Tag: SIAM

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PV Wholesales Rise 13.54% in May – Top Indian Market Updates

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

Passenger vehicle wholesales rise 13.54% in May at 3.3 lakh units

According to the Society of Indian Automobile Manufacturers (SIAM), wholesale domestic passenger vehicle (PV) sales in May increased by 13.54% YoY to 3,34,247 units, compared to 2,94,392 units in May FY22. Domestic two-wheeler sales rose 17.42% YoY to 14,71,550 units in May FY23. Overall, total vehicle dispatches across categories in May were recorded at 18,08,686 units, up from 15,32,861 units in May 2022.

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MRF hits Rs 1 lakh per share

Tyre major MRF Ltd. saw its share price climb above the ₹1 lakh mark in intraday trading on the BSE and NSE today, making it the first Indian stock to trade above the six-figure mark. On the NSE, MRF touched an intraday peak of ₹1,00,439.95. As of Tuesday, the market capitalisation of MRF stood at ₹42,390 crore.

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Adani Group’s wind power project in Sri Lanka to be ready by Dec 2024

Adani Group is set to complete its renewable energy project in Sri Lanka, generating 500 MW in the north and eastern regions by December 2024. Energy Minister Kanchana Wijesekara discussed the project’s progress with Adani Group’s MD & CEO and project management team, focusing on challenges, roadmaps, and timelines. The Adani Group received approval in August last year to commence wind power projects in Pooneryn.

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India set to start mega hydropower project near China border

India is all set to commence the Subansiri Lower hydropower project in July. NHPC Ltd will conduct trial runs, with the first unit expected to be commissioned in December. By the end of 2024, all eight units will be operational. This 2-gigawatt project is crucial for grid stability as solar and wind power generation increases. Despite facing environmental concerns and protests, the project will help India tap into its significant hydropower potential.

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Granules India gets USFDA approval for hypertension drug

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for its Metoprolol Succinate Extended-Release Tablets. These tablets are bioequivalent to Toprol-XL Tablets and are used for the treatment of hypertension to reduce blood pressure. According to IQVIA, the present annual market for Metoprolol Succinate ER Tablets in the US is around $321 million.

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L&T secures orders for hydrocarbon business

Larsen & Toubro’s subsidiary L&T Energy Hydrocarbon (LTEH) has secured contracts worth Rs 1,000-2,500 crore. The contracts involve engineering, procurement, construction, and installation of new offshore structures. LTEH focuses on executing offshore projects domestically and internationally with a commitment to strengthening regional presence through investments in local skills, procurement from local vendors, and collaboration with local contractors for sustainable growth.

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Adani Group in talks for major debt refinancing: Report

According to a CNBC-TV18 report, Adani Group is planning to refinance a loan facility of up to $3.8 billion taken for the acquisition of Ambuja Cements Ltd. The group is considering converting the original loan into longer-term debt and has initiated individual discussions with banks. Adani expects to conclude the process within 3-4 months, and most of the existing lenders are expected to participate.

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Zydus Lifesciences gets USFDA approval to manufacture generic version of Varenicline

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market the generic version of Varenicline tablets, used to treat smoking addiction. The company plans to manufacture the product at its formulation manufacturing facility in Ahmedabad SEZ, India. According to IQVIA MAT data 2023, Varenicline tablets had annual sales of $501 million in the US.

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HFCL receives Rs 80 crore order from DMRC for three priority corridors

HFCL Ltd has secured a new order worth Rs 80.92 crore from Delhi Metro Rail Corporation (DMRC). The order is for the implementation of a fibre optics transmission system in three priority corridors of Phase IV of the Delhi metro rail project. The contract includes the design, manufacturing, supply, installation, testing, and commissioning of the system. The project timeline is 156 weeks from the date of notice to proceed (NTP).

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Aircastle files fresh plea against SpiceJet

Aircraft lessor Aircastle has escalated its legal battle against SpiceJet by filing a new plea on June 13. The plea accuses SpiceJet of unpaid dues and seeks insolvency proceedings. This comes after Aircastle’s earlier attempt to initiate insolvency proceedings against SpiceJet. The NCLT has scheduled a hearing on July 17 to assess the validity of the new plea. Aircastle persists in its efforts to recover the unpaid dues from the struggling airline.

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IndiGo gets DGCA nod to operate flight services to Nairobi

IndiGo has received permission from the Directorate General of Civil Aviation (DGCA) to operate flights to Nairobi in Kenya. This marks IndiGo’s entry into the African region. The airline had previously announced its plans to expand internationally, including destinations like Nairobi and Jakarta. According to a DGCA official, the approval for IndiGo’s operations in Nairobi will be effective from July 24.

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Tata Motors’ Net Profit at Rs 5,408Cr in Q4 – Top Indian Market Updates

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

Tata Motors Q4 Results: Net profit jumps to Rs 5,408 crore

Tata Motors Ltd reported a net profit of Rs 5,408 crore for the quarter ended March 2023 (Q4 FY23), compared to a loss of Rs 1,032 crore in Q4 FY22. Its consolidated revenue jumped 35% YoY to Rs 1,05,932 crore during the same quarter. Net profit also rose 83% compared to Q3 FY22. The company’s board has recommended a dividend of Rs 2 per equity share and Rs 2.1 per DVR share.

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India’s retail inflation falls to 4.7%

India’s retail inflation, measured by the consumer price index (CPI), fell to 4.70% in April, which is below the Reserve Bank of India’s upper limit of 6%. This was due to a decline in food prices. The country’s headline inflation has remained within the RBI’s target range for two consecutive months. The consumer food price index also declined from 4.79% in March to 3.84% in April.

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HDFC looks to sell Rs 2,000 crore stressed developer loans

HDFC is in negotiations with asset reconstruction companies to sell stressed loans worth around ₹2,000 crore to developers before its merger with HDFC Bank. These loans, held by 7-8 accounts, include advances to local owners of Radisson Blu properties. HDFC is currently in negotiations with consulting firm Alvarez & Marsal to actively seek potential buyers.

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Cipla Q4 Results: Net profit jumps 45% YoY to Rs 526 crore

Cipla reported a 45% YoY increase in consolidated net profit to Rs 526 crore for Q4 FY23. Its operating revenue rose 9% YoY to Rs 5,739 crore during the same quarter. EBITDA also rose 54% YoY to Rs 1,174 crore. The company’s board has recommended a final dividend of Rs 8.5 per equity share.

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Tata Power subsidiary TP Saurya to set up 200 Megawatt solar project in Rajasthan

TP Saurya Ltd. (TPSL) has signed a Power Purchase Agreement (PPA) with Tata Power Trading Company Ltd. (TPTCL) to set up a 200 MW solar power plant in Bikaner, Rajasthan. The solar plant is scheduled to be commissioned in March 202 and will supply 485 million units of energy annually, connected to the Central Transmission Utility Bus. The PPA will be valid for 25 years.

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Foreign exchange reserves jump by $7.2 bn to $595.98 billion

India’s foreign exchange reserves rose by $7.196 billion to $595.976 billion in the week ending May 5. The previous reporting week had seen a decline of $4.532 billion to $588.78 billion. Foreign currency assets increased by $6.536 billion to $526.021 billion, while gold reserves rose by $659 million to $46.315 billion.

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Vedanta Q4 Results: Net profit falls 68% YoY to Rs 1,881 crore

Vedanta reported a 68% YoY decline in net profit to Rs 1,881 crore for Q4 FY23. The company’s operating revenue fell 5.4% YoY to Rs 37,225 crore during the same quarter. However, EBITDA stood at Rs 9,362 crore, up 32% from Q3FY23. The company’s board has declared a dividend of Rs 33 per equity share.

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Tata Steel Mining signs pact to get LNG for Odisha plant from BPCL

Tata Steel Mining Ltd (TSML) has signed a Memorandum of Understanding (MoU) with Bharat Petroleum Corporation Ltd (BPCL) to ensure a long-term supply of liquefied natural gas (LNG) for its ferroalloys plant in Jajpur, Odisha. Under the agreement, BPCL will supply the required amount of natural gas through its pipeline to the plant.

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Ambuja Cements places order for capacity expansion

Ambuja Cements plans to expand its clinker capacity by 8 million tonnes at its Bhatapara and Maratha units. The projects are expected to be completed in approx 24 months and will be funded through internal accruals. This expansion is part of Ambuja Cement’s strategy to double its production capacity over the next five years, aiming to increase it from the current capacity of 67.5 million tonnes per annum (MTPA).

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HAL Q4 Results: Net profit falls 9% YoY to Rs 2,831 crore

Hindustan Aeronautics Ltd (HAL) reported a 9% YoY fall in consolidated net profit to Rs 2,831 crore for Q4 FY23. Its operating revenue rose 8% YoY to Rs 12,494 crore during the same quarter. EBITDA stood at Rs 3,242 crore, up 29% YoY from Q4 FY22. The state-owned defence major’s expenses rose 9% YoY to Rs 10,360 crore.

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Automobile sales grow in double digits in April: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), 3,31,278 passenger vehicles were dispatched from factories to dealerships in April, up 12.9% from 293,303 units sold in April 2022. Sales of three-wheelers more than doubled to 42,885 units, while two-wheeler sales rose by 15.1% to 1,338,588 units in April.

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Torrent Power incorporates wholly-owned subsidiary TU14 to carry biz in power sector

Torrent Power has established a wholly-owned subsidiary called Torrent Urja 14 Pvt Ltd (TU14) to engage in various businesses related to power, including generation, transmission, distribution, and trading. However, it has not yet commenced its business operations. The authorized and paid-up share capital of TU14 is Rs 1 lakh, and Torrent Power holds 100% equity in the subsidiary.

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Industrial production growth declines to 1.1% in March

The Index of Industrial Production (IIP) in India grew by 1.1% in March. This is a slowdown from the 5.6% growth observed in February. For FY23, the IIP increased by 5.1%, a significant decline compared to the 11.4% growth in the previous year. In March 2023, the manufacturing sector’s output saw a modest growth of 0.5%, while mining output rose by 6.8%. However, power output declined by 1.6% in the same month.

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WPI Inflation Eases to 1.34% in March – Top Indian Market Updates

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

WPI Inflation eases to 1.34% in March

The wholesale price index (WPI)-based inflation rate dropped to a 29-month low of 1.34% in March, down from 3.85% in February. This decline was attributed to a higher base effect and a decrease in the prices of manufactured products. This marks the sixth consecutive month of single-digit wholesale inflation after 18 months of double-digit inflation. 

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Passenger vehicle exports from India rise 15% in FY23: SIAM

According to data released by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle exports from India witnessed a 15% increase in the financial year 2022-23, with Maruti Suzuki India being the leader in this segment. The total passenger vehicle exports reached 6,62,891 units in FY23, compared to 5,77,875 units in FY22. Passenger car shipments grew by 10% to reach 4,13,787 units, while utility vehicle exports saw a 23% growth with 2,47,493 units exported during FY22.

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Ashok Leyland bags order of 1,560 trucks from VRL Logistics

Ashok Leyland has received an order of 1,560 trucks from VRL Logistics Ltd (VRL). The trucks are equipped with advanced features aimed at enhancing efficiency and profitability for VRL’s growing fleet. With this order, VRL aims to reduce maintenance time, minimise stop-overs, and improve overall efficiency. This is expected to result in better uptime and increased profitability for VRL.

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Vedanta joins 20 Korean display firms for electronics manufacturing hub in India

Vedanta Group has signed Memorandum of Understandings (MoUs) with 20 Korean companies from the display glass industry for the development of an electronics manufacturing hub in India. The proposed electronics manufacturing hub has the potential to attract over 150 companies and generate more than 1 lakh direct and indirect jobs. Vedanta’s greenfield display fab would be one of the anchor projects for this proposed hub.

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Adani-Total’s Dhamra LNG terminal to start commercial operations at May-end

Adani Group and TotalEnergies’ newly built liquefied natural gas (LNG) import facility at Dhamra on the Odisha coast in India will begin commercial operations at the end of May. The terminal has the capacity to handle 5 million tonnes of LNG per year and received its first shipment of LNG on April 1. The LNG will be used for various purposes, including steel production, fertilizer production, compressed natural gas (CNG), and cooking gas.

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EIL secures business worth Rs 4,500 crore in FY23, a 165% jump

Engineers India Ltd (EIL) secured business worth Rs 4,500 crore in FY23, marking a significant jump of 165% YoY. The company attributed this growth to its expanded presence in the traditional hydrocarbon sector and its entry into emerging areas such as green hydrogen and niche chemicals. EIL also secured Rs 600 crore worth of business from international clients in FY23, a substantial increase from Rs 50 crore in FY22.

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Hathway Cable & Datacom Q4 Results: Net loss at Rs 14.61 crore

Hathway Cable & Datacom Ltd reported a consolidated net loss of Rs 14.61 crore in Q4 FY22-23. It posted a net profit of Rs 28.42 crore in Q4 FY22. The company’s revenue from operations stood at Rs 459.59 crore, up 2.40% YoY. The revenue from the broadband business was Rs 159.16 crore, while the revenue from the Cable TV business was Rs 300.43 crore in Q4. Total expenses increased by 8.24% YoY to Rs 484.49 crore.

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Tata Power discom arm signs 200-MW hydropower pact with NVVN

Tata Power Delhi Distribution Ltd (Tata Power-DDL) has signed a 200-MW medium-term hydropower purchase agreement with NTPC Vidyut Vyapar Nigam Ltd (NVVNL) to meet the projected peak demand. NVVNL, the trading arm of NTPC Ltd, will supply hydropower to Tata Power-DDL for the next five years, specifically from May to September 2023.

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M&M recasts top management roles of auto business

Mahindra & Mahindra (M&M) has restructured the roles of senior officials and created a new position of CEO for the automotive business to focus on internal combustion engine-powered SUV operations. The company has also appointed a Chief Operating Officer (COO) for its electric vehicle business to oversee the emerging electric SUV portfolio, reflecting its increased focus on electric mobility and sustainability.

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Infosys’ Net Profit Rises 8% YoY in Q4 – Top Indian Market Updates

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

Infosys Q4 Results: Net profit rises 8% YoY to Rs 6,128 crore

Infosys reported an 8% year-on-year (YoY) growth in consolidated net profit to Rs 6,128 crore for the quarter ended March 2023 (Q4 FY23). Consolidated revenue for the period increased by 16% YoY to Rs 37,441 crore. The IT company missed analysts’ estimates for both revenue and profit. The company’s operating margin contracted by 50 basis points sequentially to 21%. Infosys’ board has approved a final dividend of Rs 17.50 per share.

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Passenger vehicle sales in India up 26.7% in FY23: SIAM

India’s passenger vehicle sales grew 26.7% in the financial year 2022-23 as chip shortages eased and demand for sport utility vehicles (SUVs) surged. Wholesale passenger vehicle volumes for the year rose from 3.1 million units in FY22 to 3.9 million units in FY23. Domestic wholesales of passenger vehicles grew 4.7% YoY in March at 2,92,030 units. Two-wheeler sales clocked 12,90,553 units in the domestic market last month, as compared to 11,98,825 units in the year-ago period. 

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Fasal partners with SBI to help farmers get easy access to loans

Agri-tech company Fasal is partnering with the State Bank of India (SBI) to provide farmers with easy access to capital. The partnership will help solve cash-flow constraints during key cycles in farming by providing quick, easy, and collateral-free loans at very competitive rates. Through Fasal’s latest financing solution, farmers can access collateral-free loans up to three lakhs.

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RBI begins evaluating potential bidders for IDBI Bank

The Reserve Bank of India (RBI) has begun evaluating at least five potential bidders interested in picking up a majority stake in state-owned IDBI Bank Ltd. Kotak Mahindra Bank, CSB Bank, and Emirates NBD are among those that have submitted expressions of interest (EoIs). However, it is not verified or confirmed. It is the first major divestment across state-owned banks as part of a broader privatisation plan. This could fetch the government $3.66 billion at the current market valuation. The government owns 45.48% of IDBI Bank, and is looking to divest a 30.48% stake.

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IOCL, Adani-Total, and Shell acquire Reliance’s KG-D6 gas

Indian Oil Corporation Ltd (IOCL), Adani-Total Gas Ltd, and Shell were among the 29 companies that successfully bid for natural gas from Reliance Industries Ltd and BP’s KG-D6 block. In the e-auction held on Wednesday, IOCL secured nearly half of the 6 million standard cubic meters per day of gas, followed by state-owned gas utility GAIL, Adani-Total Gas Ltd, Shell, GSPC, and IGS. The auction incorporated the government’s new marketing rules, prioritizing supplies to CNG-selling city gas companies.

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Coal India boosts coking coal output, production up 17 %

Coal India Ltd has reported a 17.2% increase in coking coal production, which helped reduce the country’s reliance on coal imports for iron and steel production. Coking coal production reached 54.6 million tonnes (MT) in FY23, marking a substantial year-on-year growth compared to 46.6 million tonnes in FY22. CIL’s subsidiaries based in Jharkhand were major contributors to the increased production.

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JSPL to double rail-making capacity

Jindal Steel and Power Ltd (JSPL) announced plans to more than double its rail-making capacity to 2.2 million tonnes (MT) by setting up a new rail mill with an annual capacity of 1.2 MT in Angul, Odisha. The company did not disclose the exact investment figures, but sources estimate it to be in the range of Rs 2,500 crore to Rs 3,000 crore. JSPL is also supplying 260-meter rails to Indian Railways, dedicated freight corridors, and other critical projects of national importance from its Raigarh mill.

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Kolte-Patil Developers reports highest ever pre-sales at Rs 2,232 crore in FY23

Kolte-Patil Developers Ltd has recorded its highest-ever annual pre-sales of 3.27 million square feet, valued at Rs 2,232 crore, for FY23. During the quarter, the company achieved sales of Rs 704 crore, showing a growth of 41% YoY. Additionally, strong volume growth of 25% contributed to the sales numbers for the quarter. The company also reported collections at the highest-ever levels for the year and quarter at Rs 1,902 crore and Rs 589 crore, respectively, indicating healthy cash-flow generation.

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Varun Beverages to consider a stock split on May 2

Varun Beverages Ltd (VBL) will consider a stock split on May 2, 2023. The company has previously given 1:2 bonuses three times in the last four years. The goal of the stock split is to make the shares more accessible to retail investors and improve liquidity. VBL supplies PepsiCo products to over 100,000 retail outlets. The company’s stock has been performing well in the market, and the stock split may further enhance its appeal to investors.

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Tata Technologies Files IPO Papers With SEBI – Top Indian Market Updates

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

Tata Technologies files IPO papers with SEBI

Tata Technologies Ltd has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to launch an initial public offering (IPO). The IPO is purely an offer for sale by the promoter Tata Motors and two other existing shareholders. The offer for sale (OFS) is 9.57 crore equity shares, representing approx. 23.60% of its paid-up share capital.

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Marksans Pharma gets final USFDA approval for Famotidine tablets

Marksans Pharma Ltd has received final approval from the US Food & Drugs Administration (USFDA) for its generic version of Famotidine tablets. The drug is indicated for the treatment of acid indigestion and heartburn. The product had sales of over $200 million in the US market.

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Ajanta Pharma approves Rs 315 crore share buyback

Ajanta Pharma’s board has approved the buyback of 22.1 lakh equity shares of the face value of Rs 2 each through the tender offer route. The number of shares to be bought back represents 2.59% of the total number of equity shares of the company. Ajanta Pharma will carry out the buyback of shares at Rs 1,425 per share.

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Natco Pharma launches additional strengths of Revlimid in US

Natco Pharma Ltd has launched additional strengths for its generic Lenalidomide capsules in the US market. The drug is used in the treatment of multiple myeloma (cancer that forms in a type of white blood cell called a plasma cell). The launch has been done through its marketing partner Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries.

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Automakers record best-ever dispatches in Feb: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), Indian automakers dispatched nearly 2.92 lakh passenger vehicles, up 11% YoY. This is the highest-ever dispatches for the month of Feb so far. The total two-wheeler wholesale dispatches rose 8% YoY to 11,29,661 units in Feb. Three-wheeler sales surged 86% YoY to 50,382 units.

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Bank of Baroda board approves 49% stake divestment in BFSL

Bank of Baroda’s board has approved up to 49% divestment in subsidiary BoB Financial Solutions Ltd (BFSL). The bank currently holds 100% of the total equity share capital of BFSL. It will now issue Expression of Interests (EOIs) to suitable investors/strategic partners. Established in 1994, BFSL caters to the needs of a rapidly growing credit card industry.

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India’s fuel demand hits at least 24-year high in Feb

India’s fuel demand hit its highest level in at least 24 years in February, according to govt data. Consumption of fuel rose more than 5% YoY to 4.82 million barrels per day last month. The strength highlights a combination of profitable refining from record Russian crude imports in February, total utilization for primary distillation across India and robust domestic consumption.

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India’s industrial production rises 5.2% in January

India’s industrial production index (IIP) rose to 5.2% in January 2023, compared to 4.3% print in the previous month. This is mainly due to the good performance of the power, mining and manufacturing sectors. In January, growth in the mining sector stood at 8.8%, compared to 9.8% in December 2022. Manufacturing output stood at 3.7% (2.6% in Dec 2022) and electricity growth came in at 12.7% (compared to 10.4% in Dec).

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India’s forex reserves increase, snapping four-week losing streak

India’s foreign exchange reserves rose for the first time in five weeks and stood at $562.40 billion as of the week ended March 3, according to the Reserve Bank of India (RBI). The reserves increased by $1.46 billion at the end of last week after falling by a total of $15.8 billion in the previous four weeks. It stood at $560.94 billion in the week to Feb 24.

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Tata Power RE signs PPA with TPDDL for 510 MW hybrid plant

Tata Power Renewable Energy has signed an agreement with Tata Power Delhi Distribution Ltd (TPDDL) to supply electricity from its 510 MW solar-wind hybrid project. It is one of the largest hybrid projects in India, with the capacity bifurcation of 170 MW solar & 340 MW wind power. The project will save an average of 1540 MUs (million units) of CO2 emissions annually for TPDDL.

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Airtel’s ARPU to rise 3% post jump in base prepaid rates: CLSA

Bharti Airtel’s recent decision to increase base prepaid rates by 57% in 19 markets is estimated to immediately boost its average revenue per user (ARPU) by 3% to Rs 199 according to analyst & brokerage group CLSA. Airtel’s tariffs across plans are already 25-57% higher than Vi and Reliance Jio. 

Read more here.

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Infosys Posts 11% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

Infosys Q2 Results: Net profit rises 11% YoY to ₹6,021 crore

Infosys Ltd reported an 11% YoY increase in consolidated net profit to ₹6,021 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 23.4% YoY to ₹36,538 crore during the same period. Infosys secured contracts worth $2.7 billion in Q2, compared to $1.7 billion in Q1. The IT company’s board has declared an interim dividend of ₹16.5 per share.

The board has also approved the buyback of shares worth ₹9,300 crore at ₹1,850 per share.

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Future Enterprises defaults on ₹9.16 crore interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) has defaulted on payment of interest on non-convertible debentures (NCDs) totalling ₹9.16 crore. The due date for payment was October 11, 2022. The debentures are secured and have a coupon rate of 10.15% per annum. The total amount of securities issued was ₹180 crore and a default has occurred on this gross principal amount.

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Mindtree Q2 Results: Net profit rises 28% YoY to ₹509 crore

Mindtree Ltd reported a 27.5% YoY increase in consolidated net profit to ₹509 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 31.5% YoY to ₹3,400 crore during the same period. The IT company secured deals worth $518 million in Q2, up 44% YoY. The attrition rate was down from 24.5% in Q1 to 24.1% in Q2.

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Passenger vehicle wholesales rises 92% in Sept: SIAM

Passenger vehicle (PV) wholesales in India surged 92% YoY to 3,07,389 units in September 2022, as per data released by the Society of Indian Automobile Manufacturers (SIAM). The high demand can be linked to the festive season. Two-wheeler sales rose 13% YoY to 17,35,199 units in Sept. During the July-September period (Q2 FY23), PV sales increased by 38% YoY to 10,26,309 units.

Read more here.

Coal India to set up 1,190 MW solar power plant in Rajasthan

Coal India Ltd (CIL) will set up a 1,190 megawatts (MW) solar power plant in the Bikaner district of Rajasthan. The company has signed a Memorandum of Understanding (MoU) with Rajasthan Vidyut Utpadan Nigam Ltd (RUVNL) for the same. The solar plant will be set up in a 2,000 MW solar park developed by RVUNL in Poogal, Bikaner.

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Veranda Learning arm to acquire J K Shah Classes for ₹337.82 crore

Veranda Learning Solutions Ltd has signed a definitive agreement for the acquisition of equity shares of J K Shah Education Pvt Ltd through its wholly-owned subsidiary, Veranda XL Learning Solutions Pvt Ltd. In the first phase, Veranda will pay ₹337.82 crore to acquire a 76% stake in J K Shah Education. J K Shah Education is a pioneer in teaching chartered accountancy, company secretary, and cost accountant aspirants.

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Bandhan Bank to raise exposure of secured loans to 70% by 2025

Bandhan Bank will diversify its asset base by increasing exposure to secured loans to 70% by 2025. The bank will also diversify its geographical presence. MD & CEO of Bandhan Bank Chandra Sekhar Ghosh said the percentage of the bank’s secured loans at present is 39%. Nearly 10% of its exposure will be on retail channels, including automobiles, two-wheelers, gold, and personal loans.

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L&T’s heavy engineering arm bags ‘significant orders’ in Q2

Larsen & Toubro Ltd’s (L&T) heavy engineering arm has secured significant contracts (in the range of ₹1,000-2,500 crore) across various business segments. The company secured a key order for the supply of reactors for renewable diesel production from a prestigious client in Singapore. It also received a repeat order for the supply of four identical coke drums for a refinery in Mexico.

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Adani Ports to develop Tajpur deep-sea port in West Bengal

Adani Ports and Special Economic Zone (APSEZ) has received a Letter of Award (LoA) from the Government of West Bengal for the development of a deep-sea port at Tajpur. This port would be developed on a build, finance, design, operation, and transfer basis. According to a statement from the state government, the port would entail an investment of ₹15,000 crore.

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RITES secures order worth ₹499 crore from Bangalore Metro Rail

RITES Ltd has secured a new business order worth ₹499.41 crore from Bangalore Metro Rail Corporation Ltd. The order is for the construction of a depot cum workshop at Challaghatta in the Reach-2 Extension of the Bengaluru Metro Rail Project Phase-2. RITES is engaged in design, engineering, consultancy, and project management for the transport infrastructure sector.

Read more here.

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CPI Inflation Falls to 6.71% in July – Top Indian Market Updates

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

CPI inflation falls to 5-month low of 6.71% in July

India’s retail inflation (measured by the Consumer Price Index) fell to a five-month low of 6.71% in July. CPI stood at 7.01% in June. Inflation in the food basket also showed a month-on-month fall from 7.75% in June to 6.75% in July. Meanwhile, inflation in the fuel and light segment rose 11.76%.

India’s factory output, measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 12.3% YoY to 137.9 during June.

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LIC Q1 Results: Net profit jumps multifold to Rs 683 crore

Life Insurance Corporation of India (LIC) reported a multifold increase in net profit to Rs 682.89 crore for the quarter ended June (Q1 FY23). The life insurer had reported a net profit of Rs 2.94 crore in the corresponding quarter last year (Q1 FY22). Its total premium income rose 20.35% YoY to Rs 98,351.76 crore in Q1 FY23. LIC sold 36.81 lakh policies in the individual segment, registering a growth of 59.56%.

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Kolte-Patil Developers eyes Rs 1,400 crore sales from housing project in Pune

Kolte-Patil Developers Ltd (KPDL) has acquired 25 acres of land in Pune to develop a housing project with an estimated sales revenue of Rs 1,400 crore. The realty firm has acquired Sampada Realities Pvt Ltd, which owns this land parcel. This acquisition is in line with KPDL’s business development target of Rs 7,000 crore for this year.

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Hero MotoCorp Q1 Results: Net profit rises 71% YoY to Rs 625 crore

Hero MotoCorp Ltd reported a 71% YoY increase in consolidated net profit to Rs 625 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 53% YoY to Rs 8,393 crore during the same period. EBITDA stood at Rs 941 crore in Q1, up 82.7% YoY. The two-wheeler manufacturer registered a 36% YoY increase in sales to 13.9 lakh units. 

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Passenger vehicle dispatches rise 11% in July: SIAM

Passenger vehicle dispatches to dealers rose 11% to 2.64 lakh units in July 2022. An improvement in semiconductor supplies helped automakers ramp up production ahead of the festive season. Dispatches of passenger cars increased by 10% YoY to 1,43,522 units in July. Wholesales of motorcycles grew 4% YoY to Rs 8,70,028 units last month. The data was released by the Society of Indian Automobile Manufactures (SIAM).

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Divi’s Labs Q1 Results: Net profit rises 26% YoY to Rs 702 crore

Divi’s Laboratories Ltd reported a 26% YoY increase in consolidated net profit to Rs 702 crore for the quarter ended June (Q4 FY22). Its revenue from operations rose 15% YoY to Rs 2,254 crore during the same period. However, EBITDA fell 0.6% YoY to Rs 846.7 crore. Total expenses stood at Rs 1,491.61 crore in Q1, up 26.18% YoY.

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Tata Elxsi brings new age solutions for driverless cars, connected vehicles: CMO

Tech service provider Tata Elxsi is helping customers reimagine products and services in the three key verticals of transportation, media & telecom, and healthcare, said Nitin Pai, Chief Marketing Officer. It has delivered platforms like AUTONOMAI for driverless cars, TETHER for connected cars, and TE Play for OTT services. Tata Motors has adopted TETHER Auto to power connectivity and data-led services for nearly 500,000 on-road vehicles.

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ONGC Q1 Results: Net profit jumps 3.5x to Rs 15,206 crore

ONGC Ltd reported a 251% YoY jump in net profit to Rs 15,205.85 crore for the quarter ended June (Q4 FY22). Its revenue from operations rose 84% YoY to Rs 42,320.72 crore during the same period. The company’s operating margin improved to 49.7% in Q1 FY23, compared to 32.01% in Q1 FY22.

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NCLT approves demerger of pharma business from Piramal Enterprises

The National Company Law Tribunal (NCLT) has approved the demerger of Piramal Enterprises Ltd’s (PEL) pharma business and the simplification of the company’s corporate structure. The order paves the way for the creation of two separate listed entities— PEL and Piramal Pharma Ltd (PPL). PEL said the demerged entities will have greater focus and ability to pursue accelerated growth.

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Apollo Tyres Q1 Results: Net profit rises 49% YoY to Rs 191 crore

Apollo Tyres Ltd reported a 49.21% YoY jump in net profit to Rs 190.68 crore for the quarter ended June (Q4 FY22). Its revenue from operations rose 29.6% YoY to Rs 5,942 crore during the same period. Both Indian and European operations performed well, with their revenues from operations increasing 38% and 14%, respectively.

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Grasim Q1 Results: Net profit rises 13% YoY to Rs 2,759 crore

Grasim Industries Ltd reported a 12.7% YoY increase in consolidated net profit to Rs 2,758.75 crore for the quarter ended June (Q4 FY22). Its revenue from operations rose 40.7% YoY to Rs 28,041.54 crore during the same period. Grasim’s viscose (fibre and yarn) business generated a revenue of Rs 4,299.88 crore in Q1 FY23, compared to Rs 2,102.76 crore in Q1 FY22.

Read more here.

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India’s Industrial Output Grows 7.1% in April – Top Indian Market Updates

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

India’s industrial output grows 7.1% in April

India’s index of industrial production (IIP) grew 7.1% YoY to 135.1 in April 2022, compared to a growth of 1.9% in March. The mining sector rose by 7.8% year-on-year (YoY) to 116.0 in April, the manufacturing sector witnessed a growth of 6.3% to 132.5, and the electricity sector climbed 11.8% to 194.5. 

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Actis acquires road assets of Welspun Enterprises for Rs 6,000 crore

UK-based global investor Actis has acquired a portfolio of six operating highway toll road projects from Welspun Enterprises Ltd for an enterprise value of $775 million (~Rs 6,000 crore). The projects are located strategically across India, including in the most prominent North-South highway corridor. The portfolio benefits from a stable mix of annuity and toll cash flows.

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Alembic Pharma gets USFDA approval for cancer treatment drug

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Dasatinib tablets. The drug is used to treat certain types of leukemia (cancer of the blood cells). As per IQVIA data, Dasatinib tablets had an estimated market size of $1,465 million for the twelve months ended December 2021.

Read more here.

Coal India to import 6 MT more coal to meet power demand

Coal India Ltd has issued two tenders to import 6 million tonnes (MT) of coal in the next 12 months to meet surging power demand in India. This follows another tender issued on Thursday to import 2.42 MT of the dry fuel for delivery in July-September. These two medium-term import tenders of 3 MT each of coal have the option of increasing the bid quantity by 100% to 12 MT.

Read more here.

Strides Pharma gets USFDA nod for Ibuprofen suspension

Strides Pharma Science Ltd has received approval from the USFDA to market Ibuprofen OTC Oral Suspension in the US markets. Ibuprofen is a nonsteroidal anti-inflammatory drug used as a painkiller in conditions like headache, dental pain, menstrual cramps, muscle aches, or arthritis. The product will be manufactured at the pharma company’s facility in Bengaluru.

Read more here.

Bajaj Auto’s arm inaugurates new EV manufacturing plant in Pune

Bajaj Auto’s wholly-owned subsidiary, Chetak Technology Ltd. (CTL), inaugurated its new EV manufacturing plant at Akurdi, Pune. CTL and its vendor partners will invest ~Rs 750 crores in this new facility. Its production capacity will be swiftly increased to manufacture 5 lakh electric two-wheelers per year.

Read more here.

India’s peak power demand all-time high of 210,793 MW

India’s electricity demand touched a record high of 210,793 megawatts (MW) on Thursday as several regions in the north faced severe heatwave conditions. The highest demand until last year was 200,570MW, recorded on July 7, 2021. This year, the government is projecting peak electricity demand to go up to 215,000 MW once monsoon sets in large parts.

Read more here.

Total passenger vehicle sales rise 185% YoY in May: SIAM

According to newly released data from the Society of Indian Automobile Manufacturers (SIAM), total passenger vehicle (PVs) sales in May 2022 rose 185% YoY to 2,51,052 units. Three-wheeler sales jumped multifold to 28,542 units in May 2022, compared to 1,262 units in May 2021. Two-wheeler sales rose over 253% YoY to 12,53,187 units.

Read more here.

Indian crude oil basket hits 10-year high

The basket of crude oil that India buys has hit a 10-year high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain unchanged. The Indian basket on June 9 touched $121.28, matching levels seen in February/March 2012. International oil prices held near a 13-week high on Thursday, supported by robust demand from key buyers like the US.

Read more here.

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Passenger Vehicle Dispatches Dip 4% in April – Top Indian Market News

Passenger vehicle dispatches dip 4% in April: SIAM

Passenger vehicle (PV) dispatches from factories to dealers in the domestic market fell 4% YoY to 2,51,581 units in April. Two-wheeler sales increased by 15% YoY to 11.48 lakh units in April. Automakers are working hard to manage the supplier ecosystem with agility as supply-side challenges continue. The data was released by the Society of Indian Automobile Manufacturers (SIAM).

Read more here.

Dr. Reddy’s Labs to commercialise Tegoprazan in India

Dr. Reddy’s Laboratories Ltd. has entered into an exclusive partnership with South Korea-based HK inno.N Corporation for the supply and commercialisation of its patented novel molecule Tegoprazan. The drug is used to treat gastrointestinal diseases. Under this partnership, Dr. Reddy’s Labs will be responsible for local clinical development, registration, marketing, and sales of Tegoprazan in licensed territories.

Read more here.

Relaxo Footwear Q4 Results: Net profit falls 38% YoY to Rs 63 crore

Relaxo Footwear Ltd reported a 38.41% YoY decline in net profit to Rs 62.93 crore for the quarter ended March (Q4 FY22). Net profit fell 10.2% when compared to the previous quarter. Its revenue from operations fell 7% YoY to Rs 698 crore during the same period. EBITDA stood at Rs 111 crore in Q4, down 32% YoY. Relaxo Footwear’s board has declared a final dividend of Rs 2.5 per share.

LTI launches Innovation Studio for SAP Business Tech Platform

Larsen & Toubro Infotech (LTI) has launched its LTI Innovation Studio for SAP (System Applications & Products in Data Processing) Business Technology Platform. It helps global organizations accelerate their transformation journeys. The platform supports businesses in realizing the vision of an intelligent enterprise and enables them to amplify value from their digital core investments.

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Orient Cement Q4 Results: Net profit falls 26% YoY to Rs 73 crore

Orient Cement Ltd reported a 26.67% YoY decline in net profit to Rs 73.23 crore for the quarter ended March (Q4 FY22). Net profit rose 67.7% when compared to the previous quarter. Its revenue from operations fell 3.34% YoY to Rs 803.86 crore during the same period. EBITDA stood at Rs 153 crore in Q4, down 24% YoY. The cement manufacturer’s board has declared a final dividend of Rs 1.75 per share.

Read more here.

Alembic Pharma gets final USFDA approval for Arformoterol Tartrate inhalation solution

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic version of Arformoterol Tartrate inhalation solution. The drug is indicated for long-term treatment of bronchoconstriction in patients with chronic obstructive pulmonary disease. As per IQVIA data, the inhalation solution had an estimated market size of $251 million for the 12 months ended December 2021.

Read more here.

Balaji Amines Q4 Results: Net profit rises 28% YoY to Rs 108 crore

Balaji Amines Ltd reported a 28.67% YoY increase in consolidated net profit to Rs 108.72 crore for the quarter ended March (Q4 FY22). Net profit rose 21.4% when compared to the previous quarter. Its total income rose 87% YoY (or 38% QoQ) to Rs 781.15 crore during the same period. The chemical manufacturer’s board has declared a final dividend of Rs 6 per share.

Texmaco Rail secures order worth Rs 6,450 crore

Texmaco Rail & Engineering Ltd received an order worth Rs 6,450 crore from the Indian Railways. The order entails the delivery of 20,067 wagons to be executed over a period of 39 months. Texmaco Rail is a multi-discipline, multi-unit engineering and infrastructure company based in Kolkata.

Read more here.

Kalyan Jewellers Q4 Results: Net profit falls 2.55% YoY to Rs 72 crore

Kalyan Jewellers Ltd reported a 2.55% YoY decline in consolidated net profit to Rs 72.29 crore for the quarter ended March (Q4 FY22). Net profit fell 46.2% when compared to the previous quarter. Its revenue from operations fell 6.53% YoY to Rs 2,857.06 crore during the same period. EBITDA stood at Rs 218 crore, down 4.39% YoY. The company’s e-commerce division Candere reported revenue of Rs 39 crore in Q4, registering a growth of 77% YoY.

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BSE Q4 Results: Net profit jumps two-fold to Rs 71.5 crore

BSE Limited reported a two-fold YoY jump in net profit to Rs 71.52 crore for the quarter ended March (Q4 FY22). The exchange’s revenue from operations rose 34.4% YoY to Rs 204.59 crore during the same period. The company posted a 73% YoY increase in net profit to Rs 244.93 crore for FY 2021-22. Revenue stood at Rs 743.14 crore in FY22, up 48% YoY. BSE’s board has declared a final dividend of Rs 13.5 per share. 

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OMCs sign purchase agreement for upcoming dedicated ethanol plants

Leading oil marketing companies (OMCs), including Bharat Petroleum Corporation Ltd, Indian Oil Corp Ltd, and Hindustan Petroleum Corp Ltd, have entered into a long-term purchase agreement (LTPA) for upcoming dedicated ethanol plants across India. Ethanol produced by these plants will be sold to OMCs for blending with petrol as per the Centre’s Ethanol Blended Petrol (EBP) program.

Read more here.

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WPI Inflation Rises to 14.55% in March – Top Indian Market News

WPI inflation rises to 14.55% in March

As per data released by the Ministry of Commerce & Industry, India’s Wholesale Price Index (WPI) rose to 14.55% in March 2022. Wholesale price inflation has remained in double-digits for the 12th consecutive month since April 2021. WPI grew 13.11% in February, while WPI for January stood at 13.68%. The food articles segment witnessed a rise of 8.06% in March, compared to 8.19% in Feb.

Read more here.

JSPL reports record steel production, sales in FY22

Jindal Steel and Power Ltd (JSPL) reported record sales of 7.63 MT in the previous financial year (FY22), up 5.03% YoY. It also produced a record 8.1 MT of steel in FY22. The company posted the highest ever production of 2.11 MT in Q3 FY22, up 2% YoY. JSPL’s Angul plant expansion is on track. They expect to reach more than 15 MT capacity by FY25.

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Mindtree Q4 Results: Net profit rises 49% YoY to Rs 473 crore

Mindtree Ltd reported a 49.1% YoY rise in consolidated net profit to Rs 473 crore for the quarter ended March (Q4 FY22). Net profit rose 8% compared to the previous quarter. Its revenue from operations rose 37.4% YoY (or 5.4% QoQ) to Rs 2,897.4 crore during the same period. Mindtree’s board has declared a final dividend of Rs 27 per share. 

Read more here.

Ashok Leyland to enter used commercial vehicles business

Ashok Leyland Ltd has partnered with Mahindra First Choice Wheels to enter the used commercial vehicles business. The two entities will establish a platform that facilitates the exchange, proper disposal, and purchase of old commercial vehicles. Ashok Leyland aims to streamline the used vehicles market by leveraging its digital ecosystem and its existing and potential channel partners in over 700 parking yards spread across India.

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Indiabulls Real Estate to use Rs 865 crore QIP proceeds for land acquisition, reducing debt

Indiabulls Real Estate Ltd (IBREL) will utilise Rs 865 crore raised by issuing shares to institutional investors mainly for land acquisition and debt reduction. The Mumbai-based firm launched its Qualified Institutional Placement (QIP) on March 7. The current shareholders of IBREL diluted a 15.8% stake through the QIP.

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Passenger vehicle exports from India rose 43% in FY22

Passenger vehicle (PV) exports from India increased 43% YoY to 5,77,875 units in FY22. Maruti Suzuki India led the segment with dispatches of over 2.3 lakh units. Passenger car shipments saw 42% growth at 3,74,986 units, while utility vehicle exports rose 46% to 2,01,036 units in FY22. The data was released by the Society of Indian Automobile Manufacturers (SIAM). 

In other news, Maruti Suzuki has increased the prices of its entire model range by 0.9-1.9% to offset the impact of rising input costs.

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SBI raises $500 million via IFSC Gift City branch

State Bank of India (SBI) has raised $500 million (~Rs 3,800 crore) through its IFSC Gift City branch. This is the first offshore USD Secured Overnight Financing Rate (SOFR) linked syndicated loan raised by SBI through its Gift City branch. MUFG, Bank of America, and JP Morgan were the joint lenders for this offering. First Abu Dhabi Bank acted as the facility agent.

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Zydus Lifesciences gets USFDA approval for Vitamin B12 injection

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Cyanocobalamin injection. The drug is used to treat and prevent Vitamin B12 deficiency caused by pernicious anemia. It will be manufactured at the pharma company’s injectables manufacturing facility at Jarod, Gujarat.

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L&T planning to merge L&T Infotech, Mindtree to create $22 billion firm: Report

According to a Bloomberg report, Larsen & Toubro Ltd. is weighing a merger between two of its publicly traded software firms— L&T Infotech and Mindtree. The boards of the two companies will reportedly consider share swap ratios for the merger as early as next week. The merger will result in cost synergies for both IT companies as admin costs would come down.

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Mahindra Lifespaces acquires 11.5-acre land parcel in Pune

Mahindra Lifespace Developers has acquired an 11.5-acre land parcel in Pimpri, Pune. The land is estimated to have a developable potential of ~2 million sq. ft. of saleable area and a gross development value of around Rs 1,700 crore. The realty firm expects to launch the first phase of the project within the next 12 months. 

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RVNL signs MoU with Mahanadi Coalfield for rail infra projects

Rail Vikas Nigam Ltd and Mahanadi Coalfields Ltd (MCL) have signed a Memorandum of Understanding (MoU) for the implementation of rail infrastructure projects. The pact will help in expediting the development of critically important rail infra projects of MCL for evacuation of coal to meet the growing energy demand of India. MCL operates seven open cast mines and three underground mines in Odisha.

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Infosys Reports 12% YoY Rise in Net Profit in Q4 – Top Indian Market News

Infosys Q4 Results: Net profit rises 12% YoY to Rs 5,686 crore 

Infosys Ltd reported a 12% YoY rise in consolidated net profit to Rs 5,686 crore for the quarter ended March (Q4 FY22). Net profit fell 2.12% when compared to the previous quarter. Its revenue from operations rose 23% YoY (or 1.28% QoQ) to Rs 32,276 crore during the same period. The IT company secured new deals worth $2.3 billion in Q4, taking the total order book to $9.5 billion for FY22. Infosys’ board has declared a final dividend of Rs 16 per share. 

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Auto sales fell 6% in FY22 due to supply-side disruptions: SIAM

The automobile industry saw a 6% decline in sales in FY22 as supply-side disruptions persisted. The segment comprising passenger cars, utility vehicles, and vans sold 2.79 lakh units in March, a 3.93% YoY decline. However, sales rose 6.28% when compared to February. Total two-wheeler sales fell 13.31% over Feb and ~20.88% YoY to 11.84 lakh units in March. The data was released by the Society of Indian Automobile Manufacturers (SIAM).

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Prestige Estates registers highest ever sales at Rs 10,382.2 crore in FY22

Prestige Estates Projects Ltd registered the highest ever sales of Rs 10,382.2 crore in FY22, up 90% YoY. It also recorded the highest ever collections of Rs 7,466.4 crore, up 47% YoY. During the year, the Group launched 16.77 million sq. ft. of realty projects across geographies. Prestige has lined up launches over 15 million sq. ft. across Bengaluru, Mumbai, NCR, Hyderabad, and Chennai.

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DGCA bars 90 SpiceJet pilots from flying 737 Max planes

The Directorate General of Civil Aviation (DGCA) has barred 90 SpiceJet pilots from operating Boeing 737 Max aircraft after finding them not properly trained. The regulator will take strict action against those found responsible for the lapse. The pilots will have to undergo training again on the 737 Max simulator.

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Blue Star doubles production capacity on inaugurating new unit in Wada

Blue Star has doubled its production capacity of deep freezers by opening its new manufacturing facility at Wada, Maharashtra. The new facility aims to cater to the production of the company’s commercial refrigeration products and solutions. It has the capacity to produce around 2 lakh deep freezers and 1 lakh storage water coolers per annum. The facility was built with a capital expenditure of Rs 130 crore. 

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Fino Payments Bank to acquire 12.19% stake in Paysprint

Fino Payments Bank Ltd’s board has approved a strategic investment in New Delhi-based fintech startup Paysprint. The company will acquire a 12.19% stake in Paysprint by subscribing to its shares. The move will enable Fino to leverage Paysprint’s technology to offer API (application programming interface) plugins for the bank’s digital platform. 

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Tata Motors adds 160 service workshops to its network

Tata Motors Ltd has added 160 new service workshops for passenger vehicles, taking the total number of operational workshops across India to 705. The automaker now provides extensive service coverage across 485 cities. They have also launched a new mobile servicing option called EzServe. The platform allows customers to get basic service work and quick repairs done on their vehicles at their preferred location. 

Read more here.

Man Infra secures order worth Rs 938 crore

Man Infraconstruction Ltd has received a Letter of Acceptance (LoA) from Bharat Mumbai Container Terminal (BMCTPL) for a contract worth Rs 937.89 crore. The contract is for supplying materials for the reclamation works being done under Phase-II at JNPT, Navi Mumbai. The order will be executed in a time frame of two years.

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HCL Tech expands global partnership with Avaloq

HCL Technologies Ltd has expanded its global partnership with Zurich-based Avaloq, a leading provider of digital banking solutions. The IT major will develop a world-class lifecycle management center for Avaloq clients. It will also invest in ongoing training and development for HCL teams working with Avaloq products.

In other news, HCL Tech is extending its strategic partnership with Microsoft to bring security capabilities to clients worldwide. HCL has joined the Microsoft Intelligent Security Association (MISA). It is an integrated ecosystem of independent software vendors and managed security service providers. 

Read more here.

Adani Green Energy becomes 8th most valued firm

With a market valuation of Rs 4.49 lakh crore, Adani Green Energy Ltd has become the eighth most valued firm in India after overtaking Bajaj Finance and HDFC. The company’s shares have rallied ~55% over the past month. AGEL is developing a renewable portfolio of 25 GW by 2025, which includes wind power, solar power, and hybrid power projects.

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RBI Bars Paytm Payments Bank From Onboarding New Customers – Top Indian Market News

RBI bars Paytm Payments Bank from onboarding new customers

Reserve Bank of India (RBI) has directed Paytm Payments Bank (PPB) to stop onboarding new customers with immediate effect. The central bank has cited serious supervisory concerns observed in the bank. RBI has also directed PPB to appoint an audit firm to conduct a comprehensive audit of its IT system.

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Titan Company’s arm to acquire 17.5% stake in Great Heights Inc for $20 million

TCL North America Inc (TCLNA), a subsidiary of Titan Company Ltd, has signed a pact to acquire 17.5% voting rights in US-based Great Heights Inc for $20 million (~Rs 152 crore). This strategic investment will provide Titan a close view of the fast-growing Lab Grown Diamond (LGD) and Direct-to-Consumer (D2C) sectors. Great Heights retails LGD jewellery through its brand Clean Origin.

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Automobile dispatches fall 23% YoY in Feb: SIAM

Automobile dispatches from factories to dealerships across India declined 23% YoY in February as various supply-side challenges continued to impact demand. This includes the global semiconductor shortage and rise in vehicle prices due to the implementation of new regulations. Wholesales of domestic passenger vehicles, two-wheelers, and three-wheelers fell to 13,28,027 units in Feb 2022. The figure stood at 17,35,909 units in Feb 2021.

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Punjab & Sind Bank to acquire 2% stake in NARCL for Rs 55 crore

Punjab & Sind Bank Ltd has entered into an agreement to acquire a 2% stake in National Asset Reconstruction Company Ltd (NARCL or bad bank) for Rs 55 crore. The equity investment will be done in tranches. The first investment of Rs 28.18 crore is expected to be completed by March 31, 2022. NARCL was incorporated in July 2021 to act as a bad bank for the quick resolution of bad assets (NPAs) of banks. 

In other news, ICICI Bank has announced plans to acquire a 5% stake in NARCL for Rs 137.5 crore.

Read more here.

Strides Pharma gets USFDA approval for Colchicine tablets

Strides Pharma Global Singapore (SPGS) has received approval from the US Food & Drug Administration (USFDA) to market Colchicine tablets. The drug is used to treat and prevent gout (a common form of arthritis). According to IQVIA MAT January 2022 data, Colchicine tablets had annual sales of $85 million. SPGS is a step-down wholly-owned subsidiary of Strides Pharma Science Ltd.

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DB Realty-led company gets LoA for Mumbai project

DBS Realty, a partnership firm of DB Realty Ltd, has received a Letter of Acceptance (LoA) from the Municipal Corporation of Greater Mumbai (MCGM) to construct 4,000 tenements. The project includes the construction, completion, and handing over of tenements of carpet area 27.88 metres to MCGM. DBS Realty will receive land Transferable Development Rights (TDR) and construction TDR of 1.56 million square feet. It will also get premium per tenement at Rs 39.60 lakh, aggregating to Rs 1,584 crore.

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G R Infra emergest lowest bidder for project in Madhya Pradesh

G R Infraprojects Ltd has emerged as the lowest (L-1) bidder for a project in Rajgarh Special Economic Zone (SEZ), Madhya Pradesh. The order includes the establishment of a transmission system for evacuation of power from RE Projects in Rajgarh SEZ (2500 MW). The project is on a build, own, operate, and maintain (BOOM) basis.

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Vedanta, Welspun, 29 others in race to acquire Mittal Corp

Vedanta Ltd, Welspun Corp, and Jindal Stainless Ltd are among 29 applicants that have shown interest in acquiring distressed steel company Mittal Corp. Mittal Corp is currently undergoing insolvency proceedings and is among 15 shortlisted companies to be transferred to a bad bank. To increase participation, the resolution professional may either invite Expression of Interests (EoIs) again or extend the deadline. 

Read more here.

IIP growth recovers to 1.3% in January

India’s Index of Industrial Production (IIP) grew 1.3% year-on-year (YoY) in January 2022. It had fallen to a 10-month low of 0.4% in December 2021. Industrial output clocked a growth of 13.7% for April 2021-January 2022, compared to a contraction of 12% in April 2020-Jan 2021. Manufacturing growth grew 1.1% in January 2022, compared to a 0.9% contraction in Jan 2021.

Read more here.