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SBI’s Net Profit Jumps 83% YoY to Rs 16,695cr in Q4 – Top Indian Market Updates

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

SBI Q4 Results: Net profit rises 83% YoY to Rs 16,695 crore

State Bank of India (SBI) reported an 83% YoY increase in standalone net profit to Rs 16,695 crore for the quarter ended March (Q4 FY23). Net Interest Income (NII) stood at Rs 40,393 crore, up 29% YoY. The gross non-performing assets (NPA) ratio fell from 3.14% in Q4 FY22 to 2.78% in Q4 FY23. The bank’s board has declared a dividend of Rs 11.3 per equity share.

Read more here.

India’s coal production up 8.5% to 73 MT in April

According to the Ministry of Coal, India’s coal production increased by 8.5% to 73.14 million tonnes (MT) in April 2023, compared to 67.20 MT in April 2022. This accounted for 94.89% of the production target set for April 2023. Coal India and its subsidiaries contributed 57.57 MT to the overall production, marking a 7.67% growth from April 2022.

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ITC Q4 Results: Net profit rises 23% YoY to Rs 5,175 crore

ITC reported a 23% YoY increase in consolidated net profit to Rs 5,175 crore in Q4 FY23. Its operating revenue rose 7% YoY to Rs 19,058 crore during the same quarter. EBITDA stood at Rs 6,209 crore, up 18.9% YoY in Q4 FY23. The company’s board has recommended a final dividend of Rs 6.75 and a special dividend of Rs 2.75 per equity share.

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Zydus Lifesciences Q4 Results: Net profit falls 25% YoY to Rs 297 crore

Zydus Lifesciences reported a 25% YoY decline in consolidated net profit to Rs 296.6 crore in Q4 FY23. However, its consolidated total revenue rose 32% YoY to Rs 5,011 crore during the same quarter. EBITDA stood at Rs 1,257 crore, up 75% YoY. The company’s board has recommended a final dividend of Rs 6 per equity share.

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Vedanta to free up cash and raise funds as it nears $500 million bond maturity

According to a Bloomberg report, Vedanta Group seeks to raise funds and generate cash as its $500 million bond matures. The board of Vedanta Ltd. is considering a dividend payout, while the conglomerate is in talks with banks for a potential $500 million raise. Vedanta Resources Ltd. relies on funds from its subsidiaries to reduce debt after a failed zinc mining unit sale.

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Ramco Cements Q4 Results: Net profit rises 23% YoY to Rs 152 crore

Ramco Cements reported a 22.6% YoY increase in net profit to Rs 152 crore in Q4 FY23. Its revenue increased by 50.2% YoY to Rs 2,568 crore during the same quarter. EBITDA stood at Rs 412 crore, up 39.5% YoY in Q4. 

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Paytm partners with NPCI to launch Paytm SBI Card on the RuPay network

One97 Communications Ltd’s Paytm has collaborated with NPCI and SBI Card to launch the Paytm SBI Card on the RuPay network. Customers who join will receive privileges worth up to Rs 75,000, including a complimentary Paytm First Membership with OTT platform access and flight ticket discounts through the Paytm app. Cardholders also get other cashback offers on various transactions.

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Godrej Agrovet and SBI launch finance offering for oil palm farmers

Godrej Agrovet’s Oil Palm Business has collaborated with SBI to launch a finance offering for oil palm farmers. The product aims to support farmers by providing loans for setting up micro-irrigation facilities, implementing fencing arrangements for protection against cattle grazing, and improving tube wells on their oil palm farms. This initiative aims to enhance Fresh Fruit Bunches (FFB) productivity, acting as a catalyst for oil palm growth.

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GAIL shuts Ratnagiri LNG terminal till September, cuts imports

GAIL (India) Ltd has temporarily halted LNG imports at its Ratnagiri plant in Maharashtra since mid-May. The facility is shut down annually during the monsoon season due to operational challenges caused by rain and high tides. A breakwater is currently under construction and is expected to be completed next year, eliminating the need for seasonal shutdowns. GAIL’s last LNG cargo was received on May 11 at the Dabhol port.

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Oriana Power commissions 2.7 MW solar project at IOCL refinery in Haryana

Oriana Power has successfully commissioned a 2.7 MW solar project at the Indian Oil Corporation Ltd (IOCL) refinery in Panipat, Haryana. The project was completed within a record time of three months and is specifically for Indian Synthetic Rubber Private Ltd (ISRPL), a joint venture between IOCL and Trimurti Holding Corporation. This marks the successful establishment of a single rooftop solar power plant at the IOCL refinery.

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Pfizer suspends sale of some popular products due to technical issues

Pfizer Ltd has halted the sale and use of its bacterial infection products in India due to technical issues at a contract manufacturing site. The company has requested a temporary suspension of Magzex, Zosyn, Magnamycin injections, and Magnex forte supplies. Stockists and distributors have been instructed to refrain from selling, distributing, or using the products until further notice from Pfizer.

Read more here.

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Vi Lost 25 Lakh Subscribers in Dec – Top Indian Market Updates

Vi marketfeed

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

Vodafone Idea loses nearly 25 lakh subscribers in Dec: TRAI

Vodafone Idea (Vi) lost nearly 24.7 lakh subscribers in December 2022, as per the latest official data released by the Telecom Regulatory Authority of India (TRAI). Reliance Jio gained 17.08 lakh subscribers in the same period, while Bharti Airtel gained 15.26 lakh subscribers. 

Meanwhile, Vi reported a net loss of ₹7,990 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹7,595.5 crore in Q2.

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Nestle India Q4 Results: Net profit rises 66% YoY to ₹628 crore

Nestle India reported a 66% YoY increase in net profit to ₹628 crore for the quarter ended December (Q4 CY22). The company follows the Jan-Dec financial year cycle. Its revenue from operations rose 14% YoY to ₹4,257 crore during the same period. EBITDA stood at ₹973 crore in Q4, up 14% YoY. The FMCG major’s board has declared an interim dividend of ₹75 per share. 

Read more here.

Ambuja Cements declared as preferred bidder for Uskalvagu limestone block

Ambuja Cements Ltd has been declared as the ‘preferred bidder’ for the Uskalvagu limestone block in Odisha. An e-auction was conducted by the Odisha government for the block. It is spread over an area of 547 hectares with an estimated limestone resource of about 141 million tonnes.

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Tata Steel signs MoU with CBRI for sustainable mining solutions

Tata Steel and Central Building Research Institute (CBRI) signed a Memorandum of Understanding (MoU) to collaborate on research, academic growth, and sustainable solutions in mining. CBRI will provide scientific inputs to Tata Steel on slope stability analysis & control measures in mining areas and sustainable green housing technologies for the rehabilitation and resettlement of families in mining areas.

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Adani Group denies reports of hiring Grant Thornton for audits

Adani Enterprises issued a clarification on reports of appointing Grant Thornton for audits after the Hindenburg crisis. The flagship company of Adani Group termed it as a market rumour. Media reports suggested that the group had appointed accountancy firm Grant Thornton for an independent audit of a few of its companies to come clean after the allegations brought out by the US short-seller Hindenburg Research and to assure investors and regulators.

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Adani Power’s ₹7,000 crore deal to buy DB Power assets fails

Adani Power’s initial pact to acquire the thermal power assets of DB Power has expired, causing the ₹7,017-crore deal to fall through. In August 2022, the Adani group company informed the stock exchanges that it had agreed to buy the assets of DB Power Ltd. DB Power owns and runs a 2×600 MW thermal power plant in Janjgir Champa district of Chhattisgarh.

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HAL gets approval from DGCA for indigenously developed black boxes

Hindustan Aeronautics Ltd (HAL) has received the Indian Technical Standard Order (ITSO) authorisation from the Directorate General of Civil Aviation (DGCA) for its indigenously developed Cockpit Voice Recorder (CVR) and Flight Data Recorder (FDR). CVR and FDR are popularly known as ‘black boxes’. They are used to record critical flight parameters and audio environments in a crash-proof memory.

In other news, HAL has sealed a contract with the Argentinian Air Force for the supply of helicopter spares and engine repair services.

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Siemens unveils first industry-ready 5G routers in India

Siemens Ltd announced the launch of its private industrial 5G router, a critical component for the manufacturing industry in its digital transformation journey. If there is no available 5G network, the device switches automatically to 4G or 3G networks. The applications on private industrial 5G offer long-term benefits to the intra-logistics, autonomous machines, remote diagnostics, augmented reality, and mobile equipment segments.

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Paytm completes ₹850 crore share buyback within 3 months of launch

One97 Communications (Paytm) has completed the buyback of shares via the open market within three months of announcing it. The stock price remained well below the buyback price announced by the company, which allowed for a smooth purchase of the shares through the open market. On December 13, Paytm’s parent announced that it would buy back shares worth ₹850 crore at ₹810 per share through the open market.

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Akme Fintrade files IPO papers with SEBI

Non-banking financial company (NBFC) Akme Fintrade (India) Ltd has filed the Draft Red Herring Prospectus (DRHP) with the Securities & Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO). The IPO includes the fresh issuance of 1.1 crore equity shares. Akme Fintrade is primarily engaged in providing rural and semi-urban-centric lending solutions to customers in Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat.

Read more here.

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Tata Group’s BigBasket Eyes IPO by 2025 – Top Indian Market Updates

big basket

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

Tata-owned BigBasket eyes IPO by 2025 after $200 million fundraising: Report

According to a BQ Prime report, Tata Group’s online grocer BigBasket is expected to launch an initial public offering (IPO) within three years after the recent fundraising valued the online grocer at $3.2 billion. The company had raised $200 million (~₹1,650 crore) to boost its quick commerce arm and expand its nationwide footprint. At present, BigBasket operates in 55 cities. The company wants to expand to 75 cities by March 2023.

Read more here.

Auto components industry grew 34.8% to ₹2.65 lakh crore in H1 FY23

India’s auto components industry witnessed a 34.8% YoY growth to ₹2.65 lakh crore in the first half (H1) of the current financial year (FY2022-23), said the Automotive Component Manufacturers Association of India. During the period, exports of components grew by 8.6% to ₹79.03 lakh crore, while imports rose 17.2% to ₹79.8 lakh crore. There was strong demand in the domestic market, particularly from the passenger vehicles segment.

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Mankind Pharma enters pet care segment with ‘PetStar’ brand

Mankind Pharma has diversified into the pet care segment with the launch of its ‘PetStar’ brand. The brand aims to build and support the pet care ecosystem by offering pet food, medicine, supplements, and grooming products. The pharma company aims to make PetStar a loved, palatable, nutritious, and healthy food brand for pets such as dogs and cats.

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M&M to continue strong momentum owing to robust demand for newly-launched SUVs

Mahindra & Mahindra’s revenue market share in the SUV category stood at 19.9% in Sept 2022, up from 12.9% in Sept 2021. The company had pending orders for 2.6 lakh SUVs at the close of last quarter. M&M’s new launches (Thar, XUV700, and Scorpio) have been received well, and the automaker is confident of maintaining this momentum with a strong order book and in-demand blockbuster products.

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Credit growth far away from being considered ‘exuberant’: RBI Governor

The present credit (or loan) growth in India is far away from being considered ‘exuberant’ and there is no ‘big gap’ between the credit growth and deposit accretion when looking at the absolute numbers, said RBI Governor Shaktikanta Das at the BFSI Summit organised by Business Standard. Credit growth is going up after two years of being depressed, while the deposit growth number has come off a relatively higher growth during the pandemic years.

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IndiGrid, G R Infraprojects partner to bid for power transmission projects worth ₹5,000 crore

India Grid Trust (IndiGrid) and G R Infraprojects Ltd (GRIL) have partnered to bid for identified power transmission projects worth ₹5,000 crore. The two firms have entered into a framework agreement to acquire a 100% stake in Rajgarh Transmission Ltd, which GRIL won in March 2022. The power ministry has recently unveiled a plan for investment of ₹2.5 lakh crore in building transmission infrastructure for meeting the vision of 500 GW of renewable energy capacity by 2030.

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IL&FS transfers two more road assets worth ₹976 crore to Roadstar InvIT

IL&FS has transferred two more road projects— Hazaribagh Ranchi Expressway and Thiruvananthapuram Road Development Company— to Roadstar Infra Investment Trust (InvIT) at an enterprise value of ₹979 crore. With this, secured lenders of both the assets, including Punjab National Bank, Union Bank, Indian Overseas Bank, and others (with a combined debt of over ₹630 crore) will get 100% recovery through restructuring of their debt under the InvIT.

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Paytm CEO says there will be no more cash burn

Paytm CEO Vijay Shekhar Sharma said that going ahead, there will be no more cash burn in the business. He also added that the digital payments firm was far ahead in re-setting its ambition on controlling spending. Paytm had net cash, cash equivalents, and an investable balance of ₹9,182 crore at the end of September, according to its latest quarterly earnings report. CLSA also upgraded Paytm in November, saying that cash burn could end in another 4-6 quarters.

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Bharti Airtel launches 5G services in Ahmedabad, Gandhinagar, Imphal

Bharti Airtel Ltd announced the launch of high-speed 5G services in Ahmedabad and Gandhinagar (Gujarat). The company also announced the rollout of 5G services in Imphal (Manipur). Customers with 5 G-enabled devices can enjoy the high-speed network at no extra cost until the rollout is more widespread. Airtel 5G will allow superfast access to high-definition video streaming, gaming, and multiple chatting.

Read more here.

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Adani Acquires Holcim’s Stake in Ambuja Cement, ACC – Top Indian Market Updates

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

Adani completes acquisition of Holcim’s stake in Ambuja Cement, ACC

The Adani Group has completed the acquisition of Ambuja Cements and its subsidiary ACC Ltd from Switzerland-based Holcim Group for $6.4 billion (~₹51,030 crore). This transaction comprises Holcim’s entire 63.11% stake in Ambuja Cement and a 4.48% direct stake in ACC. Ambuja holds a 50.05% interest in ACC Ltd. The two cement makers together make Adani the second largest cement player in India after Aditya Birla Group’s UltraTech Cement. 

Read more here.

Govt clears 23 strategic projects under National Technical Textiles Mission

The Central Govt. has cleared 23 strategic research projects of ~Rs 60 crore in the areas of specialty fibres, sustainable textiles, geotextiles, and sports textiles under the National Technical Textiles Mission. Textiles Minister Piyush Goyal emphasised the importance of contributions of technology & segment experts, scientists, and academicians to the future growth of technical textiles in India.

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Domestic air passenger traffic rises 3% in August: DGCA

Domestic air traffic grew marginally by 3% in August 2022 to 1 crore passengers, compared to 97 lakh domestic passengers in July. IndiGo flew the most number of passengers, with a market share of 58%. Tata Group airlines (Air India, Vistara, and AirAsia India) had a 24% market share as of August. Data released by the Directorate General of Civil Aviation (DGCA) showed that airlines flew with an average seat occupancy of 75% last month.

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Godrej Properties clocks ₹1,210 crore sale bookings in two new projects

Godrej Properties Ltd has achieved sales bookings worth ₹1,210 crore in its two new housing projects in Mumbai. The realty company launched two projects— Godrej Ascend at Thane and Godrej Horizon at Wadala— during Q1 FY23. It has cumulatively sold more than 700 homes accounting for an area of ~8.08 lakh square feet for both projects.

Read more here.

Hero MotoCorp to launch EV model next month

Hero MotoCorp plans to enter the electric segment next month with the launch of its first model in the domestic market. The company confirmed in a quarterly report that “a new era in mobility is about to begin,” referring to an event in Jaipur under its “Vida” brand on October 7. The two-wheeler manufacturer has sent invitations for the event to its dealers, investors, and global distributors.

Read more here.

UPL partners with Cleanmax to build hybrid power project in Gujarat

UPL Ltd will partner with Mumbai-based CleanMax Enviro Energy Solutions to set up a hybrid energy power plant in Gujarat. The companies will operate a hybrid captive power plant with a capacity of 28.05 MW of solar power and 33 MW of wind power. The project will allow UPL to increase its renewable energy usage to 30% of its total global power consumption (from 8% currently).

Read more here.

Zydus Lifesciences gets tentative USFDA approval for Sugammadex injection

Zydus Lifesciences Ltd’s US-based subsidiary has received tentative approval from the US Food & Drug Administration (USFDA) to market Sugammadex injection. The drug is indicated for the reversal of neuro-muscular blockade induced by rocuronium bromide and vecuronium bromide (used in modern anesthesia) in adults undergoing surgery. The injection will be manufactured at the pharma company’s facility at Jarod, Gujarat.

Read more here.

ED freezes ₹46.66 crore held in merchant accounts of Paytm, Razorpay

The Enforcement Directorate (ED) has frozen ₹46.67 crore held in merchant accounts maintained by Paytm, Razorpay, Cashfree, and Easebuzz in the instant Chinese loan app case. As per ED’s investigation, Lillion Technocab and Shigoo Technology Pvt. Ltd. used to route their money via HPZ token to the merchant accounts of these digital payment firms.

Read more here.

Zomato’s Blinkit starts home delivery of iPhone 14

Zomato-owned quick-commerce platform Blinkit has partnered with Unicorn Info solutions to deliver iPhones 14 and other Apple products to doorsteps. The service is currently available in Delhi, Gurugram, and Mumbai. Customers in India can get the iPhone 14 for ₹79,900 and the 6.7-inch iPhone 14 Plus for ₹89,900 (available from Oct 7).

Read more here.

Harsha Engineers IPO subscribed 74.7 times on final day

Harsha Engineers’ IPO was subscribed 74.7 times on the final day of bidding. The portion reserved for retail investors was subscribed 17.63 times. Non-institutional investors (NIIs) have subscribed 71.32 times against their reserved portion. The portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 178.26 times.

Harsha Engineers International is the largest manufacturer of precision bearing cages in terms of revenue in the organised sector in India. The company had fixed ₹314-330 per share as the price band for the ₹755 crore IPO.

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Demat Accounts in India Cross 10 Crore Mark – Top Indian Market Updates

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

Demat accounts cross 10 crore mark in August

The total number of Demat accounts in India crossed the 10 crore mark in August 2022. In August alone, over 7 crore active Demat accounts were registered. CDSL operated 7.16 crore Demat accounts with total assets under custody (AUC) of ₹38.5 lakh crore as of August, while NSDL had 2.89 crore accounts with AUC of ₹320 lakh crore. The culture of equity investing is slowly and steadily picking up in India, especially in Tier-2 and Tier-3 cities.

Read more here.

Blue Star secures two orders worth ₹390 crore from BMRCL

Blue Star Ltd has secured two orders from Bangalore Metro Rail Corporation Ltd (BMRCL) for the upcoming Pink Line of Bangalore Metro Rail Project Phase-II. The first order, worth ₹203 crore, is a turnkey project including maintenance works for Tunnel Ventilation System (TVS) and Environmental Control System (ECS) for six underground stations and associated tunnel sections.

The second order, worth ₹187 crore, is a turnkey project for Electrical & Mechanical (E&M) works for five underground stations and five elevated stations.

Read more here.

Suzlon secures 180.6 MW wind energy project from Sembcorp’s arm

Suzlon Energy Ltd has secured an order to set up a 180.6 megawatts (MW) wind energy project from Singapore-based Sembcorp’s arm Green Infra Wind Energy Ltd. The company will install 86 Wind Turbine Generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located at Bagalkot, Karnataka, and is expected to be commissioned in 2024.

Read more here.

Saregama launches feature phone with pre-loaded Hindi songs

Saregama India Ltd has launched Carvaan Mobile, a keypad feature phone with 1500 preloaded Hindi songs and two screen sizes, priced at ₹2490 and ₹1990, respectively. This is the first feature phone from the music brand. The mobile is available across retail markets and e-commerce platforms such as Amazon, Flipkart, and saregama.com. Saregama also sells Carvaan, a digital audio player with preloaded songs.

Read more here.

Kalpataru Power wins orders worth ₹1,345 crore

Kalpataru Power Transmission Ltd (KPTL) and its international units have secured orders worth ₹1,345 crore. The company has won orders in India and overseas markets in the transmission and distribution (T&D) business. It has also received orders for pipeline laying and metro rail electrification works in India.

Read more here.

Quiklyz to expand presence in the electric mobility leasing space

Quiklyz has announced its expansion plans in the electric mobility leasing space. The company will now offer customized leasing and subscription solutions for electric three-wheelers (3W) and four-wheelers (4W) to its partners. It has financed over 1000 electric vehicles over the past 12 months, including passenger vehicles and 3Ws. Quiklyz is the new-age vehicle leasing and subscription business of Mahindra & Mahindra Financial Services Ltd.

Read more here.

Paytm reports 72% YoY growth in merchant payment volume

Digital payments platform Paytm reported a 72% YoY growth in gross merchandise value (GMV) to ₹2.10 lakh crore for the two months ended August 2022. [GMV is the value of total payments made to merchants through app transactions or payment solutions.] The company distributed 6 million loans during the same period. The average monthly transacting users (MTU) grew 40% YoY to 7.88 crore during July-August 2022. 

Read more here.

Blue Jet Health files papers for ₹1,800-crore IPO

Specialty pharmaceutical and healthcare ingredient company Blue Jet Healthcare filed its Draft Red Herring Prospectus (DRHP) with market regulator SEBI for an initial public offer (IPO). The public issue is entirely an offer-for-sale (OFS) of up to 21.7 million shares by the promoters and other shareholders, aggregating to ₹1,800 crore.

Meanwhile, SEBI has given approval to Concord Enviro Systems (an environmental engineering solutions firm) to raise funds via an IPO.

Read more here.

Canara Bank hikes benchmark lending rate by up to 0.15%

Canara Bank has raised its benchmark Marginal Cost of Funds Based Landing Rate (MCLR) by up to 0.15%, a move that will make loans costlier. The one-year MCLR will be 7.75% from Wednesday onwards, compared to the existing rate of 7.65%. This rate is used to fix most consumer loans such as auto, personal, and home loans. [MCLR is the lowest interest rate that a bank can offer.] 

Read more here.

RIL to acquire 79.4% stake in SenseHawk for $32 million

Reliance Industries Ltd (RIL) has entered into definitive agreements with US-based SenseHawk Inc. to acquire a 79.4% stake in the company for $32 million (~₹255.5 crore). SenseHawk is an early-stage developer of software-based management tools for the solar energy generation industry. It helps accelerate solar projects from planning to production by helping companies streamline processes and use automation.

Read more here.

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Services PMI Rises to 57.2 in August – Top Indian Market Updates

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

Services PMI accelerates to 57.2 in August 

India’s services sector saw gains in new business, ongoing improvements in demand conditions, and job creation during August. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 57.2 in August, compared to 55.5 in July. The rate of job creation last month was the strongest in more than 14 years.

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

Read more here. 

IEX’s total trade volume falls 18% in August

Indian Energy Exchange (IEX) registered an 18% YoY decline in total trade volume to 7,805 million units (MU) in August 2022. This includes 6,517 MU in the conventional power market, 437 MU in the Green Power market, and 851 MU in the Renewable Energy Certificate (REC) market. The average clearing price in the Day-Ahead market rose 2% YoY to Rs 5.17 per unit last month. 

Read more here. 

Paytm denies link with Chinese loan merchants under ED scanner

Payment platform Paytm has denied any links with the merchants that are currently under Enforcement Directorate’s (ED) scanner in the Chinese loan app case. On Friday, ED carried out search operations at six premises in Bengaluru concerning an investigation of the case. The premises of Razorpay, Cashfree Payments, Paytm Payment Services, and other entities “controlled” by Chinese persons were covered in the operation. The raids were conducted under provisions of the Prevention of Money Laundering Act (PMLA), 2002. 

Read more here.

Dixon Tech signs pact with Google to sub-license rights relating to Android

Dixon Technologies Ltd has signed an agreement with Google to sub-license rights relating to Android and Google TV. This partnership will enable the company to offer a cost-effective and high-quality experience to its existing customers and potential new brands. It will further strengthen Dixon Tech’s market leadership in the LED TV category.

Read more here.

Bank of Maharashtra organises loan outreach program; sanctions more than ₹1,000 crore

Bank of Maharashtra has organised a credit outreach program under which it has sanctioned loans worth nearly ₹1,000 crore. Loan sanction letters were distributed to the beneficiaries by Financial Services Secretary Sanjay Malhotra in Pune. He also visited self-help group stalls at the event and interacted with members. The secretary also visited self-help group stalls at the event and interacted with the members.

Read more here.

Mahindra Lifespace expects over 2.5-fold rise in bookings soon

Mahindra Lifespace Developers Ltd is targeting a 2.5-fold jump in its annual sales bookings to ₹2,500 crore in the next three years on better housing demand. The company registered ₹600 crore of residential sales during the April-June quarter (Q1) of FY2022-23, compared to ₹1,028 crore in the full previous year. It expects very strong continued growth in Q2 and the rest of the year.

Read more here.

Would surpass ₹21,000-crore revenue target by 2026: ABFRL chairman

Aditya Birla Fashion and Retail Ltd (ABFRL) is confident of fortifying its market position further and surpassing the projected revenue of ₹21,000 crore by 2026, said chairman Kumar Mangalam Birla. The company is leveraging technology and its execution excellence to build a strong, profitable, and future-ready brand portfolio. ABRFRL is also working on strategic alliances and is building a comprehensive set of iconic brands.

Read more here.

Aurionpro Solutions acquires US-based startup Hello Patients Solutions Inc.

Aurionpro Fintech Inc., a US-based subsidiary of Aurionpro Solutions Ltd, announced the acquisition of Hello Patients Solutions Inc, a startup registered in Delaware, USA. Hello Patients provides a healthcare billing and patients’ management solution that leverages Aurionpro’s technology for payments processing. Aurionpro will acquire the entire stake in Hello Patients in an all-cash transaction of $250,000 (~₹1.99 crore).

Read more here.

OPEC to cut oil output for first time in a year

For the first time in a year, OPEC+ agreed to make a token oil supply cut for October. The organisation aims to stabilise international markets after a faltering economic backdrop triggered the longest price decline in two years. At a meeting held today, OPEC decided to reduce production by 100,000 barrels a day in October, taking supplies back to August levels.

Read more here.

HAL-L&T consortium secures ₹860-crore contract to build five PSLVs

A consortium of Hindustan Aeronautics Ltd (HAL) and Larsen & Toubro has won an ₹860 crore deal from NewSpace India Limited (NSIL) to build five Polar Satellite Launch Vehicle (PSLV) rockets over four years. The contract was exchanged today between HAL and NSIL during the inaugural session of the 7th Bengaluru Space Expo 2022.

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Coal India’s Capex Jumps 65% in Q1 – Top Indian Market Updates

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

Coal India’s capex jumps 65% in Q1 FY23

Coal India Ltd’s capital expenditure (capex) rose 65% year-on-year (YoY) to Rs 3,304 crore during the quarter ended June (Q1 FY23). The company has sustained its capex growth for the ninth successive quarter. Capex under first-mile connectivity (FMC) projects rose four-fold to Rs 577 crore. Land acquisition at Rs 608 crore accounted for nearly one-fifth of the total capex basket in Q1. 

Read more here.

Kalyan Jewellers to add 10 outlets before Diwali in non-south markets

Kalyan Jewellers Ltd plans to strengthen its retail footprints in the non-south market by adding 10 showrooms before Diwali. The company will invest around Rs 250-300 crore towards this expansion. Kalyan Jewellers ventured into the franchise model of business in June 2022 with the launch of its first franchise-owned outlet in Aurangabad. Of the overall 127 stores spread across India, 77 stores are in the south and 50 in the non-south regions.

Read more here.

NTPC aims to raise Rs 5,000 crore via stake sale in green arm

NTPC Limited plans to raise Rs 5,000 crore by selling a stake in a newly created green energy arm. The state-owned power generation company has appointed SBI Capital Markets to advise on the sale process. On Saturday, NTPC announced plans to hive off 15 of its renewable energy projects into NTPC Green Energy Ltd. The assets being separated have a book value of Rs 10,000 crore.

Read more here.

Paytm’s lending biz clocks Rs 24,000 crore revenue run rate in Q1

Paytm’s lending and disbursements business achieved a milestone Rs 24,000 crore annualised run rate in the April-June quarter (Q1 FY23). The number of loans disbursed through the platform jumped 492% YoY to 8.5 million. Paytm also reached its highest number of monthly transacting users (MTU) at 76 million on its super app in Q1. It registered a 101% YoY increase in merchant payment volumes at Rs 2.96 lakh crore.

Read more here.

Zydus Lifesciences gets final USFDA approval for Type-2 diabetes drug

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Empagliflozin and Metformin Hydrochloride tablets. The drug is used with proper diet and exercise to improve glycemic control in adults with Type-2 diabetes. The drug will be manufactured at the pharma company’s formulation facility at the Special Economic Zone (SEZ), Ahmedabad.

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L&T Construction secures order to build data centres in Mumbai, Navi Mumbai

Larsen & Toubro (L&T) Construction has secured significant contracts (in the range of Rs 1,000-2,500 crore) to build data centres of capacities totalling 10.8 megawatts (MW) at Mumbai and Navi Mumbai. The company will design and build the data centres and allied buildings, including fit-outs. 

L&T has also received an order for the engineering, procurement, and construction of The Statue of Adi Shankaracharya at Omkareshwa (‘Statue of Oneness’) in Madhya Pradesh. The 108-feet high bronze statue is scheduled to be completed in 15 months. 

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SBI subsidiary signs pact with MEA for Trilateral Development Cooperation Fund

SBICAP Ventures Ltd (SVL) has signed a Memorandum of Understanding (MoU) with the Ministry of External Affairs (MEA) for establishing the Trilateral Development Cooperation Fund (TDC Fund) for joint projects with global partners. The TDC Fund will route India’s commitment of ~Rs.175 crore to the Global Innovation Development Fund (GIP Fund). This fund will invest mainly in small & medium enterprises (SMEs) from India that tackle development challenges.

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IOC, BPCL, HPCL may post Rs 10,700 crore loss in Q1: Report

As per a report by ICICI Securities, Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL), and Hindustan Petroleum Corp. Ltd (HPCL) may post a combined loss of Rs 10,700 crore in the April-June quarter (Q1 FY23) on selling petrol and diesel at rates below cost. While crude oil prices soared in Q1, petrol and diesel rates were not revised. This led to marketing losses which offset strong refining margins. IOCL, BPCL, and HPCL control 90% of the retail petrol and diesel sales in India.

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Editorial

Paytm Shares Are Up 32% From 52-Week Low. What Next?

Shares of One97 Communications Ltd, the parent company of digital payments platform Paytm, have recovered ~32% from its 52-week low. Unfortunately, the stock is still down by Rs 1,280 or 65% compared to its IPO listing price of Rs 1,955! In today’s article, we analyze the recent developments surrounding Paytm and its financial performance.

What Led to the Recent Rally in Paytm’s Shares?

Market analysts have primarily attributed the stock’s rally to a triangular pattern breakout above Rs 640-650, supported by large volumes. Let’s look at the chart to understand this:

Source: TradingView

Reports of a share buyback by Paytm’s promoters have also boosted the morale/sentiments of investors. CEO Vijay Shekhar Sharma had purchased 1.72 lakh shares of One97 Communications worth Rs 11 crore. A share buyback is a process wherein a company or its promoters buy back its own shares from shareholders at fair market value.

Fundamentals Remain Weak

One97 Communications reported a 41% year-on-year (YoY) increase in its consolidated net loss to Rs 2,392.9 crore for the financial year 2021-22 (FY22). However, the startup’s revenue from operations grew 77% YoY to Rs 4,974.2 crore in FY22. They saw a healthy increase in consumer and merchant payments & loan disbursements through its partners on Paytm. Average monthly transacting users (MTU) rose 35% YoY to 6.08 crore during the same period.

Time and again, high expenses have been blocking the company’s road to profitability. Paytm made huge investments in marketing expenses to grow its monthly transacting users (MTU) in FY22. Its employee costs rose due to investments to scale up its device deployment from 8 lakh per quarter to 10 lakh per quarter. [Paytm offers smart point-of-sale (POS) hardware devices for merchants.]

(Values in Rs crore)

In the last quarter of FY22 (Q4), Paytm’s net loss rose 72% YoY to Rs 762.5 crore, while revenue from operations grew 89% YoY to Rs 1,541 crore. Earnings before interest, tax, depreciation, and amortisation (EBITDA) remained negative during the quarter. However, it narrowed from Rs 420 crore in Q4 FY21 to Rs 368 crore in Q4 FY22. The startup declared it is on track to break even at the EBITDA level by the July-Sept quarter of FY23.

The Way Ahead

One97 Communications’ shares have been on a free fall since it got listed in November 2021. It crashed over 70% from the IPO price of Rs 2,150. The company was highly overvalued, especially when the path to profitability was unclear. Many find Paytm’s business model problematic as it generates very low revenue for every dollar spent on marketing. In a major blow, the Reserve Bank of India (RBI) directed Paytm Payments Bank (PPB) to stop onboarding new customers due to supervisory concerns in March 2022.

Paytm often dabbles in numerous business lines, and it has become difficult for them to work out a solid business model. A high level of competition in the fintech space is also weighing down on their operations. As a result, many global and domestic analysts had advised against buying the company’s shares and slashed their target prices on the stock.

However, CEO Vijay Shekhar Sharma expects his company to achieve operational profitability by Q2 FY23. They are focusing on increasing consumer engagement and merchant base to achieve higher revenue from payment services. Paytm is also scaling up its loan disbursement business, where it offers Paytm Postpaid (Buy Now, Pay Later), personal loans, and merchant loans. Moreover, the proposal of linking credit cards to UPI is expected to benefit the full-stack payments and financial solutions provider.

Let us wait patiently and see how One97 Communications performs in the upcoming quarters. Have you invested in the company? Let us know in the comments section of the marketfeed app.

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Editorial

Why is Paytm’s Share Crash Continuing?

Things have gone from bad to worse for One97 Communications Ltd, the parent company of digital payments platform Paytm. The company’s shares have plunged over 70% since it got listed on the Indian stock markets in November, and investors have lost a ton of money. The stock hit a 52-week low of Rs 560.10 on March 21. In today’s article, we analyze the reasons behind the latest fall of Paytm’s shares.

The Story

On March 11, the Reserve Bank of India (RBI) directed Paytm Payments Bank (PPB) to stop onboarding new customers with immediate effect. The central bank cited serious supervisory concerns observed in PPB. However, it did not provide any specific details of misconduct.

RBI also directed PPB to appoint an audit firm to conduct a comprehensive audit of its IT system. “Onboarding of new customers by Paytm Payments Bank Ltd will be subject to specific permission to be granted by RBI after reviewing the report of the IT auditors,” said the RBI. Following this news, Paytm’s shares fell up to 13% last Monday.

In a statement, Paytm Payments Bank said it was working with RBI to address the concerns. “We shall notify when we recommence the opening of new accounts after obtaining RBI approval,” it said. The digital payments firm believes the ban will not have an adverse impact on its overall business.

Sadly, this is not the first time Paytm is facing action from the banking regulator. In 2018, RBI made certain observations on the process Paytm followed to attract new users, especially with Know-Your-Customer (KYC) norms. The company was found guilty of violating KYC rules. Last year, Paytm received a show-cause notice from RBI for submitting false information concerning the transfer of its Bharat Bill Payment business to PPB. The central bank imposed a monetary penalty of Rs 1 crore on the company. 

The Bloomberg Report

On March 14, Bloomberg came out with a serious allegation against Paytm. It reported that RBI acted against Paytm Payments Bank as it had allegedly allowed data to flow to servers in China, which violates the Indian government’s data privacy rules. As we know, India and China have not been on the best of terms lately.

PPB is a joint venture between Paytm and its founder Vijay Shekhar Sharma. Moreover, China’s Alibaba Group Holding and Jack Ma’s Ant Group own shares in Paytm. The Bloomberg report stated that annual inspections made by India’s central bank found that Paytm’s servers were sharing sensitive information with China-based entities that indirectly own a stake in PPB.

Paytm was quick to deny the reports. It claimed that the Bloomberg report was false and sensationalist. “Paytm Payments Bank is proud to be a completely homegrown bank, fully compliant with RBI’s directions on data localisation. All of the bank’s data resides within India,” the company said in a statement.

What Next?

Paytm had launched a Rs 18,300 crore initial public offering (IPO) in November 2021. Unfortunately, the stock has been on a free fall since it got listed. It has crashed over 70% from the IPO price of Rs 2,150. Paytm’s valuation, which stood at Rs 1.4 lakh crore at the time of the IPO, has eroded significantly to ~Rs 41,000 crore! The company was highly overvalued, especially when the path to profitability was unclear. Various analysts have termed Paytm’s business model as problematic as it generates very low revenue for every dollar spent on marketing. Here at marketfeed, we had posted an in-depth analysis on why Paytm’s IPO was a flop show. You can read it here.

According to an ET report, PPB will now submit several names as potential audit candidates to the RBI. The banking regulator will finalize the terms of reference based on its findings that include a series of lapses in meeting KYC norms. PPB had reportedly onboarded thousands of customers without following the official KYC process. The RBI’s regulatory order has come as a severe blow to Paytm’s plans of transforming itself into a small finance bank (SFB). Now, they may have to wait a bit longer to apply for an SFB license from the RBI. 

Paytm’s shares are still under pressure. Macquarie’s analyst has reduced its target price to Rs 450! We can expect the stock to be in the red zone till the company reports some positive developments. Paytm is notorious for dabbling in numerous business lines, and it has become difficult for them to work out a solid business model. A high level of competition in the fintech space is also weighing down on Paytm’s operations. It is advised that retail investors perform thorough research and take due caution before making investment decisions.

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Market News Top 10 News

RBI Bars Paytm Payments Bank From Onboarding New Customers – Top Indian Market News

RBI bars Paytm Payments Bank from onboarding new customers

Reserve Bank of India (RBI) has directed Paytm Payments Bank (PPB) to stop onboarding new customers with immediate effect. The central bank has cited serious supervisory concerns observed in the bank. RBI has also directed PPB to appoint an audit firm to conduct a comprehensive audit of its IT system.

Read more here.

Titan Company’s arm to acquire 17.5% stake in Great Heights Inc for $20 million

TCL North America Inc (TCLNA), a subsidiary of Titan Company Ltd, has signed a pact to acquire 17.5% voting rights in US-based Great Heights Inc for $20 million (~Rs 152 crore). This strategic investment will provide Titan a close view of the fast-growing Lab Grown Diamond (LGD) and Direct-to-Consumer (D2C) sectors. Great Heights retails LGD jewellery through its brand Clean Origin.

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Automobile dispatches fall 23% YoY in Feb: SIAM

Automobile dispatches from factories to dealerships across India declined 23% YoY in February as various supply-side challenges continued to impact demand. This includes the global semiconductor shortage and rise in vehicle prices due to the implementation of new regulations. Wholesales of domestic passenger vehicles, two-wheelers, and three-wheelers fell to 13,28,027 units in Feb 2022. The figure stood at 17,35,909 units in Feb 2021.

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Punjab & Sind Bank to acquire 2% stake in NARCL for Rs 55 crore

Punjab & Sind Bank Ltd has entered into an agreement to acquire a 2% stake in National Asset Reconstruction Company Ltd (NARCL or bad bank) for Rs 55 crore. The equity investment will be done in tranches. The first investment of Rs 28.18 crore is expected to be completed by March 31, 2022. NARCL was incorporated in July 2021 to act as a bad bank for the quick resolution of bad assets (NPAs) of banks. 

In other news, ICICI Bank has announced plans to acquire a 5% stake in NARCL for Rs 137.5 crore.

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Strides Pharma gets USFDA approval for Colchicine tablets

Strides Pharma Global Singapore (SPGS) has received approval from the US Food & Drug Administration (USFDA) to market Colchicine tablets. The drug is used to treat and prevent gout (a common form of arthritis). According to IQVIA MAT January 2022 data, Colchicine tablets had annual sales of $85 million. SPGS is a step-down wholly-owned subsidiary of Strides Pharma Science Ltd.

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DB Realty-led company gets LoA for Mumbai project

DBS Realty, a partnership firm of DB Realty Ltd, has received a Letter of Acceptance (LoA) from the Municipal Corporation of Greater Mumbai (MCGM) to construct 4,000 tenements. The project includes the construction, completion, and handing over of tenements of carpet area 27.88 metres to MCGM. DBS Realty will receive land Transferable Development Rights (TDR) and construction TDR of 1.56 million square feet. It will also get premium per tenement at Rs 39.60 lakh, aggregating to Rs 1,584 crore.

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G R Infra emergest lowest bidder for project in Madhya Pradesh

G R Infraprojects Ltd has emerged as the lowest (L-1) bidder for a project in Rajgarh Special Economic Zone (SEZ), Madhya Pradesh. The order includes the establishment of a transmission system for evacuation of power from RE Projects in Rajgarh SEZ (2500 MW). The project is on a build, own, operate, and maintain (BOOM) basis.

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Vedanta, Welspun, 29 others in race to acquire Mittal Corp

Vedanta Ltd, Welspun Corp, and Jindal Stainless Ltd are among 29 applicants that have shown interest in acquiring distressed steel company Mittal Corp. Mittal Corp is currently undergoing insolvency proceedings and is among 15 shortlisted companies to be transferred to a bad bank. To increase participation, the resolution professional may either invite Expression of Interests (EoIs) again or extend the deadline. 

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IIP growth recovers to 1.3% in January

India’s Index of Industrial Production (IIP) grew 1.3% year-on-year (YoY) in January 2022. It had fallen to a 10-month low of 0.4% in December 2021. Industrial output clocked a growth of 13.7% for April 2021-January 2022, compared to a contraction of 12% in April 2020-Jan 2021. Manufacturing growth grew 1.1% in January 2022, compared to a 0.9% contraction in Jan 2021.

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Market News Top 10 News

Axis Bank’s Net Profit Jumps 224% YoY in Q3 – Top Indian Market News

axis bank to hire

Axis Bank Q3 Results: Net profit jumps three-fold YoY to Rs 3,614 crore

Axis Bank reported a 224% YoY jump in net profit to Rs 3,614 crore for the quarter ended December (Q3 FY22). Net profit increased by 15% when compared to the previous quarter. Its net interest income (NII) rose 17% YoY (or 10% QoQ) to Rs 8,653 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 3.17% in Q3 FY22, compared to 3.53% in Q2 FY22. Provisions fell 64% YoY to Rs 1,335 crore in Q3 FY22. 

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SBI Cards Q3 Results: Net profit rises 84% YoY to Rs 386 crore

SBI Cards & Payment Services Ltd reported an 84% YoY increase in net profit to Rs 386 crore for the quarter ended December (Q3 FY22). Net profit rose 12% when compared to the previous quarter. Its revenue from operations rose 20% YoY (or 13% QoQ) to Rs 2,889 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.40% in Q3 FY22, compared to 2.51% in Q3 FY21.

Read more here. 

Star Housing Finance enters into co-lending agreement with Capital India Home Loans

Star Housing Finance Ltd (SHFL) has entered into co-lending partnership with Capital India Home Loans to complement its asset under management (AUM) growth across their shared operational geographies. The partnership will provide housing finance assistance to low-income group home buyers looking to purchase/construct low-cost housing units in Tier 2,3 towns and semi-urban locations.

Shriram Transport Finance Q3 Results: Net profit falls 6% YoY to Rs 681 crore

Shriram Transport Finance Company Ltd reported a 6% YoY decline in net profit to Rs 681 crore for the quarter ended December (Q3 FY22). Net profit fell 12% when compared to the previous quarter. Its net interest income (NII) rose 11% YoY to Rs 2,388 crore during the same period. Total assets under management stood at Rs 1,24,602 crore in Q3 FY22, up 8% YoY. Loan losses and provisions increased by 46% YoY to Rs 984 crore.

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Tube Investments to acquire 70% stake in Cellestial E-Mobility

Tube Investments of India Ltd (TII) will acquire a 70% stake in startup Cellestial E-Mobility Pvt Ltd for Rs 161 crore. Cellestial E-Mobility is engaged in the design and manufacture of electric tractors, aviation ground support electric equipment, and other electric machinery. It has designed and developed two tractor prototypes for production. As part of its entry into clean mobility, TII is also setting up a 100% subsidiary for its electric 3-wheeler initiative.

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HDFC AMC Q3 Results: Net profit falls 3% YoY to Rs 360 crore

HDFC Asset Management Company (AMC) reported a 3% YoY decline in net profit to Rs 359.75 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 14% YoY to Rs 549.8 crore during the same period. Overall operational cost increased 35% to Rs 151 crore. Total assets under management (AUM) stood at Rs 4.37 lakh crore in Q3, up 7% YoY.

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Paytm partners with Fullerton India to scale up lending to MSMEs

One97 Communications Ltd (Paytm) has partnered with Fullerton India to expand digital lending to micro, small & medium enterprises (MSMEs) and consumers from smaller cities and towns. Both companies will leverage data-driven insights and their wide reach to bring loans to new-to-credit users. The program will offer Paytm Postpaid to millions of consumers on the Paytm platform while utilizing Fullerton’s deep risk assessment capabilities and scale.

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IEX Q3 Results: Net profit rises 38% YoY to Rs 80 crore

Indian Energy Exchange (IEX) reported a 38% YoY increase in net profit to Rs 80.5 crore for the quarter ended December (Q3 FY22). Net profit increased by 5% when compared to the previous quarter. Its revenue from operations rose 38% YoY (or 7% QoQ) to Rs 117 crore during the same period. EBITDA stood at Rs 98.7 crore in Q3, up 42% YoY. 

Vi MD says drop in customer base is because of tariff hikes/SIM consolidation

Vodafone Idea (Vi) Managing Director Ravinder Takkar said there was “no concern regarding the 4G customer addition pace”, and the drop in subscribers was the result of tariff hikes in November and SIM consolidation. His comments come on the back of a 5.8 million decline in Vi’s customer base in the quarter ended December (Q3 FY22).  The telecom company only saw a 0.8 million addition in its 4G subscribers in Q3.

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Deepak Nitrite Q3 Results: Net profit rises 13% YoY to Rs 243 crore

Deepak Nitrite Ltd reported a 13% YoY increase in consolidated net profit to Rs 243 crore for the quarter ended December (Q3 FY22). Net profit fell 4% when compared to the previous quarter. The chemical manufacturer’s revenue from operations rose 40% YoY (or 2% QoQ) to Rs 1,722 crore during the same period.

Ramco Cements Q3 Results: Net profit falls 63% YoY to Rs 75 crore

The Ramco Cements Ltd reported a 63% YoY decline in consolidated net profit to Rs 75.2 crore for the quarter ended December (Q3 FY22). Net profit fell 85% when compared to the previous quarter. Its revenue from operations rose 16% YoY (or 6% QoQ) to Rs 1,541 crore during the same period. The company’s EBITDA fell 42% YoY to Rs 217 crore in Q3.

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Market News Top 10 News

RBI Grants Scheduled Bank Status to Paytm Payments Bank – Top Indian Market News

RBI grants scheduled bank status to Paytm Payments Bank

Paytm Payments Bank Ltd (PPBL), a group company of Paytm, has received the Reserve Bank of India’s approval to function as a scheduled payments bank. This will help PPBL expand its business opportunities. As a scheduled payments bank, PPBL can participate in Request for Proposals (RFP) advertised by the government and large corporations, primary auctions, fixed-rate and variable rate repos, and reverse repos. It will also be eligible to be a partner in government-run financial inclusion schemes.

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Adani Ports removes export-import ban from Afghanistan, Pakistan, and Iran

Adani Ports & Special Economic Zone Ltd has withdrawn its decision to stop handling export-import (EXIM) containerised cargo originating from Iran, Afghanistan, and Pakistan at its ports. The company had imposed a ban on containerised cargo from the three countries after 3,000 kilograms of heroin were seized from two containers at the port. The ban was removed after consultations with terminal and vessel operators, customs broker associations, and importers who had agreed to adhere to security compliance.  

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Airtel, Invest India launch innovation challenge for startups to develop solutions in 5G, IoT

Bharti Airtel Ltd and Invest India has launched the ‘Airtel India Startup Innovation Challenge’ for early-stage technology companies. The startups will be required to develop differentiated solutions in 5G such as business-to-business (B2B) and business-to-consumer (B2C) use cases and applications, innovative Internet of Things (IoT) solutions for enterprises. Invest India is the National Investment Promotion and Facilitation agency of the Indian government.

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TVS Motor partners with Grupo Q for strengthening its presence in Central America

TVS Motor Company Ltd has partnered with Grupo Q for distribution in the Nicaragua and Costa Rica markets to further expand its business in Central America. Active Motors SA (a subsidiary of Grupo Q) will support TVS Motor with dedicated sales, service, spares, and customer relationship management (CRM). As a part of the partnership, Active SA Motors will facilitate the opening of three flagship outlets and about 50 dealerships for TVS Motor in a phase-wise manner across Nicaragua and Costa Rica.

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Dr. Reddy’s Labs launches drug to treat high blood pressure, heart failure in US market

Dr. Reddy’s Laboratories Ltd has launched Valsartan tablets in the US market. The drug is used for the treatment of high blood pressure and heart failure. As per IQVIA data, the generic version of Valsartan had US sales of approx. $150 million (~Rs 1,130 crore) for the 12 months ended October 2021.

In other news, Dr. Reddy’s Labs partnered with Prestige BioPharma for exclusive rights to supply and commercialise the Singapore firm’s proposed trastuzumab biosimilar in select Latin America and Southeast Asian countries. The biosimilar can be prescribed for the treatment of HER2-positive breast cancer and metastatic gastric cancer.

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Shyam Metalics to increase iron manufacturing capacity by 20%

Shyam Metalics and Energy Ltd (SMEL) has announced a capacity expansion as outlined in its capital expenditure (capex) plans for the financial year 2021-22. The total installed capacity for sponge iron products will increase by 20%, from 1.39 million tons per annum (MTPA) to 1.67 MTPA. SMEL is a leading integrated metal producing company, which focuses on long steel products and ferro alloys.

Asian Paints refutes InGovern’s claims on related-party transactions

Asian Paints Ltd has refuted all allegations made by InGovern on related-party transactions. Corporate governance advisory firm InGovern had claimed that Paladin Paints, controlled by Asian Paints’ promoter directors, formed 7% of the value of goods purchased from promoter-led entities. The paint major stated that the reports released by InGovern are based on incorrect facts and premises. 

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Bajaj Electricals board approves review of corporate structure

The Board of Directors of Bajaj Electricals has approved a review of its corporate structure, including a move to hive off its power transmission and power distribution business verticals as an independent entity. The company would explore a full range of options and alternatives, including demerger and strategic partnerships. The objective of this move is to streamline the business structure to enhance market positions and deliver long-term growth.

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UBL challenges Rs 752 crore CCI penalty before NCLAT

United Breweries Ltd (UBL) has approached the National Company Law Appellate Tribunal (NCLAT) against the Rs 751.8 crore penalty imposed on the company by the Competition Commission of India (CCI). The fair trade regulator has imposed a fine for alleged cartelization in the sale and supply of beer.

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Equity mutual funds see inflows for ninth straight month: AMFI

Inflows into equity mutual funds jumped to the highest level in four months. As per data released by the Association of Mutual Funds in India (AMFI), net inflows into equity and equity-linked schemes more than doubled month-on-month to Rs 11,614.73 crore in November. Monthly systematic investment plan (SIP) contributions hit a fresh all-time high of Rs 11,004.94 crore last month.

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