Tag: Sun Pharma

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Axis Bank Acquires Citi India’s Retail Assets for $1.6B – Top Indian Market News

Axis Bank acquires Citi India’s retail assets for $1.6 billion

Axis Bank has acquired Citi India’s retail assets, valuing the business at nearly $2 billion (~Rs 15,164 crore). The private sector bank will pay a cash consideration of $1.6 billion to Citi for the acquisition of the consumer business. The transaction comprises the sale of the consumer banking businesses of Citibank India, including credit cards, retail banking, wealth management, and consumer loans. It also includes the sale of the consumer business of Citi’s non-banking financial company (NBFC), Citicorp Finance (India) Ltd.

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Reliance Jio lost 93 lakh subscribers in Jan 2022; Airtel gains 7.14 lakh subscribers

As per the latest subscriber data released by the Telecom Regulatory Authority of India (TRAI), Reliance Jio lost 93.32 lakh subscribers in January 2022. Vodafone Idea lost 3.7 lakh subscribers during the same month. Meanwhile, Bharti Airtel gained 7.14 lakh subscribers in Jan. Reliance Jio held the largest market share at 35.49%, followed by Bharti Airtel (31.13%) and Vodafone Idea (23.15%).

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Sundaram Fasteners wins incentive approval under PLI scheme

Sundaram Fasteners Ltd (SFL) has qualified for incentives from the Ministry of Heavy Industries for its proposed investments in making powertrain sub-assemblies for electric vehicles (EVs) and internal combustion engine (ICE) vehicles. Companies selected for incentives under this scheme will get 8-11% of the determined sales value. SFL will set aside Rs 350 crore to make advanced automotive tech components for EVs and ICE vehicles.

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Sun Pharma signs licensing pact with Lundbeck to launch anti-depressant pill

Sun Pharmaceutical Industries Ltd has entered into an exclusive patent licensing agreement with Danish drugmaker Lundbeck to market and distribute its version of antidepressant medication Vortioxetine in India. The drug will be marketed under the brand name Vortidiftm. The product is approved in over 80 countries, including the US, EU, Canada, and Australia.

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CCI raids offices of CEAT, Apollo Tyres: Report

As per a Reuters report, the Competition Commission of India (CCI) raided offices of tyre companies, including Germany’s Continental AG and India’s Apollo Tyres and CEAT, in a case of suspected competition law violations. The report said the case was related to an antitrust investigation into the use of unfair trade practices and rigging of bids while supplying tyres for public transport vehicles in Haryana.

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BHEL secures order for compressor package from Iraq

Bharat Heavy Electricals Ltd (BHEL) has won an order for a compressor package from Iraq. The order was placed by Northern Refineries Company (NRC), a company owned by the Ministry of Oil, Iraq. It includes the design, engineering, manufacturing, and supply of an electric motor-driven recycle gas centrifugal compressor.

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Godrej Properties to develop a 9-acre project in Pune

Godrej Properties Ltd (GPL) has acquired a 9-acre land parcel in the residential micro-market of Pimpri-​Chinchwad in Pune. The development will primarily be for a group housing project. The project will have a developable potential of around 1.7 million sq. ft. of saleable area. Based on current business assumptions, it has an estimated revenue potential of ~Rs 1,400 crore.

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Tata Consumer Products to merge Tata Coffee business with itself

Tata Consumer Products Ltd (TCPL) has announced the merger of all businesses of Tata Coffee Ltd (TCL) with itself. This is part of a reorganization plan in line with TCPL’s strategic priority of unlocking synergies and efficiencies. Initially, the plantation business of TCL will be demerged into TCPL’s wholly-owned arm TCPL Beverages & Foods Ltd (TBFL). Then, the remaining business of TCL (extraction and branded coffee business) will be merged with TCPL.

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Dilip Buildcon emerges lowest bidder for road project worth Rs 1,589 crore

The National Highways Authority of India (NHAI) has declared Dilip Buildcon Ltd as the lowest (L-1) bidder for a road project in Karnataka. The scope of the project includes the development of a six-lane access controlled greenfield highway from Maradgi S Andola to Baswantpur section of NH-150C. The bid project cost for the 65.50 km long project is Rs 1,589 crore. 

In other news, G R Infroprojects Ltd has received a Letter of Award (LoA) from NHAI for five new road projects worth ~Rs 5770 crore.

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HDFC Bank, Shoppers Stop launch co-branded credit cards

HDFC Bank and Shoppers Stop have announced the launch of a new range of co-branded credit cards. The credit cards will be available for over 80 lakh ‘First Citizen’ customers of Shoppers Stop along with HDFC Bank customers. HDFC Bank expects co-branded credit cards to account for 25-30% of total spends in the next 2-3 years. 

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BPCL to Build India’s Largest Green Hydrogen Unit – Top Indian Market News

BPCL to build India’s largest green hydrogen unit

Bharat Petroleum Corporation Ltd (BPCL) is planning to build India’s largest green hydrogen plant, as it aims to achieve net-zero emissions for its operations by 2040. The company will set up a 20 megawatts (MW) electrolyzer at its refinery in Bina, Madhya Pradesh, to produce green hydrogen. BPCL is working on the details and expects to start establishing its net-zero roadmap by March 2022.

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Thermax secures order worth Rs 830 crore to set up FGD systems

Thermax Ltd has secured an order worth Rs 830 crore from an Indian power sector company to set up flue gas desulphurisation (FGD) systems for three units in Uttar Pradesh. The FGD systems will be installed at the power company’s plant to cut down sulfur oxide emissions and comply with air quality standards. The scope of the order includes design, engineering, manufacturing, civil work, construction, and commissioning of the FGD systems. 

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L&T Infotech enables large scale transformation for PIH Group

Larsen & Toubro Infotech (LTI) has partnered with Qatar-based Power International Holding (PIH) Group of Companies to enable large-scale digital transformation. As part of PIH’s digital transformation journey with LTI, 63 group companies spread across four business domains underwent a transformation of more than 250 processes.

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JSW Steel’s subsidiary acquires a port and maritime services company

Piombino Steel Ltd, a subsidiary of JSW Steel, has acquired West Waves Maritime & Allied Services Pvt Ltd (WWMASPL) for a consideration of Rs 30.67 lakh. WWMASP is engaged in port and maritime services and trading of coal and steel products. Incorporated in 2014, the company reported an annual turnover of Rs 9.91 crore in FY21. The acquisition was done to reorganize and eliminate intercompany loans and simplify the group corporate structure. 

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Sun Pharma loses bid to avoid trial in Ranbaxy antitrust class

Sun Pharmaceutical Industries Ltd has lost a bid to avoid facing a trial over allegations that an Indian drugmaker it acquired engaged in an anticompetitive scheme to delay the launch of generic drugs by rivals. A US District Judge ruled that Sun Pharma failed to compellingly dispute claims by generic drug buyers that they were overcharged for medications as a result of a fraud Ranbaxy Laboratories perpetrated on US regulators.

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Cadila Healthcare signs pact with Lorean Enzychem for DNA Covid-19 vaccine

Cadila Healthcare Ltd has entered into an agreement with South Korea’s Enzychem Lifesciences for its plasmid DNA vaccine ZyCov-D to prevent Covid-19. The deal encompasses manufacturing license and technology for such vaccines. The partnership will result in the manufacturing of 8 crore doses or more of the Covid-19 plasmid DNA vaccine in 2022.

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BLS International’s subsidiary appointed as corporate BC of 2 banks

Starfin India, a subsidiary of BLS International Services Ltd, has been appointed as a corporate business correspondent (BC) of Punjab National Bank and Central Bank of India.  The company will deliver last-mile banking services in rural/semi-urban/urban/metro areas across India. Starfin will initiate more than 30 banking services such as enrollment of customers, debit cards, money deposits, statement of accounts, passbook printing, etc to account holders of both banks.

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India, ADB sign $300 million loan to improve access to healthcare in urban areas of 13 states

The Government of India and the Asian Development Bank (ADB) have signed a $300 million (~Rs 2,235 crore) loan to strengthen and improve access to comprehensive primary healthcare in urban areas of 13 states. This move will benefit over 256 million urban dwellers, including 51 million from slum areas. The programme supports the Centre’s key health initiatives by expanding availability and access to quality primary healthcare services.

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Indian Overseas Bank, Central Bank of India clarify on reports of privatisation

Indian Overseas Bank (IOB) and Central Bank of India (CBI) have informed the exchanges that there has been no information regarding the reported privatisation of the banks. Shares of the two state-owned banks rallied up to 20% today on the back of heavy volumes amid reports that the two financial institutions might be privatised. The Centre has shortlisted CBI and IOB for divestment, according to a report by a TV channel.

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Bharti Airtel’s Net Profit Jumps 300% QoQ in Q2 – Top Indian Market News

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Bharti Airtel Q2 Results: Net profit jumps 300% QoQ to Rs 1,134 crore

Bharti Airtel Ltd reported a 300% quarter-on-quarter (QoQ) jump in consolidated net profit to Rs 1,134 crore for the quarter ended September (Q2 FY22). Net profit was boosted by a one-time gain of Rs 722 crore incurred from the transfer of spectrum to Reliance Jio Infocomm. Its revenue from operations rose 5.4% QoQ to Rs 28,326 crore during the same period. Bharti Airtel’s mobile services business posted a 6.2% QoQ growth in revenues to Rs 15,191 crore in Q2. The average revenue per user (ARPU) increased from Rs 146 in Q1 FY22 to Rs 153 in Q2 FY22.

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Delhivery files DRHP to raise Rs 7,460 crore via IPO

Logistics firm Delhivery has filed its Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 7,460 crore through an initial public offering (IPO). The IPO comprises a fresh issue of shares worth Rs 5,000 crore. It also includes an offer for sale (OFS) by existing investors worth Rs 2,460 crore. The company provides supply chain solutions to e-commerce marketplaces and direct-to-consumer enterprises.

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Sun Pharma Q2 Results: Net profit rises 13% YoY to Rs 2,047 crore

Sun Pharmaceutical Industries reported a 13% YoY increase in consolidated net profit to Rs 2,047 crore for the quarter ended September (Q2 FY22). Net profit increased 42% compared to the previous quarter. Its revenue from operations rose 12.5% YoY to Rs 9,625.9 crore during the same period. The pharma company’s expenses stood at Rs 7,562 crore in Q2, an increase of 9.7% YoY.

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IEX electricity volume rises 36% YoY to Rs 9,165 MU in October

Indian Energy Exchange (IEX) traded 9,165 million units (MU) of electricity in October 2021, achieving a 36% YoY growth. The traded volumes of the day-ahead market grew 19.4% YoY to 6,585 MU in October, with the average monthly price at Rs 8 per unit. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 225 MU during the same month.

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Dabur India Q2 Results: Net profit rises 5% YoY to Rs 504 crore

Dabur India reported a 4.7% YoY increase in consolidated net profit to Rs 504 crore for the quarter ended September (Q2 FY22). Net profit increased 15% compared to the previous quarter. Its revenue from operations rose 12% YoY (or 8% QoQ) to Rs 2,818 crore during the same period. Dabur’s FMCG business reported volume growth of 10%, marking the fifth consecutive quarter of double-digit growth. The company’s board has declared an interim dividend of Rs 2.5 per share.

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CCI approves HDFC Life’s acquisition of Exide Life

The Competition Commission of India (CCI) has approved HDFC Life Insurance Company’s acquisition of 100% shareholding in Exide Life Insurance Co Ltd. The deal was inked for Rs 6,687 crore, allowing HDFC Life to expand its presence in South India. Of the total deal value, HDFC Life will pay Rs 725.98 crore in cash and the rest by issuing 8.7 crore shares at Rs 685 per share to Exide Industries Ltd.

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Godrej Properties Q2 Results: Net profit jumps 403% YoY to Rs 36 crore

Godrej Properties Ltd reported a 403% YoY jump in consolidated net profit to Rs 35.72 crore for the quarter ended September (Q2 FY22). Its total income rose 36.6% YoY to Rs 105 crore during the same period. The real estate developer witnessed a total booking value of Rs 2,574 crore in Q2, a growth of 139.6% YoY. Its total booking volume rose 108% YoY to Rs 3.61 million sq. ft.

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HG Infra secures order worth Rs 1,646 crore from NHAI

HG Infra Engineering Ltd has secured a road project in Delhi from the National Highways Authority of India (NHAI). The project is for the development of a six-lane Urban Extension Road on NH-334 M on an engineering, procurement, and construction (EPC) mode. The bid project cost is Rs 1,646.57 crore.

HPCL Q2 Results: Net profit falls 22% YoY to Rs 1,923 crore

Hindustan Petroleum Corporation Ltd (HPCL) reported a 22.4% YoY decline in net profit to Rs 1,923.5 crore for the quarter ended September (Q2 FY22). Net profit increased 7.1% compared to the previous quarter. Its revenue from operations rose 60.6% YoY to Rs 82,774.69 crore during the same period. Domestic sales of petroleum products increased 8% YoY to 8.79 million metric tonnes (MMT) in Q2.

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Union Bank Q2 Results: Net profit jumps 3-fold to Rs 1,526 crore

Union Bank of India reported a nearly three-fold YoY jump in net profit to Rs 1,526.12 crore for the quarter ended September (Q2 FY22). Its total income rose 2.5% YoY to Rs 20,683.95 crore during the same period. The gross non-performing assets ratio (GNPA) stood at 12.64% in Q2 FY22, compared to 14.71% in the corresponding quarter last year (Q2 FY21). Provisions for bad loans fell 12.2% YoY to Rs 3,723.76 crore in Q2 FY22.

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BPCL to Set Up 1,000 EV Charging Stations – Top Indian Market News

BPCL to set up 1,000 EV charging stations

Bharat Petroleum Corporation Ltd (BPCL) plans to add 1,000 electric vehicles (EV) charging stations in the short term. The company aims to tap new business opportunities as a hedge against the displacement of auto fuels. BPCL will offer multiple fuelling options at 7,000 petrol pumps to facilitate owners of vehicles powered by gas, electricity, and hydrogen. It also plans to spend Rs 5,000 crore to build its renewable power portfolio of 1,000 megawatts (MW) over the next five years.

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TCS secures 5-year contract from German bank NORD/LB

Tata Consultancy Services Ltd (TCS) has secured a five-year IT transformation contract from NORD/LB, a leading German commercial bank. TCS will work with the bank to simplify and transform its application estate across multiple businesses through application consolidation and automation. The IT major will also build new features and functionality to support NORD/LB´s transformation goals. 

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BHEL secures order from Goa Shipyard for warship gun mount

Bharat Heavy Electricals Limited (BHEL) has secured an order from Goa Shipyard for a warship gun mount. The order includes the supply of an upgraded Super Rapid Gun Mount (SRGM), which is the main gun onboard most warships of the Indian Navy. The upgraded SRGM is a state-of-the-art weapon system that comprises features such as the capability to manage different types of ammunition to engage fast, radio-controlled targets. 

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Sun Pharma launches cough syrup Chericof 12 in India

Sun Pharmaceutical Industries announced the launch of a novel formulation in cough management— Chericof 12 in India. It is the first prescription cough syrup in India that gives relief for up to 12 hours. Chericof 12 is manufactured using polistirex technology for sustained release of the drug. The technology helps in improving patient compliance and avoids the need for frequent dosing.

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RVNL secures order worth Rs 382 crore for Indore Metro Rail Project

Rail Vikas Nigam Ltd (RVNL) has secured a contract from the Madhya Pradesh Metro Rail Corporation worth Rs 381.95 crore. The contract is for the design and construction of seven elevated metro rail stations of the Indore Metro Rail Project. RVNL will construct the viaduct portion within the stations and transition spans on either side of the stations, entry-exit structures, etc.

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SEBI board approves framework for gold exchange

The Securities Exchange Board of India (SEBI) has approved the framework for gold exchange. The instrument representing gold will be called Electronic Gold Receipts (EGRs) and will have trading, clearing, and settlement features similar to other securities. The proposed gold exchange would lead to efficient and transparent domestic spot price discovery, assurance in the quality of gold, and augment gold recycling in India.

SEBI has also approved the creation of a Social Stock Exchange (SSE), which will help social entrepreneurs raise funds.

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SC rejects Adani Gas’ plea seeking authorisation for city gas distribution network in Ahmedabad district

The Supreme Court (SC) has rejected Adani Gas Ltd’s plea challenging the bidding process for the supply of PNG and CNG in Sanand, Bavla, and Dholka of Ahmedabad district. The SC also upheld the authorisation provided by Petroleum and Natural Gas Regulatory Board (PNGRB) to Gujarat Gas Ltd for establishing and operating the city gas distribution network in the areas adjacent to Ahmedabad. Further, the court imposed Rs 10 lakh cost on Adani Gas.

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IndiGo signs code-sharing agreement with American Airlines

InterGlobe Aviation (IndiGo), India’s largest airline, has signed a code-sharing agreement with American Airlines. The US airline is gearing up to launch new flights between the two countries. Code-sharing allows an airline to sell seats on a flight operated by its partner, such that it can fly passengers to destinations it does not serve. The agreement, expected to start in October, will see American Airlines’ code on 29 of IndiGo’s domestic routes in India.

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Bal Pharma to strengthen its position in diabetes segment via Gliclazide API

Bal Pharma Ltd is further strengthening its market-leading position in the diabetes segment via Gliclazide (API) with higher capacity utilization at the existing facility. The company will also streamline the new facility that commenced production of Gliclazide in September 2020. The pharma company is one of the largest producers and exporters of Gliclazide active pharmaceutical ingredient (API), used to treat Type-2 diabetes. Bal Pharma is a fully integrated pharmaceutical company specialized in Prescription Drugs, Generics, pharma intermediates, and Bulk Actives.

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Anupam Rasayan signs contract worth Rs 145 crore with European customers to supply active ingredient

Anupam Rasayan India has signed a Letter of Intent (LoI) worth Rs 145 crore with existing long-term European multinational customers for supplying a new life science-related active ingredient. The company will enter into a long-term contract for the next three years to supply the specialty chemical product. Anupam Rasayan manufactures products for over 66 domestic and international customers, including 24 multinational companies.

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Cabinet Approves PLI Scheme for Textile Sector – Top Indian Market News

Cabinet approves Rs 10,683 crore PLI scheme for textile sector

The Union Cabinet has approved a Production Linked Incentive (PLI) scheme for textiles for man-made fibre (MMF) apparel, MMF fabrics, and 10 segments or products of technical textiles with a budgetary outlay of Rs 10,683 crore over the next five years. The scheme is expected to boost manufacturing activities, add jobs, and help scale up textile exports. Textile factories based around aspirational districts or Tier-3 & Tier-4 cities will be given priority. This move will benefit states like Gujarat, Uttar Pradesh, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, and Telangana. 

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Sun Pharma forays into nutrition bar segment with lunch of Revital NXT

The healthcare division of Sun Pharmaceutical Industries has entered into the nutrition bar segment in India with the launch of Revital NXT. The product is a brand extension of Revital H, a health supplement brand. Revital NXT has been launched in two different variants, Revital Energy NXT and Revital Protein NXT. It contains Ginseng, 16 vitamins and minerals, and triple blend protein. The nutrition bar is currently available on Amazon. The market for nutrition bars in India is growing rapidly due to the increasing focus on fitness and a healthy lifestyle.

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Caplin Point Lab gets USFDA approval for labetalol hydrochloride injection

Capline Steriles, a subsidiary of Caplin Point Laboratories, has received final approval from the US Food and Drug Administration (USFDA) for labetalol hydrochloride injection. The drug is indicated for the control of blood pressure in severe cases of hypertension. According to IQVIA data, labetalol hydrochloride injection had US sales of $6 million (~Rs 44.2 crore) for the 12-months ended June 2021.

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Equity mutual funds record inflows worth Rs 24,392 crore in August

India’s equity mutual funds witnessed net inflows for the sixth straight month, according to data released by the Association of Mutual Funds in India (AMFI). The net equity inflow for August stood at Rs 24,392.2 crore, compared to Rs 20,742.8 crore in July. The inflows pushed assets under management (AUM) of the mutual fund industry to an all-time high of Rs 36.6 lakh crore at the end of August. The industry witnessed an overall net inflow of Rs 32,976 crore across all segments last month, compared to an inflow of Rs 1.14 lakh crore in July.

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JSPL pre-pays $106 million debt of its Australian subsidiary

Jindal Steel & Power Ltd (JSPL) has made a pre-payment of $106 million (~Rs 777.4 crore) to the lenders of its subsidiary Jindal Steel & Power (Australia) Ltd. The pre-payment has helped the company reduce JSPL’s “Australian debt” by approximately 50%. The company is now aiming to clear all its overseas debt in the upcoming quarters.

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Adani Power’s subsidiary declared successful bidder for Gondhkari coal block

Adani Power Maharashtra Ltd (APML) has been declared as the successful bidder for commercial mining of the Gondkhairi coal block in Maharashtra. APML is a wholly-owned subsidiary of Adani Power. It is engaged in the generation and transmission of electricity under long-term power purchase agreements and on merchant basis in India. Adani Power has a power generation capacity of 12,450 megawatts (MW) across the country.

Sansera Engineering IPO to open on Sept 14; price band fixed at Rs 734-744 per share

Sansera Engineering has fixed Rs 734-744 per share as the price band for its upcoming initial public offering (IPO). The public issue will open on September 14 and close on September 16. The IPO consists of a pure offer for sale (OFS) of 1.72 crore shares by its existing shareholders and promoters. On the upper band price, the firm will raise Rs 1,282.66 crore via the IPO. Sansera Engineering is an auto-component manufacturer based in Bengaluru.

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South Indian Bank launches SIB-OneCard credit card

South Indian Bank (SIB), in association with OneCard, has launched the SIB-OneCard credit card. The premium metal card has a unique app-based onboarding process, which is in line with SIB’s vision of digital transformation. The internationally valid credit card on the Visa Signature platform can be controlled through the OneCard App. The SIB–OneCard card comes with features such as lifetime validity, zero joining and annual fees, instant issuance of reward points and easy redemption within the app, etc. 

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RBI removes PCA restrictions on UCO Bank

The Reserve Bank of India (RBI) has lifted the Prompt Corrective Action (PCA) framework on UCO Bank. The performance of UCO Bank was reviewed by RBI’s Board for Financial Supervision. Based on the published results for the year ended March 31, 2021 (FY21), it was noted that the bank is not in breach of the PCA parameters. PCA is a framework under which banks with weak financial metrics are put under watch by the RBI.

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Sun Pharma Reports 62% QoQ Rise in Net Profit in Q1 – Top Indian Market News

Sun Pharma Q1 Results: Net profit rises 62% QoQ to Rs 1,444 crore

Sun Pharmaceutical Industries reported a 62% quarter-on-quarter (QoQ) increase in net profit to Rs 1,444.17 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 1,655.6 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations rose 28% YoY to Rs 9,719 crore in Q1 FY22. Revenue from its India formulations business increased by 39% YoY (or 24% QoQ) to Rs 3,308.4 crore during the same period. Sun Pharma launched 13 new products in the Indian market in Q1.

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UPL Q1 Results: Net profit rises 23% YoY to Rs 678 crore

UPL Limited reported a 23% YoY increase in consolidated net profit to Rs 678 crore for the quarter ended June (Q1 FY22). Net profit has increased by 36% when compared to the previous quarter. Its revenue from operations rose 9% YoY to Rs 8,515 crore during the same period. The agrochemical manufacturer posted a 6% YoY growth in total sales volumes, aided by double-digit growth in the Latin American and Indian markets. 

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Lupin acquires Australia-based Southern Cross Pharma 

Lupin Limited has acquired Australia-based Southern Cross Pharma Pty Ltd (SCP), a generic drug manufacturer. As part of the transaction, Lupin’s Australia subsidiary will gain access to over 60 registered products having sales of over $22 million (~Rs 163 crore). Established in 2000, Southern Cross Pharma is engaged in the development, registration, and distribution of generic pharmaceutical products. This acquisition will increase Lupin’s value proposition and market share in the Australian market.

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Indian Oil Corp Q1 Results: Net profit jumps three-fold to Rs 5,941 crore

Indian Oil Corporation (IOC) reported a 211% YoY jump in standalone net profit to Rs 5,941.37 crore for the quarter ended June (Q1 FY22). Net profit has declined by 32.3% when compared to the previous quarter. Its revenue from operations rose 74% YoY to Rs 1.55 lakh crore during the same period. IOC’s gross refining margin (GRM) stood at $6.58 per barrel in Q1 FY22, compared to $1.98 per barrel in Q1 FY21. 

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Dana invests $18 million in Ashok Leyland’s e-bus arm

Dana Inc. has acquired a 1% stake in UK-based Switch Mobility for $18 million (~Rs 13 crore). Switch Mobility is Ashok Leyland Ltd’s electric commercial vehicle subsidiary. US-based Dana will be the preferred supplier of electric drivetrain components for Switch Mobility’s e-bus and EV commercial vehicle offerings. This includes e-axles, gearboxes, motors, software & controls, and electronics cooling systems. Switch Mobility will launch its first electric light commercial vehicle (e-LCV) in India by the end of December 2021.

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Bandhan Bank Q1 Results: Net profit falls 32% YoY to Rs 373 crore

Bandhan Bank reported a 32% YoY decline in net profit to Rs 373.10 crore for the quarter ended June (Q1 FY22). Its total income rose 20.4% YoY to Rs 2,647.5 crore during the same period. The gross non-performing assets (GNPA) ratio increased to 8.2% in Q1 FY22, compared to 6.8% in Q4 FY21. Provisions for bad loans and contingencies rose 62% YoY to Rs 1,374.87 crore in Q1 FY22.

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Marico Q1 Results: Net profit falls 6% YoY to Rs 365 crore

Marico Limited reported a 5.9% YoY decline in consolidated net profit to Rs 365 crore for the quarter ended June (Q1 FY22). Net profit has increased by 60.79% when compared to the previous quarter. Its revenue from operations rose 31% YoY to Rs 2,525 crore during the same period. EBITDA increased by 3% YoY to Rs 481 crore in Q1. The FMCG company posted volume growth of 21% YoY. The Saffola franchise (comprising of edible oils and food) delivered 24% YoY volume growth in Q1.

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Ashoka Buildcon secures order worth Rs 600 crore

Ashoka Buildcon Ltd has secured a contract for the development of Grand Port Hospital in Mumbai to a 600-bed super specialty hospital. The company will also construct a medical college with residential quarters of Zodiac Healotronics. The accepted EPC contract value of the project is Rs 600 crore.

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JSW Energy Q1 Results: Net profit declines 6% YoY to Rs 201 crore

JSW Energy Ltd reported a 5.6% YoY decline in consolidated net profit to Rs 201 crore for the quarter ended June (Q1 FY22). Net profit has increased by 88.65% when compared to the previous quarter. Its total income declined by 1.44% YoY to Rs 1,859.53 crore during the same period. JSW Energy’s power generation stood at 5,141 million units in Q1 FY22, compared to 4,930 million units in Q1 FY21.

KEC International secures new orders worth Rs 1,503 crore

KEC International Ltd has received new orders worth Rs 1,503 crore across various businesses. Its transmission and distribution (T&D) business has secured orders of Rs 866 crore for T&D projects in India, SAARC, Africa, and the Americas. The company’s railways business has won an order worth Rs 321 crore for overhead electrification and associated works. Its civil business has secured orders of Rs 176 crore for infrastructure works in the Metals & Mining, Data Centre, and FMCG segments in India.

Exide Industries Q1 Results: Net profit at Rs 32 crore

Exide Industries Ltd reported a consolidated net profit of Rs 32.88 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 10.68 crore in the corresponding quarter last year (Q1 FY21). Net profit has declined by 89.7% when compared to the previous quarter (Q4 FY21). Its revenue from operations rose 40.2% YoY to Rs 3,543 crore in Q1 FY22.

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Rolex Rings IPO subscribed 130 times on final day of bidding 

The Rs 731 crore IPO of Rolex Rings Ltd was subscribed 130.44 times on the final day of bidding. Retail investors have subscribed 24.49 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 360.11 times and 143.58 times, respectively, against their reserved portions. 

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Tata Motors Reports Net Loss of Rs 4,451 crore in Q1 – Top Indian Market News

FILE PHOTO: Tata Motors logos are seen at their showroom in Mumbai February 14, 2013. REUTERS/Vivek Prakash/File Photo

Tata Motors Q1 Results: Net loss at Rs 4,451 crore

Tata Motors Ltd reported a consolidated net loss of Rs 4,450.92 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 8,437.99 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 107.6% YoY to Rs 66,406 crore in Q1 FY22. Tata Motors’ electric vehicle (EV) business delivered 5x revenue growth and the highest ever quarterly sales at 1,715 units. Jaguar Land Rover (JLR) retail sales rose 68.1% YoY to 1.24 lakh units during the same period.

Tata Motors said the global chip shortages, uncertainty due to the spread of coronavirus variants, and commodity inflation would continue to impact business in the short term.

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Kotak Mahindra Bank Q1 Results: Net profit rises 32% YoY to Rs 1,642 crore

Kotak Mahindra Bank reported a 32% YoY increase in net profit to Rs 1,641.9 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 6% YoY to Rs 3,942 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 3.56% in Q1 FY22, compared to 3.25% in Q4 FY21. The bank’s operating profit rose 19% YoY to Rs 3,121 crore in Q1 FY22. Provisions and contingencies declined by 2.8% YoY to Rs 935 crore during the April-June quarter of FY22.

[NII is the difference between the interest income a bank receives on assets such as loans and interest paid to depositors]

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Hitachi ABB Power Grids commissions Raigarh-Pugalur UHVDC link

Hitachi ABB Power Grids in India has commissioned a 1,800 km long 6 gigawatts (GW) ultra-high voltage direct current (UHVDC) transmission link from Raigarh to Pagulur. The 800 kilovolts (kV) transmission link has the capacity to meet the electricity demand of more than 8 crore people. The link strengthens grid resilience and stabilizes the power infrastructure by combining traditional and renewable power generation. It stretches from Raigarh in Chattisgarh to Pugalur in Tamil Nadu.

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Axis Bank Q1 Results: Net profit rises 94% YoY to Rs 2,160 crore

Axis Bank reported a 94% YoY increase in net profit to Rs 2,160 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 11% YoY to Rs 7,760 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 3.85% in Q1 FY22, compared to 3.7% in Q4 FY21. The bank’s operating profit grew 10% YoY to Rs 6,416 crore in Q1 FY22. Axis Bank posted a 12% YoY increase in loan advances to Rs 6.14 lakh crore.

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Sun Pharma gets exclusive right to market Cassiopea’s acne drug in the US, Canada

Sun Pharmaceutical Industries has signed an exclusive licensing agreement with Italy-based Cassiopea SpA to sell Winlevi (clascoterone cream 1%) in the United States and Canada. Winlevi is a novel drug with a unique mechanism of action for the topical treatment of acne in patients 12 years and older. Cassiopea will receive an upfront payment of $45 million, potential commercial milestones totaling up to $190 million, and customary double-digit royalties. 

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L&T Q1 Results: Net profit jumps 287% YoY to Rs 1,174 crore

Larsen & Toubro (L&T) reported a 287% YoY jump in consolidated net profit to Rs 1,174 crore. Its revenue from operations rose 38% YoY to Rs 29,335 crore during the same period. EBITDA increased by 95.8% YoY to Rs 3,171.5 crore in Q1. The company secured orders worth Rs 26,557 crore at the group level in Q1, registering a growth of 13% YoY. You can learn more about L&T here.

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HCL Tech selected as a strategic launch partner for Microsoft Cloud for Financial Services

HCL Technologies has been selected as a launch partner for Microsoft’s recently announced industry cloud– Microsoft Cloud for Financial Services. It brings together capabilities with multi-layered security and comprehensive compliance coverage to deliver differentiated customer experiences. HCL Tech’s PowerBanking product is built to leverage all available capabilities of the Microsoft Cloud for Financial Services.

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SBI Life Q1 Results: Net profit falls 43% YoY to Rs 223 crore

SBI Life Insurance Company reported a 43% YoY decline in net profit to Rs 223.16 crore for the quarter ended June (Q1 FY22). There was a 1.28 times increase in the number of claims reported from the end of the previous financial year (FY21) to the end of the June quarter. The company posted a 9% YoY growth in new business premium to Rs 3,350 crore in Q1. SBI Life’s assets under management (AUM) rose 32% YoY to Rs 1.75 lakh crore during the same period.

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DLF Q1 Results: Net profit at Rs 337.17 crore

DLF Limited reported a consolidated net profit of Rs 337.17 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 71.52 crore in the corresponding quarter last year (Q1 FY21). The real estate developer’s total income rose 92% YoY to Rs 1,242.27 crore in Q1 FY22. DLF’s board has announced a dividend of Rs 2 per share for the previous financial year (FY21).

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Alembic Pharma Q1 Results: Net profit falls 45% YoY to Rs 165 crore

Alembic Pharmaceuticals Ltd reported a 45.42% YoY decline in consolidated net profit to Rs 164.52 crore for the quarter ended June (Q1 FY22). Its revenue from operations fell 1.13% YoY to Rs 1,326.03 crore during the same period. Revenue from its Active Pharmaceutical Ingredients (API) business rose 6% YoY to Rs 279 crore in Q1. The India branded business grew 57% YoY to Rs 481 crore during the April-June quarter.

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NTPC REL secures 325 MW solar projects at Shajapur Solar Park in Madhya Pradesh

NTPC Renewable Energy Ltd (NTPC REL) has secured 325 megawatts (MW) solar projects to be set up at Shajapur Solar Park in Madhya Pradesh. The company won a capacity of 105 MW and 220 MW by quoting the lowest tariff rate of Rs 2.35 per kilowatt-hour (kWh) and Rs 2.33 per kWh, respectively. NTPC REL is a wholly-owned subsidiary of NTPC Limited.

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M&M Reports Net Profit of Rs 163 crore in Q4 – Top Indian Market News

M&M and MVML Q4 Results: Net profit at Rs 163 crore

Mahindra & Mahindra (M&M) and Mahindra Vehicular Manufacturing Ltd (MVML) reported a combined net profit of Rs 163 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 3,255 crore in the corresponding quarter last year (Q4 FY20). The combined revenue from operations rose 48% YoY to Rs 13,338 crore in Q4 FY21. Its farm equipment business grew 100% YoY to Rs 1,095 crore. The company’s board has announced a final dividend of Rs 8.75 per share. 

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

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Bajaj Healthcare launches Posaconazole API for treatment of black fungus

Bajaj Healthcare Ltd has announced the launch of Posaconazole API, used for the treatment of mucormycosis or Black Fungus in Covid-19 patients. The pharma company has received approval from the Food and Drugs Administration (FDA), Gandhi Nagar, Gujarat, to manufacture and market the anti-fungal drug in India. It will commence commercial production of Posaconazole API from the first week of June.

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Ashoka Buildcon secures order worth Rs 1,018 crore from Fahi Dhiriulhun Corp

Ashoka Buildcon Ltd has received the Letter of Acceptance (LoA) for an order from Fahi Dhiriulhun Corporation, a state-owned company of the Government of the Republic of the Maldives. The order consists of the design and construction of 2,000 social housing units in Hulhumale on an engineering, procurement, and construction (EPC) basis. The total value for this project is estimated at Rs 1,018.36 crore. 

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Karur Vysya Bank Q4 Results: Net profit rises 24% YoY to Rs 104 crore

Karur Vysya Bank reported a 24.7% YoY increase in net profit to Rs 104.37 crore for the quarter ended March (Q4). Net profit has jumped 201% when compared to the previous quarter. Its total operating income declined by 7.34% YoY to Rs 1,349.31 crore during the same period. For the financial year ended March 31, 2021 (FY21), the bank’s net profit has increased by 52.92% YoY to Rs 359.39 crore. 

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Dilip Buildcon Q4 Results: Net profit declines 2.5% YoY to Rs 186 crore

Dilip Buildcon Ltd reported a 2.55% YoY decline in consolidated net profit to Rs 186.18 crore for the quarter ended March (Q4). Net profit has increased by 2.17% when compared to the previous quarter. Its revenue from operations rose 15% YoY to Rs 3,135 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 7.68% YoY to Rs 436.54 crore. Dilip Buildcon’s board has announced a final dividend of Re 1 per share.

Canara Bank to raise up to Rs 9,000 crore in FY22

The Board of Directors of Canara Bank has approved the capital raising plan of up to Rs 9,000 crore for the financial year 2021-22 (FY22). The state-owned bank will raise funds amounting to Rs 2,500 crore by way of a qualified institutional placement (QIP). Capital of Rs 4,000 crore will be raised by issuing additional Tier-1 Basel III compliant bonds. An amount of Rs 2,400 crore will be raised by issuing additional Tier-2 Basel III compliant bonds.

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Ipca Labs Q4 Results: Net profit rises 94% YoY to Rs 161 crore

Ipca Laboratories Ltd reported a 94.09% YoY increase in consolidated net profit to Rs 161.20 crore for the quarter ended March (Q4). The pharma company’s revenue from operations rose 3.81% YoY to Rs 1,114.66 crore during the same period. It incurred a foreign exchange (forex) gain of 13.24 crore in Q4 FY21, compared with a forex loss of Rs 23.62 crore in Q4 FY20. For the financial year ended March 31, 2021 (FY21), net profit rose 89% YoY to Rs 1,141 crore.

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Sun Pharma secures patent license for Dapagliflozin in India from AstraZeneca

Sun Pharmaceutical Industries has acquired the Rights to Trademarks of Dapagliflozin under the brands Oxra, Oxramet, and Oxraduo in India from Sweden-based AstraZeneca AB. The pharma company has also taken a patent license to manufacture and commercialize the drug in India, with effect from May 28, 2021. Dapagliflozin is used for the treatment of Type-2 diabetes.

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Deepak Fertilizers Q4 Results: Net profit jumps 415% YoY to Rs 116 crore

Deepak Fertilizers & Petrochemicals Corporation reported a 415% YoY jump in consolidated net profit to Rs 116 crore for the quarter ended March (Q4). Its revenue from operations rose 21.8% YoY to Rs 1,575 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit jumped 357% YoY to Rs 406 crore. The company’s board has recommended a dividend of Rs 7.5 per share.

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Vedanta to set up Aluminium Park in Odisha with an investment of Rs 10,000 crore

Vedanta Limited has announced plans to set up an aluminium park in Odisha to facilitate companies that use the metal to set up their manufacturing units in the facility. It aims to invest Rs 10,000 crore to establish the park. The facility will benefit small and medium downstream enterprises, which can set up their manufacturing units and draw hot metal from Vedanta’s aluminium smelter in Jharsuguda to make their end-products. Vedanta stated that the park would create employment opportunities for more than 1 lakh people.

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RBI imposes Rs 10 crore penalty on HDFC Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10 crore on HDFC Bank for regulatory non-compliance. “This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” said RBI. The central bank said irregularities were found after examination of a whistleblower complaint with respect to the bank’s auto loan portfolio.

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City Union Bank Q4 Results: Net profit at Rs 111 crore

City Union Bank reported a net profit of Rs 111.18 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 95.29 crore in the corresponding quarter last year (Q4 FY20). Its total income declined 8.15% YoY to Rs 1,121.43 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit rose 24.34% YoY to Rs 592.82 crore.

Read more here.

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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.

Read more here. 

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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Zydus Wellness Reports 92% YoY Jump in Net Profit in Q4 – Top Indian Market News

Zydus Wellness Q4 Results: Net profit rises 92% YoY to Rs 133 crore

Zydus Wellness reported a 92.66% YoY increase in consolidated net profit to Rs 133.13 crore for the quarter ended March (Q4). Its revenue from operations rose 24% YoY to Rs 600.75 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 16.22% YoY to Rs 118.73 crore. Its e-commerce business grew by ~250% in FY21, which accounted for nearly 3.6% of its overall domestic revenue. The company’s board has recommended a final dividend of Rs 5 per share.

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SBI Cards raises Rs 455 crore via issue of bonds

SBI Cards and Payment Services said it has raised Rs 455 crore by issuing bonds. The Stakeholders’ Relationship Committee of the company has approved the allotment of 4,550 fixed-rate, unsecured, rated, taxable, redeemable, non-convertible debentures (NCDs). Under this, SBI Cards will issue NCDs of the face value of Rs 10 lakh each, aggregating to Rs 455 crore, on a private placement basis. The bonds will offer a coupon rate of 5.70% per annum. It will be listed on the wholesale debt market segment of the BSE.

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Cipla, Lupin, Sun Pharma to manufacture and sell low-cost versions of Eli Lilly’s Covid-19 drug

US pharmaceutical firm Eli Lilly has issued royalty-free, non-exclusive voluntary licenses to Cipla, Lupin, and Sun Pharmaceutical Industries to manufacture and sell low-cost versions of its Covid-19 drug Baricitinib in India. This will enable the Indian pharma companies to leverage their distribution footprints and make the essential drug accessible across the country. On May 3, India’s drug regulator DCGI had given approval for the restricted emergency use of Baricitinib for treating Covid-19 infections. 

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Reliance, affiliates buy more than three-fourths of KG-D6 gas volumes: Report

According to a report from Economic Times, Reliance Industries Ltd (RIL) and its affiliates have picked up more than three-fourths of the new gas volumes from the firm’s eastern offshore KG-D6 block. Last week, RIL and its UK-based partner BP Plc auctioned 5.5 million standard cubic meters per day (mmscmd) of incremental gas from the newer discoveries in the KG-D6 block. India Gas Solutions (IGS), a gas sourcing and marketing joint venture of RIL and BP, picked up another 1 mmscmd. The report further states that the remaining volumes were picked up by Adani Gas, IRM Energy, GAIL, and Torrent Gas. 

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Venky’s Q4 Results: Net profit at Rs 77.90 crore

Venky’s (India) reported a standalone net profit of Rs 77.90 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 96.73 crore in the corresponding period last year (Q4 FY20). On a quarterly basis, net profit fell 26.85% in Q4 FY21. The company’s revenue rose 42.44% YoY to Rs 941.35 crore during the same period. Its oilseeds vertical grew 52% YoY to Rs 515.63 crore, while the poultry products vertical grew by 32% YoY to Rs 391 crore. The board of Venky’s (India) has approved a dividend of Rs 17 per share.

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Vehicle registrations in India declined 30% in FY21: FADA

According to a report from the Federation of Automobile Dealers Association (FADA), total vehicle registrations in India declined by 29.85% YoY to 1.52 crore units in the financial year 2020-21. Two-wheeler and three-wheeler segments fell 31.51% and 64.12%, respectively, in FY21. Registrations in the commercial vehicles and passenger vehicles segment declined by 49% and 13.96%, respectively (compared with FY20). Total vehicle registrations in April 2021 were down 28.15% at 11.85 units, compared to March.

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Federal Bank partners with UAE-based Mashreq Bank to facilitate instant money transfer

Federal Bank has entered into a partnership with Mashreq Bank to facilitate instant money transfers from the UAE to India. This partnership will support Mashreq’s faster payment product— QuickRemit, which was launched in 2017. Mashreq Bank is one of the oldest banks in the UAE and has a presence in twelve countries across Europe, the US, Asia, and Africa.

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Vinyl Chemicals Q4 Results: Net profit declines 19% QoQ to Rs 3.87 crore

Vinyl Chemicals India Ltd reported a 19.88% quarter-on-quarter (QoQ) decline in net profit to Rs 3.87 crore for the quarter ended March (Q4). Its revenue rose 31.29% QoQ to Rs 166.88 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 52.14% YoY to Rs 11.35 crore. The company’s board has recommended a final dividend of Rs 3.75 per share.

Vivimed Labs receives DGHS approval to make Favipiravir

Vivimed Labs Limited has received approval from the Directorate General of Health Services (DGHS), Govt of India, to manufacture and market Favipiravir tablets in the Indian market. The pharma company will be marketing the oral anti-viral drug under the brand ‘Favulos’. Favipiravir has been approved for treating patients with mild-to-moderate Covid-19 infections in several countries.

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TelOne Zimbabwe selects Tejas Networks’ DWDM solution for network capacity expansion

Tejas Networks Ltd announced that Zimbabwe-based TelOne has deployed its 100G/100G+ coherent DWDM solution for its network expansion. [Dense Wavelength Division Multiplexing or DWDM is a technology used to increase bandwidth over existing fiber networks]. The company’s state-of-the-art solution was selected by TelOne after a competitive bidding process and a successful field trial. Tejas Networks was able to successfully demonstrate the high-speed transmission of multiple 100G lambdas while meeting the stringent performance and reliability requirements in a cost-effective manner.

Dabur India enters pain relief spray category

Dabur India has announced the launch of a pain relief spray under the existing ‘Dabur Rheumatil’ pain-relieving brand, which is used for joint aches. The product has already been launched across e-commerce platforms and through regular retail channels. The Dabur Rheumatil Spray is priced at Rs 130 for a 40g/ 57 ml pack. In this category, Dabur will be competing against Reckitt and Sun Pharma that sell popular pain relief sprays and ointments such as Moov and Volini, respectively.

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HFCL Q4 Results: Net profit at Rs 84.6 crore

HFCL Limited reported a net profit of Rs 84.67 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 5.78 in the corresponding period last year (FY20). On a quarterly basis, net profit has increased by 2.95% in Q4 FY21. The company’s revenue from operations rose 109% YoY (or 8% QoQ) to Rs 1,391 crore during the same period. HFCL’s board has recommended a final dividend of Rs 0.15 per share.

IndiGo’s board approves raising up to Rs 3,000 crore via QIP

The Board of Directors of InterGlobe Aviation Ltd (IndiGo) has approved fundraising of up to Rs 3,000 crore through a qualified institutional placement (QIP). The proposal is subject to shareholder and other regulatory approvals. In January 2021, IndiGo had shelved plans to raise funds up to Rs 4,000 crore through a QIP. Instead, the airline opted to raise money through sale and leaseback (SLB) transactions and other alternative options.

Read more here.

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NSE, ONGC Buys Stake in IGX From Indian Energy Exchange – Top Indian Market News

NSE, ONGC buys stake in IGX from Indian Energy Exchange

Indian Energy Exchange (IEX) has divested 26% of its equity holding in Indian Gas Exchange (IGX) to the National Stock Exchange of India. NSE will purchase 1.92 crore equity shares of IGX from IEX for Rs 19.20 crore. IEX has also sold 5% of its equity holding in IGX to the Oil and Natural Gas Corporation (ONGC) for Rs 3.69 crore. “Having NSE and ONGC as partners is a natural choice in the endavour to deepen India’s gas markets,” said S N Goel, Chairman & MD of IEX.

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Easy Trip Planners IPO subscribed 159 times on final day of bidding

The Rs 510-crore initial public offering (IPO) of Easy Trip Planners was subscribed 159.30 times on the final day of bidding. The issue received bids for 240.27 crore equity shares against an offer size of 1.5 crore shares. The portion reserved for retail investors was subscribed 70.40 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 382.21 times and that of qualified institutional buyers (QIBs) 77.53 times.

Passenger vehicle sales grow 18% in February: SIAM

According to data released by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales increased by 17.92% year-on-year (YoY) to 2.81 lakh units in February. The utility vehicles (UVs) segment saw a growth of more than 45% YoY. Sales of two-wheelers rose 10.20% YoY to 14.26 lakh units last month. The data also shows that sales of three-wheelers declined by 34% YoY to 27,331 units in February.

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Vodafone Idea partners with Disney+ Hotstar to provide one year of free content to users

Vodafone Idea (Vi) has partnered with Disney+ Hotstar to offer one year of VIP membership to its customers. Vi prepaid users will get three new unlimited recharge plans including one data-only plan with Disney+ Hotstar VIP subscription. The telecom company’s postpaid users can get access to the streaming service on plans starting at Rs 499. The offer comes just in time for the upcoming IPL cricket season, which begins on April 9. 

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Hitachi ABB Power Grids secures orders worth Rs 160 crore to supply transformers to Indian Railways

Hitachi ABB Power Grids in India has secured orders worth Rs 160 crore from the Government of India’s electric locomotive manufacturer, Chittaranjan Locomotive Works (CLW), and the Central Organization for Rail Electrification (CORE) to power electric freight locomotives for the Indian Railways. The company will deliver traction transformers to CLW for one of Indian Railways’ most successful classes of locomotives- the WAG 9. The firm will also supply trackside transformers to CORE.

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Magma Fincorp’s shareholders approve plans to raise Rs 3,456 crore by issuing shares to Rising Sun Holdings 

Magma Fincorp Limited announced that its shareholders have approved the company’s plans to raise Rs 3,456 crore by issuing preference shares to Adar Poonawalla-controlled Rising Sun Holding Pvt Ltd (RSHPL) and two members from the promoter group. Around 49.37 crore preference shares will be issued at Rs 70 per share to RSHPL and the two promoters. After the transaction, RSHPL will hold a controlling stake of 60% in Magma Fincorp.

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Sun Pharma’s subsidiary acquires 12% stake in Australia-based WRS Bioproducts

The Australian subsidiary of Sun Pharmaceutical Industries Ltd has acquired 4.28 lakh shares (or 12% fully diluted equity stake) of WRS Bioproducts Pty Limited. The total value of the acquisition was AUD 2 million (~Rs 11.24 crore). WRS Bioproducts is engaged in developing novel technologies to produce and commercialise supplements and nutraceutical ingredients from diverse algae species in Australia.

Man Infra’s subsidiary secures order worth Rs 84 crore

Man Vastucon, a wholly-owned subsidiary of Man Infraconstruction Ltd, has received an order worth Rs 84.32 crore from Mira Shaindar Municipal Corporation (MSMC). The scope of work consists of the construction of an auditorium situated off Western Express Highway, Mira Road East, Thane. The project will be completed and handed over to MSMC within a year.

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Dr Reddy’s gets 3 observations from USFDA for US-based API plant

Dr Reddy’s Laboratories said that the US Food & Drug Administration (USFDA) has issued a Form 483 with three observations after inspecting its active pharmaceutical ingredients (API) manufacturing plant in Middleburgh, New York. Form 483, which is issued to a firm at the end of an inspection, specifies any conditions that may be in violation of the Food Drug & Cosmetic Act or other regulations. Currently, Dr Reddy’s does not have any sales from this API plant.

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Quick Heal Technologies’ board approves proposal for Rs 155 crore share buyback plan

The Board of Directors of Quick Heal Technologies has approved the proposal to buyback 63.26 lakh equity shares at Rs 245 per share. This represents 0.85% of the total paid-up equity share capital of the software company. The total buyback size will be Rs 155 crore. The board has also approved the de-registration and closure of the company’s wholly-owned subsidiary, Quick Heal Technologies Africa. This closure was part of the firm’s recently concluded business reorganisation exercise.

Board of Shriram EPC approves the issuance of preference shares worth Rs 350 crore to lenders

The Board of Directors of Shriram EPC, on Wednesday, discussed and cleared the issuance of non-convertible redeemable preference shares (NCRPS) worth Rs 350 crore to the lenders of the company against their loans and for other related activities. Shriram EPC is a construction company based in Chennai.

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MTAR Technologies IPO Subscribed 200.8 Times on Final Day of Bidding – Top Indian Market News

MTAR Technologies IPO subscribed 200.8 times on final day of bidding

The Rs 596.41-crore initial public offering (IPO) of MTAR Technologies was subscribed 200.79 times on the second day of bidding. The issue received bids for 145.79 crore equity shares against an offer size of 72.60 lakh shares. The portion reserved for retail investors was subscribed 28.4 times. The portion set aside for non-institutional investors (NIIs) was subscribed 650.7 times and that for qualified institutional buyers (QIBs) 165 times.

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Kotak Mahindra Bank divests 10% stake in ECA Trading Services to its subsidiary

Kotak Mahindra Bank has divested 10% stake in ECA Trading Services to its wholly-owned subsidiary, Kotak Securities, for Rs 1.98 crore. A total of 1.09 crore equity shares were sold to the subsidiary at Rs 10 per share. The divestment was done to comply with the prudential limit set by the Reserve Bank of India (RBI) on investment in a non-financial services entity.

On Thursday, Kotak Mahindra Bank signed a Memorandum of Understanding (MoU) with the Indian Army. The private sector lender will now handle the salary accounts of Indian Army personnel.

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PNB Housing Finance, Yes Bank enters into co-lending partnership

PNB Housing Finance and Yes Bank have entered into a strategic co-lending agreement to offer customised retail loans for homebuyers at competitive interest rates. The Delhi-based housing finance company will serve customers through the entire loan lifecycle including sourcing, documentation, and collection with an information-sharing arrangement with Yes Bank. Both companies will jointly do due diligence and co-originate the loan at an agreed ratio. 

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Tejas Network secures order from Mexico-based GigNet

GigNet, a Mexico-based digital infrastructure company, has selected Tejas Networks Limited’s optical networking and broadband access products for their high-capacity fiber-optic network expansion in the Cancun region of Mexico. Tejas Networks will supply its full range of last-mile access products to support the rapid growth of GigNet’s Smart Communities business segment for planned developments across the region.

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Lenders agree to JSW Steel’s terms for buying Bhushan Power: Report

As per a report from BloombergQuint, the lenders to Bhushan Power & Steel Ltd (BPSL) have agreed to the terms set by JSW Steel for purchasing the assets of insolvent BPSL. A majority of the financial creditors on Friday voted in favour of accepting JSW Steel’s Rs 19,350-crore offer for the sale. The report further states that the deal will be closed by the end of March.

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Dilip Buildcon receives LoA for two HAM projects in Karnataka

Dilip Buildcon Limited has received the Letter of Acceptance (LoA) for two Hybrid Annuity Mode (HAM) projects worth Rs 2,439 crore in Karnataka. The scope of the first project involves four laning of the Bangalore to Malur section of Bangalore-Chennai Expressway. The second project is for four-laning the Malur to Bangarpet section of Bangalore-Chennai Expressway. Both projects are to be completed within 24 months.

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Sun Pharma’s subsidiary to acquire Australia-based WRS Bioproducts

Sun Pharmaceutical Industries announced that one of its wholly-owned subsidiaries will acquire 4.28 lakh equity shares (or 12.5% stake) of Australia-based WRS Bioproducts. The consideration to be paid for acquiring the stake will be AUD 2 million (~Rs 11.21 crore). WRS Bioproducts is engaged in developing novel technologies to produce and commercialise supplements and nutraceutical ingredients from diverse algae species in Australia. Sun Pharma expects to complete the acquisition by March 15, 2021.

PVR opens new six-screen property in Mysuru

Multiplex operator PVR Limited announced the launch of a new six-screen property in Mysuru, Karnataka. The latest PVR Cinemas in Mysuru spreads across an area of 32,240 sq feet and can accommodate a total of 1,078 audiences. PVR said the new property features advanced cinematic technological solutions that offer a holistic movie-going experience. With this opening, PVR now operates 844 screens at 177 properties in 71 cities across India and Sri Lanka.

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Shilpa Medicare gets USFDA approval for Apremilast Tablets

Shilpa Medicare has received tentative approval from the US Food and Drug Administration (USFDA) for Apremilast Tablets- 10 mg, 20 mg, and 30 mg. The tablets are indicated for the treatment of psoriatic arthritis. According to IQVIA MAT 2020 data, the US market for Apremilast Tablets is approximately $2.4 billion (~Rs 17,541 crore). 

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Coal India declares second interim dividend of Rs 5 per share

The Board of Directors of Coal India Limited (CIL) has approved the payment of a second interim dividend for the financial year 2020-21 of Rs 5 per share. The record date for the same has been fixed as March 16. The date of payment of the interim dividend is March 24. CIL has also revised its capital expenditure (capex) plans to Rs 13,000 crore from Rs 10,000 crore after the government asked the company to push expenditure to spur demand in the post-lockdown period.  

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