Tag: samvardhana motherson

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RBI Imposes Rs 2.5Cr Fine on L&T Finance – Top Indian Market Updates

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

RBI imposes ₹2.5 crore fine on L&T Finance

The Reserve Bank of India (RBI) has imposed a penalty of ₹2.5 crore on L&T Finance Ltd for non-compliance with certain norms concerning non-banking financial companies (NBFCs). The RBI reported that the NBFC did not disclose info about the gradation of risk and rationale for charging different interest rates to different categories of borrowers in its loan application forms.

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JSW Steel Q2 results: Net profit at ₹2,760 crore

JSW Steel Ltd posted a net profit of ₹2,760 crore for the quarter ended September (Q2 FY24); beating street estimates. The steel company posted a net loss of ₹848 crore in Q2 last year. Its consolidated revenue from operations rose 7% YoY to ₹44,584 crore in Q2 FY24. EBITDA stood at ₹7,886 crore, up 350.11% YoY.

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Adani Group refinances $3.5 billion debt taken for ACC-Ambuja buy

The Adani Group is to sign a definitive agreement to refinance $3.5 billion of loans taken for last year’s acquisition of ACC Ltd and Ambuja Cement. At least 18 global banks have agreed to join the consortium led by Barclays, Deutsche Bank, and Standard Chartered. The Adani family will prepay around $300 million. This will also be the largest refinancing exercise across the Asia Pacific this financial year.

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Paytm Q2 Results: Net loss narrows to ₹290 crore

One97 Communications Ltd (Paytm) reported a net loss of ₹290 crore for the quarter ended September 2023 (Q2 FY24). Net loss stood at ₹357 crore in the same period a year ago. Its revenue from operations rose 32% YoY to ₹2,519 crore in Q2 FY24. EBITDA stood at ₹153 crore, up 82% YoY. 

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Godrej Properties’ subsidiary gets ₹260Cr GST demand order

Godrej Properties’ subsidiary, Godrej Landmark Redevelopers, received an order from tax authorities over an alleged non-payment of Goods & Services Tax (GST). The notice is concerning one of the projects developed by the company. The Additional Commissioner, CGST, Navi Mumbai, has issued the order with a GST demand of ₹129.39 crore along with interest and a penalty of ₹129.39 crore.

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Hindustan Zinc Q2 Results: Net profit falls 35% YoY to ₹1,729 crore

Hindustan Zinc Ltd reported a 35% YoY decline in consolidated net profit to ₹1,729 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations fell 16% YoY to ₹6,619 crore during the same period. EBITDA stood at ₹3,139 crore, down 24% YoY.

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Titagarh Rail Systems secures ₹350Cr contract from Gujarat Metro

Titagarh Rail Systems Ltd (TRSL) secured a ₹350 crore contract from Gujarat Metro Rail Corporation (GMRC). TRSL will design and manufacture 30 standard gauge cars for the Ahmedabad Metro Rail Phase-II Project. The prototype has to be delivered within 70 weeks from the Letter of Acceptance (LOA) and delivery completion will be 94 weeks from the LOA. These metro cars will be manufactured at the company’s facility in Uttarpara, West Bengal.

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Kotak Bank gets RBI approval for acquisition of Sonata Finance

Kotak Mahindra Bank has received approval from the Reserve Bank of India (RBI) for its ₹537 crore acquisition of microlender Sonata Finance. The approval is for acquiring 100% of the issued and paid-up capital in Sonata. RBI has allowed Kotak to make Sonata as its business correspondent subsidiary, and the entity will now be a wholly-owned subsidiary of Kotak Mahindra Bank. 

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Samvardhana Motherson announces three acquisitions

Samvardhana Motherson International Ltd (SAMIL) has made three acquisitions valued at over ₹380 crore in the aerospace, health and medical sectors to strengthen its non-automotive businesses. The aerospace division of the company is building its capabilities in a phased and strategic manner, enabling it to offer a much wider range of services to aerospace original equipment manufacturers (OEMs).

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ONGC to acquire PTC India’s power generation subsidiary

PTC India’s board has approved a bid submitted by ONGC Ltd for the acquisition of a 100% stake in its wholly-owned subsidiary, PTC Energy Ltd (PEL), for ₹925 crore. PEL has a renewable energy portfolio of 288.8 MW, consisting of 50 MW wind power projects in Madhya Pradesh, 50 MW wind power projects in Karnataka and 188.8 MW wind power projects in Andhra Pradesh. PEL recorded revenue from operations of ₹296.77 crore during FY23.

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L&T Wins Multibillion-Dollar Order From Saudi Aramco – Top Indian Market Updates

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

L&T wins multi-billion-dollar order from Saudi Aramco

Larsen & Toubro (L&T) has secured a multi-billion dollar worth contract from Saudi Aramco. The combined value of the order win is estimated at $3.9 billion. According to MEED (formerly Middle East Economic Digest), L&T is one of the three contractors to win different packages for Saudi Aramco’s $10 billion worth expansion at its Jafurah unconventional gas production project in Saudi Arabia. L&T is the selected contractor for package one worth $ 2.9 billion and package three worth $1 billion of the project.

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PM Modi to lay foundation stone for expansion project of BPCL refinery

Prime Minister Narendra Modi will lay the foundation stone for the expansion of the BPCL’s Bina Refinery. The expansion is at an estimated cost of ₹50,000 crore in the Sagar district of Madhya Pradesh on September 14. The refinery’s capacity (crude distillation/vacuum distillation unit) is 7.7 million metric tonnes per annum and the expansion aims to take this figure to 11 MMTPA.

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ONGC to infuse Rs 15,000 cr in OPaL

Oil & Natural Gas Corporation (ONGC) will infuse about ₹15,000 crore in OPaL as part of a financial restructuring exercise. This will result in GAIL (India) Ltd being edged out of the petrochemical firm. ONGC currently holds a 49.36% stake in ONGC Petro-additions Ltd (OPaL). OPaL operates a mega petrochemical plant at Dahej in Gujarat. GAIL (India) Ltd has 49.21% interest and Gujarat State Petrochemical Corp (GSPC) has the remaining 1.43%.

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Hitachi Energy bags order from Ayana Renewable Power

Hitachi Energy India has secured a contract from Ayana Renewable Power to provide a grid connection solution for their upcoming 300-megawatt (MW) solar photovoltaic power plant in Bikaner, Rajasthan. The company will provide an engineering, procurement and construction management package that collects all the power generated by the plant and transfers it into the national transmission system. The project is scheduled to be commissioned in March 2024.

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Birla Corp aims to double Mukutban cement plant output

Birla Corporation aims to double the production rate at its Mukutban cement plant in Maharashtra. The move will improve its profitability by as much as a third by the end of the year. The Mukutban cement plant produced 1,00,000 tonnes per month last year. The company plans to produce 2,00,000 tonnes per month this year. The plant has the capacity to produce 3.9 million tonnes per year and is currently operating at about 45-50% of its capacity.

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Vedanta plans to meet investors as it faces $2 billion debt bill

Representatives of Vedanta Resources Ltd are travelling to Singapore and Hong Kong to meet bondholders, as the junk-rated Indian miner faces repayment of about $2 billion of notes next year. JPMorgan Chase & Co. and Standard Chartered Plc are organising the non-deal roadshow . Several of the group’s bonds are trading below 75 cents on the dollar, at levels considered indicative of distress.

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Nazara Tech raises Rs 410 crore from SBI Mutual Fund

Nazara Technologies is raising ₹410 crore from SBI Mutual Fund. This comes just days after a ₹100 crore infusion by Zerodha cofounder Nikhil Kamath. The company’s board approved the issue of 5.7 million equity shares at ₹714 per share to SBI Mutual Fund. The funds will be invested via three schemes of SBI Mutual Fund — SBI Multicap Fund, SBI Magnum Global Fund, and SBI Technology Opportunities Fund.

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Samvardhana Motherson expands operations in UAE

Samvardhana Motherson International Ltd (SAMIL) has expanded its operations in UAE with a new unit in Ras Al Khaimah (RAK). RAK is one of the seven emirates that make up the UAE. UAE Supreme Council Member Sheikh Saud bin Saqr Al Qasimi inaugurated the company’s wiring harness facility in RAK. The facility is located in the Ras Al Khaimah Economic Zone (RAKEZ).  

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Crompton Greaves bags order from Haryana govt for solar pumps

Crompton Greaves Consumer Electricals Ltd has secured a ₹25.44 crore order under the PM Kusum Scheme from the Haryana government for solar pumps. The company will execute the order within 120 days. It has been granted the inaugural work order of supplying, installing, and commissioning 7.5 HP and 10 HP Solar Submersible Water Pumping Systems by the New & Renewable Energy Department Haryana and HAREDA.

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HCL Tech secures multi-year deal from Siemens

HCL Technologies Ltd has signed a multiyear managed public cloud services agreement with Germany’s Siemens AG to modernise its IT landscape worldwide. The company will power cloud-led digital transformation for Siemens. As part of the agreement, HCL Tech will migrate and operate the IT infrastructure of Siemens on AWS and Azure, while ensuring that its cloud resources are optimised, scalable and secure.

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NCLT Approves ZEEL’s Merger With Sony – Top Indian Market Updates

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

NCLT approves ZEEL’s merger with Sony

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the merger scheme between Zee Entertainment Enterprises Ltd (ZEEL) with Culver Max Entertainment (Sony). The tribunal has also dismissed all objections regarding the merger.  This is a key regulatory approval for the mega-merger, aimed at creating a $10-billion media giant.

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RBI keeps repo rate unchanged at 6.5%

Reserve Bank of India (RBI) left the repo rate (key policy rate) unchanged at 6.5%. The central bank’s Monetary Policy Committee (MPC) also retained its withdrawal of accommodation stance to ensure that the retail inflation remains within the target of 4%. The RBI retained the GDP growth projection for the current financial year (FY24) at 6.5% and raised the inflation projection marginally to 5.4%

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Grasim Q1 Results: Net profit falls 18% YoY to ₹1,576 crore

Grasim Industries reported an 18% YoY fall in consolidated net profit to ₹1,576 crore for the quarter ended June (Q1 FY24). Its consolidated revenue for the quarter stood at ₹31,065 crore, up 10.7% YoY. The decline in net profit could be attributed to an over 14% YoY jump in its total expenses for Q1 at ₹27,923.38 crore. 

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SBI Card enables RuPay credit cards on UPI

SBI Card and National Payments Corporation of India (NPCI) announced the linking of SBI credit cards on the RuPay platform with UPI. The company’s customers will now be able to make UPI transactions through credit cards issued on RuPay. The facility can be availed of by registering the credit card with third-party UPI apps.

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Samvardhana Motherson Q1 Results: Net profit jumps four-fold to ₹601 crore

Samvardhana Motherson reported a four-fold rise in consolidated net profit to ₹601 crore for the June quarter (Q1 FY24). Its consolidated revenue from operations rose 27% YoY to ₹22,462 crore during the same period. EBITDA stood at ₹1,940 crore, up 69% YoY, driven by operating efficiency, and softening of material and energy prices. 

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Pidilite Q1 Results: Net profit rises 32% YoY to ₹474 crore

Pidilite Industries reported a 31.5% YoY jump in net profit to ₹473.7 crore for Q1 FY24. Its consolidated revenue rose 5.6% YoY to ₹3,275.1 crore during the same period. EBITDA rose 33.5% YoY ₹706.8 crore from ₹529.5 crore in the same quarter last year. EBITDA margin also expanded by 450 basis points (bps) from 17.1%, YoY to 21.6%.

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Godrej Cons to build manufacturing facility in Tamil Nadu

Godrej Consumer Products Ltd (GCPL) announced that it has signed a Memorandum of Understanding (MoU) with the state government of Tamil Nadu. The MoU is for building a manufacturing facility near Chennai. The company will make an investment of ₹515 crore over the next five years. It will serve as a manufacturing hub for brands such as Cinthol, Godrej Expert Rich Crème, Godrej Selfie Shampoo Hair Colour, and Goodknight.

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Hero MotoCorp Q1 Results: Net profit rises 32% YoY to ₹825 crore

Hero MotoCorp reported a 32% YoY increase in net profit to ₹825 crore for Q1 FY24. Its consolidated revenue rose 4.5% YoY to ₹8,767.3 crore during the same period. EBITDA grew 28% YoY ₹1,206 crore in Q1. The company incurred a one-time cost of ₹160 crore towards the voluntary retirement scheme (VRS) offered to certain employees.

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NHPC plans to build pumped hydro storage projects of 22,000 MW

NHPC Ltd is planning to develop around 20,000-22,000 MW of pumped hydro energy storage projects in the coming years. The capacities are being explored in Odisha, Maharashtra, Madhya Pradesh and Andhra Pradesh. However, the detailed project report and the approvals are likely to take a couple of years for at least some of these capacities to start building.

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Vi seeks time till Dec to clear its statutory dues

Vodafone Idea has sought time till the end of December 2023 to clear its remaining statutory dues. The company hopes to close its fundraising from banks and third-party investors in the “near future” and is reiterating that its promoters are “committed” to supporting the company. Replying to a Department of Telecommunications (DoT) show cause notice, the company cited continuing liquidity challenges due to its delayed fundraising.

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LIC Q1 Results: Net profit jumps 14x to ₹9,544 crore

Life Insurance Corporation of India (LIC) reported a 14x YoY increase in net profit to ₹9,544 crore for Q1 FY24. Its net premium income was flat at ₹98,363 crore during the same period. Income from investments rose 30% YoY to ₹90,309 crore in Q1.

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Hindalco, Texmaco to make aluminium rail wagons, coaches

Hindalco Industries and Texmaco Rail & Engineering have entered into a strategic alliance and announced a ₹200 crore investment to develop and manufacture aluminium rail wagons and coaches that will help the Indian Railways achieve emission goals and boost operating efficiency. Texmaco is the flagship of the Adventz Group.

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ITC to Demerge Hotels Business – Top Indian Market Updates

itc

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

ITC board gives in-principle approval for demerger of hotels business

The board of FMCG major ITC has given in-principle approval for the demerger of its hotel business. Under the new scheme, ITC would hold around 40% stake and the balance will be held by the company’s shareholders (proportionate to their shareholding). ITC currently has over 120 hotels and 11,600 keys across over 70 locations.

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Tata Steel Q1 Results: Net profit falls 92% YoY to ₹634 crore

Tata Steel reported a 92% YoY decline in consolidated net profit to ₹634 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 6% YoY to ₹59,490 crore during the same period. The company said its profitability was affected by non-cash deferred tax charges on account of buy-in transactions at British steel pension scheme.

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TVS Motor Q1 Results: Net profit rises 46% YoY to Rs 468 crore

TVS Motor Company Ltd reported a 46% YoY increase in net profit to ₹468 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 20% YoY to ₹7,218 crore during the same period. The company posted its highest-ever operating EBITDA at ₹764 crore, with a growth of 27% YoY. Total expenses Q1 stood at ₹6,665 crore, up 19% YoY.

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JLR India reports best-ever Q1 sales

JLR India reported its best-ever Q1 sales performance with a growth of 102% in Q1 FY24. The automaker sold 1,048 units in the first quarter of FY24. JLR attributed this growth to a rise of about 209% in Range Rover, Range Rover Sport and Defender sales. The three models contribute to 78% of the current order book.

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Samvardhana Motherson to acquire assets, shares of Dr Schneider Group entities

Samvardhana Motherson International Ltd will acquire assets and shares of Germany-based Dr Schneider Group entities at an overall enterprise value of about 118.3 million euros (over ₹1,070 crore). Dr Schneider Group is a manufacturer of high-end, innovative, and integrated electronic interior polymer components and systems such as smart surfaces and lighting modules.

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Canara Bank Q1 Results: Net profit rises 75% YoY to ₹3,535 crore

Canara Bank reported a 75% YoY increase in net profit to ₹3,535 crore for the quarter ended June (Q1 FY24). Its net interest income (NII) rose 28% YoY to ₹8,666 crore in Q1. Provisions for the first quarter fell sharply by 26% to ₹2,719 crore. The gross non-performing assets (NPAs) ratio improved to 5.15% in Q1 FY24, compared to 5.35% in Q4 FY23 and 6.98% in Q4 FY23.

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Mahindra Group to help US companies set up manufacturing base in India

Mahindra & Mahindra said it will help American companies enhance their international footprint and expand by leveraging the advantages of India as a manufacturing hub. The assistance includes an integrated approach to manufacturing, plug-and-play offerings, regulatory guidance, and a focus on environmental, social, and governance (ESG) principles. 

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IDBI Bank Q1 results: Net profit rises 62% to ₹1,244 crore

IDBI Bank reported a 62% YoY rise in net profit to ₹1,244 crore for the quarter ended June (Q1 FY24). The net interest income (NII) grew 61% YoY to ₹3,998 crore during the same period. The gross non-performing assets (NPAs) ratio improved to 0.44% in Q1 FY24, compared to 1.26% in Q1 FY23.

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Hikal ordered to cease operations at Bharuch plant

Hikal Ltd. received an order from the Gujarat Pollution Control Board to cease operations of its plant in the Bharuch district. The order was issued in light of an alleged violation reported to have occurred in 2021. It is related to alleged violations of certain provisions of the Environment (Protection) Act of 1986.

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Maruti Suzuki recalls 87,599 units of S-Presso and Eeco

Maruti Suzuki has recalled 87,599 vehicles of its S-Presso and Eeco models to replace defective steering tie rods. Affected vehicle owners will receive communication from Maruti Suzuki authorised dealer workshops for inspection and replacement of the faulty part, free of charge. The recall is effective today, i.e. 24th July, 2023.

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Wipro’s Net Profit Rises 12% YoY to Rs 2,870Cr in Q1 – Top Indian Market Updates

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

Wipro Q1 Results: PAT rises 12% YoY to Rs 2,870 crore

Wipro reported a 12% YoY rise in consolidated net profit to ₹2,870 crore for the quarter ended June (Q1 FY24). The company’s operating revenue stood at ₹22,831 crore, up 6% YoY. Wipro’s IT services operating margin for the quarter was at 16%, up 1.12% YoY. However, revenue in constant currency (CC) terms declined nearly 3% sequentially in the quarter.

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Granules India’s Gagillapur facility gets clearance certificate from the USFDA

Granules India Ltd has received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA). The company’s Gagillapur facility in Hyderabad received the EIR. Granules uses this facility to manufacture finished dosages and Pharmaceutical Formulation Intermediates (PFIs). In January, USFDA inspected the Gagillapur facility of Granules India as part of a pre-approval inspection (PAI) and issued three observations. It responded to the USFDA’s observations within the stipulated period.

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Samvardhana Motherson completes acquisition of 51% in Saddles Intl

Samvardhana Motherson International Ltd has completed the acquisition of a 51% stake in Saddles International Automotive & Aviation Interiors Private Ltd (SIAAIPL). SIAAIPL is engaged in the manufacturing of premium upholstery for passenger vehicles. In January this year, Samvardhana Motherson International announced that it was acquiring a majority stake in SIAAIPL for ₹207 crore.

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Federal Bank Q1 results: Net profit rises 42% to Rs 854 crore

Federal Bank reported a 42% YoY rise in net profit to ₹854 crore in Q1 FY24. The bank had reported a net profit of ₹600.7 crore in Q1 last financial year. The net interest income (NII) for the quarter rose 20% YoY to ₹1,919 crore from ₹1,605 crore in Q1 FY23. The bank’s gross non-performing asset (NPA) stood at ₹4,434.8 crore as against ₹4,183.8 crore in Q4 FY23, up 2.38%. Net NPA was also up 0.69% to ₹1,274.6 crore in Q1.

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Ramco Cements to sell entire stake in Lynk Logistics to Swiggy’s parent

Ramco Cements’ board has approved the sale of its entire equity stake in Lynk Logistics to Bundl Technologies Pvt. Ltd. Lynk Logistics operates the food delivery platform Swiggy. Ramco Cements will sell 49.95 crore shares in Lynk Logistics to Bundl, as approved in its board meeting. In exchange, Ramco will subscribe to 24.18 lakh Compulsory Convertible Preference Shares (CCPS) of Swiggy’s parent company. 

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HDFC Bank onboards 1 lakh customers, 1.7 lakh merchants on CBDC platform

HDFC Bank has onboarded over 1 lakh customers and 1.7 lakh merchants under the Central Bank digital currency (CBDC) pilot programme. The bank also announced the launch of a UPI QR code interoperable with India’s sovereign digital currency. With this, HDFC Bank has become one of the first banks in the country to complete the integration process. The interoperable UPI QR code allows HDFC Bank’s onboarded merchants to accept customer payments in Digital Rupee currency.

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L&T supplies various components for Chandrayaan-3

Larsen & Toubro (L&T) has supplied various components for India’s moon mission Chandrayaan-3. Parts like “middle segment and nozzle bucket flange” were manufactured at its facility in Powai. Components like ground and flight umbilical plates were from the company’s aerospace manufacturing facility at Coimbatore. L&T delivered all these subsystems ahead of schedule. Additionally, L&T is involved in the production of a range of hardware for Chandrayaan-1 and 2, Gaganyaan and Mangalyaan missions of ISRO.

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USFDA issues Form-483 with two observations for Lupin’s Nagpur plant

Lupin’s Nagpur oral solid dosage facility has received Form 483 with two observations from the US FDA. Form 483 is issued to a firm’s management if there are violations of the Food Drug and Cosmetic (FD&C) Act and related Acts. The FDA Form 483 notifies the company’s management of objectionable conditions. The US FDA inspected the facility from July 3 To July 11, 2023.

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Godrej Properties emerged as the highest bidder for two land parcels in Gurgaon

Godrej Properties has emerged as the highest bidder for two luxury group housing plots in Golf Course Road micro-market, Gurugram. The two prime projects spread over 2.76 acres and 5.15 acres will have a combined estimated revenue potential of approximately ₹3,100 crore. The average rate for plots in this market is around ₹100 crore per acre. Golf Course Road is an established micro-market renowned for its upscale residential and commercial developments.

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PVR cuts prices on food & beverage

PVR Inox has introduced two new offers on snacks and drinks, claiming it is an “unbeatable price”. The announcement comes after a journalist highlighted the bill of an average-sized popcorn and Pepsi at a PVR cinema hall. The company has introduced the new offers in response to the widespread criticism regarding the exorbitant prices of snacks at its multiplexes.

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Indian Oil Corp to Consider Fundraising via Rights Issue – Top Indian Market Updates

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

Indian Oil board to consider fundraising via rights issue

Indian Oil Corporation Ltd’s (IOCL) board of directors will consider fundraising plans through a rights issue of equity shares.  The proposed rights issue is seen as strengthening its capex spending and the credibility of its emission-reduction plans. IOC’s rights issue, if considered, will be subject to various statutory approvals as may be required.

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Olectra Greentech receives electric bus order worth Rs 10,000 crore

A consortium of Olectra Greentech and Evey Trans Private Ltd secured a Letter of Intent for supplying electric buses from Maharashtra State Road Transport Corporation (MSRTC). The order involves the supply, operation and maintenance of 5,150 electric buses. The value of the supply is approximately ₹10,000 crore for Olectra, and the nature of the contract is a ‘Gross Cost Contract’ basis. The contract period is 12 years.

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Samvardhana Motherson to acquire 100% stake in Rollon Hydraulics for Rs 103 crore

Samvardhana Motherson International Ltd (SAMIL) will acquire a 100% stake in Rollon Hydraulics Private Ltd for ₹103 crore. Rollon is engaged in manufacturing, assembly, and supply of high precision turned parts, spools, and other machined components with critical engineering applications for the agriculture and off-highway segment from its two facilities based out of Bengaluru. The target business will be housed under SAMIL’s precision metals and modules division.

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TVS Motor launches modern-retro motorcycle TVS RONIN in Indonesia

TVS Motor Company Ltd has entered into the premium lifestyle segment with the launch of TVS RONIN for its customers in Indonesia. TVS RONIN is the first ‘modern-retro’ motorcycle from TVS Motor Company. It will be available in Indonesia in two variants — TVS RONIN SS (single tone single channel ABS), and TVS RONIN TD (Triple tone dual channel ABS). It will be available in select TVS Motor outlets across the country starting July 2023.

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Cipla’s US subsidiary recalls some of its inhalers due to container defect

Cipla’s subsidiary Cipla USA has made a voluntary nationwide recall of six batches of its inhaler Albuterol Sulfated. The company recalled it due to a container defect by Cipla USA. The recalled batches were manufactured in November 2021 with an expiry date of November 2023. Cipla made the recall after a market complaint on one of the inhalers, where leakage was observed through the inhaler valve.

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RIL, Adani Total Gas planning plants for compressed biogas

Reliance Industries (RIL) and Adani Total Gas (ATGL) are planning to set up 10 compressed biogas (CBG) plants each, across the country. These plants will be of up to 30 million tonnes per annum capacity. Five plants will be set in the next five years. The rest would come up later. The companies would invest up to ₹2500 crore each in setting up these plants.

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Intellect Design Arena loses contract with government e-marketplace

Intellect Design Arena’s contract with the Government e-Marketplace (GeM) got terminated due to lower prices quoted by competitors. Since 2017, Intellect Design Arena has been helping the government develop the GeM platform, which is critical for all public procurements of goods and services by the Central government departments and ministries. The competitor quoted nearly 48% lower than the indicative pricing by the Government.

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Defence Ministry to procure 2 upgraded Dornier aircraft from HAL for Rs 459 crore

The Ministry of Defence (MoD) and Hindustan Aeronautics Ltd (HAL) have signed a contract for the procurement of two Dornier aircraft for the Indian Coast Guard (ICG) for ₹458.87 crore. The contract includes an associated engineering support package and the aircraft will be procured under the Buy Indian Category. The aircraft will be fitted with several advanced equipment, namely a glass cockpit, maritime patrol radar, electro-optic infra-red device, and mission management system, among others.

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Jaiprakash Associates defaults on Rs 4,044 crore loans

Jaiprakash Associates has defaulted on loans worth ₹4,044 crore, including principal and interest. The company on June 30th defaulted on repayments of a principal amount of ₹1,660 crore and interest of ₹2,384 crore. The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans and FCCB (foreign currency convertible bonds).

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Viacom18 acquires media rights of USA’s Major League Cricket tournament

Reliance’s Viacom18’s sports network and Major League Cricket (MLC) have inked a media rights agreement that would see the tournament’s debut edition airing exclusively on the company’s Sports18 channel and the JioCinema app in India. The event will start on July 13, when the Texas Super Kings play the Los Angeles Knight Riders at Grand Prairie Stadium outside of Dallas, Texas.

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Reliance Retail board approves equity capital reduction plan

RlL’s subsidiary Reliance Retail Ltd’s board of directors has approved a proposal to reduce the equity share capital. Also, the company will pay ₹1,362 per share, determined based on the valuation obtained from two reputed independent registered valuers, which will be paid towards the capital reduction. Upon reduction, Reliance Retail shares held by such shareholders will stand cancelled and extinguished.

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NTPC Commissions Green Coal Plant in Varanasi – Top Indian Market Updates

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

NTPC commissions green coal plant in Varanasi

NTPC Ltd has commissioned a first-of-its-kind commercial green coal project in Varanasi, which will make torrefied charcoal from municipal waste. The total capacity of this plant after installation of all three modules shall be 600 tonnes per day (TPD) of waste handling capacity. The process is environment-friendly as there is no burning of waste.

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Sumitomo Wiring Systems sells a 3.4% stake in Samvardhana Motherson International

Japan’s Sumitomo Wiring Systems (SWS), along with a subsidiary, has offloaded a 3.4% stake in Samvardhana Motherson International Ltd (SAMIL). SWS and its wholly-owned subsidiary HK Wiring Systems Ltd (HKWS) jointly held 17.72% shares of SAMIL. SWS was the first JV partner of Motherson and promoter of SAMIL since its IPO in 1993.

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Glenmark Pharma gets USFDA nod to begin trials for potential cancer drug

Glenmark Pharma’s investigational new drug (IND) application for potential cancer drug GRC 54276 was accepted by US Food & Drug Administration (USFDA). The approval paves the way for Glenmark Specialty to proceed with a Phase 1/2, first-in-human, clinical study of GRC 54276 for the treatment of patients with advanced solid tumours and lymphomas. To date, 16 patients with various types of advanced cancers have enrolled in this ongoing study in India.

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GAIL to get LNG shipments from Germany’s Sefe after nearly a year

GAIL (India) Ltd will get two cargoes of liquefied natural gas (LNG) each in March and April from Germany’s Sefe for the first time since supplies were halted in May. Sefe was supplying cargoes from its non-Russian portfolio in Egypt, United Arab Emirates and the United States. The first cargo for March has already arrived at the Dahej terminal in western India.

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Vedanta looks to raise up to $1 billion from credit funds

According to an ET report, Vedanta Group is planning to raise funds from names like Farallon Capital, Davidson Kempner and Ares SSG Capital to meet more than $1 billion in upcoming repayments. This comes as banks have become aggressive towards Vedanta on a $1 billion loan amid a tightening credit market. The pricing being offered by the banks is 300 basis points above the expected rate.

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Dr Reddy’s sells cosmetic derma brands to Eris for Rs 275 crore

Dr. Reddy’s Labs has sold nine cosmetic dermatology brands to Eris Lifesciences for Rs 275 crore. As per IQVIA, the divested portfolio has sales of Rs. 60 crore in 2022. Eris said the transaction helps expand the cosmetic dermatology business of the company by way of expansion in the product offerings.

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DLF sells 1,137 flats for over Rs 8,000 crore within three days in Gurugram

DLF Limited has sold 1,137 luxury apartments (priced Rs 7 crore and above) for over Rs 8,000 crore within 3 days in its housing project in Gurugram. This can be attributed to the strong demand for premium flats across major cities. DLF will build 1,137 4BHK apartments across five towers (38-39 storeys) in this 25-acre project.

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Zee Entertainment likely to repay IndusInd $10 million to wrap Sony deal

As per a Bloomberg report, Zee Entertainment Enterprises Ltd (ZEEL) has likely agreed to repay dues owed to IndusInd Bank Ltd. as the company seeks to resolve insolvency proceedings initiated against it and move closer to completing a merger with a Sony Group unit. IndusInd Bank has agreed to withdraw its insolvency proceedings against the media company once the repayment is made.

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Zomato liquidates step-down subsidiary in Jordan

Zomato Ltd has dissolved its step-down subsidiary Zomato Ireland Ltd – Jordan (Zomato Jordan) with effect from March 12, 2023. The liquidation of the d unit will not have any material impact as its contribution to the turnover and overall net worth of the parent company was nil. 

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Man Industries secures export order of Rs 1,300 crore

Man Industries (India) Ltd has won a new export order of approximately Rs 1,300 crore. The company’s total order book now stands at approximately Rs 2,000 crores, which would be executed in the next 6-8 months. Man Industries is a manufacturer of carbon steel line pipes.

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