Tag: services pmi

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Services PMI Growth Declines to a 3-Month in June – Top Indian Market Updates

market updates | marketfeed

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

Services PMI growth declines to a three-month low of 58.5

India’s services sector eased to a three-month low in June. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 58.5 in June, compared to 61.2 in May. A quicker expansion in the intake of new business, positive demand trends, advertising, and favourable market conditions kept the momentum going in the services sector.

[PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.]

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KEC International secures order worth Rs 1,042-crore

KEC International Ltd has received new orders worth ₹1,042 crore across its various businesses. The company’s railway business received its first international order for a signalling and telecommunication project in SAARC. Its metals and mining segment received an order for supplying various types of cables in India and overseas. It also received orders for transmission and distribution projects in India, the Middle East, Europe, and the Americas.

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GR Infra executes a concession agreement with NHAI

GR Infraprojects’ subsidiary GR Varanasi Kolkata Highway Pvt Ltd executed the concession agreement with the National Highways Authority of India (NHAI) on July 5. The bid project cost is ₹1,248 crore and is a Hybrid Annuity Mode (HAM) project. The project is for constructing a 6‐lane Greenfield Varanasi‐ Ranchi‐Kolkata Highway from Anarbansalea village to Sagrampur village. The road has a total length of 33.5 kilometres.

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L&T’s construction arm bags significant order for developing office space in Mumbai

Larsen & Toubro’s construction subsidiary has secured an order worth ₹1000-2500 crores for developing office space in Mumbai. The company will develop a commercial office space with an approximate built-up area of 14.85 lakh square feet. The company will construct the project using composite steel construction technology. The project involves civil works, composite steel, façade, MEP and External Development Activities for basement construction, ground and 12 floors. The company has scheduled for completion in 2026.

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HDFC Bank’s merged loan book with HDFC at $273.8 billion as of June end

HDFC Bank’s merged loan book with HDFC stood at about ₹22.45 lakh crore ($273.77 billion) as of the end of the June quarter. The bank merged with HDFC on July 1. HDFC Bank’s loan book rose 13.1% in the June quarter from a year ago on a proforma basis, though some numbers may not be directly comparable with those of the previous year.

The merged entity’s deposits aggregated to about ₹20.64 lakh crore as of June end, up 16.2% YoY.

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Paytm reports a 37% YoY rise in GMV in Q1

Paytm has reported a 37% YoY rise to ₹4.05 lakh crore in gross merchandise value (GMV) in the quarter ended June (Q1 FY23), while the average monthly transacting users went up by 23% YoY. The company saw continued expansion of its consumer base with average monthly transacting users (MTU) at 9.2 crores for the quarter, up 23% YoY. The loan distribution business recorded disbursements of ₹14,845 crore, a YoY growth of 167%.

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Strides Pharma arm sells manufacturing facility to Syngene

Strides Pharma Science Ltd has sold the multi-modal manufacturing facility of its biologics arm to Syngene International Ltd. for ₹702 crore. Syngene shall acquire Unit 3 on a slump sale basis, and the consideration for the transaction will be settled in cash. The company expects the transaction to conclude within 90 days.
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India’s Services PMI Declines to 61.1 in May From 62.0 in April – Top Indian Market Updates

market updates | marketfeed

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

India’s services PMI declines to 61.1 in May from 62.0 in April

India’s service sector Purchasing Managers’ Index (PMI) declined slightly to 61.2 in May from 62 in April. However, the sector continued to expand due to robust demand despite high inflationary pressures. This marks the longest expansion streak in nearly 12 years, with the index remaining above the 50-mark which signifies growth for 22 consecutive months. The services sector contributes over 50% to India’s GDP.

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TCS receives 10-year contract for the teachers’ pension scheme in England and Wales

Tata Consultancy Services (TCS) has been chosen by the Department for Education (DfE) in the UK. The contract is to administer and enhance the customer experience of the ‘Teachers’ Pension Scheme’, the country’s second-largest public sector pension scheme. With a long-term contract of 10 years, TCS will utilize its core banking software suite, TCS BaNCS, to manage the pension scheme, which covers over 2 million members in England and Wales.

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Tata Power Renewable commissions 110-MW solar project for Kerala electricity board

Tata Power’s subsidiary Tata Power Renewable Energy Limited (TPREL) has successfully commissioned a 110-MW solar power project in Bikaner, Rajasthan. The project will provide power to the Kerala State Electricity Board (KSEB). Despite challenges like difficult land topography, extreme weather conditions, and adverse geopolitical circumstances, the project was completed within a remarkable period of 7 months. It utilized 2,59,272 mono-bifacial PERC half-cell modules.

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Suzlon crosses 20 GW installed windmills capacity worldwide

Suzlon has achieved a significant milestone by surpassing 20 GW of installed capacity worldwide. Through the deployment of 12,467 wind turbines across 17 countries, spanning six continents, Suzlon solidifies its position as a major player in the global wind energy landscape. The company, which has been instrumental in developing India’s wind energy sector since 1995, continues the vision of its late founder Tulsi Tanti.

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Dr Reddy’s rheumatoid arthritis drug meets all endpoints in Phase 1 study

Dr Reddy’s Laboratories has announced the successful Phase-I study of its Tocilizumab Biosimilar candidate, ‘DRL_TC’. The study evaluated its effectiveness in treating moderate-to-severe active rheumatoid arthritis and compared it to reference products. The results showed equivalence and similarity in pharmacodynamic parameters, safety, and immunogenicity. Dr Reddy’s had previously completed a successful phase I study of the biosimilar candidate administered subcutaneously.

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Patel Engineering secures Rs 519.5 crore project from CIDCO

Patel Engineering Ltd has secured a new project worth Rs 519.5 crore. The City and Industrial Development Corporation (CIDCO) awarded the company a letter of acceptance (LoA) for the construction of a 6.7 km water tunnel in Maharashtra. The project, which includes associated works, will be executed solely by Patel Engineering within a timeframe of 60 months.

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Lupin launches Darunavir tablets used in controlling HIV infections

Lupin Ltd has introduced Darunavir tablets, used to manage HIV infection, in the US market. The newly launched drug is a generic version of Janssen Products’ Prezista tablets. According to IQVIA data, Darunavir tablets had an estimated annual sales of $308 million in the US for the 12 months ending March 2023.

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Nava’s Zambia subsidiary discharges all overdue loan instalments

Nava Ltd announced that its Zambian subsidiary, Maamba Collieries Ltd. (MCL), has successfully paid off all overdue loan installments. As a result, the company’s overall liabilities have reduced from $483 million in December 2022 to $206 million. MCL has also been meeting its regular debt service requirement since March 2023. Following this achievement, MCL plans to engage with lenders in future discussions, building on the positive progress made.

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Bharat Petroleum starts pilot to test ED7 blend fuel

Bharat Petroleum Corp Ltd (BPCL) has launched a pilot program in partnership with Ashok Leyland and Hero Mototcorp to test the effectiveness of the ED7 fuel blend. The blend, consisting of 93% diesel and 7% ethanol, aims to revolutionize India’s biofuel economy and establish a more stable energy mix. Ashok Leyland conducted laboratory trials on their engines using the ED7 fuel. BPCL’s initiative aligns with India’s goal of reducing import bills and promoting a cleaner, greener future.

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Greaves Finance introduces ‘evfin’ platform for EV financing

Greaves Cotton Ltd’s subsidiary Greaves Finance Ltd has launched “evfin,” a financial platform aimed at transforming the landscape of electric vehicle (EV) financing. With a projected compound annual growth rate (CAGR) of 49% from 2022 to 2030, the domestic EV market is expected to reach an annual sales volume of one crore units by 2030. 

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India’s Services PMI Surges to 12-Year High in Feb – Top Indian Market Updates

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

India’s services PMI surges to 12-year high in Feb

Services activity in India expanded at the fastest pace in 12 years in February 2023 as input cost pressures eased. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 59.4 in Feb, compared to 57.2 in Jan. New orders placed with service providers rose further in February. However, the rate of job creation was minimal.

[PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.]

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RIL, Adani Group plan to build 25 GW of clean energy in Andhra Pradesh

Reliance Industries Ltd (RIL) and Adani Group will develop a combined 25 gigawatts of renewable power in Andhra Pradesh, as both business houses continue to go ahead with their green energy goals. Both groups already have a significant presence in the state, with RIL operating its offshore deep-sea gas fields in the Krishna-Godavari basin and Adani Group overseeing two large ports.

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World Bank commits $1 billion to India for public healthcare infra

The World Bank and the Indian govt. signed two complementary loans of $500 million each to support and enhance the country’s healthcare infrastructure. The bank will support India’s flagship Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) to improve the public healthcare infrastructure. One of the loans will prioritize health service delivery in seven states— Andhra Pradesh, Kerala, Meghalaya, Odisha, Punjab, Tamil Nadu, and Uttar Pradesh.

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JSPL to invest ₹10,000 crore to set up 3 MT steel plant in AP

Jindal Steel & Power Ltd (JSPL) will invest Rs 10,000 crore to set up a 3 million tonne per annum (MTPA) steel plant in Andhra Pradesh. This will lead to the creation of 10,000 jobs. The group will also sign an agreement with the AP Government to invest in renewable energy across solar, wind and hydro as well expanding the capacity of its existing cement plant.

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Lemon Tree Hotels signs licence agreement for two new hotels in Maharashtra

Lemon Tree Hotels has signed a License Agreement for two new properties in Maharashtra under its brands ‘Lemon Tree Hotel’ and ‘Keys Lite by Lemon Tree Hotel’. The two new hotels are located in the popular beach destination Dapoli in the South Konkan region of Maharashtra. They will become operational by October 2023. 

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Tata Motors crosses 50 lakh passenger vehicle production milestone

Tata Motors has crossed the 50 lakh cumulative passenger vehicle production milestone. To celebrate the milestone, the automaker will roll out a celebratory campaign for customers and employees across India. Tata Motors achieved the 10 lakh production mark in 2004 and the 20 lakh milestone in 2010. It crossed 30 lakh units in 2015 and 40 lakh units in 2020.

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PowerGrid wins bid for two projects in Chhattisgarh

Power Grid Corporation of India Ltd (PGCIL) has won the bid under tariff-based competitive bidding to establish an inter-state transmission system for two projects in Chhattisgarh. The first project comprises the establishment of a 400kV transmission line passing through the state and bays extension works at two existing substations. The second project comprises bays extension works, including the creation of 220kV voltage at two existing substations

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Adani Green has India’s largest operating renewable portfolio at 8,024 MW

Adani Green Energy Ltd. has become the company with the largest operating renewable portfolio in India with a capacity of 8,024 megawatts (MW). The company achieved this feat after its fourth wind-solar hybrid power plant became fully operational at Jaisalmer, Rajasthan. The combined operational generation capacity of this hybrid power plant was 700 MW. It has a power purchase agreement (PPA) at ₹3.24/kwh for 25 years.

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Mahanagar Gas to acquire 100% stake of Unison Enviro

Mahanagar Gas Ltd (MGL) has signed a Share Purchase Agreement to acquire a 100% stake in Unison Enviro Pvt Ltd (UEPL). This acquisition will enable MGL to expand to newer geographical areas in Maharashtra and Karnataka, thereby providing new avenues for long-term growth. It would help MGL scale its future business development activities across a larger network and customer base.

Read more here.

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Services PMI Rises to 57.2 in August – Top Indian Market Updates

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

Services PMI accelerates to 57.2 in August 

India’s services sector saw gains in new business, ongoing improvements in demand conditions, and job creation during August. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 57.2 in August, compared to 55.5 in July. The rate of job creation last month was the strongest in more than 14 years.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month. 

Read more here. 

IEX’s total trade volume falls 18% in August

Indian Energy Exchange (IEX) registered an 18% YoY decline in total trade volume to 7,805 million units (MU) in August 2022. This includes 6,517 MU in the conventional power market, 437 MU in the Green Power market, and 851 MU in the Renewable Energy Certificate (REC) market. The average clearing price in the Day-Ahead market rose 2% YoY to Rs 5.17 per unit last month. 

Read more here. 

Paytm denies link with Chinese loan merchants under ED scanner

Payment platform Paytm has denied any links with the merchants that are currently under Enforcement Directorate’s (ED) scanner in the Chinese loan app case. On Friday, ED carried out search operations at six premises in Bengaluru concerning an investigation of the case. The premises of Razorpay, Cashfree Payments, Paytm Payment Services, and other entities “controlled” by Chinese persons were covered in the operation. The raids were conducted under provisions of the Prevention of Money Laundering Act (PMLA), 2002. 

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Dixon Tech signs pact with Google to sub-license rights relating to Android

Dixon Technologies Ltd has signed an agreement with Google to sub-license rights relating to Android and Google TV. This partnership will enable the company to offer a cost-effective and high-quality experience to its existing customers and potential new brands. It will further strengthen Dixon Tech’s market leadership in the LED TV category.

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Bank of Maharashtra organises loan outreach program; sanctions more than ₹1,000 crore

Bank of Maharashtra has organised a credit outreach program under which it has sanctioned loans worth nearly ₹1,000 crore. Loan sanction letters were distributed to the beneficiaries by Financial Services Secretary Sanjay Malhotra in Pune. He also visited self-help group stalls at the event and interacted with members. The secretary also visited self-help group stalls at the event and interacted with the members.

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Mahindra Lifespace expects over 2.5-fold rise in bookings soon

Mahindra Lifespace Developers Ltd is targeting a 2.5-fold jump in its annual sales bookings to ₹2,500 crore in the next three years on better housing demand. The company registered ₹600 crore of residential sales during the April-June quarter (Q1) of FY2022-23, compared to ₹1,028 crore in the full previous year. It expects very strong continued growth in Q2 and the rest of the year.

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Would surpass ₹21,000-crore revenue target by 2026: ABFRL chairman

Aditya Birla Fashion and Retail Ltd (ABFRL) is confident of fortifying its market position further and surpassing the projected revenue of ₹21,000 crore by 2026, said chairman Kumar Mangalam Birla. The company is leveraging technology and its execution excellence to build a strong, profitable, and future-ready brand portfolio. ABRFRL is also working on strategic alliances and is building a comprehensive set of iconic brands.

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Aurionpro Solutions acquires US-based startup Hello Patients Solutions Inc.

Aurionpro Fintech Inc., a US-based subsidiary of Aurionpro Solutions Ltd, announced the acquisition of Hello Patients Solutions Inc, a startup registered in Delaware, USA. Hello Patients provides a healthcare billing and patients’ management solution that leverages Aurionpro’s technology for payments processing. Aurionpro will acquire the entire stake in Hello Patients in an all-cash transaction of $250,000 (~₹1.99 crore).

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OPEC to cut oil output for first time in a year

For the first time in a year, OPEC+ agreed to make a token oil supply cut for October. The organisation aims to stabilise international markets after a faltering economic backdrop triggered the longest price decline in two years. At a meeting held today, OPEC decided to reduce production by 100,000 barrels a day in October, taking supplies back to August levels.

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HAL-L&T consortium secures ₹860-crore contract to build five PSLVs

A consortium of Hindustan Aeronautics Ltd (HAL) and Larsen & Toubro has won an ₹860 crore deal from NewSpace India Limited (NSIL) to build five Polar Satellite Launch Vehicle (PSLV) rockets over four years. The contract was exchanged today between HAL and NSIL during the inaugural session of the 7th Bengaluru Space Expo 2022.

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Bharti Airtel Signs 5G Network Deals with Nokia, Samsung – Top Indian Market Updates

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

Bharti Airtel signs 5G network deals with Ericsson, Nokia, Samsung

Bharti Airtel Ltd has signed 5G network agreements with Swedish equipment maker Ericsson, Nokia, and Samsung to commence deployment of 5G networks from August. Ericsson will provide 5G connectivity in 12 circles for Bharti Airtel. The multi-year deal with Nokia will provide equipment from its AirScale portfolio and solutions for network management, deployment, planning, and optimisation services. Samsung will act as Airtel’s network partner to deploy 5G services.

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Adani Power Q1 Results: Net profit jumps 16x YoY to Rs 4,780 crore

Adani Power Ltd reported a 16-fold YoY jump in consolidated net profit to Rs 4,780 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 115% YoY to Rs 15,509 crore during the same period. The company’s performance in Q1 was aided by a surge in power purchase agreement (PPA) tariffs due to higher import coal prices and greater alternate coal usage. EBITDA stood at Rs 7,506 crore, up 227% YoY.

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Tata Power Green commissions 225 MW hybrid power project in Rajasthan

Tata Power Green Energy Ltd (TPGEL) has commissioned a 225 megawatts (MW) hybrid power project in Rajasthan. The power generated from the project will be supplied to Tata Power-Mumbai Distribution under a Power Purchase Agreement (PPA) for 25 years. The plant will annually offset approximately 700 million kilograms of carbon dioxide.

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Adani Wilmar Q1 Results: Net profit rises 10% YoY to Rs 194 crore

Adani Wilmar Ltd reported a 10.2% YoY increase in consolidated net profit to Rs 193.59 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 30.2% YoY to Rs 14,731.62 crore during the same period. EBITDA stood at Rs 496 crore, up 14% YoY. Overall volumes grew 15% YoY to 1.19 million metric tonnes (MMT). The company’s edible oil business posted a 6% YoY growth in volumes, while its food & FMCG segment grew 53% YoY.

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Inox Wind secures order for 200 MW wind power project from NTPC

Inox Wind has secured an order to establish a 200 MW wind power project from NTPC Renewable Energy Ltd. The project will be executed in Kutch District, Gujarat, and is scheduled to be commissioned by January 2024. As part of the order, Inox Wind will supply and install Wind Turbine Generators with 113 meters rotor diameter and 92 meters hub height. The company will also provide comprehensive operation and maintenance (O&M) for the project.

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Vodafone Idea Q1 Results: Net loss at Rs 7,297 crore

Vodafone Idea Ltd (Vi) reported a consolidated net loss of Rs 7,296.7 crore for the quarter ended June (Q1 FY23). The telecom major had posted a net loss of Rs 7,319 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 13.7% YoY to Rs 10,410 crore in Q1 FY23. The average revenue per user (ARPU) stood at Rs 128 in Q1 FY23, compared to Rs 104 in Q1 FY22.

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SpiceJet in talks with investors for stake sale: Report

As per a report from ET NOW, a Middle Eastern airline has expressed interest to pick up a 24% stake and a board seat in SpiceJet Ltd. Sources added that a big Indian business conglomerate has also approached promoter Ajay Singh to acquire a stake in the budget carrier. Ajay Singh holds around a 60% stake in SpiceJet. The cash-strapped airline urgently requires capital to keep flying.

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IndiGo Q1 Results: Net loss narrows to Rs 1,064 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 1,064.3 crore for the quarter ended June (Q1 FY23). The airline had posted a net loss of Rs 1,681.80 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped 327.5% YoY to Rs 12,855.3 crore in Q1 FY23. IndiGo’s passenger ticket revenues stood at Rs 11,466.9 crore, up 399% YoY.

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Uber sells 7.8% stake in Zomato for Rs 3,100 crore

Uber Technologies sold its entire 7.78% stake in Zomato Ltd in a bulk deal on the BSE today. The US-based company sold 61.22 crore shares of Zomato, which it had earned by selling Uber Eats in an all-stock deal in 2020, at Rs 50.44 per share. Meanwhile, Fidelity’s Emerging Market Fund bought 5.44 crore shares of Zomato in the bulk deal at an average price of Rs 50.26. ICICI Prudential Life Insurance bought 4.5 crore shares at Rs 50.25 per share.

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Inox Leisure Q1 Results: Net profit at Rs 57 crore

Inox Leisure Ltd reported a consolidated net profit of Rs 57.09 crore for the quarter ended June (Q1 FY23). The multiplex operator had posted a net loss of Rs 122.28 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations stood at Rs 582.26 crore in Q1 FY23, compared to Rs 22.31 crore in Q1 FY22 (when cine exhibition was impacted due to the second wave of the Covid-19 pandemic). The company added three new properties with 17 screens in Q1 FY23.

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India’s services PMI falls to 4-month low in July

India’s services sector lost momentum in July as demand was curtailed by competitive pressures, high inflation and unfavourable weather. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 55.5 in July, compared to 59.2 in June. Both output and sales increased at the weakest rates for four months.

[PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.]

Read more here.

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India’s Services PMI Hits 11-Year High in June – Top Indian Market Updates

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

India’s services PMI hits 11-year high in June

Services activity in India expanded at the fastest pace in 11 years in June 2022. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 59.2 in June, compared to 58.9 in May. The data indicated further accelerations in new business growth and output at Indian services companies amid ongoing improvements in demand conditions. However, concerns surrounding price pressures restricted business confidence. 

[PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.]

Read more here. 

Adani Power to seek shareholders’ approval for deal worth Rs 5,000 crore with AdaniConnex

Adani Power Ltd (APL) will seek shareholders’ approval for the proposed related-party transaction worth ~Rs 5,000 crore with AdaniConnex Pvt. Ltd (ACPL) during its annual general meeting on July 27. The transaction involves the sale of APL’s special purpose vehicles (SPVs) or subsidiaries to ACPL. AdaniConneX is a 50:50 joint venture (JV) between Adani Enterprises and US-based EdgeConneX that builds data centres across India.

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Passenger vehicle sales rose 40% in June: FADA

As per data released by the Federation of Automobile Dealers Association (FADA), retail passenger vehicle sales in India rose 40% YoY to 2,60,683 units in June. An increase in dispatches indicates that supplies of semiconductors have improved. Two-wheeler retail sales increased 20% YoY last month to 11,19,096 units.

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KEC International aims to double civil contracts business to Rs 4,000 crore in FY23

KEC International Ltd is betting on its civil contracts business and aims to double revenue in the segment during the current financial year (FY23). The company’s total revenue increased 5% YoY to Rs 13,700 crore in FY22, led by growth in the civil, railways, and cables businesses. The contribution of the civil business to the total revenue stood at Rs 1,900 crore.

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Tata Steel’s output remains flat at 7.66 MT in Q1

Tata Steel Ltd’s consolidated steel output remained flat at 7.66 million tonnes (MT) during the April-June quarter (Q1) of the current financial year (FY23). The company produced 7.65 MT of steel in Q1 FY22. Consolidated sales fell 4% YoY to 6.53 MT during the same period. Tata Steel India registered over a 6% YoY rise in output at 4.92 MT. Its sales fell 2% YoY to 4.06 MT.

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RBL Bank’s total deposits rise 6% YoY in Q1

RBL Bank Ltd’s total deposits rose 6% year-on-year (YoY) to Rs 79,217 crore as of June 30, 2022 (Q1 FY23). Deposits rose 0.27% when compared to the previous quarter. The bank’s current account-savings account (CASA) stood at Rs 28,525 crore in Q1, up 14% YoY or 2% QoQ. Gross advances grew 7% YoY and 0.24% QoQ to Rs 62,095 crore in Q1.

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IEX electricity volume rises 17% YoY in June

Indian Energy Exchange (IEX) registered a 17% YoY growth in power trade volumes to 8,267 million units (MU) in June 2022. This comprises 7,058 MU in the conventional power market, 536 MU in the green power market, and 673 MU in the renewable energy certificate market. Prices at the day ahead market reduced from Rs 6.76 in May to Rs 6.49 per unit in June due to improved supply-side availability. For the first quarter of FY23, IEX achieved 23,437 MU volume across all segments, registering a 10% YoY growth.

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Tejas Networks acquires 62.65% stake in Saankhya Labs for Rs 276.24 crore

Tejas Networks Ltd (TNL) has acquired a 62.65% stake in Saankhya Labs for Rs 276.24 crore. The company intends to acquire the balance 37.35% stake in the Bengaluru-based firm in due course. The acquisition will help enhance TNL’s wireless offerings by adding 5G ORAN, 5G Cellular Broadcast, and satellite communication products to its product portfolio. It also gives the company access to in-house semiconductor chip design expertise for specialised applications.

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Biocon Biologics gets EU GMP certification for new facility in Bengaluru

Biocon Biologics (a subsidiary of Biocon Ltd) has received the Europen Union’s Good Manufacturing Practice (GMP) certification from the Health Products Regulatory Authority (HPRA), Ireland, for its new monoclonal antibodies (mAbs) drug substance manufacturing facility at Biocon Park, Bengaluru. The GMP accreditation is offered to pharmaceutical manufacturers who adhere to a minimal standard in their production practices. 

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Services PMI Falls to 3 Month Low in December – Top Indian Market News

Services PMI falls to 3 month low in December

India’s services sector activity fell to a three-month low in December but remained in the expansion zone. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 55.5 in December 2021, compared to 58.1 in November. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month. The increase in new orders was centered on the domestic market, while new business from abroad fell further due to Covid-related restrictions.

Read more here. 

Adani Transmission to transfer certain assets, liabilities to new unit

Adani Transmission Ltd (ATL) intends to transfer certain of the company’s assets and liabilities to a newly incorporated subsidiary— Adani Transmission Step-One Ltd. The assets and liabilities include ATL’s shares in Adani Transmission India Ltd (ATIL) and Maharashtra Eastern Grid Power Transmission Ltd (MEGPTCL). It also includes inter-corporate debt provided by the company to ATIL and MEGPTCL.

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Coal India’s April-December capex rises 37% YoY to Rs 10,717 crore

Coal India Ltd (CIL) incurred a capital expenditure (capex) of Rs 10,717 crore till December of the current financial year, registering a 37.4% year-on-year (YoY) growth. CIL’s capex spend during the period marks 86.3% of the target achievement. Construction of coal handling plants, silos with Rs 1,344 crore, and rail sidings and rail corridors at Rs 1,785 crore made up 29% of CIL’s entire capex during the period.

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L&T Heavy Engineering secures significant orders in Q3

Larsen & Toubro’s Heavy Engineering arm has secured significant contracts for its various business segments in the third quarter (Q3 FY22). The modification, revamp, and upgrade (MRU) business of the company has received a contract from a key hydrocarbon sector customer in the Middle East. The MRU business has also won a project for RFCC (residue fluid catalytic cracking) revamp as part of the expansion of the Barauni Refinery (BR-9) by Indian Oil Corporation Ltd.

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HFCL partners with Apercomm to power its network offerings with AI

HFCL Ltd will integrate artificial intelligence (AI) into its entire IO products portfolio in partnership with Apercomm, an AI-powered Wi-Fi analytics tech provider. The telecom company’s wireless solutions will be able to monitor customer experience in real-time and calibrate Wi-Fi network through its cloud management platform. HFCL plans to offer this AI solution to its existing customers for over 100,000 existing deployments. 

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Nelco secures contract worth Rs 40 crore from ONGC

Nelco Ltd has secured a contract from Oil and Natural Gas Corporation (ONGC) to provide satellite communications at offshore sites. The contract is worth Rs 40 crore. The scope of the project includes the supply, commission, and maintenance of ONGC’s captive very small aperture terminal (VSAT)-based network. This network will be used to enhance the communication infrastructure of ONGC’s Western India offshore sites. 

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ABB India launches flameproof low voltage motors for explosive atmospheres

ABB India Ltd, an engineering services company, has unveiled a new range of flameproof (FLP) motors. The motors are a safe choice for applications in potentially explosive environments. The FLP motors offer considerable benefits, including low vibration levels with increased reliability for an extended lifetime and reduced maintenance requirements. The product will be manufactured at ABB India’s facility in Faridabad, Haryana.

Arbitration between Amazon, Future put on hold by Delhi HC

The Delhi High Court halted Future Group’s ongoing arbitration with Amazon.com, Inc. in light of an Indian antitrust agency’s suspension of a 2019 deal between the two sides. The e-commerce giant successfully used the terms of its 2019 investment in a Future unit to block the Indian retailer’s attempt to sell retail assets to rival Reliance Industries Ltd, alleging breach of certain contracts.

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JSL supplies 2,000 tonne stainless steel for Kanpur Metro Project

Jindal Stainless Ltd (JSL) has supplied 2,000-tonne steel for the Kanpur Metro Project, which was inaugurated by PM Narendra Modi last week. The company provided high-quality stainless steel in various tempers (strength levels) to rolling stock manufacturer Alstom. The first train set was handed over to Uttar Pradesh Metro Rail Corporation (UPMRC) by Alstom on September 18, 2021. The scope of the metro project included the design and development of 201 coaches.

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Jindal Steel and Power Reports Highest Ever Quarterly Steel Sales – Top Indian Market News

Jindal Steel and Power Reports Highest Ever Quarterly Steel Sales

Jindal Steel and Power Ltd (JSPL) has recorded the highest ever quarterly steel sales in the July-September quarter (Q2 FY22). JSPL’s seel sales volume climbed 32 percent quarter-on-quarter (QoQ) and 10 percent YoY to hit a record high of 2.13 million tonnes during the quarter. The share of exports to revenue was greater than 40 percent this quarter, against 34 percent in Q1 FY22. 

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India’s Services Sector PMI drops to 55.2, Continues To Remain Strong

IHS Markit India Services PMI fell to 55.2 in September 2021 from 56.7 in August. Domestic demand has improved amidst the easing of Covid-19 restrictions, pushing firms to hire more employees for the first time in nearly a year. PMI or Purchasing Managers’ Index is an economic indicator on the manufacturing or services sector trends constructed from monthly surveys of private companies. If the PMI falls below the 50 level mark, it would signify contraction instead of growth.

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TVS signs MoU With Tata Power On Two Wheeler Charging Ecosystem In India

TVS Motor Company has announced a strategic partnership with Tata Power to develop and amplify the presence of Electric Vehicle Charging Infrastructure (EVCI) across India and deploy solar power technologies at TVS Motor locations. This comes in the light of TVS expanding the presence of its electric bike TVS iQube Electric. The two companies will also explore opportunities to use solar energy to power select TVS Motor locations.

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IRCON-led Consortium Wins Rs 3294 Crore For Mumbai-Ahmedabad Bullet Train Project

The National High-Speed Rail Corporation Limited (NHSRCL) has announced the joint venture by IRCON and Dineshchandra R. Agrawal Infracon has given the winning bid for the design and construction of 18.13 km of the viaduct and high-speed stations at Ahmedabad and Sabarmati for the Mumbai-Ahmedabad High-Speed Rail Corridor.

DoT to reconsider levy of Rs 40,000 Crore Spectrum Charges

In an ongoing legal battle, the Supreme Court has agreed to grant the Directorate of Telecommunications or DoT time till November 17, 2021 to reconsider its appeal on a pending Rs 40,000 crore one-time spectrum charges. The dispute between the Telecom Disputes Appellate Tribunal (TDSAT) and the DoT has been going on for almost a decade. In 2019, the TDSAT ruled that the one-time spectrum charges should be levied prospectively as against DoT, which wanted to set the charges retrospectively.

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IDFC First Bank Deposits Up 20% YoY, CASA Up 55% YoY

IDFC First Bank’s total customer deposits increased by 20.8% to Rs 83,793 crore as on September 30, 2021 as against Rs 69,368 crore a year ago. In the same period, the company’s Current Account-Saving Account Ratio or CASA Ratio went up by 55% YoY to Rs 46,783 crore. The Depositors Concentration for an amount below Rs 5 crore stood at 81.19%

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BSE Subsidiary To Help MSMEs Manage Working Capital, Gets In-Principle Approval From RBI

Bombay Stock Exchange’s subsidiary BSE Technologies (BSE Tech) has received in-principle approval from the Reserve Bank of India for setting up and operating Trade Receivables Discounting System (TReDS) under the Payments and Settlement Systems Act, 2007. The company intends to help MSMEs manage their working capital through Trade Receivables Discounting System (TReDS). RBI approved the TReDS in 2014. BSE Technologies Pvt Ltd. provides broking solutions & exchange solutions to the capital, derivatives, commodities & currency markets, financial services, and it consulting to companies worldwide.

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BLS International Wins Order From Thai Embassy For Visa Services

BLS International Services Limited(NSE:BLS) has announced that it has renewed its contract with the Royal Thai Embassy for providing visa services. The company will now offer visa services from multiples cities and states across the country. Last week, the company had bagged a contract with the Italian Embassy in Russia to provide visa services in the country after which the share price rose ~3%. The company’s share price has appreciated by ~220% since October 2020.

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RIL to Invest Rs 75,000 crore in Renewable Energy Gigafactories – Top Indian Market News

RIL to invest Rs 75,000 crore in four renewable energy gigafactories

Reliance Industries Ltd (RIL) will invest Rs 75,000 crore over the next three years to set up four renewable energy gigafactories in Jamnagar, Gujarat. The complex will include a solar photovoltaic module factory and an advanced energy storage battery factory. It would also comprise an electrolyzer factory for the production of green hydrogen and a fuel-cell factory for converting hydrogen into motive and stationary power. RIL aims to create the capacity to generate 100 gigawatts (GW) of electricity from renewable sources by 2030. Chairman Mukesh Ambani has also outlined a 1-1-1 vision to bring down the cost of hydrogen to under $1 per 1 kg in 1 decade.

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HDFC Life acquires Exide Life in a Rs 6,687 crore cash and stock deal

HDFC Life Insurance Company has announced the acquisition of Exide Life Insurance Company in a Rs 6,687 crore deal. Exide Life is a wholly-owned subsidiary of battery maker Exide Industries Ltd. As part of the cash and stock deal, HDFC Life will issue 8.7 crore shares to Exide Industries at Rs 685 per share and a cash payout of Rs 726 crore. HDFC Life stated that the proposed transaction will accelerate the growth of its agency business and strengthen other distribution channels including Broker and Co-operative Banks. 

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India’s services PMI jumps to six-month high in August

India’s services sector activity jumped to its highest level since February 2021 on account of inflows of new work and improving demand. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 56.7 in August, compared to 45.4 in July. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month. The access to vaccines has improved, and consumer footfall has increased following the reopening of several establishments.

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PVR opens 3-screen multiplex in Jamnagar

PVR Limited has opened a three-screen multiplex in Jamnagar at ICR-The Entertainment World, Gujarat. The property is spread over an area of 30,000 sq. ft. and has a capacity of 706 seats. The company invested Rs 6 crore in the project. With this launch, PVR operates the largest multiplex network with 849 screens at 177 properties in 72 cities (India and Sri Lanka).

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Tata Motors opens 70 new sales outlets in a single day

Tata Motors has inaugurated 70 sales outlets across South India in a single day (Sept 3) as part of its retail acceleration strategy. Spread across 53 cities, the outlets are strategically mapped to emerging markets of the Southern region. The showrooms will be home to the automaker’s ‘New Forever’ range of passenger vehicles, including its electric vehicle (EV) portfolio. 

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Indiabulls Housing Finance to raise Rs 1,000 crore via bond issue

Indiabulls Housing Finance Ltd has announced the launch of a public issue of secured and/or unsecured, redeemable, non-convertible debentures (NCDs) of the face value of Rs 1,000 each. The NCDs will offer coupon rates ranging from 8.05% to 9.75% per annum. Tranche I of the issue has a base size of Rs 200 crore with a greenshoe (or over-allotment) option of up to Rs 800 crore, aggregating up to Rs 1,000 crore.

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Maruti Suzuki recalls 1.81 lakh vehicles to rectify safety defects

Maruti Suzuki India Ltd has issued recall orders for 1.81 lakh units of its cars to check and rectify faults that may potentially result in safety-related issues. The recall order has been issued voluntarily by the company, and owners with possibly affected vehicles will be contacted by Maruti Suzuki authorized workshops. The recall order covers petrol models of Ciaz, S-Cross, Vitara Brezza, Ertiga, and XL6, and only units manufactured between May 4, 2018, and October 27, 2020. 

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Mazagon Dock to partner with Russia’s Zvezda to construct commercial ships

Prime Minister Narendra Modi announced that Mazagon Dock Shipbuilders will partner with Russia’s Zvezda to construct commercial ships. He was addressing a session of the 6th Eastern Economic Forum (EEF) via video conferencing today. Zvezda is the largest shipyard in Russia, designed for the construction of all types of sea-going vessels and production platforms for operation on the Russian shelf. 

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Zen Tech secures Rs 155 crore contract from Indian Air Force

Zen Technologies Ltd has secured an order worth Rs 155 crore from the Indian Air Force (IAF) for the supply of Counter Unmanned Aircraft Systems (CUAS). The order will be carried out in a 12-month time frame. With this order, Zen Technologies’ total order book stands at Rs 402.61 crore. The company’s order book for equipment is worth Rs 284.09 crore, and the order book for annual maintenance contracts stood at Rs 118.52 crore.

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Automobile PLI scheme to be announced next week: Report

According to a report from CNBC-TV18, the Central government may announce a Production Linked Incentive (PLI) scheme for the automobile sector next week. This scheme will help increase competitiveness and take the growth of the vehicle and auto components industry to the next level. The report further states that the PLI scheme has been modified after consultations between the Centre and the auto industry and includes an emphasis on the promotion of new technologies. 

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SBI Reports 55% YoY Rise in Net Profit in Q1 – Top Indian Market News

State Bank of India Q1 Results: Net profit rises 55% YoY to Rs 6,504 crore

State Bank of India (SBI) reported a 55.2% YoY increase in net profit to Rs 6,504 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 3.7% YoY to Rs 27,638 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 5.32% in Q1, compared to 4.98% in the previous quarter. Domestic retail loans rose 16.5% YoY to Rs 8.72 lakh crore. SBI’s total provisions fell 19.6% YoY to Rs 10,051.96 crore in the April-June quarter of FY22.

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India’s services PMI contracts for third consecutive month

India’s services sector remained in the contraction territory for the third straight month in July. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 45.4 in July, compared to 41.2 in June. PMI is a month-on-month calculation and a value below 50 represents contraction when compared to the previous month. Business activity, new orders, and employment declined further due to local restrictions amidst the Covid-19 pandemic.

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Titan Q1 Results: Net profit at Rs 61 crore

Titan Company Ltd reported a standalone net profit of Rs 61 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 270 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations rose 74.5% YoY to Rs 3,249 crore during the same period. Titan’s jewellery segment posted a 108% YoY increase in total sales to Rs 2,467 crore in Q1.

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Britannia invests Rs 130 crore in capacity building; to hike prices

Britannia Industries Ltd announced that it has invested Rs 130 crore for capacity building in the current financial year (FY22). The FMCG company is also eyeing a greater revenue share from its e-commerce segment, which currently contributes ~2%. Britannia will gradually undertake a price hike of its products to offset the sharp rise in input costs amidst uncertainty arising out of the Covid-19 pandemic.

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Adani Green Energy Q1 Results: Net profit jumps nearly 10-fold to Rs 219 crore

Adani Green Energy Ltd (AGEL) reported an 895.45% YoY jump in consolidated net profit to Rs 219 crore for the quarter ended June (Q1 FY22). Net profit has jumped 110.5% when compared to the previous quarter. Its total income rose 22.8% YoY to Rs 1,079 crore during the same period. Total sale of electricity grew 48% YoY to Rs 2,054 million units in Q1.

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CCI approves Carlyle’s proposed Rs 4,000 crore investment in PNB Housing Finance

The Competition Commission of India (CCI) has approved the Carlyle Group-led Rs 4,000 crore equity investment transaction in PNB Housing Finance Ltd. However, the Securities and Appellate Tribunal (SAT) is yet to pronounce its verdict on the valuation controversy that the deal ran into recently. In May 2021, Carlyle Group and other investors had announced plans to infuse Rs 4,000 crore into PNB Housing through preferential allotment of equity shares and warrants. Market regulator SEBI had intervened and asked PNB Housing Finance not to go ahead with the deal until it undertakes valuation of its shares by an independent agency.

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Godrej Consumer Products Q1 Results: Net profit rises 5% YoY to Rs 413 crore

Godrej Consumer Products Ltd (GCPL) reported a 4.75% YoY increase in consolidated net profit to Rs 413.66 crore for the quarter ended June (Q1 FY22). Net profit has increased by 13.07% when compared to the previous quarter. Its revenue from operations rose 23.87% YoY to Rs 2,862.83 crore during the same period. GCPL’s expenses grew 21.53% YoY to S 2,372.65 crore in Q1. 

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Kumar Mangalam Birla steps down as Non-Executive Chairman of Vodafone Idea

Vodafone Idea (Vi) has informed that Kumar Mangalam Birla will step down as Non-Executive Director and Non-Executive Chairman of the board with effect from close of business hours on August 4, 2021. The company’s board has elected telecom veteran Himanshu Kapania as a Non-Executive Chairman. Last month, Birla had written a letter to the Indian Government in which he offered to hand over his stake in Vi to any public sector entity, considering the “looming crisis” that the telecom operator is going through. Shares of Vi fell over 16% today.

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Bosch Q1 Results: Net profit at Rs 260 crore

Bosch Limited reported a consolidated net profit of Rs 260.3 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 121.5 crore in the corresponding quarter last year (Q1 FY21) and a net profit of Rs 483 crore in the previous quarter (Q4 FY21). The automotive component manufacturer’s total revenue jumped 146.4% YoY to Rs 2,443 crore in Q1 FY22. EBITDA stood at Rs 306.6 crore in Q1, compared to an operating loss of Rs 102.5 crore in the year-ago period.

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HPCL Q1 Results: Net profit falls 11% YoY to Rs 2,004 crore

Hindustan Petroleum Corp Ltd (HPCL) reported an 11.04% YoY decline in consolidated net profit to Rs 2,003.9 crore for the quarter ended June (Q1 FY22). Net profit has declined by 34.5% when compared to the previous quarter. Its total income rose 66.9% YoY to Rs 77,980.15 crore during the same period.

Apollo Tyres Q1 Results: Net profit at Rs 128 crore

Apollo Tyres Ltd reported a consolidated net profit of Rs 127.78 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 134.58 crore in the corresponding quarter last year (Q1 FY21). Net profit has declined by 55.5% when compared to the previous quarter (Q4 FY21). Its revenue from operations rose 59% YoY to Rs 4,584 crore in Q1 FY21.

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Services PMI Falls to 41.2 in June – Top Indian Market News

India’s services PMI falls to lowest level in 11 months in June

India’s services sector activities fell to their lowest level in 11 months as new businesses and output declined. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 41.2 in June, compared to 46.4 in May. PMI is a month-on-month calculation and a value below 50 represents contraction when compared to the previous month. International demand for Indian services continued to deteriorate in June, with new export orders falling for the 16th consecutive month.

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Govt to sell up to 7.49% stake in NMDC via OFS on Tuesday

The government will sell up to a 7.49% stake in National Mineral Development Corp (NMDC) through an offer for sale (OFS) on Tuesday (July 6). The Centre will sell its 4% stake (or 11.72 crore equity shares) in NMDC at a floor price of Rs 165 per share. The floor price is set at a nearly 6% discount to Monday’s closing price. The OFS also includes a greenshoe option to sell an additional 3.49% stake (or 10.22 crore shares) of NMDC. After the completion of the OFS, the government’s shareholding in NMDC will reduce to 60.8%.

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MCX signs pact with Europe’s EEX to share expertise on electricity derivative products

Multi Commodity Exchange of India (MCX) has signed a Memorandum of Understanding (MoU) with European Energy Exchange AG (EEX) to share knowledge and expertise on electricity derivative products. The MoU will facilitate cooperation between the two exchanges in areas such as education & training and organising events in the domain of electricity derivatives. EEX is a leading energy exchange in Europe that develops, operates, and connects secure and transparent markets for power and other energy products.

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ITD Cementation secures orders worth Rs 585 crore

ITD Cementation India Ltd has secured two orders worth approximately Rs 585 crore. The first order consists of the development and construction of ‘Dream City Depot’, including electrical and mechanical works, in connection with Phase-1 of the Surat Metro Rail Project. The second order has been received from Military Engineer Services for the construction of an Aero Space Museum at Air Force Station in Palam, Delhi. It also includes the installation of mechanical and electrical systems, a rainwater harvesting system, etc. 

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Tata Communications introduces Virtual Video Assisted Referee solution

Tata Communications Ltd announced the launch of a Virtual Video Assisted Referee (V-VAR) solution. It enables an unlimited number of referees, judges to connect remotely from anywhere across the globe and assess/analyse sporting events. SailGP (a global sailing championship) will be the first sports event to deploy the company’s V-VAR solution. 

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Sales volume in IEX real-time power market jumps 3-fold in June

The sales volume of the real-time power market (RTM) jumped over three-fold year-on-year (YoY) to 1,726 million units (MU) in June 2021 at the Indian Energy Exchange (IEX). RTM allows consumers to buy power just one hour below delivery. IEX traded 7,093 MU of electricity volume in June, registering a 48% YoY growth. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 641 MU last month, recording a 539% YoY growth.

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Heranba Industries gets environmental clearance for Rs 110 crore expansion

Heranba Industries Ltd has received environmental clearance from the Ministry of Environment, Forest, and Climate Change for the expansion of manufacturing capacity at its facility in Gujarat. The expansion plan consists of setting up an additional manufacturing capacity of 24,900 tonnes per annum (TPA) for producing insecticides, fungicides, and pesticide intermediates. The estimated cost for the project is Rs 110 crore.

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Godrej Consumer expects double-digit sales growth in Q1 

Godrej Consumer Products Ltd (GCPL) said it expects strong double-digit growth in sales at the consolidated level for the quarter ended June (Q1 FY22). The demand trends in various categories remained steady across all countries the company operates in. GCPL’s home care segment saw strong sales growth in Q1, led by household insecticides. There was high demand for personal care and hygiene products as well.

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Religare’s shareholders approve Rs 570 crore preferential issue

The shareholders of Religare Enterprises Limited (REL) have approved the preferential issue of fresh equity shares worth Rs 570 crore. The company will allot 5.41 crore equity shares at Rs 105.25 per share to existing shareholders, including Burman Family, Ares SSG Capital, and select marquee investors. Noida-based Religare Enterprises provides broking services for equities, currencies, and commodities. It also offers financial services for small and medium enterprises (SMEs).

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HDFC Bank reports 14% YoY loan growth in Q1

HDFC Bank reported a 14% YoY growth in its loan book to Rs 11.47 lakh crore for the quarter ended June 30 (Q1 FY22). Loan advances grew 1.3% when compared to the previous quarter. The bank’s deposits grew over 13% YoY (or 0.8% QoQ) to Rs 13.4 lakh crore in Q1. Total retail disbursements at the end of Q1 stood at Rs 43,600 crore, a growth of 202% YoY. During the same period, HDFC Bank purchased loans aggregating to Rs 5,489 crore through a direct assignment route under a home loan arrangement with HDFC Limited.  

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SEBI announces new rules to make MIIs pay for technical glitches

Market regulator SEBI has issued a detailed framework for penalising market infrastructure institutions (MIIs) for technical glitches. MIIs include stock exchanges, clearing corporations, and depositories. Under the new framework, MIIs will have to pay Rs 1 lakh per day in case of delay in submission or incomplete submission of root cause analysis (RCA). A comprehensive RCA report needs to be submitted within 21 days of an incident. The failure to timely address a technical glitch will attract Rs 2 lakh per day for the first 15 days.

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India’s Services PMI Falls into Contraction Territory in May – Top Indian Market News

India’s services PMI falls into contraction territory in May

India’s services sector activities slumped into contraction territory for the first time in eight months in May 2021. The deadlier second wave of the Covid-19 pandemic has led to muted domestic demand and a sharp decline in international orders. The IHS Markit India Services Purchasing Managers’ Index (PMI) fell to 46.4 in May, compared with 54 in April. PMI is a month-on-month calculation and a value below 50 represents contraction when compared to the previous month. The growth of new work intakes came to a halt in May, with companies posting the first decline in sales since September 2020. 

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Snowman Logistics partners with Dr Reddy’s for Sputnik-V vaccine in India

Snowman Logistics has entered into a strategic partnership with Dr Reddy’s Laboratories to provide end-to-end logistics solutions for the delivery of Sputnik-V Covid-19 vaccine across India. The company will manage the vaccine delivery through five of its high-capacity temperature-controlled warehouses in Mumbai, Delhi-NCR, Kolkata, Chennai, and Bengaluru. It will offer storage, order processing, shipper packing, and secondary transportation from these locations.

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Arvind Fashions Q4 Results: Net loss at Rs 99 crore

Arvind Fashions Ltd reported a consolidated net loss of Rs 99.45 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 209.12 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 14% YoY to Rs 768.59 crore in Q4 FY21. The company’s board has approved a proposal to raise up to Rs 400 crore via the further issue of shares through a preferential issue and/or Qualified Institutional Placement (QIP).

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Lupin to enter digital healthcare space in India

Lupin Limited said it will enter the digital healthcare space in India, with a focus to provide a digital therapeutics platform for doctors and patients. The company recently incorporated a new entity, Lupin Digital Health Ltd, which will undertake this venture. Lupin is a multinational pharmaceutical company based in Mumbai. It manufactures and distributes a wide range of branded and generic formulations, biotechnology products, active pharmaceutical ingredients (APIs), etc. 

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Gujarat State Petronet Q4 Results: Net profit rises 9% YoY to Rs 417 crore

Gujarat State Petronet Ltd reported an 8.82% YoY increase in consolidated net profit to Rs 416.67 crore for the quarter ended March (Q4). Net profit has declined by 11.43% when compared to the previous quarter. Its revenue from operations rose 19.37% YoY to Rs 3,828.66 crore during the same period. Net profit for the entire financial year 2020-21 (FY21) declined 7.08% YoY to Rs 1,606.76 crore. The company’s board has recommended a dividend of Rs 2 per share.

Zydus Cadila gets tentative USFDA approval to market lung cancer treatment drug

Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market Osimertinib tablets. The drug is used to treat lung cancer. It works by slowing or stopping the growth of cancer cells. The pharma company said the newly approved drug will be manufactured at its formulation manufacturing facility at SEZ, Ahmedabad. Zydus Cadila now has 318 approvals and has so far filed over 400 Abbreviated New Drug Applications (ANDAs) since the financial year 2003-04.

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Nilkamal Q4 Results: Net profit rises 20% YoY to Rs 38 crore

Nilkamal Limited reported a 19.84% YoY increase in consolidated net profit to Rs 38.06 crore for the quarter ended March (Q4). Net profit has declined by 29.9% when compared to the previous quarter. Its revenue from operations rose 21.10% YoY to Rs 679.92 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 20.52% YoY to Rs 112.93 crore. The company’s board has declared a final dividend of Rs 10 per share. 

Indian steel manufacturers hike rates by up to Rs 4,900 per tonne

Leading domestic steel manufacturers have hiked the prices of Hot Rolled Coil (HRC) and Cold Rolled Coil (CRC) by up to Rs 4,000 and Rs 4,900 per tonne, respectively. After the price revision, a tonne of HRC will cost Rs 70,000-71,000, while CRC will cost Rs 83,000-84,000 per tonne. The rise in steel prices will impact the prices of vehicles, consumer goods, and the cost of construction. 

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Nucleus Software Q4 Results: Net profit declines 2.8% YoY to Rs 27 crore

Nucleus Software Exports Ltd reported a 2.81% YoY decline in consolidated net profit to Rs 27.35 crore for the quarter ended March (Q4). Net profit has increased by 10.19% when compared to the previous quarter. Its revenue from operations declined 10.16% YoY to Rs 124.18 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 32.54% YoY to Rs 117.95 crore. The board of Nucleus Software Exports has recommended a final dividend of Rs 6 per share. 

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IDBI Bank secures $239 million debt judgment in London High Court

IDBI Bank has secured a $239 million (~Rs 1,744 crore) judgment in the commercial division of the High Court of London against a Cypriot subsidiary of India-based Essar Shipping Group. In March 2013, the bank had provided loans totaling $148 million to two Singapore registered companies— Varada Drilling One Pte Ltd and Varada Drilling Two Pte Ltd— for the construction of two jack-up drilling rigs. The borrowers failed to make scheduled repayments, and IDBI Bank had served a formal demand for repayment of the principal amount, interest, default interest, and fees in 2017.

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APL Apollo Tubes Q4 Results: Net profit rises 109% YoY to Rs 119 crore

APL Apollo Tubes Ltd reported a 109.82% jump in consolidated net profit to Rs 119.22 crore for the quarter ended March (Q4). Net profit has declined by 9.7% when compared to the previous quarter. Its total income rose 37% YoY to Rs 2,599.61 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 51.35% YoY to Rs 360.16 crore. APL Apollo is a leading manufacturer of welded steel tubes and pipes in India.