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Wipro’s Net Profit Falls in Q4 – Top Indian Market Updates

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

Wipro Q4 Results: Profit falls 0.4% YoY to Rs 3,074 crore

Wipro Ltd reported a 0.4% YoY fall in consolidated net profit to Rs 3,074 crore for Q4 FY23. Its revenue from operations rose 11% YoY to 23,190 crore during the same period. Revenue from IT Services rose 4% YoY to $2,823 million in Q4. Total order wins for the fourth quarter was up 29% YoY to $4.1 billion.

The IT company’s board has approved a buyback of shares through the tender offer at Rs 445 per share. Wipro will buy back nearly 26.9 crore shares from shareholders.

Read more here.

Hinduja sole bidder for Reliance Capital with ₹9,650 cr offer 

IndusInd International Holdings (part of the Hinduja Group) was the sole bidder for Reliance Capital in a bankruptcy auction, offering ₹9,650 crore in upfront cash. Other potential bidders, Torrent Investments and Oaktree Capital, did not submit bids despite indicating earlier that they would participate. The auction process ended with no counteroffers. Hinduja’s offer represents a 41% recovery for lenders.

Read more here.

Tech Mahindra Q4 Results: Net profit falls 25.8% YoY to Rs 1,118 crore

Tech Mahindra reported a 25.8% YoY decline in consolidated net profit to Rs 1,118 crore and an operating revenue of Rs 13,718 crore, up 13.2% YoY, for Q4 FY23. EBITDA declined 3.2% YoY to Rs 2,021 crore. The company’s board has approved a dividend of Rs 32 per share.

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Axis Bank Q4 Results: Net loss at Rs 5,728 crore

Axis Bank reported a loss of 5,278 crore for Q4 FY23 due to the acquisition of Citi India’s retail consumer business. The bank’s net interest income (NII) rose 33.1% YoY to Rs 11,742.2 crore. The gross non-performing asset (GNPA) ratio improved to 2.02% in Q4 FY23, compared to 2.3% in Q3 FY23. The board has recommended a dividend of Rs 1 per share.

Read more here.

GCPL signs pact to buy Raymond Consumer Care’s FMCG business

Godrej Consumer Products Ltd (GCPL) has signed an agreement to acquire Raymond’s Consumer Care business for Rs 2,825 crore in cash. The acquisition is expected to be completed by May 10, 2023. It will help increase GCPL’s presence in the male grooming space and foray into the sexual wellness category. The deal includes the trademarks of Park Avenue (for FMCG), KS, KamaSutra, and Premium through a slump sale.

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LTI Mindtree Q4 Results: Profit growth flat at Rs 1,114 crore

LTIMindtree reported a net profit of Rs 1,114 crore for Q4 FY23, which is flat compared with the same period last year. Revenue from operations rose 22% YoY to Rs 8,691 crore in Q4 FY23. Its order inflow for the quarter came in at $1.35 billion. The company’s board has recommended a final dividend of Rs 40 per equity share.

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MGL to expand into CBG, LNG & EV segments 

Mahanagar Gas Ltd (MGL) plans to diversify its portfolio beyond the city gas distribution (CGD) business and enter the compressed biogas (CBG) segment, electric vehicles market, equipment manufacturing for CGD companies, and retailing LNG as fuel for long-haul transportation. The move is aimed at expanding its business and reducing its dependence on CGD.

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Dilip Buildcon wins order worth Rs 1300 crore from NHAI

Dilip Buildcon’s two wholly owned subsidiaries have executed a concession agreement worth Rs 1,373.6 crore with the National Highways Authority of India (NHAI). The agreement includes two projects for building highways in Andhra Pradesh worth Rs 599.5 crore and Rs 774.10 crore. The company has committed to completing the projects within 24 months and operating them for 15 years.

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IOCL signs pact with Tesla Power USA to provide automotive batteries

Indian Oil has formed a strategic alliance with Tesla Power USA to provide automotive batteries at fuel stations in India. Tesla Power batteries will initially be available at select Indian Oil fuel stations in the National Capital Region (NCR) and subsequently in other states. The partnership aims to bring convenience to customers and leverage Indian Oil’s extensive network of 36,000 petrol pumps.

Read more here.

Reliance JV signs content streaming deal with Warner Bros

Reliance’s Viacom18 has signed a deal with Warner Bros Discovery to bring the latter’s content onto its streaming platform JioCinema, in a move to compete with rivals such as Netflix and Amazon. As per the deal, HBO Original, Max Original and Warner Bros. Television series will premiere on JioCinema on the same day as the US. The development comes almost a month after all HBO content left its long-time home Disney+ Hotstar.

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Bharti Airtel’s 5G service now available in 3,000 cities

Bharti Airtel’s 5G service is now accessible to customers in 3,000 cities and towns across India. The telecom company is steadily expanding its 5G coverage and adding 30-40 new cities to its 5G roadmap every day. After Jio, Airtel also launched unlimited 5G data for its customers.

Read more here.

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RIL’s Net Profit Rises 19% YoY to Rs 19,299Cr – Top Indian Market Updates

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

Reliance Q4 Results: Net profit rises 19% YoY to Rs 19,299 crore

Reliance Industries announced a 19% YoY increase in consolidated net profit to Rs 19,299 crore. Revenue is up 2% YoY to Rs 2.16 lakh crore. The company’s EBITDA in Q4 reached a record high of Rs 41,389 crore, rising 22% YoY.

However, due to an expanded asset base across all businesses, depreciation surged 43% YoY to Rs 11,456 crore. Finance costs rose 64% YoY to Rs 5,819 crore on account of higher interest rates and loan balances. RIL’s gross revenue in FY23 rose 23% YoY to Rs 9.76 lakh crore, indicating continued growth momentum across all businesses.

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India’s forex reserves rise $1.65 billion to $586.41 billion

India’s forex reserves increased to $586.41 billion, up by $1.65 billion for the week ended April 14. The rise in foreign currency assets (FCA) was the main contributor, which increased to $516.63 billion. The rupee appreciated against the US dollar by 8 paise to close at 82.09. This was supported by softening crude oil prices in the international markets.

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SBI to raise $500 million via dollar bonds

State Bank of India (SBI) is in talks with international banks for a potential $500 million fundraise via a global bond issue. Investment banks are expected to be engaged next week for the proposed issue, which could increase in size depending on investor response. European, Japanese, and American banks are expected to be chosen as arrangers for the issue.

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RBI gives HDFC Bank selective regulatory relief post HDFC merger

The Reserve Bank of India (RBI) has granted HDFC Bank and HDFC regulatory relief to ease the merger between the two firms. The RBI has allowed the bank to meet priority sector lending requirements in stages over three years, instead of immediately complying with the 40% lending requirement to agriculture, micro and small enterprises, education, housing, export credit, and advances to weaker sections.

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Hindustan Zinc Q4 Results: Net profit falls 12% YoY to Rs 2,583 crore

Hindustan Zinc’s net profit fell 12% YoY to Rs 2,583 crore in Q4 FY23. Revenue dropped 4% YoY to Rs 8,281 crore due to lower zinc, lead, and silver prices, partly offset by higher metal and silver volumes. The company reported a 16% YoY decline in EBITDA to Rs 4,208 crore. It recorded the highest-ever PAT of Rs 10,511 crore for the full year (FY23) on the back of record production of over 1 million tonnes of metal.

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Reliance Capital lenders not to accept offers outside of auction

Reliance Capital has reportedly decided to negotiate only with the highest bidder and not accept any topping offer outside the proposed auction process. The committee of creditors discussed concerns from potential bidders regarding the auction of the distressed financial services company that is undergoing a corporate insolvency process. Hinduja group entity Torrent Investments and Oaktree Capital have indicated that they will likely participate in the proposed auction scheduled on April 26.

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Torrent Power forms subsidiary for power generation, transmission biz

Torrent Power Ltd has formed a new subsidiary named Torrent Urja Pvt 10 (TU10) for power generation and transmission. The new subsidiary was registered in Ahmedabad on April 21, 2023, and is yet to begin its business operations. The company has stated that TU10 will generate, transmit, distribute, sell, or deal in all forms of electrical power and energy, including non-conventional and renewable sources of energy.

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PNC Infra gets LoA from road ministry for project worth Rs 819 crore

PNC Infratech has received a Letter of Acceptance (LoA) from the Ministry of Road Transport & Highways (MORT&H) for a construction project in Uttar Pradesh worth Rs 819 crore. The project involves the construction of a 4-lane highway from Singraur Uphar to Baranpur Kadipur Ichauli of NH-731A. The operation period is 15 years after construction. PNC Infratech has promised to execute the work in 24 months.

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Bank of Baroda to raise up to $7 billion via bonds

Bank of Baroda’s board has approved the raising of foreign currency funds through the issuance of bonds up to $1 billion under the bank’s medium-term note (MTN) program and through the issuance of certificates of deposit (CDs) up to $3 billion in single or multiple tranches. The bank has also approved raising funds through bilateral/other borrowings up to $3 billion.

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Power Mech bags new projects worth Rs 720 crore

Power Mech Projects Ltd has won multiple projects worth Rs 720 crore. This includes a Rs 362 crore contract to construct a government medical college and hospital for Uttarakhand Pey Jal Nigam Ltd, a Rs 162 crore contract for the Revamped Distribution Sector Scheme for MPPKWCL, Khargone Circle in Madhya Pradesh, and railway electrification of 25 KV OHE Works in Mysuru Division, Karnataka.

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Credit Suisse takes SpiceJet to Supreme Court over unpaid dues

Credit Suisse has moved the Supreme Court (SC) against SpiceJet, alleging contempt of court over the failure of the domestic carrier to comply with a court-approved settlement plan for payment of dues. SpiceJet told SC on April 21 that it would pay a tranche the same day and the next in May.  The Supreme Court put the contempt plea on hold and will now hear the case on May 17.

Read more here.

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SBI to Raise Funds of Upto $2 Billion – Top Indian Market Updates

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

SBI approves fundraise of up to $2 billion for FY24

State Bank of India’s (SBI) board has approved fundraising of up to $2 billion (~Rs 16,400 crore) for the financial year 2023-24. SBI plans to raise this amount through foreign currency bonds in single or multiple tranches. The bonds will be in the form of senior unsecured notes in US dollars or any other convertible currency and may be offered through a public offer and/or private placement. These perpetual bonds will have a call option after 10 years and every anniversary thereafter.

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Tata Coffee Q4 Results: Net profit rises 20% YoY to Rs 49 crore

Tata Coffee reported a 19.6% YoY growth in consolidated net profit to Rs 48.80 crore in Q4 FY23. The company’s consolidated revenue from operations also rose by 10.17% YoY to Rs 723.01 crore. The positive financial performance indicates the company’s strong performance in the coffee industry and the successful execution of its business strategies.

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HDFC Bank to continue opening branches at same speed in FY24 as last year

HDFC Bank plans to continue expanding its branch network at the same pace in the current financial year (FY24) after opening close to 1,500 branches in FY 2022-23. The bank believes that branch expansion is crucial for deposit mobilisation. It aims to maintain the momentum of adding branches as it has done over the last 15-18 months. As of March 31, 2023, HDFC Bank had 7,821 branches, up from 6,342 a year ago.

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Reliance Capital resolution process completion deadline extended to July 16

The National Company Law Tribunal (NCLT) has extended the deadline for resolving Reliance Capital by three months to July 16, as lenders plan to hold a second round of auction on April 26 to maximize recovery from the sale of assets. Bidders including IndusInd International Holdings Ltd, Torrent Investment, and Oaktree have confirmed their participation. The second round of auctions was postponed from April 11 to April 26 to address issues raised by the bidders.

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HDFC Bank set to meet liquidity norms post-merger

HDFC Bank is expected to comfortably meet reserve ratio requirements after its merger with parent HDFC Ltd, as it awaits a final view from the central bank on requests for forbearance. The $40 billion merger is expected to conclude by July. The bank has requested a phased approach to meet the requirements for the statutory liquidity ratio (SLR) and cash reserve ratio (CRR), which are set at 18% and 4.5%, respectively. Housing finance companies are not required to maintain CRR, but they must maintain a lower SLR than banks.

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Tata Steel in talks to raise up to $400 million in offshore green loan

Tata Steel Ltd is reportedly in talks to raise up to $400 million in what could be its first green loan. The debt is expected to have a tenor of about five years, and the proceeds would be used for capital expenditure. The lenders involved in the talks include Bank of America Corp., HSBC Holdings Plc, JPMorgan Chase & Co., and Mitsubishi UFJ Financial Group Inc. However, no final decision has been made yet.

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IHCL announces the signing of two new hotels in Dhaka

Indian Hotels Company (IHCL) has announced the signing of two new hotels in Dhaka, Bangladesh. The Taj and Vivanta branded hotels will be part of an integrated complex that will also include high-end retail. The mixed-use development project in Dhaka will feature a 230-room Taj hotel and a 130-room Vivanta hotel. The project is being carried out in partnership with Borak Real Estate of the Unique Group, one of the largest business conglomerates in Bangladesh.

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ICICI Lombard Q4 Results: Net profit rises 40% YoY to Rs 437 crore

ICICI Lombard General Insurance reported 40% YoY growth in net profit of Rs 437 crore in Q4 FY23. Total income grew 13% YoY to 5,255 crores. The company’s gross premiums written for the quarter under review were Rs 5,340 crore, a 7% increase YoY. Net premium written rose 1.86% YoY to Rs 4,047 crore. The company’s income from investments rose 14% to Rs 616 crore. The company also declared a final dividend of Rs 5.50 per equity share.

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Invesco exits ZEEL; sells entire stake for Rs 1,004 crore

US-based investment firm Invesco has divested its entire stake of 5.11% in Zee Entertainment Enterprises Ltd (ZEEL) for Rs 1,004 crore through an open market transaction. The shares were sold by Invesco’s arm, OFI Global China Fund LLC, and were purchased by buyers, including Segantii India Mauritius, Morgan Stanley Asia Singapore Pte, and Goldman Sachs Singapore Pte ODI. The shares were sold at an average price of Rs 204.50 per share, resulting in a transaction value of Rs 1,004.34 crore.

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Vedanta to start building semiconductor plant by Q3

Vedanta Group is expecting to start building its Rs 1.5 lakh crore semiconductor plant in the October-December quarter (Q3) of FY24. The company plans to start producing electronic chips by the first half of 2027. The Central govt will provide a 50% subsidy on the total cost of the project.

Read more here.

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M&M to Fully Acquire Agri-Tech Firm MITRA – Top Indian Market Updates

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

M&M buys out VC firm Omnivore’s stake to acquire agri-tech firm MITRA

Mahindra & Mahindra (M&M) has acquired agro-equipment maker MITRA Agro Equipments after buying out venture capital firm Omnivore’s stake in the company. The move comes in line with M&M’s strategy to grow its revenues from the farm machinery segment 10-fold within the next five years. M&M Farm Equipment Sector has signed definitive documents to raise its shareholding in MITRA Agro Equipment from 47.33% to 100%, making it a wholly-owned subsidiary of M&M.

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SC declines to stay NCLAT order to hold second round of auction for Reliance Cap assets

The Supreme Court has declined to stay the National Company Law Appellate Tribunal’s (NCLAT) order to hold a second round of auction for Reliance Captial’s assets. A bench comprising Justices Sanjiv Khanna M.M. Sundresh declined to entertain Torrent Group’s contention seeking a stay on the NCLAT order and issued notice on its plea and fixed the matter for further hearing in August. 

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Smart prepaid meters to reduce power bills by up to 2.5%

Union Power Minister R K Singh has urged electricity consumers to use smart prepaid meters as the device helps users bring down power costs by up to 2%. Installation of smart prepaid meters reduces the operational and finance cost for electricity suppliers as consumers credit their accounts in advance.

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JSPL gets approval to manufacture India’s first fire-resistant steel structures

Jindal Steel and Power Ltd (JSPL) will manufacture India’s first fire-resistant steel structures at its unit in Raigarh, Chhatisgarh. With the production of a special steel item for the first time in India, the company will target segments like refineries, bridges, metro projects, industrial structures, steel, power plants, hospitals, commercial and residential buildings. The grade is being imported at present.

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India’s domestic air passenger traffic grew to 1.20 crore in Feb 2023: DGCA

India’s domestic air passenger traffic grew 56.82% year-on-year (YoY) to 1.20 crore in February as per the data released by the Directorate General of Civil Aviation (DGCA). All domestic carriers together had flown a total of 76.96 lakh passengers on local routes in February 2022. IndiGo led the rally by flying 67.42 lakh passengers during the previous month, securing 55.9 % of the total domestic passenger traffic in February 2023.

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Sterling & Wilson Renewable Energy bags order worth Rs 2,100 crore from NTPC REL

Sterling & Wilson Renewable Energy Ltd (SWRE) has emerged as the successful bidder for the balance of system (BOS) package comprising 4 blocks of 300MW each in the proposed 1200 MW Solar PV Project of NTPC Renewable Energy Ltd at Khavda RE Power Park in Rann of Kutch, Gujarat. The aggregate capacity is 1500 MW (DC). The total bid value, including operation and maintenance (O&M) for three years, would be Rs 2,100 crore.

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Godawari Power & Ispat approves Rs 250 crore share buyback via tender offer route

Godawari Power & Ispat has approved a buyback of equity shares worth Rs 250 crore at its board meeting held on Saturday. The company will buy back up to 50 lakh equity shares, which represents 3.66% of the total number of paid-up equity share capital of a face value of Rs 5 each. The buyback price has been set at Rs 500 per share, which is a 28.2% premium to Friday’s closing price. The buyback will be done through the tender offer route. The record date for the same has been set as March 31, 2023.

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PSU banks’ gross NPA declines from 14.6% in Mar 2018 to 5.53% in Dec 2022

The gross non-performing assets (NPA) ratio of public sector undertaking (PSU) banks has declined from the peak of 14.6% in March 2018 to 5.53% in December 2022 following various reforms by the government. All PSU banks are in profit, with aggregate profit being Rs 66,543 crore in 2021-22. This has further increased to Rs 70,167 crore in the first nine months of the current financial year (FY24), according to the  Minister of State for Finance Bhagwat K Karad.

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Cochin Shipyard wins Rs 550 crore overseas order

Cochin Shipyard Ltd has received an international order of Rs 550 crore from Norway-based global logistics solution provider Samskip Group. The order is for the design and construction of two Zero Emission Feeder Container Vessels. The total project cost for the order is approximately Rs 550 crore and the first vessel is to be delivered in 28 months and the second within 34 months. 

Read more here.

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TCS Posts 11% YoY Rise in Net Profit in Q3 – Top Indian Market Updates

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

TCS Q3 Results: Profit rises 11% YoY to ₹10,846 crore

Tata Consultancy Services (TCS) reported an 11% year-on-year (YoY) increase in consolidated net profit to ₹10,846 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 19% YoY (or 5.2% QoQ) to ₹58,229 crore during the same period. Its order book stood at $7.8 billion in Q3, down from $8.1 billion in Q2. The results are below street/analysts’ estimates. TCS’s board has approved an interim dividend of ₹8 per share and a special dividend of ₹67 per share.  

Read more here.

IDBI Bank divestment process to complete in FY24: DIPAM

The divestment process of IDBI Bank will complete in the fiscal year 2023-24, said Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey. Multiple expressions of interest were received for the strategic disinvestment of Centre and LIC’s stake in IDBI Bank. The transaction will now move to the second stage in which the potential bidders will conduct due diligence before putting in financial bids.

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Reliance Capital lenders decide to go for fresh auction: Report

According to an Economic Times report, Reliance Capital’s lenders have proposed holding a fresh auction next week at a minimum bid threshold of ₹9,500 crore for the bankrupt financial services firm. This follows a row over the Hinduja Group bid that came in after the last auction deadline and was higher than the top offer that had been made within the stipulated time by Torrent Investments.

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OVL retakes 20% stake in Sakhalin-1 oil, gas fields

ONGC Videsh Ltd (OVL) has re-taken a 20% stake in the Sakhalin-1 oil and gas fields in Russia. OVL is the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC). Sakhalin-1 is a large oil and gas field in far-east offshore Russia spread over 1,140 square kilometers. It was producing 220,000 barrels per day (bpd) of oil before Russia invaded Ukraine. Of this, OVL’s share was 44,000 bpd or 2.2 million tonnes per annum.

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Adani Total Gas hikes CNG price by ₹1 in Gujarat

Adani Total Gas Ltd (ATGL) hiked the price of compressed natural gas (CNG) in Gujarat by ₹1 per kilogram, said Federation of Gujarat Petroleum Dealers Association President Arvind Thakkar. This has taken the price from ₹79.34 to ₹80.34 per kilogram. The hike by ATGL comes days after state-run Gujarat Gas raised the price of CNG by nearly ₹3.5 per kg.

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L&T’s heavy engineering arm wins multiple orders in Q3

The heavy engineering arm of Larsen & Toubro won multiple significant orders (in the range of ₹1,000-2,500 crore) in the October-December quarter (Q3) of FY 2022-23. In the overseas market, L&T Heavy Engineering secured orders for one of the heaviest reactors and screw plug heat exchangers for a refinery in Mexico. It also secured orders for the supply of critical reactors and vessels for blue ammonia projects in the US and Uzbekistan.

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India’s thermal coal imports up nearly 15% in 2022: Coalmint

According to a Coalmint report, India’s imports of thermal coal (used for power generation) grew 14.7% YoY to 161.18 million tonnes (MT) in 2022, driven by higher domestic production and shipments by utilities. Meanwhile, imports of coking coal rose 0.8% to 56.1 MT, anthracite (hard coal) grew 12.2% to 1.79 MT, and PCI pulverized coal injection (PCI) shipments increased 8% YoY to 13.43 MT.

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Dr. Lal PathLabs to ramp up operations in Western India

Diagnostic chain Dr. Lal PathLabs is eyeing a leadership position in Western India. Its subsidiary, Suburban Diagnostics, has opened its largest reference lab in Vidyavihar, (Mumbai), which is expected to ramp up testing capabilities and volumes significantly in the coming months. The company will also expand the number of diagnostic centres from 750 to 2,800 and later to 4,500.

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M&M launches new versions of Thar

Mahindra & Mahindra (M&M) launched the latest versions of its popular sports utility vehicle (SUV) Thar. The prices for the new version will start at ₹9.99 lakh (ex-showroom) and go up to ₹13.49 lakh. The latest range includes rear-wheel drive variants (without 4-wheel drive capability) in two engine options with manual and automatic transmissions.

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India’s fuel demand rises 3.1% YoY in December

India’s fuel consumption (or oil demand) rose 3.1% YoY to 19.60 million tonnes (MT) in December, as per data from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry. Sales of petrol were 5.9% higher at 2.98 MT. Cooking gas or liquefied petroleum gas (LPG) sales increased by 3.9% YoY to 2.58 MT last month.

Read more here.

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Asian Paints to Invest Rs 960 crore to Expand Gujarat Unit – Top Indian Market News

Asian Paints to invest Rs 960 crore to expand Gujarat unit

Asian Paints Ltd has signed a Memorandum of Understanding (MoU) with the Govt of Gujarat, commencing the proposed expansion of manufacturing capacity at its Ankleshwar unit at a total investment of about Rs 960 crore. The manufacturing capacity of paint will go up from 1.3 lakh kilolitres (KL) to 2.5 lakh KL, and resins and emulsions from 32,000 metric tonnes (MT) to 85,000 MT. The capacity expansion will be completed over the next 2-3 years.

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Paytm Payments Bank launches transit cards for metro, bus travel

Paytm Payments Bank Ltd announced the launch of the Paytm Transit Card. The card will take care of users’ everyday needs— from travel in metro, railways, state-owned bus services, toll & parking charges to payments at offline merchant stores, online shopping, and more. The card also enables the withdrawal of money from ATMs. The first phase of the rollout is being launched in collaboration with Hyderabad Metro Rail, Ahmedabad Metro, and the Delhi Airport Express Line.

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Man Infra to develop luxury residential project in Tardeo, Mumbai

MICL Properties LLP, a subsidiary of Man Infraconstruction Ltd, is jointly developing an ultra-luxurious residential high-rise tower at Tardeo, Mumbai. The project is expected to generate approximately Rs 3,000 crore over the next 4-5 years. This landmark project will be one of the tallest residential structures in India, with a proposed height of more than 250 meters.

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Tata Chemicals in talks to acquire battery business of UK-based Johnson Matthey: Report

According to reports, Tata Chemicals Ltd is in discussions with London-based Johnson Matthey Plc to buy the company’s battery materials business. A deal for the battery materials unit could fetch $500-700 million. The deal will help group company Tata Motors expand its range of electric vehicles (EVs) and secure a cost advantage over rival carmakers in the EV space, as none of them have in-house battery materials manufacturing ability.

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Shakti Pumps’ board approves setting up of EV subsidiary

The Board of Directors of Shakti Pumps India Ltd has approved the incorporation of a wholly-owned subsidiary to conduct business in electric vehicle (EV) motors, EV chargers, and EV controllers. Shakti Pumps is a leading manufacturer of submersible pumps for domestic, industrial, horticultural, and agricultural use.

RBI supersedes the board of Reliance Capital, to start resolution process

The Reserve Bank of India (RBI) has superseded the Board of Directors of struggling Reliance Capital Ltd. RBI has also decided to approach the National Company Law Tribunal (NCLT) to kickstart the resolution process. The central bank’s move comes after Reliance Capital defaulted on multiple repayment obligations to its creditors and due to serious corporate governance issues. The non-bank lender fell onto hard times in the aftermath of the collapse of IL&FS in September 2018.

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SBI and Capri Global Capital signs MoU to accelerate MSME lending 

State Bank of India (SBI) has entered into a co-lending arrangement with Capri Global Capital Ltd to boost lending to micro, small, and medium enterprises (MSME). This association will offer strategic and customized financing solutions to the underserved MSMEs of India in line with RBI guidelines.

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RIL denies any intent to bid for UK telecom group BT

Reliance Industries Ltd (RIL) categorically denied any intent to bid for the UK telecom group, BT (formerly British Telecom). The company dismissed a report titled `Reliance mulling bid for UK’s telco BT Group’ as “completely speculative and baseless”. Reliance’s shares, which rose as much as 3.6% earlier in the day, closed 1.2% higher at Rs 2,441.50.

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Ather Energy to set up its 2nd manufacturing facility at Hosur

Hero MotoCorp-backed Ather Energy plans to set up its second manufacturing facility, which will expand its capacity from 1.2 lakh units at present to 4 lakh units. The new facility will come up at Hosur, Tamil Nadu, to cater to the growing demand for its e-two-wheelers 450 X and 450 Plus. Apart from EV manufacturing, the new facility will also focus on lithium-ion batteries, a key focus area for Ather Energy.

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LIC gets RBI approval to increase stake in Kotak Mahindra Bank

Life Insurance Corporation (LIC) has received approval from the Reserve Bank of India (RBI) to increase its stake in Kotak Mahindra Bank to 9.99%. Currently, LIC holds a 4.96% stake in the private lender. The approval of the central bank is valid for one year.

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