Tag: SIAM

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WPI Inflation Eases to 13.56% in December – Top Indian Market News

WPI inflation eases to 13.56% in December

India’s wholesale price index (WPI)-based inflation eased to 13.56% in December, compared to 14.23% in November. The fall in the prices of manufactured products and fuel & power offset costlier vegetable prices. Inflation in manufactured goods stood at 10.62%, compared to 11.92% in November. Fuel & power inflation stood at 32.3% in December, against 39.8 in November. The inflation in vegetables surged to 31.56% in Dec, compared to 3.9% in Nov.

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HCL Tech Q3 Results: Net profit falls 13% YoY to Rs 3,442 crore

HCL Technologies Ltd reported a 13.6% YoY decline in consolidated net profit to Rs 3,442 crore for the quarter ended December (Q3 FY22). Net profit increased 6% when compared to the previous quarter. Its revenue from operations rose 15.7% YoY (or 8% QoQ) to Rs 22,331 crore during the same period. The IT major secured deals worth $2,135 million in Q3, up 64% YoY. HCL Tech has declared a dividend of Rs 10 per share.

In other news, HCL Tech has agreed to acquire Budapest-based Starscheme for $42.5 million (~Rs 315 crore). With this acquisition, the IT company aims to strengthen its data engineering services and presence in Central and Eastern Europe. 

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Oberoi Realty acquires 4.2-acre land parcel in Mumbai

Oberoi Realty has acquired a 4.2-acre land parcel on LBS Marg in Mumbai’s central suburb Bhandup for Rs 115 crore. The developer acquired the property through one of its subsidiaries, Oberoi Constructions. The plot has a total residential development potential of around 8-9 lakh sq. ft. Based on the current property rates, the project can fetch a revenue of around Rs 900-1,000 crore.

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Glenmark Pharma gets USFDA approval for nasal spray to treat rhinitis

Glenmark Specialty SA (Switzerland), a subsidiary of Glenmark Pharmaceuticals Ltd, has received approval from the US Food & Drug Administration (USFDA) to market Ryaltris in the US. Ryaltris is a nasal spray used for the treatment of seasonal allergic rhinitis (irritation and inflammation of the mucous membrane inside the nose). The product is currently under review by Health Canada.

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Aditya Birla Fashion to acquire 51% stake in House of Masaba

Aditya Birla Fashion & Retail Ltd (ABFRL) will acquire a 51% stake in House of Masaba Lifestyle for Rs 90 crore. Founded by Masaba Gupta in 2009, House of Masaba Lifestyle sells under the brand name Masaba and offers a wide array of products ranging from cosmetics to clothes. It is targeting annual revenues of around Rs 500 crore in the next five years and will be scaled primarily through its online platform.

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Ashoka Buildcon emerges lowest bidder for NHAI road project worth Rs 829.5 crore

Ashoka Buildcon Ltd has emerged as the lowest (L-1) bidder for a road project of the National Highways Authority of India (NHAI). The project consists of six-laning the Belgaum-Sankeshwar Bypass (NH-48) in Karnataka on an engineering, procurement, construction (EPC) mode. The quoted bid price of the project is Rs 829.49 crore.

Passenger vehicle sales fall 13% YoY in December: SIAM

Passenger vehicle (PV) dispatches from factories to dealers declined 13% YoY to the lowest level in five years in December. As per the Society of Indian Automobile Manufacturers (SIAM), PV dispatches stood at 2,19,421 units in December 2021, compared to 2,52,998 units in December 2020. Two-wheeler wholesales fell 11% YoY to 10.06 lakh units in December 2021. The automobile industry continues to face production issues due to the semiconductor shortage.

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Hero MotoCorp expands operations in El Salvador

Hero MotoCorp Ltd has expanded operations in El Salvador with the commencement of retail sales at a newly opened flagship outlet in the country’s capital city of San Salvador. The two-wheeler manufacturer has a distribution network of over 200 touchpoints in El Salvador. This includes five company-owned showrooms, 15 dealerships, 85 retail & 26 spare part outlets, and service centres across 14 cities.

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Delhivery gets SEBI approval for Rs 7,640 crore IPO

The Securities and Exchange Board of India (SEBI) has approved new-age logistics startup Delhivery’s Rs 7,460 crore initial public offering (IPO). The IPO includes a fresh issue of shares worth Rs 5,000 crore and an offer for sale (OFS) of up to Rs 2,460 crore. Early investors Softbank and Carlyle Group will offload shares worth Rs 750 crore and Rs 920 crore, respectively.

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Reliance, Mahindra bid for incentives under India’s $2.4 billion battery scheme: Report

As per a report from Reuters, Reliance Industries, Hyundai Motor Co, and Mahindra & Mahindra are among the companies that have submitted bids under India’s $2.4 billion battery scheme. Last year, the Centre had finalised a Production Linked Incentive (PLI) scheme to encourage companies to invest in the local manufacturing of batteries. Ola Electric, Larsen & Toubro, Amara Raja Batteries, and Exide Industries have also reportedly submitted bids.

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WPI Inflation Eases to 10.66% in September – Top Indian Market News

WPI inflation eases to 10.66% in September 2021 

Inflation based on the Wholesale Price Index (WPI) fell to 10.66% in September 2021 from 11.39% in August, as prices of primary articles, fuel & power, and food fell during the period. The benchmark inflation index has remained in double digits for the last six months. Food inflation decelerated to 1.14% in Sept from 3.43% during August. Fuel and power prices rose by 24.81% in September on a yearly basis compared to 26.09% in August.

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HCL Tech Q2 Results: Net profit rises 3.7% YoY to Rs 3,259 crore

HCL Technologies Ltd reported a 3.69% YoY increase in consolidated net profit to Rs 3,259 crore for the quarter ended Sept (Q2 FY22). Net profit rose 1.68% when compared to the previous quarter. Its revenue from operations rose 2.9% QoQ to Rs 20,655 crore during the same period. HCL Tech secured 14 large deals worth $2.3 billion during Q2. The IT company’s board has approved an interim dividend of Rs 10 per share.

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Passenger vehicle wholesales fall 41% in Sept: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle (PV) wholesales in India decreased by 41% in September. Automobile manufacturers struggled to produce adequate units owing to the semiconductor shortage. The total PV production fell 37.5% YoY to 1.60 lakh units, while two-wheelers were down by 17% YoY to 15.28 lakh units.

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GTPL Hathway Q2 Results: Net profit falls 4.5% YoY to Rs 

GTPL Hathway Ltd reported a 4.51% YoY decline in consolidated net profit to Rs 43.08 crore for the quarter ended Sept (Q2 FY22). Net profit declined by 9.23% compared to the previous quarter. Its total income rose 3.51% YoY to Rs 605.23 crore during the same period. GTPL Hathway is engaged in cable TV and high-speed broadband service distribution. 

Lupin recalls all Irbesartan tablet batches in US due to impurity

Lupin Ltd has voluntarily recalled all batches of Irbesartan tablets and lrbesartan and Hydrochlorothiazide tablets in the US due to an impurity. As part of Lupin’s ongoing assessment, analysis revealed that certain tested API batches (but not finished product batches) were above the specification limit for the impurity N-nitrosolrbesartan (a substance that could cause cancer). lrbesartan tablet USP is used to treat hypertension and to tower blood pressure.

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Indiabulls Real Estate Q2 Results: Net profit jumps 107% YoY to Rs 5.53 crore

Indiabulls Real Estate Ltd reported a 107.27% YoY jump in consolidated net profit to Rs 5.53 crore for the quarter ended Sept (Q2 FY22). Net profit rose 16.23% compared to the previous quarter. Its total income increased by 651.9% YoY (but declined by 28.45% QoQ) to Rs 381.24 crore during the same period. Indiabulls Real Estate is one of the largest real estate companies in India, with a well-diversified presence in both commercial and residential real estate development.

DoT approves 31 proposals worth Rs 3,345 crore for telecom equipment PLI

The Department of Telecommunications (DoT) has approved 31 proposals, accumulating an investment of Rs 3,345 crore over four-and-a-half years under the production-linked incentive (PLI). The selected candidates will be eligible for incentives worth Rs 12,195 crore spread over the next five years. A total of 31 companies, comprising 16 micro, small, and medium enterprises (MSMEs), 15 non-MSMEs have been given approval.

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Inox Wind Q2 Results: Net loss at Rs 57.26 crore

Inox Wind Limited reported a consolidated net loss of Rs 57.26 crore for the quarter ended Sept (Q2 FY22). The company had posted a net loss of Rs 76 crore in Q2 FY21 and a loss of Rs 52.32 crore in the previous quarter (Q1 FY22). Its total income fell 5.16% YoY (or 1.93% QoQ) to Rs 167.51 crore during the same period. Noida-based Inox Wind is an integrated wind energy service provider.

Nykaa gets SEBI approval for IPO

According to reports, omnichannel beauty and consumer-care products retailer Nykaa has received clearance from the Securities and Exchange Board of India (SEBI) for an initial public offering. The company is likely to file an updated Draft Red Herring Prospectus (DRHP) with SEBI today to increase the issue size from Rs 525 crore to Rs 630 crore. The IPO will also include an offer for sale (OFS) in which existing shareholders will sell up to 431.1 lakh shares.

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Cyient Q2 Results: Net profit rises 44% YoY to Rs 121 crore

Cyient Limited reported a 44.6% YoY increase in consolidated net profit to Rs 121.3 crore for the quarter ended Sept (Q2 FY22). Net profit rose 5.48% compared to the previous quarter. Its revenue from operations rose 10.8% YoY to Rs 1,111.6 crore during the same period. The company’s order intake grew 23% year-on-year. The digital engineering and technology firm’s board has declared an interim dividend of Rs 10 per share.

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India’s Industrial Output Grew by 7.2% in July – Top Indian Market News

India’s industrial output grew by 7.2% in July

The growth in India’s industrial output continued to pick up in July. The Index of Industrial Production (IIP) increased by 7.2% to 131.4 in July 2021 over the preceding month. On an annual basis, the index rose by 11.5% in July. Manufacturing output rose 8.2% on a monthly basis, compared to a rise of 7.4% in June. Mining output declined by 0.9% month-on-month (MoM), from a decline of 2.3% in the previous month. Meanwhile, electricity generation increased by 9.2% MoM in July, compared to a rise of 4.4% in June.

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Automobile wholesales fall 11% in August as chip shortage continues: SIAM

Automobile wholesales in India declined 11% year-on-year (YoY) in August, as the global semiconductor shortage weighed down production. The total wholesales across automobile categories (excluding commercial vehicles) fell to 15.86 lakh units in August 2021, compared to 17.90 lakh units in August 2020. The total dispatch of passenger vehicles rose 7% YoY to 2.32 lakh in August. The data was released by the Society of Indian Automobile Manufacturers.

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Punjab National Bank to raise Rs 6,000 crore through bonds

The Board of Directors of Punjab National Bank (PNB) has approved a proposal to raise up to Rs 6,000 crore by issuing bonds. The lender will issue Basel-III compliant Additional Tier-I (AT-1) bonds and AT-II bonds or a combination of both. Meanwhile, PNB has waived all service charges and processing fees on its retail products as part of its festival season offering.

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IndiGo aims to operate domestic flights at full capacity from December 2021: Report

According to a report from Bloomberg, InterGlobe Aviation Ltd (IndiGo) is aiming to operate domestic flights at full capacity by December 2021. The budget carrier’s current load factor is around 70%. IndiGo is also targeting just over two-thirds of capacity in international routes as the Covid-19 pandemic eases and people start traveling more. In August, the Ministry of Civil Aviation allowed domestic airlines to increase flight capacity from 65% to 72.5%.

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JioPhone Next launch postponed, to be available before Diwali

The launch of the low-cost 4G-compatible JioPhone Next, made by Reliance Jio and Google, has been delayed due to the global semiconductor shortage. It was supposed to be launched today, September 10. Both companies have begun testing the JioPhone Next with a limited set of users for further refinement. They are actively working to make the smartphone available in time for the Diwali season.

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Manyavar-owner Vedant Fashions files draft papers for IPO

Vedant Fashions, the owner of ethnic wear brand Manyavar, has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise funds via an initial public offering (IPO). The issue will consist of an offer for sale (OFS) of up to 3.63 crore shares by promoters and existing shareholders. Vedant Fashions’ Manyavar brand is a market leader in the branded Indian wedding and celebration wear market. Twamev, Manthan, Mohey, and Mebaz are some of its other brands.

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BHEL extends footprint in HVDC-based power transmission with Raigarh-Pugalur UHVDC link

Bharat Heavy Electricals Ltd (BHEL) has played a key role in the successful implementation of the ultra-high voltage direct current (UHVDC) link between the western and southern region grid. The +800 kilovolts (kV), 6,000 megawatts (MW) UHVDC link is between Raigarh in Chattisgarh and Pugalur in Tamil Nadu. The project aims to bring relief to the power deficit southern grid. 

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Govt extends last date for filing ITR till December 31

The government has once again extended the deadline to file Income Tax Return (ITR) for the financial year 2020-21 (FY21) by three months to December 31, 2021. The deadline has been extended due to glitches on the new income tax portal, which had made it difficult for taxpayers to complete their ITR filing process. With regard to the resolution of glitches in the tax portal, the Finance Ministry on Wednesday said it is continuously engaging with Infosys to ensure a smooth filing experience for taxpayers.

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Retail Inflation Eases to 4.29% in April – Top Indian Market News

Retail inflation eases to 4.29% in April; IIP grows 22.4% in March 

Retail inflation in India, measured by the Consumer Price Index (CPI), eased to 4.29% in April 2021. CPI stood at 5.52% in March. This is the fifth consecutive month that retail inflation has come within the Reserve Bank of India’s (RBI) upper margin of 6%. The Consumer Food Price Index (CFPI) eased to 2.02% in April, compared with 4.87% in March. Vegetable prices fell 14.18% in April, while prices of cereals declined by 2.96%.

India’s factory output, measured by the Index of Industrial Production (IIP), witnessed a growth of 22.4% YoY to 143.4 in March 2021. The growth in IIP is mainly on account of the growth in the manufacturing, electricity, and mining sectors. The manufacturing sector posted a growth of 25.8% YoY to 140.4 in March. The electricity and mining sectors grew 22.5% and 6.1%, respectively, during the same month. The index had fallen by 3.4% in February 2021.

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Tata Power Q4 Results: Net profit falls to Rs 481 crore

Tata Power Company Ltd reported a marginal decline in net profit to Rs 481.21 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 474.70 crore in the corresponding period last year (Q4 FY20). Its total income rose to Rs 10,222.48 crore in Q4 FY21, compared with Rs 6,793.95 crore in Q4 FY20. Tata Power’s board has recommended a dividend of Rs 1.55 per share.

The company’s board has also approved fund-raising up to Rs 5,500 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis. The funds raised from this issue will be utilised for refinancing of existing loans.

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Cabinet approves PLI scheme worth Rs 18,100 crore for battery storage manufacturing

The Union Cabinet has approved a Production Linked Incentive (PLI) scheme for promoting battery storage at an estimated outlay of Rs 18,100 crore. With the objective to promote the ‘Make in India’ initiative, the National Programme on Advanced Chemistry Cell (ACC) Battery Storage is expected to attract investments of up to Rs 45,000 crore. The proposal aims to achieve a manufacturing capacity of 50 gigawatt-hour (GWh) of ACC and 5 GWh of niche ACC. Information and Broadcasting Minister Prakash Javadekar said this PLI scheme will promote green growth and use local products like copper and bauxite to a large extent.

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UPL Q4 Results: Net profit rises 34% QoQ to Rs 1,063 crore

UPL Limited reported a 34% quarter-on-quarter (QoQ) increase in net profit to Rs 1,063 crore for the quarter ended March (Q4). Net profit has jumped 72% when compared to Q4 FY20. The company’s revenue from operations rose 40% QoQ (or 15% YoY) to Rs 12,796 crore during the same period. Its agrochemical and other agricultural-related businesses saw top-line growth of 15.7% YoY to Rs 12,331 core. UPL’s board has recommended a dividend of Rs 10 per share.

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Cadila to sell India focused animal health business for Rs 2,921 crore

Zydus Animal Health and Investments Ltd (ZAHL), a wholly-owned subsidiary of Cadila Healthcare, has entered into an agreement with a consortium of financial investors to sell its animal healthcare business Zydus AH for Rs 2,921 crore. The consortium includes Rakesh Jhunjunwala’s RARE Enterprises, Multiples Alternate Asset Management, and Canada Pension Plan Investment Board. Zydus AH is one of the fastest-growing animal health businesses in India. It claims a leadership position across a spectrum of therapeutic and nutritional products for livestock and poultry animal segments.

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JSPL Q4 Results: Net profit jumps multi-fold to Rs 1,900 crore

Jindal Steel and Power Ltd (JSPL) reported a consolidated net profit of Rs 1,900.51 crore for the quarter ended March (Q4 FY21). This includes an exceptional item of Rs 969 crore. It had posted a net profit of Rs 82.13 crore in the corresponding period last year (Q4 FY20). JSPL’s total income rose to Rs 11,903.59 crore in Q4, compared with Rs 6,819.73 crore a year ago. Total expenses rose to Rs 8,082.92 crore in the March 2021 quarter, compared to Rs 6,603.65 crore in Q4 FY20.

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Passenger vehicle wholesales fall 10% in April: SIAM

According to data released by the Society of Indian Automobile Manufacturers (SIAM), total passenger vehicle wholesales in India declined by 10% to 2.61 lakh units in April 2021. This is compared with passenger vehicle sales of 2.90 lakh units in March 2021. Motorcycle sales declined by 33% to 6.67 lakh units in April, compared to 9.93 lakh units in March. Three-wheeler sales fell by 57% to 12.70 lakh units during the same month.

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Voltas Q4 Results: Net profit rises 49% YoY to Rs 239 crore

Voltas Limited reported a 49% YoY increase in consolidated net profit to Rs 239 crore for the quarter ended March (Q4). Its total sales revenue rose 25% YoY to Rs 2,683.24 crore during the same period. The company’s revenue from unitary products grew 20% YoY to Rs 1,437 crore. Its colling products business posted overall volume growth of 18% YoY in Q4. The board of Voltas Ltd has recommended a dividend of Rs 5 per share.

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Asian Paints Q4 Results: Net profit rises 84.5% YoY to Rs 852 crore

Asian Paints Limited reported an 84.5% YoY increase in consolidated net profit to Rs 852.13 crore for the quarter ended March (Q4). On a quarterly basis, net profit has fallen by 31%. Its revenue from operations rose 43.5% YoY to Rs 6,651.4 crore during the same period. The company’s domestic decorative business posted volume growth of 48% YoY, led by strong growth in the premium and luxury product range. The board of Asian Paints has recommended a final dividend of Rs 14.5 per share.

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Apollo Tyres Q4 Results: Net profit falls 35% QoQ to Rs 287 crore

Apollo Tyres Limited reported a 35.27% QoQ fall in net profit to Rs 287.26 crore for the quarter ended March (Q4 FY21). Net profit has jumped 269% when compared to the corresponding period last year. Its total sales revenues fell 3.25% QoQ (up 40% YoY) to Rs 5,025.7 crore during the same period. Apollo Tyres’ sales in the Middle East and African regions rose 49% YoY to Rs 3,688 crore. The company’s board has recommended a final dividend of Rs 3.5 per share.

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TCS Reports 15% YoY Rise in Net Profit in Q4 – Top Indian Market News

TCS Q4 Results: Net profit rises 15% YoY to Rs 9,246 crore

Tata Consultancy Services (TCS) reported a 14.8% year-on-year (YoY) increase in net profit to Rs 9,246 crore for the quarter ended March (Q4). The IT firm’s revenue rose 9.4% YoY to Rs 43,705 crore during the same period. The company’s revenue from the Banking, Financial Services, and Insurance (BFSI) vertical rose 15% YoY to Rs 17,559 crore. TCS’s board has recommended a final dividend of Rs 15 per share. 

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Retail inflation rises to 5.52% in March; IIP contracts 3.6% in February

Retail inflation in India, measured by the Consumer Price Index (CPI), rose to 5.52% in March 2021. The CPI had increased steeply from 4.06% in January to 5.03% in February— due to a surge in food and fuel prices. Meanwhile, the Index of Industrial Production (IIP) contracted by 3.6% in February. The overall industrial output had contracted by 1.6% in January. The manufacturing sector output contracted by 3.7% in February, while mining output declined by 5.5%.

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Flipkart partners with Adani Group to strengthen logistics, data centre infrastructure

E-commerce major Flipkart has entered into a commercial partnership with the Adani Group to strengthen its logistics and data centre capabilities. Flipkart will work with Adani Logistics (a wholly-owned subsidiary of Adani Ports) to strengthen its supply chain infrastructure and further enhance its ability to serve its rapidly growing customer base. The Walmart-owned company will also set up its third data centre at AdaniConneX’s Chennai-based facility. This partnership will create around 2,500 direct jobs.

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Sputnik V vaccine recommended for emergency use approval in India

The Subject Expert Committee of the Drugs Controller General of India (DCGI) has recommended the use of Russia’s Sputnik V Covid-19 vaccine in the country. Sputnik V will be the third vaccine to be used in India after Serum Institute’s Covishield (developed by Oxford-AstraZeneca) and Bharat Biotech’s Covaxin. Sputnik V, manufactured in India by Dr. Reddy’s Laboratories, has an efficacy rate of 91.6%.

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Man Industries secures order worth Rs 766 crore

Man Industries (India) Limited has received an order worth Rs 766 crore from the domestic hydrocarbon sector. With this new order, the company’s total order book to be executed this year stands at approximately Rs 1,900 crore. Mumbai-based Man Industries is a leading manufacturer and exporter of large-diameter Carbon Steel Line Pipes used for various high-pressure transmission applications.

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Coforge to acquire controlling stake in SLK Global Solutions

Coforge Limited has signed definitive agreements to acquire a controlling stake in Bengaluru-based SLK Global Solutions. This is part of the company’s efforts to strengthen its financial services vertical. Coforge will acquire an 80% stake in the business process transformation (BPT) enterprise over the next two years (in various tranches). The acquisition of the first 60% stake is for a cash consideration of Rs 918.3 crore. 

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Passenger vehicle sales in India decline by over 2% in 2020-21: SIAM

According to a report by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales in India declined by 2.24% YoY to 27.11 lakh units in the financial year 2020-21. The figure stood at 27.73 lakh units in the previous financial year. Total commercial vehicle sales declined 20.77% YoY to 5.68 lakh units in FY21. Two-wheeler sales fell by 13.19% YoY to 1.51 crore units during the same period.

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JMC Projects receives new orders worth Rs 1,262 crore

JMC Projects (India) Limited has secured building projects in India worth Rs 1,059 crore. The company has also received a water project worth Rs 203 crore from the Maldives. Its total order wins for FY 2020-21 was around Rs 7,900 crore. JMC Projects is a civil engineering and EPC company. It is a subsidiary of Kalpataru Power Transmission Ltd.

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Praj Industries to set up ethanol plant for Godavari Biorefineries

Praj Industries Limited has secured an order from Godavari Biorefineries to set up a sugarcane syrup-based ethanol plant in Karnataka. Under the contract, Praj Industries will expand the existing ethanol manufacturing capacity of the plant to 600-kilo liter per day (KLPD), from the existing 400 KLPD, using sugarcane syrup. When commissioned, it will become India’s largest capacity syrup-based ethanol plant. 

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Solara Active Pharma’s board approves merger with Aurore Life Sciences

The Board of Directors of Solara Active Pharma Sciences Ltd has approved a merger with Hyderabad-based Aurore Life Sciences Pvt. Ltd with itself. After the merger, Solara will hold a 67% stake in Aurore Pharma Pvt., while promoter shareholding in Solara will increase from 42.57% to 55.15%. Solara’s board has also approved the merger of Empyrean Lifesciences and Hydra Active Pharma Sciences with itself.

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NSE, ONGC Buys Stake in IGX From Indian Energy Exchange – Top Indian Market News

NSE, ONGC buys stake in IGX from Indian Energy Exchange

Indian Energy Exchange (IEX) has divested 26% of its equity holding in Indian Gas Exchange (IGX) to the National Stock Exchange of India. NSE will purchase 1.92 crore equity shares of IGX from IEX for Rs 19.20 crore. IEX has also sold 5% of its equity holding in IGX to the Oil and Natural Gas Corporation (ONGC) for Rs 3.69 crore. “Having NSE and ONGC as partners is a natural choice in the endavour to deepen India’s gas markets,” said S N Goel, Chairman & MD of IEX.

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Easy Trip Planners IPO subscribed 159 times on final day of bidding

The Rs 510-crore initial public offering (IPO) of Easy Trip Planners was subscribed 159.30 times on the final day of bidding. The issue received bids for 240.27 crore equity shares against an offer size of 1.5 crore shares. The portion reserved for retail investors was subscribed 70.40 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 382.21 times and that of qualified institutional buyers (QIBs) 77.53 times.

Passenger vehicle sales grow 18% in February: SIAM

According to data released by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales increased by 17.92% year-on-year (YoY) to 2.81 lakh units in February. The utility vehicles (UVs) segment saw a growth of more than 45% YoY. Sales of two-wheelers rose 10.20% YoY to 14.26 lakh units last month. The data also shows that sales of three-wheelers declined by 34% YoY to 27,331 units in February.

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Vodafone Idea partners with Disney+ Hotstar to provide one year of free content to users

Vodafone Idea (Vi) has partnered with Disney+ Hotstar to offer one year of VIP membership to its customers. Vi prepaid users will get three new unlimited recharge plans including one data-only plan with Disney+ Hotstar VIP subscription. The telecom company’s postpaid users can get access to the streaming service on plans starting at Rs 499. The offer comes just in time for the upcoming IPL cricket season, which begins on April 9. 

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Hitachi ABB Power Grids secures orders worth Rs 160 crore to supply transformers to Indian Railways

Hitachi ABB Power Grids in India has secured orders worth Rs 160 crore from the Government of India’s electric locomotive manufacturer, Chittaranjan Locomotive Works (CLW), and the Central Organization for Rail Electrification (CORE) to power electric freight locomotives for the Indian Railways. The company will deliver traction transformers to CLW for one of Indian Railways’ most successful classes of locomotives- the WAG 9. The firm will also supply trackside transformers to CORE.

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Magma Fincorp’s shareholders approve plans to raise Rs 3,456 crore by issuing shares to Rising Sun Holdings 

Magma Fincorp Limited announced that its shareholders have approved the company’s plans to raise Rs 3,456 crore by issuing preference shares to Adar Poonawalla-controlled Rising Sun Holding Pvt Ltd (RSHPL) and two members from the promoter group. Around 49.37 crore preference shares will be issued at Rs 70 per share to RSHPL and the two promoters. After the transaction, RSHPL will hold a controlling stake of 60% in Magma Fincorp.

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Sun Pharma’s subsidiary acquires 12% stake in Australia-based WRS Bioproducts

The Australian subsidiary of Sun Pharmaceutical Industries Ltd has acquired 4.28 lakh shares (or 12% fully diluted equity stake) of WRS Bioproducts Pty Limited. The total value of the acquisition was AUD 2 million (~Rs 11.24 crore). WRS Bioproducts is engaged in developing novel technologies to produce and commercialise supplements and nutraceutical ingredients from diverse algae species in Australia.

Man Infra’s subsidiary secures order worth Rs 84 crore

Man Vastucon, a wholly-owned subsidiary of Man Infraconstruction Ltd, has received an order worth Rs 84.32 crore from Mira Shaindar Municipal Corporation (MSMC). The scope of work consists of the construction of an auditorium situated off Western Express Highway, Mira Road East, Thane. The project will be completed and handed over to MSMC within a year.

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Dr Reddy’s gets 3 observations from USFDA for US-based API plant

Dr Reddy’s Laboratories said that the US Food & Drug Administration (USFDA) has issued a Form 483 with three observations after inspecting its active pharmaceutical ingredients (API) manufacturing plant in Middleburgh, New York. Form 483, which is issued to a firm at the end of an inspection, specifies any conditions that may be in violation of the Food Drug & Cosmetic Act or other regulations. Currently, Dr Reddy’s does not have any sales from this API plant.

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Quick Heal Technologies’ board approves proposal for Rs 155 crore share buyback plan

The Board of Directors of Quick Heal Technologies has approved the proposal to buyback 63.26 lakh equity shares at Rs 245 per share. This represents 0.85% of the total paid-up equity share capital of the software company. The total buyback size will be Rs 155 crore. The board has also approved the de-registration and closure of the company’s wholly-owned subsidiary, Quick Heal Technologies Africa. This closure was part of the firm’s recently concluded business reorganisation exercise.

Board of Shriram EPC approves the issuance of preference shares worth Rs 350 crore to lenders

The Board of Directors of Shriram EPC, on Wednesday, discussed and cleared the issuance of non-convertible redeemable preference shares (NCRPS) worth Rs 350 crore to the lenders of the company against their loans and for other related activities. Shriram EPC is a construction company based in Chennai.

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India’s WPI Inflation Eases to 1.22% in December – Top Indian Market News

India’s WPI inflation eases to 1.22% in December

Wholesale inflation in India fell to the lowest level in four months, mainly due to a decline in the prices of food articles. Inflation based on the Wholesale Price Index (WPI) fell to 1.22% in December from 1.55% in November. The WPI was at 2.76% in December 2019. The WPI Food Inflation fell from 4.27% in November to 0.92% in December, as vegetables and pulses became cheaper.

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Passenger vehicle sales up 13.59% in December: SIAM

According to data released by the Society of Indian Automobile Manufacturers (SIAM), the total sales of domestic passenger cars increased by 13.59% to 2.52 lakh units in December 2020, as compared to 2.22 lakh units in December 2019. Two-wheeler sales rose by 7.42% YoY to 11.27 lakh units in December 2020. However, the latest figures from SIAM show that automobile exports from India declined by 18.87% to 38.65 lakh units in 2020. Overseas shipments of vehicles in the Jan-Dec period in 2019 stood at 47.63 lakh units.

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HFCL Q3 Results: Net Profit rises 86% YoY to Rs 85 crore

HFCL Ltd reported an 86.73% YoY increase in net profit to Rs 85.11 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 45.58 in the corresponding period in FY20. HFCL’s revenue rose by 49.68% YoY to Rs 1,277.48 crore during Q3 FY21. HFCL (or Himachal Futuristic Communications Ltd) is a fiber optic cable manufacturing company.

Adani Enterprises wins Rs 1,838-crore highway project from NHAI in Kerala

Adani Enterprises Ltd (AEL) has won a Rs 1,838-crore highway project from the National Highways Authority of India (NHAI) in Kerala. The project, granted under the Hybrid Annuity Mode (HAM), is part of the Bharatmala Pariyojna of the Central Government. The 40-km road project pertains to six-laning of the Azhiyur-Vengalam section of NH-17 (New NH-66) in Kerala. With this, Adani Group has a total of six NHAI road projects under HAM in Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, and Kerala.

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Indigo Paints to launch IPO on January 20; price band fixed at Rs 1,488-1490

Indigo Paints will launch its initial public offering (IPO) on January 20. The price band of the IPO has been set at Rs 1,488-1,490 per share. It comprises fresh issuance of equity shares aggregating to Rs 300 crore and an offer for sale (OFS) of up to 58.4 lakh shares by Sequoia Capital India Investments IV,  SCI Investments V, and promoter Hemant Jalan. The three-day IPO will conclude on January 22.

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DEN Networks Q3 Results: Net profit rises 238% YoY to Rs 65 crore

DEN Networks Ltd reported a 238.69% year-on-year (YoY) increase in consolidated net profit to Rs 65.57 crore for the quarter ended December (Q3). It had posted a net profit of Rs 19.36 crore during the corresponding period in FY20. The firm’s revenue increased by 7.58% YoY to Rs 342.18 crore in Q3 FY21. DEN Networks is a cable distribution company in which Reliance Industries (through its subsidiaries) holds a majority shareholding. 

Dixon Technologies’ board to meet on Feb 2 to consider stock split plan

Dixon Technologies Ltd announced that its board will meet on February 2 to consider the sub-division of equity shares of the company. It will also consider and approve financial results for the third quarter ended December 31, 2020. Generally, a company plans to go for a stock split to make the shares more affordable for small retail investors and increase liquidity. 

As per a report from Economic Times, Padget Electronics (a wholly-owned subsidiary of Dixon Technologies) will begin assembling phones for HMD Global at its factory in Noida. HMD Global is the maker of Nokia and Motorola smartphones. The report also states that LED TVs of brands including Nokia, Intex, Lloyd, and Toshiba will be manufactured at Dixon Tech’s Chittor factory.

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Bharat Dynamics and Thales partner to manufacture STARStreak Air Defence System in India

Bharat Dynamics Ltd (BDL) and Thales have signed a Teaming Agreement to work in partnership on the STARStreak Air Defence system, with the support of the Governments of India and the UK. BDL will become a part of the STARStreak global supply chain. This would provide the opportunity for exporting the system to existing and future STARStreak Air Defence customers. The agreement would also allow BDL to offer the STARStreak missile system to the Indian Armed Forces, with a minimum of 60% indigenous content, under the ‘Make in India’ programme.

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L&T receives multiple orders in domestic market

Larsen & Toubro (L&T) announced that its construction arm has received multiple orders across its business segments in the domestic market. The orders fall under the “significant” category, which ranges between Rs 1,000 crore and Rs 2,500 crore. The firm’s buildings and factories business has won an order from a reputed developer to construct an office space in Mumbai. It has also won an order from the Haryana Government to construct a Medical College at Jind.

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Indian Hume Pipe Company receives LoA for water supply project from Govt of Karnataka

Indian Hume Pipe Company Ltd has received a letter of acceptance (LoA) for an order worth Rs 198.80 crore from Minor Irrigation and Ground Water Development Division- Kalaburgi, Karnataka Government. The order consists of filling tanks in Kalaburgi (South) Taluka by lifting Water from Bennethora Reservoir for ground-water development & drinking water purpose on a turnkey basis. The contract also includes operation and maintenance services for 5 years. The project is to be completed within 24 months.

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Garden Reach Shipbuilders signs $12.7 million deal with Government of Guyana

Garden Reach Shipbuilders & Engineers (GRSE) has signed a contract with the Government of Guyana to build a passenger and cargo ship for $12.7 million (~Rs 92.75 crore). GRSE is one of India’s leading shipyards, located in Kolkata. It builds and repairs commercial and naval vessels.

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Categories
Market News Top 10 News

Automakers Fear Container Shortage to Hit Parts Supply, Output – Top Indian Market News

Indian automakers fear container shortage to hit parts supply, output

Automakers in India are bracing for a parts shortage and possible production losses over the next 3-4 months due to a global shortage of available shipping containers. The concern was put forth by the Society of Indian Automobile Manufacturers (SIAM). The trade body stated that shipping freight rates have surged since July and companies are now finding it difficult to sustain normal trade operations. Major auto exporters also have to book containers weeks in advance.

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Aurobindo Pharma & COVAXX to develop Covid-19 vaccine for India, UNICEF

Aurobindo Pharma Ltd has entered into an exclusive licensing agreement with US-based COVAXX to develop, commercialize, and manufacture UB-612 for India and the United Nations Children’s Fund (UNICEF). UB-612 is the first Multitope Peptide-based vaccine to fight Covid-19. COVAXX is currently conducting a Phase-1 clinical trial for the vaccine candidate. Aurobindo Pharma will manufacture the finished doses of UB-612 at its facilities in Hyderabad.

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Adani Power terminates pact to buy 49% stake in Odisha Power Gen Corp

Adani Power, on Thursday, said that the agreement to acquire a 49% stake in Odisha Power Generation Corporation (OPGC) from the affiliates of the AES Corporation has been formally terminated. The Odisha government, which holds a 51% stake in OPGC, had exercised the Right of First Refusal (RoFR) to purchase the 49% stake held by AES. In June 2020, Adani Power had announced a share sale and purchase agreement (SSPA) to acquire a total of 89.3 lakh equity shares (or 49% stake) in OPGC from AES OPGC Holding and AES India Pvt Ltd.

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SpiceJet partners with GMR Hyderabad Air Cargo for Covid-19 vaccine delivery

SpiceJet Ltd announced that it has signed a Memorandum of Understanding (MoU) with GMR Hyderabad Air Cargo (GHAC) to provide cargo services to all vaccine manufacturers in the region. SpiceXpress, the cargo arm of SpiceJet, aims to provide the first-mile pickup and last-mile delivery to carry Covid-19 vaccines across the domestic and international markets. Under the MoU, GHAC will provide the required space for SpiceJet’s vaccine shipments and also train its personnel on the handling of the vaccine.

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Vodafone Idea, Airtel file segmented offer details to TRAI

Vodafone Idea and Bharti Airtel have both complied with the telecom regulator’s (TRAI) recent directive and filed details of all their segmented offers made between January and November 2020. On December 4, TRAI had directed all telecom companies to submit details of all segmented offers made between January and November 2020, including offer name, tariff rates, terms and conditions, validity spans, and benefits- within 15 days. TRAI stated that such disclosures would need to be made on a monthly basis for each service area.

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India challenges Vodafone arbitration ruling in Singapore: Report

According to a report from ET, the Indian Government has challenged the international arbitration court’s ruling in favour of Vodafone Plc in the retrospective tax case. In September 2020, Vodafone had won the long-pending arbitration case against India’s income tax (IT) department that demanded over Rs 22,000 crore on a retrospective basis. The tribunal, in its ruling, had said the government must cease seeking dues from Vodafone and pay more than Rs 40 crore to the company as partial compensation for its legal costs.

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Govt of Himachal Pradesh allots three hydro projects to SJVN

The Government of Himachal Pradesh has allotted three hydro projects of 501 MW capacity in Chenab Basin to SJVN Ltd. In a Cabinet meeting held today (which was chaired by CM Jai Ram Thakur), SJVN was allocated 104 MW Tandi, 130 MW Rashil, and 267 MW Sach Khas Hydro Electric Projects in the Chenab Basin. With the allocation of these three projects, SJVN has now secured six projects with a total capacity of 1279 MW in the Chenab Basin.

Lupin gets tentative nod from USFDA for toenail fungus topical treatment solution

Lupin Ltd announced that it has received tentative nod from the US Food & Drug Administration (USFDA) to market generic Efinaconazole topical solution 10%. The solution is used for treatment of fungal infections of toenails. The product is a generic version of Bausch Health Americas Inc’s Jublia topical solution of the same strength. According to IQVIA MAT September 2020 data, Efinaconazole topical solution 10% had an estimated annual sales of $222.9 million (~Rs 1,640 crore) in the US.

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Central Bank to exit housing finance business; to sell JV stake for Rs 160 crore

Central Bank of India will exit its housing finance joint venture, CBHFL, by selling its entire stake of over 64% to Centrum Housing Finance. Centrum Capital, which is the parent of Centrum Housing, stated that the cost of the acquisition is about Rs 160 crore. Centrum Capital said the deal is expected to be closed in about 2-3 months. CBHFL is a financing and mortgage company jointly promoted by four public sector institutions – Central Bank of India, National Housing Bank, Specified Undertaking of Unit Trust of India (SUTTI), and Housing and Urban Development Corporation (HUDCO).

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Caplin Point receives approval from USFDA for anesthetic injection

Caplin Point Laboratories stated that its subsidiary, Caplin Steriles, has received final approval from the USFDA for etomidate injection USP. Etomidate is a general anesthetic, used for the induction of general anesthesia and for the supplementation of sub potent anesthetic agents. According to IQVIA (IMS Health), etomidate injection USP had US sales data of approximately $9 million (~Rs 66.16 crore) for the 12-month period ending October 2020.

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Categories
Editorial

Vehicle Scrappage Policy in India – All You Need to Know

Indians always seem to hold a sentimental value towards their first vehicle. We find it difficult to sell or dispose of our cars even after 10-15 years of use. However, these vehicles could end up causing a lot of negative effects on the environment. Times are definitely changing, and our country is making a conscious effort to bring in sustainable development plans. To protect our environment from further pollution, the government is planning to introduce a vehicle scrappage policy soon. Let us learn more about what this policy is all about.

  1. What is the Vehicle Scrappage Policy?
  2. What are the Effects of the Scrappage Policy
  3. How Will the Vehicle Owners Benefit? 
  4. Too Late, or Better Late Than Never?

What is the Vehicle Scrappage Policy?

According to a CNN report in February 2020, India has 21 of the world’s 30 cities with the worst air pollution. The carbon emissions from end-of-life vehicles (ELV) is one of the biggest contributors to air pollution. These old cars have already caused a major health crisis in cities such as Delhi. In fact, almost 5 years ago, the National Green Tribunal had ordered cars older than 15 years from plying on the roads in Delhi-NCR. But this order was enforced only much later. It has not been very successful due to the absence of government-operated scrapping units.

In July 2019, the Central Government held discussions for bringing essential changes to the motor vehicle rules throughout India. Currently, the fitness certificate for commercial vehicles older than 15 years has to be renewed every year. The government has proposed to change the renewal process to once every six months.

But, the major change to the motor vehicle rules would be the introduction of the Vehicle Scrappage Policy. The government suggested the scrapping of vehicles that had exceeded 15 years of usage. This meant that old vehicles would not be allowed to run on our Indian roads if it is older than 15 years. The policy would basically target old vehicles that are approaching end-of-life. This essential scheme which was initially implemented in Delhi will now apply to every state in India.

Reports have stated that the Minister of Road and Highways, Nitin Gadkari, and the president of the Society of Indian Automobile Manufacturers (SIAM) are in talks to implement the policy at the earliest. 

What are the Effects of the Scrappage Policy

As we have already mentioned, this policy would help to reduce carbon emissions that arise from these old cars. This could be one of the most important policies that support green initiatives by the government.

Apart from the environmental concerns, the Vehicle Scrappage Policy could also help to increase demand in the market. This means that new vehicles that are launched in the automobile industry could get a major boost in demand. Kenichi Ayukawa, the President of Siam is also the CEO of Maruti Suzuki India. This could be why SIAM is encouraging the government to implement the scrapping policy at the earliest. The policy could also reduce India’s steel import, as the metal deposits from the scrapped cars could be recycled and used for other purposes. So, we can say that the overall benefit of this policy would help our country to become self-sufficient and boost domestic production.

How Will the Vehicle Owners Benefit? 

We know that the resale value of 15-year-old vehicles could be extremely low. The owners of these cars will get next to nothing if they are selling it by themselves. The Vehicle Scrappage Policy would help to tackle this problem as well. If these owners send their old cars to the scrapyard, they will be eligible for monetary compensation through the policy.

The Government is also in talks with automobile manufacturers, to provide discounts or other incentives to new car buyers if they have scrapped their old vehicles. Hence, it will be a win-win solution for everyone! 

Too Late, or Better Late Than Never?

Vehicle Scrappage Policies have been highly successful in countries such as Canada and the United Kingdom. But these policies have been around for more than a decade. So, we can state that India is quite late in implementing this highly important scheme. But, better late than never, right? 

This policy, if implemented with great accuracy and commitment, could be a major step towards securing India’s sustainable development goals. Let us hope that the guidelines will be followed, and important incentive schemes are provided for the automakers and car owners. Let us look forward to the latest notification from the government regarding the much-awaited scrappage policy.