Tag: Tata Group

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MCA Issues Inspection Order Against Shree Cement – Top Indian Market Updates

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

MCA issues inspection order against Shree Cement

According to a CNBC TV18 report, the Ministry of Corporate Affairs (MCA) has issued an inspection order against Shree Cement. The order has been issued due to issues concerning related party transactions, corporate governance matters, and issues about improper income tax filings. This comes after the Income Tax (IT) department conducted a survey action at five locations of Shree Cement in Rajasthan.

Read more here.

Foxconn eyes partnership with Tata Group after Vedanta JV pullout

Foxconn has announced its decision to exit a joint venture (JV) with Vedanta for semiconductor production in India. However, the chipmaker is exploring a potential tie-up with the Tata Group. It is expected to unveil a new agreement with the Tata Group soon. 

In other news, Tata Group is reportedly close to an agreement to acquire an Apple Inc. supplier’s factory as soon as August, marking the first time a local company would move into the assembly of iPhones.

Read more here.

L&T signs Master Ship Repair Agreement with US Navy

Larsen and Toubro (L&T) entered into a significant Master Ship Repair Agreement (MSRA) with the US Navy. The agreement highlights L&T’s Kattupalli Shipyard (near Chennai) as a qualified facility for conducting voyage repairs of Military Sealift Command vessels. After a thorough evaluation by the US Navy and the Military Sealift Command, the shipyard’s capabilities have been recognised, enabling it to undertake warship refits similar to those approved by the Indian Navy and the Coast Guard.

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DGCA puts SpiceJet under enhanced surveillance

The Directorate General of Civil Aviation (DGCA) has put SpiceJet Ltd under “enhanced surveillance” amid the company facing multiple financial headwinds recently.  However, the carrier company refuted any such development. This comes against the backdrop of various aircraft lessors seeking repossession of planes leased to SpiceJet, and some of the cases have been settled by the airline.

Read more here.

Zen Technologies wins order worth Rs 340 crore

Zen Technologies Ltd secured a major order worth ₹340 crore. it has bagged the order in the export markets. This is the company’s second major order win this month. On July 7, Zen Technologies secured an order worth ₹160 crore from the Indian government. The contract comes under the government’s indigenous design and Development (IDDM) initiative, which requires Indian IP and over 60% indigenous content.

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India’s steel output grows 8.37% to 33.63 MT in April-June

India’s crude steel production increased by 8.37% YoY to 33.63 million tonnes (MT) in the April-June period (Q1 FY24). Higher production and capacity ramp-up activities by steel mills will meet the increasing demand. Finished steel production in India rose 11.66% YoY in the quarter under review to 32.41 MT. Domestic steel consumption rose 10.16% to 30.29 MT from 27.50 MT a year ago.

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ITC’s FMCG segment posts 21% rise in annual consumer spend in FY23

ITC Limited’s FMCG business recorded a 21% YoY rise in annual consumer spend to nearly Rs 29,000 crore in 2022-23 (FY23). The company measures annual consumer spend as the sum total of what the consumer spends on buying the goods of the company. ITC said its products reached 230 million households in FY23, up from over 200 million households in FY22. ITC e-Store (D2C platform) is now operational in 24,000+ pin codes.

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Dr Reddy’s Labs to enhance presence in nutraceuticals, gene therapy

Dr Reddy’s Laboratories is looking to enhance its presence in various emerging segments like nutraceuticals and gene therapy. The pharma company aims to get into integrated digital healthcare services as part of its future growth plans. It also intends to follow a disciplined approach towards cash management and acquisitions.

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GST Council agrees to tax online gaming at 28%

The GST Council has agreed to levy a 28% tax on online gaming, casinos, and horse racing. The goods and services tax is likely to be levied on the full face value, which is the total value of bets placed on a platform. The council has also agreed to reduce GST on food and beverages at cinema halls from 18% to 5%.

Read more here.

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L&T Wins Major Contracts For its Hydrocarbon Biz – Top Indian Market Updates

L&T

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

L&T wins major contracts for its hydrocarbon business

Larsen & Toubro Ltd’s hydrocarbon business (LTEH) has secured multiple offshore orders (in the range of ₹5,000-7,000 crore) from an overseas client. The scope of work comprises engineering, procurement, construction and installation of offshore structures and upgradation of existing facilities. LTEH offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers.

Read more here.

Tata Motors set to hike prices by up to 5% on commercial vehicles

Tata Motors announced a price increase for commercial vehicles ahead of BS6 phase II emission norms. The prices for commercial vehicles will be hiked by up to 5% starting April 1, 2023. The price increase will be applied across the entire range of commercial vehicles.

Read more here.

India cuts windfall tax on crude oil production to Rs 3,500 per tonne

The Central government reduced windfall gains on domestic production of crude petroleum from Rs 4,400 per tonne to Rs 3,500 per tonne. It also marginally increased export duty on diesel from Rs 0.50 to Re 1 per litre, while keeping both petrol and Aviation Turbine Fuel (ATF) exempted from the export levy. The new rate will be effective from March 21.

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Tata Group in talks to engage outgoing TCS boss Gopinathan beyond Sept 15: Report

As per reports, N Chandrasekaran, the chairman at Tata Sons, is reportedly discussing ways to engage outgoing Tata Consultancy Services MD & CEO Rajesh Gopinathan with the group beyond September 15 in an advisory role. There have been preliminary discussions between the two as the group needs reliable and experienced hands with its diversification into various technology domains.

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NTPC arm signs pact with Indian Army for setting up green hydrogen plants

NTPC Renewable Energy Ltd (NTPC REL) has signed an agreement with the Indian Army to implement green hydrogen projects in armed forces establishments. Under the Memorandum of Understanding (MoU) with the Army, a joint identification of potential sites would be undertaken for setting up green hydrogen projects for supplying electricity in a phased manner. NTPC REL is a wholly-owned subsidiary of NTPC Ltd.

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Thomas Cook India, SOTC Travel partners with LTIMindtree to launch ‘Green Carpet’

Travel services firm Thomas Cook India and its group company SOTC Travel have partnered with LTIMindtree to launch ‘Green Carpet’. It’s a global platform that will help companies to monitor and manage their business travel emissions. The platform is designed to address specific concerns faced by organisations, helping them capture, monitor, analyse and reduce their carbon emissions from business travel.

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Lupin receives USFDA’s nod for Brexpiprazole tablets

Lupin has received approval from the US Food & Drug Administration (USFDA) for Brexpiprazole tablets. The drug is used to treat certain mental and mood disorders. The tablets are a generic equivalent of Rexulti tablets of Otsuka Pharmaceutical Company Ltd. It had estimated annual sales of $1,575 million in the US for the 12 months ended December 2022.

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IndiaFirst Life Insurance gets SEBI approval to launch IPO

IndiaFirst Life Insurance has received approval from SEBI to float an Initial Public Offering (IPO). The IPO comprises a fresh issue of up to Rs 500 crore along with an offer for sale (OFS) of up to 14.12 crore equity shares by promoters and existing shareholders of the company. The insurance company is owned by two of India’s largest PSU banks— Bank of Baroda and Union Bank of India.

Read more here.

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NCLT Approves HDFC-HDFC Bank Merger – Top Indian Market Updates

hdfc

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

HDFC-HDFC Bank merger gets NCLT approval

The National Company Law Tribunal (NCLT) has given its approval to the HDFC-HDFC Bank merger. In April 2022, HDFC Bank agreed to take over the biggest domestic mortgage lender in a deal valued at about $40 billion. The proposed entity will have a combined asset base of around Rs 18 lakh crore. The merger is expected to be completed by the second or third quarter of FY24.

Read more here.

Tata ceases discussions with Bisleri to acquire the packaged water giant

Tata Consumer Products has ended discussions with Bisleri for the potential acquisition of the packaged water giant. In November 2022, owners of Bisleri International said they will divest the company to the Indian conglomerate for an estimated ₹6,000-7,000 crore. Bisleri’s owners were reportedly looking to raise about $1 billion from a deal.

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Bharti Airtel launches unlimited 5G data offer

Bharti Airtel has launched an unlimited 5G data offer to hold on to its higher-paying postpaid users and also push its 4G users to upgrade to its next-gen wireless broadband service. This move comes after Reliance Jio’s new postpaid plans were announced earlier this week. The unlimited 5G data offer will be available to all postpaid customers as well as prepaid ones with data plans of Rs 239 and above.

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Va Tech Wabag secures order worth Rs 800 crore in Bangladesh

VA Tech Wabag has secured a Rs 800 crore project funded by the World Bank and Asian Infrastructure Investment Bank (AIIB) in Bangladesh. The company will design, build and operate a sewage treatment plant with a capacity of 200 million litre per day (MLD) in Dhaka. This project has the potential to be expanded to 600 MLD in the future

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Havells commences commercial production of ACs at Sri City plant

Havells India Ltd has commenced commercial production of air conditioners (ACs) at its Sri City plant. The company manufactures home appliances, lighting for domestic, commercial, & industrial applications, LED lighting, fans, modular switches & wiring accessories, water heaters, etc.

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Zee Entertainment calls report of $10 million repayment ‘speculative’

Zee Entertainment Enterprises Ltd (ZEEL) called the report saying it will repay $10 million to IndusInd to wrap the Sony deal as “speculative”. The media company said it is exploring several strategies related to the ongoing dispute. On Thursday, Bloomberg reported that ZEEL has agreed to repay its dues to the IndusInd Bank to resolve insolvency proceedings against it and get a step closer to completing its merger with the Sony Group.

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GAIL signs MoU with Shell Energy India for exploring ethane sourcing opportunities

GAIL (India) Ltd. signed a Memorandum of Understanding (MoU) with Shell Energy India for exploring ethane sourcing and other energy value chain opportunities. Through this agreement, GAIL expects to dive into the prospects of importing and handling different hydrocarbons that serve as essential chemical and petrochemical precursors. The company said this is a step towards achieving improved sustenance in business operations.

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Unichem Labs gets USFDA approval for chronic angina treatment tablets

Unichem Laboratories Ltd has received approval from the US Food and Drug Administration (USFDA) for its Ranolazine Extended-Release tablet. The drug is prescribed for the treatment of chronic angina (a type of chest pain caused by reduced blood flow to the heart). The product will be commercialised from its manufacturing facility in Goa. 

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Maiden Forgings to launch IPO next week

Steel bars and wires manufacturer Maiden Forgings will launch an Initial Public Offering (IPO) to raise Rs 24 crore. The IPO will open on March 22 and close on March 24. Out of the total 37,84,000 equity shares on offer, not more than 17,97,000 equity shares have been reserved for Qualified Institutional Buyers (QIB). A total of 5,39,100 shares have been reserved for Non-Institutional Investors (NII) and the rest for retail individual investors.

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Retail Inflation Eases to 5.88% in Nov – Top Indian Market Updates

Consumer Price Index

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

India’s retail inflation eases to an 11-month low of 5.88% in Nov

India’s retail inflation (based on the Consumer Price Index or CPI) eased to an 11-month low of 5.88% in November on an annual basis. The figure came within the Reserve Bank of India’s (RBI) tolerance band for inflation of 2-6% for the first time this year. CPI stood at 6.77% in October. The decline can be attributed to a fall in food prices, which account for almost 40% of India’s CPI basket. Food inflation for November came in at 4.67%, compared to 7.01% in Oct. 

Meanwhile, India’s factory output (measured by the Index of Industrial Production or IIP) witnessed a (-)4% contraction in October 2022.

Read more here.

OnePlus partners with Reliance Jio for 5G

Reliance Jio has partnered with global technology brand OnePlus to bring in the evolutionary standalone (SA) 5G technology ecosystem in India. As a part of the collaboration, all the OnePlus 5G devices will be powered by Jio ‘True 5G’ technology. Currently, Reliance Jio is rolling out 5G SA in Delhi-NCR, Mumbai, Kolkata, Varanasi, Chennai, Bengaluru, Hyderabad, and Pune. 

Read more here.

India’s steel output grows 5% to 10.34 MT in Nov: SteelMint

According to SteelMint India, India’s crude steel output rose by about 5% YoY to 10.34 million tonnes (MT) in November 2022. SAIL, Tata Steel, JSW Steel, JSPL, AMNS India, and RINL produced 6.28 MT of steel, and the remaining 4.06 MT came from the secondary sector. The consumption of the alloy surged 13.42% to 9.66 MT in November, compared to 8.52 MT a year ago.

Read more here.

ONGC to invest ₹2,150 crores on drilling 53 exploratory wells in Andhra Pradesh

Oil & Natural Gas Corporation (ONGC) will invest ₹2,150 crores to drill 53 exploratory wells in Andhra Pradesh. It will carry out the exploration of 50 wells in the Krishna Godavari (KG) basin in East and West Godavari districts. Meanwhile, three drillings will be carried out in the Cuddapah basin in Kurnool, Anantapur, and YSR districts.

Read more here.

TCS faces lawsuit in the US for alleged discriminatory hiring practices

Tata Consultancy Services (TCS) is facing a class action civil rights lawsuit from a former employee in the US for discriminatory hiring practices. Shawn Katz has filed a lawsuit against TCS seeking relief for alleged discrimination based on race and national origin at the US District Court for the District of New Jersey. He alleged that the IT firm discriminates against non-South Asian and non-Indian applicants and employees.

Read more here.

Dalmia Bharat to acquire Jaypee Cement for ₹5,666 crore

Dalmia Bharat Ltd’s cement subsidiary will acquire the cement and power plants of Jaiprakash Associates Ltd for ₹5,666 crores. The assets include a cement manufacturing capacity of 9.4 million tonnes (MT), a clinker capacity of 6.7 MT, and thermal power plants of 280 megawatts (MW). The new plants will take Dalmia Cement’s cement manufacturing capacity from 35.9 million tonnes per annum (MTPA) at present to 46.3 MTPA.

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All-India electricity demand may grow 7% to 1,480 BU in FY23: Icra

Electricity demand in India is expected to grow 7% year-on-year (YoY) to 1,480 billion units (BU) in the current financial year (FY23), according to rating agency Icra. In the previous financial year (FY22), the all-India power demand was at 1,380 BU. The estimates are based on the fact that all-India electricity demand increased 10.6% YoY in the first eight months of FY23 amidst a severe heat wave in the north and central India.

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Glenmark Pharma gets warning letter from USFDA for lapses at Goa plant

Glenmark Pharmaceuticals Ltd has received a warning letter from the US Food & Drug Administration (USFDA) for manufacturing lapses (including failure to establish required laboratory control mechanisms) at its Goa-based manufacturing plant. The warning letter summarises significant violations of Current Good Manufacturing Practice (CGMP) regulations for finished pharmaceuticals. USFDA inspected the manufacturing facility from May 12, 2022, to May 20, 2022.

Read more here.

Macrotech Developers raises ₹3,547 crores via QIP

Macrotech Developers (Lodha) has raised around ₹3,547 crores from foreign and domestic institutional investors through a Qualified Institutional Placement (QIP). This was the largest QIP by any Indian corporate this year. Capital Group, UBS, Abu Dhabi Investment Authority, and Nomura have picked up over 7.2% stake in the real estate company.

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Tata Group plans to open 100 small exclusive Apple stores: Report

According to an Economic Times report, the Tata Group aims to open small exclusive Apple stores across India. Apple is reportedly partnering with Tata-owned Infiniti Retail, which runs the Croma store chain, for the venture. Infiniti Retail will become an Apple franchisee partner. It intends to open 100 such outlets of 500-600 sq. ft. each at malls and high-street locations.

Read more here.

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India’s GDP Growth Slows to 6.3% in Q2 – Top Indian Market Updates

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

India’s GDP growth slows to 6.3% in Q2

India’s gross domestic product (GDP) grew by 6.3% YoY during the July-September quarter (Q2 FY23). The GDP had expanded by 8.4% in Q2 FY22. Nominal GDP or GDP at current prices in Q2 FY23 is estimated at ₹65.31 lakh crore, showing a growth of 16.2% YoY. “Several indicators suggest that the Indian economy is making resilient progress in Q2 FY23 in spite of the drag from global spillovers,” said SBI economist Soumya Kanti Ghosh.

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SBI Cards surpasses HDFC Bank in incremental card issuances

SBI Cards & Payment Services has surpassed HDFC Bank in incremental card issuances in the festival month of October. HDFC Bank retreated to the fourth position in new credit card additions— at less than 2.2 lakh last month. SBI Cards added 3.4 lakh customers. Axis Bank and ICICI Bank added 2.6 lakh and more than 2.2 lakh customers, respectively, to beat HDFC Bank in incremental additions.

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Liquor sales rise as demand increases for key segments

Sales volumes of spirits rose 15% to 31.9 crore cases between January and October, with demand increasing for all key segments (whiskey, brandy, rum, gin, and vodka), said industry executives citing the latest Excise Department data. The alcohol market saw a sharp recovery during the first ten months of 2022 after a severe decline during the pandemic. India’s spirits market is expected to reach a record-high volume of 39 crore cases by end of 2022.

Read more here.

Rajasthan Govt. picks Jio, Airtel for ‘Mukhyamantri Digital Seva Yojana’

The Rajasthan government has selected Reliance Jio and Bharti Airtel to provide internet access and free smartphones to the women heads of 13.3 million families in the state under the ‘Mukhyamantri Digital Seva Yojana’. The tender is worth more than ₹12,000 crores. The distribution of free smartphones will begin in the second week of December. Jio will provide almost 60% of the connections while Airtel will fulfil the rest.

Read more here.

NDTV says Prannoy, Radhika Roy resigned as directors of the promoter group

NDTV founders Prannoy Roy and Radhika Roy have resigned as directors of promoter group vehicle RRPRH with immediate effect. An entity backed by the founders had issued shares of NDTV to a unit of the Adani Group, taking the Gautam Adani-led conglomerate a step closer to control of the media firm. The transfer of shares will give Adani control over a 29.18% stake in NDTV. Adani is also conducting an open offer between Nov. 22 and Dec. 5 for a 26% stake in NDTV.

Read more here.

Port infrastructure may get ₹2 lakh crore upgrade to ease logistics pain

India is eyeing a ₹2 lakh crore upgrade of its port infrastructure, in a major push to ease bottlenecks in logistics. Around 298 projects, including road and rail connectivity to ports, have been identified under the plan. The Empowered Group of Secretaries has identified critical infra gaps in port connectivity that would be taken on a priority basis and their implementation would be reviewed monthly.

Read more here.

Tata eyes Apple vendor Wistron’s facility in Karnataka: Report

According to reports, Tata Group has initiated discussions with Taipei’s Wistron Corp, one of the three top vendors for Apple in India, to buy its sole manufacturing facility in Karnataka for ₹4,000-5,000 crore. The transaction will help the group ramp up the manufacturing capabilities of Tata Electronics Pvt Ltd (TEPL) in precision engineering. TEPL is a wholly-owned subsidiary of Tata Sons. 

This acquisition could be part of the Tata Group’s ambitions to become a scaled mobile phone and component contract manufacturer.

Read more here.

DoT to telcos: No 5G sites near airports for now

The Department of Telecommunications (DoT) has directed all mobile phone operators not to install any 5G sites in the 3,300-3,670 megahertz band (C-band) within 2.1 kilometres of both ends of the runway at all the airports in India. In a letter to Reliance Jio, Bharti Airtel, and Vodafone Idea, DoT further said 5G base stations can be installed in the vicinity of 540 meters after this 2.1 km range.

Read more here.

SBI’s business partner Save Solutions in talks with private equity firms to raise ₹300-400 crore

Save Solutions, a leading business correspondent for the State Bank of India, is in talks with private equity investors to raise about ₹300-400 crore to fund its own lending business. A sharp rise in loan demand in the country and an overall economic rebound have boosted growth prospects. Save Solutions plans to use the funds to expand lending operations to micro, small and medium enterprises (MSMEs) and to micro-loan borrowers.

Read more here.

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Tata Group, SIA to Merge Air India With Vistara by 2024 – Top Indian Market Updates

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

Tata Group, SIA to merge Air India with Vistara by 2024

Singapore Airlines (SIA) and Tata Sons have agreed to merge Air India and Vistara. SIA will secure a 25.1% stake in the merged entity at an investment of ₹2,058.5 crore. This 25.1% stake will be in an enlarged Air India Group, which will have Air India, Vistara, AirAsia India, and Air India Express. The merger of all airlines is estimated to be completed by March 2024.

Read more here.

Britannia Industries to form JV with Bel SA

Britannia Industries Ltd has signed a joint venture (JV) agreement with France-based Bel SA and Britannia Dairy Pvt Ltd (BDPL) to develop, manufacture, and sell cheese products in India and other markets. As a part of the JV, Britannia Industries will sell a 49% stake in BDPL to Bel SA for ₹262 crore. It will then infuse an additional ₹215 crore in the joint venture.

Read more here.

Tata Motors partners with IndusInd Bank to boost EV adoption

Tata Motors has partnered with IndusInd Bank to offer exclusive electric vehicle (EV) financing to the automaker’s dealers. IndusInd Bank will provide additional inventory funding with attractive pricing to authorised passenger EV dealers of Tata Motors. This move is part of Tata Motors’ mission to increase EV adoption in India. 

Read more here.

Cipla launches injection for prostate cancer in the US

Cipla Ltd announced the launch of Leuprolide Acetate Injection Depot in the US market. The drug is used to treat advanced prostate cancer. It is also indicated for endometriosis and is used with other medication to treat anemia caused by uterine fibroids. According to IQVIA data, LUPRON DEPOT had sales of approximately $197 million in the US for the 12 months ended September 2022.

Read more here.

Gland Pharma acquires French CDMO Cenexi for €120 million

Gland Pharma’s Singapore subsidiary, Gland Pharma International PTE, will acquire France-based contract development & manufacturing organisation (CDMO) Cenexi Group for €120 million (~₹1,012 crore). The acquisition will give Gland Pharma a foothold in the European CDMO market. Cenexi has a presence across four manufacturing sites in Europe, which include three sites in France and one site in Belgium.

Read more here.

ICICI Bank launches digital lending solution iLens

ICICI Bank announced the launch of a digital lending solution called ‘iLens’. It allows customers to secure housing loans digitally with hassle-free onboarding via paperless login, uploading documents, instant sanctions, and disbursement of loans. ICICI Bank Lending Solutions (iLens) is powered by the TCS Lending Platform. The bank also plans to offer personal loans, auto loans, and credit cards through this platform.

Read more here.

Lupin launches generic version of COPD treatment drug

Lupin Ltd announced the launch of a generic version of Formoterol Fumarate Inhalation Solution in the US market. The drug is used to treat chronic obstructive pulmonary disease (COPD). According to IQVIA MAT data, the product had estimated annual sales of $268 million for the 12 months ended Sept 2022.

Read more here.

Tech Mahindra signs pact with Axiata Group to develop 5G enterprise solutions

Tech Mahindra has signed a Memorandum of Understanding (MoU) with Axiata Group Berhad to co-develop and market 5G enterprise solutions across Malaysia, Sri Lanka, Bangladesh, Nepal, and Cambodia. The two entities aim to develop new-age and cost-effective 5G solutions across the manufacturing, oil & gas, and smart cities & services industries.

Read more here.

Biocon completes acquisition of Viatris’s biosimilar business

Biocon Biologics has completed the acquisition of the $3.34 billion Viatris’ global biosimilars business. The company has issued Compulsorily Convertible Preference Shares (CCPS) in the company valued at $1 billion (equivalent to an equity stake of ~12.9%) and made an upfront cash payment of $2 billion to Viatris. Biocon Biologics is a subsidiary of Biocon Ltd.

Read more here.

ONGC gas price to be capped at $6.5 for five years

A government-appointed gas price review panel has recommended a floor and ceiling price for natural gas produced from legacy fields of state-owned firms for five years to help moderate CNG and piped cooking gas rates. Oil & Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) will be paid a minimum price of $4 per million British thermal units (Btu) and a ceiling price of $6.5 per million Btu, compared to the current rate of $8.57.

Read more here.

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PVR to Invest ₹350cr for 100 New Screens in FY23 – Top Indian Market Updates

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

PVR to invest ₹350 crore for 100 new screens in FY23

PVR Limited will invest up to ₹350 crore to open 100 new screens in the current financial year (FY23). The investments will be funded by cash balances from internal accruals and also by some debt. The company expects its mega-merger with Inox Leisure to close by February 2023, after which it will start to run as a combined business. 

Read more here.

DLF to develop luxury project in Gurgaon; targets ₹1800 crore sale

DLF Limited will develop a new luxury housing project in DLF5, Gurugram, with an estimated sales realisation of ₹1,700-1,800 crore. It will comprise 292 residences in a total developable area of 8.5 lakh square feet. The company has focused on many low-rise luxury developments and has sold floors worth ₹3,000 crore in 20 months.

Read more here.

Mahindra Lifespace eyes society redevelopment projects in Mumbai

Mahindra Lifespace Developers Ltd (MLDL) expects to secure two society redevelopment projects in Mumbai in FY23. The company is also looking to develop data centres as part of its expansion plans. MLDL aims to develop build-to-suit industrial and warehousing space in its existing large integrated industrial parks and may also look at housing for senior citizens.

Read more here.

Tata Group to halve number of listed companies to boost competitive strength

The Tata Group has commenced plans to halve the number of listed companies in the conglomerate from 29 to ~15 in the coming months to focus on investing in fewer but bigger entities that can compete well in the marketplace. They are speeding up its simplification and synergising strategy to better focus on growth & scale and improve cashflows in the larger companies. Last week, the group initiated the process of consolidating its steel business by merging seven subsidiaries into Tata Steel.

Read more here.

Tata Motors to invest ₹2,000 crore per annum on CV business

Tata Motors Ltd plans to continue investing up to ₹2,000 crore per annum in its commercial vehicle (CV) business to launch new models. The company is also looking to transition to cleaner mobility through vehicles powered by CNG and other alternative fuel options. It expects CNG models to account for nearly 40% in intermediate & light commercial vehicles and 20% in small CVs going ahead.

Read more here.

HAL sets up ₹208 crore rocket engine manufacturing facility

Hindustan Aeronautics Ltd (HAL) has set up a ₹208 crore Integrated Cryogenic Engine Manufacturing Facility (ICMF) that would cater to the entire rocket engine production under one roof for Indian Space Research Organisation (ISRO). Set up over an area of 4,500 square metres, the facility will house over 70 hi-tech equipment and testing facilities for manufacturing cryogenic and semi-cryogenic engines of Indian rockets.

Read more here.

Samsung, Axis Bank launch co-branded card

Samsung and Axis Bank have launched a new co-branded credit card in India. The credit card will be powered by Visa and comes with a host of benefits such as cashback and reward points. It offers 10% cashback across all Samsung products (smartphones, tablets, TVs, ACs) and services around the year. The two entities have also partnered with key partner merchants such as BigBasket, Myntra, Tata 1mg, and Zomato.

Read more here.

Mahindra Logistics to acquire Rivigo’s B2B express business

Mahindra Logistics Ltd (MLL) has reached an agreement to acquire Rivigo Services Pvt. Ltd’s (RSPL) business-to-business (B2B) express business. MLL will take over the customers, team, assets, and technology platform of the B2B express business. RSPL will continue to own its truck fleet and the rights to the full truckload (FTL) operations.

Read more here.

BSE gets final SEBI approval to launch electronic gold receipts

BSE Ltd has received final approval from the Securities and Exchange Board of India (SEBI) for introducing the Electronic Gold Receipt (EGR) segment on its platform. The exchange conducted several mock trading in the test environment for its members to facilitate trading in EGRs. EGRs will go a long way in building a transparent channel for gold trade on a national institutionalised platform.

To learn more about EGRs, click here.

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Equity Mutual Fund Inflows Hit 10-Month Low in August – Top Indian Market Updates

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

Equity mutual fund inflows hit 10-month low in August

Data released by the Association of Mutual Funds in India (AMFI) showed that Inflows into equity mutual funds fell 31% YoY to ₹6,119.58 crore in August. Investors continued to withdraw money amidst rising interest rates and high inflation. The monthly Systematic Investment Plan (SIP) contribution stood at ₹12,693.45 crore in August, an all-time high. 

The mutual fund industry’s net assets under management (AUM) hit an all-time high of ₹39.33 lakh crore in August, increasing 7% YoY.

Read more here.

Govt clears PLI incentive of ₹53 crore for Dixon Tech

Dixon Technologies Ltd has become the first producer of mobile phones to get approval for the disbursement of incentives under the government’s Production-Linked Incentive (PLI) scheme. The company will be eligible to receive ~₹53 crore for the first quarter of operation between October to December 2021 as an incentive on incremental sales. The incentive amount will be disbursed in the next few days.

Read more here.

India considers new coal imports as energy supply concern grows

Energy officials in India are considering whether further coal imports may be needed to avoid any power supply crunch. Stockpiles of coal at power plants have fallen about 11% since mid-August, meaning utilities have an average of 10 days’ supply. This is well below the required levels of more than three weeks. Coal helps produce about 70% of India’s electricity.

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PVR to seek approval from shareholders, creditors on Oct 11 for merger with INOX

PVR has called a meeting of its shareholders and creditors on October 11 to seek their approval for its merger with INOX Leisure. The two entities announced the merger plan in March 2022, and the merged company will be called PVR Inox. However, the branding of existing screens will continue as PVR and INOX. The boards of both companies decided that the shareholders of INOX Leisure would receive 3 stocks of PVR for every 10 stocks of Inox they hold.

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Zydus Lifesciences secures rights to market MonoFerric injection in India, Nepal

Zydus Lifesciences Ltd has secured rights to market MonoFerric injection in India and Nepal from Denmark-based Pharmacosmos A/S. The drug is used to treat iron deficiency in adult patients when oral iron preparations are ineffective. MonoFerric is available in over 30 countries (including the US and Europe), and over 28 million doses have been administered since launch.

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Tata Group in talks to join an elite club of iPhone makers

Tata Group is in talks with Wistron Corp, a Taiwanese supplier to Apple Inc., to establish an electronics manufacturing joint venture as they seek to assemble iPhones in India. As per reports, Tata Group wants to tap Wistron Corp’s expertise in product development, supply chain, and assembly. If successful, the pact could make Tata the first Indian company to build iPhones.

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Lupin gets USFDA approval for generic used to cleanse colon

Lupin Ltd has launched the generic version of Suprep Bowel Prep Kit Oral Solution in the US after getting approval from the US Food & Drug Administration (USFDA). The drug is used for cleansing the colon as a preparation for colonoscopy. As per IQVIA MAT data, RLD Suprep Bowel Prep Kit had estimated sales of $202 million in the U.S during the 12 months ended July 2022. 

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Ashok Leyland signs pact with UK-based Libertine for powertrain technology

Ashok Leyland Ltd has signed an agreement with UK-based Libertine Holdings to evaluate the use of Libertine’s technology platform for its commercial vehicle (CV) powertrains. Libertine is a developer of clean and fuel-flexible linear generator technology (LGT). Under the terms of the agreement, Ashok Leyland will explore the scope for LGT product development and demonstration within its CV portfolio.

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PI Industries looks to buy promoter stake in Granules India: Report

As per a report by ET NOW, PI Industries is looking to acquire a promoter stake in Granules India. “Initial discussions between the two companies have already taken place,” the report said. The promoters of Granules India have a 42% stake in the pharma company valued at ₹3,200 crore.

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Adani Green Energy Raises $288M for RE Projects – Top Indian Market News

Adani Green Energy raises $288 million for RE projects

Adani Green Energy Ltd (AGEL) has raised $288 million (~Rs 2,188 crore ) for the construction of its renewable energy (RE) projects. The funds will initially finance the 450 megawatts (MW) hybrid portfolio of solar and wind RE projects that AGEL is setting up in Rajasthan. The extended pool of liquidity strengthens AGEL’s strategy to fast-track the development of its under-construction asset portfolio. AGEL has set a target of achieving 45 GW renewable energy capacity by 2030.

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Airbus in talks with Tatas, Indian carriers for A350XWB aircraft

Airbus is in talks with Tata Group and Indian carriers for a deal regarding the procurement of its wide-bodied A350XWB planes. Currently, only Vistara and Air India have wide-bodied aircraft in their fleet. Wide-bodied planes like the A350XWB have larger fuel tanks that allow them to travel longer distances. “We predict a 6.2% yearly average growth for the air traffic out of India. The world average is at 3.9%,” noted Remi Maillard, President & MD of Airbus India & South Asia.

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Glenmark Pharma gets USFDA approval for Lacosamide tablet

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Lacosamide tablets. The drug is used to treat partial-onset seizures in patients 4-years and older. As per IQVIA January 2022 data, the generic version of the drug had achieved annual sales of ~$1.7 billion (~Rs 12,964 crore). 

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Godrej Properties records sales worth Rs 1,002 crore in Pune township project

Godrej Properties Ltd (GPL) has achieved sales of Rs 1,002 crore in 2021-22 in its township project ‘Riverhills’ in Mahalunge, Pune. The realty company has sold over 1,550 homes across 1.5 million sq. ft. in the current financial year. Since the launch of Phase-1 of the township in September 2019, GPL has sold over 3,600 homes with 3.4 million square feet of area and a booking value of over Rs 2,100 crore.

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TCS, Google Cloud secures Fletcher Building digitisation deal

Tata Consultancy Services (TCS) has secured a deal from Fletcher Building to build a Google cloud-based enterprise platform to support long-term growth. TCS and Google Cloud will implement enterprise-grade cloud capability to run the realty company’s mission-critical enterprise workloads. Both entities will develop Fletcher Building’s customer data strategy to create an end-to-end understanding of customer needs and behaviors.

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Wockhardt partners with SII to set up vaccine manufacturing plant in UK

Wockhardt UK has partnered with a subsidiary of Serum Institute of India (SII) to set up a new vaccine manufacturing facility in Wrexham, North Wales (UK). The collaboration between Wockhardt UK and Serum Life Sciences UK Ltd will help create employment opportunities and establish a new sterile fill and finish facility in Wrexham. The facility will deliver an additional 150 million vaccine doses of multiple vaccines.

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NMDC becomes first Indian company to cross 40 MT iron ore production in a year

NMDC Ltd has crossed the milestone of producing over 40 million tonnes (MT) of iron ore in a year, becoming the first Indian company to do so. The company has now set a target of becoming a 100 million tonnes per annum (MTPA) company by 2030. NMDC plans to leverage its expertise in moving towards a multi-mineral outlook with coal, diamond, gold, and other strategic minerals to its portfolio.

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Strides Pharma signs pact with MPP to market Covid-19 drug

Strides Pharma Science Ltd has signed a sub-licence agreement with Medicines Patent Pool (MPP) to commercialise the generic version of Pfizer’s Covid-19 oral treatment (Kovidax) in 95 low and middle-income countries. The product will be manufactured at Strides’ flagship facility in Bengaluru. The company has also secured active pharmaceutical ingredients (API) supplies for the drug via a preferred partnership agreement. 

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KEC International secures new orders worth Rs 1,005 crore

KEC International Ltd has secured new orders worth Rs 1,005 crores across its various business segments. The transmission & distribution (T&D) business has received orders for the supply of towers and poles in the Americas. Its railways business has won orders for overhead electrification and associated works. The company’s civil business has secured an order for the construction of a depot cum workshop in the urban infra segment in India.

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Banks recover Rs 61,000 crore via one-time settlement of loans

The Central Govt informed Parliament that around 11 banks have recovered ~Rs 61,000 crore by way of one-time settlement of loans in nearly four financial years. The figures are for the last three financial years and up to December 2021 of FY22. As per RBI norms, banks are required to have a board-approved loan recovery policy. The policy may cover negotiated settlements through compromise, including one-time settlements (OTS). Such measures will help banks promptly recycle their funds with advantage.

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Domestic air traffic rose 20% in Feb: DGCA

Around 76.96 lakh domestic passengers travelled by air in February 2022, a 20% increase over January. This shows a sign of recovery for the domestic aviation market, which had dipped 43% due to the third wave of the Covid-19 pandemic. IndiGo carried 39.51 lakh passengers in Feb, securing a 51.3% share of the domestic market. SpiceJet Ltd flew 8.2 lakh passengers and Air India flew 8.55 lakh passengers in February.

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Oil India to Set Up Green Hydrogen Plant in Assam – Top Indian Market News

Oil India to set up green hydrogen plant in Assam

Oil India Ltd (OIL) has announced plans to set up a plant to manufacture green hydrogen at its Jorhat oilfield in Assam. The hydrogen generated from the plant will be blended with natural gas using existing infrastructure. Hydrogen, being the cleanest form of energy, is the latest focus area across the globe to meet rising energy needs. Green hydrogen is derived from water electrolysis, using renewable energy such as solar or wind.

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RBL Bank’s financial health stable, no reason for depositors to worry: RBI

The Reserve Bank of India (RBI) said that RBL Bank’s financial health remains stable, and there was no reason for depositors and other stakeholders to react to speculative reports. It further added that the bank was well capitalised, and its financial position remains ‘satisfactory’.

RBL Bank’s shares fell ~23% intraday on Monday after a series of developments over the weekend confused investors. In two separate regulatory statements, the bank said that RBI has appointed chief general manager Yogesh Dayal to its board as an additional director and that RBL Bank’s chief executive officer Vishwavir Ahuja will go on immediate leave. 

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HDFC Bank partners with IPPB to deliver banking services in semi-urban, rural areas

HDFC Bank has partnered with India Post Payments Bank (IPPB) to offer its services to the unbanked and underserved segments in semi-urban and rural areas. A Memorandum of Understanding (MoU) was signed between the two entities to cater to the majority of over 4.7 crore customer base of IPPB. This partnership will help HDFC Bank expand its customer outreach to the last mile.

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HFCL gets ‘Trusted Source’ recognition from NSCS

The National Security Council Secretariat (NSCS) has recognised HFCL Ltd as a trusted source on matters of national security and strategic interest. With this tag, HFCL joins a premium league of companies and has become a trusted source for all Indian telecom service providers (TSPs) for their active network products and infrastructure.

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IndusInd Bank ties up with NPCI to simplify cross border remittances via UPI

IndusInd Bank has partnered with the National Payments Corporation of India (NPCI) to facilitate real-time cross-border money transfers by using UPI IDs of beneficiaries. With this initiative, IndusInd Bank has become the first Indian bank to go live on UPI for cross-border payments or NRI remittances. The bank plans to add more partners in various other countries for cross-border payments via UPI in the near future.

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Tata Group’s growth strategy to be based on digital, energy, supply chain, and health themes: N Chandrasekaran

Tata Group’s future growth strategy will be based on four themes: digital, new energy, supply chain resilience, and health, said Chairman N Chandrasekaran. In a new year message to employees, he said that the group is becoming simpler and financially stronger than it has been in a long time. He further said that Tata Group has made good progress in addressing carbon footprint and positioning its companies to benefit from revolutionary new technologies.

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Mahindra Holidays & Resorts to add over 300 rooms by March 

Mahindra Holidays & Resorts Ltd (MHRL) plans to add over 300 rooms by March 2022 to take the overall inventory to 4,500 keys. This move is part of the planned Rs 1,200 crore capital investment to add over 1,000 rooms in the next three years ending FY24. MHRL operates under the flagship Club Mahindra brand of membership-only resorts. It operates 78 properties (offering 4,197 keys) and has been clocking about 80% occupancy in the third quarter of FY22.

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Ashoka Buildcon arm signs share purchase agreements worth Rs 1,337 crore with Galaxy Investments

Ashoka Concessions Ltd (ACL) has entered into share subscription and share purchase agreements with Galaxy Investments II Pte. Ltd for sale of the entire share capital of several of its subsidiaries. The aggregate consideration received for the sales is Rs 1,337 crore. The transactions are subject to the completion of certain conditions, including approval of the lenders of the respective subsidiaries and the National Highway Authority of India. ACL is a material subsidiary of Ashoka Buidcon Ltd.

Adani Group to start exporting coal from controversial Australian mine

The Adani Group’s Carmichael coal mine in Australia will begin exporting coal after battling a seven-year campaign by climate activists and defying a global push away from fossil fuels.  The group is preparing to export high-quality, low sulphur coal and is due to begin shipping before the end of the year. The Carmichael mine will be a vital source of supply for importers such as power plants in India.

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Paras Defence secures DRDO contract for border surveillance tech

Defence Research Development Organization (DRDO) has selected Paras Defence & Space Technologies Ltd (PDSTL) as one of the companies for handing over the technology of border surveillance systems. This technology has been transferred by a licensing agreement for the Transfer of Technology (ToT) for border surveillance systems entered between PDSTL, Instruments Research & Development Establishment (IRDE), and DRDO. This system will provide all-weather surveillance for day and night monitoring of the border areas.

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ITC to Acquire 16% Stake in D2C Brand Mother Sparsh – Top Indian Market News

itc

ITC to acquire 16% stake in D2C brand Mother Sparsh

ITC Limited has announced plans to acquire a 16% stake in Mother Sparsh for Rs 20 crore through a share subscription agreement. Mother Sparsh is a direct-to-consumer (D2C) Ayurvedic and natural personal care brand that focuses on mother and baby care segments. ITC said the acquisition will enable access to the fast-growing D2C space in the ‘personal care’ category, which has been identified by the company as an area of interest. 

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Tata Group in talks to set up $300 million semiconductor assembly unit: Report

According to reports, Tata Group is in talks with three states to invest up to $300 million (~Rs 2,245 crore) to set up a semiconductor assembly and test unit. The group is holding talks with the governments of Tamil Nadu, Karnataka, and Telangana and scouting for land for the outsourced semiconductor assembly and test (OSAT) plant. An OSAT plant assembles and tests foundry-made silicon wafers, turning them into finished semiconductor chips. 

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IRCON emerges lowest bidder in 2 projects worth Rs 1,500 crore

Ircon International Ltd has emerged as the lowest bidder for the construction of an eight-lane access-controlled expressway in the Shirsad-Akloli section of Vadodara-Mumbai Expressway in Maharashtra. The project, floated by the National Highways Authority of India (NHAI), is valued at ~Rs 1,124 crore. IRCON has also emerged as the lowest bidder for the supply, installation, testing, and commissioning of Track Works of Standard Gauge for Chennai Metro Rail Ltd. The value of the project is Rs 337.61 crore.

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Sanofi India to divest Soframycin, Sofradex brands for Rs 125 crore

Pharma major Sonafi India will divest its Soframycin and Sofradex brands to Encube Ehticals for a total consideration of Rs 125 crores. Upon completion of the transaction, Encube would acquire the right to sell and distribute the two skin ailment creams in India and Sri Lanka. The company’s board has also approved the transfer of the unregistered Intellectual Property (IP) and product inventory to Encube.

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Aurionpro Solutions to acquire majority stake in Toshi Automatic Systems

Aurionpro Solutions Ltd has announced plans to acquire a majority stake (51%) in Toshi Automatic Systems Pvt Ltd (TASPL). The acquisition will allow Aurionpro to further consolidate its position as the only integrated player in the Automatic Fare Collection (AFC) & transit solutions space in India. Uttar Pradesh-based TASPL is an innovator with products and solutions in industrial, public safety, mass transit segments.

Apollo Hospitals, Amazon in talks for pharmacy business partnership: Report

Online retail giant Amazon is reportedly in talks with Apollo Hospitals for a partnership in its pharmacy business, Apollo HealthCo. Apollo Hospitals is looking to sell up to a 20% stake in its pharmacy subsidiary and wants to raise around $500 million (~Rs 3,744 crore). The subsidiary is making strategic moves to expand its online sales and working towards being a dominant omnichannel player.

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CDSL becomes first depository to open 5 crore active Demat accounts

Central Depository Services (India) Limited (CDSL) has become the first depository to hold more than five crore active Demat accounts. CDSL is India’s leading and only listed depository. It provides convenient, dependable, and secure depository services at an affordable cost to all market participants. To learn more about CDSL, click here.

Vedanta promoters pledge shares to raise Rs 6,000 crore

Holding companies of Vedanta Ltd have raised $800 million (~Rs 6,000 crore) by pledging shares in the company. Promoter group firms pledged 242.26 crore shares or a 65.18% stake in Vedanta in three facility agreements to raise funds. The firm is evaluating all options including demergers, spin-offs, and strategic partnerships as part of a complete overhaul of its corporate structure. It is also looking at listing its aluminium, iron & steel, and oil & gas verticals as separate entities.

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NTPC Renewable Energy signs PPA for 325 MW solar projects

NTPC Renewable Energy has signed a Power Purchase Agreement (PPA) and other project agreements with Indian Railways, Madhya Pradesh Power Management Company, and Reva Ultra Mega Solar Ltd (RUMSL) for 325 megawatts (MW) solar projects. The projects will be installed in RUMSL at Shajapur Solar Park in Madhya Pradesh

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India to Export 8 million Covid-19 Vaccine Doses in October – Top Indian Market News

Some ampoules with ncov-2019 vaccine in a box. to fight the coronavirus pandemic.

India to export 8 million Covid-19 vaccine doses in October

India will export eight million Covid-19 vaccine doses by the end of October after ending its ban on sending doses abroad. Prime Minister Narendra Modi has promised to resume exports of vaccines at a meeting of the ‘Quad’ leaders, as India, Japan, Australia, and the US try to counter growing Chinese influence across the Asia-Pacific region. India will deliver most of the eight million doses of the Johnson & Johnson single-shot vaccine to Asia-Pacific countries.

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HDFC sells part of invoked shares of Ansal Housing to recover dues

Housing Development Finance Corp (HDFC) Ltd has sold a part of the shares invoked from Ansal Housing Ltd to recover their dues. The company has sold 12.67 lakh shares, representing 2.13% of the paid-up equity share capital of Ansal Housing. On August 4, HDFC invoked 46.2 lakh shares of Ansal Housing to recover a part of outstanding dues against loans availed by borrowers. The mentioned shares aggregate to 7.78% of Ansal’s total paid-up share capital by HDFC. 

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Tata, Airbus seals contract to make 56 C-295 military transport aircraft

The Ministry of Defence (MoD) has signed a contract worth Rs 22,000 crore with Tata and Airbus Defence and Space-Spain to procure 56 C-295 MW transport aircraft. Under the agreement, 16 aircraft will be delivered in a flyaway condition by Airbus Defence and Space within four years. The remaining 40 planes will be manufactured in India by a consortium of Airbus Defence and Space and Tata Advanced Systems Ltd (TASL) within ten years. The C-295 MW aircraft is a transport plane of 5-10 tonne capacity with cutting edge technology.

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L&T aims to double revenue in next 5 years

Larsen & Toubro CEO and MD SN Subrahmanyan said the company aims to double its revenue in the next five years, implying a CAGR of 16.4% over FY21-26. L&T is constructive on India’s capital expenditure (capex) cycle with a pick-up in infrastructure spending. The CEO added that the international ordering outlook remains strong, which currently contributes ~20% of the total order book for L&T.

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USFDA issues 6 observations after inspection of Biocon’s subsidiary’s unit

The US Food & Drug Administration (USFDA) has issued six observations after the inspection of the manufacturing facility of Biocon Ltd’s Malaysian subsidiary. The health regulator conducted an on-site pre-approval inspection of Biocon Sdn Bhd’s manufacturing facility for Insulin Aspart between Sept 13-24. A Biocon spokesperson said the company is confident of addressing these observations through procedural enhancements and an appropriate Corrective and Preventive Action Plan (CAPA).

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Balkrishna Industries to raise Rs 1,000 crore via long-term finance

The Board of Directors of Balkrishna Industries has approved a proposal to raise up to Rs 1,000 crore through long-term finance. The company will raise funds by issuing foreign currency bonds, non-convertible debentures (NCDs), or external commercial borrowings. The tyre manufacturer has undertaken a Rs 1,000 crore capacity expansion plan. Earlier this month, it also commenced trial production at its new manufacturing unit at Waluj, Maharashtra.

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IRB Infra secures order worth Rs 844 crore from NHAI

IRB Infrastructure Developers has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project in Tamil Nadu. The order consists of six-laning of the Chittoor-Thatchur road from Pondavakkam to Kannigaipair in Tamil Nadu on a Hybrid Annuity Mode. The company’s bid project cost is Rs 844.14 crore.

Cinema halls in Maharashtra to reopen from October 22

Maharashtra Chief Minister Uddhav Thackeray said cinema halls and drama theatres in the state will be permitted to operate from October 22. Theatres will have to follow all protocols required to prevent the spread of coronavirus. The state government will soon issue the standard operating procedure (SOPs) in this regard. Schools will reopen across the state from October 4.

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