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Disney Star Sublicenses ICC Men’s TV Rights to ZEEL – Top Indian Market Updates

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

ZEEL, Disney Star sign licensing pact for ICC Men’s TV rights

Disney Star has sub-licensed the television rights of the International Cricket Council’s (ICC) Men’s tournament to Zee Entertainment Enterprises Ltd (ZEEL) for four years. This association enables ZEEL to be the exclusive TV rights holder of ICC men’s events, including two ICC Men’s T20 World Cups (2024, 2026), ICC Men’s Champions Trophy (2025), ICC Men’s Cricket World Cup (2027), and key ICC Under-19 events.

Read more here.

Nazara Technologies acquires WildWorks game studio

Nazara Technologies Ltd announced the acquisition of US-based children’s interactive entertainment company WildWorks for $10.4 million (~₹82.75 crore). The company will acquire 100% of WildWorks and its intellectual property (IP) from existing shareholders in an all-cash transaction. WildWorks is a game development studio focused on gamified early learning for 8-12-year-olds. Its mobile apps have attracted over 150 million players in the past decade.

Read more here.

EoI for IDBI Bank stake sale likely next month: Report

As per a PTI report, the Indian government is likely to issue Expression of Interest (EOIs) for selling a stake in IDBI Bank next month. The discussions between the Centre and RBI are at the final stages. The Cabinet Committee on Economic Affairs had given in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank in May 2021. Currently, the Indian government holds a 45.48% stake in the bank. Life Insurance Corp of India (promoter) owns a 49.24% stake.

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Shriram Transport to raise ₹5000 crore in second half of FY23

Shriram Transport Finance Company Ltd plans to raise an additional ₹5000 crore ($627.20 million) in the second half of the financial year to fund growth opportunities. Most of the fund-raising is likely to be via non-convertible debentures (NCDs) with a maturity of 3 years. In December 2021, the commercial vehicle financier announced a merger with promoter Shriram Capital and Shriram City Union Finance, which is expected to be completed by October.

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OMCs stare at losses in Q2, government unlikely to get any dividend: Report

According to an ET NOW report, Oil Marketing Companies (OMCs) in India are likely to record losses in the July-Sept quarter (Q2), which may affect the government’s share of dividends. During the period of rising international crude oil prices a few months ago, Indian fuel retailers were losing ₹20-25 per litre on diesel and ₹14-18 a litre on petrol. These losses have been cut short by the fall in oil prices.

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Hero MotoCorp launches first Xpulse Xperience centre

Two-wheeler manufacturer Hero MotoCorp Ltd has inaugurated the first of its ‘Xpulse Xperience Centre’ in India. The centre is designed to provide an off-road bike training experience to Xpulse 200 4V owners and enthusiasts. The Xpulse Xperience Centre will have trainers and a curriculum focused on building the skills, knowledge, and personality required to be an expert off-road rider.

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Granules India gets USFDA approval for diarrhea drug

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for Loperamide Hydrochloride and Simethicone Tablets. The drug is indicated to relieve symptoms of diarrhea, bloating, pressure, and cramps. As per IQVIA MAT data, the generic version of the tablets had sales of $60 million (~₹477.5 crore) during the most recent twelve months.

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Central Bank of India enters into co-lending partnership with Shapoorji Pallonji Finance

Central Bank of India has entered into a strategic co-lending partnership with Shapoorji Pallonji Finance (SPF) to offer loans to micro, small & medium enterprises (MSMEs) borrowers at competitive rates. Under this pact, SPF will originate and process MSME proposals under the priority sector as per jointly formulated credit parameters and eligibility criteria. Central Bank of India will take 80% of the MSME loans into its books under mutually agreed terms. 

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Glenmark Pharma’s partner Hikma launches specialty drug Ryaltris in US

Glenmark Pharma’s partner Hikma Pharmaceuticals has launched its specialty nasal spray Ryaltris in the US. Ryaltris is used to treat symptoms of seasonal allergic rhinitis (SAR) in adults and pediatric patients 12 years and older. Glenmark developed the drug, while Hikma will commercialise it in the US market.

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SpiceJet Gets Show-Cause Notice From DGCA – Top Indian Market Updates

Spicejet

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

SpiceJet gets show-cause notice from DCGA for safety lapses

The Directorate-General for Civil Aviation (DGCA) has issued a show-cause notice to SpiceJet Ltd for failing to establish a safe and reliable air service. An unusually high number of incidents involving SpiceJet aircraft since April 1 has prompted the aviation regulator to seek an explanation from the airline. SpiceJet has displayed poor internal safety oversight and inadequate maintenance actions as most of the incidents are related to either component failure or system-related failure.

Read more here.

Reliance Retail to bring fashion brand Gap to India

Reliance Retail Ltd has entered a long-term partnership with Gap Inc. to bring American fashion brand Gap to India. Through the franchise agreement, Reliance Retail has become the official retailer for Gap across all channels in India. The company will introduce Gap’s fashion offerings to Indian consumers through a mix of exclusive brand stores, multi-brand store expressions, and digital commerce platforms.

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Macrotech Developers reports strong Q1 performance

Macrotech Developers Ltd’s pre-sales for the April-June quarter (Q1 FY23) stood at Rs 2,814 crores, up 194% YoY. Since pre-sales increased by Rs 1,857 crore in Q1, 75% of the total sales growth required to meet full-year guidance has been achieved in Q1 itself. The realty firm continues to see good demand across segments. Amidst evolving macroeconomic conditions, they have not yet seen any negative impact on demand for housing from high-credibility developers.

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SBI renews MoU with Air Force for defence salary package

State Bank of India (SBI) has renewed the Memorandum of Understanding (MoU) with the Indian Air Force for the Defence Salary Package (DSP) scheme. Under this scheme, the bank will offer various benefits and features to all serving and retired Air Force personnel and their families. SBI will offer extensive benefits such as complimentary personal accidental insurance and air accidental insurance.

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Godrej Consumer expects India sales to grow in double-digits in Q1

Godrej Consumer Products Ltd (GCPL) said its India business would report double-digit growth in sales in the June quarter (Q1 FY23). The FMCG firm expects to deliver high single-sales growth at the consolidated level. With inflationary pressures declining slightly and significant correction in palm oil derivatives and crude oil (vital raw materials), GCPL expects a recovery in consumption and gross margins in the upcoming quarters.

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EaseMyTrip enters New Zealand market

Easy Trip Planners Ltd has expanded its international footprint by incorporating a wholly-owned foreign subsidiary in New Zealand as part of its expansion strategy. The company is anticipating a significant pent-up global demand for the travel and tourism sector in the coming months. EaseMyTrip will launch a localised search engine in New Zealand to cater to the customers in the region.

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IndusInd Bank partners with MoEngage

IndusInd Bank announced a strategic partnership with MoEngage to deliver a differentiated digital experience across multiple customer journeys. US-based MoEngage is an insights-led customer engagement platform. As part of the partnership, Induslnd Bank will leverage MoEngage’s platform to deliver a ‘Gen Z’ digital banking experience to its customers. The bank will be able to curate personalized content and recommendations across channels.

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Shriram Transport Finance gets shareholders’ approval for merger

Shriram Transport Finance Company Ltd (STFC) has received approval from its equity shareholders and creditors for its merger with Shriram City Union Finance (SCUF). In December 2021, Chennai-based diversified financial services company Shriram Group announced the merger of Shriram Capital Ltd (SCL) and SCUF with STFC. The merged entity will be known as Shriram Finance Ltd, and it will be the largest retail finance NBFC in India.

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NTPC REL partners with GACL to set up India’s first commercial-scale green ammonia project

NTPC Renewable Energy Limited (NTPC REL) has signed a Memorandum of Understanding (MoU) with Gujarat Alkalies and Chemicals Ltd (GACL) to set up India’s first commercial-scale green ammonia and green methanol projects. The two entities aim to supply 100 megawatts (MW) RE-RTC (Round The Clock) power and synthesize 75 tonnes per day (TPD) Green Methanol and 35 TPD Green Ammonia for captive use for the production of various chemicals by GACL at its Vadodara and Dahej complex in Gujarat.

Read more here.

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Jio-BP to Set Up EV Charging Infra at Omaxe Properties – Top Indian Market Updates

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

Jio-BP to set up EV charging infra at Omaxe properties

Real estate developer Omaxe Ltd has partnered with Jio-bp to establish a battery charging ecosystem for electrical vehicles. Jio-bp is a fuel and mobility joint venture (JV) between Reliance Industries and UK-based bp. The JV will install 24×7 EV charging and swapping infrastructure for two and four-wheelers at Omaxe properties across India.

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Shriram Transport Finance raises $250 million loan from DFC

Shriram Transport Finance Company Ltd (STFCL) has secured long-term funding of $250 million (~Rs 1,944 crore)  from the US International Development Finance Corporation (DFC). The external commercial borrowing is a fixed-rate 10-year loan. The funds raised from DFC will enable STFCL to on-lend for the purchase of new and used vehicles throughout India.

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UltraTech Cement partners with Coolbrook to reduce CO2 emissions at plants

UltraTech Cement has signed a Memorandum of Understanding (MoU) with Finland-based Coolbrook to explore the possibility of reducing CO2 emissions from its cement manufacturing operations. The two entities will explore electrification of the cement kiln heating process. They aim to develop optimal electric process heating solutions for the cement manufacturing process replacing fossil fuels.

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Welspun Corp, Tata Steel to manufacture pipes for hydrogen transportation

Welspun Corp Ltd (WCL) has partnered with Tata Steel to develop the framework and manufacture pipes for transporting pure hydrogen and natural gas-blended hydrogen. Through this strategic collaboration, WCL aims to assess the suitability of its “green” pipes for the transportation of pure hydrogen.

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Fino Payments Bank partners with Go Digit for shop insurance policy

Fino Payments Bank Ltd has exclusively partnered with Go Digit General Insurance Ltd to offer shop insurance policies to small and medium business owners. The tie-up will allow businesses to avail the benefits of Go Digit’s My Business Policy in case of an adverse event. Fino is associated with Go Digit as a corporate agent.

Reliance closes in on Boots acquisition, makes binding offer

The consortium of Reliance Industries Ltd (RIL) and US buyout firm Apollo Global Management Inc. has moved closer to acquiring Walgreens Boots Alliance Inc’s international chemist and drugstore units. The bid for the Boots business is fully backed by committed financing. If completed, the deal will be RIL’s largest cross-border acquisition.

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Coal India floats its first tender for coal imports

Coal India Ltd (CIL) has floated an international competitive bidding e-tender, seeking bids for importing 2.416 million tonnes (MTs) of coal. The coal being sourced on behalf of the state generating companies (gencos) and independent power plants (IPPs) is based on the indents (order) received from them for the period of July-September of FY23. 

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Iraqi Airways goes live on Ramco Systems’ aviation system

Ramco Systems Ltd has successfully gone live at Iraqi Airways with its Aviation M&E MRO Suite V5.9. It has completely digitalized all core business processes of the airways. Ramco’s next-gen digital platform offers Iraqi Airways real-time data availability, ensuring 100% aircraft airworthiness on the release.

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Equity mutual fund inflows rise 16% in May: AMFI

Net investments into equity and equity-linked schemes rose 16% over the previous month to Rs 18,529.4 crore in May. Multi caps witnessed the least investments among all categories, while large caps saw the most. The monthly contribution to systematic investment plans (SIPs) grew by Rs 423.33 crore in May. The data was released by the Association of Mutual Funds in India (AMFI).

Read more here.

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Axis Bank’s Net Profit Jumps 224% YoY in Q3 – Top Indian Market News

axis bank to hire

Axis Bank Q3 Results: Net profit jumps three-fold YoY to Rs 3,614 crore

Axis Bank reported a 224% YoY jump in net profit to Rs 3,614 crore for the quarter ended December (Q3 FY22). Net profit increased by 15% when compared to the previous quarter. Its net interest income (NII) rose 17% YoY (or 10% QoQ) to Rs 8,653 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 3.17% in Q3 FY22, compared to 3.53% in Q2 FY22. Provisions fell 64% YoY to Rs 1,335 crore in Q3 FY22. 

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SBI Cards Q3 Results: Net profit rises 84% YoY to Rs 386 crore

SBI Cards & Payment Services Ltd reported an 84% YoY increase in net profit to Rs 386 crore for the quarter ended December (Q3 FY22). Net profit rose 12% when compared to the previous quarter. Its revenue from operations rose 20% YoY (or 13% QoQ) to Rs 2,889 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.40% in Q3 FY22, compared to 2.51% in Q3 FY21.

Read more here. 

Star Housing Finance enters into co-lending agreement with Capital India Home Loans

Star Housing Finance Ltd (SHFL) has entered into co-lending partnership with Capital India Home Loans to complement its asset under management (AUM) growth across their shared operational geographies. The partnership will provide housing finance assistance to low-income group home buyers looking to purchase/construct low-cost housing units in Tier 2,3 towns and semi-urban locations.

Shriram Transport Finance Q3 Results: Net profit falls 6% YoY to Rs 681 crore

Shriram Transport Finance Company Ltd reported a 6% YoY decline in net profit to Rs 681 crore for the quarter ended December (Q3 FY22). Net profit fell 12% when compared to the previous quarter. Its net interest income (NII) rose 11% YoY to Rs 2,388 crore during the same period. Total assets under management stood at Rs 1,24,602 crore in Q3 FY22, up 8% YoY. Loan losses and provisions increased by 46% YoY to Rs 984 crore.

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Tube Investments to acquire 70% stake in Cellestial E-Mobility

Tube Investments of India Ltd (TII) will acquire a 70% stake in startup Cellestial E-Mobility Pvt Ltd for Rs 161 crore. Cellestial E-Mobility is engaged in the design and manufacture of electric tractors, aviation ground support electric equipment, and other electric machinery. It has designed and developed two tractor prototypes for production. As part of its entry into clean mobility, TII is also setting up a 100% subsidiary for its electric 3-wheeler initiative.

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HDFC AMC Q3 Results: Net profit falls 3% YoY to Rs 360 crore

HDFC Asset Management Company (AMC) reported a 3% YoY decline in net profit to Rs 359.75 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 14% YoY to Rs 549.8 crore during the same period. Overall operational cost increased 35% to Rs 151 crore. Total assets under management (AUM) stood at Rs 4.37 lakh crore in Q3, up 7% YoY.

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Paytm partners with Fullerton India to scale up lending to MSMEs

One97 Communications Ltd (Paytm) has partnered with Fullerton India to expand digital lending to micro, small & medium enterprises (MSMEs) and consumers from smaller cities and towns. Both companies will leverage data-driven insights and their wide reach to bring loans to new-to-credit users. The program will offer Paytm Postpaid to millions of consumers on the Paytm platform while utilizing Fullerton’s deep risk assessment capabilities and scale.

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IEX Q3 Results: Net profit rises 38% YoY to Rs 80 crore

Indian Energy Exchange (IEX) reported a 38% YoY increase in net profit to Rs 80.5 crore for the quarter ended December (Q3 FY22). Net profit increased by 5% when compared to the previous quarter. Its revenue from operations rose 38% YoY (or 7% QoQ) to Rs 117 crore during the same period. EBITDA stood at Rs 98.7 crore in Q3, up 42% YoY. 

Vi MD says drop in customer base is because of tariff hikes/SIM consolidation

Vodafone Idea (Vi) Managing Director Ravinder Takkar said there was “no concern regarding the 4G customer addition pace”, and the drop in subscribers was the result of tariff hikes in November and SIM consolidation. His comments come on the back of a 5.8 million decline in Vi’s customer base in the quarter ended December (Q3 FY22).  The telecom company only saw a 0.8 million addition in its 4G subscribers in Q3.

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Deepak Nitrite Q3 Results: Net profit rises 13% YoY to Rs 243 crore

Deepak Nitrite Ltd reported a 13% YoY increase in consolidated net profit to Rs 243 crore for the quarter ended December (Q3 FY22). Net profit fell 4% when compared to the previous quarter. The chemical manufacturer’s revenue from operations rose 40% YoY (or 2% QoQ) to Rs 1,722 crore during the same period.

Ramco Cements Q3 Results: Net profit falls 63% YoY to Rs 75 crore

The Ramco Cements Ltd reported a 63% YoY decline in consolidated net profit to Rs 75.2 crore for the quarter ended December (Q3 FY22). Net profit fell 85% when compared to the previous quarter. Its revenue from operations rose 16% YoY (or 6% QoQ) to Rs 1,541 crore during the same period. The company’s EBITDA fell 42% YoY to Rs 217 crore in Q3.

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Paytm’s Net Loss Widens to Rs 473 crore in Q2 – Top Indian Market News

Paytm Q2 Results: Net loss widens to Rs 473 crore 

One97 Communications Ltd, the parent company of Paytm, reported a net loss of Rs 473 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 437 crore in the corresponding quarter last year (Q2 FY21). Its revenue from operations rose 64% YoY to Rs 1,090 crore in Q2 FY22. The company’s expenses grew 37.75% YoY to nearly Rs 1,600 crore during the same period. The Gross Merchandise Value (GMV) stood at 1,95,600 crore in Q2, up 107% YoY.

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Need to be proactive in light of new Covid variant, says PM Modi

Amid rising concerns about the new Covid-19 variant Omicron, Prime Minister Narendra Modi on Saturday chaired a meeting with top officials on Covid-19. He stated that citizens need to be proactive in light of the new variant while laying emphasis on precautions to contain the virus.  PM Modi highlighted the need for monitoring all international arrivals, their testing as per guidelines, with a specific focus on countries identified as ‘at risk’.

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IndusInd Bank’s Hindujas welcome RBI move to allow promoter holding of up to 26%

The Hinduja Group has welcomed the Reserve Bank of India’s (RBI) move to allow promoter holding of up to 26% in private-sector lenders. IIHL Mauritius, the Hindujas’ entity which is the promoter of IndusInd Bank, had applied to RBI to increase its holding to 26% from the previous cap of 15%. IIHL now awaits operational guidelines as it gives the promoters an opportunity to infuse capital to increase the stake up to 26%. The increased promoter holding will lead to the enhanced financial strength of the bank, and its clients will be protected.

Read more here. 

Bharti Airtel withdraws extra data benefit in-app coupons on certain packs to avoid confusion

Bharti Airtel Ltd has withdrawn certain data benefit coupons it was offering through its app on some of the prepaid plans. This move will help avoid any confusion among consumers about the offerings and comparisons between various plans. The telecom operator had announced 20-25% tariff hikes for various prepaid offerings, including tariffed voice plans, unlimited voice bundles, and data top-ups. The new rates came into effect from Friday.

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GHCL signs MoU worth Rs 500 crore with Tamil Nadu govt

GHCL Limited has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu for investing Rs 500 crore in the state. As per the agreement, GHCL will set up 40,000 ring spindles in Manaparai in Tiruchirappalli district to produce synthetic and synthetic-blended yarn to cater to the knitting and weaving segments. The company will also install another 40,000 ring spindles with 24 knitting machines in Paravai, Madurai district, to produce 100% cotton yarn and knitted fabrics.

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Mahanagar Gas hikes gas prices for third time in six weeks

Mahanagar Gas Ltd has hiked the prices of compressed natural gas (CNG) and piped natural gas (PNG) with effect from Friday. The basic price of CNG was increased by Rs 3.06/kg and domestic PNG by Rs 2.26 per Standard Cubic Meter (SCM) for the Mumbai Metropolitan Region. This is the third price hike in the last six weeks.

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Shriram Properties to launch up to Rs 700 crore IPO in December

According to reports, Shriram Properties Ltd is planning a ₹600-700 crore public listing in the second week of December. The company seeks to capitalize on a rebound in demand for residential properties and heightened investor interest in the segment. Bengaluru-based Shriram Properties focuses on mid-income housing projects in south India.

Star Health and Allied Insurance Company Ltd will launch its Rs 7,250 crore IPO on November 30. Tega Industries Ltd, a leading producer of polymer-based mill liners, will open its Rs 620 crore IPO on December 1.

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SEBI seeks to ease preferential issue norms

The Securities and Exchange Board of India (SEBI) has proposed a revamp of rules on preferential share offers by relaxing pricing norms and lock-in requirements for promoters. This will make it easier for companies to raise funds through this route. SEBI has also proposed that companies must obtain a valuation report whenever there is a change in control following a preferential allotment of shares to investors.

Read more here.

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TCS Reports 28.5% YoY Rise in Net Profit in Q1 – Top Indian Market News

TCS Q1 Results: Net profit rises 28.5% YoY to Rs 9,008 crore

Tata Consultancy Services (TCS) reported a 28.5% year-on-year (YoY) increase in consolidated net profit to Rs 9,008 crore for the quarter ended June (Q1 FY22). Its net profit has declined by 2.5% when compared to the previous quarter. The IT firm’s revenue from operations increased by 18.5% YoY to Rs 45,411 crore in Q1. TCS’ performance in Q1 was powered by higher demand from businesses ramping up digital services during the Covid-19 crisis. The company’s board has approved an interim dividend of Rs 7 per share.

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LTI completes acquisition of Cuelogic Technologies

Larsen & Toubro Infotech (LTI) has completed the acquisition of Cuelogic Technologies, a digital engineering company based in Pune. The cost of the acquisition was $8.4 million (~Rs 61.6 crore). LTI said this acquisition would help in enhancing its digital engineering practice by combining Cuelogic’s tools, methodologies, and workforce. This is LTI’s seventh acquisition since it got listed in 2016.

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Shyam Metalics Q4 Results: Net profit at Rs 388 crore

Shyam Metalics and Energy Ltd reported a 386% YoY jump in consolidated net profit to Rs 387.50 crore for the quarter ended March 2021 (Q4 FY21). Net profit has increased by 79.57% when compared to the previous quarter. Its revenue from operations jumped 116.9% YoY to Rs 2,350.51 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 147.87% YoY to Rs 843.36 crore. The company’s board has recommended a dividend of Rs 2.70 per share.

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Sanofi, GSK receive approval for Phase 3 trial of Covid-19 vaccine in India

French pharma company Sanofi and GlaxoSmithKline plc (GSK) have received approval to conduct the Phase-3 clinical trial of their Covid-19 vaccine candidate in India. The global and randomised Phase 3 study will include 35,000 volunteers aged 18 and older across sites in the US, Asia, Africa, and Latin America. Sanofi and GSK hope to get approvals for their protein-based Covid-19 vaccine by the end of 2021. 

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NIIT partners with Axis Bank to launch Digital Banking Academy

NIIT Institute of Finance Banking and Insurance (NIIT IFBI) and Axis Bank have launched a FinTech Professional Programme under the Axis Bank – NIIT Digital Banking Academy. The course is designed to build future-ready fintech professionals for Axis Bank. The program offers graduates with 0-3 years of experience an opportunity to join Axis Bank as Deputy Manager (IT). NIIT IFBI is a subsidiary of NIIT Limited. 

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Alembic Pharma gets USFDA approval for anti-depressant drug

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for Desipramine Hydrochloride tablets. The drug is indicated for the treatment of depression. According to IQVIA data, the tablets had estimated sales of $7 million (~Rs 52.4 crore) during the 12 months ended March 2021.

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Magenta to deploy M&M’s Treo Zor electric cargo vehicles in Bengaluru

Mahindra & Mahindra (M&M) has partnered with Magenta to deploy its Treo Zor electric cargo vehicles in Bengaluru for last-mile delivery of essential and non-essential goods. Magenta will deploy a hundred Mahindra Treo Zor electric three-wheelers in the city, which will be inducted into its delivery fleet of the new e-mobility Electric Vehicle Enabled Transport (EVET) platform. Magenta is a clean energy solutions provider based in Navi Mumbai.

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STFC gets Rs 312.5 crore capital infusion from promoter Shriram Capital

Shriram Transport Finance Company (STFC) has received Rs 312.50 crore from its promoter Shriram Capital Finance in connection with the allotment of preference shares and warrants. STFC has allotted 17,36,100 equity shares at Rs 1,440 per share to Shriram Capital Finance. The same amount of warrants (convertible into equity shares) have also been allotted at Rs 1,440 per warrant.

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Bharat Dynamics to supply Akash Missiles to IAF

Bharat Dynamics Ltd (BDL) has signed a contract with the Ministry of Defence for the manufacturing and supply of Akash Missiles to the Indian Air Force (IAF). The total value of the contract is Rs 499 crore. BDL has also received export leads from certain countries expressing interest in procuring the missiles. The company said it has a well-established infrastructure and expertise to execute these orders and meet the customer delivery schedule.

IPO Updates

The Rs 963.27-crore initial public offering (IPO) of G R Infraprojects was subscribed 5.75 times on the second day of bidding. The portion reserved for retail investors was subscribed 7.5 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 6.31 times and that of qualified institutional buyers (QIBs) 2.79 times. To know more about the IPO, click here.

The Rs 1,546.62-crore IPO of Clean Science and Technology was subscribed 4.28 times on the second day of bidding. The portion reserved for retail investors was subscribed 5.43 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 4.51 times and that of qualified institutional buyers (QIBs) 2.12 times. To know more about the IPO, click here.