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Tanla Platforms’ Board Approves ₹170 crore Buyback Plan – Top Indian Market Updates

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

Tanla Platforms’ board approves ₹170 crore share buyback proposal

The Board of Directors of Tanla Platforms Ltd has approved a share buyback proposal aggregating ₹170 crore. The equity shares offered under the buyback have a face value of ₹1 each. The company has fixed ₹1,200 per share as the floor price for the buyback. The offer price represents a premium of 66.39% over the closing price of Tanla’s shares on NSE on Sept 1, 2022.

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Adani Group-led consortium gets extension to complete Haifa Port purchase

A consortium led by Adani Group has requested and received an extension from the Israeli Government to complete its purchase of Haifa Port. The extension of a month and a half comes at the consortium’s request and takes into account Jewish holidays, said Israel’s Finance Ministry. It set a new final date of Nov. 27.

In July 2022, Israel announced it would sell Haifa Port (a major trade hub on its Mediterranean coast) to winning bidders Adani Ports and local chemicals & logistics group Gadot for $1.2 billion.

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Tata Power RE to set up 100 MW solar project in Maharashtra

Tata Power Renewable Energy Ltd, a subsidiary of Tata Power, will set up a 100 MW solar power plant for Viraj Profile Pvt. Ltd (VPPL) in Maharashtra. The plant is expected to generate about 200 million units (MUs) of energy and offset approx. 170.43 million kg of carbon dioxide annually. VPPL is a stainless steel manufacturer, which owns and operates a plant located at Tarapur at Nandgaon.

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Dr. Reddy’s Labs launches generic Revlimid in US market

Dr. Reddy’s Laboratories Ltd has announced the launch of Lenalidomide Capsules in the US market. The drug is used to treat various types of cancers. It is a therapeutic equivalent generic version of Revlimid Capsules approved by the US Food & Drug Administration (USFDA). With this volume-limited launch, Dr. Reddy’s Labs is eligible for first-to-market, 180 days of generic drug exclusivity for Lenalidomide Capsules.

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USFDA asks Panacea Biotec to take corrective measures at Himachal unit

The US Food & Drug Administration (USFDA) has asked Panacea Biotech Ltd for further corrective actions at the manufacturing unit of its wholly-owned arm at Baddi, Himachal Pradesh. Otherwise, the health regulator may withhold approval of any pending product applications from the facility. After inspection of the unit in May-June, USFDA issued Form 483 with eight observations related to improvements in existing procedures.

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TVS Motor unveils updated Apache range

TVS Motor Company Ltd has unveiled the 2022 models of its flagship Apache range. The new models are upgraded versions with a host of new features and would strengthen the company’s product portfolio. The motorcycles of the new range are priced at ₹1.17 lakh for the 160cc (base variant) and ₹1.30 lakh (ex-showroom New Delhi) for the 180cc base variant.

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Hindustan Zinc incorporates fertilisers subsidiary

Hindustan Zinc Ltd (HZL) has formed fertiliser subsidiary called Hindustan Zinc Fertilisers. The newly formed entity will manufacture, sell, and deal with multiple grades of nitrogenous, phosphatic, and potassic fertilisers. Last week, HZL announced an investment of ₹350 crore for a 26% stake in a special purpose vehicle (SPV) that was created on February 18 to implement renewable energy power projects.

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Govt to acquire stake in Vodafone Idea after shares stabilise at ₹10 or above

According to reports, the government will acquire a stake in debt-ridden Vodafone Idea (Vi) after its stock price stabilises at ₹10 or above. Vi’s board has offered a stake to the government at a par value of ₹10 per share. The Finance Ministry had cleared the proposal to acquire a stake in VIL in July.

The Ministry of Finance cleared a proposal to convert the accrued interest on dues related to deferred adjusted gross revenue (AGR) worth Rs 16,130 crore of Vi into equity, reported Economic Times today.

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ED Conducts Raids at Indiabulls Finance Centre – Top Indian Market News

ED conducts raids at Indiabulls Finance Centre in Mumbai

The Enforcement Directorate (ED) conducted raids at Indiabulls Finance Centre in Mumbai.  The search was based on an Enforcement Case Information Report (ECIR) registered by ED under the Prevention of Money Laundering Act, 2002 (PMLA) against Indiabulls Housing, promoter Sameer Gehlaut, and other related companies and individuals.

The ED had registered a case against Indiabulls Housing Finance Ltd (IHFL) and its promoters in April 2021. It was based on an FIR filed in Palghar, which stated that IHFL siphoned money and invested it in its own shares for increasing prices. 

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Panacea Biotech, Central govt to jointly develop new Covid-19 vaccines

The Government of India will partner with Panacea Biotec Ltd and the Coalition for Epidemic Preparedness Innovations (CEPI) to develop vaccine candidates to provide broad protection against SARS-COV-2 variants. CEPI will provide funding of up to $12.5 million to support the development of nanoparticle-based vaccine candidates and advance the manufacturing process.

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Bharti Airtel joins SEA-ME-WE-6 undersea cable consortium

Bharti Airtel Ltd has joined the SEA-ME-WE-6 undersea cable consortium to scale up its high-speed global network capacity. The 19,200 route kilometres (Rkm) SEA-ME-WE-6 will connect Singapore and France. It will be amongst the largest undersea cable systems globally. Bharti Airtel is participating as a major investor in the SEA-ME-WE-6. The telecom operator is anchoring 20% of the overall investment in the cable system, which will go live in 2025.

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Reliance Jio to land IAX undersea cable system in Maldives

Reliance Jio will land the next generation multi-terabit India-Asia-Xpress (IAX) undersea cable system in the Maldives. The system will connect Hulhumale in the Maldives directly with major internet hubs in India and Singapore. IAX is expected to be ready for service by the end of 2023. The project will support the explosive growth in data demand expected from the new initiatives being launched by the Government of Maldives.

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Jindal Stainless signs pact with Haryana technical education board to promote tech in steel

Jindal Stainless Ltd has signed a pact with the Haryana State Board of Technical Education (HSBTE) to promote technical education in stainless steel technology and its applications. As part of the partnership, two modules on stainless steel will be launched. It will be institutionalised across all 25 polytechnic colleges in Haryana, benefitting more than 3,000 students every year.

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HFCL joins O-RAN Alliance to accelerate rollout of 5G network

HFCL has joined the O-RAN ALLIANCE, a worldwide community of mobile network operators, vendors, and institutions operating in the Radio Access Network (RAN) industry. The company is investing in building a complete portfolio of products for 5G RAN and 5G transport equipment. HFCL will focus on contributing to standards that ensure a truly open and multi-vendor RAN network.

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Tata Power partners with RWE Renewable to develop offshore wind projects

Tata Power has partnered with Germany-based RWE Renewable GmbH to explore the potential for joint development of offshore wind projects in India. They aim to tap the opportunity arising from the government’s target of achieving 30 gigawatts (GW) of offshore wind installations by 2030. The two entities possess complementary strengths that will enable them to build competitive offshore wind projects in India. 

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Capri Global Capital to enter goal loan business in first half of FY23

Capri Global Capital Ltd (CGCL) is planning to enter the gold loan business in the first half of the financial year 2022-23. The non-banking financial company (NBFC) aims to build a gold loan book size of Rs 8,000 crore. It also aims to expand its network with 1,500 branch locations over the next five years.

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TCS launches advanced research hub in Sydney

Tata Consultancy Services Ltd (TCS) has launched a ‘Digital Garage’ in Sydney to bring its global capabilities to the Australian market. It is the first such centre in the Asia-Pacific, expanding TCS’ roster of TCS Pace facilities spread across New York, Amsterdam, and Tokyo. The advanced research hub is designed to holistically look at innovation and help businesses navigate their growth and transformation journeys.

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IRCTC, BOB Financial launch co-branded RuPay contactless credit card

Indian Railway Catering and Tourism Corporation Ltd (IRCTC) and BOB Financial Solutions Ltd (BFSL) have launched the IRCTC BoB RuPay contactless credit card. The card is specially curated to offer maximum savings to frequent railway travellers.  IRCTC users will get cheaper tickets if they book any AC class railway ticket using a BoB credit card. BFSL is a wholly-owned subsidiary of Bank of Baroda.

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GAIL Reports 19% QoQ Fall in Net Profit in Q1 – Top Indian Market News

GAIL Q1 Results: Net profit falls 19% QoQ to Rs 1,530 crore

GAIL (India) Ltd reported a 19.8% quarter-on-quarter (QoQ) decline in net profit to Rs 1529.9 crore for the quarter ended June (Q1 FY22). Net profit has jumped ~500% when compared to the corresponding period last year. Its revenue from operations rose 11.8% QoQ to Rs 17,383.9 crore in Q1. GAIL’s natural gas marketing and liquefied petroleum gas (LPG) gas volumes rose 19.2% QoQ and 17.3% QoQ, respectively in the April-June quarter of FY22.

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Bharti Airtel partners with Google Cloud, Cisco to launch Airtel Office Internet

Bharti Airtel Ltd has announced the launch of Airtel Office Internet in partnership with Google Cloud and Cisco. The enterprise-grade solution will accelerate the digital transformation of small businesses, small offices/home offices (SOHOs), and tech startups. Plans start at Rs 999 and come with a range of add-on services like Static Internet Protocol (IP) addresses and parallel ringing. Airtel Office Internet comes as a unified solution with one plan and one bill. It offers FTTH broadband with symmetric speeds up to 1Gbps and unlimited local/STD calls.

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Adani Transmission Q1 Results: Net profit rises 22% YoY to Rs 433 crore

Adani Transmission Ltd reported a 21.9% YoY increase in consolidated net profit to Rs 433.24 crore for the quarter ended June (Q1 FY22). Net profit has increased by 68.87% when compared to the previous quarter. Its total income rose 15.45% YoY (or 2.1% QoQ) to Rs 2,935.72 crore during the same period. The company’s transmission business delivered an operational revenue of Rs 757 crore in Q1, registering a growth of 11.4% YoY.

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Alembic Pharma gets USFDA approval for OCD treatment drug

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Clomipramine Hydrochloride capsules. The drug is used to treat obsessions and compulsions in patients with Obsessive-Compulsive Disorder (OCD). According to IQVIA data, the estimated market size of the capsules for the 12 months ended June 2021 stood at $32 million (~Rs 237 crore).

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Tata Chemicals Q1 Results: Net profit surges to Rs 342 crore

Tata Chemicals Ltd reported a multi-fold jump in consolidated net profit to Rs 342 crore for the quarter ended June (Q1 FY22). It had posted a net profit of Rs 74.15 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations rose 27% YoY to Rs 2,977 crore in Q1 FY22. The strong performance in Q1 was aided by a rebound in soda ash volumes in the US and India. Revenue from its Basic Chemistry segment grew 30% YoY to Rs 2,173 crore during the same period.

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Reliance BP Mobility partners with Swiggy to build EV ecosystem

Food delivery platform Swiggy has partnered with Reliance BP Mobility Ltd (RBML) to build an electric vehicle (EV) ecosystem in India. The partnership is aimed at promoting the adoption of battery-powered EVs, including the deployment of electric two-wheelers for food delivery. It will be supported by Jio-BP’s network of battery swap stations and Swiggy’s network of delivery partners. RBML is a joint venture of Reliance Industries Ltd (RIL) and UK-based energy major BP plc.

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Cipla Q1 Results: Net profit rises 24% YoY to Rs 715 crore

Cipla Limited reported a 24% YoY increase in consolidated net profit to Rs 715 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 27% YoY to Rs 5,504 crore during the same period. The pharma company’s sales in India grew 68% YoY to Rs 2,710 crore in Q1. Cipla’s operating profit rose 28% YoY to Rs 1,346 crore in the April-June quarter of FY22.

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Panacea Biotec to manufacture 25 million doses of Sputnik V vaccine

Panacea Biotec has entered into a licensing and manufacturing agreement with Russia-based Human Vaccine Limited Liability Company, Generium Joint Stock Company, and Dr. Reddy’s Labs to produce up to 25 million doses of Sputnik V vaccine. The pharma company will produce the Covid-19 vaccine using the ready-to-fill substance manufactured by Generium and then supply the entire quantity to Dr. Reddy’s Labs for distribution in India.

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Escorts Q1 Results: Net profit doubles to Rs 185 crore

Escorts Limited reported a 101% YoY jump in standalone net profit to Rs 185.2 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 57.4% YoY to Rs 1,671.5 crore during the same period. The tractor manufacturer’s EBITDA increased by 95% YoY to Rs 233.2 crore in Q1. Tractor sales grew 42.9% YoY to 25,935 units during the April-June quarter of FY22.

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Prince Pipes Q1 Results: Net profit rises 57% YoY to Rs 17.75 crore

Prince Pipes and Fittings Ltd reported a 57.78% YoY increase in net profit to Rs 17.75 crore for the quarter ended June (Q1 FY22). Net profit has declined by 81.74% when compared to the previous quarter. Its total income rose 8.16% YoY (and declined by 56% QoQ) to Rs 332.8 crore during the same period. Prince Pipes is a leading manufacturer of PVC pipes and multi-polymer processors in India.

Indiabulls Housing Q1 Results: Net profit rises 3% YoY to Rs 282 crore

Indiabulls Housing Finance Ltd reported a 3.3% YoY increase in net profit to Rs 281.69 crore for the quarter ended June (Q1 FY22). Net profit has increased by 1.98% when compared to the previous quarter. Its total income declined by 9.79% YoY (or 4% QoQ) to Rs 2,325.75 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.86% in Q1 FY22, compared to 2.2% in Q1 FY21.

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WPI Inflation Jumps to 11-Year High of 10.49% in April – Top Indian Market News

WPI inflation jumps to 11-year high of 10.49% in April

India’s wholesale inflation, as measured by the Wholesale Price Index (WPI), rose to an 11-year high of 10.49% in April 2021. WPI stood at 7.39% in March and 4.83% in February. The annual rate of inflation is high primarily due to the rise in prices of crude petroleum, mineral oils, and manufactured products as compared to April 2020. The prices of food articles rose 3.84%, while prices of manufactured products rose 1.65% over March 2021. The fuel and power index rose 20.94% compared to April 2020, but contracted by 1% over March 2021.

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Bharti Airtel Q4 Results: Net profit falls 11% QoQ to Rs 759 crore

Bharti Airtel reported an 11% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 759.2 crore for the quarter ended March (Q4). The telecom company’s revenue fell 2.9% QoQ (up 17% YoY) to Rs 25,747 crore during the same period. The average revenue per user (ARPU) fell to Rs 145 from Rs 166 in the October-December quarter (Q3). Airtel Africa posted a 32.8% QoQ rise in net profit to $154 million in Q4. Bharti Airtel’s global customer base stood at ~47 crore at the end of the financial year 2020-21. 

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Shilpa Medicare partners with Dr Reddy’s for production of Sputnik V vaccine

Shilpa Biologicals Pvt Ltd (SBPL), a wholly-owned subsidiary of Shilpa Medicare, has entered into a three-year definitive agreement with Dr Reddy’s Laboratories for the production of Sputnik V Covid-19 vaccine. SBPPL will produce and supply the vaccine from its integrated biologics research & development (R&D) and manufacturing centre at Dharwad, Karnataka. The company aims to produce up to 50 million doses of Sputnik V within the first 12 months.

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Federal Bank Q4 Results: Net profit rises 58% YoY to Rs 478 crore

Federal Bank reported a 58.6% YoY increase in net profit to Rs 477.8 crore for the quarter ended March (Q4). Its net interest income (NII) rose 16.8% YoY to Rs 1,420.4 crore during the same period. [NII is the difference between the interest income a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPA) ratio stood at 3.41% in Q4, compared with 2.71% in Q3 FY21. Federal Bank’s board has recommended a final dividend of Rs 0.70 per share. 

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Panacea Biotec files suit against Sanofi for patent infringement

Panacea Biotec has filed a suit before the Delhi High Court seeking to refrain Sanofi Healthcare India from marketing a fully liquid hexavalent vaccine. The pharma company said a case has been filed in order to stop the infringement of its patent for fully liquid Whole Cell Pertussis-based fully liquid Hexavalent vaccine— EasySix. Both firms have been contesting this particular patent before the Indian Patent Office since 2017. 

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Gland Pharma Q4 Results: Net profit rises 34% YoY to Rs 260 crore

Gland Pharma Ltd reported a 34% YoY increase in net profit to Rs 260.4 crore for the quarter ended March (Q4). Net profit has grown by 27% when compared to the previous quarter. Its revenue from operations rose 40% YoY to Rs 887.7 crore during the same period. The drugmaker’s revenue from its core markets of the US, Europe, Canada, and Australia rose 29% YoY to Rs 619.3 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 29% YoY to Rs 996.96 crore.

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Bharat Forge to acquire 49% stake in Kalyani Strategic Systems

Bharat Forge Ltd announced that it will acquire the remaining 49% stake in its subsidiary, Kalyani Strategic Systems Ltd (KSSL). The company currently holds 51% stake in KSSL. The acquisition of shares in KSSL is subject to the prior approval of the Ministry of Home Affairs or the Department for Promotion of Industry and Internal Trade.

Colgate-Palmolive Q4 Results: Net profit rises 54% YoY to Rs 314 crore

Colgate-Palmolive India reported a 54.1% YoY increase in net profit o Rs 314.6 crore for the quarter ended March (Q4). Net profit has risen by 26.7% when compared to the previous quarter. The FMCG company’s revenue from operations rose 20.2% YoY to Rs 1,275 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 26.8% YoY to Rs 1,035.39 crore.

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Rane Brake Q4 Results: Net profit rises 53% YoY to Rs 14.27 crore

Rane Brake Linings reported a 53.11% YoY increase in net profit to Rs 14.27 crore for the quarter ended March (Q4). Net profit has risen by 10% when compared to the previous quarter. Its revenue from operations rose 25.2% YoY to Rs 148.4 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 7.4% YoY to Rs 31.8 crore. The company’s board has recommended a final dividend of Rs 25 per share.

TVS NTORQ crosses 1 lakh sales mark in international markets

TVS Motor Company said its scooter brand NTORQ 125 has crossed the one lakh sales milestone in international markets. The company sells the scooter in 19 countries across South Asia, Latin America, the Middle East, and the Association of Southeast Asian Nations (ASEAN). “This achievement is a reinforcement of our commitment to grow the TVS NTORQ brand by setting benchmarks in innovation and creating aspiration for customers,” said TVS Motor Company Director and CEO K N Radhakrishnan in a statement.

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Shakti Pumps Q4 Results: Net profit at Rs 30.5 crore

Shakti Pumps (India) Ltd reported a consoldiated net profit of Rs 30.5 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 6.15 crore in the corresponding period last year (Q4 FY20). Its revenue from operations jumped 245% YoY to Rs 319.71 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 75.59 crore. It had posted a net loss of Rs Rs 14.08 crore in FY20. The company’s board has recommended a dividend of Rs 8 per share.

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Subex Q4 Results: Net profit declines 51% YoY to Rs 15.6 crore

Subex Limited reported a 51.23% YoY decline in consolidated net profit to Rs 15.6 crore for the quarter ended March (Q4). Net profit has increased by 79% when compared to the previous quarter. Its revenue from operations declined by 7.78% YoY to Rs 96.16 crore during the same period. The company’s board has recommended a final dividend of Rs 0.25 per share. Subex is an enterprise software company based in Bangalore. It provides digital trust products to communication service providers.

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India’s Manufacturing PMI Falls to Lowest in Seven Months – Top Indian Market News

India’s manufacturing PMI declines to 7-month low of 55.4 in March

India’s factory activity grew at its weakest pace in seven months in March, as renewed lockdowns to curtail an increase in Covid-19 cases dampened domestic demand and output. The IHS Markit Purchasing Managers’ Index (PMI) for India’s manufacturing sector declined to 55.4 in March from 57.5 in February. 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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Adani Ports to acquire remaining 25% stake in Krishnapatnam Port

Adani Ports & Special Economic Zone Ltd (APSEZ) will acquire a 25% stake of Vishwa Samudra Holding in Krishnapatnam Port for Rs 2,800 crore. The company currently holds a 75% stake in Krishnapatnam Port. With this latest acquisition, the port will become a wholly-owned subsidiary of APSEZ. The transaction is expected to be completed within three months. Krishnapatnam Port is located in the Nellore district of Andhra Pradesh. It is an all-weather, deep-water port, with a current capacity of 64 million tonnes per annum (MTPA).

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Panacea Biotec to make 100 million doses of Sputnik V vaccine

Panacea Biotec Limited has signed an agreement with the Russian Direct Investment Fund (RDIF) for manufacturing 100 million doses of Sputnik V vaccine every year. According to a study conducted by The Lancet, Sputnik V showed an efficacy rate of 91.6%. The production of the vaccine at Panacea Biotec’s manufacturing units will help facilitate its global supply to the international partners of RDIF.

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Indian Oil Corp buys its first Johan Sverdrup crude cargoes: Report

As per a report from Reuters, Indian Oil Corporation (IOC) has bought 4 million barrels of  Norway’s Johan Sverdrup crude for the first time via a tender. IOC is looking to speed up the diversification of crude imports. The report states that IOC will take delivery of 2 million barrels each of the North Sea crude in May and June. The move follows the government’s call to cut dependence on crude from the Middle East due to the standoff between India and the world’s largest crude importer— Saudi Arabia.

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Tech Mahindra to launch blockchain solution for BFSI clients

Tech Mahindra Ltd has partnered with Netherlands-based Quantoz to launch a ‘stablecoin-as-a-service’ blockchain solution for global banks and financial institutions. Quantoz is a leading blockchain application incubator. Tech Mahindra will help customers integrate Quantoz’ NEXUS platform into their legacy infrastructure. This will enable automated token, crypto, and fiat transaction processing for a variety of banking and payment functions.

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Bharti Airtel partners with Apollo 24/7 to offer e-healthcare services

Bharti Airtel has partnered with Apollo 24/7 to offer a wide range of e-healthcare services to its customers as part of their exclusive ‘Thanks’ benefits. Under the partnership, Airtel Platinum and Gold customers will get complimentary membership to the Apollo Circle. This will include virtual consultation with top doctors and specialists from Apollo, as well as online test booking facilities. It will also offer home sample collection facilities and home delivery of medicines with cashback benefits.

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HDFC Bank Q4 advances grow 14% Rs 11,32,000 crore

HDFC Bank said its advances aggregated to approximately Rs 11,32,000 crore as of March 31, 2021 (Q4 FY21). This is a growth of 13.9% over Rs 9,93,700 crore as of March 31, 2020. Deposits grew by 16.3% YoY to Rs 13,35,000 crore in Q4. Domestic retail loans were up by 7.5% YoY, and domestic wholesale loans increased by 21% YoY during the same period.

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Marico expects to deliver low double-digit bottomline growth in Q4

Marico Limited said it expects low double-digit bottomline growth in the fourth quarter of the financial year 2020-21, after being impacted by the Covid-19 pandemic. The FMCG firm has witnessed healthy momentum building across its key portfolios. The company said it expects its operating margin to fall in Q4 due to input cost pressures. In Q4 FY21, the fast-moving consumer goods (FMCG) sector continued to exhibit improving demand trends as quarterly economic growth has moved into positive territory and the Covid-19 vaccination rollout gathered pace.

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GAIL India to invest in startups through ‘Pankh’

GAIL (India) Limited has launched a new initiative— ‘Pankh’, which aims to support startups in identified focus areas. The company has opened a fresh round for solicitation of investment proposals from startups that operate in natural gas, petrochemicals, energy, project management, bio-manure marketing, nano-materials, IoT, data mining, environment, and healthcare. The Solicitation Round will be open till May 30, 2021.

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Ircon International’s board approves bonus issue of 1:1

The Board of Directors of Ircon International has approved the issuance of bonus shares in the ratio 1:1. A 1:1 bonus issue means that exiting shareholders will receive one additional share for each share held in the firm. The record date for the bonus share issue is yet to be announced. State-owned Ircon International is an engineering and construction company specialized in transport infrastructure.