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JPMorgan to Add India to Emerging-Markets Bond Index – Top Indian Market Updates

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

JPMorgan to add India to its emerging-markets bond index in June 2024

According to a Bloomberg report, JPMorgan Chase & Co. will add Indian government bonds to its benchmark emerging-market index. This event could drive $25-30 billion of foreign inflows to the nation’s debt market. The decision is the latest sign of India’s growing appeal to international investors as the country’s economic growth outpaces peers, its geopolitical influence grows, and companies (including Apple Inc.) look for alternatives to China. 

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Sterlite Power acquires Beawar Transmission

Sterlite Power has acquired Beawar Transmission Ltd for developing an electricity transmission project in Rajasthan. Beawar Transmission is a Special Purpose Vehicle (SPV) of REC Power Development & Consultancy Ltd. The firm was awarded to Sterlite Power through tariff-based competitive bidding in August. The company did not share the financial details of the acquisition.

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Lupin to acquire 5 drug brands from Menarini

Lupin Ltd has signed an agreement to acquire five drug brands from Italian firm Menarini for ₹101 crore. The company will acquire five legacy brands catering to gastroenterology, urology and anti-infective segments. The brands are Piclin (Picosulphate Sodium), Menoctyl (Otilonium Bromide), Sucramal O (Sucralfate + Oxetacaine), Pyridium (Phenazopyridine) and Distaclor (Cefaclor).

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Sunteck Realty, IFC to develop affordable housing projects

Sunteck Realty and IFC have set up a joint platform to invest up to ₹750 crore to develop 4-6 affordable housing projects in the Mumbai Metropolitan Region (MMR). IFC is a member of the World Bank and the largest global development institution focused on the private sector in emerging markets. The investment will be towards the development of nearly 12,000 housing units across 4-6 green housing projects within the MMR.

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SpiceJet to pay $1M every month for next 6 months to Credit Suisse

Supreme Court has ordered SpiceJet’s Chairman Ajay Singh to pay $1 million every month for the next six months to Credit Suisse. The monthly payment includes $500,000 towards arrears of $3 million and regular instalments. The order is in line with SpiceJet’s payment proposal. After six months of payments, Spicejet has to pay regular instalments of $5,00,000 to Credit Suisse.

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Suzlon Group secures 29.4 MW wind capacity order from BrightNight

Suzlon Group has secured a new order to install 29.4 MW wind capacity from BrightNight in Maharashtra. The capacity is a part of BrightNight’s 100 MW wind-solar hybrid project in Osmanabad in Maharashtra. Suzlon will install 14 units of S120 -140m wind turbine generators with a hybrid lattice tubular tower and a rated capacity of 2.1 MW each. The project is expected to be commissioned in phases, beginning April 2024.

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Lemon Tree Hotels expands presence in Himachal Pradesh

Lemon Tree Hotels Ltd unveiled its latest property, Lemon Tree Hotel, Mcleodganj. This marks the group’s third foray in the state of Himachal Pradesh. The Himachal property is the 95th Lemon Tree hotel, with the brand having a presence not just in India but across the world. With this, the company is steadily approaching the century mark.

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IT Dept conducts searches at premises of Lux Industries

The Income Tax Department has initiated a series of raids on Lux Industries following allegations of tax evasion exceeding ₹200 crore. These raids are currently underway across various cities, with a primary focus on locations associated with Lux Industries in Kolkata. High-ranking officials’ residences and offices are also covered in the operations.

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Ambuja Cement incorporates new subsidiaries

Ambuja Cements has incorporated three new wholly-owned subsidiaries. Two of the newly incorporated subsidiaries are in the cement business, and the other is for owning and leasing aircraft. LOTIS IFSC Pvt. Ltd will be involved in owning and leasing aircraft. The subsidiary has been incorporated with an authorised capital of ₹1.7 crore in GIFT City, Gandhinagar. The other two subsidiaries incorporated are named Ambuja Concrete North Pvt. Ltd. and Ambuja Concrete West Pvt. Ltd.

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PVR Reports ₹71 crore Loss in Q2 – Top Indian Market Updates

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

PVR Q2 Results: Net loss at ₹71 crore

PVR Ltd reported a net loss of ₹71.23 crore for the quarter ended September (Q2 FY23). It posted a net loss of ₹153.3 crore in the corresponding quarter last year (Q2 FY22). The multiplex operator’s revenue from operations jumped 5x YoY to ₹686 crore in Q2 FY23. EBITDA rose 95.85% YoY to ₹170 crore. PVR’s total expenses stood at ₹813.33 crore in Q2, up 76.4% YoY.

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Biocon signs pact with Yoshindo to commercialise two biosimilar assets

Biocon Biologics has entered into a strategic out-licensing agreement with Japanese pharma company Yoshindo Inc. for commercialising bUstekinumab and bDenosumab (two of its biosimilar assets) in the Japanese market. As part of the agreement, Yoshindo will get exclusive commercialisation rights for the two biosimilars in Japan for an addressable market opportunity of over $700 million. Biocon Biologics is a subsidiary of pharma major Biocon Ltd.

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Snowman Logistics launches 5PL operations in India

Snowman Logistics Ltd has launched Fifth-Party Logistics or 5PL services in India. It is the first company to introduce this service in the cold chain logistics and supply chain management sector in India. Snowman Logistics will now provide distribution and consolidation services (including sourcing on behalf of customers) along with the existing range of 3PL services of transportation and warehousing.

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Craftsman Automation Q2 Results: Net profit rises 25% YoY to ₹62 crore

Craftsman Automation Ltd reported a 25% YoY increase in consolidated net profit to ₹62.48 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 35.97% YoY to ₹776.24 crore during the same period. The company’s revenue from the automotive powertrain segment rose 29.46% YoY to ₹378.18 crore, while sales from aluminium products segment stood at ₹196.34 crore, up 39.53% YoY. 

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JSW Steel, Smartex to explore low-emission steel production

JSW Steel Ltd has signed a Memorandum of Understanding (MoU) with Smartex to explore low-emission steel production aiming at decarbonisation of the steel sector in India. The two companies will explore the potential to promote innovation and turnkey approaches— from financing to technology availability and market access.

Smartex has launched the Financing Steel Decarbonisation (FSD) initiative. They aim to create a $1 billion Steel Decarbonisation Fund (SDF) and an eco-system to support steel industry decarbonization. 

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ACC Q3 Results: Net loss at ₹87.35 crore

ACC Limited reported a consolidated net loss of ₹87.35 crore for the quarter ended Sept (Q3 CY22). The cement maker follows the January-December financial year cycle. It posted a net profit of ₹450 crore in the corresponding quarter last year (Q3 CY21). Net sales stood at ₹3,910 crore in Q3 CY22, up 7% YoY. Total expenses rose 30% YoY to ₹4,162 crore during the same period.

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Ericsson partners with Jio to build 5G standalone network

Telecom gear maker Ericsson on Monday announced a long-term strategic 5G contract with Reliance Jio to roll out a 5G standalone (SA) network in India. This is the first partnership between Jio and Ericsson for radio access network deployment in the country. Jio’s standalone 5G network deployment modernises the network infrastructure to deliver a transformative 5G experience to consumers and enterprises.

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Zydus Lifesciences gets USFDA approval for two generic drugs

Zydus Lifesciences Ltd has received tentative approval from the US Food & Drug Administration (USFDA) to market its generic versions of Valbenazine capsules and Roflumilast tablets. Valbenazine capsules are indicated for the treatment of tardive dyskinesia (uncontrolled movement of face or tongue). Roflumilast tablets are used for reducing the risk of chronic obstructive pulmonary disease.

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Bank of Maharashtra Q2 Results: Net profit doubles to ₹535 crore

Bank of Maharashtra reported a 103% YoY jump in net profit to ₹535 crore for the quarter ended Sept (Q2 FY23). The net interest income (NII) grew 26% YoY to ₹1,887 crore during the same period. [NII is the difference between the interest income a bank received on loans and the interest it pays depositors.] The gross non-performing assets ratio (GNPA) improved to 3.4% in Q2, compared to 3.74% in Q1. Provisions fell 42% YoY to ₹532 crore in Q2 FY23.

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Sunteck Realty’s pre-sales up 24% in Q2

Realty developer Sunteck Realty Ltd reported a 24% year-on-year (YoY) growth in its pre-sales at ₹337 crore in Q2 FY23. Total collections for the quarter rose 60% YoY to ₹331 crore. The company acquired a land parcel spread over 7.25 acres in Mira Road’s Beverly Park locality (Mumbai) in Q2. Sunteck Realty’s total pre-sales performance in the first half of the financial year (H1 FY23) stood at ₹670 crore, up 49% YoY.

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Tata Motors to Deliver 15 Hydrogen-Powered Buses to IOC – 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 to deliver 15 hydrogen-powered buses to Indian Oil Corp

Tata Motors has secured an order for 15 hydrogen-based proton exchange membrane (PEM) fuel cell buses from Indian Oil Corporation Limited (IOCL). All 15 buses will be delivered within 144 weeks from the date of signing of the Memorandum of Understanding (MoU). The automaker will also collaborate with IOCL to undertake research & development (R&D) projects and collectively study the potential of fuel cell technology for commercial vehicles. 

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NBCC Q4 Results: Net profit at Rs 83 crore

NBCC (India) Limited reported a consolidated net profit of Rs 83.30 crore for the quarter ended March 2021 (Q4 FY21). It posted a net profit of Rs 83.77 crore in the corresponding quarter last year (Q4 FY20). Its total income rose 2.09% YoY to Rs 2,706.80 crore in Q4 FY21. Net profit for the financial year 2020-21 (FY21) jumped 136.5% YoY to Rs 236.24 crore. The construction company’s board has recommended a final dividend of Rs 0.47 per share.

In other news, NBCC has secured a project worth Rs 206 crore from Odisha Hydro Power Corporation Ltd. 

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AstraZeneca partners with Docon to digitalise 1,000 clinics across India

AstraZeneca Pharma India Ltd has signed an agreement with Bengaluru-based health-tech startup, Docon Technologies, for digitising 1,000 clinics across India. Docon will equip clinics with customised Electronic Medical Record (EMR) systems, which enable clinicians to access complete patient history. As part of the pilot phase, around 200 clinics across Tier 1 and Tier 2 towns have been upgraded.

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Ircon International Q4 Results: Net profit rises 47% YoY to Rs 170 crore

Ircon International reported a 47.69% YoY increase in consolidated net profit to Rs 170.43 crore for the quarter ended March (Q4). Its revenue from operations rose 29.27% YoY to Rs 2,421.65 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 19.4% YoY to Rs 391.06 crore. Ircon International is an engineering and construction company that specializes in transport infrastructure. It is a wholly-owned subsidiary of the Indian Railways.

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Lupin receives USFDA approval for HIV drug under PEPFAR

Lupin Limited has received approval from the US Food & Drug Administration (USFDA) for Dolutegravir, Lamivudine, and Tenofovir Disoproxil Fumarate (TLD) tablets, along with an antiretroviral fixed-dose combination. It is indicated for the treatment of HIV in adults and pediatric patients. The approval has been given under the US President’s Emergency Plan for AIDS Relief (PEPFAR). The product will be manufactured at Lupin’s facility in Nagpur, Maharashtra. 

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Tech Mahindra partners with TAC Security for enterprise security solutions

Tech Mahindra Ltd has partnered with TAC Security to enable next-generation enterprise security for customers globally. US-based TAC Security is a risk and vulnerability management firm. The partnership will leverage artificial intelligence (AI) and user-friendly analytics to measure, prioritise, and mitigate vulnerabilities across the entire IT stack. They will help safeguard clients’ applications and infrastructure against cyber threats.

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Hatsun Agro expands dairy products portfolio; to sell paneer under ‘Arokya’ brand

Hatsun Agro Product Ltd has expanded its products portfolio by introducing paneer under the ‘Arokya’ brand. It will initially be sold in Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Goa, Maharashtra, and Pondicherry. The company stated that Arokya Paneer is made using fresh milk sourced directly from farmers and natural lemon. The product is available in a 200-gram pack and is priced at Rs 100. Hatsun Agro is a leading private sector dairy company based in Chennai.

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Sunteck Realty Q4 Results: Net profit jumps 215% YoY to Rs 10.4 crore

Sunteck Realty Ltd reported a 215.94% YoY jump in consolidated net profit to Rs 10.40 crore for the quarter ended March (Q4). Net profit has declined by 55.35% when compared to the previous quarter. Its total income rose 113.52% YoY to Rs 194.67 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 43.35% YoY to Rs 41.94 crore. The company’s board has recommended a final dividend of Rs 1.5 per share. 

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Promoters of Macrotech Developers repay debt of Rs 1,596 crore owed to company

Macrotech Developers announced that its promoters have repaid the entire debt owed by them to the company. The promoters owed a sum of Rs 1,596 crore as of March 31, 2021. Of this, a sum of Rs 400 crore was repaid on April 29, 2021. The balance of Rs 1,196 crore, along with interest accrued, was repaid today (June 30). Macrotech Developers further said it targets a significant reduction in net debt to Rs 10,000 crore by the end of the current financial year (FY22). It will also focus on a capital-light growth strategy around affordable and mid-income housing and digital infrastructure.

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EID Parry Q4 Results: Net loss at Rs 6.34 crore

EID Parry (India) reported a consolidated net loss of Rs 6.34 crore for the quarter ended March 2021 (Q4 FY21). It had reported a net profit of Rs 157.23 crore in the corresponding quarter last year (Q4 FY20). Its total income declined by 7.8% YoY to Rs 3,928.52 crore in Q4 FY21. Net profit for the financial year 2020-21 (FY21) declined by 4.38% YoY to Rs 447.37 crore. EID Parry is engaged in the manufacturing and marketing of sugar, bio-pesticides, and nutraceuticals.