Tag: power mech projects

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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SpiceJet, Credit Suisse AG Resolve Financial Dispute – Top Indian Market Updates

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

SpiceJet, Credit Suisse AG tell SC they resolved financial dispute

SpiceJet Ltd and Swiss firm Credit Suisse AG told the Supreme Court they have resolved their financial dispute. The apex court allowed SpiceJet to withdraw its appeal against a Madras High Court verdict ordering that the airline be wound up on account of alleged non-payment of dues to Credit Suisse. As per Credit Suisse AG, SpiceJet had failed to honour its commitment to pay the bills for over $24 million for maintenance and repair of aircraft engines and components.

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Tata Motors secures order for 921 electric buses from BMTC

Tata Motors has secured an order for 921 electric buses from the Bengaluru Metropolitan Transport Corporation (BMTC). The automaker is all set to supply, operate and maintain 12-meter electric buses as part of the large tender announced by Convergence Energy Services Ltd (CESL). BMTC Managing Director G Sathyavathi said the order is essential for Bengaluru’s growing requirement for clean and sustainable public transport.

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HAL opens office in Kuala Lumpur to explore business operations in Southeast Asia

Hindustan Aeronautics Ltd (HAL) has signed a Memorandum of Understanding (MoU) with its representative in Kuala Lumpur (called Forte Drus) for tapping new opportunities in exporting weaponry to Malaysia. The office in Malaysia will help HAL to tap the new business opportunities for Fighter Lead-in Trainer, Light Combat Aircraft, and other requirements of the Royal Malaysian Air Force (RMAF).

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Power Mech Projects secures order worth Rs 6,163 crore from Adani Group

Power Mech Projects Ltd (PMPL) has secured an order for five Flue Gas Desulphurization (FGD) projects with an aggregating value of Rs 6,163.20 crore from Adani Group. The FGD projects will be used to install 15 FGD retrofits to coal-based units at Mundra, Tiroda, Kawai, and Udupi. These units will effectively curb sulphur-dioxide emissions and play a vital part in helping India achieve its ambitious goal of reducing emissions.

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IRCTC floats tender to appoint consultant for digital data monetisation

Indian Railway Catering & Tourism Corporation (IRCTC) has floated a tender to hire a consultant to monetise digital assets. The assets mentioned in the tender include rail ticketing data, user base, and passenger travel-related transactions. As per reports, IRCTC has estimated a revenue generation potential of Rs 1,000 crore through the monetisation of its digital assets.

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Datamatics Global Services partners with US-based AccessFares

Datamatics Global Services Ltd (DGSL) has entered into a long-term strategic partnership with AccessFares to enhance the customer experience for its premium international airfare services. DGSL will manage the premium international airfare services and help create value across the entire air ticketing, invoicing, and billing process. US-based AccessFares is a market leader in providing premium international airfares with significant discounts to customers globally.

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Lupin gets USFDA approval for Rufinamide tablets to treat seizures

Lupin Ltd has received approval from the US Food & Drug Administration (FDA) for Rufinamide tablets. The drug is used to treat the symptoms of Lennox-Gastaut Syndrome (seizures). They are available for oral administration as film-coated tablets. The product will be manufactured at Lupin’s facility in Goa. As per IQVIA MAT June 2022 data, Rufinamide tablets had estimated annual sales of $164 million (~Rs 1,306.4 crore) in the US.

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India sees a 7.6% fall in domestic air passengers in July: DGCA

The latest data by the Directorate General of Civil Aviation (DGCA) showed a 7.6% decline in the total number of domestic air passengers in July 2022 to 97 lakh. Around 1.05 passengers travelled by air in June. The rainy season is usually a lean period for India’s aviation sector. IndiGo carried 57.11 lakh passengers in July, a 58.8% share of the domestic market. Meanwhile, SpiceJet carried 7.76 lakh passengers last month.

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Tata Power Renewable Energy issues shares to BlackRock-Mubadala consortium for Rs 2,000 crore

Tata Power Renewable Energy’s board has approved the allotment of 8.36 crore equity shares on a preferential basis aggregating ~Rs 2,000 crore to GreenForest New Energies Bidco (GNEB). GNEB is a consortium led by BlackRock Real Assets and Mubadala Investment Company. This transaction is part of an investment deal worth Rs 4,000 crore, which BlackRock and Mubadala will infuse into Tata Power Renewable Energy.

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Nykd by Nykaa launches first flagship store in New Delhi

Nykd by Nykaa, the athleisure brand from Nykaa Fashion, has opened its first-ever physical retail space in Rajouri Garden, New Delhi. The store has a wide array of products across the innerwear, sleepwear, athleisure, and loungewear categories.

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Tata Motors Secures Biggest Ever EV Fleet Order – Top Indian Market Updates

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

Tata Motors bags biggest ever EV fleet order in India

Tata Motors Ltd has secured an order for the supply of 10,000 XPRES-T EV units from BluSmart Electric Mobility. The deployment of 10,000 units makes this the biggest ever EV fleet order in India. The vehicles will be used across India for commuters, helping minimise the carbon footprint.

In other news, Tata Motors has partnered with Kolte-Patil Developers Ltd to set up EV charging infra across Pune, Mumbai, and Bengaluru.

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Adani Enterprises to set up hyper-scale data centre at Bengal Silicon Valley

The West Bengal government has given approval to Adani Enterprises to set up a hyper-scale data centre at Bengal Silicon Valley. The project will come up on 51.75 acres of land. Bengal Silicon Valley is an innovative information technology hub. It is envisioned to attract investment in IT and telecom projects with employment potential.

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Zydus Lifesciences gets USFDA approval for Famotidine tablets

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Famotidine tablets. The drug is a histamine H2 receptor blocker, which works by reducing the amount of acid in the stomach. The pharma company will manufacture the product at its drug formulation facility at SEZ, Ahmedabad.

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TVS looks to raise up to Rs 5,000 cr in EV push: Report

TVS Motor Co. Ltd is reportedly in advanced talks to raise Rs 4,000-5,000 crore from private equity firms to fund the expansion plan of the group’s newly formed electric mobility arm. The company aims to consolidate its position as a leader in the EV segment through relevant product offerings and increase its network presence across India.  TVS has achieved a 19% market share in the highspeed electric scooter segment in FY 2021-22.

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Cyient to acquire Portugal-based Celfinet for €41 million

Cyient Ltd has signed a definitive agreement to acquire Celfinet, a Portugal-based wireless engineering services firm, for €41 million (~Rs 341 crore). Celfinet offers end-to-end network planning and performance optimization services. This acquisition will help Cyient strengthen its wireless engineering practice to support Communication Service Providers (CSPs) and enterprises to deploy their connectivity networks at scale.

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Automobile retail sales remained low in May compared to pre-Covid period: FADA

As per data from the Federation of Automobile Dealers Association (FADA), total retail vehicle sales stood at 16,46,773 in May 2022, compared to 5,36,795 units in the same period last year. Sales were lower by ~10% compared with the pre-covid month of May 2019. FADA said the government’s reduction in fuel prices will tame inflation and boost vehicle sales.

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L&T Construction to construct Bandra wastewater treatment facility

The Water & Effluent Treatment business of L&T Construction has secured a large order (in the range of Rs 2,500-5,000 crore) from the Brihanmumbai Municipal Corporation (BMC). The project involves the construction of a state-of-the-art wastewater treatment facility with best-in-class treatment standards.

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Power Mech Projects secured orders worth Rs 522 crore

Power Mech Projects Ltd (PMPL) has received a Letter of Award (LoA) for five separate work orders worth Rs 521.95 crore. The company bagged an order worth Rs 119 crore from BHEL for civil structural works for the flue gas desulphurization (FGD) system in the existing 1×800 megawatt (MW) North Chennai Thermal Power Plant. PMPL has secured an order worth Rs 126.91 crore from Thyssenkrupp Industries India for supplying structural steel fabricated items.

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IRB Infra Developers offers Vadodara Kim Expressway to IRB InvIT Fund

IRB Infrastructure Developers Ltd has offered Vadodara Kim Expressway to IRB InvIT Fund. The Vadodara Kim stretch, part of the Delhi-Mumbai Expressway (DME), is 23.740 km long and has a project cost outlay of Rs 2,094 crore. IRB InvIT Fund is a publicly offered and listed infrastructure investment trust (InvIT).

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WPI Inflation Rises to 13.11% in Feb – Top Indian Market News

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WPI inflation rises to 13.11% in February 

India’s wholesale price-based inflation accelerated to 13.11% year-on-year (YoY) in February, compared to 12.96% in January. Fuel and power inflation stood at 31.5% YoY in Feb, compared to 32.27% in Jan. Inflation in manufactured products rose 9.84% in Feb, as against 9.42% in the previous month. This signals that producers have begun passing part of their rising input costs to end-users. The food index moderated from a 24-month high of 9.55% in Jan to 8.47% in February.

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HAL signs pact with SASMOS to work together in aerospace domain

Hindustan Aeronautics Ltd (HAL) has signed a Memorandum of Understanding (MoU) with SASMOS to work together on advanced electronics, electrical, and fibre optic interconnections in the aerospace domain. The MoU is intended to explore business cooperation, especially in north India. Naini Aerospace Ltd (NAeL), a subsidiary of HAL, was also a signatory to the MoU.

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DLF to invest Rs 550 crore to construct office building for StanChart GBS in Chennai

DLF Limited has announced an investment of Rs 550 crore to construct a one-million sq. ft. office building for Standard Chartered Global Business Services’ campus in Chennai. In October 2020, DLF had pre-leased 7.7 lakh square feet of office space to StanChart GBS. The campus will be completed by mid-2024. The 2.3 million sq. ft. currently under construction would be completed by the first quarter of 2023 (H1 FY23). 

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Hero Electric partners with L&T Finance for retail financing solutions

Hero Electric has partnered with L&T Finance to offer customers easy financing solutions for its entire product portfolio across its 750-plus dealership network. Customers can avail hassle-free quick loan approvals in under 3 minutes at attractive interest rates, ranging from 7.99% onwards. Hero Electric is expanding personalized funding options and facilitating easy purchase decisions.

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Kotak Mahindra Bank hit by highest number of bank frauds in Apr-Dec FY22

Kotak Mahindra Bank has been hit by the highest number of frauds at 642, involving Rs 1 lakh and above, in the April-December period of 2021-22. It was followed by ICICI Bank and IndusInd Bank at 518 and 377 bank frauds, respectively. In the case of State Bank of India (SBI), the number of frauds declined over the last three years. There were as many as 923 incidents in FY18, 931 in FY19, 673 in FY20, and 283 in FY21.

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Alembic Pharma gets USFDA approval for Macitentan tablets

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Macitentan tablets. The drug is used to treat pulmonary arterial hypertension to delay disease progression. As per IQVIA December 2021 data, Macitentan tablets had an estimated market size of $797 million.

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L&T Construction secures contracts under its water and effluent treatment business

Larsen & Toubro Construction has received significant contracts (in the range of ~Rs 1,000-2,500 crore) under its water and effluent treatment business. The Gujarat Water Infrastructure (GWIL) has placed an order for the design and construction of the Dhanki-Navda Bulk Pipeline project. The business has also been awarded a project from a prestigious client for the supply, installation, testing, and commissioning of water distribution networks and large meter connections in Dubai. 

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Power Mech Projects secures order worth Rs 2,120 crore

Power Mech Projects Ltd has secured orders worth Rs 2,120 crore under the Indian government’s Jal Jeevan Mission (JJM) program. The company has won the orders under Phase-III projects in 2120 villages of Pratapgarh, Fatehpur, and Meerut districts in Uttar Pradesh. The Rs 3.6 lakh crore Jal Jeevan Mission aims to ensure tap water supply to all rural households by 2024.

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BHEL dispatches 42nd nuclear steam generator to NPCIL

Bharat Heavy Electricals Ltd (BHEL) has dispatched its 42nd nuclear steam generator to Nuclear Power Corporation of India Ltd (NPCIL). The steam generator is to be installed at a 700 MWe unit at NPCIL’s Rajasthan Atomic Power Project. BHEL has been catering to India’s nuclear program since 1976. It has designed, manufactured, and supplied critical nuclear components like reactor headers and steam turbine generators.

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Vodafone Idea partners with Nazara Technologies to launch Vi Games

Vodafone Idea (Vi), in partnership with Nazara Technologies Ltd, has launched Vi Games on the Vi App. The telecom operator’s customers will get access to a wide range of gaming content on Vi Games, including popular game titles from various franchises in India. It will offer over 1,400 gaming titles across 10 popular genres. Vi Games will be available in three categories on the Vi App— Free Games, Gold Games, and Platinum Games. 

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RIL subsidiary to acquire assets of Lithium Werks for $61 million

Reliance New Energy Ltd (RNEL) has signed a definitive agreement to acquire the assets of Lithium Werks BV for a total transaction value of $61 million (~Rs 466.5 crore). The assets include the entire patent portfolio of Lithium Werks, a manufacturing facility in China, and key business contracts. Lithium Werks is a leading provider of cobalt-free and high-performance Lithium Iron Phosphate (LFP) batteries. 

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WPI Inflation Hits Five-Month High of 12.54% in October – Top Indian Market News

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WPI inflation hits five-month high of 12.54% in October

India’s wholesale inflation accelerated to a five-month high at 12.54% in October 2021. The wholesale price index (WPI) grew 10.66% in September and 1.31% in October 2020. The high rate of inflation is primarily due to the rise in prices of mineral oils, basic metals, food products, crude petroleum & natural gas. Food inflation contracted 1.69% in October, compared to a 4.69% contraction seen in September. The inflation in manufactured products stood at 12.04% in October from 11.41% a month ago.

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HCC-KEC JV wins Rs 1,309 crore Chennai Metro order

Hindustan Construction Company (HCC), in consortium with KEC International Ltd, has secured a Rs 1,309 crore order as a part of the second phase of Chennai Metro Rail. The order entails the construction of an 11.61 km elevated viaduct section and 11 elevated stations on corridor-5 of the second phase of Chennai Metro. The order is scheduled to be completed in 36 months.

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Vodafone Idea clarifies on reports of getting SBI loan after govt’s relief measures

Debt-ridden Vodafone Idea Ltd issued a clarification on a Bloomberg report that suggested that the company may get fresh loans from State Bank of India (SBI) after the government’s relief measures. “The company keeps discussing with various banks its funding and other requirements in the ordinary course of its business, including with SBI who is one of our main bankers. As of now, there is no development, which would require disclosure under the SEBI Listing Regulations,” Vodafone Idea informed in an exchange filing. 

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Power Mech Projects secures orders worth Rs 725.17 crore

Power Mech Projects Ltd (PMPL) has secured two orders worth Rs 725.17 crore. The company has bagged an order worth Rs 645 crore from the National Highways Authority of India (NHAI). The order is for four-laning of NH-365A from Kodad to Khammam in Telangana under the Centre’s Bharatmala Pariyojana project. PMPL has received another order worth Rs 80.17 crore from Howe India to design and build a coal handling plant in Odisha.

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Ashok Leyland in talks with investors to raise funds for EV arm

Ashok Leyland Ltd is in talks with strategic and financial investors to raise funds for Switch Mobility, its newly formed electric vehicle (EV) subsidiary. The trucks and bus manufacturer has hived off its EV division to better tap growth opportunities through the onboarding of partners.  The company also plans to roll out CNG-fitted commercial vehicles during the later part of this financial year.

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Dixon Tech partners with BSH for manufacturing of fully automatic washing machine

Dixon Technologies (India) Ltd has commenced production of fully automatic washing machines for BSH Household Appliances Manufacturing Pvt Ltd. The product will be manufactured at Dixon’s state-of-the-art manufacturing facility at Tirupati. Germany-based BSH is the largest manufacturer of home appliances in Europe.

Bharti Airtel forms ESG Committee to strengthen its focus on sustainable business

Bharti Airtel has formed a Committee of Board of Directors, called the ESG Committee, to sharpen the company’s focus towards its Environmental, Sustainability, and Governance (ESG) agenda. The committee will provide strategic guidance and oversight to the company’s progress on ESG targets, initiatives, and best practices. The telecom operator has named Manish Kejriwal, Lead Independent Director on the Board, as the Chairman of the ESG Committee.

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Delhi HC rules in favour of Britannia over Good Day brand

The Delhi High Court has ruled in favour of Britannia Industries after it had challenged oral care maker Good Day over its brand name, which is identical to one of Britannia’s mainstay biscuit brands Good Day. The court has directed the oral care maker to stop manufacturing, selling, and advertising Good Day toothpaste. ‘Good Day’ is a known trademark of Britannia and protected across all product categories.

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Parliamentary panel stresses on cryptocurrency regulation in meeting: Report

A Parliamentary Standing Committee on Finance, led by former union minister Jayant Sinha, held a meeting today with industry associations and experts on cryptocurrency. During the meeting, there was a consensus that crypto can’t be stopped, but must be regulated, news agency ANI reported. The meeting saw the participation of representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), among others.

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Tata Steel revives plans to sell its Thailand business

Tata Steel Ltd (TSL) has revived plans to sell its Thailand business. The company looks to exit less profitable overseas units in the ongoing supercycle. The proposed sale, coming on the heels of TSL’s move to offload its Singapore business NatSteel Holdings, will aid the company cut its debt further. Bangkok-listed Tata Steel Thailand has a market value of over $410 million (~Rs 3,049 crore).

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JSW Steel’s Crude Steel Production Rises 29% YoY in Q2 – Top Indian Market News

JSW Steel reports 29% YoY rise in crude steel production in Q2

JSW Steel Ltd reported a 29% YoY increase in crude steel production at 5.07 million tonnes (MT) for the quarter ended Sept (Q2 FY22). The capacity utilisation at the standalone level was at 91% during the quarter. For the six months ending September 30, 2021, the company recorded crude steel production growth of 21% on a standalone basis and 45% at the steel group level.

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Rakesh Jhunjhuwala-backed Akasa Air to start operations by 2022

Akasa, the new airline backed by ace investor Rakesh Jhunjhunwala, has received a No Objection Certificate (NOC) from the Ministry of Civil Aviation. SNV Aviation Pvt Ltd will fly under the brand name “Akasa Air” with Vinay Dube as CEO. The airline will now seek a license from the Directorate General of Civil Aviation (DGCA) to commence operations in the summer of 2022. Akasa Air aims to be India’s most dependable, affordable, and greenest airline.

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Power Mech Projects secures orders worth Rs 448.6 crore

Power Mech Projects Ltd has received a Letter of Intent (LoI) for orders worth Rs 448.60 crore. The project includes the operation and maintenance of 2×660 megawatt (MW) Mutiara Thermal Power Plant in Melamaruthur Village, Tuticorin. The company has also received a miscellaneous civil works order for Screening Plant-III in Kirandul, Chattisgarh, from NMDC Ltd.

Prestige Estate Projects registeres highest quarterly sales in Q2

Prestige Estates Projects registered its highest-ever quarterly sales of Rs 2,111.90 crore and collections of Rs 1,551.50 crore during Q2 FY22. The company’s sales rose 88% YoY and collections jumped 35% YoY during the same period. In terms of volume, the real estate developer sold 3.54 million square feet area in Q2, compared to 1.77 million sq. ft. area in the corresponding period last year.

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Macrotech Developers signs 5 JVs in H1 to build projects worth Rs 4,500 crore

Macrotech Developers has formed five joint ventures (JVs) since April 2021 to develop projects that have a sales potential of Rs 4,500 crore. The company is aiming to enter into five more such tie-ups with landowners by the end of the current financial year (FY22). The development potential in five joint development agreements (JDAs) is around 4 million square feet in various micro-markets of Mumbai Metropolitan Region (MMR) and Pune. Mumbai-based Macrotech Developers markets its properties under the ‘Lodha’ brand.

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Saregama India Q2 Results: Net profit rises 19.9% YoY to Rs 33.8 crore

Saregama India Ltd reported a 19.9% year-on-year (YoY) increase in consolidated net profit to Rs 33.8 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 24.31% when compared to the previous quarter. Its total revenue from operations rose 34.21% YoY to Rs 145.09 crore during the same period. The revenue from Saregama India’s music business rose 21% YoY to Rs 121.58 crore in Q2. Revenue from the TV & film division surged 238% YoY to Rs 22.35 crore.

Tata Motors reports 24% rise in group global wholesales in Q2

Tata Motors Ltd reported a 24% YoY increase in group global wholesales (including Jaguar Land Rover) to 2,51,689 units in Q2 FY22. Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range during the quarter stood at 89,055 units, up 57% YoY. The global wholesales of all passenger vehicles in Q2 rose 11% YoY to 1,62,634 units. JLR’s global sales stood at 78,251 units during the same period.  

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Glenmark Pharma launches Tavulus for COPD treatment in Spain

Glenmark Pharmaceuticals has launched the Tiotropium Bromide dry powder inhaler (DPI) under the brand name Tavulus in Spain. The drug is used for the treatment of chronic obstructive pulmonary disease (COPD). COPD is a long-term condition that causes inflammation in the lungs, damaging the lung tissue and narrowing the airways, all of which make breathing difficult. Tavulus helps to open the airways and makes it easier for air to get in and out of the lungs. 

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Ramkrishna Forgings Q2 Results: Net profit rises 78.45% QoQ to Rs 44.05 crore

Ramkrishna Forgings Ltd reported a 1,934.97% YoY jump in consolidated net profit to Rs 44.05 crore for the quarter ended Sept (Q2 FY22). Net profit rose 78.45% when compared to the previous quarter. Its revenue from operations rose 129.67% YoY to Rs 578.82 crore during the same period. Total income and net profit have surged 172.39% YoY and 345.30% YoY, respectively, for the half-year ended Sept 2021. The company has declared an interim dividend of Rs 0.5 per share.

Alembic Pharma gets EIR from USFDA for Karakhadi facility

Alembic Pharmaceuticals Ltd has received an Establishment Inspection Report (EIR) from the US Food & Drug Administration (USFDA) for its new injectable facility at Karakhadi, Gujarat. The USFDA has indicated that a compliance verification would be performed during the re-inspection of the facility in the next review cycle. Vadodara-based Alembic Pharma is a leading provider of active pharmaceutical ingredients (APIs) and generic formulations.

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Finance Ministry Announces Rs 6.28 lakh crore Stimulus Package – Top Indian Market News

Finance Ministry announces relief measures for sectors impacted by Covid-19

Union Finance Minister Nirmala Sitharaman has announced a Rs 6.28 lakh crore stimulus package to boost Covid-affected sectors. An amount of Rs 23,220 crore will be set aside for the expansion of medical infrastructure for one year. Once issuance resumes, five lakh tourist visas will be issued free of charge. This incentive will cost the government around Rs 100 crore. 

The Finance Ministry also announced a Rs 1.1 lakh crore loan guarantee scheme for Covid-affected sectors. Under this scheme, around 25 lakh beneficiaries will be able to borrow up to Rs 1.25 lakh through micro-finance institutions (MFIs). The cap of the Emergency Credit Line Guarantee Scheme (ECLGS) will be raised from Rs 3 lakh crore to Rs 4.5 lakh crore. The Centre will also allocate Rs 3.03 lakh crore to revamp state-owned power distribution companies.

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HAL Q4 Results: Net profit rises 31% YoY to Rs 1,622 crore

Hindustan Aeronautics Ltd (HAL) reported a 31.27% YoY increase in consolidated net profit to Rs 1,622.19 crore for the quarter ended March (Q4). Net profit has increased by 90% when compared to the previous quarter. Its total income rose 4.38% YoY (or 97% QoQ) to Rs 10,870.24 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 12.37% YoY to Rs 3,239.46 crore. HAL’s board has recommended a final dividend of Rs 30 per share.

Tata Motors to launch 10 new electric vehicles by 2025

Tata Motors Ltd has announced plans to roll out 10 new battery electric vehicles (BEVs) in its domestic portfolio by 2025. Going ahead, the automaker plans to drive its business model towards sustainable mobility. The company is also exploring opportunities to invest in lithium cell manufacturing in India and Europe. This is to establish a proper supply chain for its zero-emission vehicles in the coming decade. Tata Motors will also leverage its resources to set up a wide network of charging infrastructure in India. 

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NALCO Q4 Results: Net profit jumps 830% YoY to Rs 935 crore

National Aluminium Company Ltd (NALCO) reported an 830.99% YoY jump in consolidated net profit to Rs 935.74 crore for the quarter ended March (Q4). Net profit has increased by 290.36% when compared to the previous quarter. Its total income rose 40.75% YoY (or 19% QoQ) to Rs 2,874.47 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) jumped 853.8% YoY to Rs 1,299.41 crore.

Power Mech Projects secures order worth Rs 9,300 crore from Coal India

Power Mech Projects Ltd has received an order worth Rs 9,294 crore for a mine development and operation (MDO) project from Central Coalfields Ltd (CCL), a subsidiary of Coal India. The contract consists of mine infrastructure development, extraction of coking coal, processing, crushing, and transportation of coal to a washery of CCL. The project has been awarded to a consortium of Power Mech Projects and AMR India. Interestingly, the market cap of Power Mech Projects is less than Rs 1,000 crore.

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Tech Mahindra to acquire US-based Brainscale

Tech Mahindra Ltd, through its wholly-owned subsidiary Tech Mahindra (Americas) Inc., will acquire a 100% stake in US-based Brainscale. The cost of the acquisition is $28.8 million (~Rs 214 crore). Brainscale is a cloud-focused company that has expertise in cloud consulting, application development, and data analytics. This acquisition will help Tech Mahindra drive the growth of its cloud-related IT services in the North American market.

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KIOCL gets in-principle approval for mining in Devadari mines

The Union Ministry of Environment, Forests, and Climate Change has given Stage-I approval for the diverting 401.57 hectares of forest land at Devadari Hill Range in Ballari district (Karnataka) for iron ore and manganese ore mining by KIOCL Limited. The contract is for a period of 50 years. The Stage-II clearance is likely to be received by the end of the current financial year. Mining operations are expected to commence in 2022-23 (FY23).

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Commercial Bank of Kuwait selects TCS’ BaNCS for treasury solutions

The Commercial Bank of Kuwait (CBK) has selected Tata Consultancy Services (TCS) Ltd’s ‘BaNCS for Treasury’ solution to manage risks, enhance asset class coverage, and drive future growth. The solution will help CBK offer a wider range of cash and derivative treasury products and integrate various trading and messaging platforms. It will also help CBK offer extensive accounting and reporting capabilities and manage cash and positions in real-time.

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NLC India Q4 Results: Net profit rises 52% YoY to Rs 756 crore

NLC India reported a 51.9% YoY increase in consolidated net profit to Rs 756.83 crore for the quarter ended March (Q4). Its revenue from operations declined by 7.4% YoY to Rs 2,839.55 crore during the same period. The revenue from the lignite mining segment declined by 24.88% YoY to Rs 1,258.93 crore in Q4. Net profit for the financial year 2020-21 (FY21) declined by 7.4% YoY to Rs 1,345.44 crore. NLC India’s board has recommended a final dividend of Rs 1.5 per share. NLC India is a state-owned company engaged in fossil fuel mining and thermal power generation.

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Emami hikes stake in male grooming startup The Man Company

Emami Limited has increased its stake in Helios Lifestyle from 33.09% to 45.96%. Helios Lifestyle is a direct-to-consumer startup that sells male grooming products under The Man Company brand. It offers a wide range of premium men’s grooming products under the bath and body, beard management, shaving, and perfumes category. FMCG firm Emami said this investment was in line with its strategy of leveraging emerging online opportunities brought about by rapid digitisation. This transaction makes Emami the largest shareholder in Helios Lifestyle.

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Tech Mahindra’s Net Profit Declines 17.4% QoQ in Q4 – Top Indian Market News

Tech Mahindra Q4 Results: Net profit declines 17.4% QoQ to 1,081 crore

Tech Mahindra reported a 17.4% quarter-on-quarter (QoQ) decline in net profit to Rs 1,081 crore for the quarter ended March (Q4). Net profit is up 34.6% on a year-on-year (YoY) basis. The IT firm’s revenue rose 0.9% QoQ to Rs 9,730 crore during the same period. Its total contract value (TCV) during the quarter more than doubled to $1 billion (~Rs 7,480 crore), compared with $455 million in Q3 FY21. Tech Mahindra has also announced the acquisition of US-based Eventus Solutions Group for $44 million. The company’s board has approved a final dividend of Rs 30 per share.

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Reliance, BP start production from second deepwater gas field in KG-D6 block

Reliance Industries Ltd (RIL) and UK-based BP Plc have started production from their second new deepwater gas field in the KG-D6 block on the east coast of India. The Satellite Cluster field will produce gas from four reservoirs utilising a total of five wells. It is expected to reach gas production of up to 6 million standard cubic meters per day. RIL is the operator of the KG-D6 block with a 66.67% participating interest, while BP holds 33.33%.

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HDFC Life Q4 Results: Net profit rises 2% YoY to Rs 317 crore

HDFC Life Insurance Company Ltd reported a 2% YoY increase in standalone net profit to Rs 317.94 crore for the quarter ended March (Q4). Its net premium income (NPI) rose 23% YoY to Rs 12,868 crore during the same period. HDFC Life sold around 9.8 lakh new individual policies during the quarter, registering a growth of 10% YoY. The company’s board has recommended a final dividend of Rs 2.02 per share.

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Mindtree partners with US-based Duck Creek Technologies

Mindtree Limited has partnered with US-based Duck Creek Technologies to improve customer experience for UPC Insurance customers through the implementation of Software-as-a-Service (SaaS)-based core systems. The services include policy, billing, claims, data insights, and insurance technology solutions. Multiple applications will be consolidated on a single integrated platform using OnDemand— DuckCreek’s solution for the property and casualty (P&C) insurance industry.

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SBI Cards Q4 Results: Net profit jumps 110% YoY to Rs 175 crore

SBI Cards and Payment Services Ltd reported a 110% YoY increase in net profit to Rs 175 crore for the quarter ended March (Q4). Total income fell to Rs 2,468 crore during the same period, compared with Rs 2,510 crore in Q4 FY20. Interest income stood at Rs 1,072 crore, and income from fees and services increased 16% YoY to Rs 1,114 crore in Q4 FY21. Gross non-performing assets (NPAs) stood at 4.99% of gross advances, compared to 2.01% in Q4 FY20. 

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Natco seeks emergency approval to launch Covid-19 drug Molnupiravir in India

Natco Pharma Limited has applied to the Central Drugs Standard Control Organisation (CDSCO) for approval of Phase-III clinical trial of Molnupiravir Capsules, used for the treatment of Covid-19 patients. The capsule was developed by American pharma major Merck, along with Ridgeback Biotherapeutics. According to pre-clinical data, patients treated with Molnupiravir achieved response within 5 days of therapy— indicating that the duration of treatment with the capsule is short.

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Castrol India Q1 Results: Net profit rises 95% YoY to Rs 243 crore

Castrol India Limited reported a 94.5% YoY increase in net profit to Rs 243.60 crore for the quarter ended March (Q4). Total sales rose 65.5% YoY to Rs 1,138.70 crore during the same period. The company reported healthy cash from operations at Rs 269 crore in Q4 FY21, which is equivalent to 1.1 times of profit after tax. Castrol India manufactures and markets automotive and industrial lubricants, as well as specialty products.

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Power Mech Projects secures contract worth Rs 343 crore

Power Mech Projects Limited has received a Letter of Intent from the Singareni Collieries Company for a contract worth Rs 343.44 crore. The project consists of the operation and maintenance of the 2×660 megawatt (MW) Singareni Thermal Power Plant in Pegadapalli, Telangana. Power Mech Tech operates as an engineering and construction company, which provides erection, testing, and commissioning (ETC) services for power projects.

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Tata Motors expects temporary hit on demand; to calibrate supplies

Tata Motors Limited has adopted a ‘business agility plan’ through which it aims to calibrate and match supplies with retail demand. The automaker will ensure that optimal levels of inventory are maintained with dealers to meet customer demands. It will also be prepared for a rebound in demand once the situation returns to normalcy. Like most other auto companies, Tata Motors is also expecting a temporary disruption in vehicle demand and supply of parts amidst lockdowns imposed due to a surge in Covid-19 cases.

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Biocon Biologics, Viatris receive approval for cancer drug

Biocon Biologics (a subsidiary of Biocon Ltd) has received marketing authorisation approval from the European Commission for Abevmy 100 & 400 mg. The approved drug is a biosimilar of Bevacizumab and was co-developed with Viatris Inc. Abevmy is indicated for the treatment of metastatic colorectal carcinoma, metastatic breast cancer, ovarian, cervical, and renal cancer as part of a specific regimen. 

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DGCA extends fare capping on domestic flights till May 31

The Directorate General of Civil Aviation (DGCA) has decided to extend fare capping on domestic flights till May 31. The aviation authority has also limited flight capacity of domestic flights at 80% of pre-Covid levels. This new move has been done in view of the prevailing Covid-19 situation in the country. Last month, the DGCA had announced that the suspension of international flights has been extended till April 30. However, international scheduled flights may be allowed on selected routes by the concerned authority on a case-to-case basis.

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India’s Services PMI Rises to 55.3 in February – Top Indian Market News

India’s services PMI rises to 55.3 in February

India’s services activity expanded at the fastest rate in a year in February. This was driven by an extended robust recovery in domestic demand. However, employment had fallen further and overall input costs increased last month. The IHS Markit Purchasing Managers’ Index (PMI) for services stood at 55.3 in February, compared to 52.8 in January. PMI is a month-on-month calculation and a value of more than 50 represents an expansion when compared to the previous month. 

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Tata Power to develop 15 MW solar project for Tata Steel in Jamshedpur

TP Saurya, a wholly-owned subsidiary of Tata Power Ltd, has signed a Power Purchase Agreement (PPA) with Tata Steel Ltd (TSL) to develop a 15 megawatt (MW) solar power project in Jamshedpur, Jharkhand. The energy will be supplied to TSL under the PPA, which is valid for a period of 25 years from the scheduled commercial operation date. The project will be commissioned within 6 months.

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SpiceJet partners with WheelTug for reserving electric taxi system production slots

SpiceJet Limited has partnered with WheelTug Plc for reserving 400 production slots for the electric taxi system. This system allows SpiceJet to move an aircraft forward or backward without powering its engines or using external tugs. It will help the airline in saving fuel, cut costs, and also reduce carbon emissions.

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MTAR Tech IPO subscribed 3.68 times on first day of bidding

The Rs 596.41-crore initial public offering (IPO) of MTAR Technologies was subscribed 3.68 times on the first day of bidding. The issue received bids for 2.67 crore equity shares against an offer size of 72.60 lakh shares. The portion reserved for retail investors was subscribed 6.93 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 1.02 times. 

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Infosys secures $500 million deal from Google: Report

As per a report from Economic Times, Infosys Limited has won a nearly $500 million (~Rs 3,640 crore) deal from Alphabet Inc.’s Google to provide customer experience and engineering support for its products. The report states that this is “one of the largest all-digital deals” in customer experience services.

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Mahindra Logistics, Bajaj Electricals signs logistics agreement worth Rs 1,000 crore

Mahindra Logistics Ltd (MLL) has signed an agreement with Bajaj Electricals Ltd (BEL) to handle its end-to-end logistics network and solutions. The total contract value will be over Rs 1,000 crore over the next 5 years. MLL has developed a fully redesigned and consolidated logistics network for BEL. The network includes storage optimization, transportation management, and inventory movement services.

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Power Mech Projects secures multiple orders worth Rs 734 crore

Power Mech Projects Ltd announced that it has received Letters of Award (LoAs) for orders worth Rs 734 crore. The construction firm has won an order worth Rs 401 crore for the operation and maintenance of boilers & auxiliaries and other miscellaneous works of the 4×660 megawatt (MW) Thermal Power Plant of Vedanta Ltd in Jharsuguda, Odisha. The company has also won an order of Rs 198 crore for engineering, procurement, and construction (EPC) works for Kurmitar Iron Ore Mining Pvt Ltd in Odisha.

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Kalpataru Power Transmission secures orders worth Rs 1,554 crore

Kalpataru Power Transmission Ltd has secured orders worth Rs 1,554 crore. The orders include those from India, the Commonwealth of Independent States (countries such as Azerbaijan, Armenia, Georgia, etc), and Latin America in the power transmission business. The company’s international subsidiary has also received new power transmission projects in Europe.

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Bank of Baroda raises Rs 4,500 crore through QIP

Bank of Baroda has raised Rs 4,500 crore through a qualified institutional placement (QIP). The capital raising committee of the bank’s board has approved the issue and allotment of 55.07 crore equity shares to eligible qualified institutional buyers (QIBs) at Rs 81.70 per share. The issue had opened on February 25 and closed on March 2. 

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RPP Infra secures orders worth Rs 1,000 crore

RPP Infra Projects said it has won four work orders worth Rs 1,000 crore. The company has received an order from the Tamil Nadu Water Supply and Drainage Board for Rs 131.14 crore. It has also bagged an order worth Rs 558.66 crore from the Highways Department as part of the Chennai-Kanyakumari Industrial Corridor project. The third order is from the Chennai Municipal Corporation’s Storm Water Drain department, which is worth Rs 187.14 crore. The fourth order is from the Water Resource Department, Tamil Nadu for the renovation, extension, and modernisation of the Lower Bhavani Project main canal in Erode District worth Rs 123.07 crore.

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