Tag: pnc infratech

Categories
Market News Top 10 News

RIL’s Net Profit Rises 19% YoY to Rs 19,299Cr – Top Indian Market Updates

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

Reliance Q4 Results: Net profit rises 19% YoY to Rs 19,299 crore

Reliance Industries announced a 19% YoY increase in consolidated net profit to Rs 19,299 crore. Revenue is up 2% YoY to Rs 2.16 lakh crore. The company’s EBITDA in Q4 reached a record high of Rs 41,389 crore, rising 22% YoY.

However, due to an expanded asset base across all businesses, depreciation surged 43% YoY to Rs 11,456 crore. Finance costs rose 64% YoY to Rs 5,819 crore on account of higher interest rates and loan balances. RIL’s gross revenue in FY23 rose 23% YoY to Rs 9.76 lakh crore, indicating continued growth momentum across all businesses.

Read more here.

India’s forex reserves rise $1.65 billion to $586.41 billion

India’s forex reserves increased to $586.41 billion, up by $1.65 billion for the week ended April 14. The rise in foreign currency assets (FCA) was the main contributor, which increased to $516.63 billion. The rupee appreciated against the US dollar by 8 paise to close at 82.09. This was supported by softening crude oil prices in the international markets.

Read more here.

SBI to raise $500 million via dollar bonds

State Bank of India (SBI) is in talks with international banks for a potential $500 million fundraise via a global bond issue. Investment banks are expected to be engaged next week for the proposed issue, which could increase in size depending on investor response. European, Japanese, and American banks are expected to be chosen as arrangers for the issue.

Read more here.

RBI gives HDFC Bank selective regulatory relief post HDFC merger

The Reserve Bank of India (RBI) has granted HDFC Bank and HDFC regulatory relief to ease the merger between the two firms. The RBI has allowed the bank to meet priority sector lending requirements in stages over three years, instead of immediately complying with the 40% lending requirement to agriculture, micro and small enterprises, education, housing, export credit, and advances to weaker sections.

Read more here.

Hindustan Zinc Q4 Results: Net profit falls 12% YoY to Rs 2,583 crore

Hindustan Zinc’s net profit fell 12% YoY to Rs 2,583 crore in Q4 FY23. Revenue dropped 4% YoY to Rs 8,281 crore due to lower zinc, lead, and silver prices, partly offset by higher metal and silver volumes. The company reported a 16% YoY decline in EBITDA to Rs 4,208 crore. It recorded the highest-ever PAT of Rs 10,511 crore for the full year (FY23) on the back of record production of over 1 million tonnes of metal.

Read more here.

Reliance Capital lenders not to accept offers outside of auction

Reliance Capital has reportedly decided to negotiate only with the highest bidder and not accept any topping offer outside the proposed auction process. The committee of creditors discussed concerns from potential bidders regarding the auction of the distressed financial services company that is undergoing a corporate insolvency process. Hinduja group entity Torrent Investments and Oaktree Capital have indicated that they will likely participate in the proposed auction scheduled on April 26.

Read more here.

Torrent Power forms subsidiary for power generation, transmission biz

Torrent Power Ltd has formed a new subsidiary named Torrent Urja Pvt 10 (TU10) for power generation and transmission. The new subsidiary was registered in Ahmedabad on April 21, 2023, and is yet to begin its business operations. The company has stated that TU10 will generate, transmit, distribute, sell, or deal in all forms of electrical power and energy, including non-conventional and renewable sources of energy.

Read more here.

PNC Infra gets LoA from road ministry for project worth Rs 819 crore

PNC Infratech has received a Letter of Acceptance (LoA) from the Ministry of Road Transport & Highways (MORT&H) for a construction project in Uttar Pradesh worth Rs 819 crore. The project involves the construction of a 4-lane highway from Singraur Uphar to Baranpur Kadipur Ichauli of NH-731A. The operation period is 15 years after construction. PNC Infratech has promised to execute the work in 24 months.

Read more here.

Bank of Baroda to raise up to $7 billion via bonds

Bank of Baroda’s board has approved the raising of foreign currency funds through the issuance of bonds up to $1 billion under the bank’s medium-term note (MTN) program and through the issuance of certificates of deposit (CDs) up to $3 billion in single or multiple tranches. The bank has also approved raising funds through bilateral/other borrowings up to $3 billion.

Read more here.

Power Mech bags new projects worth Rs 720 crore

Power Mech Projects Ltd has won multiple projects worth Rs 720 crore. This includes a Rs 362 crore contract to construct a government medical college and hospital for Uttarakhand Pey Jal Nigam Ltd, a Rs 162 crore contract for the Revamped Distribution Sector Scheme for MPPKWCL, Khargone Circle in Madhya Pradesh, and railway electrification of 25 KV OHE Works in Mysuru Division, Karnataka.

Read more here.

Credit Suisse takes SpiceJet to Supreme Court over unpaid dues

Credit Suisse has moved the Supreme Court (SC) against SpiceJet, alleging contempt of court over the failure of the domestic carrier to comply with a court-approved settlement plan for payment of dues. SpiceJet told SC on April 21 that it would pay a tranche the same day and the next in May.  The Supreme Court put the contempt plea on hold and will now hear the case on May 17.

Read more here.

Categories
Market News Top 10 News

WPI Falls to Over Two-Year Low of 3.85% in Feb – Top Indian Market Updates

market updates | marketfeed

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

Wholesale inflation falls to over two-year low of 3.85% in Feb

India’s Wholesale Price Index (WPI)-based inflation fell to a 25-month low of 3.85% in February 2023. WPI stood at 4.73% in Jan. The government has attributed the decline in inflation rate to a fall in prices of crude petroleum & natural gas, food products, minerals, computers, electronic and optical products, chemicals and chemical products, electrical equipment & motor vehicles, trailers and semi-trailers. 

Read more here.

Mahindra unit in Bangladesh winds up operations, ceases to exist

Mahindra & Mahindra has shut down its wholly-owned unit Mahindra Bangladesh Pvt Ltd (MBPL). MBPL convened the final extraordinary general meeting of its shareholders on March 14, 2023, and approved the final voluntary winding up. It had zero income from operations as on March 31, 2022. The net worth of MBPL stood at Rs 3.18 crore as of March 31, 2022.

Read more here.

Coal India ready to meet dry fuel demand from power sector

Amidst a rise in industrial demand for electricity, state-owned Coal India Ltd (CIL) has geared up to meet the demand for dry fuel from the power sector. CIL is hoping to supply 156 million tonnes of coal to the power sector during the April-June quarter of FY24. This would be 25.6% of the enhanced annual dispatch target of 610 million tonnes (MT) slated for the sector in 2023-24.

Read more here.

Jaguar Land Rover partners with Tata Technologies to accelerate its digital transformation

Jaguar Land Rover is partnering with Tata Technologies to accelerate the digital transformation of its industrial strategy. The first phase will include UK core production facilities, with solutions subsequently deployed to other global locations. Tata Technologies will deliver end-to-end integrated Enterprise Resource Planning (ERP) to transform Jaguar Land Rover’s manufacturing, logistics, supply chain, finance and purchasing modules.

Read more here.

L&T Finance invites bids for ₹880 crore Xrbia loans

L&T Finance is seeking buyers for a distressed real estate portfolio comprising loans given to the Pune-based Xrbia Group. The company has invited offers for a loan book of ₹880 crore given to five Xrbia Group companies. The five accounts comprise Xrbia Developers with a debt of ₹435 crore, Xrbia Chakan Developers with ₹164 crore, Xrbia Warai Developers with ₹156 crore, Xrbia Ambience Realty LLP with ₹107 crore, and Eiffel Lifespaces with ₹18 crore.

Read more here.

HPCL signs pact to manufacture Chevron’s lubricants

Hindustan Petroleum Corporation Ltd (HPCL) has entered into a long-term licensing agreement to manufacture, distribute and market lubricants of global supermajor Chevron in India. This collaboration encompasses the licensing, production, distribution, and marketing of Chevron’s lubricant products under the Caltex brand, including Chevron’s proprietary Havoline and Delo branded lubricant product.

Read more here.

Jindal Stainless plans sale of green bonds to repay debt: Report

Jindal Stainless (JSL) is planning a sale of green bonds to repay existing debt of around ₹2,800 crore. The stainless steel producer has initiated discussions with consultants to arrive at sustainability-oriented targets that could make it eligible for availing cheaper financing through the green bond route. However, it has not mandated banks or started investor roadshows.

Read more here.

Glenmark Pharma receives USFDA approval for generic antibiotic drug

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Clindamycin Hydrochloride Capsules. The product will be distributed by its subsidiary, Glenmark Pharmaceuticals Inc, in the US. According to IQVIA sales data for the 12 months ended Jan 2023, Cleocin Hydrochloride Capsules achieved annual sales of around $33.6 million.

Read more here.

Suzuki Motor increases stake in Maruti Suzuki via open market transactions

Japanese auto major Suzuki Motor Corporation (SMC) has increased its stake in Indian subsidiary Maruti Suzuki India Ltd (MSIL) to 56.48% by purchasing shares from the open market. Suzuki purchased 3.45 lakh equity shares during March 10-13. Currently, MSIL has a cumulative production capacity of 15 lakh units per annum.

Read more here.

PNC Infratech bags new highway project worth Rs 1,260 crore from NHAI

The National Highways Authority of India (NHAI) has declared PNC Infratech Ltd as the lowest bidder for a highway project worth Rs 1,260 crore. The project includes the construction of the 6-lane Varanasi-Ranchi-Kolkata Highway from Pachmon village to Anarbansalea village under the Central govt’s Bharatmala Pariyojana project. The project is to be constructed in 24 months and operated for 15 years.

Read more here.

Categories
Market News Top 10 News

India’s GDP Growth Slows to 4.4% in Q3 – Top Indian Market Updates

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

India’s GDP growth slows to 4.4% in Q3

India’s gross domestic product (GDP) for the October-December quarter (Q3 FY23) slowed down to 4.4%. The GDP had moderated to 6.3% in Q2 from 13.5% in Q1. GDP at Constant (2011-12) prices in Q3 2022-23 is estimated at ₹40.19 lakh crore in Q3, as against ₹38.51 lakh crore in Q3 2021-22. The Indian economy is expected to grow at 7% in FY23.

Read more here.

Geological Survey of India finds Gold Deposits in Odisha

Surveys from the Geological Survey of India (GSI) have found gold deposits in three districts of Odisha. State Steel and Mines Minister Prafulla Mallik said that the gold reserves were found in Deogarh, Keonjhar and Mayurbhanj.

Read more here.

SBI enters social loan market

State Bank of India has concluded a landmark $1 billion (~₹8,200 crore) syndicated social loan, making it the largest Environmental, Social, and Governance (ESG) loan raised by a commercial bank in the Asia Pacific market. The loan is of $500 million of the primary issue and an equal amount in greenshoe (or overallotment) option. It is also the first issue of such kind from the bank. 

Read more here.

IDFC, Federal Bank partner with Sa-Dhan on UPI123PAY

IDFC First and Federal Bank will partner with association of microfinance institutions Sa-Dhan and Delhi-based fintech solutions provider NextGen to promote digital payments by feature phone users. The banks will help in developing a new payment and collection system by using feature phones with the technological intervention being provided by them.

Read more here

India approves $3.9 billion hydropower project near China border

India has approved its largest-ever hydropower project in the mountainous northeastern region bordering China as it seeks to build renewable generation to meet rising power demand. The govt approved the estimated investment of $3.9 billion for the 2,880-megawatt Dibang project in Arunachal Pradesh. The project is estimated to take nine years to build.

Read more here.

India’s passenger vehicle sales to grow 9-10% in 2024: CRISIL

Rating agency CRISIL has forecast that India’s passenger vehicle sales are expected to grow about 9-10% in the next financial year (FY24), which is 20% more than the pre-pandemic levels. The forecast is owed to strong demand and easing chip shortages. India is currently the world’s fourth-largest car market.

Read more here.

Zydus Lifesciences receives USFDA approval to market generic drug

Zydus Lifesciences has received approval from the US Food & Drug Administration (USFDA) to market Apixaban tablets. The drug blocks the activity of certain clotting substances in the blood. It is used to lower the risk of stroke or a blood clot in people with a heart rhythm disorder called atrial fibrillation.

Read more here.

Indian Bank ties up with Toyota Kirloskar Motor to offer vehicle financing

Indian Bank has signed a pact with automaker Toyota Kirloskar Motor to offer vehicle financing options to its customers. The tie-up would offer various initiatives including 90% on-road funding with no processing fee, foreclosure, and party payment charges to prospective customers.

Read more here.

Bharti Airtel outpaces Jio in revenue market share growth in Q3

For the second time in a row, Bharti Airtel has grabbed more revenue market share (RMS) than Reliance Jio Infocomm in the third quarter of FY23. This is mainly due to the sharp hike in base prepaid rates Airtel took last November in Odisha and Haryana along with share gains in rural markets. Loss-making Vodafone Idea (Vi) continued to lose RMS share in Q3.

Read more here.

PNC Infratech bags ₹771 crore railway project in Haryana

PNC Infratech has secured a ₹771.46 crore railway project from the Haryana Orbital Rail Corporation Ltd. The scope of work includes construction design and construction of civil works at Sultanpur station in connection with the laying of a new double railway line. The construction is to be completed in 30 months.

Read more here.

MRF raises ₹150 crore through NCDs via private placement

MRF Ltd has raised ₹150 crore via non-convertible debentures (NCDs) on a private placement basis. The NCDs have been listed on the debt segment of the National Stock Exchange of India with effect from February 2023. The date of maturity of these debentures is February 24, 2026.

Read more here.

Categories
Market News Top 10 News

PVR Reports First Profit After Two Years – Top Indian Market Updates

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

PVR Q1 Results: Net profit at Rs 68 crore

PVR Limited reported its first net profit after two Covid-hit years at Rs 68.3 crore for the quarter ended June (Q1 FY23). The multiplex operator had posted a net loss of Rs 142 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped 1,308% YoY to Rs 1,000.4 crore in Q1 FY23. PVR has revived its capital expenditure plans and is on track to open a total of 125 new screens during FY23.

Read more here.

Ashok Leyland signs pact with Adani Capital

Ashok Leyland Ltd has entered into a strategic partnership with Adani Capital to offer customised financial solutions for its customers in the small & light commercial vehicle (LCV) segments. Adani Capital will cater to the customers’ needs through commercial vehicle loans with easy monthly repayment plans. The automaker’s LCV range comes with advanced and innovative technology that offers best-in-class mileage, comfort, and load carrying ability.

Read more here.

IDBI Bank Q1 Results: Net profit rises 25% YoY to Rs 756 crore

IDBI Bank reported a 25% YoY increase in net profit to Rs 756 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) declined by 1% YoY to Rs 2,488 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 19.9% in Q1 FY23, compared to 20.16% in the previous quarter (Q4 FY22). Provisions fell 48% YoY to Rs 956 crore in Q1.

Read more here.

Zydus gets USFDA approval to market Norepinephrine Bitartrate Injection

Zydus Lifesciences Ltd has received approval from the US Food & Drug Administration (USFDA) to market Norepinephrine Bitartrate Injection in the American market. The drug is used to restore blood pressure in adult patients with acute hypotensive state. It will be produced at the pharma group’s topical injectable manufacturing facility at Jarod, Gujarat.

Read more here.

IndusInd Bank partners with EazyDiner to launch co-branded credit card

IndusInd Bank has partnered with EazyDiner (a restaurant discovery & reservation platform) to launch a co-branded credit card. The collaboration aims to enhance the customer dining experience. Benefits include a complimentary EazyDiner Prime membership and an additional 25% discount up to Rs 1,000 every time a customer pays on the EazyDiner app. 

Read more here.

Hindustan Zinc Q1 Results: Net profit rises 56% YoY to Rs 3,092 crore

Hindustan Zinc Ltd (HZL) reported a 55.9% YoY (or 5.6% QoQ) increase in consolidated net profit to Rs 3,092 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 43.7% YoY to Rs 9,387 crore during the same period. EBITDA stood at Rs 5,278 crore in Q1, up 48.3% YoY. Zinc LME prices and zinc metal sales increased 34.2% YoY and 10.2% YoY, respectively. 

HZL’s board has approved a proposal to form a wholly-owned subsidiary to set up a fertiliser plant with a capacity of five lakh tonnes per annum.

Read more here.

PNC Infratech signs concession agreements for two projects worth Rs 1,623 crore

PNC Infratech Ltd has signed concession agreements with the National Highways Authority of India (NHAI) for two road projects for a total cost of Rs 1,623 crore. The first project consists of four-laning the NH-530B from Mathura Bypass to Gaju Village in Uttar Pradesh. The second project pertains to four laning of NH 530B from Gaju Village to Devinagar Bypass in UP.

Read more here.

RBL Bank Q1 Results: Net profit at Rs 201 crore

RBL Bank reported a net profit of Rs 201.2 crore for the quarter ended June (Q1 FY23). The lender had posted a net loss of Rs 459 crore in the corresponding quarter last year (Q1 FY22). Its net interest income (NII) jumped 1,308% YoY to Rs 1,000.4 crore in Q1 FY23. The gross non-performing assets (GNPA) ratio stood at 4.08% in Q1 FY23, compared to 4.4% in the previous quarter (Q4 FY22). Provisions fell sharply by 81% YoY to Rs 253 crore in Q1.

Read more here.

Emami acquires 30% stake in pet-care startup Cannis Lupus Services

Emami Limited has acquired a 30% stake in pet-care startup Cannis Lupus Services India in an all-cash deal. The FMCG firm will roll out a range of natural, ayurvedic, and chemical-free products for pets and scale up the business with Cannis Lupus’ expertise. Under the brand ‘Fur Ball Story’, Cannis Lupus will focus on an ayurvedic range of solutions for common and recurrent ailments in pets, especially dogs.

Read more here.

Tube Investments secures majority stake in Moshine Electronics

Tube Investments of India (TII) is diversifying into the electronics and components segment by acquiring a 76% equity stake in Moshine Electronics Pvt Ltd. Moonshine primarily manufactures camera modules for mobile phones. The acquisition will be through the secondary purchase of shares for a total consideration of ~Rs 8.64 crore.

Read more here.

Categories
Market News Top 10 News

Govt to Sell 1.5% Stake in ONGC to Raise Rs 3,000 crore – Top Indian Market News

ONGC market updates | marketfeed

Govt to sell up to 1.5% stake in ONGC to raise Rs 3,000 crore

The Indian govt will sell up to 1.5% stake in Oil & Natural Gas Corporation Ltd (ONGC) to raise Rs 3,000 crore. The offer for sale (OFS) by the government will be open on March 30 and 31. The floor price for the OFS has been set at Rs 159 per share. This price is at a 7% discount to the Rs 171.05 stock closing price of ONGC on the BSE today. The Central government currently holds a 60.41% stake in the country’s largest oil and gas producer.

Read more here.

HDFC Bank to infuse Rs 3 crore to acquire stake in IDRCL

HDFC Bank has signed an agreement to invest Rs 3 crore in the first tranche to acquire a stake in India Debt Resolution Company Ltd (IDRCL). Incorporated on September 3, 2021, IDRCL operates as a debt management company. The private sector lender will infuse Rs 7.50 crore in various tranches to acquire up to 15% equity holding in IDRCL.

Read more here.

Bharti Airtel completes acquisition of 4.7% stake in Indus Towers

Bharti Airtel and its subsidiary Nettle Infrastructure Investments Ltd have acquired 12.71 crore equity shares (or 4.7% stake) in Indus Towers from Vodafone Group. The consideration paid for the acquisition is ~Rs 2,388 crore. The proceeds from the sale will be infused into Vodafone Idea Ltd for clearing its dues. Indus Towers (formerly Bharti Infratel) owns, deploys, and manages telecom towers and communication structures across India.

Read more here.

IDBI Bank board approves rupee bond borrowing limit of Rs 8,000 crore for FY23

IDBI Bank’s board has approved the rupee bond borrowing limit of Rs 8,000 crore for the next financial year beginning April 1. It will comprise additional tier I (AT-1) bonds up to Rs 3,000 crore and senior/infrastructure bonds up to Rs 1,000 crore by way of private placement during FY23. 

Read more here.

Fuel prices hiked for 7th time in 8 days

Fuel prices were increased again on Tuesday for the seventh time in the last eight days. In Delhi, petrol rates were hiked by 80 paise a litre to cross the Rs 100 mark and diesel by 70 paise a litre. Globally, oil prices dropped today as Ukraine and Russia headed for peace talks and on fears of a decline in fuel demand in China after the financial hub of Shanghai shut down to curb a surge in Covid-19 cases. 

Read more here.

Engineers India wins consultancy services contract for green hydrogen plant

Bharat Oman Refineries Ltd (BORL) has selected Engineers India Ltd for providing consultancy services for an electrolyzer-based green hydrogen plant at Bina Refinery. It will be one of the largest green hydrogen plants in India, with a capacity of ~8.5 tonnes per day (TPD). State-owned Engineers India provides indigenous design and technology solutions primarily for hydrocarbon projects.

Read more here.

Cyient launches Firmware Over-the-Air solution for connected devices

Cyient Ltd has announced a pre-built solution for managed Firmware Over-the-Air (FOTA) updates from its CyientflQ innovation platform. CyientflQ helps to correct technological disruptions and enables the development of new solutions in collaboration with partners. The FOTA solution is designed to further boost the development of intelligent and connected products for Cyient’s customers. 

Embassy REIT to enter into Rs 950 crore debt financing agreement with Golflinks Software Park

The Board of Directors of Embassy Office Parks Management Services has approved a debt financing agreement between Embassy Office Parks REIT and its investment entity, Golflinks Software Park (GLSP), for ~Rs 950 crore. Embassy REIT will subscribe to privately placed unlisted non-convertible debentures issued by GLSP (REIT Debt Financing). To learn more about REITs, click here.

Read more here.

Alembic Pharma acquires 100% stake in Aleor Dermaceuticals from JV partner

Alembic Pharmaceuticals Ltd has acquired the balance 40% stake in Aleor Dermaceuticals from its joint venture (JV) partner Orbicular Pharmaceutical Technologies. Through this acquisition, the pharma company aims to strengthen its skin-related manufacturing and marketing footprint. Aleor’s product offerings include creams, gels, ointments, shampoos, lotions, sprays, etc.

Read more here.

PNC Infratech secures NHAI road project worth Rs 1,575 crore

PNC Infratech Ltd was declared the lowest (L-1) bidder for a project tendered by the National Highways Authority of India (NHAI). The project includes the construction of a six-lane access controlled greenfield highway from the MIVKN Border (Badadat) to the Maradgi S Adnola section of NH-150C in Karnataka. The total bid cost of the project is Rs 1,575 crore.

In other news, the NHAI declared Ashoka Buildcon Ltd as the lowest bidder for a greenfield highway project worth Rs 1,079 crore.

Read more here.

IT Dept raid at Hero MotoCorp reveals Rs 1,000 crore bogus expenses: Report 

As per reports, the Income Tax Department is analysing nearly Rs 1,000 crore in expenses that are suspected to be bogus in a probe at Hero MotoCorp. The department is going through digital data and various other documents as part of its investigation. Further, the IT dept is also probing the deal of a farmhouse on the outskirts of Delhi where cash worth Rs 100 crore was allegedly paid.

Read more here.

Categories
Market News Top 10 News

Bharti Airtel to Acquire 4.7% Stake in Indus Towers – Top Indian Market News

Bharti Airtel to acquire 4.7% stake in Indus Towers from Vodafone Plc

Bharti Airtel Ltd has entered into an agreement to acquire a 4.7% stake in Indus Towers Ltd from British telecom giant Vodafone Plc. The block deal would be executed through Euro Pacific Securities, a Vodafone Group entity that holds a 7.59% stake in Indus Towers. Currently, Vodafone holds ~28% stake in Indus Towers, while Bharti Airtel holds 42%. Vodafone Group will infuse the proceeds from the stake sale into the cash-strapped Vodafone Idea.

Read more here.

PNC Infratech secures order worth Rs 885 crore from NHAI

PNC Infratech Ltd has secured a new hybrid annuity highway project worth Rs 885 crore from the National Highways Authority of India (NHAI). The order consists of four-laning of Mathura Bypass-Gaju Village section of NH-530B in Uttar Pradesh. The completion time of the project is 24 months.

Read more here.

NMDC raises lump ore prices by Rs 400 per tonne

State-owned NMDC Limited has increased prices of lump ore by Rs 400 per tonne and that of fines by Rs 300 per tonne. The company has fixed prices for lump iron ore at Rs 5,600 per tonne and iron fines at Rs 4,560 a tonne with effect from February 25, 2022. NMDC is India’s largest iron ore producer. Currently, it produces ~35 million tonnes of iron ore a year from 3 fully mechanized machines.

Read more here.

SC orders Rajasthan discoms to pay Rs 4,200 crore compensatory tariff to Adani Power

The Supreme Court (SC) ruled in favour of Adani Power Ltd, saying three Rajasthan discoms were in contempt of the apex court’s 2020 order directing payment of compensatory tariff to the company. The power distribution companies (discoms) have not paid the dues despite their review petition having been dismissed earlier this year. The SC has directed discoms to pay Rs 4200 crore as compensatory tariff to Adani Power within four weeks. 

Read more here.

Dr. Reddy’s Labs to acquire German medical cannabis firm Nimbus Health GMBH

Dr. Reddy’s Labratories Ltd has entered into a definitive agreement to acquire Germany-based Nimbus Health GmbH. Nimbus is a privately owned and licensed pharmaceutical wholesaler that focuses primarily on medical cannabis. The consideration for this acquisition will be an upfront payment plus performance and milestone-based earnouts over the next four years. The company will be operating under its own brand Nimbus but as a wholly-owned subsidiary of Dr. Reddy’s Labs.

Tata Power to set up 4 GW manufacturing facility in next 18 months

Dr. Praveer Sinha, MD & CEO of Tata Power, said the company plans to set up a 4 gigawatts (GW) manufacturing facility of cells and modules over the next 18 months. The company is targeting to add 2GW of utility-scale renewable projects every year, which requires ~Rs 8,000-10,000 crore of investment. Going ahead, the CEO expects the distribution and renewables business to contribute 40% each towards EBITDA.

Read more here.

SpiceJet to start six direct flights to Bangkok from March 10

SpiceJet Ltd will start six flights between India and Bangkok from March 10 onwards under an air bubble agreement. The airline will introduce daily direct flights connecting Delhi, Mumbai, and Kolkata with the Thai capital. It will be deploying Boeing 737 aircraft to operate all India-Bangkok flights.

Read more here.

IIFL Securities pays over Rs 2 crore to settle case with SEBI

IIFL Securities Ltd has paid over Rs 2 crore to market regulator SEBI to settle a case. The company was alleged to have violated stock brokers regulation and the Prohibition of Fraudulent and Unfair Trade Practices regulation. It was alleged that IIFL Wealth Management Ltd and IIFL Securities knowingly manipulated the reference price of Alkem Laboratories for a block deal.

Read more here.

‘Himalayan Yogi’ in market manipulation case is ex NSE officer: Report

The Central Bureau of Investigation (CBI) on Thursday night arrested Anand Subramanian, former chief operating officer of NSE, in connection with the market manipulation case. The CBI has unearthed that Subramanian was the faceless ‘yogi’ who was communicating with Chitra Ramkrishna, the former chief of NSE. Chitra Ramakrishna allegedly brought in Subramanian without following the rules and procedures.

Read more here.

Categories
Market News Top 10 News

ZEEL, Sony Sign Definitive Merger Agreement – Top Indian Market News

ZEEL, Sony sign definitive merger agreement

Sony Pictures Networks India Pvt Ltd (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) have signed definitive agreements to merge the two firms and combine their linear networks, digital assets, and program libraries. SPNI will hold a majority stake of 50.86% in the merged entity. The promoters of ZEEL will hold 3.99%, and other ZEEL shareholders will hold a 45.15% stake in the merged entity.

Under the terms of the agreement, SPNI will have a cash balance of $1.5 billion to enable the combined entity to drive sharper content creation across platforms and strengthen its footprint in the rapidly evolving digital ecosystem.

Read more here.

L&T Construction secures significant order to build township in Bengaluru

Larsen & Toubro (L&T) Ltd’s construction arm has secured a significant order from a reputed developer to build one of the largest residential townships in Bengaluru. The scope of work consists of the design and construction of the entire civil structure, including waterproofing, masonry, plastering, and electrical conduiting. The project involves the construction of 6,768 apartments spread across 39 towers.  

Read more here.

Gujurat Flurochemcials to foray into battery business for EVs

Gujarat Fluorochemicals Ltd (GFCL) has announced plans to foray into the battery business for electric vehicles (EVs). The company has set up GFCL EV Products Ltd, a wholly-owned subsidiary, for this purpose. The subsidiary will provide solutions for the entire value chain of all types of batteries, battery components, and products for EVs.

Read more here.

Quess Corp’s Monster.com raises Rs 137.5 crore in latest funding round

Monster.com, a Quess Corp company, has raised Rs 137.5 crore in its latest funding round. The round was led by Akash Bhanshali of Volrado Venture Partners and Mohandas Pai of Meridian Investments, with participation from Quess Corp. Monster.com is valued at close to $100 million after the funding round. Quess Corp Ltd is a provider of technology and business services based in Bangalore.

Read more here.

Zydus Cadila gets USFDA approval to market Pimavanserin tablets

Zydus Cadila has received approval from the US Food & Drug Administration (USFDA) to market Pimavanserin tablets in the US market. Pimavanserin is used to treat symptoms of a certain mental or mood disorder (psychosis) that might occur with Parkinson’s disease. The drug will be manufactured at the pharma company’s formulation facility at Special Economic Zone (SEZ), Ahmedabad.

Read more here.

ABB India’s board approves creation of arm to divest turbocharger business for Rs 310 crore

The Board of Directors of ABB India Ltd has decided to incorporate a wholly-owned subsidiary to which it will sell its turbocharger business for Rs 310 crore. In June 2021, the company had announced a proposal to divest/sell its turbocharger business in the Process Automation business segment. The slump sale will be completed by February-end 2022. 

PNC Infratech secures order worth Rs 369 crore from NHAI

PNC Infratech Ltd has received a Letter of Acceptance (LoA) for an order worth Rs 369 crore from the National Highways Authority of India (NHAI). The contract is for the collection of user fees at the 135 km long Eastern Peripheral Expressway Fee Plazas in Haryana and Uttar Pradesh for one year. PNC Infratech operates as an infrastructure construction, development, and management company in India.

Apollo Hospitals, IIM Lucknow launch executive programme in healthcare management

Apollo Hospitals Ltd has partnered with IIM Lucknow to launch an executive programme in healthcare management (EPHM). The program aims to develop appropriate managerial capacities for the fast-growing health sector in India. The EPHM has been designed by taking inputs from both the public and private health sectors of India.

Read more here.

Indiabulls Real Estate to raise up to Rs 1,500 crore via QIP 

The Board of Directors of Indiabulls Real Estate Ltd approved raising funds up to Rs 1,500 crore through one or more Qualified Institutions Placements (QIPs). The funds will be used to augment the long-term resources of the company. It will also be used to maintain sufficient liquidity for meeting funding requirements for existing/new projects and future business growth.

Read more here.

Tata Steel’s UK plant helps build world’s largest offshore wind farm

Tata Steel Ltd announced that its Port Talbot plant in Wales is working on the world’s largest offshore wind farm project— Dogger Bank Wind Farm. The wind farm will make use of steel processed into hollow sections at Tata Steel’s Corby and Hartlepool sites in north-east England and fabricated to build the first two phases. Tata Steel said hundreds of tonnes of its products will be used for the giant wind farm project, which is due to be completed by 2026.

Read more here.

Categories
Editorial

Highway Infra Construction Firms: An Analysis

As we know, the infrastructure sector has received a significant boost through the provisions of the Union Budget 2021-22. The Finance Ministry has allocated a whopping Rs 1.18 lakh crore towards the Ministry of Road Transport and Highways. This fund would be utilised for the launch of mega national highway projects across the states of Tamil Nadu, West Bengal, Assam, and Kerala. This would strengthen the existing transportation networks in India and ensure more connectivity.

This is clearly great news for large infrastructure companies that constantly receive contracts from the National Highways Authority of India (NHAI). Over the years, these firms have built and maintained some of the best roads and highways in our country. Let us take a closer look at some of the prominent companies that excel in the construction of highways in India. 

Larsen & Toubro

Larsen & Toubro (L&T) Limited is engaged in engineering, construction, and manufacturing operations worldwide. The company’s infrastructure segment constructs buildings and factories, transportation infrastructure, heavy civil infrastructure, power transmission and distribution, etc. L&T Infrastructure Development Projects Limited (L&T IDPL) is a pioneer of the Public-Private-Partnership (PPP) model of development in India. IDPL’s portfolio of road projects includes some of the most economically significant and high-traffic corridors connecting key industrial cities and ports. The company’s total portfolio consists of 17 projects, comprising 7,800 lane kilometers of roads and highways. 

L&T has invested heavily in research and development (R&D) activities to improve efficiency and accuracy. Thus, they have been able to complete and deliver projects within the stipulated time.

Financial Performance:

L&T’s revenues and profits have shown consistent growth over the years. This is primarily due to the large number of contracts they receive from Central and state government agencies. The company reported a 4.8% year-on-year (YoY) increase in net profit to Rs 2,446.7 crore for the quarter ended December (Q3). L&T’s revenue from operations declined 1.78% YoY to Rs 35,596 crore during the same period. The company’s order inflow in Q3 was the highest-ever in any quarter. It received fresh orders worth a new record of Rs 73,233 crore. 

Over the last 5 years, L&T’s revenue has grown at a yearly rate of 9.71%, whereas the industry average stood at 5.44%. The company has continued to show its dominance in the infrastructure sector by securing a large number of “significant contracts” over the past year. It has been able to obtain a market share of 50.04%. L&T offers very attractive dividends as well.

The share price of L&T has surged by more than 82% since April 2020.

Dilip Buildcon

Dilip Buildcon Limited (DBL) is one of the leading infrastructure companies that is engaged in the construction of roads, bridges, dams, and commercial & residential buildings. It operates in two segments- EPC Projects and Toll Operations. The company undertakes state and national highway projects, city road projects, and bridge operation and maintenance projects. The company also develops irrigation projects, urban development projects, dams, canals, metro rail viaducts, and much more. It is involved in the maintenance of road infrastructure facilities and toll operations. DBL has established its presence in more than 19 states.

Dilip Buildcon’s revenue has grown at a yearly rate of 28.85% over the past 5 years, whereas the industry average stood at 5.44%.  The company posted a 107% YoY jump in consolidated net profit to Rs 181.91 crore for the quarter ended December (Q3). Revenue had increased by 7.1% YoY to  Rs 2,746.19 crore in Q3. These are strong figures indeed. It has been able to secure a market share of 3.31%.

Since April 2020, the shares of Dilip Buildcon have rallied by more than 187%.

IRB Infrastructure Developers

IRB Infrastructure Developers Limited is engaged in the construction, development, and maintenance of roads and highways on a build-operate-transfer (BOT) basis. The company operates in two segments- Toll Operate & Transfer Projects and Construction. IRB is also involved in real estate development, generation and sale of electricity through windmills, and airport infrastructure activities. The company has 21 projects with 12,317 lane kilometers of roads and highways. 

Recently, the company emerged as the successful bidder for the construction of eight lanes of the Gandeva-Ena stretch of the upcoming Vadodara-Mumbai Expressway in Gujarat. The length of the stretch is 27.5 kilometers. The cost of the project is Rs.1,755 crore.

Financial Performance:

IRB Infra Developers have shown a consistent increase in profits and revenues over the years. The company reported a 56% YoY decline in net profit to Rs 69.48 crore for the quarter ended December (Q3). Its total revenue fell to Rs 1,594.80 crore in Q3, compared to Rs 1,790 crore during the July-September quarter (Q2). However, the company said its construction segment has seen a robust recovery and continues to strengthen further.

Over the past 5 years, the revenue of IRB Infrastructure Developers has grown at a yearly rate of 12.39%, whereas the industry average stood at 5.44%. The company has been able to obtain a market share of 2.39%. 

The stock price of IRB Infrastructure Developers has surged by 116% since April 2020.

PNC Infratech

PNC Infratech Limited is a construction, development, and management company based in Agra. The company undertakes various infrastructure projects, including highways, bridges, flyovers, power transmission lines, airport runways and pavements, and track construction. It also provides end-to-end infrastructure implementation solutions such as engineering, procurement, and construction services (EPC) on a fixed-sum turnkey basis. 

Recently, the company’s subsidiary -PNC Unnao Highways- received an order worth Rs 1,602 crore from the NHAI. The project consists of four-laning of the Unnao-Lalganj section of NH 232-A in Uttar Pradesh. Two of its other subsidiaries have won orders aggregating to ~Rs 3,500 crore in Uttar Pradesh.

Financial Performance:

The revenues and profits of PNC Infratech have seen a sharp uptrend over the years. The company reported a 163% YoY jump in consolidated net profit to Rs 176.14 crore for the quarter ended December (Q3). Its revenue from operations increased by 13.78% YoY to Rs 1,582.02 crore during the same period. The company recorded substantial growth in both bottom-line and top-line segments in Q3.

Over the last 5 years, PNC Infratech’s revenue has grown at a yearly rate of 25.3%, whereas the industry average stood at 5.44%. The company has been able to secure a market share of 1.95%.

The shares of PNC Infratech have surged by 154% since April 2020.

KNR Constructions Limited

KNR Constructions Limited operates as an infrastructure development company in India. It provides engineering, procurement, and construction (EPC) services for roads and highways, irrigation, and urban water infrastructure management sectors. It undertakes various infrastructure projects, such as expressways, national highways, flyovers, bridges and viaducts, irrigation projects, and much more.

Several financial analysts suggest that KNR Constructions’ strong balance sheet gives it a key competitive advantage over its peers in bidding for newer projects. It has time and again completed and executed projects ahead of schedule. Over the last 5 years, KNR Constructions’ revenue has grown at a yearly rate of 21.76%, whereas the industry average stood at 5.44%. However, the company has been only able to obtain a market share of 0.85%. 

The share price of KNR Constructions has surged by 109% since April 2020.

Conclusion

We have only mentioned five major companies that could benefit from the new highway projects announced by the Finance Minister. Other listed firms involved in the construction and maintenance of highways include HG Infra Engineering, Bharat Road Network, Ashoka Buildcon, Sadbhav Engineering, MEP Infrastructure, etc. 

The development of a strong transportation network plays an important role in the overall economic growth of our country. These companies have time and again contributed their expertise and resources to the construction of our national highways and city roads. They are likely to receive more orders from the NHAI in the months to come. The National Bank for Financing Infrastructure and a Development Finance Institution (DFI) will be set up in our country to provide an extra and essential boost to the sector. Due to positive sentiments surrounding their financial results, fresh orders from NHAI, and provisions of the Budget, we could see a further rally in the shares of these infrastructure firms.

Categories
Market News Top 10 News

Bharat Dynamics Signs Rs 1,188 crore Deal With Defence Ministry – Top Indian Market News

Bharat Dynamics to supply 4,960 Milan-2T missiles to Indian Army

The Ministry of Defence, on Friday, signed a Rs 1,188 crore deal with Bharat Dynamics Ltd (BDL) for the supply of 4,960 Milan 2T Anti-Tank Guided Missiles to the Indian Army. The missiles, having a range of 1,850 metres, can be fired from the ground as well as from vehicle-based launchers. The missiles are being produced by BDL under license from French defence major MBDA Missile Systems.

Read more here.

Govt sells 10% stake to exit Tata Communications

The Central Government has exited Tata Communications Ltd (TCL) after selling its 10% stake to Tata Sons’ subsidiary Panatone Finvest in an off-market trade. Around 2.85 crore equity shares held by the government were sold to Panatone Finvest. The government has already sold a 16.12% stake in TCL through an offer for sale (OFS) to retail and non-retail investors at the floor price of Rs 1,161 per share.

Read more here.

PNC Infratech’s arm secures order worth Rs 1,412 crore

PNC Infratech said its subsidiary, PNC Meerut Haridwar Highways, has secured a road project from the National Highways Authority of India (NHAI). The project consists of four-laning the Meerut-Nazibabad section of NH-19 in Uttar Pradesh on Hybrid Annuity Mode (HAM). The order is valued at Rs 1,412 crore. The project comes under the Central government’s Bharatmala Pariyojana.

Strides Pharma’s subsidiary partners with RDIF to supply Covid-19 vaccine

Strides Pharma Science Ltd said its biopharmaceutical division, Stelis Biopharma, has partnered with the Russian Direct Investment Fund (RDIF) to supply 200 million doses of the Sputnik V vaccine.  The vaccine demonstrated an efficacy rate of 91.6% against the Covid-19 infection and is now approved for use in over 50 countries. The parties intend to commence supplies from Q3 (July-September) of calendar year 2021. 

Read more here.

Tata Motors introduces new compact ambulance Magic Express

Tata Motors has launched Magic Express, its first product in the compact ambulance segment, with the promise of easy maneuverability in congested Indian cities. The Magic Express Ambulance is compliant with AIS-125 government norms for the ambulance category. It can seat five attendants, apart from the driver and patient. Tata Motors said that the ambulance is designed to specifically support medical and health-related services, with a focus on the speedy movement of patients that require emergency care. 

Read more here. 

TV advertising volumes rose 21% in Jan-Feb 2021: BARC

According to data released by the Broadcast Audience Research Council (BARC), advertising volumes in January-February 2021 were 21% higher when compared to the same period last year. The report states that FMCG and e-commerce categories grew by 36% and 21%, respectively, during Jan-Feb compared to 2020. TV channels in the movies and music genre saw a spike in ad volumes at 25% and 24%, respectively. 

Read more here.

HDFC Bank’s MSME book grows 30% YoY to cross Rs 2 lakh crore-mark

HDFC Bank said its Micro, Small, and Medium Enterprises (MSME) loan book grew 30% YoY to cross the Rs 2 lakh crore-mark as of December-end. This growth was driven by the Emergency Credit Line Guarantee Scheme (ECLGS)- a Rs 20 lakh crore package introduced by the Finance Ministry to support the MSME sector amidst the Covid-19 pandemic. HDFC Bank has become the second-largest lender in the MSME segment after the State Bank of India (SBI).

Read more here.

Aarti Drugs announces Rs 60 crore share buyback plan

Aarti Drugs Limited said its Board of Directors have approved the buyback of up to 6 lakh fully paid-up equity shares (of the face value of Rs 10 each) at Rs 1,000 per share. This represents 0.64% of the total number of equity shares of the firm. The total buyback size is Rs 60 crore. Aarti Drugs’ share buyback price of Rs 1,000 is at a premium of 46% to its closing price of Rs 683 on Thursday. 

Read more here.

TCS announces salary hikes for all employees

Tata Consultancy Services (TCS), on Friday, announced salary hikes for all its employees. The salary hikes will be effective from April 1, 2021. The IT major had increased salaries by 6-8% in October 2020. With the upcoming hike, around 4.6 lakh TCS employees will get around 12-14% average increment in six months’ time. 

Read more here.

IPO Updates:

Suryoday Small Finance Bank

The Rs 582-crore initial public offering (IPO) of Suryoday Small Finance Bank was subscribed 2.37 times on the final day of bidding. The portion reserved for retail investors was subscribed 3.09 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1.31 times and that of qualified institutional buyers (QIBs) 2.18 times.

Nazara Technologies

The Rs 582-crore initial public offering (IPO) of Nazara Technologies was subscribed 175.46 times on the final day of bidding. The portion reserved for retail investors was subscribed 75.29 times and that of employees 7.55 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 389.89 times and that of QIBs 103.77 times. It has become the second-most subscribed IPO (after MTAR Technologies) so far in 2021.

Categories
Market News Top 10 News

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]

Read more here.

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).

Read more here.

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.

Read more here.

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.

Read more here. 

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.

Categories
Market News Top 10 News

Nitin Gadkari Approves Proposal to Levy ‘Green Tax’ on Old Vehicles – Top Indian Market News

Nitin Gadkari approves proposal to levy ‘Green Tax’ on old vehicles

Union Minister for Road Transport and Highways Nitin Gadkari has approved a proposal to levy a ‘Green Tax’ on old vehicles that are polluting the environment. Transport vehicles older than eight years could be taxed at the rate of 10-25% of road tax. This will be imposed at the time of renewal of the fitness certificate. Personal vehicles will be charged Green Tax at the time of renewal of registration certificate after 15 years. A higher Green Tax of 50% will be levied on vehicles registered in highly polluted cities. The ministry will now consult state governments before finalising the proposal. 

Read more here.

Kotak Mahindra Bank Q3 Results: Net profit rises 16% YoY to Rs 1,853 crore

Kotak Mahindra Bank reported a 16% YoY increase in net profit to Rs 1,853.5 crore for the quarter ended December (Q3). Net interest income (NII) rose 17% YoY to Rs 4,007 crore during the same period. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] The lender’s gross non-performing assets (NPAs) ratio stood at 2.26% in Q3, against 2.55% in the previous quarter. Kotak Bank’s provisions and contingencies increased sharply by 34.9% to Rs 599 crore.

Read more here.

L&T Q3 Results: Net profit rises 5% YoY to Rs 2,467 crore

Larsen and Toubro (L&T) reported a 4.87% YoY increase in consolidated net profit to Rs 2,466.71 crore for the quarter ended December (Q3). Its revenue from operations declined 1.78% YoY to Rs 35,596.42 crore during the same period. The company’s total orders in Q3 jumped 76% YoY and stood at Rs 73,233 crore. During the quarter, L&T was awarded the biggest EPC contract in the country and the first of its kind- the High Speed Rail order. The consolidated order book stood at a record Rs 3,31,061 crore as of December 31, 2020.

Read more here.

ED raids 10 premises of Omkar Group for irregularities in SRA projects

The Enforcement Directorate (ED) on Monday conducted raids on 10 premises of Mumbai-based Omkar Group. The group is alleged to have misused various permissions given under the Slum Rehabilitation Authority (SRA) schemes. It is also alleged that they diverted ~Rs 450 crore taken by way of loan from Yes Bank. The premises of Omkar Realtors and Developers, which includes 7 residential and 3 commercial buildings in Mumbai, were searched by the central probe agency. 

[Piramal Enterprises’ shares fell 1.44% today. It has tied up with Omkar Realtors for various projects] 

Read more here.

Dixon Tech’s subsidiary enters into deal with HMD India to manufacture Nokia smartphones

Padget Electronics, a wholly-owned subsidiary of Dixon Technologies, has entered into an agreement with HMD India for manufacturing Nokia smartphones. The smartphones will be manufactured at Padget’s manufacturing facility in Noida, Uttar Pradesh. HMD Global Oy, branded as HMD and Nokia Mobile, is a Finnish mobile phone manufacturer.

Read more here

Lupin gets USFDA approval for Sevelamer Carbonate tablets

Lupin Limited announced that it has received approval from the US Food & Drug Administration (USFDA) to market its generic Sevelamer Carbonate tablets. The tablets are used to control phosphorus in people with chronic kidney disease on dialysis. According to the IQVIA MAT September 2020 data, Sevelamer Carbonate tablets had estimated annual sales of $348 million (~Rs 2,537 crore) in the US.

Read more here.

PNC Infratech secures EPC projects worth Rs 2,475 crore in Uttar Pradesh

PNC Infratech Ltd, in a joint venture with SPML Infra, has received Letters of Award (LoA) for six new EPC projects in Uttar Pradesh. The orders were placed by the State Water Supply & Sanitation Mission, Namami Gange & Rural Water Supply Department. The projects include the survey, design, construction, and commissioning of rural water supply for a total of 2,475 villages. The project is to be constructed and put on trial within 21 months upon signing of the agreement. The aggregate value of the six projects is approximately Rs 2,475 crore.

Read more here.

UCO Bank Q3 Results: Net profit at Rs 35 crore

UCO Bank reported a net profit of Rs 35.44 crore for the quarter ended December (Q3). The lender had posted a net loss of Rs 960.17 crore during the corresponding period in FY20. Net interest income (NII) rose 13.8% YoY to Rs 1,407.2 crore in Q3 FY21. Net non-performing assets (NPAs) were at 2.97%, against 6.34% in Q3 FY20. Provisions for bad loans fell sharply to Rs 393.06 crore in Q3, compared to Rs 1,645.51 crore a year ago.

Read more here.

ICICI Securities Q3 Results: Net profit rises 95% YoY to Rs 267 crore

ICICI Securities Ltd reported a 95% YoY increase in net profit to Rs 267 crore for the quarter ended December (Q3). Its revenue rose 47% YoY to Rs 620 crore during the same period. The company’s revenue growth in Q3 was driven by strong all-around performance in its equities & allied business, distribution business, and private wealth management business.

Strides Pharma gets USFDA approval for Ursodiol capsules

Strides Pharma Science Ltd announced that its wholly-owned subsidiary, Strides Pharma Global-Singapore, has received approval for Ursodiol capsules from the US Food & Drug Administration (USFDA). The tablets are indicated for the treatment of patients with Primary Biliary Cirrhosis (an autoimmune disease of the liver). The product will be manufactured at the company’s facility in Bengaluru and will be marketed by Strides Pharma Inc. in the US market.

Read more here.

Home First Finance Company IPO subscribed 27 times on final day

The initial public offering (IPO) of Home First Finance Company was subscribed 26.65 times on the final day of bidding (Jan 25). The issue has received bids for 41.43 crore equity shares against an offer size of 1.56 crore shares. The category reserved for qualified institutional buyers (QIBs) was subscribed 52.63 times. The reserved portion for non-institutional investors was subscribed 39.08 times and individual retail investors 6.60 times.

Read more here.

Aarti Drugs Q3 Results: Net profit jumps 144% YoY to Rs 68 crore

Aarti Drugs Ltd reported a 144.54% YoY increase in consolidated net profit to Rs 68 crore for the quarter ended December (Q3). It had posted a net profit of Rs 27.82 crore during the corresponding period in FY20. The company’s consolidated revenue rose 11.98% YoY to Rs 530.25 crore in Q3 FY21.

Categories
Market News Top 10 News

India’s Manufacturing PMI Falls to 3-month Low – Top Indian Market News

India’s manufacturing PMI falls to 3-month low

Factory activity in India fell to its lowest in three months (in November), which reflects a slower increase in sales and production. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) has declined from 58.9 in October to 56.3 in November. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

Read more here.

Dr. Reddy’s and RDIF begin clinical trials for Sputnik-V vaccine in India

Dr. Reddy’s Laboratories and the Russian Direct Investment Fund (RDIF) has commenced Phase 2/3 clinical trials for the Sputnik-V vaccine in India. The clinical trials are being conducted by JSS Medical Research. Dr. Reddy’s plans to administer the vaccine to 100 volunteers in phase 2 and 1,400 volunteers for the last stage. The company also expects the clinical trials to be completed by March.

Read more here.

Auto companies report strong sales performance

The sales data of major auto companies for the month of November was released today. Hero MotoCorp reported a 14% YoY growth in overall sales and had sold 5.91 lakh units in November. Tata Motors posted a 26% YoY rise in domestic sales. TVS Motor witnessed an overall sales growth of 21% YoY at 3.2 lakh units. The farm equipment sales of Mahindra & Mahindra jumped 56% YoY in November.

Read more here.

Bajaj Auto, Pierer Industrie AG start preliminary talks on stake transfer

Bajaj Auto Ltd has started a preliminary discussion with its Australian partner, Pierer Industrie AG, for simplifying their shareholding pattern in KTM. At present, Pierer Mobility AG (PMAG) and Bajaj Auto’s subsidiary (Bajaj Auto International Holdings BV) hold 51.7% and 48%, respectively, in KTM AG. Pierer Industrie is the parent company of PMAG and holds 60% in the company.

As part of the proposed transaction, Bajaj Auto will swap its 48% stake in KTM AG for a stake in PMAG. Then, both Pierer Industrie and Bajaj will move their stakes in PMAG to a new holding company.

Read more here

Divis Labs to start construction of Unit-III facility in Andhra Pradesh on Dec 7

Divis Laboratories stated that the construction of its Unit-III facility in Kona Forest, near Kakinada in Andhra Pradesh, will commence on December 7. The company will invest Rs 1,500 crore in a phased manner for the implementation of its Unit-III facility. The operations are likely to commence within 12-18 months for the first phase of the project.

Read more here.

TVS Motor acquires Intellicar Telematics for Rs 15 crore

TVS Motor Company Ltd has acquired Bengaluru-based Intellicar Telematics Pvt Ltd for Rs 15 crore. Intellicar provides advanced fleet management solutions through its integrated platform. It also has strong analytics and data management capabilities. This move will help TVS Motor to accelerate its ongoing digital initiatives for delivering enhanced customer experience.

Read more here.

Mindtree partners with Databricks to offer cloud-based data intelligence

Mindtree Ltd has partnered with US-based Databricks, a data and AI company, to help customers implement cloud-based data platforms for advanced analytics. The partnership will help organizations to accelerate their digital adoption journey and drive far-reaching business impact for customers. It will enable the seamless implementation of self-service analytics to improve data-driven decision making.

Read more here.

LTI selects Temenos to launch digital banking platform in the Nordic market

Larsen & Toubro Infotech (LTI) has partnered with Temenos to launch a digital banking platform in the Nordic region. The Nordic region consists of countries such as Denmark, Finland, Iceland, Norway, etc. The platform will help to modernize core banking systems and help financial institutions to reduce costs. Temenos India Pvt Ltd is a leading banking software company based in Bengaluru.

Read more here.

PNC Infratech wins EPC project in Andhra Pradesh

PNC Infratech Ltd has received a letter of acceptance (LoA) from the Andhra Pradesh Water Resources Department for an engineering, procurement, and construction (EPC) project. The cost of the project is Rs 1,000 crore. The order is for the upgradation of a canal system from Pothireddypadu Head Regulator and BCR Complex in Andhra Pradesh.

Read more here.

Sequent Scientific launches veterinary medicine in 19 European countries

Sequent Scientific Ltd announced the launch of veterinary medicine (Halofusol) in 19 European countries. The product had recently received approval from the European Medicines Agency (EMA), through its Spanish subsidiary- Laboratorios Karizoo, S A. The company has also stated plans to extend the launch to other geographies.

Read more here.