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Kotak Mahindra Bank’s Net Profit Falls 7% YoY in Q2 – Top Indian Market News

Kotak Mahindra Bank Q2 Results: Net profit falls 7% YoY to Rs 2,032 crore

Kotak Mahindra Bank reported a 7% YoY decline in net profit to Rs 2,032 crore for the quarter ended September (Q2 FY22). Net profit rose 24% compared to the previous quarter. Its net interest income (NII) rose 3% YoY to Rs 4,021 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest paid to depositors]. The bank’s gross non-performing assets (GNPA) ratio stood at 3.19% in Q2, compared to 3.56% in the previous quarter. The figures have beaten street estimates.  

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Reliance BP Mobility launches first mobility station in Navi Mumbai

Reliance BP Mobility Ltd (RBML) launched its first Jio-bp branded mobility station at Navde in Navi Mumbai. RBML is the fuel and mobility joint venture (JV) between Reliance Industries Ltd (RIL) and UK-based energy company bp. The JV operates fuel retail stations and is in the process of rebranding around 1,400 fuel pumps. Jio-bp Mobility Stations will offer additivised fuel, which forms a protective layer on critical engine parts to keep the engines clean.

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Bajaj Finance Q2 Result: Net profit rises 53% YoY to Rs 1,481 crore

Bajaj Finance reported a 53.5% YoY increase in consolidated net profit to Rs 1,481 crore for the quarter ended September (Q2 FY22). Net profit rose 48% compared to the previous quarter. Its net interest income (NII) rose 28% YoY to Rs 5,335 crore during the same period. The company’s gross non-performing assets (GNPA) ratio stood at 2.45% in Q2, compared to 2.96% in the previous quarter. Bajaj Finance’s assets under management (AUM) stood at Rs 1,66,937 crore in Q2, an growth of 22% YoY.

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HG Infra secures order worth Rs 2,297 crore from NHAI

HG Infra Engineering has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for projects worth Rs 2,297 crore. The first project is for the development of six lanes in the Kaliagura-Baunsaguar section of NH-130-CD road under the Raipur- Visakhapatnam Economics Corridor.  The second project is for the development of six lanes in the Baunsaguar-Baraja section of NH-130-CD road.

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Axis Bank Q2 Results: Net profit rises 86% YoY to Rs 3,133 crore

Axis Bank reported an 86% YoY increase in net profit to Rs 3,133 crore for the quarter ended September (Q2 FY22). Net profit rose 45% compared to the previous quarter. Its net interest income (NII) rose 8% YoY to Rs 7,901 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 3.53% in Q2, compared to 3.85% in the previous quarter. Provisions fell sharply by 60% YoY (or 47.5% QoQ) to Rs 1,735.09 crore. The figures are slightly above street estimates.

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Motherson Sumi and Marelli extend cooperation in India

Motherson Sumi Systems Ltd (MSSL) has announced the extension of its cooperation with Germany-based Marelli Automotive Lighting for a new tool room in India. This will be the first-of-its-kind tool room dedicated to specific lighting applications. The toolroom will be an extension of the existing joint venture (JV) company— Marelli Motherson Automotive Lighting India Pvt Ltd. The 50:50 JV was established in 2008 to address the Indian exterior lighting market.

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Ambuja Cement Q3 Results: Net profit at Rs 441 crore

Ambuja Cements’ net profit remained flat at Rs 441 crore for the quarter ended September (Q3 CY21). The company follows the January-December financial year cycle. Its revenue from operations rose 14% YoY to Rs 3,193 crore during the same period. EBITDA stood at Rs 703 crore, up 3.2% YoY. Total operating costs rose 16.7% YoY to Rs 2,534 crore in Q2.

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Bombay HC bars Invesco from calling EGM

The Bombay High Court has granted an interim injunction against Invesco, the largest shareholder of Zee Entertainment Enterprise Ltd (ZEEL). The court has restrained Invesco from going ahead with the demand of an Extraordinary General Meeting (EGM) to remove ZEEL MD and CEO Punit Goenka. The high court reserved its order on the issue last week after ZEEL informed the court that it did not want to hold an EGM of shareholders as requested by Invesco.

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Cipla Q2 Results: Net profit rises 8% You to Rs 712 crore

Cipla Ltd reported a 7.58% YoY increase in consolidated net profit to Rs 712 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 10.3% YoY to Rs 5,485.84 crore during the same period. EBITDA stood at Rs 1,226 crore, an increase of 4% YoY. The pharma company’s North America revenues grew 2% YoY to $142 million (~Rs 1,065 crore) in Q2.

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IRB Infra Q2 Results: Net profit at Rs 42 crore

IRB Infrastructure Developers reported a consolidated net profit of Rs 42.3 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 19.6 crore in the corresponding quarter last year (Q2 FY21). Net profit fell 41% compared to the previous quarter. Its total income rose 28.7% YoY to Rs 1,504.44 crore in Q2 FY22. EBITDA stood at Rs 718 crore, up 29% YoY or 3% QoQ.

The company has announced plans to raise ~Rs 5,347 crore via a preferential allotment of equity shares to Spain-based infrastructure group Ferrovial S.A. and Singapore state investor GIC.

Torrent Pharma Q2 Results: Net profit rises 2% YoY to Rs 316 crore

Torrent Pharmaceuticals reported a 1.98% YoY increase in consolidated net profit to Rs 316 crore for the quarter ended September (Q2 FY22). Net profit declined by 4% compared to the previous quarter. The pharma company’s net sales rose 6% YoY to Rs 2,103 crore during the same period. Its domestic revenues stood at Rs 1,087 crore in Q2, an increase of 13% YoY.

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GAIL Reports 19% QoQ Fall in Net Profit in Q1 – Top Indian Market News

GAIL Q1 Results: Net profit falls 19% QoQ to Rs 1,530 crore

GAIL (India) Ltd reported a 19.8% quarter-on-quarter (QoQ) decline in net profit to Rs 1529.9 crore for the quarter ended June (Q1 FY22). Net profit has jumped ~500% when compared to the corresponding period last year. Its revenue from operations rose 11.8% QoQ to Rs 17,383.9 crore in Q1. GAIL’s natural gas marketing and liquefied petroleum gas (LPG) gas volumes rose 19.2% QoQ and 17.3% QoQ, respectively in the April-June quarter of FY22.

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Bharti Airtel partners with Google Cloud, Cisco to launch Airtel Office Internet

Bharti Airtel Ltd has announced the launch of Airtel Office Internet in partnership with Google Cloud and Cisco. The enterprise-grade solution will accelerate the digital transformation of small businesses, small offices/home offices (SOHOs), and tech startups. Plans start at Rs 999 and come with a range of add-on services like Static Internet Protocol (IP) addresses and parallel ringing. Airtel Office Internet comes as a unified solution with one plan and one bill. It offers FTTH broadband with symmetric speeds up to 1Gbps and unlimited local/STD calls.

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Adani Transmission Q1 Results: Net profit rises 22% YoY to Rs 433 crore

Adani Transmission Ltd reported a 21.9% YoY increase in consolidated net profit to Rs 433.24 crore for the quarter ended June (Q1 FY22). Net profit has increased by 68.87% when compared to the previous quarter. Its total income rose 15.45% YoY (or 2.1% QoQ) to Rs 2,935.72 crore during the same period. The company’s transmission business delivered an operational revenue of Rs 757 crore in Q1, registering a growth of 11.4% YoY.

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Alembic Pharma gets USFDA approval for OCD treatment drug

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Clomipramine Hydrochloride capsules. The drug is used to treat obsessions and compulsions in patients with Obsessive-Compulsive Disorder (OCD). According to IQVIA data, the estimated market size of the capsules for the 12 months ended June 2021 stood at $32 million (~Rs 237 crore).

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Tata Chemicals Q1 Results: Net profit surges to Rs 342 crore

Tata Chemicals Ltd reported a multi-fold jump in consolidated net profit to Rs 342 crore for the quarter ended June (Q1 FY22). It had posted a net profit of Rs 74.15 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations rose 27% YoY to Rs 2,977 crore in Q1 FY22. The strong performance in Q1 was aided by a rebound in soda ash volumes in the US and India. Revenue from its Basic Chemistry segment grew 30% YoY to Rs 2,173 crore during the same period.

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Reliance BP Mobility partners with Swiggy to build EV ecosystem

Food delivery platform Swiggy has partnered with Reliance BP Mobility Ltd (RBML) to build an electric vehicle (EV) ecosystem in India. The partnership is aimed at promoting the adoption of battery-powered EVs, including the deployment of electric two-wheelers for food delivery. It will be supported by Jio-BP’s network of battery swap stations and Swiggy’s network of delivery partners. RBML is a joint venture of Reliance Industries Ltd (RIL) and UK-based energy major BP plc.

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Cipla Q1 Results: Net profit rises 24% YoY to Rs 715 crore

Cipla Limited reported a 24% YoY increase in consolidated net profit to Rs 715 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 27% YoY to Rs 5,504 crore during the same period. The pharma company’s sales in India grew 68% YoY to Rs 2,710 crore in Q1. Cipla’s operating profit rose 28% YoY to Rs 1,346 crore in the April-June quarter of FY22.

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Panacea Biotec to manufacture 25 million doses of Sputnik V vaccine

Panacea Biotec has entered into a licensing and manufacturing agreement with Russia-based Human Vaccine Limited Liability Company, Generium Joint Stock Company, and Dr. Reddy’s Labs to produce up to 25 million doses of Sputnik V vaccine. The pharma company will produce the Covid-19 vaccine using the ready-to-fill substance manufactured by Generium and then supply the entire quantity to Dr. Reddy’s Labs for distribution in India.

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Escorts Q1 Results: Net profit doubles to Rs 185 crore

Escorts Limited reported a 101% YoY jump in standalone net profit to Rs 185.2 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 57.4% YoY to Rs 1,671.5 crore during the same period. The tractor manufacturer’s EBITDA increased by 95% YoY to Rs 233.2 crore in Q1. Tractor sales grew 42.9% YoY to 25,935 units during the April-June quarter of FY22.

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Prince Pipes Q1 Results: Net profit rises 57% YoY to Rs 17.75 crore

Prince Pipes and Fittings Ltd reported a 57.78% YoY increase in net profit to Rs 17.75 crore for the quarter ended June (Q1 FY22). Net profit has declined by 81.74% when compared to the previous quarter. Its total income rose 8.16% YoY (and declined by 56% QoQ) to Rs 332.8 crore during the same period. Prince Pipes is a leading manufacturer of PVC pipes and multi-polymer processors in India.

Indiabulls Housing Q1 Results: Net profit rises 3% YoY to Rs 282 crore

Indiabulls Housing Finance Ltd reported a 3.3% YoY increase in net profit to Rs 281.69 crore for the quarter ended June (Q1 FY22). Net profit has increased by 1.98% when compared to the previous quarter. Its total income declined by 9.79% YoY (or 4% QoQ) to Rs 2,325.75 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.86% in Q1 FY22, compared to 2.2% in Q1 FY21.

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Tech Mahindra’s Net Profit Declines 17.4% QoQ in Q4 – Top Indian Market News

Tech Mahindra Q4 Results: Net profit declines 17.4% QoQ to 1,081 crore

Tech Mahindra reported a 17.4% quarter-on-quarter (QoQ) decline in net profit to Rs 1,081 crore for the quarter ended March (Q4). Net profit is up 34.6% on a year-on-year (YoY) basis. The IT firm’s revenue rose 0.9% QoQ to Rs 9,730 crore during the same period. Its total contract value (TCV) during the quarter more than doubled to $1 billion (~Rs 7,480 crore), compared with $455 million in Q3 FY21. Tech Mahindra has also announced the acquisition of US-based Eventus Solutions Group for $44 million. The company’s board has approved a final dividend of Rs 30 per share.

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Reliance, BP start production from second deepwater gas field in KG-D6 block

Reliance Industries Ltd (RIL) and UK-based BP Plc have started production from their second new deepwater gas field in the KG-D6 block on the east coast of India. The Satellite Cluster field will produce gas from four reservoirs utilising a total of five wells. It is expected to reach gas production of up to 6 million standard cubic meters per day. RIL is the operator of the KG-D6 block with a 66.67% participating interest, while BP holds 33.33%.

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HDFC Life Q4 Results: Net profit rises 2% YoY to Rs 317 crore

HDFC Life Insurance Company Ltd reported a 2% YoY increase in standalone net profit to Rs 317.94 crore for the quarter ended March (Q4). Its net premium income (NPI) rose 23% YoY to Rs 12,868 crore during the same period. HDFC Life sold around 9.8 lakh new individual policies during the quarter, registering a growth of 10% YoY. The company’s board has recommended a final dividend of Rs 2.02 per share.

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Mindtree partners with US-based Duck Creek Technologies

Mindtree Limited has partnered with US-based Duck Creek Technologies to improve customer experience for UPC Insurance customers through the implementation of Software-as-a-Service (SaaS)-based core systems. The services include policy, billing, claims, data insights, and insurance technology solutions. Multiple applications will be consolidated on a single integrated platform using OnDemand— DuckCreek’s solution for the property and casualty (P&C) insurance industry.

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SBI Cards Q4 Results: Net profit jumps 110% YoY to Rs 175 crore

SBI Cards and Payment Services Ltd reported a 110% YoY increase in net profit to Rs 175 crore for the quarter ended March (Q4). Total income fell to Rs 2,468 crore during the same period, compared with Rs 2,510 crore in Q4 FY20. Interest income stood at Rs 1,072 crore, and income from fees and services increased 16% YoY to Rs 1,114 crore in Q4 FY21. Gross non-performing assets (NPAs) stood at 4.99% of gross advances, compared to 2.01% in Q4 FY20. 

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Natco seeks emergency approval to launch Covid-19 drug Molnupiravir in India

Natco Pharma Limited has applied to the Central Drugs Standard Control Organisation (CDSCO) for approval of Phase-III clinical trial of Molnupiravir Capsules, used for the treatment of Covid-19 patients. The capsule was developed by American pharma major Merck, along with Ridgeback Biotherapeutics. According to pre-clinical data, patients treated with Molnupiravir achieved response within 5 days of therapy— indicating that the duration of treatment with the capsule is short.

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Castrol India Q1 Results: Net profit rises 95% YoY to Rs 243 crore

Castrol India Limited reported a 94.5% YoY increase in net profit to Rs 243.60 crore for the quarter ended March (Q4). Total sales rose 65.5% YoY to Rs 1,138.70 crore during the same period. The company reported healthy cash from operations at Rs 269 crore in Q4 FY21, which is equivalent to 1.1 times of profit after tax. Castrol India manufactures and markets automotive and industrial lubricants, as well as specialty products.

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Power Mech Projects secures contract worth Rs 343 crore

Power Mech Projects Limited has received a Letter of Intent from the Singareni Collieries Company for a contract worth Rs 343.44 crore. The project consists of the operation and maintenance of the 2×660 megawatt (MW) Singareni Thermal Power Plant in Pegadapalli, Telangana. Power Mech Tech operates as an engineering and construction company, which provides erection, testing, and commissioning (ETC) services for power projects.

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Tata Motors expects temporary hit on demand; to calibrate supplies

Tata Motors Limited has adopted a ‘business agility plan’ through which it aims to calibrate and match supplies with retail demand. The automaker will ensure that optimal levels of inventory are maintained with dealers to meet customer demands. It will also be prepared for a rebound in demand once the situation returns to normalcy. Like most other auto companies, Tata Motors is also expecting a temporary disruption in vehicle demand and supply of parts amidst lockdowns imposed due to a surge in Covid-19 cases.

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Biocon Biologics, Viatris receive approval for cancer drug

Biocon Biologics (a subsidiary of Biocon Ltd) has received marketing authorisation approval from the European Commission for Abevmy 100 & 400 mg. The approved drug is a biosimilar of Bevacizumab and was co-developed with Viatris Inc. Abevmy is indicated for the treatment of metastatic colorectal carcinoma, metastatic breast cancer, ovarian, cervical, and renal cancer as part of a specific regimen. 

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DGCA extends fare capping on domestic flights till May 31

The Directorate General of Civil Aviation (DGCA) has decided to extend fare capping on domestic flights till May 31. The aviation authority has also limited flight capacity of domestic flights at 80% of pre-Covid levels. This new move has been done in view of the prevailing Covid-19 situation in the country. Last month, the DGCA had announced that the suspension of international flights has been extended till April 30. However, international scheduled flights may be allowed on selected routes by the concerned authority on a case-to-case basis.

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Reliance set for another Bull Rally? Oil Business Split and Aramco Rumours

The biggest private company in India, Reliance, came out with a major update regarding its future. The Mukesh Ambani led organisation announced that it has begun the process to move its oil-to-chemicals (O2C) business into an independent subsidiary. Currently, we know Reliance as the telecom market leader with the aid of Jio. But, Reliance’s core business remains to be in the oil and refinery sector. 

With this announcement, the company will shift all of its refining, marketing and petrochemical assets to the O2C subsidiary. As of now, Reliance will retain 100% management control in this new subsidiary but we believe that soon this percentage will dropdown. Another big news from their house is that this new subsidiary will get a $25 billion loan from the parent company. This will be an interest-bearing loan that will be paid by the O2C subsidiary to the parent company. This is a normal practice in the world of finance and business. You can imagine it as something like getting a loan from your father with a promise to pay it back after a few years.

The importance of O2C business often undermined because of the rapid rise of Jio Platforms and Reliance Retail. But just for the perspective, 60% of Reliance’s revenue last fiscal year came from its O2C business. To understand more about how Reliance can generate its numbers, click here.

Imminent stake sale of O2C business

Last year, they amassed $27 billion from global investors like Google, Facebook and many others by selling stakes in their subsidiaries. Currently, Reliance holds an 85.1% stake in Reliance Retail and a 67.3% stake in Jio Platforms. With the advent of a new subsidiary, we can expect a possible stake sale in the new O2C subsidiary. The market believes that one of the most possible reason behind this hiving off is to attract investments from other companies. One such organisation which is reported to buy 20% stake in Reliance O2C business is Saudi Aramco. 

Saudi Aramco is a Saudi Arabian public petroleum and natural gas company. It is one of the biggest companies in the world and the biggest company in the oil business. If Reliance can bring Saudi Aramco to their table, it will be a huge boost for their O2C business operations.

Mergers & acquisitions, demergers, investments, etc are very complicated deals. Months of due diligence is required before the conclusion of any such deal. It was in 2019 when for the first time the market heard the rumours of Saudi Aramco investing in Reliance. But due to the Covid-19 pandemic last year, this deal stalled off and since the start of the year, we didn’t hear much about it. 

Now, with this mega move, we believe that a deal with Saudi Aramco might be wrapped soon. As said earlier, having a global player on your table will help you massively. Saudi Aramco, being the biggest company in this domain, will share their expertise and generate benefits from the second-highest populated country in the world.

The O2C business includes a 51:49 joint venture with British Petroleum (BP) in Reliance BP Mobility. Currently, Reliance holds around 1,400 outlets but plan it to expand to 5,500 retail outlets in the next five years.

A New Look for Reliance?

We have reported earlier as well that Mukesh Ambani wants his organisation to lead India’s fight to clean energy. In September 2020, he said, “We are working towards the transformation of energy. And we think again that the world is right and India is in the right mindset to completely, in the next few decades, move away from fossil fuels to completely renewable energy.”

By turning O2C into a separate subsidiary, Reliance will have more space to focus on green and clean energy. This hiving off will not dilute Reliance’s earnings or restrict their cash flows. In their presentation, the company also stated that it will accelerate hydrogen production and invest in carbon capture. Thus, aiming to convert carbon dioxide into products and chemicals which can be valuable for them and society.

Let’s see how this internal reorganisation will play for the company in the near future. But, as of now, we think that this might turn to be another positive decision from Mukesh Ambani & company.

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Reliance, BP Start Gas Production From Asia’s Deepest Project – Top Indian Market News

Reliance & BP begin gas production from R Cluster, Asia’s deepest offshore field

Reliance Industries Ltd (RIL) and BP announced the start of gas production from the R Cluster, an ultra-deep-water gas field in block KG-D6, off the east coast of India. The two companies are developing three deepwater gas projects in block KG-D6 — R Cluster, Satellites Cluster, and MJ. These three projects are expected to meet 15% of India’s gas demand by 2023. The peak gas production from the three fields is expected to be around 30 mmscmd (1 billion cubic feet/day) by 2023- which is about 25% of India’s domestic production. This will help reduce the country’s dependence on imported gas.

RIL is the operator of KG-D6 with a 66.67% participating interest and BP holds a 33.33% stake. BP plc is a multinational oil and gas company headquartered in London, England. It is one of the world’s seven oil and gas ‘supermajors’.

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Domestic air traffic declines 51% YoY in November

A total of 63.54 lakh domestic passengers travelled by air in November, which is 51% lower than the corresponding period in 2019. IndiGo carried 34.23 lakh passengers in November, thus securing a 53.9% share of the total domestic market. SpiceJet flew 8.4 lakh passengers, which is a 13.2% share of the market. The data was released by the Directorate General of Civil Aviation (DGCA).

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Govt proposes ethanol-blended gasoline as automobile fuel to curb pollution

The Union Ministry of Road Transport & Highways has proposed the adoption of E20 fuel- a blend of 20% of ethanol with gasoline- as automobile fuel. This is part of India’s attempts to reduce harmful emissions from vehicles and curb pollution. The ministry has also proposed the adoption of mass emission standards for E20 fuel and has sought comments from relevant stakeholders for the same.

In other news, Union Food Minister Piyush Goyal announced that the government cannot reduce the minimum price at which sugar mills buy canes from farmers. He has asked the sugar industry to be more efficient, profitable, and diversify its product portfolio with less dependence on the central subsidy.

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Steel Ministry finalises plan on PLI for specialty steel: Report

According to a report from CNBC-TV18, the Steel Ministry has finalised a plan for specialty steel manufacturing under the Production Linked Incentive (PLI) scheme. The ministry has proposed a three incentive slab of 3%, 6%, and 9% for each grade of specialty steel. The PLI for each company will be subject to a ceiling of Rs 200 crore and the outlay for specialty steel is marked Rs 6,322 crore for a five-year period.

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Borosil Renewables raises Rs 200 crore through QIP

Borosil Renewables Ltd (BRL) said that it has raised Rs 200 crore by issuing 1.58 crore at Rs 126.55 per share, through a qualified institutional placement (QIP). The issue opened on December 14 and closed on December 17. Post the QIP issue, the holding of promoter and promoter group will be 61.92%. The funds raised will be utilised by BRL to more than double its solar glass production capacity- from 450 tonnes per day (TPD) to 950 TPD.

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HG Infra receives LoA from NHAI for Rs 1,198 crore project

HG Infra Engineering Ltd has received a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a project in Rajasthan worth Rs 1,198.93 crore. The company will construct an eight-lane carriageway on an engineering, procurement, and construction (EPC) mode. The length of the project is 45.64 kilometers. The project will be completed within 2 years.

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KNR Constructions’ board approves issue of bonus shares

The Board of Directors of KNR Constructions Ltd has approved the issue of bonus shares in the ratio 1:1.  This means that a shareholder will get one bonus share for each existing share held by them. KNR Constructions is a multi-domain infrastructure development company and has conducted technically complex and high-value projects across segments such as national highways, flyovers, bridges & viaducts, etc.

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Ansal Properties to raise Rs 100 crore, to focus on completion of existing projects

Ansal Properties and Infrastructure Ltd said it will raise Rs 35 crore through the issue of warrants to non-promoters, as part of its plan to raise Rs 100 crore in the next few months.  The company’s board has approved the issue and allotment of around 5 crore Warrants to Non-Promoter (Public) investors, which would eventually be converted into equity shares. Ansal Properties will utilise the funds to pay off its debts and fast-track the completion of its current projects. 

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Strides Pharma gets USFDA approval for general Oxybutynin Chloride tablets

Strides Pharma Science Ltd said that its Singapore-based arm has received approval from the US Food and Drug Administration for generic Oxybutynin Chloride tablets. The tablets are used to treat symptoms of overactive bladder and urinary incontinence (loss of bladder control). The product will be manufactured at the company’s flagship facility at Bengaluru and will be marketed by Strides Pharma Inc in the US.

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RITES secures project management consultancy work worth Rs 62 crore

RITES Limited has secured an order to provide Project Management Consultancy services for the development of a greenfield port at Machilipatnam in Andhra Pradesh. The contract is worth Rs 62 crore. Rail India Technical and Economic Service (RITES) Ltd is a Gurugram-based engineering consultancy firm that specializes in the field of transport infrastructure.