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Covid-19 Second Wave Poses Increased Risk For India’s Economic Recovery: Top Indian Market News

Covid-19 Second Wave Poses Increased Risk For India’s Economic Recovery: Fitch

Credit rating agency Fitch on Friday said that the second wave of COVID-19 currently soaring in India poses an increased risk for its economic recovery. It cited concerns regarding the MSME sector and the Banking Sector, both of which are still recovering from the shocks of the first. As of April 9, India is hitting more than 1 lakh COVID cases daily as compared to 9600 in February.

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L&T’s Arm Bags Order To Setup 1.5Gw Plant In Saudi Arabia

The Renewable arm of Larsen & Toubro’s Power Transmission & Distribution business had bagged an engineering, procurement, and construction (EPC) contract from Saudi Arabia to construct the Sudair Solar PV Project of 1.5 Gigawatts. This project is considered the

Largest Solar Plant in Saudi Arabia with PPA signed. It is also one of the largest such plants in the world.

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SII Repays South Africa For Undelivered Covid-19 Vaccines

Serum Institute of India, which was to supply the COVIshield vaccine for COVID-19 to South Africa has refunded the amount for the same after the country decided not to go ahead with the deal. This was because the COVIshield vaccine is not effective against the new variant of the coronavirus in South Africa.

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India Gifts 100,000 Covid-19 Vaccines To Bangladesh Army

Indian Army Cheif General Gen MM Naravane handed over around 100,000 vaccines to the Bangladesh Army in an official visit to the capital Dhaka on Thursday, close to 2 weeks after PM Narendra Modi was in Bangladesh. Bangladesh Army Cheif Gen Ahmed Aziz thanked India for its commendable cooperation in helping Bangladesh tackle the coronavirus pandemic. 

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Macrotech Developers IPO Goes Through On Final Day: Subscribed 1.4 Times

Macrotech Developers IPO which ended at 5:00 pm on Friday was subscribed 1.4 times by the end of the final day of the bidding process. It attracted bids for 4,94,64,480 shares against the issue size of 3,64,18,219 shares. It was subscribed 35% the previous day. 

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DoT Issues Show-Cause Notice To Vodafone-Idea Over Non-Payment Of Dues

The Department of Telecommunications has issued a show-cause notice to Vodafone Idea for non-payment of the license fee for the fourth quarter of the previous financial year (Q4FY21). As per the notice, the Vodafone-Idea failed to pay the license fee for seven circles namely  – Bihar, Kerala, Maharashtra, Gujarat, Jammu & Kashmir, Uttar Pradesh (East), and Orissa in addition to other pending charges.

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SREI Infra Shares Zoom 20% over Rs 1869 Crore Capital Infusion Bid

Shares of Srei Infrastructure Finance Limited, on Friday surgery 20% and hit the upper circuit after its subsidiary Srei Equipment Finance Limited (SEFL) said that it had received an expression of interest(EoI) for a capital infusion of $250 million or Rs 1869 crore from US-based Arena Investors and Singapore’s Makara Capital,

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Direct Tax Collection Exceeds Revised Estimate in FY21

Central Board of Direct Taxes (CBDT) has said in a release that the net direct tax collection for the fiscal ended March 31 was Rs 9.45 lakh crore, an increase of 5 percent over the revised estimates despite the inherent challenges brought by the COVID-19 pandemic.

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India’s Fuel Consumption Contracts 9.1% For The First Time In Two Decades

According to the latest data released by the oil ministry’s Petroleum Planning and Analysis Cell (PPAC), India has consumed 194.63 million tonnes of petroleum products in 2020-21 as compared to 214.12 million tonnes in the previous year. This is the first time that India has witnessed a reduction in petroleum consumption since 1998-99. 

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Centuryply Hires BCG For Operational And Cost Efficiency

Plywood manufacturer CentrutyPly has decided to engage consultancy firm Boston Consultancy Group(BCG) to handle operational efficiency and cost management for the company. In 2019-20, Century Ply had reported Rs 2,282 crore revenue and a profit of Rs 158 crore. As of April 9, 2021, the shares of CenturyPly surged 0.55% in a day, closing in at Rs 311.95 per share. 

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SII Gets Purchase Order from Govt for Covishield – Top Indian Market News

Serum Institute receives purchase order from govt for 1.1 crore vaccine doses: Report

As per reports from news agencies PTI & ANI, the Serum Institute of India (SII) has signed a purchase order with the Central Government to procure 1.1 crore doses of Covid-19 vaccines. SII is manufacturing Oxford-AstraZeneca’s Covid-19 vaccine Covishield in India. As per reports, each dose of Covishield will cost Rs 220, inclusive of 14% GST. SII will begin the dispatch of the vaccine today (Jan 11). India will begin its nationwide vaccination drive on January 16, and priority will be given to around 3 crore healthcare and frontline workers.

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Passenger vehicle retail sales increases 24% in December: FADA

The Federation of Automobile Dealers Association (FADA) on Monday said passenger vehicle (PV) retail sales in December 2020 witnessed an increase of 23.99% year-on-year (YoY) to 2.71 lakh units. Two-wheeler sales increased 11.88% YoY to 14.24 lakh units last month, as compared to 12.73 lakh units in December 2019. The sales of commercial vehicles declined 13.52% YoY to 51,454 units during the same period. FADA collected vehicle registration data from 1,270 out of the 1,477 regional transport offices (RTOs) in India.

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Coal industry will be largest contributor to India’s $5 trillion economy dream: Amit Shah

The Central Government on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November 2020. Speaking at the event, Home Minister Amit Shah stated that the coal sector will be the largest contributor to India’s ambition of being a $5 trillion economy. He also launched the ‘Single Window Clearance System’, an online platform to obtain clearances for smooth operationalisation of coal mines. Coal Minister Pralhad Joshi announced that the next round of commercial mines auction will be launched later this month.

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Gross NPA of banks could rise to 13.5% by September: RBI

The gross non-performing assets (GNPA) of banks may rise to 13.5% by September 2021 from 7.5% in September 2020, according to the Financial Stability Report (FSR) released by the RBI. The report stated that the GNPA ratio of public sector banks and private sector banks may rise to 16.2% and 7.9%, respectively, in September 2021 under the baseline scenario. [RBI defines non-performing asset (NPA) as any loan or advance for which the principal or interest amount has been overdue for more than 90 days]

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Tesla to sign MoU with Tata Motors to launch its electric cars in India: Report

As per a report from Economic Times, it has been rumored that Tesla was planning to sign a Memorandum of Understanding (MoU) and partner with Tata Motors to manufacture and sell their electric vehicles (EVs) in India using Tata facilities. The rumors also state that Tesla had already conducted due diligence and found that Tata has the best EV infrastructure among all auto majors. There has been no official communication on this, and hence, the rumor could not be confirmed. In December 2020, Union Minister for Road Transport and Highways Nitin Gadkari had confirmed that Tesla is set to commence its India operations in 2021.

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Adani Green commissions 25 MW solar plant in Chitrakoot

Adani Solar Energy Chitrakoot One, a step-down subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 25 megawatt (MW) solar power plant. This plant has a Power Purchase Agreement (PPA) with Noida Power Company Ltd (NPCL) at Rs 3.08/kWh. With this commissioning, AGEL’s total operational renewable capacity has grown to 2,975 MW.

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BHEL secures Rs 450 crore order for steam and power plant from NALCO

Bharat Heavy Electricals Ltd (BHEL) announced that it has secured an order for a steam and power plant from National Aluminium Corporation Ltd (NALCO). The order is valued at Rs 450 crore and is a part of NALCO’s 5th Stream Alumina Refinery Expansion Project at Damanjodi, Odisha.  BHEL’s scope in the contract includes design, engineering, manufacturing, supply, erection, testing, and commissioning of 1×300 TPH Coal Fired Boiler, 18.5 MW Steam Turbine Generator, and associated auxiliaries.

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Sadbhav Engineering receives LoA for metro rail project worth Rs 780 crore from GMRC

Sadbhav Engineering Ltd (SEL) announced that its joint venture has received a letter of acceptance (LOA) from Gujarat Metro Rail Corporation (GMRC) for a metro rail project worth Rs 779.73 crore. The order is in the name of Sadbhav Engineering-S.P. Singla Constructions joint venture, in which SEL holds 74% stake. The order is for the construction of an 11.6 km elevated viaduct from Kadarsha Ni Nal to Dream City dead-end.

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Dr. Reddy’s launches Febuxostat tablets in the US

Dr. Reddy’s Laboratories on Monday announced the launch of Febuxostat tablets in the United States’ market. The tablets are indicated to treat gout due to high uric acid levels. It is a generic version of Tejin Ltd’s Uloric tablets. According to IQVIA Health, Uloric brand and generic versions had sales of around $108 million (~Rs 800 crore) in the US during the last twelve months.

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J. Kumar Infra receives LoA for order worth Rs 866 crore from GMRC 

J. Kumar Infraprojects Ltd has received a letter of acceptance (LoA) from Gujarat Metro Rail Corporation (GMRC) for an order worth Rs 866 crore. The contract includes design, construction, and completion of underground stations and tunnel from Surat Railway station to Chowk Bazar Ramp. J. Kumar Infraprojects is a Mumbai-based construction engineering company.

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SII Seeks Emergency Use Authorisation for Covidshield – Top Indian Market News

Serum Institute seeks emergency use authorisation of Covidshield in India

The Serum Institute of India (SII) has sought approval from the Drugs Controller General of India (DCGI) for emergency use authorisation (EUA) of the AstraZeneca-Oxford vaccine, Covidshield, in the country. It is the second firm, after Pfizer, to seek EUA approval from the Indian drug regulator. SII is currently conducting Phase-3 clinical trials of Covidshield in India, with the support of the Indian Council of Medical Research (ICMR). 

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Jet Airways may restart operations by summer of 2021 

The consortium led by Murari Lal Jalan and Kalrock Capital, on Monday, said that it plans to operationalise Jet Airways by the summer of 2021. They are awaiting approval of the airlines’ resolution plan from the National Company Law Tribunal (NCLT) and other regulatory authorities. As per the resolution plan, Jet Airlines intends to operate all of its historic domestic slots in India and restart international operations.

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L&T wins multiple orders for supply of mining equipment to coal, cement sectors

Larsen & Toubro’s (L&T) construction and mining equipment business has secured multiple orders from Coal India subsidiaries and firms in the cement sector. These orders are for supplying 66 units of Komatsu dump trucks, 15 units of Komatsu wheel loaders, 7 units of Komatsu hydraulic excavators, and other allied equipment. The scope of the order includes supplying equipment and maintenance contracts for supporting operations over three to four years.

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Hindalco to invest Rs 730 crore to set up new plant in Silvassa

Hindalco Industries Limited announced plans to invest Rs 730 crore to set up a 34,000-tonne extrusion plant at Silvassa, in Dadra. The company stated that the new plant will service the fast-growing market for extruded aluminum products in the western and southern regions. The commercial production at the plant is expected to start in 24 months.

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RIL raises Rs $1.4 billion in overseas debt to prepay Reliance Holding’s loans

Reliance Industries Ltd (RIL) has raised $1.4 billion (~Rs 10,342 crore) to prepay its existing foreign loans. The proceeds will be used by RIL to repay the loans of its subsidiary, Reliance Holding USA. Fourteen international banks had signed up for the transaction last week. This is the highest amount raised through debt by an Indian company from international lenders.

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IndiGo to refund all passengers for flight cancellations due to Covid-19 lockdown by January 31

Interglobe Aviation Ltd (IndiGo) said that it will refund all customer credit shells, which were created when flights were canceled due to the Covid-19 lockdowns earlier this year. The company stated that it will disburse the full 100% credit shell payments by January 31, 2021. IndiGo stated that it has already processed close to Rs 1,000 crore of refunds, which is 90% of the total amount it owed to customers.

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Goodyear India announces interim dividend of Rs 80 per share

The Board of Directors of Goodyear India Ltd has approved an interim dividend of Rs 80 per equity share of face value of Rs 10 each, for FY21. The company has fixed 15 December as the record date for determining the entitlement of the shareholder for the interim dividend. The share price of Goodyear jumped by 14% and closed at Rs 997.65 on the NSE today.

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NSE introduces weekly F&O contracts in three more currency pairs

The National Stock Exchange (NSE), on Monday, launched weekly futures and options (F&O) contracts on three currency pairs: Euro-Indian rupee, Japanese Yen-Indian rupee, and Pound Sterling-Indian rupee. The NSE stated that the weekly derivatives on currency pairs will help market participants to hedge their currency exposure from short-term market movements. It will also help in reducing time-related costs.

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LTI partners with UAE-based Injazat for accelerating digital transformation in the Middle East

Larsen & Toubro Infotech (LTI) has entered into a strategic partnership with UAE-based Injazat, to implement its best-shore service delivery model in the Middle East. The delivery model will provide Injazat’s customers with a hybrid of delivery approaches including onshore and cloud. LTI will further advance Injazat’s wider digital delivery ecosystem.  

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BLS International signs contract with Brazil Embassy in China to operate visa application centres

BLS International Ltd announced that it has commenced accepting appointments for visa applications for the Embassy of Brazil in China. The five-year exclusive contract from the Embassy mandates BLS to operate 15 centres across China. The company is expected to process over 4,00,000 applications over the next 5 years.

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DBS Completes Takeover of Lakshmi Vilas Bank – Top Indian Market News

DBS completes takeover of Lakshmi Vilas Bank

Singapore-based DBS Group, on Monday, stated that its Indian subsidiary- DBS Bank India- has completed the takeover of distressed Lakshmi Vilas Bank (LVB). LVB’s banking services have been restored, with all branches, digital channels, and ATMs functioning as usual. The interest rates on savings bank accounts and fixed deposits will remain unchanged until further notice. All employees of LVB will continue in service and are now part of DBS Bank’s workforce. 

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Govt likely to spend Rs 18,000 crore on priority vaccination for Covid-19

The Indian Government is likely to spend Rs 18,000 crore for the first phase of priority vaccination for Covid-19. This is according to a report from CNBC-TV18. The projected cost has been estimated by an expert panel comprising of Niti Ayog and Health Ministry officials. Currently, the panel is in the process of identifying 30 crore priority beneficiaries such as health care workers, police, sanitation workers, and the elderly. However, the report also states that these are approximations and the actual cost is yet to be finalised.

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Banks in India to see capital decline over two years without fresh infusion: Moody’s

A report from Moody’s Investors Service stated that Indian banks will see a larger capital decline without further infusion, over the next two years. Moody’s says that the uncertain trajectory of asset quality is one of the biggest threats for emerging market banks. The report also states that the 2021 outlook for banks in emerging markets (such as India) is negative.

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Hindustan Construction, Vensar JV wins Rs 236 crore railway order

Hindustan Construction Company Ltd, in a joint venture with Vensar Constructions Company Ltd, has bagged two contracts worth Rs 236 crore, from the Northeast Frontier Railway. The companies will construct a portion of the Bairabi-Sairang broad gauge rail line. This is part of the Indian Railways’ plans to improve its network across North-East India. Hindustan Construction’s share in the order is placed at Rs 130 crore.

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Shapoorji’s $1.2 billion deal with ADIA on hold over debt issues: Report

The Shapoorji Pallonji Group has kept its logistics venture with Abu Dhabi Investment Authority (ADIA) on hold. According to a report from Business Standard, the reason for keeping the deal on hold is due to debt issues and the ongoing Covid-19 pandemic. The group had planned to launch a $1.2 billion (~Rs 8,874 crore) venture with ADIA to invest in logistic centres in India.

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Serum Institute rejects volunteer’s claims of suffering side effects; seeks damages worth Rs 100 crore

The Serum Institute of India (SII) filed a Rs 100 crore defamation case against a Chennai-based volunteer who took part in its ‘Covidshield’ vaccine trials. The volunteer had alleged that the vaccine triggered an adverse reaction, which included neurological impairment. On November 21, the volunteer sent a legal notice and sued SII for Rs 5 crore. SII has denied the allegations and has stated that there was no correlation between the vaccine trial and the medical condition of the volunteer.

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Tata Sons may raise stake to over 76% in AirAsia India by end of FY21: Report

As per a report from Business Standard, Tata Sons is planning to gradually raise its stake in AirAsia India to more than 76% by the end of 2020-21. This may allow Malaysia-based AirAsia Group (which holds a 49% stake in the company) to exit its operations from India. The AirAsia Group earlier stated that it was struggling to recover from the Covid-19 impact, and had hinted at exiting its operations in India.

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Paytm Money launches IPO investments for retail investors

Paytm’s wholly-owned subsidiary, Paytm Money, will now facilitate investments in Initial Public Offerings (IPOs). It will enable investors to instantly apply for the latest IPOs from their UPI-linked bank accounts and complete the application process in 3-4 days. The company is aiming to capture 8-10% of applications market share in the first year of launch.

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IHCL announces expansion in eastern India with Ambuja Neotia Group

Indian Hotels Company Ltd (IHCL) has announced the signing of three hotels in eastern India (two in Kolkata and one in Patna), with the Ambuja Neotia Group. The company’s CEO Puneet Chhatwal stated that 60% of revenue in FY21 is expected to come from its leisure segment. He further stated that IHCL will be present in 9 out of 10 states in the east. IHCL, which runs the Taj group of luxury hotels, is owned by the Tata Group.

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Indian Railways record 371% increase in electrification during 2014-2020

Piyush Goyal, the Union Minister of Railways, stated that the electrification of 18,065 km of railway lines has been completed during 2014-2020. There constitutes a 371% increase in electrification, as compared to the period between 2009-2014. The minister also stated that the electrification process will help eliminate pollution, cut down imports of fuel, and save costs.

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