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Jio-BP, TVS Motor to Collaborate on EV Charging Solutions – Top Indian Market News

Jio-BP, TVS Motor to collaborate on EV charging solutions

Jio-BP has partnered with TVS Motor Company to establish public electric vehicle (EV) charging infrastructure for electric two-wheelers and three-wheelers across India. The customers of TVS electric vehicles will get access to the widespread charging network of Jio-BP. Both companies will bring the best of their global learnings in electrification and apply them to the Indian market to create a differentiated customer experience.

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Tata Power commissions 160 MW solar project in Rajasthan

Tata Power Solar Systems (TPSS) has commissioned a 160 megawatts (MW) AC solar project at Jetstar, Rajasthan. Around 6.75 lakh monocrystalline photovoltaic (PV) modules were used in this installation. The project will produce 387 million units (Ms) of energy per year. The Jetstar project was completed within 15 months. TPSS is a wholly-owned subsidiary of Tata Power.

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L&T secures orders under its transportation infra biz

The construction arm of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) for its transportation infrastructure business. The business has secured an order from the Tamil Nadu Road Infrastructure Development Corp. to construct the Chennai Peripheral Ring Road EPC-02 Package of Section-II. It has also received an order from the Uttar Pradesh Metro Rail Corporation (UPMRCL) Ltd.

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Dr. Reddy’s launches generic Methylprednisolone Sodium Succinate for injection in US

Dr. Reddy’s Laboratories Ltd has launched its generic Methylprednisolone Sodium Succinate for injection in the US market. The drug is indicated for various conditions, including arthritis, blood disorders, and severe allergic reactions. As per IQVIA data, the generic version of the drug had sales of $144 million (~Rs 1,083 crore) in the US during the twelve months ended Feb 2022.

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Adani Power receives Rs 3,000 crore dues from Rajasthan discoms

Adani Power Ltd has received Rs 3,000 crore dues with interest from state-owned power distribution companies (discoms) of Rajasthan as compensation for higher fuel costs. On February 25, the Supreme Court ordered the Rajasthan discoms to pay Rs 3,048.63 crore along with interest within four weeks. It also ruled that the discoms would otherwise be liable for contempt of court.

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Nazara Tech to invest Rs 19 crore in US-based Bitkraft Ventures

Nazara Technologies Ltd plans to invest $2.5 million (~Rs 18.81 crore) in a US-based game fund, Bitkraft Ventures. The investment was made by Nazara Tech’s Singapore arm. Two-thirds of the amount will be deployed over a period of three years. Bitkraft Ventures is an early-stage investment firm that backs startups in gaming, Web3, and immersive technology.

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Tata Steel uses inland waterways to ship heavy machinery for Kalinganar project

Tata Steel Ltd has used inland waterways in Odisha to bring in heavy machinery for its ongoing Kalinganagar plant expansion project. Development of inland waterways for the steel industry is a focus area of the government as transporting goods through this route is cheaper compared to rail and road. The move will pave the way for a sustainable logistics model with a potential cost advantage.

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Ramkrishna Forgings secures export order worth Rs 135 crore 

Ramkrishna Forgings Ltd has received an export order worth Rs 135 crore from a Euroasian original equipment manufacturer (OEM). The order is for the supply of heavy-duty commercial vehicle crankshafts to be executed over the next five years. The company’s management is confident of rapid growth on the back of higher capacity and improving utilization.

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Karur Vysya Bank’s business turnover crosses Rs 1.25 lakh crore in FY21

Karur Vysya Bank’s total business crossed Rs 1.25 lakh crore by the end of the previous financial year (FY22). Total business constitutes the total deposits and advances of the bank. Total deposits of the lender stood at Rs 68,676 crore as of March 31, 2022, while the total advances stood at Rs 58,086 crore.

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TCS signs multi-year contract with US company

Tata Consultancy Services (TCS) has signed a material multi-year contract with a large US company, expanding its long-standing partnership to accelerate its cloud transformation journey. The transformation will serve as a platform for the company’s future growth to enable business expansion, incubate new business models, improve customer experience, and other strategic benefits. The cloud-enabled operating model will be powered by advanced cognitive automation capabilities.

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Suven Pharma to acquire Casper Pharma for $20.5 million

The Board of Directors of Suven Pharmaceuticals Ltd has approved the acquisition of Hyderabad-based Casper Pharma for $20.5 million (~Rs 155 crore). Casper has an installed manufacturing capacity of 120 crore for solid oral dosage forms such as tablets or capsules. The acquisition is expected to be completed within 30 days.

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Tata Motors to Invest Rs 15,000 crore in EV Segment – Top Indian Market News

Tata Motors to invest Rs 15,000 crore in EV segment in 5 years

Tata Motors Ltd is planning to invest Rs 15,000 crore in the electric vehicle (EV) segment in the next five years. The automaker is planning to develop 10 more new offerings in the segment. It has raised $1 billion (~Rs 7,637 crore) in funding from private equity major TPG in its EV division, valuing the business at $9.1 billion. 

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Amazon, Future Retail talks have failed, lawyers tell Supreme Court

Talks between Amazon and Future Retail aimed at resolving a long-running dispute over whether Future’s retail assets can be sold to Reliance Industries have failed, lawyers for the companies told the Supreme Court. Both Amazon and Future would like to resume arbitration proceedings in Singapore that had been put on hold by the New Delhi High Court. The Supreme Court will hear arguments from Amazon on Wednesday and decide on the matter.

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Auto PLI scheme attracts Rs 74,850 crore investment proposals

Around 75 auto component makers received approvals from the Centre under the Production Linked Incentive (PLI) scheme for automobile and auto components manufacturing. Maruti Suzuki, Hero MotoCorp, Toyota, Motherson Sumi, Bosch, and Tata Autocomp are among the list of companies that have been approved for the scheme. The PLI scheme has attracted investment proposals of Rs 74,850 crore for the next five years. This figure is 76.11% higher than the planned target of Rs 42,500 crore.

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Heritage Foods launches Premium Badam Milk

Heritage Foods Ltd has launched an all-new Premium Badam Milk with real almond bits. The ‘Badam Charger’ is the latest addition to the company’s growing list of value-added products (VAP) portfolio. It is prepared without any artificial ingredients, colors, or flavours. The drink will be available across all general trade and modern trade stores. It will also be sold on online grocery platforms. 

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Blue Star launches new range of affordable ACs

Blue Star Ltd has unveiled a new range of ‘affordable-yet-best-in-class differentiated’ split air conditioners. The company has launched nearly 50 models across the spectrum of inverter, fixed speed, and window ACs. The range of ACs comprises 3-star, 4-star, and 5-star inverter split. They are available at prices starting from Rs 30,990. 

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Ramkrishna Forgings secures domestic order from India’s largest MHCV OEM

Ramkrishna Forgings Ltd (RFL) has secured an order worth Rs 75 crore per annum from India’s largest original equipment manufacturer (OEM) in the Medium & Heavy Commercial Vehicle (MHCV) segment. The company has established a strong presence among domestic customers. It is steadily cementing its position on the back of recent order wins. RFL is one of the leading suppliers of rolled, forged, and machined products.

L&T’s subsidiary wins multiple orders from India and abroad

The Power Transmission & Distribution business of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) in India and abroad. The renewable arm of the business has won an order to construct a 245 megawatts (MW) solar power project in Rajasthan. L&T has also secured an order to implement a solar photovoltaic cum storage project in Kutch, Gujarat. In the Middle East region, the business has won orders for the supply and construction of shunt reactors in 132 kV substations.

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Anupam Rasayan acquires 24.96% stake in Tanfac Industries

Anupam Rasayan India Ltd (ARIL) has completed the acquisition of a 24.96% stake in Tanfac Industries Ltd (TIL) from Birla Group Holdings. The specialty chemicals maker has acquired joint management control of TIL. ARIL has also become TIL’s promoter, along with Tamilnadu Industrial Development Corporation Ltd, with effect from March 11, 2022. Incorporated in 1972, TIL is a specialty fluoride chemical manufacturer.

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PNB declares IL&FS Tamil Nadu Power Company loan as fraud

Punjab National Bank reported a fraud of Rs 2,060 crore in the non-performing account (NPA) of IL&FS Tamil Nadu Power Company Ltd (TNPCL). The bank has made a provision of Rs 824 crore as per Reserve Bank of India’s prudential norms. Last month, Punjab & Sind Bank had declared the same account with outstanding dues of Rs 148 crore as fraud. IL&FS TNPCL had a payment due of Rs 7,181 crore at the end of March 31, 2021.

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Zomato grants $150 million loan to Blinkit

Zomato Ltd’s board has approved the acquisition of a 16.66% stake in Mukunda Foods, a food robotics company, for $5 million (~Rs 38.4 crore). The investment will help Mukunda Foods scale faster, help reduce restaurant food prices and expand margins. Zomato has also granted a loan of $150 million (~Rs 1,151 crore) to Blinkit (formerly known as Grofers), an instant delivery service.

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JSW Steel Output Grows 21% YoY in Feb – Top Indian Market News

JSW Steel output rises 21% YoY to 1.58 MT in Feb

JSW Steel Ltd registered a 21% year-on-year (YoY) increase in crude steel production to 1.58 million tonnes (MT) for February 2022. The JSW Group firm’s steel output stood at 1.31 MT in February 2021. The company’s production of flat-rolled products rose 25% to 1.15 MT.

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Norway wealth fund puts Adani Ports on watch list

Norway’s $1.3-trillion wealth fund has put Adani Ports under observation for possible exclusion from its investments due to the company’s involvement in building a port terminal in military-ruled Myanmar. The fund, which invests the state’s revenues from oil and gas production for future generations, follows an ethical mandate set by the country’s parliament.

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Ramkrishna Forgings partners with US-based axle manufacturer

Ramkrishna Forgings Ltd has announced a partnership with a leading American axle manufacturer for the light vehicle segment. The deal consists of manufacturing products to be used for rear-wheel axle applications over the next five years. The order win will give the company an estimated business of Rs 70 crore.

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RBI launches instant payment system “UPI 123PAY”

Reserve Bank of India (RBI) Governor Shaktikanta Das has launched an instant payment system “UPI 123PAY” for feature phone users. The new Unified Payments Interface (UPI) will allow India’s 40 crore feature phone users to access the payment service in a more secure manner. The RBI chief also launched a 24×7 helpline for digital payments – DigiSaathi.

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NMDC hikes prices of iron ore lumps and fines by Rs 400 per tonne

NMDC Ltd has hiked the prices of lump ore and fines by Rs 400 per tonne each with immediate effect. This is the second upward price revision within the last two weeks. The iron ore miner has fixed the prices of lump ore at Rs 6,000 per tonne and that of fines at Rs 4,960 a tonne. NMDC has set an ambitious target of producing 100 MT of iron ore by 2030.

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Alembic Pharma gets final approval for anti fungal drug

Aleor Dermaceuticals Ltd (ADL) has received final approval from US Food & Drug Administration (USFDA) for nystatin and triamcinolone acetonide ointment. The drug can be used to treat cutaneous candidiasis (a skin infection caused by Candida fungi). As per IQVIA December 2021 data, the ointment has an annual estimated market size of $4 million. ADL is a joint venture firm of Alembic Pharmaceuticals.

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Zydus gets DCGI nod for oral drug to treat anemia in CKD patients

Zydus Lifesciences has received approval for its new drug application (NDA) from the Drug Controller General of India (DCGI) for OxemiaTM (Desidustat). It is a first-of-its-kind oral treatment in India for anemia associated with chronic kidney diseases (CKD). CKD is a serious progressive medical condition characterised by a gradual loss of kidney function.

ISGEC secures order for cement waste heat recovery boilers

ISGEC Heavy Engineering Ltd has received an order from Shree Cement for Cement Waste Heat Recovery Boilers for their 3.8 MTPA clinker capacity at its plant in Rajasthan. The scope of work includes designing, manufacturing, and supplying PH boilers in the pre-heater exhaust and AQC boilers in the cooler exhaust.

Adani-IOCL sign pact to augment crude volumes

Adani Ports and Special Economic Zone Ltd (APSEZ) has signed an agreement with Indian Oil Corp Ltd (IOCL) to augment IOCL’s crude oil volumes at the Mundra port. The state-run oil refiner will expand its existing crude oil tank farm at APSEZ’s Mundra Port. This will enable it to handle and blend an additional 10 million metric tonnes of crude oil per annum at Mundra.

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Tata Motors to Hike Prices of CVs by 2.5% From Jan – Top Indian Market News

Tata Motors to hike prices of CVs by 2.5% from Jan 2022

Tata Motors Ltd will hike the prices of its commercial vehicles (CV) by ~2.5% from January 1, 2022. The price increment will be effective across the following segments: medium & heavy commercial vehicles (M&HCV), light commercial vehicles (LCV), small CVs, and buses. The increase in the costs of commodities and raw materials (aluminium, steel, semiconductors, and essential metals) has forced the automaker to incite an increment in price.

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Reliance Jio conducts trial of connected drones on its 5G network

Reliance Jio has conducted successful trials of connected drones on its indigenous 5G network. The trial involved a precision command and control of drones over 5G using a fleet management system running on the cloud. It performed tasks such as image recognition, track-and-trace, discrete payload pickup & delivery, video imagery, and real-time drone control. Jio has developed its own homegrown 5G stack, which it plans to export abroad after testing its competence on a pan-India scale.

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Tata Power signs MoU with IIT Madras to collaborate on R&D, training, tech solutions

Tata Power has signed a Memorandum of Understanding (MoU) with IIT Madras to collaborate on research & development (R&D), consultancy, advocacy, training, and technology solutions. As a part of the MoU, Tata Power and IIT Madras will aim to pursue advanced research in areas of future technology. The agreement also includes campus recruitment opportunities for postgraduate students of IIT Madras.

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Godrej Properties partners with TDI Group for luxury housing project in Delhi

Godrej Properties Ltd has entered into a joint venture (JV) with TDI Group to build a luxury housing project at Connaught Place in Central Delhi. The project would have a development potential of about 1.25 lakh square feet saleable area. This will be the realty company’s third project in Delhi.

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IEX electricity volume up 54% YoY to 9,477 MU in November

Indian Energy Exchange (IEX) traded 9,477 million units (MU) of electricity in November 2021, achieving a 54% YoY (or 3.4% QoQ) growth. The traded volumes of the day-ahead market fell 3% YoY to 4,719 MU in November, with the average monthly price at Rs 3.1 per unit. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 302.7 MU during the same month, registering a 23.4% YoY growth.

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Ramkrishna Forgings secures order worth Rs 72 crore

Ramkrishna Forgings Ltd has received a domestic order worth Rs 72 crore from an Indian automaker in the medium & heavy commercial vehicles (MHCV) segment.  The order has to be executed over a period of four years. The company has built a strong and diverse customer base in India and is now looking to strengthen its presence and gain market share. 

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Toyota Kirloskar Motor partners with Karnataka Bank for financing solutions

Toyota Kirloskar Motor (TKM) has partnered with Karnataka Bank to finance its vehicles across cities and towns in India. The bank will be one of the preferred financiers for the entire range of vehicles sold by TKM. The finance options at competitive interest rates will be available to customers (including those covered under priority sector schemes) for purchasing Toyota vehicles for private and commercial use.

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GSS Infotech acquires Polimeraas for Rs 250 crore

GSS Infotech Ltd has acquired a 100% stake in farm-to-store company Polimeraas for Rs 250 crore in a stock and cash deal. Polimeraas operates 75 stores across Hyderabad and Bangalore, with an average footfall of 21,000 per store per month. The company deals with procurement, distribution, and sale of agricultural products, processed food, and other home consumables. GSS Infotech is an IT company specialising in application development, e-commerce & cloud, security, and remote infrastructure management.

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Indo Count Industries to acquire home textile business of GHCL

Indo Count Industries Ltd (ICIL) has entered into a Business Transfer Agreement (BTA) with GHCL Ltd for the acquisition of its home textile business at Vapi, Gujarat. The company has also signed an Asset Transfer Agreement (ATA) for the acquisition of specified assets of GHCL’s US subsidiary. The cost of the acquisition is Rs 576 crore. ICIL is a leading manufacturer and exporter of home textiles.

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Vodafone Idea in talks with vendors for sourcing 5G gear

As per reports, Vodafone Idea (Vi) has initiated talks with several local & international telecom vendors and system integrators to explore gear sourcing options for its 5G network. The company aims to negate potential cost implications that sourcing from traditional European vendors Nokia and Ericsson may have in the absence of competition. Vi’s rivals Reliance Jio and Bharti Airtel have either developed their own 5G stack or have entered strategic partnerships to jointly build the network technology in India with non-traditional companies.

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Retail Inflation Rises to 4.48% in October – Top Indian Market News

Retail inflation rises marginally to 4.48% in October

India’s retail inflation, as measured by the Consumer Price Index (CPI), rose marginally to 4.48% in October from 4.35% in September. This is the fourth successive month that the CPI data has come below the Reserve Bank of India’s (RBI) upper margin of 6%. Food inflation has increased slightly to 0.85% in October from 0.68% in September.

Meanwhile, India’s factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a 3.1% year-on-year (YoY) growth in September. The mining sector saw a growth of 8.6% YoY to 95.1 in September, while the manufacturing sector saw a rise of 2.7% YoY to 129.9. 

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ONGC Q2 Results: Net profit jumps 565% YoY to Rs 18,347 crore 

Oil and Natural Gas Corporation (ONGC) Ltd reported a 565% YoY jump in net profit to Rs 18,347 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 44% YoY to Rs 24,353.6 crore during the same period. The operating margin expanded to 48.17% in Q2 FY22 compared to 37.78% in Q2 FY21. ONGC’s board has declared an interim dividend of Rs 5.5 per share.

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KEC International wins orders worth Rs 1,415 crore

KEC International Ltd has secured new orders worth Rs 1,415 crore in the Civil and Oil & Gas Pipeline businesses in India. The company has received an order from Chennai Metro Rail Limited (CMRL) for the construction of elevated viaduct along with 11 stations. It has received a civil infra works order from a defence entity. KEC International has also secured an order from Indian Oil Corp for the laying of oil and gas pipelines.

Vodafone Idea Q2 Results: Net loss narrows to Rs 7,132 crore

Vodafone Idea (Vi) reported a consolidated net loss of Rs 7,132.3 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 7,319 crore in the previous quarter. Its revenue from operations rose 3% QoQ to Rs 9,406.4 crore during the same period. Vi’s operating profit rose 4.2% QoQ to Rs 3,862.9 crore. The average revenue per user (ARPU) stood at Rs 109 in Q2, an increase of 4.8% QoQ.

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Grasim Industries Q2 Results: Net profit jumps 180% YoY to Rs 979 crore

Grasim Industries Ltd reported a 180% YoY jump in net profit to Rs 979.1 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 67% YoY to Rs 4,933 crore during the same period. The company’s operating profit increased 87% YoY to Rs 1,504 crore. Grasim’s chemical business posted a 44.5% YoY growth in total sales to Rs 1,627 crore in Q2. 

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Ramkrishna Forgings partners with ePropelled to manufacture eDTS motor technology

Ramkrishna Forgings has signed a Memorandum of Understanding with ePropelled (USA), a technology company that offers leading-edge electric propulsion systems. The two companies will develop eAxle products based on ePropelled’s patented Dynamic Torque Switching™ (eDTS) technology. The solution increases power efficiency by at least 15%, allowing manufacturers to reduce the size and cost of their battery packs.

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Coal India Q2 Results: Net profit falls marginally to Rs 2,933 crore

Coal India Ltd reported a 0.6% YoY decline in consolidated net profit to Rs 2,933 crore for the quarter ended September (Q2 FY22). Net profit fell 7.5% compared to the previous quarter. Its revenue from operations rose 10% YoY to Rs 23,291 crore during the same period. The raw coal production improved to 125.83 million tonnes (MT) in Q2 FY22, compared to 114.98 MT in Q2 FY21.

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Airtel Payments Bank to double business correspondent network to 1 million a year

According to a report from Economic Times, Airtel Payments Bank plans to double its countrywide business correspondents (BCs) network to 1 million in the next 12 months. It also aims to drive monetisation through a combination of transactions and interest-based income, besides boosting revenues from cash management services in the business-to-business (B2B) space. APB is looking to gain the necessary reach to cater to the remittances market and the Aadhar-enabled payment services business to serve millions of potential customers.

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Hindalco Q2 Results: Net profit jumps 783% YoY to Rs 3,417 crore

Hindalco Industries Ltd reported a 783% YoY jump in consolidated net profit to Rs 3,417 crore for the quarter ended September (Q2 FY22). Net profit increased 23% compared to the previous quarter. Its revenue from operations rose 52.6% YoY to Rs 47,665 crore during the same period. EBITDA stood at Rs 8,048 crore in Q2, a growth of 56% YoY (or 19% QoQ). Hindalco said its Q2 performance was largely driven by a strategic product mix, higher volumes, and stability in operations.

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SJVN signs pact with Solarworld to develop 75 MW solar power project in UP

SJVN Limited has signed an agreement with Noida-based Solarworld Energy Solutions to develop a 75 megawatt (MW) solar power project at Parasan Solar Park in Uttar Pradesh. The total cost of the project is Rs 313.59 crore. The project will generate 168.34 million units (MU) of energy annually with a capacity utilisation factor (CUF) of 25.06%.

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Motherson Sumi Q2 Results: Net profit falls 36% YoY to Rs 217 crore

Motherson Sumi Systems Ltd (MSSL) reported a 35.8% YoY decline in net profit to Rs 216.96 crore for the quarter ended September (Q2 FY22). Its revenue from operations fell 5.9% YoY to Rs 14,076.39 crore during the same period. Total expenses fell by 3% YoY to Rs 14,001.29 crore in the second quarter.

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JSW Steel’s Crude Steel Production Rises 29% YoY in Q2 – Top Indian Market News

JSW Steel reports 29% YoY rise in crude steel production in Q2

JSW Steel Ltd reported a 29% YoY increase in crude steel production at 5.07 million tonnes (MT) for the quarter ended Sept (Q2 FY22). The capacity utilisation at the standalone level was at 91% during the quarter. For the six months ending September 30, 2021, the company recorded crude steel production growth of 21% on a standalone basis and 45% at the steel group level.

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Rakesh Jhunjhuwala-backed Akasa Air to start operations by 2022

Akasa, the new airline backed by ace investor Rakesh Jhunjhunwala, has received a No Objection Certificate (NOC) from the Ministry of Civil Aviation. SNV Aviation Pvt Ltd will fly under the brand name “Akasa Air” with Vinay Dube as CEO. The airline will now seek a license from the Directorate General of Civil Aviation (DGCA) to commence operations in the summer of 2022. Akasa Air aims to be India’s most dependable, affordable, and greenest airline.

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Power Mech Projects secures orders worth Rs 448.6 crore

Power Mech Projects Ltd has received a Letter of Intent (LoI) for orders worth Rs 448.60 crore. The project includes the operation and maintenance of 2×660 megawatt (MW) Mutiara Thermal Power Plant in Melamaruthur Village, Tuticorin. The company has also received a miscellaneous civil works order for Screening Plant-III in Kirandul, Chattisgarh, from NMDC Ltd.

Prestige Estate Projects registeres highest quarterly sales in Q2

Prestige Estates Projects registered its highest-ever quarterly sales of Rs 2,111.90 crore and collections of Rs 1,551.50 crore during Q2 FY22. The company’s sales rose 88% YoY and collections jumped 35% YoY during the same period. In terms of volume, the real estate developer sold 3.54 million square feet area in Q2, compared to 1.77 million sq. ft. area in the corresponding period last year.

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Macrotech Developers signs 5 JVs in H1 to build projects worth Rs 4,500 crore

Macrotech Developers has formed five joint ventures (JVs) since April 2021 to develop projects that have a sales potential of Rs 4,500 crore. The company is aiming to enter into five more such tie-ups with landowners by the end of the current financial year (FY22). The development potential in five joint development agreements (JDAs) is around 4 million square feet in various micro-markets of Mumbai Metropolitan Region (MMR) and Pune. Mumbai-based Macrotech Developers markets its properties under the ‘Lodha’ brand.

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Saregama India Q2 Results: Net profit rises 19.9% YoY to Rs 33.8 crore

Saregama India Ltd reported a 19.9% year-on-year (YoY) increase in consolidated net profit to Rs 33.8 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 24.31% when compared to the previous quarter. Its total revenue from operations rose 34.21% YoY to Rs 145.09 crore during the same period. The revenue from Saregama India’s music business rose 21% YoY to Rs 121.58 crore in Q2. Revenue from the TV & film division surged 238% YoY to Rs 22.35 crore.

Tata Motors reports 24% rise in group global wholesales in Q2

Tata Motors Ltd reported a 24% YoY increase in group global wholesales (including Jaguar Land Rover) to 2,51,689 units in Q2 FY22. Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range during the quarter stood at 89,055 units, up 57% YoY. The global wholesales of all passenger vehicles in Q2 rose 11% YoY to 1,62,634 units. JLR’s global sales stood at 78,251 units during the same period.  

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Glenmark Pharma launches Tavulus for COPD treatment in Spain

Glenmark Pharmaceuticals has launched the Tiotropium Bromide dry powder inhaler (DPI) under the brand name Tavulus in Spain. The drug is used for the treatment of chronic obstructive pulmonary disease (COPD). COPD is a long-term condition that causes inflammation in the lungs, damaging the lung tissue and narrowing the airways, all of which make breathing difficult. Tavulus helps to open the airways and makes it easier for air to get in and out of the lungs. 

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Ramkrishna Forgings Q2 Results: Net profit rises 78.45% QoQ to Rs 44.05 crore

Ramkrishna Forgings Ltd reported a 1,934.97% YoY jump in consolidated net profit to Rs 44.05 crore for the quarter ended Sept (Q2 FY22). Net profit rose 78.45% when compared to the previous quarter. Its revenue from operations rose 129.67% YoY to Rs 578.82 crore during the same period. Total income and net profit have surged 172.39% YoY and 345.30% YoY, respectively, for the half-year ended Sept 2021. The company has declared an interim dividend of Rs 0.5 per share.

Alembic Pharma gets EIR from USFDA for Karakhadi facility

Alembic Pharmaceuticals Ltd has received an Establishment Inspection Report (EIR) from the US Food & Drug Administration (USFDA) for its new injectable facility at Karakhadi, Gujarat. The USFDA has indicated that a compliance verification would be performed during the re-inspection of the facility in the next review cycle. Vadodara-based Alembic Pharma is a leading provider of active pharmaceutical ingredients (APIs) and generic formulations.

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Kalyan Jewellers’ Revenue Grows 60% in Q2 – Top Indian Market News

Kalyan Jewellers’ revenue grows 60% in Q2

Kalyan Jewellers reported a 60% year-on-year (YoY) growth in revenue of its India operations during the quarter ended September (Q2 FY22). The company registered growth in the share of new customers in Q2, largely driven by a shift from the unorganised to the organised segment. The non-south markets recorded a higher same-store sales growth of 70% in Q2, compared to south markets, which recorded same-store sales growth of 40%. During the July-Sept quarter, 92% of its showrooms were operations, compared to 88% in Q2 FY21.

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Total automobile retail sales fall 5.27% in September: FADA 

The Federation of Automobile Dealers Associations (FADA) reported that total sales across all automobile categories declined by 5.27% YoY to 12.96 lakh units in September. Retail sales of passenger vehicles (PV) in September increased by 16.32%YoY to 2,33,308 units. Two-wheeler sales fell 11.54% YoY to 9,14,621 units last month. Meanwhile, commercial vehicle (CV) sales surged 46.64% YoY to 58,820 units. 

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NTPC, EDF to explore power project development opportunities

NTPC Ltd and Électricité de France (EDF) have signed a Memorandum of Understanding (MoU) to explore potential power project development opportunities in the Middle East, Asia, Europe, and Africa. EDF Is a Paris-based power sector firm. The companies will collaborate on knowledge sharing, research and development, technical services, and consultancy assignments globally.

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Ramkrishna Forgings signs MoU with US firm to develop EV powertrain components

Ramkrishna Forgings Ltd (RFL) has signed a Memorandum of Understanding (MOU) with a US-based technology partner for the development of electric vehicle (EV) powertrain components for the Indian EV market. The technology partner is a leading expert in magnetic engineering innovations. Kolkata-based RFL is a leading supplier of rolled, forged, and machined products.

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India’s unemployment rate falls to 6.86% in Sept: CMIE

According to the Centre for Monitoring Indian Economy (CMEI), India’s unemployment rate fell sharply to 6.86% in September from 8.32% in August. Around 85 lakh jobs were created last month. With construction activities picking up pace again, a majority of these jobs were created in rural India. Employment in September 2021 is estimated at 40.62 crore. 

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HAL delivers heaviest semi-cryogenic propellant tank to ISRO

Hindustan Aeronautics Ltd (HAL) has delivered the heaviest semi-cryogenic propellant tank (SC120- LOX) ever fabricated by it to the Indian Space Research Organization (ISRO). The tank will be used in the Mk-III launch vehicle for future missions. HAL’s Aerospace Division has now delivered 244 propellant tanks and 95 water tanks to ISRO for the space programs of PSLV, GSLV Mk-II, and GSLV Mk-III.

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Aurionpro Solutions announces strategic deal in Maldives

SC Soft Pte Ltd, a Singapore-based subsidiary of Aurionpro Solutions Ltd, has been selected as the solution provider of the EMV Open Loop Account Based ticketing system as part of the digitization of transportation solutions across the Maldives. The company will partner with the Bank of Maldives and Mastercard for this project. With this project, Maldives Transport Contracting Company (MTCC) will introduce contactless and digital payments on its transport network.

Mahindra XUV700 SUV receives 25,000 bookings in under an hour

Mahindra & Mahindra (M&M) Ltd’s latest Mahindra XUV700 SUV clocked a total of 25,000 bookings in just under an hour. The company claims these booking numbers are unprecedented in the Indian automotive industry. The price of the new XUV700 has been revised to Rs 12.49 lakh for the entry variant. M&M has gone for a Rs 50,000 price hike for the base variant. Bookings will reopen at 10 am on October 8, 2021.  

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Vakrangee partners with LendDenClub to launch P2P lending platform

Vakrangee Ltd has partnered with LendDenClub to provide investment and borrowing options to its customers in the remotest parts of the country. LenDenClub is one of the leading peer-to-peer (P2P) lending platforms in India. With this integration, customers of Vakrangee can now invest and borrow through LenDenClub. Through its Nextgen Kendras and BharatEasy app, Vakrangee will offer hassle-free instant digital loans in Tier-5 and Tier-6 towns.

GRSE signs concessional agreement with Syama Prasad Mookerjee Port

Garden Reach Shipbuilders & Engineers (GRSE) has signed a concessional agreement with Syama Prasad Mookerjee Port (SMPK), Kolkata, for utilizing Kidderpore Dry Docks and its associated facilities. The concessional agreement will be for 15 years and is further extendable for another 15 years. The facility will be utilized for ship repair and refit activities for Naval & Coast Guard Ships, Port Trust Vessels, and Commercial Ships.  

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ZEEL to Merge With Sony Pictures Networks India – Top Indian Market News

Zee Entertainment announces merger with Sony Pictures Networks India

The Board of Directors of Zee Entertainment Enterprises Ltd (ZEEL) has given in-principal approval for the company’s merger with Sony Pictures Network India. Both companies have entered into a non-binding term sheet to combine linear networks, digital assets, production operations, and program libraries. The merged entity will be a publicly listed company in India. Sony’s shareholders will infuse $1.575 billion (~Rs 11,600 crore) and hold a 52.93% stake in the merged entity. Meanwhile, ZEEL’s shareholders will hold a 47.07% stake.   

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KPIT Tech to acquire 25% stake in Germany-based Future Mobility

The Board of Directors of KPIT Technologies has approved the acquisition of a 25% stake in Germany-based Future Mobility Solutions GmbH (FMS). The company will acquire the remaining stake over the next three years. The total consideration for the acquisition will not exceed €15.6 million (~Rs 135 crore). FMS is engaged in software and feature development in autonomous driving, advanced driver-assistance systems (ADAS), and vehicle safety.

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IDFC shareholders reject Vinod Rai’s reappointment to the board

The shareholders of IDFC Limited have rejected a resolution to re-appoint Vinod Rai as a non-independent, non-executive director of the company’s board. At IDFC’s annual general meeting, 62.3% of the shareholders voted against the resolution while 37.7% voted in support. Rai is currently the non-executive chairman of IDFC, and his term as an independent director ended on July 30.

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Ashoka Buildcon to acquire 49% stake in Ashoka Highways (Durg)

Ashoka Concessions (ACL) has entered into a share purchase agreement with Highway Concessions One (HC1) for purchasing a 49% stake held by HC1 in Ashoka Highways (Durg) Ltd (AHDL). The aggregate consideration for the acquisition is Rs 5 crore. ACL is a subsidiary of Ashoka Buildcon Ltd. The company already holds 51% of the issued, subscribed, and paid-up capital of ADHL.

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Excise Dept asks SpiceJet to pay GST dues of Rs 285 crore to Haryana

The Excise and Taxation Department of Haryana has asked SpiceJet Ltd to clear Goods and Services Tax dues of Rs 285.86 crore after rejecting the airline’s proposal to clear its admitted dues in installments. As per a tax authority order, SpiceJet owes Rs 163.22 crore in forward charge liability and a reverse charge liability of Rs 122.64 crore from 2019-20 till September 7, 2021.

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Jubilant Ingrevia divests 10% stake in Safe Foods Corp

Jubilant Life Sciences International-Singapore, a wholly-owned subsidiary of Jubilant Ingrevia, has divested its 10% stake in US-based Safe Foods Corporation. The consideration received for the stake sale is $18.2 million (~Rs 134.2 crore). Jubilant Ingreviais is a global integrated life science products and innovative solutions provider that serves the pharma and agrochemical industries.

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Ramkrishna Forgings secures order worth Rs 65 crore in mining & earthmoving segment

Ramkrishna Forgings Ltd has secured an order worth Rs 65 crore from an Indian arm of Hitachi for supplying mining and earthmoving components. The order will be executed in FY22 and FY23. Kolkata-based Ramkrishna Forgings manufactures and supplies open and closed die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel.

Paras Defence IPO subscribed 40.57 times on second day

The Rs 170.78 crore initial public offering (IPO) of Paras Defence and Space Technologies Ltd was subscribed 40.57 times on the final day of bidding. The IPO has received bids for 28.96 crore equity shares against the issue size of 71.40 lakh shares. Retail investors have subscribed 68.57 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 26.32 times and 1.67 times, respectively, against their reserved portions. 

To learn more about the IPO, click here.

Route Mobile to raise Rs 2,000 crore via QIP

The Board of Directors of Route Mobile Ltd has approved a proposal for raising up to Rs 2,000 crore. The company will issue equity shares or non-convertible debt instruments on a private placement basis in one or more rounds. Route Mobile’s board will convene an Extraordinary General Meeting (EGM) on October 16, 2021, to seek the approval of the members for the proposed fund-raising activities. 

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Aramco, RIL in Advanced Talks for $25 billion Deal – Top Indian Market News

Saudi Aramco in advanced talks with Reliance for $25 billion deal: Report

According to a report from Bloomberg, Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in Reliance Industries Ltd’s (RIL) oil refining and chemical business. Aramco is discussing the purchase of a nearly 20% stake in the Reliance unit for about $20-25 billion (Rs 1.48 – 1.85 lakh crore) worth of Aramco shares. The report further states that RIL could reach an agreement with Suadi Aramco as soon as the coming weeks.

RIL had announced the sale of a 20% stake in its oil-to-chemicals (O2C) business to Aramco for $15 billion in 2019. However, the deal stalled after oil prices and demand crashed last year due to the Covid-19 pandemic.

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India’s WPI inflation eases to 11.16% in July

The inflation based on the Wholesale Price Index (WPI) eased to 11.6% in July 2021, compared to 12.07% in June. Inflation in manufactured products stood at 11.2% in July, compared with 10.88% in June. The inflation in food articles remained flat against a 3.09% annual rise in June. The fuel and power index rose 26.02% annually in July, compared to an increase of 32.83% in June. The data was released by the Ministry of Commerce and Industry.

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Tata Motors partners with Bank of Maharashtra for car loan scheme

Tata Motors has partnered with the Bank of Maharashtra to offer car loan facilities for its ‘New Forever’ range of passenger vehicles. Under the partnership, the bank will provide loans to Tata Motors’ customers at an interest rate starting from as low as 7.15% linked with Repo Linked Lending Rate (RLLR). The ‘Maha Super Car Loan scheme’ will offer a maximum of 90% financing on the total cost of the vehicle (on-road pricing) for salaried employees, self-employed people, and businessmen.

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HDFC Bank to raise funds by issuing AT-1 bonds in overseas market

HDFC Bank has announced plans to raise capital by Additional Tier-I (AT1) bonds in the overseas market to fund its business growth. The bank is expected to raise up to $1 billion (~Rs 7,420 crore) from the dollar-denominated bonds. An offering memorandum (OM) has been prepared and will be available to prospective investors in relation to the contemplated issue of debt instruments.

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Tyre industry body ATMA urges government to allow duty-free import of natural rubber

The Automotive Tyre Manufacturers Association (ATMA) has asked the government to allow the duty-free import of natural rubber. The shortage of the commodity in India has become a major obstacle for the tyre industry to support domestic manufacturing. According to ATMA, natural rubber consumption is likely to increase further, and the annual demand is expected to cross 13 lakh tonnes in FY22. The tyre industry accounts for over 70% of natural rubber consumed in India.

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Tata Steel lays out capital expenditure of Rs 3,000 crore for European operations

“Tata Steel has laid out a capital expenditure of Rs 3,000 crore for its European operations as its focus is to make the business stronger”, said CEO and Managing Director T.V. Narendran. The company’s operations in Europe are being separated into Tata Steel Netherlands and Tata Steel UK, which would help in cost efficiencies and management focus. Tata Steel’s CEO further stated that the European business will be cash positive in terms of EBITDA and Profit After Tax (PAT) in the current financial year (FY22). 

Ruchi Soya gets SEBI approval to launch Rs 4,300 crore FPO

Ruchi Soya Industries Ltd has received approval from market regulator SEBI to sell fresh shares worth up to Rs 4,300 crore through a follow-on public offer (FPO). The FPO is being launched to meet SEBI’s minimum public shareholding norm of 25% in a listed entity. Ruchi Soya’s promoters will dilute a 9% stake in the company through the FPO. According to reports, the proceeds from the FPO will be used for reducing the company’s debt and meet working capital requirements. Ruchi Soya is owned by Baba Ramdev’s Patanjali Ayurveda.

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Rules on retro tax to be framed soon: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has stated that the rules that will lead to the scrapping of the retrospective tax demands made on companies such as Cairn Energy plc and Vodafone plc will be framed soon. Earlier this month, the Parliament had passed a bill to scrap all tax demands made using the 2012 retrospective tax legislations. The Finance Ministry officials are conducting discussions with Cairn and Vodafone on the closure of retro tax cases, refund, and settlement. You can learn more about retrospective taxation here.

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Olectra Greentech secures order worth Rs 70 crore for 50 e-buses

Olectra Greentech Ltd has received a Letter of Award (LoA) from Gujarat State Road Transport Corporation (GSRTC) for the supply of 50 nine-meter electric buses. The supply will be on a Gross Cost Contract (GCC) basis for a period of ten years. The order is valued at Rs 70 crore. The buses will be delivered over a period of 12 months. Hyderabad-based Olectra Greentech is a leading manufacturer of e-buses and insulators in India.

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Ramkrishna Forgings wins order worth €20 million

Ramkrishna Forgings Ltd has secured a multi-year order from a European Tier-1 customer in the auto segment worth €20 million (~Rs 174 crore). The order is to be implemented over a period of four years. Ramkrishna Forgings is a leading manufacturer and supplier of open and closed die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel.

Read more here. 

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Mindtree Reports 61% YoY Rise in Net Profit in Q1 – Top Indian Market News

Mindtree Q1 Results: Net profit rises 61% YoY to Rs 343 crore

Mindtree Limited reported a 61% YoY increase in net profit to Rs 343.3 crore for the quarter ended June (Q1 FY22). Net profit has increased by 8.2% when compared to the previous quarter. Its revenue from operations rose 20% YoY (or 8.6% QoQ) to Rs 2,291.7 crore during the same period. The IT company recorded its highest-ever order book of $504 million (~Rs 3,760 crore) in Q1, a growth of 34% QoQ. However, the attrition rate jumped from 12.1% in Q4 FY21 to 13.7% in Q1 FY22.

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NTPC REL to build India’s first green Hydrogen Mobility project in Ladakh

NTPC Renewable Energy Ltd (NTPC REL), a subsidiary of NTPC Ltd, has signed a pact with the Union Territory of Ladakh to set up India’s first green Hydrogen Mobility project in the region. The company also inaugurated the first solar installations in Leh, in the form of solar trees and a solar carport. NTPC plans to launch five hydrogen buses in the region and set up a solar plant and green hydrogen generations unit in Leh.

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Maharashtra govt unveils EV policy, sets a target of 25% electrification of public transport by 2025

To further promote the cause and mass adoption of electric vehicles in the state, the Maharashtra government has unveiled a revised electric vehicle (EV) policy. The govt has set an objective to accelerate the adoption of battery-powered EVs in such a manner that it contributes to 10% of new vehicle registration by 2025. The policy also proposes to achieve 25% electrification of public transport and last-mile delivery vehicles by 2025.

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Ramkrishna Forgings secures multi-year order from European OEM

Ramkrishna Forgings Ltd has received a multi-year order from a European original equipment manufacturer (OEM) worth Rs 132 crore. The order is to be implemented for three years, distributed equally. The company’s MD said this order improves revenue visibility and profitability over the next three years. Ramkrishna Forgings is a leading manufacturer and supplier of open and closed die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel. 

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NMDC’s board approves demerger of steel business

The Board of Directors of National Mineral Development Corporation (NMDC) has approved the Scheme of Arrangement for Demerger between NMDC Ltd and NMDC Steel Limited. The scheme is subject to statutory and regulatory approvals from SEBI, the Ministry of Corporate Affairs, etc. NMDC Steel carries out the business of manufacturing and import/export of various categories of steel and iron ore.

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Lupin launches generic antifungal drug in the US market

Lupin Limited has announced the launch of Tavaborole topical solution in the US. The drug is a generic equivalent of kerydin topical solution of US-based Anacor Pharmaceuticals. It is indicated for the treatment of onychomycosis (fungal infection) of the toenails. According to IQVIA data, Tavaborole topical solution had estimated annual sales of $53 million (~Rs 394 crore) in the US for the 12 months ended May 2021. The product will be manufactured at Lupin’s facility in Pithampur, Madhya Pradesh.

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Ceat partners with Tata Power to set up captive solar power plant

Ceat Limited has entered into a partnership with Tata Power to establish a 10 megawatt (MW) captive solar power plant at its tyre manufacturing facility in Bhandup, Mumbai. TP Akkalkot Renewable Ltd, a special purpose vehicle (SPV) created by Tata Power, will be responsible for undertaking the construction, operation, and maintenance of the solar plant. Ceat will hold a 26% stake in the SPV, while Tata Power will own 74%. 

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Tata Metaliks Q1 Results: Net profit at Rs 94.72 crore

Tata Metaliks Limited reported a net profit of Rs 94.72 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 12.36 crore in the corresponding quarter last year (Q1 FY21). Total income jumped 187.43% YoY to Rs 606.45 crore in Q1 FY22. Tata Metaliks is a leading manufacturer of pig iron and ductile iron pipes in India.

ITC to double presence of its e-store to 14 cities

ITC Limited has announced plans to double the geographical presence of its e-stores to 14 cities in India. The company had launched its e-store (itcstore.in) service across seven cities with more than 700 products. It currently sells products across 46 categories through the e-store. This includes organic and multi-grain atta, ghee, frozen snacks, luxury chocolates, etc. To drive traffic, ITC also runs surprise offers at Re 1 for new products that are launched in the e-store.

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Steel Strips Wheels secures order worth Rs 113 crore from Western Hemisphere

Steel Strips Wheels Ltd (SSWL) has received export orders worth Rs 113 crore from Western Hemisphere. SSWL will complete the execution of the orders by August 21, 2021, from its Chennai and Dappar plants. The company said orders of similar capacity are anticipated in coming months from a similar customer base, as business continues to recover rapidly.