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Reliance to Venture Into Green Energy Business – Top Indian Market News

Reliance Industries to venture into green energy business

At the 44th Annual General Meeting (AGM) of Reliance Industries Ltd (RIL), Mukesh Ambani announced the company’s mega investment into a new green energy business. RIL aims to build four giga factories to manufacture and integrate critical components at an investment of Rs 60,000 crore over the next three years. 

Ambani further announced that RIL plans to close its deal with Saudi Aramco this year. Also, the company will launch a low-cost smartphone— ‘JioPhone Next’ (developed in collaboration with Google) in September 2021. RIL’s Chairman also claimed that Reliance Jio will be the first to launch 5G in India.

Read more here.

Adani’s subsidiary strikes coal at Carmichael mines in Australia 

Adani Group’s Australian mining arm, Bravus Mining & Resources, has struck coal at the Carmichael mine in Queensland, Australia. In a statement, Bravus CEO David Boshoff said the company is on track to export its first coal this year. India will be a foundation customer for the Carmichael mine. Bravus has already secured the market for 10 million tonnes per annum (MTPA) of coal produced at the mine.

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SBI Cards launches co-branded credit card with Fabindia

SBI Cards & Payment Services has partnered with Fabindia to launch an exclusive co-branded contactless credit card, Fabindia SBI Card. The card is designed with curated benefits and privileges to offer a rewarding shopping experience to its premium customers.  It comes in two variants— Fabindia SBI Card SELECT and Fabindia SBI Card. All Fabindia SBI Card customers will get direct entry to the FabFamily loyalty program.

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Zydus Cadila gets USFDA approval to market generic sclerosis treatment drug

Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market Fingolimod capsules in the US. The drug is used to treat multiple sclerosis (a potentially disabling disease of the brain and spinal cord). The capsules will be manufactured at the pharma company’s manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.

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Mindspace REIT commits to 100% renewable electricity use by 2050

Mindspace Business Parks REIT has joined the global RE100 initiative led by Climate Group in partnership with the Carbon Disclosure Project (CDP). With this, the firm has committed to transform into 100% renewable electricity use across all areas services and maintained within its portfolio by 2050. Mindspace REIT will also make renewable energy accessible to tenants who choose to avail of green energy. Currently, the REIT sources about 10% energy through renewable sources such as solar energy and renewable energy certificates (RECs).

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HFCL to set up PM-WANI powered connectivity for Baidebattu village

HFCL, in collaboration with Telecom Infra Project, has announced the setting up of their second PM-WANI (Wi-Fi Access Network Interface)-powered connectivity for Baidebattu village in Karnataka. The company will set up a robust outdoor Wi-Fi network for providing broadband internet connectivity. It will offer high-speed Wi-Fi connectivity to over 9,000 residents of the village. The network is expected to go live by July 31, 2021.

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CBI searches premises of CG Power & Industrial Solutions in Mumbai

The Central Bureau of Investigation (CBI) carried out searches at the premises of CG Power and Industrial Solutions (previously known as Crompton Greaves) on Thursday. This is in connection with an alleged loan fraud of Rs 446 crore in Yes Bank involving industrialist Gautam Thapar. The CBI has alleged that the accused have indulged in a criminal conspiracy, criminal breach of trust, cheating, and forgery for diversion of public money to the tune of Rs 466.15 crore.

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West Coast Paper Q4 Results: Net profit declines 37.5% YoY to Rs 75 crore

West Coast Paper Mills reported a 37.53% YoY decline in consolidated net profit to Rs 74.92 crore for the quarter ended March (Q4). Its revenue from operations rose 26.14% YoY to Rs 937.03 crore during the same period. West Coast Paper reported a net loss of Rs 3.10 crore for the financial year ended March 30, 2021 (FY21). It had posted a net profit of Rs 370.38 crore in FY20. The company’s board has recommended a final dividend of Re 1 per share.

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India Pesticides IPO subscribed 3.79 times on second day of bidding

The Rs 800 crore initial public offering (IPO) of India Pesticides Limited was subscribed 3.79 times on the second day of bidding. Investors have put in bids for 7.32 crore equity shares against the offer size of 1.93 crore shares. The portion reserved for retail investors was subscribed 5.88 times. The portion set aside for Non-Institutional Investors (NIIs) was subscribed 91%, and that of Qualified Institutional Buyers (QIBs) 2.31 times. The agrochemical company’s public issue closes tomorrow.

To learn more about the IPO, click here.

TCS launches ‘Quartz for Markets’

Tata Consultancy Services (TCS) announced the availability of a new solution, termed as ‘Quartz for Markets’, for Market Infrastructure Institutions (MIIs). It helps MIIs offer end-to-end next-generation services around tokenised securities and drive their future growth. The solution supports multiple asset classes, including equity, fixed income, warrants, and asset-backed tokens like real estate, gold, art, and non-fungible tokens (NFTs). MIIs include exchanges, depositories, central banks, payment infrastructures, private banks, custodians, etc.

Read more here.

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Zydus Wellness Reports 92% YoY Jump in Net Profit in Q4 – Top Indian Market News

Zydus Wellness Q4 Results: Net profit rises 92% YoY to Rs 133 crore

Zydus Wellness reported a 92.66% YoY increase in consolidated net profit to Rs 133.13 crore for the quarter ended March (Q4). Its revenue from operations rose 24% YoY to Rs 600.75 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 16.22% YoY to Rs 118.73 crore. Its e-commerce business grew by ~250% in FY21, which accounted for nearly 3.6% of its overall domestic revenue. The company’s board has recommended a final dividend of Rs 5 per share.

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SBI Cards raises Rs 455 crore via issue of bonds

SBI Cards and Payment Services said it has raised Rs 455 crore by issuing bonds. The Stakeholders’ Relationship Committee of the company has approved the allotment of 4,550 fixed-rate, unsecured, rated, taxable, redeemable, non-convertible debentures (NCDs). Under this, SBI Cards will issue NCDs of the face value of Rs 10 lakh each, aggregating to Rs 455 crore, on a private placement basis. The bonds will offer a coupon rate of 5.70% per annum. It will be listed on the wholesale debt market segment of the BSE.

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Cipla, Lupin, Sun Pharma to manufacture and sell low-cost versions of Eli Lilly’s Covid-19 drug

US pharmaceutical firm Eli Lilly has issued royalty-free, non-exclusive voluntary licenses to Cipla, Lupin, and Sun Pharmaceutical Industries to manufacture and sell low-cost versions of its Covid-19 drug Baricitinib in India. This will enable the Indian pharma companies to leverage their distribution footprints and make the essential drug accessible across the country. On May 3, India’s drug regulator DCGI had given approval for the restricted emergency use of Baricitinib for treating Covid-19 infections. 

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Reliance, affiliates buy more than three-fourths of KG-D6 gas volumes: Report

According to a report from Economic Times, Reliance Industries Ltd (RIL) and its affiliates have picked up more than three-fourths of the new gas volumes from the firm’s eastern offshore KG-D6 block. Last week, RIL and its UK-based partner BP Plc auctioned 5.5 million standard cubic meters per day (mmscmd) of incremental gas from the newer discoveries in the KG-D6 block. India Gas Solutions (IGS), a gas sourcing and marketing joint venture of RIL and BP, picked up another 1 mmscmd. The report further states that the remaining volumes were picked up by Adani Gas, IRM Energy, GAIL, and Torrent Gas. 

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Venky’s Q4 Results: Net profit at Rs 77.90 crore

Venky’s (India) reported a standalone net profit of Rs 77.90 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 96.73 crore in the corresponding period last year (Q4 FY20). On a quarterly basis, net profit fell 26.85% in Q4 FY21. The company’s revenue rose 42.44% YoY to Rs 941.35 crore during the same period. Its oilseeds vertical grew 52% YoY to Rs 515.63 crore, while the poultry products vertical grew by 32% YoY to Rs 391 crore. The board of Venky’s (India) has approved a dividend of Rs 17 per share.

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Vehicle registrations in India declined 30% in FY21: FADA

According to a report from the Federation of Automobile Dealers Association (FADA), total vehicle registrations in India declined by 29.85% YoY to 1.52 crore units in the financial year 2020-21. Two-wheeler and three-wheeler segments fell 31.51% and 64.12%, respectively, in FY21. Registrations in the commercial vehicles and passenger vehicles segment declined by 49% and 13.96%, respectively (compared with FY20). Total vehicle registrations in April 2021 were down 28.15% at 11.85 units, compared to March.

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Federal Bank partners with UAE-based Mashreq Bank to facilitate instant money transfer

Federal Bank has entered into a partnership with Mashreq Bank to facilitate instant money transfers from the UAE to India. This partnership will support Mashreq’s faster payment product— QuickRemit, which was launched in 2017. Mashreq Bank is one of the oldest banks in the UAE and has a presence in twelve countries across Europe, the US, Asia, and Africa.

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Vinyl Chemicals Q4 Results: Net profit declines 19% QoQ to Rs 3.87 crore

Vinyl Chemicals India Ltd reported a 19.88% quarter-on-quarter (QoQ) decline in net profit to Rs 3.87 crore for the quarter ended March (Q4). Its revenue rose 31.29% QoQ to Rs 166.88 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 52.14% YoY to Rs 11.35 crore. The company’s board has recommended a final dividend of Rs 3.75 per share.

Vivimed Labs receives DGHS approval to make Favipiravir

Vivimed Labs Limited has received approval from the Directorate General of Health Services (DGHS), Govt of India, to manufacture and market Favipiravir tablets in the Indian market. The pharma company will be marketing the oral anti-viral drug under the brand ‘Favulos’. Favipiravir has been approved for treating patients with mild-to-moderate Covid-19 infections in several countries.

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TelOne Zimbabwe selects Tejas Networks’ DWDM solution for network capacity expansion

Tejas Networks Ltd announced that Zimbabwe-based TelOne has deployed its 100G/100G+ coherent DWDM solution for its network expansion. [Dense Wavelength Division Multiplexing or DWDM is a technology used to increase bandwidth over existing fiber networks]. The company’s state-of-the-art solution was selected by TelOne after a competitive bidding process and a successful field trial. Tejas Networks was able to successfully demonstrate the high-speed transmission of multiple 100G lambdas while meeting the stringent performance and reliability requirements in a cost-effective manner.

Dabur India enters pain relief spray category

Dabur India has announced the launch of a pain relief spray under the existing ‘Dabur Rheumatil’ pain-relieving brand, which is used for joint aches. The product has already been launched across e-commerce platforms and through regular retail channels. The Dabur Rheumatil Spray is priced at Rs 130 for a 40g/ 57 ml pack. In this category, Dabur will be competing against Reckitt and Sun Pharma that sell popular pain relief sprays and ointments such as Moov and Volini, respectively.

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HFCL Q4 Results: Net profit at Rs 84.6 crore

HFCL Limited reported a net profit of Rs 84.67 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 5.78 in the corresponding period last year (FY20). On a quarterly basis, net profit has increased by 2.95% in Q4 FY21. The company’s revenue from operations rose 109% YoY (or 8% QoQ) to Rs 1,391 crore during the same period. HFCL’s board has recommended a final dividend of Rs 0.15 per share.

IndiGo’s board approves raising up to Rs 3,000 crore via QIP

The Board of Directors of InterGlobe Aviation Ltd (IndiGo) has approved fundraising of up to Rs 3,000 crore through a qualified institutional placement (QIP). The proposal is subject to shareholder and other regulatory approvals. In January 2021, IndiGo had shelved plans to raise funds up to Rs 4,000 crore through a QIP. Instead, the airline opted to raise money through sale and leaseback (SLB) transactions and other alternative options.

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Tech Mahindra’s Net Profit Declines 17.4% QoQ in Q4 – Top Indian Market News

Tech Mahindra Q4 Results: Net profit declines 17.4% QoQ to 1,081 crore

Tech Mahindra reported a 17.4% quarter-on-quarter (QoQ) decline in net profit to Rs 1,081 crore for the quarter ended March (Q4). Net profit is up 34.6% on a year-on-year (YoY) basis. The IT firm’s revenue rose 0.9% QoQ to Rs 9,730 crore during the same period. Its total contract value (TCV) during the quarter more than doubled to $1 billion (~Rs 7,480 crore), compared with $455 million in Q3 FY21. Tech Mahindra has also announced the acquisition of US-based Eventus Solutions Group for $44 million. The company’s board has approved a final dividend of Rs 30 per share.

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Reliance, BP start production from second deepwater gas field in KG-D6 block

Reliance Industries Ltd (RIL) and UK-based BP Plc have started production from their second new deepwater gas field in the KG-D6 block on the east coast of India. The Satellite Cluster field will produce gas from four reservoirs utilising a total of five wells. It is expected to reach gas production of up to 6 million standard cubic meters per day. RIL is the operator of the KG-D6 block with a 66.67% participating interest, while BP holds 33.33%.

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HDFC Life Q4 Results: Net profit rises 2% YoY to Rs 317 crore

HDFC Life Insurance Company Ltd reported a 2% YoY increase in standalone net profit to Rs 317.94 crore for the quarter ended March (Q4). Its net premium income (NPI) rose 23% YoY to Rs 12,868 crore during the same period. HDFC Life sold around 9.8 lakh new individual policies during the quarter, registering a growth of 10% YoY. The company’s board has recommended a final dividend of Rs 2.02 per share.

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Mindtree partners with US-based Duck Creek Technologies

Mindtree Limited has partnered with US-based Duck Creek Technologies to improve customer experience for UPC Insurance customers through the implementation of Software-as-a-Service (SaaS)-based core systems. The services include policy, billing, claims, data insights, and insurance technology solutions. Multiple applications will be consolidated on a single integrated platform using OnDemand— DuckCreek’s solution for the property and casualty (P&C) insurance industry.

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SBI Cards Q4 Results: Net profit jumps 110% YoY to Rs 175 crore

SBI Cards and Payment Services Ltd reported a 110% YoY increase in net profit to Rs 175 crore for the quarter ended March (Q4). Total income fell to Rs 2,468 crore during the same period, compared with Rs 2,510 crore in Q4 FY20. Interest income stood at Rs 1,072 crore, and income from fees and services increased 16% YoY to Rs 1,114 crore in Q4 FY21. Gross non-performing assets (NPAs) stood at 4.99% of gross advances, compared to 2.01% in Q4 FY20. 

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Natco seeks emergency approval to launch Covid-19 drug Molnupiravir in India

Natco Pharma Limited has applied to the Central Drugs Standard Control Organisation (CDSCO) for approval of Phase-III clinical trial of Molnupiravir Capsules, used for the treatment of Covid-19 patients. The capsule was developed by American pharma major Merck, along with Ridgeback Biotherapeutics. According to pre-clinical data, patients treated with Molnupiravir achieved response within 5 days of therapy— indicating that the duration of treatment with the capsule is short.

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Castrol India Q1 Results: Net profit rises 95% YoY to Rs 243 crore

Castrol India Limited reported a 94.5% YoY increase in net profit to Rs 243.60 crore for the quarter ended March (Q4). Total sales rose 65.5% YoY to Rs 1,138.70 crore during the same period. The company reported healthy cash from operations at Rs 269 crore in Q4 FY21, which is equivalent to 1.1 times of profit after tax. Castrol India manufactures and markets automotive and industrial lubricants, as well as specialty products.

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Power Mech Projects secures contract worth Rs 343 crore

Power Mech Projects Limited has received a Letter of Intent from the Singareni Collieries Company for a contract worth Rs 343.44 crore. The project consists of the operation and maintenance of the 2×660 megawatt (MW) Singareni Thermal Power Plant in Pegadapalli, Telangana. Power Mech Tech operates as an engineering and construction company, which provides erection, testing, and commissioning (ETC) services for power projects.

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Tata Motors expects temporary hit on demand; to calibrate supplies

Tata Motors Limited has adopted a ‘business agility plan’ through which it aims to calibrate and match supplies with retail demand. The automaker will ensure that optimal levels of inventory are maintained with dealers to meet customer demands. It will also be prepared for a rebound in demand once the situation returns to normalcy. Like most other auto companies, Tata Motors is also expecting a temporary disruption in vehicle demand and supply of parts amidst lockdowns imposed due to a surge in Covid-19 cases.

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Biocon Biologics, Viatris receive approval for cancer drug

Biocon Biologics (a subsidiary of Biocon Ltd) has received marketing authorisation approval from the European Commission for Abevmy 100 & 400 mg. The approved drug is a biosimilar of Bevacizumab and was co-developed with Viatris Inc. Abevmy is indicated for the treatment of metastatic colorectal carcinoma, metastatic breast cancer, ovarian, cervical, and renal cancer as part of a specific regimen. 

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DGCA extends fare capping on domestic flights till May 31

The Directorate General of Civil Aviation (DGCA) has decided to extend fare capping on domestic flights till May 31. The aviation authority has also limited flight capacity of domestic flights at 80% of pre-Covid levels. This new move has been done in view of the prevailing Covid-19 situation in the country. Last month, the DGCA had announced that the suspension of international flights has been extended till April 30. However, international scheduled flights may be allowed on selected routes by the concerned authority on a case-to-case basis.

Read more here.

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Retail Inflation Rises to 5.03% in February – Top Indian Market News

Retail inflation rises to 5.03% in February; IIP contracts 1.6% in January 

India’s retail inflation rose to its highest level in three months in February amidst a hike in food and fuel prices. Retail inflation (measured by the Consumer Price Index) stood at 5.03% in February, compared to 4.06% in January. Food inflation jumped to 3.87% last month. The increase in crude oil prices could lead to a further rise in inflation.

The Index of Industrial Production (IIP) contracted by 1.6% in January, due to a decline in manufacturing and mining output. The IIP had grown 2.2% in January 2020. The manufacturing sector saw a contraction of 2% last month, while mining output declined by 3.7%. [IIP is an index that tracks manufacturing activity of different sectors of an economy]

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Govt approves 33 API applications under PLI scheme

The government has approved a total of 33 applications with a committed investment of Rs 5,082.65 crore under the Production Linked Incentive (PLI) scheme for Active Pharmaceutical Ingredients (APIs). The disbursal of PLI by the government will be up to a maximum amount of Rs 5,440 crore over a period of 6 years. This will help reduce the import dependence on critical bulk drugs.

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Anupam Rasayan IPO subscribed 1.29 times on first day of bidding

The Rs 760-crore initial public offering (IPO) of Anupam Rasayan India was subscribed 1.29 times on the first day of bidding. The issue received bids for 1.25 crore equity shares against an offer size of 97.01 lakh shares. The portion reserved for retail investors was subscribed 2.58 times and that of employees 30%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 9%.

To know more about the IPO, click here.

SBI Cards to raise Rs 2,000 crore through debentures

SBI Cards and Payment Services Ltd said its Board of Directors has approved the proposal to raise up to Rs 2,000 crore through the issuance of non-convertible debentures (NCDs). The NCDs will bear a coupon rate of 5.9% per annum and will mature on February 23, 2024. It will be listed on the Wholesale Debt Market Segment of the Bombay Stock Exchange (BSE).

Read more here.

Hatsun Agro Products to set up dairy plant in Andhra Pradesh

The Board of Directors of Hatsun Agro Product has approved the proposal of setting up a dairy plant in Northern Andhra Pradesh. The company had earlier announced plans of setting up a dairy plant in Odisha. Hatsun Agro’s board has also approved the proposal of working with Italy-based SOL Group to explore the possibility of using liquid nitrogen as a refrigerant fuel to transport its milk and milk products.

Tata Group seeks CCI approval to acquire 64.3% stake in BigBasket

Tata Digital Ltd, a wholly-owned unit of Tata Sons, has filed an application with the Competition Commission of Inida (CCI) to acquire a majority stake in online grocery seller- BigBasket. As per the filing, Tata Digital will acquire 64.3% stake of BigBasket from Supermarket Grocery Supplies Pvt Ltd. The deal, if approved, would put Tata in direct competition with Amazon, Walmart’s Flipkart, etc.

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JSPL’s steel output rises 18% YoY to 6.53 lakh tonnes in February

Jindal Steel and Power Ltd (JSPL) reported an 18% YoY increase in its crude steel output to 6.53 lakh tonnes in February 2021. It had produced 5.54 lakh tonnes of steel in February 2020. The company’s sales rose 14% YoY to 5.45 lakh tonnes last month. JSPL’s exports accounted for 26% of the total sales volume.

Read more here. 

Ramco Cements, Bharat Dynamics, PFC declare interim dividends

Ramco Cements Limited said its board has declared an interim dividend of Rs 3 per share for the current financial year (FY 2020-21). The record date for the payment of the interim dividend is March 23, 2021.

Bharat Dynamics Ltd’s board has declared an interim dividend of Rs 6.70 per share for the financial year 2020-21. The company has fixed March 20, 2021, as the record date for the payment of the interim dividend.

Power Finance Corporation (PFC) has declared an interim dividend of Rs 8 per share. The record date has been fixed as March 22, 2021.

PNC Infratech’s subsidiary secures order worth Rs 1,412 crore from NHAI

PNC Infratech announced that its subsidiary, PNC Meerut Haridwar Highways, has secured an order worth Rs 1,412 crore from the National Highways Authority of India (NHAI). The project involves four laning of the Meeru-Naziabad section of NH-119 in the state of Uttar Pradesh.

Board of India Glycols approves transfer of BioEO business to IGL Green Chemicals

The Board of Directors of India Glycols Ltd has approved the transfer of its BioEO (speciality chemicals) business to its wholly-owned subsidiary- IGL Green Chemicals. The company has also formed a 51:49 joint venture (JV) with Swiss chemicals major Clariant AG to manufacture and market renewable ethylene oxide (EO) derivative products. EO derivatives have multiple industrial and consumer applications ranging from freezing agents and coolants for automobile engines to cosmetics.

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