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India’s Manufacturing PMI Slows to 5-Month Low in Sept – Top Indian Market Updates

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

India’s manufacturing PMI slows to a 5-month low in Sept

India’s manufacturing sector slowed to a 5-month low in September 2023. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 57.5 in September, compared to 58.6 in August. The contraction in manufacturing activity was due to a soft increase in new orders, which slowed production.

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

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IHC raises its stake in Adani Enterprises to above 5%

International Holding Co (IHC) has increased its total stake in Adani Enterprises (AEL) to above 5%. The development comes days after it decided to offload stakes in two other group companies as part of its portfolio restructuring/rejig. Although IHC hasn’t disclosed the amount invested in the company, a 5% stake in AEL as of Tuesday is valued at ₹13,600 crore.

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Bajaj Finserv’s insurance arm receives GST Demand Notice

Bajaj Allianz General Insurance Company Ltd (BAGIC) received a show cause cum demand notice from the Directorate General of Goods and Services Tax (GST) Intelligence. The authority alleged a tax demand of ₹1010.05 crore. BAGIC is Bajaj Finserv’s insurance subsidiary. As per the notice, the company failed to pay GST between July 2017 and March 2022.

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PFC sanctions ₹15,000 crore loans, forays into funding of airport projects

Power Finance Corporation (PFC) has sanctioned ₹15,000 crore loans for various projects. Furthermore, it has entered into funding airport projects. As part of its diversification strategy and funding for infrastructure projects, PFC sanctioned its first financing for a greenfield airport project in Andhra Pradesh. PFC’s Board of Directors also reviewed strategic agendas pertaining to the company’s business diversification strategy.

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India’s coal production rises 16% YoY in September

India’s coal output increased 15.81% YoY to 67.21 million tonnes (MT) in September, compared to 58.04 MT in September FY22-23. The cumulative coal production up to September increased to 428.25 MT in the current financial year, over 382.16 MT in the year-ago period. Coal India Ltd’s (CIL) output increased to 51.44 MT in September as against 45.67 MT a year ago. CIL accounts for over 80% of domestic coal production.

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JSPL starts coal production at Chhattisgarh’s Gare Palma mine

Jindal Steel & Power Ltd (JSPL) has started coal production at its Gare Palma IV/6 mine in Chhattisgarh. The mine will support the proposed expansion of its Raigarh integrated steel plant from the existing 3.6 MTPA to a capacity of 9.6 million tonnes per annum (MTPA).

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Vedanta to complete steel asset sale this fiscal year

Vedanta Ltd will complete the divestment of its steel assets by March 2024. The company started the review of its steel and steel raw material business in June. Vedanta is also planning to demerge its business unit into independent companies. Its parent company, Vedanta Resources, has been struggling to raise funds due to rating downgrades and concerns about meeting its debt obligations.

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NCC secures 3 orders worth ₹4,206 crore

NCC Ltd secured three orders worth ₹4,205.94 crore in September from both Central and State government agencies. These orders are to different divisions within the company: ₹819.20 crore for the water division, ₹173.19 crore for the electrical division, and ₹3,213.55 crore for the transportation division. 

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Strides Pharma gets USFDA approval for Ethyl capsules

Strides Pharma Global Pte. Ltd has received approval from the US Food & Drug Administration (USFDA) for its generic version of Icosapent Ethyl capsules. The capsules are used to control triglyceride levels in the blood and is bioequivalent and therapeutically equivalent to the reference listed drug Vascepa of Amarin. As per IQVIA, the product has a market size of around $1.3 billion. Strides Pharma Global Pte. Ltd is a wholly-owned Singaporean subsidiary of Strides Pharma. 

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TRSL secures ₹857 crore order from Gujarat Metro Rail

Titagarh Rail Systems Ltd (TRSL) has secured a contract worth ₹857 crore with the Gujarat Metro Rail Corporation Ltd (GMRC) to manufacture 72 standard gauge cars. These metro cars are destined for the first phase of the Surat Metro Rail Project. The contract for designing, manufacturing, supplying, testing, commissioning, and training for these metro cars. The execution of this contract is scheduled to commence 76 weeks after its signing. 

Read more here.

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Adani Green & TotalEnergy to Form Rs 2,500Cr JV – Top Indian Market Updates

adani

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

Adani Green and TotalEnergy to form Rs 2,490Cr JV

Adani Green Energy’s board approved the execution of a binding term sheet between Adani Green Energy Twenty Three Ltd and TotalEnergies. Total will make a further investment of $300 million (~₹2,490 crore) to form a new 50:50 Joint Venture (JV) company. The new JV will house a 1,050 MWac portfolio, comprising a mix of already operational, under construction, and under development assets with a blend of both, solar and wind power.

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ONGC willing to wait to regain oil from Russian project

According to ONGC Videsh’s Head of Investment, ONGC wants to eventually receive a share of crude from a Russian project it partly owns. However, the company is willing to wait because Russian oil is hard to ship now. ONGC has a 20% stake in Russia’s Sakhalin-1 oil & gas project. The company is also in talks with the Russian government and company shareholders to resume taking oil under a production-sharing arrangement.

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Aurobindo Pharma’s Andhra plant receives observation from USFDA 

The US Food & Drug Administration (USFDA) has issued a Form 483 with one observation after inspecting a formulation production facility of Aurobindo Pharma’s unit in Andhra Pradesh. USFDA inspected the Unit IV of APL Healthcare Ltd in Tirupati district of Andhra Pradesh from September 13-19, 2023. APL Healthcare Ltd is a wholly-owned subsidiary of Aurobindo Pharma.

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Verizon denies Vi acquisition rumours

Verizon Consumer Group has categorically denied claims of it considering the acquisition of Vodafone Idea (Vi). Vodafone Idea also refuted any discussions regarding a potential acquisition with Verizon, Amazon, or Elon Musk-owned Starlink. The company emphasised India’s significance in its global growth strategy, citing the country’s unique capabilities and access to talent pools.

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Viacom18 to showcase ISL on 8 TV channels, Jio Cinema

Viacom18 will showcase the upcoming Indian Super League (ISL) 2023–24 season across eight linear channels in four different languages. The tournament will also be streamed live for free on Jio Cinema. The matches will be aired on Sports18 Khel (Hindi), Sports18 1 SD & HD (English), VH1 SD & HD (English), Surya Movies (Malayalam), DD Bangla, and Colors Bangla Cinema (Bengali).

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Apollo Tyres halts tyre production in Gujarat plant

Apollo Tyres has temporarily ceased bias off-the-road (OTR) tyre production at its manufacturing facility located in Limda, Gujarat. The decision was prompted by concerns raised among shop floor employees regarding the renewal of a long-term settlement agreement. The company has started discussions and negotiations with labour union representatives to address the employees’ concerns.

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Culver Max to replace Zee Entertainment in FTSE indices post-merger

FTSE has announced that Culver Max Entertainment (Sony) will replace Zee Entertainment in all FTSE indices post-merger. For every 100 shares of Zee Entertainment held, shareholders will receive 85 shares in Culver Max Entertainment (Sony). This transition is not only significant but also removes a major uncertainty that has been looming over the stock. The timelines and final date of the merger are yet to be announced.

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PFC may fund 70% of SJVN’s ₹1.19 lakh crore RE projects

SJVN has signed a Memorandum of Understanding (MoU) with Power Finance Corporation Ltd. (PFC) for financial assistance for projects. The MoU pertains to various diversified project portfolios, including renewable energy (RE) and thermal generation projects. The overall cost of the projects is nearly ₹1.19 lakh crore. The term loan financial assistance is proposed tentatively at 70% of the project cost.

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Central trade unions of Coal India to observe a 3-day strike

Coal India Ltd (CIL) has received a three-day strike notice from central trade unions. The notice prompts concerns about the potential impact on the nation’s coal supply and electricity generation. The joint strike notice was issued jointly by prominent labour organisations BMS, INTUC, HMS, AITUC, and CITU. The three-day strike will be from October 5 to October 7, 2023. 

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Delhi HC upholds SBI’s eligibility criteria for ATM caretaker services

The Delhi High Court has upheld SBI’s eligibility criteria for selecting caretaker agencies for its automated teller machines (ATM) in Delhi. The High Court stated that SBI is best equipped to gauge the practicalities involved. Recently, a startup alleged that the eligibility criteria barred start-ups from participating in the tenders due to strict requirements. Only bidders with a minimum average annual turnover of ₹150 crore in the past three years and prior experience in providing similar services for at least five years were eligible.

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India to mandate annual audit of pharma suppliers by drugmakers

According to a government document, India will make it mandatory for drugmakers to audit their raw material suppliers at least once a year. The govt is tightening rules after India-made cough syrups were linked to 141 children’s deaths worldwide. The new mandate, along with additional testing rules for cough syrup exports implemented in June, shows that India is seeking to reassure buyers about the safety of its $42 billion pharmaceuticals industry.

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RIL May Sell 8-10% More in Rel Retail Ventures to Fund Expansion – Top Indian Market Updates

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

RIL may sell 8-10% more in Rel Retail to fund expansion

Reliance Industries is likely to sell another 8-10% stake in Reliance Retail Ventures Ltd (RRVL) to fund expansion, retire debt, and prepare for the initial public offering of its retail business. This process will likely happen in over 12-15 months and will be critical for the proposed IPO by the holding company of Reliance’s retail operations.

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PFC to provide ₹4,528 crore loan for DVC project in West Bengal

Power Finance Corporation (PFC) has entered into a pact with Damodar Valley Corporation (DVC) to provide ₹4,527.68 crore loan to set up a 1,320 MW project at Raghunathpur, West Bengal. The Raghunathpur Phase-II project will contribute significantly to the power generation capacity in the state. With a combined capacity of 1,320 MW, the project marks a key milestone in the region’s energy landscape.

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Suzlon secures 201.6 MW wind energy project order

Suzlon has secured a large order for a 201.6 megawatts (MW) wind energy project from Teq Green Power XI, a part of O2 Power. The company will supply the wind turbines (equipment supply) and execute the project, including erection and commissioning. The project is expected to be commissioned in 2025.

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NCLT approves Ramkrishna Forgings’ bid to acquire Amtek Group arm

The National Company Law Tribunal (NCLT) has approved Ramkrishna Forgings’ bid to acquire Amtek Group’s listed subsidiary JMT Auto through the corporate insolvency resolution process. Ramkrishna Forgings agreed to offer ₹125 crore to acquire JMT Auto against its admitted financial liabilities of over ₹165 crore. The resolution plan was not objected to by any of the stakeholders.

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Garden Reach partners with DEMPO Group to build commercial vessels

Garden Reach Shipbuilders and Engineers Ltd (GRSE) has signed a Memorandum of Understanding (MoU) with DEMPO Group to build commercial vessels in three premier shipyards of DEMPO at Goa and Bhavnagar. This is GRSE’s first attempt to diversify in a big way in commercial shipbuilding to capture a large market share in the construction of commercial vessels, both domestic and international.

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HPCL meets up to 23% of oil needs with Russian grades

Hindustan Petroleum Corp Ltd (HPCL) is meeting up to 23% of its oil needs through discounted Russian grades. HPCL’s Russian oil intake is limited by the configuration of its refineries. The company is maximising the use of these cheaper so-called opportunity crudes. HPCL operates a 190,000 barrel per day (bpd) Mumbai refinery in Maharashtra and a 300,000 bpd Vizag refinery in Andhra Pradesh. 

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Indian Oil to invest $30 billion to achieve 2046 net-zero target

Indian Oil Corporation Ltd (IOCL) plans to spend $30 billion to achieve its net-zero operational emissions target by 2046. The company also plans to invest over ₹1 lakh crore to expand its refining capacity by a third to 107 million metric tonnes per annum. Indian Oil is partnering with Italy-based Snam to explore the possibility of converting the existing natural gas pipelines for hydrogen transportation.

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Lupin gets USFDA approval to market Pirfenidone tablets

Lupin has received approval from the US Food & Drug Administration (USFDA) to market Pirfenidone tablets in the American market. The drug is used in the treatment of lung disease. As per IQVIA MAT data, generic versions of Pirfenidone tablets had estimated annual sales of USD 218 million in the US.

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L&T, HAL could potentially bid on privatisation of India’s SSLV

According to a Reuters Report, Larsen & Toubro (L&T) and Hindustan Aeronautics (HAL) are among companies expected to potentially bid in India’s efforts to privatise its small satellite launch rocket. The Small Satellite Launch Vehicle (SSLV) was developed by the Indian Space Research Organisation (ISRO) as a low-cost means to launch satellites weighing up to 500 kg into low-earth orbit. They serve a booming market to launch clusters of satellites for communications and data that SpaceX and rivals compete in.

Read more here.

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Tata Chem’s Net Profit Falls 12% YoY to Rs 523Cr in Q1 – Top Indian Market Updates

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

Tata Chemicals Q1 Results: Net profit falls 12% YoY to ₹523 crore

Tata Chemicals Ltd reported an 11.8% YoY decline in net profit to ₹523 crore for the quarter ended June (Q1 FY24). Net profit stood at ₹593 crore in Q1 last year. Its consolidated revenue from operations stood at ₹4,218 crore, up 5.6% YoY. EBITDA increased 2.8% YoY to ₹1,043 crore in Q1. As on 30 June 2023, consolidated gross debt dropped to ₹5,873 crore, as compared to ₹6,296 crore as of March 31, 2023.

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Adani Energy Solutions gets financial closure for $1B project

Adani Energy Solutions Ltd (AESL) announced financial closure for its $1 -billion green high voltage direct current (HVDC) link project. It will enable further ‘greening’ of the Mumbai Grid by supplying more renewable power to the city while supporting its rising electricity demand. The 80 km multi-faceted project’s construction work for this link will begin in October this year. The credit facility is part of the $700 million revolving project finance facility tied up in October 2021 for its under-construction transmission assets portfolio.

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Reliance plans crude unit maintenance at Jamnagar complex

Reliance Industries Ltd plans to shut down a crude unit and some secondary units for maintenance in September-October. The crude units at its 704,000 barrels per day (bpd) export-focused plant will be shut down for 3-4 weeks. Reliance is the operator of the world’s biggest refining complex which houses two plants with a combined capacity of about 1.4 million barrels per day. The shutdown of units would curtail Reliance’s crude imports and may push up gasoline margins.

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USFDA issues Form-483 with zero observations for Solara Active’s Cuddalore facility

The US Food & Drug Administration (USFDA) has issued Form-483 with zero observations for Solara Active’s Cuddalore facility in Tamil Nadu. The US FDA inspected the facility between July 31 and August 4, 2023. The inspection established that the facility is in an “Acceptable State of Compliance” with Zero Form 483 inspectional observations from the Agency. With this successful inspection outcome, the current inspection classification of the Cuddalore site shall be reinstated to NAI (No Action Indicated).

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GCPL Q1 Results: Net profit falls 8% YoY to ₹319 crore

Godrej Consumer Products (GCPL) reported a 7.6% YoY fall in net profit to ₹318.8 crore for Q1 FY24. Its revenue from operations rose 10.4% YoY to ₹3,448.9 crore during the same period. EBITDA stood at ₹642.8 crore, up 23.4% YoY. The company’s India business sales grew by 9% YoY led by volume growth of 12%. 

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Star Health and Allied Insurance enters into tie-up with Standard Chartered Bank

Star Health and Allied Insurance announced its collaboration with Standard Chartered Bank to enhance its distribution network. After this collaboration, Star Health will make its health insurance products readily accessible to customers via Standard Chartered Bank’s extensive distribution network. The insurance company hopes that with 100 branches spread across 42 cities, the bank will serve as a convenient one-stop destination for its customers seeking comprehensive health insurance coverage.

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Gland Pharma Q1 Results: Net profit falls to ₹194 crore

Gland Pharma reported a 15.3% YoY fall in net profit to ₹194.1 crore for the June quarter (Q1 FY24). Net profit stood at ₹229.1 crore in Q1 FY23. However, total revenue rose 41.1% YoY to ₹1,208.7 crore during the same period. EBITDA stood at ₹294 crore, up 8.9% YoY. EBITDA margin stood at 24.3% in the reporting quarter as compared to 31.5% in the corresponding period in the previous fiscal. 

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EaseMyTrip board approves raising ₹149 cr on a preferential basis

EaseMyTrip’s board has approved raising up to ₹149 crore through a preferential issue of equity shares. The company’s board has also approved the issuance of 3.37 crore preferential shares at ₹44.32 per share. This is at a discount of 9.5% to today’s closing price of ₹40.10. Recently, Easy Trip Planners Ltd had announced plans to acquire a 51% stake in Guideline Travels Holidays India Private Ltd, Dook Travels Private Ltd, and Tripshope Travel Technologies Private Ltd.

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Apraava Energy inks pacts with REC, PFC to get Rs 9,120 cr finance for its projects

Apraava Energy has inked initial pacts with REC Ltd and Power Finance Corporation (PFC) to get finance of ₹9,120 crore. The funding is for wind, transmission, and advanced metering projects in the country. The signing of MoUs took place as part of the Green Finance Summit organised by REC. The summit was on the sidelines of the Green Business Summit Clean Energy Ministerial (CEM) and Energy Transition Working Group (ETWG) Ministerial held on July 21, 2023, in Goa.

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Tata Motors Posts Net Profit of ₹3,203Cr in Q1 – Top Indian Market Updates

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

Tata Motors Q1 Results: Net profit at ₹3,203 crore

Tata Motors Ltd reported a consolidated net profit of ₹3,203 crore for the quarter ended June (Q1 FY24). The company posted a net loss of ₹5,007 crore in the same quarter last year. Its consolidated revenue from operations rose 42% YoY to ₹1.02 lakh crore during the same period. EBITDA stood at ₹13,218 crore, up 448% YoY. The strong bottom line was aided by a stellar operational performance and strong sales growth.

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Hero Future Energies signs Rs 6,200-cr MoUs with PFC, REC

Hero Future Energies (HFE) has signed two agreements with REC and PFC to develop green energy projects. The agreements were signed on the sidelines of the 4th G20 Energy Transition Working Group meeting that concluded last week in Goa. PFC and REC Ltd will infuse ₹3,100 crore each into HFE over the next five years. The funds will be used to develop renewable projects across the country.

Read more here.

L&T Q1 Results: Net profit rises 46% YoY to Rs 2,493 crore

Larsen & Toubro (L&T) reported a 46% YoY increase in consolidated net profit to ₹2,493 crore for the quarter ended June (Q1 FY24). Its consolidated revenue also rose 34% YoY to ₹47,882 crore during the same period. The board has recommended a dividend of ₹6 per equity share. The company’s order book has crossed ₹4 lakh crore for the first time.

In other news, the board also approved a share buyback worth ₹10,000 crore through the tender offer route.

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Tata Motors to replace DVRs with ordinary shares

Tata Motors’ board has approved the cancellation of all the Differential Voting Rights (DVRs) of the company. The cancellation will be through a scheme of arrangement, and allotting ordinary shares, which would rank pari passu with the existing DVRs in the company. The company is yet to seek approval from the National Company Law Tribunal (NCLT). Under the scheme of arrangement, the company will issue 7 fully paid-up ordinary shares of face value ₹2 each, for every 10 DVRs.

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JSPL gets certification from Great Place to Work

Jindal Steel and Power Ltd (JSPL) has received a certification from the global body Great Place To Work. The body provides certification to corporate houses and other organisations based on various methodologies to assess workers’ overall well-being, including physical and mental health, and work culture. JSPL is an industrial powerhouse with a dominant presence in the steel, power, mining and infrastructure sectors.

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Aurobindo Pharma arm gets USFDA nod for Plerixafor injection

Aurobindo Pharma’s subsidiary Eugia Pharma Specialities has received final approval from the US Food & Drug Administration (USFDA) for its generic version of Plerixafor injection. The injection is indicated for patients with certain types of cancer to prepare them for stem cell transplants. According to IQVIA data, the approved product has an estimated market size of around USD 210 million for the 12 months ending May 2023.

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Suzlon Energy Q1 Results: Net profit falls 96% YoY to ₹101 crore

Suzlon Energy reported a 96% YoY fall in consolidated net profit to ₹101 crore for the quarter ended June (Q1 FY24). Net profit stood at ₹2,433 crore in Q1 FY23. Its consolidated revenue from operations also fell marginally to ₹1,351 crore during the same period. EBITDA stood at ₹199 crore, down 7% YoY.

Read more here.

SpiceJet taken off DGCA’s enhanced surveillance regime

SpiceJet has been taken off from the Directorate General of Civil Aviation’s (DGCA) ‘enhanced surveillance regime’. Under the regime, a total of 23 aircraft were inspected and 95 observations were made. The DGCA conducted 51 spot checks across 11 locations on the airline’s Boeing 737 & Q-400.

Read more here.

Jubilant FoodWorks Q1 results: Net profit falls 74% to ₹28.9 crore

Jubilant FoodWorks reported a 74% YoY fall in consolidated net profit to ₹28.9 crore for the quarter ended June (Q1 FY24). Its profit stood at ₹112 crore in Q1 last year. However, its consolidated revenue rose 1.7% YoY to ₹1,334.5 crore during the same period. EBITDA stood at ₹275.8 crore in Q1.

Read more here.

Sonata Software launches Harmoni.AI

Sonata Software has introduced Harmoni.AI, an innovative responsible-first artificial intelligence (AI) offering. This comprehensive platform comprises a range of industry solutions, service delivery platforms, and accelerators, all powered by generative artificial intelligence (AI). Harmoni.AI empowers individuals, businesses, and communities to harness the full potential of cutting-edge innovations, interconnected ecosystems, and pervasive efficiencies.

Read more here.

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RIL’s Net Profit Falls 11% YoY to ₹16,011Cr in Q1 – Top Indian Market Updates

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

Reliance Industries Q1 Results: Profit falls 11% YoY to Rs 16,011 crore

Reliance Industries (RIL) reported an 11% YoY fall in consolidated net profit to ₹16,011 crore for the quarter ended June (Q1 FY24). Its consolidated revenue also fell 5.3% YoY to ₹2.11 lakh crore during the same period. However, its EBITDA rose 0.25 % to ₹38,093 crore compared to Q1 FY 23. EBITDA stood at ₹37,997 crore in Q1 FY23. The board has recommended a dividend of ₹9 per equity share.

Read more here.

Ramkrishna Forgings to acquire Multitech Auto for Rs 212 crore

Ramkrishna Forgings is set to acquire 100% ownership of Multitech Auto Pvt. Ltd along with its wholly-owned subsidiary Mal Metalliks Pvt. Ltd. The deal is valued at ₹212 crore. The acquisition process is anticipated to conclude within the next six months, subject to obtaining approval from the Adityapur Industrial Area Authority. This strategic acquisition is aimed at facilitating the expansion and growth of Ramkrishna Forgings’ business operations.

Read more here. 

JSW Steel Q1 Results: Net profit rises 179% YoY to ₹2,338 crore

JSW Steel reported a 179% YoY increase in consolidated net profit to ₹2,338 crore for the June quarter (Q1 FY24). The company’s operating revenue for the quarter rose 10.8% YoY to ₹42,213 crore. Additionally, its EBITDA stood at ₹7,046 crore in Q1, up 63.5% YoY.

Read more here.

Jayaswal Neco in talks with funds to refinance its debt of Rs 3,200 crore

Jayaswal Neco Industries is in talks with special situations and private credit funds to refinance a debt of ₹3,200 crore. This high-yield loan is likely to be priced at 18-20%, which will be 600 basis points lower than the current borrowing rate. The company is in talks with funds including Kotak Special Situations Fund and Edelweiss Special Situations Funds.

Read more here.

Vedanta Q1 Results: Net profit falls 40% YoY to ₹2,640 crore

Vedanta reported a 40% YoY increase in consolidated net profit to ₹2,640 crore for the June quarter (Q1 FY24). Its operating revenue also fell 13% YoY to ₹33,342 crore in Q1. Vedanta’s EBITDA stood at ₹6,029 crore, down 38.6% YoY from Q1 FY23.

Read more here.

Lupin unit introduces inhaler for asthma patients in Germany

Lupin has launched a pressurised metered dose inhaler for the treatment of asthma and chronic obstructive pulmonary disease (COPD) in Germany. Lupin’s German subsidiary Hormosan Pharma GmbH introduced Luforbec in the European nation. With a significant portion of the population (5% of adults and 10% of children) currently undergoing asthma treatment, Luforbec aims to provide comprehensive support to patients and healthcare professionals.

Read more here.

UltraTech Cement Q1 results: Net profit rises 7% to ₹1,688 crore

UltraTech Cement reported a 7% YoY rise in consolidated net profit to ₹1,688 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 17% YoY to ₹17,737 crore during the same period. However, its EBITDA fell 1.5% to ₹3,049 crore compared to Q1 FY 23.

Read more here.

DLF to develop a residential project in Mumbai, ties up with Trident Realty

DLF will enter the Mumbai property market with a project in Andheri West. The company will develop around 2.5 million sq ft in the first phase of the project. DLF will allot 9800 equity shares (₹10 face value) at par to Trident Buildtech Pvt Ltd through its subsidiary Pegeen Builders $ Developers Pvt Ltd. Trident realty is already executing projects in Delhi-NCR and Panchkula.

Read more here.

ICICI Securities Q1 Results: Net profit falls 1% YoY to ₹271 crore

ICICI Securities reported a 1% YoY fall in net profit to ₹271 crore for the quarter ended June (Q1 FY24). However, the company’s total revenue rose 18% YoY to ₹934 crore, compared to ₹795 crore in Q1 FY23. The decline in the profit could be attributed to higher expenses, as its total expenses shot up by 33% to ₹570 crore in Q1. 

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SJVN inks initial pact with REC to secure Rs 50,000 crore for projects

SJVN Ltd has inked an initial pact with REC Ltd for securing finance of ₹50,000 crore for projects of its subsidiaries and joint ventures. REC will provide financial assistance to set up new power-generating stations based on conventional and renewable sources of energy. Furthermore, REC will assist financially in setting up new technology projects like battery storage, E-vehicles, green hydrogen/ammonia, hydrogen cells storage and manufacturing units for green projects.

Read more here.

Union Bank to sell 8 NAP accounts worth Rs 3,000 cr to NARCL

Union Bank of India has identified eight troubled accounts worth ₹3,000 crore to be sold to the national bad bank NARCL this fiscal. The bank has more than doubled its net income at ₹3,236 crore in the June 2023 quarter on improved asset quality and recoveries. Union Bank had already sold three accounts worth ₹900 crore last fiscal to the national bad bank at a recovery of 33%.

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Power Finance Corporation to lend Rs 2.37 lakh crore to 20 clean energy projects

Power Finance Corporation (PFC) has entered into loan agreements worth more than ₹2.37 lakh crore with 20 companies. These firms include Adani Group, Greenco, ReNew Power, Continuum, Avaada, JBM Auto, Rajasthan Renewable Energy and Megha Engineering & Infrastructure, among others. These agreements are part of the company’s plan to position itself as the focal funding agency for the energy transition.

PFC is looking to fund projects like offshore wind, pumped hydro storage, solar modules and cells, among others in the clean energy space.

Read more here.

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Govt to Sell Up to 3.5% Stake in HAL – Top Indian Market Updates

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

Govt to sell up to 3.5% stake in Hindustan Aeronautics

The Indian government is planning to sell up to 3.5% stake in Hindustan Aeronautics Ltd (HAL). The stake sale would be valued at ₹28.6 lakh crore, based on a floor price of Rs 2,450 per share. According to the latest shareholding pattern, the govt holds a 75.15% stake in the public sector aerospace and defence company. HAL’s current market cap stands at Rs 87,800 crore.

Read more here.

IOC to invest Rs 61,077 crore in petrochemical complex at Paradip

Indian Oil Corporation Ltd (IOCL) will invest Rs 61,077 crore in building a petrochemical complex at Paradip in Odisha. This mega project will be the largest-ever investment of Indian Oil at a single location. This is part of IOCL’s transition plan, including boosting petrochemical intensity to help protect against volatility.

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India’s 2022/23 iron ore exports to hit 5-year low

India’s iron ore exports are set to fall 24% to a five-year low in the current financial year (FY23) as an export tax imposed last May stalled shipments. The country is likely to export about 20 million tonnes (MT) of iron ore in 2022/23, down from 26.3 MT last year. In May 2022, the government imposed a 50% export tax on low-grade iron ore lumps and fines and a 45% export duty on pellets to meet rising local demand.

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Hero MotoCorp to hike prices by up to 2% from April

Hero MotoCorp Ltd will increase prices of its model range by around 2% from next month to offset the impact of rising production costs in order to conform to stricter emission norms. The company will make an upward revision in the ex-showroom prices of its select motorcycles and scooters, effective from April 1, 2023. The Indian automobile industry is currently working to make its products meet the second phase of Bharat Stage Emission Standards 4 (BS-VI).

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KEC International bags orders worth Rs 1,560 crore from PowerGrid

KEC International has secured new orders worth Rs 1,560 crore from Power Grid Corporation of India Ltd (PGCIL). This includes a 765 kV transmission line, a 765/400 kV AIS substation, and 765 kV GIS substations. With this order, the company’s year-to-date (YTD) order intake stands at an all-time high of over Rs 21,000 crore, a substantial growth of 30% YoY.

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RailTel wins order worth Rs 35 crore to establish data centres

RailTel Corporation of India has secured a Rs 34.91 crore contract from Madhya Pradesh State Electronics Development Corporation for the expansion and setting up of data centres. The work order includes the expansion of the existing State Data Centre (SOC) and the establishment of a Disaster Recovery (DR) Center. The contract will be executed over five years.

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HPCL plans to set up its third LPG cavern in Gujarat

Hindustan Petroleum Corporation (HPCL) is planning to set up its third Liquefied Petroleum Gas (LPG) underground storage facility (or cavern) in India. The facility will be set up in Vadodara, Gujarat, with a capacity to store 60,000 tonnes of LPG. HPCL plans to spend up to Rs 1000 crore to set up the cavern.

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Power Finance Corporation to get Rs 165 cr loan from JBIC

Power Finance Corporation (PFC) has signed a pact with Japan Bank for International Cooperation (JBIC) for a project loan of JPY 2.65 billion (~Rs 165 crore). Under this facility, JBIC has proposed to finance some of PFC’s projects that ensure the effective reduction of greenhouse gas emissions and conservation of the global environment.

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IFC invests Rs 240 crore in JK Tyre for 5.6% stake

International Finance Corporation (IFC) will invest around Rs 240 crore in JK Tyre & Industries Ltd. As part of the deal, IFC will receive a 5.6% stake in JK Tyres through the issue of compulsorily convertible debentures (CCDs) on a preferential basis. The investment will help JK Tyres become a “green company” with sustainable use of energy & natural resources.

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Reliance Consumer expands FMCG portfolio

Reliance Consumer Products (RCP) announced the expansion of its packaged goods portfolio, including soaps, hygiene, laundry and home care products. It has set up direct competition with established players such as Hindustan Unilever (HUL), Reckitt Benckiser and Procter & Gamble (P&G). RCP is the FMCG arm and wholly-owned subsidiary of Reliance Retail Ventures Ltd (RRVL).

Read more here.

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IMF Retains India’s Growth Forecast for 2021 at 9.5% – Top Indian Market News

IMF retains India’s growth forecast for 2021 at 9.5%

The International Monetary Fund (IMF) has retained India’s gross domestic product (GDP) growth forecasts at 9.5% in 2021 and 8.5% for 2022. However, IMF has lowered its projection for global growth this year as supply disruptions impacted growth outlook for advanced economies, and pandemic dynamics have worsened in low-income economies. It projects world economic growth at 5.9% for 2021. 

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Tata Power Solar secures orders worth Rs 538 crore from EESL

Tata Power Solar has received a Letter of Award (LoA) from state-run Energy Efficiency Services Ltd (EESL) to build 100 megawatt (MW) distributed ground-mounted solar projects in Maharashtra. The total order value of the projects is Rs 538 crore. The commissioning date of the solar projects is set for 12 months. The utility-scale order book of Tata Power Solar now stands at nearly 4 gigawatt capacity with a value of Rs 9,264 crore.

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PSP Projects declared lowest bidder for housing project in Uttar Pradesh

PSP Projects Ltd has emerged as the lowest (L-1) bidder for a government residential project in Uttar Pradesh. The bid value of the project is Rs 238.7 crore. PSP Projects is a multidisciplinary construction company that offers a diversified range of construction and allied services across industrial, institutional, and residential projects in India. To learn more about the company, click here.

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L&T Construction secures significant orders for various businesses

Larsen & Toubro’s (L&T) construction arm has secured significant orders (in the range of Rs 1,000-2,500 crore) for its various businesses. In the metallurgical and material handling (MMH) business, the company has secured an order to set up a coke oven, by-product, and coke dry quenching plants. The buildings and factories business has won an order from a ‘prestigious client’ for the construction of office space at Hyderabad with an approximate built-up area of 20 lakh sq. ft.

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CONCOR’s physical volumes handled rises 11% YoY in Q2

Container Corporation of India’s (CONCOR) total physical volumes handled increased by 10.74% YoY to 9,80,757 twenty-foot equivalent units (TEUs) in Q2 FY22. However, physical volumes have declined by 1.11% compared to the previous quarter. Domestic physical volumes rose 33.68% YoY to 1,88,332 TEUs. Meanwhile, export-import (EXIM) physical volumes improved by 6.4% YoY to 7,92,425 TEUs during the same period.

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BLS International to process Brazilian visas in India

The Embassy of Brazil in India has authorised BLS International Services Ltd to process visa applications. The company will accept visa applications from centres in Delhi and Mumbai. BLS will initiate Brazil visa processing, along with several convenience services such as photocopy, courier, and form filling. BLS International Services is a global services partner for governments and citizens in the domain of visa, passport, consular, and e-governance services.

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Govt grants “Maharatna” status to Power Finance Corporation

The government has granted the ”Maharatna” status to state-owned Power Finance Corporation (PFC). This move will give the company greater operational and financial autonomy. The board of a Maharatna enterprise can make equity investments to undertake financial joint ventures and subsidiaries, undertake mergers and acquisitions in India and abroad. PFC is the largest infrastructure finance company dedicated to the power sector under the administrative control of the Ministry of Power.

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Bhansali Engineering Q2 Results: Net profit jumps 248% YoY to Rs 123.66 crore

Bhansali Engineering Polymers reported a 248.3% YoY jump in consolidated net profit to Rs 123.66 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 59.8% when compared to the previous quarter. Its total income rose by 22.21% YoY (or 59.76% QoQ) to Rs 378.30 crore during the same period. The company’s board has declared an interim dividend of Rs 1 per share.

TPG Rise Climate, ADQ to invest $1 billion in Tata Motors’ new EV unit

Tata Motors said it will be creating a new electric vehicles (EV) subsidiary that will require over Rs 16,000 crore of investment over the next five years. TPG Rise Climate and Abu Dhabi’s ADQ will be investing $1 billion (~Rs 7,500 crore) for an 11-15% stake in this subsidiary. The investment will value the subsidiary (TML EVCo) at ~$9.1 billion. The company will be asset-light, and all the investment will be going towards creating intellectual property such as new vehicle designs and EV platforms.

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Ujjivan SFB’s total deposits grow 31% YoY to Rs 14,090 crore in Q2

Ujjivan Small Finance Bank reported a 31% YoY growth in total deposits to Rs 14,090 crore in Q2 FY22. The bank’s disbursements jumped 114% YoY (or 138% QoQ) to Rs 3,122 crore during the same period. The gross loan book stood at Rs 14,508 crore at the end of the July-Sept quarter, up 4% YoY and 3% quarter-on-quarter (QoQ). Retail deposits saw a 38% YoY and 12% QoQ growth to Rs 7,270 crore in Q2 FY22.

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Factory output surges 11.9% in August

India’s Index of Industrial Production (IIP) grew by 11.9% in August 2021. This is an increase of 0.4% from July. IIP grew on the back of a low base last year when factory output was -7.6% in August 2020. The manufacturing sector, which constitutes 77.63% of the IIP, grew 9.7% in August. The mining sector output rose 23.6% in August, while power generation increased 16%.

Read more here.

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Jubilant Foodworks Reports 395% YoY Jump in Net Profit in Q4 – Top Indian Market News

Jubilant Foodworks Q4 Results: Net profit jumps 395% YoY to Rs 104.3 crore

Jubilant Foodworks Ltd reported a 395.5% YoY jump in net profit to Rs 104.3 crore for the quarter ended March (Q4). Its revenue from operations rose 14.3% YoY to Rs 1025.9 crore during the same period. Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) rose 47% YoY to Rs 249.2 crore. Same-sales growth for Domino’s Pizza stood at 11.8% in Q4, compared to -3.4% in the corresponding quarter last year. The company opened a record 50 new Domino’s outlets and one store each of Hong’s Kitchen, Ekdum!, and Dunkin Donuts during Q4. The board of Jubilant Foodworks has recommended a final dividend of Rs 6 per share.

Read more here.

Ashok Leyland’s subsidiary acquires EV maker Switch Mobility Automotive

Switch Mobility, a UK-based subsidiary of Ashok Leyland Ltd, has fully acquired electric vehicles (EV) manufacturer Switch Mobility Automotive Ltd, India. The investment in the equity shares of Switch Mobility Automotive Ltd is at arm’s length. [An arm’s length transaction refers to a business deal in which the buyer and seller act independently without one party influencing the other] Thus, Switch Mobility Automotive Ltd, India, has become a step-down subsidiary of Ashok Leyland.

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Easy Trip Planners Q4 Results: Net profit at Rs 30.4 crore

Easy Trip Planners Ltd reported a consolidated net profit of Rs 30.46 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 3.38 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations rose 82.06% YoY to Rs 57.44 crore in Q4 FY21. The online travel company’s expenses declined by 22.5% YoY to Rs 27.17 crore during the quarter. Net profit for the financial year ended March 31, 2021 (FY21) rose 84.99% YoY to Rs 61.01 crore.

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LTI enters into strategic agreement with Amazon Web Services

Larsen & Toubro Infotech (LTI) has entered into a strategic collaboration agreement with Amazon Web Services (AWS). LTI had recently launched a dedicated cloud unit for AWS, which will focus on migration and modernisation, data analytics, and Internet of Things (IoT). LTI will also build modern accelerators and create industry-focused offerings for the Banking & Financial Services (BFSI), manufacturing, media & entertainment, and insurance sectors. 

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LIC Housing Finance Q4 Results: Net profit declines 5% YoY to Rs 399 crore

LIC Housing Finance Ltd reported a 5.33% YoY decline in net profit to Rs 398.9 crore for the quarter ended March (Q4). Net interest income (NII) rose 33% YoY to Rs 1,505 crore during the same period. Its provisions towards impairment on financial instruments jumped to Rs 977.19 crore in Q4 FY21, compared to Rs 27.25 crore in Q4 FY20. The company’s loan portfolio increased by 10% YoY to Rs 2.16 lakh crore in March 2021. LIC Housing Finance’s board has recommended a dividend of Rs 8.50 per share.

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SJVN partners with NDMC for sale of 150-MW solar power

SJVN Limited announced that New Delhi Municipal Corporation (NDMC) has given its in-principle approval to procure 150 megawatts (MW) of solar power from the projects that SJVN plans to bid and develop under the Central Public Sector Undertaking (CPSU) scheme. NDMC will procure solar power at a rate of Rs 2.44 per kilowatt-hour (kWh) for 25 years if SJVN develops the capacity under the CPSU scheme.

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Wipro extends partnership with Levi Strauss & Co.

Wipro Limited has extended its partnership with Levi Strauss & Co., one of the world’s largest brand-name apparel companies and a global leader in jeanswear. As part of a multi-year engagement, Wipro will help optimize Levi Strauss’s customer and user experience across all channels. The IT company will provide Global IT support services across Levi Strauss & Co.’s consumer digital technology space, including eCommerce, B2B Commerce, Consumer Data Hub, Omni Order Management, etc. 

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Glenmark Pharma launches COPD treatment inhaler in UK

Glenmark Pharmaceuticals Ltd announced the launch of Tiotropium Bromide Dry Powder Inhaler (DPI) in the United Kingdom. It is used in the treatment of chronic obstructive pulmonary disease (COPD). COPD a long-term condition that causes inflammation in the lungs and narrowing of the airways, making breathing difficult. According to IQVIA data,  Tiotropium DPI had sales of $450 million (~Rs 3,300 crore) in the European Union (EU) for the 12 months ended September 2020.

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PFC Q4 Results: Net profit jumps multifold to Rs 3,906 crore

Power Finance Corporation (PFC) Ltd reported a multifold jump in consolidated net profit to Rs 3,906.5 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 693.71 crore in the corresponding quarter last year (Q4 FY20). Total income rose 11.69% YoY to Rs 18,155.14 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) rose 65.8% YoY to Rs 15,716.20 crore. PFC’s board has recommended a final dividend of Rs 2 per share.

Read more here. 

Coal India to reduce manpower by 5% every year over next 5-10 years to cut costs

Coal India Limited (CIL) has announced plans to reduce its manpower by 5% every year over the next 5-10 years to cut costs. The state-owned company currently has 2,72,445 employees. CIL will also close down unviable mines, improve environmental, social, and corporate governance (ESG) compliance disclosures, and work towards achieving a ‘net-zero emission’ status. The PSU aims to achieve a production target of 1 billion tonnes by the financial year 2023-24 (FY24). It has a production target of 670 million tonnes for FY22. 

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Siemens to supply digitalised switchgear to 3 steel makers

Siemens Ltd said it will supply advanced power transmission equipment with integrated digital technologies to Icon Steel, Geetai Steels and Gajkesari Steels & Alloys. The installation includes 11 bays of state-of-the-art 132 kilovolts (kV) gas-insulated switchgear (GIS), which will enable increased efficiency, reduced operational costs and ensure safe operations even under extreme environmental conditions.

Read more here.

IPO Updates: 

Shyam Metalics 

The Rs 909-crore initial public offering (IPO) of Shyam Metalics and Energy Ltd was subscribed 3.65 times on the second day of bidding. The portion reserved for retail investors was subscribed 5.8 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 2.6 times and that of qualified institutional buyers (QIBs) 81%. You can learn more about the IPO here. 

Sona BLW Precision Forgings 

The Rs 5,550-crore IPO of Sona BLW Precision Forgings Ltd was subscribed 27% on the second day of bidding. The portion reserved for retail investors was subscribed 1.02 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 4% and that of qualified institutional buyers (QIBs) 14%. You can learn more about the IPO here.

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Retail Inflation Rises to 5.03% in February – Top Indian Market News

Retail inflation rises to 5.03% in February; IIP contracts 1.6% in January 

India’s retail inflation rose to its highest level in three months in February amidst a hike in food and fuel prices. Retail inflation (measured by the Consumer Price Index) stood at 5.03% in February, compared to 4.06% in January. Food inflation jumped to 3.87% last month. The increase in crude oil prices could lead to a further rise in inflation.

The Index of Industrial Production (IIP) contracted by 1.6% in January, due to a decline in manufacturing and mining output. The IIP had grown 2.2% in January 2020. The manufacturing sector saw a contraction of 2% last month, while mining output declined by 3.7%. [IIP is an index that tracks manufacturing activity of different sectors of an economy]

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Govt approves 33 API applications under PLI scheme

The government has approved a total of 33 applications with a committed investment of Rs 5,082.65 crore under the Production Linked Incentive (PLI) scheme for Active Pharmaceutical Ingredients (APIs). The disbursal of PLI by the government will be up to a maximum amount of Rs 5,440 crore over a period of 6 years. This will help reduce the import dependence on critical bulk drugs.

Read more here.

Anupam Rasayan IPO subscribed 1.29 times on first day of bidding

The Rs 760-crore initial public offering (IPO) of Anupam Rasayan India was subscribed 1.29 times on the first day of bidding. The issue received bids for 1.25 crore equity shares against an offer size of 97.01 lakh shares. The portion reserved for retail investors was subscribed 2.58 times and that of employees 30%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 9%.

To know more about the IPO, click here.

SBI Cards to raise Rs 2,000 crore through debentures

SBI Cards and Payment Services Ltd said its Board of Directors has approved the proposal to raise up to Rs 2,000 crore through the issuance of non-convertible debentures (NCDs). The NCDs will bear a coupon rate of 5.9% per annum and will mature on February 23, 2024. It will be listed on the Wholesale Debt Market Segment of the Bombay Stock Exchange (BSE).

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Hatsun Agro Products to set up dairy plant in Andhra Pradesh

The Board of Directors of Hatsun Agro Product has approved the proposal of setting up a dairy plant in Northern Andhra Pradesh. The company had earlier announced plans of setting up a dairy plant in Odisha. Hatsun Agro’s board has also approved the proposal of working with Italy-based SOL Group to explore the possibility of using liquid nitrogen as a refrigerant fuel to transport its milk and milk products.

Tata Group seeks CCI approval to acquire 64.3% stake in BigBasket

Tata Digital Ltd, a wholly-owned unit of Tata Sons, has filed an application with the Competition Commission of Inida (CCI) to acquire a majority stake in online grocery seller- BigBasket. As per the filing, Tata Digital will acquire 64.3% stake of BigBasket from Supermarket Grocery Supplies Pvt Ltd. The deal, if approved, would put Tata in direct competition with Amazon, Walmart’s Flipkart, etc.

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JSPL’s steel output rises 18% YoY to 6.53 lakh tonnes in February

Jindal Steel and Power Ltd (JSPL) reported an 18% YoY increase in its crude steel output to 6.53 lakh tonnes in February 2021. It had produced 5.54 lakh tonnes of steel in February 2020. The company’s sales rose 14% YoY to 5.45 lakh tonnes last month. JSPL’s exports accounted for 26% of the total sales volume.

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Ramco Cements, Bharat Dynamics, PFC declare interim dividends

Ramco Cements Limited said its board has declared an interim dividend of Rs 3 per share for the current financial year (FY 2020-21). The record date for the payment of the interim dividend is March 23, 2021.

Bharat Dynamics Ltd’s board has declared an interim dividend of Rs 6.70 per share for the financial year 2020-21. The company has fixed March 20, 2021, as the record date for the payment of the interim dividend.

Power Finance Corporation (PFC) has declared an interim dividend of Rs 8 per share. The record date has been fixed as March 22, 2021.

PNC Infratech’s subsidiary secures order worth Rs 1,412 crore from NHAI

PNC Infratech announced that its subsidiary, PNC Meerut Haridwar Highways, has secured an order worth Rs 1,412 crore from the National Highways Authority of India (NHAI). The project involves four laning of the Meeru-Naziabad section of NH-119 in the state of Uttar Pradesh.

Board of India Glycols approves transfer of BioEO business to IGL Green Chemicals

The Board of Directors of India Glycols Ltd has approved the transfer of its BioEO (speciality chemicals) business to its wholly-owned subsidiary- IGL Green Chemicals. The company has also formed a 51:49 joint venture (JV) with Swiss chemicals major Clariant AG to manufacture and market renewable ethylene oxide (EO) derivative products. EO derivatives have multiple industrial and consumer applications ranging from freezing agents and coolants for automobile engines to cosmetics.

Read more here.

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Bharat Biotech’s Covaxin Gets Approval for Emergency Use – Top Indian Market News

Bharat Biotech’s Covaxin gets approval for restricted emergency use: Report

The Subject Expert Committee of the Central Drugs Standard Control Organisation (CDSCO) on Saturday gave its approval for the restricted emergency use of Covaxin in India. Covaxin is jointly developed by Bharat Biotech and the Indian Council of Medical Research (ICMR). This is the second Covid-19 vaccine that has been recommended for emergency use approval to DCGI, after Serum Institute’s locally produced Oxford-AstraZeneca vaccine ‘Covishield’. The Drug Controller General of India (DCGI) will give the final approval to both the vaccine candidates. [This has been reported by news agencies PTI and ANI, citing government sources]

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SEBI fines RIL, Mukesh Ambani for manipulative trades in RPL

The Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 25 crore on Reliance Industries Ltd (RIL) and Rs 15 crore on its chairman, Mukesh Ambani, for their alleged role in manipulative trades in Reliance Petroleum Ltd (RPL) in 2007. The penalties imposed pertain to the trading of RPL shares in the cash and futures segments in November 2007. SEBI believes illegal profits were made by RIL and other parties through manipulation of RPL’s share prices. This followed RIL’s decision in March 2007 to sell a 4.1% stake in RPL, a listed subsidiary that was later merged with RIL in 2009.

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Tata Steel transfers stake in processing arms to TSDPL

Tata Steel Ltd has transferred the 51% stake it holds in Jamshedpur Continuous Annealing & Processing Company Private Ltd (JCAPCPL) and 50% stake it holds in Tata BlueScope Steel Private Ltd (TBSPL) to Tata Steel Downstream Products Ltd (TSDPL). The company stated that this step was taken to reorganise the company’s India footprint into four clusters to drive scale, synergies, and create value for all stakeholders. The transfer will help consolidate its downstream steel processing services.

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EID Parry to close sugar unit in Tamil Nadu

EID Parry India Ltd has decided to close down one of its non-operating sugar units in Tamil Nadu. The company stated that the expectation of revival of cane cultivation in the area is low due to a variety of factors. The company’s sugar mill at Pettavaithalai in Tamil Nadu had not been operational due to the continuous non-availability of adequate sugar cane. East India Distilleries (EID) Parry India Limited is a wholly-owned subsidiary of the Murugappa Group.

Read more here. 

Exports decline by 0.8% in December; trade deficit widens to $15.71 billion

India’s exports declined marginally by 0.8% to $26.89 billion in December 2020 due to contraction in sectors like petroleum, leather, and marine products, according to preliminary data released by the Ministry of Commerce & Industry. The trade deficit in December widened to $15.71 billion, as imports grew by 7.6% to $42.6 billion. During the same period, oil imports declined by 10.37% to $9.61 billion.

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Tower damage case: Airtel writes to DoT, says Jio’s charges are baseless

Bharti Airtel has sent a letter to the Department of Telecommunications (DoT), slamming Reliance Jio’s allegations that channel partners of rival telecom companies were inciting and provoking agitators involved in tower disruption. The company stated that Jio’s complaint should be dismissed “with the contempt that it deserves”. Airtel further urged the DoT to bring forth a policy to mandate ICR (Intra circle roaming) in such situations of vandalism and network outages as a matter of course so that customers were never inconvenienced.

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Free Covid-19 vaccine for all healthcare workers in first phase: Harsh Vardhan

Union Health Minister Dr. Harsh Vardhan on Saturday said that in the first phase of Covid-19 vaccination, free vaccine shall be provided across the nation to most prioritised beneficiaries that include one crore healthcare and two crore frontline workers. He also said that details of how further 27 crore priority beneficiaries are to be vaccinated until July are being finalised. As India began its nationwide Covid-19 vaccine dry run from today before the rollout of a potential vaccine to the citizens, the health minister appealed to people not to pay heed to rumors about the Covid-19 vaccine.

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PFC raises borrowing limit to Rs 1.18 lakh crore

State-owned Power Finance Corporation (PFC) has raised its borrowing limit to Rs 1.18 lakh crore for the ongoing financial year. The company now plans to raise a maximum of Rs 83,000 crore from long-term borrowing, Rs 15,000 crore from long-term foreign currency borrowing, Rs 5,000 crore from short-term borrowing, and Rs 15,000 crore from commercial papers. PFC further stated that it does not see any challenges in raising the borrowing amount, which is being used to lend for various power sector projects in India.

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India-UK flights to restart from Jan 6: Puri

Aviation Minister Hardeep Singh Puri on Saturday said that flights from India to the United Kingdom will resume from January 6, while services from that country to here would resume from January 8 onwards. He stated that this schedule is valid till 23 Jan 2021 and further frequency will be determined after reviews. Earlier, India had suspended all passenger flights connecting the two countries from December 23 to January 7, as a new variant of coronavirus emerged in the UK.

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TVS reports 17.5% increase in sales in December

TVS Motor Company Ltd, on Saturday, reported a 17.5% YoY increase in total sales to 2,72,084 units in December. The company, which primarily makes two-wheelers and three-wheelers, had sold 2,31,571 units in December 2019. The total two-wheeler sales during the month increased by 20% to 2,58,239 units, as against 2,15,619 in December 2019. The total exports increased by 28% to 94,269 units last month, as against 73,512 in the year-ago period.

Read more here.