CAIT demands ban on Amazon’s e-commerce operations in India
The Confederation of All India Traders (CAIT) demanded that the government should impose a ban on Amazon’s e-commerce portal and its operations in India. The traders’ body has accused the US-based company of indulging in predatory pricing, deep discounting, and inventory control. CAIT has also urged the government to probe the business practices of Amazon and Flipkart.
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Ambuja Cements Q4 Results: Net profit rises 24% YoY to Rs 732 crore
Ambuja Cements Ltd reported a 24% YoY increase in consolidated net profit to Rs 732.24 crore for the fourth quarter ended December (Q4 CY20). The company follows the January-December financial year cycle. Its revenue from operations grew 4.58% YoY to Rs 7,452.87 crore during the same period. The company witnessed significant growth in sales volumes under its Master Supply Agreement (MSA) with ACC Ltd.
The Board of Ambuja Cements has approved the renewal of the existing MSA with ACC Limited for a period of 3 years.
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L&T Construction receives contract to build 2 units of Kudankulam plant
The construction arm of Larsen & Toubro (L&T) has secured a contract from Nuclear Power Corporation of India Ltd (NPCIL) for civil work at the main plant of Kudankulam Nuclear Power Plant’s units 5 and 6. The value of the contract is in the range of around Rs 1,000-2,500 crore. The scope of the order includes the construction of the reactor building, turbine building, and safety structures.
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India’s domestic air passenger traffic declines 40% YoY to 77.34 lakh in January
India’s domestic air passenger traffic declined 39.60% year-on-year (YoY) to 77.34 lakh in January 2021. IndiGo flew the most number of passengers at 42.03 lakh and obtained a market share of 54.30% of the total domestic traffic. This is followed by Vistara, which carried 9.92 lakh passengers, and secured a 12.8% market share. The air traffic data for January was released by the Directorate General of Civil Aviation (DGCA).
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GAIL share buyback offer to open on February 25
GAIL (India) Limited will open its share buyback offer on February 25 for 6.97 crore fully paid-up equity shares of the face value of Rs 10 each. This represents 1.55% of the total number of equity shares issued by the company. GAIL will buy back shares from all existing shareholders and beneficial owners as on the record date- January 28. The share buyback will close on March 10.
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Arvind Fashions to raise Rs 200 crore via rights issue
Arvind Fashions said its Committee of Directors has approved raising around Rs 200 crore through a rights issue. The company will issue 1.48 crore partly paid-up equity shares (of the face value of Rs 4 each) at an issue price of Rs 135 per share to all existing shareholders. The rights entitlement ratio is 3 rights equity shares for every 20 equity shares held in the company.
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RBI approves Piramal’s resolution plan for DHFL
The Reserve Bank of India (RBI) has approved the resolution plan submitted by the Piramal Group to revive debt-ridden Dewan Housing Finance Ltd (DHFL). The Committee of Creditors (CoC) will now take the proposal to the National Company Law Tribunal (NCLT). On January 15, 2021, the creditors to DHFL gave more than 94% votes in favour of the resolution plan submitted by the Piramal Group.
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Dr Reddy’s launches Fluphenazine Hydrochloride tablets
Dr Reddy’s Laboratories has launched Fluphenazine Hydrochloride tablets in the US market. The tablets are used for treating manifestations of psychotic disorders. The product is a therapeutic equivalent generic version of Prolixin tablets approved by the US Food and Drug Administration (USFDA). According to IQVIA Health data, the Prolixin brand had US sales of approximately $134 million (~Rs 9.72 crore) during the calendar year 2020.
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RailTel IPO subscribed 42 times on final day of bidding
The Rs 819-crore initial public offering (IPO) of RailTel Corporation of India was subscribed 42.39 times on the final day of bidding. The issue received bids for 259.4 crore equity shares against an offer size of 6.11 crore shares. The portion reserved for retail investors was subscribed 16.79 times, while that of employees was subscribed 3.36 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 73.25 times. The reserved portion for qualified institutional buyers (QIBs) was subscribed 65.14 times.
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RPP Infra Projects JV secures order worth Rs 176 crore
RPP-SMC JV (a joint venture between RPP Infra Projects and SMC Infrastructures) has received a Letter of Acceptance (LoA) for a project worth Rs 176.58 crore. The scope of the project includes the strengthening and widening of Triuneveli-Sengottai-Kollam Road of SH-39.
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Bharti Airtel adds 40 lakh subscribers in December; Vodafone Idea loses 57 lakh: TRAI
Bharti Airtel added more subscribers than market leader Reliance Jio for the fifth straight month in December. According to data collected by telecom regulator TRAI, Airtel gained 40.5 lakh subscribers, while Jio added 4.7 lakh subscribers in December 2020. Vodafone Idea lost nearly 57 lakh subscribers during the same month.
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