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Adani Group to Acquire 29.2% Stake in NDTV – Top Indian Market Updates

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

Adani Group to acquire 29.2% stake in NDTV

Adani Group’s media arm announced it will indirectly acquire a 29.18% stake in New Delhi Television Ltd (NDTV) and launch an open offer for another 26% stake in the media house. Three firms, Vishvapradhan Commercial Pvt. Ltd., AMG Media Networks, and Adani Enterprises Ltd, will acquire up to 1,67,62,530 fully paid-up equity shares of NDTV (having a face value of Rs 4) at Rs 294 per share from the public shareholders.

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India’s crude oil production falls 3.8% in July

India’s crude oil production fell 3.8% YoY in July on lower output from fields operated by state-owned ONGC and private sector firms. Production of crude oil fell from 2.54 million tonnes (MT) in July 2021 to 2.45 MT in July 2022. ONGC’s total production fell 1.7% YoY to 1.63 MT due to lower output from western offshore. The country’s 22 oil refineries processed 10.52% more crude oil at 21.43 million tonnes as demand for fuel picked up.

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Godrej Agrovet signs MoU with 3 states on oil palm cultivation

Godrej Agrovet Ltd has signed Memorandum of Understandings (MoUs) with the governments of Assam, Manipur, and Tripura for the development and promotion of oil palm cultivation under the National Mission on Edible Oils-Oil Palm scheme. The company will be allotted land in the three states for developing sustainable palm oil plantations in the region. In August 2021, the Indian govt launched the National Mission on Edible Oils-Oil Palm scheme with a planned outlay of Rs 11,040 crore.

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NHPC signs pact with BEL to set up solar equipment manufacturing facility

NHPC Ltd has signed a pact with Bharat Electronics Ltd (BEL) to set up a large-capacity solar equipment manufacturing facility. State-owned hydro power giant NHPC has an installation base of 7071.2 megawatts (MW) from 24 power stations. It is engaged in the construction of 11 projects aggregating to a total installed capacity of 7,539 MW.

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SpiceJet plans to raise funds worth $251 million: Report

As per a report from ET Now, SpiceJet Ltd is looking to raise funds worth $250.53 million (~Rs 1,998 crore). The low-cost airline is pursuing multiple ways to raise funds, including government lending schemes or equity sales. SpiceJet has been under the scanner lately, following incidents of technical snags that prompted India’s aviation regulator to order a reduction in its approved fleet by 50% for eight weeks.

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Ramco Systems partners with Australian freight and distribution service provider

Ramco Systems Ltd will implement its Logistics ERP Software at Freight Specialists to automate company-wide operations and services. The software will include modules for transportation, warehouse, and invoice management. It will offer superior user experience, end-to-end visibility, and control while enabling real-time operational excellence. Freight Specialists is a leading freight and distribution services provider based in Sydney, Australia.

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India to become world’s number one producer of steel: Jyotiraditya Scindia

Union Minister Jyotiraditya M Scindia said India will become the number one producer of steel in the world in the days to come. He was of the view that our country has moved from becoming the net importer of steel to the net exporter of steel. Currently, India is the world’s second-largest producer of crude steel after China. The per capita steel consumption has increased from 57.8 kg in 2013-14 to 78 kg. The government intends to achieve 300 million tonnes (MT) of steel production target by 2030.

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GMDC to hire consultants to set up modular lignite washery

Gujarat Mineral Development Corporation (GMDC) has invited requests for proposals (RFPs) for technology consultants for the dry beneficiation technology sulphur removal plant. The company aims to set up a modular lignite washery to remove pyrites/sulphur from lignite produced from the company’s Surkha (North) mines in Bhavnagar, Gujarat. This will help reduce sulphur dioxide emissions and improve boiler efficiency for the end users.

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Tata Motors signs PPA with Tata Power to develop onsite solar project

Tata Motors has signed a Power Purchase Agreement (PPA) with Tata Power to develop a 7.25 megawatt-power (Mwp) onsite solar project at its commercial vehicle manufacturing facility in Jamshedpur. With this project, the onsite solar plant capacity of the facility will reach 14 MWp, which will generate 442 million units of green electricity having the potential to reduce carbon emission by 3.5 lakh tonnes.

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Manufacturing PMI Hits 8-Month High in July – Top Indian Market Updates

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

Manufacturing PMI hits 8-month high in July

India’s manufacturing sector activity hit the highest level in eight months in July 2022, driven by significant growth in business orders. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 56.4 in July, compared to 53.9 in June. Demand continued to advance in July on the back of easing price pressures.

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


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Auto sales data for July 2022: Highlights  

Maruti Suzuki India posted an 8.3% year-on-year (YoY) increase in total sales to 1,75,916 units in July 2022. Sales of its compact vehicle segment rose 17% YoY to 1,05,151 units. Exports fell 4.3% YoY to 20,311 units.

Tata Motors Ltd registered a 52% YoY increase in total sales to 78,978 units in July. The automaker’s commercial vehicle sales rose 43% YoY to 34,154 units. Overall passenger vehicle sales rose 57% YoY to 47,505 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 28,053 units in July, an increase of 33% YoY. M&M’s tractor sales fell 14% YoY to 23,307 units. 

Bajaj Auto posted a 4% YoY decline in total sales to 3,54,670 units in July. Meanwhile, TVS Motor Company’s total sales stood at 3,14,639 units in July, up 13% YoY.

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UPL Q1 Results: Net profit rises 29% YoY to Rs 877 crore

UPL Limited reported a 29% YoY increase in consolidated net profit to Rs 877 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 27% YoY to Rs 10,821 crore during the same period. Revenues remained firm on the back of better product realizations, favourable exchange rates, and higher volumes. EBITDA stood at Rs 2,342 crore, up 26% YoY.

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Bharti Airtel acquires 19,800 MHz spectrum in 5G auction for 43,084 crore

Bharti Airtel Ltd has acquired 19,800 megahertz (MHz) spectrum for Rs 43,084 crore in India’s first 5G spectrum auction. It secured a pan India footprint of 3.5 GHz and 26 GHz bands. The telecom company plans to launch 5G services in every part of India, starting with key cities. Airtel is convinced that its higher-quality customer base will adopt 5G devices at a rapid pace in the country.

Meanwhile, Vodafone Idea has acquired spectrum in the 3300 MHz and 26 GHz bands to deliver 5G experience to its customers and strengthen enterprise offerings.

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Zomato Q1 Results: Net loss at Rs 186 crore

Zomato Ltd reported a consolidated net loss of Rs 185.7 crore for the quarter ended June (Q1 FY23). The online delivery platform had posted a net loss of Rs 356.2 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 67.4% YoY (or 16.6% QoQ) to Rs 1,413.9 crore in Q1 FY23. Zomato’s gross order value (the total value of all orders placed online on its platform) grew 41.6% YoY to Rs 6,430 crore in Q1, with average monthly transacting customers at 16.7 million.

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Coal India’s output rises 11% in July

Coal India Ltd (CIL) produced 47.3 million tonnes (MT) of coal in July, registering a growth of 11% YoY. The state-owned company has maintained a double-digit rising streak for four consecutive months of the current financial year (FY23). CIL produced 207.1 MT of coal during April-July, recording a 24.3% YoY. The company accounts for more than 80% of domestic coal production.

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ITC Q1 Results: Net profit rises 34% YoY to Rs 4,390 crore

ITC Limited reported a 34% YoY (or 4.6% QoQ) increase in consolidated net profit to Rs 4,390 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 39% YoY to Rs 19,831.27 crore during the same period. Its FMCG segment posted a 19.5% YoY increase in revenue at Rs 4,451 crore. Revenue from ITC’s hotel segment stood at Rs 554 crore, up 332.8% YoY.

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IndusInd Bank partners with Rupyy to offer loans for used cars

IndusInd Bank has announced a strategic partnership with Rupyy– a new-age digital lending platform that offers 100% paperless loan processing. This partnership will allow users of Rupyy to avail of simplified documentation and instant processing of loans for used cars from IndusInd Bank. The bank’s customers can now opt for flexible repayment options while transacting on Rupyy.

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GST collections rises 28% to Rs 1.49 lakh crore in July

India’s Goods and Services Tax (GST) collection rose 28% YoY to touch the second-highest level of Rs 1.49 lakh crore in July 2022, driven by economic recovery and steps taken to curb tax evasion. In July, revenues from import of goods were 48% YoY higher, while revenues from domestic transactions (including import of services) were 22% YoY higher. This is the sixth time that the monthly GST collection crossed the Rs 1.40-lakh-crore mark since the implementation of GST in 2017.

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Ramco Cements Q1 Results: Net profit falls 36% YoY to Rs 109.23 crore

The Ramco Cements Ltd reported a 36.37% YoY decline in consolidated net profit to Rs 109.23 crore for the quarter ended June (Q1 FY23). Its total income rose 44% YoY to Rs 1,785.64 crore during the same period. EBITDA fell 17% YoY to Rs 308 crore in Q1, mainly due to a sharp increase in fuel prices and weak cement prices. The company’s sold 3.31 million tonnes (MT) of cement in Q1 FY23, compared to 2.14 MT in Q1 FY22.

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Apollo Tyres gears up to meet demand from EV segment

Apollo Tyres Ltd expects electric vehicle (EV) adoption to pick up pace over the next few years and is gearing up to cater to demand both in passenger vehicle and two-wheeler segments. The company has launched two tyre brands— Amperion and Wav— for electric passenger vehicles and two-wheelers, respectively. It is also looking to cater to electric models in the European market through its “Vredestein” brand.

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Retail Inflation at 7.01% in June – Top Indian Market Updates

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

Retail inflation at 7.01% in June

Retail inflation in India (measured by the Consumer Price Index) eased to 7.01% in June, compared to 7.04% in May. The overall inflation in food items stood at 7.75% in June, compared to 7.97% in the preceding month. Fuel and light inflation climbed to 10.39% in June in contrast to 9.54% in May. The downward trend in inflation can also be attributed to excise duty cuts on petrol and diesel, along with imposed restrictions on food exports.

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HCL Tech Q1 Results: Net profit rises 2.4% YoY to Rs 3,283 crore

HCL Technologies Ltd reported a 2.4% YoY increase in consolidated net profit to Rs 3,283 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 16.92% YoY to Rs 23,464 crore during the same period. The company secured new deals worth $2,054 million in Q1, up 23.4% YoY. The IT firm’s board has declared a dividend of Rs 10 per share.

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Ramco Systems deploys its Aviation Suite for Air Asia Company

Ramco Systems Ltd has deployed its Aviation M&E MRO Suite V5.9 at Air Asia Company (AACL), thereby automating and digitally transforming its business processes. AACL is Taiwan’s first privately-owned aircraft maintenance company. The Aviation Suite has modules for production planning, commercials, maintenance execution, and supply chain management.

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NMDC cuts iron ore price amid weak demand

State-owned NMDC Limited cut prices of lump ore and fines by Rs 500 a tonne each amid a weak demand environment. The company has fixed the prices of lump ore at Rs 3,900 per tonne and fines at Rs 2,810 a tonne. Under the Ministry of Steel, NMDC contributes around 17% to the country’s annual iron ore output.

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Banks to report mark-to-market losses of Rs 13,000 crore on rising bond yields: Report

As per a report by rating agency Icra, rising bond yields will force banks to report mark-to-market losses of up to Rs 13,000 crore on their investment portfolios in the April-June quarter (Q1 FY23). Mark-to-market losses occur when financial instruments held by firms are valued at the current market value, which is lower than the price paid to acquire them. The report further states that profits will moderate for the quarter. However, improved loan growth and operating profits will ensure that the banks’ revenues remain “steady” for FY23

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RVNL-led consortium secures LoA for Rs 1,845 crore project

Rail Vikas Nigam Ltd (RVNL) announced that the RVNL-SP Singla Constructions consortium has secured a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a road project in Himachal Pradesh. The project involves four-laning of NH-5 from Kaithlighat to Shakral Village in Himachal Pradesh. The total cost of the project is estimated at Rs 1,844.77 crore.

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Adani Data Networks to participate in spectrum auctions

The Adani Group has applied to participate in the 5G auctions through its unit Adani Data Networks (a subsidiary of Adani Enterprises Ltd). Adani Data Networks is also undergoing the process to acquire a ‘Unified License with Authorisation of Access Services’ in specific areas. The conglomerate said it is not looking at a consumer mobility play and wants to acquire spectrum to create a private network to support its businesses (airports, data centres, etc).

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Bosch to invest over Rs 200 crore in next five years in India

Bosch Ltd has announced plans to invest over Rs 200 crore in advanced automotive technologies and digital mobility space over the next five years. The company is also optimistic about having double-digit growth in FY23 over the previous financial year. Bosch will support Indian automakers through system expertise and participate in partnerships to become a major player in the electrification ecosystem.

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Delta Corp Q1 Results: Net profit at Rs 57 crore

Delta Corp Ltd reported a consolidated net profit of Rs 57.13 crore for the quarter ended June (Q1 FY23). The company had posted a net loss of Rs 28.93 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations grew 35% YoY to Rs 250.27 crore in Q1 FY23. Delta Corp is an Indian gaming and hospitality corporation that owns and operates casinos and hotels under several brands.

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PVR Plans to Open 125 Screens in FY23 – Top Indian Market Updates

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

PVR plans to open 125 screens in FY23 

PVR Limited expects the movie exhibition industry to bounce back “dynamically” in FY23 and plans to open around 125 screens during the year. The multiplex operator expects business to grow in the coming quarters, supported by the growth in the average ticket price (ATP) and spend per head (SPH) already witnessed in Q3 & Q4 FY 2021-22.

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Airtel Payments Bank partners with Axis Bank to digitize last-mile cash collection

Airtel Payments Bank has partnered with Axis Bank to digitise the cash collection system in India’s Tier-III cities and semi-urban regions. The payments bank will leverage the extensive reach of its digital-led neighborhood banking model to support Axis Bank with the digitization of last-mile cash collections. This partnership will help Axis Bank build operational efficiencies in the cash management process.

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Steel prices likely to go up again from July 1 on high input cost: JSPL MD

Steel prices are expected to rise from July due to high input costs, said Jindal Steel & Power Ltd (JSPL) Managing Director V R Sharma. “The prices have already bottomed out. There is no chance of reducing them further. There will be an upward price correction from Friday, July 1 by primary players mainly on account of higher input costs,” he said. Secondary steel makers have already increased the price of rebars by Rs 2,000 to Rs 55,000 per tonne in the last four days.

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Minda Industries acquires 5.2% stake in FRIWO for €15 million

Minda Industries Ltd (MIL) has acquired a 5.24% stake in Germany-based FRIWO AG by investing 14.99 million euros. FRIWO AG designs, develops, and manufactures power supply systems, chargers, and motor control units. It is a public listed company, and its principal place of business is in Ostbevern, Germany.

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Tata Steel to spend Rs 1,200 crore on new tech development over 4 years

Tata Steel Ltd has announced plans to invest Rs 1,200 crore in new technology development over the next 3-4 years. In the new materials business, the steel maker has been focusing on graphene, which can be mixed with plastic and recycled like brand-new products. Tata Steel has signed a pact with Digital University Kerala and the Centre for Materials for Electronics Technologies (C-MET) to establish the first graphene research and innovation centre in India.

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Hindalco to acquire 26% stake in Cleanwin Energy SIX

Hindalco Industries Ltd will acquire a 26% stake in renewable energy generation company Cleanwin Energy SIX in an all-cash deal worth Rs 71.5 lakh. The proposed deal is part of Hindalco’s approach to reducing energy costs through open access to renewable energy generators. Cleanwin Energy was established in December 2021 with the intention of producing 5 MW of wind power.

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Al Faisal Holding selects Ramco Systems to enhance its HR and payroll systems

Qatar-based Al Faisal Holding has chosen to implement Ramco Systems’ Global Payroll & HR Solution to streamline and automate its HR and payroll operations. It will also implement Ramco’s facial recognition-based time & attendance system for real-time tracking of the employees. 

Innova Captab files DRHP for IPO with SEBI

Innova Captab Ltd has filed a Draft Red Herring Prospectus (DRHP) with markets regulator SEBI to raise ~Rs 900 crore through an Initial Public Offering (IPO). The proposed IPO comprises fresh issuance of equity shares worth Rs 400 crore. It also includes an Offer For Sale (OFS) of 96 lakh equity shares by promoters and other shareholders. Innova Captab provides research, product development, and manufacturing services to Indian pharma firms.

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Allied Digital Services secures contract worth Rs 49 crore

Allied Digital Services Ltd (ADSL) has received a Letter of Intent (LoI) for an order worth Rs 49 crore for the Solapur Smart City project. The scope of the project entails the setting up of a city communication network, command control center, and city-wide surveillance system. ADSL will also establish intelligent traffic management systems across the city.

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Jio-BP to Set Up EV Charging Infra at Omaxe Properties – Top Indian Market Updates

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

Jio-BP to set up EV charging infra at Omaxe properties

Real estate developer Omaxe Ltd has partnered with Jio-bp to establish a battery charging ecosystem for electrical vehicles. Jio-bp is a fuel and mobility joint venture (JV) between Reliance Industries and UK-based bp. The JV will install 24×7 EV charging and swapping infrastructure for two and four-wheelers at Omaxe properties across India.

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Shriram Transport Finance raises $250 million loan from DFC

Shriram Transport Finance Company Ltd (STFCL) has secured long-term funding of $250 million (~Rs 1,944 crore)  from the US International Development Finance Corporation (DFC). The external commercial borrowing is a fixed-rate 10-year loan. The funds raised from DFC will enable STFCL to on-lend for the purchase of new and used vehicles throughout India.

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UltraTech Cement partners with Coolbrook to reduce CO2 emissions at plants

UltraTech Cement has signed a Memorandum of Understanding (MoU) with Finland-based Coolbrook to explore the possibility of reducing CO2 emissions from its cement manufacturing operations. The two entities will explore electrification of the cement kiln heating process. They aim to develop optimal electric process heating solutions for the cement manufacturing process replacing fossil fuels.

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Welspun Corp, Tata Steel to manufacture pipes for hydrogen transportation

Welspun Corp Ltd (WCL) has partnered with Tata Steel to develop the framework and manufacture pipes for transporting pure hydrogen and natural gas-blended hydrogen. Through this strategic collaboration, WCL aims to assess the suitability of its “green” pipes for the transportation of pure hydrogen.

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Fino Payments Bank partners with Go Digit for shop insurance policy

Fino Payments Bank Ltd has exclusively partnered with Go Digit General Insurance Ltd to offer shop insurance policies to small and medium business owners. The tie-up will allow businesses to avail the benefits of Go Digit’s My Business Policy in case of an adverse event. Fino is associated with Go Digit as a corporate agent.

Reliance closes in on Boots acquisition, makes binding offer

The consortium of Reliance Industries Ltd (RIL) and US buyout firm Apollo Global Management Inc. has moved closer to acquiring Walgreens Boots Alliance Inc’s international chemist and drugstore units. The bid for the Boots business is fully backed by committed financing. If completed, the deal will be RIL’s largest cross-border acquisition.

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Coal India floats its first tender for coal imports

Coal India Ltd (CIL) has floated an international competitive bidding e-tender, seeking bids for importing 2.416 million tonnes (MTs) of coal. The coal being sourced on behalf of the state generating companies (gencos) and independent power plants (IPPs) is based on the indents (order) received from them for the period of July-September of FY23. 

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Iraqi Airways goes live on Ramco Systems’ aviation system

Ramco Systems Ltd has successfully gone live at Iraqi Airways with its Aviation M&E MRO Suite V5.9. It has completely digitalized all core business processes of the airways. Ramco’s next-gen digital platform offers Iraqi Airways real-time data availability, ensuring 100% aircraft airworthiness on the release.

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Equity mutual fund inflows rise 16% in May: AMFI

Net investments into equity and equity-linked schemes rose 16% over the previous month to Rs 18,529.4 crore in May. Multi caps witnessed the least investments among all categories, while large caps saw the most. The monthly contribution to systematic investment plans (SIPs) grew by Rs 423.33 crore in May. The data was released by the Association of Mutual Funds in India (AMFI).

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Manufacturing PMI Falls to 52.3 in August – Top Indian Market News

Manufacturing PMI falls to 52.3 in August

Manufacturing activity in India fell in August as a result of Covid-induced curbs and rising input costs. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 52.3 in August, compared with 55.3 in July. However, manufacturing production and new orders increased for the second straight month in August, but at a softer pace. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.  

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Auto sales data for August 2021: Highlights

India’s largest car manufacturer, Maruti Suzuki India, posted a 19.2% month-on-month (MoM) decline in total sales to 1.30 lakh units in August 2021. Sales from its utility vehicle segment and exports fell 24.5% and 2.8%, respectively. 

Tata Motors Ltd registered a 7.1% MoM decline in passenger vehicle sales to 28,018 units in August. The automaker’s commercial vehicle sales increased 25% MoM to 29,791 units. Overall domestic sales rose 4.2% MoM to 54,190 units.

Mahindra & Mahindra’s passenger vehicles division posted total sales of 15,973 units in August, a decline of 24% over July. M&M’s farm equipment segment posted a 21.5% decline in sales to 21,360 units.  

Bajaj Auto Ltd posted a 1.1% MoM increase in total sales to 3.73 lakh units. Meanwhile, TVS Motor Company posted a 4.2% MoM rise in total sales to 2.90 lakh units in August.

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Equitas SFB launches digital fixed deposits on Google Pay 

Equitas Small Finance Bank (SFB) will now enable users to open fixed deposits (FDs) on Google Pay. The deposits in Equitas SFB are covered by a deposit guarantee of up to Rs 5 lakh per depositor. Customers can enjoy returns of up to 6.35% for an FD of one year. On maturity, the proceeds will automatically go to the user’s existing Google Pay linked bank account. Recently, US tech giant Google had partnered with fintech startup Setu to allow users to open FDs through its digital wallet platform.

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IEX power market reports highest-ever monthly volume in August

The electricity market at the Indian Energy Exchange (IEX) achieved a record all-time high monthly volume of 9,538 million units (MUs) in August, a growth of 74% YoY. The day-ahead market traded 6,649 MU volume (with the average price of electricity at Rs 5.06 per unit), recording a 48 % YoY growth. The term-ahead market comprising intra-day, contingency, daily & weekly contracts recorded a 401% YoY growth in trading volumes at 617 MU during the same month.

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Minda Corp to acquire 26% stake in charging solutions startup EVQPOINT

Minda Corporation Ltd, through its subsidiary Spark Minda Green Mobility Solutions, has entered into definitive agreements for acquiring a 26% stake in charging solutions startup EVQPOINT Solutions. This investment will make Spark Minda EVQPOINT’s exclusive technology and manufacturing partner for battery chargers and EV supply equipment. The strategic partnership will position Spark Minda to capitalise on the accelerating shift to electric mobility and further boost its position as a one-stop shop for comprehensive charging solutions for EVs.

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EPL partners with Colgate-Palmolive to create recyclable toothpaste tubes

EPL Limited (formerly known as Essel Propack Ltd) has partnered with Colgate-Palmolive India to produce recyclable toothpaste tubes in India. This first set of recyclable tubes is the starting point for converting to 100% recyclable tubes for Colgate-Palmolive. EPL has innovated a first-of-a-kind Recyclable Platina Tubes for the oral care brand, keeping in mind superior functionality and no compromise on key product attributes and value.

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Ramco Systems partners with Draken International

Ramco Systems Ltd will implement its Aviation M&E MRO Suite V5.9 across Draken International’s global operations in the US. Draken International is a leading provider of tactical fighter aircraft for contract adversary air (ADAIR) services to the defense industry. Ramco Aviation Software will offer a one-stop solution for managing Draken’s global operations and support its rapid expansion plans.

Read more here. 

Hindustan Zinc extends shutdown of roaster at Rajasthan’s Chanderiya smelter

Hindustan Zinc Ltd (HZL) has extended the planned shutdown of one of the roasters at Chanderiya lead-zinc smelter in Rajasthan. The shutdown is required for the repair and overhaul of major structural components to avoid operational risks in the future. HZL said the shutdown would result in a production loss of 25,000 tonnes of zinc. The company expects the roaster to come back to operation by the mid of next month.

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BHEL secures order worth Rs 10,800 crore from NPCIL

Bharat Heavy Electricals Ltd (BHEL) has received its largest-ever order worth Rs 10,800 crore from Nuclear Power Corporation of India Ltd (NPCIL). The order includes the engineering, procurement, and construction (EPC) of a Turbine Island for six units of 700-megawatt electric (MWe). Four units of 700 MWe will be established at Gorakhpur, Haryana, and two units of 700 MWe at Kaiga in Karnataka.

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GMR Group to invest Rs 520 crore in Hyderabad Airport metro link project 

GMR Group, which operates the Rajiv Gandhi International Airport (RGIA) in Hyderabad, will invest Rs 519.52 crore by 2024 in a metro rail link project for connectivity across the city. The Rs 5,000 crore project proposed by the Telangana government will span 31 kilometers in total. The metro rail link project will be extended to RGIA to create accessibility for people living in different areas of Hyderabad.

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Vedanta announces interim dividend of Rs 18.5 per share

The Board of Directors of Vedanta Ltd has approved an interim dividend of Rs 18.5 per share for the financial year 2021-22, amounting to Rs 6,877 crore. The record date for the purpose of payment of the dividend is September 9. Vedanta Ltd is one of the world’s leading diversified natural resource companies with business operations in India, South Africa, Namibia, and Australia.

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GAIL Reports 28% QoQ Rise in Net Profit in Q4 – Top Indian Market News

GAIL Q4 Results: Net profit rises 28% QoQ to Rs 1908 crore

GAIL (India) Limited reported a 28% quarter-on-quarter (QoQ) increase in net profit to Rs 1907.7 crore for the quarter ended March (Q4). Its revenue from operations rose 0.6% QoQ to Rs 15,548.1 crore during the same period. Revenue from the petrochemicals and natural gas segments rose 14.5% and 0.7%, respectively, over the previous quarter. Net margins increased to 16%, compared with 12.4% in Q3 FY21. Net profit for the financial year 2020-21 (FY21) declined by 26% YoY to Rs 4,890.18 crore.

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Dr Reddy’s partners with Rockwell for Sputnik V rollout in India

Dr Reddys Laboratories has entered into a strategic partnership with Rockwell Industries to provide WHO-certified Covid-19 vaccine freezers for the storage of Sputnik V vaccines across India. On May 14, Dr Reddy’s had announced a limited pilot soft launch of Sputnik V in India, ahead of the commercial launch in June. Rockwell will provide end-to-end logistics and after-sales service support for vaccine freezers across the country. The freezers play a critical role in the safety of the vaccine and its potency. 

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Cabinet allocates 5 MHz spectrum for Indian Railways to improve communication

The Union Cabinet has allocated a 5 MHz spectrum in the 700 MHz band to the Indian Railways to boost hi-speed radio communication. The Centre will spend around Rs 25,000 crore in the next 5 years for signal modernization and 5G spectrum implementation in Railways. Long Term Evolution (LTE) for Indian Railways will enable secure and reliable voice, video, and data communication services for better safety. 

In other news, the Cabinet has approved an increase in minimum support prices (MSP) for Kharif crops. The Cabinet Committee on Economic Affairs has also approved the revival of Ramagundam Fertilizers & Chemicals Ltd (RFCL) to boost local production of gas-based urea. RFCL is a joint venture (JV) company of National Fertilizers Ltd and Engineers India Ltd.

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Varroc Engineering signs MoU with Candera GmbH for integrating HMI technology

Varroc Engineering Ltd has signed a Memorandum of Understanding (MoU) with Candera GmbH for a strategic association to integrate the Human Machine Interface (HMI) technology in Varroc’s thin-film-transistor (TFT) instrument cluster. As per the MoU, Varroc will develop the hardware and base software of the product. Austria-based Candera will provide software solutions for HMI. The TFT cluster provides an array of features such as navigation, Bluetooth connectivity, and mobile phone synchronization.

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Petronet LNG Q4 Results: Net profit rises 71% YoY to Rs 638 crore

Petronet LNG reported a 70.9% YoY increase in consolidated net profit to Rs 637.92 crore for the quarter ended March (Q4). Net profit has declined by 27.7% when compared to the previous quarter. Its revenue from operations declined by 11.6% YoY to Rs 7,575.32 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 8.7% YoY to Rs 2,939.23 crore. Petronet LNG’s board has recommended a final dividend of Rs 3.5 per share.

The company has announced plans to invest $2.6 billion (~Rs 18,960 crore) over the next five years to expand local infrastructure. Its head of finance stated that investing in overseas projects is ‘not lucrative’ in the current liquefied natural gas (LNG) surplus market.

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Sterlite Tech signs fibre network expansion deal with Vocus Group

Sterlite Technologies Ltd (STL) has signed a partnership with Australia-based Vocus Group to expand its fibre network in the country. Under the agreement, STL will supply its ‘Opticonn’ solutions to the Australian fibre and network solutions provider. The Opticonn offerings include a range of optical fibre and cable products, optical interconnect, and pre-connectorised kits. This deal will enable STL to strengthen its presence in the Australian market and help network creators to deploy high-capacity networks nationwide.

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Bajaj Healthcare Q4 Results: Net profit rises 70% YoY to Rs 21.28 crore

Bajaj Healthcare Ltd reported a 69.5% YoY increase in consolidated net profit to Rs 21.28 crore for the quarter ended March (Q4). Net profit has declined by 19.45% when compared to the previous quarter. Its revenue from operations rose 11.54% YoY to Rs 132.18 crore during the same period. Bajaj Healthcare’s board has recommended a final dividend of Rs 0.5 per share and a special dividend of Rs 0.5 per share.

Ramco Systems launches AI-based Self Explaining Payslip

Ramco Systems Ltd announced the launch of Self Explaining Payslip, an AI-based service that lets employees seek explanations of their compensation and payslip component. It helps employees receive prompt and personalized responses to their payroll queries. The Self Explaining Payslip eases employee experience through proactive notifications across payslip availability, tax declarations, and salary analytics. Ramco Systems is a software and services provider based in Chennai.

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Star Cement Q4 Results: Net profit rises 4.72% YoY to Rs 62 crore

Star Cement Limited reported a 4.72% YoY increase in standalone net profit to Rs 62.11 crore for the quarter ended March (Q4). Net profit has jumped 195% when compared to the previous quarter. Its revenue from operations rose 12.35% YoY to Rs 589.86 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined 28.09% YoY to Rs 157.27 crore.

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Net inflows into equity MFs rise to 14-month high in May

Net inflows into equity and equity-linked schemes jumped nearly threefold over the preceding month to Rs 10,083 crore in May 2021. This is the highest inflow since March 2020. Large-cap, mid-cap, and small-cap funds witnessed net inflows for the third straight month. A net outflow of Rs 44,512 crore was seen in debt funds in May, compared to an inflow of Rs 1 lakh crore in April. The data was released by the Association of Mutual Funds in India (AMFI).

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Indian Metals Q4 Results: Net profit at Rs 65.4 crore

Indian Metals and Ferro Alloys Ltd reported a consolidated net profit of Rs 65.4 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 51.94 crore in the corresponding quarter last year (Q4 FY20). Total income rose 54.31% YoY (or 36.7% QoQ) to Rs 587.95 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit jumped 350.5% YoY to Rs 166.55 crore. The company’s board has recommended a dividend of Rs 7 per share.

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Nestle India Reports 15% YoY Rise in Net Profit in Q1 – Top Indian Market News

nestle

Nestle India Q1 Results: Net profit rises 15% YoY to Rs 602 crore

Nestle India reported a 14.6% year-on-year (YoY) increase in net profit to Rs 602 crore for the quarter ended March (Q1). The company follows the January-December financial year cycle. Its revenue from operations rose 8.6% YoY to Rs 3,610.8 crore during the same period. Domestic sales rose 10.2% YoY and the e-commerce segment grew 66% YoY in Q1 CY21. Nestle India’s board has declared an interim dividend of Rs 25 per share.

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PM Modi rules out nationwide lockdown against Covid-19

In his address to the nation, Prime Minister Narendra Modi ruled out nationwide lockdown as a measure to curb the second wave of the Covid-19 pandemic. He has urged states to ensure that lockdowns are only chosen as the last resort. PM Modi said India’s citizens have fought against the pandemic with discipline and patience, and must continue to do so. The pharma sector has taken serious steps to increase the production of vaccines as well as medicines.

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India’s second Covid-19 wave may have deeper economic impact: Nomura

According to analysts at Nomura, stricter restrictions imposed by states to limit the spread of Covid-19 in India could deepen the economic impact of the second wave in the coming weeks. Nomura India Business Resumption Index (NIBRI) shows mobility is hit, while power demand and labour participation rate remain largely unaffected so far. NIBRI (which tracks ultra-high frequency data) fell to 83.8 as of April 18, as against 88.4 a week ago.

Read more here.

Cadila Healthcare to double Covid-19 vaccine capacity  

Cadila Healthcare Limited said it expects to receive regulatory approval for its Covid-19 vaccine by June. The pharma company will potentially ramp up vaccine capacity to 24 crore annual doses as India tries to contain the world’s fastest-growing coronavirus outbreak. Cadila is expecting efficacy readings from its last stage of clinical trials in May. 

Read more here.

Adani Enterprises incorporates wholly-owned subsidiary Mundra Petrochem

Adani Enterprises Limited has incorporated a wholly-owned subsidiary— Mundra Petrochem Ltd (MPL). MPL was established with the objective to set up various feedstock (coal, petcock, coke, oil, LPG, LNG, etc) based refinery, petrochemical, and chemical plants in a phased manner in India. The company will also undertake activities associated with land acquisition, design & engineering, power & infrastructure management, sale & marketing, and trading.

Read more here.

Swaraj Engines Q4 Results: Net profit rises 105% YoY to Rs 32 crore

Swaraj Engines Limited reported a 105.56% YoY increase in net profit to Rs 32.56 crore for the quarter ended March (Q4). Its revenue from operations rose 74% YoY to Rs 304.91 crore during the same period. The company’s board has recommended a final dividend of Rs 50 per share and a special dividend of Rs 19 per share. Swaraj Engines is engaged in the manufacturing of engines for fitment into Swaraj tractors, which is manufactured by Mahindra & Mahindra (M&M) at its Swaraj Division.

Read more here.

Ramco Systems offers its Global Payroll solution on Oracle Cloud Marketplace

Ramco Systems Limited has announced the availability of its Global Payroll solution on Oracle Cloud Marketplace, which is a centralised repository of enterprise applications offered by Oracle and Oracle partners. As a part of the collaboration, Ramco will integrate its payroll platform across 50+ countries with Oracle Fusion Cloud Human Capital Management (HCM), thereby enabling HR and payroll transformation for large enterprises.

Read more here.

Easy Trip Planners announces interim dividend of Rs 2 per share

Easy Trip Planners Ltd has announced an interim dividend of Rs 2 per share for 100% of its equity shares. The company’s board has set the record date as April 28, 2021. The amount will be paid, dispatched on or before May 18, 2021. “The interim dividend marks a major milestone in the company’s commencement of its journey as a listed firm and we intend to keep the company strong and profitable,” said Nishant Pitti, CEO and Co-Founder of Easy Trip Planners.

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Central Bank of India to issue shares to the Govt at Rs 17.11 per share

The Board of Directors of Central Bank of India has approved the allotment of up to 280.53 crore equity shares (of the face value of Rs 10 each) at an issue price of Rs 17.11 per share to the Government of India on a preference basis. The total issue size aggregates to Rs 4,800 crore. The issue is subject to the approval of shareholders, the Reserve Bank of India (RBI), and other statutory authorities.

Saregama India signs long-term music deal with Sanjay Leela Bhansali

Saregama India Limited has come on board as the music label for three forthcoming projects of award-winning filmmaker Sanjay Leela Bhansali.  These projects will be the Alia Bhatt-starrer Gangubai Kathiawadi— the music rights of which has been acquired from Pen Studios, the next untitled Bhansali directorial, and his first non-film Hindi originals album that will have music composed by him. Kolkata-based Saregama India is the oldest music label in our country, owned by RP-Sanjiv Goenka Group.

Read more here.

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Centre’s Net Indirect Tax Collections Rise 12% in FY21 – Top Indian Market News

Centre’s net indirect tax collections rise 12% in FY21

The Centre’s net revenue collections from indirect taxes witnessed a 12.3% year-on-year (YoY) rise to 10.71 lakh crore in the financial year 2020-21. This was supported by robust growth in receipts from customs duty and central excise (mostly from petrol and diesel). This figure has surpassed both the original as well as upwardly revised estimates for FY21 in the case of customs duty, central excise, and service tax taken together. The Centre collected Rs 1.32 lakh crore in customs duty receipts in FY21, an increase of 21% YoY. 

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BPCL partners with Accenture to transform its sales, distribution network

Bharat Petroleum Corporation Ltd (BPCL) has partnered with Accenture to transform its extensive sales and distribution network. Accenture will use its capabilities in data, artificial intelligence (AI), and cloud technologies to build, design, and implement a digital platform, called IRIS. This platform will integrate real-time data from across BPCL’s countrywide network to provide a consolidated view of its extensive operations.

Read more here.

S&P Dow Jones Indices removes Adani Ports from sustainability index

S&P Dow Jones Indices said it is removing Adani Ports and Special Economic Zone Ltd (APSEZ) from its sustainability index due to the company’s business ties with Myanmar’s military, which is accused of human rights violations after a coup in February. APSEZ had earlier announced plans of building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC). The stock will be removed from the index prior to the open on April 15.

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L&T begins construction of 300-MW solar power plant in Saudi Arabia

The renewables arm of Larsen & Toubro’s (L&T) Power Transmission & Distribution Business has secured the go-ahead to begin construction of a 300 MW solar power plant in Jeddah, Saudi Arabia. The engineering, procurement, and construction (EPC) order was received from a consortium of Masdar, EDF Renewables, and Nesma Company. Earlier, L&T said it had secured a major EPC order for establishing a 1.5 gigawatt (GW) Sudair solar PV project in Saudi Arabia.

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Adani Green Energy’s subsidiary commissions 50-MW solar plant in Chitrakoot

Adani Solar Energy Chitrakoot One Ltd (ASECOL), a subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 50 megawatt (MW) solar power plant in Chitrakoot, Uttar Pradesh. The plant has a power purchase agreement (PPA) with the Uttar Pradesh Power Corporation Ltd at Rs 3.07 per kilowatt-hour for a period of 25 years. This takes AGEL’s total operational renewable capacity to 3,520 MW.

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JLR will report significant cash flow in Q4: Tata Motors

Tata Motors Limited said Jaguar Land Rover (JLR) is confident of reporting significant cash flows for the quarter ended March (Q4) and break-even on a cash flow basis for the financial year ended March 31. JLR posted a 12.4% year-on-year (YoY) increase in retail sales to 123,483 units in Q4. Sales of Jaguar declined by 17.1%YoY to 23,463 units, while sales of Land Rover jumped 22.6% YoY to 100,020 units during the same period.

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Ashoka Buildcon declared lowest bidder for Gujarat Rail project

Ashoka Buildcon Limited has emerged as the lowest (L1) bidder for a tender floated by Gujarat Rail Infrastructure Development Corporation. The project consists of Gauge Conversion of Bechraji-Ranuj section to Broad Gauge with 25 kilovolt (kV) AC electrification in Ahmedabad Division of Western Railway. The total project cost is Rs 333.26 crore.

Cipla doubles remdesivir production amid unprecedented demand

Cipla Limited said it has doubled production of Covid-19 medication remdesivir to help meet “unprecedented demand” as India battles the second wave of infections. Recently, the Centre banned the export of the antiviral drug and its Active Pharmaceutical Ingredients (API) to deal with shortages of the medication. The drugmaker is working with authorities to restrict remdesivir supply just to hospitals and areas with a high burden of severe Covid-19 cases.

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NBCC secures order to construct office building in Noida

NBCC (India) Limited has been awarded a work order for engagement as Project Management Consultant (PMC) for the construction of a Fertilizer Corporation of India (FCIL) office building at Noida, Uttar Pradesh. The total value of the project is Rs 65.10 crore at a PMC fee of 7%. NBCC (India) is a Government of India enterprise that provides civil engineering construction services.

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Ramco Systems partners with EXSYN Aviation Solutions

Ramco Systems Limited has partnered with EXSYN Aviation Solutions to jointly offer aircraft data migration solutions to new clients. This partnership will enable new clients that are onboarding Ramco Aviation M&E MRO Suite to trust and rely on the expertise and technology of EXSYN. This will help clients to smoothly migrate their data from existing systems into Ramco applications.

Read more here.

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Petrol, Diesel Prices Cut for Second Consecutive Day – Top Indian Market News

Petrol, diesel prices cut for second consecutive day

State-run oil marketing companies (OMCs) cut petrol and diesel prices for the second consecutive day on Thursday. The price of petrol fell by 21 paise per litre to Rs 90.78 per litre in Delhi. Diesel price fell by 20 paise to Rs 81.10 per litre in the national capital. Global crude oil prices have fallen due to growing concerns over lockdowns to contain the increasing number of Covid-19 cases. 

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Welspun Enterprises to take over Rs 1,900 crore HAM project in Kerala

Welspun Enterprises has agreed to take over a Hybrid Annuity Mode (HAM) project in Kerala from Calicut Expressway Pvt Ltd through the harmonious substitution process of the National Highways Authority of India (NHAI). The project consists of six-laning the Kozhikode Bypass (Vengalam Jn. to Ramanattukara Jn.) of NH-66 in Kerala. The current estimated bid project cost is ~Rs 1,900 crore.

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Dilip Buildcon emerges lowest bidder for HAM project in Karnataka

Dilip Buildcon Ltd (DBL) has emerged as the lowest (L1) bidder for a new Hybrid Annuity Mode (HAM) project in Karnataka. The project consists of four-laning the Sannur-Bikarnakette section of NH-169 in Karnataka. The bid cost of the 45 km-long project is Rs 1,137 crore.

In other news, Repallewada Highways (a wholly-owned subsidiary of DBL) has received a letter of appointed date from NHAI for a project in Telangana. The bid cost of the 52.6 km-long project is Rs 1,140.50 crore.

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Barbeque Nation IPO subscribed 1.98 times on second day of bidding

The Rs 452-crore initial public offering (IPO) of Barbeque Nation Hospitality Limited was subscribed 1.98 times on the second day of bidding. The IPO has received bids for 98.75 lakh equity shares against an offer size of 49.99 lakh shares. The portion reserved for retail investors was subscribed 9.66 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 10% and that of qualified institutional buyers (QIBs) 37%.

To know more about the IPO, click here.

Voltas executes business transfer agreement with Universal MEP Projects

Voltas Limited has executed a business transfer agreement with its wholly-owned subsidiary, Universal MEP Projects & Engineering Services Ltd (UMPESL), for transferring its domestic projects business. Voltas’ mechanical, electrical & plumbing (MEP), heating, ventilation & air-conditioning (HVAC), and water projects, mining & construction equipment (M&CE) divisions will be transferred to UMPESL. The transaction is expected to be completed by the end of September 2021. 

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Kirloskar Ferrous signs mining lease deed with Karnataka Govt

Kirloskar Ferrous Industries Ltd (KFIL) was declared as the preferred bidder in an e-auction for Bharath Mines & Minerals, based on the highest final price offer submitted by the company. KFIL said it has entered into the mining lease deed with the Department of Mines and Geology, Government of Karnataka, for conducting mining operations for a period of 50 years. The operations at the mine commenced on March 24, 2021.

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Wabco India’s promoter to sell 18.10% stake via OFS

Wabco India Limited said its promoter, ZF International UK, will offload an 18.10% stake in the company through an offer for sale (OFS). This consists of a base issue of 9.05% stake and an oversubscription issue (greenshoe option) of 9.05% stake. The floor price of the OFS has been fixed at Rs 5,450 per share, a discount of 11% compared to Wednesday’s closing price of Rs 6,102. The OFS will open for retail investors tomorrow (March 26).

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CG Power’s board approves liquidation of CG Sales Network Malaysia

The Board of Directors of CG Power and Industrial Solutions Ltd has approved a proposal to liquidate its step-down subsidiary— CG Sales Network Malaysia Sdn Bhd. The voluntary liquidation is subject to statutory and regulatory approvals. CG Power is engaged in the design, manufacturing, and marketing of products related to power generation, transmission, and distribution. The company is based in Mumbai and is part of the Murugappa Group.

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Govt offers 67 blocks in second tranche of commercial coal mine auction

The Central government, on Thursday, launched the second tranche of auctions for commercial coal mining. A total of 67 coal blocks have been put up for sale. This is the highest number of mines on offer in a particular tranche (round) after the commencement of the auction regime in 2014. Out of the total 67 mines offered, 37 have been fully explored, while the remaining have been partially explored. 

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Ramco Systems wins order from a global tech company

Ramco Systems Limited said it has signed a contract with a global technology company to unify and transform its payroll operations across Japan, China, Philippines, and Malaysia. The tech company will leverage Ramco’s managed payroll services (including last-mile services on public cloud) to streamline and digitally transform its payroll operations across the four countries in Phase-1.

Read more here.

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Prestige Estates Sells Assets Worth Rs 7,467 crore to Blackstone Group – Top Indian Market News

Prestige Estates sells assets worth Rs 7,467 crore to Blackstone Group

Prestige Estate Properties Ltd has sold assets worth Rs 7,467 crore to investment firm Blackstone Group as part of the first phase of a Rs 9,160 crore deal. Phase-1 of the transaction included the sale of 12 assets comprising of completed retail, office, and hotel properties. With the completion of this transaction, Prestige Estate’s net debt has reduced to Rs 997.5 crore (compared with Rs 8,464.5 crore as of December 31, 2020). Phase-2 of the transaction is expected to be completed by the end of the next quarter.

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Have adequate spectrum to be competitive in market: Vodafone Idea

P Balaji, Chief Regulatory and Corporate Affairs Officer of Vodafone Idea Ltd (VIL), said the company has an adequate spectrum to meet customers’ requirements and to be competitive in the market. He said that VIL had bid for just as much radiowaves as it needed to boost its services and coverage. This commentary comes after several reports stated that VIL may not have acquired large amounts of spectrum in the recent auctions due to financial constraints. Vodafone Idea’s spectrum holding after the recent auction stands at 1,768.60 MHz.

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Kalyan Jewellers IPO to open on March 16; price band fixed at Rs 86-87

Kalyan Jewellers, on Thursday, announced that it will open its initial public offering (IPO) on March 16. The price band of the IPO has been fixed at Rs 86 to Rs 87 per share. The offer size is Rs 1,175 crore, which comprises a fresh issue aggregating to Rs 800 crore and an offer for sale (OFS) of Rs 375 crore. The company will utilise the funds for meeting working capital requirements and for general corporate purposes. The issue will close on March 18.

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JSW Steel’s crude steel production declines 1% YoY in February

JSW Steel Limited reported that its crude steel production declined by 1% year-on-year (YoY) to 13.06 lakh tonnes in February 2021. The average capacity utilisation was 93% last month. The production of flat-rolled products declined 6% YoY to 9.27 lakh tonnes. The production of long-rolled products increased by 10% YoY to 3.4 lakh tonnes during the same period.

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Infosys BPM extends strategic partnership with Newmont Corp

Infosys BPM announced a five-year extension of its strategic collaboration with the world’s largest gold mining company- Newmont Corporation. The company will standardise and digitise delivery models across Newmont’s mining sites. Infosys BPM will leverage its automation, artificial intelligence (AI), and design thinking capabilities to deliver increased value for Newmont. Infosys BPM is the business process management arm of Infosys Limited.

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SpiceJet to offer RT-PCR test for Rs 500 in Mumbai, Delhi

SpiceJet Limited has launched the country’s cheapest Covid RT-PCR testing facility for the general public at Rs 499 through its subsidiary, SpiceHealth. It will also offer the testing facilities at a special price of Rs 299 (which is one-third of the prevailing market rate) to its passengers. In the first phase, SpiceHealth will make its testing facility available in Mumbai and Delhi.

Read more here.

NMDC declares interim dividend of Rs 7.76 per share

NMDC Limited’s board has approved an interim dividend of Rs 7.76 per share for the financial year 2020-21. The company has fixed March 23, 2021, as the record date for payment of the interim dividend. State-owned NMDC is India’s largest iron ore miner and produces about 35 metric tonnes (MT) of iron ore from its three iron ore complexes in the country.

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Ramco Systems goes live at Nigeria-based Caverton Helicopters

Ramco Systems Limited announced that it has gone live at Caverton Helicopters with its Aviation M&E MRO Suite V5.8, thereby integrating and digitally transforming its business processes. The installed Aviation Suite helps Caverton Helicopters to track transactions, generate flight contract billing, and execute work packages. Caverton Helicopters is a Nigerian aerospace company that serves the West African offshore oil and gas industry.

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Ares SSG Capital completes acquisition of Altico Capital

Hong Kong-based Ares SSG Funds has completed the acquisition of debt-ridden Altico Capital. This buyout marks the first resolution of a defaulting non-banking finance company (NBFC) outside India’s Insolvency and Bankruptcy Code (IBC). State Bank of India (SBI), Bank of Baroda, Yes Bank, ACRE ARC, and Aditya Birla Finance were the main lenders to Altico Capital that have credit exposure. 

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Firms of Rakesh Jhunjunwala, Samir Arora file for mutual fund licenses

Helios Capital Management and Alchemy Capital Management are among four investment firms that have applied for mutual fund licenses with market regulator SEBI within the past 4 months. Singapore-based Helios Capital is founded by Samir Arora, while Alchemy Capital is co-founded by ace investor Rakesh Jhunjunwala. Bajaj Finserv, Capitalmind (Wisemarkets Analytics), Frontline Capital Services, Unifi Capital, and Zerodha Broking are other firms that have applied for mutual fund licenses.

Read more here.

USTPO grants patent to Newgen Software for invention of advanced binarization process

The United States Patent and Trademark Office (USTPO) has granted a patent to Newgen Software Technologies Ltd for an invention entitled “Image Processing System and Method”. The patent is for a period of 20 years, which starts from March 2018. The invention is an image processing system that binarizes images, which refers to converting colored and grey images to black and white images. The process of binarization is used to reduce image size and to facilitate document analysis.

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India Asked to Pay $1.2 Billion to Cairn After Arbitration Loss – Top Indian Market News

India loses Cairn tax case at international tribunal; asked to pay Rs 8,000 crore in damages

The Indian Government lost an international arbitration case to British energy giant Cairn Energy over a tax dispute. The international tribunal ruled that India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty. India has been ordered to pay damages worth $1.2 billion (~Rs 8,858 crore) to the oil major.

Cairn Energy had filed a dispute in 2015 against the demand raised by the Indian tax department of Rs 10,247 crore, relating to re-organisation of the group in 2006. The income tax department had then said that Cairn UK Holdings, a fully-owned subsidiary of Cairn Energy, had made capital gains of over Rs 24,000 crore before the public listing of Cairn India. They said that Cairn Energy effectively held 69% of Cairn India. In 2011, Cairn India was sold to Vedanta Group, except for a 9.8% stake. The residual stake sale was barred by the income tax department, and dividend payments by Cairn India to Cairn Energy were also frozen.

Read more here.

Antony Waste Handling Cell IPO subscribed 15 times on last day

The Rs 300-crore initial public offering (IPO) of Antony Waste Handling Cell was subscribed 15.04 times on the final day of bidding. Investors put in bids for 9.91 crore equity shares, as against an offer size of 66.66 lakh equity shares. The reserved portion for retail investors was subscribed 16 times and that of non-institutional investors 18.68 times. The portion set aside for qualified institutional buyers (QIB) was subscribed 9.67 times. 

Read more here.

Vodafone Idea loses 2.7 million subscribers in October

According to official data from telecom operator TRAI, Vodafone Idea (Vi) lost 2.7 million mobile subscribers in October 2020. Reliance Jio Infocomm Ltd and Bharti Airtel Ltd saw an increase in their subscriber base by 2.2 million and 3.7 million, respectively, during the same month. As per the data, Jio has a 35% market share of wireless subscribers, followed by Bharti Airtel at 29% and Vodafone Idea at 25%.

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L&T Construction wins large contracts in Madhya Pradesh

Larsen & Toubro (L&T) Ltd said that its construction arm has won large contracts in Madhya Pradesh. The contract consists of the execution of rural piped water supply schemes (under the Jal Jeevan Mission) in various districts of Madhya Pradesh. The company did not specify the exact amount of the contract. As per L&T’s specifications, a ‘large contract’ varies between Rs 2,500 crore to Rs 5,000 crore.

Read more here.

Parag Milk expands its health & nutrition business

Parag Milk Foods Ltd has announced plans to expand its health & nutrition portfolio through the introduction of high potential lactose products. The company has ventured into whey protein powders, which is a by-product in the cheese manufacturing process. For this, Parag Milk Foods has established facilities with a capacity to manufacture 40 MT of lactose per day.

Read more here.

Emami to expand ayurvedic product export under Zandu

Emami Ltd announced that it has received the WHO-Goods Manufacturing Practices (GMP) and Certificate of Pharmaceutical Products (CoPP) accreditations for its two plants located at Vapi and Masat in Gujarat. With this, the company plans to export its healthcare portfolio under Zandu into several newer markets. The accreditations are for more than 40 ayurvedic products for three years.

Read more here.

Glenmark Pharma signs pact with Menarini to commercialise nasal spray in Europe

Glenmark Pharma’s Swiss subsidiary has signed an exclusive licensing agreement with Menarini Group for commercialising its innovative nasal spray Ryaltris across 33 countries in Europe. The nasal spray is used for the treatment of symptoms associated with seasonal allergic rhinitis (SAR) in patients over 12 years of age. Under the terms of the agreement, Glenmark will be responsible for the continued development and regulatory approval of Ryaltris in European markets. After receiving all regulatory approvals, Menarini will be responsible for the commercialisation of the product in those markets.

Read more here.

Firstsource Solutions acquires US-based PatientMatters

Firstsource Solutions Ltd announced that it has acquired US-based PatientMatters, a healthcare Revenue Cycle Management (RCM) solutions provider. PatientMatters unifies disparate registration, bill estimation, and financial services with intelligent workflows and eligibility services- thus improving revenue realisation for hospitals. The acquisition helps Firstsource in strengthening its presence in large markets like Texas and New York. 

Read more here.

Ramco Systems secures multi-million dollar deal from ‘a Global Fortune 500 major’

Ramco Systems Ltd announced that it has signed a multi-million dollar agreement with a Global Fortune 500 major to unify and transform its payroll systems for 18 countries in the Asia Pacific region, using Ramco’s Managed Payroll Services. With this win, the company has added three Fortune 500 brands as clients for Ramco Global Payroll in Q3 2020. Ramco HR and Global Payroll services consist of chatbots, voice, and AI/ML. It addresses operational HR modules including Core HR and Time & Attendance & Global Payroll, with statutory compliance across 50+ countries.

Read more here.

Bharat Forge units reach settlement with Germany’s national competition regulator

Bharat Forge Ltd announced that its three subsidiaries-  Bharat Forge Aluminiumtechnik GmbH, Bharat Forge CDP GmbH, and Bharat Forge Global Holding GmbH- have reached a settlement with Germany’s national competition regulator Bundeskartellamt (Federal Cartel Office or FCO). The company’s units had been found guilty of engaging in illegal competitive agreements. The German subsidiaries have reached a settlement in an aggregate amount of €32 million (~Rs 287 crore) to be paid over the next five years. 

Dilip Buildcon receives LoA for EPC project in Rajasthan

Dilip Buildcon Ltd and its JV partner Altis-Holding Corporation has received a Letter of Acceptance (LoA) from the National Highway Authority of India (NHAI) for an engineering, procurement, and construction (EPC) project in Rajasthan. The project consists of the construction of an eight-lane access-controlled expressway in a section of Delhi-Vadodara Greenfield Alignment (NH-148N) in Rajasthan on EPC Mode. The project bid cost is Rs 1000.08 crore, for a completion period of 30 months.

Read more here.