Tag: sjvn

Categories
Daily Market Feed Post Market Analysis

Nifty to Turn Bearish? – Post-Market Analysis

bearish - post-market analysis | marketfeed

NIFTY started the day at 19,840 with a gap-down of 60 points.  After opening, the index continued the down move to 19,740 levels— a fall of more than 100 points. It then tried moving up, but the 19,800 round level acted as resistance, and the index continued the decline to 19,710 levels. Nifty closed at 19,742, down by 159 points or 0.8%.

Nifty chart Sept 21 - post-market analysis

BANK NIFTY (BNF) started the day at 45,179 with a gap-down of 205 points. After an initial attempt to recover, 45,300 (near yesterday’s closing level) acted as resistance, and the index continued to move down throughout the day— falling nearly 680 points to 44,600 levels. BNF closed at 44,623, down by 760 points or 1.68%.

Bank Nifty chart Sept 21 - post-market analysis

All indices closed flat-to-red. Nifty PSU Bank (-2.28%) fell the most.

Major Asian markets closed up to 1.3% in the red. European markets are currently trading in the red.

Today’s Moves

Adani Ports (+1.6%) was NIFTY50’s top gainer. 

KSB (+13.54%) on the back of a strong business outlook, driven by a healthy order intake of ₹616.5 crore in the June quarter. [KSB is a leading supplier of pumps, valves and water systems.]

M&M (-3.08%) was NIFTY50’s top loser. The automaker’s Canada-based associate firm Resson Aerospace Corporation has ceased to exist.

Public sector banks Punjab & Sind Bank (-5.89%), UCO Bank (-5.13%), Central Bank (-4.19%), Union Bank (-3.2%), and others fell sharply today.

BLS International Services (-2.7%) fell amid reports that Indian visa services in Canada have been suspended until further notice.

SJVN (-13%) crashed following the government’s decision to offload a 4.92% stake in the company via an offer-for-sale (OFS) route.

Markets Ahead

Nifty is at a very crucial support zone, which can decide the further trend in the index. On the other hand, Bank Nifty has breached the important technical supports and turned bearish.

Nifty: Nifty had made a strong 900-point rally from 19,300 levels to 20,200 recently. This has been followed by a 50% retracement now. In terms of price action, hitting the 50% retracement level could indicate a shift towards bearish sentiment. So today’s low, which is the 50% retracement support, will act as a very crucial level. If that’s breached, we can expect a sell-on-rise scenario with targets of 19,630 and 19,560.

If the index takes support, moves up, and breaks the resistance at 19,760, it may reach an initial target of 19,800, followed by targets at 19,840 and 19,900.

Bank Nifty: The index has breached the 50% retracement level and turned bearish. The next round level support is near 44,500. A breakdown from there can give us targets of 44,325 and 44,250. Meanwhile, the immediate resistance for BNF is near the 44,750 level. A breakout can give us targets of 45,000 and 45,100.

Markets have to hold these levels to continue the uptrend. If not, the indices can turn bearish in the coming weeks.

Being Nifty expiry today, premiums were well balanced and the spikes were minimal, despite the index falling. So it was an easy day for option sellers. The directional move would also have been favourable for option buyers.

How did expiry trading go? Let us know in the comments section!

Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!

Categories
Daily Market Feed Post Market Analysis

Nifty Hits Record High at 20,000! What Next? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,890 with a gap-up of 70 points (above important resistance levels). The index continued the up move gradually to hit a fresh all-time high of 20,008.15 by moving 140 points from the intraday low to high. Nifty closed at 19,996, up by 176 points or 0.89%.

Nifty chart September 11 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 45,340 with a gap-up of 194 points. Initially, the index consolidated near the previous high of 45,350 levels. Then, it eventually gave a breakout and moved up 400 points from the intraday low to 45,600 levels. BNF closed at 45,570, up by 414 points or 0.92%.

Bank Nifty chart September 11 - post-market analysis | marketfeed

All indices except Nifty Media (-0.33%) closed in the green. Nifty PSU Bank (+3.13%) moved up the most.

Major Asian markets closed mixed. European markets are currently trading in the green.

Today’s Moves

Adani Ports (+6.96%) was NIFTY50’s top gainer.

Adani Ent (+3.8%) also closed well in the green today. As per reports, promoters have boosted their holdings in the Adani Group companies as part of an ongoing strategy to recover from the negative publicity.

SJVN (+20%) zoomed after the company’s green energy arm signed a power purchase agreement with Bhakra Beas Management Board to develop an 18 MW solar power project.

ITI (+19.97%) jumped after the company said it has developed a laptop and micro PC in association with Intel Corporation.

Coal India (-1.12%) was NIFTY50’s top loser. 

Natco Pharma (-7.7%) fell sharply after the company was named a defendant in an antitrust lawsuit in the US last week.

Markets Ahead

As mentioned in our earlier post-market report, Nifty and Bank Nifty are yet to catch up to our target of a record high. As markets have been stretched out a lot without much of a retracement, major indices could face some rejection near their all-time highs. Moreover, the increase in India Vix by nearly 6% today indicates a similar scenario. So wait for proper price action to sell. If the rally continues, it’s wise to stay with the trend.

Nifty: The index is at an all-time high! The immediate resistance to watch out for will be 20,000 round levels. If there’s a big gap, some profit booking could be seen. And if there’s a gap-down, we could witness a retracement. So, the important support now is 19,930 levels. A breakdown from there can give us targets of 19,870 and 19,820.

Nifty is also respecting a trendline (as shown below). So watch out for the breakdown from this trendline for a retracement.

Bank Nifty: The important support for the index is near 45,400. A breakdown from there can give us targets of 45,150 and 45,000. Meanwhile, the important resistance to watch out for is near the 45,700 level. A breakout could give us targets of 46,000 and 46,250 levels eventually. 

As per market experts, investors’ optimism about India’s role in the G20 summit outweighed concerns about crude oil prices hitting $90. Today’s up-move in Nifty was mainly driven by a rise in heavyweights like Reliance and banks.

Do you think Nifty will move past 20k tomorrow? Let us know in the comments section of the marketfeed app.

Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!

Categories
Market News Top 10 News

RIL Partners With NVIDIA to Develop AI Infra – Top Indian Market Updates

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

Reliance partners with NVIDIA to develop India’s own AI infra

Reliance Industries is partnering with NVIDIA to develop India’s own large language model. The model will be trained on local languages and tailored for generative artificial intelligence (Al) applications. According to Nvidia, the companies will work together to build Al infrastructure that is “more powerful than the fastest supercomputer in India today”. NVIDIA will provide access to the most advanced NVIDIA GH200 Grace Hopper Superchip and NVIDIA DGX Cloud, an Al supercomputing service in the cloud.

According to a Reuters report, Tata Group is also likely to announce a partnership with NVIDIA for AI.

Read more here.

NTPC Green Energy to develop green hydrogen hub in Tamil Nadu

NTPC Green Energy Ltd (NGEL) has partnered with V O Chidambaranar Port Authority (VOCPA) to develop a green hydrogen hub at Tuticorin in Tamil Nadu. Both entities signed a Memorandum of Understanding (MoU) in this regard. Green hydrogen and its derivatives such as green ammonia and green methanol will be produced at the hub to be built on the land provided by VOCPA.

Read more here.

AU Small Finance partners with Bank Bajaj Allianz Life Insurance to offer insurance products

AU Small Finance Bank (AUSFB) and Bajaj Allianz Life Insurance have entered into a strategic partnership to offer insurance products. The partnership will help AUSFB’s customers gain access to Bajaj Allianz Life’s life insurance products. AUSFB aims to leverage technology-based solutions for its customers through life insurance products offered by Bajaj Allianz Life Insurance.

Read more here.

Oil India plans net zero by 2040

Oil India Ltd aims to invest ₹16,500 crore ($1.98 billion) in clean energy projects to meet its 2040 net zero carbon emissions goal. Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, GAIL (India) Ltd, and Oil & Natural Gas Corp have already announced their net zero goal. Together with Oil India, the six state-run energy companies plan to invest ₹6.38 lakh crore towards reducing carbon emissions.

Read more here.

Natco Pharma sued in US for generic cancer drug

Natco Pharma and other drug makers have been named defendants in an antitrust lawsuit regarding a generic cancer treatment drug in the US. Drug makers including Celgene Corporation, Bristol Myers Squibb, and Breckenridge Pharmaceutical Inc. have been named defendants by Louisiana Health Service & Indemnity Company, D/B/A Blue Cross and Blue Shield of Louisiana and HMO Louisiana Inc. regarding anti-cancer treatment medication Pomalidomide.

Read more here.

SJVN signs agreement with BBMB to set up 18 MW solar project

SJVN Ltd has signed a 25-year Power Purchase Agreement (PPA) with Bhakra Beas Management Board (BBMB). The PPA is to set up an 18-megawatt (MW) solar power project at an investment of ₹90 crore. SJVN signed the agreement through its wholly-owned subsidiary SJVN Green Energy Ltd (SGEL). The project will be developed on the land parcels of BBMB in Himachal Pradesh and Punjab.

Read more here.

Coffee Day Global faces ₹228-crore default allegations

Coffee Day Global Ltd (CDGL) has been facing a legal challenge under Section 7 of the Insolvency and Bankruptcy Code, 2016. CDGL owns and operates the Cafe Coffee Day chain of cafes. The case has been brought by IDBI Trusteeship Services Ltd and filed with the National Company Law Tribunal (NCLT) in Bengaluru. The lawsuit alleges that Coffee Day Global has defaulted on payments totalling ₹228.5 crore.

Read more here.

Titagarh Rail to expand production capacity by year-end

Titagarh Rail Systems plans to raise its production capacity to 1,000 wagons per month by the end of this financial year. Currently, it is operating at a capacity of 600-700 wagons per month. The decision comes as the company continues to secure orders and expand its presence in the domestic (Indian Railways) and export markets.

Read more here.

Angel One to enter into asset management and lending business

Angel One is all set to enter the lending business by the year-end. The company is also planning to get into asset management services. Angel One has been experiencing steady organisational growth in the recent past by adding diversified business verticals into its fold. It also plans to offer a broader spectrum of financial services as part of this growth strategy.

Read more here.

Categories
Market News Top 10 News

Bata in Partnership Talks With Adidas For Indian Market – Top Indian Market Updates

bata

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

Bata in partnership talks with Adidas for Indian market

According to a CNBC-TV18 report, Bata India is in talks with Adidas for a strategic partnership for the Indian market. This anticipated partnership is focused specifically on the Indian market. The primary objective of this strategic collaboration is to leverage Bata’s extensive and impressive retail network across India. With around 2,100 stores spread across 700 cities throughout the country, Bata India’s retail reach has captured the attention of Adidas India.

Read more here.

SJVN signs two agreements to supply 1,200 MW solar power to Punjab

Satluj Jal Vidyut Nigam (SJVN) Ltd has signed two pacts with Punjab State Power Corporation Ltd (PSPCL) to supply 1,200 MW of solar power from its projects. SJVN signed two power purchase agreements (PPAs) for 1,200 MW of solar power recently. SJVN Green Energy Limited (SGEL), SJVN’s arm, proposed the rate of ₹2.53 per unit for the supply of 1,000 MW and ₹2.75 per unit for another 200 MW.

Read more here.

SBI offers relief to loan borrowers in Manipur

The State Bank of India (SBI) has offered to extend relief on loans to its customers in Manipur, who have been affected by the ongoing unrest in the state. The relief package includes a moratorium of up to 12 months on equated monthly instalments (EMIs), interest payments, and other instalments. It will be available to borrowers whose accounts had not turned into non-performing assets (NPAs) as on May 3, 2023.

Read more here.

NCLT allows GE Power to withdraw insolvency petition as BHEL offers settlement

The National Company Law Tribunal (NCLT) allowed GE Power to withdraw its insolvency petition against Bharat Heavy Electricals Ltd with the liberty to revive if the operational debt is not settled. Counsels for GE Power Akshay Sapre, along with Abhijit Swarup and Aneesha Rastogi from The Guild, a law firm, informed the tribunal that BHEL had sent a letter to GE Power to settle ₹25 crore of debt amount owed to GE Power.

Read more here.

JSW Steel may pick majority stake in Teck Coal unit

JSW Steel Ltd is looking to form a consortium to bid for a majority stake in Teck Resources Ltd.’s steelmaking coal business. The company’s offer potentially rivals an $8 billion offer from commodities giant Glencore Plc. JSW is seeking partners for an offer to acquire a 75% interest in the asset, known as Elk Valley Resources Ltd. That’s a marked shift in approach from July when Bloomberg News reported JSW was interested in up to 20% of Teck’s coal business.

Read more here.

ChrysCapital still in race to buy controlling stake in Glenmark Life Sciences

Private equity (PE) firm ChrysCapital remains firmly in the race to acquire Glenmark Pharma’s stake in Glenmark Life Sciences (GLS), with reports about Nirma closing on the deal doing the rounds. Glenmark Pharma’s stake sale is a procedural requirement as per the listing guidelines. Glenmark Pharma’s shareholding in GLS, which is 83% currently, needs to come down to 75% no later than August 2024.

Read more here.

USFDA’s concerns in Lupin’s Goa, Pithampur units are resolved

Lupin Ltd has received correspondence from the US Food & Drug Administration (USFDA) that it has now addressed the concerns raised in the warning letter for its facilities in Goa and Pithampur Unit-2, Indore. This comes after the satisfactory evaluation of the corrective actions taken by the company in response to the warning letter that was issued on November 6, 2017. On July 12, the USFDA inspected its Nagpur oral solid dosage facility from July 3-11. The inspection closed with the issuance of Form 483, with two observations.

Read more here.

Inox Wind’s promoters infuse Rs 500 cr for debt repayment

Inox Wind’s promoter and promoter group entities have infused ₹500 crore in the company for debt repayment. The funds were raised by way of equity share sale of Inox Wind through block deals on the stock exchanges. The company will utilise the funds for the repayment of IWL’s existing debt. The company’s strategic move marks a significant milestone in Inox Wind’s journey towards financial sustainability.

Read more here.

Ramkrishna Forgings secures Rs 145 cr order from European OEM

Ramkrishna Forgings Ltd secured ₹145 crore worth of orders in the European Original Equipment Manufacturer (OEM) sector. The business contract valued at 16 million euros under a long-term agreement will span four years. The new business marks a key achievement for the company as it leverages its proven track record and expertise to venture into a new realm of automotive components.

Read more here.

Categories
Market News Top 10 News

RIL’s Net Profit Falls 11% YoY to ₹16,011Cr in Q1 – Top Indian Market Updates

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

Reliance Industries Q1 Results: Profit falls 11% YoY to Rs 16,011 crore

Reliance Industries (RIL) reported an 11% YoY fall in consolidated net profit to ₹16,011 crore for the quarter ended June (Q1 FY24). Its consolidated revenue also fell 5.3% YoY to ₹2.11 lakh crore during the same period. However, its EBITDA rose 0.25 % to ₹38,093 crore compared to Q1 FY 23. EBITDA stood at ₹37,997 crore in Q1 FY23. The board has recommended a dividend of ₹9 per equity share.

Read more here.

Ramkrishna Forgings to acquire Multitech Auto for Rs 212 crore

Ramkrishna Forgings is set to acquire 100% ownership of Multitech Auto Pvt. Ltd along with its wholly-owned subsidiary Mal Metalliks Pvt. Ltd. The deal is valued at ₹212 crore. The acquisition process is anticipated to conclude within the next six months, subject to obtaining approval from the Adityapur Industrial Area Authority. This strategic acquisition is aimed at facilitating the expansion and growth of Ramkrishna Forgings’ business operations.

Read more here. 

JSW Steel Q1 Results: Net profit rises 179% YoY to ₹2,338 crore

JSW Steel reported a 179% YoY increase in consolidated net profit to ₹2,338 crore for the June quarter (Q1 FY24). The company’s operating revenue for the quarter rose 10.8% YoY to ₹42,213 crore. Additionally, its EBITDA stood at ₹7,046 crore in Q1, up 63.5% YoY.

Read more here.

Jayaswal Neco in talks with funds to refinance its debt of Rs 3,200 crore

Jayaswal Neco Industries is in talks with special situations and private credit funds to refinance a debt of ₹3,200 crore. This high-yield loan is likely to be priced at 18-20%, which will be 600 basis points lower than the current borrowing rate. The company is in talks with funds including Kotak Special Situations Fund and Edelweiss Special Situations Funds.

Read more here.

Vedanta Q1 Results: Net profit falls 40% YoY to ₹2,640 crore

Vedanta reported a 40% YoY increase in consolidated net profit to ₹2,640 crore for the June quarter (Q1 FY24). Its operating revenue also fell 13% YoY to ₹33,342 crore in Q1. Vedanta’s EBITDA stood at ₹6,029 crore, down 38.6% YoY from Q1 FY23.

Read more here.

Lupin unit introduces inhaler for asthma patients in Germany

Lupin has launched a pressurised metered dose inhaler for the treatment of asthma and chronic obstructive pulmonary disease (COPD) in Germany. Lupin’s German subsidiary Hormosan Pharma GmbH introduced Luforbec in the European nation. With a significant portion of the population (5% of adults and 10% of children) currently undergoing asthma treatment, Luforbec aims to provide comprehensive support to patients and healthcare professionals.

Read more here.

UltraTech Cement Q1 results: Net profit rises 7% to ₹1,688 crore

UltraTech Cement reported a 7% YoY rise in consolidated net profit to ₹1,688 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 17% YoY to ₹17,737 crore during the same period. However, its EBITDA fell 1.5% to ₹3,049 crore compared to Q1 FY 23.

Read more here.

DLF to develop a residential project in Mumbai, ties up with Trident Realty

DLF will enter the Mumbai property market with a project in Andheri West. The company will develop around 2.5 million sq ft in the first phase of the project. DLF will allot 9800 equity shares (₹10 face value) at par to Trident Buildtech Pvt Ltd through its subsidiary Pegeen Builders $ Developers Pvt Ltd. Trident realty is already executing projects in Delhi-NCR and Panchkula.

Read more here.

ICICI Securities Q1 Results: Net profit falls 1% YoY to ₹271 crore

ICICI Securities reported a 1% YoY fall in net profit to ₹271 crore for the quarter ended June (Q1 FY24). However, the company’s total revenue rose 18% YoY to ₹934 crore, compared to ₹795 crore in Q1 FY23. The decline in the profit could be attributed to higher expenses, as its total expenses shot up by 33% to ₹570 crore in Q1. 

Read more here.

SJVN inks initial pact with REC to secure Rs 50,000 crore for projects

SJVN Ltd has inked an initial pact with REC Ltd for securing finance of ₹50,000 crore for projects of its subsidiaries and joint ventures. REC will provide financial assistance to set up new power-generating stations based on conventional and renewable sources of energy. Furthermore, REC will assist financially in setting up new technology projects like battery storage, E-vehicles, green hydrogen/ammonia, hydrogen cells storage and manufacturing units for green projects.

Read more here.

Union Bank to sell 8 NAP accounts worth Rs 3,000 cr to NARCL

Union Bank of India has identified eight troubled accounts worth ₹3,000 crore to be sold to the national bad bank NARCL this fiscal. The bank has more than doubled its net income at ₹3,236 crore in the June 2023 quarter on improved asset quality and recoveries. Union Bank had already sold three accounts worth ₹900 crore last fiscal to the national bad bank at a recovery of 33%.

Read more here.

Power Finance Corporation to lend Rs 2.37 lakh crore to 20 clean energy projects

Power Finance Corporation (PFC) has entered into loan agreements worth more than ₹2.37 lakh crore with 20 companies. These firms include Adani Group, Greenco, ReNew Power, Continuum, Avaada, JBM Auto, Rajasthan Renewable Energy and Megha Engineering & Infrastructure, among others. These agreements are part of the company’s plan to position itself as the focal funding agency for the energy transition.

PFC is looking to fund projects like offshore wind, pumped hydro storage, solar modules and cells, among others in the clean energy space.

Read more here.

Categories
Market News Top 10 News

Hindalco Posts 48% YoY Rise in Net Profit in Q1 – Top Indian Market Updates

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

Hindalco Industries Q1 Results: Net profit rises 48% YoY to Rs 4,119 crore

Hindalco Industries reported a 48% YoY increase in consolidated net profit to Rs 4,119 crore for the quarter ended June (Q1 FY23). This is the highest-ever quarterly profit figure the aluminium maker ever posted. Its revenue from operations rose 40.2% YoY to Rs 58,018 crore during the same period. EBITDA stood at Rs 8,640 crore, up 27% YoY. Hindalco’s results in Q1 were driven by the robust performance of its aluminium downstream and copper businesses.

Read more here.

Tata Power partners with JP Infra to set up EV charging points in Mumbai

Tata Power has partnered with real estate developer JP Infra Mumbai to provide electric vehicle (EV) charging points across residential projects in Mumbai. Residents with EVs will have access to a 24×7 charging facility. They can also connect through the Tata Power EZ mobile application for all services, including remote vehicle charging monitoring and e-payments. 

Read more here.

Max Healthcare Q1 Results: Net profit rises 11% YoY to Rs 229 crore

Max Healthcare Institute Ltd reported an 11% YoY increase in net profit to Rs 229 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 5.3% YoY to Rs 1,393 crore during the same period. EBITDA stood at Rs 370 crore in Q1, up 3% YoY. The average revenue per operating bed (ARPOB) increased to Rs 66,000 in Q1 FY23, compared to Rs 51,500 in Q1 FY22.

Read more here.

JSW Energy’s arm to acquire renewable assets from Mytrah Energy

JSW Neo Energy (a wholly-owned subsidiary of JSW Energy) will acquire a portfolio of 1,753 megawatts (MW) of renewable energy generation capacity from Mytrah Energy (India) Pvt. Ltd for Rs 10,530 crore. The assets have a proven operational track record and long-term power purchase agreements (PPA) with an average remaining life of 18 years. The acquisition will help JSW Energy to achieve its renewable-led capacity growth target of 10 gigawatts (GW) by FY25. 

Read more here.

IRCTC Q1 Results: Net profit jumps 198% YoY to Rs 246 crore

Indian Railway Catering & Tourism Corporation (IRCTC) reported a 198% YoY jump in net profit to Rs 245.52 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 250.34% YoY to Rs 852.59 crore during the same period. Total expenses stood at Rs 548 crore in Q1, up 272.8% YoY.

Read more here.

L&T Construction to build cooling towers for Rawatbhata Atomic Power Project

Larsen & Toubro’s construction arm has secured an order (in the range of Rs 1,000-2,500 crore) from the Nuclear Power Corporation of India Ltd (NPCIL) to build natural draught cooling towers and a cooling water pump house for the Rawatbhata Atomic Power Project. The scope of work also includes the construction of a cement mortar-lined and coated steel pipe, the main medium to transport hot water from the turbine to the cooling towers. The project is scheduled to be completed in 36 months.

Read more here.

Eicher Motors Q1 Results: Net profit jumps 157% YoY to Rs 611 crore

Eicher Motors Ltd reported a 157.52% YoY jump in consolidated net profit to Rs 245.52 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 71.18% YoY to Rs 3,325.8 crore during the same period. EBITDA stood at Rs 831 crore in Q1, up 147% YoY.

Read more here.

Civil Aviation Ministry to remove fare caps imposed on airlines from August 31

The Ministry of Civil Aviation will remove fare caps for domestic airlines from August 31, 2022. The Central govt had regulated fares by imposing a minimum and maximum band based on the flight’s duration to prevent ticket prices from spiking due to pent-up demand arising from an easing of restrictions on air travel. The ministry will re-evaluate the fare cap for domestic airlines once there is a healthier environment in terms of jet fuel prices.

Read more here.

SJVN to set up 10,000 MW clean energy projects in Rajasthan

SJVN Ltd has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan to develop 10,000 MW renewable energy projects in the state. These projects/parks will boost socio-economic development in the state and open up multiple direct and indirect employment opportunities. An investment of Rs 50,000 crore is estimated for developing these projects in the next 5-7 years.

Read more here.

Tata Consumer Q1 Results: Net profit rises 38% YoY to Rs Rs 255 crore

Tata Consumer Products Ltd (TCPL) reported a 38% YoY increase in consolidated net profit to Rs 255.46 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 11% YoY to Rs 3,3 crore during the same period. TCPL’s India business grew by 9%, while the international business revenue was up 9% in Q1.

Read more here.

Categories
Market News Top 10 News

RBI Raises Repo Rate by 50 bps to 5.4% – Top Indian Market Updates

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

RBI raises repo rate by 50 bps to 5.4%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has raised the repo rate by 50 basis points to 5.4% to bring down inflation in the country. “The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward while supporting growth,” said RBI governor Shaktikanta Das. The RBI has retained its gross domestic product (GDP) forecast for FY23 at 7.2%.

Repo rate is the interest rate at which a central bank lends money to all the other banks in the country. A hike in repo rates makes bank loans costlier, leading to lower circulation of money in the economy.

Read more here.

Titan Q1 Results: Net profit jumps 13x YoY to Rs 793 crore

Titan Company Ltd reported a 1200% YoY jump in net profit to Rs 793 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 175.8% YoY to Rs 8,961 crore during the same period. Its jewellery business posted an income of Rs 7,600 crore in Q1, up 208% YoY. Income from Titan’s watches & wearables segment grew 169% YoY to Rs 785 crore.

Read more here.

Havells India launches innovative range of ‘Signia’ switches

Havells India Ltd unveiled its innovative range of ‘Crabtree Signia’ switches in Kochi. The range comprises of two categories: smart and luxury switches (Signia Smart and Signia Grande). They are equipped with high-end aesthetics and technology. It was designed in-house at Havells India’s research & development (R&D) center.

Read more here.

M&M Q1 Results: Net profit at Rs 2,360.7 crore

Mahindra & Mahindra Ltd (M&M) reported a consolidated net profit of Rs 2,360.7 crore for the quarter ended June (Q1 FY23). It had posted a net loss of Rs 331.74 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 48.2% YoY to Rs 28,412.38 crore in Q1 FY23. M&M sold 1,49,803 vehicles during the quarter, registering a growth of 74% YoY. 

Read more here.

HDFC raises $1.1 billion ‘social loan’ for financing affordable housing segment

Housing Development Finance Corp (HDFC) Ltd has raised $1.1 billion (~Rs 8,700 crore) from investors under the ‘Syndicated Social Loan Facility’ to cater to the affordable housing segment. The company has raised the amount via external commercial borrowings (ECBs). Proceeds from the social loan would go towards financing affordable housing loans across India.

Read more here.

UCO Bank Q1 Results: Net profit rises 22% YoY to Rs 123.6 crore

UCO Bank reported a 22% YoY increase in net profit to Rs 123.61 crore from the quarter ended June (Q1 FY23). Its net interest income (NII) rose 12.96% YoY to Rs 1,649.54 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 7.42% in Q1 FY23, compared to 9.37% in Q1 FY22. Provisions fell 78% YoY to Rs 246.83 crore in Q1 FY23.

Read more here.

Alkem Labs Q1 Results: Net profit falls 73% YoY to Rs 127 crore

Alkem Laboratories Ltd reported a 72.7% YoY decline in consolidated net profit to Rs 127.64 crore for the quarter ended June (Q1 FY23). Its revenue from operations fell 5.67% YoY to Rs 2,576.38 crore during the same period. International sales declined by 3.8% YoY to Rs 760.4 crore in Q1. EBITDA stood at Rs 203 crore, down 66% YoY.

Read more here.

NTPC partners with Ohmium, Spirare Energy to generate green hydrogen

US-based Ohmium International, Inc., is partnering with Spirare Energy to generate green hydrogen at the NTPC Energy Technology Research Alliance (NETRA) campus. Spirare Energy will manage the engineering, procurement, and construction (EPC) of the project, while Ohmium will provide the hydrogen electrolyzers. NTPC, the largest power utility in India, set up NETRA in 2009.

In other news, NTPC has commissioned the full capacity of the 296 megawatts (MW) Fatehgarh solar power project in Rajasthan.

Read more here.

Nykaa Q1 Results: Net profit rises 33% YoY to Rs 4.5 crore

FSN E-Commerce Ventures Ltd (Nykaa) reported a 33.4% YoY rise in consolidated net profit to Rs 4.55 crore for the quarter ended June (Q1 FY23). However, net profit declined by 47.6% when compared to the previous quarter. Its revenue from operations rose 40.5% YoY to Rs 1,148.42 crore during the same period. Nykaa’s gross merchandise volume (GMV) stood at Rs 2,155.8 crore in Q1, up 47% YoY.

Read more here.

SJVN secures 200 MW solar project worth Rs 1,200 crore in Maharashtra

SJVN Ltd has secured a 200 MW solar project in an e-reverse auction by Maharashtra State Electricity Distribution Company Ltd (MSEDCL). This ground-mounted solar project will be developed by SJVN anywhere in Maharashtra through an EPC contract. The tentative cost for the development of this project is Rs 1,200 crore.

Read more here.

Categories
Market News Top 10 News

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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

Categories
Market News Top 10 News

Tata Power Secures Solar Project Worth Rs 1,731 crore – Top Indian Market News

Tata Power secures solar project worth Rs 1,731 crore

Tata Power Solar Systems (TPSS) has secured an order worth Rs 1,731 crore to build a 300 megawatt (MW) solar project for NHPC Ltd. The project, which will be developed in Rajasthan, is expected to generate ~750 million units (MUs) annually. It will be completed within 18 months. Tata Power’s pending order book has now reached Rs 13,500 crore. Its total utility-scale solar project portfolio has touched 9.7-gigawatt power (GWp).

Read more here.

Ami Organics Q4 Results: Net profit rises 38% YoY to Rs 21 crore

Ami Organics Ltd reported a 38.18% YoY increase in consolidated net profit to Rs 21.28 crore for the quarter ended March (Q4 FY22). Net profit rose 9.3% when compared to the previous quarter. Its revenue from operations grew 54.54% YoY to Rs 143.54 crore during the same period. Ami Organics’ board has declared a final dividend of Rs 3 per share.

Read more here.

SJVN to develop 490 MW Arun-4 hydel power project in Nepal

SJVN Limited will develop a hydro power (Arun-4) worth Rs 4,900 crore in Nepal. The project will be established as a joint venture between SJVN and Nepal Electricity Authority (NEA). It will generate around 2,100 million units (MUs) of energy per annum. This will be the third mega project to be constructed by SJVN in Nepal. The company aims to have 5,000 MW projects in Nepal by 2030.

Read more here.

Bharat Forge Q4 Results: Net profit rises 9% YoY to Rs 232 crore

Bharat Forge Ltd reported a 9% YoY increase in consolidated net profit to Rs 231.86 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 71.5% YoY to Rs 3,573.09 crore during the same period. Total expenses stood at Rs 3,295.61 crore, up 79% YoY. The company’s board has declared a final dividend of Rs 5.5 per share.

Read more here.

BEL to manufacture battery packs for Triton electric trucks

The Pune unit of Bharat Electronics Ltd (BEL) will manufacture lithium-ion battery packs for the electric trucks of US-based Triton. Triton recently signed a pact with the Gujarat State Government for setting up an EV truck manufacturing hub, with a commitment to invest around Rs 10,800 crore over five years. BEL is among the five organisations that will invest in this EV manufacturing hub at Bhuj, Gujarat.

Read more here.

RateGain Travel Tech Q4 Results: Net profit at Rs 11.61 crore

RateGain Travel Technologies Ltd (RTTL) reported a consolidated net profit of Rs 11.61 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 5.83 crore in the corresponding quarter last year (Q4 FY21). Its total income rose 45.2% YoY to Rs 113.98 crore during the same period. RTTL is one of the largest Software-as-a-Service (SaaS) companies in India’s hospitality and travel industry.

Hero MotoCorp expects two-wheeler industry to see double-digit growth in FY23

Hero MotoCorp expects the two-wheeler industry to bounce back in the current financial year (FY23), with economic activity picking up and high grain prices augmenting rural incomes. With macroeconomic indicators looking positive, the company expects the industry to grow in double digits in FY23. Better finance options could also boost sales growth going ahead. Hero MotoCorp will unveil its first electric product on July 1, 2022.

Read more here.

Raymond Q4 Results: Net profit jumps 366% YoY to Rs 263 crore

Raymond Ltd reported a 366% YoY jump in consolidated net profit to Rs 263.31 crore for the quarter ended March (Q4 FY22). Net profit rose 162.57% when compared to the previous quarter. Its revenue from operations grew 43% YoY (or 7% QoQ) to Rs 1,958 crore during the same period. EBITDA stood at Rs 284 crore, up 84% YoY. Raymond’s board has declared a dividend of Rs 3 per share.

Adani Group to become India’s second-largest cement maker with Holcim deal

Adani Group has signed a binding agreement to acquire a controlling stake in Holcim AG’s cement businesses in India for $10.5 billion (~Rs 81,361 crore). The group will acquire Holcim’s 63.19% stake in Ambuja Cements Ltd and its subsidiary ACC Ltd. With this acquisition, Adani will become the second-largest cement manufacturer in India, with a capacity of 70 metric tonnes per annum.

Read more here.

Categories
Market News Top 10 News

RIL Posts 22% YoY Rise in Net Profit in Q4 – Top Indian Market News

Reliance Industries Q4 Results: Net profit rises 22% YoY to Rs 16,203 crore

Reliance Industries Ltd (RIL) reported a 22.4% YoY increase in consolidated net profit to Rs 16,203 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 37% YoY to Rs 2,11,887 crore during the same period. The results are below Street estimates. Reliance Jio reported a 24.2% YoY increase in net profit to Rs 4,173 crore. The telecom major’s revenue grew 20.4% YoY to Rs 20,901 crore in Q4. RIL’s board has declared a dividend of Rs 8 per share.

Read more here.

ONGC wins 18 out of 21 oil, gas blocks in OALP-VI bid round

Oil and Natural Gas Corporation (ONGC) has won 18 out of the 21 areas offered for finding and producing oil and gas in the sixth bid round under Open Acreage Licensing Policy (OALP). Oil India Ltd (OIL) has won rights for two blocks. Opening up more areas for exploration will help boost India’s oil and gas production and bring down high oil import bills.

Read more here.

Tata Power Q4 Results: Net profit rises 31% YoY to Rs 632 crore

Tata Power Company Ltd reported a 31% YoY increase in consolidated net profit to Rs 632 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 16% YoY to Rs 12,085 crore during the same period. EBITDA stood at Rs 2,253 crore in Q4, up 35% YoY. Tata Power’s board has declared a dividend of Rs 1.75 per share.

Read more here.

Federal Bank Q4 Results: Net profit rises 13% YoY to Rs 541 crore

Federal Bank reported a 13% YoY increase in net profit to Rs 540.54 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) grew 7.38% YoY to Rs 1,525.21 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets ratio (GNPA) stood at 2.8% in Q4 FY22, compared to 3.06% in Q3 FY22. The bank’s provisions declined by 70.4% YoY to Rs 75.24 crore in Q4 FY22.

Read more here.

L&T Infotech announces merger with Mindtree

The Board of Directors of L&T Infotech Ltd (LTI) and Mindtree Ltd approved the merger of both the independently listed IT services companies under the Larsen & Toubro Group. The proposed integration will see LTI and Mindtree join to create a scaled-up IT services provider with a valuation of $3.5 billion. All shareholders of Mindtree will be issued shares of LTI at the ratio of 73 shares of LTI for every 100 shares of Mindtree.

Read more here.

Bajaj Consumer Q4 Results: Net profit falls 34% YoY to Rs 36 crore

Bajaj Consumer Care Ltd reported a 34.5% YoY (or 6.7% QoQ) decline in consolidated net profit to Rs 35.82 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 12.2% YoY to Rs 214.95 crore during the same period. The FMCG company’s expenses stood at Rs 184.98 crore in Q4, down 2.21% YoY. Its board has declared a final dividend of Rs 4 per share.

SJVN secures contract for 30 MW wind-solar hybrid project worth Rs 195 crore

SJVN Limited secured a contract worth Rs 195 crore from the Solar Energy Corporation of India (SECI) for setting up a wind-solar hybrid project with 30 megawatts (MW) generation capacity. The state-owned company bagged the project through a tariff-based competitive bidding process for providing electricity at the rate of Rs 2.54 per unit on a build, own, and operate basis. The project is likely to generate ~1,860 million units (MUs) over 25 years.

Read more here.

Canara Bank Q4 Results: Net profit rises 65% YoY to Rs 1,666 crore

Canara Bank reported a 65% YoY increase in net profit to Rs 1,666.22 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) grew 24.84% YoY to Rs 7,005 crore during the same period. The gross non-performing assets ratio (GNPA) stood at 7.51% in Q4 FY22, compared to 8.93% in Q4 FY21. The bank’s provisions rose 1.54% YoY to Rs 3,708.68 crore in Q4 FY22. The bank’s board has recommended a dividend of Rs 6.5 per share.

Read more here.

Lupin gets USFDA approval for Pregabalin capsules

Lupin Ltd has received approval from the US Food & Drug Administration to market Pregabalin capsules. The drug is used to treat pain caused by nerve damage due to diabetes or shingles infection. The product will be manufactured at Lupin’s facility in Aurangabad, Maharashtra. According to IQVIA data, Pregabalin capsules had estimated annual sales of $263 million (~Rs 2,024 crore) in the US during the 12 months ended March 2022.

Read more here.

LIC IPO subscribed 1.38 times on third day of bidding  

The Rs 21,008.48 crore initial public offering (IPO) of Life Insurance Corporation of India (LIC) was subscribed 1.38 times on the third day of bidding. Retail investors have subscribed 1.23 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 76% and 56%, respectively, against their reserved portions. LIC policyholders have subscribed 4.01 times the portion reserved for them. 

To learn more about the IPO, click here.

RBI approves merger between Equitas Holding and Equitas SFB

The Reserve Bank of India (RBI) has cleared the merger between Equitas Holdings and Equitas Small Finance Bank (SFB). The merger is being effected to comply with the RBI norms on small finance banks, mandating the promoter to reduce the stake in the subsidiary to 40% within five years of commencement of operations by the SFB.

Read more here.

Categories
Market News Top 10 News

RIL Raises $4 billion in India’s Largest Forex Bond Deal – Top Indian Market News

RIL raises $4 billion in India’s largest forex bond deal

Reliance Industries Ltd (RIL) has raised $4 billion (~Rs 29,780 crore) in US dollar bonds, marking India’s largest-ever foreign currency bond deal. RIL raised $1.5 billion in a 10-year tranche, $1.75 billion in a 30-year, and $750 million in a 40-year deal. The company plans to use the proceeds from the issue to refinance its existing borrowings. The issue was oversubscribed nearly three times, with a peak order book aggregating $11.5 billion.

Read more here.

L&T Construction secures large contracts under water and effluent treatment segment

The Water & Effluent Treatment Business of Larsen & Toubro (L&T) Construction has secured large orders (in the range of Rs 2,500-5,000 crore). The Department of Water Supply and Sanitation, Punjab, has awarded two EPC orders for the bulk supply of treated water to 10 lakh people across 412 villages in Fazilka and Ferozepur districts. The Odisha government has given a repeat EPC order to execute the Under Ground Pipeline Irrigation System for the Rengali Right Irrigation Project (Phase-I).

Read more here.

Reliance Retail acquires 25.8% stake in Dunzo for $200 million

Reliance Retail Ventures Ltd (RRVL) has invested $200 million (~Rs 1,488 crore) in Bengaluru-based Dunzo as it looks to get a foothold in the country’s rapidly growing market of quick delivery. RRVL will hold a 25.8% stake in Dunzo on a fully diluted basis. Dunzo will enable hyperlocal logistics for the retail stores operated by RRVL to boost its omnichannel capabilities.

Read more here.

ADF Foods gets approval under PLI scheme for food processing industries

ADF Foods Industries Ltd has received approval from the Central Government under Production Linked Incentive (PLI) scheme for food processing industries– incentive for branding and marketing expenditure abroad. The company would be an extended financial incentive at 50% of budgeted outlay on international branding and marketing expenditure or 3% of sales of food products (whichever is lower), subject to a maximum incentive of Rs 61.35 crore from FY22 to FY26.

Wockhardt board approves plan to raise Rs 1,000 crore via rights issue

The Board of Directors of Wockhardt Ltd has approved a proposal to raise up to Rs 1,000 crore through a rights issue. The objective of the issue is to meet the company’s financing needs for repayment of subordinated debt due, financing research & development initiatives, and general corporate purposes.

Read more here.

IRB Infra’s subsidiary executes concession pact for Rs 6,555 crore project in UP

Meerut Budaun Expressway Pvt Ltd (MBEPL) has executed a concession pact with Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) for the Rs 6,555 crore Ganga Expressway project. The total length of the project is 129.7 km. MBEPL is a wholly-owned subsidiary of IRB Infrastructure Developers Ltd.

Read more here.

Alembic Pharma gets USFDA approval for generic drug to treat Parkinson’s disease

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Entacapone tablets. The drug is indicated to treat end-of-dose “wearing-off” in patients with Parkinson’s disease. According to IQVIA data, the tablets had a market size of $10.5 million (~Rs 78.2 crore) for the twelve months ended September 2021.

Read more here.

HDFC Life completes acquisition of Exide Life; to start merger soon

HDFC Life Insurance Company Ltd announced the closure of the acquisition of Exide Life. The company acquired a 100% stake in Exide Life from Exide Industries Ltd after issuing over 8.7 crore shares at Rs 685 per share and a cash payout of Rs 726 crore, aggregating to Rs 6,687 crore. HDFC Life will soon initiate the merger of Exide Life with itself. Exide Industries now holds a 4.1% stake in HDFC Life.

Read more here.

SJVN power stations register 1,480 MU of electricity generation in October-December

SJVN Ltd’s power stations have clocked the highest ever 1,480 million units (MU) of electricity generation in the October-December quarter of 2021-22 (Q3 FY22). The state-run company has surpassed the previous record of 1,343 MU in the corresponding period of FY20, from all its power stations. SJVN is aiming to achieve an installed capacity of 5,000 megawatts (MW) by 2023.

Read more here.

Categories
Market News Top 10 News

IndiGo Signs Codeshare Pact With Air France-KLM – Top Indian Market News

IndiGo signs codeshare agreement with Air France-KLM

InterGlobe Aviation Ltd (IndiGo) has signed an extensive codeshare agreement with Air France-KLM. With this partnership, Air France and KLM will offer their customers access to 25 new Indian destinations. Meanwhile, customers of IndiGo will get access to over 250 global destinations offered by Air France and KLM. The codeshare agreement is subject to government approval and is expected to start in February 2022.

Read more here.

Macrotech Developers, Morgan Stanley to build warehouse project at Rs 600 crore investment

Macrotech Developers Ltd has partnered with Morgan Stanley Real Estate Investing (MSREI) to develop a premium warehousing project with an investment of Rs 600 crore. The logistics park will be spread over 72 acres at Palava Industria & Logistics Park (PILP) near Mumbai. As per the agreement, Macrotech Developers would act as the development manager for the project, responsible for leasing, project development, and asset management.

Read more here.

SJVN, DVC to harness 2,000 MW floating solar energy projects

SJVN Ltd and Damodar Valley Corporation (DVC) have signed a Memorandum of Understanding (MoU) for harnessing 2,000 megawatts (MW) floating solar energy projects. Both entities will jointly identify suitable water bodies and available land under the SJVN and DVC command areas for setting up renewable power projects. This initiative is in line with the renewable energy target set by the Centre and would enable SJVN to expand its footprint across India.

Read more here.

Havells starts operations at washing machine manufacturing unit in Rajasthan

Havells India Ltd has commenced operations at its washing machine manufacturing unit at Ghiloth, Rajasthan. Spread across 50 acres, the unit will significantly strengthen the washing machine production capacity of Lloyd (a Havells brand) with a targeted output of 3 lakh units annually. The Ghiloth facility also houses a manufacturing unit for Lloyd air conditioners with a capacity of 10 lakh units per year.

Read more here.

Man Industries secures pipe manufacturing orders worth Rs 225 crore

Man Industries (India) Ltd has secured orders worth Rs 225 crore for manufacturing pipes. With this new order, the company’s order book has reached Rs 1,700 crore. The projects are to be executed in the next 6-7 months. Man Industries is a manufacturer and exporter of large diameter carbon steel line pipes for various high-pressure transmission applications such as gas, crude oil, petrochemical products, and potable water.

Read more here.

REC signs pact with KfW Development Bank to finance power sector, renewable energy projects

REC Limited has signed an agreement with KfW Development Bank to avail official development assistance (ODA) term loan of $169.5 million to finance the power sector and renewable energy projects. The proceeds from the ODA loan will be deployed for part-financing of innovative solar PV technology-based power generation projects. REC Ltd (formerly Rural Electrification Corporation Ltd) is a public infrastructure finance company in India’s power sector.

Read more here.

Hero MotoCorp to raise prices of vehicles by up to Rs 2,000

Hero MotoCorp Ltd will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from January 4, 2022. The prices will be raised by up to Rs 2,000. This move is to partially offset the impact of steadily increasing commodity prices. It would mark the third hike in Hero MotoCorp’s two-wheeler prices within a span of six months. 

Read more here.

Dixon Tech to invest Rs 127 crore to set up tab, laptop production facility

Dixon Technologies Ltd has announced plans to invest Rs 127 crore to set up a facility at the Kopparty YSR Electronics Manufacturing Cluster (EMC) in Kadapa district, Andhra Pradesh. The firm will produce security surveillance systems, digital video recorders, laptops, and tablets at the new facility. The unit would get two lakh sq ft of space spread across four sheds. Dixon Tech aims to create employment opportunities for 1,800 people at the facility.

Read more here.

Ami Organics to transfer production operations of speciality chemical biz at Ankleshwar to Jhagadia facility

Ami Organics Ltd will transfer the current production operations of specialty chemical business at Ankleshwar facility (acquired from Gujarat Organics Ltd) to a single location at the Jhagadia facility. This move is part of the company’s capacity and production rationalization exercise. The transfer will help the firm achieve better utilization of the plant and improve operational efficiency. Ami Organics is a research and development (R&D) driven pharmaceutical company based in Gujarat.

Indian Oil to invest Rs 9,028 cr to build new crude oil pipeline

Indian Oil Corp (IOC) will invest Rs 9,028 crore to build a new crude oil pipeline between Mundra in Gujarat and Panipat in Haryana. The pipeline will have a capacity of 17.5 million metric tonnes per annum (MTPA). IOC will also build nine crude oil tanks of 60,000 kilolitres each at Mundra. The company aims to raise the capacity of the Panipat refinery from 15 MTPA to 25 MTPA by the second quarter of 2024-25.

Read more here.

Biocon initiates clinical study for Itolizumab in India after approval from DCGI

Biocon Biologics has initiated the clinical study for its drug Itolizumab in India after approval from the Drugs Controller General of India (DCGI). The clinical trial is to understand the possible use of Itolizumab to treat Lupus Nephritis, an autoimmune disease. The company’s partner, US-based Equillium Inc, has expanded its ‘EQUALISE’ study in Systemic Lupus Erythematosus (SLE) and Lupus Nephritis for Itolizumab to clinical centers in India.

Read more here.