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Adani Enterprises Files Papers for Rs 20,000Cr FPO – Top Indian Market Updates

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

Adani Enterprises files papers for ₹20,000 crore FPO

Adani Enterprises Ltd (AEL) has filed an offer letter with stock exchanges for a proposed ₹20,000 crore follow-on public offer (FPO). The company is examining the possibility of launching the FPO in the last week of January. The FPO could result in AEL’s total promoter stake falling by 3.5%. The promoters hold 72.63% of AEL, while the remaining 27.37% is with public shareholders.

In other news, AEL signed an agreement to launch a pilot project to develop a hydrogen fuel cell electric truck (FCET) for mining logistics and transportation with Ashok Leyland and Canada-based Ballard Power.

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India Pesticides expects revenue of ₹100 crore from new herbicide product

India Pesticides expects to earn revenue of ₹100 crore from the launch of its new Herbicide Technical product. The herbicide is used to control grass and broad-leaved weeds in the pre-or early post-emergence stages. It is primarily used in maize, soybeans, tomatoes, potatoes, sunflowers, wheat, and rice. The product will be manufactured at the company’s Sandila facility in Uttar Pradesh and will be exclusive to export markets.

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Reliance Jio launches True 5G in 16 more cities

Reliance Jio has expanded its 5G services to 16 more cities, taking its total coverage to 134 cities. It is now available in Kakinada, Kurnool (Andhra Pradesh), Silchar (Assam), Davanagere, Shivamogga, Bidar, Hospet, Gadag-Betageri (Karnataka), Malappuram, Palakkad, Kottayam, Kannur (Kerala), Tiruppur (Tamil Nadu), Nizamabad, Khammam (Telangana), and Bareilly (Uttar Pradesh). Jio users in these cities can upgrade to 5G through the Jio Welcome Offer and access data speeds of 1 Gbps+.

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Bank of India Q3 Results: Net profit rises 12% YoY to ₹1,151 crore

Bank of India reported a 12% year-on-year (YoY) increase in net profit to ₹1,151 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 64% YoY to ₹5,596 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 10.43% in Q3 FY22 to 7.66% in Q3 FY23. 

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Phoenix Mills subsidiary completes acquisition of Janus Logistics for ₹26 crore

Phoenix Logistics & Industrial Parks Pvt Ltd (PLIPPL) has completed the acquisition of a 100% equity stake in Janus Logistics and Industrial Parks Pvt. Ltd. for a total cash consideration of ₹26.03 crore. PLIPPL is a wholly-owned subsidiary of realty developer Phoenix Mills. Janus operates in the logistics and warehousing business. It owns a 33-acre land parcel in the Faridabad and Sohna districts of Haryana.

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Mastek Q3 Results: Net profit falls 20% YoY to ₹67 crore

Mastek Ltd reported a 19.6% YoY increase in consolidated net profit to ₹67.1 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 19.3% YoY to ₹658.7 crore during the same period. EBITDA stood at ₹113.7 crore in Q3, down 2.2% YoY. Mastek’s board has approved an interim dividend of ₹7 per share.

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Angel One Q3 Results: Net profit rises 38% YoY to ₹228 crore

Angel One reported a 38.6% YoY increase in consolidated net profit to ₹227.98 crore for the quarter ended December (Q3 FY23). The brokerage company’s revenue from operations rose 25.5% YoY to ₹759.66 crore during the same period. Its client base grew 60.7% to 1.25 crore in Q3. Angel One’s board has approved an interim dividend of ₹9.6 per share.

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Innova Captab, Blue Jet Healthcare gets SEBI approval to float IPO

The Securities & Exchange Board of India (SEBI) has given approval to pharma companies Innova Captab Ltd and Blue Jet Healthcare to raise funds through an Initial Public Offering (IPO). Innova Captab has proposed fresh issuance of equity shares worth ₹400 crore and an offer for sale (OFS) of 96 lakh shares through its IPO. The IPO of Blue Jet Healthcare is completely an OFS of up to 2.16 crore equity shares.

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India Cuts Windfall Tax on Crude, Aviation Fuel – Top Indian Market Updates

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

India cuts windfall tax on crude, aviation fuel

The Central govt cut the windfall profit tax on domestically produced crude oil and also reduced the levy on aviation turbine fuel exports. The revised tax rates become effective from December 16, 2022. The tax on crude oil produced by local firms has been reduced from the existing ₹4,900 per tonne to ₹1,700 per tonne. The windfall tax on aviation turbine fuel has been reduced from ₹5 per litre from to ₹1.5 per litre.

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TVS Motor launches RR 310 and RTR 200 at Expo Moto in Mexico

TVS Motor Company on Friday announced the launch of the RR 310 and RTR 200 4V motorcycles at the Expo Moto in Mexico. The company claims these motorcycles are designed for racing enthusiasts. They are equipped with features such as Throttle-by-Wire technology, a 5-inch Vertical TFT Multi-Information Race Computer with Control Cubes, Bluetooth-enabled SmartXonnect, and four ride modes.

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India’s textile industry faces tough times as consumers cut spending

According to an Economic Times report, India’s textile and apparel industry is facing a crisis as consumers in the United States, Europe, and other markets have cut spending on clothing following a surge in inflation. Exports (which constitute ~22% of the industry) have fallen for five months in a row— declining over 15% YoY to $3.1 billion in November. Domestic sales have declined due to high costs and cheap imported garments.

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Deepak Fertilisers to demerge mining chemicals, fertiliser biz

Deepak Fertilisers & Petrochemicals Corp Ltd (DFPCL) announced the demerger of its mining chemicals and fertilisers businesses. The board of Smartchem Technologies (STL), a wholly-owned subsidiary of DFPCL, approved a corporate restructuring plan that will help unlock the growth potential of each of the businesses. The move will help create strong independent business platforms within the larger DFPCL brand umbrella.

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IndiGo seeks DGCA approval for wet leasing Boeing 777 aircraft

InterGlobe Aviation (IndiGo) has sought approval from the Directorate General of Civil Aviation (DGCA)  to wet lease Boeing 777 aircraft, which will be used for operating flights on the Delhi-Istanbul route. This will be the first time the airline will be inducting wide-body planes into its fleet. The move also comes against the backdrop of global supply chain issues impacting aircraft deliveries.

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Phoenix Mills completes acquisition of 7-acre land parcel in Surat

Phoenix Mills has completed the acquisition of a 7.2-acre city-centric land parcel in Surat, Gujarat, to develop a premium retail destination with a gross leasable area of 1 million square feet. The company has paid around ₹510 crores to acquire the plot through its indirect subsidiary (Thoth Mall & Commercial Real Estate). It expects to complete the development by FY2026-27.

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IDBI Bank object to ZEEL-Sony merger

IDBI Bank Ltd. has informed the National Company Law Tribunal (NCLT) of its intention to file objections against the merger of Zee Entertainment Enterprises Ltd. (ZEEL) with Culver Max Entertainment Pvt. Ltd. (previously known as Sony Pictures Network India). On Wed, ZEEL disclosed that an application has been filed by IDBI Bank in the insolvency court claiming to be one of the creditors of the company. The application has been filed for the resolution of a claim of ~₹150 crore.

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India all set to become $5 trillion economy by FY25: Nitin Gadkari

Union Minister Nitin Gadkari said India is the fastest-growing major economy in the world and is all set to achieve a $5 trillion gross domestic product (GDP) by 2024-25. He said the central government is aiming to boost growth and employment to achieve sustainable development. The minister also added that India’s automobile industry is worth ₹7.5 lakh crore and wants to take it to ₹15 lakh crore.

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HDFC Bank allots 7.84% bonds on a private placement basis

HDFC Bank has issued and allotted 7.84%, unsecured, fully paid-up, non-convertible bonds on a private placement basis. The issue proceeds will be used for strengthening its capital adequacy and enhancing its long-term resources amounting to ₹5,000 crore. [The capital adequacy ratio (CAR) is a measurement of a bank’s available capital expressed as a percentage of its risk-weighted credit exposures (loans).]

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TCS to Invest Rs 690 crore to Set Up Innovation Park in Kochi – Top Indian Market News

TCS to invest Rs 690 crore to set up Innovation Park in Kochi

Tata Consultancy Services (TCS) has agreed to invest Rs 690 crore to set up an Innovation Park in Kochi. The Kerala state government has allocated 36.84 acres of land to TCS for setting up a unit for Electronics Hardware & IT/ITES in KINFRA Electronics Manufacturing Cluster at Kakkanad, Kochi. The first phase of the project will commence operations in the financial year 2023-24 (FY24). The campus will have a capacity to cater to 10,000 employees once it becomes fully operational.

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Zomato, Swiggy to collect 5% GST on deliveries

Online food delivery apps such as Zomato and Swiggy will now have to collect and deposit 5% Goods & Services Tax (GST) on food deliveries instead of restaurants they pick orders from. The rule was approved by the GST Council to stop revenue leakages that were occurring under the current structure, as many restaurants were avoiding GST payments on food deliveries. There will be no extra tax burden on end consumers taking food delivery from restaurants registered with GST.

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Wipro launches co-innovation space with Google Cloud in Bengaluru

Wipro Ltd has launched the Wipro-Google Cloud Innovation Arena in Bengaluru to accelerate the adoption of cloud services. The cloud collaboration space will provide in-house technical expertise and ensure seamless cloud adoption. It will also accelerate innovation to drive business transformation for customers. The arena will also showcase the talent, tools, and best practices requires to develop and deploy applications on Google Cloud.

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Phoenix Mills looks to double its portfolio of retail properties by FY26

Mall developer Phoenix Mills Ltd is looking to double its portfolio of retail properties by the financial year 2025-26 (FY26). The company also wants to add 1 million square feet each year post FY26. Currently, Phoenix Mills has 6.9 million sq. ft of malls in cities such as Mumbai, Pune, and Beng­aluru. 

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Tata Motors launches Safari Hold Edition at Rs 21.89 lakhs

Tata Motors Ltd has launched a special edition of its flagship model Safari, priced at Rs 21.89 lakh, to further spruce up the range ahead of the festive season. The Safari Gold Edition comes in two carefully crafted special colour schemes— White Gold and Black Gold. It is set to be showcased at the upcoming second leg of the VIVO IPL 2021.  

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Zydus Cadila gets USFDA approval for antidepressant drug

Zydus Cadila has received final approval from the US Food and Drug Administration (USFDA) to sell new generation anti-depressant Vortioxetine in the US market. The drug works by increasing serotonin (the key hormone that stabilizes our mood and happiness) in the brain. It is classified as a selective serotonin reuptake inhibitor and serotonin receptor modulator. The pharma company will manufacture the drug at the group’s formulation manufacturing facility at the SEZ, Ahmedabad.

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Moratorium to give Bharti Airtel, Jio cash relief of Rs 16,000 crore per year: Report

According to industry analysts, a potential annual cash flow relief of over Rs 16,000 crore from the four-year moratorium allowed on statutory payouts will give telecos Bharti Airtel and Reliance Jio the financial headroom to participate aggressively in the 5G airwaves sale (spectrum auctions) early next year. Airtel will opt for the four-year deferred option for adjusted gross revenue (AGR) and spectrum payments. Vodafone Idea, weighed down by Rs 1.9 lakh crore of debt and with a cash balance of Rs 920 crore, is also expected to opt for the deferred payment option.

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Supreme Court to review 2019 verdict in Adani Power case

The Supreme Court has decided to reconsider its 2019 judgment, which affirmed Adani Power-Mundra’s call to terminate the power purchase agreement (PPA) signed with Gujarat Urja Vikas Nigam (GUVNL). A five-judge bench issued notices on a curative petition filed by GUVNL after noting that the plea raises significant questions of law. Apart from Adani Power (Mundra), notices have also been issued to Gujarat Electricity Regulatory Commission (GERC) and an NGO, Consumer Education and Research Society.

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PVR Reports Net Loss of Rs 289 crore in Q4 – Top Indian Market News

PVR Q4 Results: Net loss at Rs 289 crore

PVR Limited reported a consolidated net loss of Rs 289.12 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 74.49 crore in the corresponding quarter last year (Q4 FY20). The multiplex operator’s total income declined by 60.2% YoY (or 17.76% QoQ) to Rs 263.26 crore in Q4 FY21. PVR has posted a net loss of Rs 747.79 crore for the financial year ended March 31, 2021 (FY21). This is compared to a net profit of Rs 27.30 crore in FY20. With the resurgence of Covid-19 cases since April 2021, PVR has been taking all necessary measures to manage costs and preserve liquidity. 

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Adani Green’s subsidiary commissions 150-MW wind power project in Gujarat

Adani Wind Energy Kutchh Three has commissioned a 150 megawatt (MW) wind power project in Kutchh, Gujarat. The company is a subsidiary of Adani Green Energy Ltd (AGEL). The project has a Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) at 2.82 per kilowatt-hour for 25 years. With the successful commission of this project, AGEL’s total operational renewable capacity has increased to 5,070 MW. This is the company’s 6th project to be commissioned ahead of schedule over the past 12 months.

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Motherson Sumi Q4 Results: Net profit jumps 289% YoY to Rs 714 crore

Motherson Sumi Systems Ltd reported a 289% YoY jump in consolidated net profit to Rs 713.6 crore for the quarter ended March (Q4). Net profit has declined by 10.62% when compared to the previous quarter. Its revenue from operations rose 17.6% YoY to Rs 16,971.9 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 11% YoY to Rs 1,039.13 crore. The company’s board has recommended a final dividend of Rs 1.5 per share.

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Phoenix Mills, GIC to set up investment platform in India

Phoenix Mills Ltd (PML) and Singapore’s sovereign wealth fund GIC have entered into a strategic partnership to establish a $733 million (~Rs 5,300 crore) investment platform for retail-led mixed-use assets in India. GIC will acquire a minority stake (26.4%) in the portfolio of PML’s projects that are under development in Mumbai and Pune. The assets comprise 3.4 million sq. ft. of leasable retail and office space.

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Muthoot Finance Q4 Results: Net profit rises 22% YoY to Rs 995 crore

Muthoot Finance reported a 22.14% YoY increase in standalone net profit to Rs 995.66 crore for the quarter ended March (Q4). Its net interest income (NII) rose 15.7% YoY to Rs 1,829.5 crore during the same period. The company’s loan assets grew 26% YoY to Rs 52,622.3 crore as of March 31, 2021. Its total assets under management (AUM) rose 26% YoY to Rs 52,622 crore in FY21. Net profit for the financial year 2020-21 (FY21) increased by 23.32% YoY to Rs 3,722.18 crore. Muthoot Finance’s board has declared a dividend of Rs 20 per share.

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Tata Power Solar secures order worth Rs 686 crore from NTPC

Tata Power Solar, a wholly-owned subsidiary of Tata Power Ltd, has received a Letter of Award (LoA) from state-owned NTPC Ltd to build 210 megawatt peak (MWp) of solar PV projects. The scope of work includes transmission, engineering, procurement, installation, and commissioning of solar projects at an NTPC project site in Gujarat. The total order value of the projects is Rs 686 crore. The commission deadline has been set as November 2022.

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Route Mobile to develop A2P messaging platform for EITC-du

Route Mobile has announced a partnership with Emirates Integrated Telecommunications Company (EITC)- du, by offering a turnkey solution using its Smart Messaging Hub. This platform will enable du to launch a scalable revenue-generating messaging platform for the application-to-person (A2P) wholesale transit business. Route Mobile will oversee the infrastructure, technology, gateway connectivity, and day-to-day operations of the platform for du as a managed service.

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Wipro partners with Finastra to help digitalise banks in the Asia-Pacific

Wipro Limited and UK-based software vendor Finastra have announced a partnership to aid digital transformation of corporate banks in the Asia-Pacific region. The companies will create a unique offering that combines Wipro’s services catalogue with Finastra’s front-to-back finance and cash management solutions. The partnership will help banks transition quickly and enable them to meet client needs in a faster and more agile manner. 

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USFDA accepts Lupin’s application for Pegfilgrastim biosimilar

Lupin Limited announced that the US Food & Drug Administration (USFDA) has accepted the Biologics License Application (BLA) for its proposed biosimilar to Neulasta (Pegfilgrastim). According to IQVIA data, Pegfilgrastim had an estimated annual sales of $3.66 billion (~Rs 26,710 crore) in the US for the 12 months ended December 2020. Pegfilgrastim is used to prevent neutropenia or the lack of certain white blood cells in patients receiving chemotherapy.

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MTAR Technologies Q4 Results: Net profit jumps 103% YoY to Rs 18 crore

MTAR Technologies reported a 103.04% YoY increase in consolidated net profit to Rs 18.01 crore for the quarter ended March (Q4). Net profit has jumped 103.39% when compared to the previous quarter. Its revenue from operations rose 12.27% YoY to Rs 69.16 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 47.09% YoY to Rs 46.07 crore. The company’s board has recommended a dividend of Rs 3 per share.

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Rossari Biotech to acquire Unitop Chemicals for Rs 421 crore

Rossari Biotech Ltd has announced plans to acquire a 100% stake in Mumbai-based Unitop Chemicals Pvt Ltd for Rs 421 crore. Unitop Chemicals is a supplier of surfactants, emulsifiers, and specialty chemicals. It has three manufacturing sites in India with a total capacity of 86,000 metric tonnes per annum (MTPA). Rossari Biotech stated that 65% of the equity share capital of Unitop will be acquired upon the closure of the transaction. The remaining 35% will be acquired over the next two years. 

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TCS Q3 Net Profit Rises 7% YoY – Top Indian Market News

TCS Q3 Results: Net profit rises 7% YoY to Rs 8,701 crore

Tata Consultancy Services (TCS) reported a 7.18% YoY increase in net profit to Rs 8,701 crore for the quarter ended December (Q3). The IT major had posted a profit of Rs 8,118 crore in Q3 of the previous financial year. Its revenue rose 5% YoY to Rs 42,015 crore in Q3 FY21. The company said it has benefited from greater demand for its cloud services during the Covid-19 pandemic. TCS has announced an interim dividend of Rs 6 per share, for which the record date is January 16 and the payment date is February 3.

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SAIL reports 9% growth in crude steel production

Steel Authority of India Ltd (SAIL) reported a 9% YoY growth in crude steel production for the December quarter (Q3) of FY21 at 4.37 million tonnes (mt), as against a production of 4 mt during the same period last year. The state-owned company’s sales volume registered a growth of 5.6% YoY during the Q3 of FY 21, at 4.32 million tonnes. SAIL stated that it had reduced net debt from a peak of Rs 52,290 crore as of April 30, 2020, to Rs 44,308 crore on December 31, 2020.

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Phoenix Mills sees healthy demand recovery in Q3

Phoenix Mills reported a 192% quarter-on-quarter (QoQ) growth in consumption across its retail portfolio in Q3 FY21, which came to around Rs 1,370 crore. The company’s retail collections saw an improvement to approximately Rs 260 crore in Q3. In the residential category, the developer sold 14 units with an aggregate sales value of approximately Rs 74 crore.

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Empowered Group of Secretaries recommends cabinet note on 5 PLI sectors: Report

According to a report from CNBC-TV18, the Empowered Group of Secretaries (EGoS) has recommended a cabinet note on five production linked incentive (PLI) sectors. The sectors include Advanced Chemistry Cell Battery, Telecom & Networking Goods, Pharmaceutical Drugs, Technical Textiles, and Automobiles & Auto components.

EGoS has suggested that ministries should be careful in the identification of the base year and examination of incremental production and incentive. It has further recommended to bring in a uniform approval process for choosing a beneficiary company under the PLI scheme.

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Om Metals Infra emerges lowest bidder for Punjab-based project

Om Metals Infraprojects Ltd was declared the lowest bidder in competitive bidding for a tender value of about Rs 621 crore, floated by the Punjab Government. The tender is for constructing two powerhouses and part of the hydel channel of Shahpurkandi Dam Project on EPC mode. Om Metals is an engineering, procurement, and construction (EPC) company that focuses on water, irrigation, and hydroelectric projects.

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Shalby Q3 Results: Net profit rises 106% YoY to Rs 16 crore

Shalby Ltd reported a 106.38% YoY increase in consolidated net profit to Rs 16.82 crore for the quarter ended December (Q3). The company had reported a net profit of Rs 8.15 crore in Q3 of the previous financial year. Shalby’s revenue increased by 9.11% YoY to Rs 131.80 crore in Q3 FY21. Shalby Ltd operates a chain of multispeciality hospitals in India.

Mahindra & Mahindra hikes prices of personal, commercial vehicles by 1.9%

Mahindra & Mahindra (M&M) Ltd announced a hike in prices of its range of personal and commercial vehicles by around 1.9%. The automaker stated that it will raise prices by Rs 4,500-Rs 40,000, depending on the model and variant. M&M said the price increase was necessitated due to an unprecedented increase in commodity prices and various other input costs over the past many months.

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Himatsingka Seide enters into licensing agreement with Disney for European region

Himatsingka Seide Ltd has entered into a licensing agreement with The Walt Disney Company for the European region. The license will give Himatsingka the rights to design, develop, manufacture, and distribute a broad range of home textile products inspired by Disney’s archives and characters from all its franchises including Disney, Marvel, Pixar, and Lucas. Himatsingka will distribute an extensive range of licensed home textile products across the United Kingdom, Germany, France, Italy, Spain, and South Africa.

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SBI, IOCL launch contactless RuPay debit card

State Bank of India (SBI) and Indian Oil Corporation Ltd (IOCL) announced the launch of a co-branded contactless Rupay debit card. The features of the card include 6 reward points for Rs 200 spent at an Indian Oil fuel station every time and loyalty points worth 0.75% against the purchase of fuel. Customers can earn and redeem reward points by spending on dining, movies, grocery, and utility bills. Transactions up to Rs 5,000 can be paid for with a tap through the contactless card.

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J B Chemicals receives USFDA approval for generic antihistamine

J B Chemicals & Pharmaceuticals Ltd announced that it has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) of Loratadine tablets. The tablets are used for treating allergic rhinitis caused by pollen and upper respiratory tract allergy. The company said it expects to commercialize this product by Q1 of the next financial year (FY 2021-2022).

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Burger King India IPO Gets Oversubscribed on Day 1 – Top Indian Market News

Burger King India IPO subscribed more than 3 times on Day 1

The initial public offering (IPO) of Burger King India was subscribed more than three times on the opening day of the issue. The Rs 810-crore issue has received bids for 23.32 crore equity shares, which was 3.13 times the total issue size. The IPO consists of a fresh issue of Rs 450 crore and an offer for sale (OFS) of up to 6 crore shares, aggregating Rs 360 crore. The price band of the issue has been fixed at Rs 59-60 per share.

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BPCL receives three preliminary bids, says Oil Minister Dharmendra Pradhan

India’s Oil Minister Dharmendra Pradhan announced that state-owned Bharat Petroleum Corporation Ltd (BPCL) has received three preliminary bids, as part of its stake sale. Earlier, Vedanta had confirmed putting in an expression of interest (EoI) for buying the government’s 52.98% stake in BPCL. The other two bidders are said to be global funds, one of them being Apollo Global Management.

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Infosys, Rolls-Royce enters into strategic partnership for aerospace engineering in India

IT major Infosys Ltd and Rolls-Royce have entered into a strategic partnership for sourcing engineering and R&D services for Rolls-Royce’s civil aerospace business. As part of the partnership, Rolls-Royce will transition a significant part of its engineering centre capabilities for civil aerospace in Bengaluru to Infosys. The engineering centre will strengthen Infosys’ existing capabilities in Turbomachinery and Propulsion. 

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NCC secures four orders worth Rs 3,905 crore

NCC Limited announced that it has received four external orders totaling Rs 3,905 crore. One order of Rs 848 crore is for NCC’s water division and the remaining four orders pertain to its building division. It has received these orders from central and state government agencies. These orders will be executed over the next 24 to 42 months.

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Wipro wins multi-year contract from Verifone

Wipro Ltd announced that it has won a multi-year contract from Verifone, a global leader in payments and commerce solutions. The IT major will develop new features, capabilities, and interfaces for Verifone’s Cloud Services offerings. By leveraging its global engineering support team, Wipro will assist Verifone to transform its customer partnerships.

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L&T to sell UK marine automation platform to Rolls-Royce

Larsen & Toubro (L&T) has signed a pact with Rolls-Royce for the divestment of its UK-based integrated marine automation solutions provider, Servowatch Systems. L&T stated that this move is aimed at unlocking value within the existing business portfolio by divesting non-core units. Servowatch Systems has grown into an internationally recognized provider of marine automation platforms over the past eight years of L&T’s ownership.

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SpiceJet to provide logistical support for Covid-19 vaccine delivery

SpiceJet announced that it will provide logistical support for the delivery of Covid-19 vaccines. The airline’s cargo arm, SpiceXpress, will be transporting the vaccine through a specialised service called Spice Pharma Pro. The company stated that it has the ability to transport extremely sensitive drugs and vaccines in controlled temperatures ranging from -40°C to +25°C. 

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IndiGo achieves 70% of its pre-Covid capacity, operating 1,000 flights daily

Interglobe Aviation Ltd (IndiGo) stated that it has reached 70% of its pre-Covid capacity and is operating 1,000 daily flights to and from 65 destinations. This includes 59 domestic and 6 international destinations. The company expects the growth to continue into 2021. IndiGo, which is India’s largest airline, operated around 1,500 daily flights before the pandemic hit.

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Dabur and other top brands sell adulterated honey: CSE

An investigation by the Centre for Science and Environment (CSE) claims that several brands of honey, including those sold by Dabur India Ltd, Patanjali, and Zandu, are adulterated. CSE had sent samples from 13 brands to a German lab for testing the purity of their honey. The tests reveal that most brands sell honey that is laced with sugar syrup.

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Phoenix Mills and GIC to set up mixed-use retail platform

Phoenix Mills Ltd (PML) and its subsidiaries have entered into a non-binding term sheet with GIC Private Equity, for the formation and development of a retail-led mixed-used platform. PML will contribute retail assets such as Phoenix Marketcity Mumbai and Phoenix Marketcity Pune as a part of the platform. GIC is Singapore’s sovereign wealth fund. It will invest in 3 PML subsidiaries- Offbeat Developers Pvt Ltd, Graceworks Realty & Leisure Pvt Ltd, and Vamona Developers Pvt Ltd. GIC will use a combination of primary infusion and secondary purchase of equity shares.

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