Tag: Tata Power

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Cabinet Approves Scheme For Setting Up 7 Mega Textile Parks – Top Indian Market News

Cabinet approves scheme for setting up 7 mega textile parks

The Union Cabinet has approved the setting up of seven textile parks under the Prime Minister Mega Integrated Textile Region and Apparel (PM-MITRA) scheme with a total outlay of Rs 4,445 crore over five years. The scheme will help in setting up world-class industrial infrastructure that will attract cutting-edge technology and boost foreign direct investment (FDI) in the textile sector. PM-MITRA will offer an opportunity to create an integrated textile value chain right from spinning, weaving, dyeing, and printing to garment manufacturing at one location.

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SBI extends contract with TCS for 5 years

Tata Consultancy Services (TCS) has extended its partnership with State Bank of India (SBI) for another five years to drive innovation and tech solutions. As part of the new contract, TCS will continue to maintain and enhance SBI’s application estate across core banking, trade finance, financial reporting, and financial inclusion with new features and functionality. The IT firm will support the bank’s ability to launch newer offerings and respond to business and regulatory changes.

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SAIL’s Rourkela Steel Plant registers best-ever H1 production in key areas

Rourkela Steel Plant has registered its “best-ever” production performance for the April-September period (H1 FY22) in three key segments: hot metal, crude steel, and saleable steel. The plant produced 21.01 lakh tonnes of hot metal, 19.53 lakh tonnes of crude steel, and 17.72 lakh tonnes of saleable steel during H1. The figures are a significant improvement of 42.9%, 38%, and 37.8%, respectively, over H1 of the previous financial year. Rourkela Steel Plant is a unit of Steel Authority of India Ltd (SAIL).

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Equitas Small Finance Bank launches ASBA facility

Equitas Small Finance Bank has announced the launch of the ASBA facility on its Internet Banking, Mobile Banking, and UPI interface for its customers. Applications Supported by Blocked Amount (ASBA) is a process developed by market regulator SEBI for applying to IPOs and Follow on Public Offers (FPOs). With the ASBA facility, customers can avail the benefit of high savings account interest until the date of allotment of shares. 

Tata Power partners with renewable energy AI firm BluWave-ai

Tata Power has signed a three-year commercial agreement with BluWave-ai to operationalise artificial intelligence (AI) in day-to-day power distribution in Mumbai. Canada-based BluWave-ai is the world’s first renewable energy AI company. The agreement was signed after a successful trial project, in which Tata Power evaluated the performance of BluWave-ai’s cloud platform to generate intra-day and day-ahead dispatches for use in its power scheduling operations.

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Tata Steel reports 3% YoY growth in crude steel production

Tata Steel India crude steel production grew 2% quarter-on-quarter (QoQ) and 3% year-on-year (YoY) to 4.73 million tonnes (MT) in Q2 FY22. The company’s Europe devision recorded a 4% QoQ decline in steel production to 2.56 MT in Q2. Despite seasonal weakness, overall delivery volumes grew 12% QoQ on the back of economic recovery after the second wave of the Covid-19 pandemic.

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ZEEL moves NCLAT against NCLT order on Invesco’s plea for EGM

Zee Entertainment Enterprises Ltd (ZEEL) has approached National Company Law Appellate Tribunal (NCLAT) against National Company Law Tribunal’s (NCLT) order that asked it to file a reply to a petition filed by Invesco and OFI Global China by Thursday. On Tuesday, NCLT asked ZEEL to file a response by October 7 in a case filed by its major shareholders, who want the company to call an Extraordinary General Meeting (EGM). To learn more about the boardroom battle at ZEEL, click here.

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Dept of Revenue selects CAMS as Central Record Keeping Agency for NPS

The Department of Revenue has selected Computer Age Management Solutions (CAMS) as a Central Record Keeping Agency (CRA) for the National Pension Scheme (NPS). The company has received permission to use Aadhaar-based eKYC services as Authentication User Agency (AUA). CAMS is a mutual fund transfer agency, which provides services for investors, distributors, asset management companies, and demat account holders in India.

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Govt notifies 100% FDI in telecom under automatic route

The Centre has notified its decision to permit 100% foreign direct investment (FDI) under automatic route in the telecom services sector. Any non-resident entity can invest in India, subject to the FDI Policy (except in those sectors or activities which are prohibited). Only 49% FDI was allowed through the automatic route till now, and anything beyond that needed to be through the government route. 

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Nazara Technologies raises Rs 315 crore from marquee investors

Nazara Technologies’ board has approved a preferential allotment of fresh equity to raise Rs 315.3 crores from marquee institutional investors. The company will issue 14.29 lakh equity shares of the face value of Rs 4 each at Rs 2,206 per equity share. The marquee investors include Gamnat Pte Ltd and Ahmedabad-based Plutus Wealth Management.

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Jindal Steel and Power Reports Highest Ever Quarterly Steel Sales – Top Indian Market News

Jindal Steel and Power Reports Highest Ever Quarterly Steel Sales

Jindal Steel and Power Ltd (JSPL) has recorded the highest ever quarterly steel sales in the July-September quarter (Q2 FY22). JSPL’s seel sales volume climbed 32 percent quarter-on-quarter (QoQ) and 10 percent YoY to hit a record high of 2.13 million tonnes during the quarter. The share of exports to revenue was greater than 40 percent this quarter, against 34 percent in Q1 FY22. 

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India’s Services Sector PMI drops to 55.2, Continues To Remain Strong

IHS Markit India Services PMI fell to 55.2 in September 2021 from 56.7 in August. Domestic demand has improved amidst the easing of Covid-19 restrictions, pushing firms to hire more employees for the first time in nearly a year. PMI or Purchasing Managers’ Index is an economic indicator on the manufacturing or services sector trends constructed from monthly surveys of private companies. If the PMI falls below the 50 level mark, it would signify contraction instead of growth.

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TVS signs MoU With Tata Power On Two Wheeler Charging Ecosystem In India

TVS Motor Company has announced a strategic partnership with Tata Power to develop and amplify the presence of Electric Vehicle Charging Infrastructure (EVCI) across India and deploy solar power technologies at TVS Motor locations. This comes in the light of TVS expanding the presence of its electric bike TVS iQube Electric. The two companies will also explore opportunities to use solar energy to power select TVS Motor locations.

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IRCON-led Consortium Wins Rs 3294 Crore For Mumbai-Ahmedabad Bullet Train Project

The National High-Speed Rail Corporation Limited (NHSRCL) has announced the joint venture by IRCON and Dineshchandra R. Agrawal Infracon has given the winning bid for the design and construction of 18.13 km of the viaduct and high-speed stations at Ahmedabad and Sabarmati for the Mumbai-Ahmedabad High-Speed Rail Corridor.

DoT to reconsider levy of Rs 40,000 Crore Spectrum Charges

In an ongoing legal battle, the Supreme Court has agreed to grant the Directorate of Telecommunications or DoT time till November 17, 2021 to reconsider its appeal on a pending Rs 40,000 crore one-time spectrum charges. The dispute between the Telecom Disputes Appellate Tribunal (TDSAT) and the DoT has been going on for almost a decade. In 2019, the TDSAT ruled that the one-time spectrum charges should be levied prospectively as against DoT, which wanted to set the charges retrospectively.

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IDFC First Bank Deposits Up 20% YoY, CASA Up 55% YoY

IDFC First Bank’s total customer deposits increased by 20.8% to Rs 83,793 crore as on September 30, 2021 as against Rs 69,368 crore a year ago. In the same period, the company’s Current Account-Saving Account Ratio or CASA Ratio went up by 55% YoY to Rs 46,783 crore. The Depositors Concentration for an amount below Rs 5 crore stood at 81.19%

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BSE Subsidiary To Help MSMEs Manage Working Capital, Gets In-Principle Approval From RBI

Bombay Stock Exchange’s subsidiary BSE Technologies (BSE Tech) has received in-principle approval from the Reserve Bank of India for setting up and operating Trade Receivables Discounting System (TReDS) under the Payments and Settlement Systems Act, 2007. The company intends to help MSMEs manage their working capital through Trade Receivables Discounting System (TReDS). RBI approved the TReDS in 2014. BSE Technologies Pvt Ltd. provides broking solutions & exchange solutions to the capital, derivatives, commodities & currency markets, financial services, and it consulting to companies worldwide.

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BLS International Wins Order From Thai Embassy For Visa Services

BLS International Services Limited(NSE:BLS) has announced that it has renewed its contract with the Royal Thai Embassy for providing visa services. The company will now offer visa services from multiples cities and states across the country. Last week, the company had bagged a contract with the Italian Embassy in Russia to provide visa services in the country after which the share price rose ~3%. The company’s share price has appreciated by ~220% since October 2020.

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Tata Power to Set Up 250 MW Solar Plant in Maharashtra – Top Indian Market News

Tata Power to set up 250 MW solar power plant in Maharashtra

TP Saurya Ltd (TPSL) has secured a contract from Maharashtra State Power Generation Co. Ltd (MAHAGENCO) to set up a 250 megawatt (MW) grid-connected solar power plant in Maharashtra. TPSL is a wholly-owned subsidiary of Tata Power. The solar project will be commissioned within 15 months from the date of execution of the Power Purchase Agreement (PPA). With this project, the total renewable capacity of Tata Power will reach 4,611 MW.

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HDFC Bank partners with Paytm to launch co-branded credit cards

HDFC Bank has partnered with digital payments app Paytm to launch a comprehensive range of credit cards powered by Visa. The credit cards will be customized to meet the distinct requirements of retail customers, from new-to-credit users to affluent users. It will offer best-in-class rewards and cashback for users. The launch is planned in October to coincide with the festive season to tap into potentially higher consumer demand for credit card offers and EMIs.

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L&T secures order from Petronet LNG for 2 storage tanks

L&T Hydrocarbon Engineering (LTHE) has secured a significant order (in the range of Rs 1,000-2,500 crore) from Petronet LNG. The contract is for the engineering, procurement, construction, and commissioning of two LNG storage tanks of 1.7 lakh cubic meters each for Phase III-B of the Dahej Expansion Project in Gujarat. LTHE is a wholly-owned subsidiary of Larsen & Toubro (L&T).

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Dabur India forays into face wash category under the Vatika brand

Dabur India is strengthening its presence in the personal care segment with the launch of the Dabur Vatika face wash range. The face wash range has been exclusively launched on Flipkart and is priced at Rs 170. The Vatika Face Wash will be available in a 150ml SKU and comes in three variants. Both Dabur and Flipkart have worked closely to understand the emerging trends in the natural ingredient-based face wash category to come up with this new range.

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Coal India signs pact worth Rs 1,880 crore for commercial extraction of coal bed methane

Bharat Coking Coal, a subsidiary of Coal India Ltd, has signed a contract worth Rs 1,880 crore with Prabha Energy for commercial extraction of coal bed methane (CBM). CBM is an unconventional form of natural gas found in coal deposits or coal seams. It will be extracted from Jharia Block-I under the leasehold area of Bharat Coking Coal. Coal India has selected Ranchi-based consultancy firm CMPDI as the principal implementing agency to oversee the project.

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Tata Communications offers ‘pay-as-you-go’ feature on Ethernet network services in India

Tata Communications Ltd has introduced a Bandwidth-on-Demand (BoD) feature on Ethernet network services in India. The feature enables enterprises to self-provision additional capacity on a ‘pay-as-you-go’ model to meet short-term bandwidth needs conveniently through a self-service customer portal. It delivers flexibility, improves the end-user experience, and brings cost-efficiency. The new BoD feature helps customers manage scalable and resilient Data Center (DC) connectivity.

VST Tillers Tractors launches new power tiller and range of brush cutters 

VST Tillers Tractors Ltd has launched a new power tiller— VST 95 DI Ignito for the domestic market. It is a machine used in agricultural fields for cultivation, tillage, sowing, and weeding. The company has also launched brush cutters— VST 226 LD, VST 234 MD, and VST 242 HD for the domestic market. The products were launched for the benefit of the farming community after encouraging results from extensive field trials.

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RPP Infra Projects secures order worth Rs 158 crore

RPP Infra Projects Ltd has received a Letter of Acceptance (LoA) for a new project worth Rs 157.67 crore. The order is for the engineering, procurement, and construction of Bareilly Haat and Handicraft Centre with 1-year defect liability under Smart City Mission. Tamil Nadu-based RPP Infra Projects engages in construction and infrastructure development activities in India, Sri Lanka, and Mauritius.

Adani Ports gets CCI approval to acquire 10.4% stake in Gangavaram Port

The Competition Commission of India (CCI) has approved the acquisition of a 10.4% stake in Gangavaram Port by Adani Ports & Special Economic Zone Ltd (APSEZ). The equity shareholding will be acquired from the Government of Andhra Pradesh. Gangavaram Port owns, develops, and operates a deep-water port at Gangavaram, Andhra Pradesh.

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Vodafone Idea promoters to infuse capital equity into company: Report

According to a report from Fortune India, Vodafone Idea (Vi) may soon see an influx of capital from its promoters. The telecom company is set to receive capital in the form of equity from Vodafone Group and Aditya Birla Group. Vi’s promoters had previously not been willing to infuse additional capital for the debt-ridden company over concerns regarding its stability. With the government’s new relief package, the promoters have more confidence in the long-term standing of the support from the government. 

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Bharti Airtel Conducts Cloud Gaming Session on 5G Trial Network – Top Indian Market News

Bharti Airtel conducts cloud gaming session on 5G trial network

Bharti Airtel has successfully conducted India’s first cloud gaming session in a 5G environment. The demonstration was conducted in Manesar, Gurgaon, as part of the ongoing 5G trials using spectrum allotted by the Department of Telecommunications (DoT). Cloud gaming enables users to stream and play games in real-time without having to download or invest in gaming hardware. Bharti Airtel stated that cloud gaming will be one of the biggest use cases of 5G, given the combination of high speed and low latency (no lag).

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Tata Power to set up 330 MW solar project in Madhya Pradesh

Tata Power Saurya Ltd (TPSL), a wholly-owned subsidiary of Tata Power, has received a Letter of Award (LoA) from Rewa Ultra Mega Solar to build a 330 megawatt (MW) solar project in Neemuch Solar Park in Madhya Pradesh. The project has been awarded through tariff-based competitive bidding, followed by an e-reverse auction. The energy from the project will be supplied to the Indian Railways and Madhya Pradesh Power Management Company Ltd under a power purchase agreement (PPQ) valid for 25 years. 

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Infosys Springboard to offer digital reskilling to over 1 crore people by 2025

Infosys Ltd has launched Infosys Springboard to accelerate its digital reskilling initiatives and expand it to over 1 crore students and professionals by 2025. The program offers a virtual platform to deliver corporate-grade learning experiences for learners, ranging from school and college students to professionals and adults. Nearly 4 lakh learners and over 300 education institutions, NGOs, and support groups are part of the initiative. Infosys Springboard comes under the IT firm’s corporate social responsibility (CSR) initiatives.

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Just Dial’s board approves allotment of 2 crore shares to Reliance Retail

The Board of Directors of Just Dial Ltd has approved the allotment of 2.12 crore equity shares to Reliance Retail Ventures Ltd (RRVL). The allocation has been done at Rs 1,022.25 per share through preferential allotment on a private placement basis. Following this, RRVL holds 40.98% of the total paid-up equity share capital of Just Dial. To learn more about the deal, click here.

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Adani Green Energy raises $750 million via green bonds

Adani Green Energy Ltd (AGEL) has raised $750 million (~Rs 5,475 crore) through the issuance of green bonds. The bond issue was oversubscribed 4.7 times. The funds will be utilised towards meet the capital expenditure requirements for AGEL’s renewable projects that are under construction. With this bond issuance, AGEL has completed the final phase of its capital management plan. The company now has a fully-funded program for both debt and equity to achieve its target of 25 gigawatts (GW) of renewable energy capacity by 2025.

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M&M to cut production by 25% due to semiconductor shortage

Mahindra & Mahindra Ltd (M&M) will observe ‘No Production Days’ of around 7 days in September as its automotive division continues to face supply shortages of semiconductors. This move is estimated to result in a reduction in production volumes of the automotive division by 20-25% in September. M&M’s revenue and profitability will be impacted in line with the fall in production volumes. 

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Bajaj Healthcare to commence production of Nimesulide API

Bajaj Healthcare Ltd will start commercial production of Nimesulide Active Pharmaceutical Ingredient (API) at its Tarapur unit in Maharashtra on Sept 3. The company has received approval from FDA Maharashtra to manufacture and market Nimesulide API as an approved medication for pain relief and prevention of fever in India. The total installed capacity of the Tarapur unit is 111 metric tonnes (MT) per month.

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BLS International gets ePassport renewal contract from Philippines Dept of Foreign Affairs

BLS International Services Ltd has signed a contract with the Philippines Department of Foreign Affairs to provide ePassport renewal services in Italy, Qatar, and Malaysia. The company will simplify the application procedure and shorten the overall application processing time, thus contributing to improved customer service. BLS International Services is an outsourcing service provider for government and diplomatic missions worldwide.

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Natco Pharma launches generic cancer drug in Canda

Natco Pharma (Canda) Inc., a subsidiary of Natco Pharma, has launched generic Nat-Lenalidomide capsules in the Canadian market. The drug is used for the treatment of multiple myeloma (cancer that forms in a type of white blood cell called a plasma cell). It is a generic alternative to Revlimid, which is to be approved by Health Canada. The launch of the product represents an important milestone in Natco Pharma’s continued efforts to expand its product portfolio.

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Ahluwalia Contracts secures order worth Rs 229 crore from WBHIDCO

Ahluwalia Contracts (India) Ltd has received an order worth Rs 229 crore from West Bengal Housing Infrastructure Development Corporation (WBHIDCO). The order is for the construction of an affordable housing project in Kolkata. Ahluwalia Contracts is a construction company based in New Delhi. Its project portfolio includes residential and commercial complexes, hotels, hospitals, corporate offices, IT parks, and institutional buildings.

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Exports rise 45% YoY in August to $33.14 billion

India’s merchandise exports stood at $33.14 billion in August 2021, an increase of 45.17% over the corresponding month last year. Total exports during April-August this year rose 66.92% YoY to $98.05 billion. Meanwhile, imports increased by 51.47% YoY to $47.01 billion in August. The trade deficit during the month stood at $13.87 billion, compared to $8.2 billion in the year-ago period. The data was released by the Ministry of Commerce & Industry.

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India’s GDP Likely to Grow at 18.5% in Q1, says SBI Report – Top Indian Market News

India’s GDP likely to grow at 18.5% in April-June quarter: SBI Report

India’s gross domestic product (GDP) is expected to grow at 18.5% in the April-June quarter (Q1 FY22) due to a low base effect, said SBI in its Ecowrap research report. However, this projection is lower than the 21.4% growth projected by the Reserve Bank of India (RBI). The report further states that corporate results announced so far indicate that there is a substantial recovery in corporate gross value added (GVA) EBIDTA in Q1 FY22.

State Bank of India has developed the ‘Nowcasting Model’ with 41 high-frequency indicators associated with industrial activity, service activity, and the global economy.

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SC grants relief to Bharti Airtel in Videocon AGR dues case

The Supreme Court has granted relief to Bharti Airtel by restraining the Department of Telecommunications (DoT) from encashing the telecom company’s bank guarantees worth Rs 1,376 crores for 3 weeks for non-payment of Adjusted Gross Revenue (AGR) dues owed by bankrupt Videocon. Further, Bharti Airtel was allowed to move the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) to seek protection from payment of Videocon AGR dues.

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Wipro to hire 400 people for new delivery centre in Arkansas

Wipro Ltd announced that it will open a new delivery centre in Sherwood, Arkansas (US). The IT major expects to hire up to 400 employees for the centre in the next two years. The company will invest approximately $3 million (~Rs 22.2 crore) to transform a 70,000 square-foot facility at Landers Road into a customer service centre. The delivery centre will provide operational services to Wipro’s clients across industry verticals.    

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Power Finance Corp signs MoU with NHPC to lend funds for development of hydro projects

Power Finance Corporation Ltd (PFC) has signed a Memorandum of Understanding (MoU) with NHPC Ltd to lend funds for the development of hydro projects by NHPC. PFC will also provide financial assistance for the acquisition of stressed projects. The signing of the MoU will further boost the long-standing association between the two companies and facilitate knowledge and technology transfer. The partnership will also work towards contributing to India’s sustainable development initiatives. 

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Bajaj Finserv gets SEBI approval for mutual fund business

The Securities and Exchange Board of India (SEBI) has given its in-principal approval to Bajaj Finserv Ltd for sponsoring a mutual fund. The company would also be setting an Asset Management Company (AMC). According to reports, Bajaj Finserv plans to offer all financial services and deliver seamlessly through an app-based platform. Bajaj Finserv is the holding company for the businesses dealing with financial services of the Bajaj Group.

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Tata Steel signs MoU with Mitsui OSK Lines to develop eco-friendly shipping line

Tata Steel has signed a Memorandum of Understanding (MoU) with Mitsui OSK Lines (MOL) to develop and deploy environment-friendly shipping solutions. Japan-based Mitsui OSK Lines is a global marine transport group. The objective of the agreement is to reduce greenhouse gas emissions in the ocean transportation of raw materials for the production of steel. This move is in line with Tata Steel’s larger sustainability objective and efforts to reduce greenhouse gas emissions in the supply chain.

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Tata Power’s arm commissions 150 MW solar project in Rajasthan

Tata Power Renewable Energy Ltd (TPREL) has commissioned a 150 megawatt (MW) solar power project in Loharki, Rajasthan. The project is expected to generate more than 350 million units (MUs) of power annually and is spread across 756 acres of land. TPREL is a wholly-owned subsidiary of Tata Power. With the commissioning of this project, the total renewables installed capacity of Tata Power will be 2,947 MW.

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Infosys signs three-year contract with UCAS

Infosys Ltd has signed a new minimum three-year contract with UCAS, the admissions service for UK higher education. As part of the new agreement, Infosys will provide a wide range of digital services that will enable UCAS to further develop the capabilities that connect learners to universities, awarding bodies, schools, and other organizations. UCAS and Infosys have been engaged in a technology partnership since 2015.

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ABB India expands capacity for LV motors in Faridabad plant

ABB India has expanded manufacturing capacity for Low Voltage (LV) motors at its Faridabad facility in Haryana, powered by renewable energy. The expansion will increase the company’s plant capacity by more than 20% and will further strengthen its presence in the region and global markets. The new line will develop energy-efficient motors up to 55 kilowatts (kW) for customers operating in different industrial segments such as water & wastewater, cement, metals and mining, etc. 

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Reliance plans to unveil super app adding Just Dial offerings: Report

According to a report from ET, Reliance Industries Ltd (RIL) is planning to create a super app by integrating the offerings of local search engine Just Dial, as it aims to become the number one player in the e-commerce space. The one-stop super app is likely to be a marketplace of services and offerings, delivered via in-house technology and through third-party integrations. Last month, Reliance Retail Ventures Ltd (RRVL) acquired a majority stake in JustDial for Rs 3,497 crore. You can read more about it here.

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PM Modi Launches Vehicle Scrappage Policy – Top Indian Market News

PM Modi launches vehicle scrappage policy

Prime Minister Narendra Modi has launched the ‘Voluntary Vehicle Fleet Modernisation Programme’ or the automobile scrappage policy. The new policy aims to phase out unfit and polluting cars and commercial vehicles which are older than 20 or 15 years, respectively. The scrappage policy will bring in investments of ~Rs 10,000 crore and help India become an industrial hub of automobile manufacturing. The owners who scrap their vehicles will be eligible for a scrap value of 4-6% of the ex-showroom price of that vehicle.

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L&T secures order for oxidation reactor from Technip Energies

The heavy engineering arm of Larsen & Toubro (L&T) has secured an order for an oxidation reactor from Technip Energies-India. The order for the technologically critical Titanium Clad Reactor is for a public sector petrochemical project for purified Tereplic sector petrochemical project for purified Terephthalic Acid plant. The scope of supply involves the design, material procurement, fabrication, inspection, and testing of the reactor. 

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Purvankara Q1 Results: Net profit at Rs 154 crore

Purvankara Ltd reported a consolidated net profit of Rs 154.14 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 16.9 crore in Q1 FY21 and a net profit of Rs 8.75 crore in the previous quarter (Q4 FY21). Its revenue from operations jumped nearly three-fold YoY to Rs 542 crore in Q1 FY22. The real estate developer posted a 21% YoY decline in sales bookings to Rs 314 crore during the same period.

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Wockhardt partners with RDIF to manufacture, supply Sputnik vaccines

Wockhardt Ltd has partnered with the Russian Direct Investment Fund (RDIF) and Enso Healthcare to manufacture and supply Sputnik V and Sputnik Light Covid-19 vaccines. Dubai-based Enso Healthcare is RDIF’s coordination partner for sourcing Sputnik V vaccines in India. As part of the deal, Wockhardt will manufacture and supply up to 62 crore doses of the two Sputnik vaccines to Enso over the next two years. The first batch of 5-12 crore doses will be delivered by June 2022.

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Zensar Tech secures multi-million dollar contract from the City of San Diego

Zensar Technologies Ltd has signed a four-year, multi-million-dollar contract with the City of San Diego to provide workplace and enterprise management solutions. The company will provide support to more than 1,000 servers and associated storage and software that host over 300 city application systems in San Diego. Zensar will also expand its support to science, technology, engineering, and mathematics (STEM) education for youth by investing in programs in the San Diego region.

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Grasim Industries Q1 Results: Net profit at Rs 481 crore

Grasim Industries Ltd reported a standalone net profit of Rs 481.6 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 282.9 crore in Q1 FY21. Its revenue from operations jumped 182% YoY to Rs 3,762.68 crore in Q1 FY22. The company’s expenses rose 79.3% YoY to Rs 3,282.34 crore during the same period. Grasim said it expects its businesses to resume their growth trajectory, assuming a low impact of a third wave of the Covid-19 pandemic.

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Tata Power Renewable commissions 100 MW solar project in Gujarat

Tata Power Renewable Energy Ltd (TPREL) has commissioned a 100 megawatt (MW) solar project at Raghanesda Solar Park in Gujarat. The installation will reduce 2 lakh tonnes of carbon emission every year. With the commissioning of this project, the total installed capacity of TPREL stands at 2,797 MW, with 1,865 MW of solar power and 932 MW of wind power. TPREL is a wholly-owned subsidiary of Tata Power Ltd.

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Suven Pharma Q1 Results: Net profit rises 14% YoY to Rs 105 crore

Suven Pharmaceuticals Ltd reported a 14% YoY increase in consolidated net profit to Rs 105.08 crore for the quarter ended June (Q1 FY22). Net profit has increased by 26.43% when compared to the previous quarter. Its total income rose 10.5% YoY (or 2.71% QoQ) to Rs 269.58 crore during the same period.

Cadila Healthcare gets USFDA approval for Mesalamine ER capsules

Cadila Healthcare Ltd has received final approval from the US Food and Drug Administration (USFDA) for Mesalamine extended-release (ER) capsules. The drug is indicated for the maintenance of remission of ulcerative colitis (an inflammatory bowel disease) in adults. The approved drug will be manufactured at Cadila’s formulation manufacturing facility as the SEZ, Ahmedabad.

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HAL Q1 Results: Net profit rises 31% YoY to Rs 194 crore

Hindustan Aeronautics Ltd (HAL) reported a 30.9% YoY increase in consolidated net profit to Rs 194.71 crore for the quarter ended June (Q1 FY22). Net profit has declined by 88% when compared to the previous quarter. Its total income declined marginally by 1.01% YoY (or 83.75% QoQ) to Rs 1,765.96 crore during the same period. State-owned HAL is an aerospace and defence company headquartered in Bangalore.

Glenmark Life Sciences Q1 Results: Net profit rises 24% YoY to Rs 101 crore

Glenmark Life Sciences reported a 24.5% YoY increase in net profit to Rs 100.9 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 32.2% YoY to Rs 524.9 crore during the same period. Revenue from the generic Active Pharmaceutical Ingredients (API) segment grew 38.3% YoY to Rs 4,803 crore in Q1. Recently listed Glenmark Life Sciences is a subsidiary of Glenmark Pharma Ltd.

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Tata Steel Reports 34% QoQ Rise in Net Profit in Q1 – Top Indian Market News

Tata Steel Q1 Results: Net profit at Rs 8,907 crore

Tata Steel Ltd reported a consolidated net profit of Rs 8,907 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 4,416 crore in Q1 FY21 and a net profit of Rs 6,644 crore in the previous quarter (Q4 FY21). Its revenue from operations jumped 109.5% YoY to Rs 53,372 crore in Q1 FY22. The company posted its highest-ever EBITDA of Rs 16,185 crore during the quarter, registering a growth of 25.7 times YoY (or 13.3% QoQ). Tata Steel’s crude steel production rose 54.8% YoY to 4.63 million tonnes (MT) in Q1.

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Bharat Forge Q1 Results: Net profit at Rs 153 crore

Bharat Forge Ltd reported a consolidated net profit of Rs 153.7 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 125.8 crore in Q1 FY21 and a net profit of Rs 208.6 crore in Q4 FY21. Its revenue from operations rose 82.6% YoY (or 1.2% QoQ) to Rs 2,107.7 crore in Q1 FY22. EBITDA stood at Rs 454.6 crore during the same period, recording a growth of 20.7% quarter-on-quarter (QoQ). Bharat Forge completed the acquisition of Sanghvi Forgings for Rs 77.06 crore in Q1.

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Tata Power Solar secures Rs 386 crore contract in Leh

Tata Power Solar has secured a contract worth Rs 386 crore to build a 50 megawatt (MW) solar photovoltaic (PV) plant with a 50 MWh battery energy storage system (BESS) project at Phyang village in Leh, Ladakh. The commercial operation date for this project is set for March 2023.  This will be India’s first co-located large-scale BESS solution as well as the first large-scale solar PV project in the union territory of Ladakh. Tata Power Solar is a wholly-owned subsidiary of Tata Power Company Ltd. 

Read more here.

IRCTC Q1 Results: Net profit at Rs 82 crore

Indian Railway Catering & Tourism Corp Ltd (IRCTC) reported a net profit of Rs 82.5 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 24.6 crore in Q1 FY21 and a net profit of Rs 103.7 crore in Q4 FY21. Its revenue from operations rose 85.4% YoY to Rs 243 crore in Q1 FY22. IRCTC’s board has approved the proposal for the split of 1 share at a face value of Rs 10 each into 5 shares at a face value of Rs 2 each (1:5 ratio).

Read more here.

BPCL Q1 Results: Net profit declines 28% YoY to Rs 1,502 crore

Bharat Petroleum Corp Ltd (BPCL) reported a 27.6% YoY decline in net profit to Rs 1,501.6 crore for the quarter ended June (Q1 FY22). Net profit has declined by 87.4% when compared to the previous quarter. Its revenue from operations rose 77% YoY to Rs 89,687 crore during the same period. BPCL’s gross refining margin stood at $4.12 per barrel in Q1 FY22, compared to $0.39 per barrel in Q1 FY21.

Read more here.

CCI directs Grasim Industries to cease, desist from unfair business practices

The Competition Commission of India (CCI) has directed Grasim Industries to cease and desist from indulging in unfair business practices after it found that the company had abused its dominant position with respect to the supply of certain staple fibre. CCI said Grasim had been charging discriminatory prices for the staple fibre. In a regulatory filing dated August 9, Grasim Industries said, “While the company is yet to receive certified copy of the said order (from CCI), it believes that on merits it has sufficient grounds for an appeal”.

Read more here.

Eicher Motors Q1 Results: Net profit at Rs 237 crore

Eicher Motors Ltd reported a consolidated net profit of Rs 237.1 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 55.2 crore in Q1 FY21. Net profit has declined by 55% when compared to the previous quarter (Q4 FY21). Its revenue from operations jumped 141% YoY (but declined by 33% QoQ) to Rs 1,974.3 crore in Q1 FY22. The company’s sales declined by 40% QoQ to Rs 1.24 lakh unit in the April-June quarter of FY22.

Read more here.

Natco Pharma Q1 Results: Net profit declines 39% YoY to Rs 75 crore

Natco Pharma Ltd reported a 38.9% YoY decline in consolidated net profit to Rs 75 crore for the quarter ended June (Q1 FY22). Net profit has increased by 41.5% when compared to the previous quarter. Its total income declined by 26.6% YoY (but increased by 18.7% QoQ) to Rs 427.3 crore during the same period. The pharma company’s board has recommended an interim dividend of Rs 2 per share.

Read more here.

Hero MotoCorp Q1 Results: Net profit jumps 498% YoY to Rs 365 crore

Hero MotoCorp Ltd reported a 498% YoY jump in net profit to Rs 365 crore for the quarter ended June (Q1 FY22). Net profit has declined by 58% when compared to the previous quarter. Its revenue from operations rose 85% YoY (but declined by 37% QoQ) to Rs 5,487 crore during the same period. The motorcycle maker’s total sales declined by 35% QoQ to 10.24 lakh units in the April-June quarter of FY22.

Read more here.

PFC Q1 Results: Net profit rises 28% YoY to Rs 4,554 crore

Power Finance Corporation (PFC) reported a 28% YoY increase in net profit to Rs 4,554 crore for the quarter ended June (Q1 FY22). Its total income rose 12% YoY to Rs 18,973.93 crore during the same period. PFC’s board has approved an interim dividend of Rs 2.25 per share. State-owned PFC is the financial backbone of the Indian power sector.

Read more here.

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Cabinet Approves Rs 6,322 crore PLI Scheme for Specialty Steel – Top Indian Market News

Cabinet approves Rs 6,322 crore PLI scheme for specialty steel

The Union Cabinet has approved a Production Linked Incentive (PLI) scheme for specialty steel. Incentives worth Rs 6,322 crore will be provided to eligible manufacturers over five years. The scheme is expected to bring in investments of approximately Rs 40,000 crore and capacity addition of 25 million tonnes (MT). It will cover coated/plated steel products, high strength/wear-resistant steel, specialty rails, alloy steel products, electrical steel, etc. The PLI scheme for the steel sector will enhance exports and minimize dependence on imports of high-end steel in India.

Read more here.

Hindustan Unilever Q1 Results: Net profit rises 9.6% to Rs 2,061 crore

Hindustan Unilever Ltd (HUL) reported a 9.6% YoY jump in standalone net profit to Rs 2,061 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 13% YoY to Rs 11,915 crore during the same period. EBITDA grew 7.7% YoY to Rs 2,847 crore in Q1. HUL registered a 12% YoY rise in domestic consumer growth during the quarter. The company’s revenue growth in Q1 was mainly led by double-digit growth of its foods & refreshments and personal care segments.

Read more here.

UltraTech Cement Q1 Results: Net profit jumps two-fold to Rs 1,703 crore

UltraTech Cement Ltd reported a 114.4% YoY jump in consolidated net profit to Rs 1,703 crore for the quarter ended June (Q1 FY22). Net profit has declined by 4.09% when compared to the previous quarter. Its revenue from operations rose 54% YoY to Rs 11,829 crore during the same period. The company’s sales volume stood at 21.53 million metric tonnes (MMT), a growth of 47% YoY. 

Read more here.

Adani Ports to raise $500 million through dollar bonds

Adani Ports & Special Economic Zone (APSEZ) aims to raise at least $500 million (~Rs 3,720 crore) on offshore debt through dollar bonds. The proceeds will be used to repay existing debt, meet capital expenditure requirements, and for general corporate purposes of the company’s subsidiaries in India and Sri Lanka. Axis Bank, Barclays, Bank of America, and Citi are advising the company on the fundraisal.

Read more here.

Bajaj Auto Q1 Results: Net profit more than doubles to Rs 1,061 crore 

Bajaj Auto Ltd reported a 101.2% YoY jump in standalone net profit to Rs 1,061.2 crore for the quarter ended June (Q1 FY22). Net profit has declined by 20.3% when compared to the previous quarter. Its revenue from operations rose 139.88% YoY to Rs 7,386 crore during the same period. Bajaj Auto sold nearly 3.42 lakh units of motorcycles and commanded a market share of 19.7% in Q1. The company announced the formation of a wholly-owned subsidiary to venture into the electric mobility segment.

Read more here.

Tata Power to transfer 100% stake held in Trust Energy Resources to Tata Power International

Tata Power Company Ltd has signed a share purchase agreement (SPA) with Tata Power International Pte. Ltd (TPIPL) for the sale of 100% equity shares held in Trust Energy Resources (TERPL) for $285.64 million (~Rs 2,125 crore). Both TPIPL and TERPL are wholly-owned subsidiaries of Tata Power. The transaction is likely to be completed in the next two to three weeks.

IEX Q1 Results: Net profit rises 49% YoY to Rs 62.8 crore

Indian Energy Exchange (IEX) reported a 49.23% YoY increase in consolidated net profit to Rs 62.81 crore for the quarter ended June (Q1 FY22). Net profit has increased by 2.1% when compared to the previous quarter. Its total income rose 26.86% YoY (or 2.5% QoQ) to Rs 102.87 crore during the same period. IEX’s board has declared a final dividend of Rs 1.5 per share for the financial year 2020-21 (FY21). You can learn more about IEX’s operations here.

TCS partners with Dutch Open Golf Tournament

Tata Consultancy Services (TCS) has announced a new partnership with the Dutch Open Golf Tournament, one of Europe’s most innovative and sustainable golf events. The IT company will leverage its expertise in digital technologies to help the Dutch Open enrich the participant and spectator experience. The Dutch Open 2021 will take place from September 16 to 19 at the Bernardus Golf court in Cromvoirt.

In other news, Kerala’s Industries Minister P. Rajeev confirmed that Kerala Industrial Infrastructure Development Corp (KINFRA) will sign a Memorandum of Understanding (MoU) with TCS for Rs 1,350 crore in two phases.

Read more here.

IndiaMART InterMESH Q1 Results: Net profit rises 18% YoY to Rs 88 crore

IndiaMART InterMESH Ltd reported an 18.62% YoY increase in consolidated net profit to Rs 87.9 crore for the quarter ended June (Q1 FY22). Net profit increased by 57.81% when compared to the previous quarter. Its total income rose 12.9% YoY (or 11% QoQ) to Rs 211 crore during the same period. The e-commerce company’s board has announced a final dividend of Rs 15 per share for the financial year ended March 31, 2021 (FY21). 

Wipro partners with ServiceNow to offer FieldX for enhanced after-sales services

Wipro has launched FieldX, a cloud-based end-to-end digital service lifecycle automation solution build on ServiceNow’s Now Platform. Manufacturing firms can use the solution to enhance their after-sales customer service operations and reduce costs. FieldX integrates the customer service and field-service management capabilities of the Now Platform with Wipro’s Internet of Things (IoT) and Augmented Reality (AR) platforms.

Read more here.

CSB Bank Q1 Results: Net profit rises 14% YoY to Rs 61 crore

CSB Bank reported a 13.89% YoY increase in consolidated net profit to Rs 61 crore for the quarter ended June (Q1 FY22). Net profit has increased by 42.2% when compared to the previous quarter. Its total income rose 15% YoY to Rs 571.53 crore during the same period. Its gross non-performing assets (GNPA) ratio rose to 4.88% in Q1 FY22, compared to 3.51% in Q1 FY21.

Read more here.

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Zomato IPO Subscribed 38.25 Times on Final Day of Bidding – Top Indian Market News

Zomato IPO subscribed 38.25 times on final day of bidding

The Rs 9,375 crore initial public offering (IPO) of Zomato Limited was subscribed 38.25 times on the final day of bidding. The IPO has received bids for 2,751.25 crore equity shares against the issue size of 71.92 crore shares. Retail investors have subscribed 7.45 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 32.96 times and 51.79 times, respectively, against their reserved portions. 

HDFC AMC Q1 Results: Net profit rises 14% YoY to Rs 345.45 crore

HDFC Asset Management Company (AMC) reported a 14% YoY increase in net profit to Rs 345.45 crore for the quarter ended June (Q1 FY22). Net profit has increased by 9.3% when compared to the previous quarter. Its revenue from operations rose 23% YoY (or 0.8% QoQ) to Rs 507.1 crore during the same period. The company’s Quarterly Assets Under Management (QAAUM) rose 17% YoY to Rs 4,16,900 crore in Q1. HDFC AMC holds a 12.6% market share in QAAUM of the mutual fund industry.

Read more here.

One97 Communications files DRHP for Rs 16,600 crore IPO

One97 Communications Ltd, the parent company of digital payments platform Paytm, has filed a Draft Red Herring Prospectus (DRHP) for its IPO with market regulator SEBI. The company aims to raise Rs 16,600 crore via the public issue. The fresh issue of shares (of the face value of Rs 1 each) aggregates to Rs 8,300 crore. Existing shareholders of the firm will offload their stake worth Rs 8,300 crore. The company will use the IPO proceeds to strengthen its payment ecosystem and drive new business initiatives and acquisitions.

Read more here.

JMC Projects secures orders worth Rs 1,624 crore

JMC Projects (India) Ltd has secured new orders worth Rs 1,624 crore. The work includes a road project in Ghana, South Africa, and a few building projects in India. The company’s order inflow has reached Rs 4,659 crore in the current financial year (FY22). JMC Projects (India) is a subsidiary of Kalpataru Power Transmission Ltd. It is one of the leading civil construction and infrastructure EPC companies in India.

Read more here.

Tata Power partners with HPCL to set up EV charging stations at petrol pumps

Tata Power has signed an agreement with Hindustan Petroleum Corp Ltd (HPCL) to provide electric vehicle (EV) charging stations at HPCL’s petrol pumps across the country. Under the agreement, Tata Power will provide EV charging infrastructure at HPCL’s retail outlets for EV users. People can use the Tata Power EZ Charge mobile application to utilise charging facilities. Tata Power Company owns a network of over 500 public chargers in petrol pumps, metro stations, and shopping malls in 100+ cities in India.

Read more here.

L&T Finance Q1 Results: Net profit rises 20% YoY to Rs 178 crore

L&T Finance Holdings Ltd reported a 20% YoY increase in net profit to Rs 178 crore for the quarter ended June (Q1 FY22). Net profit has declined by 33% when compared to the previous quarter. Its revenue from operations declined by 7% YoY (or 8% QoQ) to Rs 3,140 crore during the same period. L&T Financial Services is a leading non-banking finance company (NBFC) that offers farm equipment finance, two-wheeler finance, micro-loans, etc. It is a subsidiary of Larsen & Toubro (L&T).

Read more here.

NIIT partners with Sushant University to offer future-ready programs

NIIT Limited has partnered with Gurugram-based Sushant University to offer their upcoming batches of Bachelors in Computer Application (BCA) and BTech in Computer Science specialization in Banking & Finance and StackRoute – Full Stack Product engineering, respectively. The partnership aims to deliver future-ready programs to improve learning and employability for fresh graduates. The programs would empower them with the necessary skills to become ‘Day-1 job-ready industry professionals’.

Read more here.

DEN Networks Q1 Results: Net profit falls 29% YoY to Rs 41 crore

DEN Networks Ltd reported a 29% YoY decline in net profit to Rs 41.15 crore for the quarter ended June (Q1 FY22). Net profit has increased by 11% when compared to the previous quarter. Its revenue from operations increased by 0.6% YoY to Rs 302 crore during the same period. DEN Networks distributes and promotes television channels through an extensive digital cable distribution network in India. It also offers over-the-top (OTT) entertainment and broadband services.

Tatva Chintan Pharma Chem IPO subscribed 4.5 times on first day

The Rs 500 crore IPO of Tatva Chintan Pharma Chem was subscribed 4.51 times on the first day of bidding. The IPO has received bids for 1.46 crore equity shares against the issue size of 32.61 lakh shares. Retail investors have subscribed 8.24 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 1.14 times and 50%, respectively, against their reserved portions.

To learn more about the IPO, click here.  

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Tata Power Secures Contract Worth Rs 400 crore From KSEB – Top Indian Market News

Tata Power secures contract worth Rs 400 crore from KSEB

Tata Power Company has secured a contract worth Rs 400 crore from the Kerala State Electricity Board Ltd (KSEB). The order consists of developing an 84 megawatt (MW) solar rooftop project for domestic consumers across all districts of Kerala. The project has to be commissioned within three months of receipt of an order from individual residential customers. The rooftop solar project is expected to generate 120 million units (MUs) of energy every year. 

Read more here.

Delta Corp Q1 Results: Net loss at Rs 28.93 crore

Delta Corp Limited reported a consolidated net loss of Rs 28.93 crore for the quarter ended June 2021 (Q1 FY22). It had posted a net loss of Rs 28.24 crore in the corresponding quarter last year (Q1 FY21). Delta Corp had reported a net profit of Rs 57.77 crore in Q4 FY21. The company’s total income increased by 34.92% YoY to Rs 82.72 crore in Q1 FY22. Delta Corp is a gaming and hospitality company that owns and operates casinos and hotels.

Ashoka Buildcon receives order worth Rs 482 crore from Ircon International

Ashoka Buildcon Ltd has received a Letter of Award (LoA) from Ircon International for an order worth Rs 482.34 crore. The order consists of the supply, erection, testing, and commissioning of an Electro-Mechanical (E&M) System on the Dharam-Katra section of the Udhampur-Srinagar-Baramulla Rail Link (USBRL) project. Out of the 272 kilometers of the USBRL Project, work has been completed on 161 km and commissioned, said the Ministry of Railways in a press release. 

Read more here.

JSW Steel’s output rises 65% YoY to 5.07 MT in Q1

JSW Steel Limited reported a 65% year-on-year (YoY) growth in production to 5.07 million tonnes (MT) for the quarter ended June 2021 (Q1 FY22). Total production rose 16% when compared to the previous quarter. The company’s capacity utilisation at the standalone level was at 91% in Q1. Amidst the second wave of the Covid-19 pandemic, JSW Steel had supplied over 65,000 tonnes of liquid oxygen across India during the April-June quarter.

Read more here.

HCL Tech helps transform BP’s workplace services in multi-year deal

HCL Technologies Ltd has completed the first phase in building a modern digital workplace for UK-based multinational energy company BP. As part of a multi-year deal, HCL will help transform BP’s workplace services, enabling it to drive efficiency and create a standardised end-user experience for its employees across 500 sites. HCL Tech has been providing global site support services and managed telephony for 60,000 IT end-users at BP.

Read more here.

HG Infra declared lowest bidder for road project in Delhi

HG Infra Engineering has been declared the lowest (L-1) bidder by the National Highways Authority of India (NHAI) for a road project in Delhi. The project involves the development of a six-lane Urban Extension Road (UER) on NH 344 M (Karala-Kanjhawala Road) in Delhi. The company’s bid project cost is Rs 1,393.11 crore. The order has to be completed within two years.

Read more here.

Maruti Suzuki launches digital platform to provide car financing solutions

Maruti Suzuki India Ltd has announced the nationwide roll-out of its digital platform that provides end-to-end online car financing solutions to customers. The platform, Maruti Suzuki Smart Finance, will be available across India for customers of both Arena and Nexa dealerships. The automaker has on-boarded HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, IndusInd Bank, and 9 other financiers to provide enhanced car financing experience to customers.

Read more here.

Tata Motors partners with IndusInd Bank to finance solutions for passenger vehicles

Tata Motors Limited has launched offers for its passenger vehicle customers in partnership with IndusInd Bank. As part of the collaboration, Tata Motors will provide the ‘Step Up’ scheme where customers can choose and buy from its range of passenger cars in India, with a special low EMI option scheme for the first 3-6 months. This is part of the automaker’s constant effort to fast-track the availability of safe personal mobility solutions to individuals and families at pocket-friendly rates.

Read more here.

BHEL receives order from NPCIL for Nuclear Steam Generators

Bharat Heavy Electricals Ltd (BHEL) has secured an order for the supply of 12 steam generators from Nuclear Power Corporation of India Ltd (NPCIL). The order has been valued at Rs 1,405 crore. The generators will be manufactured at BHEL’s plant at Tiruchirapalli (Tamil Nadu). This is part of NPCIL’s Fleet Mode procurement program, which mandates the supply of steam generators for India’s highest-rated 700 MWe Pressurised Heavy Water Reactors to be set up at 4 different locations in the country.

Read more here.

Kitex Group being kicked out of Kerala: MD

Sabu M. Jacob, the Managing Director of Kitex Garments Ltd, has alleged that he is being ‘kicked out’ of Kerala due to harassment by the state government. The company is planning to shift its proposed project worth Rs 3,500 crore to Telangana. Tamil Nadu and Karnataka had also shown interest in the project after the MD announced that Kitex was winding up the project in Kerala, citing an alleged witch-hunt. Read more here.

IPO Updates

The Rs 963.27-crore initial public offering (IPO) of G R Infraprojects was subscribed 102.58 times on the final day of bidding. The portion reserved for retail investors was subscribed 12.57 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 238.04 times and that of qualified institutional buyers (QIBs) 168.58 times. To know more about the IPO, click here.

The Rs 1,546.62-crore IPO of Clean Science and Technology was subscribed 93.41 times on the final day of bidding. The portion reserved for retail investors was subscribed 9 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 206.43 times and that of qualified institutional buyers (QIBs) 156.37 times. To know more about the IPO, click here.

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Zydus Cadila to Seek EUA for ZyCoV-D in 7-8 Days – Top Indian Market News

Some ampoules with ncov-2019 vaccine in a box. to fight the coronavirus pandemic.

Zydus Cadila to seek EUA for ZyCoV-D vaccine in 7-8 Days

Zydus Cadila has informed the Centre that it could apply for emergency use authorisation (EUA) for the ZyCoV-D vaccine in the next 7-8 days. ZyCoV-D is a DNA Covid-19 vaccine, which carries the genetic code for that part of a virus that triggers the immune system of the body. It is the second vaccine to be made in India after Bharat Biotech’s Covaxin. The vaccine is being developed with support from the Centre’s National Biopharma Mission. The pharma company has enrolled more than 28,000 volunteers in their Phase-3 study.

Read more here.

Tata Motors, Tata Power jointly inaugurate solar carport in Pune

Tata Motors and Tata Power Company have announced the inauguration of India’s largest solar carport in Pune. The 6.2-megawatt peak (MWp) solar carport deployed by Tata Power will generate 86.4 lakh kilowatt-hour (kWh) of electricity per year. It is estimated to reduce 7,000 tons of carbon emissions annually. The carport (spanning over 30,000 square metres) will generate green power and provide covered parking for finished cars at Tata Motors’ car plant in Chikhali, Pune.

Read more here.

Minda Industries raises Rs 50 crore via issuance of commercial papers

Minda Industries has raised Rs 50 crore through the issuance of commercial papers. The auto components manufacturer said this fund-raising is in line with the management’s efforts to bring down finance costs. In May 2021, the company’s board had approved the acquisition of a 27.55% stake in CSE Dakshina Solar for Rs 27 lakh. This acquisition is for availing solar power from CSE Dakshina for Minda Industries’ units in Tamil Nadu.

Read more here.

PSP Projects Q4 Results: Net profit rises 22.38% YoY to Rs 41.73 crore

PSP Projects Ltd reported a 22.38% YoY increase in consolidated net profit to Rs 41.73 crore for the quarter ended March (Q4). Net profit has increased by 43.11% when compared to the previous quarter. Its total income rose 8.73% YoY to Rs 504.36 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 36.55% YoY to Rs 81.52 crore. The construction company’s board has recommended a final dividend of Rs 4 per share.

Read more here.

Aster DM Healthcare partners with Dr. Reddy’s to administer Sputnik V vaccine in select locations

Aster DM Healthcare has entered into a partnership with Dr. Reddy’s Laboratories to administer the Sputnik V Covid-19 vaccine as part of a limited pilot soft launch. The healthcare provider will initially administer the vaccine to beneficiaries in Kochi and Kolhapur (Maharashtra). Aster has trained over a hundred staff at 14 of its hospitals to administer the vaccine jab. Dr. Reddy’s Laboratories has facilitated the necessary cold storage infrastructure for vaccine storage at the selected hospitals of Aster DM Healthcare.

Read more here.

Eveready Industries Q4 Results: Net loss at Rs 441 crore

Eveready Industries India reported a standalone net loss of Rs 441.19 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 63.73 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations increased by 21.6% YoY to Rs 272.63 crore in Q4 FY21. Net loss for the financial year ended March 31, 2021 (FY21) stood at Rs 309.13 crore. This is compared to a net profit of Rs 179.57 crore in FY20.

Read more here.

Hinduja Global Solutions Q4 Results: Net profit jumps 203% YoY to Rs 131.26 crore

Hinduja Global Solutions Ltd reported a 203.3% YoY jump in consolidated net profit to Rs 131.26 crore for the quarter ended March (Q4). Net profit has increased by 74.14% when compared to the previous quarter. Its revenue from operations rose 21.6% YoY to Rs 1,563.5 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 66.41% YoY to Rs 336.05 crore. The IT service provider’s board has recommended a final dividend of Rs 22 per share.

RBI grants in-principle approval to Centrum Financial Services to set up SFB

The Reserve Bank of India (RBI) has granted in-principal approval to Centrum Financial Services Ltd to set up a small finance bank (SFB). The approval has been given to Centrum in accordance with the offer it made in response to the Expression of Interest (EoI) to take over the troubled Punjab and Maharashtra Cooperative Bank (PMC). According to reports, both Centrum and BharatPe will hold a 50% stake in the SFB, and assets and liabilities of PMC will be transferred to the SFB.

Read more here.

Ashoka Buildcon Q4 Results: Net profit rises 6% YoY to Rs 142 crore

Ashoka Buildcon Ltd reported a 5.87% YoY increase in consolidated net profit to Rs 142.46 crore for the quarter ended March (Q4). Net profit has increased by 61% when compared to the previous quarter. Its revenue from operations rose 9.55% YoY to Rs 1,735.57 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 67.08% YoY to Rs 276.22 crore. Maharashtra-based Ashoka Buildcon is an infrastructure development company. It is one of the leading highway developers in India.

Read more here.

Paytm to raise Rs 12,000 crore via issue of fresh equity shares

One97 Communications, the parent company of Paytm, has announced plans to raise Rs 12,000 crore by issuing fresh equity shares. Paytm’s founder Vijay Shekhar Sharma may also get declassified as a promoter of the company in accordance with market regulator SEBI’s public listing rules. The company’s much-awaited IPO is expected to launch by November.

Read more here.

IPO Updates: 

Dodla Dairy

The Rs 520-crore IPO of Dodla Dairy Ltd was subscribed 45.62 times on the final day of bidding. The portion reserved for retail investors was subscribed 11.34 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 73.26 times and that of qualified institutional buyers (QIBs) 84.88 times. You can learn more about the IPO here.

KIMS 

The Rs 2,144-crore IPO of Krishna Institute of Medical Sciences Ltd was subscribed 3.86 times on the final day of bidding. The portion reserved for retail investors was subscribed 2.9 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1.89 times and that of qualified institutional buyers (QIBs) 5.26 times. You can learn more about the IPO here.

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World Bank Slashes India’s Growth Forecast to 8.3% for FY22 – Top Indian Market News

World Bank slashes India’s growth forecast to 8.3% for FY22

The World Bank has lowered its growth forecast for India from 10.1% to 8.3% for the current financial year (FY22). It stated that recovery in India is being hampered by the largest outbreak of Covid-19 cases that any country has seen since the beginning of the pandemic. “Economic activity in FY22 will benefit from policy support, including higher spending on infrastructure, rural development, health, and a stronger-than-expected recovery in services and manufacturing,” the World Bank said in its latest Global Economic Prospects report.

Read more here.

Max Financial Q4 Results: Net profit at Rs 62.34 crore

Max Financial Services Ltd reported a consolidated net profit of Rs 62.34 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 36.09 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations jumped 128.88% YoY to Rs 9,759.75 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit increased by 179.6% YoY to Rs 405.39 crore. 

Read more here.

Route Mobile to expand its global presence in Southeast Asia

Route Mobile Ltd announced the opening of a step-down subsidiary PT Route Mobile in Indonesia, as it seeks to expand its global presence in Southeast Asia. The company has appointed Elsiyah Susanto as Country Manager- Indonesia. The new office in Indonesia marks the company’s commitment to strengthen its presence in the region and assure better reachability to enterprises and brands. Route Mobile is a leading cloud communications platform as a service (CPaaS) provider based in Mumbai.

Read more here.

Minda Corporation forms JV with South Korean firm for automotive antenna systems

Minda Corporation Ltd has announced a joint venture (JV) with South Korea-based INFAC Elecs Co. Ltd to bring its range of automotive antenna solutions to India. The partnership aims to capitalise on the opportunities for growth in automotive safety, connected and autonomous technologies. The JV will provide multiple products such as rod antenna, micro pole antenna, shark fin antenna, and low frequency (LF) antennas. It will manufacture the antennas locally from the newly established state-of-the-art manufacturing unit in Pune.

Read more here.

MOIL secures patent from the government

MOIL Limited has secured a patent for an invention entitled ‘a composition useful as an alternative filling material for hydraulic stowing in an underground mine and the methods thereof’. The Indian government has granted the patent for 20 years, starting from March 31, 2018. This is the company’s first patent since its inception in 1962. State-owned MOIL is a manganese ore mining company based in Nagpur.

Read more here.

Suven Pharma Q4 Results: Net profit rises 12% YoY to Rs 83 crore

Suven Pharmaceuticals Ltd reported a 12.05% YoY increase in consolidated net profit to Rs 83.12 crore for the quarter ended March (Q4). Net profit has declined by 26.85% when compared to the previous quarter. Its revenue from operations rose 40.27% YoY to Rs 259.16 crore during the same period. Net profit for the financial year 2020-21 increased by 14.30% YoY to Rs 362.34 crore. The pharma company’s board has recommended a final dividend of Re 1 per share.

Read more here.

NCLT approves Videocon sale to Vedanta group firm Twinstar Technologies

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved Twinstar Technologies’ resolution plan for Videocon Industries Ltd. Twinstar is part of Anil Agarwal’s Vedanta Group. It had offered to pay Rs 2,962 crore to the lenders of Videocon, which is burdened with a massive debt of Rs 46,000 crore. In 2019, NCLT had allowed for the consolidation of insolvency proceedings against 13 entities of the Videocon Group.

Read more here.

Inox Leisure to raise Rs 300 crore via QIP

The Board of Directors of Inox Leisure Ltd has approved the launch of a qualified institutional placement (QIP) to raise Rs 300 crore. The floor price of the QIP has been fixed at Rs 315.25 per share. This is a 5% discount to the current share price. The multiplex operator plans to utilize the net proceeds from the share sale to meet capital expenditure requirements for ongoing and future projects. The funds will also be used for business expansion and to repay existing/future debts.

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Indian Hotels Company signs pact with BACL for 775-room hotel at Bengaluru airport

Indian Hotels Company Ltd (IHCL) has entered into an agreement with Bengaluru Airport City Ltd (BACL) for a 775-room hotel at Kempegowda International Airport. It will be a combination of a 450-room ‘Vivanta’ hotel and a 325-room ‘Ginger’ hotel. The upcoming hotel complex, along with Taj Bangalore, will offer a combined inventory of 1,150 rooms. With this addition, IHCL will have 12 hotels in Bengaluru.

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CCI approves acquisition of three electricity supply companies of Odisha by Tata Power

The Competition Commission of India (CCI) has approved the acquisition of 51% of equity share capital in each of the three electricity supply companies of Odisha by Tata Power Company Ltd. This includes Western Electricity Supply Company of Odisha (WESCO), Southern Electricity Supply Company of Odisha (SOUTHCO), and Central Electricity Supply Company of Odisha Limited (CESCO). The 51% share capital of each utility company will be acquired by Tata Power from Grid Corporation of Odisha Ltd (GRIDCO).

Welspun Corp secures multiple orders worth Rs 1,725 crore

Welspun Corp has received multiple orders of approximately 164 kilometric tonnes (KMT), valuing close to Rs 1,725 crore. The orders include reinstatement of an offshore sour pipes supply contract in Australia for the Barossa Offshore Development Project. With these new orders, the company’s total order book stands at 525 KMT, valued at approximately Rs 4,800 crore.