Tag: Tata Power

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Govt Receives Rs 3,636Cr Dividend from IOCL – Top Indian Market Updates

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

Centre receives ₹3,636Cr dividend from IOCL

According to the secretary of the Department of Investment and Public Asset Management (DIPAM), the Central Government has received ₹3,636 crore from Indian Oil Corporation of India Ltd as a dividend tranche. Additionally, it received received about ₹23 crore from RailTel Corporation of India Ltd. 

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IOC corners more than a third of D6 gas in latest Reliance auction

Indian Oil Corporation (IOC) has cornered more than a third of the natural gas that Reliance Industries Ltd and its partner BP offered in the latest auction of the KG-D6 gas. IOC got 1.45 million standard cubic meters per day out of the 4 mmscmd of gas auctioned last week. Reliance and BP last week auctioned 4 mmscmd of gas from the Krishna Godavari basin block starting December 1, 2023.

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Jubilant Foodworks to acquire majority stake in DP Eurasia

Jubilant Foodworks Ltd announced plans to acquire an additional 51.1% stake in DP Eurasia NV.  DP Eurasia NV is the exclusive master franchisee of the Domino’s Pizza brand in Turkey, Azerbaijan, and Georgia. The acquisition will be carried out through a subsidiary, with a proposed consideration of up to EUR 73.36 million (approximately ₹670 crore).

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Tata Motors launches registered vehicle scrapping facility in Punjab

Tata Motors has launched a registered vehicle scrapping facility (RVSF) in Punjab, which will be the company’s fourth such unit. The facility, developed by Tata Motors’ partner Dada Trading Company, can safely disassemble 12,000 end-of-life vehicles annually. The facility, which operates both passenger and commercial vehicles, is part of the company’s commitment to eco-friendly initiatives.

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Tata Power Renewable Energy secures 200 MW FDRE project

Tata Power Renewable Energy Ltd (TPREL) secured a 200 MW firm and dispatchable renewable energy (FDRE) project from SJVN Ltd. The project, providing round-the-clock power, aligns with power distribution company’s renewable purchase obligation and energy storage obligation. The financial details of the order haven’t been disclosed yet.

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Apollo launches India’s first pediatric health assessment on chronic, lifestyle diseases in children

Apollo Hospitals has launched an industry-first pediatric ProHealth Programme to combat the increasing trend of non-communicable diseases (NCDs) among children and adolescents. The Pediatric ProHealth Programme curates tests to assess the child based on his or her family history and age group and also conducts routine tests. 

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PCBL to acquire Aquapharm Chemicals for ₹3,800 crore

Philips Carbon Black (PCBL) approved the acquisition of Aquapharm Chemicals Private Limited for an aggregate of ₹3,800 crore. The proposed transaction shall be financed through a mix of internal accruals and external funds raised by the company and/or its affiliates/associates. The acquisition of ACPL marks the company’s foray into global speciality segments of water treatment chemicals and oil & gas chemicals.

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China’s Alipay to sell its 3.4% stake in Zomato for nearly $400 million

According to Reuters, Alipay plans to sell its 3.4% stake in food delivery giant Zomato for nearly $400 million through block deals on Indian stock exchanges. Alipay, owned by Ant Group, will offload its entire 3.44% stake in the deal, the term sheet seen by Reuters showed. Bank of America and Morgan Stanley are advisers on the deal.

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Sale of Aster DM’s GCC business likely to be announced soon

Aster DM Healthcare is on the verge of announcing the sale of its Gulf Cooperation Council (GCC) region business. Fajr Capital, in collaboration with key promoters, is expected to acquire the business in a landmark deal expected to be valued at $1 billion. Aster DM Healthcare has entrusted the task of overseeing the sale of its GCC business to independent directors. This decision is aimed at avoiding any potential conflicts of interest during the sale process.

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Amazon signs partnerships with HDFC Securities, TCS and Tech Mahindra 

Amazon Web Services (AWS) has partnered with HDFC Securities, Tata Consultancy Services (TCS) and Tech Mahindra during its annual tech conference, Re: Invent. HDFC Securities Ltd has built its latest trading app, HDFC Sky, on the AWS cloud platform. The TCS partnership includes a generative AI practice with AWS that it hopes will aid businesses in making good on opportunities. Tech Mahindra has partnered with AWS to build a sports cloud platform.

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Tata Power Posts 7% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

Tata Power Q2 Results: Net profit rises 7% YoY to ₹876 crore

Tata Power Ltd reported a 7% YoY rise in consolidated net profit to ₹876 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 12% YoY to ₹15,738 crore during the same period; largely driven by higher revenue from core businesses of generation, transmission and distribution. EBITDA stood at ₹3,090 crore, up 76% YoY in Q2.

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Lupin launches anesthesia injection in US

Lupin Ltd launched Rocuronium Bromide injection, an anaesthesia medicine, in the United States. The launch came after Lupin’s alliance partner Caplin Steriles received approval from the US Food & Drug Administration (USFDA). According to the IQVIA MAT August 2023 data, the injection had estimated annual sales of $54 million in the US.

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CAMS Q2 Results: Net profit rises 17% YoY to ₹84.5 crore

Computer Age Management Services Ltd (CAMS) reported a 17.1% YoY rise in net profit to ₹84.51 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 13.5% YoY to ₹275.08 crore during the same period. The company’s board recommended a dividend of ₹10 per equity share. CAMS acts as a registrar and transfer agent for mutual funds. 

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Voltas to take ₹500 crore term loan for new plants

Voltas Ltd will take up to ₹500 crore in term loans to finance the manufacturing of new plants in Chennai and Waghodia (Gujarat). The board approved the proposal to take an unsecured rupee term loan of up to ₹500 crore from a bank. The board also approved dropping the proposed non-convertible debentures issue through private placement for raising to ₹500 crore.

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Bata India Q2 Results: Net profit falls 38% YoY to ₹34 crore

Bata India reported a 38% YoY fall in net profit to ₹34 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations fell 1.3% YoY to ₹819.1 crore during the same period. EBITDA stood at ₹181.6 crore, up 12.9% YoY. Bata India has opened 30 new stores in nearly 25 cities.

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Pidilite Industries Q2 Results: Net profit rises 36% YoY to ₹458 crore

Pidilite Industries Ltd reported a 35.7% YoY rise in net profit to ₹458.5 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 2.2% YoY to ₹3,076 crore during the same period. EBITDA stood at ₹679.6 crore, up 35.9% YoY. The company intends to set up a lending business by acquiring Pargro Investments Pvt. for ₹10 crore.

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US’ DFC to invest $553 million in Adani Group’s Sri Lanka port

US International Development Finance Corporation (IDFC) will fund a project partly owned by the Adani Ports & Special Economic Zone Ltd (APSEZ). US IDFC will invest $553 million in the Colombo port terminal project, a consortium of APSEZ, John Keells Holdings (JKH) and the Sri Lanka Ports Authority. 

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Gland Pharma gets EIR from USFDA for Visakhapatnam facility

Gland Pharma has received an establishment inspection report (EIR) from the US Food & Drug Administration (USFDA) for its Visakhapatnam facility. The inspection has been closed by the USFDA. The health regulator inspected the company’s Vizag unit from July 20 to July 28.

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DLF to buy residual stakes in entities owning 63 acres of land in Gurugram for ₹40 crore

DLF will acquire residual stakes in certain entities that own 63 acres of land parcels in and around Gurugram for around ₹40 crore. The real estate company acquired development rights for these land parcels in 2009-10. DLF’s board approved the acquisition of around 5.22% stake in Invecon Pvt Ltd and 4.48% and 3.24% stake in its affiliates namely Vikram Electric Equipment and Uni International, respectively.

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Eris Lifesciences acquires Biocon Biologic’s Nerphro, derma units

Biocon Biologics Ltd has signed a definitive agreement with Eris Lifesciences to divest its Dermatology and Nephrology branded formulations business units in India. The total transaction value of the divestment is ₹366 crore. The divestiture is expected to close by the end of November 2023, subject to customary closing conditions.

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Infosys partners with AWS to accelerate cloud transformation of financial institutions

Infosys has entered into a three-year strategic collaboration agreement with Amazon Web Services (AWS) to accelerate financial cloud transformation in financial institutions. Their customers will receive AWS’ transformative cloud services, Infosys’ domain knowledge & delivery and the expertise of Infosys Capital Markets will transform their business models and modernise their applications. 

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Hero MotoCorp to enter Europe market with EV range next year

Hero MotoCorp has announced its entry into the European market with an electric scooter range next year. The company will introduce the VIDA V1 electric scooter in Spain, France, and the UK by mid-2024. On Tuesday, Hero MotoCorp unveiled three production-ready vehicles and three concept vehicles at EICMA 2023, an auto industry event taking place in Milan, Italy.

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RIL Posts 30% YoY Rise in Net Profit to Rs 19,878 Cr in Q2- Top Indian Market Updates

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

Reliance Industries Q2 Results: Net profit rises 30% YoY to ₹19,878 crore

Reliance Industries Ltd (RIL) reported a 29.7% year-on-year (YoY) increase in net profit to ₹19,878 crore for the quarter ended September (Q2 FY24). RIL’s gross revenue rose 1.2% YoY to ₹255,996 crore during the same period. EBITDA stood at ₹44,867 crore, up 30.2% YoY.

Reliance Jio’s net profit rose 11.9% YoY to ₹5,058 crore, while revenue from operations grew 3% YoY to ₹24,750 crore in Q2.

Reliance Retail’s net profit rose 21% YoY to ₹2,790 crore in Q2. Its revenue from operations increased 19% YoY to ₹68,937 crore during the same period.

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Mahindra Lifespace Developers records ₹455 crore pre-sales in Q2

Mahindra Lifespace Developers has recorded pre-sales of ₹455 crore for 0.68 million sq. ft. saleable area in residential business for the quarter ended September (Q2). The company’s collections in residential business during the quarter stood at ₹311 crore. The developer launched 0.47 mn sq. ft. of saleable area as part of its phase 3 at Tathawade in Pune.

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Maruti Suzuki Q2 Results: Net profit rises 80% YoY to ₹3,716.5 crore

Maruti Suzuki reported an 80% YoY increase in net profit to ₹3,716.5 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 24% YoY to ₹35,535 crore during the same period. EBITDA stood at ₹4,784 crore, up 73% YoY. Sales volumes grew 6.7% YoY to 5.52 lakh units from 5.17 lakh units last year. This is the highest-ever volumes reported by the automaker during a quarter.

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Cipla Q2 Results: Net profit rises 45% YoY to ₹1,131 crore

Cipla reported a 45.4% YoY increase in net profit to ₹1,131 crore for the quarter ended September (Q2 FY24). The pharma company posted a net profit of ₹789 crore in the same quarter a year ago. Its revenue from operations grew 14.6% YoY to ₹6,678 crore during the same period. EBITDA stood at ₹1,734 crore, up 33.1% YoY.

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Oberoi Realty sells 31.67% stake in JV Sangam City Township

Oberoi Realty sold its entire 31.67% shareholding in a joint venture, Sangam City Township. The company has sold its stake comprising 9,500 equity shares in the joint entity to Balewadi Tech Park for ₹3.6 crore. The deal marks Oberoi Realty’s complete exit from the project and the joint venture entity. The JV is planning to develop a township project in Pune.

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Dr Reddys Labs Q2 Results: Net profit rises 33% YoY to ₹1,480 crore

Dr Reddy’s Labs reported a 33% year-on-year (YoY) increase in net profit to ₹1,480 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 9% YoY to ₹6,880 crore during the same period. EBITDA stood at ₹2,181 crore, up 13% YoY. 

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Tata Power arm to build 43.75 MW solar project for Mukand Ltd

Tata Power Renewable Energy Ltd (TPREL) signed an agreement for building a 43.75 MW captive solar project for Mukand Ltd in Jamkhed, Maharashtra. The project will generate 99.82 MUs (million units) annually and is expected to offset 54,687 tonnes of CO2 emissions per year. TPREL will construct, operate and maintain the captive solar power plant. The project is scheduled for commissioning by March 2024.

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Adani Energy Solutions commissions Karur Transmission project

Adani Energy Solutions has successfully commissioned the Karur Transmission project with a transformation capacity of 1,000 MVA. The project includes the establishment of the 400/230 kV, 1000 MVA Karur Pooling Station and an associated transmission line spanning 8.51 circuit kilometers (CKM) in Tamil Nadu. This project will facilitate the evacuation of power from renewable sources in the Karur/Tiruppur Wind Energy Zone. 

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HDFC bought office space from NBCC for ₹1,130 crore

HDFC bank has bought 284,567 sq. ft. of premium office space for ₹1,130 crore from NBCC (India) Ltd at South Delhi’s Nauroji Nagar. In total, NBCC has sold about 3.9 lakh sq. ft. for ₹1557.51 crore and will use it to fund the construction of seven colonies of Delhi. This is the highest sale realisation in a single auction since the launch of the World Trade Center (WTC) in New Delhi in 2017.

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RBI Stops Bank of Baroda From Adding Users to Mobile App – Top Indian Market Updates

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

RBI stops Bank of Baroda from adding customers to its mobile app

The Reserve Bank of India (RBI) has directed Bank of Baroda to stop adding customers to its mobile application, bob World. The ban is based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application. In July, Al Jazeera reported that Bank of Baroda officials had linked bank accounts to unrelated mobile numbers to achieve stiff targets to get customers to join the app.

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Tata Power partners with Bridgestone to install EV chargers

Bridgestone India has partnered with Tata Power to install electric vehicle (EV) chargers for four-wheelers at its dealerships across India. Tata Power will install 25/30 kilowatt-hour (Kwh) capacity DC fast chargers. The chargers are capable of charging a four-wheeler within one hour and will allow 20-24 vehicles to be charged in a day. It will be operational 24×7.

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Adani Group’s $3.5 billion Ambuja loan moves ahead

A consortium of banks that had engaged in discussions to provide Adani Group with a $3.5 billion loan for refinancing the debt taken to acquire Ambuja Cements Ltd has now obtained internal approval for this loan. The banks will provide approximately $250 million each toward the syndicated loan. Barclays Plc, Deutsche Bank AG and Standard Chartered Plc are part of a larger consortium of banks.

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India’s crude steel output grows to 70 MT in April-Sept

India’s crude steel production rose 14.7% YoY from 61.06 million tonnes (MT) to 69.65 MT during the April-September period of FY24. The increase in production was mainly due to improved capacity utilisation rates and the ramping up of capacities by key Indian steel players. The domestic consumption of finished steel also rose 14.77 YoY to 63.99 MT from 55.75 MT in FY24.

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Godrej Properties to sell 14 acres of land in Gurugram

Godrej Properties is in advanced talks with Hero Realty to sell a 14-acre land parcel in Gurugram for around ₹730 crore. The real estate developer bought the land in Sector 89 around two years ago from a local land-aggregating company. The deal is said to be at an advanced stage and both parties have agreed on the transaction.

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NSDL to acquire office space in BKC from IDFC Bank

National Securities Depository Ltd (NSDL) has acquired a 68,000 sqft office space from IDFC First Bank in Mumbai’s Bandra-Kurla Complex (BKC) for approx. ₹198 crore. The property will serve as NSDL’s new headquarters and is expected to be ready by January-February 2024. The decision is part of the consolidation of the bank’s operations near its corporate office at IDFC FIRST Bank Tower in Mumbai.

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SpiceJet and Celestial Aviation in advanced stages of settlement

SpiceJet Ltd and aircraft lessor Celestial Aviation Services Ltd are in advanced stages of settlement over a default of $29.9 million for nine aircraft. The National Company Law Tribunal (NCLT) has deferred the matter to November 7. SpiceJet is facing insolvency proceedings from two other aircraft lessors and an engine lessor. The airline has argued against the maintainability of these petitions.

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L&T Construction secures significant order from Rajasthan govt

Larsen and Toubro Ltd’s (L&T) construction arm has secured an order (worth ~₹1000-2500 crore) from the Rajasthan Government’s public health and engineering department. The engineering, procurement and construction order is to build a water supply project in the Chittorgarh district of Rajasthan for 648 villages from the Chambal River. This order marks L&T’s fourth order in this month so far.

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Sterlite Technologies’s subsidiary launches generative AI platform

Sterlite Technologies’ subsidiary, STL Digital, has launched a generative AI platform, Alnnov. The generative AI services, frameworks, methodologies and solutions are designed for enterprises to accelerate Generative AI-led innovation and adoption. The platform will accelerate the generative AI-led adoption as well as innovation for modern enterprises.

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Mazagon Dock signs Letter of Intent for 10 multi-purpose hybrid power vessels

Mazagon Dock Shipbuilders Ltd (MDL) has signed a Letter of Intent (LoI) with a European client. The LoI is to construct six firm units and four optional units of 7,500 DWT multi-purpose hybrid power vessels. The prices of these vessels will be finalised at the time of signing the official contract.

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Dr Reddy’s subsidiary faces antitrust lawsuit in US over Revlimid patents

Dr Reddy’s Laboratories Ltd’s wholly-owned subsidiary, Dr Reddy’s Laboratories Inc., has been named as a defendant in a recently filed lawsuit in the US. The complaint, filed by Mayo Clinic and Lifepoint Corporate Services, asserts claims under federal & state antitrust laws and other state laws alleging that the defendants improperly restrained competition and maintained a shared monopoly in the sale of brand and generic Revlimid through their respective settlements of patent litigation.

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Puravankara’s sale bookings rises 102% YoY in Q2

Puravankara Ltd’s sale bookings rose 102% YoY to ₹1,600 crore in Q2 FY24 from ₹791 crore in Q1. The company’s sale bookings in value terms rose 89% YoY to 2.01 million square feet in Q2. It stood at 1.07 million in Q2 FY23. Average sales realisation also increased 7% to ₹7,947 per sq ft from ₹7,396 per sq ft last year.


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Adani Ports to Buy Back up to Rs 1,620Cr of 2024 Bond – Top Indian Market Updates

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

Adani Ports to buy back up to ₹1,620Cr of 2024 bond

Adani Ports & Special Economic Zone (SEZ) commenced a cash tender offer for up to $195 million (~₹1,620 crore) to partly prepay its near-term debt maturities. The company started a buyback programme of some debt securities in April to prepay part of its near-term loans due in 2024. The tender offer is to buy the outstanding 3.375% senior notes due in 2024 for up to $195 million in cash. 

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Bank of Maharashtra fails to attract buyers for loans to Asian Hotels

Bank of Maharashtra failed to receive any firm bids for its loans of Asian Hotels (North) at the auction held on Tuesday. Asian Hotels (North) operates the five-star property Hyatt Regency (Delhi). According to the auction notice from the bank, it had set a reserve price of ₹330 crore as against the outstanding dues of ₹ 324 crore.

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Dixon Tech signs manufacturing agreement with Xiaomi

Dixon Technologies Ltd’s subsidiary, Padget Electronics Pvt Ltd, has entered into an agreement with Xiaomi to manufacture smartphones and other related products. The manufacturing will take place at Padget’s manufacturing facility in Noida. The deal will help Xiaomi India leverage Dixon’s status of being cleared to receive sops under the government’s production-linked incentive (PLI) scheme for mobile manufacturing. 

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NMDC’s China exports hindered by logistics

According to a Reuters report, NMDC is unable to export low-grade iron ore to China due to logistics issues. The company did not immediately reply to a Reuters email seeking comments. There is a severe shortage of rakes to move the ore anywhere in the country which is affecting exports. China imports around 80% of India’s overall shipments.

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Apollo acquires under-development hospital asset from Future Oncology in Kolkata

Apollo Hospitals has acquired a partially built hospital in Sonarpur, Kolkata, from Future Oncology Hospital and Research Centre for ₹102 crore in an all-cash deal. The acquired hospital has a total capacity of 325 beds. The acquisition is being fully funded through internal accruals by Apollo Multi Speciality Hospitals, a wholly-owned subsidiary of Apollo Hospitals.

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ADIA looks to invent $600 million into RIL’s retail business

According to an Economic Times report, Abu Dhabi Investment Authority (ADIA) is looking to buy an additional stake in Reliance Retail. ADIA is seeking to invest $600 million into Reliance Retail at valuations that significantly exceed those during an earlier concluded fundraising round three years ago. 

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Tata Power Renewable Energy to set up 41 MW captive solar plant for TP Solar

Tata Power Renewable Energy Ltd (TPREL) will set up a 41 MW captive solar plant at Thoothukudi, Tamil Nadu. The plant is for TP Solar’s new greenfield 4.3 GW solar cell and module manufacturing facility located at Tirunelveli, Tamil Nadu. The solar project will be commissioned 12 months from the signing of the Project Development Agreement (PDA). TPREL is a subsidiary of Tata Power.

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Glenmark signs agreement to market Cosmo Pharma’s acne cream in Europe, South Africa

Glenmark Specialty SA (GSSA) has signed distribution and licence agreements with Cosmo Pharmaceuticals NV for Winlevi, which is used in treating acne. The company will market and distribute Winlevi in Europe and South Africa. Glenmark Speciality SA will receive exclusive rights from Cosmo’s subsidiary to commercialise Winlevi in 15 EU countries and South Africa. GSSA is a subsidiary of Glenmark Pharma.

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Aditya Birla Capital gets ₹750 crore investment in subsidiary

Aditya Birla Capital Ltd (ABCL) announced investment in its wholly-owned subsidiary. The company is making an investment of around ₹750 crore on a rights basis in the equity shares of Aditya Birla Finance Ltd (ABFL). ABCL is investing in ABFL to meet its growth and funding requirements and improve its leverage ratio.

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Infosys, Microsoft to Drive AI-Enabled Solutions – Top Indian Market Updates

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

Infosys to partner with Microsoft to drive AI-enabled solutions

Infosys Ltd will partner with Microsoft to jointly develop industry-leading solutions that leverage Infosys Topaz, Azure OpenAI Service, and Azure Cognitive Services. Both companies will bring their respective artificial intelligence (AI) capabilities to enhance enterprise functions with AI-enabled solutions across multiple industries. The integrated solutions will accelerate the rapid democratisation of data and intelligence that will help businesses increase productivity and drive new revenue growth.

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Poonawalla receives RBI approval to issue credit cards

Poonawalla Fincorp received the Reserve Bank of India’s (RBI) permission to issue co-branded credit cards with IndusInd Bank. The company plans to launch this credit card within three months. The partnership will enable Poonawalla Fincorp to usher in a new age of flexible and versatile retail credit. 

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Tata Power’s EV arm partners with Kolkata Airport Authority 

Tata Power EV Charging Solutions Ltd (TPEVCSL) will collaborate with the Kolkata Airport Authority to install EV charging points at the airport. The formal inauguration of four EV chargers took place on September 26, 2023. A formal agreement was signed between the Airport Authorities of India and Tata Power for setting up charging stations. These chargers are suitable to charge all electric cars available in India.

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Cipla introduces drone-powered critical medicine delivery in Himachal Pradesh

Cipla has introduced drone-powered deliveries of critical medicines for hospitals and pharmacies in Himachal Pradesh in partnership with Skye Air Mobility. The company aims to deliver medicines for cardiac, respiratory and other essential chronic therapies as part of the initiative. The use of drones will support on-time deliveries of medicines to chemists and clinics in remote areas.

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Omaxe Group acquires 5-acre land in Ludhiana from RLDA for ₹220 crore

Omaxe Group has acquired a 5-acre land in Ludhiana through a bidding process by the Rail Land Development Authority (RLDA) for ₹220 crore. The acquired land will be utilised for both residential and commercial development. The acquisition aligns with the company’s strategy to strengthen its presence in key markets and contribute to the growth of Ludhiana’s real estate sector. 

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Vi launches travel offer for pre-paid user base

Vodafone Idea has launched a 5-day offer called ‘Recharge and Fly’ that targets its pre-paid user base from October 26-30 in association with online travel portal EaseMyTrip. The offer is exclusive to users of Vi’s mobile application and includes a contest that will allow users to win travel coupons on the EaseMyTrip portal. It also includes additional data on select packages by recharging their prepaid mobile number during the offer window.

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Delhivery partners with AWS and Nexus to launch startup accelerator for logistics companies

Delhivery has partnered with Amazon Web Services (AWS) and venture capital firm Nexus Venture Partners to launch a six-week accelerator programme for startups in the logistics space. In the first leg of the program, 20 startups were selected from among 234 applicants. The companies chosen spanned multiple sectors and included various warehousing platforms, agritech companies, and aggregator platforms.

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Zen Technologies secures ₹227.65 crore order

Zen Technologies Ltd won an order worth ₹227.65 crore from the Ministry of Defence. The domestic order is for the supply of anti-drone systems. The company is the single vendor for the order. A comprehensive maintenance contract (post-warranty) is built into the contract at a cost of ₹43.22 crore, inclusive of GST.

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Gland Pharma’s Hyderabad unit gets clearance from USFDA

Gland Pharma Ltd’s Pashamylaram facility in Hyderabad has received an Establishment Inspection Report (EIR) from the US Food & Drug Administration (USFDA). The USFDA inspected the facility between June 15 and June 27, 2023. The inspection pertained to seven products and Good Manufacturing Practices at the plant.

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India’s Retail Inflation Eases to 6.83% in August – Top Indian Market Updates

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

India’s retail inflation cools to 6.83% in August

According to the National Statistics Office (NSO), India’s annual retail inflation (measured by the Consumer Price Index) eased to 6.83% in August. Inflation came down from a 15-month high of 7.44% in July. The fall was largely led by a decline in vegetable prices. Food inflation fell from 11.51% in July to 9.94% in August.

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India’s industrial output grew 5.7% in July

According to data published by the Ministry of Statistics and Programme Implementation, India’s Index of Industrial Production (IIP) expanded at a rate of 5.7% in July 2023. The expansion was at a faster pace in July than a month ago. Mining output grew 10.7% YoY, while manufacturing output and electricity generation expanded at 4.6% and 8% YoY, respectively, in July.

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Govt may impose addl tax to restrict sale of diesel vehicles

Nitin Gadkari, the Minister of Road, Transport & Highways (MoRTH) plans to propose to the Indian govt to consider imposing additional taxes on diesel vehicles. The additional tax is to restrict the sale of diesel vehicles unless automakers voluntarily move away from it. The minister made the statement while speaking at the 63rd Annual Convention of the Society of Indian Automobile Manufacturers (SIAM).

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NTPC pays final dividend of ₹2,908.99 cr for 2022-23

NTPC announced the payment of ₹2,908.99 crore final dividend for 2022-23. This payment constitutes 30% of the paid-up equity share capital of NTPC. The total dividend disbursed for FY 2022-23 stands at ₹7,030.08 crore, being 41% of the profit after tax (PAT). This marks the 30th consecutive year in which the company has distributed dividends.

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Tata Power Delhi Distribution ties with US-based Utiltyx for cyber security

Tata Power Delhi Distribution has partnered with Utiltyx, the Indian subsidiary of a US-based cyber security and data analytics software company. The partnership aims to enhance the company’s preparedness against future threats and challenges related to cyber security. The association is aimed at augmenting Intelligent Electronic Device (IED) visibility, strengthening Tata Power-DDL’s capabilities to fight cyber threats.

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Reliance Retail Ventures gets ₹2,000 crore from KKR

KKR is investing another ₹2,069.5 crore through an affiliate in Reliance Retail Ventures (RRVL). This follow-on investment will translate into an additional equity stake of 0.25% in RRVL. The additional acquisition will take KKR’s total stake in RRVL to 1.42%. The private equity firm acquired the stake at a valuation of ₹8.36 lakh crore.

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Hindalco partners with Metra for extrusion tech

Hindalco Industries has signed a technology partnership agreement with Italy-based Metra to manufacture high-speed aluminium rail coaches. The partnership is aimed at sharing extrusion and fabrication technology for building high-speed aluminium rail coaches. Hindalco is the world’s largest aluminium rolling and recycling company. 

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SpiceJet pays Kal Airways ₹100Cr

SpiceJet paid Kal Airways and its promoter Kalanithi Maran ₹100 crore towards an arbitral award. The payment was made a day after the Delhi High Court ordered it to complete the payment by September 12. On August 24, the court had asked SpiceJet and Singh to pay ₹100 crore to Maran by September 10, failing which the court had said it might consider the attachment of their properties.

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IndiGo plans to lease 22 Airbus A320 aircraft

IndiGo is looking to induct up to 22 aircraft from the secondary lease market as it faces the grounding of several Airbus A320 Neo aircraft powered by Pratt & Whitney engines. Over 1,000 P&W engines will need to be inspected after the manufacturer found that contamination of powder metal defects could lead to the cracking of some engine components. 

Read more here.

Coal India to invest ₹24,000 crore in green transportation

Coal India Ltd (CIL) is planning to invest ₹24,000 crore in green transportation in three phases. This investment is part of CIL’s plan to ensure the eco-friendly transfer of coal from its production point to handling plants. The phases will cover 61 First Mile Connectivity (FMC) projects, which will have a combined capacity of 763.5 million tonnes per annum. Under these green projects, coal will be loaded directly into rail wagons through mechanised piped conveyors with a rapid loading system.

Read more here.

Uno Minda to buy an additional 3.81% stake in European subsidiary

Uno Minda Ltd’s Board of Directors approved the acquisition of the remaining stake in Uno Minda Europe Gmbh. The acquisition will be at a consideration of 1.3 million euros (~₹11.58 crore) to make it a wholly-owned subsidiary. The stake will be purchased by SAM Global Pte Ltd, a wholly-owned subsidiary of Uno Minda Ltd.

Read more here.

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Market News Top 10 News

India’s GDP Growth Accelerates to 7.8% in Q1 FY24 – Top Indian Market Updates

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

India’s GDP accelerates to a four-quarter high of 7.8% in Q1

According to the data from the National Statistical Office (NSO), India’s Gross Domestic Product (GDP) surged to a four-quarter high of 7.8% on an annual basis in the June quarter (Q1) of FY24. The growth can be attributed to central and state governments increasing capital expenditure (capex), stronger consumption demand and higher activities in the services sector. Meanwhile, the Reserve Bank of India (RBI) had predicted a growth rate of 8%.

Read more here.

Jio Fin Services to be removed from Sensex tomorrow

S&P BSE indices (including Sensex) will remove Jio Financial Services (JFSL) from its indices with effect from tomorrow, September 1. Jio Financial Services Ltd (JFSL) is a demerged non-banking financial services (NBFC) unit of Reliance Industries Ltd. The exchanges twice extended the removal of JFSL shares from the indices after the shares hit a lower circuit for four consecutive sessions post-listing.

Read more here.

Viacom 18 bags TV and digital rights for Indian cricket team’s home matches

Viacom18 has won BCCI media rights for ₹67.8 crore per match, outbidding Sony Pictures Networks India and Disney Star. The total value of the deal is ₹5,966 crore. The e-auction for the bilateral cricket media rights was held on Thursday. As per the tender released by the BCCI on August 2, the board had set a base price of ₹20 crore per match for Package A, which comprises the TV rights for the Indian subcontinent.

Read more here.

India’s Q1 fiscal deficit widens to Rs 6.06 lakh crore

According to Govt data, India’s fiscal deficit for Q1 FY24 has soared to ₹6.06 lakh crore, a significant increase from the ₹3.41 lakh crore recorded in the same period the previous year. The deficit stood at 20.5% of the Budget Estimates (BE) in the corresponding period of the financial year 2022-23. The fiscal deficit for Q1 now stands at approximately 33.9% of the projected ₹17.87 lakh crore target for the entire fiscal year.

Read more here.

Jupiter Wagons to enter EV market with electric commercial vehicles in early 2024

Jupiter Wagons’ entry into the electric vehicle (EV) market is set for early next year, marking a significant milestone in their diversification journey. Recognising the huge interest and demand for electric mobility solutions, the company is poised to leverage this opportunity by introducing electric commercial vehicles. Jupiter Wagons is engaged in the production of railway freight wagons, passenger coaches, wagon components, and cast manganese steel crossings & castings. 

Read more here.

Kotak Mahindra adds UPI interoperability feature to its Digital Rupee app

Kotak Mahindra Bank announced the introduction of a UPI interoperability feature on its Digital Rupee (e₹) application as a part of the RBI’s CBDC pilot project. Users will now be able to scan any QR code at merchants to make payments for groceries and daily expenses. As of today, the feature is live for Android users. It will empower customers to make payments on the existing UPI QR codes available at merchants.

Read more here.

Tata Power RE signs pact with Sanyo Special Steel Manufacturing to set up 28-MW solar plant

Tata Power Renewable Energy Limited (TPREL) has partnered with Sanyo Special Steel Manufacturing India Pvt Ltd (SSMI) to set up a 28.12-megawatt green energy plant in Maharashtra. TPREL an arm of Tata Power. The plant is expected to produce 61.875 million units (MUs) of electricity annually, which would meet the energy requirement of the steel manufacturing unit of SSMI.

Read more here.

JSW Group in talks with Chinese carmaker Leapmotor for EV tech: Report

JSW Group is in early talks with Chinese automaker Leapmotor to license technology to build electric vehicles in India. Under the technology licensing agreement, JSW would use Leapmotor’s platform to manufacture EVs in India under its own brand name. JSW is likely to use a single platform on which it can build at least three mid-sized sport-utility vehicles (SUVs).

Read more here.

Zydus Lifesciences gets USFDA approval for acne drug

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) for Isotretinoin Tablets. The drug is used in the treatment of severe cystic acne. As per IQVIA MAT data for July 2023, the Isotretinoin Capsules USP had annual sales worth $165 million in the United States.

Read more here.

TCS extends contract with Athora Netherlands

Tata Consultancy Services (TCS) has expanded its long-standing partnership with Athora Netherlands (formerly VIVAT). The partnership is to help the Dutch life insurance and pension provider with a better IT operating model to enhance customer experience, operational resilience and business agility. This will be a multi-year deal for TCS. The company didn’t disclose the size or the tenure of the deal. 

Read more here.

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Market News Top 10 News

ED Flags Suspicious Activities by 16 Entities in Adani Case – Top Indian Market Updates

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

ED flags suspicious activities by 16 entities in Adani case

According to reports, the Enforcement Directorate (ED) has investigated links of an Indian private bank and 15 more entities in the case related to short selling of shares of Adani Group companies. This comes days after market regulator SEBI submitted the status of its probe in the Adani-Hindenburg Research matter to the Supreme Court. 

Read more here.

SAT to hear Punit Goenka’s appeal against SEBI order on Sept 8

The Securities Appellate Tribunal (SAT) directed market regulator SEBI to file its response by September 4 in an appeal filed by Punit Goenka, the promoter of Zee Entertainment Enterprises Ltd (ZEEL). The tribunal will now hear the matter on September 8. Goenka aims to contest SEBI’s order that prevents him from taking up directorship or managerial roles in listed companies or their subsidiaries.

Read more here.

Titagarh Rail Systems secures ₹350-crore contract for Ahmedabad metro project

Titagarh Rail Systems Ltd (TRL) has received a letter of acceptance for a ₹350-crore contract from Gujarat Metro Rail Corporation (GMRC) for the design, manufacturing, supply, testing, commissioning and training of 30 standard gauge cars. The gauge cars are for the Ahmedabad Metro Rail Phase-II project. TRL is also involved in several other Metro rail projects in India.

Read more here.

YES Bank goes live with UPI interoperability on CBDC

YES Bank has gone live with Unified Payments Interface (UPI) interoperability on the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) app. With this move, users will now be able to scan any UPI QR code through the YES Bank Digital Rupee app and undertake transactions seamlessly.

Read more here.

Ramkrishna Forgings bags €8.25 million order in South America

Ramkrishna Forgings has secured an order worth €8.25 million (₹73.65 crore) to supply equipment to a client in the South American market. The company will supply front and rear axle components for the next five years. The Kolkata-based company is a leading supplier of rolled, forged, and machined products.

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Strides Pharma arm gets USFDA nod for generic Mycophenolate Mofetil oral suspension

Strides Pharma Science’s wholly-owned arm, Strides Pharma Global Pte. Ltd, Singapore, has received approval from the US Food & Drug Administration (USFDA) for generic Mycophenolate Mofetil for oral suspension. The drug is indicated for organ transplant patients to avoid rejection. The product will be manufactured at the company’s facility in Bengaluru.

Read more here.

DGCA carrying out technical evaluation of two incidents involving IndiGo planes

The Directorate General of Civil Aviation (DGCA) is coordinating with IndiGo to carry out the technical evaluation of engine issues faced by the airline’s two aircraft. Two flights of IndiGo (one from Kolkata to Bengaluru and another from Madurai to Mumbai) suffered engine issues on Tuesday. IndiGo’s fleet is powered by Pratt & Whitney (P&W) engines, and several aircraft are on the ground.

Read more here.

Tata Power-DDL gets 3-year extension from DSIR for in-house R&D unit

Tata Power Delhi Distribution Ltd (Tata Power-DDL) has received a three-year extension till 2026 from the Department of Scientific and Industrial Research (DSIR) for its in-house R&D unit. TP-DDL is a joint venture between Tata Power and the Government of NCT of Delhi. DSIR is a part of the Ministry of Science and Technology, the Government of India.

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NTPC approves Rs 15,530-crore investment for Lara Super Thermal Power Project Stage-II in Chhattisgarh

NTPC Ltd’s board has approved an investment of ₹15,529.99 crore for the Lara Super Thermal Power Project, Stage II. The power station is situated in the vicinity of Lara village within the Pussore Taluk of Chhattisgarh’s Raigarh district. It boasts a combined installed capacity of 1,600 megawatts (MW).

Read more here.

Fortis Healthcare expands footprint with Rs 225-crore acquisition of Medeor Hospital Manesar

Fortis Healthcare Ltd will acquire Medeor Hospital Manesar for ₹225 crore. The acquisition involves the procurement of both the Medeor Hospital Manesar asset and all moveable assets housed within the facility. This strategic move is aimed at expanding Fortis’ presence in key geographic clusters. The Medeor Hospital Manesar is a multi-speciality healthcare facility in Sector 5 of IMT Manesar, Gurgaon, Haryana.

Read more here.

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Market News Top 10 News

Reliance Retail Launches Yousta Brand – Top Indian Market Updates

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

Reliance Retail launches youth-centric fashion brand ‘Yousta’

Reliance Retail has launched its youth-centric fashion brand ‘Yousta’. It also opened its first store in Sarath City Mall, Hyderabad. The Yousta range is also available on e-commerce platforms Ajio and JioMart. The new brand boasts of having contemporary tech-enabled store layouts while promising high-fashion at affordable prices targeted at young consumers.

Read more here.

Reliance Jio, Bharti Airtel add 36 lakh subscribers in June

Reliance Jio added the highest number of wireless subscribers in June 2023, while financially struggling Vodafone Idea continued to lose ground. Jio added 22.7 lakh subscribers in June, taking its total subscriber tally to 43.9 crore. Bharti Airtel added 14.1 lakh subscribers, and its total wireless subscriber base stood at 37.4 crore. Vodafone Idea lost 13 lakh subscribers during June, and its total subscriber base shrank to 22.9 crore. 

Read more here.

Dutch group threatens lawsuit over Tata Steel pollution

FrisseWind.nu foundation (representing at least 1,400 people) took the first steps toward a lawsuit against Tata Steel, alleging it is responsible for pollution near Amsterdam that has caused illnesses for residents. Tata Steel’s massive plant at the mouth of the IJ River has come under increasing fire from residents and health authorities, who accuse it of being the main source of contamination in the air, soil and water.

Read more here.

Hindustan Zinc to ramp up zinc production to 1.5 MT

Hindustan Zinc Ltd (HZL) chairperson Priya Agarwal Hebbar said that the company will ramp up production of zinc to 1.5 million tonnes (MT). HZL is the second largest zinc-lead miner in the world after Swiss firm Glencore and the fourth largest zinc-lead smelter globally. It has now also broken into the top 10 list of silver producers in the world.

Read more here.

Tata Power partners with Zoomcar to promote EV adoption

Tata Power EV Charging Solutions has partnered with car-sharing platform Zoomcar to promote electric vehicle adoption. The collaboration aims to promote Tata Power’s EZ Charge points on the Zoomcar platform. It will focus on supporting existing and aspiring EV owners along with Zoomcar’s existing customers.

Read more here.

USFDA issues ‘EIR’ for Torrent Pharma’s manufacturing facility

The US Food & Drug Administration (USFDA) has issued an Establishment Inspection Report (EIR) for Torrent Pharmaceuticals’ manufacturing facility in Dahej, Gujarat. EIR means the closure of inspection. The drug regulator had conducted a re-inspection of the site in May this year from May 17-25 and issued Form 483 with 2 observations.

Read more here.

SBI attracts top distressed asset buyers’ interest for bad loans: Report

According to an ET report, several global and local distressed asset investors are considering buying some of State Bank of India’s (SBI) bad loans put up for sale in the financial year that began in April. Earlier this month, SBI identified a list of 331 non-performing assets with a combined outstanding value of ₹96,000 crore. Investors that have expressed interest include New York-based Cerberus Capital Management LP and Hong Kong-headquartered SC Lowy.

Read more here.

AntFin plans to sell 2.27 crore shares of Paytm

Chinese fintech giant Ant Financial is looking to offload a 3.6% stake or 2.27 crore shares in digital payments firm Paytm through block deals on August 25. Citigroup has been appointed as the broker for the deal. The transaction’s floor price has been established at ₹880 per share.

Read more here.

Tata Comm plans to raise ₹1,750cr via NCDs

Tata Communications plans to raise ₹1,750 crore through the issuance of non-convertible debentures (NCDs). The date of allotment of NCDs is August 29, and they will mature after three years of the allotment date. The NCDs will be listed on the wholesale debt market segment of the National Stock Exchange.

Read more here.

Gujarat Ambuja Exports gets GPCB approval for new plant

Gujarat Ambuja Exports Ltd (GAEL) has received clearance from the Gujarat Pollution Control Board (GPCB) to set up a greenfield corn-wet milling plant at Himmatnagar, Gujarat. The proposed facility would have the capacity to process corn up to 900 tonnes per day (TPD). GAEL is one of India’s leading manufacturers and exporters of cotton yarn, maize starch, liquid glucose, etc. 

Read more here.

HDFC Bank’s asset quality continues to be stable: Official

Asset quality of the HDFC Bank continues to be stable even as many of its peers are facing challenges, said the bank’s head for payments business and consumer finance Parag Rao. He added that the bank is witnessing “good traction” on the Unified Payments Interface (UPI) for credit cards. Rao did not share the exact number of NPAs (bad loans) from the credit card business, but added that the number is half of that of its nearest competition.

Read more here.

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Daily Market Feed Pre Market Report

Expect Volatility! Will Call Sellers Win BANK NIFTY? – Pre-Market Analysis Report

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

Banking and financial services, real estate, and auto sectors will be in focus around the RBI Interest Rate decision at 10 AM.

Stocks

ZEEL reported a 97% YoY fall in profit to Rs 3.87 crore due to exceptional losses. Revenue increased by 7.6% and subscription revenue also increased.

Axis Bank’s board has approved for fresh capital infusion of Rs 1,612 crore in Max Life, taking total stake to over 19%.

Tata Power reported a 22% YoY increase in consolidated profit to Rs 972.5 crore.

Eicher has announced a partnership with Amazon. The e-commerce giant has committed to buying 1,000 electric trucks.

BSE reported 10x growth in consolidated profit to Rs 442.66 crore, due to a 5% stake sale in CDSL and other income. Revenue grew by 15.4% on-year to Rs 215.62 crore.

Major results today: Hero Motocorp, Manappuram, Grasim, LIC, Apollo Tyres, SAIL

What Happened Yesterday?

NIFTY started the day flat at 19,578. Yesterday’s low was broken immediately and there was consolidation near 19,470. But after noon, a crazy rally was seen even crossing the day-high. NIFTY closed at 19,632, up by 61 points or 0.32%.

BANK NIFTY started the day flat at 44,973 and fell. Banks also rallied up in the second half and the index moved back up 400 points. However, the day’s high was not broken. BANK NIFTY closed at 44,880, down by 83 points or 0.19%. 

Even with the crazy moves, important levels were respected in the market.

What to Expect Today?

US markets closed in the red after high volatility. The European markets closed in green.

The Asian markets are trading mixed.

The U.S. Futures are trading in the green.

GIFT NIFTY is trading flat at 19,604.

All the factors combined indicate a flat opening in the market.

NIFTY has support at 19,617, 19,566, 19,530 and 19,438. We can expect resistances at 19,617, 19,658, and 19,720. 

BANK NIFTY has support at 44,800, 44,520, 44,277 and 44,000. Resistances are at 44,900, 45,100, 45,229 and 45,472. 

NIFTY has the highest call OI build-up at 19,800. The highest put OI build-up is at 19,500. PCR is at 1.09.

BANK NIFTY has the highest call OI build-up at 45,000. The highest put OI build-up is also at 45,000. PCR is at 0.71.

Foreign Institutional Investors net-bought shares worth Rs 644 crores. Domestic Institutional Investors net-sold worth Rs -597 crores.

INDIA VIX is at 11.14.

U.S. markets had a highly volatile day again but closed in the red again. Futures are in the green, there is a higher chance for our markets to open flat.

NIFTY technicals indicate consolidation with a bearish bias. There are once again heavy call sellers in the market.

Bank Nifty put sellers had exited positions even with the afternoon rally. This gives some breathing space for the index on the lower side. However, there are 4 lakh call contracts at 45,000. If the 45,100 is crossed, I expect a good rally in the index as FIIs have returned as buyers.

NIFTY’s technical data is indicating bullishness, with a strong green candle yesterday. We will need to watch 19,650.

RBI Interest Rate Decision Today:

All eyes will be on the RBI Monetary Policy decision to be announced at 10 AM today by Shaktikanta Das. Expect some volatility around the time of the announcements.

2 factors will play out today: increased vegetable inflation and surplus liquidity in the banking system reaching a 14-month high(this leads to high inflation). But the expectation is that RBI will keep interest rate the same for now.

Just like we expected, Wednesday’s trading session was a dhamaka. Today, it would be best to trade with levels and your strategy with strict stop-losses, rather than trying to predict where the market will go.

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!

Ensure you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Market News Top 10 News

Tata Power’s Net Profit Rises 22% YoY to Rs 972Cr in Q1- Top Indian Market Updates

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

Tata Power Q1 Results: Net profit rises 22% YoY to ₹972 crore

Tata Power reported a 22.4% YoY rise in consolidated net profit to ₹972 crore for the quarter ended June (Q1 FY24). Its consolidated revenue from operations stood at ₹15,213.29 crore, up 5% YoY. EBITDA increased 75% YoY to ₹2,943.6 crore in Q1. Tata Power accrued a one-time gain of Rs 235 crore in the reported quarter on account of deemed gain on dilution of around 17% stake in Tata Projects. 

Read more here.

Hero MotoCorp faces tax probe over links to vendor

According to a Reuters report, The Directorate General of Goods and Services Tax Intelligence is investigating Hero MotoCorp’s relationship with a vendor suspected of reporting about ₹90 crore ($10.87 million) in false expenditure. Based on the alleged fake spending by vendor Salt Experiences, Hero MotoCorp received a tax credit, leading to suspected tax evasion of about ₹16 crore rupees.

Read more here.

ZEEL Q1 Results: Net loss at ₹53 crore

Zee Entertainment Enterprises Ltd (ZEEL) reported a consolidated net loss of ₹53 crore for the June quarter (Q1 FY24). Net profit stood at ₹107 crore in Q1 FY23. Its consolidated revenue from operations rose 7.6% YoY to ₹1,984 crore during the same period. Sequentially, the net loss narrowed from Rs 196 crore, while revenue declined 6%. EBITDA fell 42.3% YoY to ₹155 crore in Q1.

Read more here.

BSE Q1 Results: Net profit jumps 10x YoY to ₹440 crore

BSE reported a 1000% YoY jump in consolidated net profit to ₹440 crore for Q1 FY24. Net profit stood at ₹40 crore in Q1 FY23. Its revenue from operations rose 15% YoY to ₹216 crore during the same period. EBITDA rose 41% YoY ₹70 crore. The operating profit margin contracted by 375 basis points to 10.78%. The massive jump in net profit was due to a profit of ₹406.6 crore on divestment in CDSL.

Read more here.

Genus Power Infrastructures arm bags order worth Rs 2,210 crore

Genus Power Infrastructures’ subsidiary has bagged an order worth ₹2,210 crore. The order is for the supply and installation of 21.77 lakh smart pre-paid electricity meters. The company has received a letter of award (LOA) of ₹2,209.84 crore (net of tax) for the appointment of an advanced metering infrastructure service provider. Post this order inflow, its total order book stands over ₹8,200 crore (net of tax).

Read more here.

IRCTC Q1 Results: Net profit falls 5% YoY to ₹232 crore

IRCTC reported a 5% YoY fall in standalone net profit to ₹232 crore for the June quarter (Q1 FY24). Net profit stood at ₹245 crore in Q1 FY23. Revenue from operations rose 17% YoY to ₹1,002 crore during the same period. The company’s EBITDA for the quarter rose 7% YoY to ₹343 crore. 

Read more here.

Delhivery bags order from Havells India for factory-to-customer supply chain

Delhivery Ltd secured a contract to build, and operate the factory-to-customer supply chain for Havells India Ltd. in western India. The company will deploy its technology-led integrated warehousing and transportation solutions to deliver complete end-to-end visibility. Both firms will jointly inaugurate new warehouses in western India to cater to the multi-channel demand ranging from general and modern trade to emerging e-commerce retail.

Read more here.

Berger Paints Q1 Results: Net profit rises 40% YoY to ₹355 crore

Berger Paints reported a 40% YoY jump in consolidated net profit to ₹355 crores for the quarter ended June (Q1 FY24). Its revenue from operations stood at ₹3,029 crore, up 9.2% YoY. EBITDA increased 37.5% YoY to ₹556.75 crore in Q1. The company’s board also approved a 1:5 bonus issue of equity shares. This will be subject to approval from shareholders.

Read more here.

Vi Business partners with Yotta Data Services to enhance its data center colocation

Vodafone Idea’s enterprise arm, Vi Business has partnered with Yotta Data Services to enhance its data center Colocation and Cloud services portfolio. Through this partnership, Vi Business will leverage its synergies with Yotta to offer integrated connectivity, cloud and security solutions to its enterprise customers.

Read more here.