Tag: Tata Elxsi

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Daily Market Feed Pre Market Report

Can We Get a Follow-up? – Pre Market Analysis

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

Stocks

LTIMindtree has reported consolidated net profit of Rs 1,151 crore for the quarter ended June, which is higher by 4% year-on-year.

Tata Elxsi has posted a meagre 2% rise in net profit at Rs 189 crore for the first quarter ended June. Revenue from operations during the quarter, however, rose 17%.

HPCL said India’s gasoline demand will likely recover from late August, while diesel consumption is expected to stay weak.

What to Expect Today?

NIFTY opened flat at 19,590 and rallied. There was a huge up-move once BN joined and short covering took Nifty to another all-time high. The index closed at 19,711, up by 147 points or 0.75%.

BANK NIFTY opened with a small gap-up at 44,965 and moved down. The index consolidated in a range for a long time and then gave a quick rally. BN closed at 45,450, up by 630 points or 1.41%.

IT moved up by 0.31%.

The US markets closed higher and the European markets closed in the red.

The Asian markets are trading mixed.

The U.S. Futures and European futures are trading lower.

GIFT NIFTY is trading higher at 19,773.

All the factors combined indicate a flat to gap-up opening.

NIFTY has supports at 19,600, 19,500 and 19,450. We can expect resistances at 19,750 and 19,800.

BANK NIFTY has supports at 45,370, 45,230 and 45,000. Resistances are at 45,650, 45,800 and 46,000.

NIFTY has the highest call OI build-up at 20,000. The highest put OI build-up is at 19,600. 

BANK NIFTY has the highest call OI build-up at 45,500. The highest put OI build-up is at 45,000.

Foreign Institutional Investors net-bought shares worth Rs 70 crores. Domestic Institutional Investors also net-bought shares worth 60 crores.

INDIA VIX spiked by 6% to 11.3.

It was a huge rally that happened yesterday and Bank Nifty has covered the entire range of red candles with a single green candle. One day is all it took to kill the bears. Let us see if there is a follow-up.

NF is approaching 20K. As you know, it took a long period for NF to reach 19K from 18K and it seems like NF is compensating for the same.

HDFC has fired up after the results came out better than expected despite a rise in NPA.

Since it is an unexplored terrain, we do not know where resistances in Nifty are. Let us closely watch the resistances in Bank Nifty. 

Looking at the structure, it could be a buy-on-dip day as it is huge buying that is happening.

Traders with bearish view will have to stick to their small SL plan today to avoid extending their losses.

I will watch 19,600 on the downside in NIFTY. 19,800 can be watched on the upside.

Make sure that you tune in to The Stock Market Show at 7 PM on our YoutTube channel ‘marketfeed by Sharique Samsudheen’. Follow us on the marketfeed app’s Signal section to get real-time updates from the market. All the best for the day!

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Market News Top 10 News

HDFC Bank’s Net Profit Rises 30% YoY to Rs 11,952Cr in Q1- Top Indian Market Updates

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

HDFC Bank Q1 Results: Net profit jumps 30% YoY to Rs 11,952 crore

HDFC Bank reported a 30% YoY jump in net profit to ₹11,952 crore for the quarter ended June (Q1 FY24); meeting street estimates. The total income for the quarter increased 39% YoY to ₹57,817 crore. The net interest income (NII) rose 21% YoY to ₹23,599 crore during the same period. The bank’s gross non-performing asset (NPA) declined to 1.17% against 1.28% in Q1 FY23. This is the first earnings of the bank following its merger with HDFC. 

Read more here.

Ashok Leyland wins defence orders worth Rs 800 crore

Ashok Leyland has secured significant orders in the defence sector. The orders are collectively valued at ₹800 crore. The contracts awarded also include the procurement of the Field Artillery Tractor (FAT 4×4) and the Gun Towing Vehicle (GTV 6×6). The FAT 4×4 and GTV 6×6 are specialised vehicles employed by the Indian Artillery for towing light and medium guns, respectively.

Read more here.

LTIMindtree Q1 Results: Net profit jumps 4% YoY to Rs 1,151 crore

LTIMindtree reported a 4% YoY increase in consolidated net profit to ₹1,151 crore in Q1 FY24. Its revenue from operations rose 14% YoY to ₹8,702 crore. EBITDA rose 9% YoY to ₹1,635 crore during Q1. The company has added 19 clients in the quarter, taking the total number of active clients to 723. The deal wins for the first quarter stood at $1.41 billion.

Read more here.

Reliance Brands to buy kidswear range for ₹300 crore: Report

According to an Economic Times report, Reliance Brands is planning to buy Ed-a-Mamma, a kidswear brand promoted by actress Alia Bhatt. Talks between Reliance and Ed-a-Mamma are in the final stages and an agreement is likely in the next 7-10 days. The brand has been selling largely through online platforms like FirstCry, AJIO, Myntra, Amazon, and Tata CLIQ, apart from its own webstore. Reliance Brands is part of Reliance Retail Ventures Ltd (RRVL).

Read more here.

Tata Elxsi Q1 Results: Net Profit up 2% YoY to Rs 189 cr

Tata Elxsi reported a 2% YoY increase in net profit to ₹189 crore in Q1 FY24. Its operating revenue stood at ₹850 crore, up 17% YoY in Q1. The company’s EBITDA also rose 4.15 YoY to ₹230 crore. Its financial performance was also altered due to the increase in the Effective Tax Rate (ETR). The increment was on account of lower tax exemption due to the completion of 5 years for 2 of its Special Economic Zone (SEZ) units.

Read more here.

GQG acquires 5.96% stake in Patanjali Foods via OFS

GQG Partners bought a 5.96% (2.15 crore shares) stake in Patanjali Foods on July 14. The stocks were bought through the stock exchange settlement process via an offer for sale (OFS). Last week, Patanjali Foods concluded a 7% stake sale, with the promoter group stake falling to 73.82% from 80.82% earlier, meeting the minimum shareholding norms.

Read more here.

L&T’s construction unit bags ‘large’ orders from UP Water and Sanitation Mission

Larsen and Toubro’s subsidiary L&T Construction has secured orders for water supply-related works. The orders are from the Uttar Pradesh government and NTPC, with an approximate value of ₹2,500-5000 crore. The order is for constructing a water supply scheme in Ballia and Firozabad districts in Uttar Pradesh. The projects are aimed at providing safe and potable drinking water to 50.85 lakh rural citizens in the two districts.

Read more here.

USFDA recommends no regulatory action for Aurobindo Pharma’s Andhra Pradesh unit

Aurobindo Pharma Ltd received an Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA). The company’s Andhra Pradesh unit received the EIR with a ‘Voluntary Action Indicated’ status. The VAI inspection classification indicates that investigators found and documented objectionable conditions during the inspection. However, no regulatory or enforcement action is recommended.

Read more here.

Sheela Foam to pick 94.66% in Kurlon for Rs 2,150 cr

Sheela Foam is set to acquire a 94.66% stake in Kurlon Enterprise. The company will acquire Kurlon at a valuation of ₹2,150 crore. Additionally, Sheela Foam has purchased a controlling stake in the furniture rental company Furlenco. The company would infuse a primary fund of ₹300 crore to buy a 35% stake in Furlenco at a valuation of ₹857 crore. 

Sheela Foam will fund the acquisition through a mix of equity, internal accruals, and debt. 

Read more here.

PNGRB rejects Adani’s application for Noida city gas licence

The Petroleum and Natural Gas Regulatory Board (PNGRB) has rejected Adani Total Gas Ltd’s application for a licence to retail CNG to automobiles. The application to retail piped gas to household kitchens in Noida and on the outskirts of New Delhi has also been rejected. The rejection comes as the company does not meet the criteria. Adani has been eyeing a city gas distribution (CGD) licence for cities adjoining the national capital for nearly two decades now.

Read more here.

Indian Oil signs long-term LNG import deals with ADNOC LNG, TotalEnergies

Indian Oil Corp has signed long-term liquefied natural gas (LNG) import deals with United Arab Emirates’ s Abu Dhabi Gas Liquefaction Co Ltd (ADNOC LNG) and France’s TotalEnergies. The company signed both deals during Prime Minister Narendra Modi’s Visit to France and UAE last week. ADNOC LNG would supply up to 1.2 million metric tonnes per year of LNG to IOC for 14 years.

Read more here.

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Daily Market Feed Pre Market Report

Eyes on HDFC Bank – Pre Market Analysis

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

Stocks

Avenue Supermarts Ltd reported a mere 2% rise in net profit for the quarter ended June to Rs 695 crore, despite a double-digit growth in revenue.

Shares of HDFC Bank, LTIMindtree, and Tata Elxsi will be in focus today as the companies will announce their first quarter results.

Leading broker Angel One has been from onboarding new authorised persons (APs) for alleged failure to monitor the operations of its APs.

What to Expect Today?

NIFTY opened with a gap-up at 19,495 on Friday. There was weakness in the morning due to the long unwinding on Thursday. The market picked up and rallied, especially in the last hour. NF closed at 19,564, up by 151 points or 0.78%.

BANK NIFTY opened with a gap-up at 44,861. It was a down-trending day till 3 PM. There was a huge up-move at 3 PM and BN closed at 44,819, up by 154 points or 0.35%.

IT shot up by 4.5%.

The US markets and the European markets closed mixed with a negative bias.

The Asian markets are trading lower.

The U.S. Futures and European futures are trading lower.

GIFT NIFTY is trading at 19,633.

All the factors combined indicate a flat opening.

NIFTY has supports at 19,500, 19,450 and 19,385. We can expect resistances at 19,600, 19,650 and 19,700.

BANK NIFTY has supports at 44,650, 44,500 and 44,440. Resistances are at 44,950, 45,100 and 45,370.

NIFTY has the highest call OI build-up at 19,600. The highest put OI build-up is at 19,500. 

BANK NIFTY has the highest call OI build-up at 45,000. The highest put OI build-up is at 44,500.

Foreign Institutional Investors net-bought shares worth Rs 2,600 crores. Domestic Institutional Investors net-sold shares worth 800 crores.

INDIA VIX is at 10.7.

We were expecting a tick mark-like price action as we discussed on Friday’s Pre Market Analysis. The reason is that there was long unwinding on Thursday. The market moved exactly like a tick mark but there was a huge up-move at 3 PM.

Bank Nifty saw immense short covering towards the end. Will there be a continuation to the up-move? 45,000 is going to be the testing zone.

India’s Wholesale Price Inflation came out at -4%, better than expected. As we discussed earlier, negative figures are fine for now.

We do not have major events this week from the global front. However, there are results coming out and more importantly, Reliance demerger.

HDFC Bank will announce their results today. Let us watch the stock closely. It is more important this time as the weightage has increased.

I will watch 19,385 on the downside in NIFTY. 19,600 can be watched on the upside.

Make sure that you tune in to The Stock Market Show at 7 PM on our YoutTube channel ‘marketfeed by Sharique Samsudheen’. Follow us on the marketfeed app’s Signal section to get real-time updates from the market. All the best for the day!

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Market News Top 10 News

India Approves Rs 2,980Cr for Exploration of Coal and Lignite Scheme – Top Indian Market Updates

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

India approves Rs 2,980 crore for Exploration of Coal and Lignite scheme

The union government has approved the continuation of the central sector plan ‘Exploration of Coal and Lignite scheme’ with an estimated expenditure of Rs 2,980 crore from FY 2021-22 to FY 2025-26. The scheme includes promotional exploration and detailed drilling in non-CIL (non-Coal India Ltd) areas to estimate coal resources. The geological reports generated through these explorations are utilized for auctioning new coal blocks.

Read more here.

Cabinet approves Rs 89,000-crore revival plan for BSNL

The Union Cabinet approved an Rs 89,047 crore revival package for state-run telecom company BSNL. Measures include equity infusion for 4G/5G spectrum and increased authorised capital. BSNL aims to become a stable telecom provider, focusing on remote connectivity. BSNL partnered with TCS for nationwide 4G deployment amidst rivals’ 5G rollouts. The company’s struggle with poor infrastructure and tough competition from Jio, Airtel, and Vodafone Idea prompted this move. 

Read more here.

NHPC signs agreement for developing 7,350 MW pumped storage hydropower projects in Maharashtra

NHPC has partnered with the Maharashtra government to construct pumped storage hydro projects with a total capacity of 7,350 MW and an investment of Rs 44,000 crore. The agreement also includes the development of other renewable energy projects in Maharashtra. The MoU aims to utilise pumped storage projects as energy storage solutions to support the national objective of achieving 500 GW of renewable energy capacity by 2030 and becoming net zero by 2070.

Read more here.

Torrent Power to build 3 hydro projects for Rs 27,000 crore in Maharashtra

Torrent Power Ltd has signed a Memorandum of Understanding (MoU) with the Maharashtra government. The agreement is for the development of three pumped storage hydro projects in the state. The projects, with a capacity of 5,700 MW and an investment of around Rs 27,000 crore are expected to create employment for approximately 13,500 people during the construction phase. Torrent plans to complete the projects within 5 years.

Read more here.

KPI Green Energy gets LoI for 40 MW hybrid project in Gujarat

KPI Green Energy has received a letter of intent (LoI) to develop a 40 MW hybrid green energy project in Gujarat. The project will consist of 21.50 MW wind and 18.5 MW solar capacity. Anupam Rasayan India issued the largest single LoI to KPI Green for this venture. The company sees this LoI as a major achievement, demonstrating its robust presence in the renewable energy sector.

Read more here.

Allcargo arm to sell stake in logistics parks to Blackstone for Rs 400 crore

Allcargo Logistics Ltd’s subsidiary Transindia Real Estate Ltd is selling the Jhajjar logistics park and a 10% stake in other parks to Blackstone. The Jhajjar Park will be sold for approximately Rs 625 crore. Additionally, the company will divest its 10% stake in various logistics and industrial parks for around Rs 60 crore. These divestments will provide Transindia Real Estate with over Rs 400 crore, supporting its growth, financial capabilities, and strategic investments in new opportunities.

Read more here.

Coal India free float to increase in FTSE on June 7

FTSE has announced an increase in the free float of Coal India Ltd after a successful Offer for Sale (OFS). The rise in free float could result in an inflow of approximately $18.5 million and 6.6 million equity shares. This adjustment will occur on June 7, affecting indices such as FTSE All-World, FTSE MPF All-World, FTSE Global Large Cap, and FTSE Emerging. The updated shareholder information for Coal India prompted the investability weight change in these indices.

Read more here.

VA Tech Wabag wins Rs 420 crore project in Maharashtra

VA Tech Wabag has been awarded a project worth Rs 420 crore by CIDCO, a Maharashtra government agency. The water treatment and desalination solutions provider will undertake the design, build, and operation (DBO) of a water treatment plant (WTP) in Jite, Raigad district. The proposed capacity of the plant is 270 Mega Litres per Day (MLD) as per the project details.

Read more here.

HCL Tech launches 5G test lab in Chennai

HCL Technologies has launched a cutting-edge test lab in Chennai, facilitating global telecom infrastructure OEMs to validate 5G solutions. The facility is equipped with advanced scanners for testing large base stations and small antennas used in various devices. With experienced engineers, HCL Tech ensures precise testing and verification of cellular and non-cellular products.

Read more here.

Tata Elxsi partners with ISRO to develop crew recovery models for Gaganyaan Mission

Tata Elxsi has partnered with the Indian Space Research Organisation (ISRO) for the Gaganyaan Mission, creating crew module recovery models (CMRM) for training. The mission aims to demonstrate human spaceflight capability, with a 400-kilometre orbit and a three-day mission. Safe crew recovery in Indian sea waters is crucial, requiring minimal time delay.

Read more here.

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Bajaj Finance Posts 40% YoY Rise in Q3 Net Profit – Top Indian Market Updates

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

Bajaj Finance Q3 Results: Net profit rises 40% YoY to ₹2,973 crore

Bajaj Finance Ltd reported a 40% YoY increase in consolidated net profit to ₹2,973 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 26.3% YoY to ₹10,784.3 crore during the same period. The asset under management (AUM) of the company was up 27% YoY to Rs 2.30 lakh crore in Q3. Net interest income (NII) for the quarter rose 24% YoY to ₹7,435 crore.

Read more here.

Reliance Jio, Bharti Airtel gained subscribers in Nov 2022

Reliance Jio gained 14.2 lakh wireless subscribers in November 2022, while Bharti Airtel added 10.5 lakh subscribers. Vi lost nearly 18.2 lakh mobile users in Nov, further shrinking its user base to 24.37 crore. Jio and Bharti Airtel’s user bases expanded to 42.28 crore and 36.6 crore, respectively. TRAI data showed Jio and Airtel have widened their customer market shares to 36.99% and 32.03% (31.92%), respectively, while Vi’s has narrowed further to 21.33%.

Read more here.

Vedanta Q3 Results: Net profit falls 42% YoY to ₹3,092 crore

Vedanta Ltd reported a 42% YoY decline in net profit to ₹3,092 crore for the quarter ended December (Q3 FY23). Its revenue from operations fell 7% YoY to ₹33,691 crore during the same period. EBITDA stood at ₹7,100 crore in Q3, down 35% YoY. The company declared a dividend of ₹12.5 per share. 

Read more here.

DLF plans to launch ₹7,500 crore premium housing project in Gurugram

DLF Ltd plans to launch a luxury housing project in Gurugram next month with an estimated sales revenue of around ₹7,500 crore as it seeks to tap strong demand for high-end apartments. The company will develop about 1,100 apartments in this residential project. DLF has launched residential projects in Delhi, Gurugram, Panchkula (Haryana), and Chennai this fiscal.

Read more here.

Dixon Tech Q3 Results: Net profit rises 12% YoY to ₹52 crore

Dixon Technologies (India) Ltd reported a 12% YoY increase in consolidated net profit to ₹52 crore for the quarter ended December (Q3 FY23). Its revenue from operations fell 22% YoY to ₹2,405 crore during the same period. Expenses declined by 23% YoY to ₹2,294 crore in Q3. EBITDA stood at ₹114 crore in Q3, up 10% YoY. 

Read more here.

Tata Motors hikes prices of passenger vehicles

Tata Motors Ltd will hike the prices of its passenger vehicles by 1.2% on a weighted average basis from February 1 due to the rise in overall input costs. The vehicle maker said it has been “absorbing a significant portion of the increased costs on account of regulatory changes and rise in overall input costs and is hence passing on some portion through this hike.” 

Read more here.

Tata Elxsi Q3 Results: Net profit rises 29% YoY to ₹195 crore

Tata Elxsi reported a 29% YoY increase in net profit to ₹194.68 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 28.7% YoY to ₹817.74  crore during the same period. EBITDA stood at ₹246.9 crore in Q3, up 17.1% YoY. The company’s media & communications segment grew 14.7% YoY in a challenging quarter for the industry, aided by new wins in Android TV and ad tech.

Read more here.

Dr. Reddy’s Lbas launches generic version of Durezol eye drops in US

Dr. Reddy’s Laboratories Ltd. has launched the generic version of Durezol eye drops in the United States following approval by the US Food and Drug Administration (USFDA). The product is used to treat eye swelling and pain after eye surgery. According to IQVIA data, the Durezol brand and its generic version had total sales of approximately $40 million in the US market for the 12 months ended November 2022.

Read more here.

Samvardhana Motherson to acquire 51% stake in Saddles International Automotive for ₹207 crore

Samvardhana Motherson International Ltd will acquire a majority stake (51%) in Saddles International Automotive and Aviation Interiors Pvt. Ltd. (SIAAIPL) for ₹207 crore. SIAAIPL manufactures premium upholstery for applications, including seat covers for passenger vehicles, wrapping of door panels, and gear knob covers. The deal will allow Samvardhana Motherson to enter the upholstery space.

Read more here.

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WPI Eases to 10.7% in Sept – Top Indian Market Updates

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

WPI eases to 10.7% in September

India’s wholesale inflation, measured by the Wholesale Price Index (WPI), eased to 10.70% in September. WPI had spiked to 12.41% in August, while the revised WPI for July stood at 14.07%. The food articles segment eased to 11.03% in September, compared to 12.37% in August. The fuel and power segment marginally fell from 33.67% in August to 32.61% last month. 

Read more here.

Federal Bank Q2 Results: Net profit rises 53% YoY to ₹704 crore

Federal Bank posted its highest-ever quarterly profit of ₹704 crore for the quarter ended September (Q2 FY23), up 53% YoY or 17% QoQ. The net interest income (NII) grew 19% YoY to ₹1,762 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) stood at 2.46% in Q2, compared to 2.69% in Q1. Provisions fell 9% YoY to ₹268 crore in Q2 FY23.

Read more here.

PSP Projects emerges lowest bidder for project in Gujarat

PSP Projects Ltd has emerged as the lowest (L1) bidder for a government project for developing a world-class sustainable tourist/pilgrimage destination in Gujarat. The bid value for the project is worth ₹345.30 crore. PSP Projects is one of India’s fastest-growing construction companies based in Ahmedabad, Gujarat. It provides construction services for industrial, institutional, residential, and commercial projects in India. 

Bajaj Auto Q2 Results: Net profit rises 20% YoY to ₹1,530 crore

Bajaj Auto Ltd reported a 20% YoY increase in net profit to ₹1,530 crore for the quarter ended September (Q2 FY23). Its revenue from operations rose 16.4% YoY to ₹10,202.8 crore during the same period. EBITDA rose 25.5% YoY to ₹1,759 crore. The company sold 11,51,012 units in Q2, up 0.57% YoY. Bajaj Auto saw domestic volumes nearly double from Q1 across both two-wheeler and three-wheeler segments.

Read more here.

EaseMyTrip launches SIP scheme for travel plans

Online travel platform EaseMyTrip has announced the launch of a new product line— Save Now Buy Later (SNBL). It is an investment scheme that allows customers to start a Systematic Investment Plan (SIP) for their travel plans. Customers can invest an amount as low as ₹100 on a recurring basis. Investments will get a return of up to 20% on the total invested amount exclusively from the company.

Read more here.

Unichem Labs gets USFDA approval for Phenytoin Sodium capsules

Unichem Laboratories Ltd has received abbreviated new drug application (ANDA) approval for its Extended Phenytoin Sodium Capsules USP- 100gms from the US Food & Drug Administration (USFDA). The capsules are indicated for the treatment of tonic-clonic and psychomotor seizures. It prevents seizures during or after neurosurgery. The product will be commercialised from Unichem Lab’s plant in Ghaziabad, Uttar Pradesh.

Read more here.

Shree Cement Q2 Results: Net profit falls 67% YoY to ₹183 crore

Shree Cement Ltd reported a 67.5% YoY decline in consolidated net profit to ₹183.24 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 19.7% YoY to ₹4,038.03 crore during the same period. Total expenses increased by 41.4% YoY to ₹3956.90 crore in Q2. The company’s board has accepted the resignation of its long-serving Chairman Benu Gopal Bangur.

Read more here.

L&T Construction secures order under its water and effluent treatment business

Larsen & Toubro Ltd’s construction arm has secured significant orders (in the range of ₹1,000-2,500 crore) under its water & effluent treatment business. It has received repeat orders from the Govt. of Gujarat to execute pumping system and pipeline works from Tappar Dam to Nirona Dam. The project aims to strengthen water resources in the Kutch district of Gujarat by filling existing reservoirs that will irrigate 36,392 hectares of land.

Read more here.

Bharti Airtel launches ‘Always On’ IoT connectivity solution

Bharti Airtel launched the ‘Always On’ Internet of Things (IoT) connectivity solution in the domestic market. The solution contains dual profile M2M (machine to machine) eSim, which allows an IoT device to stay connected to a mobile network from different Mobile Network Operators in the eSIM. It is best suited for vehicle tracking providers, auto manufacturers, and any use cases where equipment works in remote locations requiring universal connectivity.

Read more here.

Tata Elxsi Q2 Results: Net profit rises 39% YoY to ₹174 crore

Tata Elxsi Ltd reported a 39.1% YoY increase in net profit to ₹174.3 crore for the quarter ended Sept (Q2 FY23). Net profit declined by 5.5% when compared to the previous quarter. Its revenue from operations rose 28.2% YoY (or 5.1% QoQ) to ₹763.2 crore during the same period. The company crossed the 11,000-employee mark with 1,532 net additions in Q2.

Read more here.

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CPI Inflation Falls to 6.71% in July – Top Indian Market Updates

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

CPI inflation falls to 5-month low of 6.71% in July

India’s retail inflation (measured by the Consumer Price Index) fell to a five-month low of 6.71% in July. CPI stood at 7.01% in June. Inflation in the food basket also showed a month-on-month fall from 7.75% in June to 6.75% in July. Meanwhile, inflation in the fuel and light segment rose 11.76%.

India’s factory output, measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 12.3% YoY to 137.9 during June.

Read more here.

LIC Q1 Results: Net profit jumps multifold to Rs 683 crore

Life Insurance Corporation of India (LIC) reported a multifold increase in net profit to Rs 682.89 crore for the quarter ended June (Q1 FY23). The life insurer had reported a net profit of Rs 2.94 crore in the corresponding quarter last year (Q1 FY22). Its total premium income rose 20.35% YoY to Rs 98,351.76 crore in Q1 FY23. LIC sold 36.81 lakh policies in the individual segment, registering a growth of 59.56%.

Read more here.

Kolte-Patil Developers eyes Rs 1,400 crore sales from housing project in Pune

Kolte-Patil Developers Ltd (KPDL) has acquired 25 acres of land in Pune to develop a housing project with an estimated sales revenue of Rs 1,400 crore. The realty firm has acquired Sampada Realities Pvt Ltd, which owns this land parcel. This acquisition is in line with KPDL’s business development target of Rs 7,000 crore for this year.

Read more here.

Hero MotoCorp Q1 Results: Net profit rises 71% YoY to Rs 625 crore

Hero MotoCorp Ltd reported a 71% YoY increase in consolidated net profit to Rs 625 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 53% YoY to Rs 8,393 crore during the same period. EBITDA stood at Rs 941 crore in Q1, up 82.7% YoY. The two-wheeler manufacturer registered a 36% YoY increase in sales to 13.9 lakh units. 

Read more here.

Passenger vehicle dispatches rise 11% in July: SIAM

Passenger vehicle dispatches to dealers rose 11% to 2.64 lakh units in July 2022. An improvement in semiconductor supplies helped automakers ramp up production ahead of the festive season. Dispatches of passenger cars increased by 10% YoY to 1,43,522 units in July. Wholesales of motorcycles grew 4% YoY to Rs 8,70,028 units last month. The data was released by the Society of Indian Automobile Manufactures (SIAM).

Read more here.

Divi’s Labs Q1 Results: Net profit rises 26% YoY to Rs 702 crore

Divi’s Laboratories Ltd reported a 26% YoY increase in consolidated net profit to Rs 702 crore for the quarter ended June (Q4 FY22). Its revenue from operations rose 15% YoY to Rs 2,254 crore during the same period. However, EBITDA fell 0.6% YoY to Rs 846.7 crore. Total expenses stood at Rs 1,491.61 crore in Q1, up 26.18% YoY.

Read more here.

Tata Elxsi brings new age solutions for driverless cars, connected vehicles: CMO

Tech service provider Tata Elxsi is helping customers reimagine products and services in the three key verticals of transportation, media & telecom, and healthcare, said Nitin Pai, Chief Marketing Officer. It has delivered platforms like AUTONOMAI for driverless cars, TETHER for connected cars, and TE Play for OTT services. Tata Motors has adopted TETHER Auto to power connectivity and data-led services for nearly 500,000 on-road vehicles.

Read more here.

ONGC Q1 Results: Net profit jumps 3.5x to Rs 15,206 crore

ONGC Ltd reported a 251% YoY jump in net profit to Rs 15,205.85 crore for the quarter ended June (Q4 FY22). Its revenue from operations rose 84% YoY to Rs 42,320.72 crore during the same period. The company’s operating margin improved to 49.7% in Q1 FY23, compared to 32.01% in Q1 FY22.

Read more here.

NCLT approves demerger of pharma business from Piramal Enterprises

The National Company Law Tribunal (NCLT) has approved the demerger of Piramal Enterprises Ltd’s (PEL) pharma business and the simplification of the company’s corporate structure. The order paves the way for the creation of two separate listed entities— PEL and Piramal Pharma Ltd (PPL). PEL said the demerged entities will have greater focus and ability to pursue accelerated growth.

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Apollo Tyres Q1 Results: Net profit rises 49% YoY to Rs 191 crore

Apollo Tyres Ltd reported a 49.21% YoY jump in net profit to Rs 190.68 crore for the quarter ended June (Q4 FY22). Its revenue from operations rose 29.6% YoY to Rs 5,942 crore during the same period. Both Indian and European operations performed well, with their revenues from operations increasing 38% and 14%, respectively.

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Grasim Q1 Results: Net profit rises 13% YoY to Rs 2,759 crore

Grasim Industries Ltd reported a 12.7% YoY increase in consolidated net profit to Rs 2,758.75 crore for the quarter ended June (Q4 FY22). Its revenue from operations rose 40.7% YoY to Rs 28,041.54 crore during the same period. Grasim’s viscose (fibre and yarn) business generated a revenue of Rs 4,299.88 crore in Q1 FY23, compared to Rs 2,102.76 crore in Q1 FY22.

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Editorial

An Analysis of India’s Booming AI Industry

Three-dimensional synthesis of works, on behalf of the future of science and technology, network communications, digital age

We live in a world where intelligent computers or machines recognise and interact with human speech and objects. It can even strategise and solve problems like humans. Smartphones, banking systems, and social media platforms are able to analyse our behaviour patterns and help enhance the quality of everyday life. Self-driving or autonomous cars are finally a reality.

In this article, we explore an industry that is considered vital for India’s growing economy— the artificial intelligence (AI) industry! We shall also find out who the top players in this field are.

What Exactly is AI?

In simple terms, Artificial Intelligence (AI) is a branch of computer science that builds smart machines capable of performing tasks that typically require human intelligence. We can create algorithms (a set of rules) to classify, analyse, and draw predictions from extensive data. Thus, smart machines can learn from new data, act on it, and efficiently solve problems in our personal and professional lives. AI is capable of making decisions and performing tasks at a much faster speed with accuracy. It is essentially creating a world where human intervention is not required.

Meanwhile, Machine Learning (ML) is a division of AI wherein systems can identify patterns and link them by analyzing data made available to them.​​ Many enterprises use ML to track and understand customer behavior and operational business patterns.

AI can now drive vehicles, detect cancer cells, help with facial recognition, and even make financial decisions! Law enforcement agencies and court systems use AI. Repetitive tasks such as clerical work, invoicing, and management reporting can be automated to save time and costs. Many factories use AI-powered robots to increase productivity and improve accuracy. You may not even realise it, but AI can be found everywhere: the Google Assistant and Siri on your devices, conversational bots, email spam filters, restaurant or OTT movie recommendations, etc.

Now, let’s look at the top five companies leading the AI revolution in India:

Tata Elxsi Ltd

Tata Elxsi Ltd is a company that often goes under the radar of most investors. It is one of the leading providers of design and technology services in the world. With the help of digital technologies such as Internet of Things (IoT), Cloud, Mobility, Virtual Reality, and AI, Tata Elxsi develops smart products and services for their customers. All these applications will be used on a massive scale in the future as the world shifts toward AI and data analytics.

The Bengaluru-based firm serves the automotive, home appliances, semiconductor, media, broadcast, communications, rail, and healthcare industries. It has received considerable recognition in the fields of self-driving cars, video analytics solutions, and healthcare monitoring. In the current influencer era, Tata Elxsi has delivered AI solutions for content curation, moderation, understanding trends, and recommendation of ad insertion.

The Artificial Intelligence Centre of Excellence (AI CoE) by Tata Elxsi deals with the growing need for intelligent systems.

L&T Technology Services Ltd

L&T Technology Services (LTTS) offers engineering, research, and development services across India, North America, and Europe. The company builds automation and process control systems for factories/plants across multiple industries. Moreover, it offers cloud, Internet of Things (IoT), artificial intelligence (AI), and data analytics services.

Last year, US-based Mavenir and NVIDIA selected LTTS to accelerate the adoption of the industry’s first converged AI-on-5G. NVIDIA’s AI-on-5G is a platform that will accelerate the digital transformation of enterprises across all industries. Meanwhile, LTTS also developed an AI-based smart parking solution with Intel Corporation. 

Happiest Minds Technologies Ltd

Happiest Minds Technologies is a leading IT solutions and services provider based in Bengaluru. They offer AI, cloud, Internet of Things (IoT), blockchain, and robotics services across industries. The company uses artificial intelligence for language processing, image analytics, object identification, and video analytics to provide technology solutions. Happiest Minds also works on emerging technologies like augmented reality (AR) and virtual reality (VR). The mid-cap IT company is currently planning to acquire firms with expertise in automation and AI.

Cyient Ltd

Hyderabad-based Cyient offers geospatial, IT, and data analytics solutions in Asia, North America, and Europe. It is one of the Top 30 outsourcing companies in the world. They primarily develop and use AI for remote sensing, navigational data mapping, and other location-based services. 

Mphasis Ltd

Mphasis is an information technology solutions provider that specializes in cloud-based AI services worldwide. It offers blockchain, business process, enterprise automation, design, infrastructure, and cloud services. In July 2021, the United States Patent and Trademark Office (USPTO) awarded Mphasis a patent for its AI-driven application and infrastructure management solution. It predicts errors and failures of any application and enables preventive maintenance measures. The company also aims to expand its portfolio of AI/ML innovation in the coming years.

Conclusion

After realising its true potential, Indian enterprises have been investing heavily in artificial intelligence solutions to reduce costs and improve customer retention. Other important companies in the AI/robotics industry include Zensar Technologies Ltd, Persistent Systems Ltd, Tata Consultancy Services (TCS), and Affle India Ltd. A research report by International Data Corporation (IDC) forecasts the Indian market for AI software and hardware services to grow at a CAGR of 20.2% to a whopping $7.8 billion! Indian organisations plan to use AI extensively for customer support, IT automation, security, supply chain management, and much more. 

If developed ethically and morally, AI could contribute significantly to the betterment of society.

What are your views on the evolving AI industry in India? Let us know your views in the comments section of the marketfeed app!

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WPI Inflation Eases to 15.18% in June – Top Indian Market Updates

inflation - market updates | marketfeed

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

WPI inflation eases to 15.18% in June

India’s wholesale inflation eased to 15.18% in June 2022. The Wholesale Price Index (WPI) had surged to 15.88% in May, while WPI for April was revised to 15.38%. Inflation in the food articles segment witnessed a spike of 14.39% in June, primarily due to a rise in vegetable prices. The fuel and power segment eased to 40.38% in June, compared to 40.62% in May. The manufactured goods segment eased from 10.11% in May to 9.19% in June.

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L&T Infotech Q1 Results: Net profit rises 27% YoY to Rs 634 crore

Larsen & Toubro Infotech (LTI) reported a 27.6% YoY increase in consolidated net profit to Rs 634.4 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 30.6% YoY (or 5.1% QoQ) to Rs 4,522.8 crore during the same period. The IT company’s EBITDA stood at Rs 830.8 crore, up 28.3% YoY. LTI secured four large deal wins in Q1, with a net total contract value (TCV) of $79 million.

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Bharti Airtel’s board approves preferential allotment of 7.11 crore shares to Google

Bharti Airtel Ltd’s board has approved the preferential allotment of 7.11 crore shares to US-based tech major Google at Rs 734 per share. Google will hold 1.2% of the total post-issue equity shares of the telecom company. In January 2022, the search engine giant announced an investment of $700 million (~Rs 5,600 crore) to acquire a 1.28 percent stake in Bharti Airtel. Google will also invest another $300 million in multi-year commercial agreements.

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Torrent Power secures Rs 2,600 crore wind energy project from SECI

Torrent Power Ltd has secured a 300 megawatts (MW) wind energy project in Karnakata from Solar Energy Corporation of India (SECI). The estimated cost of the project is Rs 2,600 crore. The Power Purchase Agreement (PPA) term is 25 years from the scheduled commercial operation date at a tariff of Rs 2.94 per kilowatt hour (kWh).

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Marico expects better demand, margins in H2 FY23

Marico Ltd expects demand and margin trends to improve towards the second half of FY23 on the likely easing of crude and edible oil prices in the next few months. The FMCG firm will closely watch rural growth and is hopeful of a demand recovery due to a good harvest season, typical monsoon forecast, and government spending. Marico expects consolidated operating margin to be in the range of 18-19% in FY23.

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ACC Q2 Results: Net profit falls 60% YoY to Rs 227 crore

ACC Limited reported a 60.07% YoY decline in consolidated net profit to Rs 227.35 crore for the quarter ended June (Q2 CY23). The cement manufacturer follows the January-December financial year cycle. Its revenue from operations grew 15% YoY to Rs 4,468.42 crore during the same period. Total expenses stood at Rs 4,221.74 crore in Q2, up 32.94% YoY.

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Adani Ports, Israel’s Gadot to acquire Haifa Port

A consortium formed of India’s Adani Ports & Special Economic Zone (APSEZ) and Israel-based Gadot has won a tender for the privatization of the Port of Haifa, one of Israel’s largest seaports. The group will acquire the port for 4.1 billion shekels ($1.18 billion). In recent years, Israel has been selling its government-owned ports and allowing private piers to be built to shorten wait times for cargo ships and lower import costs.

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RIL partners with AFI to support holistic development of Indian athletes

Reliance Industries Ltd (RIL) has partnered with the Athletics Federation of India (AFI) to enable the holistic growth of athletics in India. The partnership aims to discover, nurture and develop Indian athletes from across the country and provide them with world-class facilities, coaching, and medical support. The Reliance Foundation has been working closely with multiple partners to develop an ecosystem of Indian sports through improvements in infrastructure, skill development, and digital empowerment.

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Tata Elxsi Q1 Results: Net profit rises 63% YoY to Rs 184 crore

Tata Elxsi Ltd reported a 62.9% YoY increase in net profit to Rs 184.7 crore for the quarter ended June (Q1 FY23). Net profit rose 15.4% when compared to the previous quarter. Its revenue from operations grew 30% YoY (or 6.5% QoQ) to Rs 725.9 crore during the same period. The IT company’s EBITDA stood at Rs 238.2 crore in Q1, up 58.8% YoY. Tata Elxsi crossed the 10,000 employee mark with 771 net additions.

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India’s GDP Grows 8.7% in FY22 – Top Indian Market Updates

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

India’s GDP growth slows to 4.1% in Q4; FY22 growth at 8.7%

India’s gross domestic product (GDP) in the January-March quarter (Q4 FY22) grew 4.1%. In the third quarter of FY22, GDP growth slowed to 5.4% from 8.5% in the second quarter and 20.3% in the first quarter. India’s economy had just begun to recover from the Covid-19 pandemic-induced slump when a rise in Omicron cases in January brought back restrictions.

The GDP growth in the financial year 2021-22 stood at 8.7%, compared to a contraction of 6.6% in FY21.

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M&M raises auto, farm equipment biz capex by 27% till FY24

Mahindra & Mahindra Ltd has increased its mid-term capital expenditure for automotive and farm equipment business by 27% or Rs 3,400 crore to Rs 15,300 crore till FY24. The automaker aims to increase the capacity for its XUV700 and new models in the pipeline. The Rs 400 crore spike in capex for farm business will go into new plant expansion. 

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NCC bags three orders worth Rs 6,388 cr in May

Construction firm NCC Limited secured three orders worth Rs 6,388 crores in May 2022. The company has received an order from Brihanmumbai Municipal Corporation for the design, build, operation & maintenance of the Malad Wastewater Treatment Facility under the Mumbai Sewage Disposal Project-II. It has received similar orders from other state government agencies.

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CarTrade Tech partners with IDFC First Bank to offer financing solutions for used cars

CarTrade Tech Ltd has announced a strategic partnership with IDFC First Bank to offer easy and smart financing for used cars. The bank will become the preferred financier for customers purchasing used vehicles from CarWale abSure’s dealers with customised offerings to suit their needs. CarWale abSure is the used car platform of CarTrade Tech.

Defence Ministry signs Rs 2,971 crore deal with BDL

The Ministry of Defence has signed a deal with Bharat Dynamics Ltd (BDL) for the supply of Astra Mk-1 missiles for the Indian Air Force and Navy at the cost of Rs 2,971 crore. Astra Mk-1 is India’s first indigenous air-to-air missile. This project will act as a catalyst for the development of infrastructure and testing facilities at BDL.

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Tata Elxsi partners with Lenovo to deliver XR solutions

Tata Elxsi has partnered with Lenovo to develop smart extended reality (XR) solutions for enterprise and engineering applications. Customers using Lenovo’s smart XR devices will benefit from end-to-end solutions and services from Tata Elxsi and Lenovo. The two entities will enable enterprises to deliver immersive digital transformation solutions.

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ONGC sees crude oil production rising 11% by FY25

Oil & Natural Gas Corporation (ONGC) said its crude oil production will rise 11% and natural gas output will jump 25% after newer discoveries in the western and eastern offshore start producing. Crude oil production is expected to rise from 19.54 million tonnes (MT) in FY 2021-22 to 19.88 MT in FY23 and 21.58 MT in FY24. ONGC will spend Rs 31,000 crore from 2022 to 2025 on exploration campaigns throughout India.

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Govt keeps fiscal deficit at 6.7% of GDP for FY22

The fiscal deficit for FY 2021-22 worked out to be 6.71% of the gross domestic product (GDP). The figure is lower than the 6.9% projected by the Ministry of Finance in the revised budget estimates. The fiscal deficit in the absolute terms was Rs 15,86,537 crore (provisional). The revenue deficit at the end of FY22 was 4.37%.

[Fiscal deficit is the difference between the total revenue and total expenditure of the government].

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LIC makes Rs 42,000 crore equity gains in FY22

Life Insurance Corp of India (LIC) made Rs 42,000 crore of gains from equity investments in the financial year ended March 2022 (FY22), up 17% YoY. The company reported equity gains of Rs 36,000 crore in the previous year. LIC’s Managing Director Raj Kumar said the insurer will match the profitability of its private sector counterparts in the next five years.

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Tata Elxsi’s Net Profit Rises 39% YoY in Q4 – Top Indian Market News

Tata Elxsi Q4 Results: Net profit rises 39% YoY to Rs 160 crore

Tata Elxsi Ltd reported a 39.95% YoY increase in net profit to Rs 160 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 31.51% YoY (or 7.3% QoQ) to Rs 681.7 crore during the same period. Tata Elxsi posted a 35% YoY increase in revenue to Rs 2,470.8 crore for FY 2021-22. Net profit stood at Rs 549.7 crore in FY22, up 49.3% YoY. The company’s board has declared a final dividend of Rs 42.5 per share.

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Future Group proposes to transfer 45% of its debt to Reliance: Report

Future Group has proposed to transfer 45% of its debt to the books of Reliance Industries Ltd on the sale of assets. However, lenders have not received any assurance from the hypermarket operator on whether the offer is endorsed by RIL. Against outstanding loans of Rs 28,921 crore owed by the 19 companies involved in the deal as of January 31, 2022, Future Group has proposed a transfer of Rs 12,612 crore owed to lenders and domestic & offshore bondholders to RIL.

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Alembic Pharma gets tentative approval for Ivabradine tablets

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Ivabradine tablets. The drug is indicated to reduce the risk of worsening heart failure in adult patients with stable, symptomatic chronic heart disease with left ventricular ejection fraction. According to IQVIA data, Ivabradine tablets had an estimated market size of $102 million for the 12 months ended December 2021.

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PSP Projects secured orders worth Rs 940 crore in FY22

PSP Projects Ltd received orders worth Rs 938.76 crore (including orders worth Rs 503.56 crore for the construction of a sports complex at Ahmedabad) in FY22. The total work orders at the end of FY 2021-22 stood at Rs 1,802.23 crore. The company has also secured orders worth Rs 327.4 crore in the current financial year (FY23).

ITC to commence 20th manufacturing facility in West Bengal

ITC Limited will set up a new state-of-the-art personal care manufacturing unit in Howrah, West Bengal. It will be ITC’s 20th facility in the state. The company is also in the process of commissioning a green building in the Rajarhat area. It will house the FMCG firm’s information technology arm ITC Infotech. Over the last few years, ITC has invested nearly Rs 4,500 crore in West Bengal.

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Cement demand expected to grow 7-8% in FY23

As per an ICRA report, cement demand in India is expected to grow by 7-8% to ~382 million metric tonnes in the current financial year (FY23). This will be aided by strong demand from rural housing and infrastructure sectors. The recent budgetary allocation of over Rs 9.2 lakh crore towards agriculture, affordable housing, and capital expenditure could boost cement demand.

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Mastek Q4 Results: Net profit rises 16.5% YoY to Rs 88.2 crore

Mastek Limited reported a 16.5% YoY increase in net profit to Rs 88.2 crore for the quarter ended March (Q4 FY22). Net profit grew 5.7% compared to the previous quarter. Its revenue from operations rose 20.3% YoY (or 5.4% QoQ) to Rs 581.5 crore during the same period. Mastek secured contracts worth more than $65 million in Q4 FY22. The IT company’s board has declared a final dividend of Rs 12 per share.

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Ajanta Soya’s board approves 5:1 stock split

The Board of Directors of edible oils manufacturer Ajanta Soya Ltd has approved a stock split in the ratio of 5:1. For every one share held, investors will receive five shares after the split takes place. The record date for the purpose of the stock split will be intimated in due course. A stock split happens when a company increases the number of its shares to boost the stock’s liquidity. 

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Nykaa partners with Aveda to launch premium salon chain

Nykaa has partnered with haircare brand Aveda to launch a premium salon chain across India. The first Aveda X Nykaa salon will be launched in Bengaluru on Thursday, followed by Delhi and Mumbai. The stores will house spa rooms, manicure/pedicure stations, and hair & makeup stations. The salons will offer Nykaa’s best-selling products and Aveda’s haircare range.

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Domestic air passenger traffic rises 6.1% YoY in Q4

Domestic air passenger traffic in the January-March period (Q4 FY22) stood at 248 lakh, recording a 6.1% YoY growth. In March alone, domestic airlines carried 106.96 lakh passengers, a 36.7% YoY increase compared to Feb. IndiGo continued to maintain its leadership position in March with a market share of 54.8%. The data was released by the Directorate General of Civil Aviation (DGCA).

HDFC to sell 10% stake in HDFC Capital to ADIA

HDFC Ltd will sell a 10% stake in private equity arm HDFC Capital Advisors Ltd. to a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) for ~Rs 184 crore. ADIA is also the primary investor in the alternative investment funds managed by $3-billion HDFC Capital.

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Adani Group Exploring Partnerships With Saudi Aramco – Top Indian Market News

Adani Group explores partnerships with Saudi Aramco

According to a Bloomberg report, Adani Group is exploring potential partnerships in Saudi Arabia, including the possibility of acquiring a stake in the world’s largest oil exporter. The group has held preliminary talks on a range of potential cooperation and joint investment opportunities with Saudi Aramco and the country’s Public Investment Fund. Adani Group could team up with Aramco or subsidiaries like Sabic in areas such as renewable energy, crop nutrients, or chemicals.

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Tata Motors in talks to take over Ford India’s Sanand plant

Tata Motors Ltd is in advanced negotiations to take over Ford India’s Sanand plant in Gujarat. Both entities have approached the local administration in Gujarat to understand the incentive structure after the sale of the factory. Ford had announced its exit from India in September last year.

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CBI examining role of SEBI officials in 2016-19, suspects crime was deliberately hidden

As per reports, the Central Bureau of Investigation (CBI) is investigating the role of officials at the Securities and Exchange Board of India (SEBI) who served during 2016-19 when alleged governance lapses and a series of irregularities unfolded at the National Stock Exchange (NSE). The CBI is investigating a 2018 case in which ex-officials at NSE are accused of providing unfair access to high-frequency traders. The agency is examining whether SEBI officials were also involved in the crime.

Tata Elxsi unveils digital health platform TEngage

Tata Elxsi Ltd has launched TEngage, the first-ever truly digital health platform designed for omnichannel care. The platform allows hospitals and healthcare providers to offer a unified patient experience across all channels. TEngage is cloud-based, fully customizable, and allows hospitals to implement modules with just the required features. It also keeps deployment and operational costs in check.

India’s oil demand likely to rise 8% in 2022

India’s oil demand is projected to jump 8.2% to 5.15 million barrels per day (bpd) in 2022 as the economy continues to rebound from the Covid-19 pandemic. In its latest monthly oil market report, the Organisation of Petroleum Exporting Countries (OPEC) projected India to add 0.39 million bpd of crude oil demand in 2022. India’s oil demand rose from 4.51 million bpd in 2020 to 4.76 million bpd in 2021, recording a 5.61% growth.

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Mindtree opens new facility at Pune’s ICC Tech Park

Mindtree Ltd, a global digital transformation company, has announced the inauguration of its second facility in Pune. Located at International Convention Center (ICC) Tech Park, the facility can accommodate more than 350 professionals. Mindtree provides digital transformation services to some of the world’s largest communications, media, banking, and healthcare companies from Pune.

Granules India gets licence to market Nirmatrelvir, Ritonavir

Granules India Ltd has received a license from Medicines Patent Pool (MPP) to manufacture and market generic versions of Pfizer’s oral treatment Nirmatrelvir. The drug will be co-packaged with Ritonavir for the treatment of mild-to-moderate Covid-19 cases. The product will be made at the pharma company’s manufacturing facilities in Hyderabad. GIL will launch the product in India and 94 other countries worldwide.

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Thermax wins Rs 1,176 crore order for a Sulphur Recovery Block

Thermax Ltd has secured an order worth Rs 1,176 crore from an Indian public sector refinery to set up their Sulphur Recovery Block. The block includes 2×240 tonnes per day (TPD) Sulphur Recovery Unit (SRU) and Tail Gas Treatment Unit (TGTU). This landmark project comes under the Government of India’s North East Hydrocarbon Vision 2030.