Tag: PM Modi

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Market News Top Crypto News

Bank of Thailand to Release Crypto Guidelines- Top Crypto News

Bank of Thailand will release its crypto regulatory guidelines by 2022

Bank of Thailand wants to release its crypto regulation by 2022. The financial institution is wary of the growing sector. Other countries are making moves to regulate their crypto sector.

Shiba Inu and Other Coins Briefly Surge to Quintillions of Dollars on CoinMarketCap Due to Glitch

Cryptocurrency prices shot into the stratosphere on CoinMarketCap due to a glitch experienced by the website. Bitcoin, Ethereum, Litecoin, Stellar and other top coins reached quintillions of dollars worth of value.

Myanmar’s Parallel Government Elevates USDT To Official Currency to Ease Payments

Myanmar’s shadow government has conferred legal status to USDT in the country. The decision stands in opposition to the crypto ban instituted by the ruling government. USDT’s popularity has soared following its increasing use case amongst cryptocurrency traders.

DogeCoin Soars as Musk Says Tesla Will Accept it for Merchandise Sales

Dogecoin soared 16% Tuesday while Tesla stock traded 2.1% lower in premarket after CEO Elon Musk said the EV-maker will accept the cryptocurrency for merchandise on a test basis.

Witnesses offer differing opinions on approach to stablecoins at congressional hearing

The Senate Committee on Banking, Housing and Urban Affairs heard from several expert witnesses with knowledge of stablecoins who urged lawmakers to establish a clear regulatory framework but could not seem to agree on where lines would be drawn.

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Market News Top Crypto News

Bitcoin Should Be Regulated Globally, Says IMF- Top Crypto News

Prime Minister Modi’s Twitter account hacked in an attempt for scam

Soon after Modi’s Twitter account, with over 73.4 million followers, got hacked, attackers shared misleading information about the mainstream adoption of Bitcoin and a 500 BTC giveaway.

Bitcoin should be regulated globally, says IMF

The directors of the International Monetary Fund, Tobias Adrian, Dong He, and Aditya Narain, presented a proposal to the Financial Stability Board of the multilateral financial organization to develop a global framework of regulations for Bitcoin and other cryptocurrencies.

Reelected Miami mayor to take 401k retirement savings partly in Bitcoin

The long-standing mayor of Miami Francis Suarez has now announced plans to take a part of his 401(k) payout in Bitcoin (BTC) just a month after he started receiving salary in BTC.

Microstrategy Buys More Bitcoin

Microstrategy announced that it has purchased 1,434 more Bitcoin for $57,477 with a total price tag of $82.4 million and has become the corporate with the largest holding.

Bitcoin Core developer Samuel Dobson leaves

Developer Samuel Dobson announced via a series of tweets on Thursday night that he is stepping down as a Bitcoin Core maintainer after three years. He is the second developer to leave the core team in the past two months.

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Market News Top Crypto News

PM Modi Says Cryptocurrencies Should Boost Democracy, Not Harm – Top Crypto News

Softbank-backed Brazilian crypto company launches new venture unit

Softbank-backed Brazilian company 2TM, which runs the largest cryptocurrency exchange in Latin America, has launched a venture capital unit focusing on blockchain companies around the world, the company’s chief executive officer said in an interview. 

PM Modi says cryptocurrencies should be used to boost democracy, not harm it

Prime Minister Modi on Friday stressed on jointly shaping global norms for emerging technologies like social media and crypto-currencies so that these are used to empower democracy, not to undermine it.

Crypto industry urges Parliamentary panel to introduce licensing for exchanges, KYC and FEMA norms for customers

Crypto exchanges have suggested that the government can regulate cryptocurrencies by introducing a licensing regime for exchanges and other intermediaries and bringing in strict norms to track funds used in crypto trading.

Binance in talks with Indonesia’s richest family for crypto venture

Binance Holdings Ltd., the operator of one of the world’s largest crypto exchanges, is in talks with PT Bank Central Asia (BCA), and state-owned PT Telkom to set up a crypto trading exchange.

Cryptocurrency payment starts on WhatsApp

Novi, the cryptocurrency wallet of Meta Platforms (formerly Facebook), has started allowing some users in the US to send and receive money through its messaging app WhatsApp.

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Market News Top 10 News

RBI Authorises RBL Bank to Collect Direct Taxes – Top Indian Market News

RBI authorises RBL Bank to collect direct taxes

The Reserve Bank of India (RBI) has authorised RBL Bank to collect direct taxes on behalf of the Central Board of Direct Taxes (CBDT). The decision was based on the recommendation from the Controller General of Accounts and the Ministry of Finance. After technical integration, RBL Bank’s corporate and individual customers will be able to pay their direct taxes through the bank’s mobile banking or net banking platforms.

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Banks must support wealth, job creators to improve India’s balance sheet: PM Modi

Prime Minister Narendra Modi has encouraged banks to embrace a partnership approach to help create wealth, add jobs, boost the economy and achieve self-reliance. He asked bankers to be more proactive in lending to smaller businesses and help improve the viability and scale of their borrowers’ operations. PM Modi further stated that the reforms in the past 6-7 years have led to the banking sector in a strong position today. Over Rs 5 lakh crore bad loans (NPAs) have been recovered.  

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EaseMyTrip acquires Spree Hospitality

Online travel platform EaseMyTrip has acquired hospitality management company Spree Hospitality. This acquisition will add a new revenue vertical for EaseMyTrip and enable it to scale up its hotel and holidays portfolio. Spree Hospitality has a footprint of 1,220 operational keys and hotels in Bengaluru, Mumbai, Pune, Chennai, Goa, Hyderabad, and other locations.

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SC allows Centre to disinvest remaining shares in Hindustan Zinc

The Supreme Court (SC) has allowed the Central government to disinvest its remaining 29.5% stake in Hindustan Zinc Ltd (HZL). It said that the Centre had ceased to be in control of the former public sector undertaking (PSU) since its disinvestment of shares in 2002. The SC has ordered a CBI probe into the alleged irregularities in the disinvestment of the government’s controlling share in HZL in 2002.

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GMR emerges winner for Indonesian airport development, operations

GMR Airports Ltd (GAL) has emerged as the winning bidder for the development and operation of Kualanamu International Airport in Medan, Indonesia (Medan Airport). GAL is a subsidiary of GMR Infrastructure Ltd and operates airports in Delhi and Hyderabad. GMR will enter into a 49:51 partnership with Angkasa Pura 2 (AP2) for this project. The project scope includes operation, development, and expansion of the airport over a period of 25 years.

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Kubota Corp to acquire additional 5.9% stake in Escorts for Rs 1,873 crore

Japan-based Kubota Corporation will acquire an additional 5.9% stake in Escorts Ltd for Rs 1,872.74 crore. This acquisition will take Kubota’s total shareholding in the farm machinery company to 14.99%. Further, the company’s name will be changed from ‘Escorts Limited’ to ‘Escorts Kubota Limited’.  The joint entity intends to attain global leadership in the farm equipment sector.

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Godrej Properties unveils first digital brand campaign

Godrej Properties Ltd (GPL) has unveiled its first digital brand campaign. The campaign, titled ‘Everyday Joys- Jahaan Khushiyan Badi Hoti Hai’, introduces GPL’s purpose of creating spaces that enable ‘everyday joys’. As part of the campaign, the real estate developer has launched three digital video commercials that will be promoted across digital platforms.

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Rajesh Exports secures order worth Rs 782 crore from Germany

Rajesh Exports Ltd has secured an order worth Rs 782 crore of designer range of jewellery from Germany. The order is to be completed by March 2022. The company will execute the order from its manufacturing facility in Bengaluru. The unit has a processing capacity of 250 tonnes of jewellery and gold products per annum.

Cipla scales up offerings, investments as it eyes global lung specialty leadership

Cipla Ltd has announced plans to scale up offerings and expand access to medicines, inhaler devices, diagnostics, as it aspires to become the number one company in lung specialty. The drugmaker derives nearly one-fifth of its revenues from the respiratory segment, making it the largest therapeutic division in terms of contribution to revenues. Earlier this week, Cipla launched its first diagnostic device— a portable spirometer called Spirofy to help general practitioners conduct pulmonary function tests (PFT).

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Market News Top 10 News

MRF Reports 51% YoY Decline in Net Profit in Q4 – Top Indian Market News

MRF Q4 Results: Net profit declines 51% YoY to Rs 332 crore

MRF Limited reported a 51.1% YoY decline in consolidated net profit to Rs 332.15 crore for the quarter ended March (Q4). Net profit has declined by 36.2% when compared to the previous quarter. Its revenue from operations rose 30.7% YoY to Rs 4,816.46 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 10.2% YoY to Rs 1,277.07 crore. The tyre manufacturer’s board has recommended a final dividend of Rs 94 per share and a special dividend of Rs 50 per share.

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Centre to provide free Covid-19 vaccines to all adults from June 21: PM Modi

In his address to the nation, Prime Minister Narendra Modi stated that the Centre will take over the task of vaccination from state governments and provide Covid-19 vaccines free of cost to all adults from July 21. Out of the total vaccine being produced in India, the Centre will buy 75% and give it to states for free. Private hospitals will continue to have access to 25% of all vaccines. The government has also decided to extend the Pradhan Mantri Garib Kalyan Anna Yojana (free ration scheme) till Diwali in November. 

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L&T Construction wins significant orders for various businesses

The construction arm of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) for its various businesses. Its water and effluent treatment business has received an order from Bangalore Water Supply & Sewerage Board to design, build, and operate sewage treatment plants and pumping stations in the city. The buildings and factory business of L&T Construction has secured an order for the construction of sports infrastructure facilities at Kalinga Stadium in Odisha. 

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Central Bank of India Q4 Results: Net loss at Rs 1,349 crore

Central Bank of India reported a standalone net loss of Rs 1,349.21 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 1,529.07 crore in the corresponding period last year (Q4 FY20). The bank’s total income declined by 14% YoY to Rs 5,779.84 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio fell to 16.55%, compared with 18.92% in the year-ago period. Net profit for the entire financial year 2020-21 fell 20.84% YoY to Rs 887.58 crore.

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Lupin launches Digital Asthma Educator platform

Lupin Limited announced the launch of its Digital Asthma Educator platform for guiding patients on the correct technique of using inhalers. The platform is part of the pharma company’s long-running umbrella program, Joint Airways Initiative (JAI), for patients suffering from respiratory ailments. 

In a separate filing, Lupin announced it has received approval from the US Food & Drug Administration (USFDA) to market generic Emtricitabine and Tenofovir Disoproxil Fumarate tablets in the US market. The drug is used for the treatment of human immunodeficiency virus (HIV)-1 infection.

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ED transfers UBL shares worth over Rs 5,600 crore to recovery officer’s demat account

The Enforcement Directorate (ED) has transferred 4.13 crore equity shares of United Breweries Ltd (UBL) to the Demat account of the recovery officer of the Debt Recovery Tribunal. The shares are worth over Rs 5,600 crore. In March 2019, UBL had informed the exchanges that the Debt Recovery Tribunal in Bengaluru had transferred a 2.80% stake worth over Rs 1,025 crore held by United Breweries (Holdings) Ltd in the company in its name. UBL and United Breweries (Holdings) Ltd are promoted by Vijay Mallya.

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Union Bank of India Q4 Results: Net profit rises 83% QoQ to Rs 1,330 crore

Union Bank of India reported an 83% quarter-on-quarter (QoQ) rise in standalone net profit of Rs 1,330 crore for the quarter ended March (Q4). Net interest income (NII) declined by 18% QoQ to Rs 5,403 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 13.74%, compared with 13.49% in Q3. The bank stated that the results for the quarter and year ended March 31, 2021, include operations of Andhra Bank and Corporation Bank. The two banks were amalgamated into Union Bank of India on April 1, 2021. Hence, the results are not comparable.

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Average spot power price rises 10% to Rs 2.83 per unit in May at IEX

The average spot power price (or market clearing price) in the day-ahead market (DAM) increased over 10% YoY to Rs 2.83 per unit in May 2021 at the Indian Energy Exchange (IEX). The day-ahead market traded 4,364 million units (MU) volume in May with the average monthly price at Rs 2.83 per unit. The average spot power price saw a decline of 24% on a month-on-month basis, as the average monthly price was Rs 3.70 per unit in April. IEX traded 6,540 MU of electricity volume in May, achieving 9% YoY growth.

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NCLT approves Piramal Group’s resolution plan for DHFL

The National Company Law Tribunal (NCLT) approved Piramal Capital & Housing Finance’s resolution plan for the stressed mortgage lender Dewan Housing Finance Ltd (DHFL) with a few conditions. The Mumbai bench of NCLT has rejected former DHFL promoter Kapil Wadhawan’s plea to consider his offer for settlement. The tribunal has asked DHFL’s Committee of Creditors (CoC) to consider giving more money to small fixed deposit holders under the resolution plan. The Piramal Group has offered Rs 37,250 crore to DHFL’s creditors.

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Mrs. Bectors Food Q4 Results: Net profit rises 41% to Rs 12.77 crore

Mrs. Bectors Food Specialities reported a 41% YoY increase in consolidated net profit to Rs 12.77 crore for the quarter ended March (Q4). Net profit has declined by 38.3% when compared to the previous quarter. Its revenue from operations rose 15.26% YoY to Rs 223.98 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit jumped 138.47% YoY to Rs 72.28 crore. The company’s board has recommended a final dividend of Rs 2.40 per share.

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Infosys partners with Archrock for digital technology integration

Infosys Limited has collaborated with Archrock Inc to integrate digital technologies and mobile tools for its field service technicians. Archrock is a leading provider of natural gas compression services in the US. As part of the agreement, Infosys will leverage its pre-configured accelerator for Microsoft Dynamics 365 Field Service Application. This will help streamline and enhance Archorck’s field services and operational efficiencies.

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Editorial

Government’s Boost for Natural Gas in India

India is currently the third-largest energy consumer in the world. Our country is highly dependent on oil and natural gas for its further development and growth. Around 58% of the total energy consumed in India comes from coal, while petroleum and other liquids make up 26% of the energy basket. Unfortunately, the share of natural gas is just 6%, while that of renewables is less than 2%. To ensure sustainable growth, it is high time that our country shifts its focus to greener energy sources. 

Recently, PM Modi announced huge plans to boost the supply of natural gas in India. Over the next decade, we would be able to witness significant changes in our consumption of this clean fossil fuel. Let us understand how the government proposes to achieve its targets. Let us also take a look at a few listed firms that could benefit from these expansion plans.

PM Modi’s Announcement

On January 5, 2021, Prime Minister Narendra Modi announced that the share of natural gas in India’s energy basket will be more than doubled. He stated that energy sources will be diversified, and the nation will be connected with one major gas pipeline grid. Work is in progress to set up 16,000 kilometres of a new gas pipeline, which will be completed over the next 5-6 years. This would help in providing affordable fuel to millions of people, as well as vital industries. The new line would provide the foundation for 700 compressed natural gas (CNG) stations. 

PM Modi stated that the share of natural gas is targeted to be raised to 15% by 2030. The government plans to spend around $60 billion (~Rs 4.4 lakh crore) to create and improve gas infrastructure throughout India. This includes new pipeline projects, liquefied natural gas (LNG) terminals, and city gas distribution (CGD) networks.

On the date of the announcement, the Prime Minister was inaugurating the 450-km long natural gas pipeline between Kochi and Mangaluru. This new line will help take the fuel to industries such as petrochemical plants and fertiliser units. It will also provide fuel for city gas projects for supply of CNG to automobiles and piped cooking gas to households in cities along the route. The pipeline has a design capacity of 12 million standard cubic meters per day. The cost of this project was around Rs 3,000 crore.

Listed Companies in Focus

As mentioned above, the demand for natural gas in India will get a major boost from the government’s plan to establish a large pipeline network. The sale of piped natural gas (PNG) for cooking and compressed natural gas (CNG) for fueling vehicles will grow rapidly in the years to come. India has prominent listed companies that distribute natural gas to end-consumers. Let us take a look at a few of these: 

GAIL (India) Ltd

GAIL (India) Limited is the largest state-owned natural gas processing and distribution company in India. The public sector undertaking (PSU) comes under the administrative control of the Ministry of Petroleum and Natural Gas. The company was incorporated in 1984 and was initially known as the Gas Authority of India Limited. Over the years, they have strategically expanded and diversified into various allied activities. 

Currently, the main business segments of GAIL include natural gas, liquefied petroleum gas (LPG) transmission, petrochemical city gas distribution, exploration & production, and electricity production. The company has constructed some of the largest natural gas pipeline projects and has also developed city gas distribution networks throughout India. It has an existing gas pipeline network of over 12,500 km, which has a capacity of 204 Million Metric Standard Cubic Meter Per Day (MMSCMD). GAIL’s existing natural gas pipeline network covers 18 States.

Indraprastha Gas

Incorporated in 1998, Indraprastha Gas Ltd (IGL) took over Delhi City Gas Distribution Project from GAIL in 1999. The company has established a strong distribution network of natural gas in the National Capital Region (NCR) of Delhi. It distributes the essential clean fossil fuel to consumers in the domestic, transport, and commercial sectors. IGL gave out a record 2.72 lakh new connections for piped cooking gas (PNG) to household kitchens during the financial year 2019-20. It supplies PNG to nearly 14 lakh households. The company also has a network of 557 CNG stations. It sells CNG to over 11.5 lakh vehicles in NCR through this network.

Adani Total Gas

Adani Total Gas Ltd develops city gas distribution (CGD) networks to supply PNG to the industrial, commercial, domestic (residential) sectors. It also distributes CNG to the transport sector. The company has strategically set up CGD networks in Ahmedabad and Vadodara in Gujarat, Faridabad in Haryana, and Khurja in Uttar Pradesh. In November 2020, the company signed a definitive agreement for the acquisition of the business undertaking of city gas distribution and retail sale of CNG in the areas of Jalandhar, Ludhiana, and Kutch (East). 

Adani Gas supplies PNG to approximately 4.4 lakh customers through a connected pipeline network of approximately 7,600 km. The company also has over 115 CNG filling stations. 

Gujarat Gas

Gujarat Gas Ltd also engages in the distribution of city natural gas in India. The company operates a network of approximately 24,400 kilometers of gas pipeline and 403 CNG stations. It supplies natural gas to approximately 14.4 lakh residential consumers and 12,600 commercial customers. It operates in 21 districts of Gujarat, 7 districts of Punjab, and 5 districts of Madhya Pradesh. Gujarat Gas also has a significant presence in Rajasthan, Maharashtra, and Haryana.

Conclusion

Historically, we have seen that these companies often receive contracts from the Centre and state governments to develop natural gas distribution networks. With the announcement of such a large initiative, we could see these companies reporting a higher increase in their revenue growth. The households and industries that are located within the vicinity of the proposed natural gas pipeline projects would be able to obtain the required fuel at cheap rates. Also, we may see the use of natural gas benefiting to reduce pollution levels in the country. Compared to renewable energy sources like solar and wind, natural gas is much cheaper, which may benefit a country like India.

Within 2030, petrol will be doped with as much as 20% of ethanol extracted from sugarcane and other agro products. [Companies such as EID Parry, Uttam Sugar Mills, and Balrampur Chini Mills could benefit from this]. On the other hand, the construction of the world’s biggest hybrid renewable plant (that combines wind and solar power) has started in Gujarat. The manufacturing of biofuels and electric mobility will also be given greater importance. All these projects would help our country to become self-sufficient in meeting energy needs. India will also be able to significantly cut down its carbon emissions. Let us look forward to seeing how India implements this huge task.

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Market News Top 10 News

CBI Registers Cases Filed by SBI, Canara Bank Over Rs 8,000 crore Fraud – Top Indian Market News

CBI registers cases filed by SBI, Canara Bank over Rs 8,000 crore fraud

The Central Bureau of Investigation (CBI) has registered two separate cases filed by Canara Bank and State Bank of India regarding fraud to the extent of Rs 7,926.01 crore and Rs 313.79 crore, respectively. The first case was registered against a Hyderabad-based private company, its Chairman & Managing Director, additional Directors, and unknown public servants, on a complaint filed by Canara Bank. It was alleged that the private firm had availed credit facilities using multiple banking arrangements. 

The second case was registered against a private company in Chennai, along with its Chairman and Directors, on a complaint by the State Bank of India. It was alleged that the borrower company availed credit limits of about Rs 310 crore from SBI. The loan amounts were said to have been diverted to related parties. 

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PM Modi presents ASSOCHAM Centenary Award to Ratan Tata

Prime Minister Narendra Modi presented the ‘ASSOCHAM Enterprise of the Century Award’ to Ratan Tata, who received the award on behalf of the Tata Group. PM Modi stated that ASSOCHAM and the entire Tata group has worked very hard to strengthen India’s economy and help the common Indian. Ratan Tata has been honoured for his distinguished contributions to the country. PM Modi was delivering the keynote address at ASSOCHAM’s Foundation Week. [ASSOCHAM stands for the Associated Chamber of Commerce of Inda].

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Apple puts Wistron on probation, confirms lapses in supplier code of conduct

Apple Inc. has placed Wistron Infocomm Manufacturing Pvt Ltd on probation and has confirmed lapses in Wistron’s supplier code of conduct that led to payment delays for the employees. This comes on the back of the violence last Saturday, when thousands of employees created unrest in Wistron’s facility in Karnataka, over unpaid dues. Apple stated that Wistron will not receive any new business from the company before they complete corrective actions. 

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Apollo Hospitals plans to raise Rs 1,500 crore in next two months 

Apollo Hospitals Enterprises Ltd (AHEL) is planning to raise around Rs 1,500 crore in the next two months to support its inorganic growth and strengthen its balance sheet. The funds will also be utilised to improve the services of Apollo 24/7, the company’s digital health platform. AHEL also stated that it is preparing to acquire specific businesses to strengthen its presence in key markets.

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Vodafone Idea launches Rs 399 digital exclusive prepaid and postpaid plans for new users

Vodafone Idea (Vi) has launched a new Rs. 399 digital exclusive plan for customers who place an order for a new SIM via its website. The new plan is listed under both prepaid and postpaid plans. The Rs 399 plan comes with data benefits. It has a validity of 56 days and offers 100 SMS per day to the users. The plan also comes with 1.5 GB mobile data per day. Additional benefits include access to Vi Movies and TV.

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IIFL Home partners with ICICI Bank to provide affordable housing and MSME loans

IIFL Finance Ltd announced that its home loan subsidiary, IIFL Home, has partnered with ICIC Bank to provide affordable housing and MSME (Micro, Small, and Medium Enterprise) loans. IIFL Home will originate and service customers through the entire loan life-cycle including sourcing, documentation, collection & loan servicing. ICICI Bank will provide funding to these customers

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IndiGrid buys FRV’s solar projects for Rs 660 crore

India Grid Trust (IndiGrid) has entered into an agreement to acquire 100% stakes in FRV Andhra Pradesh Solar Farm-I Pvt Ltd and FRV India Solar Park II Pvt Ltd, from FRV Solar Holdings XI B.V. The two projects comprise 50 MW of solar assets each. The enterprise value of the acquisition is Rs 660 crore. IndiGrid is India’s first listed power sector infrastructure investment trust (InvIT) and is sponsored by KKR and SPGVL.

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Indian banks pursue UK bankruptcy order against Vijay Mallya

A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya. The banks are pursuing the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines. Vijay Mallya owes more than Rs 9,000 crore to the Indian banks.

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MTAR Technologies files for Rs 650 crore IPO

MTAR Technologies Ltd has filed a draft red herring prospectus with market regulator SEBI for an initial public offering (IPO). The company is likely to raise Rs 600-650 crore through the IPO. It will consist of a fresh issue of up to 40 lakh shares and an offer for sale (OFS) of up to 82 lakh shares of the face value of Rs 10 per share. 

MTAR Technologies is engaged in the manufacturing and development of mission-critical precision components for the nuclear, space, defense and clean energy sectors. The Hyderabad-based company operates 7 manufacturing facilities.

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Punjab National Bank QIP issue falls short of target by 46%

State-owned Punjab National Bank (PNB) was only able to secure 54% of its planned fundraising target through a qualified institutional placement (QIP). PNB had planned to raise Rs 7,000 crore through the QIP that had opened on December 15 (Tuesday). As the issue closed on Friday, it was reported that PNB was only able to raise Rs 3,788.04 crore.

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Market News Top 10 News

USA, Mexico Authorizes Emergency Use of Pfizer Vaccine – Top Market News

USA, Mexico authorizes emergency use of Pfizer vaccine

The US Food and Drug Administration (USFDA) and Mexico’s drug regulator- Cofepris have authorized the Covid-19 vaccine developed by Pfizer-BioNTech for emergency use in their respective countries. So far, the Pfizer-BioNTech vaccine has been approved for emergency use in a total of five countries- the United Kingdom, Bahrain, Canada, the United States, and Mexico.

India’s economic recovery faster than expected: PM Modi

Prime Minister Narendra Modi, on Saturday, stated that economic indicators have shown encouraging signs of recovery of the Indian economy. He stated that India has seen record Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI) inflows during the pandemic. PM Modi was addressing FICCI’s 93rd Annual General Meeting and Annual Convention via video conferencing. On farm laws, PM Modi said that that the new reforms will give farmers new markets and access to technology. He further stated that the farm reforms will help bring investments in agriculture that will benefit farmers.

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Yes Bank sells 2.56% stake in Coffee Day group-owned Sical Logistics

Yes Bank has sold 15 lakh shares, which is equivalent to a 2.56% stake, in Sical Logistics. The nominal value of each share was Rs 10. Sical was acquired by Coffee Day group in 2011. It is engaged in customs handling, trucking & steamer agency businesses, mining, port logistics, road & rail transport, etc.

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Finance Ministry approves Rs 9,879 crore capital expenditure proposal of 27 states

The Finance Ministry has approved Rs 9,979.61 crore worth of capital expenditure proposals of 27 states. Out of the total amount, Rs 4,939.81 crore has been released as the first installment. This is part of the newly announced government scheme for ‘Special Assitance to States for Capital Expenditure’, under the Atmanirbhar Bharat package.

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L&T to win orders worth Rs 5,500 crore, including NPCIL and Chennai Metro Rail jobs: Report

According to a report from ET Prime, Larsen & Toubro (L&T) has emerged as the lowest bidder for three orders worth around Rs 5,500 crore. This includes a contract from the Nuclear Power Corporation of India (NPCIL) for its Kudankulam project. The two other orders are from Chennai Metro Rail and energy major Oil & Natural Gas Corporation (ONGC). The report states that L&T is likely to officially receive the orders from these clients in the last quarter of 2020-21.

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Tata Motors offers VRS scheme to control costs

Tata Motors Ltd has offered a voluntary retirement scheme (VRS) to its employees, in an effort to control costs and efficiently implement its turnaround plans. The VRS scheme is open till January 9, 2021, and will cover nearly half of Tata Motors’ 42,957 employees. This is the third time in four years that Tata Motors is floating a VRS. 

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Banks select Vedanta’s offer of Rs 5,000- Rs 6,000 crore for Videocon: Report

According to a report from ET Prime, banks have selected Vedanta group’s Rs 5,000- Rs 6,000 crore offer for the debt-ridden Videocon Industries. The Vedanta group was engaged in negotiations with a group of lenders, led by State Bank of India, after submitting its first offer. The final offer by Vedanta would imply the recovery of 16-20% of the total dues of Videocon to its lenders. Videocon Industries owes banks Rs 30,000 crore, including interest accumulated over the years.

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Violence brakes out at Wistron Corp’s iPhone manufacturing plant near Bengaluru

Workers at Wistron Corporation’s factory in Narasapura (near Bengaluru) went on a rampage on Saturday morning over the non-payment of wages and extended working hours. The protesters raised slogans against the management, pelted stones at the office, and set fire to a company name board. According to reports, 80 employees of Wistron have been arrested so far. Taiwan-based Wistron Corp is a contract manufacturer for Apple iPhones.

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ICICI Prudential’s assets under management cross Rs 2 lakh crore

ICICI Prudential Life Insurance Company’s assets under management (AUM) have crossed Rs 2 lakh crore, as it entered its 20th year of operations. AUM is the total market value of the investments that an entity manages on behalf of clients. The company stated that this milestone demonstrates its steadfast focus on customer-centricity and the commitment of its employees and other stakeholders.  

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Board of Zensar Tech approves change in MD and CEO

The Board of Zensar Technologies Ltd announced that Ajay Bhutoria will be succeeding Sandeep Kishore as Chief Executive Officer and Managing Director. Prior to this, Ajay Bhutoria was chief executive of L&T-NxT, before which he was country head of Cognizant Switzerland. Sandeep Kishore, who had been appointed for five years, shall leave on January 11, 2021 (after his term ends). 

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Market News Top 10 News

RBI Keeps Repo Rate Unchanged at 4% – Top Indian Market News

RBI keeps Repo Rate unchanged at 4%; raises GDP projection for FY21

The Reserve Bank of India’s Monetary Policy Committee (MPC) has left the Repo Rate unchanged at 4%. The Reverse Repo Rate also remains unchanged at 3.35%. This is the third time in a row that the rates have been kept on hold. The RBI expects the GDP to contract 7.5% in the year ending March 2021. Thus, it has revised its earlier expectation of a 9.5% contraction. The MPC expects inflation based on the Consumer Price Index (CPI) to be at 6.8% in Q3 and 5.8% in Q4.

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Covid-19 vaccination drive to begin soon after scientists’ approval: PM Modi

Prime Minister Narendra Modi, on Friday, said that India will begin its Covid-19 vaccination programme after experts give the necessary approvals. He was addressing an all-party meeting to discuss the Covid-19 pandemic situation in India. PM Modi said, “experts believe that the wait for a Covid-19 vaccine will not be long and it may be ready in a few weeks”. He also stated that the Centre and state governments are conducting discussions to fix the price of the vaccine in India.

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Sensex crosses 45,000 mark for first time as RBI revises GDP target to -7.5%

The BSE Sensex crossed the 45,000 points mark for the first time on Friday, after the RBI announced its optimistic stance on India’s economy. The RBI revised the real GDP growth projection for FY21 from -9.5 to -7.5. Shaktikanta Das, the RBI Governor, also stated that the central bank expects the economy to record positive growth in the second half of the current financial year.

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Zydus Cadila gets DGCI approval for Phase-3 clinical trials with biological therapy

Zydus Cadila has received approval from the Drugs Controller General of India (DGCI) to start Phase-3 clinical trials with its biological therapy ‘PegiHep’ in Covid-19 patients. The company had completed Phase-2 clinical trials with PegiHep last month. The Phase-3 trials will commence in December and will be conducted on 250 patients across 20-25 centres in India.

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DBS Bank India gets Rs 2,500 crore capital support from parent company

DBS Bank India Ltd (DBIL) has received a capital infusion of Rs 2,500 crore from DBS Bank Ltd, Singapore, to support its amalgamation with Lakshmi Vilas Bank (LVB). The scheme of amalgamation came into effect on November 27, 2020. The lender stated that the amalgamation provides stability and better prospects to LVB’s depositors, customers, and employees, after a period of uncertainty.

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Govt extends NMDC’s Donimalai iron ore lease after two-year suspension

The Government of India has signed an agreement with the Government of Karnataka and the Ministry of Steel to extend the Donimalai iron ore lease. NMDC stated that this decision by the government has been taken in a situation when steel companies are facing a shortage in the supply of iron ore. NMDC’s Donimalai had remained non-operational since 2018 after NMDC and the Karnataka Government got into a legal battle over the asset. 

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RBI raises limit for contactless card transactions to Rs 5,000 from Jan 1

The Reserve Bank of India (RBI) has proposed to increase the limit for contactless transactions from Rs 2,000 to Rs 5,000 from January 1, 2021. This covers contactless and recurring payments through debit and credit cards, prepaid instruments, wallets, and the Unified Payments Interface. This move is to expand the adoption of digital payments in a safe and secure manner.

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Tata Power gets letter of intent for 2 Odisha discoms

Tata Power Ltd announced that it has received the Letter of Intent (LoI) for Odisha’s WESCO and SOUTHCO power distribution utilities (discoms). The LoI has been issued by the Odisha Electricity Regulatory Commission (OERC). The license enables Tata Power to serve the consumers of the western and southern part of Odisha with a geographical spread of more than 47,000 sq km each. The license period for the two distribution utilities will be 25 years.

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Burger King India IPO subscribed 157 times on final day of bidding

The Rs 810 crore initial public offering (IPO) of Burger King India was subscribed 157 times on the final day of bidding. This makes it the second most successful IPO of 2020, after Mazagon Dock Shipbuilders. The allotment status will be announced on December 9, and the shares will be listed on the stock exchanges on December 14.

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SAIL crude steel output grows by 7% in November

Steel Authority of India Ltd (SAIL) said that its crude steel production rose by 7% to 1.417 million tonnes (MT) during November. The company had produced 1.328 MT of crude steel in November 2019. SAIL stated that it has taken a number of initiatives towards increasing its sales in both domestic as well as export markets.

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JSW Steel offers Rs 450 crore to close deal with Bhushan Power: Report

As per a report from CNBC-TV18, JSW Steel has proposed to raise its offer by Rs 400-450 crore for Bhushan Power and Steel Ltd (BPSL), in a bid to close the acquisition at the earliest. The report states that JSW Steel wants to close the deal as soon as possible to take the benefit of rising steel prices. The company had initially offered Rs 19,350 crore for BPSL under the bankruptcy process and was declared the highest bidder almost a year back.

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PM Modi Reviews Covid-19 Vaccine Facilities – Top Indian Market News

PM Modi reviews Covid-19 vaccine facilities in three-city tour

Prime Minister Narendra Modi, on Saturday, reviewed the operations at Covid-19 vaccine facilities in the country. PM Modi visited Zydus Biotech Park in Ahmedabad to review the DNA-based vaccine being developed by Zydus Cadila. He later visited Bharat Biotech’s facility in Telangana to review the progress of Covaxin, which is undergoing Phase-3 trials. Lastly, the PM visited the Serum Institute in Pune. He tweeted that the Government would support these facilities in the process of vaccine development.

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SEBI bars NDTV promoters from securities market for two years

The Securities and Exchange Board of India (SEBI) has barred NDTV promoters Prannoy Roy and Radhika Roy from the securities market for two years. They have been found guilty of indulging in insider trading activities from more than 12 years ago. SEBI has also directed them to surrender illegal gains of more than Rs 16.79 core.

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Petrol price crosses Rs 82-mark, diesel above Rs 72 a litre

On Saturday, the petrol price crossed the Rs 82-mark and diesel surpassed Rs 72 per litre in Delhi. The price of petrol was hiked by 24 paise per litre and diesel price by 27 paise a litre. as hopes of a vaccine development led to a rally in international oil prices. This is the eighth increase in rates since November 20.

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French investor gives bond warning to SBI over Adani’s Australian coal mine

State Bank of India’s French investor, Amundi, has warned that it would evict one of the lender’s green bonds from a flagship fund if it helps finance Adani’s coal mine in Australia. The Carmichael coal mine has received strong opposition from climate activists because of its potential carbon emissions. Amundi stated that they had contacted SBI to voice its concern on Thursday.

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Almost 65% of domestic air travel back to pre-Covid levels: Civil Aviation Secretary

Civil Aviation Secretary Pradeep Singh Kharola stated that nearly 65% of domestic air travel has returned to the pre-Covid 19 levels. He said that there is a need to evolve strategies to provide a boost to the tourism industry. Kharola said that as more business activities and educational institutions are opening-up, air travel would further go up to 80-90% in the next 2-3 months.

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Govt to consider classifying real estate sector as different asset class: Puri

Housing and Urban Affairs Minister Hardeep Singh Puri stated that the central government will consider classifying the real estate sector as a different asset class. This would provide a further boost to the sector. The minister also urged real estate developers to offload unsold inventories, to boost demand in the economy.

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IRDAI gives in-principle approval for Bharti AXA-ICICI Lombard merger deal

The Insurance Regulatory and Development Authority of India (IRDAI) has given in-principle approval for the merger of Bharti AXA General Insurance Company Ltd with ICICI Lombard Insurance Company Ltd. Earlier, the BSE, NSE, and the Competition Commission of India (CCI) had approved the proposed acquisition by ICICI. ICICI Lombard has stated that the policyholders would benefit from an enhanced product suite and deeper customer connect touch points.

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Kalpataru buys back shares worth Rs 142.68 crore

Kalpataru Power Transmission Ltd said it has brought back 58.06 lakh equity shares for Rs 142.68 crore. This constitutes 71.34% of the buyback size on the offer. The company had earlier announced to buy back its equity shares from the open market, for an aggregate amount not exceeding Rs 200 crore.

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Max Financial gets IRDAI nod for share swap agreement with Mitsui Sumitomo

Max Financial Services (MFS) has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to swap Mitsui Sumitomo’s stake in Max Life Insurance with shares of the company. The transaction consists of swapping Mitsui Sumitomo’s 20.6% stake in Max Life Insurance, with a 21.9% stake in MFS. This will result in MFS holding more than 93% in its life insurance company.

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Baba Ramdev on board of Ruchi Soya, brother Ram Bharat to be MD

Baba Ramdev has secured a place on the board of Ruchi Soya Industries Ltd. His brother Ram Bharat has been appointed as the Managing Director of the company. Recently, Ruchi Soya was acquired by a consortium consisting of Patanjali Ayurved, Divya Yog Mandir Trust, Patanjali Parivahan, and Patanjali Gramudhyog.

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PM Modi Reveals Plans to Boost India’s Renewable Energy Sector – Top Indian Market News

PM Modi reveals plans to boost India’s renewable energy sector

During his speech at RE-Invest 2020, Prime Minister Narendra Modi stated that India has huge renewable energy deployment plans for the next decade. These plans will likely generate business opportunities worth $20 billion (~Rs 1.47 lakh crore) per year. He further said that India’s renewable energy capacity is currently the 4th largest in the world. PM Modi has also invited investors and developers to join India’s renewable energy journey.

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India restricts international flights till December 31

The Government of India has extended the ban on scheduled international flights till December 31, amidst the ongoing Covid-19 pandemic. The Directorate General of Civil Aviation (DGCA) has stated that only selected flights will be allowed on a case-to-case basis. The restriction will not apply to international cargo flights. Special international flights under the Vande Bharat Mission will be allowed to operate under ‘air bubble’ agreements with selected countries.

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Bombay High Court refuses to stay merger of Lakshmi Vilas Bank and DBS

A group of promoters of Lakshmi Vilas Bank (LVB) had filed a petition in the Bombay High Court, challenging the merger of LVB with DBS Bank India Ltd. The promoters have initiated legal action against the RBI, the Indian Government, and DBS Bank. The High Court, on Thursday, refused to provide interim relief sought by the promoters to stay the merger. The merger will be effective from November 27. The petition has been placed for hearing on December 14. 

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TVS Automobile Solutions acquires service business of Mahindra First Choice

TVS Automobile Solutions Pvt Ltd (TVS ASPL) has acquired the service business of Mahindra First Choice Services Ltd (MFCSL). MFCSL is a chain of multi-brand car and two-wheeler service workshops and is owned by the Mahindra Group. As part of the transaction, Mahindra & Mahindra Ltd. will secure a minority stake in TVS ASPL.

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Ajanta Pharma announces details of proposed buyback

Ajanta Pharma Ltd. has announced details of activities regarding its share buyback plan. The company will buyback 7.35 lakh equity shares at Rs 1,850 per share. The date of opening of the buyback offer is on December 3. The buyback offer will be closed on December 16. The last date of settlement of bids on the stock exchange will be December 24. 

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Glenmark Pharma gets listed in Dow Jones Sustainability Index for 3rd straight year

Glenmark Pharmaceuticals Ltd. has been listed in the Dow Jones Sustainability Index (DJSI), under the category of emerging markets, for the third consecutive year in a row. DJSI is one of the world’s most widely accepted sustainability benchmarks. It consists of the top-ranked companies in terms of Corporate Sustainability. Glenmark is ranked 13th among global pharmaceutical companies in the DJSI Emerging Markets 2020.

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Tube Investments to raise Rs 350 crore from Azim Premji Trust, SBI Mutual Fund

The Board of Directors of Tube Investment of India Ltd (TIIL) has approved raising Rs 350 crore from the Azim Premji Trust and SBI Mutual Fund. The company will allot shares to both entities on a preferential allotment or private placement basis. Azim Premji Trust will get 27.33 lakh shares worth Rs 200 crore. SBI Mutual Fund’s two schemes- SBI Focused Equity Fund and SBI Magnum Midcap Fund will get 15.03 lakhs share and 5.46 lakh shares worth Rs 110 crore and Rs 40 crore, respectively.

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Laurus Labs acquires 72.55% stake in Richcore Lifesciences

Laurus Labs Ltd. has acquired a 72.55% stake in biotech company Richcore Lifesciences from Eight Roads Ventures and VenturEast. The cost of the acquisition has been estimated at Rs 246.67 crore. Laurus Labs has stated that Richcore Lifesciences will be renamed Laurus Bio Private Ltd, after the successful closure of the transaction.

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IL&FS receives binding offer for its energy advisory business

IL&FS, on Thursday, said that it has received a binding offer for the acquisition of its energy advisory subsidiary- IL&FS Energy Development Company Ltd (IEDCL). The company currently holds a 95.54% stake in IEDCL. The winning bidder would acquire both the assets and liabilities of IEDCL. The bids are open till December 7.

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Meghmani Organics to set up multipurpose plant in Dahej

Meghmani Organics Ltd. has announced that it is planning to set up a multipurpose plant in Dahej at a cost of Rs 310 crore. The plant is expected to be commissioned by the fourth quarter of the financial year 2021-2022. The company also stated that it has commenced commercial production at two of its plants situated in Bharuch, Gujarat.

Angel Broking enables API integration for algo trading

Angel Broking has announced that it has enabled API integration for algorithmic trading, through the launch of SmartAPI. This feature allows its users to execute real-time trades via Angel Broking, while also empowering algorithmic traders to deploy their programs in 5 programming languages. Algorithmic trading (also called automated trading) uses a computer program that follows a defined set of instructions to place a trade.

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India to grow oil refining capacity to 450 MT by 2025 – Top Indian Market News

Japan's economic backbone (Lomo-esque & sepia-ish)

India to grow oil refining capacity to 450 MT by 2025: PM Modi

Prime Minister Narendra Modi, on Monday, announced that India will increase its oil refining capacity to 450 million tonnes by 2025. The refining capacity is currently at 250 million tonnes. He stated that India’s energy sector will be growth-centric, investor-friendly, and environmentally conscious. While addressing the fourth India Energy Forum by CERAWeek, PM Modi further said that energy security will be India’s biggest priority.

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Kotak Bank reports 26% YoY increase in net profit

Kotak Mahindra Bank reported a 26.27% year-on-year (YoY) increase in standalone net profit at Rs 2,184.48 crore, for the quarter ended September (Q2). The bank’s Net Interest Income (NII) saw a rise of 16.8% to Rs 3,913 crore, during the same period. NII is the difference between the interest income a bank receives from loans, and the interest it pays to depositors. The share price of Kotak Bank saw a rise of 1.99%, and closed at Rs 1,410.55 on the NSE today.

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Bharti Airtel enters cloud communications market with ‘Airtel IQ’

Telecom operator Bharti Airtel, on Monday, launched a cloud-based communication platform called ‘Airtel IQ’. The platform will help enterprises in India to deepen their engagement with customers. According to Airtel, companies such as Swiggy, JustDial, Rapido, and Urban Company have already signed deals to use this platform. Bharti Airtel is the first telecom company to enter this segment, and expects the market to grow 20% YoY.

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Mahindra Finance Q2 Results: 34% YoY increase in net profit

Mahindra Finance Limited has reported a 33.7% year-on-year increase in consolidated net profit at Rs 352.5 crore, for the quarter ended September (Q2). The company’s total income increased by 4.6% YoY to Rs 3,070.5 crore, during the same period. The customer base of Mahindra Finance crossed 69 lakh during July-September, and reported strong rural demand.

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SBI Life reports two-fold jump in net profit at Rs 299.73 crore

SBI Life Insurance Company Ltd reported a two-fold year-on-year (YoY) increase in net profit at Rs 299.73 crore, for the quarter ended September (Q2). The total income of the company saw a rise of 45% YoY to Rs 18,458.25 crore, during the same period. The share price of SBI Life saw an increase of 1.34%, and closed at Rs 781 on the NSE today.

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TCS partners with Volt to expand payment offerings

Tata Consultancy Services (TCS), on Monday, announced that they have partnered with Australia’s first neo-bank, Volt. A neobank is a digital or virtual bank, or a bank that does not have any physical branches. The partnership has been aimed at launching Volt 2.0, a next-generation Banking as a Service (BaaS) platform. With the help of TCS, Volt’s digital payment methods will also be improved.

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Poly Medicure Q2 Results: Net profit rises 23% YoY to Rs 35 crore

Poly Medicure Limited reported a 23.27% year-on-year increase in net profit at Rs 35.01 crore, for the quarter ended September (Q2). The total sales of the company saw a growth of 14.81% YoY to Rs 199.63 crore, during the same period. The share price of Poly Medicure fell 0.67%, and closed at Rs 490 on the NSE on Monday.

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Aurobindo Pharma to sell US unit Natrol for $550 million

Aurobindo Pharma has signed a deal with New Mountain Capital to sell its US-based subsidiary, Natrol LLC. The cost of the sale has been estimated at $550 million (~Rs 4,048 crore). The deal is subject to regulatory approvals, and is expected to close by January 2021. The drug company had acquired Natrol in December 2014.

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Yes Bank sells DHFL bonds, raises Rs 500 crore from secondary market

Yes Bank has sold bonds in Dewan Housing Finance Corporation Ltd (DHFL) on the secondary market to raise Rs 500 crore. According to Yes Bank’s MD, Prashant Kumar, the company is planning to reduce its links with the troubled DHFL. He also stated that the bank is looking to sell its mutual funds by the end of the year, in order to raise more capital.

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CDSL reports 68% YoY increase in profit after tax to Rs 49 crore

The Central Depository Services (India) Limited reported a 68% year-on-year (YoY) increase in profit after tax (PAT) at Rs 48.87 crore, for the quarter ended September (Q2). The total income increased by 46% to Rs 101.16 crore, during the same period. CDSL allows investors to deposit securities by opening a Demat account. It gets its revenue from transaction charges and accounts maintenance charges.

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