Tag: NTPC

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Titan’s Net Profit Rises 50% YoY to Rs 734Cr in Q4 – Top Indian Market Updates

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

Titan Q4 Results: Net profit rises 50% YoY to Rs 734 crore

Titan reported a 50% YoY increase in net profit to Rs 734 crore for Q4 FY23. Its total revenue rose 33% YoY to Rs 9,704 crore during the quarter. EBITDA stood at Rs 1,044 crore in Q4 FY23, up 33% YoY. The company’s board has recommended a dividend of Rs 10 per equity share.

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ED searches premises linked to Manappuram Finance

The Enforcement Directorate (ED) is carrying out searches at multiple locations on premises linked to Manappuram Finance Ltd in Thrissur, Kerala. Searches are also carried out at the headquarters and residence of promoter VP Nandakumar on allegations of illegal collection of deposits of more than Rs 150 crore from the public without the approval of the Reserve Bank of India (RBI). They are also suspected of doing large-scale cash transactions without following KYC norms. 


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JSW Steel USA Ohio to invest USD 145 mn to upgrade operations

JSW Steel’s US subsidiary, JSW Steel USA Ohio Inc., plans to invest $145 million to enhance its manufacturing operations in Mingo Junction, Ohio. The move aims to meet the demand for high-quality steel products melted and manufactured in the US. These new projects are expected to be completed & commissioned in FY26.

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Adani Wilmar Q4 Results: Net profit falls 60% YoY to Rs 94 crore

Adani Wilmar reported a 60% YoY fall in consolidated net profit to Rs 94 crore for Q4 FY23. Operating revenue stood at Rs 13,872 crore, down 7% YoY. EBITDA fell 30% YoY to Rs 2,407 crore from Rs 3,425 crore in Q4FY22. Meanwhile, the company crossed 5 million metric tonnes of sales during FY23.

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Tata Chem Q4 Results: Profit rises 62% YoY to Rs 709 crore

Tata Chemicals reported a 62% YoY increase in net profit at Rs 709 crore for Q4 FY23. Total revenue stood at Rs 4,407 crore, a 26.6% increase from Q4 FY22. EBITDA rose 47% YoY to Rs 965 crore in Q4FY22. The company’s board approved a dividend of Rs 17.5 per equity share.

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Godrej Consumer to consider raising Rs 5,000 crore via NCDs

Godrej Consumer is planning to raise up to Rs 5,000 crore through non-convertible debentures (NCDs), with the proposal set to be considered by its board next week. The board will also approve the company’s audited financial results for the quarter and financial year ending March 31, 2023, on May 10.

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MRF Q4 Results: Net profit jumps 161% YoY to Rs 410 crore

MRF reported a 161% YoY increase in net profit to Rs 410 crore for Q4 FY23. Its operating revenue for the quarter increased 10.1% YoY to Rs 5,725 crore. EBITDA rose 60% YoY to Rs 843 crore. The company’s board announced a dividend of Rs 169 per share.

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NTPC Group’s total installed capacity touches 72,304 MW

NTPC Ltd has achieved an installed capacity of 72,304 MW after the addition of unit 1 of the Maitree Super Thermal Power Plant (MSTPP) in Bangladesh. This marks the first overseas capacity addition for NTPC, which executed the project in collaboration with the Bangladesh-India Friendship Power Company Pvt Ltd (BIFPCL), a foreign joint venture company.

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Gravita India’s subsidiary secures long-term loan of 34 million euros

Gravita India’s step-down subsidiary Gravita Netherlands BV has secured a long-term loan of 34 million euros from two European developmental financial institutions in the form of an ESG (environmental, social and governance) loan. The loan is guaranteed by parent company Gravita India and enables the subsidiary’s offshore businesses to gain financial independence for their capex and working capital requirements.

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Strides Pharma partners with Orbicular to develop nasal sprays

Strides Pharma Science Ltd. has formed a partnership with Orbicular Pharmaceutical Technologies to jointly develop four nasal sprays for global markets with a combined market size of over $400 million. The products will be manufactured at Strides Pharma’s facility in Chestnut Ridge, New York, which has comprehensive capabilities for nasal spray manufacturing, including for controlled substances.

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India’s coal production rises 22.6% in 5 years to 893.08 MT in FY23

India’s coal production has registered a growth of about 23% in the last five years to 893.08 million tonnes (MT) in FY23. In the last five years, the production of Coal India Limited (CIL) has increased from 606.89 MT in FY19 to 703.21 MT, registering a growth of 15.9%. Contribution from captive and other mines to the total coal output also increased to 122.72 MT in FY23, up 113.7%.

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Tata Motors to Hike Prices of Passenger Vehicles – Top Indian Market Updates

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

Tata Motors to hike prices of passenger vehicles next month

Tata Motors will increase the prices of its passenger vehicles from May 1 to partially offset the increase in input costs. The weighted average increase will be 0.6% depending on the variant and model. This will be the second price hike by the automaker for its passenger vehicles after it initiated an average hike of 1.2% in February. 

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NTPC to add more coal plants

NTPC Ltd plans to build more coal plants this year to meet the country’s growing energy demand, despite long-term decarbonization targets. The company is expected to award construction orders for approx 4.5 gigawatts of coal-fired capacity across 3 sites where it already operates power plants. NTPC also plans to increase its coal output from its own mines by 48% compared to the previous year.

In other news, NTPC is planning to raise funds through an initial public offering (IPO) for its green energy unit, NTPC Green Energy Ltd (NGEL), in FY23.

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Zee Music inks multi-year global deals with YouTube, Meta

Zee Music Company (ZMC) has renewed its licensing agreement with YouTube and Meta, signing a three-year partnership with YouTube and a two-year partnership with Meta. This allows users to continue using Zee Music Company’s extensive catalogue of over 11,000 songs to create social experiences across YouTube, Facebook, and Instagram. Zee Music Company has already achieved over 290 billion views across its YouTube channels. ZMC is a subsidiary of Zee Entertainment Enterprises Ltd (ZEEL).

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India’s forex reserves rise to $584.75 billion

India’s foreign exchange (forex) reserves increased by $6.30 billion to $584.75 billion for the week ended April 7, after declining by $329 million in the previous reporting week. The foreign currency assets increased by $4.74 billion to $514.431 billion for the week ended April 7. Gold reserves also rose by $1.49 billion to $46.69 billion. The country’s reserve position with the IMF also went up by $13 million to $5.17 billion in the reporting week. 

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Muthoot Finance completes pre-payment of External Commercial Borrowings of $225 million

Muthoot Finance said it completed the pre-payment of External Commercial Borrowings (ECB) of $225 million on April 13. ECBs are commercial loans widely used by eligible resident entities who raise ECBs from recognised non-resident entities. Last week, the Kochi-headquartered company declared an interim dividend of Rs 22 per share for FY23. Muthoot Finance is an Indian financial corporation and the largest gold loan NBFC in India.

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SBI keeps lending rates unchanged across tenures

State Bank of India (SBI) will keep the lending rates unchanged across tenures, effective April 15, 2023. Its 1-year Marginal Cost of Funds based Lending Rate (MCLR) remains unchanged at 8.50%. The MCLR is the minimum lending rate below which a bank is not permitted to lend. In February, SBI hiked its lending rates by 10 basis points (bps) across tenures.

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Bodhi Tree cuts planned investment in Reliance JV Viacom18 by 70% to Rs 4,306 crore

Bodhi Tree has reduced its planned investment in Reliance Industries’ broadcast venture Viacom18 by 70% and will now pump in Rs 4,306 crore. In April 2022, Reliance Industries said that Qatar Investment Authority-backed Bodhi Tree would spend Rs 13,500 crore out of a planned Rs 15,145 crore investment in Viacom18. Bodhi Tree is a joint venture between James Murdoch and a former Star India executive.

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NSE to introduce WTI crude oil, natural gas futures contracts from May 15

National Stock Exchange (NSE) will launch futures contracts on underlying WTI crude oil and natural gas in the commodity derivatives segment from May 15. This comes after the exchange received approval from markets regulator SEBI to launch the rupee-denominated Nymex WTI crude oil and natural gas futures contracts in its commodity derivatives segment. These contracts will expand NSE’s product offering in the energy basket and its overall commodity segment.

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Vi showcases anti-phishing solution to TRAI, RBI & SEBI

Vodafone Idea (Vi) became the first telecom operator to showcase its anti-phishing solution to the Telecom Regulatory Authority of India (TRAI), the Reserve Bank of India, and the Securities & Exchange Board of India. The operator showed an accuracy rate of over 99%. This means that its artificial intelligence (AI)-based solution (developed by Tanla Platforms) is stopping phishing attempts through SMSes most of the time. 

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

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

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

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

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

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Auto sales data for March 2023: Highlights  

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

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

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

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

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Axis Bank launches business management solution for merchants

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

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NTPC and NHPC to merge

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

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SAIL produces record 18.28 MT crude steel in FY23

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

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SpiceJet hives off cargo and logistics business into separate entity

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

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

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

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TCS secures contract from Norwegian rail network operator Bane NOR

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

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Tejas Networks bags record order from BSNL

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

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

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

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L&T Wins Major Contracts For its Hydrocarbon Biz – Top Indian Market Updates

L&T

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

L&T wins major contracts for its hydrocarbon business

Larsen & Toubro Ltd’s hydrocarbon business (LTEH) has secured multiple offshore orders (in the range of ₹5,000-7,000 crore) from an overseas client. The scope of work comprises engineering, procurement, construction and installation of offshore structures and upgradation of existing facilities. LTEH offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers.

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Tata Motors set to hike prices by up to 5% on commercial vehicles

Tata Motors announced a price increase for commercial vehicles ahead of BS6 phase II emission norms. The prices for commercial vehicles will be hiked by up to 5% starting April 1, 2023. The price increase will be applied across the entire range of commercial vehicles.

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India cuts windfall tax on crude oil production to Rs 3,500 per tonne

The Central government reduced windfall gains on domestic production of crude petroleum from Rs 4,400 per tonne to Rs 3,500 per tonne. It also marginally increased export duty on diesel from Rs 0.50 to Re 1 per litre, while keeping both petrol and Aviation Turbine Fuel (ATF) exempted from the export levy. The new rate will be effective from March 21.

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Tata Group in talks to engage outgoing TCS boss Gopinathan beyond Sept 15: Report

As per reports, N Chandrasekaran, the chairman at Tata Sons, is reportedly discussing ways to engage outgoing Tata Consultancy Services MD & CEO Rajesh Gopinathan with the group beyond September 15 in an advisory role. There have been preliminary discussions between the two as the group needs reliable and experienced hands with its diversification into various technology domains.

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NTPC arm signs pact with Indian Army for setting up green hydrogen plants

NTPC Renewable Energy Ltd (NTPC REL) has signed an agreement with the Indian Army to implement green hydrogen projects in armed forces establishments. Under the Memorandum of Understanding (MoU) with the Army, a joint identification of potential sites would be undertaken for setting up green hydrogen projects for supplying electricity in a phased manner. NTPC REL is a wholly-owned subsidiary of NTPC Ltd.

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Thomas Cook India, SOTC Travel partners with LTIMindtree to launch ‘Green Carpet’

Travel services firm Thomas Cook India and its group company SOTC Travel have partnered with LTIMindtree to launch ‘Green Carpet’. It’s a global platform that will help companies to monitor and manage their business travel emissions. The platform is designed to address specific concerns faced by organisations, helping them capture, monitor, analyse and reduce their carbon emissions from business travel.

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Lupin receives USFDA’s nod for Brexpiprazole tablets

Lupin has received approval from the US Food & Drug Administration (USFDA) for Brexpiprazole tablets. The drug is used to treat certain mental and mood disorders. The tablets are a generic equivalent of Rexulti tablets of Otsuka Pharmaceutical Company Ltd. It had estimated annual sales of $1,575 million in the US for the 12 months ended December 2022.

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IndiaFirst Life Insurance gets SEBI approval to launch IPO

IndiaFirst Life Insurance has received approval from SEBI to float an Initial Public Offering (IPO). The IPO comprises a fresh issue of up to Rs 500 crore along with an offer for sale (OFS) of up to 14.12 crore equity shares by promoters and existing shareholders of the company. The insurance company is owned by two of India’s largest PSU banks— Bank of Baroda and Union Bank of India.

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NTPC Commissions Green Coal Plant in Varanasi – Top Indian Market Updates

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

NTPC commissions green coal plant in Varanasi

NTPC Ltd has commissioned a first-of-its-kind commercial green coal project in Varanasi, which will make torrefied charcoal from municipal waste. The total capacity of this plant after installation of all three modules shall be 600 tonnes per day (TPD) of waste handling capacity. The process is environment-friendly as there is no burning of waste.

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Sumitomo Wiring Systems sells a 3.4% stake in Samvardhana Motherson International

Japan’s Sumitomo Wiring Systems (SWS), along with a subsidiary, has offloaded a 3.4% stake in Samvardhana Motherson International Ltd (SAMIL). SWS and its wholly-owned subsidiary HK Wiring Systems Ltd (HKWS) jointly held 17.72% shares of SAMIL. SWS was the first JV partner of Motherson and promoter of SAMIL since its IPO in 1993.

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Glenmark Pharma gets USFDA nod to begin trials for potential cancer drug

Glenmark Pharma’s investigational new drug (IND) application for potential cancer drug GRC 54276 was accepted by US Food & Drug Administration (USFDA). The approval paves the way for Glenmark Specialty to proceed with a Phase 1/2, first-in-human, clinical study of GRC 54276 for the treatment of patients with advanced solid tumours and lymphomas. To date, 16 patients with various types of advanced cancers have enrolled in this ongoing study in India.

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GAIL to get LNG shipments from Germany’s Sefe after nearly a year

GAIL (India) Ltd will get two cargoes of liquefied natural gas (LNG) each in March and April from Germany’s Sefe for the first time since supplies were halted in May. Sefe was supplying cargoes from its non-Russian portfolio in Egypt, United Arab Emirates and the United States. The first cargo for March has already arrived at the Dahej terminal in western India.

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Vedanta looks to raise up to $1 billion from credit funds

According to an ET report, Vedanta Group is planning to raise funds from names like Farallon Capital, Davidson Kempner and Ares SSG Capital to meet more than $1 billion in upcoming repayments. This comes as banks have become aggressive towards Vedanta on a $1 billion loan amid a tightening credit market. The pricing being offered by the banks is 300 basis points above the expected rate.

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Dr Reddy’s sells cosmetic derma brands to Eris for Rs 275 crore

Dr. Reddy’s Labs has sold nine cosmetic dermatology brands to Eris Lifesciences for Rs 275 crore. As per IQVIA, the divested portfolio has sales of Rs. 60 crore in 2022. Eris said the transaction helps expand the cosmetic dermatology business of the company by way of expansion in the product offerings.

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DLF sells 1,137 flats for over Rs 8,000 crore within three days in Gurugram

DLF Limited has sold 1,137 luxury apartments (priced Rs 7 crore and above) for over Rs 8,000 crore within 3 days in its housing project in Gurugram. This can be attributed to the strong demand for premium flats across major cities. DLF will build 1,137 4BHK apartments across five towers (38-39 storeys) in this 25-acre project.

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Zee Entertainment likely to repay IndusInd $10 million to wrap Sony deal

As per a Bloomberg report, Zee Entertainment Enterprises Ltd (ZEEL) has likely agreed to repay dues owed to IndusInd Bank Ltd. as the company seeks to resolve insolvency proceedings initiated against it and move closer to completing a merger with a Sony Group unit. IndusInd Bank has agreed to withdraw its insolvency proceedings against the media company once the repayment is made.

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Zomato liquidates step-down subsidiary in Jordan

Zomato Ltd has dissolved its step-down subsidiary Zomato Ireland Ltd – Jordan (Zomato Jordan) with effect from March 12, 2023. The liquidation of the d unit will not have any material impact as its contribution to the turnover and overall net worth of the parent company was nil. 

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Man Industries secures export order of Rs 1,300 crore

Man Industries (India) Ltd has won a new export order of approximately Rs 1,300 crore. The company’s total order book now stands at approximately Rs 2,000 crores, which would be executed in the next 6-8 months. Man Industries is a manufacturer of carbon steel line pipes.

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Hero MotoCorp, Zero Partner For Premium Electric Motorcycles – Top Indian Market Updates

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

Hero MotoCorp to partner with Zero Motorcycle for premium electric motorcycles

Hero MotoCorp have reached an agreement with California-based Zero Motorcycles to co-develop premium electric motorcycles. The companies intend to combine the expertise of Zero in developing powertrains and electric motorcycles with the scale of manufacturing, sourcing and marketing of Hero MotoCorp. In Sept 2022, the board of Hero MotoCorp approved an equity investment of up to $60 million in Zero Motorcycles.

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Olectra Greentech bags order for 550 e-buses from TSRTC

Olectra Greentech Ltd has received an order for 550 pure electric buses from the Telangana State Road Transport Corporation (TSRTC). The order is to supply 50 standard-floor 12-metre intercity coach e-buses and 500 low-floor 12-metre intracity e-buses. The 50 intercity coach e-buses will ply between Hyderabad in Telangana and Vijayawada in Andhra Pradesh.

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NTPC records 12% growth in electricity generation in April-Feb

NTPC Ltd has registered nearly 12% YoY growth in electricity generation to 364.2 billion units in the April-February period of FY23. The company’s captive coal production stood at 2.6 million metric tonnes (MMT) and despatch at 2.5 MMT, registering a growth of 80% and 87%, respectively. NTPC continues to demonstrate an increasing trend in coal production from its captive mines. 

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Auto components industry to grow 10-15% in FY24: ACMA

India’s auto components industry is expected to grow by around 10-15% in FY24, said the Automotive Component Manufacturers Association of India (ACMA). This growth will be driven by both domestic and export market demand despite fears of a recession in major markets of the US and Europe. Going forward, the industry is expected to gain from the transition to electric vehicles (EVs) in the developed markets in the West.

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Allcargo Logistics to acquire its partners’ contract logistics business

Allcargo Logistics plans to buy out the contract logistics business of its joint venture partner CCI Integrated Logistics and sell it to the customs clearance segment as a means of consolidating its business. The company bought a controlling stake in CCI in 2016 and subsequently formed the joint venture Avvashya CCI. It now holds over 61% stake and will buy the remaining 38.87% stake from its partners for ₹145 crore.

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Max Estates completes office complex in Noida at ₹420 crore cost

Max Estates has completed an office complex (Max Square) in Noida at a total development cost of ₹420 crore. The company is expecting an annual rental income of about ₹60-70 crore from this project. New York Life Insurance Company has co-invested in this project and holds a 49% stake. Max Estates is part of Max Group’s listed entity Max Ventures & Industries Ltd (MaxVIL).

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Vehicle sales grow 16% in February 2023: FADA

A report from the Federation of Automobile Dealers Associations of India (FADA) revealed that the total registrations across all segments rose 16% year-on-year (YoY) to 17,75,424 in Feb 2023. Total commercial vehicle retail sales in February grew 17% YoY to 79,027 units. Tractor sales rose 14% YoY to 68,988 units last month.

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Domino’s becomes first QSR brand to achieve 20-min guaranteed delivery in Bengaluru

Jubilant FoodWorks Ltd announced the launch of a 20-minute delivery guarantee for Domino’s Pizza in Bengaluru. The fast-food chain now guarantees delivery of fresh and hot pizzas to customers’ doorsteps within just 20 minutes of placing the order. The service will be available across 170 Domino’s Pizza stores across the city. 

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ONGC signs pact with TotalEnergies for exploration of deep-water blocks

Oil and Natural Gas Corp (ONGC) has signed an agreement with French major TotalEnergies for the exploration of deep-water blocks. The decision comes as the country wants to quickly monetise its oil and gas resources to reduce its reliance on costly imports. India is the world’s third-biggest oil importer & consumer of oil, and ships over 85% of its oil overseas. 

Read more here.

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Reliance Jio Rolls Out 5G Services in 20 Cities – Top Indian Market Updates

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

Reliance Jio rolls out 5G services in 20 more cities

Reliance Jio has expanded its 5G services to 20 more cities across 11 states and Union Territories. With the launch, Jio 5G services are now available in 277 cities. The new cities where Jio today launched its 5G services include Sivasagar, Bhagalpur, Mormugao, Diu, Gandhidham, Bokaro Steel City, Hazaribag, Raichur, Satna, Chandrapur, Faizabad, Firozabad, Muzaffarnagar.

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NTPC Green Energy to raise up to Rs 9,000 crore term loan

NTPC’s subsidiary NTPC Green Energy Ltd (NGEL) has invited bids for rupee-denominated term loan of up to Rs 9,000 crore. NGEL intends to raise fresh debt and repay outstanding liability of Rs 8,200 crore towards NTPC by March 31, 2023, along with applicable interest costs. Funds to the tune of Rs 800 crore would be required for additional debt liability and balance capex payments of projects which are yet to achieve full commercial operations.

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Lumax Auto Technologies signs pact to acquire majority stake in IAC International Automotive India

Lumax Auto Technologies signed an agreement to acquire a majority stake in IAC International Automotive India from the International Automotive Components (IAC) Group at an equity valuation of Rs 587 crore. As part of this deal, 75% of the stake will be bought through an acquisition vehicle at Rs 440 crore, which will be paid in cash funded by debt and internal accruals. 

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HPCL switching from dollar to dirham & rouble to pay for Russian oil to avoid price cap issues

Hindustan Petroleum Corp Ltd (HPCL) is increasingly switching from dollar to dirham and rouble to pay for Russian oil to avoid trouble arising from the price cap imposed by the G-7 countries. HPCL is shifting to the currencies of the UAE and Russia following foreign banks’ refusal to process payments in dollars.

Read more here.

EV sales rise 28% in Q4 in India, mostly electric two-wheelers: Report

The sale of electric vehicles rose 28.86% quarter-on-quarter (QoQ) in Q4 2022 (October-December), according to the latest report of JMK research. The report claimed that a total of 3,57,248 EVs were sold in the quarter, the majority of which were electric two-wheelers. Nine electric two-wheeler models, six electric three-wheeler models, and five electric cars were launched in Q4

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HPCL’s Rajasthan Refinery Project to be fully functional by 2024

Union Petroleum Minister Hardeep Puri said the HPCL Rajasthan Refinery Ltd (HRRL) project will be ready by January 2024 and fully functional by 2024. The project cost was Rs 43,000 crore in 2018 and now, it has gone up to Rs 72,000 due to cost escalation. The minister also said this refinery would bring down India’s import bill by Rs 26,000 crore.

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NSE in preliminary discussions with market participants for extending trading hours

The National Stock Exchange (NSE) is in preliminary discussions with market participants regarding extending trading hours for equity derivative contracts. Exchanges are of the view that the current trading hours are pushing volumes offshore. The discussions are centered around extending trading hours for equity derivative contracts, which could potentially allow investors to react to global events faster.

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Cyient partners with Thingtrax to enable manufacturers cut costs

Cyient Ltd. has entered into a partnership with Thingtrax to improve efficiency and cut costs for manufacturers. With the help of artificial intelligence-led data, the Cyient-Thingtrax partnership will enable manufacturers globally to improve their performance throughout the entire range of manufacturing operations.

Read more here.

Adani staff manipulated information, removed warnings on website: Wikipedia

Nearly a month after Hindenburg Research posted serious allegations against billionaire Gautam Adani, Wikipedia editors now said employees of the Adani Group have “almost certainly” manipulated Wikipedia entries with non-neutral PR versions. Short-seller Nate Anderson (founder of the Hindenburg Research) said the new article shows how Adani systematically manipulated its Wikipedia entries using sock puppet accounts and undisclosed paid editors.

Read more here.

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Steel Prices Rise to 3-Month High in Jan – Top Indian Market Updates

steel

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

Steel prices rise to 3-month high of ₹56,900 per tonne in Jan: SteelMint

According to a SteelMint report, steel prices increased by 5% to hit a three-month high of ₹56,900 per tonne in January. Prices of coking coal have risen in January to $310 per tonne from $279 a tonne in December 2022. India remains dependent on imports to meet over 85% of its coking coal requirements.

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Axis Bank enters into revised pact to acquire additional 7% stake in Max Life

Axis Bank has entered into a revised agreement with Max Financial Services to acquire an additional 7% stake in Max Life Insurance at fair market value using discounted cash flow method. The revision in the agreement follows the guidance issued by the Insurance Regulatory and Development Authority (IRDAI) in October 2022. Discounted cash flow refers to the estimated value of an investment based on future cash flows.

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Coal India subsidiary NCL to start M-Sand production

Northern Coalfields Ltd (NCL), a subsidiary of Coal India Ltd, will soon start production of M-Sand, a material used for construction works. NCL will start production of M-Sand or Manufactured Sand for its Amlohri project in Madhya Pradesh.

In other news, CIL has issued Letters of Acceptance for nine coal mining projects to be operationalised through the engagement of mine developers and operators. These 9 projects have a production capacity of around 127 million tonnes (MT).

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NTPC produces 14.55 MT coal from captive mines in April-December

State-owned NTPC’s coal production increased 51% year-on-year (YoY) from its captive mines to 14.55 million tonnes (MT) in April-December 2022. Its four operational coal mines have contributed to accomplishing the highest-ever monthly coal production of 22.83 lakh tonnes in December 2022. In the third quarter (Q3 FY23), NTPC produced 5.79 MT of coal and dispatched 5.42 MT to its power plants.

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Glenmark Pharma launches generic version of diuretic Bumetanide injection

Glenmark Pharmaceuticals Ltd’s US arm has launched its generic version of diuretic Bumetanide injection. Bumetanide is used to reduce extra fluid in the body (edema) caused by conditions like congestive heart failure, liver disease, and kidney disease. According to IQVIA sales data, the generic version of this injection achieved annual sales of approx. $16.5 million for the 12 months ended November 2022.

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Non-promoter shareholders allowed to sell stake via OFS: Sebi

The Securities and Exchange Board of India (SEBI) has modified the existing framework for conducting an offer for sale (OFS) of securities by companies by allowing non-promoter stakeholders to opt for the same. Until now, only promoter and promoter group entities were allowed to sell stakes through an OFS on the stock exchanges. The OFS mechanism will now be available to companies with a market capitalisation of ₹1,000 crore and above.

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PSP Projects wins ₹1,344 crore order from Surat Municipal Corporation

PSP Projects Ltd. has secured a government project worth Rs 1,344.01 crore from the Surat Municipal Corporation (SMC). The company will construct a state-of-the-art high-rise office building for SMC in Surat, Gujarat. With this latest order, the total order inflow of PSP Projects has increased to ₹3,292.59 crore in the current financial year (FY23). 

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​​Indian Overseas Bank revises interest rates up to 45 basis points

Indian Overseas Bank (IOB) has revised interest rates on rupee retail term deposits up to 45 basis points (bps) with immediate effect. Depositors of the domestic, non-resident ordinary (NRO), and non-resident external (NRE) would receive interest rates up to 7.75% by opening term deposits for 444 days. The interest rate on foreign currency deposits has also increased by up to 100 bps.

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Zydus Lifesciences gets final USFDA approval for Febuxostat tablet

Zydus Lifesciences has received final approval from the United States Food & Drug Administration (USFDA) to market Febuxostat tablets. The tablets are prescribed for lowering or controlling high uric acid levels in patients suffering from gout (or severe arthritis). It will be produced at the pharma company’s formulation manufacturing facility at Moraiya, near Ahmedabad.

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Adani-led group completes purchase of Israel’s Haifa Port

A consortium led by India’s Adani Group has completed the purchase of Haifa Port in northern Israel for 4 billion shekels ($1.15 billion). Israel has been selling its state-owned ports and building new private docks to bring down costs and cut above-average waiting times for vessels to unload. The entry of the Shanghai International Port Group (SIPG) and the Adani-led group will likely boost Israel’s standing as a regional trade hub.

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Cabinet Approves Rs 19,744Cr for National Green Hydrogen Mission – Top Indian Market Updates

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

Cabinet approves ₹19,744 crore for National Green Hydrogen Mission

The Union Cabinet has approved provisions of the National Green Hydrogen Mission. It has sanctioned ₹19,744 crore for implementation of the project. The mission aims to provide direct incentives for manufacturing green hydrogen and generating hydrogen from green power sources. Incentives will also be given for manufacturing electrolysers in India for five years.

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Adani plans to focus on digital expansion in 2023: Report

According to a Times of India report, Adani Group’s chairman Gautam Adani has been planning to roll out enterprise 5G services and consumer apps this year. He will be focusing on building AI-ML (artificial intelligence & machine learning) & industrial cloud capabilities and expanding data centres. Rolling out its 5G services and business-to-consumer (B2C) apps to digitally onboard millions of customers will be the company’s priority in 2023.

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Switch Mobility, JBM Auto, PMI Electro Mobility win e-bus contracts from Centre

Ashok Leyland’s Switch Mobility, JBM Auto, and PMI Electro Mobility have emerged as the lowest bidders for a $362.24 million (~₹3,000 crore) tender floated by state-run Convergence Energy Services Ltd (CESL). Switch Mobility will supply 2,600 electric buses in three states, JBM Auto 1,781 e-buses in three states, and PMI Electro quoted the lowest for the supply of 2,080 electric buses in two states.

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Housing demand across India rises 19% in Q3

The Magicbricks’ PropIndex report for the quarter ended Dec (Q3 FY22) said the aggregate residential demand (indicated by searches) increased 19% YoY led by major cities such as Mumbai with a 52.1% rise, Noida 35.8%, Gurgaon 34.5%, Delhi 14.8% and Bengaluru with 33% growth. The average property rates increased 13.9% YoY, and the cumulative supply (indicated by listings) grew 2.7% YoY.

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Vedanta’s aluminium production falls 2% in Q3

Vedanta Ltd’s total aluminum production declined by 2% YoY to 5.66 lakh tonne in the three months ended December 2022. Alumina production at Lanjigarh refinery in Odisha FELL 6% YoY and 2% from the previous quarter to 4.43 lakh tonne due to maintenance activities in calciners. Total production of finished steel was at 3.06 lakh tonne in Q3, down by 13% YoY.

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RailTel to monetise Wi-Fi footfalls in rail stations, eyes ₹250 crore revenue in 5 years

RailTel Corporation of India Ltd has initiated a Wi-Fi monetisation project covering more than 6,100 railway stations across India where a public Wi-Fi network has already been made available by the company. The company has signed a five-year agreement with three partners— 3i Infotech Ltd, Forensics Intelligence Surveillance & Security Technologies Private Ltd, and Yellow Inc for the project. 

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RBI lifts restrictions imposed on Mahindra Finance

Reserve Bank of India has lifted restrictions on Mahindra & Mahindra Financial Services Limited on loan recovery via third-party services. On September 22, 2022, RBI directed the company to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders. The company was allowed to carry out recovery or repossession activities through its own employees.

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NTPC’s power generation jumps 11% to 254 BU in April-December 2022

NTPC Ltd has reported an 11.6% year-on-year (YoY) growth in power generation during the April-December period in FY23. The state-owned company generated 295.4 billion (BU) of power during the period. The coal-based thermal power plants of the company utilised 73.7 percent of their capacity, a jump from 68.5 percent utilisation in the year-ago period. NTPC also commissioned India’s first green hydrogen blending project on Tuesday.

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Adani to Pay Extra ₹26Cr to NDTV Open Offer Sellers – Top Indian Market Updates

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

Adani Group to pay additional ₹48.65 per share to NDTV open offer sellers 

Adani Enterprises Ltd will pay an additional ₹48.56 per share for the NDTV shares it bought under its open offer. This is to match the price that was paid to NDTV founder-promoters (Prannoy Roy and Radhika Roy) who sold most of their stake to the Adani Group last week. With the additional payment in place, NDTV investors who sold their shares in the open offer will receive ₹342.65 per share. Earlier, the offer price offered by Adani was ₹294 per share.  

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RIL, Adani Group, NTPC among 7 bidders for SKS Power

SKS Power Generation’s lenders have received seven bids to take over the distressed power producer. Reliance Industries, the Adani Group, NTPC, Torrent Power, Jindal Power, Sarda Energy & Minerals, and Singapore-based Vantage Point Asset Management have submitted final bids to take over the distressed company. SKS Power owes ₹1,890 crore to Bank of Baroda and State Bank of India. 

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EV industry seeks extension of subsidies under FAME-II in Budget

The Society of Manufacturers of Electric Vehicles (SMEV) has sought an extension of subsidies for EVs under the FAME-II scheme. The industry has also sought the inclusion of light to heavy commercial vehicles in it to promote electric mobility. In its pre-Budget recommendations, the industry body also called for a uniform 5% Goods & Services Tax (GST) on spare parts for electric vehicles.

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HDFC Bank partners with Microsoft for digital transformation journey

HDFC Bank is partnering with Microsoft in the next phase of its digital transformation. The private sector lender is developing in-house Internet Protocols (IPs) and collaborating with several fintech companies to co-create technology IPs. HDFC Bank will leverage Microsoft Azure to modernise its enterprise data landscape and scale its information management capabilities across enterprise reporting and advanced analytics using artificial intelligence.

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India’s coal production rises 16% to 608 MT in April-Dec: Govt

India’s coal output rose by 16.39% year-on-year (YoY) to 607.97 million tonnes (MT) during the April-December period of the current financial year (FY23). Coal production by Coal India Ltd (which accounts for over 80% of the domestic output of coal) rose 15.82% YoY to 479.05 MT during the same period.

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L&T Construction wins orders from Madhya Pradesh

Larsen and Toubro Ltd’s water and effluent treatment business has secured repeat orders from the Government of Madhya Pradesh to execute two lift irrigation projects. The project will irrigate 2.05 lakh hectares of land that covers over 500 villages in the Dewas and Dhar districts in Madhya Pradesh. It will lift 60 cubic metre per second of water from the Narmada River to irrigate farmlands, benefitting 3,00,000 farmers in the process

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Granules to use Greenko’s clean energy for proposed ₹2,000 crore plant in Kakinada

Granules India has entered into a strategic partnership with Greenko Group to develop Integrated Green Pharmaceutical Zones (GPZ), starting with Kakinada, Andhra Pradesh. The company will use carbon-free energy and green hydrogen derivatives supplied by Greenko ZeroC, beginning with its proposed ₹2,000 crore greenfield plant in Kakinada spread across 100 acres. The investment will be spread across 5 years. 

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ONGC’s ‘Sagar Samrat’ starts oil, gas output in Arabian Sea

ONGC’s vintage offshore drilling rig ‘Sagar Samrat’ has been commissioned as a Mobile Offshore Production Unit (MOPU) in the Arabian Sea. It will handle up to 20,000 barrels per day of crude oil, with a maximum export gas capacity of 2.36 million cubic metres per day. The MOPU is expected to add 6,000 barrels per day of oil to ONGC’s production in the coming days.

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NTPC starts India’s first green hydrogen blending operation in PNG network

NTPC Ltd has started India’s first green hydrogen blending operation in the piped natural gas (PNG) network of its township in Kawas, Surat. The project is a joint effort of NTPC and Gujarat Gas Ltd (GGL). This set-up is geared up to supply H2-NG (natural gas) to households of Kawas township. 

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Jio to Provide Managed Services for IOCL for 5 years – Top Indian Market Updates

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

IOCL selects Jio’s managed network services for its petrol pumps

Indian Oil Corp Ltd (IOCL) has selected the enterprise arm of Reliance Jio Infocomm, JioBusiness, to deploy and manage Software Defined Wide Area Network (SD-WAN) solutions across its 7,200 retail outlets for five years. Jio’s SD-WAN solutions will be used to power IOCL’s retail automation and critical business processes. This includes payment processing, daily price updates, remote desktop protocol (RDP) software, and network monitoring.

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Maruti Suzuki signs 5-year pact with Kamarajar port for PV exports

Maruti Suzuki India Ltd (MSIL) has signed a five-year pact with Kamarajar Port Ltd in Chennai for exporting its passenger vehicles (PVs) to international markets. Under this agreement, Kamarajar Port will be used to export cars to Africa, the Middle East, Latin America, ASEAN, Oceania, and SAARC regions. A car-cum-general cargo berth has been developed and commissioned by Kamarajar Port for handling automobile units.

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JK Cement buys controlling stake in Acro Paints for ₹153 crore

JK Paints & Coatings, a wholly-owned subsidiary of JK Cement Ltd, has acquired a controlling stake in Acro Paints for ₹153 crore. Acro Paints is a leading manufacturer of architectural, high-performance paints and coatings in north India. This acquisition is a step towards fast-tracking JK Cement’s entry into the paints segment, expanding its product offerings, and potentially foraying into new markets.

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Reliance Retail acquires Metro AG’s India business for ₹2,850 crore

Reliance Retail Ventures Ltd (RRVL) has signed definitive agreements to acquire a 100% equity stake in Metro Cash and Carry India Pvt. Ltd, which operates under the ‘Metro India’ brand, for ₹2,850 crore. Through this acquisition, RRVL will get access to a network of Metro India stores located in prime locations across key cities, a large base of registered kiranas & institutional customers, and a strong supplier network.

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Viacom18 acquires media rights to Olympic Games 2024 for $31 million

Viacom18 Media has secured exclusive media rights to broadcast the Olympic Games Paris 2024 in the Indian subcontinent. It has also bagged the non-exclusive rights to the Winter Youth Olympic Games in Gangwon 2024. According to reports, Viacom18 is believed to have paid roughly $31 million (~₹256.6 crore) to secure the rights. The company will provide multi-platform coverage of the games and ensure free-to-air television coverage within the region.

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Tata Communications to acquire US-based Switch Enterprises for ₹486 crore

Tata Communications Ltd will acquire New York-based end-to-end live video production company The Switch Enterprises (TSE) in an all-cash deal for ₹486 crore. With both companies coming together, Tata Communications will support TSE’s customers with global reach to over 190 countries and territories. Meanwhile, TSE will bring live production capabilities to help organisations produce high-quality immersive content faster and more efficiently.

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Jio deposits ₹3,720 crore in SBI escrow account to buy Reliance Infratel: Report

As per an Economic Times report, Reliance Jio has deposited ₹3,720 crore in an SBI escrow account, marking another step towards completing the acquisition of Reliance Infratel Ltd (RITL). RITL is the tower business of Reliance Communications, which is under an insolvency process. 

In November 2022, the National Company Law Tribunal (NCLT) in Mumbai approved the acquisition of RITL by Reliance Project & Property Management Services Ltd (RP&PMSL), a subsidiary of Reliance Jio that looks into the tower business.

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CIL can pursue overseas acquisition of coal mines after detailed study of blocks: Parliamentary Panel

The Standing Committee on Coal, Mines, and Steel said Coal India Ltd (CIL) can still pursue the overseas acquisition of mines after a detailed study and analysis of the blocks, especially for low ash coking coal. The committee is of the view that this will not only reduce the import of fossil fuels but also open new avenues of mining abroad. 

[In 2009, CIL had acquired prospecting licences for coal blocks in Mozambique through one of its wholly-owned subsidiaries. However, it was found that the quality of coal in the allocated blocks was inferior and extraction was commercially unviable.]

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NTPC, GE Power signs pact to enable more usage of low carbon fuel in plants

NTPC and GE Power India Ltd have signed a Memorandum of Understanding (MoU) to reduce the amount of coal used in power plants and replace it with low-carbon fuels like methanol, agriculture waste, biomass, and ammonia. The two entities will also develop, test, and demonstrate technologies that allow total co-firing with lower carbon fuels in coal-fired power plants.

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NTPC Group Crosses 3 GW Operational Renewable Energy Capacity – Top Indian Market Updates

ntpc
ntpc

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

NTPC Group crosses 3 GW operational renewable energy capacity

NTPC Group (including joint ventures and subsidiaries) has crossed 3 gigawatts (GW) of operational renewable energy (RE) capacity. The group achieved this milestone with the commissioning of Phase 1 of the 300 megawatts (MW) Nokhra Solar PV Project at Bikaner, Rajasthan. The company now has 36 operational RE projects spread across 12 states with a cumulative capacity of 3,094 MW.

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Delhivery to acquire supply chain solutions provider Algorhythm Tech

Delhivery Ltd will acquire Pune-based supply chain solutions provider Algorhythm Tech (AT) to strengthen its offerings in this space. Post completion of this transaction, AT will operate as a wholly-owned subsidiary of the company. Algorhythm Tech offers end-to-end supply chain planning and execution products to clients across various sectors such as FMCG, pharma, steel, auto, and telecom.

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Adani Group company VCPL has picked up 8.27% stake via open offer: NDTV

NDTV has disclosed that Adani Group firm Vishvapradhan Commercial Pvt. Ltd. (VCPL) has acquired an 8.27% stake in the company in the recently concluded open offer. Adani’s total shareholding in the media company has increased to 37.45% with the closure of the open offer. The open offer was triggered after VCPL acquired a 99.5% stake in RRPR Holding Pvt. Ltd. (RRPR), which translated to 29.18% of the shareholding in the TV news company. To learn more about the takeover, click here.

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Shyam Metalics enters stainless steel business with Mittal Corp buyout

Shyam Metalics & Energy Ltd (SMEL) seeks to conclude its acquisition of Mittal Corp to strengthen its metal portfolio by entering the stainless steel/wire rod & bar mill business. The company has embarked on a ‘diversification approach’ in the metal space to chart its growth journey and proposes to further invest ₹7,500 crore over the next five years. SMEL aims to increase its capital expenditure (capex) to ₹10,000 crore in the next five years for organic and inorganic expansion.

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Banks write off loans worth ₹11.17 lakh crore in last 6 years

Banks have written off bad loans worth ₹11.17 lakh crore from their books in the last six years till the financial year 2021-22, said Minister of State for Finance Bhagwat Karad. The non-performing assets (NPAs), including those in respect of which full provisioning has been made on completion of four years, are removed from banks’ balance sheets by way of write-offs. Banks write off NPAs as part of their regular exercise to clean up their balance sheet, avail tax benefits, and optimise capital.

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Tata Motors migrates dealer management system to Oracle Cloud Infrastructure

Tata Motors announced the migration of its entire Dealer Management System (DMS) to Oracle Cloud Infrastructure (OCI). The move is expected to boost the automaker’s operational efficiencies with deeper business insights, greater security, increased flexibility, and cost optimisation. The DMS supports Tata Motors’ pre-sales, sales, and after-sales market touchpoints across all segments of passenger and commercial vehicles.

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Bharti Airtel acquires strategic stake in Lemnisk

Bharti Airtel has acquired a strategic stake in Lemnisk (Immensitas Private Limited) under its StartUp Accelerator Program. Airtel will work towards creating a customer data platform (CDP) across its digital business, including ad-tech (Airtel Ads), Digital Entertainment (Wynk Music and Airtel Xstream) and Digital Marketplace (Airtel Thanks App) through this acquisition.

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Capacit’e Infraprojects bags Rs 117 crore order from DLF

Construction firm Capacit’e Infraprojects Ltd has bagged an order worth ₹117.20 crore from DLF Ltd for the construction of a mall in Goa. The contract amount excludes GST and labour cess. The company said the order inflow for the current fiscal, along with the existing order book, gives it confidence to deliver good growth in the coming quarters.

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CCI approves Brookfield’s minority stake buy in UPL Sustainable Agri Solutions Ltd

The Competition Commission of India (CCI)  has approved Woodhall Holdings Ltd’s acquisition of a minority stake in UPL Sustainable Agri Solutions Ltd (UPL SAS). The deal has been cleared under the green channel route. Under this framework, a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the fair trade regulator.

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Care Ratings predicts 12-15% growth in general insurance premium

Care Ratings expects the gross direct premium of general insurance companies to grow by 12-15% in the medium term, with private insurers continuing to outperform government-owned insurers. Lower health insurance payouts post Covid, increase in prices of group insurance and easing of solvency requirements for crop insurance will support growth for general insurance companies in the next financial year, said the rating agency.

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