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TCS Posts 9% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

TCS Q2 Results: Profit rises 9% YoY to ₹11,342 crore

Tata Consultancy Services (TCS) reported a 9% YoY increase in consolidated net profit to ₹11,342 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue rose 8% YoY to ₹59,692 crore. EBITDA stood at ₹14,483 crores, up 9.1% YoY. The company’s board has recommended an interim dividend of ₹9 per share. The board has also approved buyback of shares worth ₹17,000 crore at ₹4,150 per share.

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L&T secures mega contract in Middle East

Larsen & Toubro (L&T) Ltd’s hydrocarbon business (L&T Energy Hydrocarbon) has secured a Letter of Intent (LoI) for a ‘mega onshore project’ from a prestigious client in the Middle East. The project is valued at above ₹7,000 crore and involves engineering, procurement and construction of gas compression plants.

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Vedanta incorporates base metals unit

Vedanta Ltd has incorporated its base metals unit Vedanta Base Metals Ltd with an authorised share capital of ₹1 lakh to implement the demerger scheme. The company holds 100% shareholding of the newly incorporated unit. Vedanta Base Metals will have a diversified portfolio of international base metal assets, including Tuticorin, Fujairah Gold, Silvassa and VZL.

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Maruti Suzuki signs MoU with IDBI to provide dealer financing solutions

Maruti Suzuki India has signed a Memorandum of Understanding (MoU) with IDBI Bank to offer financing solutions for dealers. The partnership will empower over 4,000 Maruti Suzuki sales outlets across India with comprehensive inventory funding options for their working capital needs. 

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GST Authority imposes ₹36,844 penalty on LIC

The Goods & Services Tax (GST) Authority has imposed a fine of ₹36,844 on Life Insurance Corporation Ltd (LIC) for lower payment of taxes. LIC has received a communication or demand order for collection of GST, along with interest and penalty for Jammu & Kashmir state. As per the notice, LIC paid 12% GST instead of 18% on certain invoices. LIC said there is no material impact on financials, operations or other activities.

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Aster’s India unit draws suitors valuing business at $1.5 billion

Private equity firm BPEA EQT, Ontario Teachers’ Pension Plan (OTPP) Board, and other firms are considering a deal to acquire Aster DM Healthcare Ltd’s assets, including its India business. Others interested in potential bids for Aster’s India business include Blackstone Inc. and KKR & Co. The deal values Aster’s India business at $1.5 billion.

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ONGC Videsh keen on Sri Lankan oil and gas blocks

Oil and Natural Gas Corp is interested in the exploration of oil and gas blocks in Sri Lanka. The company is awaiting an announcement of the oil and gas ‘roadmap’ of the island nation. ONGC Videsh is an overseas investment arm of ONGC. ONGC Videsh is open to having deals through government-to-government negotiations or through competitive bidding depending on Sri Lanka’s yet-to-be-announced exploration policy.

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Shakti Pumps to invest ₹114 crore in EV subsidiary Shakti EV Mobility

Shakti Pumps (India) Ltd will make an investment of ₹114 crore in its wholly-owned electric vehicle subsidiary, Shakti EV Mobility Pvt Ltd. The company will make the investment in one or more rounds in the next five years. Shakti Pumps had invested ₹1 crore in its Shakti EV Mobility Pvt Ltd by purchasing 10 lakh equity shares of ₹10 each last year. 

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Grasim to consider fundraising on October 16

Grasim Industries will consider fundraising in its meeting scheduled on October 16. The board will consider the proposal for raising funds via equity shares or other securities through rights issues, qualified institutions placement, preferential issues or any other method in the board meeting.

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Indian Oil Becomes Title Sponsor of MotoGP Bharat – Top Indian Market Updates

Indian Oil

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

Indian Oil becomes title sponsor of MotoGP Bharat

Indian Oil Corporation has become the title sponsor for MotoGP Bharat. The event is scheduled at the Buddh International Circuit in Greater Noida from September 22 to 24. The event will see participation from 42 teams and 84 riders. The race will be live-streamed on Jio Cinema and Sports18 in India.

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SBI plans to bundle home loans with rooftop solar installations

State Bank of India (SBI) plans to bundle and make home loans with rooftop solar installations mandatory for residential projects funded from its long-term climate action funds drawn down from multilateral agencies. SBI has a home loan book of over ₹6.3 lakh crore as of June and outstanding foreign exchange (forex) loans of $2.3 billion from multilateral lenders, including the World Bank, Asian Development Bank, and KfW of Germany.

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Centre receives ₹1,487 crore from NTPC as dividend

According to the Secretary of the Department of Investment and Public Asset Management, the central government has received about ₹1,487 crore from NTPC as dividends. NTPC is India’s largest power utility firm with an installed capacity of 73,824 MW (including Joint Ventures) and plans to become a 130 GW company by 2032. On Wednesday, the govt received ~₹1,701 crore from Power Grid Corporation of India Ltd (PGCIL) as a dividend.

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Tata Steel to get £500 million from UK govt for Port Talbot

Tata Steel and the UK government have signed a joint agreement on a proposal to invest in Electric Arc Furnace steelmaking at the Port Talbot site costing £1.25 billion. The government will grant up to £500 million to Tata Steel. The steel company said it would reduce direct emissions by 50 million tonnes over a decade.

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Ashok Leyland to invest ₹1,000 cr to set up its first plant in Uttar Pradesh

Ashok Leyland will invest ₹1,000 crore in Uttar Pradesh to set up a bus manufacturing facility focused on clean mobility. The company has signed a Memorandum of Understanding (MoU) with the Uttar Pradesh government to come up with the plant. The company will set up an integrated commercial vehicle bus plant focused on green mobility near Lucknow.

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India may add up to 30 GW more thermal power capacity

According to the Union Power Minister R. K Singh, India may add 25-30 gigawatts (GW) of thermal electricity generation capacity. The additional investment is in addition to 50 GW already under work to meet the rising demand. Singh said that India has around 25 GW of thermal capacity under construction and another 25 GW is planned.

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TotalEnergies in talks to invest in Adani Green’s projects

TotalEnergies SE is in talks to invest in renewable energy projects developed by Adani Green Energy Ltd. They are looking to buy stakes in some of Adani Green’s projects to expand its portfolio of clean energy projects. TotalEnergies could invest about $700 million in total into the projects. This deal potentially marks the first public deal between the French oil giant and Gautam Adani since Hindenburg. 

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SpiceJet completes $1.5 million payment to Credit Suisse

SpiceJet completed the payment of $1.5 million payment to Credit Suisse. The payment comes days after India’s Supreme Court (SC) urged the company’s chairman Ajay Singh to make the payment or face consequences. Earlier this week, SC had asked Singh to make a payment of $5,00,000 towards an instalment to Credit Suisse by September 22, along with $1 million towards the defaulted amount.

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IOCL clears ₹904 crore additional investment in Hindustan Urvarak & Rasayan

Indian Oil Corporation Ltd’s (IOCL) board of directors has approved an additional investment of ₹903.52 crore in Hindustan Urvarak and Rasayan Ltd (HURL). HURL was formed in June 2016 as a joint venture consortium of five public sector units for catering to the urea needs of farmers in the eastern and northern parts of India. Coal India, NTPC, and IOCL are the lead promoters of HURL, holding a total of 89% stake (29.67% each).

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Shakti Pumps secures ₹293 crore order from UP govt

Shakti Pumps (India) Ltd received a Letter of Award (LoA) under the PM- KUSUM III scheme under component B from the UP government’s Department of Agriculture. The Agricultural Department placed an order for 10,000 pumps worth ₹293 crore. Under the contract, Shakti Pumps will supply, install, and commission solar water pumping systems. The company plans to complete the project in 90 days.

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Bharat Electronics bags orders worth ₹3,000 crore

Bharat Electronics Ltd (BEL) has received orders worth ₹3,000 crore, including an order worth ₹2,118.57 crore from Cochin Shipyard. The company will supply next-generation missile vessels equipped with state-of-the-art technology worth ₹2,118.57 crore to the Indian Navy. The project will involve the active engagement of Indian electronics and related sectors, including micro, small, and medium enterprises (MSMEs).

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Piramal Pharma’s US Facility Passes USFDA Inspection – Top Indian Market Updates

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

Piramal Pharma’s Sellersville facility clears USFDA inspection

Piramal Pharma has passed an inspection by the United States Food and Drug Administration (USFDA) of its manufacturing facility in Sellersville, Pennsylvania, and issued an Establishment Inspection Report (EIR) for the unit. The inspection took place between December 19, 2022, and January 13, 2023. The Sellersville facility is involved in manufacturing and packaging solid oral dosage forms, liquids, creams, and ointments.

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Foxconn to bring in technology partners for semiconductor manufacturing in JV with Vedanta

The Vedanta-Foxconn semiconductor joint venture (JV) has shared its technology partners with the Indian government.Vedanta will take the lead on the construction of the Gujarat factory, with revenue expected by 2027. The consortium plans to begin manufacturing chips of 40 nm on a factory line with a capacity of 40,000 wafers per month. The Indian govt has promised to cover half of the project cost and provide other incentives as part of a $10 billion package to promote domestic semiconductor manufacturing.

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NMDC explores lithium reserves for mining in Australia

NMDC Ltd is exploring lithium reserves in Australia. The company is the majority owner of a mine located in Mt. Bevan, and hopes to begin mining within two years. NMDC is seeking to secure supplies of lithium to support the production of electric vehicle batteries as part of India’s push to promote green vehicles.

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IndusInd Bank signs $100 million loan deal with JBIC to aid Japanese OEMs in India

IndusInd Bank has signed a long-term loan agreement with the Japan Bank for International Cooperation (JBIC) to provide credit facilities to companies in the supply chain of Japanese origin equipment manufacturers (OEMs) in India. The funds raised will be used to provide need-based credit facilities to upstream and downstream companies of Japanese construction equipment firms in India, including component suppliers, dealers, and final buyers of the machinery. The $100 million loan is the first of its kind by JBIC through an IFSC Banking unit at GIFT City. 

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Prestige Estates quarterly sales surge to Rs 3,889 crore

Prestige Estates has reported the highest-ever sales of Rs 12,930.9 crore, up 25% YoY, and collections of Rs 9,805.5 crore, up 31% YoY during FY23. Quarterly sales were up 19% YoY to Rs 3,888.8 crore and quarterly collections up 12% YoY to Rs 2,763.3 crore in Q4 FY23. The company sold over 9,600 homes in FY23 and launched 26.38 million square feet, up 57% YoY.

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RBI grants AU Small Finance Bank permission to deal with foreign exchange

AU Small Finance Bank has received permission from the Reserve Bank of India (RBI) to act as an Authorised Dealer (Category-I (AD-I) under section 10 of FEMA, 1999). The permission is subject to compliance of applicable regulations. In addition, the RBI has approved the re-appointment of Sanjay Agarwal as managing director and CEO of the bank and Uttam Tibrewal as whole-time director for a period of three years.

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Zydus Lifesciences gets USFDA approval to manufacture generic anti-inflammatory drug

Zydus Lifesciences has received final approval from the USFDA to manufacture and market generic Roflumilast Tablets used to reduce inflammation in the lungs that leads to chronic obstructive pulmonary disease (COPD). The drug will be manufactured at the group’s formulation manufacturing facility in SEZ Ahmedabad. Roflumilast Tablets had annual sales of USD 34 million in the United States in FY23.

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Shakti Pumps gets pending $1 million for Ugandan Water Project from EXIM Bank

Shakti Pumps has received a pending USD 1 million from EXIM Bank on behalf of the Government of Uganda for a project aimed at providing safe and sustainable water supply to half a million people in 20 rural districts. The project involves the supply of a solar-powered water pumping system, for which Shakti Pumps was awarded a contract worth USD 35.30 million in March 2021 by the Ministry of Water and Environment of the Ugandan government.

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NBCC gets project worth Rs 208 crore from PWD Puducherry

NBCC (India) Limited has been awarded a project worth Rs 208 crore from PWD Puducherry. The project involves providing comprehensive design, engineering, and project management consultancy services for a range of infrastructure works, including the construction of a disabled accessible platform, iconic cycle track, and sewage system remodeling. NBCC has also recently received orders worth Rs 448 crore from the Ministry of Home Affairs and the NCLT nod to dissolve its subsidiary, NBCC Engineering & Consultancy Limited (NECL).

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UltraTech Cement commissions 2.2 MTPA cement grinding unit in Bihar

UltraTech Cement has commissioned a 2.2 MTPA Brownfield expansion at its grinding unit in Patliputra, Bihar, increasing its grinding capacity to 4.7 mtpa. The expansion will allow the company to meet growing demand for cement in the East region and increase its blended cement ratio. UltraTech Cement’s total grey cement manufacturing capacity in India is now 129.15 mtpa. The company reported a 12% YoY increase in consolidated sales volume to 105.7 million tonnes in FY23. A 14% YoY increase in grey cement volumes to 100.1 mt was also reported.

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Asian Paints to Invest Rs 960 crore to Expand Gujarat Unit – Top Indian Market News

Asian Paints to invest Rs 960 crore to expand Gujarat unit

Asian Paints Ltd has signed a Memorandum of Understanding (MoU) with the Govt of Gujarat, commencing the proposed expansion of manufacturing capacity at its Ankleshwar unit at a total investment of about Rs 960 crore. The manufacturing capacity of paint will go up from 1.3 lakh kilolitres (KL) to 2.5 lakh KL, and resins and emulsions from 32,000 metric tonnes (MT) to 85,000 MT. The capacity expansion will be completed over the next 2-3 years.

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Paytm Payments Bank launches transit cards for metro, bus travel

Paytm Payments Bank Ltd announced the launch of the Paytm Transit Card. The card will take care of users’ everyday needs— from travel in metro, railways, state-owned bus services, toll & parking charges to payments at offline merchant stores, online shopping, and more. The card also enables the withdrawal of money from ATMs. The first phase of the rollout is being launched in collaboration with Hyderabad Metro Rail, Ahmedabad Metro, and the Delhi Airport Express Line.

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Man Infra to develop luxury residential project in Tardeo, Mumbai

MICL Properties LLP, a subsidiary of Man Infraconstruction Ltd, is jointly developing an ultra-luxurious residential high-rise tower at Tardeo, Mumbai. The project is expected to generate approximately Rs 3,000 crore over the next 4-5 years. This landmark project will be one of the tallest residential structures in India, with a proposed height of more than 250 meters.

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Tata Chemicals in talks to acquire battery business of UK-based Johnson Matthey: Report

According to reports, Tata Chemicals Ltd is in discussions with London-based Johnson Matthey Plc to buy the company’s battery materials business. A deal for the battery materials unit could fetch $500-700 million. The deal will help group company Tata Motors expand its range of electric vehicles (EVs) and secure a cost advantage over rival carmakers in the EV space, as none of them have in-house battery materials manufacturing ability.

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Shakti Pumps’ board approves setting up of EV subsidiary

The Board of Directors of Shakti Pumps India Ltd has approved the incorporation of a wholly-owned subsidiary to conduct business in electric vehicle (EV) motors, EV chargers, and EV controllers. Shakti Pumps is a leading manufacturer of submersible pumps for domestic, industrial, horticultural, and agricultural use.

RBI supersedes the board of Reliance Capital, to start resolution process

The Reserve Bank of India (RBI) has superseded the Board of Directors of struggling Reliance Capital Ltd. RBI has also decided to approach the National Company Law Tribunal (NCLT) to kickstart the resolution process. The central bank’s move comes after Reliance Capital defaulted on multiple repayment obligations to its creditors and due to serious corporate governance issues. The non-bank lender fell onto hard times in the aftermath of the collapse of IL&FS in September 2018.

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SBI and Capri Global Capital signs MoU to accelerate MSME lending 

State Bank of India (SBI) has entered into a co-lending arrangement with Capri Global Capital Ltd to boost lending to micro, small, and medium enterprises (MSME). This association will offer strategic and customized financing solutions to the underserved MSMEs of India in line with RBI guidelines.

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RIL denies any intent to bid for UK telecom group BT

Reliance Industries Ltd (RIL) categorically denied any intent to bid for the UK telecom group, BT (formerly British Telecom). The company dismissed a report titled `Reliance mulling bid for UK’s telco BT Group’ as “completely speculative and baseless”. Reliance’s shares, which rose as much as 3.6% earlier in the day, closed 1.2% higher at Rs 2,441.50.

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Ather Energy to set up its 2nd manufacturing facility at Hosur

Hero MotoCorp-backed Ather Energy plans to set up its second manufacturing facility, which will expand its capacity from 1.2 lakh units at present to 4 lakh units. The new facility will come up at Hosur, Tamil Nadu, to cater to the growing demand for its e-two-wheelers 450 X and 450 Plus. Apart from EV manufacturing, the new facility will also focus on lithium-ion batteries, a key focus area for Ather Energy.

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LIC gets RBI approval to increase stake in Kotak Mahindra Bank

Life Insurance Corporation (LIC) has received approval from the Reserve Bank of India (RBI) to increase its stake in Kotak Mahindra Bank to 9.99%. Currently, LIC holds a 4.96% stake in the private lender. The approval of the central bank is valid for one year.

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ITC Reports 30% YoY Rise in Net Profit in Q1 – Top Indian Market News

itc

ITC Q1 Results: Net profit rises 30% YoY to Rs 3,343 crore

ITC Limited reported a 30.24% YoY increase in consolidated net profit to Rs 3,343.44 crore for the quarter ended June (Q1 FY22). Net profit has fallen by 12.4% when compared to the previous quarter. Its revenue from operations rose 36% YoY to Rs 14,240 crore during the same period. Total revenue from its FMCG-cigarette business rose 34% YoY to Rs 5,802 crore in Q1.

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ICICI Bank Q1 Results: Net profit rises 78% YoY to Rs 4,616 crore

ICICI Bank Ltd reported a 78% YoY increase in standalone net profit to Rs 4,616 crore for the quarter ended June (Q1 FY22). Net profit has increased by 4.8% when compared to the previous quarter. The net interest income (NII) rose 18% YoY (or 5% QoQ) to Rs 10,936 crore during the same period. The gross non-performing assets (GNPA) ratio rose to 5.15% in Q1, compared to 4.96% in the previous quarter. The bank’s provisions fell 62.4% YoY to Rs 2,852 crore in Q1. Total deposits grew 16% YoY to Rs 9.26 lakh crore during the same period.

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IndusInd Bank to raise up to Rs 30,000 crore through debt, equity

IndusInd Bank has announced plans to raise up to Rs 30,000 crore through a mix of equity and debt to support its business growth. The private sector lender will raise funds through debt securities or equity instruments or convertible debt securities in any permitted mode, including Qualified Institutional Placement (QIP). The fundraising is subject to the approval of shareholders and regulatory authorities.

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Adani Enterprises forms JV with Hungary’s Organica

Adani Enterprises Ltd has formed a joint venture (JV) with Hungary-based Organica Technologies Pvt Co. Ltd for building a sewage treatment plant in Bhagalpur, Bihar. The company will hold a 74% stake in Bhagalpur Waste Water Ltd (the JV firm), and Organica will hold the remaining 26% stake. The plant and associated infrastructure will be built on a hybrid annuity model (HAM).

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JSW Steel completes acquisition of Welspun’s steel business

JSW Steel Ltd has completed the acquisition of the steel plate and pipe business of Welspun Corp by paying the final tranche (round) of Rs 86 crore. In April 2021, the company had announced the acquisition of Welspun’s steel business on a slump sale basis for Rs 848 crore. JSW Steel had paid Rs 225 crore in April and another Rs 498 crore in June as part consideration for the acquisition.

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Navkar Corp to invest Rs 300 crore to set up inland container depot 

The Board of Directors of Navkar Corporation Ltd has approved a proposal to set up an inland container depot and private freight terminal near Mundra or Pipavav (Gujarat). The cost of the project has been estimated at Rs 300 crore. The expansion project is expected to be completed by 2024. Navkar Corp is a leading container service operator in India.

Zen Technologies Q1 Results: Net loss at Rs 1.14 crore

Zen Technologies Ltd reported a consolidated net loss of Rs 1.14 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 1.34 crore in the corresponding quarter last year (Q1 FY21). The company’s net profit stood at Rs 1.35 crore in the previous quarter (Q4 FY21). Its revenue from operations jumped 139.42% YoY to Rs 9.96 crore in Q1 FY22. Hyderabad-based Zen Technologies designs, develops, and manufactures state-of-the-art combat training solutions for defence and security forces worldwide.

Shakti Pumps Q1 Results: Net profit jumps 120% YoY to Rs 7.29 crore

Shakti Pumps (India) Ltd reported a 120% YoY jump in consolidated net profit to Rs 7.29 crore for the quarter ended June (Q1 FY22). However, net profit has declined by 76% when compared to the previous quarter. Its revenue from operations rose 69.5% YoY to Rs 156.31 crore during the same period. 

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Jharkhand CM asks Coal India to pay outstanding dues worth Rs 56,000 crore 

Jharkhand Chief Minister Hemant Soren has asked Coal India Ltd (CIL) for immediate payment of Rs 56,000 crore outstanding dues in lieu of government land allotted to the company for mining. The minister also stated that CIL should start paying royalty on coal to the state on an ad valorem basis (based on estimated values). Soren has asked CIL to ensure extensive plantation work in the areas where mining takes place. 

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Zee Media Corp Q1 Results: Net loss at Rs 9.06 crore

Zee Media Corporation Ltd reported a consolidated net loss of Rs 9.06 crore for the quarter ended June (Q1 FY22). It had posted a net profit of Rs 12.26 crore in the corresponding quarter last year (Q1 FY21). The company’s net profit stood at Rs 10.5 crore in the previous quarter (Q4 FY21). Its revenue from operations rose 28.79% YoY to Rs 170.18 crore in Q1 FY22. The company incurred a loss of Rs 17.11 crore for exceptional items and tax during the April-June quarter of FY22.

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Bharti Airtel Adds 58.9 Lakh Subscribers in January – Top Indian Market News

Bharti Airtel adds 58.9 lakh subscribers in January, Vi adds 17.1 lakh subscribers: TRAI

Bharti Airtel added more wireless subscribers than market leader Reliance Jio for the sixth straight month in January. According to data released by telecom regulator TRAI, Bharti Airtel added 58.92 lakh subscribers, while Jio added 19.56 lakh subscribers in January 2021. Vodafone Idea (Vi) gained 17.1 lakh subscribers during the same month. This is the first time in 15 months that Vi is adding subscribers.

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BHEL emerges lowest bidder for NPCIL’s Rs 10,800-crore tender

Bharat Heavy Electricals Ltd (BHEL) has emerged as the lowest (L1) bidder for the supply of equipment for the 6×700 megawatt (MW) nuclear power projects of Nuclear Power Corporation of India (NPCIL). The lowest bid price offered by BHEL was Rs 10,800 crore. With this tender, BHEL has retained its market leadership position of being the sole Indian supplier of nuclear steam tubes. 

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Domestic air traffic declines 36% YoY in February: DGCA

A total of 78.27 lakh domestic passengers travelled by air in February 2021, which is 36% lower than the corresponding period in 2019. IndiGo carried 42.38 lakh passengers in February, thus securing a 54.2% share of the total domestic market. SpiceJet flew 9.62 lakh passengers, which is a 12.3% share of the market. The data was released by the Directorate General of Civil Aviation (DGCA).

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L&T Technology Services partners with Aspen Tech to deliver engineering solutions

L&T Technology Services Ltd (LTTS) has partnered with Aspen Technolgy, Inc. to offer a complete suite of digital engineering solutions across global enterprises. This will empower customers to optimize the performance of their assets and achieve operational excellence through cloud hosting and virtualisation. LTTS’ cloud engineering services will provide design, delivery, and support for computing, storage, and virtual network infrastructure. 

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ABB Power secures order worth Rs 124 crore from BALCO

Hitachi ABB Power Grids in India has received an order from Bharat Aluminium Company (BALCO) to strengthen power infrastructure at its Korba plant in Chattisgarh. The estimated value of the order is Rs 124 crore. The equipment required for this project will be manufactured domestically in line with the government’s Make-in-India initiative. 

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DLF to raise up to Rs 500 crore via NCD issue

DLF Limited has announced plans to raise up to Rs 500 crore through the issuance of secured, rated, redeemable non-convertible debentures (NCDs). The NCDs will be issued at a coupon rate of 8.25% on a private placement basis in one or more tranches to eligible investors. The realty firm had earlier announced plans of restructuring existing loans with a target of saving Rs 300 crore annually.

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SC orders restoration of MF units back to Dalmia Bharat Group

The Supreme Court of India (SC) has ordered IL&FS Security Services Ltd (ISSL) to release mutual fund units worth Rs 344 crore back to the Dalmia Bharat Group. In August 2019, the SC had passed an interim order that Dalmia Cement, which is a subsidiary of Dalmia Bharat, may encash the securities and an amount of Rs 344 crore shall lie in fixed deposit with ISSL. The mutual fund units of two subsidiaries of Dalmia Cements were fraudulently and illegally transferred by Allied Financial Services Pvt Ltd in collusion with ISSL.

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Shakti Pumps secures export orders worth $35 million from Uganda Government

Shakti Pumps (India) Ltd has secured a contract from the Ministry of Water and Environment, Government of Uganda, for supplying solar-powered water pumping systems. The total contract value is $35.30 million (~Rs 256.23 crore). Shakti Pumps is a manufacturer and exporter of stainless-steel water pumps, motors, and solar pumps.

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Subex partners with SkyLab to offer cybersecurity solutions for shipping industry

Subex Limited has entered into a partnership with SkyLab to offer Internet of Things (IoT) and Operational Technology (OT) cybersecurity solutions and services to the maritime sector. The companies will jointly offer Security Operations Center services and threat risk management support to improve the overall cybersecurity structure of the shipping industry. Subex is a leading enterprise software company based in Bangalore.

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IPO Updates:

Kalyan Jewellers

The Rs 1,175-crore initial public offering (IPO) of Kalyan Jewellers was subscribed 1.21 times on the second day of bidding. The portion reserved for retail investors was subscribed 1.90 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 89% and that of qualified institutional buyers (QIBs) 24%. To know more about the IPO, click here.

Laxmi Organic Industries

The Rs 600-crore initial public offering (IPO) of Laxmi Organic Industries was subscribed 106.77 times on the final day of bidding. The portion reserved for retail investors was subscribed 19.97 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 217.62 times and that of qualified institutional buyers (QIBs) 175.43 times. You can learn more about the IPO here.

Suryoday Small Finance Bank

The Rs 582-crore initial public offering (IPO) of Suryoday Small Finance Bank was subscribed 42% on the first day of bidding. The portion reserved for retail investors was subscribed 84%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 4% and that of employees 6%. To know more about the IPO, click here.

Nazara Technologies

The Rs 582-crore initial public offering (IPO) of Nazara Technologies was subscribed 4.01 times on the first day of bidding. The portion reserved for retail investors was subscribed 16.75 times and that of employees 2.28 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 2.85 times and that of QIBs 36%. To know more about the IPO, click here.