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ONGC to Invest Rs 1 Lakh Cr to Set Up Petrochem Plants – Top Indian Market Updates

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ONGC to invest ₹1 lakh crore to set up 2 petrochem plants

Oil & Natural Gas Corporation (ONGC) plans to invest about ₹1 lakh crore to set up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for energy transition. The company aims to raise its petrochemical capacity to 8.5-9 million tonnes (MT) by 2030. One project is likely to be set up by ONGC on its own and the other in a joint venture.

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Suzlon’s wind turbine gets RLMM listing

Suzlon Group’s S144 – 3 MW series of wind turbines received the Revised List of Models & Manufacturers (RLMM) listing from the Ministry of New & Renewable Energy (MNRE). This listing marks an important milestone for the successful commercialisation of the product. Suzlon has already installed a prototype of this series at a hub height of 160m with a hybrid lattice tubular (HLT) tower at the Gondal site in Gujarat.

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RBI asks Bajaj Finance to stop disbursal of loans under ‘eCOM’ and ‘Insta EMI Card’

Reserve Bank of India (RBI) has asked NBFC Bajaj Finance to stop sanctioning and disbursing loans under its two lending products ‘eCOM’ and ‘Insta EMI Card’ with immediate effect due to non-adherence of lending norms set out by the regulator. The central bank said it will review these supervisory restrictions following the rectification of the deficiencies listed.

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Siemens to buy extra 18% stake in India unit for €2.1 billion

Siemens AG plans to acquire an additional 18% stake in its India unit from Siemens Energy AG for €2.1 billion in cash. This would increase Siemens’ stake in the publicly listed India unit from 51% to 69%, while Siemens Energy’s stake would decline from 24% to 6%. Siemens Energy is looking to shore up its finances to offset losses of its Gamesa wind business.

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IIFL Finance to invest ₹200 crore in subsidiary

IIFL Finance Ltd. will invest ₹200 crore in its material subsidiary, IIFL Samasta Finance, by subscription of equity shares. The company’s Board of Directors approved the investment by subscription of approx. 7.48-crore fully paid-up equity shares of face value ₹10 each at ₹26.74 per share. The subsidiary will use the money to support growth, reduce gearing, and improve capital adequacy.

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TCS forcing employees to transfer to different base locations: NITES

Nascent Information Technology Employees Senate (NITES) has filed a complaint with the labour ministry against Tata Consultancy Services (TCS). The IT sector employee rights organisation alleged that TCS has initiated transfers of employees to different base locations without consulting them. The affected employees are required to relocate to the new location within 14 days or stand to have their salaries deducted.

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Gland Pharma gets tentative USFDA approval for Angiotensin

Gland Pharma Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Angiotensin II Injection. The injection is used to treat low blood pressure. According to IQVIA data, the Angiotensin II Injection had sales of around $38 million for 12 months ended September 2023 in the US.

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Trade deficit widens to record high in October

India’s merchandise exports rose by 6.21% YoY to $33.57 billion in October 2023. Trade deficit rose to a record high of $31.46 billion during the month. Imports increased to $65.03 billion last month, compared to $57.91 billion recorded in October 2022. During the April-October period of FY24, exports contracted by 7% YoY to $244.89 billion.

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Religare did not disclose ₹250Cr ESOPs issued to Rashmi Saluja in subsidiary: InGovern

According to a report by InGovern, Religare Enterprises Ltd failed to disclose employee stock options issued to Chairperson Rashmi Saluja in its subsidiary Care Health Insurance Ltd. Nearly 2.27 crore options, representing 2.5% of the share capital and valued at over ₹250 crore, were granted to Saluja in January 2022. The options were issued at a “deep discount” of an exercise price of ₹45.32 per share

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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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RIL May Sell 8-10% More in Rel Retail Ventures to Fund Expansion – Top Indian Market Updates

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

RIL may sell 8-10% more in Rel Retail to fund expansion

Reliance Industries is likely to sell another 8-10% stake in Reliance Retail Ventures Ltd (RRVL) to fund expansion, retire debt, and prepare for the initial public offering of its retail business. This process will likely happen in over 12-15 months and will be critical for the proposed IPO by the holding company of Reliance’s retail operations.

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PFC to provide ₹4,528 crore loan for DVC project in West Bengal

Power Finance Corporation (PFC) has entered into a pact with Damodar Valley Corporation (DVC) to provide ₹4,527.68 crore loan to set up a 1,320 MW project at Raghunathpur, West Bengal. The Raghunathpur Phase-II project will contribute significantly to the power generation capacity in the state. With a combined capacity of 1,320 MW, the project marks a key milestone in the region’s energy landscape.

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Suzlon secures 201.6 MW wind energy project order

Suzlon has secured a large order for a 201.6 megawatts (MW) wind energy project from Teq Green Power XI, a part of O2 Power. The company will supply the wind turbines (equipment supply) and execute the project, including erection and commissioning. The project is expected to be commissioned in 2025.

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NCLT approves Ramkrishna Forgings’ bid to acquire Amtek Group arm

The National Company Law Tribunal (NCLT) has approved Ramkrishna Forgings’ bid to acquire Amtek Group’s listed subsidiary JMT Auto through the corporate insolvency resolution process. Ramkrishna Forgings agreed to offer ₹125 crore to acquire JMT Auto against its admitted financial liabilities of over ₹165 crore. The resolution plan was not objected to by any of the stakeholders.

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Garden Reach partners with DEMPO Group to build commercial vessels

Garden Reach Shipbuilders and Engineers Ltd (GRSE) has signed a Memorandum of Understanding (MoU) with DEMPO Group to build commercial vessels in three premier shipyards of DEMPO at Goa and Bhavnagar. This is GRSE’s first attempt to diversify in a big way in commercial shipbuilding to capture a large market share in the construction of commercial vessels, both domestic and international.

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HPCL meets up to 23% of oil needs with Russian grades

Hindustan Petroleum Corp Ltd (HPCL) is meeting up to 23% of its oil needs through discounted Russian grades. HPCL’s Russian oil intake is limited by the configuration of its refineries. The company is maximising the use of these cheaper so-called opportunity crudes. HPCL operates a 190,000 barrel per day (bpd) Mumbai refinery in Maharashtra and a 300,000 bpd Vizag refinery in Andhra Pradesh. 

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Indian Oil to invest $30 billion to achieve 2046 net-zero target

Indian Oil Corporation Ltd (IOCL) plans to spend $30 billion to achieve its net-zero operational emissions target by 2046. The company also plans to invest over ₹1 lakh crore to expand its refining capacity by a third to 107 million metric tonnes per annum. Indian Oil is partnering with Italy-based Snam to explore the possibility of converting the existing natural gas pipelines for hydrogen transportation.

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Lupin gets USFDA approval to market Pirfenidone tablets

Lupin has received approval from the US Food & Drug Administration (USFDA) to market Pirfenidone tablets in the American market. The drug is used in the treatment of lung disease. As per IQVIA MAT data, generic versions of Pirfenidone tablets had estimated annual sales of USD 218 million in the US.

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L&T, HAL could potentially bid on privatisation of India’s SSLV

According to a Reuters Report, Larsen & Toubro (L&T) and Hindustan Aeronautics (HAL) are among companies expected to potentially bid in India’s efforts to privatise its small satellite launch rocket. The Small Satellite Launch Vehicle (SSLV) was developed by the Indian Space Research Organisation (ISRO) as a low-cost means to launch satellites weighing up to 500 kg into low-earth orbit. They serve a booming market to launch clusters of satellites for communications and data that SpaceX and rivals compete in.

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Tata Motors Posts Net Profit of ₹3,203Cr in Q1 – Top Indian Market Updates

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

Tata Motors Q1 Results: Net profit at ₹3,203 crore

Tata Motors Ltd reported a consolidated net profit of ₹3,203 crore for the quarter ended June (Q1 FY24). The company posted a net loss of ₹5,007 crore in the same quarter last year. Its consolidated revenue from operations rose 42% YoY to ₹1.02 lakh crore during the same period. EBITDA stood at ₹13,218 crore, up 448% YoY. The strong bottom line was aided by a stellar operational performance and strong sales growth.

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Hero Future Energies signs Rs 6,200-cr MoUs with PFC, REC

Hero Future Energies (HFE) has signed two agreements with REC and PFC to develop green energy projects. The agreements were signed on the sidelines of the 4th G20 Energy Transition Working Group meeting that concluded last week in Goa. PFC and REC Ltd will infuse ₹3,100 crore each into HFE over the next five years. The funds will be used to develop renewable projects across the country.

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L&T Q1 Results: Net profit rises 46% YoY to Rs 2,493 crore

Larsen & Toubro (L&T) reported a 46% YoY increase in consolidated net profit to ₹2,493 crore for the quarter ended June (Q1 FY24). Its consolidated revenue also rose 34% YoY to ₹47,882 crore during the same period. The board has recommended a dividend of ₹6 per equity share. The company’s order book has crossed ₹4 lakh crore for the first time.

In other news, the board also approved a share buyback worth ₹10,000 crore through the tender offer route.

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Tata Motors to replace DVRs with ordinary shares

Tata Motors’ board has approved the cancellation of all the Differential Voting Rights (DVRs) of the company. The cancellation will be through a scheme of arrangement, and allotting ordinary shares, which would rank pari passu with the existing DVRs in the company. The company is yet to seek approval from the National Company Law Tribunal (NCLT). Under the scheme of arrangement, the company will issue 7 fully paid-up ordinary shares of face value ₹2 each, for every 10 DVRs.

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JSPL gets certification from Great Place to Work

Jindal Steel and Power Ltd (JSPL) has received a certification from the global body Great Place To Work. The body provides certification to corporate houses and other organisations based on various methodologies to assess workers’ overall well-being, including physical and mental health, and work culture. JSPL is an industrial powerhouse with a dominant presence in the steel, power, mining and infrastructure sectors.

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Aurobindo Pharma arm gets USFDA nod for Plerixafor injection

Aurobindo Pharma’s subsidiary Eugia Pharma Specialities has received final approval from the US Food & Drug Administration (USFDA) for its generic version of Plerixafor injection. The injection is indicated for patients with certain types of cancer to prepare them for stem cell transplants. According to IQVIA data, the approved product has an estimated market size of around USD 210 million for the 12 months ending May 2023.

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Suzlon Energy Q1 Results: Net profit falls 96% YoY to ₹101 crore

Suzlon Energy reported a 96% YoY fall in consolidated net profit to ₹101 crore for the quarter ended June (Q1 FY24). Net profit stood at ₹2,433 crore in Q1 FY23. Its consolidated revenue from operations also fell marginally to ₹1,351 crore during the same period. EBITDA stood at ₹199 crore, down 7% YoY.

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SpiceJet taken off DGCA’s enhanced surveillance regime

SpiceJet has been taken off from the Directorate General of Civil Aviation’s (DGCA) ‘enhanced surveillance regime’. Under the regime, a total of 23 aircraft were inspected and 95 observations were made. The DGCA conducted 51 spot checks across 11 locations on the airline’s Boeing 737 & Q-400.

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Jubilant FoodWorks Q1 results: Net profit falls 74% to ₹28.9 crore

Jubilant FoodWorks reported a 74% YoY fall in consolidated net profit to ₹28.9 crore for the quarter ended June (Q1 FY24). Its profit stood at ₹112 crore in Q1 last year. However, its consolidated revenue rose 1.7% YoY to ₹1,334.5 crore during the same period. EBITDA stood at ₹275.8 crore in Q1.

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Sonata Software launches Harmoni.AI

Sonata Software has introduced Harmoni.AI, an innovative responsible-first artificial intelligence (AI) offering. This comprehensive platform comprises a range of industry solutions, service delivery platforms, and accelerators, all powered by generative artificial intelligence (AI). Harmoni.AI empowers individuals, businesses, and communities to harness the full potential of cutting-edge innovations, interconnected ecosystems, and pervasive efficiencies.

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JSW Energy’s Net Profit Falls 48% YoY to Rs 290Cr in Q1 – Top Indian Market Updates

JSW Energy Q1 Results: Net profit falls 48% YoY to Rs 290 crore

JSW Energy reported a 48% YoY fall in consolidated net profit to ₹290 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 3.3% YoY to ₹2,927.85 crore. EBITDA rose 18% YoY to ₹1,307 crore during Q1. The revenue dropped as incremental revenue from the recently acquired assets of Mytrah Energy and renewable energy capacity additions was offset by lower realization in thermal operations amid a decline in coal prices.

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Bandhan Bank Q1 Results: Net profit falls 19% YoY to Rs 721 crore

Bandhan Bank reported a 19% YoY decline in net profit to ₹721 crore in Q1 FY24. The net interest income (NII) fell 0.91% YoY to ₹2,491 crore during the same period. The bank’s gross non-performing asset (NPA) declined to 6.76% against 7.25% in Q4 FY23. However, Net NPA was up from 1.92% in Q1 FY23 to 2.18% in Q1 FY24.

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India’s exports decline by 22% in June amid global demand 

According to the Ministry of Commerce, India’s exports in June witnessed a significant decline of 22% to USD 32.97 billion. In June last year, India’s exports stood at USD 42.28 billion. This drop can be primarily attributed to a slowdown in demand in global markets. Imports in June also experienced a decline of 17.48%, amounting to USD 53.10 billion.

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Suzlon Energy bags new order for 100.8-MW wind power project from Everrenew Energy

Suzlon Energy Ltd received a new order for developing a 100.8-MW wind power project for Everrenew Energy Private Ltd. The company will install 48 wind turbine generators (WTGs) of its S120-2.1 MW platform with a hybrid lattice tubular tower. The company will install it at Velliyanani Phase II in Karur district and Vengaimandalam in Trichy, Tamil Nadu. The project is expected to be commissioned in March 2024.

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Nestle India to set up Rs 894-crore food processing unit in Odisha

Nestle India Ltd received in-principle approval from the Industrial Promotion & Investment Corporation of Odisha Ltd (IPICOL) to set up a food processing unit in Mundaamba of Khordha district, Odisha. The food processing unit will come up at an investment of about ₹894.10 crores. The project is subject to the fulfilment of customary conditions by the company.

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SEBI’s new disclosure norms for listed cos to take effect from Saturday

Securities and Exchange Board of India (SEBI) has put in place a stricter timeline for the disclosure of material events or information by listed companies. The regulator has asked companies to disclose agreements entered into by shareholders, promoters, related parties, directors, key managerial personnel, and employees of the listed entity or of its subsidiary, which can impact the management and control of such firms to stock exchanges.

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USFDA completes inspection of Gland Pharma’s Hyderabad facility, issues Form-483 with one observation

Gland Pharma announced that the US Food and Drug Administration (USFDA) completed the inspection of its Dundigal facility in Hyderabad. The USFDA conducted a Good Manufacturing Practice (GMP) inspection at the Dundigal facility between July 3-14, 2023. Form 483 was issued along with one observation. The observations could be related to a pharma company’s facility, equipment, processes, products or employee practices.

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GMR Power wins smart meter project in Uttar Pradesh

GMR Power’s subsidiary, GMR Smart Electricity Distribution Pvt. Ltd (GSEDPL), received a Letter of Intent (LOI) from Purvanchal Vidyut Vitran Nigam Ltd and Dakshinanchal Vidyut Vitran Nigam Ltd. The company will implement smart metering projects in Varanasi, Azamgarh Zone, Prayagraj, Mirzapur Zone, and Dakshinanchal (Agra and Aligarh Zone) areas of Uttar Pradesh. GSEDPL will install, integrate and maintain 75.69 lakh smart meters in the given area. The project will be completed in 10 years.

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Granules India’s foreign subsidiary gets USFDA approval for pain relief drug

Granules India Ltd’s foreign arm has received approval from the USFDA for Acetaminophen and Ibuprofen tablets. These tablets are used for temporary relief of minor aches and pains due to headaches, toothache, backaches, menstrual cramps, muscular aches, and minor pain of arthritis. According to IRI multi-outlet market data, the bioequivalent drugs had combined sales of USD 70 million in the US for the most recent 12 months.

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June WPI inflation in the negative territory for the third-straight month

India’s wholesale inflation (based on WPI) declined to -4.12% in June from -3.48 in May. The Wholesale Price Index or WPI measures the change in prices of goods that wholesale businesses sell to and trade in bulk with other companies. The decline in the rate of inflation in June 2023 is primarily due to a fall in prices of mineral oils, food products, basic metals, crude petroleum and natural gas and textiles.

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Tata Steel offers Rs 83 lakh funding for R&D projects in low carbon segment

Tata Steel will fund research and development (R&D) projects in the low-carbon hydrogen segment under the partnership with British High Commission in India. As part of the ‘UK-India Hydrogen Partnership Sprint Series’, Tata Steel will grant 80,000 pounds (₹83 lakhs) funding for two innovative projects in the low-carbon hydrogen segment. The initiative is open to participants from India and the UK.

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India’s Services PMI Declines to 61.1 in May From 62.0 in April – Top Indian Market Updates

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

India’s services PMI declines to 61.1 in May from 62.0 in April

India’s service sector Purchasing Managers’ Index (PMI) declined slightly to 61.2 in May from 62 in April. However, the sector continued to expand due to robust demand despite high inflationary pressures. This marks the longest expansion streak in nearly 12 years, with the index remaining above the 50-mark which signifies growth for 22 consecutive months. The services sector contributes over 50% to India’s GDP.

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TCS receives 10-year contract for the teachers’ pension scheme in England and Wales

Tata Consultancy Services (TCS) has been chosen by the Department for Education (DfE) in the UK. The contract is to administer and enhance the customer experience of the ‘Teachers’ Pension Scheme’, the country’s second-largest public sector pension scheme. With a long-term contract of 10 years, TCS will utilize its core banking software suite, TCS BaNCS, to manage the pension scheme, which covers over 2 million members in England and Wales.

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Tata Power Renewable commissions 110-MW solar project for Kerala electricity board

Tata Power’s subsidiary Tata Power Renewable Energy Limited (TPREL) has successfully commissioned a 110-MW solar power project in Bikaner, Rajasthan. The project will provide power to the Kerala State Electricity Board (KSEB). Despite challenges like difficult land topography, extreme weather conditions, and adverse geopolitical circumstances, the project was completed within a remarkable period of 7 months. It utilized 2,59,272 mono-bifacial PERC half-cell modules.

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Suzlon crosses 20 GW installed windmills capacity worldwide

Suzlon has achieved a significant milestone by surpassing 20 GW of installed capacity worldwide. Through the deployment of 12,467 wind turbines across 17 countries, spanning six continents, Suzlon solidifies its position as a major player in the global wind energy landscape. The company, which has been instrumental in developing India’s wind energy sector since 1995, continues the vision of its late founder Tulsi Tanti.

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Dr Reddy’s rheumatoid arthritis drug meets all endpoints in Phase 1 study

Dr Reddy’s Laboratories has announced the successful Phase-I study of its Tocilizumab Biosimilar candidate, ‘DRL_TC’. The study evaluated its effectiveness in treating moderate-to-severe active rheumatoid arthritis and compared it to reference products. The results showed equivalence and similarity in pharmacodynamic parameters, safety, and immunogenicity. Dr Reddy’s had previously completed a successful phase I study of the biosimilar candidate administered subcutaneously.

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Patel Engineering secures Rs 519.5 crore project from CIDCO

Patel Engineering Ltd has secured a new project worth Rs 519.5 crore. The City and Industrial Development Corporation (CIDCO) awarded the company a letter of acceptance (LoA) for the construction of a 6.7 km water tunnel in Maharashtra. The project, which includes associated works, will be executed solely by Patel Engineering within a timeframe of 60 months.

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Lupin launches Darunavir tablets used in controlling HIV infections

Lupin Ltd has introduced Darunavir tablets, used to manage HIV infection, in the US market. The newly launched drug is a generic version of Janssen Products’ Prezista tablets. According to IQVIA data, Darunavir tablets had an estimated annual sales of $308 million in the US for the 12 months ending March 2023.

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Nava’s Zambia subsidiary discharges all overdue loan instalments

Nava Ltd announced that its Zambian subsidiary, Maamba Collieries Ltd. (MCL), has successfully paid off all overdue loan installments. As a result, the company’s overall liabilities have reduced from $483 million in December 2022 to $206 million. MCL has also been meeting its regular debt service requirement since March 2023. Following this achievement, MCL plans to engage with lenders in future discussions, building on the positive progress made.

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Bharat Petroleum starts pilot to test ED7 blend fuel

Bharat Petroleum Corp Ltd (BPCL) has launched a pilot program in partnership with Ashok Leyland and Hero Mototcorp to test the effectiveness of the ED7 fuel blend. The blend, consisting of 93% diesel and 7% ethanol, aims to revolutionize India’s biofuel economy and establish a more stable energy mix. Ashok Leyland conducted laboratory trials on their engines using the ED7 fuel. BPCL’s initiative aligns with India’s goal of reducing import bills and promoting a cleaner, greener future.

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Greaves Finance introduces ‘evfin’ platform for EV financing

Greaves Cotton Ltd’s subsidiary Greaves Finance Ltd has launched “evfin,” a financial platform aimed at transforming the landscape of electric vehicle (EV) financing. With a projected compound annual growth rate (CAGR) of 49% from 2022 to 2030, the domestic EV market is expected to reach an annual sales volume of one crore units by 2030. 

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BPCL’s Net Profit Jumps 168% YoY to Rs 6,870Cr in Q4 – Top Indian Market Updates

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

BPCL Q4 Results: Net profit rises 168% YoY to Rs 6,870 crore

BPCL reported a 168% YoY increase in consolidated net profit to Rs 6,780 crore in Q4 FY23. Its operating revenue increased by 8% YoY to Rs 1.33 lakh crore during the same quarter. The company’s board has recommended a dividend of Rs 4 per equity share.

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Aditya Birla Fashion Q4 Results: Net loss at Rs 187 crore

Aditya Birla Fashion & Retail (ABFRL) reported a consolidated net loss of Rs 187 crore for the quarter ended March (Q4 FY23). The company had posted a net profit of Rs 43.6 crore in the year-ago period. However, its operating revenue rose 26% YoY to Rs 2,880 crore during Q4 FY23. EBITDA stood at Rs 193 crore, down 48% YoY.

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Domestic crude oil production falls by 4% in April

According to the Oil Ministry, domestic crude oil production fell 4% YoY in April. Natural gas output also declined by 3% YoY. India imported $1.4 billion worth of natural gas in April compared to $1.3 billion in the year-ago period. Crude oil imports dropped to $10.8 billion in April from $16.8 billion in April last year on lower volumes and prices.

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Indiabulls Housing Finance Q4 Results: Net profit falls 14% YoY to Rs 262.6 crore

Indiabulls Housing Finance Ltd reported a 14.4% YoY decline in net profit to Rs 262.6 crore in Q4 FY23. Its Net Interest Income for the quarter stood at Rs 733.6 crore, up 13.5% YoY. Its consolidated operating revenue fell 5.2% YoY to Rs 2,075 crore during the same quarter. The NBFC’s gross non-performing assets (GNPA) ratio stood at 3.71% and Net NPAs at 2.48%.

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Oil India, ONGC in talks for 50% stake in $3.4 bn Kenya oilfield

ONGC Videsh has partnered with Oil India Ltd (OIL) to potentially acquire a 50% stake in Tullow Oil Plc’s oilfield project in Kenya. The company has replaced Indian Oil Corp (IOC) as the partner. However, they now face competition from Chinese energy giant Sinopec, which entered the deal due to delays in finalizing the agreement on the Indian side. ONGC Videsh had originally intended to buy half of the stakes held by Tullow, Africa Oil Corp, and TotalEnergies SE in the Lokichar oilfield.

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HFCL receives purchase orders up to Rs 222 crore for supply of OFC

HFCL Ltd and its subsidiary HTL Ltd have secured a purchase order worth up to Rs 222 crore. The order includes the supply of optical fiber cables (OFC) and point-to-point unlicensed band radios (UBRs). The purchase orders are from Reliance Projects & Property Management Services Ltd for OFC supply worth Rs 179.24 crore, and from Reliance Jio Infocomm Limited for indigenous 700 MBPs and 1GBPS UBRs worth Rs 42.71 crore.

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Suzlon bags significant order from Serentica Renewables

Suzlon has received an order from Serentica Renewables for its 3 MW wind turbines. The order includes 68 wind turbine generators with Hybrid Lattice Tubular towers, each rated at 3 MW. The turbines will be installed for Serentica’s 204 MW wind power project in Koppal, Karnataka. The project is scheduled for commissioning in early 2024. 

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TCS receives Rs 15,000 crore advance order from BSNL for 4G deployment

Tata Consultancy Services (TCS) has secured an advance purchase order (APO) worth over Rs 15,000 crore from BSNL for the deployment of a 4G network across India. The consortium led by TCS includes C-DoT and Tejas Networks. BSNL faced challenges in launching 4G services, including the cancellation of a previous tender in 2020.

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JSW Steel, JFE Steel signs pact to set up electrical steel manufacturing JV in India

JSW Steel has entered into a preliminary agreement with JFE Steel to form a 50:50 joint venture for setting up a cold rolled grain-oriented (CRGO) electrical steel manufacturing unit in India. The proposed facility in Vijayanagar, Karnataka, will have the capability to produce a complete range of CRGO products. JSW Steel stated that this venture will be the first in India to manufacture CRGO products through the entire chain of manufacturing processes.

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Som Distilleries signs pact with Carlsberg India

Som Distilleries has formed a strategic partnership with Carlsberg India for their plant in Odisha. The collaboration aims to utilize the combined strengths and resources of both companies to improve the manufacturing and distribution of premium beverages in the Odisha region. Carlsberg is a multinational brewer based in Denmark.

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BLS International secures visa outsourcing contract from Spanish govt for another term

BLS International Services Ltd has secured a contract for visa application outsourcing from the Spanish government for the second consecutive time. The contract, awarded by the Ministry of Foreign Affairs, European Union, and Cooperation (MAEUEC) of Spain, includes multiple regions worldwide. BLS will provide additional services such as SMS notifications, courier services, mobile biometrics, and premium lounge facilities as part of the agreement.

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L&T Construction’s business unit wins orders in Saudi Arabia, India

Larsen and Toubro (L&T) Ltd’s power transmission and distribution (PT&D) business has secured large EPC (engineering, procurement & construction) orders in India and overseas. The PT&D business has obtained two orders in Saudi Arabia to establish 380kV overhead power transmission lines connecting cities along the Red Sea coast. These projects involve the construction of 400 kilometers of transmission lines to meet the increasing demand in industrial and tourism hubs.

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Devyani International’s Profit Falls 20% YoY to Rs 61cr in Q4 – Top Indian Market Updates

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

Devyani International Q4 Results: Net profit falls 20% YoY to Rs 61 crore

Devyani International reported a 20% YoY decline in net profit to Rs 61 crore in Q4 FY23. Its revenue jumped 28% YoY to Rs 755 crore during the same quarter. EBITDA stood at Rs 155 crore, up 11% YoY in Q4FY23. Devyani International operates 543 KFC stores, 510 Pizza Hut stores, and 112 Costa Coffee stores across its portfolio

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L&T Construction wins orders in Mumbai and Bengaluru

Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000 crore to Rs 2,500 crore) for a residential project in Thane, Maharashtra, and a commercial project in Bengaluru. The Thane project involves constructing five residential towers. The Bengaluru project involves a contract to build 16 lakh square feet of commercial office space, which is to be completed in 18 months.

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Jubilant Foodworks Q4 Results: Net profit falls 59% YoY to Rs 47.5 crore

Jubilant Foodworks reported a 59% YoY fall in standalone net profit to Rs 47.5 crore in Q4FY23. Its operating revenue jumped 8% YoY to Rs 1,252 crore during the same quarter. EBITDA stood at Rs 252 crore, down 13% YoY in Q4FY23. The company’s board has recommended a final dividend of Rs 1.2 per equity share.

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BPCL to invest Rs 52,731 crore in expanding capacities

BPCL’s board has approved the ethylene cracker project at Bina Refinery, which includes the expansion of the refinery and downstream petrochemical plants. The project will require an estimated capital expenditure of nearly Rs 49,000 crore. This involves establishing an Ethylene Cracker Complex, expanding the refinery capacity from 7.8 million metric tonnes per annum (MMTPA) to 11 MMTPA, and developing associated facilities at Bina Refinery.

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JK Tyre Q4 Results: Net profit jumps 171% YoY to Rs 108.4 crore

JK Tyre & Industries Ltd reported a 171% YoY increase in net profit to Rs 108.4 crore in Q4FY23. Its operating revenue jumped 9.7% YoY to Rs 3,632 crore during the same quarter. EBITDA stood at Rs 376 crore, up 65% YoY in Q4FY23. The company’s board has recommended a final dividend of Rs 2 per equity share.

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Suzlon bags 99-MW wind energy project from Vibrant Energy

Suzlon has won a 99-MW wind energy project by Vibrant Energy. The project will feature 33 wind turbine generators from Suzlon’s new 3 MW series, utilizing Hybrid Lattice Tubular towers. The project is expected to be commissioned by FY25. The order value was not disclosed.

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Jindal Stainless Q4 Results: Net Profit falls 13% YoY to Rs 765 crore

Jindal Stainless reported a 13% YoY fall in consolidated net profit to Rs 765.8 crore in Q4FY23. Its total revenue increased by 0.4% YoY to Rs 9,765 crore during the same quarter. EBITDA stood at Rs 1,144 crore, up 19% YoY in Q4FY23. The company’s board has declared a final dividend of Rs 1.5 per equity share.

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Zydus Lifesciences gets final USFDA approval for hypotension injection

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) to produce and market Ephedrine Sulfate Injection USP. The injection is utilized to treat hypotension during anesthesia. The drug will be manufactured at its facility in Jarod, near Vadodara. The annual sales of Ephedrine Sulfate Injection in the US amount to $52 million.

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Tata Steel’s Profit Falls 82% YoY to Rs 1,705Cr in Q4 – Top Indian Market Updates

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

Tata Steel Q4 Results: Profit falls 82% YoY to Rs 1,705 crore

Tata Steel reported an 82% YoY fall in consolidated net profit to Rs 1,705 crore for Q4 FY23. Its revenue from operations also fell 9% YoY to Rs 62,961 crore during the same period. EBITDA stood at Rs 7,225 crore in Q4 FY23, compared to Rs 5,174 crore in Q4 FY22. The company’s board has recommended a dividend of Rs 3.6 per equity share.

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Auto sales data for April 2023: Highlights  

Maruti Suzuki India posted a 6.5% year-on-year (YoY) increase in wholesale sales to 1.61 lakh units in April 2023. Sales of its mini & compact vehicle segment rose 16.7% YoY to 89,045. Exports fell 7.8% YoY to 16,941 units.

Tata Motors Ltd registered a 13% YoY increase in passenger vehicle sales to 47,107 units in April. The automaker’s commercial vehicle sales declined by 6% YoY to 6,984 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 34,698 units in April, an increase of 54% YoY. M&M’s tractor sales fell 11% YoY to 36,405 units. 

TVS Motor Company’s total sales stood at 3.06 lakh units in April, up 4% YoY. Meanwhile, Bajaj Auto’s sales rose 11% YoY to 2.8 lakh units.

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NMDC iron ore output rises 11.42% to 3.51 MT in April

NMDC Ltd reported an 11.42% rise in its iron ore production of 3.51 million tonnes (MT) in April 2023. It produced 3.15 MT of iron ore in the same month last year. The state-owned company is also involved in the exploration of a wide range of minerals like copper, rock phosphate, limestone, dolomite and gypsum.

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Adani Total Gas Q4 Results: Profit rises 21% YoY to Rs 98 crore

Adani Total Gas reported a 21% YoY increase in consolidated net profit at Rs 98 crore for Q4 FY23. Operating revenue stood at Rs 1,197 crore, a 12% increase from Q4 FY22. ATGL’s operating profit rose 45% to Rs 205 crore. The company’s board approved a dividend of Rs 0.25 per equity share.

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Suzlon secures 69.3 MW wind energy project from Juniper Green Energy

Suzlon has secured an order from Juniper Green Energy to develop a 69.3 megawatts (MW) wind power project. The project is located in Surendra Nagar district in Gujarat and is expected to be commissioned in 2024. As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project including, erection and commissioning.

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USFDA halts Sun Pharma’s trials on dermatological drug

The US Food & Drug Administration (FDA) has asked Sun Pharmaceutical Industries Ltd to halt tests on one dose of an experimental dermatological drug due to the potential of blood clots. The FDA has also said that patients with alopecia areata (an autoimmune condition that results in patchy hair loss) on the 12 mg dose of deuruxolitinib should discontinue its use.

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Ambuja Cements Q4 Results: Net profit rose 2% YoY to Rs 502 crore

Ambuja Cements reported a 1.6% YoY rise in standalone net profit to Rs 502 crore for Q4 FY23. Operating revenue stood at Rs 4,256 crore, an 8% increase from Q4 FY22. EBITDA for the quarter stood at Rs 788 crore, compared to Rs 793 crore in Q4 FY22. The company’s board approved a dividend of Rs 2.5 per equity share.

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Varun Beverages Q4 Results: Net Profit rises 69% YoY to Rs 429 crore

Varun Beverages reported a 69% YoY increase in consolidated net profit to Rs 429 crore for Q4 FY23. Its operating revenue for the quarter increased 37.8% YoY to Rs 3,952 crore. EBITDA rose 50.3% YoY to Rs 798 crore. The company’s board also announced a 1:2 stock split subject to the approval of shareholders.

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Minda Corp to acquire additional 8.8% stake in Pricol

Minda Corporation has filed an application with the Competition Commission of India (CCI) to increase its stake in Pricol Ltd. to 24.5%. It had acquired 15.7% of Pricol’s equity earlier this year, but stated that it was only a financial investment with no special rights. As of December last year, Pricol was a debt-free company and even had free cash flow worth Rs 112.2 crore as of financial year 2022.

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India’s unemployment rate surges to 4-month high in April

India’s unemployment rate rose to 8.11% in April from 7.8% in March, the highest since December. Urban unemployment increased from 8.51% to 9.81% in the same period, while in rural areas, it fell marginally from 7.47% a month ago to 7.34% in April. India’s labour force increased by 25.5 million people to 467.6 million in April, possibly due to an “increase in optimism about finding employment.”

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LTTS Posts 22% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

LTTS Q2 Results: Net profit rises 22% YoY to ₹282 crore

L&T Technology Services (LTTS) reported a 22.7% YoY increase in consolidated net profit to ₹282.4 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 24% YoY to ₹1,995 crore during the same period. LTTS secured a ₹60 million-plus deal in the second quarter. The IT company’s board has declared an interim dividend of ₹15 per share.

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Jio adds 32.8 lakh subscribers in August, Vi lost 19.6 lakh

Reliance Jio added 32.8 lakh wireless subscribers in August 2022, taking its user base to 41.92 crore. Bharti Airtel gained 3.26 lakh subscribers, while Vodafone Idea (Vi) lost 19.6 lakh subscribers in August. The data released by the Telecom Regulatory Authority of India (TRAI) shows that Bharti Airtel’s wireless customer base stood at 36.38 crore in August and Vi’s user base fell to 25.31 crore.

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Polycab Q2 Results: Net profit rises 37% YoY to ₹270 crore

Polycab Ltd reported a 37% YoY increase in consolidated net profit to ₹268 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 10.8% YoY to ₹3,332.3 crore during the same period. EBITDA stood at ₹426.8 crore in Q2, up 45.81% YoY. Revenue from the company’s wires and cables business grew 13% YoY to ₹2,925.9 crore.

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Apollo Hospitals partners with Bombay Hospital to boost liver transplants in Mumbai

Apollo Hospitals Enterprises Ltd entered into a Memorandum of Understanding with Bombay Hospital to boost liver transplants in Mumbai and Western India. The collaboration with Bombay Hospital will increase access to Apollo’s advanced liver transplant program for patients across the Mumbai Metropolitan Region.

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Tata Communications Q2 Results: Net profit rises 25% YoY to ₹532 crore

Tata Communications Ltd reported a 25.13% YoY increase in consolidated net profit to ₹532.29 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6.15% YoY (or 2.8% QoQ) to ₹4,430.74 crore during the same period. EBITDA stood at ₹1,130 crore in Q2, up 1.5% YoY (or 5% QoQ). The company’s data business revenues grew 11.2% YoY to ₹3,493 crore.

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Suzlon secures order to supply wind turbines to Adani Green Energy

Suzlon Energy Ltd has secured an order to supply 23 wind turbines totalling 48.3 megawatts (MW) from Adani Green Energy Ltd. The company will install 23 units of their wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located in Mandvi, Gujarat, and is expected to be commissioned in 2023.

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GAIL wins bid for debt-laden JBF Petrochemicals

GAIL (India) Ltd emerged as the successful bidder to acquire debt-laden JBF Petrochemicals. The state-owned company’s resolution plan received a 100% vote from the committee of creditors of JBF. GAIL was among a host of major companies like ONGC, Reliance Industries, Indian Oil, and others that showed interest in JBF Petrochemicals, which has defaulted against a bank loan of nearly ₹5,000 crore. 

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TV18 Broadcast Q2 Results: Net profit falls 95% YoY to ₹10.28 crore

TV18 Broadcast Ltd reported a 95.55% YoY decline in consolidated net profit to ₹10.28 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 12.65% YoY to ₹1,473.43 crore during the same period. The media company’s total expenses stood at ₹1,485.95 crore, up 34.59% YoY.

Its parent company, Network18 Media & Investments Ltd, reported a consolidated net loss of ₹28.84 crore in Q2 FY23. It had posted a net profit of ₹199.27 crore in the corresponding quarter last year (Q2 FY22). Revenue from operations rose 11.65% YoY to ₹1,548.89 crore in Q2 FY23.

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USFDA issues four observations to Alembic Pharma’s Panelav plant

Alembic Pharmaceuticals has received a Form 483 with four procedural observations for an inspection conducted by the US Food & Drug Administration (USFDA) at its Panelav formulation facility. USFDA inspected the company’s oncology injectable formulation facility at Panelav from October 4-14. None of the observations are related to data integrity, and the pharma company’s management believes that they are addressable. 

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Demat Accounts in India Cross 10 Crore Mark – Top Indian Market Updates

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

Demat accounts cross 10 crore mark in August

The total number of Demat accounts in India crossed the 10 crore mark in August 2022. In August alone, over 7 crore active Demat accounts were registered. CDSL operated 7.16 crore Demat accounts with total assets under custody (AUC) of ₹38.5 lakh crore as of August, while NSDL had 2.89 crore accounts with AUC of ₹320 lakh crore. The culture of equity investing is slowly and steadily picking up in India, especially in Tier-2 and Tier-3 cities.

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Blue Star secures two orders worth ₹390 crore from BMRCL

Blue Star Ltd has secured two orders from Bangalore Metro Rail Corporation Ltd (BMRCL) for the upcoming Pink Line of Bangalore Metro Rail Project Phase-II. The first order, worth ₹203 crore, is a turnkey project including maintenance works for Tunnel Ventilation System (TVS) and Environmental Control System (ECS) for six underground stations and associated tunnel sections.

The second order, worth ₹187 crore, is a turnkey project for Electrical & Mechanical (E&M) works for five underground stations and five elevated stations.

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Suzlon secures 180.6 MW wind energy project from Sembcorp’s arm

Suzlon Energy Ltd has secured an order to set up a 180.6 megawatts (MW) wind energy project from Singapore-based Sembcorp’s arm Green Infra Wind Energy Ltd. The company will install 86 Wind Turbine Generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located at Bagalkot, Karnataka, and is expected to be commissioned in 2024.

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Saregama launches feature phone with pre-loaded Hindi songs

Saregama India Ltd has launched Carvaan Mobile, a keypad feature phone with 1500 preloaded Hindi songs and two screen sizes, priced at ₹2490 and ₹1990, respectively. This is the first feature phone from the music brand. The mobile is available across retail markets and e-commerce platforms such as Amazon, Flipkart, and saregama.com. Saregama also sells Carvaan, a digital audio player with preloaded songs.

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Kalpataru Power wins orders worth ₹1,345 crore

Kalpataru Power Transmission Ltd (KPTL) and its international units have secured orders worth ₹1,345 crore. The company has won orders in India and overseas markets in the transmission and distribution (T&D) business. It has also received orders for pipeline laying and metro rail electrification works in India.

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Quiklyz to expand presence in the electric mobility leasing space

Quiklyz has announced its expansion plans in the electric mobility leasing space. The company will now offer customized leasing and subscription solutions for electric three-wheelers (3W) and four-wheelers (4W) to its partners. It has financed over 1000 electric vehicles over the past 12 months, including passenger vehicles and 3Ws. Quiklyz is the new-age vehicle leasing and subscription business of Mahindra & Mahindra Financial Services Ltd.

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Paytm reports 72% YoY growth in merchant payment volume

Digital payments platform Paytm reported a 72% YoY growth in gross merchandise value (GMV) to ₹2.10 lakh crore for the two months ended August 2022. [GMV is the value of total payments made to merchants through app transactions or payment solutions.] The company distributed 6 million loans during the same period. The average monthly transacting users (MTU) grew 40% YoY to 7.88 crore during July-August 2022. 

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Blue Jet Health files papers for ₹1,800-crore IPO

Specialty pharmaceutical and healthcare ingredient company Blue Jet Healthcare filed its Draft Red Herring Prospectus (DRHP) with market regulator SEBI for an initial public offer (IPO). The public issue is entirely an offer-for-sale (OFS) of up to 21.7 million shares by the promoters and other shareholders, aggregating to ₹1,800 crore.

Meanwhile, SEBI has given approval to Concord Enviro Systems (an environmental engineering solutions firm) to raise funds via an IPO.

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Canara Bank hikes benchmark lending rate by up to 0.15%

Canara Bank has raised its benchmark Marginal Cost of Funds Based Landing Rate (MCLR) by up to 0.15%, a move that will make loans costlier. The one-year MCLR will be 7.75% from Wednesday onwards, compared to the existing rate of 7.65%. This rate is used to fix most consumer loans such as auto, personal, and home loans. [MCLR is the lowest interest rate that a bank can offer.] 

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RIL to acquire 79.4% stake in SenseHawk for $32 million

Reliance Industries Ltd (RIL) has entered into definitive agreements with US-based SenseHawk Inc. to acquire a 79.4% stake in the company for $32 million (~₹255.5 crore). SenseHawk is an early-stage developer of software-based management tools for the solar energy generation industry. It helps accelerate solar projects from planning to production by helping companies streamline processes and use automation.

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