Tag: strides pharma

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Tata Tech to Launch IPO Tomorrow – Top Indian Market Updates

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

Tata Tech to launch ₹3,042Cr IPO tomorrow

The much-awaited initial public offering (IPO) of Tata Technologies (a subsidiary of Tata Motors) will open for subscription tomorrow— Nov 22. The company is planning to raise ₹3,042.51 crore. The price band for the issue has been fixed at Rs 475-500 per share. The issue comprises only an offer-for-sale (OFS) by the promoter and investors. 

Read more here.

KEC International bags new projects worth ₹1,005Cr

KEC International Ltd has secured new projects worth ₹1,005 crore across its various business verticals, including railways and cables. The company has secured projects for transmission, distribution, and cabling in India, the Middle East, Europe, Africa and the Americas.

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RIL to invest ₹20,000Cr in West Bengal on 5G, retail, energy

Reliance Jio is set to take the power of 5G to West Bengal even as the telco is on track to conclude the world’s fastest 5G rollout in India by December end. RIL chairman, Mukesh Ambani, said that every home in West Bengal would be converted into smart homes very soon with the rapid rollout of JioFiber (wired broadband) and Jio AirFiber services (the company’s 5G-based fixed wireless access service).

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Tata Motors re-enters Thailand with CVs

Tata Motors has appointed Inchcape Plc as its distributor for commercial vehicles in Thailand, re-entering the market after a three-year break. The company stopped selling its pickup trucks and small commercial vehicles in Thailand after it closed its 100% subsidiary in 2020. However, it has been providing support and services to customers there.

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TCS makes provision of $125 million in Q3 for Epic Systems penalty 

The US Supreme Court has rejected an appeal by Tata Consultancy Services (TCS) against a $140-million penalty concerning a trade secret lawsuit filed by US-based Epic Systems. The firm will make a provision of $125 million for the same in the third quarter of this financial year ending December 2023.

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OneWeb gets approval to launch satcom services in India

Bharti Airtel-backed low earth orbit (LEO) satellite firm OneWeb has been granted the necessary regulatory approvals from the Indian National Space Promotion and Authorization Centre (IN-SPACe) to launch commercial broadband services in India. Now, the company needs spectrum allocation from the Department of Telecommunications (DoT) to commence commercial connectivity services.

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Jindal Power will not bid to take over Go First

Jindal Power Ltd has decided to not follow through with a bid to take over Go First, pushing the insolvent airline closer to liquidation. It is the only company whose expression of interest to take over Go First was accepted by creditors. According to Reuters, Jindal had decided against bidding after evaluating the airline’s financial statements.

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Titan Company plans to hire over 3,000 employees in 5 years

The Titan Company is planning to add over 3,000 employees in the next 5 years across the engineering, design, luxury, digital, data analytics, marketing and sales domains. The company is looking for professionals with specialised skills such as data analytics, cyber security, product management, digital marketing and other new-age skills, amongst others. 

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DLF buys office space in Gurgaon for ₹81 crore

DLF group’s subsidiary, DLF Building & Services Pvt Ltd has bought about 31,254 sq. ft. of premium office space at Horizon Centre on Golf Course Road in Gurgaon for ₹81 crore. The building is the costliest office space tower in Gurgaon. The space was owned by Madhur Maini and has been leased to WeWork India.

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Strides Pharma gets USFDA approval for oral solution to treat seizures

Strides Pharma Science Ltd’s subsidiary, Strides Pharma Global Pte Ltd, Singapore, has received approval from the US Food & Drug Administration (USFDA) for Levetiracetam Oral Solution. It is an oral drug used to treat seizures. The pharma major will manufacture the product at its facility in Bengaluru. According to IQVIA data, the Levetiracetam Oral Solution had a market size of $55 million in the last 12 months.

Read more here.

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Reliance Brands Buys Majority Rights of Superdry IP – Top Indian Market Updates

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

RIL, Superdry signs JV for IP in India, Bangladesh, and Sri Lanka

Reliance Brands Ltd’s (RBL) subsidiary, Reliance Brands Holding UK Ltd (RBUK), has signed a £40 million joint venture (JV) agreement with Superdry Plc. The JV is for the sale of Superdry’s intellectual property assets in India, Sri Lanka and Bangladesh. Reliance Brands (RBL) is a subsidiary of Reliance Retail Ventures Ltd (RRVL). RRVL and Superdry will each own 76% and 24% of the joint venture vehicle, respectively.

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JSW Neo Energy signs ₹15,000Cr MoU with Uttarakhand govt

Uttarakhand Government has signed a Memorandum of Understanding (MoU) worth ₹15,000 crores with JSW Neo Energy Ltd (JSW NEL) at the roadshow of its Global Investor Summit. As per the MoU, two pumped storage of 1,500 megawatts (MW) will be developed in the state’s Almora district. JSW NEL is a subsidiary of JSW Energy Ltd.

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L&T secures order from West Bengal Power Development Corp

Larsen & Toubro’s (L&T) power business arm secured an order (in the range of ₹1,000-2,500 crore) from West Bengal Power Development Corporation Ltd. The engineering, procurement and construction (EPC) order pertains to setting up wet Flue Gas Desulphurization (FGD) systems for its Thermal Power Plant at Sagardighi, West Bengal. 

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Manufacturing operations disrupted at Alembic Pharma’s Sikkim plant

Manufacturing operations at Alembic Pharma’s Sikkim plant have been disrupted due to flash floods in the Teesta River. However, the company stated that no loss or harm was caused to any personnel and the assessment of loss will take a while. All assets of the company are adequately insured and necessary intimations have been given to insurance companies. 

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Strides Pharma gets USFDA approval to market HIV drug

Strides Pharma’s Singaporean subsidiary, Strides Pharma Global, has received approval from the US Food & Drug Administration (USFDA) to market Efavirenz, Emtricitabine, Tenofovir Disproxil Fumurate (EET) tablets. The drug helps control HIV infection. The drug is a generic version of Gilead Sciences’ Atripla tablets. As per IQVIA data, the tablet has a market opportunity of $7.5 million in the US.

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Hindustan Zinc to use LNG-fuelled trucks of GreenLine

Hindustan Zinc Ltd (HZL) will use Greenline’s liquefied natural gas (LNG)-powered trucks in its supply chain and transportation operations to cut its carbon footprint. HZL has set a target of becoming a net-zero carbon emitter by 2050. GreenLine (promoted by Essar Group) will invest ₹200 crore to deploy LNG-powered trucks for Hindustan Zinc’s road logistics.

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HCG acquires SRJ CBCC Cancer Hospital in Indore

HealthCare Global Enterprises Ltd (HCG) has acquired SRJ CBCC Cancer Hospital in Indore. This acquisition marks HCG’s entry into the key geography of Madhya Pradesh. HCG plans to further expand by adding 100 beds and state of art cancer diagnostic and treatment facility within an estimated operational timeline of 2 years. 

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SBI launches Mobile Handheld Device to provide banking services

State Bank of India (SBI) launched a ‘Mobile Handheld Device’ to provide banking services to its financial-inclusive (FI) customers. The move is aimed at enhancing accessibility, convenience in availing banking services and empowering financial inclusion and extending essential banking services to the masses. The new device brings kiosk banking directly to customer’s doorstep.

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Bandhan Bank’s advances grew 12.3% in Q2

Bandhan Bank’s advances grew 12.3% year-on-year (YoY) to ₹1.08 lakh crore, while its loan collection efficiency remained stable at 98% at the end of the September quarter (Q2 FY24). Total bulk deposits stood at ₹29,098 crore in Q2 FY24, compared to ₹25,705 crore a year back. The Kerala-based bank saw its deposit growth at 23% YoY to ₹2.33 lakh crore in Q2.

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India’s Manufacturing PMI Slows to 5-Month Low in Sept – Top Indian Market Updates

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

India’s manufacturing PMI slows to a 5-month low in Sept

India’s manufacturing sector slowed to a 5-month low in September 2023. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 57.5 in September, compared to 58.6 in August. The contraction in manufacturing activity was due to a soft increase in new orders, which slowed production.

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

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IHC raises its stake in Adani Enterprises to above 5%

International Holding Co (IHC) has increased its total stake in Adani Enterprises (AEL) to above 5%. The development comes days after it decided to offload stakes in two other group companies as part of its portfolio restructuring/rejig. Although IHC hasn’t disclosed the amount invested in the company, a 5% stake in AEL as of Tuesday is valued at ₹13,600 crore.

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Bajaj Finserv’s insurance arm receives GST Demand Notice

Bajaj Allianz General Insurance Company Ltd (BAGIC) received a show cause cum demand notice from the Directorate General of Goods and Services Tax (GST) Intelligence. The authority alleged a tax demand of ₹1010.05 crore. BAGIC is Bajaj Finserv’s insurance subsidiary. As per the notice, the company failed to pay GST between July 2017 and March 2022.

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PFC sanctions ₹15,000 crore loans, forays into funding of airport projects

Power Finance Corporation (PFC) has sanctioned ₹15,000 crore loans for various projects. Furthermore, it has entered into funding airport projects. As part of its diversification strategy and funding for infrastructure projects, PFC sanctioned its first financing for a greenfield airport project in Andhra Pradesh. PFC’s Board of Directors also reviewed strategic agendas pertaining to the company’s business diversification strategy.

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India’s coal production rises 16% YoY in September

India’s coal output increased 15.81% YoY to 67.21 million tonnes (MT) in September, compared to 58.04 MT in September FY22-23. The cumulative coal production up to September increased to 428.25 MT in the current financial year, over 382.16 MT in the year-ago period. Coal India Ltd’s (CIL) output increased to 51.44 MT in September as against 45.67 MT a year ago. CIL accounts for over 80% of domestic coal production.

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JSPL starts coal production at Chhattisgarh’s Gare Palma mine

Jindal Steel & Power Ltd (JSPL) has started coal production at its Gare Palma IV/6 mine in Chhattisgarh. The mine will support the proposed expansion of its Raigarh integrated steel plant from the existing 3.6 MTPA to a capacity of 9.6 million tonnes per annum (MTPA).

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Vedanta to complete steel asset sale this fiscal year

Vedanta Ltd will complete the divestment of its steel assets by March 2024. The company started the review of its steel and steel raw material business in June. Vedanta is also planning to demerge its business unit into independent companies. Its parent company, Vedanta Resources, has been struggling to raise funds due to rating downgrades and concerns about meeting its debt obligations.

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NCC secures 3 orders worth ₹4,206 crore

NCC Ltd secured three orders worth ₹4,205.94 crore in September from both Central and State government agencies. These orders are to different divisions within the company: ₹819.20 crore for the water division, ₹173.19 crore for the electrical division, and ₹3,213.55 crore for the transportation division. 

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Strides Pharma gets USFDA approval for Ethyl capsules

Strides Pharma Global Pte. Ltd has received approval from the US Food & Drug Administration (USFDA) for its generic version of Icosapent Ethyl capsules. The capsules are used to control triglyceride levels in the blood and is bioequivalent and therapeutically equivalent to the reference listed drug Vascepa of Amarin. As per IQVIA, the product has a market size of around $1.3 billion. Strides Pharma Global Pte. Ltd is a wholly-owned Singaporean subsidiary of Strides Pharma. 

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TRSL secures ₹857 crore order from Gujarat Metro Rail

Titagarh Rail Systems Ltd (TRSL) has secured a contract worth ₹857 crore with the Gujarat Metro Rail Corporation Ltd (GMRC) to manufacture 72 standard gauge cars. These metro cars are destined for the first phase of the Surat Metro Rail Project. The contract for designing, manufacturing, supplying, testing, commissioning, and training for these metro cars. The execution of this contract is scheduled to commence 76 weeks after its signing. 

Read more here.

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NSE Plans Longer FnO Trading Hours – Top Indian Market Updates

NSE market updates | marketfeed

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

NSE plans longer F&O trading hours

As per an Economic Times report, the National Stock Exchange (NSE) is finalising plans to extend trading hours for equity derivatives. The exchange proposes to launch an evening session, possibly between 6 PM and 9 PM. Market participants can continue trading F&O contracts after the regular session between 9:15 AM and 3:30 PM. NSE might consider extending this session to 11:30 PM at a later stage.

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TCS expands partnership with Africa’s Standard Bank Group

Tata Consultancy Services (TCS) has expanded its partnership with Africa’s largest custodian, Standard Bank Group (SBG). SBG would centralise and standardise its custody and securities settlement operations in over 15 markets with the TCS BaNCS Global Securities Processing Platform. The platform has already been deployed in seven markets (including South Africa), and the others will be implemented by March 2024.

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Serentica Renewables secures ₹3,000 crore in debt funding from REC

Serentica Renewables has raised ₹5,600 crore in funding from REC Ltd and Power Finance Corporation Ltd. It has raised ₹3,000 crore from REC and ₹2,600 crore in debt funding from PFC. This transaction is in line with REC’s expanding role in funding green projects and positioning itself as the focal agency for energy transition.

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Strides Pharma to spin off contract development unit

Strides Pharma will spin off its contract development and manufacturing organisation (CDMO) and soft gelatin business into a new entity, OneSource. OneSource will list in the next 12-16 months and will have more than 1,200 employees. The new company is expected to deliver $180-200 million in revenue in the financial year 2024-25.

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Godrej Properties sells 670 apartments worth ₹2,000Cr 

Godrej Properties has sold 670 apartments worth over ₹2,000 crore in its project, Godrej Tropical Isle, in Sector 146, Noida. The project was launched in August 2023, nine months after the purchase of a land parcel through an e-auction conducted by the Noida Authority in November 2022. This is Godrej Properties’ most successful launch in terms of the value and volume of sales achieved.

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IHCL expands footprint in Sikkim

Indian Hotels Company Ltd (IHCL) is expanding its footprint in Sikkim, with the opening of Taj Guras Kutir Resort & Spa in Gangtok. The 69-key resort is spread over 14 acres. With the addition of this hotel, IHCL will have 11 hotels with three under development in North East India. This includes three hotels across the Taj, Vivanta and Ginger brands in Sikkim.

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Indian Oil unveils hydrogen-run bus that emits just water

Indian Oil Corporation Ltd (IOCL) unveiled India’s first green hydrogen-powered bus that emits just water as it takes the lead in bringing out unrivalled tools to replace fossil fuels. IOCL will produce nearly 75 kg of hydrogen by splitting water using electricity from renewable sources. This hydrogen will be used to power two buses, which will ply across the National Capital Region (NCR) for trial runs.

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IRCON executes contract worth ₹122 crore with Sri Lanka Railways

Ircon International Ltd (IRCON) has secured an order worth ₹122 crore ($14.89 million) from Sri Lanka Railways. The work includes designing, installing, testing, commissioning and certifying of signalling and telecommunication systems from Maho Junction to Anuradhapura, IRCON. This contract for the order was executed under the Indian Line of Credit on September 21.

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Grasim Industries temporarily closes Century Rayon plant

A section of Grasim Industries Ltd’s Century Rayon plant at Shahad in Maharashtra has been closed temporarily after a government order. The Department of Industrial Safety and Health’s order came after a fatal explosion at the Century Rayon plant on Saturday, September 23. Two persons died in the explosion, while six others were injured.

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Shree Cement board approves proposal to raise up to ₹700 crore via NCDs

Shree Cement Ltd’s board has approved a proposal to raise up to ₹700 crore through an issue of non-convertible debentures (NCD) on a private placement basis. The secured, rated redeemable and taxable NCDs with a base issue size of ₹350 crore and an option to retain oversubscription of up to ₹350 crore will be allotted on September 26, 2023. The issue will be at a face value of ₹1,00,000 each for cash at par.

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Alkem Labs, Biosergen AB sign pact for invasive fungal diseases treatment

Alkem Laboratories has signed a co-development and license agreement with Biotech company Biosergen AB for BSG005. It is used for the treatment of severe and difficult-to-treat invasive fungal diseases. The partnership is for Phase II and Phase III trials of the drug. Alkem will be granted an exclusive license to market the drug in India.

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Power Grid to raise up to ₹2,250 crore via bonds

Power Grid Corporation of India Ltd has approved raising up to ₹2,250 crore in its second tranche as part of its fundraising plans. The proceeds will be used to part finance the company’s capex requirements, to provide inter-corporate loans to its wholly-owned subsidiaries and joint ventures, and for general corporate purposes.

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ED Flags Suspicious Activities by 16 Entities in Adani Case – Top Indian Market Updates

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

ED flags suspicious activities by 16 entities in Adani case

According to reports, the Enforcement Directorate (ED) has investigated links of an Indian private bank and 15 more entities in the case related to short selling of shares of Adani Group companies. This comes days after market regulator SEBI submitted the status of its probe in the Adani-Hindenburg Research matter to the Supreme Court. 

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SAT to hear Punit Goenka’s appeal against SEBI order on Sept 8

The Securities Appellate Tribunal (SAT) directed market regulator SEBI to file its response by September 4 in an appeal filed by Punit Goenka, the promoter of Zee Entertainment Enterprises Ltd (ZEEL). The tribunal will now hear the matter on September 8. Goenka aims to contest SEBI’s order that prevents him from taking up directorship or managerial roles in listed companies or their subsidiaries.

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Titagarh Rail Systems secures ₹350-crore contract for Ahmedabad metro project

Titagarh Rail Systems Ltd (TRL) has received a letter of acceptance for a ₹350-crore contract from Gujarat Metro Rail Corporation (GMRC) for the design, manufacturing, supply, testing, commissioning and training of 30 standard gauge cars. The gauge cars are for the Ahmedabad Metro Rail Phase-II project. TRL is also involved in several other Metro rail projects in India.

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YES Bank goes live with UPI interoperability on CBDC

YES Bank has gone live with Unified Payments Interface (UPI) interoperability on the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) app. With this move, users will now be able to scan any UPI QR code through the YES Bank Digital Rupee app and undertake transactions seamlessly.

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Ramkrishna Forgings bags €8.25 million order in South America

Ramkrishna Forgings has secured an order worth €8.25 million (₹73.65 crore) to supply equipment to a client in the South American market. The company will supply front and rear axle components for the next five years. The Kolkata-based company is a leading supplier of rolled, forged, and machined products.

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Strides Pharma arm gets USFDA nod for generic Mycophenolate Mofetil oral suspension

Strides Pharma Science’s wholly-owned arm, Strides Pharma Global Pte. Ltd, Singapore, has received approval from the US Food & Drug Administration (USFDA) for generic Mycophenolate Mofetil for oral suspension. The drug is indicated for organ transplant patients to avoid rejection. The product will be manufactured at the company’s facility in Bengaluru.

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DGCA carrying out technical evaluation of two incidents involving IndiGo planes

The Directorate General of Civil Aviation (DGCA) is coordinating with IndiGo to carry out the technical evaluation of engine issues faced by the airline’s two aircraft. Two flights of IndiGo (one from Kolkata to Bengaluru and another from Madurai to Mumbai) suffered engine issues on Tuesday. IndiGo’s fleet is powered by Pratt & Whitney (P&W) engines, and several aircraft are on the ground.

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Tata Power-DDL gets 3-year extension from DSIR for in-house R&D unit

Tata Power Delhi Distribution Ltd (Tata Power-DDL) has received a three-year extension till 2026 from the Department of Scientific and Industrial Research (DSIR) for its in-house R&D unit. TP-DDL is a joint venture between Tata Power and the Government of NCT of Delhi. DSIR is a part of the Ministry of Science and Technology, the Government of India.

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NTPC approves Rs 15,530-crore investment for Lara Super Thermal Power Project Stage-II in Chhattisgarh

NTPC Ltd’s board has approved an investment of ₹15,529.99 crore for the Lara Super Thermal Power Project, Stage II. The power station is situated in the vicinity of Lara village within the Pussore Taluk of Chhattisgarh’s Raigarh district. It boasts a combined installed capacity of 1,600 megawatts (MW).

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Fortis Healthcare expands footprint with Rs 225-crore acquisition of Medeor Hospital Manesar

Fortis Healthcare Ltd will acquire Medeor Hospital Manesar for ₹225 crore. The acquisition involves the procurement of both the Medeor Hospital Manesar asset and all moveable assets housed within the facility. This strategic move is aimed at expanding Fortis’ presence in key geographic clusters. The Medeor Hospital Manesar is a multi-speciality healthcare facility in Sector 5 of IMT Manesar, Gurgaon, Haryana.

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

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

Zomato Q4 Results: Net loss narrows to Rs 188 crore

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

Read more here.

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

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

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

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

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

Read more here.

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

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

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Strides Pharma passes USFDA’s inspection of Puducherry plant

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

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Delhivery Q4 Results: Net loss widens to Rs 159 crore

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

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

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

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

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

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

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NCLT dismisses IDBI Bank’s insolvency plea against Zee Entertainment

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

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

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

Read more here.

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Titan’s Net Profit Rises 50% YoY to Rs 734Cr in Q4 – Top Indian Market Updates

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

Titan Q4 Results: Net profit rises 50% YoY to Rs 734 crore

Titan reported a 50% YoY increase in net profit to Rs 734 crore for Q4 FY23. Its total revenue rose 33% YoY to Rs 9,704 crore during the quarter. EBITDA stood at Rs 1,044 crore in Q4 FY23, up 33% YoY. The company’s board has recommended a dividend of Rs 10 per equity share.

Read more here.

ED searches premises linked to Manappuram Finance

The Enforcement Directorate (ED) is carrying out searches at multiple locations on premises linked to Manappuram Finance Ltd in Thrissur, Kerala. Searches are also carried out at the headquarters and residence of promoter VP Nandakumar on allegations of illegal collection of deposits of more than Rs 150 crore from the public without the approval of the Reserve Bank of India (RBI). They are also suspected of doing large-scale cash transactions without following KYC norms. 


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JSW Steel USA Ohio to invest USD 145 mn to upgrade operations

JSW Steel’s US subsidiary, JSW Steel USA Ohio Inc., plans to invest $145 million to enhance its manufacturing operations in Mingo Junction, Ohio. The move aims to meet the demand for high-quality steel products melted and manufactured in the US. These new projects are expected to be completed & commissioned in FY26.

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Adani Wilmar Q4 Results: Net profit falls 60% YoY to Rs 94 crore

Adani Wilmar reported a 60% YoY fall in consolidated net profit to Rs 94 crore for Q4 FY23. Operating revenue stood at Rs 13,872 crore, down 7% YoY. EBITDA fell 30% YoY to Rs 2,407 crore from Rs 3,425 crore in Q4FY22. Meanwhile, the company crossed 5 million metric tonnes of sales during FY23.

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Tata Chem Q4 Results: Profit rises 62% YoY to Rs 709 crore

Tata Chemicals reported a 62% YoY increase in net profit at Rs 709 crore for Q4 FY23. Total revenue stood at Rs 4,407 crore, a 26.6% increase from Q4 FY22. EBITDA rose 47% YoY to Rs 965 crore in Q4FY22. The company’s board approved a dividend of Rs 17.5 per equity share.

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Godrej Consumer to consider raising Rs 5,000 crore via NCDs

Godrej Consumer is planning to raise up to Rs 5,000 crore through non-convertible debentures (NCDs), with the proposal set to be considered by its board next week. The board will also approve the company’s audited financial results for the quarter and financial year ending March 31, 2023, on May 10.

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MRF Q4 Results: Net profit jumps 161% YoY to Rs 410 crore

MRF reported a 161% YoY increase in net profit to Rs 410 crore for Q4 FY23. Its operating revenue for the quarter increased 10.1% YoY to Rs 5,725 crore. EBITDA rose 60% YoY to Rs 843 crore. The company’s board announced a dividend of Rs 169 per share.

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NTPC Group’s total installed capacity touches 72,304 MW

NTPC Ltd has achieved an installed capacity of 72,304 MW after the addition of unit 1 of the Maitree Super Thermal Power Plant (MSTPP) in Bangladesh. This marks the first overseas capacity addition for NTPC, which executed the project in collaboration with the Bangladesh-India Friendship Power Company Pvt Ltd (BIFPCL), a foreign joint venture company.

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Gravita India’s subsidiary secures long-term loan of 34 million euros

Gravita India’s step-down subsidiary Gravita Netherlands BV has secured a long-term loan of 34 million euros from two European developmental financial institutions in the form of an ESG (environmental, social and governance) loan. The loan is guaranteed by parent company Gravita India and enables the subsidiary’s offshore businesses to gain financial independence for their capex and working capital requirements.

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Strides Pharma partners with Orbicular to develop nasal sprays

Strides Pharma Science Ltd. has formed a partnership with Orbicular Pharmaceutical Technologies to jointly develop four nasal sprays for global markets with a combined market size of over $400 million. The products will be manufactured at Strides Pharma’s facility in Chestnut Ridge, New York, which has comprehensive capabilities for nasal spray manufacturing, including for controlled substances.

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India’s coal production rises 22.6% in 5 years to 893.08 MT in FY23

India’s coal production has registered a growth of about 23% in the last five years to 893.08 million tonnes (MT) in FY23. In the last five years, the production of Coal India Limited (CIL) has increased from 606.89 MT in FY19 to 703.21 MT, registering a growth of 15.9%. Contribution from captive and other mines to the total coal output also increased to 122.72 MT in FY23, up 113.7%.

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India’s Industrial Output Grows 7.1% in April – Top Indian Market Updates

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

India’s industrial output grows 7.1% in April

India’s index of industrial production (IIP) grew 7.1% YoY to 135.1 in April 2022, compared to a growth of 1.9% in March. The mining sector rose by 7.8% year-on-year (YoY) to 116.0 in April, the manufacturing sector witnessed a growth of 6.3% to 132.5, and the electricity sector climbed 11.8% to 194.5. 

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Actis acquires road assets of Welspun Enterprises for Rs 6,000 crore

UK-based global investor Actis has acquired a portfolio of six operating highway toll road projects from Welspun Enterprises Ltd for an enterprise value of $775 million (~Rs 6,000 crore). The projects are located strategically across India, including in the most prominent North-South highway corridor. The portfolio benefits from a stable mix of annuity and toll cash flows.

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Alembic Pharma gets USFDA approval for cancer treatment drug

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Dasatinib tablets. The drug is used to treat certain types of leukemia (cancer of the blood cells). As per IQVIA data, Dasatinib tablets had an estimated market size of $1,465 million for the twelve months ended December 2021.

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Coal India to import 6 MT more coal to meet power demand

Coal India Ltd has issued two tenders to import 6 million tonnes (MT) of coal in the next 12 months to meet surging power demand in India. This follows another tender issued on Thursday to import 2.42 MT of the dry fuel for delivery in July-September. These two medium-term import tenders of 3 MT each of coal have the option of increasing the bid quantity by 100% to 12 MT.

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Strides Pharma gets USFDA nod for Ibuprofen suspension

Strides Pharma Science Ltd has received approval from the USFDA to market Ibuprofen OTC Oral Suspension in the US markets. Ibuprofen is a nonsteroidal anti-inflammatory drug used as a painkiller in conditions like headache, dental pain, menstrual cramps, muscle aches, or arthritis. The product will be manufactured at the pharma company’s facility in Bengaluru.

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Bajaj Auto’s arm inaugurates new EV manufacturing plant in Pune

Bajaj Auto’s wholly-owned subsidiary, Chetak Technology Ltd. (CTL), inaugurated its new EV manufacturing plant at Akurdi, Pune. CTL and its vendor partners will invest ~Rs 750 crores in this new facility. Its production capacity will be swiftly increased to manufacture 5 lakh electric two-wheelers per year.

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India’s peak power demand all-time high of 210,793 MW

India’s electricity demand touched a record high of 210,793 megawatts (MW) on Thursday as several regions in the north faced severe heatwave conditions. The highest demand until last year was 200,570MW, recorded on July 7, 2021. This year, the government is projecting peak electricity demand to go up to 215,000 MW once monsoon sets in large parts.

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Total passenger vehicle sales rise 185% YoY in May: SIAM

According to newly released data from the Society of Indian Automobile Manufacturers (SIAM), total passenger vehicle (PVs) sales in May 2022 rose 185% YoY to 2,51,052 units. Three-wheeler sales jumped multifold to 28,542 units in May 2022, compared to 1,262 units in May 2021. Two-wheeler sales rose over 253% YoY to 12,53,187 units.

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Indian crude oil basket hits 10-year high

The basket of crude oil that India buys has hit a 10-year high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain unchanged. The Indian basket on June 9 touched $121.28, matching levels seen in February/March 2012. International oil prices held near a 13-week high on Thursday, supported by robust demand from key buyers like the US.

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Adani Green Energy Raises $288M for RE Projects – Top Indian Market News

Adani Green Energy raises $288 million for RE projects

Adani Green Energy Ltd (AGEL) has raised $288 million (~Rs 2,188 crore ) for the construction of its renewable energy (RE) projects. The funds will initially finance the 450 megawatts (MW) hybrid portfolio of solar and wind RE projects that AGEL is setting up in Rajasthan. The extended pool of liquidity strengthens AGEL’s strategy to fast-track the development of its under-construction asset portfolio. AGEL has set a target of achieving 45 GW renewable energy capacity by 2030.

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Airbus in talks with Tatas, Indian carriers for A350XWB aircraft

Airbus is in talks with Tata Group and Indian carriers for a deal regarding the procurement of its wide-bodied A350XWB planes. Currently, only Vistara and Air India have wide-bodied aircraft in their fleet. Wide-bodied planes like the A350XWB have larger fuel tanks that allow them to travel longer distances. “We predict a 6.2% yearly average growth for the air traffic out of India. The world average is at 3.9%,” noted Remi Maillard, President & MD of Airbus India & South Asia.

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Glenmark Pharma gets USFDA approval for Lacosamide tablet

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Lacosamide tablets. The drug is used to treat partial-onset seizures in patients 4-years and older. As per IQVIA January 2022 data, the generic version of the drug had achieved annual sales of ~$1.7 billion (~Rs 12,964 crore). 

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Godrej Properties records sales worth Rs 1,002 crore in Pune township project

Godrej Properties Ltd (GPL) has achieved sales of Rs 1,002 crore in 2021-22 in its township project ‘Riverhills’ in Mahalunge, Pune. The realty company has sold over 1,550 homes across 1.5 million sq. ft. in the current financial year. Since the launch of Phase-1 of the township in September 2019, GPL has sold over 3,600 homes with 3.4 million square feet of area and a booking value of over Rs 2,100 crore.

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TCS, Google Cloud secures Fletcher Building digitisation deal

Tata Consultancy Services (TCS) has secured a deal from Fletcher Building to build a Google cloud-based enterprise platform to support long-term growth. TCS and Google Cloud will implement enterprise-grade cloud capability to run the realty company’s mission-critical enterprise workloads. Both entities will develop Fletcher Building’s customer data strategy to create an end-to-end understanding of customer needs and behaviors.

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Wockhardt partners with SII to set up vaccine manufacturing plant in UK

Wockhardt UK has partnered with a subsidiary of Serum Institute of India (SII) to set up a new vaccine manufacturing facility in Wrexham, North Wales (UK). The collaboration between Wockhardt UK and Serum Life Sciences UK Ltd will help create employment opportunities and establish a new sterile fill and finish facility in Wrexham. The facility will deliver an additional 150 million vaccine doses of multiple vaccines.

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NMDC becomes first Indian company to cross 40 MT iron ore production in a year

NMDC Ltd has crossed the milestone of producing over 40 million tonnes (MT) of iron ore in a year, becoming the first Indian company to do so. The company has now set a target of becoming a 100 million tonnes per annum (MTPA) company by 2030. NMDC plans to leverage its expertise in moving towards a multi-mineral outlook with coal, diamond, gold, and other strategic minerals to its portfolio.

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Strides Pharma signs pact with MPP to market Covid-19 drug

Strides Pharma Science Ltd has signed a sub-licence agreement with Medicines Patent Pool (MPP) to commercialise the generic version of Pfizer’s Covid-19 oral treatment (Kovidax) in 95 low and middle-income countries. The product will be manufactured at Strides’ flagship facility in Bengaluru. The company has also secured active pharmaceutical ingredients (API) supplies for the drug via a preferred partnership agreement. 

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KEC International secures new orders worth Rs 1,005 crore

KEC International Ltd has secured new orders worth Rs 1,005 crores across its various business segments. The transmission & distribution (T&D) business has received orders for the supply of towers and poles in the Americas. Its railways business has won orders for overhead electrification and associated works. The company’s civil business has secured an order for the construction of a depot cum workshop in the urban infra segment in India.

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Banks recover Rs 61,000 crore via one-time settlement of loans

The Central Govt informed Parliament that around 11 banks have recovered ~Rs 61,000 crore by way of one-time settlement of loans in nearly four financial years. The figures are for the last three financial years and up to December 2021 of FY22. As per RBI norms, banks are required to have a board-approved loan recovery policy. The policy may cover negotiated settlements through compromise, including one-time settlements (OTS). Such measures will help banks promptly recycle their funds with advantage.

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Domestic air traffic rose 20% in Feb: DGCA

Around 76.96 lakh domestic passengers travelled by air in February 2022, a 20% increase over January. This shows a sign of recovery for the domestic aviation market, which had dipped 43% due to the third wave of the Covid-19 pandemic. IndiGo carried 39.51 lakh passengers in Feb, securing a 51.3% share of the domestic market. SpiceJet Ltd flew 8.2 lakh passengers and Air India flew 8.55 lakh passengers in February.

Read more here.

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SC Rules in Favour of Amazon in Case Against Future Retail – Top Indian Market News

Supreme Court rules in favour of Amazon, restrains Reliance-Future Retail merger

The Supreme Court has ruled in favor of Amazon.com, Inc in its dispute with Future Retail Ltd (FRL). The e-commerce giant had filed a plea against the Rs 24,713 crore deal for the merger of Future Retail with Reliance Retail. Today, the SC stated that the emergency award passed under the Singapore International Arbitration Centre (SIAC) rules is valid and enforceable under Indian laws.

Amazon and Future Group had been locked in legal battles over the deal, with the US firm accusing FRL of violating pre-existing contracts when it sold its assets to rival Reliance Industries. 

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Tata Power Q1 Results: Net profit rises 74% YoY to Rs 465 crore

Tata Power Company Ltd reported a 74% year-on-year (YoY) increase in consolidated net profit to Rs 465.69 crore for the quarter ended June (Q1 FY22). Net profit has declined by 3% when compared to the previous quarter. Its revenue from operations rose 47% YoY to Rs 9,831 crore during the same period. EBITDA stood at Rs 2,365 crore, an increase of 16% YoY. Tata Power aims to scale up its renewable portfolio from the current 4 gigawatts (GW) to 15 GW by 2025 and to 25 GW by 2030. 

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RBI keeps policy rates unchanged, GDP growth target retained at 9.5% in FY22

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 as long as necessary to support growth and mitigate the impact of the Covid-19 pandemic. RBI has projected real GDP growth at 9.5% for the current financial year (FY22).

[Repo rate is the rate at which the central bank (RBI) lends money to commercial banks to meet short-term fund requirements. Reverse repo rate is the rate at which the central bank borrows money from the commercial banks]

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M&M and MVML Q1 Results: Net profit jumps 23 times to Rs 934 crore

Mahindra & Mahindra (M&M) and Mahindra Vehicular Manufacturing Ltd (MVML) reported a 23 times YoY jump in combined net profit to Rs 934 crore for the quarter ended June (Q1 FY22). Net profit stood at Rs 163 crore in the previous quarter (Q4 FY21). The combined revenue from operations jumped 110 YoY to Rs 11,763 crore in Q1 FY22. Its farm equipment business posted its highest-ever operating profit of Rs 1,081 crore and revenues of Rs 5,319 crore in Q1. 

According to M&M, the combined earnings of itself and MVML provide a comprehensive view of the company.

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Hindalco Q1 Results: Net profit rises 45% QoQ to Rs 2,787 crore

Hindalco Industries reported a 44.55% quarter-on-quarter (QoQ) increase in consolidated net profit to Rs 2,878 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 709 crore in the corresponding quarter last year (Q1 FY21). Hindalco’s total income rose 61.95% YoY (or 2.3% QoQ) to Rs 41,625 crore in the April-June quarter of FY22. EBITDA increased by 188% YoY (or 16% QoQ) to Rs 6,790 crore in Q1.

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Strides Pharma Science Q1 Results: Net loss at Rs 209 crore

Strides Pharma Science Ltd reported a consolidated net loss of Rs 209 crore for the quarter ended June (Q1 FY22). It had posted a net profit of Rs 101.84 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations declined by 11.9% YoY to Rs 588.36 crore in Q1 FY22.

The wholly-owned subsidiaries of Strides Pharma Science have entered into definitive agreements to acquire Endo International plc’s manufacturing facility at Chestnut Ridge, New York, for $24 million (~Rs 178 crore).

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Muthoot Finance Q1 Results: Net profit rises 14% YoY to Rs 979 crore

Muthoot Finance Ltd reported a 14% YoY increase in consolidated net profit to Rs 979 crore for the quarter ended June (Q1). Its revenue from operations rose 13.5% YoY to Rs 2,955.83 crore during the same period. The NBFC’s assets under management (AUM) rose 25% YoY to Rs 58,135 crore in Q1. Its interest income increased by 15.4% YoY to Rs 2,918.31 crore in the April-June quarter of FY22.

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Voltas Q1 Results: Net profit rises 50% YoY to Rs 122 crore

Voltas Ltd reported a 49.7% YoY increase in consolidated net profit to Rs 122.44 crore for the quarter ended June (Q1 FY22). Net profit has declined by 48% when compared to the previous quarter. Its total income rose 36.34% YoY to Rs 1,860.17 crore during the same period. Total expenses stood at Rs 1,661.53 crore, up 33.44% YoY in Q1. Revenue from its unitary cooling products segment grew 18.7% YoY to Rs 963.11 crore.

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Berger Paints Q1 Results: Net profit jumps multi-fold to Rs 140 crore

Berger Paints India Ltd reported an 811.74% YoY jump in consolidated net profit to Rs 140.59 crore for the quarter ended June (Q1 FY22). Net profit has declined by 32.6% when compared to the previous quarter.  Its revenue from operations rose 93.22% YoY to Rs 1,798.5 crore during the same period. The company’s total expenses grew 80.2% YoY to Rs 1,624.36 crore in Q1.

SAIL Q1 Results: Net profit at Rs 3,897 crore

Steel Authority of India Ltd (SAIL) reported a consolidated net profit of Rs 3,897.6 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 1,226.47 crore in the corresponding quarter last year (Q1 FY21). Net profit has increased by 12.3% when compared to the previous quarter. Its total income jumped 122% YoY to Rs 20,754.75 crore in Q1 FY22. EBITDA stood at Rs 6,567 crore during the same period, compared to a loss of Rs 400 crore in Q1 FY21.

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Kalyan Jewellers Reports 54% YoY Rise in Net Profit in Q4 – Top Indian Market News

Kalyan Jewellers Q4 Results: Net profit rises 54% YoY to Rs 74 crore

Kalyan Jewellers reported a 54% YoY increase in consolidated net profit to Rs 73.9 crore for the quarter ended March (Q4). Its revenue from operations rose 42.78% YoY to Rs 3,050.60 crore during the same period. For the financial year ended March 31, 2021 (FY21), the company posted a net loss of Rs 6.07 crore. This is compared to a net profit of Rs 142,27 crore in FY20. Kalyan Jewellers has announced plans to open 21 showrooms in India in the current financial year (FY22).

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Indian economy not as hard hit as first wave, but uncertainties remain: RBI

The Reserve Bank of India (RBI) said that India’s economy has not moderated to the extent it did during the first wave of the Covid-19 pandemic, but uncertainties can act as a deterrent in the short term. In its annual report, RBI said India’s growth prospects now essentially depend on how fast the country can contain the second wave of infections. The central bank has also expressed concerns over the ‘bubble’ in the Indian equity markets and has hinted that high valuations in the market are far from ground realities.

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Cadila Healthcare Q4 Results: Net profit rises 73% YoY to Rs 679 crore

Cadila Healthcare reported a 73.25% YoY increase in consolidated net profit to Rs 679 crore for the quarter ended March (Q4). Net profit has increased by 28.7% when compared to the previous quarter. Its total revenue from operations rose 2.52% YoY to Rs 3,846.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 81.34% YoY to Rs 2,133.6 crore. The pharma company’s board has recommended a final dividend of Rs 3.5 per share. 

The company has announced plans to seek emergency use approval (EUA) for its Covid-19 vaccine, ZyCov-D, from the Drugs Controller General of India (DCGI) within the next two weeks.

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Lupin receives $50 million from Boehringer Ingelheim for achievement of key milestones

Lupin Limited has received a payment of $50 million (~Rs 363.5 crore) from Germany-based Boehringer Ingelheim for the achievement of ‘key milestones’ for its novel MEK inhibitor compound. The MEK inhibitor compound is under development by Boehringer Ingelheim as potential targeted therapy for patients with difficult-to-treat cancers. ‘Key milestones’ can be referred to as various successful steps on the way to a drug getting regulatory approval.

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Strides Pharma Q4 Results: Net profit at Rs 46 crore

Strides Pharma Science reported a consolidated net profit of Rs 46.09 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 203.93 crore in the corresponding period last year (Q4 FY20). Total revenue from operations rose 46.85% YoY to Rs 908.5 crore in Q4 FY21. The pharma company’s board has approved a final dividend of Rs 2.5 per share.

In a separate filing, Strides Pharma said it has partnered with Taiwan-based TLC to launch Liposomal Amphotericin B in India. The drug is used for the treatment of mucormycosis or Black Fungus.

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Dixon Tech Q4 Results: Net profit rises 60% YoY to Rs 44.3 crore

Dixon Technologies reported a 60% YoY increase in consolidated net profit to Rs 44.3 crore for the quarter ended March (Q4). Net profit has declined by 28% when compared to the previous quarter. Its total revenue from operations jumped 146% YoY to Rs 2,109.7 crore during the same period. Dixon Tech’s consumer electronics division posted a three-fold increase in revenues to Rs 1,178.6 crore in Q4. The company’s board has approved a final dividend of Rs 1 per share. 

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Paytm targets $3 billion IPO this year: Report

According to a report from Bloomberg, digital payments provider Paytm is aiming to raise $3 billion (~Rs 21,800 crore) via an initial public offering (IPO) late this year. This would be India’s biggest-ever IPO. The company, formally called One97 Communications Ltd, plans to list in India around November. It is targeting a valuation of around $25 billion to $30 billion. Paytm is backed by Japan’s SoftBank Group, Warren Buffett’s Berkshire Hathaway Inc, and China-based Ant Financial.

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IRB Infra Q4 Results: Net profit declines 36.85% YoY to Rs 97.46 crore

IRB Infrastructure Developers Ltd reported a 36.85% YoY decline in consolidated net profit to Rs 97.46 crore for the quarter ended March (Q4). Net profit has increased by 40.2% when compared to the previous quarter. Its revenue from operations rose 1.35% YoY to Rs 1,605.85 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined 83.75% YoY to Rs 117.15 crore.  

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Sun Pharma Q4 Results: Net profit jumps 123% YoY to Rs 894 crore

Sun Pharmaceutical Industries Ltd reported a 123.6% YoY increase in consolidated net profit to Rs 894 crore for the quarter ended March (Q4). Net profit has declined by 52% when compared to the previous quarter. Its revenue from operations rose 4% YoY to Rs 8,522 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 22.8% YoY to Rs 2,903.82 crore. The pharma company’s board has declared a final dividend of Rs 2 per share.

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Liquor sales rise 6% in Q4; declines by 12% in FY21

The sales of Indian-made foreign liquor recovered in the January-March quarter (Q4) with a 6% growth, but it declined 12% in FY 2020-21 on an overall basis. States such as Uttarakhand, Himachal Pradesh, and Haryana reported over 40% growth in liquor sales. Maharashtra and Goa reported a 23% and 22% growth, respectively. According to estimates, the liquor industry contributes ~Rs 2 lakh crore to state exchequer through taxes and levies.

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Infibeam Avenues Q4 Results: Net profit at Rs 32 crore

Infibeam Avenues Ltd reported a consolidated net profit of Rs 32 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 24 crore in the corresponding quarter last year (Q4 FY20). The company’s gross revenue rose 42% YoY to Rs 201 crore in Q4 FY21. Its board has recommended a final dividend of Rs 0.05 per share. Infibeam Avenues’ board has also approved a further investment of Rs 1.05 crore in Avenues Payments India Pvt Ltd (RemitGuru). Ahmedabad-based Infibeam offers digital payments, e-commerce software, and internet services. 

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Petrol, diesel prices hiked for 14th time in May

The prices of petrol and diesel were hiked again on Thursday (May 27), touching fresh record highs across the country. In the national capital, the petrol price rose by 24 paise and that of diesel rose 29 paise. Following the latest price revision, petrol in Delhi is now retailing at Rs 93.68 per litre, while diesel is retailing at Rs 84.61 per litre. In Mumbai, petrol price neared Rs 100 per litre-mark and now stands at Rs 99.94 per litre.

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Bharat Dynamics Signs Rs 1,188 crore Deal With Defence Ministry – Top Indian Market News

Bharat Dynamics to supply 4,960 Milan-2T missiles to Indian Army

The Ministry of Defence, on Friday, signed a Rs 1,188 crore deal with Bharat Dynamics Ltd (BDL) for the supply of 4,960 Milan 2T Anti-Tank Guided Missiles to the Indian Army. The missiles, having a range of 1,850 metres, can be fired from the ground as well as from vehicle-based launchers. The missiles are being produced by BDL under license from French defence major MBDA Missile Systems.

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Govt sells 10% stake to exit Tata Communications

The Central Government has exited Tata Communications Ltd (TCL) after selling its 10% stake to Tata Sons’ subsidiary Panatone Finvest in an off-market trade. Around 2.85 crore equity shares held by the government were sold to Panatone Finvest. The government has already sold a 16.12% stake in TCL through an offer for sale (OFS) to retail and non-retail investors at the floor price of Rs 1,161 per share.

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PNC Infratech’s arm secures order worth Rs 1,412 crore

PNC Infratech said its subsidiary, PNC Meerut Haridwar Highways, has secured a road project from the National Highways Authority of India (NHAI). The project consists of four-laning the Meerut-Nazibabad section of NH-19 in Uttar Pradesh on Hybrid Annuity Mode (HAM). The order is valued at Rs 1,412 crore. The project comes under the Central government’s Bharatmala Pariyojana.

Strides Pharma’s subsidiary partners with RDIF to supply Covid-19 vaccine

Strides Pharma Science Ltd said its biopharmaceutical division, Stelis Biopharma, has partnered with the Russian Direct Investment Fund (RDIF) to supply 200 million doses of the Sputnik V vaccine.  The vaccine demonstrated an efficacy rate of 91.6% against the Covid-19 infection and is now approved for use in over 50 countries. The parties intend to commence supplies from Q3 (July-September) of calendar year 2021. 

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Tata Motors introduces new compact ambulance Magic Express

Tata Motors has launched Magic Express, its first product in the compact ambulance segment, with the promise of easy maneuverability in congested Indian cities. The Magic Express Ambulance is compliant with AIS-125 government norms for the ambulance category. It can seat five attendants, apart from the driver and patient. Tata Motors said that the ambulance is designed to specifically support medical and health-related services, with a focus on the speedy movement of patients that require emergency care. 

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TV advertising volumes rose 21% in Jan-Feb 2021: BARC

According to data released by the Broadcast Audience Research Council (BARC), advertising volumes in January-February 2021 were 21% higher when compared to the same period last year. The report states that FMCG and e-commerce categories grew by 36% and 21%, respectively, during Jan-Feb compared to 2020. TV channels in the movies and music genre saw a spike in ad volumes at 25% and 24%, respectively. 

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HDFC Bank’s MSME book grows 30% YoY to cross Rs 2 lakh crore-mark

HDFC Bank said its Micro, Small, and Medium Enterprises (MSME) loan book grew 30% YoY to cross the Rs 2 lakh crore-mark as of December-end. This growth was driven by the Emergency Credit Line Guarantee Scheme (ECLGS)- a Rs 20 lakh crore package introduced by the Finance Ministry to support the MSME sector amidst the Covid-19 pandemic. HDFC Bank has become the second-largest lender in the MSME segment after the State Bank of India (SBI).

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Aarti Drugs announces Rs 60 crore share buyback plan

Aarti Drugs Limited said its Board of Directors have approved the buyback of up to 6 lakh fully paid-up equity shares (of the face value of Rs 10 each) at Rs 1,000 per share. This represents 0.64% of the total number of equity shares of the firm. The total buyback size is Rs 60 crore. Aarti Drugs’ share buyback price of Rs 1,000 is at a premium of 46% to its closing price of Rs 683 on Thursday. 

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TCS announces salary hikes for all employees

Tata Consultancy Services (TCS), on Friday, announced salary hikes for all its employees. The salary hikes will be effective from April 1, 2021. The IT major had increased salaries by 6-8% in October 2020. With the upcoming hike, around 4.6 lakh TCS employees will get around 12-14% average increment in six months’ time. 

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IPO Updates:

Suryoday Small Finance Bank

The Rs 582-crore initial public offering (IPO) of Suryoday Small Finance Bank was subscribed 2.37 times on the final day of bidding. The portion reserved for retail investors was subscribed 3.09 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1.31 times and that of qualified institutional buyers (QIBs) 2.18 times.

Nazara Technologies

The Rs 582-crore initial public offering (IPO) of Nazara Technologies was subscribed 175.46 times on the final day of bidding. The portion reserved for retail investors was subscribed 75.29 times and that of employees 7.55 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 389.89 times and that of QIBs 103.77 times. It has become the second-most subscribed IPO (after MTAR Technologies) so far in 2021.