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Jio Financial Services to Get Listed on Aug 21 – Top Indian Market Updates

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

Jio Financial Services to get listed in NSE, BSE on Aug 21

Shares of Jio Financial Services Ltd (JFSL) will get listed on stock exchanges on August 21. The company’s shares were credited to demat accounts of eligible RIL shareholders last week in a 1:1 ratio. This means for every RIL share held as of the record date of July 20, shareholders got one share of JFSL. As part of a special price discovery session held on the record date, the stock’s pre-listing price came out to be ₹261.85 per share.

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Adani says TAQA is not in talks for $2.5 billion investment

Adani Transmission denied reports Abu Dhabi National Energy Co. PJSC (TAQA) will deploy $1.5-2.5 billion in Adani Group firms or in a single entity. Earlier today, Economic Times reported TAQA is looking to double down in India and is evaluating a large exposure in the expansive power businesses of Gautam Adani that span thermal generation to transmission, clean energy and green hydrogen.

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Jalan-Kalrock Consortium seeks more time to pay ₹350 cr to Jet Airways’ lenders

The Jalan Kalrock Consortium (JKC) has sought an extension to make payments of up to ₹350 crore to the Committee of Creditors of bankrupt airline Jet Airways. The National Company Law Appellate Tribunal (NCLAT) has asked JKC to file an application stating the conditions for seeking an extension to make the payments. Jet Airways, which stopped operations due to financial crunch, went through lengthy insolvency proceedings and JKC emerged as the winning bidder.

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Tata Comm challenges DoT’s Rs 991.5 cr demand in TDSAT

Tata Communications has challenged the Department of Telecom’s (DoT) ₹991.5 crore licence fee demand pertaining to past years in the Telecom Disputes Settlement and Appellate Tribunal (TDSAT). DoT has raised certain license-fee demands of ₹991.54 crore for FY 2006-07 (international long-distance or ILD and internet service provider or ISP) and FY 2007-08 (National long-distance or NLD, ILD, and ISP).

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NLC India signs pact to supply 300 MW solar power to Rajasthan

NLC India has signed an agreement to supply 300 MW of solar power for 25 years to Rajasthan Urja Vikas Nigam under the Central Public Sector Undertaking (CPSU) Scheme. The company currently has 1,421 MW of renewable energy capacity. The 300 MW solar project capacity is under execution at Barsingsar, Bikaner District, Rajasthan.

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Amazon Data Services, L&T signs 18-year lease for 4-acre land in Powai

Amazon Data Services India has picked up a land parcel spread over four acres in Mumbai’s Powai suburb from Larsen & Toubro through a long-term lease of nearly 18 years. The subsidiary of Amazon is planning to develop a data centre on this land parcel and pay rent of over ₹562 crore over the total lease tenure (excluding the rent escalation). The agreement includes a clause to escalate lease rental by 3% every year.

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Venus Remedies launches flagship R&D drug Elores in Oman

Venus Remedies Ltd on Friday said it has launched its flagship R&D drug, Elores, in the $1.4-billion pharmaceutical market in Oman. The drug is clinically proven to be effective against ICU infections caused by multidrug-resistant extended-spectrum beta-lactamase (ESBL) and metallo beta-lactamase (MBL)-producing gram-negative bacteria. The antibacterial market in Oman is worth $7.5 million, and Elores is looking to capture 0.5% of this segment by 2025.

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Indian Hume Pipe secures order worth ₹639 crore from Odisha

Indian Hume Pipe Company Ltd has received a letter of award (LoA) for a project worth ₹639.16 crore from Rural Water Supply & Sanitation, Odisha. The company will execute a Rural Piped Water Supply Project, which pertains to a total of six blocks in the Puri district of the state. The project is set to be completed within two years.

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Route Mobile to manage Vi’s international A2P SMS traffic

Route Mobile has entered into an exclusive partnership with Vodafone Idea Ltd (VIL) to deploy and implement its suite of end-to-end application-to-person (A2P) monetisation solutions for all A2P SMS traffic on VIL’s network. A2P SMS is a type of messaging technique where a text is sent from a software application run by an enterprise to a consumer’s device.

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Lupin acquires Ondero & Ondero Met to expand diabetes portfolio

Lupin has acquired German brands Ondero and Ondero – Met from Boehringer Ingelheim International. The company entered into an acquisition agreement in August 2022 through a cash consideration of €26 million. The pharma company said this acquisition strengthens its commitment to providing superior treatment options for patients navigating the complexities of diabetes.

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Axis Bank’s Net Profit Rises 62% YoY in Q3 – Top Indian Market Updates

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

Axis Bank Q3 Results: Net profit rises 62% YoY to ₹5,853 crore

Axis Bank reported a 62% YoY increase in net profit to ₹5,853 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 31% YoY to ₹10,360 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 3.53% in Q3 FY22 to 2.5% in Q3 FY23. Provisions stood at ₹550 crore in Q3 FY23, down 68% YoY.

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IndiGrid to acquire Khargone Transmission for ₹1.497.5 crore

India Grid Trust (IndiGrid) will acquire a 100% equity stake in Khargone Transmission at an enterprise value of about ₹1,497.5 crore. Khargone Transmission was incorporated on November 28, 2015, to improve power supply and grid reliability by delivering 1320 MW of thermal power from Khargone power plant to consumers in the domestic, commercial, agricultural, and industrial segments in the state of Madhya Pradesh and Maharashtra.

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Canara Bank Q3 Results: Net profit rises 92% YoY to ₹2,882 crore

Canara Bank reported a 92% YoY increase in net profit to ₹2,881.5 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 24% YoY to ₹8,600 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 6.37% in Q2 FY23 to 5.89% in Q3 FY23. Provisions stood at ₹3,121 crore in Q3 FY23, up 39% YoY.

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Glenmark Pharma launches medication to prevent chemotherapy-induced nausea

Glenmark Pharmaceuticals Ltd has launched the IV injection formulation Akynzeo IV under an exclusive licensing agreement with Helsinn (a Swiss biopharma group company). It is administered 30 minutes before the start of each chemotherapy cycle which helps prevent both acute and delayed phases of chemotherapy-induced nausea and vomiting. The drug is already being marketed in the EU, the US, and Australia. 

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Route Mobile Q3 Results: Net profit rises 84% YoY to ₹85 crore

Route Mobile Ltd reported an 84.4% YoY increase in consolidated net profit to ₹85.36 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 75.16% YoY to ₹985.72 crore during the same period. EBITDA stood at ₹128.3 crore in Q3, recording a growth of 66.19% YoY. Route Mobile is a cloud communications platform service provider that caters to enterprises, OTT players, and mobile network operators (MNO).

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L&T Construction wins “significant” orders across various businesses

Larsen & Toubro’s construction arm has secured significant orders (in the range of ₹1,000-2,500 crore) for its power transmission & distribution (PT&D) and buildings & factories (B&F) businesses. The PT&D business has bagged a turnkey engineering, procurement, and construction (EPC) order to set up a 112.5 MW solar plant in West Bengal. The B&F business has secured an order from Nanavati Max Super Specialty Hospital to construct a state-of-the-art 600-bed super specialty hospital in Mumbai.

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IDBI Bank Q3 Results: Net profit rises 60% YoY to ₹927 crore

IDBI Bank reported a 60% YoY increase in net profit to ₹927 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 23% YoY to ₹2,925 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 21.68% in Q3 FY22 to 13.82% in Q3 FY23. Provisions came in at ₹784.28 crore in Q3 FY23, down 2.18% YoY.

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Krsnaa Diagnostics opens 14 pathology labs, 64 collection centers in Himachal

Krsnaa Diagnostics has operationalised 14 pathology laboratories and 64 collection centres in Himachal Pradesh. With this, the company has completed 100% of the project implementation in the state. The company had bagged a tender for providing diagnostic services at the Himachal Pradesh Government’s health institutions in the entire state in February 2022.

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Tata Motors partners with ICICI Bank to offer financing solutions to its passenger EV dealers

Tata Motors has partnered with ICICI Bank to offer financing solutions to its authorised passenger electric vehicle (EV) dealers. Under the partnership, ICICI Bank will provide inventory funding to the authorised passenger EV dealers in addition to the bank’s funding to dealers for diesel and petrol models. The EV dealers can avail of flexible repayment tenures through the partnership.

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Tata Power to install public EV charging points at GAIL CNG stations in Bengaluru

Tata Power has signed an agreement with GAIL Gas Limited to install DC fast charging points at two of its CNG stations in Bengaluru. The partnership is in line with Tata Power’s commitment to encourage and promote electric mobility across the country and GAIL Gas’ commitment to delivering convenience to its customers who wish to switch to EVs. Tata Power plans to install 25,000 public EV charging stations across the length and breadth of India in the next five years.

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ITC’s Net Profit Rises 12% YoY in Q4 – Top Indian Market NEws

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ITC Q4 Results: Net profit rises 12% YoY to Rs 4,190 crore

ITC Limited reported an 11.8% YoY increase in net profit to Rs 4,190.96 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 16% YoY to Rs 16,426 crore during the same period. Revenue from ITC’s cigarette business grew 9.96% YoY to Rs 6,443.37 crore in Q4. Non-cigarette FMCG revenue stood at Rs 4,141.97 crore, up 12.32% YoY. ITC’s board has declared a final dividend of Rs 6.25 per share.

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Ruchi Soya to acquire Patanjali’s food retail business for Rs 690 crore

Ruchi Soya Industries Ltd (RSIL) will acquire Patanjali Ayurved’s food retail business for Rs 690 crore. The business comprises of 21 major products, including ghee, honey, spices, juices, and atta. The company will also get manufacturing plants located at Padartha (Uttarakhand) and Newasa (Maharashtra). RSIL’s board has also approved the change in the name of the firm to Patanjali Foods Ltd.

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Route Mobile Q4 Results: Net profit rises 29% YoY to Rs 45.68 crore

Route Mobile Ltd reported a 29.15% YoY increase in consolidated net profit to Rs 45.68 crore for the quarter ended March (Q4 FY22). Net profit rose 2.61% when compared to the previous quarter. Its total income grew 75.35% YoY (or 11.80% QoQ) to Rs 634.48 crore during the same period. Route Mobile’s board has declared a final dividend of Rs 2 per share.

Sun Pharma to launch first-in-class oral lipid-lowering drug in India

Sun Pharmaceutical Industries Ltd is planning to launch an oral drug, Bempedoic Acid, to reduce low-density lipoprotein (LDL) cholesterol. The pharma company will launch the drug under the brand name Brillo. The drug is indicated for people who have an inherited genetic disorder that causes high cholesterol levels or established heart disease where cholesterol levels remain high.

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ABFRL Q4 Results: Net profit at Rs 43.6 crore

Aditya Birla Fashion & Retail Ltd (ABFRL) reported a consolidated net profit of Rs 43.59 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 137.64 crore in the corresponding quarter last year (Q4 FY21). Its total income grew 25.57% YoY to Rs 2,309.55 crore during the same period. EBITDA stood at Rs 401 crore in Q4, up 58% YoY.

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TVS Motor launches electric scooter iQube

TVS Motor Company Ltd rolled out its latest electric scooter, iQube, equipped with a host of features, including a best-in-class range of 140 km on a single charge. The Chennai-based company has unveiled three variants of the electric scooter. It will have a seven-inch touchscreen, voice assist, iQube Alexa skillset, and Bluetooth connectivity. TVS iQube and TVS iQube S will be available at Rs 98,564 and Rs 1,08,690, respectively.

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IGL Q4 Results: Net profit rises 9% YoY to Rs 361 crore

Indraprastha Gas Ltd (IGL) reported a 9% YoY increase in net profit to Rs 361.6 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 54.9% YoY to Rs 2,649.77 crore during the same period. EBITDA rose 2% YoY to Rs 500 crore in Q4. Total volumes grew 14% YoY to 697 million standard cubic meters (mscm) in Q4. IGL’s board has declared a dividend of Rs 5.5 per share.

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Manappuram Finance Q4 Results: Net profit falls 44% YoY to Rs 261 crore

Manappuram Finance Ltd reported a 44% YoY decline in net profit to Rs 261 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) fell 10.2% YoY to Rs 986.5 crore during the same period. [NII is the difference between the interest income earned on loans and the interest paid to depositors.] The gold loan financier’s assets under management (AUM) stood at Rs 30,300 crore in Q4, up 11.2% YoY.

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Union Cabinet amends biofuels policy, advances ethanol blending target to 2025-26

The Union Cabinet approved advancing the target of blending 20% ethanol in petrol by five years to 2025-26. Currently, ~10% of ethanol is blended in petrol. The Cabinet has also approved a proposal to allow more feedstocks for the production of biofuels. These decisions will help India cut its reliance on oil imports.

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Manufacturing PMI Rises to 54.7 in April – Top Indian Market News

Manufacturing PMI rises to 54.7 in April

India’s manufacturing activity picked up marginally in April after decelerating to a six-month low in March. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54.7 in April 2022, compared to 54 in March. Input costs rose to their fastest pace since November. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.   

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Adani Wilmar Q4 Results: Net profit falls 26% YoY to Rs 234.3 crore 

Adani Wilmar Ltd reported a 25.6% YoY decline in consolidated net profit to Rs 234.3 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 40.2% YoY to Rs 14,960.4 crore during the same period. The company’s total expenses increased by 40% YoY to Rs 14,726.7 crore in Q4.

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Power Grid to acquire IL&FS Energy Development Company’s stake in CPTCL

Power Grid Corporation India Ltd (PGCIL) will purchase IL&FS Energy Development Company Ltd’s (IEDCL) equity shareholding in Cross Border Power Transmission Company Ltd (CPTCL). PGCIL’s board has cleared the proposal for the purchase of 77,30,225 equity shares of IEDCL in CPTCL. Currently, Power Grid owns a 26% stake in CPTCL, while IEDCL holds a 38% stake.

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HDFC Q4 Results: Net profit rises 16% YoY to Rs 3,700  crore

HDFC Limited reported a 16.4% YoY increase in net profit to Rs 3,700 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 14% YoY to Rs 4,601 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] Its loan book grew 14% YoY to Rs 5.55 lakh crore, driven by lending to affordable housing and high-end properties. HDFC’s board has declared a dividend of Rs 30 per share for FY22.

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Vodafone Idea partners with ICRIER to set up telecom centre of excellence

Vodafone Idea Ltd has partnered with Indian Council for Research on International Economic Relations (ICRIER) to set up a telecom Centre of Excellence. The centre has been named InViCT (ICRIER & Vodafone Idea Centre for Telecom). It will provide a common platform to facilitate the development of a coordinated policy response to emerging technology and business trends for India’s telecom sector.

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Britannia Industries Q4 Results: Net profit rises 5% YoY to Rs 378 crore

Britannia Industries Ltd reported a 4.96% YoY increase in consolidated net profit to Rs 377.95 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 13.4% YoY to Rs 3,550.45 crore during the same period. The FMCG major’s operating profit stood at Rs 549.68, up 9% YoY. Its board has declared a dividend of Rs 56.5 per share.

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Mahindra Holidays Q4 Results: Net profit at Rs 16.25 crore

Mahindra Holidays & Resorts India Ltd reported a consolidated net profit of Rs 16.25 crore for the quarter ended March (Q4 FY22). It had posted a loss of Rs 10.17 crore in the corresponding quarter last year (Q4 FY21). The company’s revenue rose 16.58% YoY to Rs 542.58 crore in Q4 FY22. Its resort occupancies stood at 77% in Q4.

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Route Mobile to acquire Teledgers’ blockchain, DLT platform for Rs 130 crore

Route Mobile Ltd (RML) will acquire the artificial intelligence-based blockchain and distributed ledger technology (DLT) platform of Teledgers Technology for ~Rs 130 crore. The acquisition will enable Route Ledger (a subsidiary of RML) to offer DLT and encrypted messaging solutions to mobile network operators. Route Mobile intends to enable telecom operators & enterprises with DLT Platform across Latin America, the Middle East, Africa, and Asia-Pacific.

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LIC IPO’s Rs 5,630 crore anchor book oversubscribed: Report

According to a CNBC-TV18 report, LIC IPO’s Rs 5,630 crore anchor book saw an overwhelming response and was oversubscribed. Earlier reports stated that Goldman Sachs, Morgan Stanley, Nomura, Singapore’s GIC Pte, Norway’s sovereign wealth fund, and SBI Mutual Fund would be among those who may bid for the LIC’s anchor book.

Auto sales data for April 2022: Highlights  

Maruti Suzuki India posted a 5.6% year-on-year (YoY) decline in total sales to 1,50,661 units in April 2022. Sales of its compact vehicle segment fell 21.6% YoY to 76,321 units. Exports rose 6.8% to 18,413 units.

Tata Motors Ltd registered a 73% YoY increase in total domestic sales to 72,468 units in April. The automaker’s commercial vehicle sales rose 87% YoY to 30,838 units. Overall passenger vehicle wholesales rose 66% YoY to 41,587 units.

Mahindra & Mahindra’s auto segment posted total sales of 54,640 units in April, an increase of 25% YoY. M&M’s farm equipment segment posted a 49% YoY fall in sales to 40,939 units. 

Hero Motocorp posted a 12.45% YoY increase in total sales to 4,18,622 units in April.  

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Tata Group Takes Over Air India – Top Indian Market News

Tata Group takes over Air India after 69 years

The Tata Group has officially taken over Air India from the Indian government on Thursday. A consideration of Rs 2,700 crore has been received by the government as part of the divestment. “We are totally delighted to have Air India back at the Tata group,” said Tata Sons Chairman N Chandrasekaran. At present, Air India controls over 4,400 domestic and 1,800 international landing and parking slots at domestic airports.

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Canara Bank Q3 Results: Net profit jumps 115% YoY to Rs 1,502 crore

Canara Bank reported a 115.8% YoY jump in net profit to Rs 1,502 crore for the quarter ended December (Q3 FY22). Net profit increased 12.6% when compared to the previous quarter. Its net interest income (NII) rose 14.11% YoY (or 10.7% QoQ) to Rs 6,946 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 7.8% in Q3 FY22, compared to 8.42% in Q2 FY22. The bank’s provisions fell 46.7% YoY to Rs 2,244 crore in Q3 FY22.

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BEL signs $73 million contract with US-based Hyperion Global

Bharat Electronics Ltd (BEL) has entered into a contract with Hyperion Global Group LLC to develop, manufacture, and supply Internet of Things (IoT) devices for the US market. BEL will manufacture and supply IoT devices worth $73 million to Hyperion during the first year of commencement of supply. The contract pairs Hyperion’s need to provide advanced connectivity solutions with BEL’s world-class engineering and manufacturing capabilities.

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Route Mobile Q3 Results: Net profit rises 28% YoY to Rs 48 crore

Route Mobile Ltd reported a 28.3% YoY increase in consolidated net profit to Rs 48.27 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 44.2% YoY to Rs 567.49 crore during the same period. The company’s board has declared an interim dividend of Rs 3 per share.

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LTI partners with IIT Madras for innovation in 5G space

Larsen & Toubro Infotech (LTI) has partnered with the Indian Institute of Technology (IIT) Madras for collaborative research in the field of 5G. The companies aim to innovate in the emerging 5G space, enable 5G frameworks validation, and test various use cases. LTI and IIT Madras will promote research towards the development of a low-cost, low-frequency 5G network setup for better connectivity in rural India.

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PNB Q3 Results: Net profit jumps 123% YoY to Rs 1,126 crore

Punjab National Bank (PNB) reported a 123% YoY jump in net profit to Rs 1,126.78 crore for the quarter ended December (Q3 FY22). Net profit increased by 2% when compared to the previous quarter. Its net interest income (NII) fell 6.1% YoY to Rs 7,803.2 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 12.8% in Q3 FY22, compared to 13.6% in Q2 FY22.  

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Future Enterprises to sell 25% stake in general insurance JV to partner Generali

Future Enterprises Ltd (FEL) will sell its 25% equity in Future Generali India Insurance Company Ltd (FGIICL) to its joint venture (JV) partner Generali Participations Netherlands NV. The transaction is for a cash consideration of Rs 1,252.96 crore. This move is part of Future Group’s asset monetisation plans to reduce debts. Generali has also acquired an option to buy out FEL’s remaining interest in FGIICL.

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L&T partners with HydrogenPro for manufacturing hydrogen electrolysers in India

Larsen & Toubro Ltd has partnered with Norway-based HydrogenPro to access its electrolyser technology to enter the green hydrogen market. As part of the agreement, L&T and HydrogenPro will set up a joint venture company in India to manufacture gigawatt-scale alkaline water electrolysers. The planned joint venture is part of L&T’s strategy to expand its presence across the green energy value chain. 

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Laurus Labs Q3 Results: Net profit falls 44% YoY to Rs 154 crore

Laurus Labs Ltd reported a 44% YoY decline in net profit to Rs 154 crore for the quarter ended December (Q3 FY22). Its revenue from operations fell 20% YoY to Rs 1,029 crore during the same period. EBITDA stood at Rs 290 crore in Q3, down 17% YoY. The pharma company’s Q3 results were impacted by lower sales of active pharmaceutical ingredients (APIs) and formulations due to stocking at channel partners.

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M&M records 1 lakh bookings of XUV700, bills 14,000 units

Mahindra & Mahindra Ltd has clocked almost one lakh bookings of its latest sports utility vehicle XUV700 besides billing the first 14,000 units of the vehicle by January. In a statement, M&M said it is focusing on meeting its committed delivery timelines to customers despite dynamic supply chain issues.

In other news, Mahindra Electric Mobility has launched its new electric three-wheeler e-Alfa Cargo, priced at Rs 1.44 lakh. The launch marks the company’s entry into the rapidly growing e-cart segment.

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Coforge Q3 Results: Net profit rises 51% YoY to Rs 183 crore

Coforge Ltd reported a 51% YoY increase in net profit to Rs 183.7 crore for the quarter ended December (Q3 FY22). Net profit increased by 34.4% when compared to the previous quarter. The IT company’s revenue from operations rose 39% YoY (or 5.7% QoQ) to Rs 1,658 crore during the same period. EBITDA stood at Rs 246.7 crore, up 14.8% QoQ. Coforge Ltd’s board has declared an interim dividend of Rs 13 per share.

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RIL, TA’ZIZ Forms JV for $2 billion Chemical Projects – Top Indian Market News

Reliance, TA’ZIZ forms joint venture for $2 billion chemical projects in Abu Dhabi

Reliance Industries Ltd (RIL) has formed a strategic joint venture (JV) with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) for chemical projects worth $2 billion in Ruwais. The joint venture, named TA’ZIZ EDC & PVC, will construct and operate a chlor-alkali, ethylene dichloride (EDC), and polyvinyl chloride (PVC) production facility. The JV aims to export the materials to target markets in Southeast Asia and Africa and also sell them domestically.

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Nestle India gets approval for PLI scheme for processed fruits, vegetables

The Indian government has approved Nestle India’s proposal towards the Production Linked Incentive (PLI) scheme for processed fruits and vegetables. In June, the company had submitted its proposal for the Centre’s PLI scheme for the food processing sector under the eligible categories, i.e., ready to eat/ready to cook and processed fruits & vegetables. The Ministry of Food Processing Industries has approved 60 applications of investment proposals by packaged food companies. The list includes ITC, Hindustan Unilever, Britannia Industries, Tata Consumer Products, Amul, etc.

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Intellect Designs Arena secures order from SBI

Intellect Design Arena Ltd (IDAL) announced that the State Bank of India (SBI) has selected Intellect Wealth Qube – Digital Wealth Management suite for its digital wealth management transformation agenda. The wealth management business is SBI’s top priority. Its primary task is to offer the best products across categories from leading fund houses, giving their customers the flexibility to invest, transact and view their portfolio through digital channels.

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Dilip Buildcon secures order worth Rs 2,683 crore from Coal India subsidiary

Dilip Buildcon Ltd has emerged as the lowest (L-1) bidder in a tender floated by South Eastern Coalfields (SEC) for the new overburden (OB) removal contract mining work for Amadatrd OCP in Jamuna Kotma, Madhya Pradesh. The company is required to conduct an OB removal contract mining of 236.18 million bank cubic metres for a contract period of 1,795 days. The order is worth Rs 2,683.02 crore. SEC is a subsidiary of Coal India Ltd.

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ADF Foods’ subsidiary gets exclusive distribution rights of Patanjali products

ADF Foods UK, a wholly-owned subsidiary of AD Foods Ltd, has entered into an exclusive distribution agreement with Patanjali Ayurved. The agreement entails the distribution of Patanjali consumer goods in Western Europe and the United Kingdom. This development is in line with ADF Foods’ strategy to widen its product portfolio and offer a complimentary range to retailers, thus leading to better market penetration.

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SBI selects Aurionpro to provide solutions for Kanpur Metro Project

State Bank of India (SBI) has selected Aurionpro Solutions Ltd as the solution provider for the Kanpur Metro Project (KMP) to implement an Automatic Fare Collection (AFC) System. The scope of the project includes the implementation of the AFC System followed by maintenance and support for 10 years. The project is valued at ~Rs 140 crore.

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SpiceJet to deposit $5 million in 2 weeks or face liquidation: Madras HC

The Madras High Court (HC) has stayed its earlier order of winding up SpiceJet Ltd and appointment of an official liquidator to take over its assets, subject to the condition that the airline deposits $5 million (~Rs 37.70 crore) within two weeks. The airline had failed to make payment of over $24 million to a Swiss-based SR Technics for maintenance, repair, and overhauling of aircraft engines, modules, and components. 

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ICICI Bank offers instant overdraft facility to sellers registered on Flipkart

ICICI Bank has partnered with Flipkart to offer an instant and completely digital overdraft (OD) facility of up to Rs 25 lakh to individual sellers and businesses registered on the e-commerce platform. The bank leverages advanced data analytics to develop an industry-first scorecard that helps it evaluate the credit-worthiness of the sellers instantly. Sellers registered on Flipkart can apply for the digital OD facility instantly through Flipkart Seller Hub.

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Route Mobile launches instant payment solution

Route Mobile has announced the launch of Click2Pay, an instant payment solution designed to simplify communications commerce and deliver a seamless conversational experience. Click2Pay is a 360-degree communications commerce solution that will include all business communication channels, with a flexible option to integrate payment platforms of choice. The solution is live on the WhatsApp Business Platform.

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PNB to raise up to Rs 2,000 crore via AT1 bonds

Punjab National Bank (PNB) plans to raise up to Rs 2,000 crore via Additional Tier I (AT1) bonds. The base size of the offering is Rs 500 crore, with an option to retain oversubscription of Rs 1,500 crore (greenshoe option). There is increasing interest in the instruments of public sector banks as the NPA (bad loan) situation has become better, recoveries have improved and prospects of further stress look less.

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Vi Partners With L&T for Trials of 5G-based Smart City Solutions – Top Indian Market News

Vi partners with L&T for trials of 5G-based smart city solutions

Vodafone Idea (Vi) has partnered with engineering and construction conglomerate Larsen & Toubro (L&T) for a pilot project to test 5G-based smart city solutions. Both companies will test and validate 5G use cases based on Internet of Things (IoT) and Video Artificial Intelligence (AI) technologies by leveraging L&T’s Smart City Program (Fusion) to address the challenges of urbanization, safety, and security. The trial will be conducted in Pune, and city residents will be offered 5G-based smart solutions.

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UltraTech Cement Q2 Results: Net profit rises 0.3% YoY to Rs 1,314 crore

UltraTech Cement reported a 0.3% year-on-year (YoY) increase in consolidated net profit to Rs 1,314 crore for the quarter ended Sept (Q2 FY22). Net profit declined by 22.85% compared to the previous quarter. Its revenue from operations rose 14.4% YoY to Rs 11,743 crore during the same period. The company expects to resume coal mining operations at Bicharpur (Madhya Pradesh) in December to reduce dependence on external sources of coal.

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TCS partners with Japan-based Cainz to drive business transformation

Cainz Corporation has selected Tata Consulting Services (TCS) to boost its digital transformation, improve customer experience, and drive growth. Cainz Corp is a home improvement company based in Japan. Under this partnership, TCS will help Cainz by developing ‘Find in CAINZ’, a mobile application for customers and store associates for identifying the location and availability of products in a store. TCS will also set up a Global Development Centre for Cainz to help the company scale up its co-development initiatives.

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Hatsun Agro Product Q2 Results: Net profit rises 24.8% YoY to Rs 82 crore

Hatsun Agro Product Ltd reported a 24.79% YoY increase in net profit to Rs 82.09 crore for the quarter ended Sept (Q2 FY22). Net profit rose 40.75% compared to the previous quarter. Its revenue from operations rose 23.24% YoY to Rs 1,635.42 crore during the same period. Hatsun Agri Product is a private sector dairy company based in Chennai. It is engaged in the manufacturing and sale of milk, milk products, and ice cream.

Equitas SFB to raise Rs 1,000 crore via QIP

Equitas Small Finance Bank (SFB) has announced a proposal to raise Rs 1,000 crore through a qualified institutional placement (QIP). This will help the lender meet the 25% minimum public shareholding criterion stipulated by market regulator SEBI. Public shareholding in the company stood at 18.25% as of June 2021. The promoter, Equitas Holdings Ltd, holds the remaining stake.

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Paras Defence to incorporate a company in association with Krasny Defence Tech

The Board of Directors of Paras Defence and Space Technologies has approved a proposal to incorporate a company in association with Krasny Defence Technologies Pvt Ltd. The associate company will be engaged in the field of maintenance, servicing, and repairs of defence equipment & naval vessels. The incorporation of the entity is subject to the approval of the Ministry of Corporate Affairs (MCA) and other statutory authorities.

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L&T Infotech Q2 Results: Net profit rises 21% YoY to Rs 551 crore

L&T Infotech Ltd reported a 21.05% YoY increase in consolidated net profit to Rs 551.5 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 11.12% when compared to the previous quarter. Its revenue from operations rose 8.8% YoY to Rs 3,767 crore during the same period. The growth in margins in Q2 was subdued due to strong hiring.

Granules India receives USFDA approval for Dofetilide capsules

Granules India has received approval from the US Food & Drug Administration (USFDA) for Dofetilide capsules. The drug is indicated for the maintenance of normal sinus rhythm (delay in time to recurrence of atrial fibrillation) in patients with atrial fibrillation of greater than one week duration. Atrial fibrillation is an irregular, often rapid heart rate that causes poor blood flow. The product will be manufactured at the pharma company’s GPI facility located in Virginia, USA, and will be launched shortly.

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Tata Coffee Q2 Results: Net profit rises 46.72% YoY to Rs 34 crore

Tata Coffee Ltd reported a 46.72% YoY increase in net profit to Rs 34.04 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 18.85% compared to the previous quarter. Its revenue from operations rose 0.94% YoY (or 2.98% QoQ) to Rs 548.52 crore during the same period. The company’s Plantations vertical posted an 18% YoY decline in total revenues to Rs 79 crore in Q2. The value-added products vertical registered a revenue growth of 6.2% YoY to Rs 479 crore.

Route Mobile Q2 Results: Net profit rises 28% YoY to Rs 42 crore

Route Mobile reported a 28.3% YoY increase in consolidated net profit to Rs 42.17 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 24.69% compared to the previous quarter. Its total income rose 23.6% YoY (or 14.7% QoQ) to Rs 438.11 crore during the same period. Route Mobile has received shareholders’ approval to raise Rs 2,000 crore through the sale of securities.

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NCLT gives approval to creditors, shareholders of Reliance Retail to hold meetings for proposed Future Group deal

The National Company Law Tribunal (NCLT) has allowed the creditors and shareholders of Reliance Retail Ventures Ltd (RRVL) to hold meetings to seek approval for the company’s proposed Rs 24,700 crore deal with the Future Group. On October 1, 2021, RRVL extended the long-stop date for the completion of its deal with Kishore Biyani-led Future Group by another six months to March 2022. This was due to the delays ensuing from the ongoing legal battle with the US-based Amazon.com, Inc.

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States Suffer Power Outages as Coal Stocks Shrink – Top Indian Market News

Indian states suffer power cuts and outages as coal stocks shrink

North Indian states have suffered electricity cuts and face further outages due to a lack of coal. The shortages in India follow widespread outages in neighboring China, which has shut factories and schools to manage the crisis. Over half of India’s 135 coal-fired power plants have fuel stocks of less than three days. These plants supply around 70% of India’s electricity. A blackout warning has been declared in Delhi as there is a severe shortage of coal stock in the thermal power station from where the city gets electricity.

On Friday, the Ministry of Power issued guidelines for operationalising optimum utilisation of generating stations as per the requirement in the electricity grid. 

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Route Mobile to acquire Latin American firm Masiv for $47.5 million

Route Mobile Ltd has acquired Latin American firm Masivian S.A.S (Masiv) for $47.5 million (~Rs 356.8 crore). Masiv is a cloud communication platform service provider that primarily caters to enterprises in Columbia and Peru. It offers multichannel notification services through SMS, OTT business messaging, email, and voice. The acquisition is expected to be completed within the next 60 days.

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Vakrangee Q2 Results: Net profit jumps 101% YoY to Rs 26.7 crore

Vakrangee Ltd reported a 101% year-on-year (YoY) jump in consolidated net profit to Rs 26.74 crore for the quarter ended September (Q2 FY22). Net profit has increased by 33.6% when compared to the previous quarter. Its revenue from operations rose 195% YoY (or 34% QoQ) to Rs 207.19 crore during the same period. Vakrangee provides banking, ATM, insurance, financial services, e-governance, e-commerce, and logistics services in India. 

Inox Leisure opens four-screen multiplex in Guwahati

Multiplex operator Inox Leisure Ltd has launched a four-screen multiplex at Guwahati. The all-new Inox Insignia will offer an ultra-premium multiplex experience with four exclusive auditoriums and a total of 183 recliner seats. With this launch, Inox is now present in 70 cities with 156 multiplexes, 658 screens, and a total seating capacity of 1.48 lakh across India.

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Solar Industries India secures order worth Rs 1,471 crore from Coal India

Solar Industries India Ltd (SIIL) has received an order from Coal India Ltd for the supply of bulk explosives over a period of two years. The total order value is Rs 1,471 crore. SIIL manufactures and supplies industrial explosives and explosive initiating devices in India and internationally. The company also provides defense products, including military explosives, bombs, and warheads. 

IRB Sindhudurg Airport starts commercial operations

IRB Sindhudurg Airport Pvt. Ltd (IRB-SAPL) has started commercial operations of the Greenfield Airport Project at Chipi, Maharashtra. IRB-SAPL is a special purpose vehicle (SPV) of IRB Infrastructure Developers Ltd that was entrusted to develop and operate the airport project. IRB Infrastructure, through the SPV, developed the project at an estimated capital outlay of Rs 800 crore.

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Bandhan Bank’s collection efficiency improves to 90% in Q2

Bandhan Bank’s collection efficiency rate improved to 90% for the quarter ended September (Q2 FY22), compared to 80% efficiency in Q1. The bank’s loans & advances rose 7% YoY to Rs 81,668 crore in the July-Sept quarter. Its total deposits rose 24% YoY to Rs 81,898 crore during the same period. Retail deposits rose 35% YoY to Rs 68,787 crore as of September 30, 2021. 

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Gland Pharma gets tentative approval for Sugammadex injection

Gland Pharma has received tentative approval from the US Food & Drug Administration (USFDA) for generic Sugammadex injection. The drug is used for reversing the effects of the muscle relaxants rocuronium bromide and vecuronium bromide given to patients during surgery. According to IQVIA data, Sugammadex injection had US sales of ~$615 million (~Rs 4,620 crore) for 12 months ended April 2021.

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Mukesh Ambani joins Bezos, Musk in world’s exclusive $100 billion club

Mukesh Ambani has joined Jeff Bezos and Elon Musk in the world’s most exclusive wealth club with a fortune of at least $100 billion. The chairman of Reliance Industries Ltd (RIL) entered the elite group of 11 men as his company’s stock surged to a record high on Friday. According to the Bloomberg Billionaires Index, Mukesh Ambani is now worth $100.6 billion. His wealth has increased by $23.8 billion this year.

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Manufacturing PMI Contracts for First Time in 11 Months – Top Indian Market News

Manufacturing PMI contracts for the first time in 11 months in June

Manufacturing activity in India contracted for the first time since July 2020 amidst disruptions caused due to the second wave of the Covid-19 pandemic. A decline in orders, business closures, and the Covid-19 crisis triggered a sharp fall in output among Indian manufacturers in June 2021. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 48.1 in June, compared with 50.8 in May. PMI is a month-on-month calculation, and a value of below 50 represents a contraction when compared to the previous month.

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Dr Reddy’s denied approval for Phase 3 trial of Sputnik Light in India

The Subject Expert Committee (SEC) of the Central Drugs Standard Control Organisation (CDSCO) has denied permission to Dr Reddy’s Laboratories to conduct the Phase-3 trials for the Sputnik Light Covid-19 vaccine in India. Reports suggest that the immunogenicity data related to Sputnik Light were not so great, and the SEC did not find any scientific rationale for conducting further trials. Sputnik Light was developed by the Russian Ministry of Health and Gamaleya Research Institute. The vaccine is yet to be approved in India.

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Auto sales data for June 2021: Highlights

India’s largest car manufacturer, Maruti Suzuki India Ltd, posted a 217% month-on-month (MoM) jump in total sales to 1.47 lakh units in June. It had sold only 46,555 units in May. The company’s mini & compact vehicles segment and utility vehicle segment registered a strong rebound in sales growth.

Tata Motors Ltd registered a 78% MoM increase in domestic sales to 43,704 units in June 2021. The automaker’s passenger vehicle division posted a 59% MoM rise in sales to 24,110 units.

Mahindra & Mahindra’s passenger vehicles division posted total sales of 32,964 units in June, an increase of 89% over May. M&M’s farm equipment segment posted a two-fold jump in sales to 48,222 units.

Two-wheeler manufacturer Bajaj Auto posted a 27.3% MoM increase in total sales to 3.46 lakh units. However, the company’s two-wheeler exports declined by 14% MoM to 1.54 lakh units.

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TCS expands partnership with Royal London to transform pensions platform

Tata Consultancy Services (TCS) has expanded its strategic partnership with Royal London to help them transform their pensions platform estate and deliver market-leading services to members and customers. Royal London is the largest mutual life insurance, pensions, and investment company in the UK. As part of the expanded partnership, TCS will work with Royal London to support its ambitious plans to transform into a data-driven insurer and help them drive deeper customer relationships.

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SEBI bars Biocon official from securities market for 3 months in insider trading case

Market regulator SEBI has restrained an official of Biocon Ltd from accessing the securities market for three months for violation of insider trading norms. In 2017, Biocon had announced information relating to its collaboration with Sandoz, and the period of Unpublished Price Sensitive Information (UPSI) was from December 20, 2017, to January 18, 2018. Shreehas P Tambe, Senior Vice President of Biocon, traded in the shares of the company between December 19-27 in 2017, in violation of market norms. He is facing a total fine of Rs 2 lakh, which has to be paid within 45 days.

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L&T Construction secures ‘significant’ orders for various businesses

Larsen & Toubro (L&T) announced that its construction arm has secured significant orders (in the range of Rs 1,000-2,500 crore) across various segments. Its water and effluent treatment business has won an order from the Uttar Pradesh State Water & Sanitation Mission (SWSM) to implement rural water supply projects under the Jal Jeevan Mission. Meanwhile, the buildings and factories business has received an order from a reputed developer to construct residential towers in Mulund (Mumbai). 

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Alembic Pharma gets USFDA approval for generic Nitrofurantoin capsules

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for generic Nitrofurantoin capsules. The drug is indicated for the treatment of urinary tract infections. According to IQVIA data, the capsules had total sales of $23 million (~Rs 171 crore) for the 12 months ended March 2021. The pharma company has received a total of 146 abbreviated new drug applications (ANDA) approvals from the USFDA.

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Route Mobile signs pact with Sarv Web to acquire email communications platform 

Route Mobile Ltd has signed definitive agreements to acquire an artificial intelligence (AI) driven email communication platform, Sendclean, from Jaipur-based Sarv Web Private Ltd. The company has acquired the core intellectual property (IP) for Sarv’s business email technology platform, the team of professionals that built the platform, and customer contracts. This acquisition will help Route Mobile deliver unified and unparalleled cloud-based digital communication solutions to global enterprise clients.

IPO-bound Zomato seeks CCI approval to acquire 9.3% stake in Grofers

Food delivery platform Zomato has sought approval from the Competition Commission of India (CCI) to acquire a 9.3% stake in e-grocery major Grofers. According to documents filed with CCI, Zomato has mentioned that the acquisition will not lead to any impact on the competitive landscape. This acquisition will help Zomato enter the emerging market of online grocery deliveries in India. In May, Economic Times had reported that Zomato and Tiger Global had invested $120 million (~Rs 890 crore) in Grofers. 

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Affle (India) completes acquisition of Jampp

Affle (India) Ltd has completed the acquisition of Jampp, a global programmatic mobile marketing company. This acquisition will strengthen Affle’s Cost Per Converted User (CPCU) business model and enable it to expand into fast-growing markets such as the United States and Latin America. The total cost of the acquisition was $41.3 million (~Rs 307 crore). Affle (India) provides mobile advertising services through information technology and software development services.

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Info Edge Reports 157% YoY Jump in Net Profit in Q4 – Top Indian Market News

Info Edge Q4 Results: Net profit jumps 157% YoY to Rs 306 crore

Info Edge (India) Ltd reported a 157.11% YoY increase in consolidated net profit to Rs 306.22 crore for the quarter ended March (Q4). Net profit has declined by 54.9% when compared to the previous quarter. Its revenue from operations rose 9.48% YoY to Rs 296.53 crore during the same period. The total billings growth in Naukri India and 99acres rose 26% YoY and 41.5% YoY, respectively in Q4. Net profit for the financial year ended March 31, 2021 (FY21) jumped 692.16% YoY to Rs 1,407.08 crore.

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Kiri Industries’ 37.57% stake in DyStar valued at $481.60 million

The Singapore International Commercial Court (SICC) has confirmed that the final value of Kiri Industries Ltd’s 37.57% stake in DyStar Global Holdings stands at $481.60 million (~Rs 3,570 crore). Kiri Industries had filed a minority oppression suit against Senda International Capital regarding its minority stake held in DyStar. Following the suit, SICC had directed Senda to buy out Kiri’s minority stake held in DyStar. [Ahmedabad-based Kiri Industries is a leading manufacturer and exporter of dyes and chemicals.]

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Bharti Airtel, TCS announce partnership to build 5G networks in India

Bharti Airtel Ltd has announced a strategic partnership with Tata Consultancy Services (TCS) for implementing 5G network solutions for India. The Tata Group has developed a state-of-the-art O-RAN-based Radio & Non-Standalone (NSA)/Standalone (SA) Core and has integrated an indigenous telecom stack. Bharti Airtel will pilot and deploy this indigenous solution during its 5G rollout. The pilot will begin in January 2022 as per guidelines formulated by the Government of India (GoI).

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Oil India Q4 Results: Net profit declines 8% YoY to Rs 848 crore

Oil India Limited (OIL) reported an 8% YoY decline in net profit to Rs 847.56 crore for the quarter ended March (Q4). Its revenue from operations rose 9% YoY to Rs 3,909.61 crore during the same period. The company received $59.80 for every barrel of crude oil in Q4 FY21, compared to $5.18 per barrel in Q4 FY20. Crude oil production for the financial year 2020-21 declined by 5.42% YoY to 2.964 million tonnes (MT). Oil India’s board has recommended a final dividend of Rs 1.5 per share.

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Maruti Suzuki to hike car prices in Q2 amid rise in input costs

Maruti Suzuki India said it plans to hike the prices of its cars in the July-September (Q2 FY21) quarter due to an increase in input costs. The price hike will vary across different models. The model-wise updated price list will be disclosed soon. In April, the automaker had announced a weighted average price increase of 1.6% in ex-showroom prices (Delhi) across models.

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Route Mobile announces technology partnership with Truecaller

Route Mobile Limited has announced a technology partnership with caller ID platform Truecaller. As part of the partnership, Route Mobile will provide enhanced business identification services to enterprises for building a trustworthy business communication ecosystem. With Truecaller Verified Business Caller ID and configuration capabilities, Route Mobile will empower enterprises to increase their customer outreach and improve response rates. 

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HBL Power Q4 Results: Net profit rises 36% YoY to Rs 9.6 crore

HBL Power Systems Ltd reported a 36.44% YoY increase in consolidated net profit to Rs 9.66 crore for the quarter ended March (Q4). Net profit has increased by 15.97% when compared to the previous quarter. Its total income rose 12% YoY (or 28.12% QoQ) to Rs 302.11 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 47.75% YoY to Rs 12.31 crore. The company’s board has approved a dividend of Rs 0.35 per share. HBL Power Systems is a leading battery and power systems company based in Hyderabad.

JSW Cement forays into ready mix concrete business

JSW Cement Ltd has announced its entry into the ready mix concrete (RMC) business under the brand name ‘JSW Concrete’. The company has set up its first commercial RMC unit in Chembur, Mumbai. This facility has a capacity of 2×60 cubic meters per hour, and will service the concrete requirements of construction projects in Central & South Mumbai. This is part of JSW Cement’s strategy to offer the entire range of building material products to its customers. The firm has plans to expand the RMC business to other locations.

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Cadila and Bayer to extend JV partnership for three years

Cadila Healthcare and Bayer (South East Asia) have decided to extend the operations of their joint venture (JV) by three years, with effect from June 2021. The companies had entered into an agreement in January 2011 to set up a JV, Bayer Zydus Pharma, for the sales and marketing of pharma products in India. Bayer Zydus Pharma will continue to operate in core therapies, including cardiovascular diseases, diabetes, women’s health, etc.

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Dish TV to raise up to Rs 1,000 crore via rights issue

The Board of Directors of Dish TV India has approved a proposal of raising up to Rs 1,000 crore through a rights issue in one or more tranches (rounds). The company will issue fully paid-up equity shares at Rs 10 per share (including a premium of Rs 9 per share) to eligible shareholders. The DTH service provider’s fundraising plan is subject to regulatory approvals.

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CCI approves Heineken’s additional equity stake acquisition in UBL

The Competition Commission of India (CCI) has approved Heineken International B.V’s proposed acquisition of an additional equity stake in United Breweries Ltd (UBL). The CCI added that the acquisition is subject to the outcome of certain court proceedings. Heineken International BV is an investment holding company. It is a direct and indirect shareholder for all non-Dutch companies that form part of the Heineken Group.

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Bharat Dynamics Q4 Results: Net profit falls 15.9% YoY to Rs 260 crore

Bharat Dynamics Ltd (BDL) reported a 15.9% YoY decline in standalone net profit to Rs 260.36 crore for the quarter ended March (Q4). Its revenue from operations fell 21.9% YoY to Rs 1,106.10 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 51.8% YoY to Rs 257.76 crore. The company’s board has approved a dividend of Rs 0.65 per share. BDL is a leading manufacturer of ammunition and missile systems.

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World Bank Slashes India’s Growth Forecast to 8.3% for FY22 – Top Indian Market News

World Bank slashes India’s growth forecast to 8.3% for FY22

The World Bank has lowered its growth forecast for India from 10.1% to 8.3% for the current financial year (FY22). It stated that recovery in India is being hampered by the largest outbreak of Covid-19 cases that any country has seen since the beginning of the pandemic. “Economic activity in FY22 will benefit from policy support, including higher spending on infrastructure, rural development, health, and a stronger-than-expected recovery in services and manufacturing,” the World Bank said in its latest Global Economic Prospects report.

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Max Financial Q4 Results: Net profit at Rs 62.34 crore

Max Financial Services Ltd reported a consolidated net profit of Rs 62.34 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 36.09 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations jumped 128.88% YoY to Rs 9,759.75 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit increased by 179.6% YoY to Rs 405.39 crore. 

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Route Mobile to expand its global presence in Southeast Asia

Route Mobile Ltd announced the opening of a step-down subsidiary PT Route Mobile in Indonesia, as it seeks to expand its global presence in Southeast Asia. The company has appointed Elsiyah Susanto as Country Manager- Indonesia. The new office in Indonesia marks the company’s commitment to strengthen its presence in the region and assure better reachability to enterprises and brands. Route Mobile is a leading cloud communications platform as a service (CPaaS) provider based in Mumbai.

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Minda Corporation forms JV with South Korean firm for automotive antenna systems

Minda Corporation Ltd has announced a joint venture (JV) with South Korea-based INFAC Elecs Co. Ltd to bring its range of automotive antenna solutions to India. The partnership aims to capitalise on the opportunities for growth in automotive safety, connected and autonomous technologies. The JV will provide multiple products such as rod antenna, micro pole antenna, shark fin antenna, and low frequency (LF) antennas. It will manufacture the antennas locally from the newly established state-of-the-art manufacturing unit in Pune.

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MOIL secures patent from the government

MOIL Limited has secured a patent for an invention entitled ‘a composition useful as an alternative filling material for hydraulic stowing in an underground mine and the methods thereof’. The Indian government has granted the patent for 20 years, starting from March 31, 2018. This is the company’s first patent since its inception in 1962. State-owned MOIL is a manganese ore mining company based in Nagpur.

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Suven Pharma Q4 Results: Net profit rises 12% YoY to Rs 83 crore

Suven Pharmaceuticals Ltd reported a 12.05% YoY increase in consolidated net profit to Rs 83.12 crore for the quarter ended March (Q4). Net profit has declined by 26.85% when compared to the previous quarter. Its revenue from operations rose 40.27% YoY to Rs 259.16 crore during the same period. Net profit for the financial year 2020-21 increased by 14.30% YoY to Rs 362.34 crore. The pharma company’s board has recommended a final dividend of Re 1 per share.

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NCLT approves Videocon sale to Vedanta group firm Twinstar Technologies

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved Twinstar Technologies’ resolution plan for Videocon Industries Ltd. Twinstar is part of Anil Agarwal’s Vedanta Group. It had offered to pay Rs 2,962 crore to the lenders of Videocon, which is burdened with a massive debt of Rs 46,000 crore. In 2019, NCLT had allowed for the consolidation of insolvency proceedings against 13 entities of the Videocon Group.

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Inox Leisure to raise Rs 300 crore via QIP

The Board of Directors of Inox Leisure Ltd has approved the launch of a qualified institutional placement (QIP) to raise Rs 300 crore. The floor price of the QIP has been fixed at Rs 315.25 per share. This is a 5% discount to the current share price. The multiplex operator plans to utilize the net proceeds from the share sale to meet capital expenditure requirements for ongoing and future projects. The funds will also be used for business expansion and to repay existing/future debts.

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Indian Hotels Company signs pact with BACL for 775-room hotel at Bengaluru airport

Indian Hotels Company Ltd (IHCL) has entered into an agreement with Bengaluru Airport City Ltd (BACL) for a 775-room hotel at Kempegowda International Airport. It will be a combination of a 450-room ‘Vivanta’ hotel and a 325-room ‘Ginger’ hotel. The upcoming hotel complex, along with Taj Bangalore, will offer a combined inventory of 1,150 rooms. With this addition, IHCL will have 12 hotels in Bengaluru.

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CCI approves acquisition of three electricity supply companies of Odisha by Tata Power

The Competition Commission of India (CCI) has approved the acquisition of 51% of equity share capital in each of the three electricity supply companies of Odisha by Tata Power Company Ltd. This includes Western Electricity Supply Company of Odisha (WESCO), Southern Electricity Supply Company of Odisha (SOUTHCO), and Central Electricity Supply Company of Odisha Limited (CESCO). The 51% share capital of each utility company will be acquired by Tata Power from Grid Corporation of Odisha Ltd (GRIDCO).

Welspun Corp secures multiple orders worth Rs 1,725 crore

Welspun Corp has received multiple orders of approximately 164 kilometric tonnes (KMT), valuing close to Rs 1,725 crore. The orders include reinstatement of an offshore sour pipes supply contract in Australia for the Barossa Offshore Development Project. With these new orders, the company’s total order book stands at 525 KMT, valued at approximately Rs 4,800 crore.

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PVR Reports Net Loss of Rs 289 crore in Q4 – Top Indian Market News

PVR Q4 Results: Net loss at Rs 289 crore

PVR Limited reported a consolidated net loss of Rs 289.12 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 74.49 crore in the corresponding quarter last year (Q4 FY20). The multiplex operator’s total income declined by 60.2% YoY (or 17.76% QoQ) to Rs 263.26 crore in Q4 FY21. PVR has posted a net loss of Rs 747.79 crore for the financial year ended March 31, 2021 (FY21). This is compared to a net profit of Rs 27.30 crore in FY20. With the resurgence of Covid-19 cases since April 2021, PVR has been taking all necessary measures to manage costs and preserve liquidity. 

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Adani Green’s subsidiary commissions 150-MW wind power project in Gujarat

Adani Wind Energy Kutchh Three has commissioned a 150 megawatt (MW) wind power project in Kutchh, Gujarat. The company is a subsidiary of Adani Green Energy Ltd (AGEL). The project has a Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) at 2.82 per kilowatt-hour for 25 years. With the successful commission of this project, AGEL’s total operational renewable capacity has increased to 5,070 MW. This is the company’s 6th project to be commissioned ahead of schedule over the past 12 months.

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Motherson Sumi Q4 Results: Net profit jumps 289% YoY to Rs 714 crore

Motherson Sumi Systems Ltd reported a 289% YoY jump in consolidated net profit to Rs 713.6 crore for the quarter ended March (Q4). Net profit has declined by 10.62% when compared to the previous quarter. Its revenue from operations rose 17.6% YoY to Rs 16,971.9 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 11% YoY to Rs 1,039.13 crore. The company’s board has recommended a final dividend of Rs 1.5 per share.

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Phoenix Mills, GIC to set up investment platform in India

Phoenix Mills Ltd (PML) and Singapore’s sovereign wealth fund GIC have entered into a strategic partnership to establish a $733 million (~Rs 5,300 crore) investment platform for retail-led mixed-use assets in India. GIC will acquire a minority stake (26.4%) in the portfolio of PML’s projects that are under development in Mumbai and Pune. The assets comprise 3.4 million sq. ft. of leasable retail and office space.

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Muthoot Finance Q4 Results: Net profit rises 22% YoY to Rs 995 crore

Muthoot Finance reported a 22.14% YoY increase in standalone net profit to Rs 995.66 crore for the quarter ended March (Q4). Its net interest income (NII) rose 15.7% YoY to Rs 1,829.5 crore during the same period. The company’s loan assets grew 26% YoY to Rs 52,622.3 crore as of March 31, 2021. Its total assets under management (AUM) rose 26% YoY to Rs 52,622 crore in FY21. Net profit for the financial year 2020-21 (FY21) increased by 23.32% YoY to Rs 3,722.18 crore. Muthoot Finance’s board has declared a dividend of Rs 20 per share.

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Tata Power Solar secures order worth Rs 686 crore from NTPC

Tata Power Solar, a wholly-owned subsidiary of Tata Power Ltd, has received a Letter of Award (LoA) from state-owned NTPC Ltd to build 210 megawatt peak (MWp) of solar PV projects. The scope of work includes transmission, engineering, procurement, installation, and commissioning of solar projects at an NTPC project site in Gujarat. The total order value of the projects is Rs 686 crore. The commission deadline has been set as November 2022.

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Route Mobile to develop A2P messaging platform for EITC-du

Route Mobile has announced a partnership with Emirates Integrated Telecommunications Company (EITC)- du, by offering a turnkey solution using its Smart Messaging Hub. This platform will enable du to launch a scalable revenue-generating messaging platform for the application-to-person (A2P) wholesale transit business. Route Mobile will oversee the infrastructure, technology, gateway connectivity, and day-to-day operations of the platform for du as a managed service.

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Wipro partners with Finastra to help digitalise banks in the Asia-Pacific

Wipro Limited and UK-based software vendor Finastra have announced a partnership to aid digital transformation of corporate banks in the Asia-Pacific region. The companies will create a unique offering that combines Wipro’s services catalogue with Finastra’s front-to-back finance and cash management solutions. The partnership will help banks transition quickly and enable them to meet client needs in a faster and more agile manner. 

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USFDA accepts Lupin’s application for Pegfilgrastim biosimilar

Lupin Limited announced that the US Food & Drug Administration (USFDA) has accepted the Biologics License Application (BLA) for its proposed biosimilar to Neulasta (Pegfilgrastim). According to IQVIA data, Pegfilgrastim had an estimated annual sales of $3.66 billion (~Rs 26,710 crore) in the US for the 12 months ended December 2020. Pegfilgrastim is used to prevent neutropenia or the lack of certain white blood cells in patients receiving chemotherapy.

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MTAR Technologies Q4 Results: Net profit jumps 103% YoY to Rs 18 crore

MTAR Technologies reported a 103.04% YoY increase in consolidated net profit to Rs 18.01 crore for the quarter ended March (Q4). Net profit has jumped 103.39% when compared to the previous quarter. Its revenue from operations rose 12.27% YoY to Rs 69.16 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 47.09% YoY to Rs 46.07 crore. The company’s board has recommended a dividend of Rs 3 per share.

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Rossari Biotech to acquire Unitop Chemicals for Rs 421 crore

Rossari Biotech Ltd has announced plans to acquire a 100% stake in Mumbai-based Unitop Chemicals Pvt Ltd for Rs 421 crore. Unitop Chemicals is a supplier of surfactants, emulsifiers, and specialty chemicals. It has three manufacturing sites in India with a total capacity of 86,000 metric tonnes per annum (MTPA). Rossari Biotech stated that 65% of the equity share capital of Unitop will be acquired upon the closure of the transaction. The remaining 35% will be acquired over the next two years. 

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