Tag: praj industries

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M&M Reports 8-Fold Jump in Net Profit in Q2 – Top Indian Market News

Mahindra & Mahindra Q2 Results: Net profit jumps 785% YoY to Rs 1,432 crore

Mahindra & Mahindra Ltd reported a 785% YoY jump in net profit to Rs 1,431.7 crore for the quarter ended September (Q2 FY22). Net profit increased 67% compared to the previous quarter. Its revenue from operations rose 14.7% YoY (or 13% QoQ) to Rs 13,305.4 crore during the same period. The automaker sold 99,334 vehicles in Q2, an increase of 9% YoY. Tractor sales fell 5% YoY to 88,920 units. The surge in profit was aided by strong export volumes and by mitigating some impact from the severe global semiconductor shortage.

M&M has announced plans to launch 16 electric vehicles (EVs) by 2027 across SUV and light commercial vehicle categories to strengthen its position in India’s electric mobility segment. The automaker will invest Rs 3,000 crore into EV development. 

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Praj Industries partners with Indian Oil to produce cleaner fuel

Praj Industries Ltd and Indian Oil Corporation have signed a Memorandum of Understanding (MoU) to explore opportunities in the production of alcohol to jet (ATJ) fuels, 1G & 2G ethanol, compressed bio-gas (CBG), and related opportunities in the biofuels industry. This MOU will boost ATJ fuel production capacity and its use in India to curb emissions emanating from the airplanes as per the International Air Transport Association’s (IATA) mandate. Indian Oil and Praj will also collaborate to set up biofuel production facilities, including biodiesel, and ethanol.

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MRF Q2 Results: Net profit falls 54% YoY to Rs 189 crore

MRF Limited reported a 53.9% YoY decline in consolidated net profit to Rs 189.06 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 15.62% YoY to Rs 4,907.81 crore during the same period. The tyre manufacturer’s board has declared an interim dividend of Rs 3 per share.

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BHEL Q2 Results: Net loss narrows to Rs 46 crore

Bharat Heavy Electricals Ltd (BHEL) reported a consolidated net loss of Rs 46.58 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 552.38 crore in the corresponding quarter last year (Q2 FY21). Its revenue from operations rose 42.6% YoY to Rs 4,910.62 crore in Q2 FY22. Total expenses stood at Rs 5,275.39 crore during the July-Sept quarter of FY22, an increase of 16.2% YoY.

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Tata Motors partners with Bank of India for vehicle financing

Tata Motors has partnered with Bank of India (BOI) to offer finance options to all its passenger vehicle customers. BOI will provide loans to Tata Motors’ customers at an interest rate starting from as low as 6.85%. The scheme will offer a maximum of 90% financing on the total cost of the vehicle, which includes insurance and registration. The offers through the partnership will be applicable on the ‘New Forever’ range of conventional cars, SUVs, and EVs for personal segment buyers.

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Indraprastha Gas Q2 Results: Net profit rises 30% YoY to Rs  crore

Indraprastha Gas Ltd (IGL) reported a 30% YoY increase in net profit to Rs 400.54 crore for the quarter ended September (Q2 FY22). The company’s turnover rose 39% YoY to Rs 2,005.07 crore during the same period. IGL registered an average daily sale of 7.24 million metric standard cubic meters per day (mmscmd) in Q2 FY22 compared to 5.50 mmscmd in Q2 FY21, recording a growth of 32%.

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IRCON International emerges lowest bidder for order worth Rs 5,142 crore

IRCON International has emerged as the lowest (L-1) bidder in a tender valuing approximately Rs 5,142 crore floated by National High-Speed Rail Corporation (NHSRCL). The order involves the design, supply, and construction of track and track-related works (including testing and commissioning) for the double-line high-speed railway between Zaroli village and Vadodara in Gujarat. The completion period of the project is approx. 6.5 years.

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IDFC Q2 Results: Net profit at Rs 262 crore

IDFC Limited reported a consolidated net profit of Rs 262.55 crore for the quarter ended September (Q2 FY22). During the quarter, the company had received Rs 200 crore as its share of profit from its associates and joint ventures. It had posted a net loss of Rs 146.68 crore in the corresponding quarter last year (Q2 FY21). 

The Board of Directors of IDFC Ltd has approved the merger scheme of IDFC Alternatives Ltd, IDFC Trustee Company Ltd, and IDFC Projects Ltd (wholly-owned subsidiary companies) into IDFC.

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PowerGrid Q2 Results: Net profit rises 9% YoY to Rs 3,376 crore

Power Grid Corporation of India reported a 9% YoY increase in consolidated net profit to Rs 3,376.38 crore for the quarter ended September (Q2 FY22). Its total income rose 7% YoY to Rs 10,514.74 crore during the same period. During the quarter, 2,100 circuit kilometers (ckm) of transmission lines and 14,000 megavolt-ampere (MVA) transformation capacity were added. 

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Mazagon Dock delivers 4th Scorpene Submarine ‘Vela’ to Indian Navy

Mazagon Dock Shipbuilders Ltd (MDL) has delivered the fourth Scorpene Submarine of Project P-71 to the Indian Navy. It will be commissioned as INS Vela. With the delivery of Vela, MDL has lived up to its reputation as one of the country’s leading shipyards and reaffirmed India’s membership in the exclusive club of submarine-building nations.

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Tata Motors Reports Net Loss of Rs 7,605 crore in Q4 – Top Indian Market News

Tata Motors Q4 Results: Net loss at Rs 7,605 crore

Tata Motors reported a consolidated net loss of Rs 7,605.4 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 9,894.3 crore in the corresponding quarter last year (Q4 FY20) and a net profit of Rs 2,906.45 crore in Q3 FY21. The automaker’s consolidated revenues rose 42% YoY to Rs 88,728 crore in Q4 FY21. The company’s exceptional loss related to Jaguar Land Rover (JLR) stood at nearly Rs 14,000 crore during the quarter. Its India business posted a 106% YoY jump in revenues to Rs 20,046 crore in Q4. 

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L&T Infotech signs digital banking deal with Hoist Finance

L&T Infotech (LTI) has entered into a strategic engagement with Sweden-based Hoist Finance AB to provide banking-as-a-service for performing loans segment through its digital banking platform. The platform will enable Hoist Finance to be more scalable and ensure faster on-boarding of new asset classes across regions. LTI’s digital banking platform provides agility and higher security at a lower total cost of ownership.

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Canara Bank Q4 Results: Net profit at Rs 1,011 crore

Canara Bank reported a net profit of Rs 1,011 crore for the quarter ended March (Q4). It had posted a net loss of Rs 3,259 crore in the corresponding quarter last year (Q4 FY20). Net interest income (NII) rose 68.4% YoY to Rs 5,589 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio stood at 8.93%, compared with 7.46% in the previous quarter (Q3 FY21). The bank’s provisions and contingencies declined to Rs 4,134 crore in Q4, compared with Rs 4,325 crore in the October-December quarter (Q3).

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Praj Industries develops technology to produce bio-bitumen based on lignin

Praj Industries announced that it has developed a technology to produce bio-bitumen based on lignin. The Netherlands-based Circular Biobased Delta has approved the company’s samples processed from Purified Lignin, as a part of their flagship CHAPLIN program. Lignin is one of the co-products resulting from 2nd generation ethanol plants, paper making, and also from compressed biogas plants. Bitumen is a black viscous mixture of hydrocarbons used in road construction and roofing.

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Jyothy Labs Q4 Results: Net profit rises 3% YoY to Rs 27 crore

Jyothy Labs reported a 2.59% YoY increase in consolidated net profit to Rs 27.28 crore for the quarter ended March (Q4). Its revenue from operations rose 26% YoY to Rs 495.11 crore during the same period. The FMCG firm incurred an exceptional expense of Rs 23.5 crore in Q4. The Managing Director of Jyothy Labs said they have been witnessing good traction across segments and are aligned to achieve higher growth. The company’s board has recommended a final dividend of Rs 4 per share.

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Majesco partners with Infosys to accelerate digital transformation for insurers

Majesco and Infosys have announced a strategic collaboration through which they will work to help joint customers accelerate their digital transformation journey. Infosys’ insurance domain and digital capabilities combined with Majesco’s cloud-based next-generation suite of solutions will accelerate growth and innovation for the insurance industry. Through this partnership, the companies will enable insurers to unlock new opportunities, address the demand for personalised customer experiences, and ensure digital adoption across the insurance business value chain.

Torrent Pharma Q4 Results: Net profit rises 3% YoY to Rs 324 crore

Torrent Pharmaceuticals reported a 3.18% YoY increase in consolidated net profit to Rs 324 crore. Its total revenue rose 0.15% YoY to Rs 1,915 crore during the same period. The pharma company’s India revenues grew 10% YoY to Rs 992 crore, while revenues from the US market declined 30% YoY to Rs 269 crore. The company’s board has recommended a final dividend of Rs 15 per share. Its board has also approved the raising of up to Rs 5,000 crore through the issuance of equity shares, convertible debentures, or via qualified institutional placement (QIP) or any other mode. 

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Ujjivan SFB Q4 Results: Net profit rises 86% YoY to Rs 136 crore

Ujjivan Small Finance Bank reported an 86.59% YoY increase in net profit to Rs 136.49 crore for the quarter ended March (Q4). Its total operating income declined 16.22% YoY to Rs 617.85 crore during the same period. Total deposits grew 22% YoY to Rs 13,136 crore. The gross non-performing assets (GNPA) ratio stood at 7.1%, compared with 1% in Q4 FY20. For the financial year ended March 31, 2021 (FY21), net profit declined 97.6% YoY to Rs 8.30 crore.

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Abbott India Q4 Results: Net profit rises 37% YoY to Rs 152 crore

Abbott India reported a 37.4% YoY increase in net profit to Rs 152.47 crore for the quarter ended March (Q4). Net profit has declined by 13.93% when compared with the previous quarter. Its revenue from operations rose 14% YoY to Rs 1,095.54 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 16.49% YoY to Rs 690.69 crore. The drugmaker’s board has recommended a final dividend of Rs 120 per share and a special dividend of Rs 155 per share.

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CCI approves acquisiton of additional 25% stake of Krishnapatnam Port by Adani Ports

The Competition Commission of India (CCI) has approved the proposed acquisition of an additional 25% shareholding of Krishnapatnam Port by Adani Ports and Special Economic Zone Ltd (APSEZ). The cost of acquisition of the 25% stake from Vishwa Samudra Holdings will be Rs 2,800 crore. After the successful completion of the acquisition, Krishnapatnam Port will become a wholly-owned subsidiary of APSEZ. The all-weather, deep water port has a multi-cargo facility with an annual capacity of 64 million tonnes.

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Route Mobile Q4 Results: Net profit jumps 161% YoY to Rs 35 crore

Route Mobile reported a 161.81% YoY jump in consolidated net profit to Rs 35.37 crore for the quarter ended March (Q4). Net profit has declined by 6.9% when compared to the previous quarter. Its revenue rose 36.38% YoY to Rs 362.44 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 128.8% YoY to Rs 133.32 crore. The company’s board has recommended a dividend of Rs 2 per share. Route Mobile is a leading cloud communications platform provider based in Mumbai.

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Tata Consumer Reports Net Profit of Rs 133 crore in Q4 – Top Indian Market News

Tata Consumer Products

Tata Consumer Q4 Results: Net profit at Rs 133.34 crore

Tata Consumer Products Ltd reported a net profit of Rs 133.34 crore for the quarter ended March (Q4). It had posted a net loss of Rs 50 crore in the corresponding period last year (Q4 FY20). On a quarterly basis, net profit has declined by 44% in Q4 FY21. The company’s revenue from operations rose 26.2% YoY (down 1% QoQ) to Rs 3,037.22 crore during the same period. Tata Consumer opened 39 new stores and entered 7 new cities in FY21. The FMCG firm’s board has declared a final dividend of Rs 4.05 per share.

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Coforge Q4 Results: Net profit rises 17% YoY to Rs 133 crore

Coforge Limited reported a 17.08% YoY increase in consolidated net profit to Rs 133 crore for the quarter ended March (Q4). On a quarterly basis, net profit has risen by 9.02%. Its revenue from operations rose 13.7% YoY to Rs 1,261.5 crore during the same period. The IT firm secured new businesses worth $ 201 million (~Rs 1,482 crore) during the quarter. Coforge’s board has declared a dividend of Rs 13 per share. 

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IEX reports 90% YoY growth in volume of power traded in April

The electricity market at the Indian Energy Exchange (IEX) posted a 90.2% YoY growth in volume to 7,707 million units (MU) in April 2021. The rise in electricity consumption has been the key factor behind the consistent performance of the exchange market. IEX’s real-time market saw its highest ever monthly volume of 1,473 MU in April, up 4.2% from March. Its day-ahead market posted a 54% YoY volume growth to 5,699 MU last month.

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Bajaj Healthcare launches ‘Ivejaj’ tablets for Covid-19 treatment

Bajaj Healthcare Ltd (BHL) announced the launch of its anti-parasitic drug ‘Ivejaj’ (Ivermectin), which is to be used for the treatment of Covid-19 infections. The pharma company has received approval from the Drugs Controller General of India (DCGI) to manufacture and market the tablets. BHL said it has successfully developed the active pharmaceutical ingredient (API) and the formulation for Ivermectin through its own in-house research & development (R&D) team.

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Praj Industries Q4 Results: Net profit jumps 109% YoY to Rs 52 crore

Praj Industries Ltd reported a 109.21% YoY increase in net profit to Rs 52 crore for the quarter ended March (Q4). Its revenue from operations rose 91.4% YoY to Rs 567.10 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 15.11% YoY to Rs 81.07 crore. The company’s board has recommended a final dividend of Rs 2.16 per share.

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CCI orders probe against Tata Motors for alleged unfair business practices

The Competition Commission of India (CCI) has ordered a detailed probe against Tata Motors for alleged abuse of dominant position with respect to dealership agreements. The order was based on two complaints filed against Tata Motors, Tata Capital Financial Services, and Tata Motors Finance Ltd. The CCI has observed that Tata Motors has imposed unfair terms and conditions in the dealership agreement for commercial vehicles in abuse of its dominant position.

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Caplin Point Q4 Results: Net profit rises 35% YoY to Rs 66 crore

Caplin Point Laboratories reported a 35.75% YoY increase in consolidated net profit to Rs 66.37 crore for the quarter ended March (Q4). On a quarterly basis, net profit has risen by 3%. Its revenue from operations rose 22.7% YoY to Rs 288.17 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 12.69% YoY to Rs 242.28 crore.

Subex partners with Snowflake for AI-driven Augmented Analytics

Subex has partnered with US-based Snowflake to bring the power of artificial intelligence (AI)-driven Augmented Analytics to enterprises. Through Subex’s HyperSense platform, both companies will combine competencies to enable enterprises to accelerate their data analytics journey. Through the partnership, Subex and Snowflake aim to bring increased efficiency and agility to enterprises and help them create greater value for their businesses.

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Adani Transmission FY21 Results: Net profit rises 82% YoY to Rs 1,290 crore

Adani Transmission Ltd reported an 82% YoY increase in consolidated net profit to Rs 1,290 crore for the financial year ended March 31, 2021 (FY21). Its revenue from operations declined by 14% YoY to Rs 8,840 crore during the same period. The company added 2,536 circuit kilometers to its transmission network in FY21, taking the total network to 17,276 ckt km. The firm also reported strong transmission system availability at more than 99.87%.

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NTPC Renewable Energy signs PPA with GUVNL

NTPC Renewable Energy, a wholly-owned subsidiary of NTPC Ltd, has entered into a power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) to sell electricity from its 150 megawatt (MW) solar project.  As per the agreement, the project will sell power at a tariff of Rs 2.20 per kilowatt-hour (kWh). With this, NTPC’s total capacity under tariff-based competitive bidding (TBCB) tenders has increased to 1.4 gigawatt (GW).

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Adani Power Q4 Results: Net profit at Rs 13.13 crore

Adani Power Limited reported a consolidated net profit of Rs 13.13 crore for the quarter ended March (Q4 FY21).  It had posted a net loss of Rs 1,312.86 crore in the corresponding period last year (Q4 FY20). Revenue from operations rose to Rs 6,902 crore, compared with Rs 6,327.57 crore in Q4 FY20. Adani Power achieved an Average Plant Load Factor (PLF) of 59.6% and aggregate sales volumes of 14.8 billion units (BU) during the quarter. This is compared with an average PLF of 65.5% and sales volumes of 16.5 BU in Q4 FY20

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TCS Reports 15% YoY Rise in Net Profit in Q4 – Top Indian Market News

TCS Q4 Results: Net profit rises 15% YoY to Rs 9,246 crore

Tata Consultancy Services (TCS) reported a 14.8% year-on-year (YoY) increase in net profit to Rs 9,246 crore for the quarter ended March (Q4). The IT firm’s revenue rose 9.4% YoY to Rs 43,705 crore during the same period. The company’s revenue from the Banking, Financial Services, and Insurance (BFSI) vertical rose 15% YoY to Rs 17,559 crore. TCS’s board has recommended a final dividend of Rs 15 per share. 

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Retail inflation rises to 5.52% in March; IIP contracts 3.6% in February

Retail inflation in India, measured by the Consumer Price Index (CPI), rose to 5.52% in March 2021. The CPI had increased steeply from 4.06% in January to 5.03% in February— due to a surge in food and fuel prices. Meanwhile, the Index of Industrial Production (IIP) contracted by 3.6% in February. The overall industrial output had contracted by 1.6% in January. The manufacturing sector output contracted by 3.7% in February, while mining output declined by 5.5%.

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Flipkart partners with Adani Group to strengthen logistics, data centre infrastructure

E-commerce major Flipkart has entered into a commercial partnership with the Adani Group to strengthen its logistics and data centre capabilities. Flipkart will work with Adani Logistics (a wholly-owned subsidiary of Adani Ports) to strengthen its supply chain infrastructure and further enhance its ability to serve its rapidly growing customer base. The Walmart-owned company will also set up its third data centre at AdaniConneX’s Chennai-based facility. This partnership will create around 2,500 direct jobs.

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Sputnik V vaccine recommended for emergency use approval in India

The Subject Expert Committee of the Drugs Controller General of India (DCGI) has recommended the use of Russia’s Sputnik V Covid-19 vaccine in the country. Sputnik V will be the third vaccine to be used in India after Serum Institute’s Covishield (developed by Oxford-AstraZeneca) and Bharat Biotech’s Covaxin. Sputnik V, manufactured in India by Dr. Reddy’s Laboratories, has an efficacy rate of 91.6%.

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Man Industries secures order worth Rs 766 crore

Man Industries (India) Limited has received an order worth Rs 766 crore from the domestic hydrocarbon sector. With this new order, the company’s total order book to be executed this year stands at approximately Rs 1,900 crore. Mumbai-based Man Industries is a leading manufacturer and exporter of large-diameter Carbon Steel Line Pipes used for various high-pressure transmission applications.

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Coforge to acquire controlling stake in SLK Global Solutions

Coforge Limited has signed definitive agreements to acquire a controlling stake in Bengaluru-based SLK Global Solutions. This is part of the company’s efforts to strengthen its financial services vertical. Coforge will acquire an 80% stake in the business process transformation (BPT) enterprise over the next two years (in various tranches). The acquisition of the first 60% stake is for a cash consideration of Rs 918.3 crore. 

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Passenger vehicle sales in India decline by over 2% in 2020-21: SIAM

According to a report by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales in India declined by 2.24% YoY to 27.11 lakh units in the financial year 2020-21. The figure stood at 27.73 lakh units in the previous financial year. Total commercial vehicle sales declined 20.77% YoY to 5.68 lakh units in FY21. Two-wheeler sales fell by 13.19% YoY to 1.51 crore units during the same period.

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JMC Projects receives new orders worth Rs 1,262 crore

JMC Projects (India) Limited has secured building projects in India worth Rs 1,059 crore. The company has also received a water project worth Rs 203 crore from the Maldives. Its total order wins for FY 2020-21 was around Rs 7,900 crore. JMC Projects is a civil engineering and EPC company. It is a subsidiary of Kalpataru Power Transmission Ltd.

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Praj Industries to set up ethanol plant for Godavari Biorefineries

Praj Industries Limited has secured an order from Godavari Biorefineries to set up a sugarcane syrup-based ethanol plant in Karnataka. Under the contract, Praj Industries will expand the existing ethanol manufacturing capacity of the plant to 600-kilo liter per day (KLPD), from the existing 400 KLPD, using sugarcane syrup. When commissioned, it will become India’s largest capacity syrup-based ethanol plant. 

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Solara Active Pharma’s board approves merger with Aurore Life Sciences

The Board of Directors of Solara Active Pharma Sciences Ltd has approved a merger with Hyderabad-based Aurore Life Sciences Pvt. Ltd with itself. After the merger, Solara will hold a 67% stake in Aurore Pharma Pvt., while promoter shareholding in Solara will increase from 42.57% to 55.15%. Solara’s board has also approved the merger of Empyrean Lifesciences and Hydra Active Pharma Sciences with itself.

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Reliance Jio Launches ‘JioBusiness’ to Digitally Transform MSMEs – Top Indian Market News

Reliance Jio launches ‘JioBusiness’ to digitally transform MSMEs

Reliance Jio has launched an integrated technology solution- JioBusiness to transform around 5 crore micro, small, and medium enterprises (MSMEs) in India. The company will provide enterprise-grade fiber connectivity that offers voice and data services. It will also provide digital solutions that help enterprises manage and grow their businesses. JioBusiness will offer devices to enable leading digital solutions for MSMEs. 

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Vehicle registrations fell 13.43% YoY in February: FADA

As per data released by the Federation of Automobile Dealers Associations (FADA), overall vehicle registrations declined by 13.43% year-on-year (YoY) to around 14.99 lakh in February 2021. The figure stood at over 17.31 lakh units in the corresponding period last year (Feb 2020). However, the data shows that registration of passenger vehicles grew by 10.59% YoY to 2.54 lakh units last month. 

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Puravankara to invest Rs 450 crore to develop residential project in Mumbai

Puravankara Limited will invest Rs 450 crore to develop a mixed-use residential project in Chembur, Mumbai. The project, named ‘Purva Clermont’, will come under the developer’s luxury portfolio World Home Collection. The project will be built on a 2.25-acre land parcel and will have five towers— four residential buildings with 233 units and one commercial office building. Construction of the project will begin in 3 months and is expected to be completed by 2025.

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L&T delivers 700 MW steam generator ahead of schedule

Larsen & Toubro (L&T) has despatched the first out of four 700 MWe (megawatt electrical) steam generators for the Gorakhpur Haryana Anu Vidyut Pariyojana (GHAVP) ahead of schedule. With this, the company has created a new global benchmark in the nuclear manufacturing industry. The hi-tech equipment was manufactured at L&T’s manufacturing facilities at Hazira and Vadodara Heavy Engineering Works (VHEW).

[GHAVP is a proposed 2,800 MW nuclear power plant that is being built on a 560-hectare area near Gorakhpur village in Haryana]

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JMC Projects signs agreement with FDC to construct 2,000 social housing units in Maldives

JMC Projects (India) Limited has signed an agreement with Fahi Dhiriulhun Corporation Ltd (FDC) for the design, finance, and construction of 2,000 social housing units in Hulhumale Island of Maldives. FDC is a state-owned company of the Government of Maldives. The total value for the project is estimated to be around $137 million (~Rs 1,000 crore). Mumbai-based JMC Projects is a leading construction company. It is also a subsidiary of Kalpataru Power Transmission Limited. 

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Inox Wind signs pact for 92 MW-projects with Integrum Energy

Inox Wind Limited has signed an agreement with Integrum Energy Infrastructure to supply, erect, and commission 92 megawatts (MW) of wind power projects. The projects comprise 2 MW turbines with a combination of total turnkey and limited scope supply services. The company will supply and commission wind turbines at Gujarat, Karnataka, Maharashtra, and Tamil Nadu by the third quarter of the next financial year (FY 2021-22). 

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Aurionpro Solutions enters into partnership with UK-based Future-Tech

Aurionpro Solutions Ltd has entered into a strategic partnership with UK-based Future-Tech for data center design and consultancy projects in India & South Asia. In recent years, the company has ventured into data centre building, consulting, and hybrid cloud services. Aurionpro will provide consultancy and assistance for rolling out 100 MW data centres for one of its customers within the next few years. Mumbai-based Aurionpro Solutions is an IT services company. It is also engaged in the sale of equipment and software licenses.

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Easy Trip Planners IPO subscribed 7.20 times on second day of bidding

The Rs 510-crore initial public offering (IPO) of Easy Trip Planners was subscribed 7.20 times on the second day of bidding. The issue received bids for 10.85 crore equity shares against an offer size of 1.5 crore shares. The portion reserved for retail investors was subscribed 32.71 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 4.05 times and that of qualified institutional buyers (QIBs) 28%.

To know more about the IPO, click here.

Praj Industries secures order from HPCL for setting up biogas plant

Praj Industries has received an order from Hindustan Petroleum Corporation Ltd (HPCL) for setting up a compressed biogas (CBG) plant at Badaun, Uttar Pradesh. The company will offer its RenGas technology to produce CBG from rice straw. The project will have the capacity to process 35,000 metric tonnes (MT) of rice straw as feedstock to generate 5,250 MT of CBG annually. Praj Industries stated that this project will be completed and commissioned within 12 months.

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Indoco Remedies launches Brinzolamide Ophthalmic Suspension in the US

Indoco Remedies Limited has announced the launch of Brinzolamide Ophthalmic Suspension in the United States. The product is developed and manufactured by Indoco Remedies for TEVA Pharmaceuticals at its facility in Goa. It is used to treat high pressure inside the eye due to ocular hypertension and open-angle glaucoma. As per IQVIA data, the US market size of this product stood at $184 million (~Rs 1,343 crore) as of December 2020.

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Jubilant Foodworks completes acquisition of 100% stake in Fides Food

Jubilant Foodworks announced that its wholly owned subsidiary, Jubilant Foodworks Netherlands B.V., has successfully completed the acquisition of 100% stake of Fides Food Systems Coöperatief U.A. Fides Food is the beneficial owner of 32.81% equity shares in DP Eurasia, which is the master franchisee of Domino’s Pizza in four countries— Turkey, Azerbaijan, Russia, and Georgia. The total value of the acquisiton was nearly Rs 252 crore.

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Covid-19 Expert Panel Recommends SII’s Covishield for Emergency Use – Top Indian Market News

Covid-19 expert panel recommends SII’s Covishield for emergency use

The Subject Expert Committee (SEC) on Covid-19 of the Central Drugs Standard Control Organisation (CDSCO) has recommended granting emergency use authorisation (EUA) for ‘Covishield’, a Covid-19 vaccine developed by Oxford University and AstraZeneca. The Pune-based Serum Institute of India (SII) has tied up with AstraZeneca to manufacture Covishield in India. The Drugs Controller General of India (DCGI) will now take the final decision on emergency approval of the vaccine based on the expert panel’s recommendations.

After SII’s application, the SEC has started reviewing the EUA application by Bharat Biotech for its Covid-19 vaccine, Covaxin, and is yet to take a final decision on the matter.

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Tata Sons overtakes GoI as largest promoter of listed companies

As per a report from Business Standard, Tata Sons has overtaken the Government of India (GoI) as the largest promoter of listed companies. This is the first time in nearly two decades that the government has not held the position. This has been due to the decline in the market capitalisation of state-run companies. The report states that Tata Sons’ stake in the conglomerate’s listed companies is now worth Rs 9.28 lakh crore, up 34.4% on a year-on-year (YoY) basis.

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Automobile companies register improved sales growth in December

Major automobile companies registered healthy sales growth during December 2020. Maruti Suzuki posted a 20.2% YoY increase in total sales at 1.60 lakh units in December, which was led by compact vehicles, LCVs, and vans. Mahindra & Mahindra announced that its overall passenger vehicle sales were up 3% YoY at 16,182 units, with a 3% growth in exports at 2,210 units. Escorts Ltd’s domestic tractor sales grew 90% YoY at 7,230 units, while exports were up 63.3% at 503 units.

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WHO approves Pfizer-BioNTech vaccine for emergency use

The World Health Organization (WHO) announced that it has cleared the Pfizer-BioNTech coronavirus vaccine for emergency use. This means that poorer countries may soon get access to the shot, which is already available in Europe and North America. Every country that has a drug regulatory agency will have to issue its own approval for any COVID-19 vaccine. However, countries with weak systems usually rely on the WHO to vet the shots.

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TCS completes acquisition of Postbank Systems from Deutsche Bank AG

Tata Consultancy Services (TCS), on Friday, said it has completed the acquisition of 100% shares of Postbank Systems AG (PBS) from Deutsche Bank AG. PBS has been the internal IT provider for Postbank AG, a subsidiary of Deutsche Bank. It caters to the German retail banking market. In November 2020, TCS had announced its plans to acquire Postbank Systems through its subsidiary, Tata Consultancy Services Netherlands B.V.

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Praj Industries bags Rs 226 crore order from Indian Oil Corporation

Praj Industries Ltd, on Friday, said it has bagged a Rs 226.90 crore order from Indian Oil Corporation Ltd (IOCL). The company stated that the order is for the execution of a zero liquid discharge system – water treatment package and wastewater treatment package of Acrylic/Oxo-Alcohol Project, at IOCL Dumad in Gujarat. Praj Industries is a Pune-based industrial biotechnology company.

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Coal India output rises 6% to 157 million tonnes in Q3

Coal India Ltd’s output grew 6.3% YoY at 156.8 million tonnes (MT) during the October-December quarter (Q3). The company had reported an output of 147.5 MT during the same period in the previous financial year (FY20). The state-owned mining company also posted over 9% YoY growth in offtake at 154.6 MT during Q3 FY21. [Coal offtake is the amount of coal supplied from the coal mine]

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Gayatri Projects declared lowest bidder for road project worth Rs 1,323 crore

Gayatri Projects Ltd said it has been declared as the lowest bidder for a road project worth Rs 1,323.52 crore. The company has been declared as an L-1 bidder for the development of a six-lane access-controlled highway in the Uttar Pradesh portion of the Delhi-Saharanpur Highway. Gayatri Projects is a Hyderabad-based construction engineering company.

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Dabur launches ‘Dabur Red Pulling Oil’, an Ayurvedic mouthwash

Dabur India Ltd has announced its entry into the mouthwash category with the launch of Dabur Red Pulling Oil, an Ayurvedic mouthwash. The launch of this Ayurvedic detox for teeth and gums marks another first for Dabur and the Ayurvedic products industry in India. Priced at Rs 275 for a 195ml pack, Dabur Red Pulling Oil is initially available across all leading e-commerce platforms and will soon be rolled out through regular retail channels.

Adani Green secures 600 MW wind-solar hybrid power project

Adani Green Energy announced that its subsidiary, Adani Renewable Energy Holding Eight Ltd, has received the contract to build a 600 megawatts (MW) wind-solar hybrid power project. This will take the company’s total project portfolio to 14,795 MW. The fixed tariff for this project is Rs 2.41 per unit for a period of 25 years. The project is scheduled to be commissioned in 18 months from the effective date of the power purchase agreement.

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