Tag: Tata Power

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Bharti Airtel to Acquire 4.7% Stake in Indus Towers – Top Indian Market News

Bharti Airtel to acquire 4.7% stake in Indus Towers from Vodafone Plc

Bharti Airtel Ltd has entered into an agreement to acquire a 4.7% stake in Indus Towers Ltd from British telecom giant Vodafone Plc. The block deal would be executed through Euro Pacific Securities, a Vodafone Group entity that holds a 7.59% stake in Indus Towers. Currently, Vodafone holds ~28% stake in Indus Towers, while Bharti Airtel holds 42%. Vodafone Group will infuse the proceeds from the stake sale into the cash-strapped Vodafone Idea.

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PNC Infratech secures order worth Rs 885 crore from NHAI

PNC Infratech Ltd has secured a new hybrid annuity highway project worth Rs 885 crore from the National Highways Authority of India (NHAI). The order consists of four-laning of Mathura Bypass-Gaju Village section of NH-530B in Uttar Pradesh. The completion time of the project is 24 months.

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NMDC raises lump ore prices by Rs 400 per tonne

State-owned NMDC Limited has increased prices of lump ore by Rs 400 per tonne and that of fines by Rs 300 per tonne. The company has fixed prices for lump iron ore at Rs 5,600 per tonne and iron fines at Rs 4,560 a tonne with effect from February 25, 2022. NMDC is India’s largest iron ore producer. Currently, it produces ~35 million tonnes of iron ore a year from 3 fully mechanized machines.

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SC orders Rajasthan discoms to pay Rs 4,200 crore compensatory tariff to Adani Power

The Supreme Court (SC) ruled in favour of Adani Power Ltd, saying three Rajasthan discoms were in contempt of the apex court’s 2020 order directing payment of compensatory tariff to the company. The power distribution companies (discoms) have not paid the dues despite their review petition having been dismissed earlier this year. The SC has directed discoms to pay Rs 4200 crore as compensatory tariff to Adani Power within four weeks. 

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Dr. Reddy’s Labs to acquire German medical cannabis firm Nimbus Health GMBH

Dr. Reddy’s Labratories Ltd has entered into a definitive agreement to acquire Germany-based Nimbus Health GmbH. Nimbus is a privately owned and licensed pharmaceutical wholesaler that focuses primarily on medical cannabis. The consideration for this acquisition will be an upfront payment plus performance and milestone-based earnouts over the next four years. The company will be operating under its own brand Nimbus but as a wholly-owned subsidiary of Dr. Reddy’s Labs.

Tata Power to set up 4 GW manufacturing facility in next 18 months

Dr. Praveer Sinha, MD & CEO of Tata Power, said the company plans to set up a 4 gigawatts (GW) manufacturing facility of cells and modules over the next 18 months. The company is targeting to add 2GW of utility-scale renewable projects every year, which requires ~Rs 8,000-10,000 crore of investment. Going ahead, the CEO expects the distribution and renewables business to contribute 40% each towards EBITDA.

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SpiceJet to start six direct flights to Bangkok from March 10

SpiceJet Ltd will start six flights between India and Bangkok from March 10 onwards under an air bubble agreement. The airline will introduce daily direct flights connecting Delhi, Mumbai, and Kolkata with the Thai capital. It will be deploying Boeing 737 aircraft to operate all India-Bangkok flights.

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IIFL Securities pays over Rs 2 crore to settle case with SEBI

IIFL Securities Ltd has paid over Rs 2 crore to market regulator SEBI to settle a case. The company was alleged to have violated stock brokers regulation and the Prohibition of Fraudulent and Unfair Trade Practices regulation. It was alleged that IIFL Wealth Management Ltd and IIFL Securities knowingly manipulated the reference price of Alkem Laboratories for a block deal.

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‘Himalayan Yogi’ in market manipulation case is ex NSE officer: Report

The Central Bureau of Investigation (CBI) on Thursday night arrested Anand Subramanian, former chief operating officer of NSE, in connection with the market manipulation case. The CBI has unearthed that Subramanian was the faceless ‘yogi’ who was communicating with Chitra Ramkrishna, the former chief of NSE. Chitra Ramakrishna allegedly brought in Subramanian without following the rules and procedures.

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ED Conducts Raids at Indiabulls Finance Centre – Top Indian Market News

ED conducts raids at Indiabulls Finance Centre in Mumbai

The Enforcement Directorate (ED) conducted raids at Indiabulls Finance Centre in Mumbai.  The search was based on an Enforcement Case Information Report (ECIR) registered by ED under the Prevention of Money Laundering Act, 2002 (PMLA) against Indiabulls Housing, promoter Sameer Gehlaut, and other related companies and individuals.

The ED had registered a case against Indiabulls Housing Finance Ltd (IHFL) and its promoters in April 2021. It was based on an FIR filed in Palghar, which stated that IHFL siphoned money and invested it in its own shares for increasing prices. 

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Panacea Biotech, Central govt to jointly develop new Covid-19 vaccines

The Government of India will partner with Panacea Biotec Ltd and the Coalition for Epidemic Preparedness Innovations (CEPI) to develop vaccine candidates to provide broad protection against SARS-COV-2 variants. CEPI will provide funding of up to $12.5 million to support the development of nanoparticle-based vaccine candidates and advance the manufacturing process.

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Bharti Airtel joins SEA-ME-WE-6 undersea cable consortium

Bharti Airtel Ltd has joined the SEA-ME-WE-6 undersea cable consortium to scale up its high-speed global network capacity. The 19,200 route kilometres (Rkm) SEA-ME-WE-6 will connect Singapore and France. It will be amongst the largest undersea cable systems globally. Bharti Airtel is participating as a major investor in the SEA-ME-WE-6. The telecom operator is anchoring 20% of the overall investment in the cable system, which will go live in 2025.

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Reliance Jio to land IAX undersea cable system in Maldives

Reliance Jio will land the next generation multi-terabit India-Asia-Xpress (IAX) undersea cable system in the Maldives. The system will connect Hulhumale in the Maldives directly with major internet hubs in India and Singapore. IAX is expected to be ready for service by the end of 2023. The project will support the explosive growth in data demand expected from the new initiatives being launched by the Government of Maldives.

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Jindal Stainless signs pact with Haryana technical education board to promote tech in steel

Jindal Stainless Ltd has signed a pact with the Haryana State Board of Technical Education (HSBTE) to promote technical education in stainless steel technology and its applications. As part of the partnership, two modules on stainless steel will be launched. It will be institutionalised across all 25 polytechnic colleges in Haryana, benefitting more than 3,000 students every year.

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HFCL joins O-RAN Alliance to accelerate rollout of 5G network

HFCL has joined the O-RAN ALLIANCE, a worldwide community of mobile network operators, vendors, and institutions operating in the Radio Access Network (RAN) industry. The company is investing in building a complete portfolio of products for 5G RAN and 5G transport equipment. HFCL will focus on contributing to standards that ensure a truly open and multi-vendor RAN network.

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Tata Power partners with RWE Renewable to develop offshore wind projects

Tata Power has partnered with Germany-based RWE Renewable GmbH to explore the potential for joint development of offshore wind projects in India. They aim to tap the opportunity arising from the government’s target of achieving 30 gigawatts (GW) of offshore wind installations by 2030. The two entities possess complementary strengths that will enable them to build competitive offshore wind projects in India. 

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Capri Global Capital to enter goal loan business in first half of FY23

Capri Global Capital Ltd (CGCL) is planning to enter the gold loan business in the first half of the financial year 2022-23. The non-banking financial company (NBFC) aims to build a gold loan book size of Rs 8,000 crore. It also aims to expand its network with 1,500 branch locations over the next five years.

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TCS launches advanced research hub in Sydney

Tata Consultancy Services Ltd (TCS) has launched a ‘Digital Garage’ in Sydney to bring its global capabilities to the Australian market. It is the first such centre in the Asia-Pacific, expanding TCS’ roster of TCS Pace facilities spread across New York, Amsterdam, and Tokyo. The advanced research hub is designed to holistically look at innovation and help businesses navigate their growth and transformation journeys.

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IRCTC, BOB Financial launch co-branded RuPay contactless credit card

Indian Railway Catering and Tourism Corporation Ltd (IRCTC) and BOB Financial Solutions Ltd (BFSL) have launched the IRCTC BoB RuPay contactless credit card. The card is specially curated to offer maximum savings to frequent railway travellers.  IRCTC users will get cheaper tickets if they book any AC class railway ticket using a BoB credit card. BFSL is a wholly-owned subsidiary of Bank of Baroda.

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UltraTech Cement Posts 8% YoY Rise in Net Profit in Q3 – Top Indian Market News

Ultratech

UltraTech Cement Q3 Results: Net profit rises 8% YoY to Rs 1,708 crore

UltraTech Cement Ltd reported a 7.8% YoY increase in consolidated net profit to Rs 1,708 crore for the quarter ended December (Q3 FY22). Net profit increased 31% when compared to the previous quarter. Its revenue from operations rose 5.89% YoY (or 8% QoQ) to Rs 12,985 crore during the same period. The company’s domestic cement sales volumes grew 13.2% YoY in Q3.

The cement manufacturer has approved a capital expenditure of Rs 965 crore for capacity expansion at Birla White from 6.5 lakh tonnes per annum (LTPA) to 12.53 LTPA.

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Tata Power Renewable Energy commissions 100 MW solar projects in Uttar Pradesh

Tata Power Renewable Energy Ltd (TPREL) has commissioned two solar power projects of 50 megawatts (MW) each in Uttar Pradesh. The plants are expected to generate more than 221.26 million units annually. A Power Purchase Agreement (PPA) was signed between TPREL and Uttar Pradesh Power Corporation Ltd (UPPCL) for these two projects. The plants at Prayagraj and Banda will reduce 1.77 lakh tonnes of carbon emission annually.

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L&T dispatches critical reactors to US for renewable diesel project ahead of schedule

Larsen & Toubro’s (L&T) heavy engineering arm has flagged off five critical renewable diesel reactors to Diamond Green Diesel (DGD) two weeks ahead of the contractual delivery date. DGD is North America’s largest renewable diesel producer. L&T is executing three such green diesel projects for US and European clients at its fully integrated, digitally-enabled heavy engineering complex located at Hazira, Gujarat.

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HFCL Q3 Results: Net profit falls 5% YoY to Rs 78 crore

HFCL Ltd reported a 5% YoY decline in consolidated net profit to Rs 81 crore for the quarter ended December (Q3 FY22). Net profit fell 4% when compared to the previous quarter. Its revenue from operations fell 5% YoY to Rs 1,215 crore during the same period. EBITDA stood at Rs 174 crore, up 4% YoY. The company has raised Rs 600 crore via a qualified institutional placement (QIP). The amount will be utilised to build network solution capabilities to tap the upcoming opportunities in the telecom and defence sectors.

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Tech Mahindra acquires European firm CTC for Rs 2,628 crore

Tech Mahindra has announced the acquisition of a 100% stake in Europe-based Com tec Co IT (CTC) for €310 million (~Rs 2,628 crore). The company is also investing €20 million for acquiring 25% ownership in two IT platforms (SWFT and Surance) of CTC. Tech Mahindra stated that the acquisitions will strengthen its digital engineering and insurance technology businesses.

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Ajmera Realty to invest Rs 900 crore to develop residential project in Mumbai

Ajmera Realty & Infra India Ltd has announced plans to invest Rs 900 crore to develop a residential project as part of its 100-acre master layout in Wadala, Mumbai. The financing of the project will be supported through a mix of internal accruals, a construction finance loan from HDFC, and sales advances. The project is estimated to drive a sales value of Rs 1,500 crore. It will comprise 540 residential apartments across two wings.

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Bajaj Auto to set up third EV plant in Aurangabad

Bajaj Auto Ltd will set up its third electric vehicle (EV) plant in Aurangabad, Maharashtra. The company had earlier announced the rollout of its new EV two-wheeler plant in Pune, where it will be spending Rs 300 crore to manufacture the new electric scooter Chetak. Reports indicate that the new facility in Aurangabad will manufacture a range of electric three-wheelers.

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Bhansali Engineering Q3 Results: Net profit falls 44% YoY to Rs 75 crore

Bhansali Engineering Polymers Ltd (BEPL) reported a 44.4% YoY decline in consolidated net profit to Rs 75.71 crore for the quarter ended December (Q3 FY22). Net profit fell 4% when compared to the previous quarter. Its revenue from operations fell 17% YoY to Rs 341.52 crore during the same period. Total expenses rose 7% YoY to Rs 246.34 crore in Q3. BEPL has declared an interim dividend of Rs 1 per share. 

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KEC International secures orders worth Rs 1,112 crore

KEC International Ltd has secured new orders worth Rs 1,112 crores across its various businesses. The company’s transmission & distribution (T&D) business secured orders for T&D projects in the Middle East and the Americas. Its civil business segment has received orders for infrastructure works in the water pipeline and urban infra segments in India. KEC International’s cable business has bagged orders from India and overseas.  

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Sonata Software Q3 Results: Net profit rises 81% YoY to Rs 97 crore

Sonata Software Ltd reported an 81.5% YoY increase in consolidated net profit to Rs 97.67 crore for the quarter ended December (Q3 FY22). Net profit rose 7% when compared to the previous quarter. Its revenue from operations rose 33% YoY (or 93% QoQ) to Rs 1,858.02 crore during the same period. EBITDA grew 29% YoY to Rs 146.9 crore in Q3. Sonata Software provides IT consulting, product engineering services, and application development solutions. 

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Angel One Q3 Results: Net profit jumps 125% YoY to Rs 164 crore

Angel One reported a 125% YoY jump in consolidated net profit to Rs 164 crore for the quarter ended December (Q3 FY22). Net profit rose 23% when compared to the previous quarter. Its revenue from operations rose 95% YoY (or 13% QoQ) to Rs 597 crore during the same period. EBITDA stood at Rs 234 crore in Q3, up 121% YoY. Angel One has declared an interim dividend of Rs 7 per share.

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Tata Steel’s Output Grows 2% YoY to 7.68 MT in Q3 – Top Indian Market News

Tata Steel’s output grows 2% YoY to 7.68 MT in Q3

Tata Steel Ltd reported a 2% YoY rise in consolidated steel output to 7.68 million tonnes (MT) for the October-December period (Q3 FY22). Consolidated sales fell 3% YoY to 6.88 MT during the same period. Tata Steel produced 4.80 MT of steel in Q3 FY22 in India, compared to 4.60 MT a year ago.

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HDFC Bank starts online customs duty payment facility for customers

HDFC Bank announced that its integration with the Central Board of Indirect Taxes and Customs (CBIC) ICEGATE platform has gone live. This will allow customers to pay their customs duty directly via the bank. The private sector lender has facilitated both retail and wholesale payments of customs duty.

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JSW Steel to invest Rs 15,000 crore to expand Vijaynagar facility

JSW Steel Ltd has announced a 15,000-crore brownfield expansion project at its Vijaynagar Steel Works to increase capacity by 5 million tonnes per annum (MTPA) to 18 MTPA by FY24. The company has received environmental clearance for the project. It is planning to complete a 1 MTPA expansion through the upgradation of the current facility to achieve 13 MTPA capacity within the next 12 months.

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Tata Power leads S&P Global’s ESG score for power utilities in India

Tata Power has secured the highest score among its peers in the Indian power sector in S&P Global’s recently released corporate sustainability assessment (CSA) results. The company scored 67 out of 100, which is significantly higher than the average world electric utility sector (comprising both Indian and global electric utilities) score of 38. The S&P Global CSA is an annual evaluation of companies’ sustainability practices since 1999.

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Lupin launches Molnulup for Covid-19 treatment

Lupin Ltd has launched antiviral medication Molnupiravir under the brand name Molnulup in India for Covid-19 treatment. The Drugs Controller General of India (DCGI) has given emergency use authorisation (EUA) for Molnupiravir for the treatment of adult Covid-19 patients who have a high risk of progression of the disease. Pre-clinical and clinical data have shown Molnupiravir to be effective against the most common SARS-CoV-2 variants.

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Alembic Pharma gets tentative USFDA approval for depressive disorder drug

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for its generic Vortioxetine tablets. The drugs are indicated for the treatment of major depressive disorder. According to IQVA data, Vortioxetine tablets had an estimated market size of $1,249 million for twelve months ended September 2021.

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RIL executes agreement to acquire 40% stake in Sterling & Wilson from Shapoorji Pallonji

Reliance Industries Ltd (RIL) has executed an agreement to acquire a 40% stake in Sterling and Wilson Renewable Energy from Shapoorji Pallonji and Company. Reliance New Energy Solar Ltd, a wholly-owned subsidiary of RIL, acquired 1.84 crore shares of Sterling & Wilson Renewable for Rs 690 crore in an off-market deal.

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TCS wins second phase of Centre’s Passport Seva Program

The Ministry of External Affairs has selected Tata Consultancy Services (TCS) to implement the second phase of the Passport Seva Program, India’s largest mission-critical e-governance program till date. TCS will be managing the project for another 9.5 years. The IT major will refresh existing systems and develop new solutions to enable the issuance of e-passports using technologies such as biometrics, artificial intelligence, and advanced data analytics. Analysts estimate the deal to be valued at about Rs 6,000-8,000 crore.

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KEC International secures new orders worth Rs 1,025 crore 

KEC International Ltd has secured new orders worth Rs 1,025 crore across its various businesses. The company’s transmission and distribution business has secured orders for projects in India and the Middle East. Its civil business has also secured an order for infrastructure works in the metals and mining segment in India.

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G.M. Breweries Q3 Results: Net profit rises 6.25% YoY to Rs 19.8 crore

G.M. Breweries Ltd (GMBL) reported a 6.25% YoY increase in net profit to Rs 19.79 crore for the quarter ended December 2021 (Q3 FY22). Its revenue from operations rose 16.9% YoY to Rs 130.88 crore during the same period. EBITDA fell 2.9% YoY to Rs 27.8 crore. Maharashtra-based GMBL is engaged in the manufacturing and marketing of alcoholic beverages.

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HAL Signs Rs 2,400 crore Contract With BEL for Tejas MK1A Systems – Top Indian Market News

HAL signs Rs 2,400 crore contract with BEL for Tejas MK1A systems

Hindustan Aeronautics Ltd (HAL) has signed a Rs 2,400 crore contract with Bharat Electronics Limited (BEL) for the development and supply of 20 types of systems for the Light Combat Aircraft (LCA) Tejas Mk1A program. The agreement involves the supply of critical avionics, Line Replaceable Units (LRUs), flight control computers, and night-flying LRUs. The contracted items will be delivered by BEL to HAL in a ready-to-board condition.

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L&T’s power transmission, distribution business secures order from India, overseas

Larsen & Toubro’s (L&T) power transmission and distribution business has received orders from India and overseas. It has received an order to provide a dynamic reactive power compensator system at a substation in Abu Dhabi. The business has also secured orders to construct 380kV Overhead Transmission Lines, 132kV network connections, and to establish a 400kV substation in the Middle East. In India, orders have been won to create power distribution infrastructure in two circle areas of Bengaluru.

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Welspun India enters Dow Jones Sustainability Index

Home textiles company Welspun India Ltd has entered the Dow Jones Sustainability Index (DJSI). It featured in the index due to strong environmental performance and significant improvement in its social and governance impact parameters. In its maiden ranking on the DJSI, Welspun India’s Environmental, Social, and Governance (ESG) score was 48, which is ~62% higher than the average industry score.

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Cadila Healthcare gets orphan drug designation for malaria treatment compound

Cadila Healthcare Ltd announced that its antimalarial compound ZY19489 (MMV253) has received Orphan Drug Designation from the US Food & Drug Administration (USFDA). The Phase-I study of ZY19489 demonstrated a long half-life and potential for a single-dose cure for malaria. Orphan drug designation provides eligibility for certain development incentives, including tax credits for qualified clinical testing and prescription drug user fee exemptions.

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Tata Power’s subsidiary secures 300 MW wind-solar hybrid project

TP Saurya Ltd (TPSL) has received a Letter of Award (LoA) from Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for setting up a 300 megawatt (MW) wind-solar hybrid power project. TPSL is a wholly-owned subsidiary of Tata Power. This project has been awarded through tariff-based competitive bidding followed by an e-Reverse auction.

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Plaza Premium selects TCS to transform global airport hospitality

Tata Consultancy Services (TCS) has secured a deal from Hong Kong-based Plaza Premium Group (PPG) to develop an end-to-end digital platform that will improve customer experience and operational excellence at 70 airport locations that serve 20 million passengers annually. The platform is expected to be first deployed at Bangalore International Airport Ltd. in early 2022. TCS’ platform will enhance customer experience by simplifying reservations for various services at PPG’s lounges and other hospitality outlets.

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Vodafone Idea to target a four-fold jump in capex to $2 billion 

Vodafone Idea (Vi) is targeting a four-fold jump in annual capital expenditure (capex) to $2 billion (~Rs 15,000 crore) as it looks to take on rivals. The sharp rise in Vi’s annual capex is crucial for the company to revamp its 4G operations across its 17 priority markets. At an internal investors’ call this week, the telecom operator also announced that equity funding (including from promoters) is set to be tied up by March 2022.

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CarTrade Tech to invest $100 million, eyes new acquisitions to accelerate growth

CarTrade Tech Ltd plans to deploy up to $100 million (~Rs 750 crores) to strategically acquire and invest in companies in the automotive space. The company is actively looking to invest in companies that are driving innovation in all aspects of the automobile ecosystem, including auto finance, leasing, insurance, servicing, car ownership, electric vehicles, and new-age tech to digitize the auto buying and selling journey.

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Ramco Systems to implement its aviation suite for Pathfinder Aviation

Ramco Systems Ltd will implement its Aviation M&E MRO Suite V5.9 at Pathfinder Aviation, a heli-charter operator with services ranging from survey and exploration, firefighting, heli-skiing, etc. The company’s full suite Aviation Software will integrate and automate various operations at Pathfinder Aviation, empowering them with a one-stop solution to cater to all their complex business needs.

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Britannia revamps Good Day brand; to add three more variants

Britannia Industries Ltd has revamped its largest selling biscuit brand Good Day and also revealed its new identity. The company is expanding the product portfolio of its most-penetrated brand Good Day by adding three more variants in the premium segment. Britannia will launch Good Day Harmony and two other variants in the premium segment, which is growing fast after the pandemic.

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Tata Motors to Hike Prices of CVs by 2.5% From Jan – Top Indian Market News

Tata Motors to hike prices of CVs by 2.5% from Jan 2022

Tata Motors Ltd will hike the prices of its commercial vehicles (CV) by ~2.5% from January 1, 2022. The price increment will be effective across the following segments: medium & heavy commercial vehicles (M&HCV), light commercial vehicles (LCV), small CVs, and buses. The increase in the costs of commodities and raw materials (aluminium, steel, semiconductors, and essential metals) has forced the automaker to incite an increment in price.

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Reliance Jio conducts trial of connected drones on its 5G network

Reliance Jio has conducted successful trials of connected drones on its indigenous 5G network. The trial involved a precision command and control of drones over 5G using a fleet management system running on the cloud. It performed tasks such as image recognition, track-and-trace, discrete payload pickup & delivery, video imagery, and real-time drone control. Jio has developed its own homegrown 5G stack, which it plans to export abroad after testing its competence on a pan-India scale.

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Tata Power signs MoU with IIT Madras to collaborate on R&D, training, tech solutions

Tata Power has signed a Memorandum of Understanding (MoU) with IIT Madras to collaborate on research & development (R&D), consultancy, advocacy, training, and technology solutions. As a part of the MoU, Tata Power and IIT Madras will aim to pursue advanced research in areas of future technology. The agreement also includes campus recruitment opportunities for postgraduate students of IIT Madras.

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Godrej Properties partners with TDI Group for luxury housing project in Delhi

Godrej Properties Ltd has entered into a joint venture (JV) with TDI Group to build a luxury housing project at Connaught Place in Central Delhi. The project would have a development potential of about 1.25 lakh square feet saleable area. This will be the realty company’s third project in Delhi.

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IEX electricity volume up 54% YoY to 9,477 MU in November

Indian Energy Exchange (IEX) traded 9,477 million units (MU) of electricity in November 2021, achieving a 54% YoY (or 3.4% QoQ) growth. The traded volumes of the day-ahead market fell 3% YoY to 4,719 MU in November, with the average monthly price at Rs 3.1 per unit. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 302.7 MU during the same month, registering a 23.4% YoY growth.

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Ramkrishna Forgings secures order worth Rs 72 crore

Ramkrishna Forgings Ltd has received a domestic order worth Rs 72 crore from an Indian automaker in the medium & heavy commercial vehicles (MHCV) segment.  The order has to be executed over a period of four years. The company has built a strong and diverse customer base in India and is now looking to strengthen its presence and gain market share. 

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Toyota Kirloskar Motor partners with Karnataka Bank for financing solutions

Toyota Kirloskar Motor (TKM) has partnered with Karnataka Bank to finance its vehicles across cities and towns in India. The bank will be one of the preferred financiers for the entire range of vehicles sold by TKM. The finance options at competitive interest rates will be available to customers (including those covered under priority sector schemes) for purchasing Toyota vehicles for private and commercial use.

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GSS Infotech acquires Polimeraas for Rs 250 crore

GSS Infotech Ltd has acquired a 100% stake in farm-to-store company Polimeraas for Rs 250 crore in a stock and cash deal. Polimeraas operates 75 stores across Hyderabad and Bangalore, with an average footfall of 21,000 per store per month. The company deals with procurement, distribution, and sale of agricultural products, processed food, and other home consumables. GSS Infotech is an IT company specialising in application development, e-commerce & cloud, security, and remote infrastructure management.

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Indo Count Industries to acquire home textile business of GHCL

Indo Count Industries Ltd (ICIL) has entered into a Business Transfer Agreement (BTA) with GHCL Ltd for the acquisition of its home textile business at Vapi, Gujarat. The company has also signed an Asset Transfer Agreement (ATA) for the acquisition of specified assets of GHCL’s US subsidiary. The cost of the acquisition is Rs 576 crore. ICIL is a leading manufacturer and exporter of home textiles.

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Vodafone Idea in talks with vendors for sourcing 5G gear

As per reports, Vodafone Idea (Vi) has initiated talks with several local & international telecom vendors and system integrators to explore gear sourcing options for its 5G network. The company aims to negate potential cost implications that sourcing from traditional European vendors Nokia and Ericsson may have in the absence of competition. Vi’s rivals Reliance Jio and Bharti Airtel have either developed their own 5G stack or have entered strategic partnerships to jointly build the network technology in India with non-traditional companies.

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India’s Manufacturing PMI Rises to 57.6 in November – Top Indian Market News

India’s manufacturing PMI rises to 57.6 in November 

India’s manufacturing activity expanded for the fifth straight month in November. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 57.6 in November, compared to 55.9 in October. Factory orders rose at the fastest pace since February. Strong demand led to higher production volumes, and output rose at the fastest rate in nine months. 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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Auto sales data for November 2021: Highlights  

Maruti Suzuki India posted a 0.61% month-on-month (MoM) increase in total sales to 1,39,184 units in November 2021. The shortage of electronic components continued to affect production during the month. Sales from its utility vehicle segment fell 9.25% MoM to 24,574 units. Exports stood at 21,393 units, an increase of 0.3% MoM.

Tata Motors Ltd registered a 12.22% MoM decline in passenger vehicle sales to 29,778 units in November. The automaker’s commercial vehicle sales fell 4.43% MoM to 32,245 units. Overall domestic sales declined 12.18% MoM to 58,073 units.   

Mahindra & Mahindra’s auto segment posted total sales of 40,102 units in November, a decline of 4.3% over October. M&M’s farm equipment segment posted a 41% fall in sales to 27,681 units. 

Bajaj Auto Ltd posted a 13.7% MoM decline in total sales to 3,79,276 units. Meanwhile, Escorts posted a 47.3% MoM fall in tractor sales to 7,116 units in November.  

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Tata Power secures India’s largest solar and battery project worth Rs 945 crore

Tata Power Solar Systems Ltd (TPSSL) has secured a project from Solar Energy Corporation of India (SECI) to build a 100 megawatt (MW) EPC solar project, along with a 120 MWh utility-scale Battery Energy Storage System. The total contract value of the project is approximately Rs 945 crore. The project will be completed within 18 months. TPSSL is a wholly-owned subsidiary of Tata Power Company Ltd.  

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Royal Enfield partners with Belstaff for exclusive range of apparel

Royal Enfield, a subsidiary of Eicher Motors Ltd, has partnered with British brand Belstaff to market an exclusive range of apparel. With this collaboration, Royal Enfield aims to write a new chapter in the brand history that celebrates the spirit of riding. The limited-edition Belstaff Capsule collection launches today in India and will be available exclusively on the company’s online store and dealerships.

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Zen Tech reports fire accident at its demonstration center

Zen Technologies Ltd announced that there was a fire accident around 10:00 PM (IST) on November 30 night at its demonstration center located at Maheshwaram Hardware Park in Telangana. There were no casualties. The facility is insured, and the financial damage is currently being accessed. Operations are expected to resume within a couple of days, and no impact is expected on any ongoing projects.

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NCLAT rejects Kotak Mahindra Bank’s plea to set aside insolvency proceedings against MSEL

The National Company Law Appellate Tribunal (NCLAT) has dismissed a petition filed by Kotak Mahindra Bank along with a director of debt-ridden McNally Sayaji Engineering Ltd (MSEL) to set aside insolvency proceedings against MSEL. On February 11, 2021, the Kolkata bench of the National Company Law Tribunal (NCLT) admitted a plea by ICICI Bank and directed to initiate insolvency proceedings against MSEL.

Kotak Mahindra Bank had contended that it had advanced loans to MSEL, and NCLT has failed to appreciate that more than 50% of members of the lenders’ consortium had opposed initiation of the corporate insolvency resolution process (CIRP), as they were considering a restructuring of loan outside the IBC.

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Sapphire Foods expects to double store count in next 3-4 years

Sapphire Foods India Ltd said it expects to turn profit after tax (PAT) positive in the third quarter (Q3 FY22) and double its store count in the next 3-4 years. The company’s CEO, in a press statement to mark the 500th store opening, said Sapphire Foods has seen a healthy recovery in dine-in sales alongside a continued acceleration in delivery sales.  The positive metrics translated into positive same-store sales growth in both October and November 2021 compared to the pre-Covid calendar. 

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Biocon enters Dow Jones Sustainability Index in Emerging Markets category

Biocon Ltd has been selected for the Dow Jones Sustainability Index (DJSI) in the Emerging Markets (EM) category for its Environmental, Social, and Governance (ESG) practices. It is among the top 15 companies from India, and one of the 12 companies from the pharmaceuticals, biotechnology, and life sciences sectors to be featured in the index for 2021.

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Gross GST collection in November crosses Rs 1.31 lakh crore

The gross Goods & Services Tax (GST) revenue collected in November 2021 was Rs 1,31,526 crore, the second-highest ever since the introduction of GST. The revenues for November are 25% higher than the GST revenues in the same month last year. The Finance Ministry said that the recent trend of high GST revenues has been a result of various policy and administrative measures that have been taken in the past to improve compliance.

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TVS Motors to Invest Rs 1,200 crore in Future Tech and EV – Top Indian Market News

TVS Motors to invest Rs 1,200 crore in future technologies and EV

TVS Motor Company Ltd has signed a Memorandum of Understanding (MoU) with the Govt of Tamil Nadu to invest Rs 1,200 crore in future technologies and electric vehicles (EVs) over the next four years. The investment would be for the design, development, and manufacturing of new products and capacity expansion in the EV space. TVS Motor said the signing of the MoU was in line with its firm belief in the potential of the state in terms of human resources, infrastructure, and overall business environment. 

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NCLAT stays Rs 200 crore penalty imposed by CCI on Maruti Suzuki

The National Company Law Appellate Tribunal (NCLAT) has stayed the Rs 200 crore penalty imposed by the Competition Commission of India (CCI) on Maruti Suzuki India Ltd. However, NCLAT directed the automaker to deposit 10% of the total penalty amount with the NCLAT’s Registrar within three weeks. It will take up the appeal filed by Maruti Suzuki for admission on December 15.

On August 23, 2021, CCI had imposed a penalty of Rs 200 crore on MSIL for allegedly restraining competition with its policy of controlling the discounts that dealers could offer customers. 

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NPCI Bharat BillPay onboards Tata Power to facilitate electricity bill payments

NPCI Bharat BillPay has onboarded Tata Power on its platform ClickPay— making it the first power company to go live on the newly launched platform. Tata Power will generate the ClickPay link and share it with customers, which will redirect them to the payment page. This initiative will enable more than seven lakh customers of Tata Power to pay their electricity bills in a hassle-free and seamless manner. 

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KIOCL signs pact with Truman Engineering to set up heat recovery coke oven plant

KIOCL Ltd has entered into an agreement with Tauman Engineering Ltd for setting up a heat recovery coke oven plant at a contract price of Rs 185 crore. The plant will have a production capacity of 1,80,000 tonnes per annum (TPA). The company has signed a tripartite agreement with Tauman Engineering and CSIR-Central Institute of Mining and Fuel Research for providing the technology and know-how. 

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Alembic Pharma gets USFDA approval for formoterol fumarate inhalation solution

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic version of formoterol fumarate inhalation solution. The drug is indicated for the treatment of constriction of airways in patients with chronic obstructive pulmonary disease. According to IQVIA data, the inhalation solution had a market size of $310 million (~Rs 2,308 crore) for twelve months ended September 2021.

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TCS expands partnership with Swiss Re to build cloud-based digital workplace

Tata Consultancy Services (TCS) has expanded its strategic partnership with Swiss Re to help them build a more social and open digital workspace. As part of this initiative, TCS will support the reinsurance company to develop its future-ready, cloud-based digital workplace using Microsoft technologies. It will enable Swiss Re to accelerate the innovation pipeline within the organisation.

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Future Retail employees urge Supreme Court to clear asset sale in Amazon dispute

The Future Retail Employee Welfare Association has filed a special leave petition in the Supreme Court (SC), seeking to intervene in the current proceedings of the company’s dispute with Amazon over its 2019 deal with Reliance. The association has stated that the interests of nearly 27,000 employees of Future Retail have been affected by the orders passed in arbitral proceedings. Amazon is trying to block the sale of Future Group’s retail, wholesale, and logistics business to Reliance Industries Ltd (RIL) for Rs 24,713 crore for allegedly breaking contracts.

In other news, the SC has deferred the hearing in the legal tussle between Amazon and Future Group to December 8. This is on account of the inconvenience caused by the bulky documents placed on record by the parties.  

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Nxtra by Airtel launches new hyperscale data centre park in Chennai

Bharti Airtel Ltd’s subsidiary Nxtra launched its new 38 megawatts (MW) hyperscale data centre park in Chennai on Tuesday. The centre is fully integrated with Airtel’s global submarine cable network, providing an end-to-end secure connectivity solution to hyperscalers. Nxtra claims to operate the largest network of data centres in India. It aims to invest Rs 5,000 crore by 2025 to increase its data centre capacity three times to over 400 MW. 

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Greaves Electric Mobility inaugurates its largest EV production facility in Tamil Nadu

Greaves Cotton Ltd’s e-mobility arm, Greaves Electric Mobility, announced the opening of its largest EV production facility at Ranipet in Tamil Nadu. Spread across 35 acres, the plant is located in the industrial centre of Tamil Nadu. It will serve as an e-mobility hub for both domestic and export markets. The manufacturing facility with additional assembly lines will produce up to 10 lakh vehicles a year. 

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Equitas SFB partners with HDFC Bank to offer co-branded credit cards

Equitas Small Finance Bank (SFB) has partnered with HDFC Bank to launch its new co-branded credit cards. This strategic partnership draws on HDFC Bank’s strengths as India’s leading issuer of credit cards and superior customer engagement to extend best-in-class services to Equitas SFB’s customer base. The credit card is available in two categories— Excite Credit Card (offers a credit limit of Rs 25,000-2 lakh) and Elegance Credit Card (provides a credit of over Rs 2 lakh).

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SpiceJet brings back Boeing 737 Max; customers to enjoy free onflight WiFi

SpiceJet Ltd has brought back Boeing 737 MAX aircraft into operation after a gap of around two-and-a-half years. Earlier this month, the airline had entered into an agreement with Boeing to settle outstanding claims related to the grounding of 737 Max aircraft and its return to service. SpiceJet has started flying two Boeing 737 Max planes in India, and 11 more such aircraft will start flying in India in the next 15-20 days. The domestic carrier will also offer free onboard WiFi on the Boeing 737 Max.

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Cadila Healthcare’s Net Profit Jumps Six-Fold in Q2 – Top Indian Market News

Cadila Healthcare Q2 Results: Net profit jumps over six-fold YoY to Rs 3,002 crore

Cadila Healthcare Ltd reported a 534.2% YoY jump in consolidated net profit to Rs 3,002.3 crore for the quarter ended September (Q2 FY22). Net profit jumped 411.29% compared to the previous quarter. Adjusted for exceptional items and one-off gain on the account of sale of a subsidiary, profit after tax stood at Rs 597 crore, up 6% YoY. Its revenue from operations rose 3.4% YoY to Rs 3,784.8 crore during the same period. The sales from its India business grew 12% YoY to Rs 1,591 crore in Q2.

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Tata Steel partners with Tata Power to set up 41 MW solar project in Jharkhand, Odisha

Tata Steel and Tata Power have come together to develop a grid-connected solar project in Jharkhand and Odisha. The companies have signed a Power Purchase Agreement (PPA) for a period of 25 years to set up a 41 megawatt (MW) solar project. It will be a combination of rooftop, floating, and ground-mounted solar panels. Under this partnership, Tata Power will develop photovoltaic (PV) capacities for Tata Steel at Jamshedpur (21.97 MWp) and Kalinganagar (19.22 MWp). 

Read more here. 

UPL Q2 Results: Net profit rises 36.4% YoY to Rs 633 crore

UPL Limited reported a 36.4% YoY increase in consolidated net profit to Rs 633 crore for the quarter ended September (Q2 FY22). Net profit fell 6% compared to the previous quarter. Its revenue from operations rose 18% YoY (or 24% QoQ) to Rs 10,567 crore during the same period.

Tata Motors secures order for 3,500 XPRES-T EV units from BluSmart Mobility

Tata Motors has received an order for 3,500 XPRES-T EV units from electric ride-hailing platform BluSmart Mobility. The XPRES-T EV sedan comes with optimal battery size, captive fast charging solution, which ensures low cost of ownership in addition to safety and passenger comfort. With this order, BluSmart Mobility aims to expand its all-electric fleet multi-fold across Delhi NCR.

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Vedanta Q2 Results: Net profit jumps multi-fold YoY to Rs 4,615 crore

Vedanta Ltd reported a 451% YoY jump in consolidated net profit to Rs 4,615 crore for the quarter ended September (Q2 FY22). Net profit increased 9% compared to the previous quarter. Its revenue from operations rose 44% YoY (or 7% QoQ) to Rs 30,048 crore during the same period. EBITDA stood at Rs 10,582 crore in Q2, a growth of 62% YoY. Higher revenues were supported by improved commodity prices and higher volumes across businesses.

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IndusInd Bank raises Rs 2,800 crore debt capital via bonds

IndusInd Bank has raised Rs 2,800 crore by issuing bonds on a private placement basis. The Finance Committee of the bank’s board has approved the allotment of 2,800 rated, listed, non-convertible, and unsecured Basel-III compliant bonds in the nature of debentures. The bonds carry a coupon rate of 8.11% payable annually. It will mature in 10 years.

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Dr Reddy’s Labs Q2 Results: Net profit rises 30% YoY to Rs 992 crore

Dr. Reddy’s Laboratories Ltd reported a 30% YoY increase in consolidated net profit to Rs 992 crore for the quarter ended September (Q2 FY22). Net profit surged 1.6 times over the previous quarter. Its revenue from operations rose 18% YoY to Rs 5,763 crore during the same period. The pharma company’s proprietary products business registered a 195% YoY jump in sales to Rs 182.9 crore in Q2.

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Vodafone Idea’s board approves deferment of AGR dues payment for four years

Vodafone Idea’s board has approved opting for a four-year moratorium on adjusted gross revenue (AGR) payments. Vi has now accepted both spectrum and AGR moratorium, which will help the cash-strapped telecom operator save ~Rs 1 lakh crore. The company’s decision comes on the back of a relief package announced by the government last month.

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BPCL Q2 Results: Net profit rises 79% QoQ to Rs 2,694 crore

Bharat Petroleum Corporation Ltd (BPCL) reported a 20% YoY increase in net profit to Rs 2,694 crore for the quarter ended September (Q2 FY22). Net profit increased 79.4% compared to the previous quarter. Its revenue from operations rose 15% QoQ to Rs 81,536.7 crore during the same period. Sales volumes rose 2.9% QoQ to 9.91 million metric tonnes (MMT) in Q2. BPCL’s board has declared an interim dividend of Rs 5 per share.

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Adani Power Q2 Results: Net loss at Rs 230 crore

Adani Power reported a consolidated net loss of Rs 230.6 crore for the quarter ended September (Q2 FY22). It had posted a net profit of Rs 2,228.05 crore in the corresponding period last year (Q2 FY21). Its total income fell 36.6% YoY to Rs 5,572 crore in Q2 FY22. EBITDA stood at Rs 1,551 crore, a decline of 69.5% YoY.

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Shree Cement Q2 Results: Net profit rises 6% YoY to Rs 577 crore

Shree Cement reported a 5.6% YoY increase in net profit to Rs 577.7 crore for the quarter ended September (Q2 FY22). Net profit fell 25% compared to the previous quarter. Its revenue from operations rose 5% YoY to Rs 3,205.9 crore during the same period. The company’s cost of raw materials rose 7.2% YoY to Rs 215.7 crore in Q2.

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Tata Power Reports 51% YoY Rise in Net Profit in Q2 – Top Indian Market News

Tata Power Q2 Results: Net profit rises 51% YoY to Rs 421 crore

Tata Power reported a 51% YoY increase in consolidated net profit to Rs 421.5 crore for the quarter ended September (Q2 FY22). Net profit increased by 8% compared to the previous quarter. Its revenue from operations rose 18% YoY to Rs 9,810.2 crore during the same period. Revenue from its transmission & distribution segment grew 48% YoY to Rs 6,787.4 crore. However, the revenue from its power generation segment fell 36% YoY to Rs 2,216.9 crore in Q2.

Read more here. 

L&T’s construction arm secures large order from CPWD

The construction arm of Larsen and Toubro (L&T) has secured a large order (in the range of Rs 2,500-5,000 crore) for its buildings and factories business from the Central Public Works Department (CPWD). The order includes the construction of Common Central Secretariat Integrated Buildings 1, 2, and 3 in Plot 137 in New Delhi, with a built-up area of approximately 48.11 lakh sq. ft. The project is scheduled to be completed in two years.

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Bajaj Finserv Q2 Results: Net profit rises 14% YoY to Rs 1,122 crore

Bajaj Finserv Ltd reported a 13.7% YoY increase in consolidated net profit to Rs 1,122.1 crore for the quarter ended September (Q2 FY22). Net profit increased by 34.75% compared to the previous quarter. Its revenue from operations rose 19.7% YoY to Rs 18,008.2 crore during the same period. Recovery gathered momentum in Q2 on the back of reopening of the economy in most states, rapid vaccinations, and continued policy support. Bajaj Finserv is the holding company for the various financial services businesses of the Bajaj Group.

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Marico Q2 Results: Net profit rises 17% YoY to Rs 309 crore

Marico Limited reported a 17.05% YoY increase in consolidated net profit to Rs 309 crore for the quarter ended September (Q2 FY22). Net profit fell 13.2% compared to the previous quarter. Its revenue from operations rose 21.6% YoY to Rs 2,419 crore during the same period. The FMCG company’s EBITDA stood at Rs 423 crore in Q2, a growth of 34.4% YoY. 

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SC bars Bharti Airtel from seeking Rs 923 crore GST refund

The Supreme Court (SC) has disallowed Bharti Airtel from seeking a Goods and Services Tax (GST) refund of Rs 923 crore. The apex court upheld the Centre’s appeal and dismissed a Delhi High Court order that allowed Bharti Airtel to claim Rs 923 crore as refund of excess GST returns filed in July-September 2017. 

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IndiGo Q2 Results: Net loss at Rs 1,435 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 1,435.7 crore for the quarter ended September (Q2 FY22). The airline had posted a net loss of Rs 3,179 crore in the previous quarter and a net loss of Rs 1,194.8 crore in Q2 FY21. Its revenue from operations rose 104.6% YoY (or 87% QoQ) to Rs 5,608.5 crore during the same period. Earnings before interest, tax, depreciation, amortisation, and rent (EBITDAR) stood at Rs 340.8 crore in Q2, down 16.6% YoY. 

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DLF Q2 Results: Net profit rises 66% YoY to Rs 378 crore

DLF Limited reported a 66% YoY increase in consolidated net profit to Rs 378.12 crore for the quarter ended September (Q2 FY22). Net profit increased 12% compared to the previous quarter. Its revenue from operations fell 9.6% YoY to Rs 1,557 crore during the same period. The realty firm’s sales booking grew 77% YoY to Rs 1,512 crore in Q2.

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Adani Green Energy Q2 Results: Net profit jumps six-fold YoY to Rs 100 crore

Adani Green Energy Ltd (AGEL) reported a nearly six-fold YoY jump in consolidated net profit to Rs 100 crore for the quarter ended September (Q2 FY22). Its total income rose 96.5% YoY to Rs 1,411 crore during the same period. AGEL’s sale of energy grew 61% YoY to 1,901 million units (MU) in Q2. The company’s solar sales grew 41% YoY to 1,430 MU in the July-September quarter of FY22.

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Tata Motors unveils 21 commercial vehicles for cargo, passenger verticals

Tata Motors has unveiled 21 new commercial vehicles to cater to evolving needs of cargo and people transport across segments. The company has launched seven products in the medium and heavy commercial vehicles (M&HCV) segment and five products in the intermediate and light commercial segment with CNG powertrains. Moreover, the automaker has unveiled four new LCVs (Light Commercial Vehicles) to improve last-mile delivery efficiency and reduce operational costs.

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SBI Cards Q2 Results: Net profit rises 67% YoY to Rs 345 crore

SBI Cards and Payment Services reported a 67% YoY increase in consolidated net profit to Rs 345 crore for the quarter ended September (Q2 FY22). Its total income rose 7% YoY to Rs 2,695 crore during the same period. The company’s total operating cost stood at Rs 1,383 in Q2, an increase of 25% YoY. The increase in operating costs is due to higher business volumes.

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NTPC Q2 Results: Net profit falls 8% YoY to Rs 3,212 crore

State-owned NTPC Ltd reported an 8.4% YoY decline in net profit to Rs 3,211 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 14.7% YoY to Rs 28,329 crore during the same period. The surge in revenues was aided by a rise in demand for power due to the rapid reopening of the economy post the second wave and higher vaccination rates. NTPC’s tax expenses grew 89% YoY to Rs 960.5 crore in Q2.

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Govt asks IRCTC to share 50% of revenue from convenience fee

The Ministry of Railways has asked the Indian Railways Catering and Transportation Corporation (IRCTC) to share 50% of the revenue from the convenience fee with it. So far, IRCTC kept 100% of the convenience fee it charged customers for providing various services with itself. Analysts believe that this move could spark a near 50% cut in the earnings of IRCTC since the majority of its revenues come from internet ticketing services.

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Tech Mahindra Reports 26% YoY Rise in Net Profit in Q2 – Top Indian Market News

Tech Mahindra Q2 Results: Net profit rises 26% YoY to Rs 1,339 crore

Tech Mahindra reported a 25.8% year-on-year (YoY) increase in consolidated net profit to Rs 1,338.7 crore for the quarter ended September (Q2 FY22). Net profit fell 1.07% compared to the previous quarter. Its revenue from operations rose 16.1% YoY (or 6.7% QoQ) to Rs 10,881.3 crore during the same period. EBITDA stood at Rs 1,995 crore, up 17.2% YoY and 6.3% QoQ. The IT company’s board has declared a special dividend of Rs 15 per share.

Tech Mahindra has acquired Lodestone, a digital engineering quality assurance provider for new-age digital firms, for $105 million (~Rs 789 crore). It has also acquired WMW by Born London Ltd, UK, for ~Rs 97 crore.

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Tata Power completes installation of over 1,000 EV charging stations in India

Tata Power announced that it now has a network of more than 1,000 electric vehicle (EV) charging stations across the country. The network provides innovative and seamless EV charging experiences for Tata Power’s customers across offices, malls, hotels, retail outlets, and places of public access. Tata Power EZ Chargers ecosystem covers the entire value chain of the public, captive, bus/fleet, and home chargers.

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Indus Towers Q2 Results: Net profit rises 38% YoY to Rs 1,559 crore

Indus Towers reported a 38% YoY increase in consolidated net profit to Rs 1,559 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 8% YoY to Rs 6,877 crore during the same period. EBITDA stood at Rs 3,641 crore in Q2, up 17% YoY. With a portfolio of over 1.83 lakh telecom towers, Indus Towers is one of the largest tower infrastructure providers in India, with a presence in all 22 telecom circles. 

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JSW Steel to set up colour coated steel facility in Kashmir

JSW Steel will set up a colour-coated steel facility in the Pulwama district of Kashmir with a total investment of Rs 150 crore. With a capacity of 120,000 metric tonnes per annum (MTPA), the facility will also have special lines to produce steel sandwich panels and steel doors for the local market in Jammu and Kashmir. JSW Steel is India’s leading integrated steel company with a capacity of 27 MTPA. It aims to produce 40 million tonnes of steel annually by 2025.

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SRF Q2 Results: Net profit rises 21% YoY to Rs 382 crore

SRF Limited reported a 21% YoY increase in consolidated net profit to Rs 382.45 crore for the quarter ended September (Q2 FY22). Total income rose 35% YoY to Rs 2,850.1 crore during the same period. Earnings before Interest and Tax (EBIT) increased 19% YoY to Rs 570 crore in Q2. To enhance the production capacity of a key product in the agrochemical segment, SRF’s board has approved an expansion project at Dahej at a projected cost of Rs 27.5 crore.

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TVS Motor partners with Bahwan International Group to strengthen presence in Iraq

TVS Motor Company has signed a tri-party deal arrangement with Bahwan International Group (BIG) to boost its presence in Middle East’s Iraq and other North African regions (MENA). As per the deal, ARATA International FZC (a subsidiary of BIG) will be the new distributor of TVS in Iraq. BIG and its channel partners plan to operate more than 30 dealerships for TVS Motor Company.

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CSB Bank Q2 Results: Net profit rises 72% YoY to Rs 119 crore

CSB Bank reported a 72% YoY increase in net profit to Rs 118.57 crore for the quarter ended September (Q2 FY22). Net profit rose 94.4% compared to the previous quarter. Its net interest income (NII) rose 21% YoY to Rs 278 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest paid to depositors]. The bank’s gross non-performing assets (GNPA) ratio stood at 4.11% in Q2, compared to 4.88% in the previous quarter. Deposits grew 9.09% YoY to Rs 19,055.49 crore in Q2.

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Mindtree launches industry-specific IoT solutions built on ServiceNow Connected Operations

Mindtree has announced an expanded relationship with US-based ServiceNow, a leading digital workflow company. As a partner for ServiceNow Connected Operations, Mindree will build industry solutions to help enterprises turn data from their Internet of Things (IoT) infrastructure into actionable workflows. The combined solutions of Mindtree and ServiceNow will allow customers to break down data silos and resolve issues proactively. 

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CEAT Q2 Results: Net profit falls 77% YoY to Rs 42 crore

CEAT Limited reported a 77% YoY decline in consolidated net profit to Rs 42.28 crore for the quarter ended September (Q2 FY22). Net profit increased 75% compared to the previous quarter. Its revenue from operations rose 24% YoY (or 29% QoQ) to Rs 2,451.76 crore during the same period. The tyre manufacturer’s total expenses stood at Rs 2,401.64 crore in Q2, an increase of 32.3% YoY. CEAT Ltd’s board has approved a proposal to raise up to Rs 500 crore via the issue of non-convertible debentures (NCDs).

The Ramco Cements Q2 Results: Net profit jumps two-fold YoY to Rs 515 crore

The Ramco Cements reported a 111.83% YoY jump in consolidated net profit to Rs 515.84 crore for the quarter ended September (Q2 FY22). Net profit increased 200.87% compared to the previous quarter. Its total income rose 18.6% YoY (or 21.8% QoQ) to Rs 1,510.33 crore during the same period. The cement manufacturer’s total expenses stood at Rs 1,231.6 crore in Q2, an increase of 32.3% YoY. Cement sales grew 23% YoY to Rs 2.71 million tonnes.

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Colgate-Palmolive Q2 Results: Net profit falls 2% YoY to Rs 269 crore

Colgate-Palmolive India reported a 1.83% YoY decline in consolidated net profit to Rs 269.17 crore for the quarter ended September (Q2 FY22). Net profit increased 15% compared to the previous quarter. Its revenue from operations rose 5.19% YoY to Rs 1,343.96 crore during the same period. The company’s board has declared an interim dividend of Rs 19 per share.

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IMF Retains India’s Growth Forecast for 2021 at 9.5% – Top Indian Market News

IMF retains India’s growth forecast for 2021 at 9.5%

The International Monetary Fund (IMF) has retained India’s gross domestic product (GDP) growth forecasts at 9.5% in 2021 and 8.5% for 2022. However, IMF has lowered its projection for global growth this year as supply disruptions impacted growth outlook for advanced economies, and pandemic dynamics have worsened in low-income economies. It projects world economic growth at 5.9% for 2021. 

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Tata Power Solar secures orders worth Rs 538 crore from EESL

Tata Power Solar has received a Letter of Award (LoA) from state-run Energy Efficiency Services Ltd (EESL) to build 100 megawatt (MW) distributed ground-mounted solar projects in Maharashtra. The total order value of the projects is Rs 538 crore. The commissioning date of the solar projects is set for 12 months. The utility-scale order book of Tata Power Solar now stands at nearly 4 gigawatt capacity with a value of Rs 9,264 crore.

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PSP Projects declared lowest bidder for housing project in Uttar Pradesh

PSP Projects Ltd has emerged as the lowest (L-1) bidder for a government residential project in Uttar Pradesh. The bid value of the project is Rs 238.7 crore. PSP Projects is a multidisciplinary construction company that offers a diversified range of construction and allied services across industrial, institutional, and residential projects in India. To learn more about the company, click here.

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L&T Construction secures significant orders for various businesses

Larsen & Toubro’s (L&T) construction arm has secured significant orders (in the range of Rs 1,000-2,500 crore) for its various businesses. In the metallurgical and material handling (MMH) business, the company has secured an order to set up a coke oven, by-product, and coke dry quenching plants. The buildings and factories business has won an order from a ‘prestigious client’ for the construction of office space at Hyderabad with an approximate built-up area of 20 lakh sq. ft.

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CONCOR’s physical volumes handled rises 11% YoY in Q2

Container Corporation of India’s (CONCOR) total physical volumes handled increased by 10.74% YoY to 9,80,757 twenty-foot equivalent units (TEUs) in Q2 FY22. However, physical volumes have declined by 1.11% compared to the previous quarter. Domestic physical volumes rose 33.68% YoY to 1,88,332 TEUs. Meanwhile, export-import (EXIM) physical volumes improved by 6.4% YoY to 7,92,425 TEUs during the same period.

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BLS International to process Brazilian visas in India

The Embassy of Brazil in India has authorised BLS International Services Ltd to process visa applications. The company will accept visa applications from centres in Delhi and Mumbai. BLS will initiate Brazil visa processing, along with several convenience services such as photocopy, courier, and form filling. BLS International Services is a global services partner for governments and citizens in the domain of visa, passport, consular, and e-governance services.

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Govt grants “Maharatna” status to Power Finance Corporation

The government has granted the ”Maharatna” status to state-owned Power Finance Corporation (PFC). This move will give the company greater operational and financial autonomy. The board of a Maharatna enterprise can make equity investments to undertake financial joint ventures and subsidiaries, undertake mergers and acquisitions in India and abroad. PFC is the largest infrastructure finance company dedicated to the power sector under the administrative control of the Ministry of Power.

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Bhansali Engineering Q2 Results: Net profit jumps 248% YoY to Rs 123.66 crore

Bhansali Engineering Polymers reported a 248.3% YoY jump in consolidated net profit to Rs 123.66 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 59.8% when compared to the previous quarter. Its total income rose by 22.21% YoY (or 59.76% QoQ) to Rs 378.30 crore during the same period. The company’s board has declared an interim dividend of Rs 1 per share.

TPG Rise Climate, ADQ to invest $1 billion in Tata Motors’ new EV unit

Tata Motors said it will be creating a new electric vehicles (EV) subsidiary that will require over Rs 16,000 crore of investment over the next five years. TPG Rise Climate and Abu Dhabi’s ADQ will be investing $1 billion (~Rs 7,500 crore) for an 11-15% stake in this subsidiary. The investment will value the subsidiary (TML EVCo) at ~$9.1 billion. The company will be asset-light, and all the investment will be going towards creating intellectual property such as new vehicle designs and EV platforms.

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Ujjivan SFB’s total deposits grow 31% YoY to Rs 14,090 crore in Q2

Ujjivan Small Finance Bank reported a 31% YoY growth in total deposits to Rs 14,090 crore in Q2 FY22. The bank’s disbursements jumped 114% YoY (or 138% QoQ) to Rs 3,122 crore during the same period. The gross loan book stood at Rs 14,508 crore at the end of the July-Sept quarter, up 4% YoY and 3% quarter-on-quarter (QoQ). Retail deposits saw a 38% YoY and 12% QoQ growth to Rs 7,270 crore in Q2 FY22.

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Factory output surges 11.9% in August

India’s Index of Industrial Production (IIP) grew by 11.9% in August 2021. This is an increase of 0.4% from July. IIP grew on the back of a low base last year when factory output was -7.6% in August 2020. The manufacturing sector, which constitutes 77.63% of the IIP, grew 9.7% in August. The mining sector output rose 23.6% in August, while power generation increased 16%.

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