Tag: Tata Power

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Adani Ports’ Net Profit Rises 83% YoY to Rs 2,115Cr in Q1- Top Indian Market Updates

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

Adani Ports Q1 Results: Net profit rises 83% YoY to ₹2,115 crore

Adani Ports & Special Economic Zone Ltd reported an 83% YoY jump in consolidated net profit to ₹2,115 crore for the quarter ended June (Q1 FY24). Its consolidated revenue from operations stood at ₹6,248 crore, up 24% YoY. EBITDA increased 80% YoY to ₹3,765 crore in Q1. The company recorded its highest-ever quarterly port cargo volumes at 101.4 MMT in the first quarter, reflecting a 12% YoY jump.

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Tata Power to develop 2,800 MW hydro storage projects

Tata Power Ltd has entered into an agreement with the Government of Maharashtra. The agreement is for developing pumped hydro storage projects having a total capacity of 2800 MW. The company signed a Memorandum of Understanding (MoU) with the Maharashtra Government proposing a total investment worth approximately ₹13,000 crore. The pumped hydro storage projects are targeted to aid not just Maharashtra but also the country’s clean energy landscape.

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Coal India Q1 Results: Net profit falls 10% YoY to ₹7,941 crore

Coal India reported a 10% YoY fall in consolidated net profit to ₹7,941 crore for the June quarter (Q1 FY24). Revenue from operations rose 3% YoY to ₹35,983 crore during the same period. On a sequential basis, net profit rose 44% from ₹5,528 crore reported in the preceding March quarter, while revenue dropped 6% QoQ. EBITDA stood at ₹10,513 crore, down 14.5% YoY.

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TCS partners with govt to transform GeM platform

Tata Consultancy Services (TCS) has been selected as a strategic partner by the Indian Government to transform the Government e-Marketplace (GeM) into a state-of-the-art public procurement platform with enhanced transparency, efficiency, and inclusivity. The GeM platform provides an end-to-end online marketplace for central and state government bodies, including public sector undertakings, for the procurement of common-use goods and services transparently and efficiently. TCS will design and build a new modern solution leveraging new technologies while maintaining the current platform.

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Hindalco Q1 Results: Net profit falls 40% YoY to ₹2,454 crore

Hindalco reported a 40.4% YoY fall in consolidated net profit to ₹2,454 crore for Q1 FY24. Its revenue from operations fell 9% YoY to ₹52,991 crore during the same period. Consolidated EBITDA stood at ₹5,714 crore, down 32% YoY. The operating profit margin contracted by 375 basis points to 10.78%.

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Hero MotoCorp halts booking for India-made Harley Davidson

Hero MotoCorp Ltd halted bookings for its India-made Harley-Davidson motorcycle. The company has received 25,597 bookings for the Harley-Davidson X440 to date. The booking window, which opened on July 4, has now been closed, and the new booking window will be announced soon. Hero MotoCorp said it will start production of the Harley-Davidson X440 in September 2023 and commence customer deliveries from October onwards.

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Torrent Pharma Q1 Results: Net profit rises 7% YoY to ₹378 crore

Torrent Pharma reported a 7% YoY rise in net profit to ₹378 crore for the June quarter (Q1 FY24). Net profit stood at ₹354 crore in Q1 FY23. Revenue also rose 10% YoY to ₹2,591 crore during the same period. EBITDA stood at ₹791 crore, up 11% YoY. The R&D spend rose 6% YoY to ₹129 crore in the second quarter. 

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Godrej Consumer to invest ₹900 crore to set up manufacturing plants

Godrej Consumer Products Ltd (GCPL) on Monday announced that its board has approved a capital expenditure of ₹900 crore. The capital expenditure is for setting up new manufacturing sites in Tamil Nadu and Madhya Pradesh. This is being done to cater to the growing customer demand as well as consolidate the manufacturing footprint. GCPL’s board took the decision at a board meeting held on August 7. The company will fund the project through a mix of internal accruals and debt.

Read more here.

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IndiGo Posts Rs 3,091Cr Profit in Q1 – Top Indian Market Updates

indigo

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

IndiGo Q1 Results: Net profit at ₹3,091 crore

InterGlobe Aviation (IndiGo) reported a consolidated net profit of ₹3,091 crore for the quarter ended June (Q1 FY24); beating street estimates. This is the highest-ever quarterly net profit reported by the budget carrier. The airline posted a loss of ₹1,064 crore in Q1 FY23. Its revenue from operations rose 30% YoY to ₹16,683 crore during the same period. IndiGo’s passenger ticket revenues were at Rs 14,996 crore, up 31% YoY.

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Carlyle to acquire 5.91% stake in SpiceJet at Rs 48 per share

SpiceJet Ltd has sought shareholder approval to issue a 5.91% stake in the low-cost airline to Carlyle Aviation Partners (CAP). CAP is the aircraft financing unit of global private equity giant Carlyle Group. The company will also issue equity shares of 20% to promoter Ajay Singh (the airline’s CEO) at ₹10 per share.

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Titan Q1 Results: Net profit falls 2% YoY to ₹777 crore

Titan reported a 2% YoY decline in net profit of ₹777 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 19% YoY to ₹10,306 crore during the same period. The company’s jewellery segment posted revenue of ₹9,070 corre in Q1, up 19% YoY. Titan’s watches and wearables business recorded a total income of ₹890 crore, up 13% YoY.

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Tata Power RE signs PPAs with MSEDCL for solar projects

Tata Power Renewable Energy Limited (TPREL) has signed two power purchase agreements (PPAs) with Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) for commissioning two solar power projects. Located in Maharashtra, these projects of 200 MW and 150 MW will play a crucial role in fulfilling the state’s renewable energy target.

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Gujarat Gas Q1 Results: Net profit falls 43% YoY to ₹216 crore

Gujarat Gas reported a 43% YoY fall in consolidated net profit to ₹216 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 26% YoY to ₹3,923.7 crore during the same period. EBITDA fell 36% YoY to ₹388 crore in Q1. Its total gas sales volume for the quarter stood at 9.22 million metric standard cubic meters per day (mmscmd), compared to 8.86 mmscmd in Q1 FY23.

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Ambuja-ACC is frontrunner to acquire Sanghi Cements

Adani Group’s Ambuja-ACC has emerged as the frontrunner to acquire Sanghi Cements after deal negotiations moved forward over the past week. The group has come close to the expected enterprise value of ₹6000 crore that Sanghi Cement’s promoters have demanded as consideration for the sale of the company.

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Sula Vineyards receives excise duty notice of ₹116 crore from Maharashtra govt

Sula Vineyards Ltd (SVL) has received an excise duty notice of ₹116 crore from the Maharashtra excise department. This comes after the minister (State Excise Revenue) vacated the interim stay granted on the demand notice issued by the Nashik collector for recovery of excise duty from SVL. Sula Vineyards has been recognised as the market leader across wine variants, including red, white, and sparkling wines.

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Ambuja Cements Q1 Results: Net profit rises 31% YoY to ₹1,135 crore

Ambuja Cements reported a 31% YoY rise in consolidated net profit to ₹1,135 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 9% YoY to ₹8,713 crore during the same period. The company’s EBITDA stood at ₹948.8 crore in Q1, up 38% YoY. Its total sales volume rose 23% YoY to ₹9.1 million tonnes (MT).

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Brookfield India REIT raises ₹2,305 crore via sale of units

Brookfield India Real Estate Trust has raised ₹2,305 crore by selling units to institutional investors on a private placement basis. The firm will mainly use this fund for the acquisition of two assets in Gurugram and Mumbai. The company has approved the allotment of 9.13 crore units to 64 successful eligible institutional investors at the issue price of ₹252.50 per unit.

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Best Stocks to Invest for Long Term

Investing your hard-earned income in stocks can be quite challenging. There are thousands of companies across diverse segments to choose from. However, it’s vital that we invest in those enterprises that have a solid business model, strong financial growth, and follow good corporate governance practices. Historical records have proven that investing in such reputed firms over the long term can help us beat inflation and secure our financial goals. In this article, we analyse some of the best stocks to invest in for the long term in India.

Factors to Consider While Looking for Stocks to Invest for Long Term:

  • Company Fundamentals: Evaluate the financial health of all companies, their profitability, competitive advantage, and growth prospects to ensure they have a solid foundation for long-term success.
  • Industry Analysis: Assess the growth potential of the industry a company operates in, market dynamics, and competitive landscape. Investing in sectors with favourable long-term prospects can increase the chances of sustained stock performance.
  • Management Quality: Examine the experience and track record of the company’s management team. Strong leadership and effective execution are crucial for long-term value creation.
  • Valuation: Consider a stock’s valuation relative to its earnings, cash flows, and industry peers. Buying stocks at reasonable prices or at a discount to their intrinsic value improves the potential for long-term returns.
  • Dividends and Shareholder Returns: Look for companies with a history of consistent dividend payments or share buybacks. These factors indicate a commitment to returning value to shareholders and can contribute to long-term total returns.

Stocks to Invest for the Long Term:

Stock5-Year Return
Reliance Industries Ltd. 122.3%
Tata Power Company Ltd. 202.5%
Tata Consultancy Services Ltd. 74.5%
Asian Paints147%
HDFC Bank52.5%
(Returns as of July 24, 2023)

Note: These are not stock recommendations. Please do your own research before investing.

Reliance Industries Ltd. 

Reliance Industries Ltd (RIL) is the largest private-sector corporation in India. The Mukesh Ambani-led conglomerate is primarily involved in the energy, petrochemicals, retail, textiles, telecom, entertainment, and digital services sectors. RIL owns the world’s largest refining hub in Jamnagar (Gujarat), which has a crude processing capacity of 1.24 million barrels per day. 

The company’s subsidiary, Reliance Retail Ventures, is our country’s largest retailer in terms of revenue and profitability. Meanwhile, Reliance Jio is the biggest player in the telecom sector, with a 37% market share and nearly 43 crore subscribers. RIL is currently focusing on dominating the gradually evolving green energy sector. Thus, Reliance’s products and services portfolio touches almost all Indians every day.

Over the past five years (FY19-FY23), RIL’s revenue and net profit have shown an impressive Compounded Annual Growth Rate (CAGR) of 17.25% and 13%, respectively. [In simple terms, CAGR is a measure of the average year-on-year growth rate of a metric over several years.] They have been able to significantly reduce debt during this period. Reliance has cemented its position as a market leader in almost all sectors it operates in.

Tata Power Company Ltd. 

Tata Power Company Ltd is engaged in the generation, transmission, and distribution of electricity across India. It has a total generation capacity of 14,110 megawatts (MW) from thermal, hydro, and renewable power (solar, wind) projects. Since its inception in 1915, Tata Power has developed expertise in executing critical projects and driving green initiatives. The company holds a dominant position in the growing electric vehicle (EV) charging station market in our country.

Going forward, the integrated power company plans to expand its clean & green energy capacity to 80% by 2030. It aims to become carbon neutral by phasing out thermal projects by 2050. Additionally, it plans to construct 1 lakh EV charging stations by 2025. 

Tata Power currently holds a ~41.83% market share in India’s power transmission & distribution sector. Its revenue has grown at a CAGR of 14.76% over the past five years, while net profit has grown at 6.74%. The company has also been maintaining a healthy dividend payout of 31.7%. Based on its recent order wins and top-class project execution capabilities, Tata Power is expected to post good results in the upcoming quarters.

Tata Consultancy Services Ltd. 

Tata Consultancy Services (TCS) is the flagship company of the Tata Group. It is a management and technology consultant, which means that they provide services to other enterprises and government agencies and help them transform the way technology is used. The company’s services include application development, business processing outsourcing (BPO), payment processing, and much more. TCS essentially helps organizations simplify their digital systems and reduce costs.

TCS is almost debt-free. Over the last 5 years, its revenue has grown at a yearly rate of 12.5%. The company’s Return on Capital Employed (ROCE) is the highest amongst its competitors in the IT sector at 59.1%. [It means that for every ₹100 worth of capital employed, TCS earns ₹59.1 on it.] The company has been maintaining a healthy dividend payout of 61.4%. As the flagship company of Tata Group, Tata Consultancy Services has time and again exceeded its targets and is continuing its path as a global leader in the IT industry.

HDFC Bank

Housing Development Finance Corporation (HDFC) was one of the pioneering institutions to receive preliminary approval from the Reserve Bank of India (RBI) to establish a private sector bank. In August 1994, HDFC Bank was incorporated with its headquarters in Mumbai, India. It offers a comprehensive range of banking and financial services, including retail banking, wholesale banking, and treasury operations. Today, it stands as the largest private-sector bank in India. It is a market leader in the credit card business in India. As of 31 March 2023, the bank’s distribution network was at 7,821 branches across 3,203 cities.

The bank’s revenue has grown at a CAGR of 15.09% over the past five years, while net profit has grown at 19.97%. It has been maintaining a healthy dividend payout of 19%. 

HDFC Bank aims to launch more products and services under its ‘Digital 2.0’ drive in the upcoming years.

Hindustan Unilever Ltd. 

Hindustan Unilever Ltd is a consumer goods company headquartered in Mumbai. It is a subsidiary of the UK-based Unilever plc. Foods, drinks, cleaning supplies, toiletries, water purifiers, and other fast-moving goods are among its offerings. The company’s Beauty & Personal Care segment forms a majority of its revenue (42%). This is followed by the Home Care segment (29%) and Food and Refreshment Segment (29%). 

HUL’s revenue has grown at a yearly rate of 11.2% over the past five years, while its net profit has grown at 14.18%. The company is almost debt free. It has also been maintaining a healthy dividend payout of 99.9%.

Now you know some of the best stocks to invest for long term. In conclusion, invest in well-established companies for the long term, and you will understand the magic of the eighth wonder of the world— compounding! You will be safe from short-term market volatility and risks. Develop patience and let your money grow multifold.

Disclaimer: The stocks mentioned in the article are solely for educational purposes. Please do your own research before investing.

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HPCL Bags Long-Term Contract From OPaL – Top Indian Market Updates

HPCL

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

HPCL secures long-term contract from OPaL to supply 13.53 trillion Btu of Natural Gas

Hindustan Petroleum Corporation Ltd (HPCL) has secured a significant long-term contract from ONGC Petro Additions Ltd (OPaL) for the supply of Natural Gas. HPCL will supply 13.53 trillion Btu of natural gas to OPaL’s Mega Petrochemical Complex at Dahej from October 23 to May 26. OPaL, a joint venture of ONGC, GAIL, and GSPC, requires natural gas for its Captive Power Plant (CPP) to meet its power and steam requirements.

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Ipca labs under pressure after USFDA closes inspection at Madhya Pradesh unit with 11 observations

Ipca Labs’ API manufacturing facility in Ratlam received 11 observations from the US Food & Drug Administration (USFDA) during an inspection from June 5 to June 13. The facility has been under a USFDA import alert since 2015, which means its products do not meet US standards and are prohibited from being sold in the US. Additionally, two other plants in SEZ Indore and Silvassa, manufacturing formulations, have also been under import alert since 2015.

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Laurus Labs to launch novel gene therapy assets in India and other markets

Laurus Labs Ltd has entered into a Memorandum of Association (MoA) with the Indian Institute of Technology (IIT), Kanpur, to introduce innovative gene therapy assets in India and other markets. The company plans to license gene therapy assets and offer research grants for pre-clinical development. It will also provide funding for clinical trials and launch products in India and emerging markets. Additionally, Laurus Labs will establish a plant at IIT Kanpur’s Techno Park facility.

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Grasim to begin construction of 1 lakh MT CPVC resin facility in Gujarat by late-2023

Grasim Industries has announced that the construction of a 1 lakh metric tonne Chlorinated Polyvinyl Chloride (CPVC) resin facility in Vilayat, Gujarat, will begin in late 2023. The company had previously agreed with Lubrizol Manufacturing India Pvt Ltd. to establish the plant, with the first phase scheduled for production in 2022. However, the project was delayed due to the Covid-19 pandemic and subsequent supply chain disruptions.

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Reliance Industries resumes vessel operations at Sikka port

Reliance Industries has resumed vessel operations at the port of Sikka in Jamnagar, Gujarat, following the impact of cyclone Biparjoy. According to industry sources, any vessel can now enter the Gulf of Kutch and call the Sikka Ports & Terminals Ltd (STPL). Last week, the company restricted vessel entry at the port due to a lack of anchorage positions. Ship-tracking data showed that around 13-21 tankers were waiting to discharge crude oil at the port.

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Tata Power lays out a capex of ₹12,000 crore this fiscal

Tata Power has announced plans to invest ₹12,000 crore in capital expenditure for the current financial year (FY23). This investment is double the amount spent in the previous year and will support the company’s growth targets. The funds will be allocated to various projects, including a 4 GW manufacturing plant, renewable energy projects, and transmission & distribution businesses in Odisha, Delhi, and Mumbai. Tata Power intends to finance these initiatives primarily through internal accruals and existing cash reserves.

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Zydus Lifesciences gets USFDA nod for generic acne-treating drug

Zydus Lifesciences has received final approval from the USFDA for its generic antibiotic Minocycline Hydrochloride extended-release tablets. These tablets help treat moderate to severe acne in individuals aged 12 years and above. Zydus Lifesciences will manufacture the product at its formulation manufacturing facility in Moraiya, Ahmedabad. This approval allows the company to bring an affordable generic version of the medication to the market.

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Government to sell 0.15% stake in Coal India to employees via OFS

The Government of India has announced its plan to sell a 0.15% stake (~92.44 lakh shares) in Coal India to eligible employees via Offer For Sale (OFS). The offer will be made at a price of ₹226.10 per share and will be open for subscription from June 21 to June 23, 2023. The government currently holds a 66.13% stake in Coal India, while the remaining shares are held publicly. 

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IndiGo places order for 500 Airbus aircraft

IndiGo has received board approval to order 500 Airbus A320 Neo family aircraft. This makes it the single largest purchase agreement in commercial aviation history. With this order, IndiGo now has a total of 1,330 Airbus aircraft on order, solidifying its position as the world’s largest customer for the A320 Family. The deal is estimated to be valued at approximately $50 billion based on the most recent Airbus list prices.

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SEBI bans IIFL Securities from taking new clients for 2 years

The Securities and Exchange Board of India (SEBI) has imposed a two-year ban on IIFL Securities Ltd from taking new clients as a stockbroker. The action was taken after a thematic inspection revealed that IIFL did not comply with the code of conduct for stockbrokers and violated regulations. SEBI found that IIFL failed to separate its funds from clients’ funds, misused credit balances, and wrongly designated client bank accounts.

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NSE plans derivatives based on bond indexes

According to a CNBC-TV18 report, the National Stock Exchange is planning to offer derivatives based on its bond indexes. The NSE has already applied to the Securities Exchange Board of India (SEBI) for approval. It aims to launch the corporate debt product by September. It is also reportedly planning futures for government bond indexes.

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RBI Keeps Repo Rate Unchanged at 6.5% – Top Indian Market Updates

rbi

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

RBI keeps repo rate unchanged at 6.5%

The Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 6.50%. The decision was made by RBI’s Monetary Policy Committee (MPC) unanimously, with a majority vote on withdrawing accommodation to tackle inflation and prioritise growth. The RBI has maintained India’s GDP growth estimate for the financial year 2023-24 at 6.5%.

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Mahindra forays into dual-fuel small commercial vehicle segment with Supro CNG Duo

Mahindra & Mahindra has ventured into the dual-fuel segment for small commercial vehicles by introducing the Supro CNG Duo, priced at Rs 6.32 lakh. This model can operate on both CNG and petrol, providing flexibility. With a payload capacity of 750 kg and a CNG tank capacity of 75 litres, it offers a range of 325 km. Additionally, it includes a five-litre petrol tank to address concerns about range anxiety.

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SpiceJet partners with FTAI Aviation to restore fleet

SpiceJet announced a lease agreement with FTAI Aviation to obtain up to 20 engines. The company plans to reactivate some of its grounded aircraft within 2-3 months. This partnership aims to reduce maintenance costs, minimize aircraft downtime, and improve the airline’s overall performance. SpiceJet had previously initiated the revival of 25 grounded planes using its own funds and a $50 million credit line from an Indian government scheme.

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Dilip Buildcon secures order worth Rs 780 crore from NHAI in Andhra Pradesh

Dilip Buildcon Ltd has announced that its subsidiary has signed a concession agreement with the NHAI for a Rs 780.12 crore road project. The project involves constructing a six-lane access-controlled greenfield highway in Andhra Pradesh as part of the Bharatmala Pariyojana Phase-I. It will be completed within 24 months from the appointed date and have a 15-year operation period from the commercial operation date (COD).

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L&T Finance Holdings recommends final dividend of Rs 2 per share for FY23

L&T Finance Holdings Ltd announced that its board of directors has proposed a final dividend of Rs 2 per equity share for the fiscal year 2022-23. If approved at the Annual General Meeting, the dividend will be disbursed within 30 days from the AGM. The company’s consolidated net income for the March 2023 quarter increased by 46% YoY to Rs 501 crore.

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Titagarh Rail’s board to consider raising funds

Titagarh Rail (previously Titagarh Wagons) has announced that it will convene a board meeting on June 10 to discuss raising funds. The company is considering various options, such as issuing equity shares, securities, or a combination of methods, including preferential issue, Qualified Institutional Placement (QIP), and rights issue. The purpose of the meeting is to deliberate and decide on the best approach for raising the necessary capital.

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Zydus receives final approval from USFDA for esomeprazole magnesium

Zydus Lifesciences Ltd has obtained final approval from the US Food & Drug Administration (USFDA) for esomeprazole magnesium. It is an oral suspension used to treat stomach and oesophagus issues. The medication aids in healing acid damage, prevents ulcers, and may reduce the risk of esophageal cancer. Zydus Lifesciences will manufacture the product at its formulation manufacturing facility in Moraiya, Ahmedabad.

Read more here.

Tanla Platforms to acquire ValueFirst for Rs 346 crore from Twilio

Tanla Platforms has announced its acquisition of ValueFirst from Twilio in a Rs 346 crore ($42 million) all-cash deal. The company has signed a definitive share purchase agreement, with the acquisition set to close in July 2023. Additionally, Tanla has signed a binding term sheet to acquire ValueFirst Middle East FZC for Rs 20 crore, aiming to enhance its global presence. This acquisition is projected to be completed by September 2023, pending closing conditions. 

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Aether Industries signs LoI with US-based global oilfield services company

Aether Industries has signed a Letter of Intent (LoI) with a US-based global oilfield services company, establishing them as a strategic supplier and contract manufacturing partner. The LoI sets the stage for the execution of a Strategic Supply Agreement (SSA) within three months, as stated in Aether Industries’ regulatory filing. Under this agreement, Aether will be responsible for manufacturing four specific products for the new customer, with a combined monthly volume of 1,325 metric tons.

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GAIL completes insolvency resolution process of JBF Petrochemicals in 15 months

GAIL (India) Ltd has completed the corporate insolvency resolution process (CIRP) for JBF Petrochemicals Ltd (JBFPL) within a remarkable 15 months. The payment has been released to all stakeholders of JBFPL, marking one of the fastest transaction closures in the post-COVID period for the National Company Law Tribunal (NCLT). GAIL has already invested Rs 2,101 crore in the resolution plan and now holds a 100% stake in JBFPL.

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Tata Power Renewable Energy arm bags contract to set up 966 MW renewable project for Tata Steel

Tata Power Renewable Energy, via its subsidiary TP Vardhaman Surya Ltd, has secured a contract to establish a 966 MW round-the-clock hybrid renewable power project for Tata Steel. The project consists of a combination of 379 MW solar and 587 MW wind power capacities. Tata Steel aims to meet a significant portion of its green energy requirements through this project. This leads to a reduction of 23.9 lakh tonnes of CO2 emissions annually.

Read more here.

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

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

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

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

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

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

Read more here.

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

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

Read more here.

Suzlon crosses 20 GW installed windmills capacity worldwide

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

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

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

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Patel Engineering secures Rs 519.5 crore project from CIDCO

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

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Lupin launches Darunavir tablets used in controlling HIV infections

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

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Nava’s Zambia subsidiary discharges all overdue loan instalments

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

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Bharat Petroleum starts pilot to test ED7 blend fuel

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

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Greaves Finance introduces ‘evfin’ platform for EV financing

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

Read more here.

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Tata Motors’ Net Profit at Rs 5,408Cr in Q4 – Top Indian Market Updates

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

Tata Motors Q4 Results: Net profit jumps to Rs 5,408 crore

Tata Motors Ltd reported a net profit of Rs 5,408 crore for the quarter ended March 2023 (Q4 FY23), compared to a loss of Rs 1,032 crore in Q4 FY22. Its consolidated revenue jumped 35% YoY to Rs 1,05,932 crore during the same quarter. Net profit also rose 83% compared to Q3 FY22. The company’s board has recommended a dividend of Rs 2 per equity share and Rs 2.1 per DVR share.

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India’s retail inflation falls to 4.7%

India’s retail inflation, measured by the consumer price index (CPI), fell to 4.70% in April, which is below the Reserve Bank of India’s upper limit of 6%. This was due to a decline in food prices. The country’s headline inflation has remained within the RBI’s target range for two consecutive months. The consumer food price index also declined from 4.79% in March to 3.84% in April.

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HDFC looks to sell Rs 2,000 crore stressed developer loans

HDFC is in negotiations with asset reconstruction companies to sell stressed loans worth around ₹2,000 crore to developers before its merger with HDFC Bank. These loans, held by 7-8 accounts, include advances to local owners of Radisson Blu properties. HDFC is currently in negotiations with consulting firm Alvarez & Marsal to actively seek potential buyers.

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Cipla Q4 Results: Net profit jumps 45% YoY to Rs 526 crore

Cipla reported a 45% YoY increase in consolidated net profit to Rs 526 crore for Q4 FY23. Its operating revenue rose 9% YoY to Rs 5,739 crore during the same quarter. EBITDA also rose 54% YoY to Rs 1,174 crore. The company’s board has recommended a final dividend of Rs 8.5 per equity share.

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Tata Power subsidiary TP Saurya to set up 200 Megawatt solar project in Rajasthan

TP Saurya Ltd. (TPSL) has signed a Power Purchase Agreement (PPA) with Tata Power Trading Company Ltd. (TPTCL) to set up a 200 MW solar power plant in Bikaner, Rajasthan. The solar plant is scheduled to be commissioned in March 202 and will supply 485 million units of energy annually, connected to the Central Transmission Utility Bus. The PPA will be valid for 25 years.

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Foreign exchange reserves jump by $7.2 bn to $595.98 billion

India’s foreign exchange reserves rose by $7.196 billion to $595.976 billion in the week ending May 5. The previous reporting week had seen a decline of $4.532 billion to $588.78 billion. Foreign currency assets increased by $6.536 billion to $526.021 billion, while gold reserves rose by $659 million to $46.315 billion.

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Vedanta Q4 Results: Net profit falls 68% YoY to Rs 1,881 crore

Vedanta reported a 68% YoY decline in net profit to Rs 1,881 crore for Q4 FY23. The company’s operating revenue fell 5.4% YoY to Rs 37,225 crore during the same quarter. However, EBITDA stood at Rs 9,362 crore, up 32% from Q3FY23. The company’s board has declared a dividend of Rs 33 per equity share.

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Tata Steel Mining signs pact to get LNG for Odisha plant from BPCL

Tata Steel Mining Ltd (TSML) has signed a Memorandum of Understanding (MoU) with Bharat Petroleum Corporation Ltd (BPCL) to ensure a long-term supply of liquefied natural gas (LNG) for its ferroalloys plant in Jajpur, Odisha. Under the agreement, BPCL will supply the required amount of natural gas through its pipeline to the plant.

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Ambuja Cements places order for capacity expansion

Ambuja Cements plans to expand its clinker capacity by 8 million tonnes at its Bhatapara and Maratha units. The projects are expected to be completed in approx 24 months and will be funded through internal accruals. This expansion is part of Ambuja Cement’s strategy to double its production capacity over the next five years, aiming to increase it from the current capacity of 67.5 million tonnes per annum (MTPA).

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HAL Q4 Results: Net profit falls 9% YoY to Rs 2,831 crore

Hindustan Aeronautics Ltd (HAL) reported a 9% YoY fall in consolidated net profit to Rs 2,831 crore for Q4 FY23. Its operating revenue rose 8% YoY to Rs 12,494 crore during the same quarter. EBITDA stood at Rs 3,242 crore, up 29% YoY from Q4 FY22. The state-owned defence major’s expenses rose 9% YoY to Rs 10,360 crore.

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Automobile sales grow in double digits in April: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), 3,31,278 passenger vehicles were dispatched from factories to dealerships in April, up 12.9% from 293,303 units sold in April 2022. Sales of three-wheelers more than doubled to 42,885 units, while two-wheeler sales rose by 15.1% to 1,338,588 units in April.

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Torrent Power incorporates wholly-owned subsidiary TU14 to carry biz in power sector

Torrent Power has established a wholly-owned subsidiary called Torrent Urja 14 Pvt Ltd (TU14) to engage in various businesses related to power, including generation, transmission, distribution, and trading. However, it has not yet commenced its business operations. The authorized and paid-up share capital of TU14 is Rs 1 lakh, and Torrent Power holds 100% equity in the subsidiary.

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Industrial production growth declines to 1.1% in March

The Index of Industrial Production (IIP) in India grew by 1.1% in March. This is a slowdown from the 5.6% growth observed in February. For FY23, the IIP increased by 5.1%, a significant decline compared to the 11.4% growth in the previous year. In March 2023, the manufacturing sector’s output saw a modest growth of 0.5%, while mining output rose by 6.8%. However, power output declined by 1.6% in the same month.

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Adani Ent’s Net Profit Jumps 137% YoY to Rs 722Cr in Q4 – Top Indian Market Updates

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

Adani Enterprises Q4 Results: Net profit jumps 137% YoY to Rs 722 crore

Adani Enterprises reported a 137% YoY increase in net profit to Rs 722.48 crore for Q4 FY23. Its operating revenue rose 26% YoY to Rs 31,346 crore during the quarter. EBITDA stood at Rs 3,586 crore, up 183% YoY. The company’s board has approved a dividend of Rs 1.2 per equity share.

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Reliance Industries’ shareholders, creditors approve demerger of financial services arm

Reliance Industries’ shareholders and creditors have approved the demerger of its financial services unit with nearly 100% of the votes cast in favour. The unit will be renamed Jio Financial Services. Shareholders of Reliance Industries will receive one share of the demerged entity for every one share held in Reliance Industries. Shares of Jio Financial Services will be listed on both BSE and NSE after demerger.

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HDFC Q4 Results: Net profit jumps 20% YoY to Rs 4,426 crore

HDFC reported a 20% YoY jump in net profit to Rs 4,426 crore for Q4 FY23. Its total operating revenue rose 35.6% YoY to Rs 16,679.43 crore during the quarter. The bank’s Net Interest Income (NII) stood at Rs 5,321 crore, up 16% YoY. The bank’s board has approved a dividend of Rs 44 per equity share.

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Adani Ports sells coastal international terminals in Myanmar for $30 million

Adani Ports & Special Economic Zone Ltd (ASPEZ) has sold its Myanmar coastal international terminals to Solar Energy for $30 million. Solar Energy will pay the amount to APSEZ within three business days after completing compliance. Once APSEZ receives the transaction value, the equity transfer will occur and its exit will be concluded.

In other news, APSEZ handled 32.3 million tonnes of total cargo in April 2023, a YoY growth of 12.8%.

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Tata Power Q4 Results: Net profit jumps 48% YoY to Rs 939 crore

Tata Power reported a 48% YoY increase in net profit to Rs 939 crore for Q4 FY23. Its revenue increased 6% YoY to Rs 12,755 crore from Rs 12,085 crore during the same period. EBITDA stood at Rs 3,101 crore in Q4 FY23, up 38% YoY. The company’s board has recommended a dividend of Rs 2 per equity share.

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Patel Engineering JV bags orders worth Rs 1,310 crore

Patel Engineering and its Joint Venture (JV) partners have been awarded EPC Turnkey Basis projects worth Rs 1,310 crore. These projects are the Tumkur Branch Canal (Package III) Micro Irrigation Project from Visvesvaraya Jala Nigama and the Sher Micro Irrigation Project from the Water Resources Department of Madhya Pradesh.

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Vehicle registrations declines by 4% in April

Vehicle registrations in India declined by 4% to 1,724,935 units in April, with retail sales of two-wheelers down 7.3% and of passenger vehicles down 1.35%. According to data from the Federation of Automotive Dealers Associations (FADA), the decline was due to the shift to BSVI norms, untimely rains and advanced purchases in March ahead of an anticipated price rise.

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TVS Motor Q4 Results: Net profit jumps 49% YoY to Rs 410 crore

TVS Motor reported a 49% YoY increase in net profit to Rs 410 crore for Q4 FY23. Its operating revenue increased 19.4% YoY to Rs 6,605 crore during the quarter. EBITDA stood at Rs 3,101 crore in Q4 FY23, up 38% YoY. The company’s board has recommended a dividend of Rs 2 per equity share.

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G R Infraprojects secures highway project in UP

G R Infraprojects has won a bid for a highway project in Kausambi, Uttar Pradesh, with a bid of Rs 737.17 crore. The project involves constructing a 38.2 km section of NH-731A with paved shoulders. It is expected to be completed within 730 days, with an operation period of 15 years from the commercial operation date.

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Zydus Lifesciences gets final approval from USFDA to manufacture ulcer drug

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Sucralfate Tablets. The drug is used to treat and prevent ulcers in the intestines. The drug will be manufactured at Zydus Lifesciences’ topical manufacturing facility in Special Economic Zone, Ahmedabad.

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IGL signs MoU with ACME Cleantech to jointly supply GreenHydrogen, set up infrastructure

Indraprastha Gas Ltd (IGL) has signed a Memorandum of Understanding (MoU) with Acme Cleantech Solutions Pvt Ltd (ACME) to explore potential business opportunities for Green Hydrogen. IGL and ACME will explore opportunities to set up hydrogen generation plants, including electrolysers. They will also blend green hydrogen into IGL’s existing pipeline networks supplying gas to households, industries, and commercial setups, and CNG for vehicles.

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WPI Inflation Eases to 1.34% in March – Top Indian Market Updates

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

WPI Inflation eases to 1.34% in March

The wholesale price index (WPI)-based inflation rate dropped to a 29-month low of 1.34% in March, down from 3.85% in February. This decline was attributed to a higher base effect and a decrease in the prices of manufactured products. This marks the sixth consecutive month of single-digit wholesale inflation after 18 months of double-digit inflation. 

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Passenger vehicle exports from India rise 15% in FY23: SIAM

According to data released by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle exports from India witnessed a 15% increase in the financial year 2022-23, with Maruti Suzuki India being the leader in this segment. The total passenger vehicle exports reached 6,62,891 units in FY23, compared to 5,77,875 units in FY22. Passenger car shipments grew by 10% to reach 4,13,787 units, while utility vehicle exports saw a 23% growth with 2,47,493 units exported during FY22.

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Ashok Leyland bags order of 1,560 trucks from VRL Logistics

Ashok Leyland has received an order of 1,560 trucks from VRL Logistics Ltd (VRL). The trucks are equipped with advanced features aimed at enhancing efficiency and profitability for VRL’s growing fleet. With this order, VRL aims to reduce maintenance time, minimise stop-overs, and improve overall efficiency. This is expected to result in better uptime and increased profitability for VRL.

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Vedanta joins 20 Korean display firms for electronics manufacturing hub in India

Vedanta Group has signed Memorandum of Understandings (MoUs) with 20 Korean companies from the display glass industry for the development of an electronics manufacturing hub in India. The proposed electronics manufacturing hub has the potential to attract over 150 companies and generate more than 1 lakh direct and indirect jobs. Vedanta’s greenfield display fab would be one of the anchor projects for this proposed hub.

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Adani-Total’s Dhamra LNG terminal to start commercial operations at May-end

Adani Group and TotalEnergies’ newly built liquefied natural gas (LNG) import facility at Dhamra on the Odisha coast in India will begin commercial operations at the end of May. The terminal has the capacity to handle 5 million tonnes of LNG per year and received its first shipment of LNG on April 1. The LNG will be used for various purposes, including steel production, fertilizer production, compressed natural gas (CNG), and cooking gas.

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EIL secures business worth Rs 4,500 crore in FY23, a 165% jump

Engineers India Ltd (EIL) secured business worth Rs 4,500 crore in FY23, marking a significant jump of 165% YoY. The company attributed this growth to its expanded presence in the traditional hydrocarbon sector and its entry into emerging areas such as green hydrogen and niche chemicals. EIL also secured Rs 600 crore worth of business from international clients in FY23, a substantial increase from Rs 50 crore in FY22.

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Hathway Cable & Datacom Q4 Results: Net loss at Rs 14.61 crore

Hathway Cable & Datacom Ltd reported a consolidated net loss of Rs 14.61 crore in Q4 FY22-23. It posted a net profit of Rs 28.42 crore in Q4 FY22. The company’s revenue from operations stood at Rs 459.59 crore, up 2.40% YoY. The revenue from the broadband business was Rs 159.16 crore, while the revenue from the Cable TV business was Rs 300.43 crore in Q4. Total expenses increased by 8.24% YoY to Rs 484.49 crore.

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Tata Power discom arm signs 200-MW hydropower pact with NVVN

Tata Power Delhi Distribution Ltd (Tata Power-DDL) has signed a 200-MW medium-term hydropower purchase agreement with NTPC Vidyut Vyapar Nigam Ltd (NVVNL) to meet the projected peak demand. NVVNL, the trading arm of NTPC Ltd, will supply hydropower to Tata Power-DDL for the next five years, specifically from May to September 2023.

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M&M recasts top management roles of auto business

Mahindra & Mahindra (M&M) has restructured the roles of senior officials and created a new position of CEO for the automotive business to focus on internal combustion engine-powered SUV operations. The company has also appointed a Chief Operating Officer (COO) for its electric vehicle business to oversee the emerging electric SUV portfolio, reflecting its increased focus on electric mobility and sustainability.

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India Set to Unveil New Foreign Trade Policy – Top Indian Market Updates

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

India set to unveil new foreign trade policy 2023-28

The Indian government is set to unveil a new Foreign Trade Policy 2023-28 tomorrow to boost exports amid slowing global trade. Minister for Commerce and Industry Piyush Goyal will announce the policy, which is expected to outline the vision statement for taking India’s goods and services exports to $2 trillion by 2030. The country is likely to end this financial year with total exports of $760 billion, up from $676bn in 2021-22. The new policy is likely to incorporate WTO-compliant export promotion measures and is expected to boost India’s position in the global trade arena.

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Adani Group aims 20% earnings growth every year to repay $23 billion in debt

The Adani Group plans to achieve a 20% growth in earnings across its various businesses to repay its debt of about $23 billion over the next 3-4 years. The business group, which has been severely impacted by US short-seller Hindenburg Research’s report that wiped off $135 billion in market value of its listed companies, has been meeting with stakeholders to address their concerns. Adani’s businesses range from seaports to airports, edible oil and commodities, energy, cement, and data centres.

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Axis Bank, Shriram Housing Finance announce partnership for co-lending

Axis Bank and Shriram Housing Finance Ltd (SHFL) have partnered under the co-lending model through the Yubi Co.Lend platform to offer secured micro, small & medium enterprise (MSME) and home loans to middle and low-income borrowers in rural and semi-urban regions. The partnership will use the loan processing technology of SHFL and the financial expertise of Axis Bank to assess the credit profiles of borrowers and offer them loans at competitive interest rates.

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HDFC Bank opens 500th branch in Tamil Nadu

HDFC Bank has announced the launch of its 500th branch in Tamil Nadu’s Madurai district, with plans to expand further in semi-urban and rural areas of the state. The bank opened its first branch in Tamil Nadu in 1995 in Anna Salai, and it now has a nationwide distribution network of 7,183 branches and 19,007 ATMs/Cash Deposit & Withdrawal Machines (CDMs) across 3,552 cities/towns as of December 31, 2022. The new branch at Arasaradi was inaugurated by the state Finance Minister Palanivel Thiaga Rajan.

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Tata Power approves re-appointment of Praveer Sinha as CEO and MD

Tata Power has approved the reappointment of Praveer Sinha as CEO and MD for four years starting May 1, 2023. Sinha currently chairs the CII Western Region council and co-chairs the CII National Committee on Power. He has held several leadership positions across the power sector value chain and was instrumental in driving the turnaround of Tata Power Delhi Distribution Limited. He has also contributed towards promoting innovations in the clean energy space by setting up the first international incubator in India.

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HPCL, BPCL signs pact for Hydrogen Synergy

Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation (BPCL) have signed an agreement to purchase and sell hydrogen at their refineries. The partnership aims to minimize valuable hydrogen flaring, improve environmental impact and promote cooperation and collaboration in hydrogen exchange between both refineries to sustain operations and ensure uninterrupted product availability.

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Indian pharma firm Granules opens packaging facility in US 

Granules India Ltd has opened a new packaging facility in Virginia, US, to expand its capacity for essential drugs and strengthen the biopharma supply chain. The pharma company has invested more than $100 million in the US and was one of the first Indian pharmaceutical firms to receive FDA authorisation to export to the US. The company employs nearly 200 people in Virginia, a majority of whom are first-generation Indians.

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Alembic Pharma gets USFDA nod for Glaucoma drug

Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) to market Brimonidine Tartrate Ophthalmic Solution in the US. The solution is used to treat high fluid pressure in the eye. According to IQVIA data, Brimonidine Tartrate Ophthalmic Solution has an estimated market size of $97 million for twelve months ending December 2022.

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ZEEL, IndusInd Bank Settle Dispute Over Dues – Top Indian Market Updates

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

ZEEL, IndusInd Bank settle dispute over dues

Zee Entertainment Enterprises Ltd (ZEEL) and IndusInd Bank have informed the National Company Law Appellate Tribunal (NCLAT) that the two companies have reached a settlement in relation to their payment dispute. IndusInd Bank said it would also withdraw its objection to ZEEL’s merger with a local unit of Japan’s Sony. In its plea, IndusInd Bank had claimed a default of Rs 83.08 crore against the media and entertainment firm

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Tata Power proposes new 400 KV transmission corridor for Mumbai

Tata Power has shared a proposal to set up a high voltage 400 KV line corridor for Mumbai with the state government and the state regulatory authority. This new transmission corridor will help meet the city’s growing electricity demand and enhance electricity distribution to as high as 15,000MW in future. If approved, this project could take four-five years and may cost around Rs 1,000 crore.

In other news, Tata Power Solar Systems has secured an order worth ₹1,755 crore from NLC India to set up a 300 MW Domestic Content Requirement (DCR) based EPC project.

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HFCL bags Rs 283 crore order from Gujarat Metro

HFCL has secured a Rs 282.61 crore contract from Gujarat Metro Rail Corporation to deploy communication systems for Surat Metro Rail Project Phase-1. The company has to deploy the project within 90 days from the date of contract. HFCL has to provide warranty support for 110 weeks for the system that it will deploy.

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JB Pharma bets big on chronic therapy for its growth aspirations

JB Chemicals & Pharmaceuticals (JB Pharma) is eyeing possible acquisitions of brands and portfolios to get a foothold in the diabetes segment, said CEO Nikhil Chopra. He added that diabetes aligns with the cardiovascular segment, and building the portfolio organically may not be easy. JB Pharma has been investing in the chronic segment with a sharp focus on the cardiovascular segment through both acquisitions and new launches.

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Granules India gets USFDA approval for generic gabapentin tablets

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for its generic gabapentin tablets. The drug is used to manage postherpetic neuralgia (a painful condition that affects the nerve fibers and skin) in adults. It is also used as adjunctive therapy in the treatment of partial-onset seizures. As per IQVIA data, Gabapentin tablets had sales of approx. $145 million in the US for the 12 months ended Jan 2023.

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Govt launches 7th round of coal mine auctions

Defence Minister Rajnath Singh launched the seventh round of auctions for the commercial mining of 106 coal blocks. 95 non-coking coal mines, 10 lignite mines, and one coking coal mine are being offered in the latest round of auction. The auction will be held online through a transparent two-stage process on the basis of percentage revenue share.

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Netweb Tech files DRHP for IPO worth Rs 257 crore

New Delhi-based server maker Netweb Technologies has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO). The company intends to raise Rs 257 crore through a fresh issue of shares. Promoters are also looking to sell about 85 lakh shares. Netweb Tech also provides private cloud, hyper-converged infrastructure, and AI enterprise workstation services.

Read more here.

Maruti Suzuki crosses 25 lakh units milestone of cumulative exports

Maruti Suzuki India Ltd crossed the 25 lakh units milestone of cumulative exports since starting overseas shipments in 1986-87. The automaker currently exports to nearly 100 countries, including markets in Africa, Latin America, Asia, and the Middle East. Maruti Suzuki’s first big consignment of 500 cars was shipped to Hungary in September 1987.

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Vedanta, HZL declare dividends 3 times their combined profitability

Vedanta Ltd. and Hindustan Zinc Ltd. (HZL) have together declared dividends worth Rs 69,300 crore for the current financial year (FY23). The dividend announcements have come as the mining major looks to shore up funds to reduce its debt commitments. The dividend declared so far is nearly three times their combined profitability. A sum of the trailing 12-month profitability of Vedanta and HZL comes up to Rs 25,348 crore.

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SEBI approves ASBA-like facility for secondary market

The Securities & Exchange Board of India (SEBI) has approved a broad framework of Application Supported by Blocked Amount (ASBA)-like facility to be available to investors for secondary market trading. The facility is based on blocking funds for trading in the secondary market through UPI. The facility will be optional for both investors and stock brokers.

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Tilaknagar Industries to buy 10% in Samsara Gin maker

Tilaknagar Industries has agreed to buy a 10% stake in Spaceman Spirits Lab (SSLPL) for Rs 9.75 crore. The investment will be made through a combination of equity shares and compulsory convertible preference shares. Established in 2020, SSLPL owns Samsara gin. It had an annual turnover of Rs 2.7 crore during FY22.

Read more here.

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Tata Technologies Files IPO Papers With SEBI – Top Indian Market Updates

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

Tata Technologies files IPO papers with SEBI

Tata Technologies Ltd has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to launch an initial public offering (IPO). The IPO is purely an offer for sale by the promoter Tata Motors and two other existing shareholders. The offer for sale (OFS) is 9.57 crore equity shares, representing approx. 23.60% of its paid-up share capital.

Read more here.

Marksans Pharma gets final USFDA approval for Famotidine tablets

Marksans Pharma Ltd has received final approval from the US Food & Drugs Administration (USFDA) for its generic version of Famotidine tablets. The drug is indicated for the treatment of acid indigestion and heartburn. The product had sales of over $200 million in the US market.

Read more here.

Ajanta Pharma approves Rs 315 crore share buyback

Ajanta Pharma’s board has approved the buyback of 22.1 lakh equity shares of the face value of Rs 2 each through the tender offer route. The number of shares to be bought back represents 2.59% of the total number of equity shares of the company. Ajanta Pharma will carry out the buyback of shares at Rs 1,425 per share.

Read more here.

Natco Pharma launches additional strengths of Revlimid in US

Natco Pharma Ltd has launched additional strengths for its generic Lenalidomide capsules in the US market. The drug is used in the treatment of multiple myeloma (cancer that forms in a type of white blood cell called a plasma cell). The launch has been done through its marketing partner Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries.

Read more here.

Automakers record best-ever dispatches in Feb: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), Indian automakers dispatched nearly 2.92 lakh passenger vehicles, up 11% YoY. This is the highest-ever dispatches for the month of Feb so far. The total two-wheeler wholesale dispatches rose 8% YoY to 11,29,661 units in Feb. Three-wheeler sales surged 86% YoY to 50,382 units.

Read more here.

Bank of Baroda board approves 49% stake divestment in BFSL

Bank of Baroda’s board has approved up to 49% divestment in subsidiary BoB Financial Solutions Ltd (BFSL). The bank currently holds 100% of the total equity share capital of BFSL. It will now issue Expression of Interests (EOIs) to suitable investors/strategic partners. Established in 1994, BFSL caters to the needs of a rapidly growing credit card industry.

Read more here.

India’s fuel demand hits at least 24-year high in Feb

India’s fuel demand hit its highest level in at least 24 years in February, according to govt data. Consumption of fuel rose more than 5% YoY to 4.82 million barrels per day last month. The strength highlights a combination of profitable refining from record Russian crude imports in February, total utilization for primary distillation across India and robust domestic consumption.

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India’s industrial production rises 5.2% in January

India’s industrial production index (IIP) rose to 5.2% in January 2023, compared to 4.3% print in the previous month. This is mainly due to the good performance of the power, mining and manufacturing sectors. In January, growth in the mining sector stood at 8.8%, compared to 9.8% in December 2022. Manufacturing output stood at 3.7% (2.6% in Dec 2022) and electricity growth came in at 12.7% (compared to 10.4% in Dec).

Read more here.

India’s forex reserves increase, snapping four-week losing streak

India’s foreign exchange reserves rose for the first time in five weeks and stood at $562.40 billion as of the week ended March 3, according to the Reserve Bank of India (RBI). The reserves increased by $1.46 billion at the end of last week after falling by a total of $15.8 billion in the previous four weeks. It stood at $560.94 billion in the week to Feb 24.

Read more here.

Tata Power RE signs PPA with TPDDL for 510 MW hybrid plant

Tata Power Renewable Energy has signed an agreement with Tata Power Delhi Distribution Ltd (TPDDL) to supply electricity from its 510 MW solar-wind hybrid project. It is one of the largest hybrid projects in India, with the capacity bifurcation of 170 MW solar & 340 MW wind power. The project will save an average of 1540 MUs (million units) of CO2 emissions annually for TPDDL.

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Airtel’s ARPU to rise 3% post jump in base prepaid rates: CLSA

Bharti Airtel’s recent decision to increase base prepaid rates by 57% in 19 markets is estimated to immediately boost its average revenue per user (ARPU) by 3% to Rs 199 according to analyst & brokerage group CLSA. Airtel’s tariffs across plans are already 25-57% higher than Vi and Reliance Jio. 

Read more here.