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SJVN to Set Up 1,000 MW Solar Power Project – Top Indian Market News

SJVN to set up 1,000 MW grid-connected solar power project

Satluj Jal Vidyut Nigam (SJVN) has secured a contract to set up a 1,000 megawatt (MW) grid-connected solar power project through the bids floated by the Indian Renewable Energy Development Agency (IREDA). The tentative cost for the construction and development of the project is Rs 5,500 crore. It is expected to generate 2,365 million units (MU) of power in the first year. The power generated from the project will be solely for self-use or use by government entities, either directly or through power distribution companies (DISCOMs).

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Zydus Cadila signs pact with Shilpa Medicare to manufacture ZyCoV-D vaccine

Cadila Healthcare Ltd has entered into a definitive agreement with Shilpa Medicare to manufacture its Covid-19 vaccine ZyCoV-D. Shilpa Medicare will produce and supply the vaccine from its integrated biologics R&D cum manufacturing center at Dharwad, Karnataka. India’s drug regulator had given emergency use authorisation for Cadila’s ZyCoV-D on August 20. It is the world’s first DNA plasmid vaccine that can be administered to adults and children aged 12 years and above.

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NBCC secures Rs 968 crore contract to construct 2,000 flats in the Maldives

State-owned NBCC Limited has secured a contract worth Rs 968.5 crore for the construction of 2,000 social housing units in the Maldives. This project is NBCC’s biggest-ever order in the overseas market. A loan agreement was signed between Fahi Dhiriulhun Corporation Limited (FDC) and Exim Bank of India for financing the project. The project covers over 7.2 acres of land across seven plots.

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Caplin Point Labs’s CRO arm completes USFDA audit with zero observations

The US Food & Drug Administration (USFDA) had completed a virtual audit of Caplin Point Laboratories’ clinical research organisation (CRO) division. The audit ended with zero observations. The pharma company said it is committed to maintaining the highest standards of quality and compliance at all its units. The CRO division, Amaris Clinical, performs clinical studies for submissions to various regulators.

Ircon International to set up 500 MW solar power plant

Ircon International Ltd has won a bid to set up a 500 megawatt (MW) solar power plant through an e-reverse auction under the Central Public Sector Undertaking (CPSU) Scheme-II floated by the Indian Renewable Energy Development Agency (IREDA). The approximate cost of the project is Rs 2,400 crore. State-owned Ircon International is a railway infrastructure company.

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IIFL Finance to raise up to Rs 1,000 crore via bonds

IIFL Finance Ltd will open a public issue of secured bonds on September 27 to raise up to Rs 1,000 crore. It will utilise the funds for business growth and capital augmentation. The bonds offer a yield of up to 8.5% per annum and a high degree of safety. The company will issue secured and redeemable non-convertible debentures (NCDs) aggregating to Rs 100 crore, with a greenshoe option to retain an over-subscription up to Rs 900 crore.

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Global oil and gas investment will be 30% below pre-Covid level: ONGC

Global investment in the upstream oil and gas sector this year will be around 30% below pre-Covid levels according to Oil and Natural Gas Corp (ONGC) Chairman Subhash Kumar. He also stated that industry outlooks expect India’s energy demand to double by 2050 with strong growth in natural gas. Meanwhile, ONGC has started gas production from the second deep-water well in its KG basin block in the Bay of Bengal.

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Auriopro launches ‘AuroPay’ platform to offer wide range of services in payment ecosystem

Aurionpro Solutions Ltd has expanded its footprint in the payment business by launching a payment platform. The company has incorporated Aurionpro Payments Pte Ltd (APPL) as a subsidiary in Singapore. APPL has unveiled ‘AuroPay’, an innovative payment platform that offers secure online payment services. The platform will provide gateway services to merchant organizations and become a one-stop shop covering a wide range of services in the payment ecosystem.

CCI fines United Breweries, Carlsberg in beer price-fixing case

The Competition Commission of India (CCI) has imposed a penalty of Rs 750 crore on United Breweries Ltd. and Rs 120 crore on Carlsberg India for indulging in cartelisation in the sale and supply of beer in the country. The two companies and SABMiller India engaged in price coordination and supply restrictions of beer between 2009 and 2018. CCI has also directed the companies, All India Brewers’ Association (AIBA), and various individuals to “cease and desist” from anti-competitive practices in the future.

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Vodafone Idea’s Net Loss Widens to Rs 7,319 crore in Q1 – Top Indian Market News

Vodafone Idea Q1 Results: Net loss at Rs 7,319 crore

Vodafone Idea Ltd (Vi) reported a net loss of Rs 7319.1 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 7,022.8 crore in the previous quarter (Q4 FY21). The telecom operator’s revenue fell 4.7% QoQ (or 14% YoY) to Rs 9,152.3 crore during the same period. Its wireless subscriber base stood at 25.54 crore as of June 2021, as it lost 1.23 crore subscribers since March. The average revenue per user (ARPU) stood at Rs 104 in Q1 FY22, compared to Rs 107 in Q4 FY21.

Vi’s gross debt stands at Rs 1,91,590 crore, including deferred spectrum payment obligations of Rs 1.06 lakh crore and AGR liabilities of Rs 62,180 crore.

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Sobha Q1 Results: Net profit rises 73% YoY to Rs 11 crore

Sobha Limited reported a 73% YoY increase in consolidated net profit to Rs 11.4 crore for the quarter ended June (Q1 FY22). Its total income rose 46.1% YoY to Rs 525 crore during the same period. The company’s cash flows remained healthy during the April-June quarter (Q1), which resulted in a reduction in net debt. Bengaluru-based Sobha Ltd is one of the leading real estate developers in India.

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Amara Raja Batteries Q1 Results: Net profit doubles to Rs 167 crore

Amara Raja Batteries Ltd (ARBL) reported a 98.8% YoY increase in net profit to Rs 167 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 63.85% YoY to Rs 1,886 crore during the same period. ARBL said automotive segment revenue grew on the back of strong growth in exports compared to last year. The company’s telecom and UPS applications registered strong year-on-year (YoY) growth in Q1.

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NTPC invites EOI to set up pilot project on hydrogen blending with natural gas

NTPC Limited has floated a global Expression of Interest (EOI) to set up a pilot project on hydrogen blending with natural gas in city gas distribution networks. The project will be the first of its kind in India and will explore the viability of decarbonizing India’s natural gas grid. State-run NTPC is also exploring the production of green ammonia to decarbonize the fertilizer industry. It aims to fulfill the government’s upcoming mandate of using a certain percentage of green hydrogen in the fertiliser and refinery sector.

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SJVN Q1 Results: Net profit rises 13% YoY to Rs 342.13 crore

SJVN Limited reported a 13% YoY increase in consolidated net profit to Rs 342.13 crore for the quarter ended June (Q1 FY22). Its total income declined by 1.3% YoY to Rs 704.9 crore during the same period. Currently, SJCN has a portfolio of more than 9,000 MW and is executing 27 projects in the hydro, thermal, solar, and wind sectors in India. The state-run company announced that it has secured a 200 megawatt (MW) grid-connected solar PV power project worth Rs 1,000 crore in Bihar.

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ONGC Q1 Results: Net profit jumps 772% YoY to Rs 4,335 crore

Oil and Natural Gas Corp (ONGC) reported a 772% YoY increase in net profit to Rs 4,334.8 crore for the quarter ended June (Q1 FY22). Net profit has declined by 35.6% when compared to the previous quarter. Its revenue from operations rose 77% YoY (or 8.6% QoQ) to Rs 23,021.6 crore during the same period. ONGC’s net crude realisation (price after the deduction of subsidies) rose 13% QoQ to $65.59 in Q1.

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VLCC Health Care files DRHP to raise funds via IPO

VLCC Health Care Ltd has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise funds through an initial public offering (IPO). It is one of the largest players in the wellness and beauty services industry in India. The IPO comprises a fresh issue of equity shares worth Rs 300 crore and an offer for sale (OFS) of up to 89.2 lakh shares by promoters and shareholders. The proceeds from the IPO will be used to set up VLCC Wellness clinics in India and Gulf Cooperation Council (GCC) region. 

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Minda Industries Q1 Results: Net profit at Rs 15.4 crore

Minda Industries Ltd reported a net profit of Rs 15.42 crore for the quarter ended June (Q1 FY22). It had reported a net loss of Rs 134.5 crore in the corresponding quarter last year (Q1 FY21). The company’s revenue from operations jumped 242.5 YoY to Rs 1,602.55 crore in Q1 FY22. Minda Industries is a leading manufacturer and supplier of automotive solutions to original equipment manufacturers (OEMs).

India’s exports rise 49.85% to $35.43 billion in July; trade deficit at $10.97 billion 

India’s total exports increased by 49.85% YoY to $35.43 billion (~Rs 2.62 lakh crore) in July 2021. This can be attributed to the recovery in global markets and strong demand. There was healthy growth in the petroleum, engineering, and gems & jewelry segments in July. Imports rose 63% YoY to $46.4 billion (~Rs 3.44 lakh crore) during the same month. The trade deficit stood at (-) $10.97 billion in July 2021, compared to 4.83 billion in July 2020. India’s oil exports jumped 97.45% YoY to $12.89 billion in July 2021. 

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Adani Ports Reports 72% YoY Rise in Net Profit in Q1 – Top Indian Market News

adani ports and sez

Adani Ports Q1 Results: Net profit rises 72% YoY to Rs 1,307 crore

Adani Ports & Special Economic Zone (APSEZ) reported a 72% YoY increase in consolidated net profit to Rs 1,307 crore for the quarter ended June (Q1 FY22). Net profit has increased by 1.5% when compared to the previous quarter. Its revenue from operations rose 99% YoY (or 26% QoQ) to Rs 4,557 crore during the same period. Cargo volumes increased by 83% YoY to Rs 75.7 million tonnes (MT) in Q1. The revenue from its ports business rose 75% YoY to Rs 3,339 crore during the April-June quarter.

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Union Bank of Philippines selects Infosys Finacle’s digital banking solution suite

Infosys Finacle announced that the Union Bank of Philippines (UBP) will migrate from an on-premise deployment to the state-of-the-art Finacle Digital Banking Solution Suite on Cloud. Over 8 million customer accounts will be considered for migration to the new software-as-a-service (SaaS) platform. Infosys Finacle is a part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys Limited.

Today, Infosys Limited became the fourth Indian firm to hit Rs 7 lakh crore in market capitalization. Its shares have surged over 72% in the past year.

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Bharti Airtel Q1 Results: Net profit falls 63% QoQ to Rs 284 crore

Bharti Airtel Ltd reported a 62.7% quarter-on-quarter (QoQ) decline in net profit to Rs 284 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 15,933 crore in Q1 FY21 due to one-time provisioning for AGR dues. Its revenue from operations rose 4.3% QoQ to Rs 26,854 crore in Q1 FY22. Bharti Airtel’s average revenue per user (ARPU) stood at Rs 146 during the same period, compared to Rs 145 in the previous quarter. 

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Dabur Q1 Results: Net profit rises 28% YoY to Rs 438 crore

Dabur India Ltd reported a 28% YoY increase in net profit to Rs 438 crore for the quarter ended June (Q1 FY22). Net profit has increased by 15.7% when compared to the previous quarter. Its revenue from operations rose 31.9% YoY (or 11.8% QoQ) to Rs 2,611.5 crore during the same period. The FMCG company posted a 34.4% YoY increase in volume growth in Q1. EBITDA increased 32.5% YoY to Rs 552 crore during the April-June quarter of FY22.

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MG Motor partners with Reliance Jio for IoT solutions for upcoming SUV

MG Motor India has partnered with Reliance Jio to power its mid-sized SUV with Jio Internet of Things (IoT) solutions. Under the partnership, Jio’s 4G network will provide high-speed, in-car connectivity to customers of MG’s upcoming mid-sized SUV in metro cities as well as in small towns and rural areas. Jio’s eSIM, IoT, and streaming solutions will enable MG users to access real-time connectivity, infotainment, and telematics.

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Tata Consumer Q1 Results: Net profit declines 43% YoY to Rs 185 crore

Tata Consumer Products Ltd reported a 43.48% YoY decline in consolidated net profit to Rs 185.15 crore for the quarter ended June (Q1 FY22). However, net profit has jumped 243.51% when compared to the previous quarter. Its total income rose 10.55% YoY to Rs 3,036.47 crore during the same period. EBITDA fell 17% YoY to Rs 398 crore in Q1.

SJVN hydropower plants record highest ever monthly generation in July

SJVN Limited’s Nathpa Jhakri Hydro Power Station has achieved its highest-ever monthly power generation of 1216.56 million units on July 31, 2021. Its previous record stood at 1213.10 million units. The company’s Rampur Hydro Power Station generated 335.90 million units of power in July, surpassing its previous record of 333.69 MU. India’s power generation companies are currently benefiting from the surge in electricity demand.

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Inox Leisure Q1 Results: Net loss at Rs 122 crore

Inox Leisure reported a consolidated net loss of Rs 122.28 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 73.64 crore in the corresponding period last year (Q1 FY22). Its total income stood at Rs 25.50 crore in Q1 FY22, compared to Rs 2.97 crore in Q1 FY21. The second wave of the Covid-19 pandemic resulted in the closure of cinemas, which severely affected its revenues. Inox Leisure operates 153 multiplexes with 648 screens in 69 cities across the country.

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Nykaa files DRHP to raise funds via IPO

Nykaa, an e-commerce startup for beauty products, has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise funds via an initial public offering (IPO). FSN E-Commerce Ventures (the parent company) is looking to raise Rs 525 crore through a fresh issue of shares. The IPO also consists of an offer for sale (OFS) by existing shareholders and promoters. The company will utilise the net proceeds from the IPO to open new retail stores and reduce debt.

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Indian Overseas Bank Q1 Results: Net profit jumps 170% YoY to Rs 327 crore

Indian Overseas Bank (IOB) reported a 170% YoY jump in net profit to Rs 327 crore for the quarter ended June (Q1 FY22). Net profit has declined by 6.6% when compared to the previous quarter. Its total income declined by 1.5% YoY to Rs 5,234 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 11.48% in Q1 FY22, compared to 11.69% in Q1 FY21. IOB’s provisions for bad loans and contingencies fell 11% YoY to Rs 970 crore in the April-June quarter of FY22.

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Alkyl Amines Q1 Results: Net profit rises 48% YoY to Rs 78.5 crore

Alkyl Amines Ltd reported a 48.6% YoY increase in net profit to Rs 78.5 crore for the quarter ended June (Q1 FY22). Net profit has declined by 15.1% when compared to the previous quarter. Its revenue from operations rose 60% YoY to Rs 391.8 crore during the same period. Mumbai-based Alkyl Amines is a leading manufacturer of specialty chemicals.

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MobiKwik Files DRHP For Rs 1,900 crore IPO – Top Indian Market News

MobiKwik files DRHP for Rs 1,900 crore IPO

Digital payments firm MobiKwik has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 1,900 crore via an initial public offering (IPO). The IPO consists of a fresh issue of shares worth Rs 1,500 crore and an offer for sale (OFS) of up to Rs 400 crore. The company will use the IPO proceeds for funding organic and inorganic growth initiatives. One MobiKwik Systems Ltd was previously valued at $700 million (~Rs 5,200 crore) when it raised $20 million from Abu Dhabi Investment Authority (ADIA) in June 2021.

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SJVN signs pact with Investment Board of Nepal to develop 679 MW hydroelectric project

SJVN Limited has signed a pact with the Investment Board of Nepal to develop a 679 megawatt (MW) Lower Arun Hydro Electric Project in eastern Nepal. The estimated cost of the project is $1.3 billion (~Rs 9,700 crore). This will be the second-largest foreign investment project to be undertaken by India. SJVN is required to complete a detailed report on the hydroelectric project and submit it for approval at the board within two years. The project will be developed under a build, own, operate, and transfer (BOOT) model.

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Steel Strips Wheels Q1 Results: Net profit at Rs 51.08 crore

Steel Strips Wheels Ltd reported a standalone net profit of Rs 51.08 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 38.09 crore in the corresponding quarter last year (Q1 FY21). The company’s revenue from operations jumped 463.9% YoY to Rs 678.13 crore in Q1 FY22. Steel Strips Wheels is a leading manufacturer of automotive steel and alloy wheels. 

Cyient to support HMLR to centralise, digitise local land charges records

Her Majesty’s Land Registry has selected Cyient Limited to support its Local Land Charges (LLC) Programme. HMLR is a non-ministerial department of the Government of the United Kingdom. It registers the ownership of land and property across England and Wales. The LLC program aims to digitise and migrate millions of separately held local land charge records from local authorities into a centralized digital register. Cyient will own the entire process and provide a central management information platform.

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Ashoka Buildcon secures project worth Rs 726 crore from NHAI

Ashoka Buildcon Ltd has received the Letter of Acceptance (LoA) for an engineering, procurement, and construction (EPC) project from the National Highways Authority of India (NHAI). The order consists of six-laning of the Memmadpur (Ambala)-Banur (IT City Chowk) -Kharar (Chandigarh) corridor in Punjab on EPC mode. The total value of the project is Rs 726 crore.

Ola Electric signs pact with Bank of Baroda to raise $100 million in long-term debt

Ola Electric Pvt Ltd has signed a long-term debt financing agreement with Bank of Baroda to raise $100 million (~Rs 744 crore). The 10-year debt of $100 million will be utilised for the funding and financial closure of Phase-1 of its electric two-wheeler factory in Hosur, Tamil Nadu. The company is setting up Ola Futurefactory, a global manufacturing hub for its electric two-wheelers. In December 2020, Ola said it would invest Rs 2,400 crore for Phase-1 of the factory.

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TCS partners with Converge to enhance customer experience

Tata Consultancy Services (TCS) has partnered with Converge ICT Solutions Inc. to help them enhance customer experience for their fast-growing subscriber base. TCS’ digital services platform will help the Philippines-based broadband provider speed up product innovation and personalise customer engagement. The IT company will help Converge reduce complexity in operations and enable faster service delivery.

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ABB commissions modernisation project for BGPPL

ABB India Limited has completed the commissioning of the Induction xP Plus Profiler system on PM3 at Bilt Graphic Paper Products Ltd (BGPPL), Ballarpur (Maharashtra). The world-class domain expertise of ABB’s team helped them seamlessly deliver the modernisation project. The new Induction xP Plus is the best-in-class cross direction (CD) caliper profile control that achieves maximum induction heating in the shortest time possible. It offers reduced product variability and rapid corrections to sheet finishing profiles. 

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HFCL Q1 Results: Net profit jumps 316% YoY to Rs 87 crore

HFCL Limited reported a 316.4% YoY jump in consolidated net profit to Rs 87.82 crore for the quarter ended June (Q1 FY22). Net profit has increased by 3.73% when compared to the previous quarter. Its revenue from operations rose 72.47% YoY to Rs 1,206.87 crore during the same period. HFCL is a leading manufacturer of telecom products in India.

FDC launches Favipiravir oral suspension to treat Covid-19 in India

FDC Limited has announced the launch of an oral suspension of Favipiravir to treat mild to moderate cases of Covid-19 in India. The drug will be available at all retail medical outlets and hospital pharmacies across India. The pharma company said it is offering the best efficacy and convenience to patients. It has focused its efforts on making the process of Covid-19 treatment hassle-free 

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Vodafone Idea loses 18 lakh subscribers in April

After posting two straight months of subscriber growth, Vodafone Idea (Vi) lost 18.1 lakh subscribers in April 2021. Meanwhile, Reliance Jio added 48 lakh subscribers during the same month. Bharti Airtel registered a net addition of 5.17 lakh subscribers. Jio’s market share in the wireless category rose to 36.15% in April. Bharti Airtel and Vi’s market share stood at 29.83% and 23.93%, respectively. The data was released by the Telecom Regulatory Authority of India (TRAI).

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Ashok Leyland to Set Up ‘Mother EV’ Plant in India – Top Indian Market News

Ashok Leyland.

Ashok Leyland to set up ‘mother EV’ plant in India

Ashok Leyland Ltd has announced plans to set up a ‘mother plant’ in India under its UK-based subsidiary Switch for its electric vehicle (EV) business. Switch UK will set up an Indian entity, which in turn will establish the plant. Ashok Leyland’s entire EV business will move to Switch, and they will also develop EV-specific platforms in buses and electric light commercial vehicles (LCVs). The company’s existing EV products such as e-buses will also move to Switch.

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SJVN Q4 Results: Net profit rises 55% YoY to Rs 620 crore

SJVN Limited reported a 55.29% YoY increase in consolidated net profit to Rs 619.92 crore for the quarter ended March (Q4). Net profit has jumped 213.7% when compared to the previous quarter. Its total income rose 54.17% YoY to Rs 1,084.96 crore during the same period. Net profit for the financial year 2020-21 (FY21) rose 5.03% YoY to Rs 1,645.61 crore. The company’s board has recommended a dividend of Rs 0.40 per share. SJVN is a state-owned hydroelectric power generation company. 

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Shalimar Paints Q4 Results: Net loss at Rs 28.45 crore

Shalimar Paints Ltd reported a net loss of Rs 28.45 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 22.29 crore in the corresponding quarter last year (Q4 FY20). The total income increased by 40.9% YoY (or 27.9% QoQ) to Rs 118.48 crore in Q4 FY21. Net loss for the financial year ended March 31, 2021 (FY21) stood at Rs 49.51 crore. The company had posted a net loss of Rs 37.88 crore in FY20. 

IndusInd Bank acquires 70 lakh shares in Mcleod Russel

IndusInd Bank has acquired over 70 lakh shares in tea company Mcleod Russel after invoking pledged shares of the company to recover its dues. Equity shares of the tea company, held by Ichamati Investments Ltd, were pledged with the bank for securing the outstanding dues of borrower Mcleod Russel India Ltd (MRIL). Ichamati Investments held a 16.39% stake in Mcleod Russel as a promoter at the end of March 2021.

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Lupin launches generic HIV-1 drug in the US

Lupin Limited has launched Emtricitabine and Tenofovir Disoproxil Fumarate tablets in the US market. The drug is used in the treatment of HIV-1 infection. It is also used for pre-exposure prophylaxis to reduce the risk of sexually acquired HIV-1 infection. According to IQVIA data, the tablets had estimated annual sales of $2.1 billion (~Rs 15,587 crore) in the US for the 12 months ended March 2021. 

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Shree Renuka Sugars to invest Rs 450 crore to increase ethanol capacity 

Shree Renuka Sugars Ltd has announced plans to invest Rs 450 crore to expand its ethanol capacity. The company’s board has approved the proposal of expanding production capacity from 430-kilo litre per day (KLPD) to 1,400 KLPD. In February 2021, the board had approved a capacity expansion of ethanol from 720-kilo litre per day to 970-kilo litre per day. The Indian government has mandated 20% ethanol blending in fuel by 2025, compared to the current blending of 7.79%.

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Finolex Industries Q4 Results: Net profit jumps 409% YoY to Rs 298 crore

Finolex Industries Ltd reported a 409.44% YoY jump in consolidated net profit to Rs 298.84 crore for the quarter ended March (Q4). Net profit has increased by 15.2% when compared to the previous quarter. Its total income rose 64% YoY (or 16.48% QoQ) to Rs 1,262.88 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 121.9% YoY to Rs 737.79 crore. Finolex Industries manufactures and sells polyvinyl chloride (PVC) pipes and fittings in India. 

Ahluwalia Contracts Q4 Results: Net profit jumps 508% YoY to Rs 37.05 crore

Ahluwalia Contracts (India) Ltd reported a 508.4% YoY jump in consolidated net profit to Rs 37.05 crore for the quarter ended March (Q4). Net profit has increased by 151.7% when compared to the previous quarter. Its total revenue rose 38.6% YoY to Rs 761.70 crore during the same period. Net profit for the financial year 2020-21 (FY21) rose 19.89% YoY to Rs 77.20 crore. Ahluwalia Contracts is a leading construction company based in New Delhi.

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Jubilant Foodworks Reports 395% YoY Jump in Net Profit in Q4 – Top Indian Market News

Jubilant Foodworks Q4 Results: Net profit jumps 395% YoY to Rs 104.3 crore

Jubilant Foodworks Ltd reported a 395.5% YoY jump in net profit to Rs 104.3 crore for the quarter ended March (Q4). Its revenue from operations rose 14.3% YoY to Rs 1025.9 crore during the same period. Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) rose 47% YoY to Rs 249.2 crore. Same-sales growth for Domino’s Pizza stood at 11.8% in Q4, compared to -3.4% in the corresponding quarter last year. The company opened a record 50 new Domino’s outlets and one store each of Hong’s Kitchen, Ekdum!, and Dunkin Donuts during Q4. The board of Jubilant Foodworks has recommended a final dividend of Rs 6 per share.

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Ashok Leyland’s subsidiary acquires EV maker Switch Mobility Automotive

Switch Mobility, a UK-based subsidiary of Ashok Leyland Ltd, has fully acquired electric vehicles (EV) manufacturer Switch Mobility Automotive Ltd, India. The investment in the equity shares of Switch Mobility Automotive Ltd is at arm’s length. [An arm’s length transaction refers to a business deal in which the buyer and seller act independently without one party influencing the other] Thus, Switch Mobility Automotive Ltd, India, has become a step-down subsidiary of Ashok Leyland.

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Easy Trip Planners Q4 Results: Net profit at Rs 30.4 crore

Easy Trip Planners Ltd reported a consolidated net profit of Rs 30.46 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 3.38 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations rose 82.06% YoY to Rs 57.44 crore in Q4 FY21. The online travel company’s expenses declined by 22.5% YoY to Rs 27.17 crore during the quarter. Net profit for the financial year ended March 31, 2021 (FY21) rose 84.99% YoY to Rs 61.01 crore.

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LTI enters into strategic agreement with Amazon Web Services

Larsen & Toubro Infotech (LTI) has entered into a strategic collaboration agreement with Amazon Web Services (AWS). LTI had recently launched a dedicated cloud unit for AWS, which will focus on migration and modernisation, data analytics, and Internet of Things (IoT). LTI will also build modern accelerators and create industry-focused offerings for the Banking & Financial Services (BFSI), manufacturing, media & entertainment, and insurance sectors. 

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LIC Housing Finance Q4 Results: Net profit declines 5% YoY to Rs 399 crore

LIC Housing Finance Ltd reported a 5.33% YoY decline in net profit to Rs 398.9 crore for the quarter ended March (Q4). Net interest income (NII) rose 33% YoY to Rs 1,505 crore during the same period. Its provisions towards impairment on financial instruments jumped to Rs 977.19 crore in Q4 FY21, compared to Rs 27.25 crore in Q4 FY20. The company’s loan portfolio increased by 10% YoY to Rs 2.16 lakh crore in March 2021. LIC Housing Finance’s board has recommended a dividend of Rs 8.50 per share.

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SJVN partners with NDMC for sale of 150-MW solar power

SJVN Limited announced that New Delhi Municipal Corporation (NDMC) has given its in-principle approval to procure 150 megawatts (MW) of solar power from the projects that SJVN plans to bid and develop under the Central Public Sector Undertaking (CPSU) scheme. NDMC will procure solar power at a rate of Rs 2.44 per kilowatt-hour (kWh) for 25 years if SJVN develops the capacity under the CPSU scheme.

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Wipro extends partnership with Levi Strauss & Co.

Wipro Limited has extended its partnership with Levi Strauss & Co., one of the world’s largest brand-name apparel companies and a global leader in jeanswear. As part of a multi-year engagement, Wipro will help optimize Levi Strauss’s customer and user experience across all channels. The IT company will provide Global IT support services across Levi Strauss & Co.’s consumer digital technology space, including eCommerce, B2B Commerce, Consumer Data Hub, Omni Order Management, etc. 

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Glenmark Pharma launches COPD treatment inhaler in UK

Glenmark Pharmaceuticals Ltd announced the launch of Tiotropium Bromide Dry Powder Inhaler (DPI) in the United Kingdom. It is used in the treatment of chronic obstructive pulmonary disease (COPD). COPD a long-term condition that causes inflammation in the lungs and narrowing of the airways, making breathing difficult. According to IQVIA data,  Tiotropium DPI had sales of $450 million (~Rs 3,300 crore) in the European Union (EU) for the 12 months ended September 2020.

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PFC Q4 Results: Net profit jumps multifold to Rs 3,906 crore

Power Finance Corporation (PFC) Ltd reported a multifold jump in consolidated net profit to Rs 3,906.5 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 693.71 crore in the corresponding quarter last year (Q4 FY20). Total income rose 11.69% YoY to Rs 18,155.14 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) rose 65.8% YoY to Rs 15,716.20 crore. PFC’s board has recommended a final dividend of Rs 2 per share.

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Coal India to reduce manpower by 5% every year over next 5-10 years to cut costs

Coal India Limited (CIL) has announced plans to reduce its manpower by 5% every year over the next 5-10 years to cut costs. The state-owned company currently has 2,72,445 employees. CIL will also close down unviable mines, improve environmental, social, and corporate governance (ESG) compliance disclosures, and work towards achieving a ‘net-zero emission’ status. The PSU aims to achieve a production target of 1 billion tonnes by the financial year 2023-24 (FY24). It has a production target of 670 million tonnes for FY22. 

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Siemens to supply digitalised switchgear to 3 steel makers

Siemens Ltd said it will supply advanced power transmission equipment with integrated digital technologies to Icon Steel, Geetai Steels and Gajkesari Steels & Alloys. The installation includes 11 bays of state-of-the-art 132 kilovolts (kV) gas-insulated switchgear (GIS), which will enable increased efficiency, reduced operational costs and ensure safe operations even under extreme environmental conditions.

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IPO Updates: 

Shyam Metalics 

The Rs 909-crore initial public offering (IPO) of Shyam Metalics and Energy Ltd was subscribed 3.65 times on the second day of bidding. The portion reserved for retail investors was subscribed 5.8 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 2.6 times and that of qualified institutional buyers (QIBs) 81%. You can learn more about the IPO here. 

Sona BLW Precision Forgings 

The Rs 5,550-crore IPO of Sona BLW Precision Forgings Ltd was subscribed 27% on the second day of bidding. The portion reserved for retail investors was subscribed 1.02 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 4% and that of qualified institutional buyers (QIBs) 14%. You can learn more about the IPO here.

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SBI Reports 80% YoY Rise in Net Profit in Q4 – Top Indian Market News

SBI Q4 Results: Net profit rises 80% YoY to Rs 6,451 crore

State Bank of India (SBI) reported an 80.14% year-on-year (YoY) increase in standalone net profit to Rs 6450.75 crore for the quarter ended March (Q4). Net interest income (NII) rose 19% YoY to Rs 27,067 crore during the same period. [NII is the difference between the interest income a bank receives on loans, and the interest it pays to depositors] The gross non-performing assets (GNPA) ratio rose to 4.98% in Q4, compared with 4.77% in Q3. Provisions declined by 18.11% YoY to Rs 11,051 crore during the quarter. SBI’s board has declared a dividend of Rs 4 per share.

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India’s gas output rises 23% in April as RIL-BP fields start production

India’s natural gas production increased by 22.7% in April, after Reliance Industries Ltd (RIL) and UK-based BP Plc ramped up output from their eastern offshore KG-D6 block. Our country produced 2.65 billion cubic meters (bcm) of natural gas in April, compared with 2.16 bcm in the same month last year. Crude oil production declined by 2% YoY to 2.49 million tonnes in April, as state-owned ONGC and Oil India Ltd produced less. The data was released by the Ministry of Petroleum and Natural Gas.

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JSW Steel Q4 Results: Net profit rises 56.5% QoQ to Rs 4,198 crore

JSW Steel Limited reported a 56.5% quarter-on-quarter (QoQ) rise in consolidated net profit to Rs 4,198 crore for the quarter ended March (Q4 FY21). Net profit has jumped 1,717% YoY. Its revenue from operations rose 51% YoY to Rs 26,934 crore during the same period. The steelmaker’s exports grew 3.8% QoQ. JSW Steel’s board has announced a final dividend of Rs 6.5 per share. The company has also approved new projects that entail a capital expenditure of Rs 25,115 crore, spread between FY22 and FY24.

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SJVN secures 75 MW solar project in Uttar Pradesh

SJVN Limited has secured a 75 megawatt (MW) grid-connected solar project in Jalaun, Uttar Pradesh through tariff-based competitive bidding. The power generated from the project will be procured by Uttar Pradesh New and Renewable Development Agency (UPNEDA) for 25 years at Rs 2.68 per kilowatt-hour (KWh). SJVN is a joint venture between the Government of India (GoI) and the Himachal Pradesh government.

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Hindalco Q4 Results: Net profit jumps 189% YoY to Rs 1,928 crore

Hindalco Industries reported a 189% YoY jump in consolidated net profit to Rs 1,928 crore for the quarter ended March (Q4). Net profit has increased by 2.7% when compared to the previous quarter. Its revenue from operations rose 38% YoY to Rs 40,507 crore during the same period. The company’s India business posted a 72% YoY growth in revenue to Rs 653 crore in Q4. This was aided by higher volume growth, better product mix, and lower input costs. Hindalco’s board has declared a final dividend of Rs 3 per share. 

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Antony Waste Handling Cell receives C&T contract from Jhansi Smart City

AG Enviro Infra Projects, a subsidiary of Antony Waste Handling Cell Ltd, has received a Letter of Intent (IoT) from Jhansi Smart City Ltd for door-to-door Collection and Transportation (C&T) of solid waste. The C&T contract is worth Rs 21 crore and is applicable for a period of five years. It involves the collection of solid waste from points such as households, commercial shops, and bulk waste generators.

Shree Cement Q4 Results: Net profit rises 49% YoY to Rs 798 crore

Shree Cement Ltd reported a 48.98% YoY (or 26.5% QoQ) increase in consolidated net profit to Rs 798.43 crore for the quarter ended March (Q4). Its revenue from operations rose 23.12% YoY to Rs 4,204.88 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 48.83% YoY to Rs 2,285.87 crore. Shree Cement’s board has recommended a final dividend of Rs 60 per share.

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IndiGo selects CFM’s engines to power 310 A320neo family aircraft

InterGlobe Aviation (IndiGo) has selected CFM International LEAP-1A engines to power its fleet of 310 new Airbus A320neo, A321neo, and A321XLR aircraft. The airline has ordered 620 new installed engines and associated spare engines. The agreement with CFM also includes long-term, multi-year service contracts. The new agreement will help IndiGo secure LEAP-1A engines and service agreements for its A320neo family aircraft from 2023 onwards.

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Persistent Systems to acquire assets of Sureline Systems for $2.5 million

Persistent Systems Ltd has entered into an agreement to acquire select contracts, intellectual property, assets, and employees of Sureline Systems for $2.5 million (~Rs 18.20 crore). The acquisition is expected to strengthen Persistent Systems’ cloud transformation offering and solutions by reducing cloud migration costs. Based in California and Pune, Sureline Systems provides cloud migration and disaster recovery solutions.

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Dr. Lal PathLabs Q4 Results: Net profit jumps 156% YoY to Rs 83 crore

Dr. Lal PathLabs Ltd reported a 156% YoY jump in net profit to Rs 83.4 crore for the quarter ended March (Q4). Net profit has declined by 13% when compared to the previous quarter. Its revenue from operations rose 42% YoY to Rs 431 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 30% YoY to Rs 290.8 crore. The company’s board has declared a final dividend of Rs 8 per share.

South Indian Bank Q4 Results: Net profit at Rs 6.79 crore

South Indian Bank reported a net profit of Rs 6.79 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 143.69 crore in the corresponding quarter last year (Q4 FY20). Total income declined by 10.4% YoY to Rs 2,098.25 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio rose to 6.97% as of March 31, 2021 (FY21), compared with 4.98% in FY20. For the financial year ended March 31, 2021 (FY21), net profit declined 41% YoY to Rs 61.9 crore.

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Finance Minister Presents Union Budget 2022 in Parliament – Top Indian Market News

Finance Minister presents Union Budget 2022 in Parliament

Finance Minister Nirmala Sitharaman has presented the Union Budget 2021-22 in the Parliament. The minister has announced the scrapping of income tax for senior citizens above 75 years and new rules for the removal of double taxation for NRIs. Sitharaman has also announced a Rs 64,180 crore package for the healthcare sector, which will be spread over the next 6 years. A voluntary scrapping policy for old vehicles has also been launched. India’s fiscal deficit is set to jump to 9.5% of the GDP in 2020-21.

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Automobile companies register strong sales growth in January

Major automobile companies registered healthy sales growth during January 2021. Tata Motors posted a 28% YoY increase in domestic sales to 57,742 units, which was led by higher car sales. TVS Motor Company reported a 31% YoY increase in total sales to 3.07 lakh units in January. Mahindra & Mahindra’s farm equipment sales rose 50% YoY to 34,778 units. Maruti Suzuki posted a 4.3% YoY increase in total sales to 1.60 lakh units during the same period.

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Adani Green Energy commissions 100 MW solar power plant in Uttar Pradesh

Adani Solar Energy Four Pvt Ltd, a subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 100 MW (2×50 MW) solar power project at Jalalabad in Uttar Pradesh. The two solar plants have power purchase agreements (PPAs) with Uttar Pradesh Power Corporation Ltd (UPPCL) at Rs 3.22/kWh and 3.19/kWh, respectively, for a period of 25 years. This places AGEL’s total renewable portfolio of 14,815 MW well on track to reach its vision of 25 GW capacity by 2025.

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SJVN bags 679 MW hydroelectric project in Nepal

SJVN Ltd has received an order from the Investment Board of Nepal to construct a 679 MW Lower Arun Hydropower Project. The project will be constructed under a Build, Own, Operate and Transfer (BOOT) model. On completion, the project will generate 3,561 million units of electricity per annum. 

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Kansai Nerolac Paints Q3 Results: Net profit rises 76% YoY to Rs 204 crore

Kansai Nerolac Paints reported a 76.58% YoY increase in consolidated net profit to Rs 204.5 crore for the quarter ended December (Q3). Its revenue rose 19.68% YoY to Rs 1,606.86 crore during the same period. The company stated that both the decorative and industrial segments witnessed double-digit volume growth in Q3. 

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Coromandel Q3 Results: Net profit rises 26% YoY to Rs 333 crore

Coromandel International Ltd reported a 26.20% YoY increase in net profit to Rs 333.80 crore for the quarter ended December (Q3). Its revenue rose 7.76% YoY to Rs 3,541.87 crore during the same period. The company’s board has declared an interim dividend of Rs 6 per share. Hyderabad-based Coromandel International is in the business of fertilizers, pesticides, and specialty nutrients.

Tata Power gets LoI for distribution and retail sale of electricity

Tata Power Ltd has received a Letter of Intent (LoI) from the Odisha Electricity Regulatory Commission (OERC) for the distribution and retail supply of electricity in the 5 circles of North Eastern Electricity Supply Company of Odisha Ltd’s (NESCO) Utility. This includes the areas of Balasore, Bhadrak, Baripada, Jajpur, and Keonjhar. The proposed sale of NESCO Utility to Tata Power will be through the formation of a Special Purpose Vehicle (SPV) entity.

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Zensar launches integrated Digital XDR solution

Zensar Technologies Ltd has launched an integrated Digital XDR (extended threat detection response) solution as part of its Digital Foundation Services offerings. The XDR solution provides organizations with adaptive expert intelligence and threat prediction capabilities by prioritizing the business risk tailored to their environment. This offering eliminates the need for expensive hardware appliances and provides usage-based threat detection and hunting services. 

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Rane Brake Q3 Results: Net profit rises 26% YoY to Rs 12 crore

Rane Brake Lining Ltd reported a 25.9% YoY increase in net profit to Rs 12.88 crore for the quarter ended December (Q3). Its revenue rose 4.7% YoY to Rs 126.58 crore during the same period. The Chennai-based company manufactures and sells brake pads, brake blocks, and other friction materials for the automobile industry.

MRPL Q3 Results: Net loss at Rs 71 crore

Mangalore Refinery and Petrochemicals Ltd (MRPL) reported a net loss of Rs 71 crore for the quarter ended December (Q3). It has posted a net loss of Rs 37 crore in the corresponding period last year. The company’s revenue from operations stood at Rs 14,136 crore in Q3, compared with Rs 16,745 crore in Q3 FY20. The gross refining margin (GRM) of MRPL stood at $3.26 per barrel in Q3 FY21, as against $3.19 per barrel in the corresponding period last year.

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NCC secures five new orders worth Rs 1,200 crore

NCC Limited announced that it had received five new orders worth Rs 1,200 crore in the month of January 2021. Out of these, orders worth Rs 607 crore pertain to the Water & Environment Division, and order worth Rs 593 Crore pertain to its Buildings Division. These orders have been received from various Central/State Government agencies.

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

Indian automakers fear container shortage to hit parts supply, output

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

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

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

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

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

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

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

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Vodafone Idea, Airtel file segmented offer details to TRAI

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

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India challenges Vodafone arbitration ruling in Singapore: Report

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

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Govt of Himachal Pradesh allots three hydro projects to SJVN

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

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

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

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

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

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Caplin Point receives approval from USFDA for anesthetic injection

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

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