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Mindtree Reports 61% YoY Rise in Net Profit in Q1 – Top Indian Market News

Mindtree Q1 Results: Net profit rises 61% YoY to Rs 343 crore

Mindtree Limited reported a 61% YoY increase in net profit to Rs 343.3 crore for the quarter ended June (Q1 FY22). Net profit has increased by 8.2% when compared to the previous quarter. Its revenue from operations rose 20% YoY (or 8.6% QoQ) to Rs 2,291.7 crore during the same period. The IT company recorded its highest-ever order book of $504 million (~Rs 3,760 crore) in Q1, a growth of 34% QoQ. However, the attrition rate jumped from 12.1% in Q4 FY21 to 13.7% in Q1 FY22.

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NTPC REL to build India’s first green Hydrogen Mobility project in Ladakh

NTPC Renewable Energy Ltd (NTPC REL), a subsidiary of NTPC Ltd, has signed a pact with the Union Territory of Ladakh to set up India’s first green Hydrogen Mobility project in the region. The company also inaugurated the first solar installations in Leh, in the form of solar trees and a solar carport. NTPC plans to launch five hydrogen buses in the region and set up a solar plant and green hydrogen generations unit in Leh.

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Maharashtra govt unveils EV policy, sets a target of 25% electrification of public transport by 2025

To further promote the cause and mass adoption of electric vehicles in the state, the Maharashtra government has unveiled a revised electric vehicle (EV) policy. The govt has set an objective to accelerate the adoption of battery-powered EVs in such a manner that it contributes to 10% of new vehicle registration by 2025. The policy also proposes to achieve 25% electrification of public transport and last-mile delivery vehicles by 2025.

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Ramkrishna Forgings secures multi-year order from European OEM

Ramkrishna Forgings Ltd has received a multi-year order from a European original equipment manufacturer (OEM) worth Rs 132 crore. The order is to be implemented for three years, distributed equally. The company’s MD said this order improves revenue visibility and profitability over the next three years. Ramkrishna Forgings is a leading manufacturer and supplier of open and closed die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel. 

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NMDC’s board approves demerger of steel business

The Board of Directors of National Mineral Development Corporation (NMDC) has approved the Scheme of Arrangement for Demerger between NMDC Ltd and NMDC Steel Limited. The scheme is subject to statutory and regulatory approvals from SEBI, the Ministry of Corporate Affairs, etc. NMDC Steel carries out the business of manufacturing and import/export of various categories of steel and iron ore.

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Lupin launches generic antifungal drug in the US market

Lupin Limited has announced the launch of Tavaborole topical solution in the US. The drug is a generic equivalent of kerydin topical solution of US-based Anacor Pharmaceuticals. It is indicated for the treatment of onychomycosis (fungal infection) of the toenails. According to IQVIA data, Tavaborole topical solution had estimated annual sales of $53 million (~Rs 394 crore) in the US for the 12 months ended May 2021. The product will be manufactured at Lupin’s facility in Pithampur, Madhya Pradesh.

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Ceat partners with Tata Power to set up captive solar power plant

Ceat Limited has entered into a partnership with Tata Power to establish a 10 megawatt (MW) captive solar power plant at its tyre manufacturing facility in Bhandup, Mumbai. TP Akkalkot Renewable Ltd, a special purpose vehicle (SPV) created by Tata Power, will be responsible for undertaking the construction, operation, and maintenance of the solar plant. Ceat will hold a 26% stake in the SPV, while Tata Power will own 74%. 

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Tata Metaliks Q1 Results: Net profit at Rs 94.72 crore

Tata Metaliks Limited reported a net profit of Rs 94.72 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 12.36 crore in the corresponding quarter last year (Q1 FY21). Total income jumped 187.43% YoY to Rs 606.45 crore in Q1 FY22. Tata Metaliks is a leading manufacturer of pig iron and ductile iron pipes in India.

ITC to double presence of its e-store to 14 cities

ITC Limited has announced plans to double the geographical presence of its e-stores to 14 cities in India. The company had launched its e-store (itcstore.in) service across seven cities with more than 700 products. It currently sells products across 46 categories through the e-store. This includes organic and multi-grain atta, ghee, frozen snacks, luxury chocolates, etc. To drive traffic, ITC also runs surprise offers at Re 1 for new products that are launched in the e-store.

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Steel Strips Wheels secures order worth Rs 113 crore from Western Hemisphere

Steel Strips Wheels Ltd (SSWL) has received export orders worth Rs 113 crore from Western Hemisphere. SSWL will complete the execution of the orders by August 21, 2021, from its Chennai and Dappar plants. The company said orders of similar capacity are anticipated in coming months from a similar customer base, as business continues to recover rapidly.

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Manufacturing PMI Remains Steady in April – Top Indian Market News

Manufacturing PMI remains steady in April

Manufacturing activity in India remained steady in April despite the devastating surge in Covid-19 cases amidst the second wave. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.5 in April, compared with 55.4 in March. This is the eighth straight month that PMI has remained in the expansion zone. Consumer goods were the strongest-performing category in April, followed by capital goods and intermediate goods. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

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Kotak Mahindra Bank Q4 Results: Net profit rises 33% YoY to Rs 1,682 crore

Kotak Mahindra Bank reported a 33% YoY increase in net profit to Rs 1,682 crore for the quarter ended March (Q4). Net interest income (NII) rose 8% YoY to Rs 3,843 crore during the same period. [NII is the interest income a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPAs) ratio fell 3.25% in Q4, compared with 3.27% in the preceding quarter (Q3 FY21). Kotak Bank’s total deposits rose 6.5% YoY to Rs 2.8 lakh crore in Q4.

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Natco Pharma gets emergency use approval for Baricitinib tablets for Covid-19 treatment

Natco Pharma has received emergency use approval for Barcitinib tablets from the Central Drugs Standard Control Organization (CDSCO). Baricitinib is used in combination with Remdesivir for the treatment of Covid-19 positive patients. Natco will be requesting a Compulsory License based on emergency use in light of the serious public health emergency across India due to the Covid-19 pandemic. The pharma company will launch the product within a week.

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IDBI Bank Q4 Results: Net profit jumps 278% YoY to Rs 512 crore

IDBI Bank reported a 278% YoY jump in net profit to Rs 512 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased by 35%. Net interest income (NII) rose 38% YoY to Rs 3,240 crore during the same period. The gross non-performing assets (NPAs) ratio stood at 22.37%, compared with 24.33% in Q3 FY21. IDBI Bank’s total deposits have increased by 4% YoY to Rs 2.3 lakh crore in FY21.

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NMDC reports 124% YoY jump in iron ore sales in April

NMDC Limited reported a 124% YoY increase in iron ore sales to 3.09 million tonnes (MT) in April 2021. The state-owned miner had posted iron ore sales of 1.38 MT during the corresponding month last year. The company’s iron ore production jumped 74% YoY to 3.13 MT in April 2021. On a quarterly basis, iron ore production has declined 31.5%, while sales fell 24.26%. 

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Godrej Properties Q4 Results: Net loss at Rs 192 crore

Godrej Properties Limited (GPL) reported a net loss of Rs 191.62 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 102 crore in the corresponding period last year (Q4 FY20). The company’s revenue declined 60% YoY to Rs 508 crore in Q4 FY21. The real estate developer recorded its highest-ever quarterly collection of Rs 2,041 crore and a net operating cash flow of Rs 785 crore in Q4. Total booking value increased by 10% YoY to Rs 2,632 crore.

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JSW Energy’s subsidiary signs PPA with SECI for supply of 540 MW wind energy

JSW Renew Energy, a wholly-owned subsidiary of JSW Future Energy Ltd, has signed a power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for the supply of 540 MW from a total blended wind capacity of 810 MW. This PPA marks JSW Energy’s entry into the wind or blended wind energy generation segment. In September 2020, JSW Future Energy had received Letter of Awards (LoAs) for a total blended wind capacity of 810 MW in respect to the tariff-based competitive bids invited by SECI for setting up 2,500 MW Inter-State Transmission System (ISTS)-connected blended wind power projects.

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SBI Life Q4 Results: Net profit at Rs 532 crore

SBI Life Insurance Company reported a flat net profit of Rs 532 crore for the quarter ended March (Q4). It had posted a net profit of Rs 531 crore in the corresponding period last year (Q4 FY20). Net premium income (NPI) rose 31% YoY to Rs 15,556 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has increased by 2% YoY to Rs 1,456 crore. The company’s board has declared an interim dividend of Rs 2.5 per share.

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Varun Beverages Q1 Results: Net profit jumps 127% YoY to Rs  136 crore

Varun Beverages Limited (VBL) reported a 127.7% YoY increase in consolidated net profit to Rs 136.76 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. Its revenue from operations rose 33.7% YoY to Rs 2,240.89 crore during the same period. Total sales volume grew 32.8% YoY to 15.1 crore cases in Q1 CY21. VBL’s board has announced a bonus issue in the ratio 1:2. [This means that one additional share will be issued for every two shares held by a shareholder of the company]

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Tata Chemicals Q4 Results: Net profit falls sharply to Rs 11.77 crore

Tata Chemicals Limited reported a 99.8% YoY (or 93% QoQ) decline in consolidated net profit to Rs 11.77 crore for the quarter ended March (Q4). Its total revenue rose 10.85% YoY to Rs 2,636 crore during the same period. The company’s basic chemistry products segment posted a 5.6% YoY growth, while the specialty chemicals segment saw a growth of 38% YoY. Tata Chemicals’ board has announced a dividend of Rs 10 per share.

Motherson Sumi’s subsidiary completes acquisition of Bombardier’s electric wiring business

Motherson Sumi Systems Ltd (MSSL) has completed the acquisition of Bombardier’s electric wiring business (which is based in Mexico). The acquisition was done by MSSL’s Mexican subsidiary— Motherson Rolling Stock Division (MRS). The assets and activities at Bombardier’s manufacturing site at Huehuetoca, Mexico (BT Ensambles México) have now been taken over by MRS.

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WPI Inflation Rises to 8-Year High of 7.39% in March – Top Indian Market News

WPI Inflation rises to 8-year high of 7.39% in March

According to data released by the Ministry of Commerce & Industry, wholesale inflation in India rose to an 8-year high of 7.39% in March. The Wholesale Price Index (WPI) stood at 4.17% in February and 2.51% in January. The prices of crude oil, petroleum products, and basic metals increased substantially in March, as compared to the corresponding month last year. The food articles segment witnessed a 3.24% rise last month. 

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Wipro Q4 Results: Net profit rises 28% YoY to Rs 2,972.3 crore

Wipro Limited reported a 27.78% year-on-year (YoY) increase in consolidated net profit to Rs 2,972.3 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased marginally by 0.14%. The IT company’s revenue from operations rose 3.4% YoY to Rs 16,245.4 crore during the same period. The firm had closed 12 large deals during the quarter with a total contract value of $1.4 billion (~Rs 10,511 crore). Wipro expects revenues from its IT services to grow 2-4% on a sequential basis in the June quarter (Q1).

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L&T secures contracts worth upto Rs 2,500 crore in Q4

Larsen & Toubro (L&T) Limited said it has bagged significant orders (in the range of Rs 1,000-2,500 crore) in the quarter ended March (Q4). L&T Heavy Engineering secured an order for 12 steam generators for a 3×700 megawatt electrical (MWe) pressurised heavy water reactor. In the area of refinery, petrochemicals, and oil & gas, L&T Heavy Engineering received a critical reactor system package order for Indian Oil Corporation’s petrochemical project.

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Tata Steel unveils multi-million-pound plan for tube making site in UK

Tata Steel Limited unveiled its transformation plans for a steel tube-making site in East Midlands, United Kingdom. Work has commenced at the 150-acre site at Corby, which produces vital steel tube products for sports stadiums, skyscrapers, hospitals, and renewable green energy schemes around the world. Under the transformation plans, manufacturing processes on the site will be brought closer together as part of a 25-million pound scheme.

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Tinplate Company Q4 Results: Net profit rises 107% YoY to Rs 56 crore

Tinplate Company of India reported a 107.04% YoY jump in standalone net profit to Rs 56.15 crore for the quarter ended March (Q4). Its revenue from operations rose 59.82% YoY to Rs 754.97 crore during the same period. The company’s board has recommended a dividend of Rs 2 per share. Tinplate Company manufactures various grades of electrolytic tinplates, tin-free steel sheets, and full hard cold rolled sheets used for metal packaging. It is a subsidiary of Tata Steel.

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Mahindra fails to find buyer for SsangYong Motor; falls in court receivership

The Seoul Bankruptcy Court has put SsangYong Motor under court receivership after its parent company, Mahindra & Mahindra, failed to find a buyer for the insolvent firm. SsangYong had defaulted on a loan payment worth ~Rs 680 crore on December 21, 2020, following which it applied for court receivership. However, the company was given three months to secure funds after saying it was in talks with US-based HAAH Automotive. SsangYong is expected to submit a rehabilitation plan to the court in June 2021.

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NMDC raises lump ore price by Rs 1,100 per tonne

NMDC Limited said it has hiked prices of iron ore with effect from April 14, 2021. The prices of lump ore were increased by 18.80% (or Rs 1,100) to Rs 6,950 per tonne. The prices of iron ore fines jumped 10.96% to Rs 5,060 per tonne. State-owned NMDC is the largest iron ore producer in India. The company presently produces around 35 million tonnes of iron ore from 3 mechanised mines.

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GE Power India to acquire 50% stake in NTPC GE Power Services

The Board of Directors of GE Power India Ltd has approved the acquisition of a 50% stake in NTPC GE Power Services Pvt Limited. The cost of the acquisition is Rs 7.2 crore. GE Power would enter into renovation and modernization of thermal power plants and partner with state-owned NTPC Limited. This investment and joint venture (JV) with NTPC is expected to strengthen GE Power’s portfolio and open avenues for expanded scope of business for future projects.

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RBL Bank partners with Mastercard to offer first-of-a-kind payment functionality

RBL Bank has entered into a partnership with Mastercard to launch a mobile-based consumer-friendly payment solution— the Pay by Bank App, a first-of-its-kind payment functionality in India. The bank’s account holders can enjoy contactless transactions across the world through their mobile banking application both in-store and online. This functionality will be available at all Mastercard accepting merchants that accept contactless and online payments.

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IL&FS addresses debt of Rs 43,000 crore so far

IL&FS said it has addressed aggregate group debt of Rs 43,000 crore till date through the sale of assets and other cash receivables. The crisis-ridden company has also increased the debt recovery target to Rs 61,000 crore. The increased estimate represents the resolution of nearly 62% of overall fund-based and non-fund-based group debt of ~Rs 99,000 crore as of October 2018. IL&FS collapsed around August 2018 when it started defaulting on bonds that came due to investors. 

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Prestige Estates Sells Assets Worth Rs 7,467 crore to Blackstone Group – Top Indian Market News

Prestige Estates sells assets worth Rs 7,467 crore to Blackstone Group

Prestige Estate Properties Ltd has sold assets worth Rs 7,467 crore to investment firm Blackstone Group as part of the first phase of a Rs 9,160 crore deal. Phase-1 of the transaction included the sale of 12 assets comprising of completed retail, office, and hotel properties. With the completion of this transaction, Prestige Estate’s net debt has reduced to Rs 997.5 crore (compared with Rs 8,464.5 crore as of December 31, 2020). Phase-2 of the transaction is expected to be completed by the end of the next quarter.

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Have adequate spectrum to be competitive in market: Vodafone Idea

P Balaji, Chief Regulatory and Corporate Affairs Officer of Vodafone Idea Ltd (VIL), said the company has an adequate spectrum to meet customers’ requirements and to be competitive in the market. He said that VIL had bid for just as much radiowaves as it needed to boost its services and coverage. This commentary comes after several reports stated that VIL may not have acquired large amounts of spectrum in the recent auctions due to financial constraints. Vodafone Idea’s spectrum holding after the recent auction stands at 1,768.60 MHz.

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Kalyan Jewellers IPO to open on March 16; price band fixed at Rs 86-87

Kalyan Jewellers, on Thursday, announced that it will open its initial public offering (IPO) on March 16. The price band of the IPO has been fixed at Rs 86 to Rs 87 per share. The offer size is Rs 1,175 crore, which comprises a fresh issue aggregating to Rs 800 crore and an offer for sale (OFS) of Rs 375 crore. The company will utilise the funds for meeting working capital requirements and for general corporate purposes. The issue will close on March 18.

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JSW Steel’s crude steel production declines 1% YoY in February

JSW Steel Limited reported that its crude steel production declined by 1% year-on-year (YoY) to 13.06 lakh tonnes in February 2021. The average capacity utilisation was 93% last month. The production of flat-rolled products declined 6% YoY to 9.27 lakh tonnes. The production of long-rolled products increased by 10% YoY to 3.4 lakh tonnes during the same period.

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Infosys BPM extends strategic partnership with Newmont Corp

Infosys BPM announced a five-year extension of its strategic collaboration with the world’s largest gold mining company- Newmont Corporation. The company will standardise and digitise delivery models across Newmont’s mining sites. Infosys BPM will leverage its automation, artificial intelligence (AI), and design thinking capabilities to deliver increased value for Newmont. Infosys BPM is the business process management arm of Infosys Limited.

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SpiceJet to offer RT-PCR test for Rs 500 in Mumbai, Delhi

SpiceJet Limited has launched the country’s cheapest Covid RT-PCR testing facility for the general public at Rs 499 through its subsidiary, SpiceHealth. It will also offer the testing facilities at a special price of Rs 299 (which is one-third of the prevailing market rate) to its passengers. In the first phase, SpiceHealth will make its testing facility available in Mumbai and Delhi.

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NMDC declares interim dividend of Rs 7.76 per share

NMDC Limited’s board has approved an interim dividend of Rs 7.76 per share for the financial year 2020-21. The company has fixed March 23, 2021, as the record date for payment of the interim dividend. State-owned NMDC is India’s largest iron ore miner and produces about 35 metric tonnes (MT) of iron ore from its three iron ore complexes in the country.

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Ramco Systems goes live at Nigeria-based Caverton Helicopters

Ramco Systems Limited announced that it has gone live at Caverton Helicopters with its Aviation M&E MRO Suite V5.8, thereby integrating and digitally transforming its business processes. The installed Aviation Suite helps Caverton Helicopters to track transactions, generate flight contract billing, and execute work packages. Caverton Helicopters is a Nigerian aerospace company that serves the West African offshore oil and gas industry.

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Ares SSG Capital completes acquisition of Altico Capital

Hong Kong-based Ares SSG Funds has completed the acquisition of debt-ridden Altico Capital. This buyout marks the first resolution of a defaulting non-banking finance company (NBFC) outside India’s Insolvency and Bankruptcy Code (IBC). State Bank of India (SBI), Bank of Baroda, Yes Bank, ACRE ARC, and Aditya Birla Finance were the main lenders to Altico Capital that have credit exposure. 

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Firms of Rakesh Jhunjunwala, Samir Arora file for mutual fund licenses

Helios Capital Management and Alchemy Capital Management are among four investment firms that have applied for mutual fund licenses with market regulator SEBI within the past 4 months. Singapore-based Helios Capital is founded by Samir Arora, while Alchemy Capital is co-founded by ace investor Rakesh Jhunjunwala. Bajaj Finserv, Capitalmind (Wisemarkets Analytics), Frontline Capital Services, Unifi Capital, and Zerodha Broking are other firms that have applied for mutual fund licenses.

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USTPO grants patent to Newgen Software for invention of advanced binarization process

The United States Patent and Trademark Office (USTPO) has granted a patent to Newgen Software Technologies Ltd for an invention entitled “Image Processing System and Method”. The patent is for a period of 20 years, which starts from March 2018. The invention is an image processing system that binarizes images, which refers to converting colored and grey images to black and white images. The process of binarization is used to reduce image size and to facilitate document analysis.

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Govt Finalises Covid-19 Vaccine Transport Module – Top Indian Market News

Some ampoules with ncov-2019 vaccine in a box. to fight the coronavirus pandemic.

Govt finalises Covid-19 vaccine transport module

The Central Government has prepared a detailed draft for air transportation of Covid-19 vaccines. Pune will be the central hub from where the vaccine distribution will take place. There are a total of 41 destinations (airports) across the country that has been finalised for the delivery of vaccines. The movement of vaccines to different parts of India is likely to begin by today or tomorrow. The development comes ahead of the Covid-19 vaccine dry run in all states across the country on January 8.

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Tata Power secures 110 MW solar power project worth Rs 488 crore from KSEB

Tata Power Company Ltd has bagged a contract worth Rs 488 crore from the Kerala State Electricity Board (KSEB) to develop a 110 MW solar project. The energy will be supplied to KSEB under a Power Purchase Agreement (PPA), valid for 25 years from the date of scheduled commercial operation. The plant is expected to generate about 274 million units (MUs) of energy per year and annually offset approximately 274 million kg of carbon dioxide. 

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SBI raises $600 million from overseas bond sale at coupon rate of 1.8%

State Bank of India (SBI) on Thursday raised $600 million (~Rs 4,403 crore) from selling bonds to international investors at a coupon rate of 1.80%. The issue, oversubscribed by 2.1 times, is part of the SBI’s $10 billion (~Rs 73,392 crore) medium-term note programme. The 5.5-year issue, denominated in US dollars, was priced at 140 basis points (bps) over the US treasury. The bonds issued through SBI’s London branch will be listed on Singapore Exchange and India INX.

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L&T Hydrocarbon Engineering secures offshore contract from ONGC

L&T Hydrocarbon Engineering (LTHE) has received an order from state-owned Oil & Natural Gas Corporation (ONGC). The contract involves engineering, procurement, construction, installation, and commissioning of a new living quarter platform, ‘NQL Platform’ with 120 men capacity. The platform will be constructed at NQ Complex in ONGC’s Mumbai High Asset on the west coast of India. The value of the contract ranges between Rs 2,500-5,000 crore.

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SEBI to allow more players to set up stock exchanges, depositories

The Securities and Exchange Board of India (SEBI), through a discussion paper, has proposed to ease ownership norms for entities that plan to start new stock exchanges in India. According to the discussion paper, any resident individual/domestic institution can set up a market infrastructure institution such as a stock exchange or a depository with 100% control, provided it is a public limited company. Earlier, individuals (resident or foreign), either directly or indirectly, could not hold more than 5% in a stock exchange or a depository.

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NMDC resumes diamond mining in Panna after forest department approval

The Madhya Pradesh Forest Department has allowed National Mineral Development Corporation Ltd (NMDC) to resume operation of its diamond mine at Majhgawan in Panna district. The operation was suspended as the environmental clearance for the mine came to an end on December 31, 2020. The state government has now extended the lease for the next 20 years. The matter of renewal of lease is pending before the State Wildlife Board and National Wildlife Board.

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Bharat Biotech enrolls over 25,800 volunteers for Covaxin Phase-3 trials

Bharat Biotech has enrolled 25,800 volunteers for Phase-3 clinical trials of its Covid-19 vaccine- Covaxin. The recruitment was supposed to be concluded by December 31 but was extended by a week since it was short of 4,000 volunteers at that time. The trials will be conducted at around 30 clinical sites throughout India. On January 3, Oxford-AstraZeneca’s Covishield (manufactured by SII) and Bharat Biotech’s Covaxin had received approval from India’s drug regulator DCGI for emergency use authorization.

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ABB India launches new range of circuit breakers for electrical retail market

ABB India Ltd has launched Formula DIN-Rail, a complete range of Miniature Circuit Breakers (MCBs), Residual Current Circuit Breakers (RCCBs), and Isolators for the electrical retail market. The company stated that its new range meets international standards and is manufactured in ABB’s Smart Buildings factory in Bengaluru. The ABB Formula DIN-Rail portfolio would be available through the ABB Electrification business retail network across India. It will also be available on ABB eMart, the company’s online marketplace.

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Mahindra Logistics launches EV-driven last-mile cargo delivery service

Mahindra Logistics Ltd (MLL) has announced the launch of its electric vehicle (EV) based last-mile cargo delivery service under the brand name ‘EDel’. The new service would initially operate across 6 major cities in India, including Bengaluru, New Delhi, Mumbai, Pune, Hyderabad, and Kolkata. MLL plans to expand EDel to a total of 14 cities in the next 12 months.

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Lupin gets USFDA nod for generic diabetes drug

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) for its Empagliflozin and Metformin Hydrochloride extended-release (ER) tablets. The tablets are indicated for the treatment of diabetes. The product will be manufactured at Lupin’s Nagpur-based manufacturing facility. As per IQVIA MAT November 2020 data, Empagliflozin and Metformin Hydrochloride ER Tablets had estimated annual sales of $357 million (~Rs 2,618 crore) in the US.

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All Industries in Delhi to Switch to PNG by Jan 31 – Top Indian Market News

Air Quality Commission directs switching over of all industries in Delhi to PNG

The Commission for Air Quality Management in NCR and Adjoining Areas has directed all industrial units in Delhi to switch over to piped natural gas (PNG) by January 31. The Commission has also directed the Delhi Pollution Control Committee (DPCC) to inspect and identify industries using polluting fuels and take stringent penal action against those found violating the directive. IGL and GAIL have been directed to complete the pipeline network, metering, and associated infrastructure by January 31.

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Govt invites bids for selling its stake in Shipping Corporation of India

The Indian government has initiated the sell-off plan for Shipping Corporation of India Ltd (SCI), by inviting expression of interest from potentially interested parties. The government proposes to sell its entire shareholding of 63.75% in the listed entity to a buyer that will takeover the company with full management control. The deadline for submitting initial bids is on February 13, 2021. 

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Bajaj Auto to set up a Rs 650-crore unit in Maharashtra 

Bajaj Auto Ltd has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for Rs 650 crore, to set up a manufacturing unit in Chakan. The state government will facilitate Bajaj Auto in obtaining necessary permissions, registrations, approvals, clearances, and fiscal incentives from the concerned departments. The facility will be utilised for manufacturing high-end KTM, Husqvarna, and Triumph motorcycles. Bajaj Auto stated that the new facility is expected to commence production in 2023.

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Infosys partners with Daimler for IT infrastructure transformation

Infosys Ltd and German automotive major Daimler AG have entered a long-term strategic partnership for a technology-driven IT infrastructure transformation. With support from Infosys, Daimler AG will transform its IT operating model and infrastructure landscape across workplace services, data centers, and networks. The collaboration will also empower Infosys to strengthen its automotive expertise.

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Dr. Reddy’s seeks approval from Canada for Favipiravir pills for Covid-19 treatment

Dr. Reddy’s Laboratories Ltd, Canada-based Appili Therapeutics, and Dubai-based Global Response Aid FZCO (GRA) on Tuesday said that Dr. Reddy’s Canada has filed an application on behalf of the consortium for Reeqonus (favipiravir) Tablets. The tablets are indicated for acute treatment of mild to moderate Covid-19 adult patients. The application has been filed under Health Canada’s “Interim Order Respecting the Importation, Sale, and Advertising of Drugs for Use in Relation to Covid-19”.

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Embassy REIT raises Rs 3,680 crore to fund acquisition of Embassy Tech Village

Embassy Office Parks REIT has raised Rs 3,680 crore ($501 million) through an institutional placement of its units. The proceeds from this placement will be utilised to fund the REIT’s proposed acquisition of Embassy TechVillage (ETV), an information technology park in Bengaluru, for $1.3 billion (~Rs 9,602 crore). The transaction is expected to close by the end of this month.

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Oil India signs MoU with Assam Hydrocarbon 

Oil India Ltd, on Tuesday, signed a Memorandum of Understanding (MoU) with Assam Hydrocarbon & Energy Company (AHECL) in Guwahati. The company stated that the MoU is aimed at establishing a joint institutional framework to facilitate bilateral cooperation in hydrocarbon exploration, development, and marketing of natural gas in Assam for mutual benefit.

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Jubilant Foodworks introduces India’s first plant-protein based pizza

Jubilant Foodworks Ltd announced that Domino’s Pizza has introduced India’s first plant-protein based product – ‘The Unthinkable Pizza’. The company stated that Domino’s latest offering is 100% vegetarian, and yet, has the sensory properties of chicken. The pizza would be available at all Domino’s restaurants across Delhi NCR, Mumbai, and Bangalore. Jubilant Foodworks is the master franchisee for Domino’s Pizza in India, Nepal, Sri Lanka, and Bangladesh.

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NMDC signs MoU with MECL for joint mineral exploration

NMDC Limited has signed an MoU with Mineral Exploration Corporation Limited (MECL) for joint exploration for iron ore, gold, coal, diamond, and other minerals in mutually agreed projects across various states. This will support the government’s ‘Atmanirbhar Bharat Abhiyan’ initiative and extend its commitment towards mineral security for the nation. NMDC Ltd is India’s largest iron ore producing ‘Navaratna’ company.

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Aster DM Healthcare to invest $100 million to set up hospital in Cayman Islands

Aster DM Healthcare said it will invest around $100 million (~Rs 738 crore) to set up a tertiary care hospital in the Cayman Islands, as part of its plans to set up a clinical excellence hub in the region. The company stated that it has signed an agreement with the Government of Cayman Islands to set up a clinical excellence hub to serve the Caribbean Region, North America, Canada, and South America. Aster will initially develop around 150-bed tertiary and quaternary care hospitals in these regions.

Promoters of Wendt India withdraws its proposed OFS

Carborundum Universal and Wendt GmBH, the promoters of Wendt India Ltd, has decided to withdraw the proposed offer for sale (OFS) of shares. In a BSE filing, the Murugappa Group company said that due to delay in transfer of the sale shares as required under the SEBI OFS circulars, it has decided to withdraw the OFS. On Monday (21 December 2020), both promoters had proposed to sell up to 94,704 equity shares, or 4.74% stake of Wendt (India) via an OFS on 22nd and 23rd of December 2020. 

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Market News Top 10 News

Goldman Sachs Raises India’s GDP Forecast for FY21 – Top Indian Market News

Goldman Sachs raises India’s GDP forecast for 2020-21

Goldman Sachs has raised its GDP forecast for India to a 10.3% contraction, from the -14.8% it had projected in September. The global financial service provider has stated that it expects economic activity in the country to improve faster than anticipated. The firm has also stated that GDP growth is estimated at 13% in the next financial year (FY22).

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Delhi plans to impose lockdown in potential Covid-19 hotspot markets

Delhi CM Arvind Kejriwal has sought power from the Central Government to impose lockdowns in those market areas which may emerge as Covid-19 hotspots. He stated that all government agencies are making double efforts to control the Covid-19 situation in the national capital. The Health Ministry has also warned that the effect of festivals on new cases may be seen in the coming weeks.

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Pfizer sues AuroPharma, Dr. Reddy’s over generic version of cancer drug

Pfizer Inc. has filed a petition in a US court against Aurobindo Pharma Ltd and Dr. Reddy’s Laboratories Ltd. It has been alleged that both companies have separate plans to launch generic versions of Pfizer’s cancer drug Ibrance, before the expiration of its patent. Pfizer filed the possible patent infringement petition against both companies in the United States District Court in Delaware on two counts last week.

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Lakshmi Vilas Bank brought under moratorium

Lakshmi Vilas Bank Ltd. has been brought under moratorium effective from 6 pm on November 17 until December 16, 2020. The payments to creditors have been capped at Rs 25,000 during the moratorium. As per a statement from the Central Government, borrowers can withdraw above Rs 25,000 only for unforeseen expenses including medical treatment and education. Meanwhile, the RBI has proposed the merger of Lakshmi Vilas Bank with DBS Bank India Limited (DBIL).

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ONGC signs contracts for 7 blocks, Oil India wins 4 blocks

State-owned Oil and Natural Gas Corporation (ONGC) has signed contracts for seven oil and gas blocks in the country. Oil India Limited (OIL) has also signed contracts for acquiring four blocks. These 11 oil blocks have been awarded to both companies under the fifth bid round of the Open Acreage Licensing Policy (OALP) of the Indian Government. 

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Industrial investments back to FY20 levels: Credit Suisse

Credit Suisse has stated that industrial investments in India are showing signs of recovery. Industrial investments had declined by 7% in the second quarter of FY21, but are now almost back to previous financial years’ levels. The firm has also retained its ‘Overweight’ stance on Larsen & Toubro (L&T), ABB, and Voltas. An overweight rating on a stock means that analysts expect the stock to outperform its industry in the market.

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L&T delivers first launch hardware for Gaganyaan Mission

Larsen & Toubro said it has delivered the first launch hardware (a booster segment) for the Gaganyaan Launch Vehicle to ISRO, ahead of schedule. The booster segment will be used in the heavy rocket for launching India’s first manned mission into the earth’s lower orbit in 2021-2022. The segment was produced at L&T’s Powai Aerospace Manufacturing Facility, in Mumbai.

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Embassy REIT to acquire business park in Bengaluru for Rs 9,782 crore

Embassy Office Parks REIT announced that it has agreed to acquire Embassy TechVillage in Bengaluru from Embassy Group, Blackstone, and other investors. The cost of the acquisition has been estimated at Rs 9,782.4 crore. The proposed deal is subject to regulatory approvals. Embassy REIT is India’s first publicly-listed REIT (Real Estate Investment Trust). 

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IIFL Finance raises Rs 100 crore via non-convertible debentures

IIFL Finance Ltd. announced that it has raised Rs 100 crore through the issuance of non-convertible debentures on a private placement basis. The company stated that the debentures will be listed on the Wholesale Debt Market segment of NSE. After this announcement, the share price of IIFL Finance hit the upper circuit of 20% in the afternoon session today.

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NMDC hikes iron ore prices for second time in November

The National Mineral Development Corporation Ltd. (NMDC) has hiked prices of lump ore by approximately Rs 400 per tonne. It has also increased the price of fine ore by Rs 300 per tonne. This is the second price hike by the company in November 2020 because of iron ore supply constraints.

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SSWL receives orders for over Rs 5.8 crore from the US &  Europe

Steel Strips Wheels Ltd. (SSWL) has received orders amounting to Rs 5.8 crore from the US and Europe markets. The company has confirmed that export orders of nearly 57,000 wheels will be executed in December 2020. The order will be fulfilled from its Chennai plant. The company also stated that it expects to obtain more orders from the same markets, as its business operations have picked up speed.