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RBI Bars Paytm Payments Bank From Onboarding New Customers – Top Indian Market News

RBI bars Paytm Payments Bank from onboarding new customers

Reserve Bank of India (RBI) has directed Paytm Payments Bank (PPB) to stop onboarding new customers with immediate effect. The central bank has cited serious supervisory concerns observed in the bank. RBI has also directed PPB to appoint an audit firm to conduct a comprehensive audit of its IT system.

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Titan Company’s arm to acquire 17.5% stake in Great Heights Inc for $20 million

TCL North America Inc (TCLNA), a subsidiary of Titan Company Ltd, has signed a pact to acquire 17.5% voting rights in US-based Great Heights Inc for $20 million (~Rs 152 crore). This strategic investment will provide Titan a close view of the fast-growing Lab Grown Diamond (LGD) and Direct-to-Consumer (D2C) sectors. Great Heights retails LGD jewellery through its brand Clean Origin.

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Automobile dispatches fall 23% YoY in Feb: SIAM

Automobile dispatches from factories to dealerships across India declined 23% YoY in February as various supply-side challenges continued to impact demand. This includes the global semiconductor shortage and rise in vehicle prices due to the implementation of new regulations. Wholesales of domestic passenger vehicles, two-wheelers, and three-wheelers fell to 13,28,027 units in Feb 2022. The figure stood at 17,35,909 units in Feb 2021.

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Punjab & Sind Bank to acquire 2% stake in NARCL for Rs 55 crore

Punjab & Sind Bank Ltd has entered into an agreement to acquire a 2% stake in National Asset Reconstruction Company Ltd (NARCL or bad bank) for Rs 55 crore. The equity investment will be done in tranches. The first investment of Rs 28.18 crore is expected to be completed by March 31, 2022. NARCL was incorporated in July 2021 to act as a bad bank for the quick resolution of bad assets (NPAs) of banks. 

In other news, ICICI Bank has announced plans to acquire a 5% stake in NARCL for Rs 137.5 crore.

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Strides Pharma gets USFDA approval for Colchicine tablets

Strides Pharma Global Singapore (SPGS) has received approval from the US Food & Drug Administration (USFDA) to market Colchicine tablets. The drug is used to treat and prevent gout (a common form of arthritis). According to IQVIA MAT January 2022 data, Colchicine tablets had annual sales of $85 million. SPGS is a step-down wholly-owned subsidiary of Strides Pharma Science Ltd.

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DB Realty-led company gets LoA for Mumbai project

DBS Realty, a partnership firm of DB Realty Ltd, has received a Letter of Acceptance (LoA) from the Municipal Corporation of Greater Mumbai (MCGM) to construct 4,000 tenements. The project includes the construction, completion, and handing over of tenements of carpet area 27.88 metres to MCGM. DBS Realty will receive land Transferable Development Rights (TDR) and construction TDR of 1.56 million square feet. It will also get premium per tenement at Rs 39.60 lakh, aggregating to Rs 1,584 crore.

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G R Infra emergest lowest bidder for project in Madhya Pradesh

G R Infraprojects Ltd has emerged as the lowest (L-1) bidder for a project in Rajgarh Special Economic Zone (SEZ), Madhya Pradesh. The order includes the establishment of a transmission system for evacuation of power from RE Projects in Rajgarh SEZ (2500 MW). The project is on a build, own, operate, and maintain (BOOM) basis.

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Vedanta, Welspun, 29 others in race to acquire Mittal Corp

Vedanta Ltd, Welspun Corp, and Jindal Stainless Ltd are among 29 applicants that have shown interest in acquiring distressed steel company Mittal Corp. Mittal Corp is currently undergoing insolvency proceedings and is among 15 shortlisted companies to be transferred to a bad bank. To increase participation, the resolution professional may either invite Expression of Interests (EoIs) again or extend the deadline. 

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IIP growth recovers to 1.3% in January

India’s Index of Industrial Production (IIP) grew 1.3% year-on-year (YoY) in January 2022. It had fallen to a 10-month low of 0.4% in December 2021. Industrial output clocked a growth of 13.7% for April 2021-January 2022, compared to a contraction of 12% in April 2020-Jan 2021. Manufacturing growth grew 1.1% in January 2022, compared to a 0.9% contraction in Jan 2021.

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Nestle India’s Net Profit Falls 20% YoY in Q4 – Top Indian Market News

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Nestle India Q4 Results: Net profit falls 20% YoY to Rs 387 crore

Nestle India Ltd reported a 19.9% YoY decline in net profit to Rs 386.66 crore for the quarter ended December (Q4 CY21). The company follows the January-Dec financial year cycle. Its revenue rose 9% YoY to Rs 3,739.32 crore during the same period. EBITDA stood at Rs 865.6 crore, up 11% YoY. The FMCG firm reported a one-time loss of Rs 236 crore due to past service costs. Nestle India’s board has declared a final dividend of Rs 65 per share.

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Purvankara to invest Rs 1,550 crore in Kochi realty project

Puravankara Ltd will invest over Rs 1,550 crore to construct a 3 million mixed-use project at Kochi, Kerala. It is part of the realty firm’s plan to expand business amid the rise in demand for apartments post the second wave of the Covid-19 pandemic. The company is expecting a sales realisation of ~Rs 3,000 crore from this project over the next 6-7 years.

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Jio loses 1.29 crore subscribers, Airtel adds 4.75 lakh in December: TRAI

Reliance Jio lost 1.29 crore wireless subscribers, and its total subscriber base fell to 41.57 crore in December 2021. Bharti Airtel gained 4.75 lakh subscribers, and its overall mobile user base stood at 35.57 crore during the same month. Meanwhile, Vodafone Idea (Vi) lost 16.14 lakh subscribers in Dec, and its user base shrunk to 26.55 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

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Apollo Hospitals to operate, manage tertiary care hospital in Uzbekistan

Apollo Hospitals has entered into a partnership with Marafon Group to operate and manage (O&M) an upcoming tertiary care hospital in Uzbekistan. The O&M agreement is for 10 years, which can be extended automatically for a period of 10 years thereafter. Apollo will provide clinical, technical, and feasibility support, along with helping Marafon in setting up diagnostics and pharmacy.

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Maruti Suzuki partners with Quicklyz for vehicle subscription program

Maruti Suzuki India Ltd (MSIL) has partnered with Quiklyz by Mahindra Finance for its vehicle subscription program, Subscribe. Quiklyz will offer a white plate subscription, wherein the vehicle is registered under the user’s name and hypothecated to the subscription partner for a range of MSIL vehicles. MSIL’s Subscribe service is currently available in 20 cities across India.

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Ashok Leyland expects turnaround in CV biz; targets 30% market share in FY23

Ashok Leyland Ltd is eyeing a strong comeback in the commercial vehicle (CV) segment this year. The company is looking to consolidate its position in the intermediate commercial vehicle (ICV) segment. It is also betting on the overall improvement in economic conditions and gradual easing of supply chain issues to cross 30% of the overall market share in the CV segment in FY 2022-23.

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Vedanta signs pact with TERI to accelerate ESG goals

Vedanta Ltd has signed a pact with The Energy and Resources Institute (TERI) to accelerate its environmental, social, and governance (ESG) goals. The company plans to invest ~Rs 200 crore over the next 5-10 years in research & development (R&D) and various initiatives to promote and build a sustainable ecosystem.

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RITES, IIT-Madras signs MoU for marine infra works

RITES has signed a Memorandum of understanding (MoU) with the Indian Institute of Technology, Madras (IIT-M), to cooperate and explore marine infrastructure works. The two entities will collaborate for providing engineering consultancy services and enhancing knowledge sharing for the development of marine infrastructure.

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Punjab & Sind Bank’s gets board approval to raise Rs 4,600 crore by issuing shares to govt

The board of Punjab & Sind Bank (PSB) has given the approval to raise equity capital worth Rs 4,600 crore by issuing preference shares to the government. The Delhi-headquartered bank had posted a record net profit of Rs 301 crore in the quarter ended December 2021. It had posted a net loss of Rs 2,376 crore in the same quarter a year ago.

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BSE EBIX partners with LIC to distribute insurance products

BSE Ebix Insurance Broking Pvt Ltd has signed an Insurance Broker Agreement for the distribution of Life Insurance Corporation (LIC) products on its platform. Under this agreement, BSE EBIX will offer its clients insurance products offered by LIC using its omnichannel digital presence. BSE Ebix is a joint venture of BSE Limited and Ebix Fincorp Exchange Pte Ltd.

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Amara Raja Batteries Reports 38% YoY Rise in Net Profit in Q4 – Top Indian Market News

Amara Raja Batteries Q4 Results: Net profit rises 38% YoY to Rs 189 crore

Amara Raja Batteries reported a 38% YoY increase in consolidated net profit to Rs 189.38 crore for the quarter ended March (Q4). Net profit has declined by 2.23% when compared to the previous quarter. Its revenue from operations rose 33% YoY to Rs 2,102.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 2.11% YoY to Rs 646.83 crore. The company’s board has announced a final dividend of Rs 6 per share. 

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Adani Green Energy’s arm transfers 74% stake of Mundra Solar Energy to Adani Tradecom

Adani Renewable Energy Holding Four Ltd, a wholly-owned subsidiary of Adani Green Energy, has transferred 74% shareholding of Mundra Solar Energy Ltd (MSEL) to Adani Tradecom LLP (ATLLP). The subsidiary has transferred 7,400 equity shares of the face value of Rs 10 each, aggregating to Rs 74,000, to ATLLP. MSEL is incorporated to manufacture crystalline silicon solar PV cells, modules, and ancillary products. It is yet to commence business operations.

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AkzoNobel Q4 Results: Net profit rises 37% YoY to Rs 74 crore

AkzoNobel India reported a 37% YoY increase in consolidated net profit to Rs 74.25 crore for the quarter ended March (Q4). Net profit has declined by 15% when compared to the previous quarter. The paints manufacturer’s revenue declined 9% YoY to Rs 2,421.3 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 12.56% YoY to Rs 207.64 crore. The company’s board has announced a dividend of Rs 30 per share.

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Hero MotoCorp to resume production at all plants from May 24

Hero MotoCorp said it will resume production at all its manufacturing plants in India from May 24 (Monday). The two-wheeler manufacturer had temporarily shut down operations from April 22 due to the second wave of the Covid-19 pandemic. At the beginning of this week, the company had resumed partial operations at its three plants at Gurugram, Dharuhera (Haryana), and Haridwar (Uttarakhand).

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Natco Pharma gets USFDA approval for generic cancer treatment drug

Natco Pharma Limited has received approval from the US Food & Drug Administration (USFDA) for generic Lenalidomide capsules. The drug is indicated for the treatment of adults with multiple myeloma, mantle cell lymphoma, and myelodysplastic syndromes (cancer). The pharma company has also received final approval for its Abbreviated New Drug Application (ANDA) for Everolimus tablets. This drug is indicated for the treatment of organ rejection in kidney and liver transplants.

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Punjab & Sind Bank Q4 Results: Net profit at Rs 161 crore

Punjab & Sind Bank reported a net profit of Rs 161 crore for the quarter ended March (Q4 FY21). It had reported a net loss of Rs 236 crore in the corresponding quarter last year (Q4 FY20). This is the first quarterly profit for the bank after eight consecutive quarters of net losses. Its total income declined by 15.24% YoY to Rs 1,940.62 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has widened to Rs 2,732.90 crore. This is compared with a net loss of Rs 990.80 crore in FY20.

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FTSE includes Gland Pharma, IRFC in All World Index

Index provider FTSE has included newly listed stocks Gland Pharma and Indian Railway Finance Corporation (IRFC) in its All World index as part of its quarterly rebalancing review.  FTSE will also implement the fourth and final tranche of India Foreign Ownership Limit (FOL) changes. All changes will be effective from June 21, 2021. According to a report from Edelweiss Alternate Research, the inclusion of Gland Pharma and IRFC in the All World index is likely to bring in an estimated inflow of $68 million and $20 million, respectively.

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TVS Electronics Q4 Results: Net profit at Rs 5.85 crore

TVS Electronics has reported a standalone net profit of Rs 5.85 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 5.69 crore in the corresponding period last year (Q4 FY20). Its revenue from operations rose 35.79% YoY to Rs 72.31 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has increased by 97.44% YoY to Rs 0.77 crore.                     

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TCS launches innovation hub to boost sustainable development in Europe

Tata Consultancy Services has launched a co-innovation and advanced research centre in Amsterdam to bring together an ecosystem of partners from academia, government institutions, start-ups, and technology providers. TCS Pace Port Amsterdam will serve as a hub for TCS teams to co-innovate with European customers, guiding them through the discovery, definition, refinement, and delivery phases of innovation.

TCS has also announced plans to set up over 100 Covid-19 vaccination centres across India. The IT company is partnering with hospitals and health care providers to procure doses for vaccinating its associates and their families.

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MCX Q4 Results: Net profit declines 41% YoY to Rs 38 crore

Multi Commodity Exchange of India reported a 41% YoY decline in consolidated net profit to Rs 38.44 crore for the quarter ended March (Q4). Net profit has declined by 46.5% when compared to the previous quarter. Its total income declined by 19.62% YoY to Rs 108.46 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit fell 4.77% YoY to Rs 225.22 crore. MCX’s board has announced a final dividend of Rs 27.70 per share.

Mangalam Cement Q4 Results: Net profit rises 134% YoY to Rs 36 crore

Mangalam Cement reported a 134.5% YoY increase in standalone net profit to Rs 36.4 crore for the quarter ended March (Q4). Net profit has declined by 2% when compared to the previous quarter. Its revenue from operations rose 38.42% YoY to Rs 410.82 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 43.5% YoY to Rs 108.98 crore. Mangalam Cement’s board has declared a dividend of Rs 1.50 per share. 

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JK Cement Posts 74% YoY Jump in Profits to Rs 217 crore – Top Indian Market News

JK Cement Q3 Results: Net profit rises 74% YoY to Rs 217 crore

JK Cement Ltd reported a 74.82% YoY increase in consolidated net profit to Rs 217.28 crore for the quarter ended December (Q3). Its revenue from operations rose 24.52% YoY to Rs 1,832.71 crore during the same period. JK Cement’s board has approved the setting up of an integrated greenfield grey cement plant of 4 million tonnes per annum by its wholly-owned subsidiary Jaykaycem (Central) Ltd at Panna, Madhya Pradesh.

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Delhi Govt floats tender to set up 500 EV charging points at 100 locations

Delhi Power Minister Satyender Jain announced that the state government has floated a tender to set up 500 electric vehicle (EV) charging points at 100 locations. The estimated timeline to complete the project is one year. Earlier this week, Delhi Chief Minister Arvind Kejriwal launched ‘Switch Delhi’, an awareness campaign that aims to sensitize citizens about the benefits of switching to EVs. The Delhi government plans to ensure that 25% of new vehicles will be electric by 2024.

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BHEL Q3 Results: Net loss at Rs 217 crore 

Bharat Heavy Electricals Ltd (BHEL) reported a consolidated net loss of Rs 217 crore for the quarter ended December (Q3). It had posted a net profit of Rs 161.81 crore in the corresponding quarter last year. The state-run company’s revenue declined 21.6% YoY to Rs 4,451.4 crore in Q3 FY21. BHEL said its operations had recovered as compared to the previous quarter (Q2), but pre-Covid levels are yet to be achieved.

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Punjab & Sind Bank Q3 Results: Net loss at Rs 2,375 crore

Punjab & Sind Bank reported a net loss of Rs 2,375.53 crore for the quarter ended December (Q3). It had posted a net loss of Rs 255.49 crore in the corresponding quarter last year. Net income fell 9.1% YoY to Rs 1,763.10 crore during the October-December period (Q3 FY21). The bank’s gross non-performing assets (NPAs) remained high at 13.14%, compared to 13.58% in Q3 FY20. Provisions for bad loans and contingencies increased to Rs 2,924.69 crore, compared with Rs 494.30 crore in Q3 FY20.

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VRL Logistics Q3 Results: Net profit rises 54% YoY to Rs 40 crore

VRL Logistics Ltd reported a 54% YoY increase in net profit to Rs 39.74 crore for the quarter ended December (Q3). Its revenue rose 1.11% YoY to Rs 563.42 crore during the same period. The company’s board has approved a proposal to buyback shares (of the face value of Rs 10 each) at Rs 300 per share. The maximum buyback size will be Rs 60 crore.

Affle India Q3 Results: Net profit roses 43% YoY to Rs 30 crore

Affle India Ltd reported a 43.08% YoY increase in net profit to Rs 30.69 crore for the quarter ended December (Q3). Its revenue rose 59.32% YoY to Rs 150.49 crore during the same period. Affle India is a global technology company with a proprietary consumer intelligence platform that delivers consumer acquisitions, engagements, and transactions through relevant mobile advertising. 

Divi’s Labs Q3 Results: Net profit rises 31% YoY to Rs 471 crore

Divi’s Laboratories reported a 31.05% YoY increase in net profit to Rs 470.62 crore for the quarter ended December (Q3). The drug firm’s revenue rose 22% YoY to Rs 1,720.76 crore during the same period. In December 2020, Divi’s Labs became the second listed pharma company in India after Sun Pharma to cross the Rs 1 lakh crore market capitalisation mark.

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AstraZeneca gets DCGI approval for Dapagliflozin tablets

AstraZeneca Pharma India said it has received approval from the Drugs Controller General of India (DCGI) for Dapafliflozin tablets 10mg. The tablets are used for the treatment of patients with chronic kidney disease.

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Tanla Platforms Q3 Results: Net profit jumps multi-fold to Rs 93 crore

Tanla Platforms Ltd reported a multi-fold increase in net profit to Rs 93.52 crore for the quarter ended December (Q3). It had posted a net profit of Rs 68 lakh during the corresponding quarter last year. The company’s revenue rose 21.35% YoY to Rs 654.11 crore in Q3 FY21. Tanla Platforms is a cloud communications provider based in Hyderabad.

CARE Ratings Q3 Results: Net profit rises 7% YoY to Rs 18 crore

CARE Ratings Ltd reported a 6.95% YoY increase in consolidated net profit to Rs 18.63 crore for the quarter ended December (Q3). Its revenue declined by 0.91% YoY to Rs 55.60 crore during the same period. The company’s core ratings and review business has fallen on a year-on-year basis. The Board of Directors of the credit rating agency has declared an interim dividend of Rs 3 per share.

Birlasoft Q3 Results: Net profit rises 33% YoY to Rs 96 crore

Birlasoft Ltd reported a 32.6% YoY increase in consolidated net profit to Rs 96.3 crore for the quarter ended December (Q3). Its revenue from operations grew 5.7% YoY to Rs 72.6 crore during the same period. The IT services company signed deals worth $109 million (~Rs 793 crore) in total contract value (TCV) during the quarter. Its active client count was at 295.

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