Tag: rites

Categories
Market News Top 10 News

Lok Sabha Passes Finance Bill – Top Indian Market Updates

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

Lok Sabha passes Finance Bill

The Finance Bill, 2023 was passed in the Lok Sabha on Friday with over 64 amendments. The securities transaction tax (STT) on the sale of options has been increased to ₹2,100 on a turnover of ₹1 crore, compared to ₹1,700 earlier. The tax on royalty or technical fees earned by foreign (non-resident) companies hiked from 10% to 20%. Meanwhile, pension fund investments will be exempt from taxation under infrastructure investment trusts (InvITs).

Read more here.

Govt proposes to withdraw long-term capital gain benefits

The Central Government has proposed to withdraw the benefit of long-term capital gain tax for debt mutual funds. The Finance Bill 2023 was passed in Parliament to classify long-term capital gains from debt mutual funds as only short-term capital gains. As per the amendment, debt funds that have not more than 35% invested in equity shares are proposed to be taxed as per the income tax slab level and considered as a short-term capital gain.

Read more here.

RITES secures order worth Rs 122 crore from Assam government

RITES Ltd has secured a Project Management Consultancy work under Assam Health System Strengthening Project. The cost of the consultancy project comes to around Rs 122 crore. RITES’ fees in the work order are around Rs 77 crore. RITES is involved in mega transportation projects like dedicated freight corridors, metros, high-speed rail studies, logistics parks, and rail infrastructure.

Read more here.

Vedanta deducts $91 million from govt’s profit to make up for tax paid

To protest against the 9-month-old windfall tax, Vedanta Ltd has reportedly withheld about $91 million from the share of profit due to the government from its oil and gas fields, to make up for the additional tax outgo. India first imposed windfall profit tax on July 1, 2022, joining a growing number of nations that tax super normal profits of energy companies.

Read more here.

Alembic Pharma gets 2 observations for Gujarat facility from USFDA

The US Food & Drug Administration (USFDA) has issued a Form-483 with two minor procedural observations following the inspection of Alembic Pharmaceuticals Ltd’s injectable and ophthalmic facility (F-3) located at Karkhadi in Gujarat. The USFDA inspected the plant from March 16-24, 2023. Form 483 is issued to a firm’s management when the investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

Read more here.

Five executives at Nykaa resign: Report

A spokesperson for Nykaa said five executives have resigned, the latest resignation at the beauty brand comes amid rising competitors and a crashing stock price. Chief Commercial Operations Officer Manoj Gandhi, Chief Business Officer of the Fashion Division Gopal Asthana, and Chief Executive Officer of the Wholesale Business Vikas Gupta are among those who have left Nykaa. The company’s shares have fallen ~35% in the past six months.

Read more here.

PowerGrid to raise up to Rs 600 crore via bonds

Power Grid Corporation of India Ltd. is planning to raise up to Rs 600 crore through the issuance of bonds on a private placement basis. The company’s board has approved the issuance of unsecured, non-convertible, redeemable bonds aggregating to Rs 600 crore. This includes a base issue size of Rs 100 crore and a greenshoe option of Rs 500 crore. The bonds will be listed on BSE and/or NSE. 

Read more here.

CIL making efforts to supply higher quantities of coal to non-regulated sector

Coal India Ltd (CIL) said it is making all efforts to supply higher quantities of coal to the non-regulated sector (NRS) without affecting supplies to the power sector through increased production. The statement comes days after the company stated that it is gearing up to meet the demand for coal from the power sector amid the early onset of summer and a pick-up in the industrial demand for electricity.

Read more here.

Govt extends deadline for eighth oil and gas exploration licensing round

The Central govt has once again extended the deadline for accepting bids in the eighth oil and gas exploration licensing round to May 16. Oil ministry officials said that investors had been demanding an extension. The eighth round under the open acreage licensing policy (OALP) was launched on July 7, 2022, with a bid submission deadline of Sept 6.

Read more here.

Categories
Market News Top 10 News

Infosys Posts 11% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

Infosys Q2 Results: Net profit rises 11% YoY to ₹6,021 crore

Infosys Ltd reported an 11% YoY increase in consolidated net profit to ₹6,021 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 23.4% YoY to ₹36,538 crore during the same period. Infosys secured contracts worth $2.7 billion in Q2, compared to $1.7 billion in Q1. The IT company’s board has declared an interim dividend of ₹16.5 per share.

The board has also approved the buyback of shares worth ₹9,300 crore at ₹1,850 per share.

Read more here.

Future Enterprises defaults on ₹9.16 crore interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) has defaulted on payment of interest on non-convertible debentures (NCDs) totalling ₹9.16 crore. The due date for payment was October 11, 2022. The debentures are secured and have a coupon rate of 10.15% per annum. The total amount of securities issued was ₹180 crore and a default has occurred on this gross principal amount.

Read more here.

Mindtree Q2 Results: Net profit rises 28% YoY to ₹509 crore

Mindtree Ltd reported a 27.5% YoY increase in consolidated net profit to ₹509 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 31.5% YoY to ₹3,400 crore during the same period. The IT company secured deals worth $518 million in Q2, up 44% YoY. The attrition rate was down from 24.5% in Q1 to 24.1% in Q2.

Read more here.

Passenger vehicle wholesales rises 92% in Sept: SIAM

Passenger vehicle (PV) wholesales in India surged 92% YoY to 3,07,389 units in September 2022, as per data released by the Society of Indian Automobile Manufacturers (SIAM). The high demand can be linked to the festive season. Two-wheeler sales rose 13% YoY to 17,35,199 units in Sept. During the July-September period (Q2 FY23), PV sales increased by 38% YoY to 10,26,309 units.

Read more here.

Coal India to set up 1,190 MW solar power plant in Rajasthan

Coal India Ltd (CIL) will set up a 1,190 megawatts (MW) solar power plant in the Bikaner district of Rajasthan. The company has signed a Memorandum of Understanding (MoU) with Rajasthan Vidyut Utpadan Nigam Ltd (RUVNL) for the same. The solar plant will be set up in a 2,000 MW solar park developed by RVUNL in Poogal, Bikaner.

Read more here.

Veranda Learning arm to acquire J K Shah Classes for ₹337.82 crore

Veranda Learning Solutions Ltd has signed a definitive agreement for the acquisition of equity shares of J K Shah Education Pvt Ltd through its wholly-owned subsidiary, Veranda XL Learning Solutions Pvt Ltd. In the first phase, Veranda will pay ₹337.82 crore to acquire a 76% stake in J K Shah Education. J K Shah Education is a pioneer in teaching chartered accountancy, company secretary, and cost accountant aspirants.

Read more here.

Bandhan Bank to raise exposure of secured loans to 70% by 2025

Bandhan Bank will diversify its asset base by increasing exposure to secured loans to 70% by 2025. The bank will also diversify its geographical presence. MD & CEO of Bandhan Bank Chandra Sekhar Ghosh said the percentage of the bank’s secured loans at present is 39%. Nearly 10% of its exposure will be on retail channels, including automobiles, two-wheelers, gold, and personal loans.

Read more here.

L&T’s heavy engineering arm bags ‘significant orders’ in Q2

Larsen & Toubro Ltd’s (L&T) heavy engineering arm has secured significant contracts (in the range of ₹1,000-2,500 crore) across various business segments. The company secured a key order for the supply of reactors for renewable diesel production from a prestigious client in Singapore. It also received a repeat order for the supply of four identical coke drums for a refinery in Mexico.

Read more here.

Adani Ports to develop Tajpur deep-sea port in West Bengal

Adani Ports and Special Economic Zone (APSEZ) has received a Letter of Award (LoA) from the Government of West Bengal for the development of a deep-sea port at Tajpur. This port would be developed on a build, finance, design, operation, and transfer basis. According to a statement from the state government, the port would entail an investment of ₹15,000 crore.

Read more here.

RITES secures order worth ₹499 crore from Bangalore Metro Rail

RITES Ltd has secured a new business order worth ₹499.41 crore from Bangalore Metro Rail Corporation Ltd. The order is for the construction of a depot cum workshop at Challaghatta in the Reach-2 Extension of the Bengaluru Metro Rail Project Phase-2. RITES is engaged in design, engineering, consultancy, and project management for the transport infrastructure sector.

Read more here.

Categories
Market News Top 10 News

Mindtree Reports 37% YoY Rise in Net Profit in Q1 – Top Indian Market Updates

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

Mindtree Q1 Results: Net profit rises 37% YoY to Rs 472 crore

Mindtree reported a 37.3% YoY increase in net profit to Rs 471.6 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 36.2% YoY (or 7.7% QoQ) to Rs 3,121.1 crore during the same period. The IT company’s earnings before interest & tax (EBIT) stood at Rs 598 crore, up 47% YoY or 9% QoQ. Mindtree registered its highest-ever order book of $570 million (~Rs 4,547 crore) in Q1.

Read more here.

RITES signs pact with CRILS to explore rail tech opportunities

Rail India Technical and Economic Service Ltd (RITES) has signed a Memorandum of Understanding (MoU) with the Centre for Railway Information Systems (CRIS) to explore information technology-based opportunities in the railway sector. Both entities will leverage each other’s expertise and collaborate to drive digitalisation in railway technologies. CRIS and RITES will work on national and international projects.

Read more here.

TCS launches its 5th global research and innovation centre in Toronto

Tata Consultancy Services (TCS) has launched TCS Pace Port Toronto, its fifth global research and co-innovation centre. The centre provides companies with access to the latest technologies and “breakthrough thinking” from TCS Research labs, startups, entrepreneurs, and academia. TCS Pace Port hubs around the world include 4,000 researchers and innovators, 2,300 start-up partners, and over 30 innovation labs.

Read more here.

Glenmark Pharma claims its nasal spray can reduce Covid-19 viral load by 93.7% in 24 hours

Glenmark Pharmaceuticals Ltd and its strategic partner SaNOtize Research and Development Corp published their peer-reviewed Phase-3 clinical trials of their Nitric Oxide Nasal Spray (NONS). When administered to adult Covid-19 patients, the nasal spray demonstrated a reduction of viral load by 93.7% in 24 hours and 99% in 48 hours. The nasal spray has been launched in India under the brand name FabiSpray.

Read more here.

ED files FIR against IndusInd Bank employees, others for remittance irregularities

The Enforcement Directorate (ED) has filed a first information report (FIR) against a few employees of Indusind Bank and some entities in connection with alleged irregularities in remittances for import transactions between 2011-2014. “There is no credit exposure of the bank to these entities,” said Indusind Bank in an exchange filing.

Read more here.

RBL Bank partners with IMGC to offer MG-backed home loans

RBL Bank has partnered with India Mortgage Guarantee Corporation (IMGC) to offer Mortgage Guarantee (MG) backed home loan products for prospective customers. This partnership with IGC will help RBL Bank extend MG-backed home loans to new borrower segments through its network of over 500 branches across India. It will also allow RBL Bank to mitigate credit risks by leveraging IMGC’s expertise.

Read more here.

Antony Waste Handling Cell reports record-high operating revenues in Q1

Antony Waste Handling Cell Ltd (AWHCL) handled 1.05 million tonnes (MT) in the April-June quarter (Q1 FY23), an increase of 17% YoY. The company’s collection & transportation (C&T) business managed approx 0.40 MT in Q1, a growth of 15.8% YoY. The total tonnage of waste processed by the firm rose 17.8% YoY to 0.65 MT. Total operating revenue improved by nearly 26% YoY in Q1. AWHCL provides a full spectrum of Municipal Solid Waste (MSW) services.

Read more here.

Adani Ports achieves 100 MMT cargo volume in Q1

Adani Ports & Special Economic Zone Ltd (APSEZ) registered a cargo throughput of 100 million metric tonnes (MMT) in the first 99 days of FY23. The present growth in cargo is supported by a 12% YoY increase in June 2022 at 31.88 MMT. APSEZ was able to handle 100 MMT cargo volume due to innovations that integrate conventional business processes with new-age digital technologies.

Read more here.

Signature Global files draft papers with SEBI for Rs 1,000 crore IPO

Gurgaon-based real estate developer Signature Global has filed the Draft Red Herring Prospectus (DRHP) with SEBI to raise Rs 1,000 crore via an initial public offering (IPO). The IPO will include a fresh issue of shares worth up to Rs 750 crore and an Offer for Sale (OFS) of up to Rs 250 crore. Signature Global primarily develops affordable housing projects in the National Capital Region (NCR).

Read more here.

Tata Power’s arm secures hybrid power project from SECI

TP Saurya Limited (TPSL) has received a ‘Letter of Award’ (LoA) from Solar Energy Corporation of India (SECI) for establishing a 600 megawatt (MW) hybrid power project in Karnataka. The project will be commissioned within 24 months. By securing this project, Tata Power’s total renewable capacity has reached ~5,524 MW.

Read more here.

Categories
Market News Top 10 News

Nestle India’s Net Profit Falls 20% YoY in Q4 – Top Indian Market News

nestle

Nestle India Q4 Results: Net profit falls 20% YoY to Rs 387 crore

Nestle India Ltd reported a 19.9% YoY decline in net profit to Rs 386.66 crore for the quarter ended December (Q4 CY21). The company follows the January-Dec financial year cycle. Its revenue rose 9% YoY to Rs 3,739.32 crore during the same period. EBITDA stood at Rs 865.6 crore, up 11% YoY. The FMCG firm reported a one-time loss of Rs 236 crore due to past service costs. Nestle India’s board has declared a final dividend of Rs 65 per share.

Read more here.

Purvankara to invest Rs 1,550 crore in Kochi realty project

Puravankara Ltd will invest over Rs 1,550 crore to construct a 3 million mixed-use project at Kochi, Kerala. It is part of the realty firm’s plan to expand business amid the rise in demand for apartments post the second wave of the Covid-19 pandemic. The company is expecting a sales realisation of ~Rs 3,000 crore from this project over the next 6-7 years.

Read more here.

Jio loses 1.29 crore subscribers, Airtel adds 4.75 lakh in December: TRAI

Reliance Jio lost 1.29 crore wireless subscribers, and its total subscriber base fell to 41.57 crore in December 2021. Bharti Airtel gained 4.75 lakh subscribers, and its overall mobile user base stood at 35.57 crore during the same month. Meanwhile, Vodafone Idea (Vi) lost 16.14 lakh subscribers in Dec, and its user base shrunk to 26.55 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

Read more here.

Apollo Hospitals to operate, manage tertiary care hospital in Uzbekistan

Apollo Hospitals has entered into a partnership with Marafon Group to operate and manage (O&M) an upcoming tertiary care hospital in Uzbekistan. The O&M agreement is for 10 years, which can be extended automatically for a period of 10 years thereafter. Apollo will provide clinical, technical, and feasibility support, along with helping Marafon in setting up diagnostics and pharmacy.

Read more here. 

Maruti Suzuki partners with Quicklyz for vehicle subscription program

Maruti Suzuki India Ltd (MSIL) has partnered with Quiklyz by Mahindra Finance for its vehicle subscription program, Subscribe. Quiklyz will offer a white plate subscription, wherein the vehicle is registered under the user’s name and hypothecated to the subscription partner for a range of MSIL vehicles. MSIL’s Subscribe service is currently available in 20 cities across India.

Read more here.

Ashok Leyland expects turnaround in CV biz; targets 30% market share in FY23

Ashok Leyland Ltd is eyeing a strong comeback in the commercial vehicle (CV) segment this year. The company is looking to consolidate its position in the intermediate commercial vehicle (ICV) segment. It is also betting on the overall improvement in economic conditions and gradual easing of supply chain issues to cross 30% of the overall market share in the CV segment in FY 2022-23.

Read more here.

Vedanta signs pact with TERI to accelerate ESG goals

Vedanta Ltd has signed a pact with The Energy and Resources Institute (TERI) to accelerate its environmental, social, and governance (ESG) goals. The company plans to invest ~Rs 200 crore over the next 5-10 years in research & development (R&D) and various initiatives to promote and build a sustainable ecosystem.

Read more here.

RITES, IIT-Madras signs MoU for marine infra works

RITES has signed a Memorandum of understanding (MoU) with the Indian Institute of Technology, Madras (IIT-M), to cooperate and explore marine infrastructure works. The two entities will collaborate for providing engineering consultancy services and enhancing knowledge sharing for the development of marine infrastructure.

Read more here.

Punjab & Sind Bank’s gets board approval to raise Rs 4,600 crore by issuing shares to govt

The board of Punjab & Sind Bank (PSB) has given the approval to raise equity capital worth Rs 4,600 crore by issuing preference shares to the government. The Delhi-headquartered bank had posted a record net profit of Rs 301 crore in the quarter ended December 2021. It had posted a net loss of Rs 2,376 crore in the same quarter a year ago.

Read more here.

BSE EBIX partners with LIC to distribute insurance products

BSE Ebix Insurance Broking Pvt Ltd has signed an Insurance Broker Agreement for the distribution of Life Insurance Corporation (LIC) products on its platform. Under this agreement, BSE EBIX will offer its clients insurance products offered by LIC using its omnichannel digital presence. BSE Ebix is a joint venture of BSE Limited and Ebix Fincorp Exchange Pte Ltd.

Read more here.

Categories
Market News Top 10 News

Union Cabinet Approves Rs 14,775 crore for Fertiliser Subsidies – Top Indian Market News

Union Cabinet approves additional Rs 14,775 crore for fertiliser subsidies

The Union Cabinet has approved the proposal of the Department of Fertilizers for fixation of ‘Nutrient Based Subsidy Rates’ for Phosphatic and Potassic (P&K) Fertilizers for the financial year 2021-22. The subsidy rate on Di-ammonium Phosphate (DAP) fertilisers has been hiked by Rs 700 per bag. The government will spend an additional amount of Rs 14,775 crore to increase subsidy support. This is to cushion the impact of the surge in global prices of commodities on farmers amid the crucial Kharif sowing season. 

Read more here.

RITES Q4 Results: Net profit declines 1.6% YoY to Rs 141 crore

Rail India Technical & Economic Service (RITES) reported a 1.65% YoY decline in consolidated net profit to Rs 141.55 crore for the quarter ended March (Q4). Its revenue from operations rose 11.4% YoY to Rs 635.87 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 29.8% YoY to Rs 444.21 crore. The company’s board has declared a final dividend of Rs 4 per share. RITES is a leading player in the transport consultancy and engineering sector in India.

Read more here.

LTI to acquire digital engineering firm Cuelogic for $8.4 million

Larsen & Toubro Infotech (LTI) Ltd has signed a definitive agreement to acquire Pune-based Cuelogic Technologies, a digital engineering and outsourced product development company. Cuelogic primarily focuses on developing cloud-native web and mobile applications and runs innovations lab as a service for its clients in the US and India. LTI will acquire the firm for $8.4 million (~Rs 61.5 crore). This is LTI’s seventh acquisition since it got listed in 2016.

Read more here.

CESC Q4 Results: Net profit rises 15.5% YoY to Rs 423 crore

Calcutta Electric Supply Corporation (CESC) reported a 15.57% YoY increase in consolidated net profit to Rs 423 crore for the quarter ended March (Q4). Net profit has increased by 28.9% when compared to the previous quarter. Its total income rose 10% YoY (or 6% QoQ) to Rs 3,003 crore during the same period. CESC’s board has approved a proposal for a sub-division of equity shares. One equity share of the nominal value of Rs 10 each will be sub-divided into 10 equity shares of a nominal value of Re 1 each.

Dr. Reddy’s ordered to pay $46.25 million to Hatchtech

The International Centre for Dispute Resolution has ordered a subsidiary of Dr. Reddy’s Laboratories to pay $46.25 million (~Rs 340 crore) to Australia-based Hatchtech Pty. The subsidiary had signed an asset purchase agreement for a skin treatment lotion with Hatchtech in 2015. In July 2020, the subsidiary received approval from the US Food & Drug Administration (USFDA) for Xeglyze (abametapir) lotion. The approval triggered a contractual pre-commercialisation milestone payment of $20 million to Hatchtech Pty.

Read more here.

Wipro partners with Exaware to upgrade 5G technology

Wipro Limited has entered into a strategic partnership with Israel-based Exaware, a provider of Open Network routing solutions. Through this partnership, both companies will develop advanced engineering solutions to support innovation in the networking industry, streamline 5G technology upgrades, and pave the way to 6G compatibility. Wipro and Exaware will develop engineering products, which will enable communication service providers to select different hardware and software vendors.

Alembic Pharma JV gets USFDA approval for testosterone topical solution

Aleor Dermaceuticals, a joint venture (JV) firm of Alembic Pharmaceuticals, has received final approval from the US Food & Drug Administration (USFDA) for Testosterone Topical Solution. The drug is used for treating testosterone deficiency. According to IQVIA data, Testosterone Topical Solution USP (30 mg per pump actuation) has an estimated market size of $21 million (~Rs 154 crore) for the 12 months ended March 2021. 

Read more here.

Nureca Q4 Results: Net profit rises 63.45% YoY to Rs 3.89 crore

Nureca Limited reported a 63.45% YoY increase in consolidated net profit to Rs 3.89 crore for the quarter ended March (Q4). Net profit has declined by 38.25% when compared to the previous quarter. Its revenue from operations declined by 3.40% YoY to Rs 31.84 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) jumped 625% YoY to Rs 46.37 crore. The company’s board has recommended a final dividend of Rs 2 per share. Nureca is a business-to-consumer (B2C) firm that deals in home healthcare and wellness products.

Read more here.

PNB Housing Finance says pricing for Rs 4,000 crore deal in line with market practice

PNB Housing Finance said the pricing of its proposed issuance of shares to investors (led by the Carlyle Group) was based on the “market practice” followed by listed companies and is in compliance with the applicable laws. On June 12, it was reported that market regulator SEBI would scrutinise the Rs 4,000 crore share sale after SES (a proxy advisory firm) pointed out that the deal is unfair to the company’s minority shareholders. 

In May 2021, PNB Housing Finance announced that it will raise Rs 4,000 crore from large investors led by existing stakeholder Carlyle Group, by issuing preference shares and warrants. These securities are priced at Rs 390 per share.

Read more here.

KPIT Technologies receives NCLT approval for scheme of merger

The Mumbai Bench of the National Company Law Tribunal (NCLT) has approved the scheme of merger by absorption of Impact Automotive Solutions with KPIT Technologies Ltd and their respective shareholders. Impact Automotive was a wholly-owned subsidiary of KPIT Tech. Pune-based KPIT Technologies is a leading provider of software solutions for automotive companies.

Read more here.

IPO Updates: 

Shyam Metalics 

The Rs 909-crore initial public offering (IPO) of Shyam Metalics and Energy Ltd was subscribed 121.43 times on the final day of bidding. The portion reserved for retail investors was subscribed 11.64 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 339.98 times and that of qualified institutional buyers (QIBs) 155.71 times. You can learn more about the IPO here. 

Sona BLW Precision Forgings 

The Rs 5,550-crore IPO of Sona BLW Precision Forgings Ltd was subscribed 2.28 times on the final day of bidding. The portion reserved for retail investors was subscribed 1.58 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 39% and that of qualified institutional buyers (QIBs) 3.46 times. You can learn more about the IPO here.

Dodla Dairy

The Rs 520-crore IPO of Dodla Dairy Ltd was subscribed 1.4 times on the first day of bidding. The portion reserved for retail investors was subscribed 2.73 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 14% and that of qualified institutional buyers (QIBs) 2%.

KIMS 

The Rs 2,144-crore IPO of Krishna Institute of Medical Sciences Ltd was subscribed 27% on the first day of bidding. The portion reserved for retail investors was subscribed 100%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 2% and that of qualified institutional buyers (QIBs) 14%.

Categories
Market News Top 10 News

Mindtree Reports 53% YoY Rise in Net Profit in Q4 – Top Indian Market News

Mindtree Q4 Results: Net profit rises 53% YoY to Rs 317 crore

Mindtree Limited reported a 53.4% year-on-year (YoY) increase in consolidated net profit to Rs 317.3 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 2.9%. The IT firm’s revenue from operations rose 3% YoY to Rs 2,109.3 crore during the same period. Its order book grew 12.3% YoY to $1,382 million in FY21. Mindtree has announced a final dividend of Rs 17.5 per share.

Read more here.

NALCO receives mining lease for Utkal-E coal block in Odisha

The Department of Steel & Mines, Government of Odisha, has granted the mining lease of Utkal-E coal block to National Aluminium Company (NALCO) Limited. The initial capacity of the Utkal-E coal block is 2 million tonnes per year, with a total mineable reserve of ~70 million tonnes. With the grant of Utkal D & E coal blocks, NALCO’s total mineable coal reserve will increase to 175 million tonnes.

Read more here.

Ashok Leyland delivers light bulletproof vehicles to Indian Air Force

Ashok Leyland said it has delivered the first lot of Light Bulletproof Vehicles (LBPV) to the Indian Air Force. The LBPV is an adopted version of Lockheed Martin’s Common Vehicle Next-Gen (CVNG). It was developed under a transfer of technology (TOT) agreement between Ashok Leyland and Lockheed Martin. The LBPV has high off-road mobility in mud, sand, rocks, and shallow water. It can accommodate a crew of six people, with ample cargo space to carry substantial mission equipment.

Read more here.

L&T secures significant orders across business segments

Larsen & Toubro (L&T) said its construction arm has received significant orders (in the range of Rs 1,000-2,500 crore) across business segments in the domestic and international markets. Its power transmission and distribution business has won orders to construct two 132/11kV substations in Dubai. L&T’s building and factories business has secured an order from a leading cement manufacturer to construct a 3.5 MTPA cement plant in Rajasthan.

Read more here.

Maruti Suzuki hikes prices of select models by up to Rs 22,500

Maruti Suzuki India said it has hiked prices of select car models by up to Rs 22,500 to partially offset the impact of rising input costs. The weighted average price increase of ex-showroom prices (Delhi) across models is 1.6%. The price hike will be applicable to all car models, except Celerio and Swift. In January 2021, the automaker had announced a price hike of select models by Rs 34,000 due to a rise in input costs.

Read more here.

Quess Corp to acquire remaining 30% stake in Conneqt from Tata Sons for Rs 208 crore

Quess Corp Limited said it will acquire the remaining 30% equity stake in Conneqt Business Solutions Ltd from Tata Sons for Rs 208 crore. With this transaction, Conneqt will become a wholly-owned subsidiary of Quess Corp. This will allow the company to realise synergies between its various divisions (including Conneqt and Allsec Technologies). It will also strengthen Quess’ position to accelerate growth in the IT/ITeS space.

Read more here.

GTPL Hathway Q4 Results: Net profit at Rs 56.89 crore

GTPL Hathway Ltd reported a consolidated net profit of Rs 56.89 crore for the quarter ended March (Q4). It had posted a net loss of Rs 13.62 crore in the corresponding period last year. The company’s revenue from operations rose 17.82% YoY to Rs 748.72 crore in Q4 FY21. Its board has recommended a dividend of Rs 4 per share. GTPL Hathway is a leading digital cable TV and broadband service provider.

Read more here.

RITES-led consortium emerges lowest bidder for railway project in Bangladesh

A consortium led by RITES Limited has emerged as the lowest (L1) bidder for a tender floated by Bangladesh Railways. The order consists of the construction of a dual gauge railway line from Bogura to Shahid M. Mansur Ali station in Bangladesh. The project is funded by Exim Bank of India under the Line of Credit (LOC) scheme. RITES stated that the total fee income would be ~Rs 63 crore.

Read more here.

NTPC to raise Rs 3,996 crore via bonds

NTPC Limited said it will raise Rs 3,996 crore through the issuance of non-convertible bonds on April 20, 2021 (Tuesday). The bonds will be issued on a private placement basis at a coupon rate of 6.87% per annum. The proceeds from this issue will be utilised for funding capital expenditure, refinancing of existing loans, and other general corporate purposes. The bonds are proposed to be listed on NSE.

Read more here.

Vivimed Labs receives approval for 3 products

Vivimed Labs Limited has received approvals for 3 products from its state-of-the-art manufacturing site in Hyderabad. The approved products include Bilastine tablets 20mg under the brand name- FLUSTIN. It is used in the treatment of allergic Rhinoconjunctivitis and Urticaria (hives). The second product is Ornidazole and Otloxacin tablets, used in the treatment of bacterial and parasitic infections. The third product is Paracetamol 12 Smg/Sml and Chlorpheniramine Maleate Syrup (used to treat symptoms of allergic conditions).

IndiGo to waive-off change fees on domestic bookings made from April 17-30

InterGlobe Aviation Ltd (IndiGo) announced that it will not charge any fees to change the time or date on domestic tickets that are booked between April 17-30. The airline said passengers can make unlimited changes on domestic tickets booked between this period. However, there will be no change in cancellation fees.

In other news, IndiGo said it had transported a total of 81,437 kg of Covid-19 vaccines between January 12 and April 12. The airline had a leading market share of 36.56% in Covid-19 vaccine transportation during this period.

Read more here.

Categories
Market News Top 10 News

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

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

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

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

Read more here.

Domestic air traffic declines 51% YoY in November

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

Read more here.

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

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

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

Read more here.

Steel Ministry finalises plan on PLI for specialty steel: Report

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

Read more here.

Borosil Renewables raises Rs 200 crore through QIP

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

Read more here.

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

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

Read more here.

KNR Constructions’ board approves issue of bonus shares

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

Read more here

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

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

Read more here.

Strides Pharma gets USFDA approval for general Oxybutynin Chloride tablets

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

Read more here.

RITES secures project management consultancy work worth Rs 62 crore

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