Tag: saregama india

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IHC to Dispose Investment in AGEL, Adani Energy – Top Indian Market Updates

adani

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

Abu Dhabi’s IHC to dispose investment in Adani Green Energy and Adani Transmission

According to a Reuters report, Abu Dhabi’s International Holding Company (IHC) will dispose of its investment in Adani Green Energy and Adani Energy Solutions. A definitive agreement has been reached with the buyer to dispose of its FDI investment in Adani Green Energy and Adani Transmission. The company is currently completing all required procedures and obtaining all necessary regulatory approvals to implement the signed transaction.

Read more here.

Sundaram Home Finance plans to raise ₹2,500-3000Cr

Sundaram Home Finance plans to raise ₹2,500-3,000 crore to fund its entry into the affordable housing loan segment. The company plans the fundraising in the second half of the current financial year. The mortgage lender is targeting 20-25% business expansion in FY24. Its current assets under management (AUM) stand at around ₹11,000 crore.

Read more here.

Emami acquires 26% stake in Axiom Ayurveda

Emami Ltd has acquired a 26% stake in Axiom Ayurveda in an all-cash deal for an undisclosed amount. Axiom sells beverages under the brand AloFrut.This investment is in line with Emami’s strategy to invest in the health and wellness segment. It will also help the company enter into the juice segment. The acquisition is on a fully diluted basis through primary infusion and secondary buyouts. The company expects the acquisition to be completed within one month.

Read more here.

ICICI Lombard faces ₹1,728.9 crore tax demand

ICICI Lombard has received a show cause and demand notice from a central law enforcement agency tasked with preventing the leakage of Goods and Services Tax (GST) revenue. The notice is for allegedly not paying ₹1,728.9 crore worth of tax for five years from July 2017 to March 2022. The notice was served on September 27.

Read more here.

SAIL sources 6 lakh tonne coking coal from Russia in 8 shipments

Steel Authority of India Ltd (SAIL) sourced around 8 coking coal shipments of 75,000 tonnes each from Russia during the April-September period of FY24. Furthermore, International Coal Ventures Pvt Ltd (ICVL) is looking to double its production capacity to 4 million tonnes per annum (MTPA). ICVL is a special purpose vehicle (SPV) of SAIL, RINL, NMDC, CIL and NTPC for acquiring coal mines and assets overseas.

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Oberoi Realty signs pact to redevelop land parcel in South Mumbai

Oberoi Realty has entered into an agreement to redevelop a land parcel spread over 3.3 acres in the Tardeo locality of South Mumbai. The company expects to generate a free sale component of around 2.5 lakh sq. ft. of carpet area from the development and redevelopment of this land parcel. The plot is adjoining a property already being redeveloped by the company in a joint venture. 

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Saregama India to acquire 6.61 lakh shares of Pocket Aces Pictures

Saregama India Ltd will acquire 6.61 lakh shares of Pocket Aces Pictures Pvt Ltd at a value of ₹174 crores through secondary acquisition. The acquisition will result in Saregama India holding nearly 51.82% stake in Pocket Aces. The music label’s next acquisition will be the primary subscription of 25,974 shares of Pocket Aces worth ₹15 crores. The acquisition will increase its stake in Pocket Aces Pictures to 92.61%.

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India’s external debt at $629.1 billion at June-end

According to RBI data, India’s external debt rose marginally to $629.1 billion in June 2023, although the debt-GDP ratio declined. The debt rose by about $4.7 billion from $624.3 billion in March. The external debt to GDP ratio declined to 18.6% in June 2023 from 18.8% in March 2023. 

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Bharti Enterprises backs Eutelsat-OneWeb merger

Eutelsat Communications SA announced the completion of its all-share combination with OneWeb, the global low Earth orbit (LEO) satellite communications network. OneWeb is backed by Bharti Enterprises. The merged company is set to become the world’s first integrated GEO-LEO satellite space connectivity provider, revolutionising the field of space communications.

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Promoters of Adani Power increased their stake in September

The promoters of Adani Power Ltd increased their stake in the company in September. The company’s promoters increased their stake to 69.1% from 66.9% earlier between September 5 and September 25. Fortitude Trade and Investment Ltd acquired 6.58 crore shares (1.71% stake), while Emerging Market Investment DMCC acquired another 1.92 crore shares (0.5% stake). 

Read more here.

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Demat Accounts in India Cross 10 Crore Mark – Top Indian Market Updates

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

Demat accounts cross 10 crore mark in August

The total number of Demat accounts in India crossed the 10 crore mark in August 2022. In August alone, over 7 crore active Demat accounts were registered. CDSL operated 7.16 crore Demat accounts with total assets under custody (AUC) of ₹38.5 lakh crore as of August, while NSDL had 2.89 crore accounts with AUC of ₹320 lakh crore. The culture of equity investing is slowly and steadily picking up in India, especially in Tier-2 and Tier-3 cities.

Read more here.

Blue Star secures two orders worth ₹390 crore from BMRCL

Blue Star Ltd has secured two orders from Bangalore Metro Rail Corporation Ltd (BMRCL) for the upcoming Pink Line of Bangalore Metro Rail Project Phase-II. The first order, worth ₹203 crore, is a turnkey project including maintenance works for Tunnel Ventilation System (TVS) and Environmental Control System (ECS) for six underground stations and associated tunnel sections.

The second order, worth ₹187 crore, is a turnkey project for Electrical & Mechanical (E&M) works for five underground stations and five elevated stations.

Read more here.

Suzlon secures 180.6 MW wind energy project from Sembcorp’s arm

Suzlon Energy Ltd has secured an order to set up a 180.6 megawatts (MW) wind energy project from Singapore-based Sembcorp’s arm Green Infra Wind Energy Ltd. The company will install 86 Wind Turbine Generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located at Bagalkot, Karnataka, and is expected to be commissioned in 2024.

Read more here.

Saregama launches feature phone with pre-loaded Hindi songs

Saregama India Ltd has launched Carvaan Mobile, a keypad feature phone with 1500 preloaded Hindi songs and two screen sizes, priced at ₹2490 and ₹1990, respectively. This is the first feature phone from the music brand. The mobile is available across retail markets and e-commerce platforms such as Amazon, Flipkart, and saregama.com. Saregama also sells Carvaan, a digital audio player with preloaded songs.

Read more here.

Kalpataru Power wins orders worth ₹1,345 crore

Kalpataru Power Transmission Ltd (KPTL) and its international units have secured orders worth ₹1,345 crore. The company has won orders in India and overseas markets in the transmission and distribution (T&D) business. It has also received orders for pipeline laying and metro rail electrification works in India.

Read more here.

Quiklyz to expand presence in the electric mobility leasing space

Quiklyz has announced its expansion plans in the electric mobility leasing space. The company will now offer customized leasing and subscription solutions for electric three-wheelers (3W) and four-wheelers (4W) to its partners. It has financed over 1000 electric vehicles over the past 12 months, including passenger vehicles and 3Ws. Quiklyz is the new-age vehicle leasing and subscription business of Mahindra & Mahindra Financial Services Ltd.

Read more here.

Paytm reports 72% YoY growth in merchant payment volume

Digital payments platform Paytm reported a 72% YoY growth in gross merchandise value (GMV) to ₹2.10 lakh crore for the two months ended August 2022. [GMV is the value of total payments made to merchants through app transactions or payment solutions.] The company distributed 6 million loans during the same period. The average monthly transacting users (MTU) grew 40% YoY to 7.88 crore during July-August 2022. 

Read more here.

Blue Jet Health files papers for ₹1,800-crore IPO

Specialty pharmaceutical and healthcare ingredient company Blue Jet Healthcare filed its Draft Red Herring Prospectus (DRHP) with market regulator SEBI for an initial public offer (IPO). The public issue is entirely an offer-for-sale (OFS) of up to 21.7 million shares by the promoters and other shareholders, aggregating to ₹1,800 crore.

Meanwhile, SEBI has given approval to Concord Enviro Systems (an environmental engineering solutions firm) to raise funds via an IPO.

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Canara Bank hikes benchmark lending rate by up to 0.15%

Canara Bank has raised its benchmark Marginal Cost of Funds Based Landing Rate (MCLR) by up to 0.15%, a move that will make loans costlier. The one-year MCLR will be 7.75% from Wednesday onwards, compared to the existing rate of 7.65%. This rate is used to fix most consumer loans such as auto, personal, and home loans. [MCLR is the lowest interest rate that a bank can offer.] 

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RIL to acquire 79.4% stake in SenseHawk for $32 million

Reliance Industries Ltd (RIL) has entered into definitive agreements with US-based SenseHawk Inc. to acquire a 79.4% stake in the company for $32 million (~₹255.5 crore). SenseHawk is an early-stage developer of software-based management tools for the solar energy generation industry. It helps accelerate solar projects from planning to production by helping companies streamline processes and use automation.

Read more here.

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Editorial

The RP-Sanjiv Goenka Group: Origin & Businesses

The RP-Sanjiv Goenka Group (RPSG) is one of the largest diversified business groups in India. Since its formation nearly 11 years ago, the group has expanded into business segments such as power generation, carbon black, FMCG, information technology, infrastructure, media & entertainment, and much more. RPSG has established a direct presence in more than 35 countries. The group’s rapid growth and expansion can be attributed to the efforts and vision of its top-class family management. 

In this article, we take a look into the brief history of the RP-Sanjiv Goenka Group and learn more about their businesses.

Brief History of the Goenka Family

The RPSG Group was established in its current form in 2011. However, the Goenka family’s renowned history in Indian business dates back to nearly two centuries. In the early 1800s, the family was involved in the jute and tea sectors. After India’s independence in 1947, they ventured into the manufacturing sector after acquiring Octavius Steel from a company moving out of the country.

In the 1960s, Keshav Prasad Goenka transitioned the group’s business from trading to industry acquisitions in textiles, power, cables, and engineering. He then split his business empire amongst his three sons— Rama Prasad, Jagadish Prasad, and Gouri Prasad. Rama Prasad Goenka established RPG Enterprises in 1979. The entity started acquiring leading companies in the pharmaceutical, retail, power transmission & distribution, and entertainment industries.

In 2010, the group’s businesses were divided between Rama Prasad Goenka’s sons, Harsh and Sanjiv. Thus, the RP-Sanjiv Goenka Group was founded in July 2011 with Dr. Sanjiv Goenka as its chairman. Meanwhile, Harsh Goenka is the chairman of RPG Enterprises, the parent company of CEAT (tyre manufacturer), KEC International Ltd, and Zensar Technologies.

Listed Companies of RPSG Group

PCBL Limited (Formerly Phillips Carbon Black Ltd)

PCBL Limited manufactures and sells carbon black in India and across the globe. The Kolkata-based company offers various carbon black grades to the rubber industry under the ‘Orient Black’ brand. They also manufacture specialty blacks for applications like food contact plastics, fibers, wire & cables, films, adhesives, batteries, and paints under the ‘Royale Black’ brand.

Moreover, PCBL generates and distributes electricity from the tail gas recovered from carbon black production. The company has a total power generation capacity of 84 megawatts (MW).

CESC Limited

CESC Ltd is an integrated electric utility company. It generates, transmits, and distributes electricity primarily in West Bengal. The company owns and operates three thermal power plants as well. CESC serves ~2.9 million domestic, industrial, and commercial users within 567 square kms of Kolkata and Howrah. It has made Kolkata free of load shedding and brought in fault-free supply, quick response to local power outages, and swift redressal of customer grievances.

Saregama India Ltd

Saregama India Ltd (SIL) is engaged in the business of sound recording and publishing. The company’s music segment manufactures and sells music storage devices such as carvaans (music players with pre-loaded songs), music cards, and digital versatile discs. They produce, sell, telecast, and broadcast films, TV serials, and pre-recorded programs. The Mumbai-based company also publishes OPEN, a weekly current affairs magazine. 

Firstsource Solutions Ltd

Firstsource Solutions Ltd (FSL) is a leading provider of customized business process management (BPM) services in India and across the globe. The company primarily caters to the banking & financial services, healthcare, communications, and media industries. Their ‘Digital First, Digital Now’ approach helps corporations strengthen operations and business models. They have established long-term partnerships with over 100 leading global brands, including several Fortune 500 and FTSE 100 companies. FSL has employed over 28,000 people across the US, UK, India, and Philippines. 

Spencer’s Retail Ltd

Spencer’s Retail operates a chain of multi-format retail stores across India. It provides a wide range of quality products across categories such as food, personal care, fashion, home essentials, and electronics. The company also offers products under its own brands, such as Smart Choice, Tasty Wonders, and Clean Home. Currently, Spencer’s operates ~120 stores, including 37 hypermarkets in over 35 cities in India. 

Other Group Companies & Brands

In 2017, the RPSG Group entered the fast-moving consumer goods (FMCG) segment with Too Yumm!, a healthier snacking alternative. (You may have seen its eye-catching ads starring Virat Kohli). The FMCG business consolidated further with the acquisition of Apricot Foods, which sells packaged snacks under the ‘Evita’ brand. RPSG group is also present in the quick-service restaurant (QSR) space with Waffle Wallah, Bombay Toastee, and Biryani Battuta.

The group established RPSG Ventures in 2018. It is a consumer venture capital fund for innovative business-to-consumer (B2C) startups. They also made a strategic acquisition of Nature’s Basket, a retail chain well-known for its diverse portfolio of gourmet food. The company offers a wide range of organic food and imported ingredients. Interestingly, the RPSG Group is highly active in the Indian sports industry as well. It holds a majority stake in the iconic Mohun Bagan Athletic Club of Kolkata and Lucknow Super Giants, an IPL team. Over the last decade, the group has forayed into renewable energy options. It has set up wind and solar energy plants across Gujarat, Madhya Pradesh, Rajasthan, and Tamil Nadu.  

With a rich heritage, the $4 billion (revenue) RPSG Group has now become one of the most respected business conglomerates in India. Let us look forward to seeing how they execute future plans and expand further.

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Cabinet Clears Rs 30,600 crore Govt Guarantee for Bad Bank – Top Indian Market news

Cabinet approves Rs 30,600 crore govt guarantee for bad bank

The Union Cabinet has cleared a proposal to provide a Rs 30,600 crore government guarantee for security receipts issued by the National Asset Reconstruction Company Ltd (or bad bank) as part of the resolution of bad loans. NARCL will aggregate the non-performing assets (bad loans) from banks’ balance sheets and manage and dispose of them professionally. The bad bank will pay up to 15% of the agreed value for the bad loans in cash, and the remaining 85% would be government-guaranteed security receipts. Nearly 90,000 crore worth of NPAs will be transferred to NARCL in the first phase.

Read more here.

BHEL commissions India’s largest floating solar PV plant

Bharat Heavy Electricals Ltd (BHEL) has commissioned India’s largest floating solar photovoltaic (PV) plant in Andhra Pradesh. Located at NTPC Simhadri, the 25 megawatt (MW) floating SPV project covers an area of 100 acres. BHEL’s scope of work in the project included design, engineering, procurement, and construction of the solar project. The project will help in saving valuable land resources and conserving water by reducing evaporation. 

Read more here.

Easy Trip Planners to expand presence to Philippines, Thailand, and the US

Easy Trip Planners has expanded its international footprint by incorporating wholly-owned subsidiaries in the Philippines, Thailand, and the United States. The company has forayed into these countries as part of the second phase of a global expansion strategy. They are anticipating a huge pent-up global demand for the travel and tourism sector in the coming months. The new subsidiaries will replicate the cost-effective operating model that EaseMyTrip has successfully adopted in India for over 13 years. 

Read more here.

Dilip Buildcon secures order worth Rs 1,060 crore from NHAI

Dilip Buildcon Ltd has received a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a road project in Andhra Pradesh. The scope of work includes the construction of a four-lane Bangalore-Chennai Expressway from Bangarupalem to Gudipala section in Andhra Pradesh. The bid project cost is Rs 1,060 crore. Dilip Buildcon has to complete the project within two years.

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NCLT approves amalgamation of Lincoln Pharma and Lincoln Parenteral

The National Company Law Tribunal (NCLT)-Ahmedabad Bench has approved the scheme of amalgamation of Lincoln Pharmaceuticals Ltd and Lincoln Parenteral Ltd. This move will boost synergies in terms of operational efficiency, enhance competitive strength, cost-effectiveness, and productivity for the combined entity. The scheme will be effective upon the filing of a certified copy of the order of NCLT with the Registrar of Companies, Gujarat.

Read more here.

M&M Finance enters vehicle leasing, subscription business

Mahindra & Mahindra Financial Services Ltd has forayed into the vehicle leasing and subscription business. The new vertical will operate under the brand name ‘Quiklyz’. Consumers can pay a monthly fee to access the vehicle of their choice across all car brands at a lower price point when compared to regular car ownership. Mahindra Finance said Quiklyz will add substantial value to its existing business portfolio as it aspires to tap all emerging opportunities in the vehicle leasing space.

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Saregama India’s board approves raising up to Rs 750 crore

The Board of Directors of Saregama India Ltd has approved the raising of funds by issuing securities for an aggregate amount not exceeding Rs 750 crore. The securities will be issued by way of a private placement, preferential issue, or public issue. The board has also approved the appointment of Deepak Jain as interim Chief Financial Officer (CFO) of the company. Saregama India is India’s oldest music label owned by the RP-Sanjiv Goenka Group of companies. 

Read more here.

Centre receives investment proposal of Rs 6,000 crore for PLI scheme for AC, LED lights

Nearly 52 companies have applied for availing production linked incentives (PLI) for white good makers, proposing an investment of ~Rs 6,000 crore in the manufacturing of components for ACs and LED lights. The Centre has received applications from firms such as Daikin, Blue Star, Panasonic, Dixon Tech, Amber Enterprises, and Lloyd. This PLI scheme will help save foreign currency, as a majority of the components in AC and LED lights are now imported from China and Taiwan. It will also create job opportunities in the country.

Read more here.

Aptech enters edtech segment with ‘ProAlley.com’ 

Aptech Limited has entered the educational technology (edtech) segment with its latest brand— ‘ProAlley.com’. The brand intends to reach out to a new set of users that are self-paced learners who want to learn and make a career in the growing media & entertainment industry. ProAlley.com comes with hi-tech features and a quick, user-friendly interface. Mumbai-based Aptech is a pioneer in the non-formal vocational training business in India. 

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Nestle India Reports 15% YoY Rise in Net Profit in Q1 – Top Indian Market News

nestle

Nestle India Q1 Results: Net profit rises 15% YoY to Rs 602 crore

Nestle India reported a 14.6% year-on-year (YoY) increase in net profit to Rs 602 crore for the quarter ended March (Q1). The company follows the January-December financial year cycle. Its revenue from operations rose 8.6% YoY to Rs 3,610.8 crore during the same period. Domestic sales rose 10.2% YoY and the e-commerce segment grew 66% YoY in Q1 CY21. Nestle India’s board has declared an interim dividend of Rs 25 per share.

Read more here.

PM Modi rules out nationwide lockdown against Covid-19

In his address to the nation, Prime Minister Narendra Modi ruled out nationwide lockdown as a measure to curb the second wave of the Covid-19 pandemic. He has urged states to ensure that lockdowns are only chosen as the last resort. PM Modi said India’s citizens have fought against the pandemic with discipline and patience, and must continue to do so. The pharma sector has taken serious steps to increase the production of vaccines as well as medicines.

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India’s second Covid-19 wave may have deeper economic impact: Nomura

According to analysts at Nomura, stricter restrictions imposed by states to limit the spread of Covid-19 in India could deepen the economic impact of the second wave in the coming weeks. Nomura India Business Resumption Index (NIBRI) shows mobility is hit, while power demand and labour participation rate remain largely unaffected so far. NIBRI (which tracks ultra-high frequency data) fell to 83.8 as of April 18, as against 88.4 a week ago.

Read more here.

Cadila Healthcare to double Covid-19 vaccine capacity  

Cadila Healthcare Limited said it expects to receive regulatory approval for its Covid-19 vaccine by June. The pharma company will potentially ramp up vaccine capacity to 24 crore annual doses as India tries to contain the world’s fastest-growing coronavirus outbreak. Cadila is expecting efficacy readings from its last stage of clinical trials in May. 

Read more here.

Adani Enterprises incorporates wholly-owned subsidiary Mundra Petrochem

Adani Enterprises Limited has incorporated a wholly-owned subsidiary— Mundra Petrochem Ltd (MPL). MPL was established with the objective to set up various feedstock (coal, petcock, coke, oil, LPG, LNG, etc) based refinery, petrochemical, and chemical plants in a phased manner in India. The company will also undertake activities associated with land acquisition, design & engineering, power & infrastructure management, sale & marketing, and trading.

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Swaraj Engines Q4 Results: Net profit rises 105% YoY to Rs 32 crore

Swaraj Engines Limited reported a 105.56% YoY increase in net profit to Rs 32.56 crore for the quarter ended March (Q4). Its revenue from operations rose 74% YoY to Rs 304.91 crore during the same period. The company’s board has recommended a final dividend of Rs 50 per share and a special dividend of Rs 19 per share. Swaraj Engines is engaged in the manufacturing of engines for fitment into Swaraj tractors, which is manufactured by Mahindra & Mahindra (M&M) at its Swaraj Division.

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Ramco Systems offers its Global Payroll solution on Oracle Cloud Marketplace

Ramco Systems Limited has announced the availability of its Global Payroll solution on Oracle Cloud Marketplace, which is a centralised repository of enterprise applications offered by Oracle and Oracle partners. As a part of the collaboration, Ramco will integrate its payroll platform across 50+ countries with Oracle Fusion Cloud Human Capital Management (HCM), thereby enabling HR and payroll transformation for large enterprises.

Read more here.

Easy Trip Planners announces interim dividend of Rs 2 per share

Easy Trip Planners Ltd has announced an interim dividend of Rs 2 per share for 100% of its equity shares. The company’s board has set the record date as April 28, 2021. The amount will be paid, dispatched on or before May 18, 2021. “The interim dividend marks a major milestone in the company’s commencement of its journey as a listed firm and we intend to keep the company strong and profitable,” said Nishant Pitti, CEO and Co-Founder of Easy Trip Planners.

Read more here.

Central Bank of India to issue shares to the Govt at Rs 17.11 per share

The Board of Directors of Central Bank of India has approved the allotment of up to 280.53 crore equity shares (of the face value of Rs 10 each) at an issue price of Rs 17.11 per share to the Government of India on a preference basis. The total issue size aggregates to Rs 4,800 crore. The issue is subject to the approval of shareholders, the Reserve Bank of India (RBI), and other statutory authorities.

Saregama India signs long-term music deal with Sanjay Leela Bhansali

Saregama India Limited has come on board as the music label for three forthcoming projects of award-winning filmmaker Sanjay Leela Bhansali.  These projects will be the Alia Bhatt-starrer Gangubai Kathiawadi— the music rights of which has been acquired from Pen Studios, the next untitled Bhansali directorial, and his first non-film Hindi originals album that will have music composed by him. Kolkata-based Saregama India is the oldest music label in our country, owned by RP-Sanjiv Goenka Group.

Read more here.

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IMF Raises India’s Growth Projection to 12.5% in FY22 – Top Indian Market News

IMF raises India’s growth projection to 12.5% in FY22

The International Monetary Fund (IMF) has upgraded its growth projection for India to 12.5% for FY 2021-22 from 11.5% estimated in January. As per IMF’s report, India is the only country expected to register double-digit growth in the current financial year. The GDP growth for FY23 is estimated at 6.9%. However, the surge in Covid-19 cases poses a severe downside risk to the growth outlook for the economy. The IMF’s World Economic Outlook now sees world growth of 6% this year, after the contraction of 3.3% in 2020 amidst the Covid-19 pandemic.

Read more here.

Cargo volume handled by Adani Ports rises 41% YoY in March

Adani Ports & Special Economic Zone Ltd (APSEZ) said it had handled cargo volume of 26 million metric tonnes (MMT) in March, an increase of 41% over the corresponding period last year. The overall cargo volumes handled by APSEZ rose 27% year-on-year (YoY) to 73 MMT for the quarter ended March (Q4). In the container segment, APSEZ handled cargo volumes of 247 MMT, an increase of 11% YoY.

Read more here.

Bharti Airtel to transfer 800MHz spectrum in 3 circles to Jio

Reliance Jio Infocomm has signed a definitive agreement with Bharti Airtel for acquiring the ‘Right to Use’ spectrum in the 800MHz band in Andhra Pradesh, Delhi, and Mumbai circles. Through this agreement, Airtel will receive a consideration of Rs 1,037.6 crore from Jio for the proposed transfer. With this trading of the right to use spectrum, Jio will have 2x15MHz of spectrum in the 800MHz band in Mumbai circle and 2x10MHz of spectrum in the 800MHz band in Andhra Pradesh and Delhi circles.

Read more here.

Flipkart partners with Mahindra Logistics to accelerate deployment of EVs

E-commerce giant Flipkart has announced its partnership with Mahindra Logistics Ltd (MLL) to help accelerate the deployment of electric vehicles (EVs) across its logistics fleet in India. Flipkart has committed to 100% electric mobility of its logistics fleet and will deploy more than 25,000 EVs by 2030. Through its EDEL brand, MLL will play a significant role in working with various original equipment manufacturers (OEMs) to help Flipkart’s sustainable transition to EVs. 

Read more here.

Sobha posts record sales bookings in FY21

Sobha Limited reported a total sales volume of 13.37 lakh square feet of super built-up area worth Rs 1,072 crore for the quarter ended March (Q4). The real estate developer’s sales volumes achieved in Bengaluru, Gurugram, Pune, and Kochi were the highest ever in its history. Sales volume and total sales value were up 48% YoY and 54% YoY, respectively, in Q4 FY21. Sobha launched new residential projects of 2.77 million square feet of super built-up area and 0.27 million square feet of commercial space.

Read more here.

Power market traded highest ever monthly volume of 8,249 MU in March: IEX

Indian Energy Exchange (IEX) said its power market traded the highest ever monthly volume of 8,249 million units (MU) in March 2021, posting a growth of 92% YoY. This has been due to the increase in demand and consumption of electricity across the country. The electricity market achieved an all-time high volume of 73,941 million units in FY21. This a growth of 37.2% as compared to the previous financial year.

Read more here.

Delhi HC rejects Britannia’s plea of trademark infringement against ITC’s Sufeast Digestive Biscuits

A single-judge bench of the Delhi High Court dismissed a petition of Britannia Industries against ITC Limited for alleged trademark infringement by ITC’s Sunfeast Farmlite Digestive biscuits. Britannia had claimed that the labelling and packaging of ITC’s digestive biscuits were deceptively similar to that of its NutriChoice Digestive biscuits. The court ruled that it “cannot readily presume the digestive biscuit consumer, even if of average intelligence and imperfect recollection, to be unaware of the difference between these categories of digestive biscuits”.

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G M Breweries Q4 Results: Net profit rises 155% YoY to Rs 45 crore

G M Breweries Limited reported a 155.29% YoY increase in net profit to Rs 45.34 crore for the quarter ended March (Q4). Its revenue from operations rose 17.18% YoY to Rs 127.70 crore during the same period. G M Breweries’ net profit has increased by 18.02% YoY to Rs 80.09 crore for the financial year ended March 2021. The company’s board has proposed a dividend of Rs 4 per share.

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JSPL reports highest ever production, sales in FY21

Jindal Steel & Power Ltd (JSPL) reported a 61% year-on-year (YoY) increase in sales to a record high of 7.86 lakh tonnes in FY 2020-21. This can be attributed to robust domestic demand, attractive export markets, and a wide range of product offerings. The steelmaker said its production has crossed the 20 lakh tonne mark for the first time.

In other news, JSPL has announced plans to sell its entire stake in its wholly-owned subsidiary, Jindal Power Ltd, to bring down its overall debt to Rs 28,000 crore and reduce carbon emissions within the group.

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Axis Bank becomes co-promoter of Max Life Insurance

Axis Bank, along with its subsidiaries— Axis Capital and Axis Securities, has become the co-promoter of Max Life Insurance Company after completing the acquisition of a 12.99% stake in the firm. The Axis entities have a right to acquire an additional stake of up to 7% in Max Life in one or more tranches (rounds). “With the conclusion of this transaction, Max Life’s Board will be strengthened further, with co-option of three nominee directors of Axis entities on its Board,” said Axis Bank in a statement.

Read more here.

Saregama signs licensing deal with short video app Triller

Saregama India Limited has signed a global licensing deal with short format video platform Triller. As part of the deal, Saregama will license its entire catalog to Triller, which will allow users to create innovative content using the robust music library of over 1.30 lakh songs in diverse Indian languages. Saregama is India’s oldest music label owned by RP-Sanjiv Goenka group of companies. 

Read more here.