Tag: SpiceJet

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Adani Ports’ Cargo Volumes Rise 18% YoY in August – Top Indian Market Updates

adani ports and sez

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

Adani Ports’ cargo volumes rise 18% YoY in August

Adani Ports & Special Economic Zone Ltd (APSEZ) handled 29.3 million metric tonnes (MMT) of cargo in August 2022, recording an 18% YoY increase. Dry bulk volume grew by 44% YoY and containers by 8% YoY last month. In the initial five months of FY23, the company managed 151.4 MMT of cargo, an 11% YoY increase over the corresponding period last year.

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Spicejet likely to receive around ₹225 crore next week as part of ECLGS

According to an ET NOW report, SpiceJet Ltd is likely to receive around ₹225 crore next week as a part of the Emergency Credit Line Guarantee Scheme (ECLGS). The funds will be used to clear statutory dues and lessor payments. The airline had applied for ₹280 crore loans under the ECLGS.

The ECLGS was launched by the Central Govt. in wake of the Covid-19 pandemic in 2020. It provides guarantee coverage to banks and NBFCs to enable them to extend emergency credit to various industries to meet their working capital requirements.

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IndusInd Bank partners with ADB to support supply chain financing

IndusInd Bank has announced a strategic partnership with Asian Development Bank (ADB) to promote supply chain finance (SCF) solutions in India. The bank has entered into a partial guarantee program with ADB with an initial outlay of ₹560 crore, exclusively towards promoting SCF solutions. Recently, the bank launched a state-of-the-art digital portal for SCF called ‘earlyCredit’. It enables 24×7 seamless processing of SCF transactions for corporates, suppliers, and dealers.

Read more here.

State-run oil companies post strong August sales

State-run oil companies sold 16% more petrol and 23.5% more diesel in August over the previous year as economic activity gathered pace and sales at private retailers fell. Increased mobility for work and pleasure in an expanding economy has contributed to strong demand for petrol. The demand growth in retail sales of diesel is due to the bulk buyers shifting to petrol pumps to source cheaper supplies.

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Vodafone Idea partners with Maxamtech to launch gaming content

Vodafone Idea Ltd (Vi) has partnered with Maxamtech Digital Ventures to launch multiplayer and competitive gaming content under ‘Vi Games’ to align itself with evolving customer preferences. Vi Games now offers over 40 competitive and skilled multiplayer games. Widening the participation opportunity for multiplayer gaming on Vi Games, Vi has extended the service to non-Vi users as well in a bid to attract more users.

Read more here.

Bank of Baroda raises ₹2,474 crore by issuing bonds

Bank of Baroda has raised ₹2,474 crore by issuing bonds at the rate of 7.88% through stock exchanges. The bank allotted a total of 2,474 unsecured Basel-III Additional Tier-I perpetual non-convertible bonds (NCDs), valuing ₹1 crore each. Perpetual bonds carry no maturity date and can be treated as equity rather than debt.

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Steel prices in India to remain under pressure over near future: ICRA

A research report from ICRA stated that steel prices are expected to remain under pressure in India over the near future as prices in the domestic market cannot be cushioned by global trends. The rating agency also expects steel demand in the domestic market to grow at 7-8% in the current financial year (FY23). Steel mills in India face a tough time ahead as the external environment is becoming more challenging in key global consumption markets.

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Wipro partners with Cisco to deliver hybrid cloud-as-a-service

Wipro Ltd has partnered with Cisco to accelerate cloud transformation for customers. The partnership will enable Wipro’s clients to deploy Wipro FullStride Cloud Service to enable a fully automated hybrid-cloud stack, reducing the implementation time and enhancing the user experience. Cisco and Wipro will bring together the edge, private, and public clouds to create an agile and adaptable hybrid cloud solution.

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Zydus Lifesciences, Lupin recall products in US market owing to manufacturing issues

Zydus Lifesciences Ltd and Lupin are recalling products in the US due to manufacturing issues. As per an Enforcement Report by US Food & Drug Administration (USFDA), Zydus is recalling 1,116 boxes of Fulvestrant Injection, a drug used to treat breast cancer. The company’s US-based unit is recalling the affected lot due to “Failed Impurities/Degradation Specifications.”

Meanwhile, Lupin Pharmaceuticals, Inc. is recalling 7,872 bottles of Rifampin Capsules, a medication used to treat infections caused by bacteria.

Read more here.

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India’s GDP Grows at 13.5% in Q1 – Top Indian Market Updates

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

India’s GDP grows at 13.5% in Q1

India’s gross domestic product (GDP) grew by 13.5% during the April-June quarter (Q1 FY23), compared to a 4.1% growth in Q4 FY22. The economy grew at the fastest pace in a year as a favourable base effect and improved activities after the relaxation of Covid-19 restrictions outweighed the effects of geopolitical and global concerns. 

India’s manufacturing sector grew 4.8% in Q1, while the agriculture sector posted a 4.5% growth. The construction segment grew by 16.8% during the first quarter of FY23. The mining & quarrying sector witnessed a growth of 6.5% in Q1.

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Inox Leisure to add 834 screens after FY23

Multiplex operator Inox Leisure Ltd has announced an expansion strategy to add 834 screens after FY23. It currently operates 692 screens in 73 cities across India as of June 30, 2022 (Q1 FY23). The company estimates the total screen count to go up to 752 by the end of the ongoing financial year. Inox Leisure has partnered with ICC to screen live matches at selected INOX cinemas. They have also started selling official merchandise of various Disney/Marvel superheroes and sportspersons as an alternate revenue source.

Read more here.

Reliance Industries acquires soft drink brand Campa: Report

As per an Economic Times report, Reliance Industries Ltd (RIL) has acquired homegrown soft drink brand Campa from New Delhi-based Pure Drinks Group for ₹22 crore. Campa will be re-launched nationally by Diwali in three flavours, including its iconic Campa Cola version, lemon, and orange variants. The move comes as Reliance Retail announced plans to roll out its fast-moving consumer goods (FMCG) business.

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Ashok Leyland secures mega order for 1,400 school buses in UAE

Ashok Leyland Ltd has secured orders for 1,400 school buses in the United Arab Emirates (UAE). The total fleet deal for the GCC-made buses has been bagged by Ashok Leyland’s UAE distribution partners— Swaidan Trading-Al Naboodah Group. The company will supply the 55-seater Falcon buses and 32-seater Oyster buses from its state-of-the-art manufacturing facility in Ras Al Khaimah, UAE.

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Havells to invest ₹130 crore at Rajasthan unit to expand production capacity

Havells India Ltd is planning to invest ₹130 crore to expand washing machine production capacity at its Ghiloth plant in Rajasthan. This expansion would be financed through internal accruals. The plant has the capacity to roll out 3 lakh units per annum currently. Havells plans to add an additional capacity of 3.8 lakh units per annum. 

The company is also setting up a cable manufacturing unit at Tumakuru, Karnataka, for a proposed annual capacity of 3,48,000 kilometers with an investment of ₹300 crore.

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IndiGo announces codeshare agreement with Virgin Atlantic

InterGloble Aviation Ltd (IndiGo) has announced a codeshare agreement with British carrier Virgin Atlantic. The agreement will help both airlines to expand their access to customers flying to destinations that are serviced by either of them. Customers booking a Virgin Atlantic ticket will be able to fly on the airline’s London Heathrow to Delhi/Mumbai flights and connect to and from 7 additional cities in India.

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Significant reduction in debt burden to ₹1,810 crore till March 31: Coffee Day Enterprises

In its latest annual report, Coffee Day Enterprises Ltd (CDEL) said its debt level has been reduced significantly to ₹1,810 crore as of March 31, 2022 (FY22). CDEL’s debt levels stood at ₹7,214 crore in FY19 and ₹1,898 crore in FY21. However, there have been certain defaults in repayments of principal and interest on loans. Certain lenders have also exercised their rights to recall loans.

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SpiceJet delays salaries for a 2nd consecutive month

Employees at SpiceJet Ltd claimed that their salaries had been delayed for the second consecutive month despite the airline’s claim that payments were being made in a “graded format.” “The salaries being disbursed to captains and first officers are not even 50% of what they used to be before the Covid-19 outbreak in March 2020,” an employee told PTI.

The SpiceJet Human Resources team blamed superlative fuel price hikes and a historically lean period of July-Sept for the delays in salary payments.

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Adani Group to launch open offer for NDTV on Oct 17

Adani Group will launch its open offer on October 17 to acquire an additional 26% stake in media firm NDTV. The open offer for acquiring 1.67 crore equity shares at ₹294 per share will tentatively close on November 1. If fully subscribed at a price of ₹294 per share, the open offer will amount to ₹492.81 crore.

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Govt aims to increase coal production to 1.23 billion tonnes by FY25

The Ministry of Coal is accelerating the process to enhance coal production with a target of reaching 1.23 billion tonnes of fuel production by FY25. At this level of production, it is expected that fuel imports may not be required. Also, domestic production would be sufficient to meet the total energy demand. 

Meanwhile, Coal India Ltd (CIL) has adopted an integrated planning approach by strengthening evacuation infrastructure for 1 billion tonnes of production and seamless transportation of coal to the end users. 

Read more here.

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Adani Group to Acquire 29.2% Stake in NDTV – Top Indian Market Updates

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

Adani Group to acquire 29.2% stake in NDTV

Adani Group’s media arm announced it will indirectly acquire a 29.18% stake in New Delhi Television Ltd (NDTV) and launch an open offer for another 26% stake in the media house. Three firms, Vishvapradhan Commercial Pvt. Ltd., AMG Media Networks, and Adani Enterprises Ltd, will acquire up to 1,67,62,530 fully paid-up equity shares of NDTV (having a face value of Rs 4) at Rs 294 per share from the public shareholders.

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India’s crude oil production falls 3.8% in July

India’s crude oil production fell 3.8% YoY in July on lower output from fields operated by state-owned ONGC and private sector firms. Production of crude oil fell from 2.54 million tonnes (MT) in July 2021 to 2.45 MT in July 2022. ONGC’s total production fell 1.7% YoY to 1.63 MT due to lower output from western offshore. The country’s 22 oil refineries processed 10.52% more crude oil at 21.43 million tonnes as demand for fuel picked up.

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Godrej Agrovet signs MoU with 3 states on oil palm cultivation

Godrej Agrovet Ltd has signed Memorandum of Understandings (MoUs) with the governments of Assam, Manipur, and Tripura for the development and promotion of oil palm cultivation under the National Mission on Edible Oils-Oil Palm scheme. The company will be allotted land in the three states for developing sustainable palm oil plantations in the region. In August 2021, the Indian govt launched the National Mission on Edible Oils-Oil Palm scheme with a planned outlay of Rs 11,040 crore.

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NHPC signs pact with BEL to set up solar equipment manufacturing facility

NHPC Ltd has signed a pact with Bharat Electronics Ltd (BEL) to set up a large-capacity solar equipment manufacturing facility. State-owned hydro power giant NHPC has an installation base of 7071.2 megawatts (MW) from 24 power stations. It is engaged in the construction of 11 projects aggregating to a total installed capacity of 7,539 MW.

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SpiceJet plans to raise funds worth $251 million: Report

As per a report from ET Now, SpiceJet Ltd is looking to raise funds worth $250.53 million (~Rs 1,998 crore). The low-cost airline is pursuing multiple ways to raise funds, including government lending schemes or equity sales. SpiceJet has been under the scanner lately, following incidents of technical snags that prompted India’s aviation regulator to order a reduction in its approved fleet by 50% for eight weeks.

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Ramco Systems partners with Australian freight and distribution service provider

Ramco Systems Ltd will implement its Logistics ERP Software at Freight Specialists to automate company-wide operations and services. The software will include modules for transportation, warehouse, and invoice management. It will offer superior user experience, end-to-end visibility, and control while enabling real-time operational excellence. Freight Specialists is a leading freight and distribution services provider based in Sydney, Australia.

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India to become world’s number one producer of steel: Jyotiraditya Scindia

Union Minister Jyotiraditya M Scindia said India will become the number one producer of steel in the world in the days to come. He was of the view that our country has moved from becoming the net importer of steel to the net exporter of steel. Currently, India is the world’s second-largest producer of crude steel after China. The per capita steel consumption has increased from 57.8 kg in 2013-14 to 78 kg. The government intends to achieve 300 million tonnes (MT) of steel production target by 2030.

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GMDC to hire consultants to set up modular lignite washery

Gujarat Mineral Development Corporation (GMDC) has invited requests for proposals (RFPs) for technology consultants for the dry beneficiation technology sulphur removal plant. The company aims to set up a modular lignite washery to remove pyrites/sulphur from lignite produced from the company’s Surkha (North) mines in Bhavnagar, Gujarat. This will help reduce sulphur dioxide emissions and improve boiler efficiency for the end users.

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Tata Motors signs PPA with Tata Power to develop onsite solar project

Tata Motors has signed a Power Purchase Agreement (PPA) with Tata Power to develop a 7.25 megawatt-power (Mwp) onsite solar project at its commercial vehicle manufacturing facility in Jamshedpur. With this project, the onsite solar plant capacity of the facility will reach 14 MWp, which will generate 442 million units of green electricity having the potential to reduce carbon emission by 3.5 lakh tonnes.

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SpiceJet, Credit Suisse AG Resolve Financial Dispute – Top Indian Market Updates

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

SpiceJet, Credit Suisse AG tell SC they resolved financial dispute

SpiceJet Ltd and Swiss firm Credit Suisse AG told the Supreme Court they have resolved their financial dispute. The apex court allowed SpiceJet to withdraw its appeal against a Madras High Court verdict ordering that the airline be wound up on account of alleged non-payment of dues to Credit Suisse. As per Credit Suisse AG, SpiceJet had failed to honour its commitment to pay the bills for over $24 million for maintenance and repair of aircraft engines and components.

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Tata Motors secures order for 921 electric buses from BMTC

Tata Motors has secured an order for 921 electric buses from the Bengaluru Metropolitan Transport Corporation (BMTC). The automaker is all set to supply, operate and maintain 12-meter electric buses as part of the large tender announced by Convergence Energy Services Ltd (CESL). BMTC Managing Director G Sathyavathi said the order is essential for Bengaluru’s growing requirement for clean and sustainable public transport.

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HAL opens office in Kuala Lumpur to explore business operations in Southeast Asia

Hindustan Aeronautics Ltd (HAL) has signed a Memorandum of Understanding (MoU) with its representative in Kuala Lumpur (called Forte Drus) for tapping new opportunities in exporting weaponry to Malaysia. The office in Malaysia will help HAL to tap the new business opportunities for Fighter Lead-in Trainer, Light Combat Aircraft, and other requirements of the Royal Malaysian Air Force (RMAF).

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Power Mech Projects secures order worth Rs 6,163 crore from Adani Group

Power Mech Projects Ltd (PMPL) has secured an order for five Flue Gas Desulphurization (FGD) projects with an aggregating value of Rs 6,163.20 crore from Adani Group. The FGD projects will be used to install 15 FGD retrofits to coal-based units at Mundra, Tiroda, Kawai, and Udupi. These units will effectively curb sulphur-dioxide emissions and play a vital part in helping India achieve its ambitious goal of reducing emissions.

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IRCTC floats tender to appoint consultant for digital data monetisation

Indian Railway Catering & Tourism Corporation (IRCTC) has floated a tender to hire a consultant to monetise digital assets. The assets mentioned in the tender include rail ticketing data, user base, and passenger travel-related transactions. As per reports, IRCTC has estimated a revenue generation potential of Rs 1,000 crore through the monetisation of its digital assets.

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Datamatics Global Services partners with US-based AccessFares

Datamatics Global Services Ltd (DGSL) has entered into a long-term strategic partnership with AccessFares to enhance the customer experience for its premium international airfare services. DGSL will manage the premium international airfare services and help create value across the entire air ticketing, invoicing, and billing process. US-based AccessFares is a market leader in providing premium international airfares with significant discounts to customers globally.

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Lupin gets USFDA approval for Rufinamide tablets to treat seizures

Lupin Ltd has received approval from the US Food & Drug Administration (FDA) for Rufinamide tablets. The drug is used to treat the symptoms of Lennox-Gastaut Syndrome (seizures). They are available for oral administration as film-coated tablets. The product will be manufactured at Lupin’s facility in Goa. As per IQVIA MAT June 2022 data, Rufinamide tablets had estimated annual sales of $164 million (~Rs 1,306.4 crore) in the US.

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India sees a 7.6% fall in domestic air passengers in July: DGCA

The latest data by the Directorate General of Civil Aviation (DGCA) showed a 7.6% decline in the total number of domestic air passengers in July 2022 to 97 lakh. Around 1.05 passengers travelled by air in June. The rainy season is usually a lean period for India’s aviation sector. IndiGo carried 57.11 lakh passengers in July, a 58.8% share of the domestic market. Meanwhile, SpiceJet carried 7.76 lakh passengers last month.

Read more here.

Tata Power Renewable Energy issues shares to BlackRock-Mubadala consortium for Rs 2,000 crore

Tata Power Renewable Energy’s board has approved the allotment of 8.36 crore equity shares on a preferential basis aggregating ~Rs 2,000 crore to GreenForest New Energies Bidco (GNEB). GNEB is a consortium led by BlackRock Real Assets and Mubadala Investment Company. This transaction is part of an investment deal worth Rs 4,000 crore, which BlackRock and Mubadala will infuse into Tata Power Renewable Energy.

Read more here.

Nykd by Nykaa launches first flagship store in New Delhi

Nykd by Nykaa, the athleisure brand from Nykaa Fashion, has opened its first-ever physical retail space in Rajouri Garden, New Delhi. The store has a wide array of products across the innerwear, sleepwear, athleisure, and loungewear categories.

Read more here.

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WPI Inflation Eases to 13.93% in July – Top Indian Market Updates

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

WPI inflation eases to 13.93% in July

India’s wholesale inflation fell to 13.93% in July due to easing prices of food and manufactured products. The wholesale price index (WPI) stood at 15.18% in June and at a record 16.63% (revised) in May. Inflation in the food articles segment eased to 10.77% in July, compared to 14.39% in June. The fuel and power segment surged 43.75% last month from 40.33% in June.

Read more here.

Adani Ports’ arm acquires inland container depot Tumb for Rs 835 crore

Adani Logistics has acquired inland container depot (ICD) Tumb from Navkar Corporation for Rs 835 crore. ICD Tumb is one of the largest inland container depots and has a capacity of 0.5 million Twenty-foot Equivalent Units (TEUs). The ICD is strategically located between the Hazira Port in Gujarat and the Nhava Sheva Port in Mumbai. Adani Logistics is a wholly-owned subsidiary of Adani Ports & Special Economic Zone Ltd (APSEZ).

Read more here.

SpiceJet enters into settlement agreement with Goshawk Aviation, affiliates

SpiceJet Ltd has entered into a settlement with aircraft lessor Goshawk Aviation and its affiliated entities related to two Boeing 737 MAX aircraft and one Boeing 737-800 NG aircraft. This settlement will allow two more fuel-efficient Boeing 737 MAX aircraft to enter SpiceJet’s fleet. Goshawk Aviation Ltd is one of the main lessors (an entity that leases a property to another) of MAX aircraft of SpiceJet.

Read more here.

Wockhardt initiates phase-III clinical study of new antibiotic candidate

Wockhardt Ltd has initiated a global Phase-III clinical study of its new antibiotic candidate WCK 5222. The company has completed the first site initiation visit for the study. WCK 5222 is an entirely new class of antibiotic known as “β-lactam ENHANCER”. It is targeted for the treatment of hospitalised adults with complicated urinary tract infections. 

Read more here.

Concord Biotech files DRHP with SEBI for Rs 2,000-2,500 crore IPO

Concord Biotech, a fermentation-based active pharmaceutical ingredient (API) maker, filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO). As per reports, the IPO’s size would be Rs 2,000-2500 crore. The issue with a face value of Rs 1 per equity share is a complete offer for sale (OFS) aggregating to 2.09 crore equity shares by Helix Investment Holdings Pte. Ltd.

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Unichem Labs gets USFDA nod for Schizophrenia drug

Unichem Laboratories Ltd has received approval for Quetiapine extended-release (ER) tablets from the US Food & Drug Administration (USFDA). The tablets are used to treat schizophrenia, bipolar disorder, and adjunctive treatment of Major Depressive Disorder (MDD). The product will be commercialized from Unichem’s plant in Goa.

Read more here.

Future Consumer defaults on Rs 51.85 cr payment towards debentures

Future Consumer Ltd (FCL) has defaulted on the payment of Rs 51.85 crore towards principal and interest due on non-convertible debentures (NCDs). The default includes an interest amount of Rs 10.73 crore and a principal amount of Rs 41.12 crore. The NCDs were allocated on February 15, 2018, with a coupon rate of 11.07% per annum. As of June 30, 2022, the total financial indebtedness of FCL (including short-term and long-term borrowings) was Rs 446.82 crore.

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Indian Oil aims to restart Paradip refinery from mid-Sept: Report

As per a report by Economic Times (ET), Indian Oil Corporation Ltd (IOCL) will restart crude processing at its 300,000 barrels per day Paradip refinery in eastern Odisha from mid-September after a 45-day maintenance turnaround. While the crude unit was shut from Aug. 1, the naphtha hydrotreater, continuous catalytic reformer, diesel hydrotreater, coker, and alkylation units were shut sequentially.

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Amul, Mother Dairy hikes milk prices by Rs 2 per litre

Leading milk suppliers Mother Dairy and Amul have increased milk prices in Delhi-NCR and other cities by Rs 2 per litre due to a rise in its procurement and other input costs. Prices of toned milk will increase to Rs 51, while double toned milk will rise to Rs 45 per litre. Cow milk prices have been hiked to Rs 53 per litre.

Read more here.

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Bharti Airtel Signs 5G Network Deals with Nokia, Samsung – Top Indian Market Updates

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

Bharti Airtel signs 5G network deals with Ericsson, Nokia, Samsung

Bharti Airtel Ltd has signed 5G network agreements with Swedish equipment maker Ericsson, Nokia, and Samsung to commence deployment of 5G networks from August. Ericsson will provide 5G connectivity in 12 circles for Bharti Airtel. The multi-year deal with Nokia will provide equipment from its AirScale portfolio and solutions for network management, deployment, planning, and optimisation services. Samsung will act as Airtel’s network partner to deploy 5G services.

Read more here.

Adani Power Q1 Results: Net profit jumps 16x YoY to Rs 4,780 crore

Adani Power Ltd reported a 16-fold YoY jump in consolidated net profit to Rs 4,780 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 115% YoY to Rs 15,509 crore during the same period. The company’s performance in Q1 was aided by a surge in power purchase agreement (PPA) tariffs due to higher import coal prices and greater alternate coal usage. EBITDA stood at Rs 7,506 crore, up 227% YoY.

Read more here.

Tata Power Green commissions 225 MW hybrid power project in Rajasthan

Tata Power Green Energy Ltd (TPGEL) has commissioned a 225 megawatts (MW) hybrid power project in Rajasthan. The power generated from the project will be supplied to Tata Power-Mumbai Distribution under a Power Purchase Agreement (PPA) for 25 years. The plant will annually offset approximately 700 million kilograms of carbon dioxide.

Read more here.

Adani Wilmar Q1 Results: Net profit rises 10% YoY to Rs 194 crore

Adani Wilmar Ltd reported a 10.2% YoY increase in consolidated net profit to Rs 193.59 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 30.2% YoY to Rs 14,731.62 crore during the same period. EBITDA stood at Rs 496 crore, up 14% YoY. Overall volumes grew 15% YoY to 1.19 million metric tonnes (MMT). The company’s edible oil business posted a 6% YoY growth in volumes, while its food & FMCG segment grew 53% YoY.

Read more here.

Inox Wind secures order for 200 MW wind power project from NTPC

Inox Wind has secured an order to establish a 200 MW wind power project from NTPC Renewable Energy Ltd. The project will be executed in Kutch District, Gujarat, and is scheduled to be commissioned by January 2024. As part of the order, Inox Wind will supply and install Wind Turbine Generators with 113 meters rotor diameter and 92 meters hub height. The company will also provide comprehensive operation and maintenance (O&M) for the project.

Read more here.

Vodafone Idea Q1 Results: Net loss at Rs 7,297 crore

Vodafone Idea Ltd (Vi) reported a consolidated net loss of Rs 7,296.7 crore for the quarter ended June (Q1 FY23). The telecom major had posted a net loss of Rs 7,319 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 13.7% YoY to Rs 10,410 crore in Q1 FY23. The average revenue per user (ARPU) stood at Rs 128 in Q1 FY23, compared to Rs 104 in Q1 FY22.

Read more here.

SpiceJet in talks with investors for stake sale: Report

As per a report from ET NOW, a Middle Eastern airline has expressed interest to pick up a 24% stake and a board seat in SpiceJet Ltd. Sources added that a big Indian business conglomerate has also approached promoter Ajay Singh to acquire a stake in the budget carrier. Ajay Singh holds around a 60% stake in SpiceJet. The cash-strapped airline urgently requires capital to keep flying.

Read more here.

IndiGo Q1 Results: Net loss narrows to Rs 1,064 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 1,064.3 crore for the quarter ended June (Q1 FY23). The airline had posted a net loss of Rs 1,681.80 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped 327.5% YoY to Rs 12,855.3 crore in Q1 FY23. IndiGo’s passenger ticket revenues stood at Rs 11,466.9 crore, up 399% YoY.

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Uber sells 7.8% stake in Zomato for Rs 3,100 crore

Uber Technologies sold its entire 7.78% stake in Zomato Ltd in a bulk deal on the BSE today. The US-based company sold 61.22 crore shares of Zomato, which it had earned by selling Uber Eats in an all-stock deal in 2020, at Rs 50.44 per share. Meanwhile, Fidelity’s Emerging Market Fund bought 5.44 crore shares of Zomato in the bulk deal at an average price of Rs 50.26. ICICI Prudential Life Insurance bought 4.5 crore shares at Rs 50.25 per share.

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Inox Leisure Q1 Results: Net profit at Rs 57 crore

Inox Leisure Ltd reported a consolidated net profit of Rs 57.09 crore for the quarter ended June (Q1 FY23). The multiplex operator had posted a net loss of Rs 122.28 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations stood at Rs 582.26 crore in Q1 FY23, compared to Rs 22.31 crore in Q1 FY22 (when cine exhibition was impacted due to the second wave of the Covid-19 pandemic). The company added three new properties with 17 screens in Q1 FY23.

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India’s services PMI falls to 4-month low in July

India’s services sector lost momentum in July as demand was curtailed by competitive pressures, high inflation and unfavourable weather. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 55.5 in July, compared to 59.2 in June. Both output and sales increased at the weakest rates for four months.

[PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.]

Read more here.

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Godrej Properties Posts 167% YoY Jump in Net Profit in Q1 – Top Indian Market Updates

godrej properties

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

Godrej Properties Q1 Results: Net profit jumps 167% YoY to Rs 46 crore

Godrej Properties Ltd reported a 167.5% YoY jump in consolidated net profit to Rs 45.55 crore for the quarter ended June (Q1 FY23). Its total income rose 62.8% YoY to Rs 426.4 crore during the same period. The real estate firm’s total sales bookings jumped five-fold to Rs 2,520 crore in Q1. The company said it is on track to meet its objective of achieving a total booking value of Rs 10,000 crore for FY23.

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LTI expands partnership with Microsoft

Larsen & Toubro Infotech Ltd (LTI) plans to train more than 12,000 employees on various Microsoft technologies by 2024. The company also announced the expansion of its collaboration with Microsoft to focus on developing high-value cloud solutions for enterprises. As part of this multi-year partnership, LTI has launched a dedicated Microsoft business unit that develops and offers end-to-end digital transformation solutions.

Read more here.

Adani Green Energy Q1 Results: Net profit falls 2% YoY to Rs 214 crore

Adani Green Energy Ltd (AGEL) reported a 2% YoY decline in consolidated net profit to Rs 214 crore for the quarter ended June (Q1 FY23). Net profit increased by 77% when compared to the previous quarter. Its revenue from operations rose 67% YoY (or 12% QoQ) to Rs 1,635 crore during the same period. EBITDA stood at Rs 1,052 crore, up 46% YoY.

CCI approves RIL arm’s acquisition of 50.1% stake in Sanmina-SCI India

The Competition Commission of India (CCI) has granted approval for Reliance Strategic Business Ventures Ltd’s (RSBVL) acquisition of a 50.1% stake in Sanmina-SCI India (SCIPL).  US-based Sanmina Corporation and RSBVL have signed an agreement to create a joint venture (JV) that will establish a world-class electronic manufacturing hub in India. RSBVL is set to invest Rs 1,670 crore in the JV and hold the majority stake. The new JV will serve both domestic and export markets.

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Ajmera Realty acquires land parcel in Mumbai for Rs 42.5 crore

Ajmera Realty & Infra India Ltd’s subsidiary has acquired 1,721 square metres of land in Mumbai for Rs 42.5 crore to develop a housing project. The subsidiary, Shree Yogi Realcon Pvt Ltd, bought the property from Tata Communications Ltd. The company aims to develop around 100 residential units in this project. It is estimated to generate a sales value of ~Rs 250 crore over the next three years.

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Bank of India Q1 Results: Net profit falls 22% YoY to Rs 561 crore

Bank of India reported a 22% YoY decline in net profit to Rs 561 crore for the quarter ended June (Q1 FY23). Its total income fell 4.4% YoY to Rs 11,124.36 crore during the same period. Operating expenses stood at Rs 3,041 crore in Q1, up 12% YoY. The gross non-performing assets (GNPA) ratio improved to 9.3% in Q1 FY23, compared to 13.51% in Q1 FY22.

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SpiceJet clears all dues with Airports Authority of India

SpiceJet Ltd has entered into a full and final settlement with the Airports Authority of India (AAI) and cleared all outstanding principal dues of the airport operator. The airline will no longer remain on “cash and carry” at AAI-run airports across India and revert to an advance payment mechanism for daily flight operations. According to SpiceJet’s spokesperson, the company’s ability to clear the pending dues reflects its improved cash flow in recent times.

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Data Patterns Q1 Results: Net profit rises 38% YoY to Rs 14.26 crore

Data Patterns (India) Ltd reported a 38.4% YoY increase in net profit to Rs 14.26 crore for the quarter ended June (Q1 FY23). Net profit declined by 77% when compared to the previous quarter. Its revenue from operations rose 84% YoY to Rs 68.38 crore during the same period. The company’s order book currently stands at Rs 663.55 crore. Data Patterns is a leading solution provider for the defence and aerospace electronics industries.

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CCI approves divestment of IDFC AMC

The Competition Commission of India (CCI) has approved the divestment of IDFC Asset Management Company (IDFC AMC). In April 2022, a consortium of Bandhan Bank’s parent Bandhan Financial Holdings (BFHL), private equity firm ChrysCapital, and Singapore’s sovereign fund GIC announced the acquisition of IDFC AMC for Rs 4,500 crore. Established in 2000, IDFC AMC manages over Rs 1,15,000 crore of Asset Under Management (AUM) as of March 31, 2022.

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Tata Power partners with JLL to provide green energy solutions for realty sector

Tata Power has signed a Memorandum of Understanding (MoU) with JLL India to promote green energy solutions in the real estate space. Both entities will jointly evaluate opportunities across JLL India’s clients’ portfolios to extend Tata Power’s green energy solutions. Tata Power will also work with JLL India to support the transition of their existing offices into green energy power hubs.

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Tata Motors’ Net Loss Widens in Q1 – Top Indian Market Updates

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

Tata Motors Q1 Results: Net loss widens to Rs 4,951 crore

Tata Motors reported a consolidated net loss of Rs 4,950.97 crore for the quarter ended June (Q1 FY23). The automaker had posted a net loss of Rs 4,450.12 crore in Q1 FY22 and a loss of Rs 992.05 crore in Q4 FY22. Its revenue from operations fell 8.3% YoY to Rs 71,934 crore in Q1 FY23. The sharp increase in losses is primarily due to inflation, lockdowns in China, chip supply issues, and volatile commodity prices. 

Sales of passenger vehicles surged 101.7% YoY to 1,30,351 units in Q1 FY23, while commercial vehicle sales jumped 104.1% YoY to 95,900 units.

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Govt received bids worth Rs1.49 lakh crore in spectrum sale

The Indian Government has raised Rs 1,49,454 crore from the auction of 5G spectrum at the end of day two, said telecom minister Ashwini Vaishnav. The sale will most likely end on Thursday. On day one, the govt received around Rs 1.45 lakh crore, driven by the 700 MHz band, which saw bidding for the first time. Reliance Jio, Bharti Airtel, and Vodafone Idea have bid for mid and high-end airways to launch 5G services.

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Bajaj Finance Q1 Results: Net profit jumps 159% YoY to Rs 2,596 crore

Bajaj Finance Ltd reported a 159% YoY jump in consolidated net profit to Rs 2,596 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 48% YoY to Rs 6,638 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 1.25% in Q1 FY23, compared to 2.96% in Q1 FY22. The company’s total assets under management stood at Rs 2,04,018 crore in Q1 FY23, up 28% YoY.

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DGCA orders SpiceJet to cut flights by half for safety

The Directorate General of Civil Aviation (DGCA) has ordered SpiceJet Ltd to operate only 50% of its flights for eight weeks after an unusually high number of safety incidents involving the airline. SpiceJet said this order would not have any impact on its flights in the lean travel season and flights won’t be cancelled. During these eight weeks, the airline would be subjected to DGCA’s “enhanced surveillance”.

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Maruti Suzuki Q1 Results: Net profit jumps 118% YoY to Rs 1,036 crore 

Maruti Suzuki India Ltd (MSIL) reported a 118% YoY jump in consolidated net profit to Rs 1,036 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 49% YoY to Rs 26,499.8 crore during the same period. The automaker sold 4,67,931 units in Q1, up 32.3% YoY. MSIL also reported its highest ever exports at 69,437 units. A shortage of electronic components in Q1 resulted in the non-production of nearly 51,000 vehicles.

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Dr. Reddy’s Labs launches cancer treatment injection Bortezomib in the US

Dr. Reddy’s Laboratories Ltd has announced the launch of Bortezomib for Injection (3.5 mg per 10 ml single-dose vial) in the U.S. market. The injection is indicated for the treatment of adult patients with multiple myeloma and mantle cell lymphoma (cancer). As per IQVIA data, the generic version of the drug had sales of approx. $1.2 billion in the U.S market during the 12 months ended May 2022.

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Dixon Tech Q1 Results: Net profit jumps 152% YoY to Rs 45 crore

Dixon Technologies Ltd reported a 152% YoY jump in consolidated net profit to Rs 45.4 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 52.89% YoY to Rs 2,855.07 crore during the same period. Total expenses stood at Rs 2,793.44 crore in Q1, up 51.52% YoY.

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Tech Mahindra, Genesys to license imagery data for Google Street View in India

Google has announced a partnership with Tech Mahindra Ltd and mapping firm Genesys International to launch the Street View product of Google Maps in India. The US-based tech major will license imagery data for Street View from Tech Mahindra and Genesys and won’t own the data itself. The product will be available in Bengaluru, Chennai, Delhi, Mumbai, and six other cities from today.

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Bharat Forge’s arm partners with Talgo for manufacturing high-speed trains

BF Infrastructure (a subsidiary of Bharat Forge Ltd) has partnered with Talgo India to set up a joint venture (JV) that will engage in the manufacturing of high-speed passenger trains. The JV is expected to address future large business opportunities in the Indian Railways sector. It will also tap the upcoming domestic requirements in the field. Talgo is a wholly owned subsidiary of Spain-based high-speed passenger train manufacturer Patentes Talgo.

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Laurus Labs Q1 Results: Net profit rises 4% YoY to Rs 251 crore

Laurus Labs reported a 4% YoY (or 9% QoQ) increase in net profit to Rs 251 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 20% YoY to Rs 1,539 crore during the same period. The pharma company’s operating profit was up 15% YoY to Rs 454 crore in Q1. The active pharmaceutical ingredients (API) business reported a revenue of Rs 583 crore, up 6% YoY.

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SpiceJet Gets Show-Cause Notice From DGCA – Top Indian Market Updates

Spicejet

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

SpiceJet gets show-cause notice from DCGA for safety lapses

The Directorate-General for Civil Aviation (DGCA) has issued a show-cause notice to SpiceJet Ltd for failing to establish a safe and reliable air service. An unusually high number of incidents involving SpiceJet aircraft since April 1 has prompted the aviation regulator to seek an explanation from the airline. SpiceJet has displayed poor internal safety oversight and inadequate maintenance actions as most of the incidents are related to either component failure or system-related failure.

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Reliance Retail to bring fashion brand Gap to India

Reliance Retail Ltd has entered a long-term partnership with Gap Inc. to bring American fashion brand Gap to India. Through the franchise agreement, Reliance Retail has become the official retailer for Gap across all channels in India. The company will introduce Gap’s fashion offerings to Indian consumers through a mix of exclusive brand stores, multi-brand store expressions, and digital commerce platforms.

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Macrotech Developers reports strong Q1 performance

Macrotech Developers Ltd’s pre-sales for the April-June quarter (Q1 FY23) stood at Rs 2,814 crores, up 194% YoY. Since pre-sales increased by Rs 1,857 crore in Q1, 75% of the total sales growth required to meet full-year guidance has been achieved in Q1 itself. The realty firm continues to see good demand across segments. Amidst evolving macroeconomic conditions, they have not yet seen any negative impact on demand for housing from high-credibility developers.

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SBI renews MoU with Air Force for defence salary package

State Bank of India (SBI) has renewed the Memorandum of Understanding (MoU) with the Indian Air Force for the Defence Salary Package (DSP) scheme. Under this scheme, the bank will offer various benefits and features to all serving and retired Air Force personnel and their families. SBI will offer extensive benefits such as complimentary personal accidental insurance and air accidental insurance.

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Godrej Consumer expects India sales to grow in double-digits in Q1

Godrej Consumer Products Ltd (GCPL) said its India business would report double-digit growth in sales in the June quarter (Q1 FY23). The FMCG firm expects to deliver high single-sales growth at the consolidated level. With inflationary pressures declining slightly and significant correction in palm oil derivatives and crude oil (vital raw materials), GCPL expects a recovery in consumption and gross margins in the upcoming quarters.

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EaseMyTrip enters New Zealand market

Easy Trip Planners Ltd has expanded its international footprint by incorporating a wholly-owned foreign subsidiary in New Zealand as part of its expansion strategy. The company is anticipating a significant pent-up global demand for the travel and tourism sector in the coming months. EaseMyTrip will launch a localised search engine in New Zealand to cater to the customers in the region.

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IndusInd Bank partners with MoEngage

IndusInd Bank announced a strategic partnership with MoEngage to deliver a differentiated digital experience across multiple customer journeys. US-based MoEngage is an insights-led customer engagement platform. As part of the partnership, Induslnd Bank will leverage MoEngage’s platform to deliver a ‘Gen Z’ digital banking experience to its customers. The bank will be able to curate personalized content and recommendations across channels.

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Shriram Transport Finance gets shareholders’ approval for merger

Shriram Transport Finance Company Ltd (STFC) has received approval from its equity shareholders and creditors for its merger with Shriram City Union Finance (SCUF). In December 2021, Chennai-based diversified financial services company Shriram Group announced the merger of Shriram Capital Ltd (SCL) and SCUF with STFC. The merged entity will be known as Shriram Finance Ltd, and it will be the largest retail finance NBFC in India.

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NTPC REL partners with GACL to set up India’s first commercial-scale green ammonia project

NTPC Renewable Energy Limited (NTPC REL) has signed a Memorandum of Understanding (MoU) with Gujarat Alkalies and Chemicals Ltd (GACL) to set up India’s first commercial-scale green ammonia and green methanol projects. The two entities aim to supply 100 megawatts (MW) RE-RTC (Round The Clock) power and synthesize 75 tonnes per day (TPD) Green Methanol and 35 TPD Green Ammonia for captive use for the production of various chemicals by GACL at its Vadodara and Dahej complex in Gujarat.

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SpiceJet Calls for 10-15% Hike in Airfares – Top Indian Market Updates

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

SpiceJet to hike airfares up to 15% on fuel, forex costs

SpiceJet Ltd has called for a 10-15% hike in airfares to counter high fuel costs and a weak rupee. Operating costs have increased to unsustainable levels. The airline’s MD Ajay Singh noted aviation turbine fuel prices have increased by more than 120% since June 2021. He has called on the federal and state governments to cut taxes.

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IRB Infra’s arm achieves financial closure for Rs 6,538 crore expressway project in UP

Meerut Budaun Expressway Pvt. Ltd, a wholly-owned subsidiary of IRB Infrastructure Developers Ltd, has achieved financial closure for a Rs 6,538-crore project in Uttar Pradesh. The Ganga Expressway Group-1 is a greenfield project that will be carried out under Build, Operate, and Transfer (BOT) mode. A consortium of lenders extended financial support of Rs 2,659 crore for the six-lane greenfield expressway corridor of 129.7 km.

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Glenmark Pharma launches asthma drug

Glenmark Pharmaceuticals Ltd has launched a novel fixed-dose combination (FDC) drug for patients with uncontrolled asthma. It will be sold under the brand name Indamet. The drug will help manage uncontrolled asthma by improving lung function, better symptom control, and reducing exacerbations.

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Dredging Corp secures maintenance contract worth Rs 250 crore

Dredging Corporation of India Ltd has secured a yearly maintenance contract worth Rs 250 crore for Mumbai and the JNPA navigation channel. It includes dredging of ~20 million cubic meters. The company is aiming at its highest ever turnover of Rs 1,000 crore for the financial year 2022-23 after the extension of the contract by Jawaharlal Nehru Port Trust (JNPT).

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TCS partners with QIAGEN for digital transformation

Netherlands-based QIAGEN has selected Tata Consultancy Services (TCS) as the strategic partner for its cloud transformation journey.  QIAGEN is a leading global provider of sample-to-insights solutions in life sciences and molecular diagnostics. TCS will assist QIAGEN with its deep contextual knowledge of the company’s infrastructure, applications, and systems.

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Lockdown in China may have an adverse impact on sales outlook in FY23: Tata Motors

In its Annual Report, Tata Motors Ltd stated that the recent lockdowns in parts of China due to the spread of Covid-19 are adversely impacting its supply chains. Suppliers are unable to produce or deliver products to them. The automaker also said it is witnessing a temporary decline in demand. They are anticipating a severe impact on its sales outlook in FY23.

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ICICI Bank hikes FD interest rates

ICICI Bank has raised its interest rates on fixed deposits (FD). The interest rates on amounts below Rs 2 crore have been increased effective from June 16, 2022. The bank now offers an interest rate between 2.75% to 5.75% for tenors from 7 days to 10 years. Term deposits with a maturity of 185 to less than one year now pay 4.60%. Those with a maturity of one year to two years will fetch 5.30% interest.

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5G network rollout likely in August: Telecom Secretary

Telecom secretary K Rajaraman said 5G rollout is expected to begin in August once the auctions are conducted in July. On Wednesday, the Union Cabinet cleared the 5G spectrum auctions after accepting the spectrum reserve prices recommended by the telecom regulator. Around 72 GHz of airwaves will be placed for auction to rollout 5G services in India. The auction will take place from July 26.

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Wipro partners with Eros Investments to scale AI & ML-based content localisation solution

Wipro Ltd has partnered with Eros Investments to evolve and scale an Artificial Intelligence (AI) and Machine Learning (ML)-based content localisation solution. The solution will automate the time-consuming process of subtitling and dubbing with near human-level accuracy. It will drive significant cost and time savings for global media organizations and direct-to-consumer over-the-top (OTT) streaming platforms.

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Retail Inflation at 7.04% in May – Top Indian Market Updates

inflation - market updates | marketfeed

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

Retail inflation at 7.04% in May

India’s retail inflation fell to 7.04% in May 2022 from an eight-year high of 7.79% in April, aided by a favourable base effect. Sequentially, price increases remained elevated with the Consumer Price Inflation (CPI) index rising 0.94% over the previous month. Inflation in food and beverages stood at 7.97% in May, compared with 8.31% in April. Fuel and light inflation stood at 9.54% in May against 10.8% in April.

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Amara Raja secures contract from NTPC to set up green hydrogen fuelling station in Leh

Amara Raja Power Systems (ARPS) has secured a contract from NTPC Ltd to set up India’s first green hydrogen fuelling station in Leh. The pilot project will be established in Leh’s extreme conditions, 3,600 meters above sea level. This project is in line with the government’s vision of achieving net-zero carbon emission by 2070. 

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Crompton Greaves Consumer Electricals to raise Rs 925 crore via NCDs

Crompton Greaves Consumer Electricals Ltd plans to raise long-term funds up to Rs 925 crore by issuing non-convertible debentures (NCDs) on a private placement basis. The company’s board has also approved the buyback of rated, listed commercial paper aggregating to up to Rs 600 crore. These are part of a proposal to modify the company’s debt profile.

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SpiceJet acquires certifications for cargo delivery to EU and UK

SpiceJet Ltd has secured RA3 (Regulated Agent Third country) and ACC3 (Air Cargo or Mail Carrier operating into the Union from a Third Country Airport) certifications. These certifications will allow SpiceJet to transport mail and cargo of other airlines to or via the European Union and the United Kingdom. The airline has also cleared the cargo security audit and on-site verification to check whether everything matches the standards maintained in the EU and UK. 

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NCLAT rejects Amazon’s plea against CCI order

The National Company Law Appellate Tribunal (NCLAT) has rejected Amazon’s plea challenging the decision of the Competition Commission of India (CCI) to suspend the approval for the e-commerce major’s deal with Future Coupons. NCLAT has also imposed a penalty of Rs 202 crore on Amazon for the suppression of information regarding the deal.

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CBI conducts raids at GR Infra’s offices: Reports

As per reports, the Central Bureau of Investigation (CBI) conducted searches at several offices of GR Infraprojects Ltd in Shillong, Guwahati, Gurgaon, and Bangalore. The raids were in connection with alleged irregularities in a national road highway project in Assam. The central agency has apprehended a few officials of the National Highways Authority of India (NHAI) and GR Infra Projects.

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Lemon Tree Hotels signs new property in Visakhapatnam

Lemon Tree Hotels Ltd has signed a new hotel in Visakhapatnam, Andhra Pradesh, under the brand ‘Keys Lite’. This property will feature 44 rooms, complemented by a multi-cuisine restaurant. It will also have a conference room and a fitness center. The hotel is expected to be operational by March 2023.

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Torrent Power acquires 50 MW solar plant for Rs 416 crore in Telangana

Torrent Power Ltd has completed the acquisition of a 50 megawatt (MW) solar power plant in Telangana from SkyPower Group for Rs 416 crore. The plant has a long-term power purchase agreement with Nothern Power Distribution Company of Telangana for 25 years at a fixed tariff rate of Rs 5.35 per unit. With this acquisition, Torrent Power’s total generation capacity will reach 4.7 gigawatts (GW).

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Bharti Airtel’s Xstream reaches 20 lakh paid subscriber mark

Bharti Airtel’s video streaming service, Airtel Xstream, has achieved the 20 lakh paid subscriber mark, demonstrating a strong pace of growth as an OTT aggregator platform. Airtel Xstream offers a bouquet of over-the-top (OTT) platforms to consumers across mobile and large screen formats. The service saw significant user interest through repeat recharges and subscriptions from Maharashtra, Karnataka, and Andhra Pradesh.

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SpiceJet Settles Dispute With Credit Suisse – Top Indian Market News

SpiceJet settles dispute with Credit Suisse

SpiceJet Ltd has signed and concluded the settlement, consent term with Credit Suisse in a pending dispute. The settlement involves payment of a certain amount upfront and the balance amount over a mutually agreed timeline. The airline had already provided a bank guarantee of $5 million under the direction of the Madras High Court in the matter. It claimed that there are no adverse financial liabilities on the company.

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Adani Ports Q4 Results: Net profit falls 22% YoY to Rs 1,033 crore

Adani Ports & Special Economic Zone Ltd (APSEZ) reported a 21.78% YoY decline in consolidated net profit to Rs 1,033 crore for the quarter ended March (Q4 FY22). Its total income rose 8.5% YoY to Rs 4,418 crore during the same period. APSEZ achieved a total cargo volume of 312 million metric tonnes (MMT) in Q4, registering a growth of 26% YoY. 

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J&J, Momenta files patent infringement lawsuit against Natco Pharma

Johnson & Johnson and Momenta Pharmaceuticals have filed a patent infringement lawsuit against Natco Pharma Ltd and its marketing partner Mylan Pharma in the US. The lawsuit alleges infringement of two old patents associated with Glatiramer Acetate injection (used to treat relapsing forms of multiple sclerosis in adults). Natco Pharma and Mylan said they will strongly defend this “meritless” suit.

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IndiGo Q4 Results: Net loss widens to Rs 1,682 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 1,682 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 1,147.2 crore in Q4 FY21 and a net profit of Rs 130 crore in Q3 FY22. The revenue from operations rose 29% YoY to Rs 8,020.74 crore in Q4 FY22. The airline’s fuel expenses surged 68.2% YoY to Rs 3,220.6 crore in Q4.

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Lupin to resize portfolio, slash costs in US biz

Lupin Ltd, which is struggling to grow sales in the US market, is planning to exit low-margin generic products and reduce cash burn through monetisation of various assets and specialty product capabilities. CEO Vinita Gupta said the company had already exited a few products filed from its Somerset facility in New Jersey. It has also identified 15-20 more products to exit.

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Reliance Jio using drones for tower surveillance, upkeep ahead of 5G rollouts

Telecom giant Reliance Jio is using drones to run a pilot project around tower surveillance and upkeep across India. It plans to use the technology to survey sites and plan the next wave of tower rollouts for its upcoming 5G network deployments. The drones will be used to check the health of towers and Jio’s assets deployed on them. This move will help the telco drive time and cost efficiencies. 

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NHPC Q4 Results: Net profit rises 6% YoY to Rs 467 crore

NHPC Limited reported a 5.61% YoY increase in consolidated net profit to Rs 467.15 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 4.05% YoY to Rs 1,674.31 crore during the same period. Total expenses rose 11.88% YoY to Rs 1,583.96 crore. NHPC’s board has declared a dividend of Rs 0.5 per share. 

The state-owned company’s board has also approved a proposal to raise debt up to Rs 6,300 crore in FY 2022-23.

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KPIT Tech to acquire vehicle diagnostics specialists SOMIT Solutions

KPIT Technologies Ltd announced the acquisition of SOMIT Solutions, a cloud-based vehicle diagnostics specialist. The total consideration for 100% shareholding will not exceed 7.68 million pounds (~Rs 74.45 crore). The acquisition complements KPIT’s aftersales diagnostics platform and strengthens its positioning to cater to the multi-billion automotive aftersales industry.

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Coal India Q4 Results: Net profit rises 46% YoY to Rs 6,693 crore

Coal India Ltd (CIL) reported a 45.91% YoY increase in consolidated net profit to Rs 6,692.94 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 22.5% YoY to Rs 32,706.77 crore during the same period. The company produced 209 million tonnes (MT) of coal in Q4 FY22, compared to 203.42 MT in Q4 FY21. CIL’s board has declared a dividend of Rs 3 per share. 

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