Tag: shriram city union finance

Categories
Market News Top 10 News

WPI Inflation Rises to Record-High of 15.88% in May – Top Indian Market Updates

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

WPI inflation rises to record-high of 15.88% in May

Inflation based on the Wholesale Price Index (WPI) hit a record high of 15.88% in May 2022, compared to 15.08% in April. The surge is mainly driven by inflation in vegetable prices, which grew from 23.24% in April to 56.36% in May. Inflation in the fuel and power segment jumped to 40.62% in May from 38.66% in April. Food inflation rose to 10.89% in May, compared to 8.88% in April.

Read more here.

Adani Group, TotalEnergies to invest $50 billion in green hydrogen

French energy major TotalEnergies will invest at ~$12.5 billion for a 25% stake in Adani Group’s new clean energy services company, Adani New Industries Ltd (ANIL). ANIL will be created by Adani Enterprises Ltd, in partnership with TotalEnergies. The new venture aims to invest over $50 billion over the next 10 years in green hydrogen and associated ecosystems. It will develop a green hydrogen production capacity of 1 million tonnes per annum before 2030.

Read more here.

LIC increases stake in Capri Global to over 7% with Rs 221 crore investment

Life Insurance Corporation of India (LIC) has increased its stake in Capri Global Capital from 5.043% to 7.059% during the Feb-June period with an investment of ~Rs 221 crore. Capri Global is a non-banking finance company (NBFC) with a presence in the construction finance, affordable housing, and indirect retail lending segments.

Read more here.

Dr. Reddy’s Labs launches Sorafenib tablets in the US

Dr. Reddy’s Laboratories Ltd has launched Sorafenib tablets in the US market after getting approval from the US Food & Drug Administration (USFDA). The drug is used in the treatment of liver, kidney, and thyroid cancer. The product is a therapeutic generic equivalent of Bayer HeathCare Pharma’s Nexavar tablets.

Read more here.

Infosys partners with Harvard Business Publishing to offer digital courses

Infosys Ltd has partnered with Harvard Business Publishing to empower India’s next generation with essential digital and life skills. This initiative will be brought forward via Infosys Springboard, a platform that provides critical digital and life skills. Students and young professionals can now access select Harvard Business Review articles, videos, and podcasts. 

Read more here.

Ashok Leyland’s arm Switch Mobility to raise $300 million; unveils e-bus platform

Ashok Leyland Ltd’s electric vehicle arm, Switch Mobility, is in talks with investors to raise about $300 million (~Rs 2,340 crore). Around $200 million will be utilised for capital expenditure requirements, and $100 million will go towards its subsidiary, Ohm Global Mobility. Switch Mobility has also launched its next-gen electric bus platform ‘Switch EiV 12’ for the Indian market.

Read more here.

Shriram City to raise up to Rs 300 crore by issuing bonds

Shriram City Union Finance Ltd (SCUFL) will raise up to Rs 300 crore by issuing debt securities on a private placement basis. The Banking & Securities Management Committee of SCUFL has approved the issuance of principal-protected market-linked non-convertible debentures (PP-MLD) for Rs 50 crore with a green shoe option up to Rs 250 crore. 

Read more here.

SBI hikes deposit, lending rates

State Bank of India (SBI) has raised its deposit and lending rates following the Reserve Bank of India’s repo rate hike last week. The lender’s interest rates have been raised by 0.20% on domestic term deposits of below Rs 2 crore for select tenors. SBI will offer an interest rate of 4.60% for deposits of 211 days to less than one year, compared to 4.40% earlier.

Read more here.

NTPC to begin commercial operations of 15 MW solar capacity at Kawas Solar Project

NTPC Ltd will commence commercial operations of its 15 megawatts (MW) solar capacity at Kawas Solar Project in Gujarat on Wednesday. With this, the standalone installed and commercial capacity of NTPC will rise to 54,666.68 MW. Meanwhile, its group installed and commercial capacity will become 69,031.68 MW.

Read more here.

Categories
Market News Top 10 News

CPI Inflation Rises to 17-Month High of 6.95% – Top Indian Market News

CPI inflation rises to 17-month high of 6.95%

Retail inflation in India soared to the highest level since October 2020, led by a rise in the prices of food items. Consumer Price Index (CPI) inflation stood at 6.95% in March 2022, compared to 6.07% in February. Inflation in food items and beverages rose 7.47% in March, compared to 5.93% in Feb. Fuel and light inflation stood at 7.52% last month, compared to 8.7% in February. Inflation in personal care items saw the sharpest monthly rise of 1.7% in March.

India’s Index of Industrial Production (IIP) rose 1.7% YoY in February. The index fell 4.7% on a month-on-month basis. 

Read more here.

Tata Motors Group global wholesales rise 2% YoY in Q4

Tata Motors Group reported a 2% YoY increase in global wholesales (including Jaguar Land Rover) at 3,34,884 units in Q4 FY22. Global wholesales of its commercial vehicles and Tata Daewoo range stood at 1.22 lakh units, registering a growth of 12% YoY. However, passenger vehicle global wholesales declined by 4% YoY to 2.12 lakh units in Q4.

Read more here.

Adani Green’s total operational capacity rises 56% in Q4

Adani Green Energy Ltd (AGEL) reported a 56% YoY increase in its total operational capacity to 5,410 megawatts (MW) in Q4 FY22. The sale of energy rose 84% YoY to 29.71 crore units during the same period. AGEL also entered the list of top 10 valued firms as its market capitalisation zoomed over Rs 4.3 lakh crore.

Read more here.

Shriram City aims to grow gold loan book to Rs 20,000 crore over next 5 years

Shriram City Union Finance Ltd is targeting to grow its gold loan book to Rs 15,000-20,000 crore over the next five years. As of December 31, 2021, the non-banking finance company’s (NBFC) gold loan book stood at Rs 4,110 crore. Shriram City announced the launch of its gold loan product across 70 branches in Punjab, Rajasthan, Haryana, Himachal Pradesh, Jammu & Kashmir, and New Delhi.

Read more here.

Alembic Pharma’s subsidiary gets final approval for Lidocaine cream

Aleor Dermaceuticals has received final approval from the US Food & Drug Administration (USFDA) for lidocaine and prilocaine cream. The product is indicated as a topical anesthetic for use on normal intact skin for local analgesia and genital mucous membranes for superficial minor surgery. As per IQVIA data, lidocaine and prilocaine cream had an estimated market size of $29 million for the 12 months ended December 2021. Aleor Dermaceuticals is a wholly-owned subsidiary of Alembic Pharmaceuticals Ltd.

Read more here.

Mahindra Lifespace commits to develop only net-zero buildings from 2030

Mahindra Lifespace Developers Ltd has pledged to develop only net-zero buildings from 2030 onwards. It is part of the company’s commitment to Mahindra Group’s 2040 carbon neutrality goals. As part of this initiative, the developer has launched India’s first net-zero energy project spread over 7.74 acres in Bangalore. The company will invest around Rs 500 crore to develop the project, with estimated revenue of Rs 600-650 crore.

Read more here.

Coal India capex up 12% to record Rs 14,834 crore in FY22

Coal India Ltd (CIL) scaled up its capital expenditure (capex) to Rs 14,834 crore in FY22, 101% of the set target and the highest spend so far. The capex increase in FY22 was 12% higher than Rs 13,284 crore in FY21. Most of the capex was utilised for procurement of heavy earth-moving machinery (HEMM), setting up silos, and creating rail infrastructure for coal transportation. Land and HEMM combined accounted for 40% of the total capex at Rs 5,867 crore.

Read more here.

Aditya Birla Capital’s overall lending book grows 10% YoY in Q4

Aditya Birla Capital Ltd’s overall lending book grew 10% YoY to approx. Rs 66,900 crore as of March 31, 2022 (Q4 FY22). In the NBFC segment, gross loan disbursement stood at Rs 9,500 crore in Q4, an increase of 45% YoY (or 43% QoQ). In the housing finance segment, rebound in gross disbursal stood at ~Rs 1,310 crore, a growth of 16% YoY. The total gross written premium of the life & health insurance segment surged 24% YoY to over Rs 13,700 crore in FY22.

Read more here.

G M Breweries Q4 Results: Net profit falls 11.6% YoY to Rs 40 crore

G M Breweries Ltd reported an 11.6% YoY decline in net profit to Rs 40.08 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 11.15% YoY to Rs 141.94 crore during the same period. Meanwhile, net profit for the financial year 2021-22 (FY22) increased by 16.57% YoY to Rs 83.36 crore. Revenue grew 34.8% YoY to Rs 458.47 crore in FY22.

Read more here.

BPCL to explore green energy possibilities in Odisha

The Odisha government has signed an agreement with Bharat Petroleum Corporation Ltd (BPCL) for exploring green energy possibilities. BPCL aims to study the feasibility of setting up hydrogen production plants for domestic use and export. The company targets to set up a renewable energy production capacity of 10 gigawatts, with a mix of solar, wind, small hydro, and biomass by 2040.

Read more here.

Categories
Market News Top 10 News

L&T, ReNew Tie Up For Green Hydrogen Projects – Top Indian Market News

L&T partners with ReNew for green hydrogen projects in India

Larsen & Toubro (L&T) and ReNew Power have signed an agreement to tap the $2 billion green hydrogen business opportunities in India and neighboring countries. Under this agreement, L&T and ReNew will jointly develop, own, execute and operate green hydrogen projects. The partnership will allow both companies to pool their knowledge, expertise, and resources to take maximum advantage of the transition to cleaner fuel amidst climate change concerns. 

Read more here.

Maruti Suzuki to hike prices in January

Maruti Suzuki India Ltd (MSIL) has announced plans to hike vehicle prices in January 2022 due to the increase in various input costs. The company said that the price hike will vary for different models. MSIL had increased the prices of its models in March, July, and September this year.

Read more here.

Sundaram Clayton accelerates transformation journey with Altizon’s Datonis Digital Factory

Altizon Inc. is working with Sundaram Clayton Ltd (SCL) to scale up the deployment of its industry-leading Datonis Digital Factory in casting and machining cells across all SCL plants in India and North America. US-based Altizon’s Datonis Digital Factory is a cloud-based smart manufacturing platform that enables SCL to connect data from their physical assets, spread across multiple locations and enterprise systems onto a single platform. 

Read more here.

ABB India completes sale of Dodge Business for Rs 45 crore

ABB India Ltd has completed the sale of its mechanical power transmission division (Dodge Business) to Dodge Industrial India Pvt Ltd (DIIPL). The consideration received for the sale is Rs 44.58 crore. DIIPL is an affiliate of RBC Bearings Incorporated, an international manufacturer and marketer of highly engineered precision bearings and products.

Read more here.

Cadila’s Covid vaccine to be introduced in 7 states first

The Indian government will initially introduce Cadila Healthcare Ltd’s Covid-19 vaccine ZyCoV-D in seven states, including Maharashtra and West Bengal. The pharma company will supply one crore doses of ZyCoV-D to the Centre by December. ZyCoV-D has been developed indigenously by Cadila Healthcare. It is also the first Covid-19 vaccine that is needle-free and administered using PharmaJet, a needle-free applicator to ensure painless intradermal vaccine delivery.

Read more here.

Shriram City Union Finance disburses highest ever loans worth Rs 1,022 crore in November

Shriram City Union Finance disbursed the highest ever loans worth Rs 1,022 crore for 1.6 lakh two-wheelers in November. This is the second consecutive November that the non-banking financing company (NBFC) has crossed the Rs 1,000 crore disbursement mark. The company primarily caters to salaried and non-salaried buyers inclined towards entry-segment two-wheelers, having the highest demand across categories.

Skipper secures orders worth Rs 300 crore

Skipper Limited has secured an order worth Rs 115 crore for transmission towers from Power Grid Corporation of India (PGCIL). The company’s engineering business has received export orders for transmission towers worth Rs 185 crore for several T&D projects across Latin America, the Middle East, West Asia, and South Asia markets. It has also secured export orders for telecom towers from Latin America and Africa. Skipper Ltd is an Indian transmission and distribution structures manufacturing company.

Read more here.

Bharat Dynamics secures order worth Rs 471 crore from Indian Army

Bharat Dynamics Ltd (BDL) has signed a contract with the Indian Army worth Rs 471.41 crore for the refurbishment of IGLA – 1M missiles. The refurbishment will increase the life of the missiles by 10 years. BDL will also deal with the manufacturing and supply of guided missiles, underwater weapon systems, airborne weapon systems, ground support equipment, and product life cycle support.  

Read more here.

Mahindra Finance reports 17% YoY rise in disbursements in Nov

Mahindra & Mahindra Financial Services Ltd reported a 17% year-on-year (YoY) increase in loan disbursements to Rs 2,500 crore. The collection efficiency improved further to 94% in November 2021, compared to 84% in Nov 2020 and 91% in October 2021. The company expects this positive trend to continue in December. 

Read more here.

India to launch $10 billion incentive package to attract chip makers: Report

According to a report from Bloomberg, India is finalizing an incentive package of $10.2 billion (~Rs 76,400 crore) to attract companies to start manufacturing semiconductors in the country. The government will offer incentives over six years for domestic production of semiconductor fabs, display fabs, design, and packaging to cut down dependence on imports. The report further states that the Union Cabinet is expected to take up the proposal for approval soon.