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RBI Raises Repo Rate to 4.9% – Top Indian Market Updates

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

RBI raises repo rate to 4.9%

The Reserve Bank of India (RBI) has raised its key repo rate by 50 basis points (bps) to 4.90% to curb the rising inflation in our country. It is the second hike by the RBI in two months and is expected to hike borrowing costs for corporates and individuals. The government has entrusted RBI to ensure that retail inflation remains at 4%, with a margin of 2% on either side. 

Repo rate is the interest rate at which a central bank lends money to all the other banks in the country. A hike in repo rates makes bank loans costlier, leading to lower circulation of money in the economy.

Read more here.

Ramkrishna Forgings secures order worth Rs 115 crore

Ramkrishna Forgings Ltd (RFL) has received an export order worth Rs 115 crore from a European Tier-1 supplier for a new differential housing case business. This order win will provide a boost to RFL’s geographical diversification strategy and strengthen its European order book. RFL supplies rolled, forged, and machined products.

Read more here.

India’s coal production rises 34% YoY to 71.3 MT in May

India registered a 33.8% YoY increase in coal production to 71.30 million tonnes (MT) in May. Out of the top 37 coal-producing mines, 23 produced at more than 100% capacity. The performance of 10 mines stood between 80-100%. Coal-based power generation declined by 3.82% YoY to 98,609 million units (MUs) in May.

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Yes Bank to seek another term for CEO, restructure board

Yes Bank will seek shareholder approval for another three-year term for CEO Prashant Kumar and reconstitute the board by adding five new members. Three board members, including chairman and former AIG executive Sunil Mehta, will leave the bank. All three members were appointed by a government notification under a special scheme of restructuring after the bank nearly collapsed due to its failure to raise capital in March 2020.

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Wipro, TCS to work at IBM’s Kochi centre to co-create AI-based automation tech

Tata Consultancy Services (TCS) and Wipro will work at IBM’s new automation innovation centre in Kochi to develop artificial intelligence (AI)-based solutions. The new centre will allow IBM and its ecosystem partners to build automation solutions through their lifecycle— product design, engineering, and support. It will help clients in the areas of business automation, Artificial intelligence for IT Operations (AIOps), and integration.

Read more here.

Tata Power Solar commissions 450 MW project in Rajasthan

Tata Power Solar has commissioned a 450 megawatt (MW) capacity solar plant for Brookfield Renewable India in Rajasthan. The project will produce over 800 gigawatt-hour (GWh) of clean energy annually and help reduce up to 600,000 tons of annual CO2 emissions. With the commissioning of this project, the company’s total utility-scale solar project portfolio touches 9.7 gigawatt-peak (GWp).

Read more here.

BLS International’s arm to acquire Zero Mass

BLS E-services Pvt. Ltd (BEPL) will acquire a 100% stake in Zero Mass Pvt. Ltd (ZMPL) for Rs 120 crore. ZMPL undertakes business correspondent services for various banks for last-mile connectivity. BEPL is a wholly-owned subsidiary of BLS International Services, a trusted global tech-enabled services partner for governments and citizens.

Read more here.

Ujjivan SFB’s board to raise Rs 1,500 crore via NCDs

Ujjivan Small Finance Bank Ltd’s board has approved a proposal to raise up to Rs 1,500 crore through the issue of non-convertible debentures (NCDs). The issue will be on a private placement basis in one or more tranches (rounds).

Lupin gets USFDA approval for cystic fibrosis drug

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) to market Ivacaftor tablets in the U.S. The drug is used to treat cystic fibrosis (a disorder that damages the lungs, digestive tract, and other organs). As per IQVIA March 2022 data, Ivacaftor tablets had estimated annual sales of $109 million in the US.

Read more here.

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Divi’s Labs Reports 78% YoY Rise in Net Profit in Q4 – Top Indian Market News

Divi’s Labs Q4 Results: Net profit rises 78% YoY to Rs 895 crore

Divi’s Laboratories Ltd reported a 78.2% YoY increase in consolidated net profit to Rs 894.64 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 40.83% YoY to Rs 2,518.44 crore during the same period. EBITDA stood at Rs 1,104.4 crore in Q4, up 54% YoY. The pharma company’s board has declared a dividend of Rs 30 per share.

Read more here.

Tata Motors, Tata Power to install 7 MWp solar rooftop expansion project in Pune

Tata Power and Tata Motors will co-develop a 7 megawatt-power (MWp) solar rooftop project at the automaker’s passenger vehicle plant at Chikhali, Pune. The installation is expected to generate 23 million units (MUs) of electricity, mitigating 5.23 lakh tonnes of carbon dioxide. It is the third phase of a joint 17 MWp on-site solar project developed by the two companies.

Read more here.

Expectations of higher rates ‘a no brainer’: RBI Governor

Reserve Bank of India (RBI) Governor Shaktikanta Das said the central bank wants to raise interest rates in the next few meetings. The expectation of higher rates is a ‘no brainer.’ RBI will also release a new inflation forecast in its June meeting. It aims to bring down liquidity in a calibrated and phased manner.

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GIC in talks to acquire a stake in ABFRL worth Rs 2,330 crore: Report

As per reports, Singapore’s sovereign wealth fund GIC is in talks to buy a stake in Aditya Birla Fashion & Retail (ABFRL) worth $300 million (~Rs 2,330 crore). ABFRL’s board will meet on May 24 to discuss the proposal. Funds raised will be used for scaling growth as the retail sector bounces back after the Covid-19 pandemic. ABFRL has been strengthening its fashion portfolio over the last two years by acquiring premium labels and needs funds to boost its digital platforms for direct-to-consumer sales.

Tata Steel, JSW Steel, others crash as Indian govt imposes 15% export duty on steel

The Nifty Metal index crashed 8% as Tata Steel, JSW Steel, NMDC, and SAIL hit fresh 52-week lows on Monday. The fall in steel stocks came after the government imposed an export duty of 15% on steel for the second time after 2008. To increase domestic availability, the duty on exports of iron ore was hiked up to 50% and a few steel intermediaries to 15%. 

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HDFC Bank, Retailio to launch co-branded credit cards for chemists, pharmacies

HDFC Bank has partnered with RetailIo to launch a new range of co-branded credit cards targeted at chemists and pharmacies in the merchant segment. Retailio is India’s largest business-to-business (B2B) pharma marketplace. The collaboration is likely to cover over 1.4 lakh merchants in the first phase of its roll-out. It will also be available to over 1 lakh customers of Retailio from their existing merchant base and new customers.

Read more here.

BEL Q4 Results: Net profit falls 15.6% YoY to Rs 1,154 crore

Bharat Electronics Ltd (BEL) reported a 15.6% YoY decline in consolidated net profit to Rs 1,154.2 crore for the quarter ended March (Q4 FY22). Net profit rose 93.7% when compared to the previous quarter. Its revenue from operations fell 8% YoY to Rs 6,211 crore during the same period. EBITDA stood at Rs 1,449 crore in Q4, down 21% YoY. BEL’s board has approved a dividend of Rs 1.5 per share.

Marico acquires majority stake in True Elements

Marico Limited has acquired a 54% stake in HW Wellness Solutions through primary infusion and secondary buy-outs. HW Wellness Solutions owns the True Elements brand, which sells healthy breakfast items and snacks. The acquisition of the digital-first brand will help Marico to expand its total addressable market in the healthy foods segment.

Read more here.

Ramco Cements Q4 Results: Net profit falls 45% YoY to Rs 118 crore

The Ramco Cements Ltd reported a 45.2% YoY decline in consolidated net profit to Rs 118.27 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 4.94% YoY to Rs 1,722.68 crore during the same period. Total expenses rose 20.34% YoY to Rs 1,559.77 crore in Q4. The cement manufacturer’s board has declared a dividend of Rs 3 per share.

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Zomato Q4 Results: Net loss widens to Rs 360 crore

Zomato Limited reported a consolidated net loss of Rs 359.7 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 134.2 crore in the corresponding quarter last year (Q4 FY21). Revenue from operations rose 75% YoY to Rs 1,211.8 crore in Q4 FY22. Zomato launched operations in 300+ new cities during the same period.

Read more here.

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WPI Inflation Surges to Record-High of 15.08% in April – Top Indian Market News

WPI inflation spikes to record-high of 15.08% in April

India’s inflation based on the Wholesale Price Index (WPI) surged to a record high of 15.08% in April 2022. WPI inflation stood at 14.55% in March and 10.74% in April 2021. The heatwave across India led to a spike in the prices of perishables such as fruits, vegetables, and milk. Fuel inflation rose to 38.66% in April, while inflation for manufactured products rose to 10.85%.

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Bharti Airtel Q4 Results: Net profit jumps 164% YoY to Rs 2,008 crore

Bharti Airtel Ltd reported a 164.46% YoY (or 142% QoQ) jump in consolidated net profit to Rs 2,007.8 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 22.3% YoY (or 5.5% QoQ) to Rs 31,500 crore during the same period. The average revenue per user (ARPU) stood at Rs 178 in Q4 FY22, compared to Rs 162 in Q3 FY22 and Rs 145 in Q4 FY21. The telecom company’s board has declared a final dividend of Rs 3 per share.

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Abu Dhabi’s IHC invests Rs 15,400 crore in Adani Group firms

Abu Dhabi-based International Holding Company PJSC (IHC) has completed a $2 billion (~Rs 15,400 crore) investment in three Adani Group companies— Adani Green Energy Ltd, Adani Transmission Ltd, and Adani Enterprises Ltd. The investment will support and accelerate the group’s growth plan to supply India with 45 gigawatts (~9% of the country’s non-fossil energy) by 2030.

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IOCL Q4 Results: Net profit falls 31% YoY to Rs 6,022 crore

Indian Oil Corporation Ltd (IOCL) reported a 31% YoY decline in net profit to Rs 6,022 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 25.6% YoY to Rs 2.06 lakh crore during the same period. The average gross refining margin stood at $11.25 per barrel (bbl) in Q4 FY22, compared to $5.64 per bbl in Q4 FY21. IOCL’s board has declared a final dividend of Rs 3.6 per share.

The board has also approved the issue of bonus shares in the ratio 1:2 (one bonus share for every two shares held in the firm).

Read more here.

PM Modi inaugurates India’s first 5G testbed

Prime Minister Narendra Modi inaugurated India’s first 5G testbed to enable startups and industry players to test and validate their products locally. It will also help reduce dependence on foreign facilities. Companies are gearing up to launch 5G networks over the next few months. PM Modi said the next-gen mobile broadband technology (5G) will boost India’s economy by $450 billion in 15 years. He also stated that India is targeting the rollout of 6G telecom network by the end of the decade.

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Abbott India Q4 Results: Net profit rises 39% YoY to Rs 211 crore

Abbott India Ltd reported a 38.6% YoY increase in net profit to Rs 211.41 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 14.5% YoY to Rs 1,255.02 crore during the same period. The drug maker’s board has declared a final dividend of Rs 145 per share and a special dividend of Rs 130 per share.

Read more here.

LTI to launch dedicated Google Cloud Business Unit

Larsen & Toubro Infotech (LTI) is expanding its global partnership with Google Cloud. The company is setting up a dedicated Business Unit for Google Cloud’s six key solution pillars: Application Modernization, Data Management, Infrastructure Modernization, Smart Analytics, Artificial Intelligence, and Security. LTI’s unit will develop state-of-the-art IP, industry-specific solutions, and accelerators. 

Read more here.

DLF Q4 Results: Net profit falls 16% YoY to Rs 405.33 crore

DLF Limited reported a 16% YoY decline in consolidated net profit to Rs 405.33 crore for the quarter ended March (Q4 FY22). Total income fell 13.34% YoY to Rs 1,652.13 crore during the same period. The realty company’s net profit for the financial year 2021-22 stood at Rs 1,500.86 crore, registering a growth of 37.2% YoY.

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Tata Power partners with Hyundai Motor to build EV charging infra

Tata Power Company Ltd has partnered with Hyundai Motor India Ltd (HMIL) to build an electric vehicle (EV) charging network. The company will install Tata Power EZ Charge fast chargers (DC 60 kW) at HMIL’s existing EV dealer locations across 29 cities. It will also supply, install, and commission home chargers for HMIL’s EV customers. 

Tata Power is India’s leading provider of EV charging solutions, with over 1,500 public and semi-public EV chargers installed.

Read more here.

Jubilant Ingrevia Q4 Results: Net profit rises 26% YoY to Rs 68 crore

Jubilant Ingrevia Ltd reported a 26.18% YoY increase in consolidated net profit to Rs 68.59 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 87.91% YoY to Rs 1,275.87 crore during the same period. The specialty chemical manufacturer’s board has declared a final dividend of Rs 2.5 per share.

Read more here.

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Tata Power Secures Solar Project Worth Rs 1,731 crore – Top Indian Market News

Tata Power secures solar project worth Rs 1,731 crore

Tata Power Solar Systems (TPSS) has secured an order worth Rs 1,731 crore to build a 300 megawatt (MW) solar project for NHPC Ltd. The project, which will be developed in Rajasthan, is expected to generate ~750 million units (MUs) annually. It will be completed within 18 months. Tata Power’s pending order book has now reached Rs 13,500 crore. Its total utility-scale solar project portfolio has touched 9.7-gigawatt power (GWp).

Read more here.

Ami Organics Q4 Results: Net profit rises 38% YoY to Rs 21 crore

Ami Organics Ltd reported a 38.18% YoY increase in consolidated net profit to Rs 21.28 crore for the quarter ended March (Q4 FY22). Net profit rose 9.3% when compared to the previous quarter. Its revenue from operations grew 54.54% YoY to Rs 143.54 crore during the same period. Ami Organics’ board has declared a final dividend of Rs 3 per share.

Read more here.

SJVN to develop 490 MW Arun-4 hydel power project in Nepal

SJVN Limited will develop a hydro power (Arun-4) worth Rs 4,900 crore in Nepal. The project will be established as a joint venture between SJVN and Nepal Electricity Authority (NEA). It will generate around 2,100 million units (MUs) of energy per annum. This will be the third mega project to be constructed by SJVN in Nepal. The company aims to have 5,000 MW projects in Nepal by 2030.

Read more here.

Bharat Forge Q4 Results: Net profit rises 9% YoY to Rs 232 crore

Bharat Forge Ltd reported a 9% YoY increase in consolidated net profit to Rs 231.86 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 71.5% YoY to Rs 3,573.09 crore during the same period. Total expenses stood at Rs 3,295.61 crore, up 79% YoY. The company’s board has declared a final dividend of Rs 5.5 per share.

Read more here.

BEL to manufacture battery packs for Triton electric trucks

The Pune unit of Bharat Electronics Ltd (BEL) will manufacture lithium-ion battery packs for the electric trucks of US-based Triton. Triton recently signed a pact with the Gujarat State Government for setting up an EV truck manufacturing hub, with a commitment to invest around Rs 10,800 crore over five years. BEL is among the five organisations that will invest in this EV manufacturing hub at Bhuj, Gujarat.

Read more here.

RateGain Travel Tech Q4 Results: Net profit at Rs 11.61 crore

RateGain Travel Technologies Ltd (RTTL) reported a consolidated net profit of Rs 11.61 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 5.83 crore in the corresponding quarter last year (Q4 FY21). Its total income rose 45.2% YoY to Rs 113.98 crore during the same period. RTTL is one of the largest Software-as-a-Service (SaaS) companies in India’s hospitality and travel industry.

Hero MotoCorp expects two-wheeler industry to see double-digit growth in FY23

Hero MotoCorp expects the two-wheeler industry to bounce back in the current financial year (FY23), with economic activity picking up and high grain prices augmenting rural incomes. With macroeconomic indicators looking positive, the company expects the industry to grow in double digits in FY23. Better finance options could also boost sales growth going ahead. Hero MotoCorp will unveil its first electric product on July 1, 2022.

Read more here.

Raymond Q4 Results: Net profit jumps 366% YoY to Rs 263 crore

Raymond Ltd reported a 366% YoY jump in consolidated net profit to Rs 263.31 crore for the quarter ended March (Q4 FY22). Net profit rose 162.57% when compared to the previous quarter. Its revenue from operations grew 43% YoY (or 7% QoQ) to Rs 1,958 crore during the same period. EBITDA stood at Rs 284 crore, up 84% YoY. Raymond’s board has declared a dividend of Rs 3 per share.

Adani Group to become India’s second-largest cement maker with Holcim deal

Adani Group has signed a binding agreement to acquire a controlling stake in Holcim AG’s cement businesses in India for $10.5 billion (~Rs 81,361 crore). The group will acquire Holcim’s 63.19% stake in Ambuja Cements Ltd and its subsidiary ACC Ltd. With this acquisition, Adani will become the second-largest cement manufacturer in India, with a capacity of 70 metric tonnes per annum.

Read more here.

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RIL Posts 22% YoY Rise in Net Profit in Q4 – Top Indian Market News

Reliance Industries Q4 Results: Net profit rises 22% YoY to Rs 16,203 crore

Reliance Industries Ltd (RIL) reported a 22.4% YoY increase in consolidated net profit to Rs 16,203 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 37% YoY to Rs 2,11,887 crore during the same period. The results are below Street estimates. Reliance Jio reported a 24.2% YoY increase in net profit to Rs 4,173 crore. The telecom major’s revenue grew 20.4% YoY to Rs 20,901 crore in Q4. RIL’s board has declared a dividend of Rs 8 per share.

Read more here.

ONGC wins 18 out of 21 oil, gas blocks in OALP-VI bid round

Oil and Natural Gas Corporation (ONGC) has won 18 out of the 21 areas offered for finding and producing oil and gas in the sixth bid round under Open Acreage Licensing Policy (OALP). Oil India Ltd (OIL) has won rights for two blocks. Opening up more areas for exploration will help boost India’s oil and gas production and bring down high oil import bills.

Read more here.

Tata Power Q4 Results: Net profit rises 31% YoY to Rs 632 crore

Tata Power Company Ltd reported a 31% YoY increase in consolidated net profit to Rs 632 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 16% YoY to Rs 12,085 crore during the same period. EBITDA stood at Rs 2,253 crore in Q4, up 35% YoY. Tata Power’s board has declared a dividend of Rs 1.75 per share.

Read more here.

Federal Bank Q4 Results: Net profit rises 13% YoY to Rs 541 crore

Federal Bank reported a 13% YoY increase in net profit to Rs 540.54 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) grew 7.38% YoY to Rs 1,525.21 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets ratio (GNPA) stood at 2.8% in Q4 FY22, compared to 3.06% in Q3 FY22. The bank’s provisions declined by 70.4% YoY to Rs 75.24 crore in Q4 FY22.

Read more here.

L&T Infotech announces merger with Mindtree

The Board of Directors of L&T Infotech Ltd (LTI) and Mindtree Ltd approved the merger of both the independently listed IT services companies under the Larsen & Toubro Group. The proposed integration will see LTI and Mindtree join to create a scaled-up IT services provider with a valuation of $3.5 billion. All shareholders of Mindtree will be issued shares of LTI at the ratio of 73 shares of LTI for every 100 shares of Mindtree.

Read more here.

Bajaj Consumer Q4 Results: Net profit falls 34% YoY to Rs 36 crore

Bajaj Consumer Care Ltd reported a 34.5% YoY (or 6.7% QoQ) decline in consolidated net profit to Rs 35.82 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 12.2% YoY to Rs 214.95 crore during the same period. The FMCG company’s expenses stood at Rs 184.98 crore in Q4, down 2.21% YoY. Its board has declared a final dividend of Rs 4 per share.

SJVN secures contract for 30 MW wind-solar hybrid project worth Rs 195 crore

SJVN Limited secured a contract worth Rs 195 crore from the Solar Energy Corporation of India (SECI) for setting up a wind-solar hybrid project with 30 megawatts (MW) generation capacity. The state-owned company bagged the project through a tariff-based competitive bidding process for providing electricity at the rate of Rs 2.54 per unit on a build, own, and operate basis. The project is likely to generate ~1,860 million units (MUs) over 25 years.

Read more here.

Canara Bank Q4 Results: Net profit rises 65% YoY to Rs 1,666 crore

Canara Bank reported a 65% YoY increase in net profit to Rs 1,666.22 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) grew 24.84% YoY to Rs 7,005 crore during the same period. The gross non-performing assets ratio (GNPA) stood at 7.51% in Q4 FY22, compared to 8.93% in Q4 FY21. The bank’s provisions rose 1.54% YoY to Rs 3,708.68 crore in Q4 FY22. The bank’s board has recommended a dividend of Rs 6.5 per share.

Read more here.

Lupin gets USFDA approval for Pregabalin capsules

Lupin Ltd has received approval from the US Food & Drug Administration to market Pregabalin capsules. The drug is used to treat pain caused by nerve damage due to diabetes or shingles infection. The product will be manufactured at Lupin’s facility in Aurangabad, Maharashtra. According to IQVIA data, Pregabalin capsules had estimated annual sales of $263 million (~Rs 2,024 crore) in the US during the 12 months ended March 2022.

Read more here.

LIC IPO subscribed 1.38 times on third day of bidding  

The Rs 21,008.48 crore initial public offering (IPO) of Life Insurance Corporation of India (LIC) was subscribed 1.38 times on the third day of bidding. Retail investors have subscribed 1.23 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 76% and 56%, respectively, against their reserved portions. LIC policyholders have subscribed 4.01 times the portion reserved for them. 

To learn more about the IPO, click here.

RBI approves merger between Equitas Holding and Equitas SFB

The Reserve Bank of India (RBI) has cleared the merger between Equitas Holdings and Equitas Small Finance Bank (SFB). The merger is being effected to comply with the RBI norms on small finance banks, mandating the promoter to reduce the stake in the subsidiary to 40% within five years of commencement of operations by the SFB.

Read more here.

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RBI Hikes Key Lending Rate to 4.4% – Top Indian Market News

RBI hikes key lending rate to 4.4%

The Reserve Bank of India (RBI) has raised its key lending rate (repo rate) by 40 basis points (bps) to 4.40% with immediate effect. RBI Governor Shaktikanta Das said the decision was taken in view of rising inflation, geopolitical tensions, and high crude oil prices, which have impacted the Indian economy.

Repo rate is the interest rate at which a central bank lends money to all the other banks in the country. A hike in repo rates makes bank loans costlier, leading to lower circulation of money in the economy.

Read more here.

Kotak Mahindra Bank Q4 Results: Net profit rises 65% YoY to Rs 2,767 crore 

Kotak Mahindra Bank reported a 65% YoY increase in net profit to Rs 2,767 crore for the quarter ended March (Q4 FY22). Its net interest income rose 18% YoY to Rs 4,521 crore during the same period. The gross non-performing assets ratio stood at 2.34% in Q4 FY22, compared to 2.71% in Q3 FY22. The bank’s board has declared a dividend of Rs 1.10 per share.

Read more here.

UPL acquires new naturally-derived fungicide

UPL Limited has acquired OptiCHOS, a naturally-derived fungicide, for its natural plant protection (NPP) business unit. The NPP portfolio houses natural and biologically derived agricultural inputs and technologies. UPL will identify potential markets for OptiCHOS and launch registration & approval processes to make the product available to farmers.

Read more here.

Tata Consumer Q4 Results: Net profit jumps 303% YoY to Rs 217 crore

Tata Consumer Products Ltd reported a 303.6% YoY jump in consolidated net profit to Rs 217 crore for the quarter ended March (Q4 FY22). Net profit fell 17.92% when compared to the previous quarter. Its revenue from operations grew 4.54% YoY to Rs 3,175.41 crore during the same period. EBITDA stood at Rs 444 crore in Q4, up 47% YoY. The FMCG major’s board has declared a final dividend of Rs 6.05 per share.

Tata Power Renewables commissions 120 MW solar project in Gujarat

Tata Power Renewable Energy Ltd (TPREL) has commissioned a 120 MW solar project in Masenka, Gujarat. TPREL is a wholly-owned subsidiary of Tata Power. The project will produce 3.05 lakh MWh annually for Gujarat Government (GUVNL) and reduce up to 1.03 lakh tonnes of carbon dioxide annually.

Read more here.

Havells India Q4 Results: Net profit rises 16% YoY to Rs 352 crore

Havells India Ltd reported a 16% YoY (or 15.20% QoQ) increase in consolidated net profit to Rs 352.48 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 33% YoY (or 22% QoQ) to Rs 4,426 crore during the same period. EBITDA stood at Rs 519 crore in Q4, up 2% YoY. Havells India’s board has declared a dividend of Rs 4.5 per share.

Alembic Pharma arm gets final USFDA approval for generic fever blisters drug

Aleor Dermaceuticals, a subsidiary of Alembic Pharmaceuticals, has received final approval from the US Food & Drug Administration (USFDA) for its generic Docosanol cream. The drug is used for the treatment of cold sore/fever blisters on the face or lips. According to IQVIA data, Docosanol cream had an estimated market size of $60 million for the 12 months ended December 2021.

Read more here.

Adani Green Energy Q4 Results: Net profit rises 16% YoY to Rs 121 crore

Adani Green Energy Ltd (AGEL) reported a 16% YoY increase in net profit to Rs 121 crore for the quarter ended March (Q4 FY22). Its total income rose 46.6% YoY to Rs 1,587 crore during the same period. AGEL, the world’s largest solar power developer, aims to build 45 gigawatts (GW) of renewable capacity by 2030.

LIC IPO subscribed 67% on first day of bidding 

The Rs 21,008.48 crore initial public offering (IPO) of Life Insurance Corporation of India (LIC) was subscribed 0.67 times (or 67%) on the first day of bidding. Retail investors have subscribed 0.6 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 0.27 times and 0.33 times, respectively, against their reserved portions. LIC policyholders have subscribed 1.99 times the portion reserved for them.

To learn more about the IPO, click here.

ABB India Q1 Results: Net profit jumps 164% YoY to Rs 373 crore

ABB India Ltd reported a 163.9% YoY jump in net profit to Rs 373 crore for the quarter ended March (Q1 CY22). The company follows the January-December financial year cycle. Its net profit rose 98.2% when compared to the previous quarter. The company’s total income grew 19.16% YoY to Rs 2,005.62 crore during the same period. ABB India develops, sells products and system solutions to industries, channel partners, and original equipment manufacturers in India.

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5G Spectrum Auction Likely In Early June – Top Indian Market News

5G Spectrum Auction Likely In Early June: Ashwini Vaishnav

The government is planning to hold a 5G spectrum auction in early June, as per telecom minister Ashwini Vaishnav. The minister stated that the Department of Telecom is on track to meet its deadlines and that the process to solve industry concerns about spectrum price is underway. TRAI has seconded a massive auction proposal worth over Rs 7.5 lakh crore for over 1 lakh megahertz spectrum, in case the government allocates it for 30 years and Rs 5.07 lakh crore if it is for 20 years. 

Read more here. 

Canada-based Sagen picks a 31% stake in India Mortgage Guarantee Corporation.

Sagen, a Brookefield subsidiary and Canadian mortgage insurer, is acquiring a 31% share in India Mortgage Guarantee Corporation (IMGC). The deal’s value was not disclosed, and it would be completed subject to legislative and regulatory approvals. According to a public statement, IMGC will use the new funds to expand its business and improve its operational and technological capabilities. IMGC was set up in 2008 as India’s first mortgage guarantee company(MGC). The company has since received investment from  National Housing Bank, International Finance Corp (IFC), Asian Development Bank, and Enact Holdings Inc.

Read more here.

P&G Hygiene and Health Care Q3 Results: Profit Up 4.6% to Rs 102.85 crore.

Procter & Gamble Hygiene and Health Care Ltd recorded a 4.59% increase in net profit to Rs 102.85 crore in the third quarter ended March 2022Rs 98.33 crore last year. Revenue from operations increased by 28.11% to Rs 973.26 crore, up from Rs 759.66 crore the previous year. Total expenses were up 28.36% at Rs 828.19 crore, against Rs 645.18 crore in the previous year. 

Read more here.

SBI Life Q4 Results: Profit advances 26% YoY to Rs 672 crore

SBI Life Insurance recorded a 26.27% year-on-year (YoY) increase in net profit to Rs 672.15 crore, from Rs 532.30 crore the previous quarter.  Net premium income increased by 12% year on year to Rs 17,433.77 crore, up from Rs 15,555.74 crore the previous quarter. In the quarter under review, total income increased by 2.5% to Rs 21,427.88 crore, up from Rs 20,896.70 crore the previous year.

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Vedanta Q4 Results: Profit declines 10% to Rs 5,799 crore YoY

For the current quarter Q4FY22, Vedanta recorded a 4.8% year-on-year (YoY) reduction in net profit standing at Rs 7,261 crore. The business had a net profit of Rs 7,629 crore in the same period the previous year. Revenue from operations increased by 41.14% to Rs 39,342 crore, up from Rs 27,874 crore in the previous quarter.

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TVS ties up with Bike-Taxi Platform Rapido

TVS Motor Company and Rapido, a bike-taxi platform, have established a strategic partnership. Both TVS and Rapido signed a memorandum of understanding (MoU) to allow them to capitalize on their synergies in the mobility industry. The partnership will cover both two-wheelers and three-wheelers in both ICE and EV segments. 

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Viacom18 to get an investment worth ~$2 billion

Viacom 18 Media Private Limited is an Indian joint venture between Reliance-owned TV18 and US-based media company Paramount Global. Viacom18 will receive a Rs 13,500 crore ($1.8 billion) investment from Bodhi Tree Systems – run by James Murdoch and Uday Shankar, a former head of Walt Disney India. Reliance Projects & Property Management Services Limited, a wholly-owned subsidiary of Reliance Industries, will invest another Rs 1,645 crore. Paramount Global shall continue to be a shareholder and supply its premium global content to Viacom18.

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World Bank approves $47 million for India’s Mission Karmayog

The World Bank Board of Executive Directors approved a $47 million project today to support the Government of India’s Mission Karmayogi, a national program to build civil service capacity, said the bank in a statement. 

Mission Karmayogi is a program aimed to modernize thinking and approach, improve human resource management practices in the government, and improve the skillset of the millions of civil servants across the country. 

There are nearly 18 million civil servants employed across India, with approximately two-thirds at the state government and local authority levels. While India has steadily improved its performance over the past decade, through the implementation of Mission Karmayogi the Government aims to make the country’s civil service force more future-ready and capable of meeting twenty-first-century challenges, the statement further said. 

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PNB Housing Finance Q4 Results: Net Profit up 34% to Rs 170 crore

PNB Housing Finance report a 34% rise in consolidated net profit at Rs 170 crore compared with Rs 127 crore, the previous year. This was the case even as sales declined 18.52% YoY to Rs 6195.93 crore. Net Interest Income declined 37% QoQ to Rs Rs 377 crore compared to Rs 593 crore. While Gross NPA stood at 7.61% of loan assets while the net NPA ratio stood at 4.49%.

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Tata Power to set up 5,000 EV charging points across Maharashtra

Tata Power has partnered with Maharashtra’s National Real Estate Development Council (NAREDCO) to install up to 5,000 electric vehicle charging outlets across the developer properties of NAREDCO’s members. The two have signed a Memorandum of Understanding(MoU). Through Tata Power’s EZ Charge mobile app, EV owners across members’ properties will enjoy 24×7 vehicle charging, monitoring, and e-payments services.

Read more here. 

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Jio-BP, TVS Motor to Collaborate on EV Charging Solutions – Top Indian Market News

Jio-BP, TVS Motor to collaborate on EV charging solutions

Jio-BP has partnered with TVS Motor Company to establish public electric vehicle (EV) charging infrastructure for electric two-wheelers and three-wheelers across India. The customers of TVS electric vehicles will get access to the widespread charging network of Jio-BP. Both companies will bring the best of their global learnings in electrification and apply them to the Indian market to create a differentiated customer experience.

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Tata Power commissions 160 MW solar project in Rajasthan

Tata Power Solar Systems (TPSS) has commissioned a 160 megawatts (MW) AC solar project at Jetstar, Rajasthan. Around 6.75 lakh monocrystalline photovoltaic (PV) modules were used in this installation. The project will produce 387 million units (Ms) of energy per year. The Jetstar project was completed within 15 months. TPSS is a wholly-owned subsidiary of Tata Power.

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L&T secures orders under its transportation infra biz

The construction arm of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) for its transportation infrastructure business. The business has secured an order from the Tamil Nadu Road Infrastructure Development Corp. to construct the Chennai Peripheral Ring Road EPC-02 Package of Section-II. It has also received an order from the Uttar Pradesh Metro Rail Corporation (UPMRCL) Ltd.

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Dr. Reddy’s launches generic Methylprednisolone Sodium Succinate for injection in US

Dr. Reddy’s Laboratories Ltd has launched its generic Methylprednisolone Sodium Succinate for injection in the US market. The drug is indicated for various conditions, including arthritis, blood disorders, and severe allergic reactions. As per IQVIA data, the generic version of the drug had sales of $144 million (~Rs 1,083 crore) in the US during the twelve months ended Feb 2022.

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Adani Power receives Rs 3,000 crore dues from Rajasthan discoms

Adani Power Ltd has received Rs 3,000 crore dues with interest from state-owned power distribution companies (discoms) of Rajasthan as compensation for higher fuel costs. On February 25, the Supreme Court ordered the Rajasthan discoms to pay Rs 3,048.63 crore along with interest within four weeks. It also ruled that the discoms would otherwise be liable for contempt of court.

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Nazara Tech to invest Rs 19 crore in US-based Bitkraft Ventures

Nazara Technologies Ltd plans to invest $2.5 million (~Rs 18.81 crore) in a US-based game fund, Bitkraft Ventures. The investment was made by Nazara Tech’s Singapore arm. Two-thirds of the amount will be deployed over a period of three years. Bitkraft Ventures is an early-stage investment firm that backs startups in gaming, Web3, and immersive technology.

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Tata Steel uses inland waterways to ship heavy machinery for Kalinganar project

Tata Steel Ltd has used inland waterways in Odisha to bring in heavy machinery for its ongoing Kalinganagar plant expansion project. Development of inland waterways for the steel industry is a focus area of the government as transporting goods through this route is cheaper compared to rail and road. The move will pave the way for a sustainable logistics model with a potential cost advantage.

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Ramkrishna Forgings secures export order worth Rs 135 crore 

Ramkrishna Forgings Ltd has received an export order worth Rs 135 crore from a Euroasian original equipment manufacturer (OEM). The order is for the supply of heavy-duty commercial vehicle crankshafts to be executed over the next five years. The company’s management is confident of rapid growth on the back of higher capacity and improving utilization.

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Karur Vysya Bank’s business turnover crosses Rs 1.25 lakh crore in FY21

Karur Vysya Bank’s total business crossed Rs 1.25 lakh crore by the end of the previous financial year (FY22). Total business constitutes the total deposits and advances of the bank. Total deposits of the lender stood at Rs 68,676 crore as of March 31, 2022, while the total advances stood at Rs 58,086 crore.

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TCS signs multi-year contract with US company

Tata Consultancy Services (TCS) has signed a material multi-year contract with a large US company, expanding its long-standing partnership to accelerate its cloud transformation journey. The transformation will serve as a platform for the company’s future growth to enable business expansion, incubate new business models, improve customer experience, and other strategic benefits. The cloud-enabled operating model will be powered by advanced cognitive automation capabilities.

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Suven Pharma to acquire Casper Pharma for $20.5 million

The Board of Directors of Suven Pharmaceuticals Ltd has approved the acquisition of Hyderabad-based Casper Pharma for $20.5 million (~Rs 155 crore). Casper has an installed manufacturing capacity of 120 crore for solid oral dosage forms such as tablets or capsules. The acquisition is expected to be completed within 30 days.

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HDFC to Merge With HDFC Bank – Top Indian Market News

HDFC to merge with HDFC Bank

The Board of Directors of Housing Development Finance Corporation Ltd (HDFC) has approved the merger of the company with HDFC Bank. For every 25 shares held in HDFC Ltd, shareholders will get 42 shares of HDFC Bank. Post the transaction, HDFC Bank will become a full-fledged public company. Existing shareholders of HDFC Limited will own 41% of HDFC Bank. The subsidiaries and associate firms of HDFC will also shift to the bank. The merger is expected to be completed by the second or third quarter of the next financial year (FY24).

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India’s manufacturing PMI falls to a six-month low in March

India’s manufacturing activity slowed and dropped to a six-month low in March amidst inflationary/pricing pressures. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54 in March 2022, compared to 54.9 in Feb. While business conditions improved, the latest results showed slower expansions in factory orders and production. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.   

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IOCL, L&T, ReNew announce joint venture for green hydrogen business

Indian Oil Corp. Ltd (IOCL), Larsen & Toubro, and ReNew Power have announced the formation of a joint venture (JV) to develop a green hydrogen business. IOCL and L&T have additionally signed a pact to form a JV to manufacture and sell electrolyzers used in the production of green hydrogen. The JVs will look into manufacturing zero-carbon emitting hydrogen, which can be used in refineries, steel plants, and even for running automobiles.

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Tata Power Renewables commissions 300MW solar plant in Gujarat

Tata Power Renewables has commissioned a 300 megawatts (MW) solar plant in Dholera, Gujarat, with the country’s largest single-axis solar tracker system. The project will generate 774 million units (MUs) annually. It will also reduce approximately 70,4340 metric tonnes of carbon emission per year.

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Zomato, Swiggy to face CCI probe

The Competition Commission of India (CCI) has ordered an investigation into the conduct of online food delivery platforms Zomato and Swiggy. “The Commission is of the view that there exists a prima facie case with respect to some of the conduct of Zomato and Swiggy, which requires an investigation by the Director-General (DG), to determine whether the conduct of platforms have resulted in contravention of the provisions,” said CCI. The antitrust body has directed its DG to carry out a detailed investigation and submit a report within 60 days.

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Go Fashion to open 120-130 stores year-on-year

Go Fashion (India) Ltd has announced plans to open around 120-130 new stores year-on-year. The company is also boosting its omnichannel engagements for a seamless user experience, building on a tech-driven growth strategy to reach consumers in Tier-1 to Tier-3 cities. Go Fashion opened its 500th exclusive brand outlet in India. They sell a range of women’s bottom-wear under the brand Go Colors.

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TCS to implement Real-Time Rail payments system for Payments Canada

Tata Consultancy Services (TCS) has entered into a strategic partnership with Payments Canada to transform its payment system operations and help implement the Real-Time Rail (RTR). The new real-time payments system will allow Canadians to initiate payments and receive funds in seconds, 24/7/365. TCS will help Payments Canada create and execute an integration roadmap for the RTR.

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MOIL’s turnover grows 22% in FY22

Manganese Ore (India) Ltd (MOIL) has reported a 22% YoY growth in turnover at Rs 1,436 crore for the financial year ended March 31, 2022. The company has also achieved production of 12.31 lakh tonnes (LT) in FY22, registering a growth of 8% YoY. Total sales increased by 6% YoY to 12.12 LT. Nagpur-based MOIL is India’s largest manganese ore mining company. 

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Bank of Maharashtra advances grow 27%; IDFC First Bank’s deposits rise 13% in FY22

Bank of Maharashtra witnessed a 27% YoY growth in gross advances at Rs 1,36,733 crore in FY22. The public sector lender’s deposits grew 16% YoY to Rs 2,02,641 crore. The total business of the Pune-based bank rose by 20.49% YoY to Rs 3,39,374 crore in FY22.

IDFC First Bank’s total deposits increased by 12.6% YoY to Rs 93,138 crore in the previous financial year. The bank’s retail business grew by 26.4%. Gross funded assets grew 12.8% YoY to Rs 1,32,067 crore in FY22.

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JSPL to Establish Greenest Steel Plant in Odisha – Top Indian Market News

JSPL plans to establish largest, greenest steel plant in Odisha

Jindal Steel & Power Ltd (JSPL) has announced plans to develop its Odisha plant into the largest and greenest facility in the world. They have secured sufficient reserves of coal to enable the mega steel company to enhance its capacity for green steel making. JSPL has won the Utkal B1 and B2 coal block in the Angul-Talcher belt in Odisha.

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Auto sales data for March 2022: Highlights  

Maruti Suzuki India posted a 2% year-on-year (YoY) growth in total sales to 1,70,395 units in March 2022. Sales of its compact vehicle segment fell 8.46% YoY to 97,805 units. Exports more than doubled to 26,496 units.

Tata Motors Ltd registered a 30% YoY increase in total domestic sales to 86,718 units in March. The automaker’s commercial vehicle sales rose 16% YoY to 47,050 units. Overall passenger vehicle wholesales rose 43% YoY to 42,293 units. Its annual electric vehicle (EV) sales stood at 19,106 units in FY22, a growth of 353% YoY.   

Mahindra & Mahindra’s auto segment posted total sales of 54,643 units in March, an increase of 35% YoY. M&M’s farm equipment segment posted a 4% YoY fall in sales to 29,763 units. 

TVS Motor Company posted a 4.55% YoY decline in total sales to 3,07,954 units in March.  

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PVR discontinues operations of 23 screens after expiry of lease with Cineline India

PVR Limited has discontinued operations of 23 screens across nine properties after the expiry of their lease with Cineline India. The multiplex operator’s screen count has come down to 848 at 172 properties in 73 cities. In 2012, Cineline had sold its multiplex business along with Cinemax Brand to PVR under a non-compete clause that has already ended.

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NTPC begins commercial operation of 22 MW floating solar capacity in Kerala

NTPC Limited announced the commercial operation of 22 megawatts (MW) of floating solar capacity in Kayamkulam, Kerala. The capacity is part of its 92 MW Kayamkulam floating solar PV project. The standalone installed and commercial capacity of NTPC has now increased to 54,516.68 MW. NTPC group’s installed and commercial capacity have increased to 68,631.68 MW and 67,971.68 MW, respectively.

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NCLT approves transfer of Raymond Apparel business to parent firm

The National Company Law Tribunal (NCLT) has approved the scheme of transfer of Raymond Apparel Ltd’s (RAL) business to Raymond Ltd. In September 2021, Raymond’s board had approved demerging the B2C business (including apparels) of RAL on a going concern basis to merge with the company itself. This move brings all major apparel brands, including Park Avenue, Colorplus, and Parx, into Raymond Ltd.

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HAL records revenue of over Rs 24,000 crore in FY22

Hindustan Aeronautics Ltd (HAL) has recorded its highest-ever revenue of over Rs 24,000 crore (provisional and unaudited) for the financial year ended March 31, 2022. This is a 6% growth over the previous financial year. In other news, HAL secured a contract worth Rs 3,887 crore for the production of 15 Light Combat Helicopters (LCH) for the Indian Army and Air Force. The state-owned company has also bagged infrastructure sanctions worth Rs 377 crore.

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Lupin gets 13 observations from USFDA for its New Jersey plant

Lupin Limited’s facility in New Jersey has received 13 observations from the US Food & Drug Administration (USFDA). The facility accounts for less than 5% of Lupin’s global turnover. However, the observations do not imply any restriction on supplies. The drugmaker said it is confident in addressing all issues with the regulator.

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NCLT approves amalgamation of CGPL with Tata Power

Tata Power Company Ltd (TPCL) has received approval from the National Company Law Tribunal (NCLT) for the merger of Coastal Gujarat Power Ltd (CGPL) with itself. CGPL is a wholly-owned subsidiary of TCPL. It operates the 4,000 MW Ultra Mega Power Project (UMPP) in Mundra, Gujarat.

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HFCL deploys OFC in all gram panchayats of Jharkhand under BharatNet

HFCL Ltd has deployed optical fiber cable (OFC) in 1,789-gram panchayats of Jharkhand under the government’s BharatNet project. The company had also completed broadband connectivity by deploying 7,869 kilometers of OFC network connecting 3,209 gram panchayats in Punjab. HFCL is also supplying OFC networks in Maharashtra, Telangana, and Chhattisgarh under the BharatNet project.

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Asian Paints to acquire majority stake in Weatherseal Fenestration and White Teak

Asian Paints Ltd will acquire controlling stakes in Weatherseal Fenestration and Obgenix Software (popularly known by the brand name “White Teak”). The paint company will initially infuse Rs 19 crore in Weatherseal for a 51% stake by subscription to equity share capital. It will acquire a 49% stake in White Teak from promoters for a consideration of ~Rs 180 crore, along with an earn-out of Rs 114 crore, payable after a year.

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BEL achieves record turnover of Rs 15,000 crore in FY22

Bharat Electronics (BEL) has achieved a record turnover of Rs 15,000 crore (provisional & unaudited) during FY22. The figure stood at Rs 13,818 crore in FY21. In fiscal 2021-22, BEL secured orders worth ~Rs 18,000 crore, while its order book as of April 1, 2022, stood at Rs 57,000 crore. The company is all set to increase its global footprint by making all-out efforts to tap new markets.

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PVR to Merge With INOX – Top Indian Market News

PVR to merge with INOX to form India’s largest entertainment company

Multiplex chains PVR Ltd and INOX Leisure Ltd have decided to merge to form the largest entertainment company in India. On Sunday, the boards of the two companies approved the amalgamation and share exchange ratios. INOX shareholders will receive three shares in PVR for 10 shares of INOX. After the merger, PVR promoters will have a 10.62% stake, while INOX promoters will have a 16.66% stake in the combined entity. 

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Tata Power, Rustomjee Group collaborate for EV charging infrastructure

Tata Power has partnered with real estate developer Rustomjee Group to provide electric vehicle (EV) charging solutions across its residential and commercial projects in Mumbai. The power company will install dedicated charging infrastructure for residents of Rustomjee in Mumbai MMR. EV owners will have the access to a 24×7 charging facility and maintenance support.

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L&T constructs 7-storey facility for DRDO in record 45 days

Larsen & Toubro Ltd has constructed a 7-storey, state-of-the-art Flight Control System (FCS) integration facility for the Defence Research and Development Organization (DRDO) in 45 days. The company used integrated hybrid modular construction technology to build the facility. Constructed on a total built-up area of 130,000 sq. feet, the site team had to coordinate with 21 off-site locations to integrate design, structure, and architecture services.

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Adani Group selects Google Cloud to modernise IT operations for future scale, innovation

Adani Group has announced a multi-year partnership with Google Cloud to modernise IT operations for future scale and group-wide innovation. The first phase of the partnership is underway. The Adani Group is making swift progress in migrating its extensive IT footprint from its existing on-premises data centre to Google Cloud.

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G R Infraprojects emerges lowest bidder for road project in Rajasthan

G R Infraprojects Ltd has emerged as the lowest (L-1) bidder for a road project in Rajasthan worth Rs 1,368 crore. The project involves the construction of a 4-lane greenfield expressway spur from Bandikui to Jaipur on a hybrid annuity model. It also entails an operations and maintenance cost of Rs 2.97 crore in the first year. G R Infraprojects is an integrated road engineering, procurement, and construction (EPC) company.

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HCL Tech to provide global service desk and on-site support to Novo Nordisk

Danish pharma company Novo Nordisk has selected Tata Consultancy Services (TCS) to provide global service desk and on-site support. Through the partnership, HCL will help Novo Nordisk transform its IT operations and drive efficiency across its workforce. HCL will implement a multilingual and omnichannel digital workplace solution for Novo Nordisk. 

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Coal India records high of 528 MT of coal supplies to domestic power utilities

Coal India Ltd (CIL) has supplied an all-time high of 528 million tonnes (MTs) of coal to India’s power utilities. This is 98.5% of the prorated demand of 535 MTs projected by the Ministry of Power and Central Electricity Authority. CIL is concentrating all its efforts to meet the projected coal demand of the power sector. The company is expected to open the next financial year (FY23) with over 60 MT at its pitheads (top or entrance of the mining pits).

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EaseMyTrip, DBS Bank India to launch green debit card

DBS Bank India has partnered EaseMyTrip to launch an environment-friendly international debit card. It is made from 99% recycled polyvinyl chloride (PVC) material. The digibank EaseMyTrip Green Debit Card provides exclusive travel-related offers to customers. It also rewards users for adopting eco-friendly practices while encouraging them to reduce their carbon footprint.

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Aurobindo Pharma acquires business and assets of Veritaz Healthcare for Rs 171 crore

Aurobindo Pharma Ltd has acquired the business and certain assets of Veritaz Healthcare for a cash consideration of Rs 171 crore. The transaction is expected to close by May 2022. Veritaz sells branded generic formulations and other healthcare-related products in the Indian market. Its sales and distribution network includes nearly 50,000 retailers, spread across 23 cities.

Aster DM Healthcare to invest Rs 500 crore to set up healthcare facilities in Tamil Nadu

Aster DM Healthcare Ltd has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to set up healthcare facilities. The MoU proposed an investment of Rs 500 crore in hospitals, pharmacies, and laboratories in Tamil Nadu. It will help provide affordable, quality healthcare and generate employment for more than 3,500 people.

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Future Retail to Take Action to Reverse RIL’s Store Takeovers – Top Indian Market News

Will act to reverse store takeovers by Reliance: Future Retail

Future Retail Ltd (FRL) accused Reliance Industries Ltd (RIL) of forcefully taking over stores and asserted that it did not hand over any of its retail units to the conglomerate. FRL’s board is committed to taking necessary action to seek value adjustments and reversal of RIL’s takeover of its stores.

Last month, RIL took over the operations of ~950 stores of FRL and offered jobs to its employees after the Kishore Biyani-led group failed to make lease payments.

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Torrent Power to acquire 51% stake in power distribution utility of Dadra & Nagar Haveli

Torrent Power Ltd (TPL) has signed agreements to acquire a 51% stake in Dadra & Nagar Haveli and Daman & Diu (DNH & DD) Power Distribution Corporation Ltd. This acquisition will strengthen TPL’s position as the leading power distribution company in India. It will now have a presence in 12 cities spread across 3 states and 1 Union Territory. With the addition of DNH & DD, TPL will distribute nearly 24 billion units of electricity per annum to over 3.85 million customers.

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L&T Technology Services establishes Digital Twin Practice in collaboration with Microsoft & Bentley Systems

L&T Technology Services Ltd (LTTS) has launched a next-generation IoT-based engineering practice on Digital Twins for the manufacturing and industrial sectors. LTTS has partnered with Microsoft and Bentley Systems to establish a Center of Excellence (CoE) that will address and accelerate the Digital Twin requirements of new-age manufacturing companies. 

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Shyam Metalics’ board approves Rs 990 crore capex plans

Shyam Metalics & Energy Ltd’s (SMEL) board has approved a proposal to allocate Rs 990 crore as capital expenditure (capex) to expand manufacturing capacities. The company aims to expand its capacity by 2.85 million tonnes per annum (MTPA) as it enters FY23. The increased aggregate capacity will now be 14.5 MTPA. SMEL has also commissioned an alumnium-foil-making plant with an annual capacity of 40,000 tonnes. 

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Singapore Exchange selects TCS as strategic partner for NSE IFSC-SGX Connect

Singapore Exchange (SGX) has selected the TCS BaNCS platform to power the NSE IFSC-SGX Connect (Gift Connect) for trade execution and clearing of NIFTY products on behalf of its members globally. SGX has set up SGX India Connect IFSC Pvt Ltd (a special purpose vehicle) at Gujarat International Finance Tec-City. The exchange aims to enable international access to Indian capital markets and create a larger liquidity pool of international and domestic participants. 

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Tata Power partners with Battery Smart to install EV charging stations in Delhi

Tata Power Delhi Distribution Ltd has partnered with Battery Smart, a battery-swapping network for electric vehicles (EVs), to open Swap Stations for two-and-three wheelers across North Delhi in 2022. By creating a vast network of Swap Points across Delhi, both companies are supporting the state government’s ‘Switch Delhi’ campaign. 

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Tata Communications, Formula 1 announce multi-year strategic collaboration

Tata Communications Ltd (TCL) and Formula 1 have announced a multi-year strategic collaboration. TCL will return to the sport of racing as the Official Broadcast Connectivity Provider of Formula 1. The company will provide global end-to-end managed network services for video contribution. It will also deliver and enhance the global fan experience.

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Tech Mahindra partners with Cisco to modernize 5G infra 

Tech Mahindra Ltd has announced a collaboration with Cisco to modernize 5G infrastructure with a routed optical networking solution. The partnership aims to simplify internet transport networks by using optical and routing technologies to converge service over an Internet Protocol (IP) infra. The combined synergies of both companies will enable an end-to-end value proposition for service providers to reduce complexity in their networks.

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Piramal Capital ties up with IMGC to offer home loans

Piramal Capital & Housing Finance Ltd (PCHFL) has partnered with India Mortgage Guarantee Corporation (IMGC) to offer home loans ranging from Rs 5-75 lakh to salaried and non-salaried customers. Under this arrangement, IMGC will provide guarantee on a part of the loan so that it is secured in case of a default. PCHFL aims to generate 10-12% of its business from the partnership by the end of FY23.

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Oil India’s board approves Rs 6,555 crore investment for Numaligarh petrochemical project

Oil India Ltd’s board has approved an investment of Rs 6,555 crore in its subsidiary, Numaligarh Refinery. The capital will be allocated for implementing a petrochemical project (a polypropylene unit and associated facilities) at the refinery. The board has also approved the formation of a joint venture (JV) between Assam Gas and Oil India. The JV will take over three geographical areas offered by Petroleum and Natural Gas Regulatory Board under the 11th round of city gas distribution bidding.

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