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RBI Authorises RBL Bank to Collect Direct Taxes – Top Indian Market News

RBI authorises RBL Bank to collect direct taxes

The Reserve Bank of India (RBI) has authorised RBL Bank to collect direct taxes on behalf of the Central Board of Direct Taxes (CBDT). The decision was based on the recommendation from the Controller General of Accounts and the Ministry of Finance. After technical integration, RBL Bank’s corporate and individual customers will be able to pay their direct taxes through the bank’s mobile banking or net banking platforms.

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Banks must support wealth, job creators to improve India’s balance sheet: PM Modi

Prime Minister Narendra Modi has encouraged banks to embrace a partnership approach to help create wealth, add jobs, boost the economy and achieve self-reliance. He asked bankers to be more proactive in lending to smaller businesses and help improve the viability and scale of their borrowers’ operations. PM Modi further stated that the reforms in the past 6-7 years have led to the banking sector in a strong position today. Over Rs 5 lakh crore bad loans (NPAs) have been recovered.  

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EaseMyTrip acquires Spree Hospitality

Online travel platform EaseMyTrip has acquired hospitality management company Spree Hospitality. This acquisition will add a new revenue vertical for EaseMyTrip and enable it to scale up its hotel and holidays portfolio. Spree Hospitality has a footprint of 1,220 operational keys and hotels in Bengaluru, Mumbai, Pune, Chennai, Goa, Hyderabad, and other locations.

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SC allows Centre to disinvest remaining shares in Hindustan Zinc

The Supreme Court (SC) has allowed the Central government to disinvest its remaining 29.5% stake in Hindustan Zinc Ltd (HZL). It said that the Centre had ceased to be in control of the former public sector undertaking (PSU) since its disinvestment of shares in 2002. The SC has ordered a CBI probe into the alleged irregularities in the disinvestment of the government’s controlling share in HZL in 2002.

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GMR emerges winner for Indonesian airport development, operations

GMR Airports Ltd (GAL) has emerged as the winning bidder for the development and operation of Kualanamu International Airport in Medan, Indonesia (Medan Airport). GAL is a subsidiary of GMR Infrastructure Ltd and operates airports in Delhi and Hyderabad. GMR will enter into a 49:51 partnership with Angkasa Pura 2 (AP2) for this project. The project scope includes operation, development, and expansion of the airport over a period of 25 years.

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Kubota Corp to acquire additional 5.9% stake in Escorts for Rs 1,873 crore

Japan-based Kubota Corporation will acquire an additional 5.9% stake in Escorts Ltd for Rs 1,872.74 crore. This acquisition will take Kubota’s total shareholding in the farm machinery company to 14.99%. Further, the company’s name will be changed from ‘Escorts Limited’ to ‘Escorts Kubota Limited’.  The joint entity intends to attain global leadership in the farm equipment sector.

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Godrej Properties unveils first digital brand campaign

Godrej Properties Ltd (GPL) has unveiled its first digital brand campaign. The campaign, titled ‘Everyday Joys- Jahaan Khushiyan Badi Hoti Hai’, introduces GPL’s purpose of creating spaces that enable ‘everyday joys’. As part of the campaign, the real estate developer has launched three digital video commercials that will be promoted across digital platforms.

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Rajesh Exports secures order worth Rs 782 crore from Germany

Rajesh Exports Ltd has secured an order worth Rs 782 crore of designer range of jewellery from Germany. The order is to be completed by March 2022. The company will execute the order from its manufacturing facility in Bengaluru. The unit has a processing capacity of 250 tonnes of jewellery and gold products per annum.

Cipla scales up offerings, investments as it eyes global lung specialty leadership

Cipla Ltd has announced plans to scale up offerings and expand access to medicines, inhaler devices, diagnostics, as it aspires to become the number one company in lung specialty. The drugmaker derives nearly one-fifth of its revenues from the respiratory segment, making it the largest therapeutic division in terms of contribution to revenues. Earlier this week, Cipla launched its first diagnostic device— a portable spirometer called Spirofy to help general practitioners conduct pulmonary function tests (PFT).

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Cadila Health Reports 29% YoY Rise in Net Profit in Q1 – Top Indian Market News

Cadila Healthcare Q1 Results: Net profit rises 29% YoY to Rs 587 crore

Cadila Healthcare Ltd reported a 29.34% YoY increase in consolidated net profit to Rs 587.2 crore for the quarter ended June (Q1 FY22). Net profit declined by 13.5% when compared to the previous quarter. Its revenue from operations rose 14.5% YoY to Rs 4,025.4 crore during the same period. Revenue from its India business grew 43% YoY to Rs 1,943 crore, while US sales declined by 11% YoY to Rs 1,451 crore in Q1.

The pharma company has also applied to the Drugs Controller General of India (DCGI) for Emergency Use Authorisation (EUA) for its Covid-19 vaccine, ZyCOV-D.

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L&T to divest entire stake in hydroelectric power project to Renew Power

Larsen & Toubro (L&T) has announced the divestment of a 100% stake in the 3×33 megawatt (MW) run of the river hydroelectric power plant owned by L&T Uttaranchal Hydropower Ltd (LTUHPL) to Renew Power Services Pvt Ltd. The sale consideration is Rs 985 crore. This move is in line with the declared L&T focus of divesting non-core assets and improving shareholder value.

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Pidilite Industries Q1 Results: Net profit jumps 721% YoY to Rs 220 crore 

Pidilite Industries Ltd reported a 721.77% YoY jump in consolidated net profit to Rs 220 crore for the quarter ended June (Q1 FY22). Net profit declined by 28.13% when compared to the previous quarter. Its total income rose 116.4% YoY (but declined by 13.7% QoQ) to Rs 1,942.91 crore during the same period. Pidilite Industries is a leading manufacturer of adhesives and sealants, construction chemicals, and polymer emulsions in India.

RBL Bank gets accredited as an Agency Bank to RBI

RBL Bank has been empanelled by the Reserve Bank of India (RBI) as an ‘Agency Bank’ to conduct banking business for the Centre and state governments. The authorization will enable the private sector lender to handle a broad range of transactions related to government business, such as distributing subsidies, pension payments, and collecting taxes. With RBI’s accreditation, RBL Bank will be in a position to offer the government cost and time-efficient products and solutions.

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Kitex Garments Q1 Results: Net profit rises 62% YoY to Rs 20.5 crore

Kitex Garments Ltd reported a 62.13% YoY increase in consolidated net profit to Rs 20.51 crore for the quarter ended June (Q1 FY22). Net profit jumped 148.3% when compared to the previous quarter. Its total income rose 71.9% YoY (or 39.5% QoQ) to Rs 159.04 crore during the same period. Kitex Garments is a leading manufacturer of fabric and readymade garments in India.

KFC, Pizza Hut operator Sapphire Foods files IPO papers with SEBI

Sapphire Foods India Ltd has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise funds via an initial public offering (IPO). The company primarily operates KFC and Pizza Hut outlets in India, Sri Lanka, and the Maldives. The IPO will be entirely an offer for sale (OFS) of up to 1.75 crore equity shares by promoters and existing shareholders. Sapphire Foods is the largest franchisee of Yum! Brands in the Indian subcontinent. It is backed by prominent investors such as Goldman Sachs, Samara Capital, and Edelweiss.

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India Cements Q1 Results: Net profit more than doubles to Rs 37 crore

The India Cements Ltd reported a 120% YoY jump in standalone net profit to Rs 37.4 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 35% YoY to Rs 1,022.5 crore during the same period. EBITDA stood at Rs 165 crore, recording a growth of 3.77% YoY. The company’s cement production rose to 1.88 million tonnes (MT) in Q1 FY22, compared to 1.34 MT in Q1 FY21.

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Zomato divests stake in subsidiary NexTable for $100,000

Food tech startup Zomato has divested its stake in step-down subsidiary NexTable Inc for $100,000 (~Rs 74.2 lakh). The company’s step-down subsidiary, Zomato Inc, had entered into a stock purchase agreement with three individuals— Justin Doshi, Thusith Desilva, and Robert Tyree— for the sale of shares held by it in NextTble. US-based NexTable is a cloud-based restaurant reservation and table management platform.

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Bajaj Electricals Q1 Results: Net loss at Rs 22 crore

Bajaj Electricals Ltd (BEL) reported a consolidated net loss of Rs 21.87 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 15.93 crore in Q1 FY21 and a net profit of Rs 54.6 crore in the previous quarter (Q4 FY21). The company’s total income rose 22.3% YoY (but declined by 26.3% QoQ) to Rs 875.36 crore in Q1 FY22. BEL is a leading consumer electrical equipment manufacturing company based in Mumbai. 

BSE issues clarification on circular regarding additional price surveillance measures

Bombay Stock Exchange (BSE) has issued a clarification on its circular on additional price surveillance measures that had triggered a major sell-off in midcap and smallcap stocks over the past two days. BSE clarified that the add-on measures that sought to limit movement in stock prices beyond their price-band limit on a weekly, monthly, and quarterly basis is only limited to X, XT, Z, ZP, ZY, Y group shares exclusively listed on BSE. The new surveillance measure will only be applicable on shares worth Rs 20 or above and having a market capitalisation of less than Rs 1,000 crore. 

[The securities traded on BSE are classified into different groups. You can learn more about it here]

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Wipro Reports 36% YoY Rise in Net Profit in Q1 – Top Indian Market News

Wipro Q1 Results: Net profit rises 36% YoY to Rs 3,243 crore

Wipro Limited reported a 36.65% year-on-year (YoY) increase in consolidated net profit to Rs 3,242.6 crore for the quarter ended June (Q1 FY22). Net profit has increased by 9.09% when compared to the previous quarter. The IT company’s revenue from operations rose 22.4% YoY (or 12.4% QoQ) to Rs 18,252 crore during the same period. Wipro secured eight large deals worth $715 million (~Rs 5,330 crore) in Q1. However, the attrition rate jumped from 12.1% in Q4 FY21 to 15.5% in Q1 FY22.

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Reliance in advanced talks to acquire Justdial: Report

According to a report from ET Now, Reliance Industries Ltd (RIL) is in advanced talks to acquire local search engine Justdial from its promoters in a deal worth Rs 5,920 crore-6,660 crore. The report further states that this acquisition will allow Reliance Retail to leverage the merchant database of the 25-year-old local discovery platform and its network across India. Justdial will evaluate fundraising proposals at its scheduled board meeting tomorrow (July 16).

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RBL Bank partners with Visa after RBI bans Mastercard

RBL Bank has entered into a partnership with Visa Worldwide to start the issuance of credit cards on the Visa platform. The lender will be able to issue new cards after technology integration with Visa, which is expected to take 8-10 weeks. The move comes after the Reserve Bank of India (RBI) indefinitely barred US-based Mastercard from issuing new credit, debit, and prepaid cards for its failure to comply with data storage norms. The ban takes effect on July 22.

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Zomato IPO subscribed 4.8 times on second day of bidding

The Rs 9,375 crore initial public offering (IPO) of Zomato Limited was subscribed 4.8 times on the second day of bidding. The IPO has received bids for 344.76 crore equity shares against the issue size of 71.92 crore shares. Retail investors have subscribed 4.73 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 45% and 7.07 times, respectively, against their reserved portions. 

To learn more about the IPO, click here.

Kolte-Patil Developers partners with Planet Smart City to develop 15,000 housing units

Kolte-Patil Developers Ltd has created a residential development platform with Planet Smart City to develop 15,000 housing units. The joint entity will primarily focus on developing aspirational housing projects in Pune, Mumbai, and Bengaluru. The platform will enable Kolte-Patil Developers to capture structured outright land purchase transactions while maintaining a sound balance sheet.

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Angel Broking Q1 Results: Net profit jumps 156% YoY to Rs 121.36 crore

Angel Broking Ltd reported a 156% YoY jump in consolidated net profit to Rs 121.36 crore for the quarter ended June (Q1 FY22). Net profit has increased by 19.09% when compared to the previous quarter. Its total income rose 92.42% YoY (or 13.28% QoQ) to Rs 474.48 crore during the same period. The company’s board has declared an interim dividend of Rs 5.15 per share. Angel Broking crossed the 5 million client milestone in June 2021. Its board has also approved a proposal to change the company name to ‘Angel One’ or ‘Angel One Fintech’.

USFDA issues import alert on Jubilant Pharmova’s Roorkee plant

The US Food & Drug Administration (USFDA) has placed an import alert on Jubilant Pharmova’s manufacturing plant in Roorkee (Uttarakhand). USFDA had conducted an inspection of the formulations plant in March 2021. Earlier, the Roorkee facility had received an Official Action Indicated (OAI) from the agency in December 2018, followed by a warning letter in March 2019. Jubilant Pharmova said it will engage with USFDA to resolve the import alert at the earliest and ensure Current Good Manufacturing Practice (cGMP) compliance. 

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LTI Q1 Results: Net profit rises 19.13% YoY to Rs 496 crore

Larsen & Toubro Infotech (LTI) Ltd reported a 19.13% YoY increase in net profit to Rs 496.3 crore for the quarter ended June (Q1 FY22). Net profit has declined by 8.97% when compared to the previous quarter. Its total income rose 18.88% YoY (or 6.28% QoQ) to Rs 3,584 crore during the same period. LTI is a global information technology (IT) solutions and services company based in Mumbai.

BLS International ties up with Flipkart for last-mile delivery services

BLS International Services Ltd has announced a partnership with Flipkart to provide last-mile delivery services across India. The company works with over 46 client governments, including Diplomatic Missions, Embassies & Consulates, and leverages technology and processes that ensure data security. BLS has more than 12,000 centres globally, with 15,000+ employees and associates that provide consular, biometrics, and citizen services. 

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Tata Elxsi Q1 Results: Net profit rises 64% YoY to Rs 113.37 crore

Tata Elxsi Limited reported a 64.61% YoY increase in net profit to Rs 113.37 crore for the quarter ended June (Q1 FY22). Net profit has declined by 1.55% when compared to the previous quarter. Its total income rose 39.11% YoY (or 9.63% QoQ) to Rs 575.81 crore during the same period. Tata Elxsi is a leading design and technology services provider based in Bengaluru.  

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Adani Ports’ Net Profit Jumps 285% YoY in Q4 – Top Indian Market News

adani ports and sez

Adani Ports Q4 Results: Net profit jumps 285% YoY to Rs 1,288 crore

Adani Ports & Special Economic Zone Ltd (APSEZ) reported a 285% year-on-year (YoY) jump in net profit to Rs 1,288 crore for the quarter ended March (Q4). Its revenue rose 24% YoY to Rs 3,608 crore during the same period. Total cargo volumes handled by the company rose 27% YoY to 73 million metric tonnes (MMT) in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 32.7% YoY to Rs 4,994 crore. APSEZ’s board has recommended a dividend of Rs 5 per share.

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IPL 2021 suspended after multiple cases of Covid-19 reported in bio-bubbles

The Indian Premier League (IPL) 2021 has been postponed indefinitely after multiple positive cases of Covid-19 were reported within its bio-bubbles. A total of 29 out of the scheduled 56 league games were played this season. As per reports, the BCCI stands to lose over Rs 2,000 crore of the broadcast and sponsorship money earmarked for this year’s IPL.

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HAL signs MoU with Rolls-Royce for MT30 marine engine installation in India

Hindustan Aeronautics Ltd (HAL) and UK-based Rolls-Royce have signed a Memorandum of Understanding (MoU) to establish packaging, installation, marketing, and services support for Rolls-Royce MT30 marine engines in India. The MT30 is the world’s most power-dense, best-in-class naval gas turbine. It has the potential to provide next-generation capabilities to the Indian Navy’s future fleet. This partnership will leverage the rich experience of HAL’s Industrial and Marine Gas Turbine (IMGT) Division that works on marine gas turbines with Indian shipyards.

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RBL Bank Q4 Results: Net profit falls 34% YoY to Rs 75 crore 

RBL Bank reported a 34% YoY decline in net profit to Rs 75 crore for the quarter ended March (Q4). Net interest income (NII) has declined by 11% YoY to Rs 906 crore during the same period. [NII is the interest income a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (GNPAs) ratio stood at 4.37%, compared with 4.57% in the preceding quarter (Q3 FY21). RBL Bank’s deposits increased by 26% YoY to Rs 73,121 crore in Q4 FY21.

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Wipro to set up Innovation Centre in London; to invest £16 million

Wipro Limited has announced the setting up of an Innovation Centre in Holborn, London. The IT services company will invest £16 million (~Rs 164 crore) over the next four years in the 20,000 sq ft. centre. The Innovation Centre will serve as Wipro’s flagship centre in the United Kingdom and offer digital, cybersecurity, and cloud expertise to enterprises around the globe. 

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Alembic Pharma Q4 Results: Net profit rises 12% YoY to Rs 251 crore

Alembic Pharmaceuticals Ltd reported a 12% YoY increase in consolidated net profit to Rs 251 crore for the quarter ended March (Q4). Its revenue from operations rose 6% YoY to Rs 1,280 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has jumped 42% YoY to Rs 1,178 crore. Its Indian branded formulations business grew 5% YoY to Rs 1,497 crore in FY21. The pharma company’s board has recommended a dividend of Rs 14 per share.

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HCL Tech engages in multi-year contract with Hitachi ABB Power Grids

HCL Technologies Ltd has entered into a multi-year contract with Hitachi ABB Power Grids to build a new greenfield digital foundation as part of a global transformation program. HCL Tech will help Hitachi ABB Power Grids to establish a new, efficient, and independent IT organisation. By leveraging HCL’s Cloud Smart offerings, Hitachi ABB Power Grids will benefit from an adaptive portfolio with innovative cloud services driven by intelligent automation and a powerful partner ecosystem.

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Bajaj Healthcare launches Favipiravir tablets to treat mild-to-moderate Covid-19 cases

Bajaj Healthcare Limited (BHL) has announced the launch of antiviral drug Favipiravir, used for treating mild to moderate Covid-19 infections in India. The tablets will be sold under the ‘Favijaj’ brand. The pharma company has successfully developed the Active Pharmaceutical Ingredient (API) and the formulation for Favipiravir through its own in-house research and development (R&D) team. The drug will be available as a prescription-based medication.

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Anupam Rasayan to invest Rs 43 crore to set up a 12.5 MW solar power plant

Anupam Rasayan India Ltd said it will invest Rs 43 crore to set up a 12.5 megawatt (MW) solar power plant. The company will utilise the proceeds from its IPO to fund this project. The proposed solar power plant will cater to the energy requirements of Anupam Rasayan’s major manufacturing units. The specialty chemicals company currently operates six manufacturing facilities in Gujarat.

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Suven Life Sciences Q4 Results: Net loss at Rs 21.6 crore

Suven Life Sciences Ltd reported a consolidated net loss of Rs 21.6 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 25.74 crore in the corresponding period last year (Q4 FY20). Total income declined by 75.3% YoY to Rs 2.88 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), consolidated net loss stands at Rs 72.45 crore.

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Adani Total Gas Q4 Results: Net profit rises 18% YoY to Rs 143 crore

Adani Total Gas Limited (ATGL) reported an 18.38% YoY increase in net profit to Rs 143.73 crore for the quarter ended March (Q4). Its revenue from operations rose 26% YoY to Rs 584.48 crore during the same period. The number of ATGL’s standalone CNG stations increased to 217 in Q4, with 102 stations being added in FY21. For the financial year ended March 31, 2021 (FY21), net profit rose 6% YoY to Rs 462 crore.

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L&T Infotech Q4 Results: Net profit rises 27% YoY to Rs 545 crore

L&T Infotech Limited reported a 27% YoY increase in consolidated net profit to Rs 545 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased by 5%. Its revenue from operations rose 9.42% YoY to Rs 3,372.4 crore during the same period. The company’s board has declared a final dividend of Rs 25 per share.

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WPI Inflation Rises to 8-Year High of 7.39% in March – Top Indian Market News

WPI Inflation rises to 8-year high of 7.39% in March

According to data released by the Ministry of Commerce & Industry, wholesale inflation in India rose to an 8-year high of 7.39% in March. The Wholesale Price Index (WPI) stood at 4.17% in February and 2.51% in January. The prices of crude oil, petroleum products, and basic metals increased substantially in March, as compared to the corresponding month last year. The food articles segment witnessed a 3.24% rise last month. 

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Wipro Q4 Results: Net profit rises 28% YoY to Rs 2,972.3 crore

Wipro Limited reported a 27.78% year-on-year (YoY) increase in consolidated net profit to Rs 2,972.3 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased marginally by 0.14%. The IT company’s revenue from operations rose 3.4% YoY to Rs 16,245.4 crore during the same period. The firm had closed 12 large deals during the quarter with a total contract value of $1.4 billion (~Rs 10,511 crore). Wipro expects revenues from its IT services to grow 2-4% on a sequential basis in the June quarter (Q1).

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L&T secures contracts worth upto Rs 2,500 crore in Q4

Larsen & Toubro (L&T) Limited said it has bagged significant orders (in the range of Rs 1,000-2,500 crore) in the quarter ended March (Q4). L&T Heavy Engineering secured an order for 12 steam generators for a 3×700 megawatt electrical (MWe) pressurised heavy water reactor. In the area of refinery, petrochemicals, and oil & gas, L&T Heavy Engineering received a critical reactor system package order for Indian Oil Corporation’s petrochemical project.

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Tata Steel unveils multi-million-pound plan for tube making site in UK

Tata Steel Limited unveiled its transformation plans for a steel tube-making site in East Midlands, United Kingdom. Work has commenced at the 150-acre site at Corby, which produces vital steel tube products for sports stadiums, skyscrapers, hospitals, and renewable green energy schemes around the world. Under the transformation plans, manufacturing processes on the site will be brought closer together as part of a 25-million pound scheme.

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Tinplate Company Q4 Results: Net profit rises 107% YoY to Rs 56 crore

Tinplate Company of India reported a 107.04% YoY jump in standalone net profit to Rs 56.15 crore for the quarter ended March (Q4). Its revenue from operations rose 59.82% YoY to Rs 754.97 crore during the same period. The company’s board has recommended a dividend of Rs 2 per share. Tinplate Company manufactures various grades of electrolytic tinplates, tin-free steel sheets, and full hard cold rolled sheets used for metal packaging. It is a subsidiary of Tata Steel.

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Mahindra fails to find buyer for SsangYong Motor; falls in court receivership

The Seoul Bankruptcy Court has put SsangYong Motor under court receivership after its parent company, Mahindra & Mahindra, failed to find a buyer for the insolvent firm. SsangYong had defaulted on a loan payment worth ~Rs 680 crore on December 21, 2020, following which it applied for court receivership. However, the company was given three months to secure funds after saying it was in talks with US-based HAAH Automotive. SsangYong is expected to submit a rehabilitation plan to the court in June 2021.

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NMDC raises lump ore price by Rs 1,100 per tonne

NMDC Limited said it has hiked prices of iron ore with effect from April 14, 2021. The prices of lump ore were increased by 18.80% (or Rs 1,100) to Rs 6,950 per tonne. The prices of iron ore fines jumped 10.96% to Rs 5,060 per tonne. State-owned NMDC is the largest iron ore producer in India. The company presently produces around 35 million tonnes of iron ore from 3 mechanised mines.

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GE Power India to acquire 50% stake in NTPC GE Power Services

The Board of Directors of GE Power India Ltd has approved the acquisition of a 50% stake in NTPC GE Power Services Pvt Limited. The cost of the acquisition is Rs 7.2 crore. GE Power would enter into renovation and modernization of thermal power plants and partner with state-owned NTPC Limited. This investment and joint venture (JV) with NTPC is expected to strengthen GE Power’s portfolio and open avenues for expanded scope of business for future projects.

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RBL Bank partners with Mastercard to offer first-of-a-kind payment functionality

RBL Bank has entered into a partnership with Mastercard to launch a mobile-based consumer-friendly payment solution— the Pay by Bank App, a first-of-its-kind payment functionality in India. The bank’s account holders can enjoy contactless transactions across the world through their mobile banking application both in-store and online. This functionality will be available at all Mastercard accepting merchants that accept contactless and online payments.

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IL&FS addresses debt of Rs 43,000 crore so far

IL&FS said it has addressed aggregate group debt of Rs 43,000 crore till date through the sale of assets and other cash receivables. The crisis-ridden company has also increased the debt recovery target to Rs 61,000 crore. The increased estimate represents the resolution of nearly 62% of overall fund-based and non-fund-based group debt of ~Rs 99,000 crore as of October 2018. IL&FS collapsed around August 2018 when it started defaulting on bonds that came due to investors. 

Read more here.

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Tata Power to Develop 60 MW Solar Project in Gujarat – Top Indian Market News

Tata Power receives order to develop 60 MW solar project in Gujarat

Tata Power Limited has secured an order to develop a 60 megawatt (MW) solar project for Gujarat Urja Vikas Nigam Ltd (GUVNL). The energy will be supplied to GUVNL under a power purchase agreement (PPA), which is valid for 25 years from the scheduled date of commercial operation. With this order, Tata Power’s renewable energy capacity will increase to 4,007 MW.

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L&T secures orders worth Rs 1,000-2,000 crore across various business segments

Larsen & Toubro (L&T) said its construction arm has secured significant orders (in the range of Rs 1,000-2,000 crore) across various business segments. Its heavy civil infrastructure business has secured an EPC order to construct a four-lane bridge across river Ganga on the newly declared NH-131B in Bihar. L&T Construction’s water & effluent treatment business has received a design, build, and operate order from the Municipal Corporation of Amritsar for setting up a bulk water supply system.

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Indiamart Intermesh to acquire 11% stake in Legistify Services

Indiamart Intermesh Ltd, through its wholly-owned subsidiary Tradezeal Online, will acquire an 11.01% stake in Legistify Services for Rs 1.30 crore. Legistify offers a SaaS (software as a service)-based ERP tool that allows enterprises to manage their legal workflows. Indiamart said this investment is in line with its long-term objective of offering various SaaS-based solutions for businesses.

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BHEL secures order worth Rs 400 crore from Indian Oil Corp

Bharat Heavy Electricals Ltd (BHEL) has received an order worth Rs 400 crore for setting up a sulphur recovery unit at Indian Oil Corporation’s (IOCL) Paradip Refinery in Odisha. With this order, BHEL has made its entry into the downstream oil & gas process package business. The company’s scope in the contract includes project management, residual process design, testing, construction, commissioning, and performance guarantee test run of the 525 TPD (tonnes per day) sulphur recovery unit.

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Dilip Buildcon wins order worth Rs 1,137 crore from NHAI

Dilip Buildcon Limited (DBL) has secured an order worth Rs 1,137 crore from the National Highways Authority of India (NHAI) for a road project in Karnataka. The project consists of four-laning the Sannur-Bikarnakatte section of NH-169 on Hybrid Annuity Mode (HAM). The completion period for the 45-km project is 24 months.

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TCS unveils new brand statement- ‘Building on Belief’

Tata Consultancy Services (TCS) has unveiled a new brand statement— ‘Building on Belief’, as it embarks on its next decade of transformation-led growth. It expresses the active and collaborative role that TCS plays in partnering customers over the long term, leveraging its contextual knowledge, investments in research and innovation, and technology expertise to help them grow and achieve their transformational goals. TCS will launch an integrated 360-degree campaign across media platforms to highlight the new brand statement.

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Alkem Labs to invest Rs 40 crore in ABCD Technologies

Alkem Laboratories said it has agreed to subscribe to a partnership interest in healthcare services firm ABCD Technologies LLP. The pharma company will invest Rs 40 crore in ABCD Tech. The objective of this acquisition is to digitise healthcare infrastructure in India towards facilitating better distribution practices. Last week, Sun Pharma, Lupin, Cadila Healthcare, and Torrent Pharma said they have subscribed to the partnership interest in the same firm.

SJVN to develop 70 MW grid-connected solar project in Gujarat

SJVN Limited has received a Letter of Award (LoA) from the Gujarat Urja Vikas Nigam Ltd (GUVNL) to develop a 70 MW grid-controlled solar power project in Gujarat. The company will supply electricity from this project to GUVNL at a rate of Rs 2.21 per kilowatt-hour for a period of 25 years. SJVN said this project will support in achieving its vision of increasing its electricity generation capacity to 5,000 MW by 2023.

Tamilnadu Petro to invest Rs 435 crore for capacity expansion

The Board of Directors of Tamilnadu Petroproducts has approved an investment of Rs 435 crore for capacity expansion and revamping its manufacturing plants. The capacity of its linear alkyl benzene (LAB) plant will be increased from 120 kilo-tonnes per annum (KTA) to 145 KTA at an estimated cost of Rs 240 crore. The company’s heavy chemicals division (HCD) plant will be modernised at an estimated cost of Rs 165 crore.

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RBL Bank partners with Tide to serve banking needs of Indian SMEs

RBL Bank said it will provide banking infrastructure to UK-based fintech Tide’s India platform, which is focused on the small & medium enterprises (SME) segment. SMEs will have an option to open current and savings accounts at RBL Bank through Tide’s business platform. The bank can also integrate its payment APIs to enable Tide users to make seamless transactions through the platform.

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Goldiam International receives export orders worth Rs 80 crore

Goldiam International Ltd said it has secured export orders from prominent international clients. It has won an order for manufacturing diamond-studded designed gold jewellery worth Rs 80 crore. The company will deliver the export orders within 3 months. Mumbai-based Goldiam International is a leading global exporter of luxurious diamond jewellery.

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Maruti Suzuki Q3 Profit Rises 24% YoY – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q3 Results: Net profit rises 24% YoY to Rs 1,941 crore

Maruti Suzuki India Ltd reported a 24% year-on-year (YoY) increase in net profit to Rs 1,941 crore for the quarter ended December (Q3). Its revenue from operations rose 13.3% YoY to Rs 23,458 crore during the same period. The company sold a total of 4.95 lakh units in Q3, up 13.4% YoY. The carmaker said that capacity utilisation in the quarter improved, which reflected in the double-digit volume growth for the company. The operating performance was aided by lower promotional costs and overall cost reduction efforts.

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Bharti Airtel successfully demonstrates live 5G services in Hyderabad

Bharti Airtel Ltd has announced that it has become the first telecom service provider in the country to successfully ‘demonstrate and orchestrate’ live 5G service. The demonstration took place in the city of Hyderabad. The company used a spectrum block in the 1,800MHz band to operate both 5G and 4G simultaneously on its network. Bharti Airtel said that it will be able to roll out the services across several parts of the country as soon as the Department of Telecommunications (DoT) permits the commercial launch of the 5G and auctions spectrum in the mid-size bands (3,300-3,600MHz).

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IndiGo Q3 Results: Net loss at Rs 620 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 620 crore for the quarter ended December (Q3). It had posted a net profit of Rs 496 crore in the corresponding period in FY20. The company’s total revenue declined 50.2% YoY to Rs 5,142.8 crore in Q3 FY21. The airline said that it operated 40.8% less seats during Q3 compared to the same period last year.

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Airtel adds 44 lakh subscribers in November; Vodafone Idea loses 29 lakh: TRAI

Bharti Airtel added more subscribers than market leader Reliance Jio for the fourth straight month in November. According to data collected by telecom regulator TRAI, Airtel gained 43.7 lakh subscribers, while Jio added 19.4 lakh subscribers in November 2020. Vodafone Idea (Vi) lost 28.9 lakh subscribers during the same month. Vi’s market share shrunk to 25.10%, while Bharti Airtel’s expanded to 28.97%. At 35.34%, Reliance Jio remains India’s biggest telecom operator by market share. 

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Laurus Labs Q3 Results: Net profit jumps 271% YoY to Rs 273 crore

Laurus Labs Ltd reported a 271.33% YoY increase in net profit to Rs 272.85 crore for the quarter ended December (Q3). Its revenue rose 76% YoY to Rs 1,288 crore during the same period. The company’s performance in Q3 was led by its Active Pharmaceutical Ingredient (API) division, which recorded a growth of 100%. Laurus Labs’ board has declared an interim dividend of Rs 0.4 per share.

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Dilip Buildcon JV signs pact with NHAI for Rs 1,000 crore highway project in Rajasthan

Dilip Buildcon Limited – Altis Holding Corporation joint venture (JV) has entered into an agreement with the National Highways Authority of India (NHAI) for a Rs 1,000 crore highway project in Rajasthan. The project will be built on an engineering, procurement, and construction (EPC) mode. The completion period for the 8.30 km project is 30 months.

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TVS Motor Q3 Results: Net profit at Rs 266 crore

TVS Motor Company Ltd reported its highest-ever net profit of Rs 266 crore for the quarter ended December (Q3). Its revenue rose 31% YoY to Rs 5,404 crore during the same period. TVS Motor’s overall two-wheeler sales were up 23% YoY to 9.52 lakh units. The company’s two-wheelers sales in the domestic market have grown by 21% and in the export market by 31% in Q3. The company’s board has declared an interim dividend of Rs 2.10 per share.

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USFDA grants orphan drug designation to Zydus Cadila’s Saroglitazar Mg

The US Food & Drug Administration (USFDA) has granted orphan drug designation (ODD) to Zydus Cadila’s Saroglitazar Mg tablets. The tablets are indicated for the treatment of patients with Primary Biliary Cholangitis (a liver disease). The drugmaker stated that the ODD provides eligibility for certain development incentives, including tax credits for qualified clinical testing, prescription drug user fee exemptions, and seven-year marketing exclusivity.

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RBL Bank Q3 Results: Net profit rises 110% YoY to Rs 147 crore

RBL Bank reported a 110% YoY increase in net profit to Rs 147.1 crore for the quarter ended December (Q3). Its total revenue rose 6% YoY to Rs 1,488 crore during the same period. Net interest income (NII) fell 2% YoY to Rs 932 crore. The bank’s gross non-performing assets (NPAs) fell to 1.84% of the gross advances, compared to 3.33% in the corresponding period last year. RBL Bank’s provisions fell by 2% YoY to Rs 609.76 crore.

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Tata Power Solar receives letter of award to build GSECL project

Tata Power Solar Systems Ltd (TPSSL) has received a letter of award (LoA) to build a 95 megawatt (MW) solar photovoltaic project for Gujarat State Electricity Corporation Ltd (GSECL). The project’s order value is about Rs 460 crore. The commercial operation date for this project is set for April 2022. With this addition, the order pipeline of TPSSL stands at about 4.2-gigawatt peak (GWp) with a value of about Rs 12,500 crore.

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Stove Kraft IPO subscribed 18 times on final day of bidding

The initial public offering (IPO) of Stove Kraft was subscribed 18 times on the final day of bidding (Jan 28). The IPO received bids for 10.59 crore equity shares against an offer size of 58.94 lakh equity shares. The portion set aside for qualified institutional buyers has seen a subscription of 8.02 times, while the reserved portion of non-institutional investors has been subscribed 32.72 times. The portion reserved for retail investors was subscribed 26.4 times.

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Cabinet Approves Rs 3,500 crore Sugar Export Subsidy – Top Indian Market News

Cabinet approves Rs 3,500 crore sugar export subsidy

Union Minister Prakash Javadekar announced that the Cabinet Committee on Economic Affairs (CCEA) has approved a Rs 3,500 crore subsidy for sugar farmers. The subsidy will be given on 60 lakh tonnes of sugar exports at the rate of Rs 6,000 per tonne. He stated that 5 crore sugarcane farmers will benefit from this Cabinet decision. The subsidy will be directly transferred to the farmers’ accounts.

In other news, the Cabinet has also approved a project for establishing 2,100 km of additional transmission lines and 36 new Sub Stations in 6 North-Eastern states.

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Laxmi Organics files draft papers for Rs 800-crore IPO

Laxmi Organics has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise Rs 800 crore as its initial public offering (IPO). The IPO consists of a fresh issue of Rs 500 crore and an offer for sale (OFS) of Rs 300 crore by its promoter, Yellow Stone Trust. Laxmi Organic is a Mumbai-based specialty chemicals manufacturer. The company will utilise the proceeds from the issue for setting up a manufacturing facility for fluorospecialty chemicals, working capital requirements, and purchase of plant and machinery. 

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SEBI eases profitability criteria for mutual fund sponsors

The Securities and Exchange Board of India (SEBI) has decided to relax profitability criteria for becoming a mutual fund sponsor. This is to facilitate innovation and expansion in the mutual fund sector. The SEBI board also approved proposals which include dispensing with the requirement to issue physical unit certificates, reducing maximum permissible exit load, and reducing the timeline for payment of dividend.

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Jio fastest network in 4G download in November: TRAI

According to the latest data update from telecom regulator TRAI, Reliance Jio has topped the 4G speed chart with a data download rate of 20.8 megabits per second (Mbps) in November. This was followed by Vodafone at 9.8 Mbps and Bharti Airtel at 8 Mbps. Vodafone was ahead of others in upload speed at 6.5 Mbps, during the same month. Jio’s upload speed was recorded at 3.7 Mbps.

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Future Enterprises Q2 Results: Net Loss at Rs 320 crore

Future Enterprises Ltd reported a consolidated net loss of Rs 320 crore, for the quarter ended September (Q2). The company had posted a net profit of Rs 21.78 crore in Q2 of the previous financial year. Its revenue from operations declined to Rs 237.88 crore in Q2 FY21, as compared to Rs 1,699.84 crore in the corresponding quarter in FY20. Future Enterprises develops, owns, and leases retail infrastructure for the Future Group.

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Ratnamani Metals & Tubes secures order worth Rs 105 crore

Ratnamani Metals & Tubes Ltd (RMTL) has received a domestic order of Rs 105 crore for coated carbon steel pipes from the Oil and Gas sector. The company stated that the order will be executed between May 2021 and September 2021. Gujarat-based RMTL is a leading producer of stainless steel and titanium welded tubes. It also provides total piping solutions to a diverse range of industries.

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Cipla launches Covid-19 diagnostic test kit ‘CIPTest’

Cipla Limited has partnered with Premier Medical Corporation Pvt Ltd to launch ‘CIPTest’- a rapid antigen Covid-19 testing kit. While Premier Medical Corp will manufacture the kits, Cipla will be responsible for marketing and distribution. The pharma company stated that the testing kit will be able to generate results in 15-20 minutes.

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Jubilant Foodworks launches biryani brand ‘Ekdum!’

Jubilant Foodworks announced the expansion of its portfolio with a new biryani brand- Ekdum! The company stated that Ekdum! will offer 20 different varieties of biryanis curated from different parts of India. In addition to biryanis, customers will also be able to choose from an extensive range of kebabs, curries, desserts, and beverages. Currently, Ekdum! has opened three restaurants in Gurgaon, and has plans to launch more in NCR over the next few months.

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Indian Bank declares IL&FS Financial Services account as fraud

State-owned Indian Bank has declared the account of IL&FS Financial Services Ltd (IFIN), as fraud. The bank has fully provided for the non-performing account of IFIN with outstanding dues of Rs 408 crore. The lender has reported the account to the Reserve Bank of India (RBI), as per regulatory requirements. In October, Punjab and Sind Bank had also reported the account of IFIN as fraud, with outstanding dues of over Rs 561 crore. 

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Vedanta to raise $8 billion for BPCL bid: Report

According to a report from Livemint, Vedanta Group plans to raise as much as $8 billion (~Rs 58,913 crore) to secure funds for the acquisition of state-run Bharat Petroleum Corp. Ltd (BPCL). It has been reported that Vedanta Resources Plc has already started talks with banks, and discussions with JP Morgan are at an advanced stage. The report states that funds will be raised through a mix of debt and equity instruments, to acquire a 52.98% stake in BPCL.

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RBL Bank migrates to Infosys Finacle’s digital banking solution

RBL Bank announced that it will migrate its systems to Infosys Finacle, a digital banking solutions platform developed by EdgeVerve Systems. Finacle’s extensive open API (application programming interface) repository will provide the agility required to seamlessly integrate and co-innovate with ecosystem partners, which is one of the key focus areas for the bank. EdgeVerve Systems is a wholly-owned subsidiary of Infosys Ltd.

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Govt Approves 74% FDI in Defence Sector Under Automatic Route – Top Indian Market News

Govt approves 74% FDI in defence sector under automatic route

The Indian Government has now permitted up to 74% foreign direct investment (FDI) in the defence sector, under the automatic route. The automatic route means that investments can be made even without prior approval from the government. The earlier limit for FDIs in the sector was 49%. The increased limit would help firms in the defense sector (HAL, BEML, BDL) to seek new industrial licences. The government has also stated that FDI in this sector will be subject to security clearance by the Ministry of Home Affairs.

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RBL Bank, ICICI Prudential Life Insurance form bancassurance partnership

RBL Bank Ltd and ICICI Prudential Life Insurance have entered into a bancassurance partnership to offer an array of life insurance products to the bank’s customers. The lender will distribute ICICI Prudential Life’s products through its network of 398 branches, which is spread across 28 states. For the insurance firm, the partnership will help to further strengthen its multi-channel distribution network.

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Heritage Foods sells holding in Future Retail for Rs 132 crore

Heritage Foods Ltd has sold its entire shareholding in Future Retail for Rs 131.94 crore, in the open market. The company held a 3% stake or 1.78 crore equity shares in the Kishore Biyani-led Future Retail. Heritage Foods said that the sale proceeds will be mainly utilized for the repayment of its long term loans.

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Zydus Cadila gets USFDA Fast Track Designation for Saroglitazar

Zydus Cadila has received Fast Track Designation (FTD) from the US Food and Drug Administration (USFDA) for its investigational drug candidate- Saroglitazar Mg. The drug is indicated for the treatment of a serious liver disease known as primary biliary cholangitis (PBC). A drug that receives FTD is eligible for accelerated approval and priority review, if the relevant criteria are met.

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Maruti Suzuki launches online car financing platform in Nexa

Maruti Suzuki Ltd has announced the launch of Smart Finance service for Nexa customers across 30 cities in India. The online service seeks to provide end-to-end and real-time car finance facilities to prospective customers. To offer multiple financier options, Maruti has also tied up with HDFC Bank, Yes Bank, ICICI Bank, IndusInd Bank, and many more.

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Aurobindo Pharma gets USFDA approval for sedative drug

Aurobindo Pharma Ltd said it has received final approval from the US Food & Drug Administration for its generic version of Precedex injection. This injection is used for the sedation of patients. The drug major stated that the product will be launched in January 2021 and has an estimated market size of $228 million (~ Rs 1,677 crore).

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HAL announces interim dividend of Rs 15 per share

The Board of Directors of Hindustan Aeronautics Ltd (HAL) has declared an interim dividend of Rs 15 per equity share of Rs 10 each fully paid up, for FY21. The record date for the payment of interim dividend will be December 19, 2020. This is the first interim dividend to be declared by HAL for the financial year ended 2021.

Dr. Reddy’s ADRs listed at NSE International Exchange

The American Depository Receipts (ADRs) of Dr. Reddy’s Laboratories has been listed at the NSE International Exchange (NSE IFSC). The secondary listing of Dr. Reddy’s ADRs at NSE IFSC would provide global investors an additional venue to transact in their ADRs. Participants holding depository accounts with the International Central Securities Depository (Euroclear Bank, Clearstream) or Depository Trust Company (DTC) shall be able to transact on these ADRs.

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Amazon eyes potential $100 million investment in Apollo Pharmacy: Report

According to a report from Economic Times, Amazon.com, Inc. is considering a $100 million (~Rs 736 crore) investment in Apollo Pharmacy. The report states that Amazon’s potential investment would help it to compete with Reliance Industries and Tata Group, in India’s fast-growing drug market. Apollo Pharmacy is India’s largest branded pharmacy network, with over 3,000 outlets in key locations. 

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Firstsource Solutions partners with Celonis to accelerate digital transformation for enterprises

Firstsource Solutions Ltd has partnered with Germany-based Celonis GmbH to help businesses to improve agility and optimize their outcomes. The strategic partnership combines Firstsource’s deep domain expertise with Celonis’ AI-powered technologies to accelerate digital transformation for enterprises. Firstsource Solutions is a provider of business process outsourcing (BPO) services, based in Mumbai.

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Tata Steel’s Net Profit Falls 60% YoY – Top Indian Market News

Tata Steel Q2 Results: Net Profit falls 60% YoY to Rs 1,635 crore

Tata Steel Ltd. reported a 60% year-on-year (YoY) decline in consolidated net profit to Rs 1,635 crore, for the quarter ended September (Q2). The company’s revenue increased by 7% YoY to Rs 37,154 crore, during the same period. Tata Steel has stated that it has been able to ramp up capacity utilization and achieve highest-ever sales in Q2, despite the ongoing Covid-19 pandemic.

India’s fuel demand posts first annual growth since February

India’s fuel demand posted its first yearly increase since February, as the demand for diesel saw a quick recovery ahead of the festive season. The total demand for petroleum products rose by 2.5% YoY in October, to reach 17.77 million tonnes. The consumption of both petrol and diesel has reached pre-Covid levels. 

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India to receive 100 million AstraZeneca vaccine shots by December

Serum Institute of India (SII) is increasing the production of the AstraZeneca-Oxford University Covid-19 vaccine. The company has stated that it is aiming to keep 100 million vaccine doses ready by December 2020. Adar Poonawalla, the CEO of SII, has said that his company may receive authorization for emergency use if the vaccine proves to be effective.

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Inox Leisure raises Rs 250 crore from QIP

Inox Leisure Limited has raised Rs 250 crore through a qualified institutional placement (QIP). The company has allocated 9.8 million shares to eligible institutional buyers at Rs 255 per share. The funds raised through QIP would be utilized by Inox to meet capital expenditure requirements for on-going and future projects.

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HAL Q2 Results: Net Profit declines marginally to Rs 615 crore

Hindustan Aeronautics Ltd. reported a 1.1% YoY decline in consolidated net profit to Rs 615 crore, for the quarter ended September (Q2). The consolidated revenue from operations increased by 41% YoY to Rs 4,854 crore, during the same period. Bangalore-based HAL is a state-owned aerospace and defense company.

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Shoppers Stop to launch rights issue on November 27

Shoppers Stop Ltd. has stated that its Board of Directors has approved the raising of Rs 300 crore, through a rights issue. A rights issue is an issue of shares offered at a special price by a company to its existing shareholders, in proportion to their holding of old shares. The company has stated that the issue will be priced at Rs 140 per share. The issue will open on November 27, and close on December 31.

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Future Retail Q2 Results: Net Loss stands at Rs 692 crore

Future Retail Limited reported a consolidated net loss of Rs 692.36 crore, for the quarter ended September (Q2). The retail firm’s consolidated revenue from operations declined by Rs 73.86% YoY to Rs 165.08 crore, during the same period. The company has stated that the Covid-19 pandemic has had a significant impact on its business operations.

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Oil India makes natural gas discovery in Assam

Oil India Limited, on Friday, announced that it has made a natural gas discovery at a well drilled in Tinsukia, Assam. The company has stated that this discovery will open up new areas for further oil and gas exploration in Assam. Oil India is the nation’s second-largest oil producer and a majority of its operations are concentrated in the north-east. 

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RBL Bank raises Rs 1,566 crore from Baring, ICICI Prudential

RBL Bank, on Friday, announced that it has raised Rs 1,566 crore in fresh capital through a preferential allotment of shares. The shares have been allotted to firms such as Baring Private Equity Asia and ICICI Prudential. RBL Bank has stated that it intends to invest in newer products like affordable housing loans. This would help to strengthen the bank’s presence in the semi-urban and rural markets.

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Graphite India Q2 Results: Net Loss at Rs 41 crore

Graphite India Ltd. reported a consolidated net loss of Rs 41 crore, for the quarter ended September (Q2). The company’s revenue declined by 45% YoY to Rs 485 crore, during the same period. Graphite India is a leading manufacturer of carbon and graphite speciality products.

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Apex Frozen Foods Q2 Results: Net Profit rises 15% YoY to Rs 25 crore

Apex Frozen Foods Ltd. reported a 14.91% YoY increase in net profit to Rs 25 crore, for the quarter ended September (Q2). The company’s sales declined by 2.64% YoY to Rs 262.24 crore, during the same period. Apex Frozen Foods is a prime exporter of shelf-stable quality agriculture products in India.