Tag: Quess Corp

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ZEEL, Sony Sign Definitive Merger Agreement – Top Indian Market News

ZEEL, Sony sign definitive merger agreement

Sony Pictures Networks India Pvt Ltd (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) have signed definitive agreements to merge the two firms and combine their linear networks, digital assets, and program libraries. SPNI will hold a majority stake of 50.86% in the merged entity. The promoters of ZEEL will hold 3.99%, and other ZEEL shareholders will hold a 45.15% stake in the merged entity.

Under the terms of the agreement, SPNI will have a cash balance of $1.5 billion to enable the combined entity to drive sharper content creation across platforms and strengthen its footprint in the rapidly evolving digital ecosystem.

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L&T Construction secures significant order to build township in Bengaluru

Larsen & Toubro (L&T) Ltd’s construction arm has secured a significant order from a reputed developer to build one of the largest residential townships in Bengaluru. The scope of work consists of the design and construction of the entire civil structure, including waterproofing, masonry, plastering, and electrical conduiting. The project involves the construction of 6,768 apartments spread across 39 towers.  

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Gujurat Flurochemcials to foray into battery business for EVs

Gujarat Fluorochemicals Ltd (GFCL) has announced plans to foray into the battery business for electric vehicles (EVs). The company has set up GFCL EV Products Ltd, a wholly-owned subsidiary, for this purpose. The subsidiary will provide solutions for the entire value chain of all types of batteries, battery components, and products for EVs.

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Quess Corp’s Monster.com raises Rs 137.5 crore in latest funding round

Monster.com, a Quess Corp company, has raised Rs 137.5 crore in its latest funding round. The round was led by Akash Bhanshali of Volrado Venture Partners and Mohandas Pai of Meridian Investments, with participation from Quess Corp. Monster.com is valued at close to $100 million after the funding round. Quess Corp Ltd is a provider of technology and business services based in Bangalore.

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Zydus Cadila gets USFDA approval to market Pimavanserin tablets

Zydus Cadila has received approval from the US Food & Drug Administration (USFDA) to market Pimavanserin tablets in the US market. Pimavanserin is used to treat symptoms of a certain mental or mood disorder (psychosis) that might occur with Parkinson’s disease. The drug will be manufactured at the pharma company’s formulation facility at Special Economic Zone (SEZ), Ahmedabad.

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ABB India’s board approves creation of arm to divest turbocharger business for Rs 310 crore

The Board of Directors of ABB India Ltd has decided to incorporate a wholly-owned subsidiary to which it will sell its turbocharger business for Rs 310 crore. In June 2021, the company had announced a proposal to divest/sell its turbocharger business in the Process Automation business segment. The slump sale will be completed by February-end 2022. 

PNC Infratech secures order worth Rs 369 crore from NHAI

PNC Infratech Ltd has received a Letter of Acceptance (LoA) for an order worth Rs 369 crore from the National Highways Authority of India (NHAI). The contract is for the collection of user fees at the 135 km long Eastern Peripheral Expressway Fee Plazas in Haryana and Uttar Pradesh for one year. PNC Infratech operates as an infrastructure construction, development, and management company in India.

Apollo Hospitals, IIM Lucknow launch executive programme in healthcare management

Apollo Hospitals Ltd has partnered with IIM Lucknow to launch an executive programme in healthcare management (EPHM). The program aims to develop appropriate managerial capacities for the fast-growing health sector in India. The EPHM has been designed by taking inputs from both the public and private health sectors of India.

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Indiabulls Real Estate to raise up to Rs 1,500 crore via QIP 

The Board of Directors of Indiabulls Real Estate Ltd approved raising funds up to Rs 1,500 crore through one or more Qualified Institutions Placements (QIPs). The funds will be used to augment the long-term resources of the company. It will also be used to maintain sufficient liquidity for meeting funding requirements for existing/new projects and future business growth.

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Tata Steel’s UK plant helps build world’s largest offshore wind farm

Tata Steel Ltd announced that its Port Talbot plant in Wales is working on the world’s largest offshore wind farm project— Dogger Bank Wind Farm. The wind farm will make use of steel processed into hollow sections at Tata Steel’s Corby and Hartlepool sites in north-east England and fabricated to build the first two phases. Tata Steel said hundreds of tonnes of its products will be used for the giant wind farm project, which is due to be completed by 2026.

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Infosys Reports 23% YoY Rise in Net Profit in Q1 – Top Indian Market News

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Infosys Q1 Results: Net profit rises 23% YoY to Rs 5,195 crore

Infosys Limited reported a 22.7% year-on-year (YoY) increase in consolidated net profit to Rs 5,195 crore for the quarter ended June (Q1 FY22). Net profit has increased by 2.3% when compared to the previous quarter. Its revenue from operations rose 17.87% YoY (or 6% QoQ) to Rs 23,665 crore during the same period. The IT company signed large deals worth $2.6 billion (~Rs 19,300 crore) in Q1. Infosys has announced plans to hire 35,000 college graduates globally in the current financial year (FY22).

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India’s WPI inflation eases to 12.07% in June

The inflation based on the Wholesale Price Index (WPI) eased to 12.07% in June 2021, compared with 12.94% in May. There was a decline in the prices of crude oil, power, and food items last month. Inflation in manufactured products stood at 10.88% in June, compared with 10.83% in May. The inflation in food articles stood at 3.09% YoY in June, compared to 4.31% in May. The fuel and power index rose 32.83% annually in June, against an increase of 37.61% in May. The data was released by the Ministry of Commerce and Industry.

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Zomato IPO subscribed 1.05 times on first day of bidding

The Rs 9,375 crore initial public offering (IPO) of Zomato Limited was subscribed 1.05 times on the first day of bidding. The IPO has received bids for 75.60 crore equity shares, compared to the issue size of 71.92 crore shares. Retail investors have subscribed 2.7 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have put in bids for 13% and 98%, respectively, against their reserved portions. The IPO closes on July 16 (Friday).

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ITC to enter boutique lifestyle hotel segment with ‘Storii’

ITC Limited will venture into the boutique lifestyle hotel segment with a new brand— Storii. The launch is part of the company’s strategy to focus more on managing properties rather than owning them. With Storii, ITC aims to offer curated travel experiences to new-age travellers. The company revealed that its new hotel signings and openings took a hit in 2020-21 due to the Covid-19 pandemic. However, it has assured of bouncing back again as the state of affairs normalises.

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L&T Tech Q1 Results: Net profit rises 84% YoY to Rs 216 crore

L&T Technology Services (LTTS) reported an 84% YoY increase in net profit to Rs 216.2 crore for the quarter ended June (Q1 FY22). Net profit has increased by 11% when compared to the previous quarter. Its revenue from operations rose 17% YoY to Rs 1,518 crore during the same period. The company secured six deals with a total contract value (TCV) of more than $10 million (~Rs 74.5 crore) in Q1. LTTS is the engineering services arm of Larsen & Toubro.

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CEAT to supply tyres for M&M’s new seven-seater Bolero Neo

CEAT Limited will supply its range of high-performance CZAR HP tyres for Mahindra & Mahindra’s (M&M) new seven-seater Bolero Neo SUV. The seven-seater SUV is built on third-generation chassis, shared with Scorpio and Thar. CEAT’s tyres are designed to provide better steering control and higher fuel efficiency. The company said the tyres have been optimised to perfectly complement the exceptional performance of Bolero Neo.

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Quess Corp counters IT department, denies concealing income of Rs 880 crore

Quess Corp has denied allegations of concealing income after the Income Tax (IT) Department claimed that it had revealed undisclosed income of ~Rs 880 crore during raids of the company’s two premises in Bengaluru. “We extended full cooperation to the Department, including providing complete information in a timely manner, and have not received any claims to date,” said Quess Corp in a statement. Quess Corp said the IT Dept had conducted surveys at its registered offices during July 8-10.

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IndiGrid acquires 100 MW solar assets from FRV for Rs 660 crore

India Grid Trust (IndiGrid) has acquired the entire stake in two solar energy assets from Fotowatio Renewable Ventures (FRV) for Rs 660 crore. The cumulative capacity of the solar assets is 100 megawatts (MW). IndiGrid has become the first infrastructure investment trust (InvIT) to acquire renewable energy assets in India. With this acquisition, IndiGrid’s asset portfolio will consist of 14 diversified projects— 40 transmission lines, 11 substations, and 100 MW solar power plants across 18 states and one Union Territory.

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Mahanagar Gas hikes prices of CNG, domestic PNG

Mahanagar Gas Limited (MGL) has announced a hike in prices of Compressed Natural Gas (CNG) and Domestic Piped Natural Gas (PNG) for Mumbai and surrounding areas. The rate of CNG has been hiked by Rs 2.58 per kilogram, taking it up to Rs 51.98 per kg. Domestic PNG rates have been hiked by Rs 0.55 per standard cubic meter (SCM). MGL has increased prices to offset operational costs and high gas pipeline transportation costs.

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Marico to acquire 60% stake in Apcos Naturals

Marico Limited will acquire a 60% stake in Apcos Naturals Pvt Ltd over the next two years through primary infusion and secondary buyouts. Apcos owns Just Herbs, a range of ayurvedic and organic skin and hair care products. The brand had posted sales of Rs 17.5 crore during the financial year 2020-21 (FY21). Marico will acquire a 52.4% stake in Apcos by the end of July, while the balance 7.6% stake will be bought by March 2023.

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Mindtree Reports 53% YoY Rise in Net Profit in Q4 – Top Indian Market News

Mindtree Q4 Results: Net profit rises 53% YoY to Rs 317 crore

Mindtree Limited reported a 53.4% year-on-year (YoY) increase in consolidated net profit to Rs 317.3 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 2.9%. The IT firm’s revenue from operations rose 3% YoY to Rs 2,109.3 crore during the same period. Its order book grew 12.3% YoY to $1,382 million in FY21. Mindtree has announced a final dividend of Rs 17.5 per share.

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NALCO receives mining lease for Utkal-E coal block in Odisha

The Department of Steel & Mines, Government of Odisha, has granted the mining lease of Utkal-E coal block to National Aluminium Company (NALCO) Limited. The initial capacity of the Utkal-E coal block is 2 million tonnes per year, with a total mineable reserve of ~70 million tonnes. With the grant of Utkal D & E coal blocks, NALCO’s total mineable coal reserve will increase to 175 million tonnes.

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Ashok Leyland delivers light bulletproof vehicles to Indian Air Force

Ashok Leyland said it has delivered the first lot of Light Bulletproof Vehicles (LBPV) to the Indian Air Force. The LBPV is an adopted version of Lockheed Martin’s Common Vehicle Next-Gen (CVNG). It was developed under a transfer of technology (TOT) agreement between Ashok Leyland and Lockheed Martin. The LBPV has high off-road mobility in mud, sand, rocks, and shallow water. It can accommodate a crew of six people, with ample cargo space to carry substantial mission equipment.

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L&T secures significant orders across business segments

Larsen & Toubro (L&T) said its construction arm has received significant orders (in the range of Rs 1,000-2,500 crore) across business segments in the domestic and international markets. Its power transmission and distribution business has won orders to construct two 132/11kV substations in Dubai. L&T’s building and factories business has secured an order from a leading cement manufacturer to construct a 3.5 MTPA cement plant in Rajasthan.

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Maruti Suzuki hikes prices of select models by up to Rs 22,500

Maruti Suzuki India said it has hiked prices of select car models by up to Rs 22,500 to partially offset the impact of rising input costs. The weighted average price increase of ex-showroom prices (Delhi) across models is 1.6%. The price hike will be applicable to all car models, except Celerio and Swift. In January 2021, the automaker had announced a price hike of select models by Rs 34,000 due to a rise in input costs.

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Quess Corp to acquire remaining 30% stake in Conneqt from Tata Sons for Rs 208 crore

Quess Corp Limited said it will acquire the remaining 30% equity stake in Conneqt Business Solutions Ltd from Tata Sons for Rs 208 crore. With this transaction, Conneqt will become a wholly-owned subsidiary of Quess Corp. This will allow the company to realise synergies between its various divisions (including Conneqt and Allsec Technologies). It will also strengthen Quess’ position to accelerate growth in the IT/ITeS space.

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GTPL Hathway Q4 Results: Net profit at Rs 56.89 crore

GTPL Hathway Ltd reported a consolidated net profit of Rs 56.89 crore for the quarter ended March (Q4). It had posted a net loss of Rs 13.62 crore in the corresponding period last year. The company’s revenue from operations rose 17.82% YoY to Rs 748.72 crore in Q4 FY21. Its board has recommended a dividend of Rs 4 per share. GTPL Hathway is a leading digital cable TV and broadband service provider.

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RITES-led consortium emerges lowest bidder for railway project in Bangladesh

A consortium led by RITES Limited has emerged as the lowest (L1) bidder for a tender floated by Bangladesh Railways. The order consists of the construction of a dual gauge railway line from Bogura to Shahid M. Mansur Ali station in Bangladesh. The project is funded by Exim Bank of India under the Line of Credit (LOC) scheme. RITES stated that the total fee income would be ~Rs 63 crore.

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NTPC to raise Rs 3,996 crore via bonds

NTPC Limited said it will raise Rs 3,996 crore through the issuance of non-convertible bonds on April 20, 2021 (Tuesday). The bonds will be issued on a private placement basis at a coupon rate of 6.87% per annum. The proceeds from this issue will be utilised for funding capital expenditure, refinancing of existing loans, and other general corporate purposes. The bonds are proposed to be listed on NSE.

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Vivimed Labs receives approval for 3 products

Vivimed Labs Limited has received approvals for 3 products from its state-of-the-art manufacturing site in Hyderabad. The approved products include Bilastine tablets 20mg under the brand name- FLUSTIN. It is used in the treatment of allergic Rhinoconjunctivitis and Urticaria (hives). The second product is Ornidazole and Otloxacin tablets, used in the treatment of bacterial and parasitic infections. The third product is Paracetamol 12 Smg/Sml and Chlorpheniramine Maleate Syrup (used to treat symptoms of allergic conditions).

IndiGo to waive-off change fees on domestic bookings made from April 17-30

InterGlobe Aviation Ltd (IndiGo) announced that it will not charge any fees to change the time or date on domestic tickets that are booked between April 17-30. The airline said passengers can make unlimited changes on domestic tickets booked between this period. However, there will be no change in cancellation fees.

In other news, IndiGo said it had transported a total of 81,437 kg of Covid-19 vaccines between January 12 and April 12. The airline had a leading market share of 36.56% in Covid-19 vaccine transportation during this period.

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ICICI Bank Reports 6-fold Jump in Net Profit – Top Indian Market News

ICICI Bank Q2 Results: Net Profit jumps 6-fold to Rs 4,251 crore 

ICICI Bank Ltd. reported a six-fold year-on-year (YoY) increase in net profit to Rs 4,251 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) has increased by 16% YoY to Rs 9,366 crore, during the same period. Its provisions for the quarter had increased by 19% YoY to Rs 2,996 crore. Provision is an amount set aside by a company to pay for any losses that might arise in the future.

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Jindal Steel & Power Q2 Results: Net Loss increases to Rs 706 crore

Jindal Steel & Power Ltd. (JSPL) reported a 76% year-on-year (YoY) increase in net loss at Rs 706 crore, for the quarter ended September (Q2).  JSPL’s consolidated gross revenue has increased by 22% YoY to Rs 9,804 crore, during the same period. The company has stated that it has completed the sale of a 48.99% stake in its Oman subsidiary, JSIS.

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Adani Group takes over Mangalore Airport

Adani Group has taken over the Mangalore International Airport, which was earlier run by the Airports Authority of India (AAI). This is one of the six state-run airports that has been awarded to Adani Group, under the first phase of India’s airport privatization. As per reports, the Group is expected to take over the airports at Lucknow and Ahmedabad by the end of next week.

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ADIA, PIF to invest Rs 3,779 crore each in Jio Fibre

Reliance Industries Ltd. has stated that the Abu Dhabi Investment Authority (ADIA) and Saudi Arabia’s Public Investment Fund (PIF) have invested Rs 3,779 crore each in Jio Fibre’s network. Both ADIA and PIF will acquire 51% of Jio’s Digital Fibre Infrastructure Trust (DFIT). The remaining 49% will be held by various entities of Reliance.

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Vodafone Idea to raise Rs 25,000 crore in 2-3 months

Vodafone Idea’s MD, Ravinder Takkar, has stated that the company plans to raise Rs 25,000 crore within the next 2-3 months. The amount would be raised through a mix of debt and equity instruments. These funds would be used to expand networks, and pay its adjusted gross revenue (AGR) dues. Vodafone Idea (Vi) has AGR dues of Rs 50,000 crore, which is payable over 10 annual installments till March 31, 2031. 

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Edelweiss Financial Services Q2 Results: Net Loss stands at Rs 56 crore

Edelweiss Financial Services Ltd. reported a consolidated net loss of Rs 56.12 crore, for the quarter ended September (Q2). The company has reported a 6.17% YoY decline in revenue to Rs 2,256.88 crore, during the same period. The non-banking financial company (NBFC) is engaged in wealth management, asset reconstruction, and insurance businesses.

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Gold ETFs registers Rs 2,426 crore inflow in September quarter

Gold exchange-traded funds (ETFs) saw a net inflow of over Rs 2,426 crore, during the three months ended September (Q2). This is a 14-time increase in inflows, as compared to Q2 of the previous financial year. The main reason for this increase has been linked to investors trying to minimize their risks, as there is higher economic uncertainty resulting from Covid-19 and the US election.

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Quess Corp Q2 Results: Net profit falls 25% YoY to Rs 50 crore

Quess Corp Limited has reported a 25.1% year-on-year (YoY) decline in net profit at Rs 49.93 crore, for the quarter ended September (Q2). The company has reported a 1.37% YoY decline in revenue to Rs 2614.07 crore, during the same period. Quess Corp is a business service provider based in Bangalore.

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Unichem Lab Q2 Results: Net Profit stands at Rs 8.74 crore

Unichem Laboratories Limited reported a consolidated net profit of Rs 8.74 crore, for the quarter ended September (Q2). The company had posted a net loss of Rs 22.21 crore in Q2 of the previous financial year. Unichem Lab’s sales have increased by 18.41% year-on-year (YoY) to Rs 317.51 crore in Q2 FY21. 

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Relaxo Footwears Q2 Results: Profit rises by 6% YoY to Rs 75 crore

Relaxo Footwears Ltd. reported a 6.46% year-on-year (YoY) increase in net profit to Rs 75.10 crore, for the quarter ended September (Q2). The revenue from operations has declined by 7.38% YoY to Rs 575.87 crore, during the same period. The company has stated that demand for its products has reached pre-Covid levels.

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