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Tata Tech to Launch IPO Tomorrow – Top Indian Market Updates

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

Tata Tech to launch ₹3,042Cr IPO tomorrow

The much-awaited initial public offering (IPO) of Tata Technologies (a subsidiary of Tata Motors) will open for subscription tomorrow— Nov 22. The company is planning to raise ₹3,042.51 crore. The price band for the issue has been fixed at Rs 475-500 per share. The issue comprises only an offer-for-sale (OFS) by the promoter and investors. 

Read more here.

KEC International bags new projects worth ₹1,005Cr

KEC International Ltd has secured new projects worth ₹1,005 crore across its various business verticals, including railways and cables. The company has secured projects for transmission, distribution, and cabling in India, the Middle East, Europe, Africa and the Americas.

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RIL to invest ₹20,000Cr in West Bengal on 5G, retail, energy

Reliance Jio is set to take the power of 5G to West Bengal even as the telco is on track to conclude the world’s fastest 5G rollout in India by December end. RIL chairman, Mukesh Ambani, said that every home in West Bengal would be converted into smart homes very soon with the rapid rollout of JioFiber (wired broadband) and Jio AirFiber services (the company’s 5G-based fixed wireless access service).

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Tata Motors re-enters Thailand with CVs

Tata Motors has appointed Inchcape Plc as its distributor for commercial vehicles in Thailand, re-entering the market after a three-year break. The company stopped selling its pickup trucks and small commercial vehicles in Thailand after it closed its 100% subsidiary in 2020. However, it has been providing support and services to customers there.

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TCS makes provision of $125 million in Q3 for Epic Systems penalty 

The US Supreme Court has rejected an appeal by Tata Consultancy Services (TCS) against a $140-million penalty concerning a trade secret lawsuit filed by US-based Epic Systems. The firm will make a provision of $125 million for the same in the third quarter of this financial year ending December 2023.

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OneWeb gets approval to launch satcom services in India

Bharti Airtel-backed low earth orbit (LEO) satellite firm OneWeb has been granted the necessary regulatory approvals from the Indian National Space Promotion and Authorization Centre (IN-SPACe) to launch commercial broadband services in India. Now, the company needs spectrum allocation from the Department of Telecommunications (DoT) to commence commercial connectivity services.

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Jindal Power will not bid to take over Go First

Jindal Power Ltd has decided to not follow through with a bid to take over Go First, pushing the insolvent airline closer to liquidation. It is the only company whose expression of interest to take over Go First was accepted by creditors. According to Reuters, Jindal had decided against bidding after evaluating the airline’s financial statements.

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Titan Company plans to hire over 3,000 employees in 5 years

The Titan Company is planning to add over 3,000 employees in the next 5 years across the engineering, design, luxury, digital, data analytics, marketing and sales domains. The company is looking for professionals with specialised skills such as data analytics, cyber security, product management, digital marketing and other new-age skills, amongst others. 

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DLF buys office space in Gurgaon for ₹81 crore

DLF group’s subsidiary, DLF Building & Services Pvt Ltd has bought about 31,254 sq. ft. of premium office space at Horizon Centre on Golf Course Road in Gurgaon for ₹81 crore. The building is the costliest office space tower in Gurgaon. The space was owned by Madhur Maini and has been leased to WeWork India.

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Strides Pharma gets USFDA approval for oral solution to treat seizures

Strides Pharma Science Ltd’s subsidiary, Strides Pharma Global Pte Ltd, Singapore, has received approval from the US Food & Drug Administration (USFDA) for Levetiracetam Oral Solution. It is an oral drug used to treat seizures. The pharma major will manufacture the product at its facility in Bengaluru. According to IQVIA data, the Levetiracetam Oral Solution had a market size of $55 million in the last 12 months.

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Adani Energy’s Net Profit Rises 34% YoY in Q2 – Top Indian Market Updates

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

Adani Energy Q2 Results: Net profit rises 34% YoY to ₹276 crore

Adani Energy Solutions Ltd reported a 34% YoY rise in net profit to ₹276 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 13% YoY to ₹3,674 crore during the same period. EBITDA stood at ₹1,368 crore, up 10% YoY. Other income for the quarter stood at ₹93 crore, compared to ₹125 crore a year ago.

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Reliance Jio introduces new onboard diagnostics device

Reliance Jio has introduced a new onboard diagnostics (OBD) device called JioMotive that can transform any car into a smart vehicle. The pocket-size device is easy to install and simply needs to be plugged into the car’s OBD port, commonly found under the dashboard. By using an e-SIM, the device connects to the Jio network, eliminating the need for a separate SIM card or data plan.

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Nykaa Q2 Results: Net profit rises 50% YoY to ₹7.8 crore

FSN E-Commerce Ventures Ltd (Nykaa) reported a 50% YoY increase in net profit to ₹7.8 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations increased 22% YoY to ₹1,231 crore during the same period. EBITDA stood at ₹80.6 crore, up 32% YoY. The gross merchandise value (GMV) rose 25% YoY to ₹2,943 crore in Q2.

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Reliance Retail ramps up Smart Bazaar stores in small towns

Reliance Retail Ventures Ltd (RRVL) is opening more Smart Bazaar stores in towns with a population of up to 50,000 to meet growing demand. RRVL is the retail unit of Reliance Industries. It is the largest grocery retailer in the country that operates stores in multiple formats – Smart Superstore, Smart Point, Smart Bazaar, Fresh Signature, Freshpik and 7-Eleven.

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Adani Group in talks to exit JV with Wilmar

Adani Group is in talks with multiple multinational consumer goods companies to sell its entire 43.97% stake in Adani Wilmar Ltd. The conglomerate is expecting $2.5-3 billion for the stake in the joint venture with Wilmar International, which also owns 43.97% of the company. Adani Wilmar owns the Fortune brand of edible oils and packaged groceries.

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Divi’s Labs Q2 Results: Net profit falls 29% YoY to ₹348 crore

Divi’s Labs Ltd reported a 29% YoY fall in net profit to ₹348 crore for the quarter ended September 2023 (Q2 FY24); missing street estimates. The pharma company’s revenue rose 3% YoY to ₹1,909 crore during the same period. Consolidated EBITDA stood at ₹479 crore in Q2.

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L&T arm secures airport project in Andhra Pradesh

Larsen and Toubro’s (L&T) subsidiary, L&T Construction, has secured an order to construct the greenfield Bhogapuram International Airport project in Andhra Pradesh. The contract is worth approximately ₹2,500-5,000 crore. The project will initially be developed to handle 6 million passengers per annum (MPA), and the capacity will be further enhanced to 12 MPA.

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Varun Beverages Q3 Results: Net profit rises 32% YoY to ₹501 crore

Varun Beverages Ltd (VBL) reported a 32% YoY rise in consolidated net profit of ₹501 crore for the quarter ended September (Q3 CY23). The company follows the January-December financial year cycle. Its revenue from operations grew 22% YoY to ₹3,871 crore during the same period. EBITDA stood at ₹882 crore, up 26% YoY. VBL is PepsiCo’s second-largest franchisee outside the US.

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Bata to retail Nine West shoes, accessories in India

Bata India will sell shoes and accessories of US-based lifestyle brand Nine West through its retail stores. The company’s board has approved a licensing and manufacturing deal with Authentic Brands Group for their world-renowned lifestyle brand, Nine West. Bata India will have rights to manufacture, market and distribute Nine West shoes and accessories, across India through its stores.

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Reliance Retail Launches Yousta Brand – Top Indian Market Updates

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

Reliance Retail launches youth-centric fashion brand ‘Yousta’

Reliance Retail has launched its youth-centric fashion brand ‘Yousta’. It also opened its first store in Sarath City Mall, Hyderabad. The Yousta range is also available on e-commerce platforms Ajio and JioMart. The new brand boasts of having contemporary tech-enabled store layouts while promising high-fashion at affordable prices targeted at young consumers.

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Reliance Jio, Bharti Airtel add 36 lakh subscribers in June

Reliance Jio added the highest number of wireless subscribers in June 2023, while financially struggling Vodafone Idea continued to lose ground. Jio added 22.7 lakh subscribers in June, taking its total subscriber tally to 43.9 crore. Bharti Airtel added 14.1 lakh subscribers, and its total wireless subscriber base stood at 37.4 crore. Vodafone Idea lost 13 lakh subscribers during June, and its total subscriber base shrank to 22.9 crore. 

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Dutch group threatens lawsuit over Tata Steel pollution

FrisseWind.nu foundation (representing at least 1,400 people) took the first steps toward a lawsuit against Tata Steel, alleging it is responsible for pollution near Amsterdam that has caused illnesses for residents. Tata Steel’s massive plant at the mouth of the IJ River has come under increasing fire from residents and health authorities, who accuse it of being the main source of contamination in the air, soil and water.

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Hindustan Zinc to ramp up zinc production to 1.5 MT

Hindustan Zinc Ltd (HZL) chairperson Priya Agarwal Hebbar said that the company will ramp up production of zinc to 1.5 million tonnes (MT). HZL is the second largest zinc-lead miner in the world after Swiss firm Glencore and the fourth largest zinc-lead smelter globally. It has now also broken into the top 10 list of silver producers in the world.

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Tata Power partners with Zoomcar to promote EV adoption

Tata Power EV Charging Solutions has partnered with car-sharing platform Zoomcar to promote electric vehicle adoption. The collaboration aims to promote Tata Power’s EZ Charge points on the Zoomcar platform. It will focus on supporting existing and aspiring EV owners along with Zoomcar’s existing customers.

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USFDA issues ‘EIR’ for Torrent Pharma’s manufacturing facility

The US Food & Drug Administration (USFDA) has issued an Establishment Inspection Report (EIR) for Torrent Pharmaceuticals’ manufacturing facility in Dahej, Gujarat. EIR means the closure of inspection. The drug regulator had conducted a re-inspection of the site in May this year from May 17-25 and issued Form 483 with 2 observations.

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SBI attracts top distressed asset buyers’ interest for bad loans: Report

According to an ET report, several global and local distressed asset investors are considering buying some of State Bank of India’s (SBI) bad loans put up for sale in the financial year that began in April. Earlier this month, SBI identified a list of 331 non-performing assets with a combined outstanding value of ₹96,000 crore. Investors that have expressed interest include New York-based Cerberus Capital Management LP and Hong Kong-headquartered SC Lowy.

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AntFin plans to sell 2.27 crore shares of Paytm

Chinese fintech giant Ant Financial is looking to offload a 3.6% stake or 2.27 crore shares in digital payments firm Paytm through block deals on August 25. Citigroup has been appointed as the broker for the deal. The transaction’s floor price has been established at ₹880 per share.

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Tata Comm plans to raise ₹1,750cr via NCDs

Tata Communications plans to raise ₹1,750 crore through the issuance of non-convertible debentures (NCDs). The date of allotment of NCDs is August 29, and they will mature after three years of the allotment date. The NCDs will be listed on the wholesale debt market segment of the National Stock Exchange.

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Gujarat Ambuja Exports gets GPCB approval for new plant

Gujarat Ambuja Exports Ltd (GAEL) has received clearance from the Gujarat Pollution Control Board (GPCB) to set up a greenfield corn-wet milling plant at Himmatnagar, Gujarat. The proposed facility would have the capacity to process corn up to 900 tonnes per day (TPD). GAEL is one of India’s leading manufacturers and exporters of cotton yarn, maize starch, liquid glucose, etc. 

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HDFC Bank’s asset quality continues to be stable: Official

Asset quality of the HDFC Bank continues to be stable even as many of its peers are facing challenges, said the bank’s head for payments business and consumer finance Parag Rao. He added that the bank is witnessing “good traction” on the Unified Payments Interface (UPI) for credit cards. Rao did not share the exact number of NPAs (bad loans) from the credit card business, but added that the number is half of that of its nearest competition.

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GQG Partners, Others Invest Nearly $1 Billion in Adani Group – Top Indian Market Updates

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

GQG Partners, others invest nearly $1 billion in Adani Group stocks

US-based investment firm GQG Partners and other investors have bought close to $1 billion (₹8,200 crore) of additional stakes in Adani Group companies. GQG increased its holding in Adani Enterprises from 3.39% to 4.96%, valued at $1.65 billion (₹13,600 crore). The firm raised its stake in Adani Green from 3.50% to 6.32%, which is valued at $1.17 billion (₹9,600 crore).

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BPCL to raise Rs 18,000 crore via rights issue

The board of Bharat Petroleum Corporation Ltd (BPCL) has approved a proposal to raise up to Rs 18,000 crore through a rights issue. The company will raise the capital by issuing equity shares to eligible shareholders on a rights basis. The record date for the issue will be notified later. The capital infusion is for achieving energy transition, net zero, and energy security objectives.

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BEML wins orders worth Rs 385 crore

BEML has secured an order from Bharat Dynamics and Bharat Electronics Ltd for the supply of High Mobility Vehicles (HMV). The total contract value is ₹385 crore. BEML manufactures a wide range of heavy earthmoving equipment, with 50% sales from the mining and construction industry, 23% revenues from vehicles supply for defence forces, and 27% sales contributed by the rail and metro segments.

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Power Grid board approves 3 investment proposals worth Rs 389 crore

Power Grid Corporation of India Ltd’s (PGCIL) board has approved three investment proposals worth ₹389 crore. The first proposal is for a change in scope for the establishment of a dedicated telecom network for the National Transmission Asset Management Centre at a cost of ₹164.38 crore. The second proposal is for the western region expansion scheme at an estimated cost of ₹115.09 crore. The third is for the Information & Communications Technology augmentation at Navsari at an estimated cost of ₹109.47 crore.

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Adani Power’s Jharkhand plant commences supply to Bangladesh

Adani Power has started exporting power to Bangladesh from its 1,600 megawatts (MW) plant in Godda, Jharkhand. The company’s subsidiary, Adani Power Jharkhand Ltd (APJL), has achieved the commercial operations date of its second unit of 2×800 MW Godda ultra-supercritical thermal power plant. It completed the reliability run test, including commercial operation tests of the second unit of Godda power plant, on June 25.

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HDFC, Tomorrow Capital makes strategic investment in Bonito Designs

Housing Development Finance Corporation (HDFC), Tomorrow Capital, and a few high-net-worth individuals (HNIs) have invested ₹40 crore in interior design firm Bonito Designs. Bonito Designs is backed by Lodha Ventures and has a valuation of ₹650 crore. This strategic alliance with HDFC is expected to help the company deepen its presence in Mumbai and Bengaluru.

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Thermax plans entry into renewable power, electrolyser production

Thermax Ltd is planning to make a full-fledged entry into renewable power generation, electrolyzer manufacturing, and green hydrogen generation projects over the coming years. The move comes as the company seeks to meet the needs of customers transitioning to cleaner fuels. Thermax has set up open access-based renewable energy projects for commercial and industrial corporates in Gujarat, Tamil Nadu, and Maharashtra. It has around 250 MW of renewable projects at various stages of development.

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Reliance Jio acquires 30.4 lakh new subscribers in April

Reliance Jio continued its dominance over the Indian telecom space as it added 30.4 lakh subscribers in April 2023, as per data released by the Telecom Regulatory Authority of India (TRAI). Bharti Airtel saw an addition of 76,328 users in April, compared with 10.4 lakh in March. Meanwhile, Vodafone Idea lost 29.9 lakh in April 2023, compared to 12.1 lakh in March.

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Tata Sons challenge Rs 1,500cr tax claim on Docomo settlement

According to an ET report, Tata Sons has disputed a ₹1,500-crore ($183 million) tax demand on its $1.27-billion settlement in 2017 with NTT Docomo over a now-defunct telecom joint venture. The Directorate General of GST Intelligence (DGGI), which had raised the tax claim, has now moved the Bombay High Court seeking a three-month extension for the next hearing on a petition filed by Tata Sons challenging the tax demand.

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Bandhan Bank triples number of branches to 1,500 in <8 years

Bandhan Bank has tripled the number of its branches in nearly eight years of operations, totalling 1,500 at present. The lender has a network of 6,000 banking outlets across the country. The Kolkata-based bank started operations with 501 branches on August 2015. Presently, it is spread across 34 states and UTs.

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Reliance Jio in Talks to Raise $1.6 Billion – Top Indian Market Updates

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

Reliance Jio in talks to raise about $1.6 billion for purchase of equipment from Nokia

Reliance Jio Infocomm Ltd. is reportedly in discussions to secure a loan of approximately $1.6 billion (~₹13,120 crore) to purchase equipment from Nokia Oyj. The banks involved in these talks include Citigroup Inc., HSBC Holdings Plc., and JPMorgan Chase & Co. The loan is expected to have a maturity of up to 15 years. Last October, Nokia announced that it has signed an agreement with Jio to supply equipment for its 5G rollout in India.

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Asian Paints acquires additional 11% stake in White Teak for ₹54 crore

Asian Paints Ltd has acquired an additional 11% stake in Obgenix Software Private Ltd (White Teak) for ₹54 crore. The company now holds a 60% stake in White Teak, by virtue of which the brand has become a subsidiary of the company. Set up in 2016 by Silicon Valley tech entrepreneurs, White Teak is engaged in the business of decorative lighting products and fans.

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Kotak Mahindra Bank arm invests ₹732 crore in thermal power firm RattanIndia

Kotak Strategic Situations India Fund II and Kotak Private Credit Fund, managed by Kotak Investment Advisors (KIAL), announced its investment of ₹732 crore in the non-convertible debentures (NCDs) of RattanIndia Power (RIPL). This investment is part of the total investment of Rs 1,125 crore by a consortium of lenders. KIAL is a subsidiary of Kotak Mahindra Bank.

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Dr Reddy’s Labs enters trade generic business in India with ‘RGenX’

Dr Reddy’s Laboratories has entered into the trade generics business in India with the launch of its new division, ‘RGenX’. Trade generics are drugs that are pushed directly to trade and not promoted via doctors. The pharma company aims to roll out its trade generics across cities and towns in India, including rural areas.

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Lupin launches oral suspension drug for treatment of seizures in the US

Lupin has launched Rufinamide Oral Suspension in the United States. The drug is indicated for the adjunctive treatment of seizures in pediatric patients. With estimated annual sales of $72 million in the United States (according to IQVIA MAT data for April 2023), Rufinamide Oral Suspension is expected to make a significant impact in the market.

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Man Infra secures order worth ₹680 crore for infrastructure works at JNPT

Man Infraconstruction Ltd. has secured an order worth Rs 680 crore from Bharat Mumbai Container Terminal Pvt. Ltd. for infrastructure-related works at Jawaharlal Nehru Port Trust (JNPT) in Maharashtra. The company will be responsible for executing phase-2 infrastructure works at the fourth container terminal of JNPT in Navi Mumbai within two and a half years. The order includes pavement work on the reclaimed earth.

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Orchid Pharma launches QIP to raise funds

Orchid Pharma Ltd has launched a Qualified Institutional Placement (QIP) issue to raise funds, with a base size of approximately Rs 300 crore and an option to upsize up to Rs 400 crore. The company has fixed Rs 425.19 as the floor price for the issue, representing a 5.5% discount to Thursday’s closing stock price. The company also has the option to offer a 5% discount on the floor price.

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BPCL to consider fundraising via rights issue on June 28

Bharat Petroleum Corporation Ltd (BPCL) will hold a board meeting on June 28 to discuss raising funds through a rights issue. The objective of the rights issue is to support the company’s energy security targets, energy transition, and net-zero objectives. A rights issue allows existing shareholders to purchase additional new shares at a discounted price.

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India’s forex reserves rise by $2.35 billion to $596 billion

As per RBI data, India’s forex reserves jumped by $2.35 billion in the week ending June 16, 2023, to $596.09 billion.  Except for gold reserves, all other components witnessed a sharp upside on a week-on-week basis. Foreign currency assets (FCA) increased by $2.57 billion to $527.651 billion. To cushion rupee depreciation, RBI has been intervening in the forex market via both spot and forward positions.

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Auro Pharma arm signs pact with Medicines Patent Pool to develop anti-cancer drug

Aurobindo Pharma’s subsidiary Eugia Pharma Specialities Ltd has entered into a voluntary sub-licensing agreement with the Medicines Patent Pool (MPP). The agreement allows Aurobindo Pharma to develop and market Nilotinib capsules in 44 low and middle-income countries (LMIC). The drug is primarily used for the treatment of chronic myeloid leukaemia. The agreement aims to enhance access to affordable cancer treatment in these countries.

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HAL Registers Rs 26,500 cr Revenue for FY23- Top Indian Market Updates

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

HAL registers Rs 26,500 crore revenue for FY23

Hindustan Aeronautics Ltd has registered its highest-ever revenue from operations of around Rs 26,500 crore (provisional and unaudited) for FY2022-23, up 8% YoY. The order book of the Bengaluru-headquartered company stood at around Rs 82,000 crore at the end of March 2023. The cash flow of the company has improved substantially with payments of around Rs 25,000 crore received from various Defence customers.

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Larsen & Toubro secures multiple EPC projects in domestic market

Larsen & Toubro’s power transmission & distribution (PT&D) business has secured multiple significant orders (in the range of ~Rs 1,000-1,500 crore) in the domestic market. The company will establish 765kV and 400kV gas-insulated substations to serve as pooling substations at the RE zone of Khavda Renewable Energy park in Gujarat’s Kutch region.

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Sanofi looks to spin off its consumer business in India: Report

As per an Economic Times report, French drugmaker Sanofi has initiated a process to turn its consumer healthcare business in India into a listed entity through a demerger. The unit’s products include leading anti-allergy brands such as Allegra and Avil, pain management drug Combiflam, and Vitamin D brand Depura. The business posted revenue of Rs 1,000-1,250 crore in CY22.

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Va Tech Vabag secures Rs 4,400 cr seawater desalination project in Tamil Nadu

Va Tech Wabag has secured a Rs 4,400 crore seawater reverse osmosis project in Tamil Nadu. After completion, it would be the largest sea-water desalination project in the South East Asia region. The project will enhance the water security for Chennai through a stable source of drinking water.

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Bandhan Bank adds 50 new branches to its network

Bandhan Bank has added 50 more branches to its existing network of around 1350 others across the country. The majority of the new branches opened are in Bihar, Gujarat and Madhya Pradesh. The private sector lender also plans to introduce new products and increase the width of services in the next financial year (FY24).

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IDBI Bank gets NCLT approval to set off accumulated losses of Rs 45,396 crore

IDBI Bank has received approval from the National Company Law Tribunal (NCLT) to set off its accumulated losses worth Rs 45,396 crore by reducing its share capital. The bank plans to utilize the balance of Rs 50,719.75 crore in its Securities Premium account to offset the losses. The Central government and the Life Insurance Corporation of India are currently in the process of selling their stake in the bank.

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Coal India exceeds annual output target of 700 mn tonnes for first time in 17 years

Coal India Ltd (CIL) has exceeded its annual production target of 700 million tonnes (MT) for the first time in 17 years. It produced an estimated 703.4 MT in the financial year ended March 2023 (FY23). This marks a 13% increase from the previous year and the highest annual production volume in the company’s history. CIL is targeting a production of 780 MT in the upcoming financial year (FY24) to meet the increasing demand from India’s power utilities.

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ZEEL enters into a one-time settlement with Standard Chartered Bank for credit facility availed by Siti Networks

Zee Entertainment Enterprises Ltd (ZEEL) has reached a one-time settlement agreement with Standard Chartered Bank for a loan taken by Siti Networks, a subsidiary of the Essel Group. The bank had provided credit facilities to Siti Networks that were secured by a Debt Service Reserve Account (DSRA) support and undertaking from ZEEL. While the amount has not been disclosed, the settlement will resolve any outstanding issues related to the loan.

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RVNL secures road project worth Rs 720.67 crore

Rail Vikas Nigam Limited (RVNL) has been declared the lowest bidder for a project worth Rs 720.67 crore by the National Highway Authority of India (NHAI). The project involves the construction of a 7.192-kilometre-long six-lane elevated Kona expressway in West Bengal. 

Meanwhile, RVNL’s joint venture with Metrowagonmash & Locomotive Electronic System has received an order from the Ministry of Railways for manufacturing Vande Bharat Trainsets. The contract involves the supply of 200 trainsets, with a cost per set of Rs 120 crore.

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Reliance Jio, Bharti Airtel gain subscribers in Jan

Reliance Jio Infocomm and Bharti Airtel gained 16.5 lakh and 12.8 lakh mobile users, respectively, in January 2023. Jio and Bharti Airtel’s user bases jumped to 42.6 crore and 36.8 crore, respectively. Meanwhile, Vi lost nearly 13.6 lakh mobile users in January, further shrinking its user base to 23.9 crore. 

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Tech Mahindra and YIT Corp Enters into Strategic Partnership

Tech Mahindra has entered into a strategic partnership with Finland-based YIT Corporation to drive its business transformation. As per the partnership, Tech Mahindra will provide a significant part of YIT’s IT services and consolidate the current services to one dedicated supplier. The IT company will also optimise YIT’s business processes through automated IT operations.

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BEL secures export orders worth $52 million

Bharat Electronics Limited (BEL) has received export orders worth $52 million in March. This includes communication equipment, electronics assembly, micro modules and mechanical parts for various customers from France, Israel, and the US. Yesterday, the Ministry of Defence signed 10 contracts worth ₹5,498 crore with BEL for the three armed forces.

Read more here.

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Maruti Suzuki to Hike Prices in April – Top Indian Market Updates

"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."

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

Maruti Suzuki to hike prices in April

Maruti Suzuki India Ltd will hike prices in April 2023 due to increased cost pressure which will be passed on through the price increase. The company continues to witness increased cost pressure driven by overall inflation and regulatory requirements. India is also implementing Bharat Stage 6 regulations from next month that require automakers to fit their vehicles with a device to check emissions, leading to extra costs.

Read more here.

Glenmark gets USFDA nod for generic drug with 180-day exclusivity

Glenmark Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for Calcipotriene & Betamethasone Dipropionate Foam (CBDF). The medication is used to treat plaque psoriasis (a condition in which skin cells build up and form scales and itchy, dry patches). with this approval, Glenmark is eligible for 180 days of generic drug exclusivity for CBDF.

Read more here.

Jio-bp to install EV charging stations at Piramal’s residential projects in Mumbai

Jio-bp, a joint venture between Reliance Industries and bp, is set to install EV charging stations in all of Piramal Realty’s residential projects in Mumbai. Customers and visitors to Piramal’s residential projects will be able to charge their electric vehicles seamlessly at Jio-bp pulse EV charging stations at sites with the Jio-bp pulse mobile app. The company will provide battery-swapping services through its extensive network of stations.

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Vedanta denies media reports of Agarwal planning stake sale worth $630 million

News agency Bloomberg reported that chairman Anil Agarwal is weighing a stake sale in Vedanta as a last-resort option and is studying the possibility of selling less than 5% of the company. However, representatives of the company have denied it. Shares of Vedanta fell as much as 6.3% on Thursday after the report to their lowest since early March.

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TotalEnergies says investments in Adani entities comply with Indian laws

French oil major TotalEnergies said its investments in three subsidiaries of Indian conglomerate Adani were undertaken in full compliance with Indian laws and with TotalEnergies’ own governance processes. It was responding to a Le Monde report detailing allegations of financial irregularities that short-seller Hindenburg Research has levelled against Adani. TotalEnergies said that at current market prices, its interests in Adani entities would be worth $5.1 billion.

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TVS Motor’s social arm allocates ₹10 crore investments towards water conservation

Srinivasan Services Trust, the social arm of automobile major TVS Motor Company, has invested more than Rs 21 crore over the last six years towards water conservation efforts in Tamil Nadu and Maharashtra. It has also planned to invest over Rs 10 crore in the next three years in water conservation initiatives. 

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ITC to go for climate risk modelling for food business: Chairman

ITC Limited’s Chairman Sanjiv Puri said the conglomerate is going for climate-risk modelling to identify the hotspots owing to extreme weather conditions. Puri said that a team of experts is engaged in this job of modelling comprising big data analytics. This practice will also reduce the emission of greenhouse gases (GHGs).

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NSE, BSE to put Adani Power under short-term additional surveillance measure again

The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) will include Adani Power under the short-term additional surveillance measure (ASM) framework from Thursday. The move comes after the two exchanges moved Adani group stocks Adani Green Energy and NDTV from the second stage of the long-term ASM framework to Stage I on Monday.

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Udayshivakumar Infra IPO subscribed 32.49 times on final day

The ₹66 crore initial public offering (IPO) of Udayshivakumar Infra was subscribed 32.49 times on final day of bidding. The portion reserved for retail investors was subscribed 14.95 times. Non-institutional Investors (NIIs) bid 64.08 times against their reserved portion, while Qualified Institutional Buyers (QIBs) subscribed 42.92 times.

Reliance Jio announces pre-paid plans for Indian Premier League

Reliance Jio has introduced new prepaid packs with a 3GB daily data allowance ahead of the start of this year’s Indian Premier League (IPL). In addition to the high data allowance base packs, it also launched data add-on packs with up to 90-day validity and a data allowance of 150 GB. Competitors Bharti Airtel and Vodafone Idea are yet to announce offers around the IPL.

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Vedanta Repays $100M to Standard Chartered Bank – Top Indian Market Updates

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

Vedanta repays $100 million to Standard Chartered Bank

Vedanta Ltd said it has repaid $100 million (~Rs 828 crore) to Standard Chartered Bank via release of encumbrance on March 10, 2023. Earlier, Vedanta Resources said it has enough means to meet debt repayment liabilities in the coming quarters as it looked to ease investor concerns surrounding its financial position. The company has pre-paid all of its debt that was due for repayment till March 2023, deleveraging by $2 billion in the past 11 months.

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Reliance Jio launches 5G services in 34 cities

Reliance Jio Infocomm has added 34 more cities to its True 5G network, taking the total number of the service offering to 365. Ambur, Chidambaram, Namakkal, Pudukottai, Ramanathapuram, Sivakasi, Tiruchengode and Villupuram in Tamil Nadu and Puducherry were covered in the latest round. In Jan, the company said that it has invested ₹40,446 crore in Tamil Nadu.

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Mindpsace REIT raises ₹550 crore through green bonds to refinance loans

Mindspace Business Parks REIT (Mindspace REIT) has raised Rs 550 crore through an issue of green bonds. Executive Committee of the manager (K Raheja Corp Investment Managers LLP) has approved the allotment of 55,000 green debt securities in the form of listed, rated, secured non-convertible debentures of Rs 1 lakh each by way of the private placement. The proceeds will be used towards refinancing loans availed by one of the asset special purpose vehicles (SPVs) to fund eligible green projects.

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IOC floats new unit for clean energy business

Indian Oil Corporation Ltd (IOCL) has floated a new subsidiary under low-carbon, clean and green energy business as the company pivots a transition plan to achieve net zero emissions from its operations by 2046. IOCL also plans to set up green hydrogen plants at all its refineries as part of a Rs 2 lakh crore green transition plan.

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Engineers India looks at new sectors, overseas for new phase of growth

Engineers India Ltd (EIL) is looking to diversify in new areas such as nuclear energy and tap overseas markets in regions such as the Middle East to drive the next phase of growth. In recent times, EIL has also added biofuels and green hydrogen to the list of industries where it provides consultancy right from design and feasibility studies to engineering, procurement, construction and maintenance.

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Ramakrishna Forgings secures order to supply 80,000 wheels to Indian Railways

Ramakrishna Forgings has emerged as the lowest bidder in the tender for manufacturing and supplying up to 80,000 wheels annually to the Indian Railways. This will help in import substitution and the establishment of greenfield wheel manufacturing facilities in India. At Rs 1.88 lakh per tonne, Ramakrishna Forgings’ bid was significantly lower than the Rs 2.75 lakh per tonne bid by Bharat Forge.

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Future Retail executive chairman Kishore Biyani withdraws resignation letter

Debt-ridden Future Retail Ltd said Kishore Biyani has withdrawn his resignation as the executive chairman and director of the company. Future Retail is currently under insolvency proceedings. Biyani had tendered his resignation on Jan. 23.

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KEC International bags orders worth Rs 1,028 crore

KEC International Ltd secured multiple new orders worth Rs 1,028 crore across its various businesses. The company has secured new orders in the transmission and distribution project segment in East Asia Pacific, the Middle East, and the Americas. The new orders include a 500/230 kV GIS substation order in Thailand, a 110 kV transmission line order in Saudi Arabia, and a supply of towers in the Middle East.

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Dixon Tech to receive ₹150 crore under PLI Scheme

The Central government has cleared another tranche of the PLI scheme worth Rs 765 crore. Out of this, Dixon Technologies Ltd. will be receiving nearly Rs 150 crore. The amount received by Dixon will be for its subsidiary Padget Electronic. A large portion of the total amount released on the PLI scheme will go to Wistron, Apple’s contract manufacturer in India.

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Reliance Jio Rolls Out 5G Services in 20 Cities – Top Indian Market Updates

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

Reliance Jio rolls out 5G services in 20 more cities

Reliance Jio has expanded its 5G services to 20 more cities across 11 states and Union Territories. With the launch, Jio 5G services are now available in 277 cities. The new cities where Jio today launched its 5G services include Sivasagar, Bhagalpur, Mormugao, Diu, Gandhidham, Bokaro Steel City, Hazaribag, Raichur, Satna, Chandrapur, Faizabad, Firozabad, Muzaffarnagar.

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NTPC Green Energy to raise up to Rs 9,000 crore term loan

NTPC’s subsidiary NTPC Green Energy Ltd (NGEL) has invited bids for rupee-denominated term loan of up to Rs 9,000 crore. NGEL intends to raise fresh debt and repay outstanding liability of Rs 8,200 crore towards NTPC by March 31, 2023, along with applicable interest costs. Funds to the tune of Rs 800 crore would be required for additional debt liability and balance capex payments of projects which are yet to achieve full commercial operations.

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Lumax Auto Technologies signs pact to acquire majority stake in IAC International Automotive India

Lumax Auto Technologies signed an agreement to acquire a majority stake in IAC International Automotive India from the International Automotive Components (IAC) Group at an equity valuation of Rs 587 crore. As part of this deal, 75% of the stake will be bought through an acquisition vehicle at Rs 440 crore, which will be paid in cash funded by debt and internal accruals. 

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HPCL switching from dollar to dirham & rouble to pay for Russian oil to avoid price cap issues

Hindustan Petroleum Corp Ltd (HPCL) is increasingly switching from dollar to dirham and rouble to pay for Russian oil to avoid trouble arising from the price cap imposed by the G-7 countries. HPCL is shifting to the currencies of the UAE and Russia following foreign banks’ refusal to process payments in dollars.

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EV sales rise 28% in Q4 in India, mostly electric two-wheelers: Report

The sale of electric vehicles rose 28.86% quarter-on-quarter (QoQ) in Q4 2022 (October-December), according to the latest report of JMK research. The report claimed that a total of 3,57,248 EVs were sold in the quarter, the majority of which were electric two-wheelers. Nine electric two-wheeler models, six electric three-wheeler models, and five electric cars were launched in Q4

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HPCL’s Rajasthan Refinery Project to be fully functional by 2024

Union Petroleum Minister Hardeep Puri said the HPCL Rajasthan Refinery Ltd (HRRL) project will be ready by January 2024 and fully functional by 2024. The project cost was Rs 43,000 crore in 2018 and now, it has gone up to Rs 72,000 due to cost escalation. The minister also said this refinery would bring down India’s import bill by Rs 26,000 crore.

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NSE in preliminary discussions with market participants for extending trading hours

The National Stock Exchange (NSE) is in preliminary discussions with market participants regarding extending trading hours for equity derivative contracts. Exchanges are of the view that the current trading hours are pushing volumes offshore. The discussions are centered around extending trading hours for equity derivative contracts, which could potentially allow investors to react to global events faster.

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Cyient partners with Thingtrax to enable manufacturers cut costs

Cyient Ltd. has entered into a partnership with Thingtrax to improve efficiency and cut costs for manufacturers. With the help of artificial intelligence-led data, the Cyient-Thingtrax partnership will enable manufacturers globally to improve their performance throughout the entire range of manufacturing operations.

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Adani staff manipulated information, removed warnings on website: Wikipedia

Nearly a month after Hindenburg Research posted serious allegations against billionaire Gautam Adani, Wikipedia editors now said employees of the Adani Group have “almost certainly” manipulated Wikipedia entries with non-neutral PR versions. Short-seller Nate Anderson (founder of the Hindenburg Research) said the new article shows how Adani systematically manipulated its Wikipedia entries using sock puppet accounts and undisclosed paid editors.

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Bajaj Finance Posts 40% YoY Rise in Q3 Net Profit – Top Indian Market Updates

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

Bajaj Finance Q3 Results: Net profit rises 40% YoY to ₹2,973 crore

Bajaj Finance Ltd reported a 40% YoY increase in consolidated net profit to ₹2,973 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 26.3% YoY to ₹10,784.3 crore during the same period. The asset under management (AUM) of the company was up 27% YoY to Rs 2.30 lakh crore in Q3. Net interest income (NII) for the quarter rose 24% YoY to ₹7,435 crore.

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Reliance Jio, Bharti Airtel gained subscribers in Nov 2022

Reliance Jio gained 14.2 lakh wireless subscribers in November 2022, while Bharti Airtel added 10.5 lakh subscribers. Vi lost nearly 18.2 lakh mobile users in Nov, further shrinking its user base to 24.37 crore. Jio and Bharti Airtel’s user bases expanded to 42.28 crore and 36.6 crore, respectively. TRAI data showed Jio and Airtel have widened their customer market shares to 36.99% and 32.03% (31.92%), respectively, while Vi’s has narrowed further to 21.33%.

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Vedanta Q3 Results: Net profit falls 42% YoY to ₹3,092 crore

Vedanta Ltd reported a 42% YoY decline in net profit to ₹3,092 crore for the quarter ended December (Q3 FY23). Its revenue from operations fell 7% YoY to ₹33,691 crore during the same period. EBITDA stood at ₹7,100 crore in Q3, down 35% YoY. The company declared a dividend of ₹12.5 per share. 

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DLF plans to launch ₹7,500 crore premium housing project in Gurugram

DLF Ltd plans to launch a luxury housing project in Gurugram next month with an estimated sales revenue of around ₹7,500 crore as it seeks to tap strong demand for high-end apartments. The company will develop about 1,100 apartments in this residential project. DLF has launched residential projects in Delhi, Gurugram, Panchkula (Haryana), and Chennai this fiscal.

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Dixon Tech Q3 Results: Net profit rises 12% YoY to ₹52 crore

Dixon Technologies (India) Ltd reported a 12% YoY increase in consolidated net profit to ₹52 crore for the quarter ended December (Q3 FY23). Its revenue from operations fell 22% YoY to ₹2,405 crore during the same period. Expenses declined by 23% YoY to ₹2,294 crore in Q3. EBITDA stood at ₹114 crore in Q3, up 10% YoY. 

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Tata Motors hikes prices of passenger vehicles

Tata Motors Ltd will hike the prices of its passenger vehicles by 1.2% on a weighted average basis from February 1 due to the rise in overall input costs. The vehicle maker said it has been “absorbing a significant portion of the increased costs on account of regulatory changes and rise in overall input costs and is hence passing on some portion through this hike.” 

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Tata Elxsi Q3 Results: Net profit rises 29% YoY to ₹195 crore

Tata Elxsi reported a 29% YoY increase in net profit to ₹194.68 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 28.7% YoY to ₹817.74  crore during the same period. EBITDA stood at ₹246.9 crore in Q3, up 17.1% YoY. The company’s media & communications segment grew 14.7% YoY in a challenging quarter for the industry, aided by new wins in Android TV and ad tech.

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Dr. Reddy’s Lbas launches generic version of Durezol eye drops in US

Dr. Reddy’s Laboratories Ltd. has launched the generic version of Durezol eye drops in the United States following approval by the US Food and Drug Administration (USFDA). The product is used to treat eye swelling and pain after eye surgery. According to IQVIA data, the Durezol brand and its generic version had total sales of approximately $40 million in the US market for the 12 months ended November 2022.

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Samvardhana Motherson to acquire 51% stake in Saddles International Automotive for ₹207 crore

Samvardhana Motherson International Ltd will acquire a majority stake (51%) in Saddles International Automotive and Aviation Interiors Pvt. Ltd. (SIAAIPL) for ₹207 crore. SIAAIPL manufactures premium upholstery for applications, including seat covers for passenger vehicles, wrapping of door panels, and gear knob covers. The deal will allow Samvardhana Motherson to enter the upholstery space.

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Adani Enterprises Files Papers for Rs 20,000Cr FPO – Top Indian Market Updates

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

Adani Enterprises files papers for ₹20,000 crore FPO

Adani Enterprises Ltd (AEL) has filed an offer letter with stock exchanges for a proposed ₹20,000 crore follow-on public offer (FPO). The company is examining the possibility of launching the FPO in the last week of January. The FPO could result in AEL’s total promoter stake falling by 3.5%. The promoters hold 72.63% of AEL, while the remaining 27.37% is with public shareholders.

In other news, AEL signed an agreement to launch a pilot project to develop a hydrogen fuel cell electric truck (FCET) for mining logistics and transportation with Ashok Leyland and Canada-based Ballard Power.

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India Pesticides expects revenue of ₹100 crore from new herbicide product

India Pesticides expects to earn revenue of ₹100 crore from the launch of its new Herbicide Technical product. The herbicide is used to control grass and broad-leaved weeds in the pre-or early post-emergence stages. It is primarily used in maize, soybeans, tomatoes, potatoes, sunflowers, wheat, and rice. The product will be manufactured at the company’s Sandila facility in Uttar Pradesh and will be exclusive to export markets.

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Reliance Jio launches True 5G in 16 more cities

Reliance Jio has expanded its 5G services to 16 more cities, taking its total coverage to 134 cities. It is now available in Kakinada, Kurnool (Andhra Pradesh), Silchar (Assam), Davanagere, Shivamogga, Bidar, Hospet, Gadag-Betageri (Karnataka), Malappuram, Palakkad, Kottayam, Kannur (Kerala), Tiruppur (Tamil Nadu), Nizamabad, Khammam (Telangana), and Bareilly (Uttar Pradesh). Jio users in these cities can upgrade to 5G through the Jio Welcome Offer and access data speeds of 1 Gbps+.

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Bank of India Q3 Results: Net profit rises 12% YoY to ₹1,151 crore

Bank of India reported a 12% year-on-year (YoY) increase in net profit to ₹1,151 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 64% YoY to ₹5,596 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 10.43% in Q3 FY22 to 7.66% in Q3 FY23. 

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Phoenix Mills subsidiary completes acquisition of Janus Logistics for ₹26 crore

Phoenix Logistics & Industrial Parks Pvt Ltd (PLIPPL) has completed the acquisition of a 100% equity stake in Janus Logistics and Industrial Parks Pvt. Ltd. for a total cash consideration of ₹26.03 crore. PLIPPL is a wholly-owned subsidiary of realty developer Phoenix Mills. Janus operates in the logistics and warehousing business. It owns a 33-acre land parcel in the Faridabad and Sohna districts of Haryana.

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Mastek Q3 Results: Net profit falls 20% YoY to ₹67 crore

Mastek Ltd reported a 19.6% YoY increase in consolidated net profit to ₹67.1 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 19.3% YoY to ₹658.7 crore during the same period. EBITDA stood at ₹113.7 crore in Q3, down 2.2% YoY. Mastek’s board has approved an interim dividend of ₹7 per share.

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Angel One Q3 Results: Net profit rises 38% YoY to ₹228 crore

Angel One reported a 38.6% YoY increase in consolidated net profit to ₹227.98 crore for the quarter ended December (Q3 FY23). The brokerage company’s revenue from operations rose 25.5% YoY to ₹759.66 crore during the same period. Its client base grew 60.7% to 1.25 crore in Q3. Angel One’s board has approved an interim dividend of ₹9.6 per share.

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Innova Captab, Blue Jet Healthcare gets SEBI approval to float IPO

The Securities & Exchange Board of India (SEBI) has given approval to pharma companies Innova Captab Ltd and Blue Jet Healthcare to raise funds through an Initial Public Offering (IPO). Innova Captab has proposed fresh issuance of equity shares worth ₹400 crore and an offer for sale (OFS) of 96 lakh shares through its IPO. The IPO of Blue Jet Healthcare is completely an OFS of up to 2.16 crore equity shares.

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Retail Inflation Eases to 5.72% in Dec – Top Indian Market Updates

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

Retail inflation eases to 5.72% in December

India’s retail inflation, measured by the Consumer Price Index (CPI), eased to a one-year low of 5.72% in December 2022. CPI stood at 5.88% in November and 6.77% in October 2022. Food inflation came in at 4.19% in December, compared to 4.67% in Nov. Inflation in the fuel & light segment was 10.97% last month.

Factory output, measured by the Index of Industrial Production (IIP), rose to a five-month high of 7.1% in Nov 2022. IIP had contracted (-)4% in Oct.

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Infosys Q3 Results: Net profit rises 13% YoY to ₹6,586 crore

Infosys Ltd reported a 13.4% year-on-year (YoY) increase in consolidated net profit to ₹6,586 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 20.2% YoY to ₹38,318 crore during the same period. It won deals worth $3.3 billion in Q3, the strongest in the last eight quarters. Infosys added 1,627 employees during the quarter.

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Jio launches True 5G services in Ujjain

Reliance Jio has set up its 5G services in Ujjain, Madhya Pradesh. With the launch, Jio has now become the first and the only operator in MP to launch 5G services across all prominent large cities in the state, including Bhopal, Indore, Gwalior, and Jabalpur. Users will be able to enjoy Unlimited 5G Data with up to 1 Gbps+ speed at no additional cost.

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HCL Tech Q3 Results: Net profit rises 19% YoY to ₹4,096 crore

HCL Technologies Ltd reported a 19% YoY (or 17% QoQ) increase in consolidated net profit to ₹4,096 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 19.5% YoY to ₹26,700 crore during the same period. The total contract value of new deal wins stood at $2.35 billion, up 10% YoY. HCL Tech’s board has approved an interim dividend of ₹10 per equity share. 

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NCLT grants approval to PVR-Inox merger scheme

The Mumbai bench of the National Company Law Tribunal (NCLT) has sanctioned the scheme of arrangement between cinema chains PVR and Inox Leisure. Once the NCLT issues the detailed order copy, the two companies will file it with regulatory authorities like the Registrar of Companies (RoC) and stock exchanges. The allotment of shares is likely to be completed in the next few weeks.

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ONGC to rely more on advanced tech: Sushma Rawat

Oil & Natural Gas Corporation (ONGC) will increase reliance on advanced technologies and tech-savvy younger minds to boost chances of making major discoveries, said Sushma Rawat (ONGC’s exploration chief). The company will acquire more exploration acreage and bring in new technologies to enhance the quality of seismic surveys and data interpretation. 

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Zydus Lifesciences gets final USFDA approval for Brexpiprazole tablets

Zydus Worldwide DMCC (a subsidiary of Zydus Lifesciences Ltd) has received final approval from the US Food & Drug Administration (USFDA) to market Brexpiprazole tablets. Brexpiprazole is an antipsychotic drug used along with antidepressants to treat major mental conditions like depression and schizophrenia. The drug will be manufactured at the group’s formulation facility at Ahmedabad Special Economic Zone (SEZ), Gujarat.

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Apax Partners likely to sell 4.63% shares in Shriram Finance via block deal: Report

According to a CNBC-TV18 report, private equity fund Apax Partners is planning to sell its shares in Shriram Finance Ltd via a block deal tomorrow. APAX’s subsidiary, Dynasty Acquisition, would sell up to 1.73 crore shares or 4.63% stake in the non-banking finance company (NBFC). The size of this deal is ₹2,250 crore.

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SEBI allows exchanges to launch multiple contracts in same commodity

The Securities and Exchange Board of India (SEBI) has allowed stock exchanges to launch multiple contracts in the same commodity to encourage broader participation of investors in the commodity derivatives market. Exchanges have been demanding multiple contracts on a single commodity to ensure that all market players across the value chain are catered to. Currently, all commodities (except gold, silver, and precious metals) have a single contract, which limits investors’ and traders’ participation.

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