Tag: pvr-inox merger

Categories
Market News Top 10 News

Adani Group Sells Stake Worth Rs 15,446Cr to GQG Partners – Top Indian Market Updates

adani

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

Adani Group sells stake worth ₹15,446 crore to GQG Partners

Adani Group has sold minority stakes in four of its listed companies to US-based equity investment boutique GQG Partners for Rs 15,446 crore. Shares in Adani Ports and Special Economic Zone Ltd (APSEZ), Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL), and Adani Enterprises Ltd (AEL) were sold through secondary market block deals.

Read more here.

SBI may look to cut stake in Yes Bank once lock-in ends

State Bank of India (SBI) may look to lower its stake in Yes Bank after a lock-in period ends on March 6. SBI, which initially acquired 49% of Yes Bank, now holds a 26.14% stake as of Dec. 31. The state-owned bank is still the largest single shareholder in the Yes Bank. SBI cannot reduce its holding below 26% before the completion of three years from the date of the infusion of capital, as per the reconstruction plan.

Read more here.

Power consumption up 9% to 118 BU in February

Power consumption in India rose 9% YoY to 117.84 billion units (BU) in February 2023. The peak power demand met (or the highest supply in a day) rose to 209.66 gigawatts (GW) in Feb. The peak power supply stood at 193.58 GW in February 2022 and 187.97 GW in February 2021. The robust growth of power consumption indicates sustained momentum of economic activities last month.

Read more here.

Reliance, Tata bid for India’s $2.4 billion solar incentives

Solar module makers, including Reliance Industries Ltd. and Tata Power, are among the bidders for $2.4 billion in financial incentives that India is offering to expand domestic manufacturing and curb panel imports from dominant producer China. The government is offering grants to take the country’s module-making capacity to as much as 90 gigawatts, enough to meet its own requirements and serve export markets.

Read more here.

PVR-Inox draws up Rs 850-crore expansion plan

PVR-Inox is expected to spend ₹800-850 crore for adding new movie screens and retrofitting the existing ones. Nearly ₹700 crore will go towards the expansion of new screens and the rest for retrofitting screens. In the next two years, the merged entity plans to add 200 screens per year. In the current financial year (FY23) to date, the entity has launched 143 screens across 26 properties in 21 cities.

Read more here.

RVNL emerges lowest bidder for sleeper Vande Bharat trains

A consortium of Russia’s JSC Metrowagonmash and Rail Vikas Nigam Ltd (RVNL) has emerged as the lowest bidder (L1) to manufacture, supply, and maintain 200 sleeper Vande Bharat trains. These newly-designed trains will allow the movement of new locomotives on longer routes. The consortium has bid to supply 16 sleeper car trains at a basic rate of ₹120 crore per rake.

Read more here.

Adani Ports sees 10% growth in cargo volumes in February

Adani Ports & Special Economic Zone Ltd (APSEZ) handled approximately 26.5 million metric tonnes (MMT) of total cargo, recording a 10% YoY growth in Feb. During April-February, APSEZ clocked approx. 307 MMT of cargo volumes, up 8.5% YoY. Earlier this week, Adani Ports incorporated a wholly-owned subsidiary (HM Agri Logistics) that will develop and operate state-of-the-art silo complexes across India.

Read more here.

Pidilite to manufacture Jowat’s hot melt adhesives in India

Adhesive manufacturing company Pidilite Industries Ltd will be manufacturing Germany-based Jowat’s range of hot melts in India. The product will be manufactured in Pidilite’s manufacturing facility in Vapi, Gujarat. The adhesive will be made under the brand name Fevicol Jowat.

Read more here.

Zydus Lifesciences receives final approval from USFDA for healing cream

Zydus Lifesciences Ltd has received final approval from the US Food and Drug Administration (USFDA) for Acyclovir Cream. It is used to treat cold sores on the face and lips. Cold sores are blisters caused by a virus called herpes simplex. The drug will be manufactured at the group’s topical manufacturing facility at Changodar, Ahmedabad. It will be launched in the US market shortly.

Read more here.

Categories
Market News Top 10 News

India’s Manufacturing PMI Slows to 4-Month Low in Feb – Top Indian Market Updates

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

India’s manufacturing PMI slows to 4-month low in Feb

India’s manufacturing sector expanded at the slowest pace in four months in February. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.3 in Feb, compared to 55.4 in Jan. New orders and output rose sharply last month, indicating strong domestic demand despite inflationary pressures. 

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

February GST collection at Rs 1.50 lakh crore, up 12% YoY

The gross Goods and Service Tax (GST) revenue collection in February 2023 stood at Rs 1,49,577 crore, an increase of 12% on an annual basis. Of the total revenue collected, central GST is Rs 27,662 crore, state GST is Rs 34,915 crore, integrated GST is Rs 75,069 crore, while cess is Rs 11,931 crore.

Read more here.

Auto sales data for Feb 2023: Highlights  

Maruti Suzuki India posted a 5% year-on-year (YoY) increase in wholesale sales to 1.72 lakh units in Feb 2023. Sales of its mini & compact vehicle segment rose 4.4% YoY to 1.01 lakh units. Exports fell 28.4% YoY to 17,207 units.

Tata Motors Ltd registered a 7% YoY increase in passenger vehicle sales to 43,140 units in Feb. The automaker’s commercial vehicle sales declined by 3% YoY to 36,565 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 30,538 units in Feb, an increase of 10% YoY. M&M’s tractor sales rose 26% YoY to 25,791 units. 

TVS Motor Company’s total sales stood at 2.76 lakh units in Feb, down 2% YoY. Meanwhile, Bajaj Auto’s sales fell 11% YoY to 2.8 lakh units.

Read more here.

Axis Bank completes acquisition of Citigroup’s India consumer business for Rs 11,603 crore

Axis Bank has completed the acquisition of Citigroup’s India consumer business from Citibank N.A. and NBFC consumer business from Citicorp Finance (India) Ltd. as going concerns. The transaction has been completed for an overall consideration of Rs 11,603 crore in cash, based on the contracted computation of closing positions of assets, assets under management (AUMs), and liabilities as of Jan 31, 2023.

Read more here.

PNB withdraws divestment process in Canara HSBC Life Insurance

Punjab National Bank (PNB) will discontinue the process of divestment in associate company Canara HSBC Life Insurance. The bank had acquired a stake in the life insurer post-amalgamation of the erstwhile Oriental Bank of Commerce (OBC). It will hold its stake in the life insurer as an investor, subject to regulatory approvals. 

Read more here.

Alembic Pharma gets USFDA approval to market generic cancer drug

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Docetaxel Injection in multiple-dose vials. The drug is indicated for the treatment of breast cancer, non-small cell lung cancer, and castration-resistant prostate cancer. According to IQVIA data, Docetaxel injection has an estimated market size of USD 11 million in the US market. 

Read more here.

Welspun Corp secures order for export of LSAW pipes and bends to Middle East

Welspun Corp Ltd (WCL) has secured an order for the export of LSAW pipes and bends to the Middle East. The contract is for approximately 83,000 MT bare pipes, with an option of coating exercisable by the project owner subsequently. The pipes supplied to the Middle East will be used for offshore production and transport of gas.

Read more here.

PVR Inox to add 200 screens every year

Multiplex operator PVR is working on “getting economies of scale” after the merger of rival Inox Leisure and expects double-digit growth in its topline (revenue) in FY24, said managing director Ajay Bijli. The company is working on synergies on revenue from ticket prices, food & beverage, advertising, and operating costs. PVR-Inox also plans to add 200 screens every year.

Read more here.

Adani Group secures $3 billion credit from sovereign wealth fund: Report

According to a Reuters report, Adani Group has told creditors it has secured a $3 billion loan from a sovereign wealth fund. Sources said the credit line from the sovereign wealth fund could be increased to $5 billion, citing a memo that was circulated to participants as highlights of a three-day investor roadshow that ended on Wednesday. The identity of the sovereign wealth fund was not disclosed in the memo.

Read more here.

Petrol, diesel sales up 12-13% in February

Domestic sales of petrol and diesel rose 12% YoY and 13% YoY, respectively, in February due to increased mobility of people and goods in an expanding economy. Jet fuel sales in Feb 2023 were 41% higher than in the same month last year but 10% lower than in 2020. Sales of liquefied petroleum gas (mainly used for cooking) increased by 2.4% YoY in Feb.

Read more here.

Bajaj Finserv gets SEBI license to start mutual fund business

Bajaj Finserv has received a SEBI license to start a mutual fund business. The company has formed two wholly-owned subsidiaries — Bajaj Finserv Mutual Fund Trustee Ltd (BFMFTL) and Bajaj Finserv Asset Management Ltd (BFAML). Bajaj Finserv Mutual Fund, with BFAML as the investment manager, will offer a range of mutual fund products, including equity, debt, and hybrid funds to investors.

Read more here.

Categories
Market News Top 10 News

Retail Inflation Eases to 5.72% in Dec – Top Indian Market Updates

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

Retail inflation eases to 5.72% in December

India’s retail inflation, measured by the Consumer Price Index (CPI), eased to a one-year low of 5.72% in December 2022. CPI stood at 5.88% in November and 6.77% in October 2022. Food inflation came in at 4.19% in December, compared to 4.67% in Nov. Inflation in the fuel & light segment was 10.97% last month.

Factory output, measured by the Index of Industrial Production (IIP), rose to a five-month high of 7.1% in Nov 2022. IIP had contracted (-)4% in Oct.

Read more here.

Infosys Q3 Results: Net profit rises 13% YoY to ₹6,586 crore

Infosys Ltd reported a 13.4% year-on-year (YoY) increase in consolidated net profit to ₹6,586 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 20.2% YoY to ₹38,318 crore during the same period. It won deals worth $3.3 billion in Q3, the strongest in the last eight quarters. Infosys added 1,627 employees during the quarter.

Read more here.

Jio launches True 5G services in Ujjain

Reliance Jio has set up its 5G services in Ujjain, Madhya Pradesh. With the launch, Jio has now become the first and the only operator in MP to launch 5G services across all prominent large cities in the state, including Bhopal, Indore, Gwalior, and Jabalpur. Users will be able to enjoy Unlimited 5G Data with up to 1 Gbps+ speed at no additional cost.

Read more here.

HCL Tech Q3 Results: Net profit rises 19% YoY to ₹4,096 crore

HCL Technologies Ltd reported a 19% YoY (or 17% QoQ) increase in consolidated net profit to ₹4,096 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 19.5% YoY to ₹26,700 crore during the same period. The total contract value of new deal wins stood at $2.35 billion, up 10% YoY. HCL Tech’s board has approved an interim dividend of ₹10 per equity share. 

Read more here.

NCLT grants approval to PVR-Inox merger scheme

The Mumbai bench of the National Company Law Tribunal (NCLT) has sanctioned the scheme of arrangement between cinema chains PVR and Inox Leisure. Once the NCLT issues the detailed order copy, the two companies will file it with regulatory authorities like the Registrar of Companies (RoC) and stock exchanges. The allotment of shares is likely to be completed in the next few weeks.

Read more here.

ONGC to rely more on advanced tech: Sushma Rawat

Oil & Natural Gas Corporation (ONGC) will increase reliance on advanced technologies and tech-savvy younger minds to boost chances of making major discoveries, said Sushma Rawat (ONGC’s exploration chief). The company will acquire more exploration acreage and bring in new technologies to enhance the quality of seismic surveys and data interpretation. 

Read more here.

Zydus Lifesciences gets final USFDA approval for Brexpiprazole tablets

Zydus Worldwide DMCC (a subsidiary of Zydus Lifesciences Ltd) has received final approval from the US Food & Drug Administration (USFDA) to market Brexpiprazole tablets. Brexpiprazole is an antipsychotic drug used along with antidepressants to treat major mental conditions like depression and schizophrenia. The drug will be manufactured at the group’s formulation facility at Ahmedabad Special Economic Zone (SEZ), Gujarat.

Read more here.

Apax Partners likely to sell 4.63% shares in Shriram Finance via block deal: Report

According to a CNBC-TV18 report, private equity fund Apax Partners is planning to sell its shares in Shriram Finance Ltd via a block deal tomorrow. APAX’s subsidiary, Dynasty Acquisition, would sell up to 1.73 crore shares or 4.63% stake in the non-banking finance company (NBFC). The size of this deal is ₹2,250 crore.

Read more here.

SEBI allows exchanges to launch multiple contracts in same commodity

The Securities and Exchange Board of India (SEBI) has allowed stock exchanges to launch multiple contracts in the same commodity to encourage broader participation of investors in the commodity derivatives market. Exchanges have been demanding multiple contracts on a single commodity to ensure that all market players across the value chain are catered to. Currently, all commodities (except gold, silver, and precious metals) have a single contract, which limits investors’ and traders’ participation.

Read more here.

Categories
Market News Top 10 News

WPI Inflation Eases to 12.41% in August – Top Indian Market Updates

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

WPI inflation eases to 12.41% in August

India’s wholesale inflation eased to 12.41% in August 2022, compared to 13.93% in July. The Wholesale Price Inflation (WPI) continues to remain in double digits for the 17th consecutive month (since April 2021). The food articles segment witnessed a spike of 12.37% in August, compared to 10.77% in July. The fuel & power segment eased to 33.67% last month from 43.75% in July.

Read more here.

Tata Power to develop 4 MWp solar project at Pune plant

Tata Power has entered into a Power Purchase Agreement (PPA) with Tata Motors to establish a 4 megawatt-peak (MWp) on-site solar project at the automaker’s Pune plant. The installation is expected to generate 5.8 million units of electricity, potentially mitigating over 10 lakh tonnes of carbon emission. 

In other news, Tata Power Solar Systems has secured an order worth ₹596 crore from NHDC to set up a 123 MWp floating solar project in Madhya Pradesh.

Read more here.

Bharti Airtel partners with IBM to deploy edge cloud services

Bharti Airtel has partnered with IBM to deploy the telco’s edge computing platform ahead of its 5G network rollout in key cities. The platform will enable enterprises across multiple industries (including manufacturing and automotive) to accelerate innovative solutions. Bharti Airtel’s edge cloud computing platform in India includes 120 network data centers across 20 cities under its data center arm Nxtra Digital.

Read more here.

Coromandel’s venture capital arm invests in drone startup Dhaksha

Dare Ventures, the venture capital arm of Coromandel International Ltd, has invested an undisclosed amount in Chennai-based drone startup Dhaksha Unmanned Systems Pvt. Ltd. The startup plans to use the funding for talent acquisition, research & development, and increase production. It has the capacity to manufacture 250-300 drones a month and aims to scale up to 1,000 a month within a year.

Read more here.

CCI dismisses CUTS plea against PVR-INOX merger

The Competition Commission of India (CCI) has dismissed a plea filed by Consumer Unity & Trust Society (CUTS) challenging the PVR-INOX merger. A complaint was filed by CUTS stating that the proposed deal will have anti-competitive effects on the industry. They also demanded a detailed probe into the proposal. The CCI said the apprehension of the likelihood of the anti-competitive practices cannot be subjected to inquiry.

Read more here.

Mindspace REIT announces ‘MindspaceforAthletes’ sports fellowship

Mindspace REIT announced the launch of ‘MindspaceforAthletes’, an initiative that assists sportspersons and strengthens sports culture in India. In its inaugural phase, the entity will support athletes from the Somnath Ghosh Table Tennis Academy in Telangana. This fellowship provides for coaching, training infrastructure, physio, diet & nutrition, and travel expenses.

Read more here.

RattanIndia launches its first anti-drone ‘Defender’

RattanIndia Enterprises Ltd has launched its first anti-drone product ‘Defender’. The product was developed by the company’s step-down subsidiary Throttle Aerospace Systems. Defender will be a 70% indigenous product with a 30% import component of brushless DC (BLDC) motors and batteries. The anti-drones will be manufactured at Throttle Aerospace’s facility in Bengaluru.

Read more here.

KPI Green Energy signs PPAs with six companies to supply green power

KPI Green Energy Ltd has signed power purchase agreements (PPAs) to supply a total of 15.88 MW of wind-solar hybrid power from its projects to six companies. The company will supply power from the upcoming wind-solar hybrid power project (comprising 16.10 MW wind capacity and 10 MW solar capacity) at Bhungar site in Bhavnagar district, Gujarat. The project was established under the Gujarat Hybrid Power Policy of 2018.

Read more here.

HFCL secures advance purchase orders worth ₹448 crore from BSNL, RailTel

HFCL has received advance purchase orders aggregating to ₹447.81 crore from Bharat Sanchar Nigam Ltd (BSNL) and RailTel Corporation of India Ltd. The order from BSNL includes the supply, installation, and commissioning of a Control User Plane Separation Broadband Network Gateway (CUPS BNG). Meanwhile, the order from RailTel comprises the supply, installation, and commissioning of an IP-based Video Surveillance System (VSS) at 180 railway stations.

Read more here.

Harsha Engineers IPO subscribed 2.87 times on first day

Harsha Engineers’ IPO was subscribed 2.87 times on the first day of bidding. The portion reserved for retail investors was subscribed 3.22 times. Non-institutional investors (NIIs) have subscribed 5.83 times against their reserved portion.

Harsha Engineers International is the largest manufacturer of precision bearing cages in terms of revenue in the organised sector in India. The company has fixed ₹314-330 per share as the price band for the ₹755 crore IPO.