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Zomato Posts Rs 36Cr Net Profit in Q2- Top Indian Market Updates

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

Zomato Q2 Results: Net profit at ₹36 crore

Zomato Ltd reported a net profit of ₹36 crore for the quarter ended September (Q2 FY24). The food delivery platform posted a net loss of ₹251 crore in the same period a year ago. Its revenue from operations rose 71% YoY to ₹2,848 crore in Q2 FY24. EBITDA stood at ₹41 crore against a loss of ₹192 crore in Q2 last year.

Read more here.

Reliance Retail to acquire beauty business of Arvind Fashions

Reliance Retail will acquire Arvind Fashions Ltd’s (AFL) wholly-owned subsidiary, Arvind Beauty Brand Retail Ltd (ABBRL), in an all-cash transaction. Reliance Beauty & Personal Care Ltd will run the Sephora India business after the deal. The transaction has been done at an enterprise value of ₹216 crore towards the sale of the entire equity stake and repayment of loans.

Read more here.

RBI imposes monetary penalty on PNB, Federal Bank, others

The Reserve Bank of India (RBI) imposed monetary penalties on Punjab National Bank, Federal Bank, Kosamattam Finance, and Mercedes-Benz Financial Services India for rule violations. The central bank has imposed a penalty of ₹72 lakh on Punjab National Bank, ₹30 lakh on Federal Bank, ₹13.38 lakh on Kosamattam Finance, and ₹10 lakh on Mercedes-Benz Financial Services.

Read more here.

Titan Q2 Results: Net profit rises 10% YoY to ₹940 crore

Titan Company Ltd reported a 10% YoY increase in net profit to ₹940 crore for the quarter ended September 2023 (Q2 FY24); beating estimates. Its revenue from operations increased 34% YoY to ₹11,660 crore during the same period. EBIT rose 13% YoY to ₹1,367 crore in Q2. The jewellery segment recorded a 19% YoY growth in revenue to ₹8,575 crore.

Read more here.

L&T to divest 100% stake in subsidiary LTIEL

Larsen & Toubro (L&T) will sell its entire stake in L&T Infrastructure Engineering Ltd (LTIEL) to STUP Consultants Pvt Ltd, a subsidiary of France-based Assystem SA. This transaction aligns with L&T’s commitment to focus on its core businesses and assets. LTIEL provides standalone engineering consultancy services for the infrastructure sector. The transaction is expected to be finalized before January 15, 2023, pending certain conditions.

Read more here.

MRF Q2 Results: Net profit jumps 361% YoY to ₹572 crore

MRF Ltd reported a 361% YoY jump in net profit to ₹571.9 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 6% YoY to ₹5,719 crore during the same period. EBITDA stood at ₹1,129 crore, up two-fold YoY. The company’s board declared a dividend of ₹3 per equity share.

Read more here.

Raymond picks stake in MPPL

The Raymond Group will foray into the aerospace, defence and electric vehicles (EV) components business with the acquisition of a 59.25% stake (worth ₹682 Cr) in Maini Precision Products Ltd (MPPL). The company expects the transaction to be completed in the ongoing financial year. The acquisition will be funded by a mix of debt and internal accruals. Raymond also expects the acquisition to strengthen its existing engineering business.

Read more here.

IndiGo Q2 Results: Net profit at ₹188 crore

InterGlobe Aviation Ltd (IndiGo) reported a consolidated net profit of ₹188 crore for the quarter ended September (Q2 FY24). The airline posted a net loss of ₹1,583 crore in Q2 last year. Its consolidated revenue from operations grew 20% YoY to ₹14,944 crore in Q2 FY24. Earnings before interest tax depreciation, amortisation and restructuring or rent costs (EBITDAR) stood at ₹2,446 crore, up 968% YoY.

Read more here.

Lupin, Zydus Lifesciences signs licensing, supply pact for Saroglitazar Mg

Lupin Ltd and Zydus Lifesciences Ltd have entered into a licensing and supply agreement to co-market Saroglitazar Mg. The drug is used to treat non-alcoholic fatty liver disease and nonalcoholic steatohepatitis in India. Lupin will have semi-exclusive rights to co-market the product in India under the brand name LINVAS. Zydus launched the drug under the brand names Lipaglyn and Bilypsa and will continue to market them.

Read more here.

Sterlite Power Transmission to demerge its transmission infra business

Sterlite Power Transmission (SPTL) will demerge its electricity transmission infrastructure business spread across India and Brazil. The demerged entity will continue to hold the global products and specialised engineering, procurement and construction (EPC) services business and the convergence – fiberco business. Through this demerger, SPTL intends to create ‘pure play’ business verticals based on end-customer base, investor class and returns.

Read more here.

MOIL ore production grew 45% to 9.26 LT in April-October

MOIL reported a 45% YoY rise in manganese ore production to 9.26 lakh tonnes (LT) during April-October 2023. It had produced 6.38 LT manganese ore during the year-ago period. The cumulative sales were 8.44 LT, up 57% from 5.37 LT in the first seven months of the previous fiscal. MOIL meets about 46% of the total requirement of dioxide ore in India.

Read more here.

Adani Ports delivers record cargo volumes in October

Adani Ports & Special Economic Zone Ltd (APSEZ) handled 37 million metric tonnes (MMT_ of total cargo in October 2023, a growth of 48% YoY. The Haifa Port in Israel handled over 1.1 MMT of cargo in October, marginally better than the average cargo volume run rate of the last six months.

Read more here.

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Daily Market Feed Post Market Analysis

Consolidation at the Top! Breakout or Breakdown? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,564 with a gap-up of 36 points. Throughout the day, the index consolidated within just a 55-point range between 19,530 and 19,580 levels. Nifty closed at 19,574, up by 46 points or 0.24%.

Nifty chart September 5 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,625 with a small gap-up of 47 points. Unlike Nifty, Bank Nifty showed weakness today. After making a double top near 44,700 levels, the index fell more than 250 points to 44,400 levels. BNF closed at 44,532, down by 46 points or 0.1%.

Bank Nifty chart September 5 - post-market analysis | marketfeed

All other indices except Nifty Finserv (-0.17%) closed flat-to-green. Nifty Media (+3.19%) moved up the most.

Major Asian markets closed mixed. European markets are currently trading flat-to-red.

Today’s Moves

Apollo Hospital (+3.31%) was NIFTY50’s top gainer. The company launched an ‘enhanced connected care’ program to improve its patient monitoring system. 

MMTC (+20%) hit 20% upper circuit on the back of strong volumes. The stock has rallied 50% in 3 trading sessions.

Raymond (+9.85%) hit a 52-week high of 2,240 today after brokerage firms Jefferies and Motilal Oswal initiated coverage on the stock with a ‘Buy’ rating.

UltraTech Cement (-1.49%) was NIFTY50’s top loser. 

Angel One (-3.75%) fell sharply. The company’s gross client acquisitions rose 64.9% YoY and 19% over last month to 7.3 lakh.

Markets Ahead

Markets are near resistance zones and holding major levels. A breakout on the upside can take the markets further up. And if rejection is taken, the indices can continue the down move with strength.

Nifty: The major resistance level for the index is at 19,600, which is also the Fibonacci rejection level of 50% drawn from the all-time high (ATH) of 19,990 levels. A breakout from 19,600 can confirm the trend reversal, and markets can turn bullish. We could plan to buy on dips, but if Nifty breaks the current support zones of 19,520, the index can again fall to 19,460 and 19,360 levels.

Bank Nifty: The important 50% fib rejection is near 45,000 round levels. But the immediate resistance level to watch out for is 44,800. The immediate support is near 44,400 levels, and a breakdown from there can take the index down to 44,000.

Fin Nifty: Being FINNIFTY expiry today, India Vix was at all-time lows below 11 and option premiums were very low. This created some confusion for option sellers. The index was bearish throughout the day— moving down gradually. As the fall was not quick, the implied volatility (IV) and premiums didn’t spike much, which could have created some trouble for option buyers. But it was a relatively easy expiry for option sellers.

The G20 Summit will kick off on Sept 8 in New Delhi. Leaders representing the world’s 20 major economies will address and seek resolutions for concerns like digital transformation, climate financing, Sustainable Development Goals (SDGs), food security, and other pressing issues.

How did Fin Nifty expiry go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on marketfeed’s YouTube channel!

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Market News Top 10 News

Apollo Tyres Net Profit Jumps 277% YoY to Rs 427Cr in Q4 – Top Indian Market Updates

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

Apollo Tyres Q4 Results: Net profit jumps 277% YoY to Rs 427 crore

Apollo Tyres reported a 277% YoY jump in consolidated net profit to Rs 427 crore for Q4 FY23. Its operating revenue rose 12% YoY to Rs 6,247 crore during the same quarter. The company’s board has recommended a final dividend of Rs 4 and a special dividend of Rs 0.5 per equity share on the occasion of the company’s  50th annual general meeting.

Read more here.

Adani Ports to prepay $130 million debt

Adani Ports & Special Economic Zone (APSEZ) will prepay $130 million of debt to regain investor confidence. The company had floated a tender to buy back as much as USD 130 million of its July 2024 bonds and similar amounts in each of the next four. APSEZ has received an aggregate principal amount of $412.7 million.

Read more here.

Nazara Tech Q4 Results: Net profit rises 18% YoY to Rs 2.6 crore

Nazara Tech reported an 18% YoY rise in consolidated net profit to Rs 2.6 crore for Q4 FY23. Its operating revenue increased 65.2% YoY to Rs 289 crore during the quarter. The total expenses for the quarter rose to Rs 281 crore from Rs 174 crore a year ago. In FY23, gaming made for 37% of Nazara Tech’s total revenue, while 49% came from eSports, and the rest from AdTech.

Read more here.

Dalmia Cement signs MoU to invest Rs 4,600 crore in Assam

Dalmia Cement Bharat has signed a Memorandum of Understanding (MoU) with the Assam government to invest about Rs 4,600 crore and create 2500 jobs in the state. The company aims to promote industrial activity and support the overall development of the region, with the government’s assistance. 

Read more here.

India Bulls Real Estate merger with Nam Estates and Embassy One withheld by NCLT

The merger of Nam Estates Private Limited and Embassy One into India Bulls Real Estate has been withheld by the Chandigarh Bench of the National Company Law Tribunal (NCLT) despite already being sanctioned by the NCLT Bengaluru Bench. The Chandigarh Bench raised concerns based on objections cited by the Income Tax department to the merger.

Read more here.

Raymond Q4 Results: Net profit falls 26% YoY to Rs 196.5 crore

Raymond Ltd reported a 26% YoY fall in consolidated net profit to Rs 196.5 crore for Q4 FY23. Its operating revenue rose 9.8% YoY to Rs 2,150 crore during the same quarter. The total income during the quarter was up 7.89% to Rs 2,192 crore. Total expenses of the company stood at Rs 1,939.27 crore, up 17.34% YoY.

Read more here.

Venus Remedies gets marketing approval for cancer drugs in Philippines, Iraq

Venus Remedies has obtained marketing authorization for two additional cancer drugs, Bleomycin and Gemcitabine, from the Philippines and Iraq, respectively. Bleomycin is used to treat various types of cancer, while Gemcitabine is used to treat a type of lung cancer. The company has secured marketing approval for 37 products in the Philippines.

Read more here.

Anupam Rasayan renews long-term contract worth Rs 436 crore

Anupam Rasayan India Ltd has renewed a long-term contract with a German multinational firm worth around Rs 436 crore for the supply of patented life science specialty chemicals exclusively for the next three years. The renewal is in accordance with the automatic clause agreed upon by the parties in the long-term agreement signed three years ago.

Read more here.

Castrol Q4 Results: Net profit falls 11.3% YoY to Rs 202 crore

Castrol reported an 11.3% YoY decline in net profit to Rs 202.5 crore for Q4 FY23. Its operating revenue rose 4.7% YoY to Rs 1,293 crore during the quarter. EBITDA stood at Rs 295 crore, down 7% from Q4 FY22.  According to the company, the fall in profit is due to a rise in input costs.

Read more here.

Kansai Nerolac declares 1:2 bonus issue

Kansai Nerolac Paints Ltd. announced a bonus share issue of 1:2. This means that two shares will be issued for every equity share held by eligible shareholders as of the record date. The record date has not yet been determined. The board of Kansai Nerolac also recommended a dividend of Rs 2.70 per share for the financial year 2023. 

Read more here.

Three Adani firms lose endorsement of UN-backed climate group

Adani Green, Adani Transmission Ltd. and Adani Ports & Special Economic Zone Ltd. were removed from the list of “companies taking action” published by the Science Based Targets initiative (SBTi) in late April 2023. The UN-backed group helps companies establish concrete plans to reduce emissions consistent with the Paris Agreement’s target of limiting global warming. The SBTi found that the companies are not in conformity with the initiative’s standards and policy requirements.

Read more here.

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Market News Top 10 News

Zomato to Acquire Blinkit for Rs 4,447 crore – Top Indian Market Updates

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

Zomato to acquire Blinkit for Rs 4,447 crore

Zomato Ltd’s board has approved the acquisition of quick commerce company Blinkit for Rs 4,447 crore in an all-stock deal. The food delivery firm already holds a more than 9% stake in Blinkit. This acquisition will help Zomato broaden its offerings and fuel its instant grocery delivery play. In March, Zomato had extended a lifeline to cash-strapped Blinkit through a loan of $150 million to its parent company Grofers India Pvt Ltd (GIPL).

Read more here.

Canara Bank to raise up to Rs 9,000 crore via bonds

Canara Bank’s board has approved a proposal to raise up to Rs 9,000 crore via debt instruments. The lender will raise up to Rs 5,500 crore through Basel-III compliant additional tier I bonds and Rs 3,500 crore via Basel-III compliant additional tier-II bonds during FY 2022-23. The proposal is subject to market conditions and necessary approvals.

Read more here.

Raymond aims to be net debt-free company in next 3 years

Raymond Ltd aims to be a net debt-free company in the next three years. According to its latest annual report, the company is focused on liquidity management through cost reduction initiatives and working capital optimisation. For the financial year ended March 31, 2022 (FY22), Raymond’s net debt has been reduced to Rs 1,088 crore. Net debt stood at Rs 1,416 crore in FY21 and Rs 1,859 crore in FY20.

Read more here.

Tata Chemicals Europe opens UK’s largest carbon capture plant

Tata Chemicals Europe (TCE) has officially opened the UK’s first industrial-scale carbon capture and usage plant. The move signals a key milestone in the race to meet UK’s net-zero targets. TCE completed the £20 million investment for the plant in northwest England. The company claims it can now manufacture one of the world’s lowest carbon footprint sodium bicarbonate and sodium carbonate products. These chemicals are used to make a wide array of everyday items seen in many households.

Read more here.

NTPC declares commercial operation of 92 MW floating solar capacity in Kerala

NTPC Ltd has started commercial operations of the last part capacity of 35 megawatts (MW) out of 92 MW Kayamkulam Floating Solar PV Project at Kayamkulam, Kerala. Spread over a 480-acre reservoir, this floating solar project will generate electricity from more than 3 lakh solar PV modules. NTPC’s total installed renewable energy capacity has now crossed the 2 gigawatts (GW) mark.

Read more here.

Tata Steel Mining completes 100% acquisition of Rohit Ferro-Tech

Tata Steel Mining Ltd (TSML) has completed the acquisition of the remaining 10% stake in Rohit Ferro-Tech (RFT) for Rs 20 crore. On April 12, Tata Steel’s subsidiary (TSML) completed the acquisition of a 90% stake in RFT as per the approved resolution plan under the Insolvency and Bankruptcy Code 2016. TSML’s investment in RFT was made through a combination of equity of Rs 10 crore and an inter-corporate loan of Rs 607.12 crore.

Read more here.

Suven Life Sciences to raise up to Rs 400 crore via rights issue

Suven Life Sciences Ltd’s board has approved a proposal to raise up to Rs 400 crore via a rights issue. The company’s board has also approved an increase in the authorised share capital from Rs 20 crore divided into 20 crore equity shares of Re 1 each into Rs 30 crore divided into 30 crore equity shares of Re 1 each and consequential alteration in its Memorandum of Association.

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Vodafone Idea opts to pay Rs 8,837 crore dues in six annual installments

Vodafone Idea Ltd (VIL) has opted to pay adjusted gross revenue (AGR) related dues amounting to Rs 8,837 crore for FY18 and FY19 in six equal annual installments starting March 31, 2026. The Department of Telecommunications (DoT) recently offered the option in addition to its support package for the telecom industry announced in 2021.

Read more here.

Dr. Reddy’s Labs acquires branded, generic injectables from Eton Pharma

Dr. Reddy’s Laboratories has acquired a portfolio of branded and generic injectable products from US-based Eton Pharmaceuticals Inc. Under the terms of the agreement, Dr Reddy’s acquired the portfolio for an upfront payment of ~$5 million in cash, plus contingent payments of up to $45 million. These products had a total addressable market value of $174 million as of April 2022 in the US.

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Tata Power Secures Solar Project Worth Rs 1,731 crore – Top Indian Market News

Tata Power secures solar project worth Rs 1,731 crore

Tata Power Solar Systems (TPSS) has secured an order worth Rs 1,731 crore to build a 300 megawatt (MW) solar project for NHPC Ltd. The project, which will be developed in Rajasthan, is expected to generate ~750 million units (MUs) annually. It will be completed within 18 months. Tata Power’s pending order book has now reached Rs 13,500 crore. Its total utility-scale solar project portfolio has touched 9.7-gigawatt power (GWp).

Read more here.

Ami Organics Q4 Results: Net profit rises 38% YoY to Rs 21 crore

Ami Organics Ltd reported a 38.18% YoY increase in consolidated net profit to Rs 21.28 crore for the quarter ended March (Q4 FY22). Net profit rose 9.3% when compared to the previous quarter. Its revenue from operations grew 54.54% YoY to Rs 143.54 crore during the same period. Ami Organics’ board has declared a final dividend of Rs 3 per share.

Read more here.

SJVN to develop 490 MW Arun-4 hydel power project in Nepal

SJVN Limited will develop a hydro power (Arun-4) worth Rs 4,900 crore in Nepal. The project will be established as a joint venture between SJVN and Nepal Electricity Authority (NEA). It will generate around 2,100 million units (MUs) of energy per annum. This will be the third mega project to be constructed by SJVN in Nepal. The company aims to have 5,000 MW projects in Nepal by 2030.

Read more here.

Bharat Forge Q4 Results: Net profit rises 9% YoY to Rs 232 crore

Bharat Forge Ltd reported a 9% YoY increase in consolidated net profit to Rs 231.86 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 71.5% YoY to Rs 3,573.09 crore during the same period. Total expenses stood at Rs 3,295.61 crore, up 79% YoY. The company’s board has declared a final dividend of Rs 5.5 per share.

Read more here.

BEL to manufacture battery packs for Triton electric trucks

The Pune unit of Bharat Electronics Ltd (BEL) will manufacture lithium-ion battery packs for the electric trucks of US-based Triton. Triton recently signed a pact with the Gujarat State Government for setting up an EV truck manufacturing hub, with a commitment to invest around Rs 10,800 crore over five years. BEL is among the five organisations that will invest in this EV manufacturing hub at Bhuj, Gujarat.

Read more here.

RateGain Travel Tech Q4 Results: Net profit at Rs 11.61 crore

RateGain Travel Technologies Ltd (RTTL) reported a consolidated net profit of Rs 11.61 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 5.83 crore in the corresponding quarter last year (Q4 FY21). Its total income rose 45.2% YoY to Rs 113.98 crore during the same period. RTTL is one of the largest Software-as-a-Service (SaaS) companies in India’s hospitality and travel industry.

Hero MotoCorp expects two-wheeler industry to see double-digit growth in FY23

Hero MotoCorp expects the two-wheeler industry to bounce back in the current financial year (FY23), with economic activity picking up and high grain prices augmenting rural incomes. With macroeconomic indicators looking positive, the company expects the industry to grow in double digits in FY23. Better finance options could also boost sales growth going ahead. Hero MotoCorp will unveil its first electric product on July 1, 2022.

Read more here.

Raymond Q4 Results: Net profit jumps 366% YoY to Rs 263 crore

Raymond Ltd reported a 366% YoY jump in consolidated net profit to Rs 263.31 crore for the quarter ended March (Q4 FY22). Net profit rose 162.57% when compared to the previous quarter. Its revenue from operations grew 43% YoY (or 7% QoQ) to Rs 1,958 crore during the same period. EBITDA stood at Rs 284 crore, up 84% YoY. Raymond’s board has declared a dividend of Rs 3 per share.

Adani Group to become India’s second-largest cement maker with Holcim deal

Adani Group has signed a binding agreement to acquire a controlling stake in Holcim AG’s cement businesses in India for $10.5 billion (~Rs 81,361 crore). The group will acquire Holcim’s 63.19% stake in Ambuja Cements Ltd and its subsidiary ACC Ltd. With this acquisition, Adani will become the second-largest cement manufacturer in India, with a capacity of 70 metric tonnes per annum.

Read more here.

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JSPL to Establish Greenest Steel Plant in Odisha – Top Indian Market News

JSPL plans to establish largest, greenest steel plant in Odisha

Jindal Steel & Power Ltd (JSPL) has announced plans to develop its Odisha plant into the largest and greenest facility in the world. They have secured sufficient reserves of coal to enable the mega steel company to enhance its capacity for green steel making. JSPL has won the Utkal B1 and B2 coal block in the Angul-Talcher belt in Odisha.

Read more here.

Auto sales data for March 2022: Highlights  

Maruti Suzuki India posted a 2% year-on-year (YoY) growth in total sales to 1,70,395 units in March 2022. Sales of its compact vehicle segment fell 8.46% YoY to 97,805 units. Exports more than doubled to 26,496 units.

Tata Motors Ltd registered a 30% YoY increase in total domestic sales to 86,718 units in March. The automaker’s commercial vehicle sales rose 16% YoY to 47,050 units. Overall passenger vehicle wholesales rose 43% YoY to 42,293 units. Its annual electric vehicle (EV) sales stood at 19,106 units in FY22, a growth of 353% YoY.   

Mahindra & Mahindra’s auto segment posted total sales of 54,643 units in March, an increase of 35% YoY. M&M’s farm equipment segment posted a 4% YoY fall in sales to 29,763 units. 

TVS Motor Company posted a 4.55% YoY decline in total sales to 3,07,954 units in March.  

Read more here.

PVR discontinues operations of 23 screens after expiry of lease with Cineline India

PVR Limited has discontinued operations of 23 screens across nine properties after the expiry of their lease with Cineline India. The multiplex operator’s screen count has come down to 848 at 172 properties in 73 cities. In 2012, Cineline had sold its multiplex business along with Cinemax Brand to PVR under a non-compete clause that has already ended.

Read more here.

NTPC begins commercial operation of 22 MW floating solar capacity in Kerala

NTPC Limited announced the commercial operation of 22 megawatts (MW) of floating solar capacity in Kayamkulam, Kerala. The capacity is part of its 92 MW Kayamkulam floating solar PV project. The standalone installed and commercial capacity of NTPC has now increased to 54,516.68 MW. NTPC group’s installed and commercial capacity have increased to 68,631.68 MW and 67,971.68 MW, respectively.

Read more here.

NCLT approves transfer of Raymond Apparel business to parent firm

The National Company Law Tribunal (NCLT) has approved the scheme of transfer of Raymond Apparel Ltd’s (RAL) business to Raymond Ltd. In September 2021, Raymond’s board had approved demerging the B2C business (including apparels) of RAL on a going concern basis to merge with the company itself. This move brings all major apparel brands, including Park Avenue, Colorplus, and Parx, into Raymond Ltd.

Read more here.

HAL records revenue of over Rs 24,000 crore in FY22

Hindustan Aeronautics Ltd (HAL) has recorded its highest-ever revenue of over Rs 24,000 crore (provisional and unaudited) for the financial year ended March 31, 2022. This is a 6% growth over the previous financial year. In other news, HAL secured a contract worth Rs 3,887 crore for the production of 15 Light Combat Helicopters (LCH) for the Indian Army and Air Force. The state-owned company has also bagged infrastructure sanctions worth Rs 377 crore.

Read more here.

Lupin gets 13 observations from USFDA for its New Jersey plant

Lupin Limited’s facility in New Jersey has received 13 observations from the US Food & Drug Administration (USFDA). The facility accounts for less than 5% of Lupin’s global turnover. However, the observations do not imply any restriction on supplies. The drugmaker said it is confident in addressing all issues with the regulator.

Read more here.

NCLT approves amalgamation of CGPL with Tata Power

Tata Power Company Ltd (TPCL) has received approval from the National Company Law Tribunal (NCLT) for the merger of Coastal Gujarat Power Ltd (CGPL) with itself. CGPL is a wholly-owned subsidiary of TCPL. It operates the 4,000 MW Ultra Mega Power Project (UMPP) in Mundra, Gujarat.

Read more here.

HFCL deploys OFC in all gram panchayats of Jharkhand under BharatNet

HFCL Ltd has deployed optical fiber cable (OFC) in 1,789-gram panchayats of Jharkhand under the government’s BharatNet project. The company had also completed broadband connectivity by deploying 7,869 kilometers of OFC network connecting 3,209 gram panchayats in Punjab. HFCL is also supplying OFC networks in Maharashtra, Telangana, and Chhattisgarh under the BharatNet project.

Read more here.

Asian Paints to acquire majority stake in Weatherseal Fenestration and White Teak

Asian Paints Ltd will acquire controlling stakes in Weatherseal Fenestration and Obgenix Software (popularly known by the brand name “White Teak”). The paint company will initially infuse Rs 19 crore in Weatherseal for a 51% stake by subscription to equity share capital. It will acquire a 49% stake in White Teak from promoters for a consideration of ~Rs 180 crore, along with an earn-out of Rs 114 crore, payable after a year.

Read more here.

BEL achieves record turnover of Rs 15,000 crore in FY22

Bharat Electronics (BEL) has achieved a record turnover of Rs 15,000 crore (provisional & unaudited) during FY22. The figure stood at Rs 13,818 crore in FY21. In fiscal 2021-22, BEL secured orders worth ~Rs 18,000 crore, while its order book as of April 1, 2022, stood at Rs 57,000 crore. The company is all set to increase its global footprint by making all-out efforts to tap new markets.

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Market News Top 10 News

CCI Suspends Amazon’s 2019 Deal With Future Group – Top Indian Market News

CCI suspends Amazon’s 2019 deal with Future Group citing suppression of information

The Competition Commission of India (CCI) has suspended Amazon.com, Inc’s 2019 deal with Future Group following a review of allegations that the e-commerce giant had concealed information while seeking regulatory approval. CCI has also imposed a penalty of Rs 200 crore on Amazon. The step taken by CCI could have far-reaching consequences on Amazon’s legal battles with now-estranged partner Future. 

Over the past year, Amazon has successfully used the terms of its $200 million investment in 2019 to block Future Group’s attempt to sell retail assets to Reliance Industries Ltd for $3.4 billion.

Read more here.

Hindalco to acquire Hydro’s aluminium extrusion unit in Andhra Pradesh

Hindalco Industries Ltd has signed a definitive agreement to acquire Norway-based Hydro’s aluminium extrusions business in India for Rs 247 crore. Hydro’s integrated facility at Kuppam, Andhra Pradesh, has a 15,000-tonne aluminium extrusions capacity. It is integrated with advanced value-added capabilities for surface finishing and fabrication. It offers custom aluminium extrusion products and solutions for auto, building and construction, and industrial applications.

Read more here.

Tata Motors partners with Maharashtra govt to set up vehicle scrappage facility

Tata Motors has signed a Memorandum of Understanding (MoU) with the Govt of Maharashtra to set up a registered vehicle scrapping facility (RVSF). in the state. The scrappage centre will have a recycling capacity of up to 35,000 vehicles per year for end-of-life passenger and commercial vehicles. The automaker had earlier signed an MoU with the Gujarat government for setting up a scrapping facility in Ahmedabad.

Read more here.

Union Bank of India enters into co-lending partnership with HomeFirst 

Union Bank of India and Home First Finance Company India Ltd have entered into a strategic co-lending partnership to offer home loans to customers at competitive interest rates. The partnership aims at leveraging the strengths of both firms to provide a seamless experience to retail home loan customers in the priority sector. HomeFirst will originate loans as per the agreed credit policy of the bank in line with the provisions of RBI’s co-lending model. 

Read more here.

KEC International secures new orders worth Rs 1,041 crore

KEC International Ltd has secured new orders worth Rs 1,041 crore across its various businesses. The company’s Transmission & Distribution (T&D) segment has received orders for T&D projects in India, the Middle East, and the Americas. The civil business has secured an order for building a Data Centre in Western India. KEC International’s cables business has secured orders for various types of cables in India and overseas.

Bharti Airtel prepays Rs 15,519 crore towards deferred spectrum liabilities

Bharti Airtel Ltd has pre-paid Rs 15,519 crore to the Department of Telecommunications (DoT) towards the complete deferred liabilities pertaining to the spectrum it acquired in the 2014 spectrum auction. The company had acquired 128.4MHz of spectrum for a consideration of Rs 19,051 crores in the 2014 auction. 

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Domestic air traffic saw 17% growth in November: DGCA

Domestic air passenger traffic witnessed a 17% month-on-month (MoM) growth in November 2021. Around 10.52 million passengers took to the skies in November, compared to 8.99 million in October and 7.07 million in September. IndiGo carried 5.71 million passengers during November and secured a 54.3% market share. SpiceJet carried 1.08 million passengers, registering a market share of 10.3%.

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RCF gets Govt approval for setting up new NPK plant

Rashtriya Chemicals & Fertilizers Ltd (RCF) has received approval from the Department of Fertilizers (DOF) for setting up a 1,200 million tonnes per day (MTPD) NPK plant. The nitrogen-phosphorus-potassium (NPK) plant will be set up at an estimated cost of Rs 914.58 crore. The project will be completed in 36 months.

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Raymond to raise up to Rs 100 crore via NCDs

The Board of Directors of Raymond Ltd has approved the issue of non-convertible debentures (NCDs) for an amount up to Rs 100 crore on a private placement basis. The tenure of the NCDs, which carry a coupon rate of 7.6% per annum (payable annually), is 1,095 days from the deemed date of allotment. The NCDs will be listed on the National Stock Exchange (NSE).

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GAIL, Gujarat Alkalies to set up bio-ethanol plant in Gujarat

GAIL (India) Ltd has signed a pact with Gujarat Alkalies & Chemicals Ltd (GACL) to set up a 500-kilolitres per day Bio Ethanol Plant in Gujarat and explore other business opportunities of mutual interest. In other news, GAIL’s board of directors is scheduled to meet on December 23, 2021, to consider the interim dividend pay-out for FY 2021-22. 

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Vakrangee partners with Upstox to offer trading services through BharatEasy app

Vakrangee Digital Ventures Ltd has partnered with Upstox to offer online trading account opening services through its BharatEasy mobile app. The company will also provide services from its physical network of Vakrangee Kendras. Vakrangee Digital is a wholly-owned subsidiary of Vakrangee Ltd, a technology company that provides banking, insurance, e-governance, e-commerce, and logistics services. 

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