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ONGC to Invest Rs 1 Lakh Cr to Set Up Petrochem Plants – Top Indian Market Updates

ONGC market updates | marketfeed

ONGC to invest ₹1 lakh crore to set up 2 petrochem plants

Oil & Natural Gas Corporation (ONGC) plans to invest about ₹1 lakh crore to set up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for energy transition. The company aims to raise its petrochemical capacity to 8.5-9 million tonnes (MT) by 2030. One project is likely to be set up by ONGC on its own and the other in a joint venture.

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Suzlon’s wind turbine gets RLMM listing

Suzlon Group’s S144 – 3 MW series of wind turbines received the Revised List of Models & Manufacturers (RLMM) listing from the Ministry of New & Renewable Energy (MNRE). This listing marks an important milestone for the successful commercialisation of the product. Suzlon has already installed a prototype of this series at a hub height of 160m with a hybrid lattice tubular (HLT) tower at the Gondal site in Gujarat.

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RBI asks Bajaj Finance to stop disbursal of loans under ‘eCOM’ and ‘Insta EMI Card’

Reserve Bank of India (RBI) has asked NBFC Bajaj Finance to stop sanctioning and disbursing loans under its two lending products ‘eCOM’ and ‘Insta EMI Card’ with immediate effect due to non-adherence of lending norms set out by the regulator. The central bank said it will review these supervisory restrictions following the rectification of the deficiencies listed.

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Siemens to buy extra 18% stake in India unit for €2.1 billion

Siemens AG plans to acquire an additional 18% stake in its India unit from Siemens Energy AG for €2.1 billion in cash. This would increase Siemens’ stake in the publicly listed India unit from 51% to 69%, while Siemens Energy’s stake would decline from 24% to 6%. Siemens Energy is looking to shore up its finances to offset losses of its Gamesa wind business.

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IIFL Finance to invest ₹200 crore in subsidiary

IIFL Finance Ltd. will invest ₹200 crore in its material subsidiary, IIFL Samasta Finance, by subscription of equity shares. The company’s Board of Directors approved the investment by subscription of approx. 7.48-crore fully paid-up equity shares of face value ₹10 each at ₹26.74 per share. The subsidiary will use the money to support growth, reduce gearing, and improve capital adequacy.

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TCS forcing employees to transfer to different base locations: NITES

Nascent Information Technology Employees Senate (NITES) has filed a complaint with the labour ministry against Tata Consultancy Services (TCS). The IT sector employee rights organisation alleged that TCS has initiated transfers of employees to different base locations without consulting them. The affected employees are required to relocate to the new location within 14 days or stand to have their salaries deducted.

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Gland Pharma gets tentative USFDA approval for Angiotensin

Gland Pharma Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Angiotensin II Injection. The injection is used to treat low blood pressure. According to IQVIA data, the Angiotensin II Injection had sales of around $38 million for 12 months ended September 2023 in the US.

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Trade deficit widens to record high in October

India’s merchandise exports rose by 6.21% YoY to $33.57 billion in October 2023. Trade deficit rose to a record high of $31.46 billion during the month. Imports increased to $65.03 billion last month, compared to $57.91 billion recorded in October 2022. During the April-October period of FY24, exports contracted by 7% YoY to $244.89 billion.

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Religare did not disclose ₹250Cr ESOPs issued to Rashmi Saluja in subsidiary: InGovern

According to a report by InGovern, Religare Enterprises Ltd failed to disclose employee stock options issued to Chairperson Rashmi Saluja in its subsidiary Care Health Insurance Ltd. Nearly 2.27 crore options, representing 2.5% of the share capital and valued at over ₹250 crore, were granted to Saluja in January 2022. The options were issued at a “deep discount” of an exercise price of ₹45.32 per share

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Zomato’s Net Loss Narrows to Rs 188Cr in Q4 – Top Indian Market Updates

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

Zomato Q4 Results: Net loss narrows to Rs 188 crore

Zomato reported a narrowed consolidated net loss of Rs 188 crore for the quarter ended March (Q4 FY23). The company had posted a net loss of Rs 360 crore in the year-ago period. Its consolidated revenue rose 70% YoY to Rs 2,056 crore during the same quarter. EBITDA stood at Rs 1,257 crore, up 75% YoY. The food delivery business reported a revenue of Rs 1,530 crore in Q4 FY23, compared with Rs 1,284 crore a year ago.

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RBI to transfer Rs 87,416 crore as dividend to Centre for FY23

The Reserve Bank of India’s board has approved the transfer of Rs 87,416 crore as surplus to the Central government. In FY22, the RBI transferred Rs 30,307 crore to the government. Dividends from public sector enterprises and other investments have been estimated at Rs 43,000 crore for FY24.

In other news, RBI said it will withdraw Rs 2,000 notes from circulation and people can exchange or deposit them in their bank accounts by September 30. 

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Infibeam looks to raise up to $50 million by listing UAE step-down arm

Infibeam Avenues plans to raise $25-50 million by listing its subsidiary Avenues World FZ LLC on NASDAQ Dubai and Dubai Financial Market. The fintech company acquired Vavian International Ltd. in 2018 and Avenues World FZ LLC operates as a subsidiary of Vavian. The listing may involve offering up to 25% of equity stake in Avenues World FZ LLC.

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JSW Steel Q4 Results: Net profit rises 13% YoY to Rs 3,664 crore

JSW Steel reported a 13% YoY increase in consolidated net profit to Rs 3,664 crore in Q4 FY23. Its operating revenue stood at Rs 46,962 crore in the quarter, compared to Rs 46,895 crore in Q4 FY22.  EBITDA stood at Rs 7,939 crore in the quarter. The company’s board has recommended a final dividend of Rs 3.4 per equity share.

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Strides Pharma passes USFDA’s inspection of Puducherry plant

Strides Pharma announced that the US Food & Drug Administration (USFDA) inspection at its Puducherry plant was successful. The facility’s classification has been changed from Official Action Indicated (OAI) to Voluntary Action Indicated (VAI) by the USFDA. This reclassification enables the facility to receive approvals for its filed abbreviated new drug applications (ANDAs).

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Delhivery Q4 Results: Net loss widens to Rs 159 crore

Delhivery reported a widened net loss at Rs 159 crore for the quarter ended March (Q4 FY23). The company had reported a loss of Rs 120 crore in the year-ago period. Its operating revenue fell 10% YoY to Rs 1,860 crore in Q4. Adjusted EBITDA for the quarter turned positive to Rs 6 crore in Q4 FY23, compared to a loss of Rs 67 crore in Q3 FY23.

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Gail initiates legal proceedings against Gazprom for non-supply of LNG

Gail (India) Ltd has initiated legal proceedings against Gazprom for non-delivery of LNG. The company is seeking damages from Gazprom and has filed for arbitration in London. The central government had previously opposed pursuing arbitration or seeking damages, preferring a bilateral approach. The specific amount being sought by Gail has not been disclosed.

In other news, Gail plans to borrow up to Rs 7,000 crore in FY24 to fund its Rs 10,000 crore capital expenditure plan.

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Power Grid Q4 Results: Net profit rises 4% YoY to Rs 4,320 crore

Power Grid Corporation of India reported a 4% YoY increase in consolidated net profit to Rs 4,320 crore in Q4 FY23. Its consolidated revenue increased by 15% YoY to Rs 12,264 crore during the same quarter. EBITDA stood at Rs 10,909.6 crore, up 16.8% YoY in Q4. The company’s board has recommended a final dividend of Rs 4.75 per equity share.

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NCLT dismisses IDBI Bank’s insolvency plea against Zee Entertainment

The National Company Law Tribunal (NCLT) dismissed IDBI Bank’s insolvency plea against Zee Entertainment Enterprises Ltd (ZEEL). IDBI Bank had filed the petition for defaulting on over Rs 149 crore. Zee Entertainment argued that the suspension period barred any insolvency petition, under Section 10A of the Insolvency & Bankruptcy Code, 2016.

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Siemens sells low voltage motors arm to Siemens AG for Rs 2,000 crore

Siemens has announced the sale and transfer of its low voltage motors and geared motors businesses to Siemens Large Drives India, effective from October 1, 2023. The deal is valued at Rs 2,200 crore. The company plans to distribute 100% of the sale proceeds as a special dividend after the transaction is completed.

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Vi Lost 25 Lakh Subscribers in Dec – Top Indian Market Updates

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

Vodafone Idea loses nearly 25 lakh subscribers in Dec: TRAI

Vodafone Idea (Vi) lost nearly 24.7 lakh subscribers in December 2022, as per the latest official data released by the Telecom Regulatory Authority of India (TRAI). Reliance Jio gained 17.08 lakh subscribers in the same period, while Bharti Airtel gained 15.26 lakh subscribers. 

Meanwhile, Vi reported a net loss of ₹7,990 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹7,595.5 crore in Q2.

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Nestle India Q4 Results: Net profit rises 66% YoY to ₹628 crore

Nestle India reported a 66% YoY increase in net profit to ₹628 crore for the quarter ended December (Q4 CY22). The company follows the Jan-Dec financial year cycle. Its revenue from operations rose 14% YoY to ₹4,257 crore during the same period. EBITDA stood at ₹973 crore in Q4, up 14% YoY. The FMCG major’s board has declared an interim dividend of ₹75 per share. 

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Ambuja Cements declared as preferred bidder for Uskalvagu limestone block

Ambuja Cements Ltd has been declared as the ‘preferred bidder’ for the Uskalvagu limestone block in Odisha. An e-auction was conducted by the Odisha government for the block. It is spread over an area of 547 hectares with an estimated limestone resource of about 141 million tonnes.

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Tata Steel signs MoU with CBRI for sustainable mining solutions

Tata Steel and Central Building Research Institute (CBRI) signed a Memorandum of Understanding (MoU) to collaborate on research, academic growth, and sustainable solutions in mining. CBRI will provide scientific inputs to Tata Steel on slope stability analysis & control measures in mining areas and sustainable green housing technologies for the rehabilitation and resettlement of families in mining areas.

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Adani Group denies reports of hiring Grant Thornton for audits

Adani Enterprises issued a clarification on reports of appointing Grant Thornton for audits after the Hindenburg crisis. The flagship company of Adani Group termed it as a market rumour. Media reports suggested that the group had appointed accountancy firm Grant Thornton for an independent audit of a few of its companies to come clean after the allegations brought out by the US short-seller Hindenburg Research and to assure investors and regulators.

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Adani Power’s ₹7,000 crore deal to buy DB Power assets fails

Adani Power’s initial pact to acquire the thermal power assets of DB Power has expired, causing the ₹7,017-crore deal to fall through. In August 2022, the Adani group company informed the stock exchanges that it had agreed to buy the assets of DB Power Ltd. DB Power owns and runs a 2×600 MW thermal power plant in Janjgir Champa district of Chhattisgarh.

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HAL gets approval from DGCA for indigenously developed black boxes

Hindustan Aeronautics Ltd (HAL) has received the Indian Technical Standard Order (ITSO) authorisation from the Directorate General of Civil Aviation (DGCA) for its indigenously developed Cockpit Voice Recorder (CVR) and Flight Data Recorder (FDR). CVR and FDR are popularly known as ‘black boxes’. They are used to record critical flight parameters and audio environments in a crash-proof memory.

In other news, HAL has sealed a contract with the Argentinian Air Force for the supply of helicopter spares and engine repair services.

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Siemens unveils first industry-ready 5G routers in India

Siemens Ltd announced the launch of its private industrial 5G router, a critical component for the manufacturing industry in its digital transformation journey. If there is no available 5G network, the device switches automatically to 4G or 3G networks. The applications on private industrial 5G offer long-term benefits to the intra-logistics, autonomous machines, remote diagnostics, augmented reality, and mobile equipment segments.

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Paytm completes ₹850 crore share buyback within 3 months of launch

One97 Communications (Paytm) has completed the buyback of shares via the open market within three months of announcing it. The stock price remained well below the buyback price announced by the company, which allowed for a smooth purchase of the shares through the open market. On December 13, Paytm’s parent announced that it would buy back shares worth ₹850 crore at ₹810 per share through the open market.

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Akme Fintrade files IPO papers with SEBI

Non-banking financial company (NBFC) Akme Fintrade (India) Ltd has filed the Draft Red Herring Prospectus (DRHP) with the Securities & Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO). The IPO includes the fresh issuance of 1.1 crore equity shares. Akme Fintrade is primarily engaged in providing rural and semi-urban-centric lending solutions to customers in Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat.

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Adani Enterprises Posts Rs 820Cr Profit in Q3 – Top Indian Market Updates

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

Adani Ent Q3 Results: Net profit at ₹820 crore

Adani Enterprises reported a consolidated net profit of ₹820 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹11.63 crore in Q3 FY22. Its revenue from operations rose 42% YoY to ₹26,612.23 crore in Q3 FY23. The company’s mining business sales rose nearly 3 times to ₹2,044 crore. The airports business also saw revenue doubling to ₹1,733 crore.

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Tata Group’s Air India to acquire 250 aircraft from Airbus

Tata Sons has signed a Letter of Intent (LoI) to acquire 250 aircraft from European manufacturer Airbus. Air India will buy 40 wide-body A350 planes (used for ultra-long flights) and 210 narrow-body aircraft. The airline is likely to add almost 50 aircraft by the end of FY24, which will increase its capacity by about 50%.

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Grasim Q3 Results: Net profit rises 44% YoY to ₹2,516 crore

Grasim Industries Ltd reported a 44% YoY increase in consolidated net profit to ₹2,516 crore for the quarter ended December (Q3 FY23). Its revenue from operations grew 17% YoY to ₹28,638 crore during the same period. Revenue from the chemicals business stood at ₹2,582 crore in Q3, up 10% YoY.

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ICICI Bank signs MoU with European bank BNP Paribas

ICICI Bank signed a Memorandum of Understanding (MoU) with a European bank BNP Paribas to cater to the banking needs of European corporates operating in India and Indian companies in the European Union. The MoU will establish a framework of partnership between the two banks for providing financial services to corporate customers operating in the India–Europe corridor.

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Eicher Motors Q3 Results: Net profit rises 62% YoY to ₹741 crore

Eicher Motors Ltd reported a 62% YoY increase in consolidated net profit to ₹741 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 29% YoY to ₹3,721 crore during the same period. The company’s EBITDA stood at ₹857 crore in Q3, up 48% YoY. Total sales during the same period rose 48% YoY to 6.16 lakh units.

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USFDA to not take any regulatory action on Aurobindo Pharma Telangana unit

Aurobindo Pharma Ltd said the US Food & Drug Administration (USFDA) has concluded the inspection of one of its manufacturing facilities with voluntary action indicated (VAI) in its Establishment Inspection Report (EIR). VAI is the second-best classification that a plant can get from the USFDA after ‘No Action Indicated’. The unit is an active pharmaceutical ingredients (API) and intermediates facility located in Telangana.

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ITC expects to sell more than ₹2,000-cr worth raw tobacco to BAT in FY24

ITC Limited is projecting to export up to ₹2,335 crore of raw tobacco to British American Tobacco (BAT) in the next financial year (FY24), a 17% increase from the estimated shipments in FY23. The company said it would seek shareholder approval for the plan since it is a related-party transaction. ITC is an associate company of Tobacco Manufacturers (India), which is a subsidiary of BAT, making both related parties.

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Torrent Pharma enters OTC segment with calcium supplement

Torrent Pharmaceuticals has forayed into the over-the-counter (OTC) segment in India with Shelcal 500, a calcium supplement brand. The calcium is sourced from natural ingredients like oyster shells, having good absorption/bioavailability in the body. With Shelcal’s entry into OTC, Torrent Pharma believes the brand will become the largest calcium supplement brand in India.

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Siemens Q1 Results: Net profit rises 85% YoY to ₹462 crore

Siemens Ltd reported an 85% YoY increase in consolidated net profit to ₹462.7 crore for the quarter ended December. The company follows the October-Sept financial year cycle. Its revenue from operations rose 13% YoY to ₹3,550 crore during the same period. EBITDA stood at ₹600 crore in Q1, up 64.8% YoY.

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JSW Steel’s Net Profit Falls 20% YoY to Rs 3,343 crore in Q4 – Top Indian Market News

A crane operator lifts up a finished steel coil at the storage and distribution facility of German steel maker ThyssenKrupp in Duisburg, Germany, January 30, 2020. REUTERS/Wolfgang Rattay/Files

JSW Steel Q4 Results: Net profit falls 20% YoY to Rs 3,343 crore

JSW Steel Ltd reported a 20.2% YoY decline in consolidated net profit to Rs 3,343 crore for the quarter ended March (Q4 FY22). Its total income rose 73% YoY to Rs 47,128 crore during the same period. Expenses surged 98.9% YoY to Rs 41,282 crore in Q4. The company recorded an exceptional loss of Rs 741 crore. JSW Steel’s board has declared a final dividend of Rs 17.35 per share.

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Sun Pharma acquires Uractiv portfolio from Fiterman Pharma in Romania

Sun Pharmaceutical Industries Ltd’s subsidiary, S.C. Terapia, has acquired the Uractive portfolio from Fiterman Pharma in Romania. The portfolio comprises food supplements including minerals, vitamins, cosmetics, and medical devices used for maintaining urinary tract health. Uractiv is a leading brand in its category in Romania, with a portfolio of 12 stock-keeping units (SKUs) having annualised revenues of approximately $8.7 million.

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Nykaa Q4 Results: Net profit falls 49% YoY to Rs 8.56 crore

FSN E-Commerce Ventures (Nykaa) reported a 49% YoY decline in consolidated net profit to Rs 8.56 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 31% YoY to Rs 973.32 crore during the same period. The gross merchandise value (GMV) grew 45% YoY to Rs 179.8 crore in Q4.

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RIL, Jindal Group, HPCL-Mittal Energy in race to buy JBF Petro

Reliance Industries Ltd (RIL), an HPCL-Lakshmi Mittal joint venture, two Jindal Group firms, and three other entities have reportedly shown interest in acquiring bankrupt JBF Petrochemicals. JBF Petro manufactures purified terephthalic acid— a raw material for polyester fibre and PET raisin (used to make jars and bottles for mineral water, carbonated soft drinks). The company has an outstanding debt of Rs 4,700 crore.

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GAIL Q4 Results: Net profit rises 41% YoY to Rs 2,683 crore

GAIL Limited reported a 40.6% YoY increase in net profit to Rs 2,683.11 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 73.4% YoY to Rs 26,968.21 crore during the same period. The cost of materials consumed jumped 207.4% YoY to Rs 3,171.4 crore in Q4. GAIL’s board declared a final dividend of ₹1 per share.

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Siemens’ board approves transfer of LDA biz to Siemens AG arm for Rs 440 crore

Siemens Ltd’s board has approved the sale of its Large Drivers Application (LDA) business to a subsidiary of Siemens AG for Rs 440 crore. The business will be transferred to Siemens Large Drives India Pvt. Ltd. (a subsidiary of Siemens Large Drives GmbH, which in turn is a subsidiary of Siemens AG). The LDA segment recorded a revenue of Rs 443 crore and an operating profit of Rs 25 crore in FY21.

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Ruchi Soya Q4 Results: Net profit falls 25% YoY to Rs 234 crore

Ruchi Soya Industries Ltd reported a 25.4% YoY decline in net profit to Rs 234.43 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 37.72% YoY to Rs 6,663.72 crore during the same period. The foods product segment registered a 15% increase in sales over the previous quarter. The company’s board has declared a dividend of Rs 5 per share.

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Adani Enterprises’ arm to acquire 50% stake in General Aeronautics

Adani Defence Systems and Technologies Ltd (ADSTL) will acquire a 50% stake in Bengaluru-based General Aeronautics Pvt Ltd. ADSTL is a wholly-owned subsidiary of Adani Enterprises Ltd. General Aeronautics is an end-to-end agri platform solution provider. It provides robotic drones and drone-based solutions for crop protection, yield monitoring, precision-farming, etc.

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SJVN signs pact to supply 200 MW solar power to discoms in Bihar

SJVN Limited has signed a power purchase agreement (PPA) for the supply of 200 megawatts (MW) from its solar power projects in Bihar to state discoms. The company has bagged this project at a tariff of Rs 3.11 per unit through Open Competitive Tariff Bidding organised by Bihar Renewable Energy Development Agency (BREDA). The project is scheduled to be commissioned by November, 2023.

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JSW Energy to Rejig Renewable, Thermal Businesses – Top Indian Market News

JSW Energy’s board approves rejig of renewable, thermal businesses

The Board of Directors of JSW Energy Ltd has approved the reorganisation of its green (renewable) and grey (thermal) businesses. All existing and upcoming renewable energy businesses will be housed under JSW Energy Neo Ltd, a wholly-owned subsidiary of the company. This move will help JSW Energy in building and streamlining its renewable portfolio. It will also help in setting up a holding structure that is efficient for fund-raising and unlocking value for shareholders.

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ITC starts clinical trials of nasal spray for Covid-19 prevention: Report

According to a report from Economic Times, ITC Limited has initiated clinical trials for a nasal spray for Covid-19 prevention. Developed by scientists at ITC Life Sciences and Technology Centre, Bengaluru, the company plans to market the nasal spray under the Savlon brand once it gets the requisite regulatory approvals. The product has the potential to be effective and safe in preventing infection and transmission of Covid-19, along with the existing measures of hygiene recommended by health authorities.

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TCS secures deal from South32 for mining-related IT infra management

Tata Consultancy Services (TCS) has won a contract from Australia-based mining company South32 to enhance its IT infrastructure. Under the new contract, the management of critical infrastructure has been consolidated with TCS for end-to-end accountability. TCS will leverage its Machine First Delivery Model to assist South32 in reaching its strategic objective of simplifying and streamlining its IT operations.

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Bosch partners with GIZ for promoting sustainable mobility solutions in Indian cities

Bosch Ltd has partnered with Deutsche Gesellschaft fur International Zusammenarbeit (GIZ) GmbH to jointly launch a green urban mobility innovation initiative for implementing sustainable and smart mobility solutions across several Indian cities. GIZ is a German government-owned enterprise that provides support to achieve objectives in the field of international cooperation for sustainable development. The partnership aims to enhance the green urban mobility and transportation system in India.

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L&T Infotech, IBM set up Innovation & Experience Centre in Bengaluru

L&T Infotech (LTI) has opened an Innovation & Experience Centre at LTI Whitefield campus in Bengaluru that focuses on IBM technologies. The centre will assist enterprises in modernising their operations and accelerating digital transformation journeys. It will also allow customers to engage with LTI and IBM technical resources for in-depth technology briefings, solution demos, software, tool access, and solution workshops.

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Piramal Capital, API Holdings to offer health finance solutions

Piramal Capital & Housing Finance Ltd (PCHFL) has announced a strategic partnership with API Holdings through its digital healthcare platform, Retailio. The partnership aims to provide efficient and seamless financing solutions to consumers, retailers, and merchants in API Holdings’ healthcare ecosystem. PCHFL will offer solutions such as multi-collateral loans for retailers, supply chain financing, and hospital financing.   

Siemens Q4 Results: Net profit falls 2.6% YoY to Rs 321 crore

Siemens Ltd reported a 2.6% YoY decline in consolidated net profit to Rs 321.6 crore for the quarter ended September (Q4). The company follows the October-September financial year cycle. Its total revenue rose 20.75% YoY to Rs 4,358.3 crore during the same period. New orders from continuing operations increased 4.9% YoY to Rs 3,378 crore in Q4. The Board of Directors of Siemens Ltd has recommended a dividend of Rs 8 per share.

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Aurionpro Solutions secures order worth Rs 60 crore from Govt of UP

Aurionpro Solutions Ltd has received an order in the smart transit segment from the Government of Uttar Pradesh. The company will be the system integrator for implementing Internet of Things (IoT) based Integrated Bus Ticketing System for the Uttar Pradesh State Road Transport Corporation (UPSRTC). The order is worth Rs 60 crore.

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Nazara Tech completes acquisition of OpenPlay

Nazara Technologies Ltd has completed the acquisition of skill-based gaming company OpenPlay for Rs 186 crore. The company has acquired 7,670 equity shares of Rs 10 each of OpenPlay Technologies. Nazara Tech has paid the consideration by way of issue and allotment of 6.48 lakh equity shares of Rs 4 each of the company to Unnati Management Consultants LLP.

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Bharti Airtel conducts India’s first 5G trial in the 700 MHz band with Nokia

Bharti Airtel has successfully conducted India’s first 5G trial in the 700 MHz band in partnership with Nokia. The demonstration, which was conducted on the outskirts of Kolkata, also marked the first 5G trial in eastern India. Bharti Airtel has been allotted test spectrum in multiple bands by the Department of Telecommunications for the validation of 5G technology and its use cases.

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Godrej Consumer Reports 59% YoY Rise in Net Profit in Q4 – Top Indian Market News

Godrej Consumer Q4 Results: Net profit rises 59% YoY to Rs 366 crore

Godrej Consumer Products Ltd (GCPL) reported a 59.13% year-on-year (YoY) increase in consolidated net profit to Rs 365.84 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 27%. Its revenue from operations rose 27% YoY to Rs 2,705.69 crore during the same period. GCPL’s revenue from the Indian market was up 34.63% YoY to Rs 1,499.74 crore. For the financial year ended March 31, 2021 (FY21), net profit rose 14.98% YoY to Rs 1,720.82 crore. GCPL said localised lockdowns could impact frontline servicing and replenishment of its outlets.

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JSW Hydro raises $707 million in first offshore bond issuance

JSW Hydro Energy, a subsidiary of JSW Energy Ltd, has raised $707 million (~Rs 5,185 crore) through its first-ever offshore bond issuance. The proceeds from the issue will be used to repay the existing debt of the company’s two operational hydro projects. The senior secured notes will bear interest from May 18, 2021, to May 18, 2031, at the rate of 4.125% per annum. The bonds will be listed on the Singapore Exchange (SGX).

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Moody’s cuts India’s FY22 GDP forecast to 9.3%

Rating agency Moody’s has slashed India’s gross domestic product (GDP) forecast for FY 2021-22 to 9.3% from the earlier projection of 13.7%. The downward revision in GDP estimates comes on the back of the second wave of Covid-19 infections across the country, which have triggered localised lockdowns and mobility curbs. Moody’s stated that the second wave will slow the near-term economic recovery and could also affect long-term growth dynamics.

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Infosys announces strategic collaboration with Britvic

Infosys Limited announced that it has been selected by UK-based Britvic as an end-to-end partner to help them deliver their strategic digital transformation roadmap and operations. Britvic is one of the leading branded soft drinks businesses in Europe. The IT services major will simplify and streamline Britvic’s cloud infrastructure and operations using its Infosys Cobalt platform.

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Granules India Q4 Results: Net profit rises 38% YoY to Rs 128 crore

Granules India Ltd reported a 38.15% YoY increase in consolidated net profit to Rs 127.6 crore for the quarter ended March (Q4). Its revenue from operations rose 33% YoY to Rs 799.3 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 63.8% YoY to Rs 549.45 crore. The pharma company’s board has recommended a final dividend of Rs 0.75 per share.

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JSW Steel’s crude steel out jumps two-fold to 13.71 LT in April

JSW Steel Limited said its crude steel output jumped over two-fold to 13.71 lakh tonnes (LT) in April 2021. The company had produced 5.63 LT in the same month last year. Crude steel output has declined by 5% when compared with March 2021. JSW Steel’s production of flat-rolled products rose three-fold to 9.57 LT, compared with 3.44 LT in April 2020. It produced 3.37 LT long-rolled products in April 2021, compared with 0.89 LT in April 2020.

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UPL signs licensing agreement with Japan-based Meiji Seika Pharma

UPL Limited said its subsidiary has entered into a licensing agreement with Japan-based Meiji Seika Pharma Co. Ltd for exclusive access to Flupyrimin in Southeast Asia. Flupyrimin is a patented active ingredient developed by Meiji. It is a novel insecticide that is effective against rice pests. UPL will obtain exclusive rights to develop, register, and commercialise formulations of Flupyrimin for applications in rice in Southeast Asia.

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Siemens Q2 Results: Net profit rises 90% YoY to Rs 334 crore

Siemens Limited reported a 90.3% YoY increase in consolidated net profit to Rs 334.4 crore for the quarter ended March (Q2 FY21). The company follows the October-September financial year cycle. On a quarterly basis, net profit has risen by 13.16%. Its total income rose 30% YoY to Rs 3,540 crore during the same period. Siemens registered new orders from continuing operations worth Rs 3,309 crore, registering a 16.9% rise compared with the same period last year (Q2 FY20). 

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Firstsource Solutions Q4 Results: Net profit falls 49% YoY to Rs 46 crore

Firstsource Solutions Ltd (FSL) reported a 49% YoY decline in net profit to Rs 46.68 crore for the quarter ended March (Q4). On a quarterly basis, net profit has fallen by 61%. The company’s revenue from operations rose 35% YoY (or 7% QoQ) to Rs 1,460 crore during the same period. Its BFSI vertical grew 66% YoY to Rs 758 crore, while the communications, media, and technology (CMT) vertical grew 23% YoY to Rs 300.94 crore. FSL is a leading business process management (BPM) company based in Mumbai.

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Linde India Q1 Results: Net profit jumps 676% YoY to Rs 303 crore

Linde India Limited reported a 676% YoY jump in consolidated net profit to Rs 303.23 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. On a quarterly basis, net profit increased by 433.8%. Its consolidated revenue rose 17% YoY to Rs 441.42 crore during the same period. The rise in profit has been primarily due to an exceptional item worth Rs 294 crore.

Indiabulls Housing Finance to divest its mutual fund business to Groww for Rs 175 crore

Indiabulls Housing Finance has entered into a definitive agreement with Nextbillion Technology Pvt. Ltd (which operates Groww) to divest its entire stake in the mutual fund business of its subsidiaries— Indiabulls Asset Management Co. Ltd and Indiabulls Trustee Co. Ltd for Rs 175 crore. The deal includes a cash equivalent of Rs 100 crore to be invested in Groww. The transaction is expected to be completed by June 30, 2022. Indiabulls Housing said it will narrow focus on its real estate asset management business, as it looks to operate with an asset-light strategy. 

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Kalpataru Power Q4 Results: Net profit falls 43% QoQ to Rs 174 crore

Kalpataru Power Transmission reported a 43.51% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 174 crore for the quarter ended March (Q4). Net profit has jumped 461% YoY.  Its revenue from operations rose 16% QoQ (or 15.8% YoY) to Rs 4,086 crore during the same period. For the financial year ended March 31, 2021 (FY21), its net profit has increased by 72.05% YoY to Rs 671 crore. The company’s board has recommended a final dividend of Rs 1.5 per share.

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India’s Manufacturing PMI Falls Marginally in February – Top Indian Market News

India’s manufacturing PMI falls marginally in February

India’s factory activity expanded for the seventh straight month in February, driven by strong demand and increased output. The IHS Markit Purchasing Managers’ Index (PMI) for India’s manufacturing sector eased slightly to 57.5 in February from 57.7 in January. Last month, firms responded to rising production needs by boosting their purchasing activities. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

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Automobile companies register strong sales growth in February

Major automobile companies reported healthy sales growth during February 2021. Tata Motors posted a 51.1% YoY jump in total sales to 61,365 units, as passenger vehicle (PV) sales surged two-fold to 27,225 units. Maruti Suzuki reported an 11.8% YoY increase in overall sales to 1.64 lakh units in February. Bajaj Auto posted a 6% YoY rise in total sales to 3.75 lakh units during the same period. Farm equipment manufacturer Escorts reported a 30.6% YoY increase in tractor sales to 11,230 units in February.

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BPCL approves sale of its 61.65% stake in Numaligarh refinery for Rs 9,875 crore

Bharat Petroleum Corporation Ltd’s (BPCL) board has approved the sale of its 61.65% stake in Numaligarh Refinery Ltd (NRL) for Rs 9,875 crore. The consortium of Oil India Ltd (OIL) and Engineers India Ltd will acquire 49% stake. The remaining 13.65% will be sold to the Government of Assam. The sale of NRL is considered to be the first step towards the disinvestment of BPCL.

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Sterlite Tech secures orders worth $100 million in Middle East, Africa 

Sterlite Technologies Ltd (STL) has secured orders worth $100 million (~Rs 734 crore) in the Middle East and Africa for setting up the network and infrastructure for 5G wireless services. The multi-year deals range from providing optical connectivity solutions to network solutions. With these new deals, the STL’s order book stands at a record Rs 11,300 crore. 

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Godrej Properties acquires land parcels worth Rs 166 crore for residential project in Navi Mumbai

Godrej Properties Ltd has emerged as the highest bidder for two adjacent land parcels in Navi Mumbai for a total bid value of Rs 166 crore. The e-auction was conducted by Maharashtra’s City and Industrial Development Corporation (CIDCO). The company will develop a residential project on the 1.5-acre land located in Sanpada, Navi Mumbai. The project is expected to have a development potential of around 4 lakh sq ft.

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IndiGo, BOC Aviation signs purchase-leaseback agreement for eight A320neo planes

Singapore-based aircraft leasing firm BOC Aviation has signed a purchase-and-leaseback agreement with InterGlobe Aviation (IndiGo) for eight new Airbus A320 neo planes. The aircraft are scheduled to be delivered in the second half of 2021. As of December 31, 2020, IndiGo had 287 aircraft in its fleet. Out of this, 272 were on operating lease, while the remaining 15 were owned/finance lease. 

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Siemens acquires 99.2% stake in C&S Electric for Rs 2,100 crore

Siemens Limited has completed the acquisition of a 99.22% equity share in C&S Electric Ltd for Rs 2,100 crore. The Competition Commission of India (CCI) had given its approval for the deal on August 20, 2020. The acquisition will enable Siemens to address the competitive infrastructure low-voltage market in India while creating a manufacturing hub to source low-voltage products for export to competitive markets globally.

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Bharat Dynamics secures order worth Rs 373 crore

Bharat Dynamics Limited said it has received an order worth Rs 372.98 crore for supplying MRSAM Missile Rear Sections for the Indian Air Force. The order is said to be executed on or before November 30, 2023. Hyderabad-based Bharat Dynamics is a leading manufacturer of defense equipment such as ammunitions and missile systems.  

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MCX signs MoU with NSE, India INX, NSDL, and CDSL to set up new entity at GIFT City

Multi Commodity Exchange of India Ltd (MCX) has signed a Memorandum of Understanding (MoU) with National Stock Exchange (NSE), India International Exchange IFSC Ltd (India INX), National Securities Depository Limited (NSDL), and Central Depository Services (India) Ltd (CDSL) for setting up Market Infrastructure Institutions comprising of International Bullion Exchange, Clearing Corporation and Depository at Gujarat International Financial Trade (GIFT) City.

[Bullion refers to physical gold and silver of high purity that is often kept in the form of bars, ingots, or coins]

Biocon Biologics, Viatris Inc. gets CHMP approval for Abevmy

Biocon Biologics, a subsidiary of Biocon Ltd, announced that the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) has recommended the approval of its biosimilar- Bevacizumab- to be marketed as Abevmy. The product was co-developed with US-based Viatris Inc. Abemby is indicated for the treatment of metastatic breast cancer, non-small-cell lung carcinoma, as well as ovarian, cervical, and renal cancer.

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CCI Approves Flipkart-Aditya Birla Fashion Deal – Top Indian Market News

Flipkart-Aditya Birla Fashion deal gets approval from CCI

The Competition Commission of India (CCI) has approved the Rs 1,500 crore deal between Flipkart and Aditya Birla Fashion. Flipkart Investments Private Ltd will acquire a 7.8% minority stake in Aditya Birla Fashion and Retail Ltd (ABFRL). ABFRL plans to use the funds to strengthen its balance sheet and scale up its existing business. The company will also focus on increasing its presence in the emerging high-growth categories such as innerwear, athleisure, casual wear, and ethnic wear. 

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Federal Bank Q3 Results: Net profit falls 8% YoY to Rs 404 crore

Federal Bank reported an 8.2% YoY decline in net profit to Rs 404.10 crore for the quarter ended December (Q3). The bank’s total income improved to Rs 3,941.36 crore in Q3 FY21, as compared to Rs 3,738.22 crore in Q3 FY20. Operationally, the bank saw strong growth in Q3, with net interest income (NII) seeing a 24% YoY growth to Rs 1,437 crore. Provisions for bad loans and other contingencies were increased by 161% YoY to Rs 421 crore in Q3.

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Adani Green Energy commissions 150 MW solar plant in Kutch

Adani Solar Energy Kutchh One, a subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 150 MW solar plant in Kutch, Gujarat. This plant has a power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) at Rs 2.67/kWh for a period of 25 years. With the commissioning of this plant, AGEL’s total operational renewable capacity grows to 3,125 MW. 

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Hindustan Zinc Q3 Results: Net profit rises 36%YoY to Rs 2,200 crore

Hindustan Zinc Ltd (HZL) reported a 36% YoY increase in net profit to Rs 2,200 crore for the quarter ended December (Q3). Its revenue from operations rose 28% YoY to Rs 5,915 crore during the same period. The company reported its highest-ever ore production in the October-December quarter. HZL’s total mined metal production was up 4% YoY to 2.44 lakh tonnes. Integrated zinc production was up 2% YoY to 1.82 lakh tonnes.

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Havells Q3 Results: Net profit rises 74% YoY to Rs 350 crore

Havells India Ltd reported a 74.52% YoY increase in consolidated net profit to Rs 350.14 crore for the quarter ended December (Q3). Its revenue from operations rose 39.67% to Rs 3,175.20 crore during the same period. The company saw increased demand in Q3 due to a pick-up in the overall construction and infrastructure activity. The Board of Directors of Havells India has declared an interim dividend of Rs 3 per share.

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L&T construction arm secures order worth up to Rs 5,000 crore in Bangladesh

The power transmission and distribution business of Larsen & Toubro (L&T) has won a set of transmission line orders in Bangladesh. The orders are valued in the range of Rs 2,500-Rs 5,000 crore. The scope of these packages involves the design, supply, installation, testing, and commissioning of extra high voltage transmission lines on a turnkey basis.

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Indigo Paints IPO subscribed 1.89 times on first day of bidding

The initial public offering (IPO) of Indigo Paints was subscribed 1.89 times on the first day of bidding. The public issue has received bids for 1.04 crore equity shares, against an offer size of 55.18 lakh shares. The portion reserved for retail investors was subscribed 3.3 times and that of non-institutional investors 1.09 times. The employee portion received 72% subscription and that of qualified institutional buyers (QIBs) 10%. 

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Ramco Systems partners with HERE Technologies

Ramco Systems Ltd has partnered with HERE Technologies, a global leader in mapping and location platform services, to embed location intelligence in their Logistics ERP platform. The Ramco Logistics Software is an integrated and smart platform engineered to provide an end-to-end comprehensive business solution for third-party logistics, e-commerce logistics, etc. By embedding the geo-visualization layer provided by HERE, Ramco’s clients will benefit from the real-time view of their logistics operations using HERE Maps.

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LT Foods acquires 30% stake in Netherlands-based Leev  

LT Foods Limited has acquired a 30% stake in Leev.nu, a Netherlands-based packaged foods company, through its subsidiary Nature Bio Foods BV (NBF BV). The transaction allows NBF BV an option to acquire a further 21% stake in Leev.nu at the end of five years. Leev.nu will start sourcing organic produce from NBF for its packed snacking brands. This acquisition gives Nature Bio Foods a direct reach to European consumers- through the mainstream distribution strength of Leev. 

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Newgen Software Q3 Results: Net profit rises 48% YoY to Rs 35 crore

Newgen Software Technologies Ltd reported a 47.83% YoY increase in consolidated net profit to Rs 35.42 crore for the quarter ended December (Q3). Its revenue rose 0.3% YoY to Rs 185.51 crore during the same period. The company’s subscription-based revenues witnessed strong growth in Q3. Newgen Software is a Delhi-based business process management company.

Ola partners with Siemens to build EV manufacturing hub in Tamil Nadu

Ola has partnered with Siemens Ltd to build India’s most advanced electric vehicle (EV) manufacturing facility in Tamil Nadu. The popular ride-hailing platform had signed a Rs 2,400 crore deal with the Tamil Nadu government to set up its first factory in the state. Ola stated that the upcoming manufacturing hub will be the world’s largest scooter manufacturing facility. Ola will have access to Siemens’ integrated Digital Twin design and manufacturing solutions to digitalise and validate product and production ahead of actual operations.

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