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Adani Group Sells Stake Worth Rs 15,446Cr to GQG Partners – Top Indian Market Updates

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

Adani Group sells stake worth ₹15,446 crore to GQG Partners

Adani Group has sold minority stakes in four of its listed companies to US-based equity investment boutique GQG Partners for Rs 15,446 crore. Shares in Adani Ports and Special Economic Zone Ltd (APSEZ), Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL), and Adani Enterprises Ltd (AEL) were sold through secondary market block deals.

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SBI may look to cut stake in Yes Bank once lock-in ends

State Bank of India (SBI) may look to lower its stake in Yes Bank after a lock-in period ends on March 6. SBI, which initially acquired 49% of Yes Bank, now holds a 26.14% stake as of Dec. 31. The state-owned bank is still the largest single shareholder in the Yes Bank. SBI cannot reduce its holding below 26% before the completion of three years from the date of the infusion of capital, as per the reconstruction plan.

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Power consumption up 9% to 118 BU in February

Power consumption in India rose 9% YoY to 117.84 billion units (BU) in February 2023. The peak power demand met (or the highest supply in a day) rose to 209.66 gigawatts (GW) in Feb. The peak power supply stood at 193.58 GW in February 2022 and 187.97 GW in February 2021. The robust growth of power consumption indicates sustained momentum of economic activities last month.

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Reliance, Tata bid for India’s $2.4 billion solar incentives

Solar module makers, including Reliance Industries Ltd. and Tata Power, are among the bidders for $2.4 billion in financial incentives that India is offering to expand domestic manufacturing and curb panel imports from dominant producer China. The government is offering grants to take the country’s module-making capacity to as much as 90 gigawatts, enough to meet its own requirements and serve export markets.

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PVR-Inox draws up Rs 850-crore expansion plan

PVR-Inox is expected to spend ₹800-850 crore for adding new movie screens and retrofitting the existing ones. Nearly ₹700 crore will go towards the expansion of new screens and the rest for retrofitting screens. In the next two years, the merged entity plans to add 200 screens per year. In the current financial year (FY23) to date, the entity has launched 143 screens across 26 properties in 21 cities.

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RVNL emerges lowest bidder for sleeper Vande Bharat trains

A consortium of Russia’s JSC Metrowagonmash and Rail Vikas Nigam Ltd (RVNL) has emerged as the lowest bidder (L1) to manufacture, supply, and maintain 200 sleeper Vande Bharat trains. These newly-designed trains will allow the movement of new locomotives on longer routes. The consortium has bid to supply 16 sleeper car trains at a basic rate of ₹120 crore per rake.

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Adani Ports sees 10% growth in cargo volumes in February

Adani Ports & Special Economic Zone Ltd (APSEZ) handled approximately 26.5 million metric tonnes (MMT) of total cargo, recording a 10% YoY growth in Feb. During April-February, APSEZ clocked approx. 307 MMT of cargo volumes, up 8.5% YoY. Earlier this week, Adani Ports incorporated a wholly-owned subsidiary (HM Agri Logistics) that will develop and operate state-of-the-art silo complexes across India.

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Pidilite to manufacture Jowat’s hot melt adhesives in India

Adhesive manufacturing company Pidilite Industries Ltd will be manufacturing Germany-based Jowat’s range of hot melts in India. The product will be manufactured in Pidilite’s manufacturing facility in Vapi, Gujarat. The adhesive will be made under the brand name Fevicol Jowat.

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Zydus Lifesciences receives final approval from USFDA for healing cream

Zydus Lifesciences Ltd has received final approval from the US Food and Drug Administration (USFDA) for Acyclovir Cream. It is used to treat cold sores on the face and lips. Cold sores are blisters caused by a virus called herpes simplex. The drug will be manufactured at the group’s topical manufacturing facility at Changodar, Ahmedabad. It will be launched in the US market shortly.

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SBI’s Net Profit Rises 69% YoY in Q3 – Top Indian Market Updates

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

SBI Q3 Results: Net profit rises 69% YoY to ₹14,205 crore

State Bank of India (SBI) reported a 68.5% YoY increase in net profit to ₹14,205.34 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 24% YoY to ₹38,068.62 crore during the same period. The bank’s provisions fell 17% YoY to ₹5,761 crore in Q3. The gross non-performing assets (GNPA) ratio fell from 4.5% in Q3 FY22 to  3.17% in Q3 FY23.

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India Cements to refurbish old cement plants with an investment of ₹1,600 crore

The India Cements Ltd has drawn up plans to refurbish its old manufacturing facilities at an estimated outlay of ₹1,500-1,600 crore. The funds to undertake the refurbishment would be met through internal accruals. The refurbishment program would start with Malkapur and Vishnupuram plants in Telangana.

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ITC Q3 Results: Net profit rises 21% YoY to ₹5,031 crore

ITC Limited reported a 21% YoY increase in net profit to ₹5,031 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 2.3% YoY to ₹16,226 crore during the same period. The company’s EBITDA stood at ₹5,183.5 crore in Q3, up 25% YoY. Cigarette sales in the quarter rose nearly 17% YoY to ₹7,288.22 crore. ITC’s board has approved an interim dividend of ₹6 per share. 

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Coal India arm MCL introduces drone technology in coal mines

Coal India’s subsidiary MCL has introduced drone technology in coal mines for environmental monitoring, volume measurement, and photogrammetric mapping of mines for digitalisation of the mining process. The technology has been introduced through the launch of a web-based portal ‘VIHANGAM’. The portal allows an authorised person to access real-time drone video from the mine through a dedicated 40 Mbps internet lease line near the mines.

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Divi’s Labs Q3 Results: Net profit falls 66% YoY to ₹307 crore

Divi’s Laboratories Ltd reported a 66% YoY decline in consolidated net profit to ₹307 crore for the quarter ended December (Q3 FY23). Its revenue from operations fell 31% YoY to ₹1,708 crore during the same period. The pharma company’s EBITDA stood at ₹408 crore in Q3, down 63% YoY. Divi’s Labs shares fell more than 11% today due to poor results.

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Railways plans to upgrade ticketing capacity from 25K to 2.25 lakh per minute: Ashwini Vaishnaw

Railway Minister Ashwini Vaishnaw said the Indian railways will initiate its plan to increase its capacity to issue tickets from 25,000 to nearly 2.25 lakh per minute while attending to inquiries from 40,000 to 40 lakh per minute. The ministry plans to lay new railway tracks for a distance of 7,000 kilometres during the financial year 2023-24. He also announced that “Jan Suvidha” convenience stores will be constructed at 2,000 railway stations across the country.

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Tata Power Q3 Results: Net profit rises 91% YoY to ₹1,052 crore

Tata Power Company Ltd reported a 91% YoY increase in consolidated net profit to ₹1,052 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 30% YoY to ₹14,339 crore during the same period. EBITDA grew 53% YoY to ₹2,818 crore in Q3. Tata Power is one of India’s largest integrated power companies. It has an overall installed/managed capacity of 14,101 MW.

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Max Healthcare lines up ₹400 cr to expand Mohali facility

Max Healthcare Institute will invest around ₹400 crore to expand its Mohali-based hospital. The construction of the new building that will house 170 beds officially commenced today. On completion of the project by the end of Q3 FY24, the hospital bed capacity will go up to 400 beds from the existing 231. The new building will house special specialties like liver transplant, bone marrow transplant, renal transplant, orthopaedics, and neurosciences.

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RBI allows Hinduja Group to raise stake in IndusInd Bank: Report

According to an Economic Times report, the Reserve Bank of India (RBI) has given in-principle and conditional approval to IndusInd International Holdings Ltd, a Hinduja Group entity, to raise its stake in IndusInd Bank to 26%. This will result in the Hinduja Group investing over $1 billion in the bank. Promoter holding in the bank currently stands at 16.51%. To learn more about the Hinduja Group, click here.

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Axis Bank’s Net Profit Rises 62% YoY in Q3 – Top Indian Market Updates

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

Axis Bank Q3 Results: Net profit rises 62% YoY to ₹5,853 crore

Axis Bank reported a 62% YoY increase in net profit to ₹5,853 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 31% YoY to ₹10,360 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 3.53% in Q3 FY22 to 2.5% in Q3 FY23. Provisions stood at ₹550 crore in Q3 FY23, down 68% YoY.

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IndiGrid to acquire Khargone Transmission for ₹1.497.5 crore

India Grid Trust (IndiGrid) will acquire a 100% equity stake in Khargone Transmission at an enterprise value of about ₹1,497.5 crore. Khargone Transmission was incorporated on November 28, 2015, to improve power supply and grid reliability by delivering 1320 MW of thermal power from Khargone power plant to consumers in the domestic, commercial, agricultural, and industrial segments in the state of Madhya Pradesh and Maharashtra.

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Canara Bank Q3 Results: Net profit rises 92% YoY to ₹2,882 crore

Canara Bank reported a 92% YoY increase in net profit to ₹2,881.5 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 24% YoY to ₹8,600 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 6.37% in Q2 FY23 to 5.89% in Q3 FY23. Provisions stood at ₹3,121 crore in Q3 FY23, up 39% YoY.

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Glenmark Pharma launches medication to prevent chemotherapy-induced nausea

Glenmark Pharmaceuticals Ltd has launched the IV injection formulation Akynzeo IV under an exclusive licensing agreement with Helsinn (a Swiss biopharma group company). It is administered 30 minutes before the start of each chemotherapy cycle which helps prevent both acute and delayed phases of chemotherapy-induced nausea and vomiting. The drug is already being marketed in the EU, the US, and Australia. 

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Route Mobile Q3 Results: Net profit rises 84% YoY to ₹85 crore

Route Mobile Ltd reported an 84.4% YoY increase in consolidated net profit to ₹85.36 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 75.16% YoY to ₹985.72 crore during the same period. EBITDA stood at ₹128.3 crore in Q3, recording a growth of 66.19% YoY. Route Mobile is a cloud communications platform service provider that caters to enterprises, OTT players, and mobile network operators (MNO).

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L&T Construction wins “significant” orders across various businesses

Larsen & Toubro’s construction arm has secured significant orders (in the range of ₹1,000-2,500 crore) for its power transmission & distribution (PT&D) and buildings & factories (B&F) businesses. The PT&D business has bagged a turnkey engineering, procurement, and construction (EPC) order to set up a 112.5 MW solar plant in West Bengal. The B&F business has secured an order from Nanavati Max Super Specialty Hospital to construct a state-of-the-art 600-bed super specialty hospital in Mumbai.

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IDBI Bank Q3 Results: Net profit rises 60% YoY to ₹927 crore

IDBI Bank reported a 60% YoY increase in net profit to ₹927 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 23% YoY to ₹2,925 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 21.68% in Q3 FY22 to 13.82% in Q3 FY23. Provisions came in at ₹784.28 crore in Q3 FY23, down 2.18% YoY.

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Krsnaa Diagnostics opens 14 pathology labs, 64 collection centers in Himachal

Krsnaa Diagnostics has operationalised 14 pathology laboratories and 64 collection centres in Himachal Pradesh. With this, the company has completed 100% of the project implementation in the state. The company had bagged a tender for providing diagnostic services at the Himachal Pradesh Government’s health institutions in the entire state in February 2022.

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Tata Motors partners with ICICI Bank to offer financing solutions to its passenger EV dealers

Tata Motors has partnered with ICICI Bank to offer financing solutions to its authorised passenger electric vehicle (EV) dealers. Under the partnership, ICICI Bank will provide inventory funding to the authorised passenger EV dealers in addition to the bank’s funding to dealers for diesel and petrol models. The EV dealers can avail of flexible repayment tenures through the partnership.

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Tata Power to install public EV charging points at GAIL CNG stations in Bengaluru

Tata Power has signed an agreement with GAIL Gas Limited to install DC fast charging points at two of its CNG stations in Bengaluru. The partnership is in line with Tata Power’s commitment to encourage and promote electric mobility across the country and GAIL Gas’ commitment to delivering convenience to its customers who wish to switch to EVs. Tata Power plans to install 25,000 public EV charging stations across the length and breadth of India in the next five years.

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Bharti Airtel Plans ₹27,000-28,000Cr Capex – Top Indian Market Updates

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

Bharti Airtel plans ₹27,000-28,000 crore capex for telecom network

Bharti Airtel plans to invest ₹27,000-28,000 crore in its telecom network with a focus on 5G rollout. While the company is planning to increase capital expenditure (capex) by 10-15%, it has no plans to charge a premium rate for 5G services as it has not worked in several countries that tried to do so. The capex will be spent on radios (mobile antennas), fibre cables, broadband, enterprise technology data centres, etc.

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Reliance Jio launches 5G services in 11 cities

Reliance Jio announced the launch of 5G services across 11 cities— Lucknow, Trivandrum, Mysuru, Nashik, Aurangabad, Chandigarh, Mohali, Panchkula, Zirakpur, Kharar, and Derabassi. Jio users in these cities will be invited to the Jio Welcome Offer to experience unlimited data at up to 1 Gbps+ speeds at no additional cost. These cities are important tourism destinations and key education hubs of India.

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Coal India to meet 700 MT production target of FY23: Chairman

Coal India Ltd (CIL) Chairman Pramod Agrawal said the company will achieve the production target of 700 million tonnes (MT) for the current financial year (FY23). CIL accounts for over 80% of the domestic coal output. The company registered a growth of 15.9% over the targeted production of coal, which is almost 19 MTs.

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Adani Transmission incorporates subsidiary for smart meter business

Adani Transmission has formed a subsidiary, BEST Smart Metering Ltd (BSML), to undertake the smart meter business. Recently, the Central govt. launched the Revamped Distribution Sector Scheme (RDSS) to help power distribution companies (DISCOMs) improve their operational efficiencies. Under the RDSS, 17.34 crore prepaid smart meters and 49.02 lakh distribution transmission meters have been sanctioned across 23 states with a total sanctioned cost of ₹1.15 lakh crore.

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Tata Power RE to set up 255 MW hybrid project in Karnataka

Tata Power Renewable Energy Ltd (TPREL) has received a Letter of Award (LoA) from Tata Power Delhi Distribution Ltd. (a joint venture of Tata Power and the NCT of Delhi) to set up a 255 megawatts (MW) hybrid power project in Karnataka. The project will be commissioned within 24 months. The power generated from the project will be supplied to Tata Power- DDL, which supplies electricity to over 7 million entities in North Delhi.

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SEBI bans Moneytree Research, its proprietor from securities market for 3 years

The Securities & Exchange Board of India (SEBI) has barred Moneytree Research and its proprietor Narendra Madan Rathod from the securities markets for three years for providing unauthorised investment services. In its order, the market regulator found that Moneytree and Rathod were never registered with SEBI in any capacity as an intermediary. SEBI has directed Moneytree to refund the money received from investors within three months.

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Indian fintech firms face a tough 2023 as investments cool: Report

India’s fintech industry will face hurdles in the form of tougher regulatory scrutiny and tighter liquidity, which will lead to higher costs of capital for some companies next year, said Rakesh Pozhath, partner at consulting firm Bain & Company. “Investors in the country’s fintech space are getting more diligent as global financial conditions tighten. That has intensified the competition for capital,” he added.

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Hariom Pipe shares hit record high after buying assets of R P Metal Sections

Shares of Hariom Pipe Industries Ltd rallied nearly 16% to hit a record high of ₹403 per share after the company acquired operating assets of R P Metal Sections for ₹55 crore. The company is in the process of expanding its product range to add more value-added products. The newly listed stock has given a multibagger return of more than 160% in just eight months.

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Adani Group to Get Control of NDTV – Top Indian Market Updates

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

Adani Group to get NDTV control as promoters decide to sell bulk of their stake

New Delhi Television Ltd’s (NDTV) founders Prannoy Roy and his wife Radhika Roy have decided to transfer most of their shares in the company to the Adani Group. This will give Gautam Adani’s conglomerate control of about 65% of the news broadcaster. The founders will sell a 27.26% stake of their remaining 32.26% shareholding in NDTV to an entity owned by Adani.

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Puravankara, Purva Real Estate Fund acquires 100 acres of land in Chennai

Puravankara Ltd and Purva Real Estate Fund have acquired more than 100 acres of land for plotted development in a deal valued around ₹200 crore in Chennai. The proposed project at Guduvanchery is expected to have a total revenue potential of over ₹900 crore. Guduvanchery is an upcoming real-estate hub for Chennai. Puravankara plans to launch three more plotted development projects by March 2023.

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Tata Power secures ₹450 crore sustainable trade finance from Japan’s MUFG

Japan’s MUFG Bank has executed a ₹450 crore sustainable trade finance facility for Tata Power. This credit facility was extended for solar projects under TP Kirnali Limited (TPKL). TPKL is a wholly-owned subsidiary of Tata Power Renewable Energy Ltd (TPREL), a clean energy platform.

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Godrej Properties to develop residential project on 14.27 acres in Gurugram

Godrej Properties Ltd (GPL) has entered into an agreement to develop 14.27 acres of land in Gurugram, Haryana, with an estimated revenue potential of ₹3,000 crore. The development will comprise predominantly premium residential apartments. This will be one of GPL’s largest residential developments in Gurugram and significantly strengthen its presence in the city.

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Vedanta declared as preferred bidder for Bicholim mineral

Vedanta Ltd has been declared as the preferred bidder for the Bicholim mineral block in Goa. The iron ore mines had resources of 84.92 million tonnes. Goa government has earlier invited tenders to participate in the electronic auction for granting mining leases in respect of iron ore mines in the state. 

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NCLT approves merger of Jindal Stainless and Jindal Stainless (Hisar)

Jindal Stainless has received regulatory approval for its merger with Jindal Stainless (Hisar) from the National Company Law Tribunal (NCLT). The two companies had been demerged in 2015 as part of a financial and operational restructuring exercise to bring down the cost of borrowing. Jindal Stainless had a debt of over ₹8,500 crore, which prompted the restructuring.

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Bharat Highways InvIT files draft papers with SEBI for IPO

Bharat Highways InvIT has filed a draft prospectus with the capital markets regulator SEBI to raise ₹2,000 crore through an initial public offering. Proceeds of the issue will be used to repay certain loans obtained by the project special purpose vehicles (SPV) and for general corporate purposes. As per the draft papers, Bharat Highways InvIT would issue units aggregating up to ₹2,000 crore.

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2,613 air incidents reported in India during five years; IndiGo tops the list: Govt

The Ministry of Civil Aviation (MoCA) said there has been a long list of air incidents reported in the last five years involving domestic airlines and added that 12 of these airline companies are presently operating in India. There were a total of 2,613 air incidents reported due to technical snags in the five years in which IndiGo airlines topped the list. IndiGo reported 215 incidents so far in 2022 and 885 incidents over five years.

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Maruti Suzuki to Hike Vehicle Prices from Jan – Top Indian Market Updates

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

Maruti Suzuki to hike vehicle prices from January

Maruti Suzuki India Ltd (MSIL) will increase the prices of its vehicles ‘substantially’ from next month (Jan 2023). The automaker aims to offset the impact of rising input costs and make provisions to update the model range to conform to stricter emission norms which kick in from April 2023. MSIL continues to witness increased cost pressure driven by overall inflation and recent regulatory requirements.

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RIL buys Russian naphtha, increases fuel oil imports

According to data from Refinitiv, Reliance Industries Ltd is purchasing Russian refined fuels, including rare purchases of naphtha (used for making petrochemicals), after some Western buyers stopped Russian imports. Western sanctions against Russia over its invasion of Ukraine have led to the rise of rare trade routes for Russian crude and refined products that were mainly sold to European countries. 

So far, RIL’s fuel oil imports from Russia have surged to a record 3 million tonnes (MT) since April-Dec of FY23, compared to 1.6 million for all of FY22.

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Godrej Properties acquires an 18.6-acre land parcel in Mumbai’s Kandivali

Godrej Properties Ltd has acquired an 18.6-acre land parcel in the Kandivali suburb of Mumbai. It is the company’s 8th project in its development portfolio in the current financial year (FY23). The new project will have a developable potential of around 3.72 million sq. ft. with an estimated revenue potential of nearly ₹7,000 crores.

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Adani Group seeks central forces protection at Vizhinjam port

The Adani Group moved the Kerala High Court, seeking the assistance of central forces to continue with construction at the Vizhinjam seaport in Thiruvananthapuram. There have been violent protests at the site recently, which are halting construction work. Justice Anu Sivaraman asked the state and central governments to discuss the possibility of deploying the central forces.

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RBI gives approval to Carlyle, Advent to acquire a 9.99% stake each in Yes Bank

The Reserve Bank of India (RBI) has given conditional approval to private equity investors Carlyle Group and Advent to acquire a 9.99% stake each in Yes Bank. Both investors will infuse ₹8,898.4 crores into the bank. Each investor will first acquire 1,848 million shares (or 5.9% equity) of Yes Bank at ₹13.78 per share. Separately, the bank will issue convertible warrants at ₹14.82 per share after 18 months.

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Tata Power to invest ₹6,000 crores in Odisha in five years

Tata Power CEO and MD Praveer Sinha announced a ₹6,000 crore capital investment by the company in Odisha. The company will also set up 1,000 electric vehicles (EV) charging points, 1,00,000 solar pumps, microgrids, and rooftop & floating solar plants in the next five years. The company has been engaged in power distribution across Odisha and is committed to ensuring ease-of-doing business through quality power supply.

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Amara Raja Batteries to invest ₹9,500 crore in Telangana

Amara Raja Batteries Ltd plans to invest ₹9,500 crores over the next 10 years in Telangana to set up research and manufacturing facilities for lithium-ion batteries. The initial facilities would include an energy research and innovation center in Hyderabad, called the Amara Raja E-hub. It will be equipped with advanced laboratories and testing infrastructure for material research, prototyping, and product life cycle analysis.

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Bank credit grows nearly 17% for the fortnight ended Nov 18: RBI

As per RBI data, the Indian banking system’s outstanding credit grew by 16.96% YoY to ₹133.29 lakh crore for the two weeks ended November 18. The current financial year (FY23) has seen a steady rise in credit growth in FY23 driven by a variety of reasons, including strong economic growth and borrowers’ shift to banks as against other credit substitutes amid rising interest rates. In FY 2021-22, bank credit rose by 8.59% and deposits by 8.94%.

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NTPC coal mining output jumps 48% to 12.24 MMT in April-Nov

NTPC recorded 48% YoY growth in coal mining output at 12.24 million metric tonnes (MMT) for April-November 2022. The four operational coal mines, Pakri-Barwadih & Chatti Bariatu (Jharkhand), Dulanga (Odisha), and Talaipalli (Chhattisgarh) contributed to accomplishing the highest ever monthly coal production of 20.47 lakh metric tonne in November.

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IndiGo Opens 2nd MRO Facility in Bengaluru Airport – Top Indian Market Updates

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

IndiGo opens second MRO facility in Bengaluru Airport

IndiGo has inaugurated its second maintenance repair and overhaul (MRO) facility at Bengaluru’s Kempegowda International Airport. The 13,000 sq. meter facility is built on five acres of land. It is the second-largest maintenance facility at the airport.

In other news, IndiGo CarGo operated its first international flight between Kolkata and Yangon, Myanmar. The A321 P2F freighter aircraft carried general cargo with a payload of more than 19,000 kg.

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Quiklyz signs MoUs with five last-mile mobility players

Vehicle leasing and subscription platform Quiklyz has signed Memorandum of Understandings (MOUs) with five last-mile mobility players for leasing over 1,000 electric three-wheelers. With this, Quiklyz plans to deliver these leased vehicles over the next six months across India, opening up newer opportunities in electric vehicle (EV) leasing. Quiklyz is a subsidiary of Mahindra & Mahindra Financial Services Ltd.

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Aurobindo Pharma’s unit signs pact with Evive Biotech to market CIN treatment product

Aurobindo Pharma’s unit (Acrotech Biopharma) has entered into a licensing pact with Evive Biotech to commercialise Ryzneuta in the US market. The product is currently under late-stage review by the US Food & Drug Administration (USFDA) for chemotherapy-induced neutropenia (CIN). Evive will develop, manufacture, register, and supply Ryzneuta, while Acrotech will market and distribute the product in the US.

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ITC Hotels partners with Jolle Hospitality to expand footprint in South India

ITC Hotels has partnered with Jolle Hospitality for a 116-room hotel in Belagavi (Karnataka) as it aims to expand its footprint in South India. The hotel is currently under construction and likely to be completed by 2024. Spread across 5 acres, the hotel will be named ITC WelcomHotel Belagavi. 

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SC rejects Tata Power plea challenging MERC transmission contract to Adani Power

The Supreme Court rejected Tata Power’s plea challenging a ₹7,000 crore transmission contract secured by Adani Power from Maharashtra Electricity Regulatory Commission (MERC). Tata Power had challenged the awarding of the infrastructure project without tariff-based competitive bidding. As per the contract, Adani Power will develop a 1,000 MW high-voltage direct current link between Kudu and Aarey power stations.

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Tata Motors rolls out new Tigor EV sedan

Tata Motors has launched the new Tigor EV with an extended range of 315km. Available in four variants, the new Tigor EV price starts at ₹12.49 lakh and goes up to ₹13.75 lakh (ex-showroom). The electric passenger vehicle portfolio of the auto major currently includes the Nexon EV, Tigor EV, and Tiago EV. Tata Motors plans to offer 10 electric models in its portfolio by 2026.

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Bajaj Healthcare begins trial run for new opium processing line

Bajaj Healthcare Ltd (BHL) has started the trial run of a new production line for processing opium at Savli in Vadodara district, Gujarat. The new production line will produce Alkaloids and Active Pharmaceutical Ingredients (APIs) used in a wide range of pharma applications. BHL was the first private entity to be awarded tenders for the highly regulated opiate processing business by the Central government.

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Zydus Lifesciences gets USFDA approval for ulcer treatment drug

Zydus Lifesciences Ltd. has received final approval from the USFDA to market famotidine injection. The drug is used to treat ulcers of the stomach and intestines. It also prevents intestinal ulcers from coming back after they have healed. According to IQVIA data, Famotidine injection had annual sales of $1.9 million for the 12 months ended Sept 2022.

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Renault Group selects KPIT Tech as strategic software scaling partner

France-based Renault Group has selected KPIT Technologies as a strategic software scaling partner for a next-generation software-defined vehicle (SDV) platform. The platform will drive Renault’s global growth by delivering unmatched experience to end consumers and unlocking monetisation over the length of vehicle ownership. KPIT Tech is one of the largest software integration partners for the automotive & mobility industry.

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Oil prices fall more than $2 on Russian oil price cap talks

Oil prices fell by more than $2 a barrel on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading. Brent crude futures fell $2.71 (or 3.07%) to $85.65 a barrel. As per reports, G7 nations are looking at a price cap on Russian seaborne oil in the range of $65-70/billion barrels of oil (bbl).

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SBI Sees 14-15% Corporate Credit Growth in FY23 – Top Indian Market Updates

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

SBI sees 14-15% corporate credit growth in FY23

State Bank of India (SBI) expects corporate loans to grow at a pace of 14% to 15% this financial year (FY23) and 12% on average over the next two years. Demand for corporate loans is being driven by improved capacity utilisation, higher working capital, and a shift in demand from bond markets to bank loans. The bank saw a 21% increase in corporate credit in the July-September quarter (Q2).

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Tata Power Solar, Union Bank to help MSMEs for solar project financing

Tata Power Solar Systems Ltd (TPSSL) has partnered with Union Bank of India (UBI) to help micro, small, and medium enterprises (MSMEs) switch to solar solutions. The association will be implemented under UBI’s solar scheme called Union Solar, which helps MSMEs relieve the stress of higher power costs and grid exigencies. MSMEs can avail the dual services of Solar EPC by TPSSL, financed through a term loan facility by UBI.

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RBI Governor asks Indian banks to be vigilant about evolving macroeconomic situation

Reserve Bank of India (RBI) Governor Shaktikanta Das asked the country’s banks to remain watchful of the evolving macroeconomic situation (including global spillovers). He asked lenders to take mitigating measures proactively to minimise any impact on their balance sheets and contain financial stability risks. 

Recession fears have spooked investors as central banks globally have been hiking interest rates to bring down soaring inflation. A deepening energy crisis in Europe and continued lockdowns in China have also added to the global economic distress.

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Bharat Rasayan Q2 Results: Net profit falls 13% YoY to ₹23 crore

Bharat Rasayan Ltd reported a 13.37% year-on-year (YoY) decline in net profit to ₹22.93 crore in Q2 FY23. The chemical manufacturing company’s revenue from operations rose 8.14% YoY to ₹291.77 crore during the same period. Total expenses stood at ₹263.88 crore in Q2, up 12% YoY. 

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ICICI Bank hikes FD interest rates by 30 basis points

ICICI Bank has hiked fixed deposit (FD) interest rates for amounts below ₹2 crore on select tenors by up to 30 basis points (bps). The new interest rates are effective from November 16, 2022. The bank will now offer interest rates between 3% and 6.60% for tenors from 7 days to 10 years for regular investors.

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Hindustan Zinc announces interim dividend of ₹15.5 for FY23

Hindustan Zinc Ltd announced a second interim dividend of ₹15.5 per share for a face value of ₹2 per unit for the ongoing financial year (FY23). The dividend will amount to ₹6,549.2 crore. The company had declared November 24 as the record date for the interim dividend. Ex-date for the dividend will be November 23, which means that investors who wish to buy the stock for the dividend should do it before November 23.

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Wipro to set up a European Works Council

IT major Wipro Ltd has reached an agreement with employee representatives to set up a European Works Council (EWC). The creation of an EWC follows a request by employees under a European Union (EU) directive that establishes the opportunity in companies with more than 1,000 employees across multiple European locations. The first constitutional meeting will take place in Q1 FY24.

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Tata Motor’s JLR CEO Thierry Bolloré resigns

Tata Motor-owned Jaguar Land Rover (JLR) Chief Executive Officer Thierry Bolloré tendered his resignation from the company for personal reasons. He will leave the company on December 31, 2022. Adrian Mardell will take over as interim CEO from Wednesday. He has been part of JLR for 32 years and is currently a member of its executive board.

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SBI signs €150 million loan agreement with KfW

State Bank of India (SBI) has signed a €150 million (~₹1,240 crore) loan agreement with German development bank KfW to facilitate new and upcoming capacity in the solar sector. The long-term loan will facilitate new and upcoming capacities in the solar sector and further contribute to the country’s goals announced during COP26.

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Tata Motors Posts ₹944Cr Net Loss in Q2 – Top Indian Market Updates

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

Tata Motors Q2 Results: Net loss narrows at ₹944 crore

Tata Motors Ltd reported a consolidated net loss of ₹944.61 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹4,441.57 crore in Q2 FY22. Its revenue from operations rose 29.7% YoY to ₹79,611 crore in Q2 FY23. The automaker’s domestic commercial vehicles business registered a 19% YoY growth in sales. The passenger vehicle (PV) business continued its strong momentum with wholesales at 1.42 units in Q2, up 69% YoY.  

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Adani Ports to acquire 49.38% stake in Indian Oiltanking for ₹1,050 crore

Adani Ports & Special Economic Zone Ltd (APSEZ) has entered into a definitive agreement to acquire Oiltanking India GmbH’s 49.38% equity stake in Indian Oiltanking Ltd (IOTL). IOTL is one of India’s largest operators of liquid storage facilities. This agreement also includes the acquisition of an additional 10% equity stake in IOT Utkal Energy Services Ltd, a subsidiary of IOTL.

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BEML Q2 Results: Net profit rises 52% YoY to ₹16.26 crore

State-owned BEML reported a 52.5% year-on-year (YoY) rise in consolidated net profit to ₹16.26 crore for the quarter ended Sept (Q2 FY23). Its total income fell 20.4% YoY to ₹806.11 crore during the same period. Total expenses stood at ₹789.84 crore in Q2, down 21% YoY. BEML manufactures a variety of heavy equipment for earth moving, transport, and mining.

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Sun Pharma signs pact with SPARC to commercialise medication in US

Sun Pharmaceutical Industries has signed a licensing agreement with Sun Pharma Advanced Research Company (SPARC) to commercialise benzyl alcohol and propylene glycol-free phenobarbital sodium powder for injection in the US market. The drug is used to treat neonatal seizures. Under the terms of the license agreement, Sun Pharma will pay SPARC an upfront payment of $10 million.

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Barbeque Nation Q2 Results: Net profit jumps 143% YoY to ₹7 crore

Barbeque Nation Hospitality Ltd reported a 143% YoY jump in consolidated net profit to ₹7.1 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 40.3% YoY to ₹310 crore during the same period. The growth in Q2 was supported by improvement in the dine-in business. Both Toscano and BARQ’s international businesses posted robust performance.

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TVS Motor signs pact with Amazon India to scale up EV deployment

TVS Motor Company has signed an agreement with Amazon India to scale up electric vehicle (EV) deployment and strengthen their commitment to achieving net-zero carbon. As part of this collaboration, a fleet of electric two-wheelers and three-wheelers from TVS Motor will be deployed for Amazon’s last-mile deliveries. The two entities will examine EV use cases for various Amazon business groups for its network and logistical requirements.

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Godrej Properties Q2 Results: Net profit rises 54% YoY to ₹55 crore

Godrej Properties Ltd reported a 54% YoY increase in consolidated net profit to ₹55 crore for the quarter ended Sept (Q2 FY23). Its total income rose 13% YoY to ₹327 crore during the same period. The real estate developer witnessed total bookings worth ₹2,409 crore and a total booking volume of 2.71 million sq. ft in Q2. It launched four new projects and phases across three cities.

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Tata Power RE to set up 150 MW solar project in Solapur

Tata Power Renewable Energy Ltd (TREPL) has received a Letter of Award from the Maharashtra State Electricity Distribution Corp Ltd (MESDCL) to set up a 150 MW solar project in Solapur. The company secured the order through tariff-based competitive bidding followed by an e-reverse auction. With this order, the total renewables capacity of TPREL has reached 5,786 megawatts (MW).

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Maruti Suzuki Posts 4-Fold Jump in Q2 Net Profit – Top Indian Market Updates

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

Maruti Suzuki Q2 Results: Net profit jumps 4-fold YoY to ₹2,062 crore

Maruti Suzuki India Ltd reported a 333.72% year-on-year (YoY) jump in consolidated net profit to ₹2,061.5 crore for the quarter ended Sept (Q2 FY23). Higher commodity prices and chip shortage concerns had impacted earnings in the year-ago period. Its revenue from operations rose 46% YoY to ₹29,930.8 crore during the same period. The company sold a total of 5,17,395 vehicles during Q2, the highest ever in any quarter.

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Hero MotoCorp sees double-digit growth in retail sales in festive season

Hero MotoCorp Ltd has registered healthy double-digit growth in retail sales in the festive season. Retail sales increased 20% over the corresponding festive period of FY22. The company’s festival season retails were driven by the strong performance of its popular models, including the 100cc Splendor+, 125cc motorcycles Glamour & Super Splendor, and the XPulse range in the premium segment.

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Tata Power Q2 Results: Net profit rises 85% YoY to ₹935 crore

Tata Power reported an 85% YoY increase in consolidated net profit to ₹935.18 crore for the quarter ended Sept (Q2 FY23). The company’s profit has increased for the 12th consecutive quarter. Its total income rose 39.2% YoY to ₹14,181.07 crore during the same period. EBITDA stood at ₹2,043 crore in Q2, up 18% YoY.

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SpiceJet gets DGCA approval for wet leasing 5 planes: Report

As per an ET report, SpiceJet Ltd has received approval from the Directorate General of Civil Aviation (DGCA) for wet leasing five Boeing 737 Max planes for up to six months. The airline has already deployed two of the aircraft on different routes. The remaining three aircraft will be inducted into SpiceJet’s fleet in the coming weeks. Under a wet lease arrangement, planes are leased along with operating crew and engineers.

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Bandhan Bank Q2 Results: Net profit ₹209 crore

Bandhan Bank reported a net profit of ₹209 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹3,008.6 crore in Q2 FY22. Its net interest income (NII) grew 13.3% YoY to ₹2,193 crore during the same period. The gross non-performing assets ratio (GNPA) improved to 7.19% in Q2 FY23, compared to 10.8% in Q2 FY22. The bank’s provisions fell 77.2% YoY to ₹1,279.7 crore in Q2 FY23.

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Infibeam Avenues gets RBI in-principle approval for payment aggregator licence

Infibeam Avenues Ltd has received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA). This will enable the company to further expand its reach in multiple business segments for both online and offline digital transactions. Its flagship brand, CCAvenue, is well-placed to leverage its new role as a payment aggregator.

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Dr. Reddy’s Labs Q2 Results: Net profit rises 12% YoY to ₹1,114 crore

Dr. Reddy’s Laboratories Ltd reported a 12% YoY increase in consolidated net profit to ₹1,114 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 9.4% YoY to ₹6,332 crore during the same period. EBITDA rose 40% YoY to ₹1,899 crore in Q2. The pharma company’s global generics sales increased 18% YoY to ₹5,595 crore.

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India’s forex reserves fall to two-year low to $524.52 billion

India’s foreign exchange (forex) reserves fell to a two-year low for the week ended October 14. Forex reserves fell by ₹3.85 billion to ₹524.42 billion for the week ending Oct 21. The fall in forex reserves can be attributed to a fall in the Foreign Currency Assets (FCA), which is a key component of the overall reserves. The central bank continues to defend the rupee’s downslide while ignoring depleting forex reserves as a major concern.

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Vedanta Q2 Results: Net profit falls 53% YoY to ₹2,690 crore

Vedanta Ltd reported a 53% YoY decline in net profit to ₹2,690 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 20.6% YoY to ₹36,237 crore during the same period. EBITDA stood at ₹8,038 crore in Q2, down 24.04% YoY. Vedanta’s board has approved the expansion of rolled product capacity at Balco (a subsidiary) from 50 kilotonnes per annum (KTPA) to 180 KTPA at a cost of ₹595 crore.

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SAIL inks pact with AAI for facilitating start of commercial flights from Rourkela

Steel Authority of India Ltd (SAIL) has entered into a pact with the Airport Authority of India (AAI) for facilitating the start of commercial flights from Rourkela, Odisha. The state-owned company has signed an operation and management contract with AAI through its unit Rourkela Steel Plant. AAI will manage the airport on behalf of SAIL’s Rourkela Steel Plant.

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Dabur Posts 3% YoY Fall in Net Profit in Q2 – Top Indian Market Updates

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

Dabur Q2 Results: Net profit falls 2.8% YoY to ₹490 crore

Dabur Ltd reported a 2.85% year-on-year (YoY) decline in consolidated net profit to ₹490.86 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6% YoY to ₹2,986.49 crore during the same period. The company’s total expenses stood at ₹2,471.28 crore in Q2, up 8.94% YoY. Dabur India’s board has declared an interim dividend of ₹2.5 per share.

The FMCG major will acquire a 51% stake in Badshah Masala Pvt. Ltd for ₹587.52 crore. Badshah Masala manufactures, markets, and exports ground spices, blended spices, and seasonings.

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Hero MotoCorp partners with Terrafirma Motors to enter Philippines market

Hero MotoCorp announced plans to enter the Philippines, for which it has partnered with Terrafirma Motors Corp (TMC) for the assembly and distribution of its vehicles. TMC will set up an assembly facility of 29,000 sq. metres in its existing principal manufacturing facility in Laguna City. It will start operations in the second half of FY24.

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Gland Pharma Q2 Results: Net profit falls 20% YoY to ₹241 crore

Gland Pharma Ltd reported a 20.14% YoY decline in consolidated net profit to ₹241.24 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 3.33% YoY to ₹1,044.4 crore during the same period. The pharma company’s revenue from the Indian market fell 42% YoY to ₹72.6 crore in Q2.

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Ahluwalia Contracts secures orders worth ₹103 crores

Ahluwalia Contracts (India) Ltd has secured an order worth ₹60 for construction work of Amity Campus Hyderabad (Telangana) from Ritnand Salved Education Foundations. The company has secured another order worth ₹43 crore for the civil, structural, and external development work of a hospital from Muthoot Hospital Pvt. Ltd. The total order inflow during the current financial year (FY23) stands at ₹3,114.72 crore.

Century Textiles Q2 Results: Net profit rises 60% YoY to ₹70 crore

Century Textiles & Industries Ltd reported a 69.38% YoY increase in consolidated net profit to ₹69.97 crore for the quarter ended Sept (Q2 FY23). Its total income grew 20% YoY to ₹1,242.11 crore during the same period. Total expenses stood at ₹1,125.25 crore in Q2, up 15.75% YoY. 

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Zydus Lifesciences gets USFDA approval to market generic Micafungin injection

Zydus Lifesciences has received final approval from the US Food & Drug Administration to market its generic Micafungin injection. The drug is also used to prevent fungal infections in patients who are having a stem cell transplant. It will be produced at the pharma company’s injectable manufacturing facility at Jarod, near Vadodara. 

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Tata Power Solar Systems launches off-grid solar solutions in three states

Tata Power Solar Systems Ltd (TPSSL) announced the launch of cost-efficient solar off-grid solutions in West Bengal, Bihar, and Jharkhand. The off-grid solutions provide a combination of high-efficient solar modules, inverters, and batteries. They are engineered to provide an efficient integrated power system to consumers for their power backup requirements during grid supply shortages.

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Ramkrishna Forgings Q2 Results: Net profit rises 27% YoY to ₹64 crore

Ramkrishna Forgings Ltd reported a 27% YoY increase in net profit to ₹64 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 31.7% YoY to ₹762.55 crore during the same period. Overall capacity utilization stood at 82.24% in Q2. The company will raise around ₹100 crore through the preferential issue of convertible warrants. The proceeds will be utilised to reduce debt.

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ZEEL, Sony agree to sell 3 Hindi channels to address anti-competition concerns

Zee Entertainment Enterprises Ltd (ZEEL) and Sony India have voluntarily agreed to sell three Hindi channels (Big Magic, Zee Action, and Zee Classic) to address possible anti-competition concerns arising out of their proposed merger. They submitted their merger proposal to the Competition Commission of India (CCI), which cleared the deal subject to certain modifications on Oct. 4. To learn more about the ZEEL-Sony merger, click here.

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Wipro Posts 9% YoY Fall in Net Profit in Q2 – Top Indian Market Updates

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

Wipro Q2 Results: Net profit falls 9% YoY to ₹2,660 crore

Wipro Ltd reported a 9.2% YoY decline in consolidated net profit to ₹2,659 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 14.6% YoY to ₹22,539.7 crore during the same period. In constant currency terms, the IT services segment revenue increased by 4.1% QoQ and 12.9% YoY. Wipro’s order bookings during the quarter grew by 23.8% YoY. Wipro’s results are below street estimates.

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Retail inflation rises to 5-month high of 7.41% in September

India’s retail inflation, measured by the Consumer Price Index (CPI), rose to a five-month high of 7.41% in September. CPI stood at 7% in August. Inflation in the food basket rose to 8.60% in Sept from 7.62% in August. The fuel and light segment rose 10.39% last month.

India’s factory output, measured by the Index of Industrial Production (IIP) witnessed a contraction of (-)0.8% YoY to 131.3 in August.

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HCL Tech Q2 Results: Net profit rises 7% YoY to ₹3,489 crore

HCL Technologies Ltd reported a 7.1% YoY (or 6.3% QoQ) increase in consolidated net profit to ₹3,489 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 19.5% YoY to ₹24,686 crore during the same period. The total contract value of deals rose 6% YoY and 16% QoQ to $2.38 billion in Q2. The IT company’s board has declared a dividend of ₹10 per share.

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Airtel tops 4G download speeds, Jio in coverage: OpenSignal

According to an OpenSignal report, Bharti Airtel users enjoyed the best quality of service on 4G networks with the fastest download speeds, while Reliance Jio had the best coverage. Users on Airtel clocked 13.6 Mbps download speeds, marginally faster than Vodafone Idea and Reliance Jio by 0.3-0.6 Mbps. Airtel delivered a superior experience in streaming videos, multiplayer gaming, and OTT services.

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Adani Renewable Energy Holding Four sets up two subsidiaries

Adani Green Energy Ltd’s arm Adani Renewable Energy Holding Four has incorporated two new subsidiaries. These two subsidiaries are Adani Renewable Energy Forty Four Ltd (ARE44L) and Adani Renewable Energy Forty Eight Ltd (ARE48L). The main objective of the subsidiaries is to generate, develop, distribute, transmit, and supply power or electrical energy using any renewable sources of energy.

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HFCL secures order worth ₹40 crore

HFCL has received purchase orders aggregating to ₹39.19 crore from Reliance Projects & Property Management Services. The order is for rolling out a long-distance fibre network by one of the leading operators in various telecom circles. The orders are to be executed by May 2023. HFCL is a technology company that makes high-end transmission equipment and optical fibre cables (OFC).

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Coal India partners three PSUs for four gasification projects

Coal India Ltd (CIL) has signed agreements with Bharat Heavy Electricals Ltd (BHEL), Indian Oil Corporation Ltd, and GAIL (India) Ltd to set up four surface gasification projects. It aims to gasify 100 million tonnes (MT) of coal into syngas for use in the downstream production of value-added chemicals in the next eight years. In the first phase (from 2020-2024). 4 MT will be gasified with an investment of ₹20,000 crore. 

Sonata Software signs business transformation deal with Ireland-based eir evo

Sonata Software Ltd has signed an agreement with eir evo to support the standardization of their customer relationship management (CRM) platform, migrating them from Salesforce to Microsoft Dynamics. Ireland-based eir evo leading telecommunications and Information & Communications Technology (ICT) solutions provider.

Sonata Software and eir evo also plan to implement a long-term strategy for growing Microsoft Dynamics within the Irish market.

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Tata Power partners with 75F Smart Innovations for energy-efficiency solutions

Tata Power Trading Company Ltd (TPTCL) has signed an agreement with 75F Smart Innovations India to jointly promote automation and energy-efficiency solutions in the commercial building space. TPTCL is a wholly-owned subsidiary of Tata Power. The entities will help businesses optimize their energy consumption and usage. They will offer solutions in the areas of heating, ventilation, and air conditioning (HVAC) optimisation and smart building automation.

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Centre approves one-time compensation of ₹22,000 crore for OMCs to recover LPG losses

The government has granted a one-time compensation of ₹22,000 crore for Oil Marketing Companies (OMCs) in view of the rising under-recoveries due to rising LPG prices globally. LPG prices have surged globally up to 300%, while in India it has not gone up as much leading to under-recoveries of OMCs. The compensation will be rolled out to Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation (BPCL).

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