Here are some of the major updates that could move the markets today:
Stocks
Bharti Airtel registered a profit of Rs 1,612.5 crore for Q1, falling 46.4% QoQ impacted by a one-time foreign exchange loss of Rs 3,416 crore.
Eicher Motors has registered its highest-ever quarterly revenue, EBITDA and profit. Profit shot up 50.4% year-on-year to Rs 918.3 crore
Paytm has recorded merchant payment volumes at Rs 1.47 lakh crore for July 2023, growing 39% YoY. The loan distribution business is growing at 148% YoY.
LIC Housing Finance registered a 43% YoY growth in profit at Rs 1,323.7 crore for the quarter, beating estimates.
Hindalco Industries has won the bid to mine the Meenakshi West coal mine in Odisha.
Titan reported a 4% fall in net profit at Rs 753 crores. Margins of the company fell.
Indigo reported a net profit of Rs 3,090 crore, beating street estimates. Revenue jumped up 30% YoY.
HPCL reported a net profit of Rs 6,765.5 crore for Q1, v/s net loss of Rs 8,557.12 crore last year. It is still lower than expected as margins fell.
Major results today: State Bank of India, M&M, Britannia Industries, Shipping Corp, IDFC, Devyani International
What Happened Yesterday?
NIFTY started the day at 19,463 with a gap-down of 62 points. Initially, the index tried moving up, but 19,500 now turned into resistance. Failing to break the level, a crash without a retracement to 19,300 was seen. NIFTY closed at 19,381, down by 144 points or 0.74%.
BANK NIFTY started the day at 44,862 with a gap-down of 132 points. It tried moving above 45,000 but found resistance. A fall of 750 points was seen after which BANK NIFTYclosed at 44,513, down by 482 points or 1.07%.
What to Expect Today?
US markets closed in the red.The European markets also closed in the red.
The Asian markets are trading mixed.
The U.S. Futures are trading slightly in the green.
GIFT NIFTY is trading slightly in the green at 19,486.
All the factors combined indicate a flat to gap-up opening in the market.
NIFTY has supports at 19,300, 19,240 and 19,200. We can expect resistances at 19,438, 19,513, and 19,566.
BANK NIFTY has supports at 44,280, 44,150 and 44,000. Resistances are at 44,600, 44,900 and 45,229.
NIFTY has the highest call OI build-up at 19,500 and 20,000. The highest put OI build-up is at 19,400 and 19,200.
BANK NIFTY has the highest call OI build-up at 45,000. The highest put OI build-up is at 45,500.
The international markets did not show strength or a bounce back yesterday, even though NIFTY held on strong till noon. But just after noon, the 19,400 level was broken and another quick 100-point fall was seen. A bounce is what we expected but breaking important levels meant more fall.
NIFTY has now fallen 3% from its all-time high.
Support was taken at the level of 19,300 which was the level from early July in NIFTY. Bank NIFTY has reached back to early June consolidation levels.
You can expect consolidation from these zones with a very low chance of falling below 19,000. A quick rally back to all-time highs is not expected unless triggered by huge FII buying.
Otherwise, expecting a trading range of 19,100-19,650 for this week which will change according to market conditions.
Watch out for SBI volatility around the results, this may create some buzz!
We will be entering our new Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) today. Follow along on the marketfeed app, or on our website for trades!
Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!
People often have money they want to save for later instead of spending it right away. A savings bank account allows you to deposit your money safely with the bank, so you don’t have to carry it around or hide it in that rusted old steel safe at home. It is the most basic account that you can open at any bank. In this article, we will discuss a few of the best savings bank accounts available in India that can provide a seamless banking experience.
How to Choose a Savings Bank Account?
Here are some of the key factors to consider before opening a savings bank account:
1. Interest rates
Compare the interest rates offered by different banks. Look for accounts that offer competitive or relatively high interest rates to maximise your savings.
2. Minimum Balance
Check the minimum balance requirement for each account. Choose an account that aligns with your financial situation and can be easily maintained to avoid penalties.
3. Fees and charges
Take note of any fees and charges associated with the savings account, including maintenance, ATM, or transaction fees. Choose an account with minimal or no charges, particularly if you plan to conduct regular transactions.
4. Withdrawal and transaction limit
Transaction and withdrawal limits on savings bank accounts refer to the maximum amount of money that can be transacted or withdrawn from the account within a specified period. The banks set these limits to ensure security, manage liquidity, and prevent misuse or fraudulent activities.
Look out for daily withdrawals, transactions, and other transfer limits before you open an account.
5. Customer service
Evaluate the quality of customer service provided by the bank. Check online reviews and ratings to gauge customer satisfaction and responsiveness to queries or complaints. Opting for a bank with an extensive network of branches can enhance your banking experience. Additionally, ensure the availability of a nearby branch for your convenience.
6. Bank’s financial health
Before opening a savings account, assess the bank’s financial health. Look for indicators like capital adequacy, asset quality, profitability, and liquidity. Consider credit ratings, regulatory compliance, reputation, and track record to ensure the safety and growth of your funds.
Best Savings Bank Accounts in India
1. State Bank of India (SBI)
State Bank of India (SBI) is a multinational public sector bank and the largest bank in India. SBI offers a variety of savings accounts with different interest rates. The interest rate on SBI savings accounts ranges from 2.70% to 4.25%, depending on the balance. Furthermore, SBI offers several other features, such as free ATM withdrawals, online banking, and mobile banking.
As of March 31, 2023, the State Bank of India (SBI) has 28,802 branches in India. SBI also has a network of over 62,617 ATMs and 71,968 Business Correspondent (BC) outlets across India. Additionally, SBI has a market share of 27.24% as of FY23, making it the largest bank in India.
The various types of saving accounts offered by SBI are:
Basic Savings Account (under Pradhan Mantri Jan Dhan Yojna)
Savings Bank Account
Basic Small Savings Account
Savings Account for Minors
Savings Plus Account
Insta Plus Video KYC Savings Account
Interest rate offered by SBI savings account
Balance
Interest Rate (per annum)
Less than ₹10 crore
2.70%
₹10 crore & Above
3.00%
2. HDFC Bank
HDFC Bank is the largest private-sector bank in India by assets. The bank offers a savings account with an interest rate of 3%. HDFC Bank has branch networks across several countries outside India, including the United States, the United Kingdom, Singapore, and the United Arab Emirates. The bank’s international presence is growing, and it plans to open more branches in other countries in the coming years.
As of March 31, 2023, HDFC Bank has 7,821 branches in India. HDFC Bank also has a network of over 19,727 ATMs and 5,200 Business Correspondent (BC) outlets across India. HDFC Bank has a market share of 18.71% in the Indian banking sector. After the State Bank of India (SBI), it is the second-largest bank in India in terms of market share.
The various types of saving accounts offered by HDFC Bank are:
Regular Savings Account
Women’s Savings Account
Savings Max Account
Specialé Gold and Specialé Platinum
DigiSave Youth Account
Senior Citizen’s Account
Kids Advantage Account
Basic Savings Bank Deposit Account
Super Kids Savings Account
Instant Savings Account Online
Interest rate offered by HDFC Bank savings account
Balance
Interest Rate (per annum)
Less than ₹50 lakh
3.00%
₹50 lakh & Above
3.50%
3. Axis Bank
Axis Bank is a private-sector bank and is the fourth-largest bank in India by market capitalization and the fifth-largest bank in India by assets. The bank’s market share in the Indian banking sector is 5.64% as of March 31, 2023. This makes it the fourth-largest bank in India by market share.
The bank has 5,238 branches in India. The bank also has a network of over 15,953 ATMs and cash recyclers across India.
Axis Bank’s market share has been growing steadily over the past few years. In 2018, the bank’s market share was 3.9%. This growth is due to several factors, including the bank’s strong financial performance, a wide range of products and services, and strong brand reputation.
The various types of saving accounts offered by the bank are:
EasyAccess Savings Account
Prime Savings Account
Future Stars Savings Account
Senior Privilege Savings Account
Pension Savings Account
Insurance Agent Account
Basic Savings Account
Small Basic Savings Account
Liberty Savings Account
Prestige Digital Savings Account
Priority Digital Savings Account
Burgundy Digital Savings Account
Government Scholarship Savings Account
Interest rate offered by Axis savings account
Balance
Interest Rate (per annum)
Less than ₹50 lakh
3.00%
₹50 lakh to ₹800 crore
3.50%
4. ICICI Bank
ICICI Bank is a multinational banking and financial services company headquartered in Mumbai, India. It is the third-largest bank in India by market capitalization and the second-largest private-sector bank in India by assets.
As of March 31, 2023, ICICI Bank has 6,612 branches, over 15,589 ATMs, and 13,135 Business Correspondent (BC) outlets across India. ICICI Bank has a 14.01% market share.
The various types of saving accounts offered by ICICI Bank are:
Insta Save Account
Advantage Woman Aura Savings Account
Advantage Woman Savings Account
Seniors Club Savings Account
Young Stars Savings Account
Smart Star Savings Account
Retire Happy Savings Account
Family Savings Account
Regular Savings Account
Silver Savings Account
Basic Savings Bank Account (BSBDA)
Easy Receive Savings Account
Professional Savings Account
ICICI Bank@Campus Savings Account
Interest rate offered by ICICI Bank savings account
Balance
Interest Rate (per annum)
Less than ₹50 lakh
3.00%
₹50 lakh & Above
3.50%
5. Kotak Mahindra Bank
Kotak Mahindra Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It offers banking products and financial services for corporate and retail customers in personal finance, investment banking, life insurance, and wealth management.
Kotak Mahindra Bank’s market share in the Indian banking sector is 3.51% as of March 31, 2023. The bank has 1,780 branches and 2,963 ATMs across India.
Interest rate offered by Kotak Mahindra Bank savings account
Balance
Interest Rate (per annum)
Less than ₹50 crore
3.50%
₹50 lakh & Above
4.00%
In conclusion, several top savings bank accounts in India offer various benefits and features suited to different individuals’ needs. It is essential to consider factors such as interest rates, minimum balance requirements, customer service, fees, and digital banking facilities while choosing the best savings account. Moreover, every savings account has account-specific minimum balance requirements, withdrawal, and transaction limits. Overall, the best savings bank account is the one that best meets all your needs!
Here are some of the major updates that could move the markets tomorrow:
LTIMindtree to replace HDFC in Nifty50 from July 13
LTIMindtree will replace HDFC in the Nifty 50 index following its merger with HDFC Bank. The change will come into effect on July 13. HDFC Ltd will stop trading from July 13. Nuvama’s preliminary calculations expect LTIMindree to see an inflow of $150 million to $160 million. IT firm LTIMindtree is a subsidiary of Larsen & Toubro Ltd.
SBI gets approval for buyout of SBICAPS stake in SVL for Rs 708 crore
The Executive Committee of the Central Board (ECCB) of State Bank of India (SBI) has approved the acquisition of the entire stake held by SBI Capital Markets Ltd in SBICAP Ventures Ltd (SVL) for ₹708 crore. SBI Capital Markets Ltd (SBICAPS) is a wholly-owned subsidiary of SBI. The reason behind SBI’s acquisition of SVL is for better governance.
Indian Oil to consider fundraise via rights issue on July 7
Indian Oil Corporation’s (IOC) board is planning to consider raising capital. The capital raise will be through a rights issue of equity shares. The company will use the funds to meet the capital expenditure plan for its various projects. The company plans to host the board meeting on July 7.
REC Ltd plans to raise about $1 billion through term loans to help fund infrastructure projects. The external commercial borrowing is split into two tranches, with the first expected to close this month amounting to $505 million. The company expects to raise the second tranche of $520 million in August, as it has applied to the RBI for approval.
Sun Pharma promoter creates pledge on 51.30 lakh shares on June 30
Sun Pharma created a pledge of 51.3 lakh equity shares on June 30, 2023. The company has pledged the shares in favour of Tata Capital Financial Services. The promoters have a shareholding of 54.48 %. Some large promoters of the company are Dilip Shanghvi with 9.6% shareholding, Shanghvi Finance Private Ltd with 40.3% shareholding, and AdityaMedisales Ltd with 1.67% shareholding.
Pledging of shares means taking a loan against the securities you own.
IDFC First Bank has received approval from its board of directors for a merger with IDFC Ltd. The share exchange ratio for the amalgamation will be 155 equity shares of the face value of ₹10 each fully paid-up of IDFC First Bank for every 100 equity shares of the face value of ₹10 each fully paid-up of IDFC Ltd. The bank’s standalone book value per share would increase by 4.9%, as calculated on audited financials as of March 31, 2023.
HPL Electric bags orders worth Rs 903 crore for smart meters
HPL Electric and Power Ltd (HPL) has secured orders worth ₹903 crores for smart meters. With this contract, the company’s total pending pipeline order book stands at over ₹2,250 crores. HPL Electric claims these smart meters contribute to a greener and more sustainable future by empowering consumers and utilities to optimise energy usage.
Adani Green Energy to consider fundraise on July 6
Adani Green Energy will hold a board meeting to discuss and approve a fundraising proposal. The proposal involves issuing equity shares or other eligible securities through different methods, including private placement, qualified institutions placement, and preferential issue. However, the specific details regarding the amount to be raised and its utilisation are undisclosed.
Chalet Hotels’ board of directors has approved raising funds of up to ₹500 crores. The purpose of this fundraising is to refinance the company’s high-cost debt. The company plans to raise the funds through non-convertible debentures (NCDs) or other debt instruments in multiple tranches. Additionally, the board has also authorised raising funds of up to ₹100 crores by borrowing from the company’s promoters. These funds will be utilised to cover expenses related to the residential project in Koramangala, Bengaluru.
Tata Steel’s NINL plant reaches 100% capacity utilisation within 1 year of acquisition
Tata Steel’s NINL plant has reached 100% capacity utilisation within one year of its acquisition by the company. The company completed the acquisition of Neelachal Ispat Nigam Ltd (NINL) through its subsidiary Tata Steel Long Products Ltd (TSLPL) for a consideration of ₹12,000 crores. After being shut down for almost three years, operations at the NINL unit were started by Tata Steel in October 2023.
Biocon Biologics launches biosimilar adalimumab in US
Biocon’s subsidiary Biocon Biologics has launched a biosimilar version of AbbVie’s top-selling biologic Humira in the US market under the brand HULIO. Adalimumab is used to treat certain inflammatory diseases like rheumatoid arthritis. Humira contributed $21.2 billion in sales to AbbVie for 2022, making it the world’s top-selling non-COVID prescription drug until recently.
Hero MotoCorp has started bookings for the Harley-Davidson X440 motorcycle across the country with deliveries expected to commence from October onwards. The 440-cc bike is being manufactured by Hero MotoCorp at its Neemrana plant. X440 is the smallest and most affordable Harley-Davidson bike to come to India ever since the Street 750.
Here are some of the major updates that could move the markets on Monday:
SBI to raise Rs 50,000 crore via debt instruments in FY24
State Bank of India’s (SBI) board said it plans to raise up to Rs 50,000 crore this financial year (FY24) by issuing debt instruments. The instruments could be long-term bonds, Basel-III compliant additional tier-1 bonds, or Basel-III compliant tier-2 bonds. The move is part of the bank’s plans to meet the overall demand for credit.
Demand for bank loans has consistently stayed in double digits despite a 250-basis points increase in interest rates since May 2022.
Tata Motors partners with HSBC India for EV financing solutions
Tata Motors has partnered with HSBC India to provide loans to corporate sector employees for buying electric vehicles (EVs). The deal offers customers with a salaried account with HSBC India a bespoke loan solution to buy from Tata’s EV portfolio. People who avail this loan will get a special accessory kit for the EV they purchase and other advantages like low processing fees, zero depositions, no hypothecation, and no documentation fees.
Allcargo Logistics closes 30% stake purchase from KWE in Gati subsidiary
Allcargo Logistics has successfully acquired a 30% stake (~1.50 lakh shares) in Gati-Kintetsu Express (GKEPL) for Rs 406.71 crore. The company’s subsidiary (Gati) already held a 70% stake in GKEPL. With this acquisition, Allcargo and Gati now own 100% of GKEPL and assume complete control. The completion of this transaction aligns with the Share Purchase Agreement (SPA) signed between the parties in March 2023.
Indoco Remedies gets EU-GMP certification for Himachal plant
Indoco Remedies has received the EU GMP certification for its manufacturing site in Himachal Pradesh. The health authority of Germany inspected the facility for oral dosage forms from May 22-25, 2023. The certification confirms compliance with Good Manufacturing Practice requirements. This EU certification will facilitate the supply of drug products registered in Europe from this manufacturing site, enhancing Indoco Remedies’ presence in the European market.
India’s forex reserves up $5.9 billion to $595.1 billion
Reserve Bank of India (RBI) announced that India’s foreign exchange reserves rose by $5.9 billion to reach $595.06 billion for the week ending June 2. This marked the largest increase in a month, breaking a two-week declining trend. India’s Special Drawing Rights (SDRs) decreased by $6 million to $18.186 billion, while the reserve position with the IMF grew by $10 million to $5.123 billion.
Zydus starts trial to generate data on effect of Saroglitazar Mg in NAFLD patients
Zydus Lifesciences has initiated a Phase IV real-world data registry trial to evaluate the advantages of Saroglitazar Magnesium in patients with non-alcoholic fatty liver disease (NAFLD) and comorbidities. The trial aims to enroll approx 1,500 male and female NAFLD patients with comorbidities such as obesity, type 2 diabetes mellitus, dyslipidemia, or metabolic syndrome. The study will span approximately 56 weeks.
Greenlam Industries’ subsidiary starts commercial production at Tamil Nadu plant
Greenlam Industries’ subsidiary HG Industries Ltd has begun commercial production at its new plant in Tindivanam, Tamil Nadu. With an investment of Rs 125 crore, the facility is equipped to manufacture plywood and related products with an annual capacity of 18.9 million square meters. This greenfield project reinforced Greenlam’s commitment to meeting the growing demand for quality wood-based materials.
Aether Industries signs agreement with Saudi Aramco Tech for new technology
Aether Industries Ltd has signed a license agreement with Saudi Aramco Tech for the convergence polyols technology. The company has commenced the manufacturing and commercialization of the Converge polyols technology and product series. This partnership enables Aether to leverage the expertise and technology of Saudi Aramco to produce and market innovative polyols products.
IndiGo offers connectivity to US via codeshare connections with Turkish Airlines
IndiGo has launched new connections via Istanbul to the United States, offering passengers connectivity to New York, Boston, Chicago and Washington via its codeshare partnership with Turkish Airlines. The expansion will come into effect on June 15, 2023. IndiGo aims to double its capacity by the end of the decade and expand its network, especially in international markets.
Here are some of the major updates that could move the markets tomorrow:
SBI Q4 Results: Net profit rises 83% YoY to Rs 16,695 crore
State Bank of India (SBI) reported an 83% YoY increase in standalone net profit to Rs 16,695 crore for the quarter ended March (Q4 FY23). Net Interest Income (NII) stood at Rs 40,393 crore, up 29% YoY. The gross non-performing assets (NPA) ratio fell from 3.14% in Q4 FY22 to 2.78% in Q4 FY23. The bank’s board has declared a dividend of Rs 11.3 per equity share.
According to the Ministry of Coal, India’s coal production increased by 8.5% to 73.14 million tonnes (MT) in April 2023, compared to 67.20 MT in April 2022. This accounted for 94.89% of the production target set for April 2023. Coal India and its subsidiaries contributed 57.57 MT to the overall production, marking a 7.67% growth from April 2022.
ITC Q4 Results: Net profit rises 23% YoY to Rs 5,175 crore
ITC reported a 23% YoY increase in consolidated net profit to Rs 5,175 crore in Q4 FY23. Its operating revenue rose 7% YoY to Rs 19,058 crore during the same quarter. EBITDA stood at Rs 6,209 crore, up 18.9% YoY in Q4 FY23. The company’s board has recommended a final dividend of Rs 6.75 and a special dividend of Rs 2.75 per equity share.
Zydus Lifesciences Q4 Results: Net profit falls 25% YoY to Rs 297 crore
Zydus Lifesciences reported a 25% YoY decline in consolidated net profit to Rs 296.6 crore in Q4 FY23. However, its consolidated total revenue rose 32% YoY to Rs 5,011 crore during the same quarter. EBITDA stood at Rs 1,257 crore, up 75% YoY. The company’s board has recommended a final dividend of Rs 6 per equity share.
Vedanta to free up cash and raise funds as it nears $500 million bond maturity
According to a Bloomberg report, Vedanta Group seeks to raise funds and generate cash as its $500 million bond matures. The board of Vedanta Ltd. is considering a dividend payout, while the conglomerate is in talks with banks for a potential $500 million raise. Vedanta Resources Ltd. relies on funds from its subsidiaries to reduce debt after a failed zinc mining unit sale.
Ramco Cements Q4 Results: Net profit rises 23% YoY to Rs 152 crore
Ramco Cements reported a 22.6% YoY increase in net profit to Rs 152 crore in Q4 FY23. Its revenue increased by 50.2% YoY to Rs 2,568 crore during the same quarter. EBITDA stood at Rs 412 crore, up 39.5% YoY in Q4.
Paytm partners with NPCI to launch Paytm SBI Card on the RuPay network
One97 Communications Ltd’s Paytm has collaborated with NPCI and SBI Card to launch the Paytm SBI Card on the RuPay network. Customers who join will receive privileges worth up to Rs 75,000, including a complimentary Paytm First Membership with OTT platform access and flight ticket discounts through the Paytm app. Cardholders also get other cashback offers on various transactions.
Godrej Agrovet and SBI launch finance offering for oil palm farmers
Godrej Agrovet’s Oil Palm Business has collaborated with SBI to launch a finance offering for oil palm farmers. The product aims to support farmers by providing loans for setting up micro-irrigation facilities, implementing fencing arrangements for protection against cattle grazing, and improving tube wells on their oil palm farms. This initiative aims to enhance Fresh Fruit Bunches (FFB) productivity, acting as a catalyst for oil palm growth.
GAIL shuts Ratnagiri LNG terminal till September, cuts imports
GAIL (India) Ltd has temporarily halted LNG imports at its Ratnagiri plant in Maharashtra since mid-May. The facility is shut down annually during the monsoon season due to operational challenges caused by rain and high tides. A breakwater is currently under construction and is expected to be completed next year, eliminating the need for seasonal shutdowns. GAIL’s last LNG cargo was received on May 11 at the Dabhol port.
Oriana Power commissions 2.7 MW solar project at IOCL refinery in Haryana
Oriana Power has successfully commissioned a 2.7 MW solar project at the Indian Oil Corporation Ltd (IOCL) refinery in Panipat, Haryana. The project was completed within a record time of three months and is specifically for Indian Synthetic Rubber Private Ltd (ISRPL), a joint venture between IOCL and Trimurti Holding Corporation. This marks the successful establishment of a single rooftop solar power plant at the IOCL refinery.
Pfizer suspends sale of some popular products due to technical issues
Pfizer Ltd has halted the sale and use of its bacterial infection products in India due to technical issues at a contract manufacturing site. The company has requested a temporary suspension of Magzex, Zosyn, Magnamycin injections, and Magnex forte supplies. Stockists and distributors have been instructed to refrain from selling, distributing, or using the products until further notice from Pfizer.
Here are some of the major updates that could move the markets tomorrow:
Bharti Airtel Q4 Results: Net Profit rises 50% YoY to Rs 3,006 crore
Bharti Airtel reported a 50% YoY increase in consolidated net profit to Rs 3,006 crore for Q4 FY23. Its consolidated revenue jumped 14.3% YoY to Rs 36,009 crore during the same quarter. EBITDA stood at Rs 18,807 crore, up 18% YoY in Q4FY23. The company’s board has recommended a final dividend of Rs 4 per equity share.
BPCL board approves Rs 49,000 crore capex for ethylene cracker project at Bina refinery
Bharat Petroleum Corporation Ltd (BPCL) has received board approval for several projects. These include an ethylene cracker project at Bina Refinery, expansion of the refinery, and downstream petrochemical plants. Additionally, the company will set up two 50 MW wind power plants costing approximately Rs 978 crore for captive consumption, one at the Bina refinery and another at the Mumbai refinery.
According to a circular from Singapore Exchange, SGX Nifty will be known as GIFT Nifty from July 3, 2023. All SGX orders will be completely transferred to Gift City, NSE IFSC Exchange for matching and the facility would be the sole trading location for SGX Nifty derivatives as of July 3.
Sona Comstar partners with UK’s Equipmake to make electric powertrains in India
Sona BLW Precision Forgings Ltd has signed an agreement with UK-based Equipmake to produce electric powertrains for cars, buses, and commercial vehicles in India and other markets. The licensing agreement allows Sona Comstar, a subsidiary of Sona BLW, to manufacture and sell EV powertrains, subsystems, and components based on Equipmake’s patented spoke motor and inverter technology.
Bank of Baroda Q4 Results: Net profit jumps 168% YoY to Rs 4,775 crore
Bank of Baroda reported a 168% YoY jump in standalone net profit to Rs 4,775 crore for Q4 FY23. Its Net Interest Income (NII) jumped 33.8% YoY to Rs 11,525 crore during the same quarter. Gross NPA and Net NPA stood at 3.79% and 0.89% respectively. The bank’s board has recommended a dividend of Rs 5.5 per equity share.
Eveready Industries cuts direct distributors to 1,000
Eveready Industries India Ltd has implemented a network revamp strategy to improve efficiency. The company’s direct distributors have been reduced from 5,000 to 1,000. The changes extend not only to the organization but also to the channel structures, focusing on a more streamlined and efficient distribution network.
Bank of Baroda made a provision of Rs 500 crore against GoFirst exposure
Bank of Baroda has made a provisioning of Rs 500 crore against its exposure to financially troubled airline Go First, which has been granted bankruptcy protection preventing the repossession of its planes by lessors. The bankruptcy filing of Go First lists Bank of Baroda, Central Bank of India, IDBI Bank, and Deutsche Bank among its financial creditors, with a total owed amount of Rs 6,521 crore.
IOCL Q4 Results: Net profit jumps 52% YoY to Rs 10,841 crore
Indian Oil Corp Ltd reported a 52% YoY jump in consolidated net profit to Rs 10,841 crore for Q4 FY23. Its operating revenue rose 10% YoY to Rs 2.3 Lakh crore during the quarter. The company’s board has recommended a final dividend of Rs 3 per equity share.
SPML Infra lenders start Rs 2,000-crore debt sale based on anchor bid from NARCL
Lenders led by the State Bank of India (SBI) have initiated the sale of SPML Infrastructure’s debt worth over Rs 2,000 crore based on an anchor bid by the government-backed National Asset Reconstruction Company Limited (NARCL). The debt offered for sale includes fund-based and non-fund-based loans, optionally convertible debentures, and carries a security value of Rs 1,203 crore. The six banks, including SBI, Canara Bank, ICICI Bank, PNB, BOB, and Union Bank of India, are collectively selling the debt.
INOX Air Products investing Rs 1,300 cr to set up air separation units at Tata Steel’s Dhenkanal plant
INOX Air Products will invest Rs 1,300 crore to establish two air separation units (ASUs) with a daily capacity of 1,800 tonnes each at Tata Steel’s plant in Dhenkanal, Odisha. The ASUs will produce industrial gases such as oxygen, nitrogen, and argon, which are vital for the steel manufacturing process. The project is expected to be operational by March 2025, and the partnership agreement covers 20 years for the supply of gases.
Chalet signs franchise agreement with IHCL for Delhi airport hotel
Chalet Hotels Ltd’s subsidiary Chalet Airport Hotel Private Limited has entered into a franchise agreement with Indian Hotels Company Limited (IHCL), backed by the Tata Group. The agreement is for a new luxury hotel at Terminal 3 of Indira Gandhi International Airport in New Delhi. The hotel will be under the Taj brand and will feature 400 rooms and dining and conferencing facilities.
Here are some of the major updates that could move the markets on Monday:
Reliance Q4 Results: Net profit rises 19% YoY to Rs 19,299 crore
Reliance Industries announced a 19% YoY increase in consolidated net profit to Rs 19,299 crore. Revenue is up 2% YoY to Rs 2.16 lakh crore. The company’s EBITDA in Q4 reached a record high of Rs 41,389 crore, rising 22% YoY.
However, due to an expanded asset base across all businesses, depreciation surged 43% YoY to Rs 11,456 crore. Finance costs rose 64% YoY to Rs 5,819 crore on account of higher interest rates and loan balances. RIL’s gross revenue in FY23 rose 23% YoY to Rs 9.76 lakh crore, indicating continued growth momentum across all businesses.
India’s forex reserves rise $1.65 billion to $586.41 billion
India’s forex reserves increased to $586.41 billion, up by $1.65 billion for the week ended April 14. The rise in foreign currency assets (FCA) was the main contributor, which increased to $516.63 billion. The rupee appreciated against the US dollar by 8 paise to close at 82.09. This was supported by softening crude oil prices in the international markets.
State Bank of India (SBI) is in talks with international banks for a potential $500 million fundraise via a global bond issue. Investment banks are expected to be engaged next week for the proposed issue, which could increase in size depending on investor response. European, Japanese, and American banks are expected to be chosen as arrangers for the issue.
RBI gives HDFC Bank selective regulatory relief post HDFC merger
The Reserve Bank of India (RBI) has granted HDFC Bank and HDFC regulatory relief to ease the merger between the two firms. The RBI has allowed the bank to meet priority sector lending requirements in stages over three years, instead of immediately complying with the 40% lending requirement to agriculture, micro and small enterprises, education, housing, export credit, and advances to weaker sections.
Hindustan Zinc Q4 Results: Net profit falls 12% YoY to Rs 2,583 crore
Hindustan Zinc’s net profit fell 12% YoY to Rs 2,583 crore in Q4 FY23. Revenue dropped 4% YoY to Rs 8,281 crore due to lower zinc, lead, and silver prices, partly offset by higher metal and silver volumes. The company reported a 16% YoY decline in EBITDA to Rs 4,208 crore. It recorded the highest-ever PAT of Rs 10,511 crore for the full year (FY23) on the back of record production of over 1 million tonnes of metal.
Reliance Capital lenders not to accept offers outside of auction
Reliance Capital has reportedly decided to negotiate only with the highest bidder and not accept any topping offer outside the proposed auction process. The committee of creditors discussed concerns from potential bidders regarding the auction of the distressed financial services company that is undergoing a corporate insolvency process. Hinduja group entity Torrent Investments and Oaktree Capital have indicated that they will likely participate in the proposed auction scheduled on April 26.
Torrent Power forms subsidiary for power generation, transmission biz
Torrent Power Ltd has formed a new subsidiary named Torrent Urja Pvt 10 (TU10) for power generation and transmission. The new subsidiary was registered in Ahmedabad on April 21, 2023, and is yet to begin its business operations. The company has stated that TU10 will generate, transmit, distribute, sell, or deal in all forms of electrical power and energy, including non-conventional and renewable sources of energy.
PNC Infra gets LoA from road ministry for project worth Rs 819 crore
PNC Infratech has received a Letter of Acceptance (LoA) from the Ministry of Road Transport & Highways (MORT&H) for a construction project in Uttar Pradesh worth Rs 819 crore. The project involves the construction of a 4-lane highway from Singraur Uphar to Baranpur Kadipur Ichauli of NH-731A. The operation period is 15 years after construction. PNC Infratech has promised to execute the work in 24 months.
Bank of Baroda to raise up to $7 billion via bonds
Bank of Baroda’s board has approved the raising of foreign currency funds through the issuance of bonds up to $1 billion under the bank’s medium-term note (MTN) program and through the issuance of certificates of deposit (CDs) up to $3 billion in single or multiple tranches. The bank has also approved raising funds through bilateral/other borrowings up to $3 billion.
Power Mech Projects Ltd has won multiple projects worth Rs 720 crore. This includes a Rs 362 crore contract to construct a government medical college and hospital for Uttarakhand Pey Jal Nigam Ltd, a Rs 162 crore contract for the Revamped Distribution Sector Scheme for MPPKWCL, Khargone Circle in Madhya Pradesh, and railway electrification of 25 KV OHE Works in Mysuru Division, Karnataka.
Credit Suisse takes SpiceJet to Supreme Court over unpaid dues
Credit Suisse has moved the Supreme Court (SC) against SpiceJet, alleging contempt of court over the failure of the domestic carrier to comply with a court-approved settlement plan for payment of dues. SpiceJet told SC on April 21 that it would pay a tranche the same day and the next in May. The Supreme Court put the contempt plea on hold and will now hear the case on May 17.
Here are some of the major updates that could move the markets tomorrow:
SBI approves fundraise of up to $2 billion for FY24
State Bank of India’s (SBI) board has approved fundraising of up to $2 billion (~Rs 16,400 crore) for the financial year 2023-24. SBI plans to raise this amount through foreign currency bonds in single or multiple tranches. The bonds will be in the form of senior unsecured notes in US dollars or any other convertible currency and may be offered through a public offer and/or private placement. These perpetual bonds will have a call option after 10 years and every anniversary thereafter.
Tata Coffee Q4 Results: Net profit rises 20% YoY to Rs 49 crore
Tata Coffee reported a 19.6% YoY growth in consolidated net profit to Rs 48.80 crore in Q4 FY23. The company’s consolidated revenue from operations also rose by 10.17% YoY to Rs 723.01 crore. The positive financial performance indicates the company’s strong performance in the coffee industry and the successful execution of its business strategies.
HDFC Bank to continue opening branches at same speed in FY24 as last year
HDFC Bank plans to continue expanding its branch network at the same pace in the current financial year (FY24) after opening close to 1,500 branches in FY 2022-23. The bank believes that branch expansion is crucial for deposit mobilisation. It aims to maintain the momentum of adding branches as it has done over the last 15-18 months. As of March 31, 2023, HDFC Bank had 7,821 branches, up from 6,342 a year ago.
Reliance Capital resolution process completion deadline extended to July 16
The National Company Law Tribunal (NCLT) has extended the deadline for resolving Reliance Capital by three months to July 16, as lenders plan to hold a second round of auction on April 26 to maximize recovery from the sale of assets. Bidders including IndusInd International Holdings Ltd, Torrent Investment, and Oaktree have confirmed their participation. The second round of auctions was postponed from April 11 to April 26 to address issues raised by the bidders.
HDFC Bank is expected to comfortably meet reserve ratio requirements after its merger with parent HDFC Ltd, as it awaits a final view from the central bank on requests for forbearance. The $40 billion merger is expected to conclude by July. The bank has requested a phased approach to meet the requirements for the statutory liquidity ratio (SLR) and cash reserve ratio (CRR), which are set at 18% and 4.5%, respectively. Housing finance companies are not required to maintain CRR, but they must maintain a lower SLR than banks.
Tata Steel in talks to raise up to $400 million in offshore green loan
Tata Steel Ltd is reportedly in talks to raise up to $400 million in what could be its first green loan. The debt is expected to have a tenor of about five years, and the proceeds would be used for capital expenditure. The lenders involved in the talks include Bank of America Corp., HSBC Holdings Plc, JPMorgan Chase & Co., and Mitsubishi UFJ Financial Group Inc. However, no final decision has been made yet.
IHCL announces the signing of two new hotels in Dhaka
Indian Hotels Company (IHCL) has announced the signing of two new hotels in Dhaka, Bangladesh. The Taj and Vivanta branded hotels will be part of an integrated complex that will also include high-end retail. The mixed-use development project in Dhaka will feature a 230-room Taj hotel and a 130-room Vivanta hotel. The project is being carried out in partnership with Borak Real Estate of the Unique Group, one of the largest business conglomerates in Bangladesh.
ICICI Lombard Q4 Results: Net profit rises 40% YoY to Rs 437 crore
ICICI Lombard General Insurance reported 40% YoY growth in net profit of Rs 437 crore in Q4 FY23. Total income grew 13% YoY to 5,255 crores. The company’s gross premiums written for the quarter under review were Rs 5,340 crore, a 7% increase YoY. Net premium written rose 1.86% YoY to Rs 4,047 crore. The company’s income from investments rose 14% to Rs 616 crore. The company also declared a final dividend of Rs 5.50 per equity share.
Invesco exits ZEEL; sells entire stake for Rs 1,004 crore
US-based investment firm Invesco has divested its entire stake of 5.11% in Zee Entertainment Enterprises Ltd (ZEEL) for Rs 1,004 crore through an open market transaction. The shares were sold by Invesco’s arm, OFI Global China Fund LLC, and were purchased by buyers, including Segantii India Mauritius, Morgan Stanley Asia Singapore Pte, and Goldman Sachs Singapore Pte ODI. The shares were sold at an average price of Rs 204.50 per share, resulting in a transaction value of Rs 1,004.34 crore.
Vedanta to start building semiconductor plant by Q3
Vedanta Group is expecting to start building its Rs 1.5 lakh crore semiconductor plant in the October-December quarter (Q3) of FY24. The company plans to start producing electronic chips by the first half of 2027. The Central govt will provide a 50% subsidy on the total cost of the project.
Here are some of the major updates that could move the markets on Monday:
Tata Motors to hike prices of passenger vehicles next month
Tata Motors will increase the prices of its passenger vehicles from May 1 to partially offset the increase in input costs. The weighted average increase will be 0.6% depending on the variant and model. This will be the second price hike by the automaker for its passenger vehicles after it initiated an average hike of 1.2% in February.
NTPC Ltd plans to build more coal plants this year to meet the country’s growing energy demand, despite long-term decarbonization targets. The company is expected to award construction orders for approx 4.5 gigawatts of coal-fired capacity across 3 sites where it already operates power plants. NTPC also plans to increase its coal output from its own mines by 48% compared to the previous year.
In other news, NTPC is planning to raise funds through an initial public offering (IPO) for its green energy unit, NTPC Green Energy Ltd (NGEL), in FY23.
Zee Music inks multi-year global deals with YouTube, Meta
Zee Music Company (ZMC) has renewed its licensing agreement with YouTube and Meta, signing a three-year partnership with YouTube and a two-year partnership with Meta. This allows users to continue using Zee Music Company’s extensive catalogue of over 11,000 songs to create social experiences across YouTube, Facebook, and Instagram. Zee Music Company has already achieved over 290 billion views across its YouTube channels. ZMC is a subsidiary of Zee Entertainment Enterprises Ltd (ZEEL).
India’s foreign exchange (forex) reserves increased by $6.30 billion to $584.75 billion for the week ended April 7, after declining by $329 million in the previous reporting week. The foreign currency assets increased by $4.74 billion to $514.431 billion for the week ended April 7. Gold reserves also rose by $1.49 billion to $46.69 billion. The country’s reserve position with the IMF also went up by $13 million to $5.17 billion in the reporting week.
Muthoot Finance completes pre-payment of External Commercial Borrowings of $225 million
Muthoot Finance said it completed the pre-payment of External Commercial Borrowings (ECB) of $225 million on April 13. ECBs are commercial loans widely used by eligible resident entities who raise ECBs from recognised non-resident entities. Last week, the Kochi-headquartered company declared an interim dividend of Rs 22 per share for FY23. Muthoot Finance is an Indian financial corporation and the largest gold loan NBFC in India.
State Bank of India (SBI) will keep the lending rates unchanged across tenures, effective April 15, 2023. Its 1-year Marginal Cost of Funds based Lending Rate (MCLR) remains unchanged at 8.50%. The MCLR is the minimum lending rate below which a bank is not permitted to lend. In February, SBI hiked its lending rates by 10 basis points (bps) across tenures.
Bodhi Tree cuts planned investment in Reliance JV Viacom18 by 70% to Rs 4,306 crore
Bodhi Tree has reduced its planned investment in Reliance Industries’ broadcast venture Viacom18 by 70% and will now pump in Rs 4,306 crore. In April 2022, Reliance Industries said that Qatar Investment Authority-backed Bodhi Tree would spend Rs 13,500 crore out of a planned Rs 15,145 crore investment in Viacom18. Bodhi Tree is a joint venture between James Murdoch and a former Star India executive.
NSE to introduce WTI crude oil, natural gas futures contracts from May 15
National Stock Exchange (NSE) will launch futures contracts on underlying WTI crude oil and natural gas in the commodity derivatives segment from May 15. This comes after the exchange received approval from markets regulator SEBI to launch the rupee-denominated Nymex WTI crude oil and natural gas futures contracts in its commodity derivatives segment. These contracts will expand NSE’s product offering in the energy basket and its overall commodity segment.
Vi showcases anti-phishing solution to TRAI, RBI & SEBI
Vodafone Idea (Vi) became the first telecom operator to showcase its anti-phishing solution to the Telecom Regulatory Authority of India (TRAI), the Reserve Bank of India, and the Securities & Exchange Board of India. The operator showed an accuracy rate of over 99%. This means that its artificial intelligence (AI)-based solution (developed by Tanla Platforms) is stopping phishing attempts through SMSes most of the time.
Here are some of the major updates that could move the markets tomorrow:
Infosys Q4 Results: Net profit rises 8% YoY to Rs 6,128 crore
Infosys reported an 8% year-on-year (YoY) growth in consolidated net profit to Rs 6,128 crore for the quarter ended March 2023 (Q4 FY23). Consolidated revenue for the period increased by 16% YoY to Rs 37,441 crore. The IT company missed analysts’ estimates for both revenue and profit. The company’s operating margin contracted by 50 basis points sequentially to 21%. Infosys’ board has approved a final dividend of Rs 17.50 per share.
Passenger vehicle sales in India up 26.7% in FY23: SIAM
India’s passenger vehicle sales grew 26.7% in the financial year 2022-23 as chip shortages eased and demand for sport utility vehicles (SUVs) surged. Wholesale passenger vehicle volumes for the year rose from 3.1 million units in FY22 to 3.9 million units in FY23. Domestic wholesales of passenger vehicles grew 4.7% YoY in March at 2,92,030 units. Two-wheeler sales clocked 12,90,553 units in the domestic market last month, as compared to 11,98,825 units in the year-ago period.
Fasal partners with SBI to help farmers get easy access to loans
Agri-tech company Fasal is partnering with the State Bank of India (SBI) to provide farmers with easy access to capital. The partnership will help solve cash-flow constraints during key cycles in farming by providing quick, easy, and collateral-free loans at very competitive rates. Through Fasal’s latest financing solution, farmers can access collateral-free loans up to three lakhs.
RBI begins evaluating potential bidders for IDBI Bank
The Reserve Bank of India (RBI) has begun evaluating at least five potential bidders interested in picking up a majority stake in state-owned IDBI Bank Ltd. Kotak Mahindra Bank, CSB Bank, and Emirates NBD are among those that have submitted expressions of interest (EoIs). However, it is not verified or confirmed. It is the first major divestment across state-owned banks as part of a broader privatisation plan. This could fetch the government $3.66 billion at the current market valuation. The government owns 45.48% of IDBI Bank, and is looking to divest a 30.48% stake.
IOCL, Adani-Total, and Shell acquire Reliance’s KG-D6 gas
Indian Oil Corporation Ltd (IOCL), Adani-Total Gas Ltd, and Shell were among the 29 companies that successfully bid for natural gas from Reliance Industries Ltd and BP’s KG-D6 block. In the e-auction held on Wednesday, IOCL secured nearly half of the 6 million standard cubic meters per day of gas, followed by state-owned gas utility GAIL, Adani-Total Gas Ltd, Shell, GSPC, and IGS. The auction incorporated the government’s new marketing rules, prioritizing supplies to CNG-selling city gas companies.
Coal India boosts coking coal output, production up 17 %
Coal India Ltd has reported a 17.2% increase in coking coal production, which helped reduce the country’s reliance on coal imports for iron and steel production. Coking coal production reached 54.6 million tonnes (MT) in FY23, marking a substantial year-on-year growth compared to 46.6 million tonnes in FY22. CIL’s subsidiaries based in Jharkhand were major contributors to the increased production.
Jindal Steel and Power Ltd (JSPL) announced plans to more than double its rail-making capacity to 2.2 million tonnes (MT) by setting up a new rail mill with an annual capacity of 1.2 MT in Angul, Odisha. The company did not disclose the exact investment figures, but sources estimate it to be in the range of Rs 2,500 crore to Rs 3,000 crore. JSPL is also supplying 260-meter rails to Indian Railways, dedicated freight corridors, and other critical projects of national importance from its Raigarh mill.
Kolte-Patil Developers reports highest ever pre-sales at Rs 2,232 crore in FY23
Kolte-Patil Developers Ltd has recorded its highest-ever annual pre-sales of 3.27 million square feet, valued at Rs 2,232 crore, for FY23. During the quarter, the company achieved sales of Rs 704 crore, showing a growth of 41% YoY. Additionally, strong volume growth of 25% contributed to the sales numbers for the quarter. The company also reported collections at the highest-ever levels for the year and quarter at Rs 1,902 crore and Rs 589 crore, respectively, indicating healthy cash-flow generation.
Varun Beverages to consider a stock split on May 2
Varun Beverages Ltd (VBL) will consider a stock split on May 2, 2023. The company has previously given 1:2 bonuses three times in the last four years. The goal of the stock split is to make the shares more accessible to retail investors and improve liquidity. VBL supplies PepsiCo products to over 100,000 retail outlets. The company’s stock has been performing well in the market, and the stock split may further enhance its appeal to investors.
Here are some of the major updates that could move the markets tomorrow:
IMF cuts India’s FY24 GDP forecast to 5.9%
The International Monetary Fund (IMF) has revised its growth forecast for India’s current financial year (FY24) from 6.1% to 5.9%, citing tightening financing conditions and ongoing challenges from the Russia-Ukraine war and the lingering pandemic. Despite the downward revision, India is expected to remain the fastest-growing economy over the next two years. The IMF also projects a slowdown in India’s inflation with an expected rate of 4.9% in the current fiscal year and further decreasing to 4.4% in the next year.
NSE Indices rolls out India’s first REITs, InvITs index
NSE Indices Ltd (NSE’s index services subsidiary) launched India’s first-ever Real Estate Investment Trusts (REITs) & Infrastructure Investment Trusts (InvITs) Index – Nifty REITs & InvITs Index. The Nifty REITs & InvITs index aims at tracking the performance of REITs and InvITs that are publicly listed and traded on the National Stock Exchange. The index will be reviewed and rebalanced every quarter.
Glenmark Pharma plans to sell stake in Glenmark Life to reduce debt
Glenmark Pharmaceuticals Ltd is considering selling a majority of its 82% stake in unit Glenmark Life Sciences in a bid to reduce the overall debt burden. Kotak Mahindra Capital has reportedly been hired to oversee the sale. Glenmark Life had a market valuation of Rs 5,013 crore as of the stock’s closing price on Monday, which values Glenmark Pharma’s stake at Rs 4,110 crore.
HDFC Bank to raise $6 billion in debt over next 1 year
HDFC Bank will consider raising debt of $6 billion (~Rs 50,000 crore) over the next year. The bank will discuss the fundraise at its board meeting on Saturday (April 15). The proposed fund raise would be by issuing perpetual debt instruments, Additional Tier-1 (AT-1) bonds, Tier-II capital bonds or long-term bonds. The bank will report its earnings for the January-March quarter on Sat.
Lemon Tree signs franchise agreements to set up two hotels in Nepal
Lemon Tree Hotels (LTH) has signed two franchised agreements for two hotels, Lemon Tree Premier & Lemon Tree Resort, in Budhanilkantha and Lumbini in Nepal, respectively. The company claims to now have five properties in Nepal under different brands of Lemon Tree. Last week, LTH signed a licence agreement for an 88-room property in Whitefield, Bengaluru. The property is expected to be operational by October 2023.
Kalpataru Power Transmission Ltd (KPTL) and its subsidiaries have secured orders worth Rs 3,079 crore in March and April 2023. The orders include civil works for a data centre and buildings of Rs 1,234 crore, an engineering procurement construction (EPC) order of Rs 754 crore in the railway business, and water supply projects of Rs 708 crore in India. It also received residential and institutional building projects worth Rs 233 crore in Africa.
SBI to consider raising funds via unsecured notes worth up to $2B
SBI plans to raise up to $2 billion through a public offer or private placement of senior unsecured notes in US dollars during the current financial year. The bank’s Executive Committee of the Central Board will meet on April 18 to consider the proposal. The funds will be raised in single or multiple rounds, and the bank will examine the status and decide on long-term fundraising through a public offer and/or private placement of senior unsecured notes in US dollars during the financial year 2023-24.
Indian companies will face higher interest burden in FY24: India Ratings
Ind-Ra expects the interest burden on corporates to surpass pre-Covid levels, with interest outflows projected to increase by 30% in FY24 compared to FY22, reaching Rs 3.38 lakh crore. According to a report by India Ratings & Research (Ind-Ra), the advantages enjoyed by Indian companies due to lower interest rates and reduced debt in the past are likely to be reversed in the current fiscal year. This is attributed to the sharp rise in interest rates and higher working capital financing needs.
Here are some of the major updates that could move the markets tomorrow:
Adani Group sells stake worth ₹15,446 crore to GQG Partners
Adani Group has sold minority stakes in four of its listed companies to US-based equity investment boutique GQG Partners for Rs 15,446 crore. Shares in Adani Ports and Special Economic Zone Ltd (APSEZ), Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL), and Adani Enterprises Ltd (AEL) were sold through secondary market block deals.
SBI may look to cut stake in Yes Bank once lock-in ends
State Bank of India (SBI) may look to lower its stake in Yes Bank after a lock-in period ends on March 6. SBI, which initially acquired 49% of Yes Bank, now holds a 26.14% stake as of Dec. 31. The state-owned bank is still the largest single shareholder in the Yes Bank. SBI cannot reduce its holding below 26% before the completion of three years from the date of the infusion of capital, as per the reconstruction plan.
Power consumption in India rose 9% YoY to 117.84 billion units (BU) in February 2023. The peak power demand met (or the highest supply in a day) rose to 209.66 gigawatts (GW) in Feb. The peak power supply stood at 193.58 GW in February 2022 and 187.97 GW in February 2021. The robust growth of power consumption indicates sustained momentum of economic activities last month.
Reliance, Tata bid for India’s $2.4 billion solar incentives
Solar module makers, including Reliance Industries Ltd. and Tata Power, are among the bidders for $2.4 billion in financial incentives that India is offering to expand domestic manufacturing and curb panel imports from dominant producer China. The government is offering grants to take the country’s module-making capacity to as much as 90 gigawatts, enough to meet its own requirements and serve export markets.
PVR-Inox is expected to spend ₹800-850 crore for adding new movie screens and retrofitting the existing ones. Nearly ₹700 crore will go towards the expansion of new screens and the rest for retrofitting screens. In the next two years, the merged entity plans to add 200 screens per year. In the current financial year (FY23) to date, the entity has launched 143 screens across 26 properties in 21 cities.
RVNL emerges lowest bidder for sleeper Vande Bharat trains
A consortium of Russia’s JSC Metrowagonmash and Rail Vikas Nigam Ltd (RVNL) has emerged as the lowest bidder (L1) to manufacture, supply, and maintain 200 sleeper Vande Bharat trains. These newly-designed trains will allow the movement of new locomotives on longer routes. The consortium has bid to supply 16 sleeper car trains at a basic rate of ₹120 crore per rake.
Adani Ports sees 10% growth in cargo volumes in February
Adani Ports & Special Economic Zone Ltd (APSEZ) handled approximately 26.5 million metric tonnes (MMT) of total cargo, recording a 10% YoY growth in Feb. During April-February, APSEZ clocked approx. 307 MMT of cargo volumes, up 8.5% YoY. Earlier this week, Adani Ports incorporated a wholly-owned subsidiary (HM Agri Logistics) that will develop and operate state-of-the-art silo complexes across India.
Pidilite to manufacture Jowat’s hot melt adhesives in India
Adhesive manufacturing company Pidilite Industries Ltd will be manufacturing Germany-based Jowat’s range of hot melts in India. The product will be manufactured in Pidilite’s manufacturing facility in Vapi, Gujarat. The adhesive will be made under the brand name Fevicol Jowat.
Zydus Lifesciences receives final approval from USFDA for healing cream
Zydus Lifesciences Ltd has received final approval from the US Food and Drug Administration (USFDA) for Acyclovir Cream. It is used to treat cold sores on the face and lips. Cold sores are blisters caused by a virus called herpes simplex. The drug will be manufactured at the group’s topical manufacturing facility at Changodar, Ahmedabad. It will be launched in the US market shortly.
