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Infosys, Microsoft to Drive AI-Enabled Solutions – Top Indian Market Updates

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

Infosys to partner with Microsoft to drive AI-enabled solutions

Infosys Ltd will partner with Microsoft to jointly develop industry-leading solutions that leverage Infosys Topaz, Azure OpenAI Service, and Azure Cognitive Services. Both companies will bring their respective artificial intelligence (AI) capabilities to enhance enterprise functions with AI-enabled solutions across multiple industries. The integrated solutions will accelerate the rapid democratisation of data and intelligence that will help businesses increase productivity and drive new revenue growth.

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Poonawalla receives RBI approval to issue credit cards

Poonawalla Fincorp received the Reserve Bank of India’s (RBI) permission to issue co-branded credit cards with IndusInd Bank. The company plans to launch this credit card within three months. The partnership will enable Poonawalla Fincorp to usher in a new age of flexible and versatile retail credit. 

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Tata Power’s EV arm partners with Kolkata Airport Authority 

Tata Power EV Charging Solutions Ltd (TPEVCSL) will collaborate with the Kolkata Airport Authority to install EV charging points at the airport. The formal inauguration of four EV chargers took place on September 26, 2023. A formal agreement was signed between the Airport Authorities of India and Tata Power for setting up charging stations. These chargers are suitable to charge all electric cars available in India.

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Cipla introduces drone-powered critical medicine delivery in Himachal Pradesh

Cipla has introduced drone-powered deliveries of critical medicines for hospitals and pharmacies in Himachal Pradesh in partnership with Skye Air Mobility. The company aims to deliver medicines for cardiac, respiratory and other essential chronic therapies as part of the initiative. The use of drones will support on-time deliveries of medicines to chemists and clinics in remote areas.

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Omaxe Group acquires 5-acre land in Ludhiana from RLDA for ₹220 crore

Omaxe Group has acquired a 5-acre land in Ludhiana through a bidding process by the Rail Land Development Authority (RLDA) for ₹220 crore. The acquired land will be utilised for both residential and commercial development. The acquisition aligns with the company’s strategy to strengthen its presence in key markets and contribute to the growth of Ludhiana’s real estate sector. 

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Vi launches travel offer for pre-paid user base

Vodafone Idea has launched a 5-day offer called ‘Recharge and Fly’ that targets its pre-paid user base from October 26-30 in association with online travel portal EaseMyTrip. The offer is exclusive to users of Vi’s mobile application and includes a contest that will allow users to win travel coupons on the EaseMyTrip portal. It also includes additional data on select packages by recharging their prepaid mobile number during the offer window.

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Delhivery partners with AWS and Nexus to launch startup accelerator for logistics companies

Delhivery has partnered with Amazon Web Services (AWS) and venture capital firm Nexus Venture Partners to launch a six-week accelerator programme for startups in the logistics space. In the first leg of the program, 20 startups were selected from among 234 applicants. The companies chosen spanned multiple sectors and included various warehousing platforms, agritech companies, and aggregator platforms.

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Zen Technologies secures ₹227.65 crore order

Zen Technologies Ltd won an order worth ₹227.65 crore from the Ministry of Defence. The domestic order is for the supply of anti-drone systems. The company is the single vendor for the order. A comprehensive maintenance contract (post-warranty) is built into the contract at a cost of ₹43.22 crore, inclusive of GST.

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Gland Pharma’s Hyderabad unit gets clearance from USFDA

Gland Pharma Ltd’s Pashamylaram facility in Hyderabad has received an Establishment Inspection Report (EIR) from the US Food & Drug Administration (USFDA). The USFDA inspected the facility between June 15 and June 27, 2023. The inspection pertained to seven products and Good Manufacturing Practices at the plant.

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Future Enterprises Faces 2nd Plea to Initiate Insolvency – Top Indian Market Updates

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

Future Enterprises faces second plea to initiate insolvency

Debt-ridden Future Enterprises is facing a second insolvency plea filed by an operational creditor before National Company Law Tribunal (NCLT). The latest petition was filed by Retail Detailz India, claiming a default of ₹4.02 crore before the Mumbai bench of the NCLT. Last week, Foresight Innovations (another operational creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016 for an alleged default amount of ₹1.58 crore.

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Maruti Suzuki recalls 166 Dzire Tour S due to defective airbag unit

Maruti Suzuki India Ltd (MSIL) will issue a recall of its Dzire Tour S due to faulty airbag control unit. This recall will affect 166 units of the Maruti Suzuki Dzire Tour S manufactured between August 6th, 2022 – August 16th, 2022. The Dzire Tour S is the commercial version of the Dzire from MSIL and is retailed through its commercial division.

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Omaxe to invest ₹2,100 crore to build sports facility at Dwarka

Real estate developer Omaxe Ltd has acquired 50.40 acres of land from Delhi Development Authority (DDA) at Dwarka to develop an indoor and outdoor sports facility with a total investment of ₹2,100 crore. A cricket-cum-football stadium and a commercial centre are also being planned in this area. The retail portion would offer spaces for shopping, dining, and sports-related activities. 

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Lupin gets USFDA approval for Formoterol Fumarate Inhalation Solution

Lupin Ltd has received approval from the U.S. Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA)— Formoterol Fumarate Inhalation Solution. The drug is used to control the symptoms of chronic obstructive pulmonary disease (COPD) in adults. As per IQVIA MAT June 2022 data, the solution had annual sales of $282 million in the US.

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Adani Green’s 2,021% debt-equity ratio is second-worst in Asia: Bloomberg

Adani Green Energy Ltd (AGEL) has seen its debt-to-equity ratio surge to the second-highest in Asia. As per data compiled by Bloomberg, AGEL’s debt-to-equity ratio of 2,021% is only behind 2,452% of China’s Datang Huayin Electric Power Co. among 892 listed companies in Asia. AGEL is the most leveraged of the companies in the Adani Group by this metric as it takes on debt to fund a $70 billion pivot toward renewable energy.

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Info Edge to invest ₹7.5 crore in Happily Unmarried Marketing

Info Edge (India) Ltd has announced plans to invest ₹7.5 crore in Happily Unmarried Marketing through its wholly-owned subsidiary. Happily Unmarried is engaged in the business of personal care under the brands ‘Ustraa’ and ‘HU Girls.’ Post this investment, Info Edge’s aggregate shareholding in Happily Married would be 30.57% on a fully converted and diluted basis.

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TVS Motor to acquire 48% stake in two-wheeler startup DriveX

TVS Motor Company Ltd will acquire a 48% stake in racing driver Narain Karthikeyan’s pre-owned two-wheeler startup ‘DriveX’ for ₹85 crore. The company will acquire a 48.27% stake in NKars Mobility Millennial Solutions Pvt. Ltd (NMMSPL), which operates under the brand ‘DriveX’, through primary and secondary investments. DriveX sells, trades, and distributes pre-owned two-wheeler motorcycles and scooters.

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Parag Milk Foods raises ₹131 crore via preferential allotment

Parag Milk Foods Ltd has raised a total of ₹131 crore through preferential allotment from marquee investors and promoters. The current proceeds of preferential shares and warrants would be utilised to fund the company’s long-term capital requirements and to enhance the working capital needs. Parag Milk Foods sells milk and milk products under the brand name “Pride of Cows.”

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Tata Power to raise $320M in sustainability-linked loans

As per an Economic Times report, Tata Power will raise $320 million via sustainability-linked loans from foreign lenders led by Bank of America. A borrower of sustainability-linked loans can generally avail money up to 25 basis points (or 0.25 percentage points) cheaper than normal loans. The company plans to use the proceeds to refinance and expand in power generation plants.

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ONGC rebids KG gas, seeks $15 price

Oil & Natural Gas Corporation (ONGC) has relaunched a tender to sell gas from its KG fields at a higher price of $15 per metric million British thermal units (mmBtu) as it looks to capitalise on a global surge in energy prices. The company sought bids for the sale of 0.75 million standard cubic meters per day of gas for one year from the KG-D5 fields in the Bay of Bengal.

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Jio-BP to Set Up EV Charging Infra at Omaxe Properties – Top Indian Market Updates

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

Jio-BP to set up EV charging infra at Omaxe properties

Real estate developer Omaxe Ltd has partnered with Jio-bp to establish a battery charging ecosystem for electrical vehicles. Jio-bp is a fuel and mobility joint venture (JV) between Reliance Industries and UK-based bp. The JV will install 24×7 EV charging and swapping infrastructure for two and four-wheelers at Omaxe properties across India.

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Shriram Transport Finance raises $250 million loan from DFC

Shriram Transport Finance Company Ltd (STFCL) has secured long-term funding of $250 million (~Rs 1,944 crore)  from the US International Development Finance Corporation (DFC). The external commercial borrowing is a fixed-rate 10-year loan. The funds raised from DFC will enable STFCL to on-lend for the purchase of new and used vehicles throughout India.

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UltraTech Cement partners with Coolbrook to reduce CO2 emissions at plants

UltraTech Cement has signed a Memorandum of Understanding (MoU) with Finland-based Coolbrook to explore the possibility of reducing CO2 emissions from its cement manufacturing operations. The two entities will explore electrification of the cement kiln heating process. They aim to develop optimal electric process heating solutions for the cement manufacturing process replacing fossil fuels.

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Welspun Corp, Tata Steel to manufacture pipes for hydrogen transportation

Welspun Corp Ltd (WCL) has partnered with Tata Steel to develop the framework and manufacture pipes for transporting pure hydrogen and natural gas-blended hydrogen. Through this strategic collaboration, WCL aims to assess the suitability of its “green” pipes for the transportation of pure hydrogen.

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Fino Payments Bank partners with Go Digit for shop insurance policy

Fino Payments Bank Ltd has exclusively partnered with Go Digit General Insurance Ltd to offer shop insurance policies to small and medium business owners. The tie-up will allow businesses to avail the benefits of Go Digit’s My Business Policy in case of an adverse event. Fino is associated with Go Digit as a corporate agent.

Reliance closes in on Boots acquisition, makes binding offer

The consortium of Reliance Industries Ltd (RIL) and US buyout firm Apollo Global Management Inc. has moved closer to acquiring Walgreens Boots Alliance Inc’s international chemist and drugstore units. The bid for the Boots business is fully backed by committed financing. If completed, the deal will be RIL’s largest cross-border acquisition.

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Coal India floats its first tender for coal imports

Coal India Ltd (CIL) has floated an international competitive bidding e-tender, seeking bids for importing 2.416 million tonnes (MTs) of coal. The coal being sourced on behalf of the state generating companies (gencos) and independent power plants (IPPs) is based on the indents (order) received from them for the period of July-September of FY23. 

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Iraqi Airways goes live on Ramco Systems’ aviation system

Ramco Systems Ltd has successfully gone live at Iraqi Airways with its Aviation M&E MRO Suite V5.9. It has completely digitalized all core business processes of the airways. Ramco’s next-gen digital platform offers Iraqi Airways real-time data availability, ensuring 100% aircraft airworthiness on the release.

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Equity mutual fund inflows rise 16% in May: AMFI

Net investments into equity and equity-linked schemes rose 16% over the previous month to Rs 18,529.4 crore in May. Multi caps witnessed the least investments among all categories, while large caps saw the most. The monthly contribution to systematic investment plans (SIPs) grew by Rs 423.33 crore in May. The data was released by the Association of Mutual Funds in India (AMFI).

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