Tag: puravankara

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Adani Group to Get Control of NDTV – Top Indian Market Updates

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

Adani Group to get NDTV control as promoters decide to sell bulk of their stake

New Delhi Television Ltd’s (NDTV) founders Prannoy Roy and his wife Radhika Roy have decided to transfer most of their shares in the company to the Adani Group. This will give Gautam Adani’s conglomerate control of about 65% of the news broadcaster. The founders will sell a 27.26% stake of their remaining 32.26% shareholding in NDTV to an entity owned by Adani.

Read more here.

Puravankara, Purva Real Estate Fund acquires 100 acres of land in Chennai

Puravankara Ltd and Purva Real Estate Fund have acquired more than 100 acres of land for plotted development in a deal valued around ₹200 crore in Chennai. The proposed project at Guduvanchery is expected to have a total revenue potential of over ₹900 crore. Guduvanchery is an upcoming real-estate hub for Chennai. Puravankara plans to launch three more plotted development projects by March 2023.

Read more here.

Tata Power secures ₹450 crore sustainable trade finance from Japan’s MUFG

Japan’s MUFG Bank has executed a ₹450 crore sustainable trade finance facility for Tata Power. This credit facility was extended for solar projects under TP Kirnali Limited (TPKL). TPKL is a wholly-owned subsidiary of Tata Power Renewable Energy Ltd (TPREL), a clean energy platform.

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Godrej Properties to develop residential project on 14.27 acres in Gurugram

Godrej Properties Ltd (GPL) has entered into an agreement to develop 14.27 acres of land in Gurugram, Haryana, with an estimated revenue potential of ₹3,000 crore. The development will comprise predominantly premium residential apartments. This will be one of GPL’s largest residential developments in Gurugram and significantly strengthen its presence in the city.

Read more here.

Vedanta declared as preferred bidder for Bicholim mineral

Vedanta Ltd has been declared as the preferred bidder for the Bicholim mineral block in Goa. The iron ore mines had resources of 84.92 million tonnes. Goa government has earlier invited tenders to participate in the electronic auction for granting mining leases in respect of iron ore mines in the state. 

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NCLT approves merger of Jindal Stainless and Jindal Stainless (Hisar)

Jindal Stainless has received regulatory approval for its merger with Jindal Stainless (Hisar) from the National Company Law Tribunal (NCLT). The two companies had been demerged in 2015 as part of a financial and operational restructuring exercise to bring down the cost of borrowing. Jindal Stainless had a debt of over ₹8,500 crore, which prompted the restructuring.

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Bharat Highways InvIT files draft papers with SEBI for IPO

Bharat Highways InvIT has filed a draft prospectus with the capital markets regulator SEBI to raise ₹2,000 crore through an initial public offering. Proceeds of the issue will be used to repay certain loans obtained by the project special purpose vehicles (SPV) and for general corporate purposes. As per the draft papers, Bharat Highways InvIT would issue units aggregating up to ₹2,000 crore.

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2,613 air incidents reported in India during five years; IndiGo tops the list: Govt

The Ministry of Civil Aviation (MoCA) said there has been a long list of air incidents reported in the last five years involving domestic airlines and added that 12 of these airline companies are presently operating in India. There were a total of 2,613 air incidents reported due to technical snags in the five years in which IndiGo airlines topped the list. IndiGo reported 215 incidents so far in 2022 and 885 incidents over five years.

Read more here.

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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.

Read more here. 

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.

Read more here.

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PharmEasy to Acquire 66% Stake in Thyrocare – Top Indian Market News

PharmEasy to acquire 66% stake in Thyrocare for Rs 4,546 crore

PharmEasy, an Indian healthcare startup, will acquire a 66.1% stake in diagnostics solutions provider Thyrocare Technologies Ltd for Rs 4,546 crore. API Holdings Ltd, the parent company of PharmEasy, has signed definitive agreements to acquire a 66.1% stake at Rs 1,300 per share from Thyrocare’s promoters. This will be the first-ever acquisition of a listed company by an Indian startup unicorn. The transaction is subject to regulatory and other applicable customary approvals.

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ONGC Q4 Results: Net profit at Rs 6,734 crore

Oil and Natural Gas Corporation (ONGC) reported a net profit of Rs 6,734 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 3,214 crore in the corresponding quarter last year (Q4 FY20). The company’s gross revenue declined by 1% YoY to Rs 21,189 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) declined by 16% YoY to Rs 11,246 crore. ONGC’s board has recommended a final dividend of Rs 1.85 per share.

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Shilpa Medicare gets DRDO approval to manufacture 2DG Covid-19 drug

Shilpa Medicare Ltd has received in-principle approval from the Defence Research & Development Organisation (DRDO) to manufacture and sell 2-Deoxy-D-Glucose (2DG). The drug has been given emergency approval by the Drugs Controller General of India (DCGI) for Covid-19 patients in the country. Shilpa Medicare is the second company (after Dr. Reddy’s Labs) to have entered into a similar arrangement with DRDO.

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IGL Q4 Results: Net profit rises 31% YoY to Rs 332 crore

Indraprastha Gas Ltd (IGL) reported a 31% YoY increase in standalone net profit to Rs 332.08 crore for the quarter ended March (Q4). Its revenue stood at Rs 1,700.52 crore in Q4 FY21, compared to Rs 1,697 crore in the corresponding quarter last year (Q4 FY20). IGL’s overall sales volumes grew 8% YoY to 614 million metric standard cubic meters (mmscm) in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) declined by 11% YoY to Rs 1,005 crore. IGL’s board has recommended a dividend of Rs 3.6 per share.

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Tata Consumer to integrate distribution network, supply chain to drive efficiency

Tata Consumer Products Ltd (TCPL) is integrating its distribution network and supply chain to drive efficiency. The company will undertake end-to-end digitalisation of channel partners by leveraging its wide product portfolio. TCPL will launch Eight O’Clock (an American gourmet coffee brand) in its direct-to-consumer (DTC) model next week. The FMCG firm is also using data analytics for strategic planning and is working to make its products available across the globe.

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JSW Energy Q4 Results: Net profit falls 1.7% YoY to Rs 106 crore 

JSW Energy Limited reported a 1.7% YoY decline in consolidated net profit to Rs 106.60 crore for the quarter ended March (Q4). Net profit has fallen by 13.71% when compared to the previous quarter. Its total income declined by 12.64% YoY (or 2.72% QoQ) to Rs 1,614.09 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) fell 27.68% YoY to Rs 795.48 crore. JSW Energy’s current portfolio consists of 30% renewable energy capacity. This is expected to increases to 70% by FY25.

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MOIL signs pact with Madhya Pradesh govt, MPSMCL to explore manganese ore reserves

MOIL has signed a Memorandum of Understanding (MoU) with the Madhya Pradesh government and the Madhya Pradesh State Mining Corp. Ltd (MPSMCL) to explore the possibilities of manganese ore mining in the state. The company has carried out detailed remote sensing with the help of the National Remote Sensing Centre (NRSC) ISRO, Hyderabad, to identify manganese-bearing areas. MOIL has also carried out extensive fieldwork, followed by geological mapping and sampling in four districts.

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Godfrey Phillips Q4 Results: Net profit jumps 146% YoY to Rs 95 crore

Godfrey Phillips India Ltd reported a 146.19 YoY jump in consolidated net profit to Rs 95.25 crore for the quarter ended March (Q4). Net profit has declined by 22.4% when compared to the previous quarter. Its revenue from operations rose 18% YoY to Rs 694.70 crore during the same period. Net profit for the financial year 2020-21 (FY21) fell 2.17% YoY to Rs 376.52 crore. The tobacco manufacturing company’s board has approved a dividend of Rs 24 per share.

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Thermax secures Rs 250 crore order for a greenfield refinery in Latin America

Thermax Babcock & Wilcox Energy Solutions, a wholly-owned subsidiary of Thermax Ltd, has secured an order for a claus package and an oxidiser package in the suphur recovery unit for a greenfield refinery in Latin America. The customer, a globally renowned refining company, is setting up a new 340 million barrels per day (MBPD) crude oil refining capacity to increase the production of high-value distillates. This export order is worth Rs 250 crore. Thermax is a leading energy and environment solutions provider headquartered in Pune.

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India Pesticides IPO subscribed 29.04 times on final day of bidding

The Rs 800 crore initial public offering (IPO) of India Pesticides Limited was subscribed 29.04 times on the final day of bidding. Investors have put in bids for 56.07 crore equity shares against the offer size of 1.93 crore shares. The portion reserved for retail investors was subscribed 11.3 times. The portion set aside for Non-Institutional Investors (NIIs) was subscribed 51.88 times, and that of Qualified Institutional Buyers (QIBs) 42.95 times. 

To learn more about the IPO, click here.

Purvankara Q4 Results: Net profit at Rs 8.75 crore

Purvankara Ltd reported a consolidated net profit of Rs 8.75 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net profit of Rs 0.35 crore in the corresponding quarter last year (Q4 FY20). The real estate developer’s total income declined by 12.9% YoY to Rs 339.39 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), Purvankara posted a net loss of Rs 4.67 crore. This is compared to a net profit of Rs 88.35 crore in FY20.

Read more here.

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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.

Read more here. 

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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Mrs Bectors Food IPO Subscribed 199 Times on Final Day of Bidding – Top Indian Market News

Mrs Bectors Food IPO subscribed 199 times on final day of bidding

Mrs Bectors Food Specialities’ initial public offering (IPO) was subscribed 199.41 times on the final day of subscription. It has become the most successful IPO in 2020. As per NSE data, the IPO received bids for 262 crore shares, as against 1.32 crore shares on offer. The qualified institutional investor category was subscribed 178.08 times and the non-institutional category was subscribed 625.20 times. Retail investors and employees’ reserved portion was subscribed 29.53 and 45.8 times, respectively. The shares of Mrs Bectors Food Specialities will be listed on December 28.

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Zee Entertainment acquires film production, distribution business from Zee Studios

Zee Entertainment Enterprises Ltd (ZEEL) said that its board has approved the acquisition of film production and distribution business from Zee Studios. Formerly known as Essel Vision Productions Ltd, Zee Studios is a wholly-owned subsidiary of ZEEL. As of March 31, 2020, the turnover of Zee Studios’ film production and distribution business stood at Rs 124.11 crore. ZEEL stated that it will take approximately two months to complete this acquisition.

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IFC and IFC Emerging Asia Fund to invest $76 million in Purvankara affordable housing

 IFC and IFC Emerging Asia Fund (EAF) have partnered with Puravankara Ltd to invest $76 million (~Rs 559 crore) in the development of up to four residential projects in India. The projects come under Puravankara’s affordable housing-focused ‘Provident’ brand. Two of the four projects are planned in Kochi and Bengaluru, with a saleable area of 4.5 million square feet. Puravankara stated that around 4,000 housing units will be built in the next 5-7 years.

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Manappuram Finance board gives approval to raise Rs 400 crore via bonds

The board of Manappuram Finance Ltd has approved raising Rs 400 crore through the issue of non-convertible debentures (NCDs) on a private placement basis. The company will issue secured, rated, listed, and redeemable NCDs for an amount of Rs 100 crore, with an option to retain oversubscription up to Rs 300 crore, which will aggregate to Rs 400 crore

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Tata Motors to buy out Marcopolo’s share in bus venture for Rs 100 crore

Tata Motors Ltd said it will buy out its partner’s stake in bus joint venture (JV) firm Tata Marcopolo Motors, for around Rs 100 crore. The company has entered into a share purchase agreement with Marcopolo S.A., through which it will purchase the balance 49% shareholding in Tata Marcopolo Motors Ltd (TMML). After the transaction is executed, TMML will become a wholly-owned subsidiary of Tata Motors. TMML is a 51:49 JV formed in 2006 between Tata Motors and Marcopolo S.A., that builds and sells buses under the Starbus and Starbus Ultra brands.

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HFCL’s cable manufacturing facility starts commercial production

HFCL Limited announced that it has started commercial production of Fibre-to-the-home (FTTH) cables at its new facility in Hyderabad. With this, HFCL, along with its subsidiary company, HTL Ltd, has become the largest manufacturer of FTTH cables in India, with a capacity of 6 lakh km per annum. The company will be supplying FTTH cables to telecom service providers in India, and will also export them to more than 30 countries.

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Mahindra World City receives certification for Zero Waste to Landfill

The Mahindra World City (MWC) in Chennai has become India’s first integrated city to receive third-party Zero Waste to Landfill (ZWL) certification. As part of its ZWL commitments, MWC Chennai is diverting 99 percent of waste (which is nearly 135 tonnes of waste) generated within its industrial zone away from landfills. This helps to avoid 115 tonnes of CO2 emissions every month. The certification was granted on MWC Chennai by Intertek, a globally recognised organisation that is responsible for auditing and certifying ZWL sites.

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L&T Hydrocarbon Engineering emerges lowest bidder for HPCL Rajasthan Refinery: Report

As per a report from Business Standard, L&T Hydrocarbon Engineering (LTHE) has emerged as the lowest bidder for HPCL Rajasthan Refinery Ltd’s two engineering, procurement, construction, and commissioning (EPCC) packages. The combined value for both packages is around Rs 13,000 crore. The scope of HPCL’s order involves the engineering, procurement, and construction of two critical process blocks of a 9.0 MMTPA (million metric tonnes per annum) integrated Refinery cum Petrochemical Complex.

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Mindspace REIT raises Rs 200 crore through issue of debentures

Mindspace Business Parks REIT has raised Rs 200 crore by issuing debentures on a private placement basis. The non-convertible debentures are proposed to be listed on the wholesale debt market (WDM) segment of BSE Limited. The tenure of the debentures is 36 months, with a coupon rate of 6.45% per annum. The REIT (real-estate investment trust) is likely to utilise the fund to refinance its existing debts.

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IndusInd Bank launches metal credit card ‘PIONEER Heritage’

IndusInd Bank, in partnership with Mastercard, has announced the launch of its first metal credit card- ‘PIONEER Heritage’. The bank stated that the card comes equipped with best-in-class features and privileges across an array of categories like travel, wellness, and lifestyle. The credit card has been specially curated to match the requirements of affluent Indian professionals and entrepreneurs.

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Board of Rane Holdings approves investment of up to Rs 60 crore in Rane (Madras) Ltd

The Board of Directors of Rane Holdings Ltd has approved a further investment in its subsidiary, Rane (Madras) Ltd, by up to Rs 60 crore. The funds for the investment will be raised by way of subscription to equity shares and/or convertible securities. The investment is subject to further regulatory approvals.