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Indecision in the Markets! – Post-Market Analysis

NIFTY started the day at 19,737 with a small gap-down of 14 points. The index moved up to the 19,780 resistance zone and consolidated between 19,730 and 19,780 (a 50-point range) for most part of the day. Nifty closed at 19,731, down by 19 points or 0.1%.

Nifty chart October 16 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,204 with a gap-down of 87 points. After falling and taking support at 44,045 levels, the index rose nearly 310 points to 44,350 levels. After 11:30 AM, BNF consolidated with a negative bias to close at 44,225, down by 62 points or 0.14%.

Bank Nifty chart October 16 - post-market analysis | marketfeed

All indices except Nifty Metal (+0.0%), Nifty PSU Bank (+0.72%), and Nifty Auto (+0.45%) closed in the red. Nifty Pharma (-0.46%) fell the most.

Major Asian markets closed in the red (Japan’s Nikkei fell 2%). European markets are currently trading flat-to-green.

Today’s Moves

Hero MotoCorp (+2.02%) was NIFTY50’s top gainer. The company said it aims to sell more than 13 lakh bikes this festive season.

Fertilizer stocks surged today as a result of increased prices due to the Israel-Hamas war. FACT (+19.99%), GSFC (+9.69%), RCF (+6.5%), GNFC (+5.3%), Deepak Fertilisers (+5.2%), and others closed well in the green.

Divi’s Labs (-2.15%) was NIFTY50’s top loser.

Shares of Delta Corp (-8.5%) a hit 3-year low after its subsidiary, Deltatech Gaming,  was notified of a substantial tax liability amounting to ₹6,384 crore on Saturday.

Sterling & Wilson Solar (-5%) continued its decline after the company missed payments to lenders due to liquidity issues.

Markets Ahead

Nifty is taking a pause after creating gaps on a daily time frame. A breakout or breakdown from these levels will give us clarity on which side the Indian markets are headed. India Vix is up by 5% today despite consolidation, which indicates that fear is rising in the overall markets, and a trendy move can be expected.

Nifty: The immediate support is near today’s low of 19,700 levels. A breakdown from there could give us targets of 19,675 and 19,630. The next resistance level to watch out for is 19,780. Between this zone, the index can be choppy. A breakout from there may give us targets of 19,840 and 19,880. Nifty is also at the edge of a trendline breakdown (as shown below). So watch this trendline.

Nifty chart post-market analysis | marketfeed

Bank Nifty: The immediate support to look out for is near 44,200. A breakdown from there might give us a target of 44,020. Meanwhile, BNF has a resistance near 44,300, and a breakout could give us a target of 44,460.

India’s largest private sector lender, HDFC Bank, has reported a 51% year-on-year (YoY) rise in net profit to ₹15,976 crore for the quarter ended September, beating street estimates!

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Vedanta to Split Into Six Listed Companies – Top Indian Market Updates

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

Vedanta to split into six listed companies 

Vedanta Ltd will spin off and list six of its businesses as it seeks to fuel their growth. The demerger plan is aimed at driving better valuations as its parent company struggles to raise funds due to rating downgrades and concerns over meeting its debt obligations. The six units being planned to be listed are Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Ltd. 

Read more here.

India’s core sector growth rises to 12.1% in August

According to Government data, India’s output of eight infrastructure sectors rose to 12.1% in August 2023 against 4.2% last year. The core sector output is at a 14-month high. The production of refinery products, steel, cement, and electricity also grew in August. Core sector growth in July was 8.4%. Cement production rose by 18.9% while coal production recorded a substantial increase of 17.9%.

Read more here.

Uno Minda to enhance stake in JV firm to 76%

Uno Minda’s board has approved enhancing its stake in a joint venture (JV) firm to 76%. The company will increase its stake in Minda Westport Technologies Ltd (MWTL) from 50% to 76% by acquiring an additional 26% stake from its JV partner Westport Fuel Systems Italia. The purchase consideration for the 26% stake is around ₹15 crore.

Read more here.

Ashok Leyland secures order for 1,282 buses from GSRTC

Ashok Leyland has secured an order for 1,282 fully built buses from Gujarat State Road Transport Corporation (GSRTC). The company will deliver 55-seater fully assembled BS VI diesel buses in a “phased manner”. Gujarat State Road Transport Corporation (GSRTC) has had a long association with Ashok Leyland with more than 2600 buses of the company being operated by GSRTC.

Read more here.

Hindustan Zinc plans to spin off businesses 

Hindustan Zinc’s board has authorised a committee of directors to evaluate the appropriate corporate restructuring exercise to unlock shareholder value. The company is looking to assess distinct investment profiles to attract deeper and broader investor bases. The company is valued at ₹1.2 lakh crore ($14.45 billion) and wants to broaden its investor bases and sharpen its focus on its core businesses.

Read more here.

Godrej Properties acquires 109 acres in Nagpur

Godrej Properties has acquired nearly 109 acres of land parcel in Nagpur. The company plans to develop primarily plotted residential units on this land parcel and estimates a saleable area of 2.2 million sq ft. The land parcel is located near the recently operationalised Samruddhi Mahamarg, the expressway connecting the cities of Mumbai and Nagpur and MIHAN Special Economic Zone (SEZ).

Read more here.

IFC gets RBI’s nod for acquiring 9.7% stake in Federal Bank

The Reserve Bank of India (RBI) has approved the International Finance Corporation (IFC) to acquire a 9.7% stake in Federal Bank. The central bank’s approval comes in response to IFC’s application and is contingent on compliance with several regulatory provisions. 

Read more here.

Sterling and Wilson secures order worth ₹1,535 crore from NTPC Renewable Energy

Sterling and Wilson Renewable Energy has secured a project worth ₹1,535 crore from NTPC Renewable Energy in Khavda, Gujarat. The engineering, procurement and construction (EPC) project of 300 megawatts of alternating current (MWac) of NTPC REL is located at the Khavda renewable energy plant at the Rann of Kutch in Gujarat. This is the company’s third NTPC REL order in over a year. 

Read more here.

L&T bags order worth over ₹7,000Cr from MMRDA

Larsen & Toubro has won an order worth over ₹7,000 crore from the Mumbai Metropolitan Region Development Authority (MMRDA). The project is to design an underground road tunnel project between Orange Gate, and Eastern Freeway to Marine Drive Coastal Road in Mumbai. The company plans to complete the project within 54 months.

Read more here.

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M&M to Fully Acquire Agri-Tech Firm MITRA – Top Indian Market Updates

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

M&M buys out VC firm Omnivore’s stake to acquire agri-tech firm MITRA

Mahindra & Mahindra (M&M) has acquired agro-equipment maker MITRA Agro Equipments after buying out venture capital firm Omnivore’s stake in the company. The move comes in line with M&M’s strategy to grow its revenues from the farm machinery segment 10-fold within the next five years. M&M Farm Equipment Sector has signed definitive documents to raise its shareholding in MITRA Agro Equipment from 47.33% to 100%, making it a wholly-owned subsidiary of M&M.

Read more here.

SC declines to stay NCLAT order to hold second round of auction for Reliance Cap assets

The Supreme Court has declined to stay the National Company Law Appellate Tribunal’s (NCLAT) order to hold a second round of auction for Reliance Captial’s assets. A bench comprising Justices Sanjiv Khanna M.M. Sundresh declined to entertain Torrent Group’s contention seeking a stay on the NCLAT order and issued notice on its plea and fixed the matter for further hearing in August. 

Read more here.

Smart prepaid meters to reduce power bills by up to 2.5%

Union Power Minister R K Singh has urged electricity consumers to use smart prepaid meters as the device helps users bring down power costs by up to 2%. Installation of smart prepaid meters reduces the operational and finance cost for electricity suppliers as consumers credit their accounts in advance.

Read more here.

JSPL gets approval to manufacture India’s first fire-resistant steel structures

Jindal Steel and Power Ltd (JSPL) will manufacture India’s first fire-resistant steel structures at its unit in Raigarh, Chhatisgarh. With the production of a special steel item for the first time in India, the company will target segments like refineries, bridges, metro projects, industrial structures, steel, power plants, hospitals, commercial and residential buildings. The grade is being imported at present.

Read more here.

India’s domestic air passenger traffic grew to 1.20 crore in Feb 2023: DGCA

India’s domestic air passenger traffic grew 56.82% year-on-year (YoY) to 1.20 crore in February as per the data released by the Directorate General of Civil Aviation (DGCA). All domestic carriers together had flown a total of 76.96 lakh passengers on local routes in February 2022. IndiGo led the rally by flying 67.42 lakh passengers during the previous month, securing 55.9 % of the total domestic passenger traffic in February 2023.

Read more here.

Sterling & Wilson Renewable Energy bags order worth Rs 2,100 crore from NTPC REL

Sterling & Wilson Renewable Energy Ltd (SWRE) has emerged as the successful bidder for the balance of system (BOS) package comprising 4 blocks of 300MW each in the proposed 1200 MW Solar PV Project of NTPC Renewable Energy Ltd at Khavda RE Power Park in Rann of Kutch, Gujarat. The aggregate capacity is 1500 MW (DC). The total bid value, including operation and maintenance (O&M) for three years, would be Rs 2,100 crore.

Read more here.

Godawari Power & Ispat approves Rs 250 crore share buyback via tender offer route

Godawari Power & Ispat has approved a buyback of equity shares worth Rs 250 crore at its board meeting held on Saturday. The company will buy back up to 50 lakh equity shares, which represents 3.66% of the total number of paid-up equity share capital of a face value of Rs 5 each. The buyback price has been set at Rs 500 per share, which is a 28.2% premium to Friday’s closing price. The buyback will be done through the tender offer route. The record date for the same has been set as March 31, 2023.

Read more here.

PSU banks’ gross NPA declines from 14.6% in Mar 2018 to 5.53% in Dec 2022

The gross non-performing assets (NPA) ratio of public sector undertaking (PSU) banks has declined from the peak of 14.6% in March 2018 to 5.53% in December 2022 following various reforms by the government. All PSU banks are in profit, with aggregate profit being Rs 66,543 crore in 2021-22. This has further increased to Rs 70,167 crore in the first nine months of the current financial year (FY24), according to the  Minister of State for Finance Bhagwat K Karad.

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Cochin Shipyard wins Rs 550 crore overseas order

Cochin Shipyard Ltd has received an international order of Rs 550 crore from Norway-based global logistics solution provider Samskip Group. The order is for the design and construction of two Zero Emission Feeder Container Vessels. The total project cost for the order is approximately Rs 550 crore and the first vessel is to be delivered in 28 months and the second within 34 months. 

Read more here.

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Tata Steel Announces Mega Merger – Top Indian Market Updates

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

Seven metal companies of Tata Group to be merged with Tata Steel

Tata Group announced the merger of seven of its metal companies into Tata Steel to drive efficiencies and reduce costs. Tata Steel Long Products, Tinplate Company Of India, TRF, Indian Steel & Wire Products, Tata Steel Mining, and S&T Mining will be amalgamated into their parent company Tata Steel Ltd. The resources of the merged entities can be pooled to unlock the opportunity for creating shareholder value.

Read more here.

CIL to sign pacts with BHEL, IOCL to set up four coal gasification projects

Coal India Ltd (CIL) will sign agreements with Bharat Heavy Electricals Ltd (BHEL), Indian Oil Corporation Ltd (IOCL), and GAIL to set up four surface gasification projects. Through the gasification process, coal is converted into syngas (a fuel gas), which can be used in downstream production of value-added chemicals. The government aims to achieve 100 million tonnes of coal gasification in the next eight years to reduce crude oil imports.

Read more here.

Sterling and Wilson Solar to set up solar plants in Nigeria

Sterling and Wilson Solar Solutions (SWSS) and its partner Sun Africa have signed an agreement with the Nigerian government to set up solar power plants aggregating 961 megawatt-peak (MWp). The plants and battery energy storage systems with a total installed capacity of 455 MWh will be set up at five different locations in Nigeria. SWSS is a US-based subsidiary of Sterling and Wilson Solar Ltd.

Read more here.

Mahindra Group, BII commit $500 million for electric SUV space

Mahindra Group and British International Investment (BII) have committed $500 million (over ₹4,000 crore) for the electric sports utility vehicle space. BII has also announced an investment of $250 million in the group’s electric vehicle venture ‘EV Co’. Earlier this month, Mahindra unveiled its first electric SUV (XUV 400), which it plans to launch in early 2023.

Read more here.

Reliance New Energy acquires 20% stake in Caelux for $12 million

Reliance New Energy Ltd (RNEL) has signed a definitive agreement to acquire a 20% stake in California-based Caelux Corporation for $12 million (~₹ 97.25 crore). Caelux is an industry leader in the research and development of perovskite-based solar technology. Its proprietary technology enables high-efficiency solar modules that can produce 20% more energy over the 25-year lifetime of a solar project at significantly lower installed cost.

Read more here.

Glenmark Pharma, Bausch Health gets approval for RYALTRIS in Canada

Glenmark Pharmaceuticals and Bausch Health announced that RYALTRIS (a nasal spray) has received approval from Health Canada for the symptomatic treatment of moderate to severe seasonal allergic rhinitis (SAR) and associated ocular symptoms. SAR (or hay fever) is an inflammatory condition of the upper airways that occurs in response to exposure to airborne allergens (typically tree, grass, and weed pollens) in sensitized people.

Read more here.

Manappuram Finance accepts rights issue proposal of Asirvad Microfinance

The Board of Directors of Manappuram Finance has accepted the rights issue proposal of its subsidiary, Asirvad Microfinance Ltd. The Kerala-based company said it is entitled to purchase 90.96 lakh shares at ₹268 per share. The board approved subscription to the rights issue of up to 93.28 lakh shares having a value of ₹250 crore (approx).

Read more here.

Rupee hits record low against US Dollar

The Indian Rupee (INR) fell 41 paise to an all-time low of 81.20 against the US dollar in early trade today as US Treasury yields rose to fresh multi-year highs and dollar demand from importers. On Thursday, INR suffered its biggest single-session percentage decline since February due to a lack of aggressive intervention by the Reserve Bank of India (RBI) and a hawkish interest rate outlook by the US Federal Reserve.

Traders have asked for the central bank’s intervention to contain INR’s rapid fall.

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Proxy advisor flags governance concerns at PB Fintech

Proxy advisory firm Stakeholders Empowerment Services (SES) has raised certain corporate governance issues at PB Fintech Ltd regarding its amalgamation with Makesense Technologies and grant of stock options. SES has asked shareholders to seek clarification from the company as to why it initially proposed the amalgamation, then withdrew the application, and why it is being proposed again now.

PB Fintech is the parent company of Policybazaar, a one-stop platform for all types of insurance products.

Read more here.

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RBI Cuts FY23 GDP Forecast to 7.2% – Top Indian Market News

RBI keeps policy rates unchanged; cuts FY23 GDP forecast to 7.2%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%. The reverse repo rate will also remain unchanged at 3.35%. The central bank will maintain its ‘accommodative’ stance to support growth and keep inflation within the target of 2-6%. RBI has projected real GDP growth of 7.2% for the current financial year (FY23), which is lower than its earlier estimate of 7.8%. 

Read more here.

RBI imposes penalties on Axis Bank, IDBI Bank

The Reserve Bank of India (RBI) has imposed a penalty of Rs 93 lakh on Axis Bank. The private sector lender violated certain provisions on loans and advances, Know Your Customer (KYC) guidelines, and “levy of penal charges for non-maintenance of minimum balances in savings bank accounts”. The central bank has also slapped a fine of Rs 90 lakh on IDBI Bank for similar violations.

Read more here.

JSW Steel’s combined crude steel output grows 37% YoY in Q4

JSW Steel Ltd reported a 37% YoY increase in combined crude steel production at 5.98 million tonnes (MT) for the quarter ended March (Q4 FY22). The capacity utilisation of existing operations at the standalone level improved from 94% in Q3 to 98% in Q4. During the entire FY 2021-22, JSW Steel posted a 38% YoY growth in combined steel production to 21.47 MT.

Read more here.

Tax collections soar to a record Rs 27.07 lakh crore in FY22

India’s tax collections soared to a record high of Rs 27.07 lakh crore in FY22 as mop-up from income and other direct taxes as well as indirect taxes jumped. Gross tax collection of Rs 27.07 lakh crore from April 2021 to March 2022 compares with the Budget estimate of Rs 22.17 lakh crore. While direct taxes showed a 49% growth, indirect tax collections were up 30% in FY22.

Read more here.

Abu Dhabi’s IHC to invest $2 billion in 3 Adani Group firms

Abu Dhabi’s International Holding Company PJSC (IHC) will invest $2 billion (~Rs 15,180 crore) as primary capital in three Adani portfolio companies– Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL), and Adani Enterprises Ltd (AEL). IHC will invest Rs 3,850 crore in AGEL, Rs 3,850 crore in ATL, and Rs 7,700 crore in AEL. The capital will be utilized for pursuing the growth of the respective businesses, further strengthening the balance sheet, and for general corporate purposes.

Read more here.

Sterling and Wilson RE’s loss narrows in Q4

Sterling and Wilson Renewable Energy Ltd (SWREL) posted a loss of Rs 126.61 crore for the quarter ended March 2022 (Q4 FY22). It had reported a loss of Rs 344.80 crore in the corresponding period last year. The company’s revenue fell by 21.5% YoY to Rs 1,071 crore during the same quarter. SWREL reported a net loss of Rs 909.46 crore in FY22, compared to a loss of Rs 285.38 crore in FY21.

Read more here.

Indoco Remedies gets USFDA approval for Lacosamide injection

Indoco Remedies Ltd has received approval from the US Food & Drug Administration (USFDA) to market Lacosamide Injection. The drug is used for the prevention and control of seizures. It is an anti-epileptic drug. According to IQVIA data, the generic version of the drug had annual sales of $43.8 million, growing at 25%.

V-Guard Industries bets on consumer durables, expansion outside south India

V-Guard Industries is betting big on its consumer durables and kitchen appliances division as well as increasing its operations outside south India. The company will open four new factories over the next 12 months– two in Hyderabad and one each in Vapi and Uttarakhand. This will help increase the share of in-house manufacturing in its product portfolio. V-Guard has invested about Rs 200 crore in its manufacturing & distribution expansion and will be investing Rs 180-200 crore more.

Read more here.

Govt returns bank guarantees worth Rs 15,000 crore to Vodafone Idea

The Department of Telecommunication (DoT) has returned bank guarantees worth Rs 15,000 crore to Vodafone Idea (Vi). It is in line with last year’s telecom reforms package, which reduced bank guarantee requirements for licence fees and spectrum dues. The Rs 15,000 crore bank guarantee pertains to spectrum auctions between 2012-’16. The DoT has also released bank guarantees worth Rs 7,000 crore to Bharti Airtel.

Read more here.

Equity mutual fund inflows rise 44% in March: AMFI

Net inflows into equity and equity-linked schemes increased 44% over the previous month to Rs 28,463.5 crore in March. Multi-cap funds witnessed the highest investments among all categories, while small caps saw the least. Monthly contributions into systematic investment plans (SIPs) recovered to hit an all-time high of Rs 12,327.9 crore in March. That data was released by the Association of Mutual Funds in India (AMFI).

Read more here.

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Bharti Airtel to Invest Rs 5,000 crore in Data Centre Business – Top Indian Market News

Bharti Airtel to invest Rs 5,000 crore to triple data centre capacity by 2025

Bharti Airtel will invest Rs 5,000 crore over the next 3-4 years to scale up its data centre capacity in India to meet the surging demand from domestic and global customers. The telecom company has unveiled a refreshed brand identity— ‘Nxtra by Airtel’ for its data centre business. Nxtra has the largest network of data centres in India. It currently operates 10 large and 120 edge data centres located strategically across the country. As per Bharti Airtel’s estimates, the data center market in India will reach $4 billion (~Rs 29,600 crore) in the next 4 years. 

Read more here.

Tata Steel divests entire stake in NatSteel Holdings for Rs 1,275 crore

Tata Steel Ltd (TSL) has sold its entire stake in Singapore-based NatSteel Holdings Pte for $172 million (~Rs 1,275 crore). NatSteel Holdings is a steel-making unit under T S Global Holdings (TSGH) Singapore, a 100% indirect subsidiary of Tata Steel. TSL will use the consideration received from the stake sale for reducing its offshore debt.

Read more here.

TCS secures order from MCX to transform core trading systems

Multi Commodity Exchange of India (MCX) has selected Tata Consultancy Services (TCS) as the technology solution provider for its growth and transformation journey. TCS will help MCX build a new technology core and transform its trading and post-trading functions. The IT major will design and deploy a cutting-edge, ultra-low latency, and high-performance solution that integrates multiple systems to transform MCX’s end-to-end operations.

Read more here.

NTPC’s renewable arm signs green term loan of Rs 500 crore with Bank of India 

NTPC Renewable Energy Ltd (REL) has signed its first green term loan agreement for Rs 500 crore. The loan agreement is at a competitive rate with a tenure of 15 years with Bank of India for its 470 megawatts (MW) solar project in Rajasthan and 200 MW in Gujarat. NTPC REL currently has a renewable project portfolio of 3,450 MW, of which 820 MW is under construction. NTPC REL will construct India’s largest local solar power park of 4.75 gigawatts (GW) in Kutch, Gujarat.

Read more here.

Indel Money partners with IndusInd Bank to offer gold loans

Non-banking financial company Indel Money has entered into a co-lending partnership with IndusInd Bank to offer gold loans at competitive rates. Indel Money will originate and process gold loans based on mutually formulated credit parameters and eligibility criteria. IndusInd Bank will take into its book 80% of the gold loan generated by the co-lending arrangement, while the remaining 20% will be funded by Indel Money.

Read more here.

JMC Projects secures orders worth Rs 1,849 crore

Civil engineering firm JMC Projects (India) Ltd has secured new orders worth Rs 1,849 crore. The projects include B&F projects in India of Rs 857 crore and social housing projects in the Maldives of Rs 992 crore. Currently, the company’s total order inflow stands at Rs 7,959 crore. JMC Projects is one of the leading civil construction and infrastructure EPC companies in India. It is a subsidiary of Kalpataru Power Transmission Ltd.

Read more here.

Sterling and Wilson Solar secures order worth Rs 1,500 crore

Sterling and Wilson Solar Ltd (SWSL) has received the first order for its waste-to-energy business from a leading developer of energy assets in the UK and Europe. The order is worth approximately Rs 1,500 crore. Last month, the company had announced the expansion of its renewable energy offerings to include hybrid energy, energy storage, and waste-to-energy solutions. SWSL’s facility will process 23.2 tonnes of non-recyclable solid municipal waste per hour. It will help divert over 185,600 tonnes of waste each year.

Read more here.

Centre hikes domestic natural gas prices by 62%

As per a notification from the Petroleum Planning and Analysis Cell (PPAC), the price of domestically produced natural gas would be $2.90 per million British thermal unit (mmBtu) from October 1, 2021, to March 31, 2022, from the current $1.79. Domestic gas prices have been hiked by 62% from the previous revision in April. The maximum sale price allowed for natural gas production from deepwater, ultra-deepwater, and high-pressure discoveries has been increased from $3.62 per mmBtu to $ 6.13 per mmBtu.

Read more here.

Maruti Suzuki warns of production hit for second month due to chip shortage

Maruti Suzuki India Ltd is expecting total vehicle production in October at two of its plants to be around 60% of normal levels due to the global chip shortage. Maruti’s Haryana plant and its contract manufacturing company, Suzuki Motor Gujarat Private, will see production curbs in October. The acute shortage of semiconductors is forcing car manufacturers to drastically cut production.

Read more here.

ABSL AMC IPO subscribed 1.08 times on second day of bidding

The Rs 2,768.26 crore initial public offering (IPO) of Aditya Birla Sun Life AMC was subscribed 1.08 times on the second day of bidding. Retail investors have subscribed 2 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 40% and 6.13%, respectively, against their reserved portions. 

To learn more about the IPO, click here.

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Adani Group to Invest $20 billion in Renewable Energy – Top Indian Market News

adani

Adani Group to invest $20 billion in renewable energy

The Adani Group has announced plans to invest $20 billion (~Rs 1.47 lakh crore) over the next 10 years in renewable energy generation and component manufacturing. It also aims to produce the world’s cheapest green electron. Over 75% of the group’s planned capital expenditure (capex) until 2025 will be on green technologies. Chairman Gautam Adani said his conglomerate is well on track to become the world’s largest renewable power generation company by 2030.

Read more here.

Tata Motors to hike prices of commercial vehicles from Oct 1

Tata Motors will hike the prices of its commercial vehicle (CV) range by up to 2% from October 1, 2021. The effective price hike will be implemented based on the model and variant of the vehicle. The continuous rise in commodity costs, such as steel and precious metals, has forced the automaker to increase the prices of its products. Tata Motors said it will continue all efforts to deliver the lowest total cost of ownership for its customers and fleet owners.

Read more here.

L&T secures two orders in the construction services segment

L&T Hydrocarbon Engineering (LTHE) has secured two significant orders (in the range of Rs 1,000-2,500 crore) in the construction services segment. The first order consists of laying steel gas pipeline and construction of terminals for GAIL India’s Mumbai-Nagpur Pipeline project. The second order comes from Air Products Middle East Industrial Gases LLC for its Industrial Gas Hub (IGH) Network project at Jubail, KSA. LTHE will construct a steam methane reformer (SMR) to produce hydrogen and an air separation unit (ASU) to produce oxygen and nitrogen.

Read more here.

SpiceJet gets shareholders’ approval to transfer logistics business to SpiceXpress

SpiceJet Ltd has received shareholders’ approval to transfer its cargo and logistics services business to its subsidiary, SpiceXpress and Logistics Pvt. Ltd. The business transfer will result in a one-time gain of Rs 2,555.77 crore for the airline. SpiceJet has also received shareholders’ approval to raise Rs 2,500 crore via the issue of securities through a Qualified Institutional Placement (QIP).

Read more here.

Godrej Industries’ board approves proposal to raise Rs 750 crore via NCDs

The Board of Directors of Godrej Industries has approved a proposal to raise Rs 750 crore by issuing non-convertible debentures (NCDs). The company will issue 7,500 rated, listed, unsecured, and redeemable NCDs of the face value of Rs 10 lakh each on a private placement basis. GIL is the holding company of the Godrej Group. It has interests in consumer goods, real estate, agriculture, chemicals, and financial services through its subsidiaries and associate companies across 18 countries.

Read more here.

HCL Tech signs multi-year deal with Lendico to support SMEs

HCL Technologies Ltd has entered into a multi-year agreement with Lendico to deliver application and engineering services. Lendico is a brand of ING Germany. The deal will help Lendico create a state-of-the-art digital platform that makes business banking faster and more convenient for small and medium enterprises (SMEs). As part of the deal, HCL Tech will establish a tech lab in Berlin that will combine a fintech mindset and customer focus with global delivery capabilities.

Read more here.

BLS International partners with SBI to offer last-mile banking services

BLS International Services Ltd has been selected as a National Business Correspondent by the State Bank of India (SBI) to deliver banking services in urban, semi-urban, and rural areas across the country. The company will offer last-mile banking services to support the financial inclusion mission of the Government of India. BLS will provide services such as savings bank deposits, fixed deposits, micro pensions, and micro-insurance for SBI account holders.

Read more here.

Fineotex Chemical products receive Eco Passport certification by Oeko-Tex

Fineotex Chemical Ltd has earned the prestigious Eco Passport by OEKO-TEX certification, the highest rating in a globally renowned audit that measures standards of sustainability. It is an independent certification system for chemicals, colorants, and auxiliaries used in the textile and leather industry. The green rating has been awarded by Hohenstein, a globally recognized textile research and testing firm. Fineotex Chemical manufactures specialty chemicals and enzymes for the textile and garment industry, water treatment industry, paint industry, etc.

Sterling and Wilson Solar commissions 66 MWp solar power plant in Jordan

Sterling and Wilson Solar Ltd (SWSL) has commissioned the 66 megawatts-peak (MWp) Al Husainiyah solar power plant in Jordan. The project will save around 50,000 tonnes of carbon emissions annually. It will help in reducing the dependency on fossil fuels and unlock large-scale solar opportunities in the country. SWSL has been executed more than 11.4 GWp of solar power projects across various geographies. 

Read more here.

Lincoln Pharma acquires plant for making pnemonia, bronchitis antibiotics

Lincoln Pharmaceuticals Ltd has acquired a facility in Mehsana (Gujarat) that makes antibiotics used in the treatment of pneumonia and bronchitis. The acquisition and capacity expansion of the unit entails an investment of Rs 30 crore. The plant will manufacture Cephalosporin, which is used to treat bacterial infections such as skin infections, ear infections, strep throat, tonsillitis, etc. Lincoln Pharma expects commercial production of the Cephalosporin products to commence by March 2022.

Read more here.