2 stock split subject to the approval of shareholders.

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Minda Corp to acquire additional 8.8% stake in Pricol

Minda Corporation has filed an application with the Competition Commission of India (CCI) to increase its stake in Pricol Ltd. to 24.5%. It had acquired 15.7% of Pricol’s equity earlier this year, but stated that it was only a financial investment with no special rights. As of December last year, Pricol was a debt-free company and even had free cash flow worth Rs 112.2 crore as of financial year 2022.

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India’s unemployment rate surges to 4-month high in April

India’s unemployment rate rose to 8.11% in April from 7.8% in March, the highest since December. Urban unemployment increased from 8.51% to 9.81% in the same period, while in rural areas, it fell marginally from 7.47% a month ago to 7.34% in April. India’s labour force increased by 25.5 million people to 467.6 million in April, possibly due to an “increase in optimism about finding employment.”

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IndusInd Bank’s Net Profit Rises 50% YoY to Rs 2,040Cr – Top Indian Market Updates

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

IndusInd Bank Q4 Results: Net profit Jumps 50% YoY to Rs 2,040 crores

IndusInd Bank has reported a 50% YoY increase in net profit to Rs 2,040 crore and a Net Interest Income (NII) of Rs 4,669 crore, up 17% YoY, for Q4 FY 22-23. The bank’s net non-performing assets (NPA) ratio fell to 0.59% from 0.64% in Q4 FY22.  Its loan book grew 21% YoY to Rs 2.89 lakh crore. The bank’s board recommended a dividend of Rs 14 per equity share.

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NMDC plans to increase iron ore output by more than 21% in FY23

NMDC plans to increase iron ore production to 50 million tonnes in the current financial year (FY24), up 21% from last year. The company’s output in Q4 FY23 was its highest for a quarter, and it expects uniform production for FY24 (except for the September quarter due to monsoon rains). NMDC has iron ore mines in Chhattisgarh and Karnataka and is exploring lithium reserves in Australia, where it holds a majority stake in a mine.

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Tata Steel commences trial use of hydrogen gas in blast furnace at Jamshedpur plant

Tata Steel has begun trial injection of hydrogen gas in one of the six blast furnaces at its Jamshedpur plant in Jharkhand. The trial will continue for 4-5 days and will provide insights into operating blast furnaces with greener fuel injectants, reducing fossil fuel consumption and CO2 emissions. The trial has the potential to reduce coke rate by 10%, resulting in a 7-10% reduction in CO2 emissions per tonne of crude steel produced.

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Adani Ports starts $130 million buyback of bonds to prepay near-term debt

Adani Ports and Special Economic Zone Limited (APSEZ) is set to buy outstanding 3.375% senior notes due 2024 for $130 million in cash. The purchase will be funded through cash reserves available with the company. The move is aimed at partly prepaying the company’s near-term debt maturities and to convey its comfortable liquidity position. After the completion of this tender offer, the outstanding notes are expected to remain at $520 million.

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Infosys signs pact with Aramco to boost employee experience with AI

Infosys has signed a Memorandum of Understanding (MoU) with Saudi Aramco to collaborate on HR technology. The companies aim to bring new insights to HR data and analytics, use automation tools, and enhance employee experience through AI technologies. Infosys will also embed digital transformation practices and tools into Aramco’s HR platform to enhance the overall digital experience for employees.

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Bank of Maharashtra Q4 Results: Net profit jumps 135% YoY to Rs 840 crore

Bank of Maharashtra announced a 135% YoY jump in net profit to Rs 840 crore for the quarter ended March (Q4 FY23). Its Net Interest Income (NII) increased by over 35% YoY to Rs 2,187 crore during the same period. The bank’s net non-performing assets (NNPA) declined to 0.25%, compared to 0.47% in the same quarter last year. The bank’s board recommended a dividend of Rs 1.3 per share. 

The board also approved a capital raise of up to Rs 7,500 crore via equity and debt.

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Maharashtra Seamless receives Rs 262 crore order from ONGC 

Maharashtra Seamless has received an order from ONGC for the supply of seamless tubing pipes and accessories to be delivered to five Indian states. The company will gradually dispatch the order over 10 months. It has an annual capacity of 650,000 tonnes for seamless pipes and serves the oil and gas sector, power, automotive, and general engineering industries.

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Zydus Lifesciences gets USFDA approval for heart diseases treatment drug

Zydus Lifesciences has obtained final approval from the US Food and Drug Administration (USFDA) for Icosapent Ethyl capsules for the treatment of heart diseases. These tablets are used to reduce fat (triglyceride) levels in the blood in adult patients with severe hypertriglyceridemia. According to IQVIA data, the annual sales of Icosapent Ethyl Capsules in the United States were $1,316 million for the 12 months ended February 2023.

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Bharti Airtel partners with Secure Meters to deploy narrow band-powered smart metres in Bihar

Bharti Airtel has partnered with Secure Meters to deploy narrow band (NB-IoT) powered smart meters in Bihar, India. Under the partnership, Airtel will deploy NB-IoT services to power 1.3 million homes via a smart meter solution. The deployment is said to be India’s first NB-IoT solution on a narrow band with a fall-back option that will work on 2G and 4G. It will also ensure real-time connectivity and uninterrupted transfer of critical data.

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Singapore’s regulatory body approves HDFC Bank to acquire shares in Griha Pte

HDFC Bank has received approval from the Monetary Authority of Singapore (MAS) to acquire 20% or more stake in HDFC’s Investments-subsidiary, Griha Pte. Limited. Griha Pte is a foreign step-down subsidiary of HDFC Limited. The scheme was approved by the HDFC board and received no objection or approval letters from various Indian authorities, including the RBI, SEBI, CCI, and NCLT.

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Mankind Pharma IPO opens tomorrow

Mankind Pharma’s IPO opens tomorrow. The issue will be open till April 27th and is completely an offer for sale (OFS) of 40 million equity shares by promoters and existing shareholders. The company has set a price band of Rs 1,026-1,080 per share for the IPO. Mankind Pharma’s products span therapeutic areas ranging from antibiotics to erectile dysfunction medications.

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

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

Piramal Pharma’s Sellersville facility clears USFDA inspection

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

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

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

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NMDC explores lithium reserves for mining in Australia

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

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

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

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Prestige Estates quarterly sales surge to Rs 3,889 crore

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

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

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

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

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

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

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

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NBCC gets project worth Rs 208 crore from PWD Puducherry

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

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UltraTech Cement commissions 2.2 MTPA cement grinding unit in Bihar

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

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Jio-bp to Set Up Charging Network for M&M – Top Indian Market Updates

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

Jio-bp to set up charging network for M&M’s upcoming e-SUVs launches

Jio-bp said it will set up a charging network for Mahindra & Mahindra’s upcoming electric SUV launches. Starting with 16 cities, Jio-bp will install DC fast chargers at M&M’s dealership network and workshops across India. M&M launched its first all-electric SUV, the XUV400, at Mahindra Research Valley in Chennai earlier this month. Jio-bp is a fuels & mobility joint venture between Reliance Industries Ltd (RIL) and UK-based bp.

Sobha achieves highest-ever quarterly sales value in Q2

Sobha Ltd achieved its highest-ever quarterly sales value of ₹1,164 crore during the Sept quarter (Q2 FY23), up 13% YoY. In terms of volume, total sales fell 0.89% YoY to 1.35 million sq. ft. during the same period. Total average price realization improved to ₹8,709 per square feet in Q2, registering a growth of 14% YoY. 

Sobha has launched three new residential projects— two in Bangalore and one in Thiruvananthapuram with a total saleable area of 880,893 sq. ft.

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India to offer 26 blocks for producing oil, gas in mega offshore bid round

The Directorate General of Hydrocarbons said the Indian government will offer 26 blocks or areas for finding and producing oil & gas in a mega offshore bid round. Out of the 26 blocks, 15 areas are in ultra-deepwater, 8 in the shallow sea, and 3 blocks are onland. Around 16 areas for prospecting for coal-bed methane (CBM) are also being offered in a separate round. 

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Power Grid acquires SPV to build transmission project

Power Grid Corporation of India has acquired 100% equity in a special purpose vehicle (SPV) to build an inter-state transmission project for eastern and northeastern regions. The consideration paid for the acquisition was ₹7.04 crore, including 50,000 equity shares and assets & liabilities of the company. The SPV is yet to start commercial operations.

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JSW Neo Energy to develop 126 MW Chhatru hydel project in Himachal Pradesh

JSW Neo Energy (a subsidiary of JSW Energy Ltd) has received a Letter of Intent from the Himachal Pradesh government for developing the 126 megawatts (MW) Chhatru hydro-power plant. JSW Energy has set an ambitious target for a 50% reduction in its carbon footprint by 2030 and to achieve carbon neutrality by 2050. It has set a target to reach 20 GW capacity by 2030, with the share of renewable energy increasing to 85%.

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Marksans Pharma to acquire Teva’s manufacturing site in Goa

Marksans Pharma has entered into an agreement with Israeli drugmaker Teva to acquire its manufacturing site in Goa on a slump sale basis. The Mumbai-based company has agreed to retain the site employees with existing terms of employment. Marksans Pharma has also entered into a business transfer agreement with Tevapharm India to acquire its business relating to the manufacture and supply of bulk pharmaceutical formulations.

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L&T Construction wins order under its water and effluent treatment business

Larsen & Toubro Ltd’s (L&T) construction arm has secured a significant contract (in the range of ₹1,000-2,500 crore) from the Government of Odisha to execute irrigation projects.  The scope of work includes the execution of 23 lift irrigation schemes consisting of intake points spread across Anandapur Left Main Canal, Bidydharpur Barrage, Hadagarh Reservoir, Anandapur Barrage & Kharsua, Kani & Baitarani Rivers. 

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NMDC signs pact with RailTel for ICT and digital solutions

NMDC and RailTel Corporation of India have entered into an agreement covering the information & communications technology (ICT) and digital transformation services of NMDC at its corporate offices and mining complexes. This partnership will focus on the optimal utilization of resources and build mineral accountability. RailTel will provide consultancy, project management, and execution services to enhance NMDC’s efficiency and transparency.

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G M Breweries Q2 Results: Net profit rises 4% YoY to ₹22 crore

G M Breweries Ltd reported a 3.8% YoY (or 40.4% QoQ) increase in net profit to ₹22.69 crore for the quarter ended September (Q2 FY23). The company’s revenue from operations rose 22.35% YoY to ₹141.86 crore during the same period. Total expenses stood at ₹532.60 crore in Q2, up 26.11% YoY. G M Breweries manufactures country liquor (CL) and Indian-made foreign liquor (IMFL).  

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Dr Reddy’s Labs’ plant gets World Economic Forum recognition

The World Economic Forum has recognised Dr. Reddy’s Laboratories Ltd’s largest manufacturing facility in Bachupally, Hyderabad, as part of its Global Lighthouse Network. Lighthouses are factories leading the way in Fourth Industrial Revolution technologies to drive impact in productivity, workforce engagement, sustainability, and supply chain resilience.

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Bharti Airtel Launches Wynk Studio – Top Indian Market Updates

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

Bharti Airtel launches Wynk Studio to support independent artists

Bharti Airtel Ltd has launched Wynk Studio, a music distribution ecosystem for independent artists. The studio enables artists to launch and monetise their music. The company has earmarked Rs 100 crore to promote local talent and launch 5,000 independent artists. At present, Wynk Studio has onboarded 130 artists from India, Singapore, and the United States.

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Aurobindo Pharma Q1 Results: Net profit falls 32% YoY to Rs 521 crore

Aurobindo Pharma Ltd reported a 32% YoY decline in consolidated net profit to Rs 521 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 9% YoY to Rs 6,236 crore during the same period. EBITDA stood at Rs 935 crore in Q1, down 22% YoY. The company’s Active Pharmaceutical Ingredients (API) business grew 12% YoY to Rs 907 crore. 

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Ashok Leyland’s EV arm partners with Chalo to deploy 5,000 EV buses

Ashok Leyland’s EV subsidiary, Switch Mobility, has partnered with Chalo (an app-based public transport operator) to supply over 5,000 electric buses over three years. Switch Mobility will manufacture the buses, while its sister company OHM Mobility will operate them in partnership with Chalo. The electric buses will be deployed across metros and major cities.

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Jet Airways Q1 Results: Net loss at Rs 390 crore

Jet Airways reported a net loss of Rs 390.1 crore for the quarter ended June (Q1 FY23). The airline had posted a net loss of Rs 129 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations fell 83% YoY to Rs 12.53 crore in Q1 FY23. It has started the process of hiring pilots for Airbus’ A320 aircraft and Boeing’s 737NG and 737Max planes. They intend to recommence commercial operations in the current quarter (Q2 FY23).

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NMDC hikes lump ore rate to Rs 4,100 per tonne; fines at Rs 2,910

NMDC Ltd has hiked prices of lump ore by Rs 200 per tonne and fines by Rs 100 per tonne with immediate effect. It fixed the prices of lump ore at Rs 4,100 per tonne and fines at Rs 2,910 per tonne. NMDC is India’s largest producer and seller of iron ore. It contributes around 17% to the country’s annual iron ore output.

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Bata India Q1 Results: Net profit rises 72% YoY to Rs 119 crore

Bata India Ltd reported a 71.82% YoY increase in consolidated net profit to Rs 119.37 crore for the quarter ended June (Q1 FY23). Its revenue from operations jumped 253% YoY to Rs 943 crore during the same period. Footfalls across retail outlets and sales through digital channels saw significant growth. Bata India opened more than 20 new franchise stores in Q1, taking the total number to over 320.

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Go Fashion plans to open 120-130 stores every year

Go Fashion (India) Ltd is pushing ahead with its plan to strengthen its footprint across geographies by adding about 120-130 stores every year. The company saw a five-fold YoY jump in total revenue to Rs 165.2 crore for the quarter ended June (Q1 FY23). It posted a net profit of Rs 24.4 crore in Q1 FY23, compared to a loss of Rs 19 crore in Q1 FY22. Go Fashion has been continually adding new products across all its bottom-wear categories.

Read more here.

Wonderla Holidays Q1 Results: Net profit at Rs 64 crore

Wonderla Holidays reported a net profit of Rs 64.38 crore for the quarter ended June (Q1 FY23). The company had posted a net loss of Rs 13.25 crore in Q1 FY22 and a net profit of Rs 8.51 crore in the previous quarter (Q4 FY22). Its revenue from operations surged to Rs 149.42 crore in Q1 FY23, compared to a revenue of Rs 4.35 crore in Q1 FY22 and Rs 57.69 crore in Q4 FY22. 

The company aims to focus on leveraging digital marketing, scaling content, consistent park activities, and innovative rides in the coming years.

Read more here.

Syrma SGS Technology’s IPO to open tomorrow

Chennai-based engineering and design company Syrma SGS Technology will launch its Rs 840 crore initial public offering (IPO) on Friday. The issue will be sold in the price band of Rs 209-220 and would be a mix of fresh issue (Rs 766 crore) and an offer for sale (Rs 74 crore). The IPO will conclude on August 18.

Read more here.

Trent Q1 Results: Net profit at Rs 115 crore

Trent Limited reported a consolidated net profit of Rs 114.93 crore for the quarter ended June (Q1 FY23). The retail firm had posted a net loss of Rs 138.29 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped over three-fold YoY to Rs 1,803.15 crore in Q1 FY23. Total expenses stood at Rs 1,734.28 crore, up 157% YoY.

Read more here.

TCS secures order from Five Star Bank

Tata Consultancy Services (TCS) has partnered with Five Star Bank (a subsidiary of US-based Financial Institutions, Inc.) to offer its Customer Intelligence & Insights (CI&I) analytics platform. TCS will leverage the AI-powered CI&I platform’s real-time contextual engagement capabilities to help the bank gain insights to avoid attrition blind spots and drive omnichannel customer personalisation.

Read more here.

Oil India Q1 Results: Net profit jumps 3x to Rs 1,555 crore

Oil India Ltd (OIL) reported a 3x jump in net profit to Rs 1,555.46 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 98% YoY to Rs 5,967.55 crore during the same period. OIL realised an average crude price of $112.73 per barrel in Q1 FY23, compared to $67.15 per barrel in Q1 FY22. 

Read more here.

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Retail Inflation at 7.01% in June – Top Indian Market Updates

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

Retail inflation at 7.01% in June

Retail inflation in India (measured by the Consumer Price Index) eased to 7.01% in June, compared to 7.04% in May. The overall inflation in food items stood at 7.75% in June, compared to 7.97% in the preceding month. Fuel and light inflation climbed to 10.39% in June in contrast to 9.54% in May. The downward trend in inflation can also be attributed to excise duty cuts on petrol and diesel, along with imposed restrictions on food exports.

Read more here.

HCL Tech Q1 Results: Net profit rises 2.4% YoY to Rs 3,283 crore

HCL Technologies Ltd reported a 2.4% YoY increase in consolidated net profit to Rs 3,283 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 16.92% YoY to Rs 23,464 crore during the same period. The company secured new deals worth $2,054 million in Q1, up 23.4% YoY. The IT firm’s board has declared a dividend of Rs 10 per share.

Read more here.

Ramco Systems deploys its Aviation Suite for Air Asia Company

Ramco Systems Ltd has deployed its Aviation M&E MRO Suite V5.9 at Air Asia Company (AACL), thereby automating and digitally transforming its business processes. AACL is Taiwan’s first privately-owned aircraft maintenance company. The Aviation Suite has modules for production planning, commercials, maintenance execution, and supply chain management.

Read more here.

NMDC cuts iron ore price amid weak demand

State-owned NMDC Limited cut prices of lump ore and fines by Rs 500 a tonne each amid a weak demand environment. The company has fixed the prices of lump ore at Rs 3,900 per tonne and fines at Rs 2,810 a tonne. Under the Ministry of Steel, NMDC contributes around 17% to the country’s annual iron ore output.

Read more here.

Banks to report mark-to-market losses of Rs 13,000 crore on rising bond yields: Report

As per a report by rating agency Icra, rising bond yields will force banks to report mark-to-market losses of up to Rs 13,000 crore on their investment portfolios in the April-June quarter (Q1 FY23). Mark-to-market losses occur when financial instruments held by firms are valued at the current market value, which is lower than the price paid to acquire them. The report further states that profits will moderate for the quarter. However, improved loan growth and operating profits will ensure that the banks’ revenues remain “steady” for FY23

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RVNL-led consortium secures LoA for Rs 1,845 crore project

Rail Vikas Nigam Ltd (RVNL) announced that the RVNL-SP Singla Constructions consortium has secured a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a road project in Himachal Pradesh. The project involves four-laning of NH-5 from Kaithlighat to Shakral Village in Himachal Pradesh. The total cost of the project is estimated at Rs 1,844.77 crore.

Read more here.

Adani Data Networks to participate in spectrum auctions

The Adani Group has applied to participate in the 5G auctions through its unit Adani Data Networks (a subsidiary of Adani Enterprises Ltd). Adani Data Networks is also undergoing the process to acquire a ‘Unified License with Authorisation of Access Services’ in specific areas. The conglomerate said it is not looking at a consumer mobility play and wants to acquire spectrum to create a private network to support its businesses (airports, data centres, etc).

Read more here.

Bosch to invest over Rs 200 crore in next five years in India

Bosch Ltd has announced plans to invest over Rs 200 crore in advanced automotive technologies and digital mobility space over the next five years. The company is also optimistic about having double-digit growth in FY23 over the previous financial year. Bosch will support Indian automakers through system expertise and participate in partnerships to become a major player in the electrification ecosystem.

Read more here.

Delta Corp Q1 Results: Net profit at Rs 57 crore

Delta Corp Ltd reported a consolidated net profit of Rs 57.13 crore for the quarter ended June (Q1 FY23). The company had posted a net loss of Rs 28.93 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations grew 35% YoY to Rs 250.27 crore in Q1 FY23. Delta Corp is an Indian gaming and hospitality corporation that owns and operates casinos and hotels under several brands.

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Adani Green Energy Raises $288M for RE Projects – Top Indian Market News

Adani Green Energy raises $288 million for RE projects

Adani Green Energy Ltd (AGEL) has raised $288 million (~Rs 2,188 crore ) for the construction of its renewable energy (RE) projects. The funds will initially finance the 450 megawatts (MW) hybrid portfolio of solar and wind RE projects that AGEL is setting up in Rajasthan. The extended pool of liquidity strengthens AGEL’s strategy to fast-track the development of its under-construction asset portfolio. AGEL has set a target of achieving 45 GW renewable energy capacity by 2030.

Read more here.

Airbus in talks with Tatas, Indian carriers for A350XWB aircraft

Airbus is in talks with Tata Group and Indian carriers for a deal regarding the procurement of its wide-bodied A350XWB planes. Currently, only Vistara and Air India have wide-bodied aircraft in their fleet. Wide-bodied planes like the A350XWB have larger fuel tanks that allow them to travel longer distances. “We predict a 6.2% yearly average growth for the air traffic out of India. The world average is at 3.9%,” noted Remi Maillard, President & MD of Airbus India & South Asia.

Read more here.

Glenmark Pharma gets USFDA approval for Lacosamide tablet

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Lacosamide tablets. The drug is used to treat partial-onset seizures in patients 4-years and older. As per IQVIA January 2022 data, the generic version of the drug had achieved annual sales of ~$1.7 billion (~Rs 12,964 crore). 

Read more here.

Godrej Properties records sales worth Rs 1,002 crore in Pune township project

Godrej Properties Ltd (GPL) has achieved sales of Rs 1,002 crore in 2021-22 in its township project ‘Riverhills’ in Mahalunge, Pune. The realty company has sold over 1,550 homes across 1.5 million sq. ft. in the current financial year. Since the launch of Phase-1 of the township in September 2019, GPL has sold over 3,600 homes with 3.4 million square feet of area and a booking value of over Rs 2,100 crore.

Read more here.

TCS, Google Cloud secures Fletcher Building digitisation deal

Tata Consultancy Services (TCS) has secured a deal from Fletcher Building to build a Google cloud-based enterprise platform to support long-term growth. TCS and Google Cloud will implement enterprise-grade cloud capability to run the realty company’s mission-critical enterprise workloads. Both entities will develop Fletcher Building’s customer data strategy to create an end-to-end understanding of customer needs and behaviors.

Read more here.

Wockhardt partners with SII to set up vaccine manufacturing plant in UK

Wockhardt UK has partnered with a subsidiary of Serum Institute of India (SII) to set up a new vaccine manufacturing facility in Wrexham, North Wales (UK). The collaboration between Wockhardt UK and Serum Life Sciences UK Ltd will help create employment opportunities and establish a new sterile fill and finish facility in Wrexham. The facility will deliver an additional 150 million vaccine doses of multiple vaccines.

Read more here.

NMDC becomes first Indian company to cross 40 MT iron ore production in a year

NMDC Ltd has crossed the milestone of producing over 40 million tonnes (MT) of iron ore in a year, becoming the first Indian company to do so. The company has now set a target of becoming a 100 million tonnes per annum (MTPA) company by 2030. NMDC plans to leverage its expertise in moving towards a multi-mineral outlook with coal, diamond, gold, and other strategic minerals to its portfolio.

Read more here.

Strides Pharma signs pact with MPP to market Covid-19 drug

Strides Pharma Science Ltd has signed a sub-licence agreement with Medicines Patent Pool (MPP) to commercialise the generic version of Pfizer’s Covid-19 oral treatment (Kovidax) in 95 low and middle-income countries. The product will be manufactured at Strides’ flagship facility in Bengaluru. The company has also secured active pharmaceutical ingredients (API) supplies for the drug via a preferred partnership agreement. 

Read more here.

KEC International secures new orders worth Rs 1,005 crore

KEC International Ltd has secured new orders worth Rs 1,005 crores across its various business segments. The transmission & distribution (T&D) business has received orders for the supply of towers and poles in the Americas. Its railways business has won orders for overhead electrification and associated works. The company’s civil business has secured an order for the construction of a depot cum workshop in the urban infra segment in India.

Read more here.

Banks recover Rs 61,000 crore via one-time settlement of loans

The Central Govt informed Parliament that around 11 banks have recovered ~Rs 61,000 crore by way of one-time settlement of loans in nearly four financial years. The figures are for the last three financial years and up to December 2021 of FY22. As per RBI norms, banks are required to have a board-approved loan recovery policy. The policy may cover negotiated settlements through compromise, including one-time settlements (OTS). Such measures will help banks promptly recycle their funds with advantage.

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Domestic air traffic rose 20% in Feb: DGCA

Around 76.96 lakh domestic passengers travelled by air in February 2022, a 20% increase over January. This shows a sign of recovery for the domestic aviation market, which had dipped 43% due to the third wave of the Covid-19 pandemic. IndiGo carried 39.51 lakh passengers in Feb, securing a 51.3% share of the domestic market. SpiceJet Ltd flew 8.2 lakh passengers and Air India flew 8.55 lakh passengers in February.

Read more here.

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JSW Steel Output Grows 21% YoY in Feb – Top Indian Market News

JSW Steel output rises 21% YoY to 1.58 MT in Feb

JSW Steel Ltd registered a 21% year-on-year (YoY) increase in crude steel production to 1.58 million tonnes (MT) for February 2022. The JSW Group firm’s steel output stood at 1.31 MT in February 2021. The company’s production of flat-rolled products rose 25% to 1.15 MT.

Read more here.

Norway wealth fund puts Adani Ports on watch list

Norway’s $1.3-trillion wealth fund has put Adani Ports under observation for possible exclusion from its investments due to the company’s involvement in building a port terminal in military-ruled Myanmar. The fund, which invests the state’s revenues from oil and gas production for future generations, follows an ethical mandate set by the country’s parliament.

Read more here.

Ramkrishna Forgings partners with US-based axle manufacturer

Ramkrishna Forgings Ltd has announced a partnership with a leading American axle manufacturer for the light vehicle segment. The deal consists of manufacturing products to be used for rear-wheel axle applications over the next five years. The order win will give the company an estimated business of Rs 70 crore.

Read more here.

RBI launches instant payment system “UPI 123PAY”

Reserve Bank of India (RBI) Governor Shaktikanta Das has launched an instant payment system “UPI 123PAY” for feature phone users. The new Unified Payments Interface (UPI) will allow India’s 40 crore feature phone users to access the payment service in a more secure manner. The RBI chief also launched a 24×7 helpline for digital payments – DigiSaathi.

Read more here.

NMDC hikes prices of iron ore lumps and fines by Rs 400 per tonne

NMDC Ltd has hiked the prices of lump ore and fines by Rs 400 per tonne each with immediate effect. This is the second upward price revision within the last two weeks. The iron ore miner has fixed the prices of lump ore at Rs 6,000 per tonne and that of fines at Rs 4,960 a tonne. NMDC has set an ambitious target of producing 100 MT of iron ore by 2030.

Read more here.

Alembic Pharma gets final approval for anti fungal drug

Aleor Dermaceuticals Ltd (ADL) has received final approval from US Food & Drug Administration (USFDA) for nystatin and triamcinolone acetonide ointment. The drug can be used to treat cutaneous candidiasis (a skin infection caused by Candida fungi). As per IQVIA December 2021 data, the ointment has an annual estimated market size of $4 million. ADL is a joint venture firm of Alembic Pharmaceuticals.

Read more here.

Zydus gets DCGI nod for oral drug to treat anemia in CKD patients

Zydus Lifesciences has received approval for its new drug application (NDA) from the Drug Controller General of India (DCGI) for OxemiaTM (Desidustat). It is a first-of-its-kind oral treatment in India for anemia associated with chronic kidney diseases (CKD). CKD is a serious progressive medical condition characterised by a gradual loss of kidney function.

ISGEC secures order for cement waste heat recovery boilers

ISGEC Heavy Engineering Ltd has received an order from Shree Cement for Cement Waste Heat Recovery Boilers for their 3.8 MTPA clinker capacity at its plant in Rajasthan. The scope of work includes designing, manufacturing, and supplying PH boilers in the pre-heater exhaust and AQC boilers in the cooler exhaust.

Adani-IOCL sign pact to augment crude volumes

Adani Ports and Special Economic Zone Ltd (APSEZ) has signed an agreement with Indian Oil Corp Ltd (IOCL) to augment IOCL’s crude oil volumes at the Mundra port. The state-run oil refiner will expand its existing crude oil tank farm at APSEZ’s Mundra Port. This will enable it to handle and blend an additional 10 million metric tonnes of crude oil per annum at Mundra.

Read more here.

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Bharti Airtel to Acquire 4.7% Stake in Indus Towers – Top Indian Market News

Bharti Airtel to acquire 4.7% stake in Indus Towers from Vodafone Plc

Bharti Airtel Ltd has entered into an agreement to acquire a 4.7% stake in Indus Towers Ltd from British telecom giant Vodafone Plc. The block deal would be executed through Euro Pacific Securities, a Vodafone Group entity that holds a 7.59% stake in Indus Towers. Currently, Vodafone holds ~28% stake in Indus Towers, while Bharti Airtel holds 42%. Vodafone Group will infuse the proceeds from the stake sale into the cash-strapped Vodafone Idea.

Read more here.

PNC Infratech secures order worth Rs 885 crore from NHAI

PNC Infratech Ltd has secured a new hybrid annuity highway project worth Rs 885 crore from the National Highways Authority of India (NHAI). The order consists of four-laning of Mathura Bypass-Gaju Village section of NH-530B in Uttar Pradesh. The completion time of the project is 24 months.

Read more here.

NMDC raises lump ore prices by Rs 400 per tonne

State-owned NMDC Limited has increased prices of lump ore by Rs 400 per tonne and that of fines by Rs 300 per tonne. The company has fixed prices for lump iron ore at Rs 5,600 per tonne and iron fines at Rs 4,560 a tonne with effect from February 25, 2022. NMDC is India’s largest iron ore producer. Currently, it produces ~35 million tonnes of iron ore a year from 3 fully mechanized machines.

Read more here.

SC orders Rajasthan discoms to pay Rs 4,200 crore compensatory tariff to Adani Power

The Supreme Court (SC) ruled in favour of Adani Power Ltd, saying three Rajasthan discoms were in contempt of the apex court’s 2020 order directing payment of compensatory tariff to the company. The power distribution companies (discoms) have not paid the dues despite their review petition having been dismissed earlier this year. The SC has directed discoms to pay Rs 4200 crore as compensatory tariff to Adani Power within four weeks. 

Read more here.

Dr. Reddy’s Labs to acquire German medical cannabis firm Nimbus Health GMBH

Dr. Reddy’s Labratories Ltd has entered into a definitive agreement to acquire Germany-based Nimbus Health GmbH. Nimbus is a privately owned and licensed pharmaceutical wholesaler that focuses primarily on medical cannabis. The consideration for this acquisition will be an upfront payment plus performance and milestone-based earnouts over the next four years. The company will be operating under its own brand Nimbus but as a wholly-owned subsidiary of Dr. Reddy’s Labs.

Tata Power to set up 4 GW manufacturing facility in next 18 months

Dr. Praveer Sinha, MD & CEO of Tata Power, said the company plans to set up a 4 gigawatts (GW) manufacturing facility of cells and modules over the next 18 months. The company is targeting to add 2GW of utility-scale renewable projects every year, which requires ~Rs 8,000-10,000 crore of investment. Going ahead, the CEO expects the distribution and renewables business to contribute 40% each towards EBITDA.

Read more here.

SpiceJet to start six direct flights to Bangkok from March 10

SpiceJet Ltd will start six flights between India and Bangkok from March 10 onwards under an air bubble agreement. The airline will introduce daily direct flights connecting Delhi, Mumbai, and Kolkata with the Thai capital. It will be deploying Boeing 737 aircraft to operate all India-Bangkok flights.

Read more here.

IIFL Securities pays over Rs 2 crore to settle case with SEBI

IIFL Securities Ltd has paid over Rs 2 crore to market regulator SEBI to settle a case. The company was alleged to have violated stock brokers regulation and the Prohibition of Fraudulent and Unfair Trade Practices regulation. It was alleged that IIFL Wealth Management Ltd and IIFL Securities knowingly manipulated the reference price of Alkem Laboratories for a block deal.

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‘Himalayan Yogi’ in market manipulation case is ex NSE officer: Report

The Central Bureau of Investigation (CBI) on Thursday night arrested Anand Subramanian, former chief operating officer of NSE, in connection with the market manipulation case. The CBI has unearthed that Subramanian was the faceless ‘yogi’ who was communicating with Chitra Ramkrishna, the former chief of NSE. Chitra Ramakrishna allegedly brought in Subramanian without following the rules and procedures.

Read more here.

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

Manufacturing PMI rises to 53.7 in September 

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

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

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Auto sales data for September 2021: Highlights

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

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

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

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

Read more here.

Natco Pharma launches Everolimus tablets in the US

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

Read more here.

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

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

IEX power market grows 59% in September

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

Read more here.

NMDC targets 47 MT iron ore production in FY22

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

Read more here.

VST Tillers Tractors signs pact with US-based Zimeno

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

Read more here.

Ambuja Cements begins commercial production at Marwar plant

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

Read more here.

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

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

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Tech Mahindra to acquire Germany-based BERIS consulting GmbH

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

Read more here.