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Zomato Discontinues Pro, Pro Plus Programs – Top Indian Market Updates

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

Zomato discontinues Pro, Pro Plus programs

Food delivery platform Zomato has stopped onboarding new members and merchant partners to ‘Pro’ and ‘Pro Plus’ programs. These are members-only programs that assured food delivery on priority and exclusive discounts. After membership terms expire, active members won’t be able to extend or renew their subscriptions. The company said it will come up with a new program as a replacement for the discontinued schemes.

Read more here.

L&T secures large contract from Indian Oil Corporation

The hydrocarbon-onshore division of Larsen & Toubro’s energy business has secured a large contract (in the range of Rs 2,500-5,000 crore) from Indian Oil Corporation Ltd (IOCL). The contract is for setting up a Residue Hydrocracker Unit (RHCU) for IOCL’s P-25 Project. IOCL is implementing the Panipat refinery expansion (P-25) project to enhance capacity from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA.

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Hatsun Agro approves plan to raise Rs 700 crore

Hatsun Agro Products Ltd’s (HAPL) board has approved a proposal to raise Rs 700 crore through private placement of shares via a Qualified Institutional Placement (QIP). The board also gave its approval to acquire paid-up share capital (not exceeding 20%) of Huoban Energy 4 Pvt. Ltd. The investment is done for consuming solar energy captively for HAPL’s plant in Maharashtra.

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RIL files contempt petition against SEBI before Supreme Court

Reliance Industries Ltd (RIL) has filed a contempt plea against the Securities & Exchange Board of India (SEBI) before the Supreme Court (SC), alleging ‘wilful disobedience’ about an order of the apex court that had directed the market regulator to give RIL access to certain documents in a 20-year-old stock allotment case. The move comes when SEBI plans to file a review petition in SC against the August 5 order that had ruled in favour of RIL on accessing the relevant documents.

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Aurionpro secures order from one of the largest public sector banks in India

Aurionpro Solutions Ltd (ASL) has secured an order from one of the largest public sector banks in India. The order is for providing 24×7 support monitoring services for the Murex Treasury Platform at the bank. “The recent upgradation of our partnership with Murex and this new win has strengthened our position in the market, and we are looking forward to further deepening our engagement with the bank,” said ASL in a statement.

Creditors to Future Retail place claims worth Rs 21,000 crore

Future Retail Ltd. has received claims of Rs 21,057 crore from 33 financial creditors, as per data released by the company that is under the corporate insolvency resolution process. Of the total claims received, Rs 17,511.69 crore has been verified by the interim resolution professional (IRP). Claims worth Rs 3,546 crore have not yet been verified. State Bank of India, Punjab National Bank, and other state-owned lenders have claimed over Rs 12,755 crore.

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Bank of Baroda plans to raise Rs 2,500 crore via AT1 bonds

Bank of Baroda has announced plans to raise debt capital of Rs 2,500 crore through Additional Tier-1 (AT1) bonds in single or multiple rounds. AT1 bonds are a type of perpetual (no maturity date) debt instrument that banks use to augment their core equity base. They offer higher returns to investors but carry higher risk as well. 

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Subex to deploy its fraud management solution for Ethio Telecom

Ethio Telecom has selected Subex Ltd to deploy its fraud management solution. The solution will replace Ethio’s existing legacy fraud management system, enabling them to move from a traditional rules-based approach to an AI-first approach. They will be able to bring in enhanced accuracy, coverage, and time-to-detect. Ethio Telecom is Ethiopia’s leading integrated telecom solutions provider with over 50 million subscribers.

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Cipla aims to double India business in 5 years, looks at innovation in US: CEO

Cipla Ltd hopes to transform itself into a global healthcare organisation, with a sharp focus on strengthening its presence in the US market and doubling its Indian business, said CEO Umang Vohra. He said Cipla has the potential to double US business on the back of new launches in the next five years. The pharma major is also looking at China, Brazil, South Africa, and Australia as key markets, with Australia likely to be a $100-million market shortly.

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Sobha settles nearly Rs 2.93 crore with SEBI in trade case

Real estate developer Sobha Ltd has settled Rs 2.925 crore with market regulator SEBI. Following this, the adjudication proceedings initiated against Sobha and its three Executive Directors have been disposed of. The settlement order has been passed on Monday and came into force with immediate effect.

During FY17-19, SEBI investigated certain transactions carried by Sobha with D.K. Shivakumar (DKS) and his family members/associates, which was allegedly against the interest of the minority shareholders of Sobha.

Read more here.

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Cabinet Approves Relief Package for Telecom Sector – Top Indian Market News

Cabinet approves 4-year moratorium on AGR dues, 100% FDI in telecom sector

The Union Cabinet has approved a four-year moratorium on payment of spectrum dues by telecom companies. The government has also decided to allow 100% foreign direct investment (FDI) in the telecom sector. The Centre has decided to rationalise the definition of Adjusted Gross Revenue (AGR). These measures are aimed at providing relief to companies such as Vodafone Idea and Bharti Airtel, who have to pay thousands of crores in unprovisioned past statutory dues. 

In other news, the Cabinet has also approved a Production Linked Incentive (PLI) scheme for the automobile and auto components sector with a budgetary outlay of Rs 25,929 crore. They have also approved a PLI scheme for the drone industry.

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Tata Consumer signs pact with IIMR to strengthen R&D efforts on millets

Tata Consumer Products (TCP) has partnered with the Indian Institute of Millet Research (IIMR)-Hyderabad to unlock the full potential of millets as a healthier and more sustainable alternative to traditional grains. The two entities will combine research and development (R&D) expertise and drive the innovation of millets. This partnership will help TCP strengthen its product portfolio in the area of millets. TCP has identified pantry and mini-meals segments as some of the key areas of focus in its growth strategy.

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Lupin launches generic Duexis tablets in the US

Lupin Limited has launched generic Duexis (ibuprofen and famotidine) tablets in the US market. The drug is used to treat symptoms of rheumatoid arthritis and osteoarthritis (inflammation or swelling of the joints). Duexis is also used to decrease the risk of developing upper gastrointestinal ulcers. According to IQVIA data, the generic version of the drug had sales of $765 million (~Rs 5,620 crore) in the US market for the 12-months ended July 2021.

Read more here.

SpiceJet to launch 38 new domestic and international flights

SpiceJet Limited will start 38 new domestic and international flights between September 15-25. The airline has launched flights on the Delhi-Surat, Bengaluru-Varanasi, Mumbai-Jaipur, Mumbai-Jharsuguda, Chennai-Pune, Chennai-Jaipur routes. Spicejet will also resume flights to and from Dubai, connecting Mumbai, Delhi, Ahmedabad, Kochi, Kozhikode, Amritsar, and Mangaluru.

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USPTO approves Subex’s patent application that seeks to maximise revenue of telecom firms

The US Patent and Trademark Office (USPTO) has approved a patent application of Subex Ltd. The new patent extends the revenue maximisation capabilities of telecom firms, helping operators and subscribers to take proactive actions. Subex will set standards for telecom operators to identify monetisation opportunities. It will also help in detecting risks such as digital fraud to prevent damage before it occurs. Subex is a leading telecom analytics solutions provider.

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Dabur hikes prices of hair oil brands by 2-7.5%

FMCG major Dabur Limited has hiked the prices of its hair oils across brands by 2.3-7.5% within the past 1-2 months. According to sources in trade and distributors, the hikes have been seen in the Amla, Vatika, and Anmol Gold Coconut hair oil brands. The maximum retail price (MRP) of the 275 ml Dabur Amla hair oil bottle has been hiked by 2.9% to Rs 138, while the MRP of the 450 ml bottle is costlier by 5% at Rs 209. The price hikes come on the back of rising raw material prices, especially of crude oil and crude derivatives such as Light Liquid Paraffin (LLP).

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NCC declared lowest bidder for all 3 packages of Bangalore Metro’s Airport Line

NCC Limited was declared as the lowest (L-1) bidder to construct all three packages of Bangalore Metro’s 37 km Airport Line (Blue Line). The Airport Line will link Bengaluru’s Kempegowda International Airport (KIA) with KR Puram. The ORR-Airport Metro project will comprise two new metro lines (with a total length of 56 km) along Outer Ring Road (ORR) and National Highway 44— between Central Silk Board and KIA. It includes 30 new metro stations that will offer multimodal facilities, including bus bays, taxi stands, pedestrian walkways, and bridges.

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KNR Constructions receives LoA for order worth Rs 1,041.5 crore 

KNR Constructions Ltd has received a Letter of Acceptance (LoA) for an order worth Rs 1,041.5 crore. The order includes the development of a six-lane Chittor-Thatchur Highway in Andhra Pradesh and Tamil Nadu on Hybrid Annuity Mode (HAM). The project is expected to be completed within two years. KNR Construction will also be in charge of operation and maintenance for 15 years from the date of commercial operation.

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India’s GDP Grows 20.1% in Q1 – Top Indian Market News

India records GDP growth at 20.1% in Q1

India’s gross domestic product (GDP) for the April-June quarter (Q1 FY22) grew 20.1% as per the provisional estimates released by the Ministry of Statistics and Programme Implementation (MoSPI). The sharp rise in Q1 GDP data can be mainly attributed to a low base last year. The economy had contracted by a record (-)24.4% in the corresponding quarter last year (Q1 FY21) due to the impact of the nationwide lockdown that was imposed to curb the spread of the Covid-19 pandemic. The manufacturing sector grew 49.6% YoY, while the construction sector grew at 68.3% YoY in Q1 FY22. 

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Maruti Suzuki cuts Sept production by 60% due to semiconductor shortage

Maruti Suzuki India Ltd expects production at its plants in Haryana and Gujarat to be impacted next month due to a shortage of semiconductors. As per estimates, the total production volume across both states could be around 40% of the normal output. This is the second consecutive monthly production cut seen by the automaker due to the global chip shortage.

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Subex extends partnership with Robi to drive 5G

Subex Ltd has extended its partnership with telecom operator Robi to upgrade its existing integrated revenue assurance and fraud management (iRAFM) system. With this upgrade, Robi will leverage the artificial intelligence and machine learning (AI/ML) capabilities of Subex’s revenue assurance and fraud management solutions to tackle new-age telecom threats in Bangladesh. It will also help Robi deliver a superior customer experience as it looks to provide services built on 5G.

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Exide Industries looks to set up Tesla-style gigafactory

Exide Industries Ltd is looking to set up a Tesla-style gigafactory using the production-linked incentive (PLI) scheme, as it ramps up focus on lithium-ion batteries. The company will finalise details of its advanced chemistry cell battery-making facility once the PLI scheme related to the segment is announced. In May 2021, the Union Cabinet had approved a PLI scheme with an outlay of Rs 18,000 crore to promote the manufacturing, export, and storage of lithium-ion cells essential for developing electric vehicles.

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SRF’s board approves 4:1 bonus issue

The Board of Directors of SRF Limited has approved a bonus issue in the ratio 4:1. The company will issue four bonus shares (of the face value of Rs 10 each) for each equity share held as on the record date. Gurugram-based SRF Limited is a multi-business chemicals conglomerate engaged in the manufacturing of industrial and specialty intermediates.  

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Ola likely to launch IPO in early 2022

Ride-hailing aggregator Ola is exploring a public offer early next year and is aiming to raise $1 billion (~Rs 7,290 crore). According to reports, investment banks including Morgan Stanley, Goldman Sachs, Kotak Mahindra Capital, Citigroup, and JP Morgan are working with the company to file preliminary documents for the IPO with market regulator SEBI by October. Ola would be joining a strong pipeline of Indian startups that are ready to tap the IPO market in the coming months.

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Dr Reddy’s launches generic stomach ulcer drug in the US

Dr Reddy’s Laboratories has launched Chlordiazepoxide Hydrochloride and Clidinium Bromide capsules in the US market. It is a therapeutic equivalent generic version of Librax. The drug is indicated to control emotional and somatic factors in gastrointestinal disorders. It is also used as adjunctive therapy in the treatment of peptic ulcers and irritable bowel syndrome. According to IQVIA data, the generic version of the drug had sales of $105.9 million (~Rs 770 crore) in the US for the 12 months ended July 2021.

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No comment on media speculation: Bharti Airtel on report of Google investment

Bharti Airtel said it “receives interests from high-quality investors” for its various businesses and evaluates them. However, it declined to comment on a media report that US software giant Google is likely to make a substantial investment in the company. A recent Times of India (ToI) report had stated that Google is on its way to make investments worth thousands of crores in Bharti Airtel. The telecom operator termed the Google news report as “speculation”. 

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Bank of India raises Rs 2,550 crore via QIP

Bank of India has raised Rs 2,550 crore through a Qualified Institutional Placement (QIP). The lender’s capital issuing committee has approved the issue and allotment of 40.54 crore equity shares to eligible Qualified Institutional Buyers (QIBs) at an issue price of Rs 62.89 per share. The QIP opened on August 25 and closed on August 30. The bank had targeted to raise up to Rs 3,000 crore through this issue. 

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Mastek partners with fulfillmenttools to deliver Omnichannel Fulfillment Solutions

Mastek Ltd has partnered with Germany-based fulfillmenttools to enable Direct to Stakeholder (D2X) transformation for their joint clients. This partnership will enable their clients to deliver a robust customer experience through a unified D2X process integrating commerce with fulfillment. fulfillmenttools offers an integrated end-to-end platform solution for efficient omnichannel fulfillment. Mumbai-based Mastek is a multinational technology company that offers enterprise-level digital transformation services and software.

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Tata Steel Commissions First Steel Recycling Unit in Rohtak – Top Indian Market News

Tata Steel commissions first steel recycling unit in Rohtak

Tata Steel Ltd has commissioned a 0.5 million tonnes per annum (MTPA) steel recycling plant at Rohtak, Haryana. The plant has been set up in collaboration with Aarti Green Tec as a Build, Own, and Operate (BOO) partner. The first-of-a-kind facility is equipped with modern and mechanised equipment such as shredder, baler, and material handler. The scrap will be procured from sources such as end-of-life vehicles, obsolete households, construction & demolition, industries, through an app called FerroHaat.

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Pizza Hut partners with HUL to add Kwality Wall’s ice cream, desserts to menu

Pizza Hut has partnered with Hindustan Unilever Ltd to add the FMCG firm’s Kwality Wall’s ice cream and desserts to its dine-in, delivery, and takeaway menu. With this partnership, Pizza Hut expects to increase its average order value by 10% for orders that have Kwality Wall’s ice cream and desserts. Pizza Hut has become the first-ever quick service restaurant (QSR) chain to offer ice creams and desserts across its owned and aggregator platforms.

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Subex secures five-year contract from Dhiraagu

Subex Ltd has secured a five-year contract from Dhiraagu to implement an integrated revenue assurance and fraud management (iRAFM) solution. Dhiraagu is a leading telecom operator in the Maldives. Through the deployment, Dhiraagu will upgrade its systems and consolidate its standalone assurance functions to better equip itself for the 5G era. Subex is expected to help replace the operator’s existing systems with new and advanced software to improve their processes and enhance customer experience.

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Bharat Forge to enter EV space with 2-wheelers and 3-wheelers

Bharat Forge Limited is set to enter the electric vehicle (EV) space with two-wheelers and three-wheelers in the current financial year (FY22). The launch will further highlight how companies are rushing to tap the upcoming and thriving EV market. Tork Motors, an associate company of Bharat Forge, has met the subsidy requirements specified for Phase 2 of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II). Bharat Forge is a leading manufacturer of forged and machined components in India.

Cabinet approves Rs 11,040 crore scheme to reduce edible oil import dependency

The Union Cabinet has approved the launch of a new mission to boost palm oil production, the National Mission on Edible Oils— Oil Palm (NMEO-OP), with an outlay of Rs 11,040 crore. The scheme aims to reduce India’s dependence on imported edible oil. The central scheme will have a special focus on the north-eastern region and the Andaman and Nicobar Islands. The new scheme aims to have an additional area of 6.5 lakh hectares under oil palm by FY26.

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Telecos, vendors, chipmakers term 5Gi as risky technology

Bharti Airtel, Vodafone Idea, and top smartphone makers and chipset vendors have termed the Indian 5G standard, 5Gi, as a risky technology. Their consistent persuasion to conduct an objective and holistic assessment of the standard within the Telecommunications Standards Development Society India (TSDSI) was met with outright rejection. In their joint submission to the Department of Telecommunications (DoT), leading telecom companies and chipset makers have urged the Telecommunication Engineering Center (TEC) to conduct theoretical verification and field-level validation of performance gains of the 5Gi standard.

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Tejas Networks clarifies on reports of its business exposure in Afghanistan

Tejas Networks Ltd has issued a statement in which the company clarified on reports of having business exposure in crisis-hit Afghanistan, where the Taliban has taken control of the country’s capital Kabul. The company stated that there are no customer orders from Afganistan that are pending execution. There are also no outstanding receivables from customers in the country. Further, Tejas Networks said it has no employees located in the region.

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Tega Industries files DRHP for IPO

Mining company Tega Industries has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise funds via an initial public offering (IPO). The company is expected to raise around Rs 700-750 crore through the IPO. The issue will entirely consist of an offer for sale (OFS) of up to 13.66 lakh equity shares (of the face value of Rs 10 each) by promoters and existing shareholders. Kolkata-based Tega Industries is part of MM Group of Companies. It provides customised solutions to the mining, bulk mineral handling, and slurry transportation industries.

Read more here.

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MRF Reports 12-fold Jump in Net Profit in Q1 – Top Indian Market News

MRF Q1 Results: Net profit rises 12-fold YoY to Rs 166 crore

MRF Limited reported a 1,130% YoY jump in consolidated net profit to Rs 165.58 crore for the quarter ended June (Q1 FY22). However, net profit has declined by 50.15% when compared to the previous quarter. Its revenue from operations rose 70% YoY to Rs 4,184 crore during the same period. EBITDA grew 49.2% YoY to Rs 2,460.7 crore in Q1. The tyre manufacturer’s total expenses increased by 63.5% YoY to Rs 4,054.24 crore during the April-June quarter of FY22.

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Amara Raja Batteries to acquire 11.36% stake in Log 9 for Rs 37 crore

Amara Raja Batteries Ltd (ARBL) will invest ~Rs 37 crore for acquiring an 11.36% stake in Log 9 Materials Scientific Pvt Ltd, a Bengaluru-based battery-tech and deep-tech startup. ARBL is expected to be the primary partner for scaling up the manufacturing operations of Log 9’s battery and fuel cell technologies. The investment is part of ARBL’s ‘Energy & Mobility’ strategy, which focuses on entering into green technologies and solutions.

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AstraZeneca Pharma Q1 Results: Net profit falls 45% YoY to Rs 10.24 crore

AstraZeneca Pharma India Ltd reported a 45.62% YoY decline in net profit to Rs 10.24 crore for the quarter ended June (Q1 FY22). Net profit has declined by 62.45% when compared to the previous quarter. Its revenue from operations fell 9.3% YoY to Rs 175.4 crore during the same period. The pharma company’s board has declared an interim dividend of Rs 2 per share.

Read more here.

Govt looks to cut import duties on electric cars to as low as 40%: Report

According to a report from Reuters, India is considering slashing import duties on electric cars to as low as 40%. The government plans to cut the tax rate from 60% to 40% for electric cars under $40,000 (~Rs 29.69 lakh). For EVs valued at more than $40,000, the Centre is looking at cutting the rate from 100% to 60%. This comes days after Tesla Inc appealed for a cut in India’s import duties. The EV giant argued that lowering import duties on EVs to 40% would make them more affordable and boost sales. 

Read more here.

Subex Q1 Results: Net profit falls 11% YoY to Rs 13.48 crore

Subex Ltd reported an 11.08% YoY decline in consolidated net profit to Rs 13.48 crore for the quarter ended June (Q1 FY22). Net profit has declined by 13.6% when compared to the previous quarter. Its total income fell 2.62%% YoY (or 10.8% QoQ) to Rs 87.31 crore during the same period. Subex is an enterprise software company that provides digital trust products to communication service providers.

Equity mutual fund inflows surge more than three-fold in July

Investment into equity mutual funds surged more than three-fold in July amidst optimism about the economy, as restrictions eased after the second wave of Covid-19. Net inflows into equity and equity-linked schemes jumped ~277% over the preceding month to Rs 22,583.5 crore in July 2021. This is the fifth-straight month of inflows into the category and is the highest since April 2018. The data was released by the Association of Mutual Funds in India (AMFI).

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Balrampur Chini Mills Q1: Net profit falls 44% YoY to Rs 77 crore

Balrampur Chini Mills Ltd reported a 44.7% YoY decline in consolidated net profit to Rs 77.92 crore for the quarter ended June (Q1 FY22). Net profit has declined by 67.34% when compared to the previous quarter. Its revenue from operations fell 20.2% YoY to Rs 1,140.44 crore during the same period. The company’s board has approved a proposal to buy back up to 52.5 lakh equity shares at a maximum price of Rs 410 per share. The Board of Directors has also approved a further expansion of ethanol production from 840-kilo litre per day (KLPD) to 1,050 KLPD.

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Shree Cements Q1 Results: Net profit rises 91% YoY to Rs 630 crore

Shree Cements Ltd reported a 91.11% YoY increase in consolidated net profit to Rs 629.9 crore for the quarter ended June (Q1 FY22). Net profit has declined by 21.1% when compared to the previous quarter. Its total income rose 44.5% YoY (but declined by 13.3% QoQ) to Rs 3,775.9 crore during the same period.

Clean Science and Tech Q1 Results: Net profit rises 30% YoY to Rs 54 crore

Clean Science and Technology Ltd reported a 30.3% YoY increase in consolidated net profit to Rs 54.6 crore for the quarter ended June (Q1 FY22). Net profit has increased by 2.7% when compared to the previous quarter. Its revenue from operations rose 29.62% YoY (or 9.2% QoQ) to Rs 146.4 crore during the same period. Clean Science and Tech is a specialty chemical manufacturer based in Pune, Maharashtra.

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CarTrade Tech IPO subscribed 41% on first day of bidding

The Rs 2,998.5 crore initial public offering (IPO) of CarTrade Tech was subscribed 41% on the first day of bidding. Retail investors have subscribed 0.8% against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 3% and 1%, respectively, against their reserved portions. To learn more about the IPO, click here.

Meanwhile, the Rs 5,000 crore initial public offering (IPO) of Nuvoco Vistas Corp was subscribed 16% on the first day of bidding. Retail investors have subscribed 31% against their reserved portion. Non Institutional investors (NIIs) have subscribed 1% against their reserved portion. 

Indian Hotels Q1 Results: Net loss at Rs 277 crore

The Indian Hotels Company Ltd (IHCL) reported a consolidated net loss of Rs 277 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 279.9 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 139% YoY to Rs 344.55 crore in Q1 FY22. IHCL is a hospitality company that manages a wide portfolio of hotels, resorts, spas, etc. It is a subsidiary of the Tata Group.

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NCLT Approves Jet Airways Revival Plan – Top Indian Market News

NCLT approves Kalrock-Jalan consortium resolution plan for Jet Airways

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by the Kalrock Capital and Murari Lal Jalan consortium. The Directorate General of Civil Aviation (DGCA) has been given 90 days to allot slots to the airline. The Kalrock-Jalan consortium is believed to have offered Rs 1,183 crore as repayment over a period of five years to financial creditors, employees, and other staff of the airline. 

Jet Airways suspended operations in April 2019 due to financial distress. The company has been undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC) for two years.

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Sobha Q4 Results: Net profit falls 64% YoY to Rs 17.9 crore

Sobha Limited reported a 64.69% YoY decline in consolidated net profit to Rs 17.90 crore for the quarter ended March (Q4). Its revenue from operations declined by 39.19% YoY to Rs 553.40 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 77.87% YoY to Rs 62.30 crore. The real estate developer’s board has recommended a final dividend of Rs 3.5 per share. 

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Dr Reddy’s Labs launches Icosapent Ethyl Capsules in the US

Dr Reddy’s Laboratories announced the launch of Icosapent Ethyl Capsules in the US market. The drug is used to reduce triglyceride (TG) levels in adult patients with severe hypertriglyceridemia. It is available in 1 gram capsules in bottle count size of 120’s count. The pharma company had received approval from the US Food & Drug Administration (USFDA) for Icosapent Ethyl Capsules in August 2020. 

Read more here.

Minda Industries to acquire 51% stake in UzChasys

Minda Industries Ltd has won a bid for the acquisition of a 51% stake in Uzbekistan-based UzChasys LLC. The cost of the acquisition is 83.1 billion soms (~Rs 58.13 crore). UzChasys is engaged in the manufacturing of automobile headlights and lamps. It is a joint venture (JV) firm of AMS Co. (30% stake) and UzautoComponents LLC (70% stake). The proposed investment in UzChasys will enable the UNO Minda Group to have a significant presence in Uzbekistan as a leading supplier to original equipment manufacturers (OEMs).

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Avanti Feeds Q4 Results: Net profit declines 19% YoY to Rs 69 crore

Avanti Feeds Limited reported a 19.88% YoY decline in consolidated net profit to Rs 69.69 crore for the quarter ended March (Q4). Net profit has declined by 7.06% when compared to the previous quarter. Its revenue from operations rose 6.12% YoY to Rs 1,098.11 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 3.92% YoY to Rs 360.07 crore. Avanti Feeds’ board has recommended a final dividend of Rs 6.25 per share.

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Subex partners with Spire Solutions to address cyberattacks in the Middle East

Subex Limited has entered into a strategic partnership with Spire Solutions to address the sharp rise in cyberattacks and associated cyber risks in the Middle East and Africa. The companies will ensure that businesses are protected at critical infrastructure level security with the most comprehensive stack of Internet of Things, Operational Technology, and converged environment (IoT-OT & Information Tech) protection solutions. Subex and Spire Solutions have also received a project by a major oil & gas entity in the Middle East to meet its cybersecurity and cyber risk assessment requirements. 

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Shilpa Medicare launches Paracetamol Oral Thin Film

Shilpa Medicare Ltd announced the launch of a pediatric dose Paracetamol Oral Thin Film, under the brand name ‘Molshil’. The drug has been launched in strengths of 60 mg and 120 mg in orange flavour. The pharma company’s Paracetamol Oral Thin Films are patent protected and are the first of their kind in the world. Shilpa Medicare manufactures and sells active pharmaceutical ingredients (APIs), intermediates, and formulations globally.

Read more here.

HPL Electric & Power to install NB-IoT technology smart meters in parts of Delhi

HPL Electric & Power Ltd has received approval and production clearance from a leading private distribution company for the implementation of Narrow Band-Internet of Things (NB-IoT)-based smart meters in parts of Delhi. HPL’s new range of smart meters is both 4G and 5G compatible. It offers a dedicated channel for smart metering and avoids any reduction in performance from obstruction due to congestion on the public network. These smart meters have been developed at HPL’s new R&D facility at Gurugram. HPL Electric & Power is a leading meter and electrical equipment manufacturing company.

Hero MotoCorp to hike prices from July

Hero MotoCorp Ltd has announced plans to hike the prices of its two-wheelers by up to Rs 3,000 with effect from July 1. This is to partially offset the impact of the continuous rise in commodity prices. The exact quantum of the increase will depend on the model and the specific market. Hero MotoCorp further said it continues to drive cost-saving programs aggressively to minimize the impact on the final consumer.

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Engineers India receives order worth Rs 111 crore from Numaligarh Refinery

Engineers India Ltd (EIL) has secured an order from Numaligarh Refinery (NRL) for the execution of revamp of a delayed coker unit (DCU). EIL will execute this project as a licensor cum engineering, procurement & construction management (EPCM) consultant. The project involves increasing the capacity of the DCU from 0.306 million metric tonnes per annum (MMTPA) to 0.560 MMTPA. The estimated value of the order is Rs 111 crore.

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Sun Pharma settles patent litigation with Celgene over cancer drug

Sun Pharmaceutical Industries has reached an agreement with Celgene Corp to resolve the patent litigation regarding submission of an Abbreviated New Drug Application (ANDA) for a generic version of Revlimid (lenalidomide capsules) in the US. As per terms of the settlement, Celgene will grant Sun Pharma a license to its patents required to manufacture and sell limited quantities of generic lenalidomide capsules in the US after March 2022. 

Celgene is a wholly-owned subsidiary of New York-based pharma company Bristol Myers Squibb (BMS). Revlimid is a blood cancer drug, which had annual sales of $12.1 billion (~Rs 89,900 crore) in 2020.

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Tata Consumer Reports Net Profit of Rs 133 crore in Q4 – Top Indian Market News

Tata Consumer Products

Tata Consumer Q4 Results: Net profit at Rs 133.34 crore

Tata Consumer Products Ltd reported a net profit of Rs 133.34 crore for the quarter ended March (Q4). It had posted a net loss of Rs 50 crore in the corresponding period last year (Q4 FY20). On a quarterly basis, net profit has declined by 44% in Q4 FY21. The company’s revenue from operations rose 26.2% YoY (down 1% QoQ) to Rs 3,037.22 crore during the same period. Tata Consumer opened 39 new stores and entered 7 new cities in FY21. The FMCG firm’s board has declared a final dividend of Rs 4.05 per share.

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Coforge Q4 Results: Net profit rises 17% YoY to Rs 133 crore

Coforge Limited reported a 17.08% YoY increase in consolidated net profit to Rs 133 crore for the quarter ended March (Q4). On a quarterly basis, net profit has risen by 9.02%. Its revenue from operations rose 13.7% YoY to Rs 1,261.5 crore during the same period. The IT firm secured new businesses worth $ 201 million (~Rs 1,482 crore) during the quarter. Coforge’s board has declared a dividend of Rs 13 per share. 

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IEX reports 90% YoY growth in volume of power traded in April

The electricity market at the Indian Energy Exchange (IEX) posted a 90.2% YoY growth in volume to 7,707 million units (MU) in April 2021. The rise in electricity consumption has been the key factor behind the consistent performance of the exchange market. IEX’s real-time market saw its highest ever monthly volume of 1,473 MU in April, up 4.2% from March. Its day-ahead market posted a 54% YoY volume growth to 5,699 MU last month.

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Bajaj Healthcare launches ‘Ivejaj’ tablets for Covid-19 treatment

Bajaj Healthcare Ltd (BHL) announced the launch of its anti-parasitic drug ‘Ivejaj’ (Ivermectin), which is to be used for the treatment of Covid-19 infections. The pharma company has received approval from the Drugs Controller General of India (DCGI) to manufacture and market the tablets. BHL said it has successfully developed the active pharmaceutical ingredient (API) and the formulation for Ivermectin through its own in-house research & development (R&D) team.

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Praj Industries Q4 Results: Net profit jumps 109% YoY to Rs 52 crore

Praj Industries Ltd reported a 109.21% YoY increase in net profit to Rs 52 crore for the quarter ended March (Q4). Its revenue from operations rose 91.4% YoY to Rs 567.10 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 15.11% YoY to Rs 81.07 crore. The company’s board has recommended a final dividend of Rs 2.16 per share.

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CCI orders probe against Tata Motors for alleged unfair business practices

The Competition Commission of India (CCI) has ordered a detailed probe against Tata Motors for alleged abuse of dominant position with respect to dealership agreements. The order was based on two complaints filed against Tata Motors, Tata Capital Financial Services, and Tata Motors Finance Ltd. The CCI has observed that Tata Motors has imposed unfair terms and conditions in the dealership agreement for commercial vehicles in abuse of its dominant position.

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Caplin Point Q4 Results: Net profit rises 35% YoY to Rs 66 crore

Caplin Point Laboratories reported a 35.75% YoY increase in consolidated net profit to Rs 66.37 crore for the quarter ended March (Q4). On a quarterly basis, net profit has risen by 3%. Its revenue from operations rose 22.7% YoY to Rs 288.17 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 12.69% YoY to Rs 242.28 crore.

Subex partners with Snowflake for AI-driven Augmented Analytics

Subex has partnered with US-based Snowflake to bring the power of artificial intelligence (AI)-driven Augmented Analytics to enterprises. Through Subex’s HyperSense platform, both companies will combine competencies to enable enterprises to accelerate their data analytics journey. Through the partnership, Subex and Snowflake aim to bring increased efficiency and agility to enterprises and help them create greater value for their businesses.

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Adani Transmission FY21 Results: Net profit rises 82% YoY to Rs 1,290 crore

Adani Transmission Ltd reported an 82% YoY increase in consolidated net profit to Rs 1,290 crore for the financial year ended March 31, 2021 (FY21). Its revenue from operations declined by 14% YoY to Rs 8,840 crore during the same period. The company added 2,536 circuit kilometers to its transmission network in FY21, taking the total network to 17,276 ckt km. The firm also reported strong transmission system availability at more than 99.87%.

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NTPC Renewable Energy signs PPA with GUVNL

NTPC Renewable Energy, a wholly-owned subsidiary of NTPC Ltd, has entered into a power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) to sell electricity from its 150 megawatt (MW) solar project.  As per the agreement, the project will sell power at a tariff of Rs 2.20 per kilowatt-hour (kWh). With this, NTPC’s total capacity under tariff-based competitive bidding (TBCB) tenders has increased to 1.4 gigawatt (GW).

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Adani Power Q4 Results: Net profit at Rs 13.13 crore

Adani Power Limited reported a consolidated net profit of Rs 13.13 crore for the quarter ended March (Q4 FY21).  It had posted a net loss of Rs 1,312.86 crore in the corresponding period last year (Q4 FY20). Revenue from operations rose to Rs 6,902 crore, compared with Rs 6,327.57 crore in Q4 FY20. Adani Power achieved an Average Plant Load Factor (PLF) of 59.6% and aggregate sales volumes of 14.8 billion units (BU) during the quarter. This is compared with an average PLF of 65.5% and sales volumes of 16.5 BU in Q4 FY20

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Indus Towers Reports 38% YoY Rise in Net Profit in Q4 – Top Indian Market News

Indus Towers Q4 Results: Net profit rises 38% YoY to Rs 1,364 crore

Indus Towers Limited reported a 38% year-on-year (YoY) increase in consolidated net profit to Rs 1,364 crore for the quarter ended March (Q4). Its revenue from operations rose 3% YoY to Rs 6,492 crore during the same period. The company added 3,715 towers across 22 telecom circles in India in Q4 FY21. As of March 31, 2021, Indus Towers owns and operates 1,79,225 towers with 3,22,438 co-locations across the country.

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L&T Construction secures order from Oilfield Supply Company Saudi

Larsen & Toubro Limited (L&T) said its construction arm has received a significant order (in the range of Rs 1,000-2,500 crore) from Oilfields Supply Company Saudi to design and build an oil and gas supply base at King Salman Energy Park, Dammam. The project involves the construction of industrial facilities of different sizes, an administration building, associated infrastructure, and storage yards. The project is scheduled to be completed in 30 months.

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Vodafone Idea approaches pension funds to raise $1 billion: Report

As per a report from the Economic Times, Vodafone Idea (Vi) is looking to raise around $1 billion (~Rs 7,500 crore) from pension funds to keep its India business on track. The report states that Vi has approached three Canadian pension funds— Caisse de Dépôt et Placement du Québec (CDPQ), Canada Pension Plan Investment Board (CPPIB), and Ontario Teachers’ Pension Plan (OTPP). It has also approached Norway’s Government Pension Fund Global.

In other news, Vi has rolled out new postpaid plans for businesses and working professionals with benefits such as mobile security, location tracking, data pooling, etc. The plans, which start at Rs 299, are targeted at Small and Medium Enterprises (SMEs) and startups.

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Easy Trip Planners partners with JustDial to offer air travel services

Easy Trip Planners has announced a partnership with local search engine JustDial to offer air travel services. Through this collaboration, EaseMyTrip will be the exclusive service provider for all flight bookings on JustDial. There will be direct API (application programming interface) integration of EaseMyTrip with JustDial wherein real-time bookings can be executed.

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Infosys inks pact with BP to develop integrated EaaS offering

Infosys Limited has signed a Memorandum of Understanding (MoU) with UK-based BP to develop an integrated Energy-as-a-Service (EaaS) offering that will provide end-to-end management of customers’ energy assets and services. The companies will explore opportunities using BP’s energy and mobility expertise and Infosys’ digital capabilities to manage energy assets, provide low carbon power, and low carbon heating/cooling to campuses. The collaboration seeks to apply digital services to integrated energy solutions to help de-carbonize corporations and cities.

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Filatex India Q4 Results: Net profit jumps 5-fold to Rs 118.39 crore

Filatex India Limited reported over five-fold year-on-year (YoY) increase in net profit to Rs 119.39 crore for the quarter ended March (Q4). Its total revenue rose 27.48% YoY to Rs 858.16 crore during the same period. The company’s board has recommended a final dividend of Rs 0.40 per share. Filatex India is a textile production company based in New Delhi.

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Tata Motor’s JLR suspends work at UK plants amid semiconductor shortage

Jaguar Land Rover (JLR) has temporarily shut down production at two of its main UK factories due to a shortage of semiconductors. The shutdown is scheduled to last at least a week, and the company will continue to monitor its chip supply before committing to a reopening date. The semiconductor crisis has been affecting global vehicle production for several months now, following a surge in demand for smartphones and personal computers amidst the impact of the Covid-19 pandemic.

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Visaka Industries Q4 Results: Net profit rises 350% YoY to Rs 30.87 crore

Visaka Industries Limited reported a 350.66% YoY increase in net profit to Rs 30.87 crore for the quarter ended March (Q4). On a quarterly basis, net profit has grown by 33.81%. Its revenue from operations rose 55.47% YoY to Rs 356.60 crore during the same period. The company’s board has recommended a final dividend of Rs 10 per share. Visaka Industries is a leading manufacturer of cement roofing sheets and fibre cement boards in India. 

Caplin Point gets USFDA approval for Neostigmine Methylsulfate Injection

Caplin Steriles, a subsidiary of Caplin Point Laboratories, has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA)— Neostigmine Methylsulfate injection. The approved product is used for the reversal of the effects of non-depolarizing neuromuscular blocking agents (NMBAs) after surgery. As per IQVIA data, the product had US sales of approximately $20 million (~Rs 150 crore) for the 12-months ended December 2020. 

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Subex launches augmented analytics platform HyperSense

Subex Limited has announced the launch of HyperSense, an end-to-end augmented analytics platform. The platform will help enterprises make faster, better decisions by leveraging Artificial Intelligence (AI) across the data value chain. HyperSense’s unique no-code capabilities allow users without a knowledge of coding to easily aggregate data from disparate sources, turn data into insights, and effortlessly share their findings across the organization.

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Tata Elxsi Q4 Results: Net profit rises 40% YoY to Rs 115 crore

Tata Elxsi Limited reported a 40.3% YoY increase in net profit to Rs 115.16 crore for the quarter ended March (Q4). On a quarterly basis, net profit has grown by 9.4%. The IT services company posted an 18.12% YoY rise in revenue to Rs 518.50 crore during the same period. The company’s board has announced a final dividend of Rs 24 and a special dividend of Rs 24.

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Bharti Airtel Adds 58.9 Lakh Subscribers in January – Top Indian Market News

Bharti Airtel adds 58.9 lakh subscribers in January, Vi adds 17.1 lakh subscribers: TRAI

Bharti Airtel added more wireless subscribers than market leader Reliance Jio for the sixth straight month in January. According to data released by telecom regulator TRAI, Bharti Airtel added 58.92 lakh subscribers, while Jio added 19.56 lakh subscribers in January 2021. Vodafone Idea (Vi) gained 17.1 lakh subscribers during the same month. This is the first time in 15 months that Vi is adding subscribers.

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BHEL emerges lowest bidder for NPCIL’s Rs 10,800-crore tender

Bharat Heavy Electricals Ltd (BHEL) has emerged as the lowest (L1) bidder for the supply of equipment for the 6×700 megawatt (MW) nuclear power projects of Nuclear Power Corporation of India (NPCIL). The lowest bid price offered by BHEL was Rs 10,800 crore. With this tender, BHEL has retained its market leadership position of being the sole Indian supplier of nuclear steam tubes. 

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Domestic air traffic declines 36% YoY in February: DGCA

A total of 78.27 lakh domestic passengers travelled by air in February 2021, which is 36% lower than the corresponding period in 2019. IndiGo carried 42.38 lakh passengers in February, thus securing a 54.2% share of the total domestic market. SpiceJet flew 9.62 lakh passengers, which is a 12.3% share of the market. The data was released by the Directorate General of Civil Aviation (DGCA).

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L&T Technology Services partners with Aspen Tech to deliver engineering solutions

L&T Technology Services Ltd (LTTS) has partnered with Aspen Technolgy, Inc. to offer a complete suite of digital engineering solutions across global enterprises. This will empower customers to optimize the performance of their assets and achieve operational excellence through cloud hosting and virtualisation. LTTS’ cloud engineering services will provide design, delivery, and support for computing, storage, and virtual network infrastructure. 

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ABB Power secures order worth Rs 124 crore from BALCO

Hitachi ABB Power Grids in India has received an order from Bharat Aluminium Company (BALCO) to strengthen power infrastructure at its Korba plant in Chattisgarh. The estimated value of the order is Rs 124 crore. The equipment required for this project will be manufactured domestically in line with the government’s Make-in-India initiative. 

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DLF to raise up to Rs 500 crore via NCD issue

DLF Limited has announced plans to raise up to Rs 500 crore through the issuance of secured, rated, redeemable non-convertible debentures (NCDs). The NCDs will be issued at a coupon rate of 8.25% on a private placement basis in one or more tranches to eligible investors. The realty firm had earlier announced plans of restructuring existing loans with a target of saving Rs 300 crore annually.

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SC orders restoration of MF units back to Dalmia Bharat Group

The Supreme Court of India (SC) has ordered IL&FS Security Services Ltd (ISSL) to release mutual fund units worth Rs 344 crore back to the Dalmia Bharat Group. In August 2019, the SC had passed an interim order that Dalmia Cement, which is a subsidiary of Dalmia Bharat, may encash the securities and an amount of Rs 344 crore shall lie in fixed deposit with ISSL. The mutual fund units of two subsidiaries of Dalmia Cements were fraudulently and illegally transferred by Allied Financial Services Pvt Ltd in collusion with ISSL.

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Shakti Pumps secures export orders worth $35 million from Uganda Government

Shakti Pumps (India) Ltd has secured a contract from the Ministry of Water and Environment, Government of Uganda, for supplying solar-powered water pumping systems. The total contract value is $35.30 million (~Rs 256.23 crore). Shakti Pumps is a manufacturer and exporter of stainless-steel water pumps, motors, and solar pumps.

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Subex partners with SkyLab to offer cybersecurity solutions for shipping industry

Subex Limited has entered into a partnership with SkyLab to offer Internet of Things (IoT) and Operational Technology (OT) cybersecurity solutions and services to the maritime sector. The companies will jointly offer Security Operations Center services and threat risk management support to improve the overall cybersecurity structure of the shipping industry. Subex is a leading enterprise software company based in Bangalore.

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IPO Updates:

Kalyan Jewellers

The Rs 1,175-crore initial public offering (IPO) of Kalyan Jewellers was subscribed 1.21 times on the second day of bidding. The portion reserved for retail investors was subscribed 1.90 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 89% and that of qualified institutional buyers (QIBs) 24%. To know more about the IPO, click here.

Laxmi Organic Industries

The Rs 600-crore initial public offering (IPO) of Laxmi Organic Industries was subscribed 106.77 times on the final day of bidding. The portion reserved for retail investors was subscribed 19.97 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 217.62 times and that of qualified institutional buyers (QIBs) 175.43 times. You can learn more about the IPO here.

Suryoday Small Finance Bank

The Rs 582-crore initial public offering (IPO) of Suryoday Small Finance Bank was subscribed 42% on the first day of bidding. The portion reserved for retail investors was subscribed 84%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 4% and that of employees 6%. To know more about the IPO, click here.

Nazara Technologies

The Rs 582-crore initial public offering (IPO) of Nazara Technologies was subscribed 4.01 times on the first day of bidding. The portion reserved for retail investors was subscribed 16.75 times and that of employees 2.28 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 2.85 times and that of QIBs 36%. To know more about the IPO, click here.

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Tata Motors’ Shareholders Approve Hiving Off PV Business Into New Entity – Top Indian Market News

Tata Motors’ shareholders approve hiving off PV business into new entity

Tata Motors Limited announced that its shareholders have approved the separation of its passenger vehicle (PV) business into a new entity. On March 5, the shareholders of the company voted to consider and approve the transfer of the PV business unit to TML Business Analytics Services Ltd on a slump sale basis. The automaker said that its passenger vehicles business is valued at Rs 9,417 crore. The process of hiving-off its domestic PV business is expected to be completed by May-June this year.

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Tata Motors, Ashok Leyland, M&M looking to acquire 26% stake in BEML: Report

As per a report from Mint, Tata Motors, Ashok Leyland, and Mahindra & Mahindra are among at least six companies looking to buy the government’s 26% stake in state-run BEML Limited. The report states that Bharat Forge and Megha Engineering & Infrastructure are also likely to submit Expression of Interest (EoI) for acquiring the stake in BEML. In January 2021, the Department of Investment and Public Asset Management (DIPAM) had invited EoIs to offload their 26% stake in BEML. The government currently holds a 54.03% stake in the defence and construction equipment manufacturing firm. 

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Atul Auto launches new autorickshaw model in CNG, LPG, and petrol variants

Atul Auto Limited has announced the launch of a new next-generation CNG, LPG, and petrol autorickshaw model for the Gujarat market. The supplies of the new model will begin from April 2021 for India and international markets. The new model comes with features like an international styled beige dashboard, semi-digital instrument cluster, step-less entry, and LED tail lamps.

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Adani Green Energy’s subsidiary commissions 100-MW wind power plant in Gujarat

Adani Green Energy Limited announced that its subsidiary, Adani Wind Energy Kutch Three Limited (AWEKTL), has commissioned a 100 megawatt (MW) wind power plant in Kutch, Gujarat. With this, the company has an operational wind generation capacity of 497 MW. The plant has a Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) at Rs 2.82 per kilowatt-hour (kwh). 

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Talbros Automotive secures multi-year contract worth Rs 304 crore

Talbros Automotive Components Ltd and its joint venture (JV) partners have won multi-year orders worth Rs 304 crore. The orders are spread across its domestic and international customers. The order covers the company’s flagship products- gaskets and forgings. It also includes products from the JV’s— Talbros Marugo Rubber Pvt Ltd and Magneti Marelli Talbros Chassis Systems Pvt Ltd.

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Easy Trip Planners IPO subscribed 2.33 times on first day of bidding

The Rs 510-crore initial public offering (IPO) of Easy Trip Planners was subscribed 2.33 times on the first day of bidding. The issue received bids for 3.51 crore equity shares against an offer size of 1.5 crore shares. The portion reserved for retail investors was subscribed 12.58 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 15%. 

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DCW raises Rs 410 crore through debentures

DCW Limited said it has raised Rs 410 crore through the issuance of debentures to refinance its existing term loans and increase working capital. The company issued Non-Convertible Debentures (NCDs) worth Rs 350 crore and Optionally Convertible Debentures (OCDs) amounting to Rs 60 crore. The OCDs will be converted into equity within 18 months. The speciality chemical firm expects this fundraise to enhance capacity utilisation and meet increasing product demand.

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Subex to launch new AI automation platform in April

Subex Limited announced that it will launch a new artificial intelligence (AI) automation platform in April 2021. The platform will help enterprises in their AI adoption journey. Bengaluru-based Subex is a leading software company that provides digital trust products for telecom service providers. 

Natco Pharma receives final approval from USFDA for Everolimus tablets

Natco Pharma Limited announced that its marketing partner, Breckenridge Pharmaceutical Inc. (BPI), has received final approval for Everolimus Tablets from the US Food & Drug Administration (USFDA). The tablets are indicated for the treatment of breast cancer and a few other types of cancers. BPI plans to launch 2.5 mg, 5 mg, and 7.5 mg strengths of the product shortly within the next few weeks.

Meera Industries receives export order worth $180,000

Meera Industries Limited has received an export order worth $180,000 (~Rs 1.31 crore) from Turkey-based Monofiber Teknik Tekstil San Tic. The order is for the company’s recently launched MODEL DTX-260 (Direct Twisting + Precision Winding). The machine is used for all kinds of industrial thread twisting and winding like woven sacks threads, cotton twine, etc. Meera Industries is a leading textile machinery manufacturing company based in Gujarat.

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Adani Ports to Develop West Container Terminal at Colombo Port – Top Indian Market News

adani ports and sez

Adani Ports to develop West Container Terminal at Colombo Port

Adani Ports and Special Economic Zone Ltd (APSEZ) will develop the West Container Terminal (WCT) at Colombo Port. The Sri Lankan cabinet, on Tuesday, approved the plan through a tripartite understanding with India and Japan. WCT will have a 1,400-metre quay wall, terminal area of about 64 hectares, and an annual capacity of 2.6 million TEUs (twenty-foot equivalent unit).

In other news, APSEZ announced that it had handled cargo volume of 21.12 million metric tonnes (MMT) in February 2021, which is an 8% year-on-year (YoY) growth.

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Bharti Airtel acquires spectrum worth Rs 18,699 crore in auction

Bharti Airtel has acquired 355.45 megahertz (MHz) spectrum across sub gigahertz (GHz), mid-band, and 2,300 MHz bands for Rs 18,699 crores in the latest spectrum auction. This will help improve the company’s deep indoor and in-building coverage in every urban town. The spectrum will also help improve its coverage in villages. Bharti Airtel said the acquired spectrum would help them provide services to an additional 9 crore customers in India.

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Prestige Estates signs agreement with Blackstone to sell 12 assets in Phase-1 of Rs 9,160 crore deal

Prestige Estate Projects has signed definitive agreements with global investment firm Blackstone to sell 12 completed assets in the first phase of a Rs 9,160-crore deal. In November 2020, Prestige Estates had signed a term sheet to sell a large portfolio of completed and under-construction properties to Blackstone for an enterprise value of Rs 9,160 crore. This includes completed offices, retail properties, and hotel properties. The company will use the funds for future expansion activities and repayment of debt. 

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Vodafone Idea buys spectrum in 5 telecom circles

Vodafone Idea Ltd (Vi) has acquired spectrum in India’s five telecom circles in the latest auction for 4G wireless services. However, the company did not disclose the quantity of spectrum bought or the financial details of the transaction. Vi said it expects that a large quantum of spectrum will be made available for 5G services at fair prices to enable operators to roll out the technology rapidly.

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Jindal Steel to acquire bankrupt Reliance Naval & Engineering: Report

As per a report from BloombergQuint, Jindal Steel & Power Ltd (JSPL) and two other groups were the latest to express interest in bidding for Reliance Naval & Engineering Ltd. “For Jindal Steel, Reliance Naval can be a captive client for the company’s shipbuilding plates”, said JSPL managing director Vidya Rattan Sharma. The reports further state that Dubai-based shipping firm GMS and Kotak Special Situations Fund were among the others that registered to bid for Reliance Naval.

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Engineers India secures consultancy project worth Rs 600 crore

Engineers India Limited (EIL) has received a consultancy project from Indian Oil Corporation Ltd (IOCL). EIL has been awarded the project for execution of ‘Consultancy for Overall Project Management’ and EPCM (Engineering, Procurement, Construction, Management) services for capacity expansion of IOCL’s Panipat Refinery from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA. The total order value is around Rs 600 crore.

Cipla receives USFDA approval for Sumatriptan Nasal Spray

Cipla Limited has received final approval from the US Food and Drug Administration (USFDA) for Sumatriptan Nasal Spray. The drug is indicated for the treatment of migraine attacks. According to IQVIA (IMS Health) data, the generic version of Sumatriptan Nasal Spray had US sales of approximately $53.3 million (~Rs 390 crore) for the 12-months ending December 2020. 

In other news, Cipla said its Gulf subsidiary has expanded its partnership with Alvotech for the marketing and distribution of four biosimilar medicines in Australia and New Zealand.  

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Govt to divest 10% stake in Ircon International

The Government of India announced that it will sell up to 4.70 crore equity shares of public sector construction firm Ircon International. This represents 10% of the issued and paid-up share capital of the company. The floor price for the offer for sale (OFS) has been fixed at Rs 88 per share. The OFS will open tomorrow (March 3, 2021) for retail investors.

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Bajaj Healthcare gets approval from Maharastra PCB to restart Tarapur unit

Bajaj Healthcare Ltd has received approval from Maharashtra Pollution Control Board (MPCB) to resume operations at its Tarapur unit in Maharashtra. The MPCB had issued a notice to the company in January 2021, directing the closure of operations at the Tarapur unit for alleged violation of the provisions of the Water (Prevention and Control of Pollution) Act 1974 and Air (Prevention and Control Pollution) Act 1981.

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Subex joins O-RAN Alliance for open radio access networks

Subex Limited announced that it has become a member of the O-RAN Alliance to support the development and standardisation of Open Radio Access Networks (RAN). [RAN is the part of a telecommunications system that connects individual devices to other parts of a network through radio connections] With its expertise in advanced network analytics based on machine learning, Subex would help drive innovation in the RAN domain. 

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Gayatri Highways acquires 51% stake in Balaji Highways Holding

Gayatri Highways Limited, on Tuesday, said it has successfully completed the acquisition of 51% equity share capital of Balaji Highways Holding Private Limited. Hyderabad-based Balaji Highways is engaged in the business of undertaking infrastructure projects such as the construction of state and national highways.