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PVR Reports Net Loss of Rs 289 crore in Q4 – Top Indian Market News

PVR Q4 Results: Net loss at Rs 289 crore

PVR Limited reported a consolidated net loss of Rs 289.12 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 74.49 crore in the corresponding quarter last year (Q4 FY20). The multiplex operator’s total income declined by 60.2% YoY (or 17.76% QoQ) to Rs 263.26 crore in Q4 FY21. PVR has posted a net loss of Rs 747.79 crore for the financial year ended March 31, 2021 (FY21). This is compared to a net profit of Rs 27.30 crore in FY20. With the resurgence of Covid-19 cases since April 2021, PVR has been taking all necessary measures to manage costs and preserve liquidity. 

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Adani Green’s subsidiary commissions 150-MW wind power project in Gujarat

Adani Wind Energy Kutchh Three has commissioned a 150 megawatt (MW) wind power project in Kutchh, Gujarat. The company is a subsidiary of Adani Green Energy Ltd (AGEL). The project has a Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) at 2.82 per kilowatt-hour for 25 years. With the successful commission of this project, AGEL’s total operational renewable capacity has increased to 5,070 MW. This is the company’s 6th project to be commissioned ahead of schedule over the past 12 months.

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Motherson Sumi Q4 Results: Net profit jumps 289% YoY to Rs 714 crore

Motherson Sumi Systems Ltd reported a 289% YoY jump in consolidated net profit to Rs 713.6 crore for the quarter ended March (Q4). Net profit has declined by 10.62% when compared to the previous quarter. Its revenue from operations rose 17.6% YoY to Rs 16,971.9 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 11% YoY to Rs 1,039.13 crore. The company’s board has recommended a final dividend of Rs 1.5 per share.

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Phoenix Mills, GIC to set up investment platform in India

Phoenix Mills Ltd (PML) and Singapore’s sovereign wealth fund GIC have entered into a strategic partnership to establish a $733 million (~Rs 5,300 crore) investment platform for retail-led mixed-use assets in India. GIC will acquire a minority stake (26.4%) in the portfolio of PML’s projects that are under development in Mumbai and Pune. The assets comprise 3.4 million sq. ft. of leasable retail and office space.

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Muthoot Finance Q4 Results: Net profit rises 22% YoY to Rs 995 crore

Muthoot Finance reported a 22.14% YoY increase in standalone net profit to Rs 995.66 crore for the quarter ended March (Q4). Its net interest income (NII) rose 15.7% YoY to Rs 1,829.5 crore during the same period. The company’s loan assets grew 26% YoY to Rs 52,622.3 crore as of March 31, 2021. Its total assets under management (AUM) rose 26% YoY to Rs 52,622 crore in FY21. Net profit for the financial year 2020-21 (FY21) increased by 23.32% YoY to Rs 3,722.18 crore. Muthoot Finance’s board has declared a dividend of Rs 20 per share.

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Tata Power Solar secures order worth Rs 686 crore from NTPC

Tata Power Solar, a wholly-owned subsidiary of Tata Power Ltd, has received a Letter of Award (LoA) from state-owned NTPC Ltd to build 210 megawatt peak (MWp) of solar PV projects. The scope of work includes transmission, engineering, procurement, installation, and commissioning of solar projects at an NTPC project site in Gujarat. The total order value of the projects is Rs 686 crore. The commission deadline has been set as November 2022.

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Route Mobile to develop A2P messaging platform for EITC-du

Route Mobile has announced a partnership with Emirates Integrated Telecommunications Company (EITC)- du, by offering a turnkey solution using its Smart Messaging Hub. This platform will enable du to launch a scalable revenue-generating messaging platform for the application-to-person (A2P) wholesale transit business. Route Mobile will oversee the infrastructure, technology, gateway connectivity, and day-to-day operations of the platform for du as a managed service.

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Wipro partners with Finastra to help digitalise banks in the Asia-Pacific

Wipro Limited and UK-based software vendor Finastra have announced a partnership to aid digital transformation of corporate banks in the Asia-Pacific region. The companies will create a unique offering that combines Wipro’s services catalogue with Finastra’s front-to-back finance and cash management solutions. The partnership will help banks transition quickly and enable them to meet client needs in a faster and more agile manner. 

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USFDA accepts Lupin’s application for Pegfilgrastim biosimilar

Lupin Limited announced that the US Food & Drug Administration (USFDA) has accepted the Biologics License Application (BLA) for its proposed biosimilar to Neulasta (Pegfilgrastim). According to IQVIA data, Pegfilgrastim had an estimated annual sales of $3.66 billion (~Rs 26,710 crore) in the US for the 12 months ended December 2020. Pegfilgrastim is used to prevent neutropenia or the lack of certain white blood cells in patients receiving chemotherapy.

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MTAR Technologies Q4 Results: Net profit jumps 103% YoY to Rs 18 crore

MTAR Technologies reported a 103.04% YoY increase in consolidated net profit to Rs 18.01 crore for the quarter ended March (Q4). Net profit has jumped 103.39% when compared to the previous quarter. Its revenue from operations rose 12.27% YoY to Rs 69.16 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 47.09% YoY to Rs 46.07 crore. The company’s board has recommended a dividend of Rs 3 per share.

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Rossari Biotech to acquire Unitop Chemicals for Rs 421 crore

Rossari Biotech Ltd has announced plans to acquire a 100% stake in Mumbai-based Unitop Chemicals Pvt Ltd for Rs 421 crore. Unitop Chemicals is a supplier of surfactants, emulsifiers, and specialty chemicals. It has three manufacturing sites in India with a total capacity of 86,000 metric tonnes per annum (MTPA). Rossari Biotech stated that 65% of the equity share capital of Unitop will be acquired upon the closure of the transaction. The remaining 35% will be acquired over the next two years. 

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Tata Power Solar Secures Contract from NHPC – Top Indian Market News

Tata Power Solar secures contract worth Rs 188 crore from NHPC

State-owned NHPC Ltd has awarded an EPC (engineering procurement, and construction) contract worth Rs 188.19 crore to Tata Power Solar Systems (TPSS) to set up a 40 megawatt (MW) solar power project at Ganjam, Odisha. The contract also includes work of associated 220 KV transmission lines for connectivity at 220 KV OPTCL Transmission System, and comprehensive operation & maintenance (O&M) for 10 years. The power generated from this project will be procured by Grid Corporation of Odisha (GRIDCO) for 25 years. TPSS is a wholly-owned subsidiary of Tata Power Ltd.

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Bajaj Electricals Q4 Results: Net profit at Rs 54 crore

Bajaj Electricals reported a consolidated net profit of Rs 54.26 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 81 lakh in the corresponding quarter last year (Q4 FY20). The company’s revenue from operations declined 3.25% YoY to Rs 1,258.47 crore in Q4 FY21. Revenue from its consumer products segment grew 30.6% YoY to Rs 975 crore. Its EPC segment posted a 48.9% YoY decline in revenue to Rs 283 crore during the quarter.

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Finance Ministry planning stimulus package to support economic growth: Report

According to a report from BloombergQuint, India is preparing a stimulus package for sectors worst affected by the deadly second wave of the Covid-19 pandemic. The Finance Ministry is working on proposals to support the tourism, aviation, and hospitality industries, along with small and medium-sized companies. The report further states that discussions are at an early stage, and no timeline for an announcement has been decided.

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Emami Q4 Results: Net profit jumps over three-fold to Rs 88 crore

Emami Limited reported over three-fold (~275%) YoY jump in consolidated net profit to Rs 87.73 crore for the quarter ended March (Q4). Net profit has declined by 58% when compared to the previous quarter. The FMCG firm’s revenue from operations rose 37.2% YoY to Rs 730.76 crore during the same period. The company’s domestic business grew 44% YoY, while its international business grew 28% YoY in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 50% YoY to Rs 454.7 crore.

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LTI launches Operational Technology Transformation solution with ServiceNow

Larsen & Toubro Infotech (LTI) has launched ServiceNow-based Operational Technology (OT) Management solution for the manufacturing industry. The solution aims to address the latent demand of the industry to have digital workflows for OT Service Management. The solution leverages LTI’s tech and domain expertise and the digital workflow enabling capabilities of US-based software company ServiceNow.

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TVS Srichakra Q4 Results: Net profit rises 44% YoY to Rs 35 crore

TVS Srichakra Ltd reported a 44.75% YoY increase in consolidated net profit to Rs 35 crore for the quarter ended March (Q4). Net profit has declined by 3.42% when compared to the previous quarter. Its revenue from operations rose 39.52% YoY (or 5.11% QoQ) to Rs 601.99 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 10.23% YoY to Rs 73.92 crore. The tyre manufacturer’s board has declared a dividend of Rs 30 per share.

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Everest Organics launches Posaconazole API to treat Black Fungus

Everest Organics Ltd has announced the successful development of Posaconazole API (Active Pharmaceutical Ingredient), which is used for the treatment of Black Fungus. The pharma company is in the advanced stage of commercializing the drug. Posaconazole is a triazole antifungal agent indicated for treating mucormycosis (or Black Fungus) in post-Covid complications.

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Alkem Lab Q4 Results: Net profit rises 27% YoY to Rs 240 crore

Alkem Laboratories Ltd reported a 27.1% YoY increase in consolidated net profit to Rs 239.99 crore for the quarter ended March (Q4). Net profit has declined by ~46% when compared to the previous quarter. Its revenue from operations rose 7% YoY to Rs 2,192.2 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 40.6% YoY to Rs 1,585 crore. The pharma company’s board has declared a final dividend of Rs 5 per share. 

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HCL Tech to provide digital transformation services to McLaren Health Care

HCL Technologies Ltd has been selected by US-based McLaren Health Care to provide digital transformation and enable higher standards of service to members, providers, and employees. The IT company will deliver its services for all 15 McLaren system hospitals located in Michigan and Ohio. HCL’s services would include managing and transforming the digital infrastructure foundation and the core clinical and non-clinical applications using its DRYICE automation framework. 

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Newgen Software Q4 Results: Net profit rises 27% YoY to Rs 53 crore

Newgen Software Technologies reported a 27.15% YoY increase in consolidated net profit to Rs 52.73 crore for the quarter ended March (Q4). Net profit has risen by 49% when compared to the previous quarter. Its revenue from operations rose 4.79% YoY to Rs 199.98 crore during the same period. Subscription revenues grew 10.5% YoY to Rs 52.3 crore in Q4. The company’s board has recommended a final dividend of Rs 3.5 per share.

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Major fire breaks out at HPCL unit in Visakhapatnam

A major fire broke out at the Hindustan Petroleum Corporation Ltd (HPCL) plant in Visakhapatnam, Andhra Pradesh. The fire erupted in the crude distillation unit in the HPCL old terminal. “A fire incident occurred in one of the crude processing units of HPCL’s Visakh Refinery at 3 pm on 25th May 2021. Safety measures and firefighting was activated immediately. The fire has been extinguished. There is no casualty and no risk to public. Other Refinery operations are normal,” HPCL said in a tweet.

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CAMS Q4 Results: Net profit rises 40% YoY to Rs 60 crore

Computer Age Management Services (CAMS) reported a 39.62% YoY increase in consolidated net profit to Rs 60.12 crore for the quarter ended March (Q4). Net profit has increased by 6.5% when compared to the previous quarter. Its total income rose 14.3% YoY to Rs 203.93 crore during the same period. For the quarter ended March 31, 2021 (FY21), net profit rose 19.5% YoY to Rs 205.29 crore. The company’s board has declared a dividend of Rs 11.84 per share.

CAMS is a mutual fund transfer agency. It provides services for investors, distributors, asset management companies (AMCs), and demat account holders in India.

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Retail Inflation Eases to 4.29% in April – Top Indian Market News

Retail inflation eases to 4.29% in April; IIP grows 22.4% in March 

Retail inflation in India, measured by the Consumer Price Index (CPI), eased to 4.29% in April 2021. CPI stood at 5.52% in March. This is the fifth consecutive month that retail inflation has come within the Reserve Bank of India’s (RBI) upper margin of 6%. The Consumer Food Price Index (CFPI) eased to 2.02% in April, compared with 4.87% in March. Vegetable prices fell 14.18% in April, while prices of cereals declined by 2.96%.

India’s factory output, measured by the Index of Industrial Production (IIP), witnessed a growth of 22.4% YoY to 143.4 in March 2021. The growth in IIP is mainly on account of the growth in the manufacturing, electricity, and mining sectors. The manufacturing sector posted a growth of 25.8% YoY to 140.4 in March. The electricity and mining sectors grew 22.5% and 6.1%, respectively, during the same month. The index had fallen by 3.4% in February 2021.

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Tata Power Q4 Results: Net profit falls to Rs 481 crore

Tata Power Company Ltd reported a marginal decline in net profit to Rs 481.21 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 474.70 crore in the corresponding period last year (Q4 FY20). Its total income rose to Rs 10,222.48 crore in Q4 FY21, compared with Rs 6,793.95 crore in Q4 FY20. Tata Power’s board has recommended a dividend of Rs 1.55 per share.

The company’s board has also approved fund-raising up to Rs 5,500 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis. The funds raised from this issue will be utilised for refinancing of existing loans.

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Cabinet approves PLI scheme worth Rs 18,100 crore for battery storage manufacturing

The Union Cabinet has approved a Production Linked Incentive (PLI) scheme for promoting battery storage at an estimated outlay of Rs 18,100 crore. With the objective to promote the ‘Make in India’ initiative, the National Programme on Advanced Chemistry Cell (ACC) Battery Storage is expected to attract investments of up to Rs 45,000 crore. The proposal aims to achieve a manufacturing capacity of 50 gigawatt-hour (GWh) of ACC and 5 GWh of niche ACC. Information and Broadcasting Minister Prakash Javadekar said this PLI scheme will promote green growth and use local products like copper and bauxite to a large extent.

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UPL Q4 Results: Net profit rises 34% QoQ to Rs 1,063 crore

UPL Limited reported a 34% quarter-on-quarter (QoQ) increase in net profit to Rs 1,063 crore for the quarter ended March (Q4). Net profit has jumped 72% when compared to Q4 FY20. The company’s revenue from operations rose 40% QoQ (or 15% YoY) to Rs 12,796 crore during the same period. Its agrochemical and other agricultural-related businesses saw top-line growth of 15.7% YoY to Rs 12,331 core. UPL’s board has recommended a dividend of Rs 10 per share.

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Cadila to sell India focused animal health business for Rs 2,921 crore

Zydus Animal Health and Investments Ltd (ZAHL), a wholly-owned subsidiary of Cadila Healthcare, has entered into an agreement with a consortium of financial investors to sell its animal healthcare business Zydus AH for Rs 2,921 crore. The consortium includes Rakesh Jhunjunwala’s RARE Enterprises, Multiples Alternate Asset Management, and Canada Pension Plan Investment Board. Zydus AH is one of the fastest-growing animal health businesses in India. It claims a leadership position across a spectrum of therapeutic and nutritional products for livestock and poultry animal segments.

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JSPL Q4 Results: Net profit jumps multi-fold to Rs 1,900 crore

Jindal Steel and Power Ltd (JSPL) reported a consolidated net profit of Rs 1,900.51 crore for the quarter ended March (Q4 FY21). This includes an exceptional item of Rs 969 crore. It had posted a net profit of Rs 82.13 crore in the corresponding period last year (Q4 FY20). JSPL’s total income rose to Rs 11,903.59 crore in Q4, compared with Rs 6,819.73 crore a year ago. Total expenses rose to Rs 8,082.92 crore in the March 2021 quarter, compared to Rs 6,603.65 crore in Q4 FY20.

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Passenger vehicle wholesales fall 10% in April: SIAM

According to data released by the Society of Indian Automobile Manufacturers (SIAM), total passenger vehicle wholesales in India declined by 10% to 2.61 lakh units in April 2021. This is compared with passenger vehicle sales of 2.90 lakh units in March 2021. Motorcycle sales declined by 33% to 6.67 lakh units in April, compared to 9.93 lakh units in March. Three-wheeler sales fell by 57% to 12.70 lakh units during the same month.

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Voltas Q4 Results: Net profit rises 49% YoY to Rs 239 crore

Voltas Limited reported a 49% YoY increase in consolidated net profit to Rs 239 crore for the quarter ended March (Q4). Its total sales revenue rose 25% YoY to Rs 2,683.24 crore during the same period. The company’s revenue from unitary products grew 20% YoY to Rs 1,437 crore. Its colling products business posted overall volume growth of 18% YoY in Q4. The board of Voltas Ltd has recommended a dividend of Rs 5 per share.

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Asian Paints Q4 Results: Net profit rises 84.5% YoY to Rs 852 crore

Asian Paints Limited reported an 84.5% YoY increase in consolidated net profit to Rs 852.13 crore for the quarter ended March (Q4). On a quarterly basis, net profit has fallen by 31%. Its revenue from operations rose 43.5% YoY to Rs 6,651.4 crore during the same period. The company’s domestic decorative business posted volume growth of 48% YoY, led by strong growth in the premium and luxury product range. The board of Asian Paints has recommended a final dividend of Rs 14.5 per share.

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Apollo Tyres Q4 Results: Net profit falls 35% QoQ to Rs 287 crore

Apollo Tyres Limited reported a 35.27% QoQ fall in net profit to Rs 287.26 crore for the quarter ended March (Q4 FY21). Net profit has jumped 269% when compared to the corresponding period last year. Its total sales revenues fell 3.25% QoQ (up 40% YoY) to Rs 5,025.7 crore during the same period. Apollo Tyres’ sales in the Middle East and African regions rose 49% YoY to Rs 3,688 crore. The company’s board has recommended a final dividend of Rs 3.5 per share.

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RBI Keeps Repo Rate Unchanged at 4% – Top Indian Market News

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RBI keeps repo rate unchanged at 4%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%. The reverse repo rate will also remain unchanged at 3.35%. This is the fifth time in a row that the rates have been kept on hold. RBI Governor Shaktikanta Das said the central bank will maintain its ‘accommodative’ stance as long as required to sustain growth on a durable basis. The RBI sees real GDP growth at 10.5% for the current financial year.

[Repo rate is the rate at which the central bank (RBI) lends money to commercial banks to meet short-term fund requirements. Reverse repo rate is the rate at which the central bank borrows money from the commercial banks] 

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Cabinet approves PLI scheme for ACs, LEDs

The Union Cabinet, on Wednesday, approved a production-linked incentive (PLI) scheme for air conditioners and LED lights (also known as white goods). The government will disburse Rs 6,238 crore over the next five years towards this scheme. A separate PLI scheme for high-efficiency solar photovoltaic (PV) modules has also been approved, with an outlay of Rs 4,500 crore. The solar PLI scheme will lead to an annual addition of around 10,000 MW in the country’s manufacturing capacity.

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Dixon Tech to form JV with Bharti Enterprises for making telecom products

Dixon Technologies (India) Ltd has signed a pact with Bharti Enterprises to form a joint venture (JV) for availing the government’s production-linked incentive (PLI) on manufacturing of telecom and networking products. The new firm will manufacture products such as modems, routers, set-top boxes, internet-of-things (IoT) devices, etc. As per the agreement, Dixon Tech will hold a 74% stake in the JV, while the remaining 26% will be owned by Bharti Enterprises.

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IDFC First Bank raises Rs 3,000 crore via QIP issue

IDFC First Bank said it has successfully raised Rs 3,000 crore through a qualified institutional placement (QIP). The lender’s Board of Directors has approved the allotment of 52.31 crore equity shares to eligible qualified institutional buyers (QIBs) at an issue price of Rs 57.25 per share. The bank intends to utilize the proceeds from the issue to enhance its capital adequacy ratio (to meet regulatory requirements) and for other general corporate purposes.

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Tata Power Solar doubles manufacturing capacity to 1,100 MW

Tata Power Solar, a wholly-owned subsidiary of Tata Power, has doubled its manufacturing capacity of cells and modules to 1,100 MW at its Bengaluru facility. The expansion was based on the significant increase in demand for the company’s solar modules, as well as the expected rise in demand due to the government’s Atmanirbhar Bharat initiative. Tata Power Solar’s manufacturing plant in Bengaluru is India’s premier integrated cell and module manufacturing facility that meets the highest industry standards.

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RailTel Corp secures work orders worth Rs 34.37 crore

RailTel Corporation of India said it has received work orders worth Rs 34.37 crore from two clients. The company has secured an order worth Rs 22.38 crore from the Controller General of Defence Accounts (CGDA) for setting up a network operation centre. Railtel has also received an order worth Rs 11.99 crore from Axom Sabra Siksha Abhiyan Mission for the deployment of artificial intelligence (AI)-based identification system for capturing attendance and management of Student Database Management Information System (SDMIS).

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Bharti Airtel launches 5G-ready IoT platform to drive enterprise business

Bharti Airtel has launched a 5G-ready Internet of Things (IoT) platform with the capability to connect and manage a large number of devices and applications. The telecom company is targeting the automobile, manufacturing, banking, financial services, and insurance (BFSI) utility, and industry 4.0 (Fourth Industrial Revolution) verticals to drive growth for its IoT platform and the IoT business as a whole. 

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Cholamandalam Finance joins Zerodha, Ujjivan, Airpay to apply for NUE license

Cholamandalam Investment & Finance Company announced that it is one of the companies participating in a consortium of Vishwakarma Payments that has applied for a New Umbrella Entity (NUE) license for retail payments with RBI. FSS, Zoho, Zerodha, RazorPay, Ujjivan, and Airpay are also part of the Vishwakarma Payments consortium. This consortium expects to focus on building an agile platform for seamless digital payments.

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To know more about NUEs, click here.

Dr Reddy’s launches Sapropterin Dihydrochloride powder in US

Dr. Reddy’s Laboratories announced the launch of Sapropterin Dihydrochloride powder for oral solution (100 mg) in the US market. It is a therapeutic equivalent generic version of Kuvan powder approved by the US Food and Drug Administration (USFDA). Sapropterin dihydrochloride is a phenylalanine hydroxylase activator indicated to reduce blood phenylalanine (Phe) levels in adult and pediatric patients one month of age and older with hyperphenylalaninemia (HPA).

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Rajesh Exports secures order worth Rs 745 crore from Germany

Rajesh Exports Limited has bagged an order for its designer range of gold jewellery from Germany. The total value of the export order is Rs 745 crore. The order is to be completed by July 2021. The company will be executing the order from its manufacturing facilities spread across India. Bengaluru-based Rajesh Exports is a gold retailer that refines, designs, and sells gold and jewelry. 

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Tata Power to Develop 60 MW Solar Project in Gujarat – Top Indian Market News

Tata Power receives order to develop 60 MW solar project in Gujarat

Tata Power Limited has secured an order to develop a 60 megawatt (MW) solar project for Gujarat Urja Vikas Nigam Ltd (GUVNL). The energy will be supplied to GUVNL under a power purchase agreement (PPA), which is valid for 25 years from the scheduled date of commercial operation. With this order, Tata Power’s renewable energy capacity will increase to 4,007 MW.

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L&T secures orders worth Rs 1,000-2,000 crore across various business segments

Larsen & Toubro (L&T) said its construction arm has secured significant orders (in the range of Rs 1,000-2,000 crore) across various business segments. Its heavy civil infrastructure business has secured an EPC order to construct a four-lane bridge across river Ganga on the newly declared NH-131B in Bihar. L&T Construction’s water & effluent treatment business has received a design, build, and operate order from the Municipal Corporation of Amritsar for setting up a bulk water supply system.

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Indiamart Intermesh to acquire 11% stake in Legistify Services

Indiamart Intermesh Ltd, through its wholly-owned subsidiary Tradezeal Online, will acquire an 11.01% stake in Legistify Services for Rs 1.30 crore. Legistify offers a SaaS (software as a service)-based ERP tool that allows enterprises to manage their legal workflows. Indiamart said this investment is in line with its long-term objective of offering various SaaS-based solutions for businesses.

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BHEL secures order worth Rs 400 crore from Indian Oil Corp

Bharat Heavy Electricals Ltd (BHEL) has received an order worth Rs 400 crore for setting up a sulphur recovery unit at Indian Oil Corporation’s (IOCL) Paradip Refinery in Odisha. With this order, BHEL has made its entry into the downstream oil & gas process package business. The company’s scope in the contract includes project management, residual process design, testing, construction, commissioning, and performance guarantee test run of the 525 TPD (tonnes per day) sulphur recovery unit.

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Dilip Buildcon wins order worth Rs 1,137 crore from NHAI

Dilip Buildcon Limited (DBL) has secured an order worth Rs 1,137 crore from the National Highways Authority of India (NHAI) for a road project in Karnataka. The project consists of four-laning the Sannur-Bikarnakatte section of NH-169 on Hybrid Annuity Mode (HAM). The completion period for the 45-km project is 24 months.

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TCS unveils new brand statement- ‘Building on Belief’

Tata Consultancy Services (TCS) has unveiled a new brand statement— ‘Building on Belief’, as it embarks on its next decade of transformation-led growth. It expresses the active and collaborative role that TCS plays in partnering customers over the long term, leveraging its contextual knowledge, investments in research and innovation, and technology expertise to help them grow and achieve their transformational goals. TCS will launch an integrated 360-degree campaign across media platforms to highlight the new brand statement.

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Alkem Labs to invest Rs 40 crore in ABCD Technologies

Alkem Laboratories said it has agreed to subscribe to a partnership interest in healthcare services firm ABCD Technologies LLP. The pharma company will invest Rs 40 crore in ABCD Tech. The objective of this acquisition is to digitise healthcare infrastructure in India towards facilitating better distribution practices. Last week, Sun Pharma, Lupin, Cadila Healthcare, and Torrent Pharma said they have subscribed to the partnership interest in the same firm.

SJVN to develop 70 MW grid-connected solar project in Gujarat

SJVN Limited has received a Letter of Award (LoA) from the Gujarat Urja Vikas Nigam Ltd (GUVNL) to develop a 70 MW grid-controlled solar power project in Gujarat. The company will supply electricity from this project to GUVNL at a rate of Rs 2.21 per kilowatt-hour for a period of 25 years. SJVN said this project will support in achieving its vision of increasing its electricity generation capacity to 5,000 MW by 2023.

Tamilnadu Petro to invest Rs 435 crore for capacity expansion

The Board of Directors of Tamilnadu Petroproducts has approved an investment of Rs 435 crore for capacity expansion and revamping its manufacturing plants. The capacity of its linear alkyl benzene (LAB) plant will be increased from 120 kilo-tonnes per annum (KTA) to 145 KTA at an estimated cost of Rs 240 crore. The company’s heavy chemicals division (HCD) plant will be modernised at an estimated cost of Rs 165 crore.

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RBL Bank partners with Tide to serve banking needs of Indian SMEs

RBL Bank said it will provide banking infrastructure to UK-based fintech Tide’s India platform, which is focused on the small & medium enterprises (SME) segment. SMEs will have an option to open current and savings accounts at RBL Bank through Tide’s business platform. The bank can also integrate its payment APIs to enable Tide users to make seamless transactions through the platform.

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Goldiam International receives export orders worth Rs 80 crore

Goldiam International Ltd said it has secured export orders from prominent international clients. It has won an order for manufacturing diamond-studded designed gold jewellery worth Rs 80 crore. The company will deliver the export orders within 3 months. Mumbai-based Goldiam International is a leading global exporter of luxurious diamond jewellery.

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India’s Services PMI Rises to 55.3 in February – Top Indian Market News

India’s services PMI rises to 55.3 in February

India’s services activity expanded at the fastest rate in a year in February. This was driven by an extended robust recovery in domestic demand. However, employment had fallen further and overall input costs increased last month. The IHS Markit Purchasing Managers’ Index (PMI) for services stood at 55.3 in February, compared to 52.8 in January. PMI is a month-on-month calculation and a value of more than 50 represents an expansion when compared to the previous month. 

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Tata Power to develop 15 MW solar project for Tata Steel in Jamshedpur

TP Saurya, a wholly-owned subsidiary of Tata Power Ltd, has signed a Power Purchase Agreement (PPA) with Tata Steel Ltd (TSL) to develop a 15 megawatt (MW) solar power project in Jamshedpur, Jharkhand. The energy will be supplied to TSL under the PPA, which is valid for a period of 25 years from the scheduled commercial operation date. The project will be commissioned within 6 months.

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SpiceJet partners with WheelTug for reserving electric taxi system production slots

SpiceJet Limited has partnered with WheelTug Plc for reserving 400 production slots for the electric taxi system. This system allows SpiceJet to move an aircraft forward or backward without powering its engines or using external tugs. It will help the airline in saving fuel, cut costs, and also reduce carbon emissions.

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MTAR Tech IPO subscribed 3.68 times on first day of bidding

The Rs 596.41-crore initial public offering (IPO) of MTAR Technologies was subscribed 3.68 times on the first day of bidding. The issue received bids for 2.67 crore equity shares against an offer size of 72.60 lakh shares. The portion reserved for retail investors was subscribed 6.93 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 1.02 times. 

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Infosys secures $500 million deal from Google: Report

As per a report from Economic Times, Infosys Limited has won a nearly $500 million (~Rs 3,640 crore) deal from Alphabet Inc.’s Google to provide customer experience and engineering support for its products. The report states that this is “one of the largest all-digital deals” in customer experience services.

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Mahindra Logistics, Bajaj Electricals signs logistics agreement worth Rs 1,000 crore

Mahindra Logistics Ltd (MLL) has signed an agreement with Bajaj Electricals Ltd (BEL) to handle its end-to-end logistics network and solutions. The total contract value will be over Rs 1,000 crore over the next 5 years. MLL has developed a fully redesigned and consolidated logistics network for BEL. The network includes storage optimization, transportation management, and inventory movement services.

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Power Mech Projects secures multiple orders worth Rs 734 crore

Power Mech Projects Ltd announced that it has received Letters of Award (LoAs) for orders worth Rs 734 crore. The construction firm has won an order worth Rs 401 crore for the operation and maintenance of boilers & auxiliaries and other miscellaneous works of the 4×660 megawatt (MW) Thermal Power Plant of Vedanta Ltd in Jharsuguda, Odisha. The company has also won an order of Rs 198 crore for engineering, procurement, and construction (EPC) works for Kurmitar Iron Ore Mining Pvt Ltd in Odisha.

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Kalpataru Power Transmission secures orders worth Rs 1,554 crore

Kalpataru Power Transmission Ltd has secured orders worth Rs 1,554 crore. The orders include those from India, the Commonwealth of Independent States (countries such as Azerbaijan, Armenia, Georgia, etc), and Latin America in the power transmission business. The company’s international subsidiary has also received new power transmission projects in Europe.

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Bank of Baroda raises Rs 4,500 crore through QIP

Bank of Baroda has raised Rs 4,500 crore through a qualified institutional placement (QIP). The capital raising committee of the bank’s board has approved the issue and allotment of 55.07 crore equity shares to eligible qualified institutional buyers (QIBs) at Rs 81.70 per share. The issue had opened on February 25 and closed on March 2. 

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RPP Infra secures orders worth Rs 1,000 crore

RPP Infra Projects said it has won four work orders worth Rs 1,000 crore. The company has received an order from the Tamil Nadu Water Supply and Drainage Board for Rs 131.14 crore. It has also bagged an order worth Rs 558.66 crore from the Highways Department as part of the Chennai-Kanyakumari Industrial Corridor project. The third order is from the Chennai Municipal Corporation’s Storm Water Drain department, which is worth Rs 187.14 crore. The fourth order is from the Water Resource Department, Tamil Nadu for the renovation, extension, and modernisation of the Lower Bhavani Project main canal in Erode District worth Rs 123.07 crore.

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SBI Reports 7% YoY Decline in Net Profit – Top Indian Market News

SBI Q3 Results: Net profit falls 7% YoY to Rs 5,196 crore

State Bank of India (SBI) reported a 7% YoY decline in net profit to Rs 5,196 crore for the quarter ended December (Q3). The lender’s net interest income (NII) rose 4% YoY to Rs 28,820 crore during the same period. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] SBI’s gross non-performing asset (GNPA) ratio stood at 4.77%, compared to 5.28% in Q2 FY21. Total provisions increased by 43% YoY to Rs 10,324 crore in the October-December quarter.

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HPCL Q3 Results: Net profit jumps three-fold to Rs 2,355 crore

Hindustan Petroleum Corporation Ltd (HPCL) reported a three-fold increase in net profit to Rs 2,355 crore for the quarter ended December (Q3). It has posted a net profit of Rs 747 crore in the corresponding quarter last year. The company’s revenue rose 4% YoY to Rs 77,113 crore in Q3. Inventory gains due to the rise in oil prices and strengthening of the rupee helped HPCL boost profits.

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HCL Tech signs five-year digital workplace agreement with Airbus

HCL Technologies has signed a five-year digital workplace services agreement with Airbus. The IT company will establish a modernised digital workplace to enhance the user experience and service quality for the majority of Airbus employees globally. HCL’s ‘Fluid Workplace Model’ will enable Airbus to deploy the latest digital technologies and rapidly simplify its existing IT processes and optimisation of delivery costs.

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Godrej Properties Q3 Results: Net profit declines 69% YoY to Rs 14 crore

Godrej Properties Ltd reported a 69% YoY decline in net profit to Rs 14.35 crore for the quarter ended December (Q3). Its revenue from operations declined 55% YoY to Rs 170.49 crore during the same period. The real estate developer’s total booking value increased by 25% YoY to Rs 1,488 crore. The company had launched 3 new projects in the October-December quarter. Godrej Properties said it will raise Rs 3,750 crore through the issuance of equity shares or debentures.

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BHEL commissions 800 MW thermal power plant in Madhya Pradesh

Bharat Heavy Electricals Ltd (BHEL) has commissioned the second unit (800 MW) of the 2×800 MW Gadarwara Super Thermal Power Project in Madhya Pradesh. The project is being developed by NTPC Limited. BHEL’s scope of work in the project included design, engineering, manufacture, supply, and commissioning of steam turbines, generators, boilers, and associated auxiliaries.

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Bajaj Electricals Q3 Results: Net profit at Rs 98 crore

Bajaj Electricals Ltd reported a multifold increase in net profit to Rs 98.19 crore for the quarter ended December (Q3). It had posted a net profit of Rs 9.37 crore in the corresponding quarter last year. The company’s revenue from operations rose 16.85% YoY to Rs 1,500.14 crore in Q3. Bajaj Electrical’s consumer products segment saw a 34% YoY growth in revenue to Rs 1,153 crore during the same period.

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Dilip Buildcon declared lowest bidder for IRCON International tender

Dilip Buildcon Ltd said it has been declared as the lowest (L-1) bidder for a tender floated by IRCON International Ltd. The order consists of track-linking works, station building, platform work, and general electric work for a section of a railway project in Chhattisgarh. The bid project cost is Rs 654.97 crore.

Strides Pharma Q3 Results: Net profit declines 62% YoY to Rs 35 crore

Strides Pharma Science Ltd reported a 62% YoY decline in consolidated net profit to Rs 35.15 crore for the quarter ended December (Q3). Its consolidated revenue rose 13.6% YoY to Rs 832.02 crore during the same period. The company’s board has approved the demerger of its biotech business under Stelis Biopharma. The demerger is expected to unlock significant value for Srides’ shareholders.

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GMR Group to collaborate with Airbus SE on aviation services

Airport operator GMR Group has signed a Memorandum of Understanding (MoU) with Airbus SE to explore collaboration opportunities across aviation services, technologies, and innovation. GMR and Airbus teams will work together and innovate across areas such as airport operations and air cargo supply chain. The MoU was signed at Aero India 2021 in Bengaluru. 

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Tata Power Q3 Results: Net profit rises 22% YoY to Rs 318 crore

Tata Power Limited reported a 22% YoY increase in consolidated net profit to Rs 318.41 crore for the quarter ended December (Q3). Its total revenue rose 7.5% YoY to Rs 7,598 crore during the same period. Tata Power said it does not expect much impact of the Covid-19 pandemic on its business.

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Adani Power Q3 Results: Net loss narrows to Rs 289 crore

Adani Power Ltd reported a consolidated net loss of Rs 289 crore for the quarter ended December (Q3). It had posted a net loss of Rs 703 crores in the corresponding quarter last year. Revenue from operations increased by 4.9% YoY to Rs 6,894.84 crore in Q3 FY21. Adani Power (along with the power plants of its subsidiaries) achieved an average Plant Load Factor (PLF) of 75%, and aggregate sales volumes of 19.1 billion units in Q3.

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NTPC Q3 Results: Net profit rises 15% YoY to Rs 3,876 crore 

State-owned NTPC Limited reported a 15.66% YoY increase in consolidated net profit to Rs 3,876.36 crore for the quarter ended December (Q3). Its revenue from operations rose 3.56% YoY to Rs 27,526 crore during the same period. NTPC has declared an interim dividend of Rs 3 per share.

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Finance Minister Presents Union Budget 2022 in Parliament – Top Indian Market News

Finance Minister presents Union Budget 2022 in Parliament

Finance Minister Nirmala Sitharaman has presented the Union Budget 2021-22 in the Parliament. The minister has announced the scrapping of income tax for senior citizens above 75 years and new rules for the removal of double taxation for NRIs. Sitharaman has also announced a Rs 64,180 crore package for the healthcare sector, which will be spread over the next 6 years. A voluntary scrapping policy for old vehicles has also been launched. India’s fiscal deficit is set to jump to 9.5% of the GDP in 2020-21.

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Automobile companies register strong sales growth in January

Major automobile companies registered healthy sales growth during January 2021. Tata Motors posted a 28% YoY increase in domestic sales to 57,742 units, which was led by higher car sales. TVS Motor Company reported a 31% YoY increase in total sales to 3.07 lakh units in January. Mahindra & Mahindra’s farm equipment sales rose 50% YoY to 34,778 units. Maruti Suzuki posted a 4.3% YoY increase in total sales to 1.60 lakh units during the same period.

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Adani Green Energy commissions 100 MW solar power plant in Uttar Pradesh

Adani Solar Energy Four Pvt Ltd, a subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 100 MW (2×50 MW) solar power project at Jalalabad in Uttar Pradesh. The two solar plants have power purchase agreements (PPAs) with Uttar Pradesh Power Corporation Ltd (UPPCL) at Rs 3.22/kWh and 3.19/kWh, respectively, for a period of 25 years. This places AGEL’s total renewable portfolio of 14,815 MW well on track to reach its vision of 25 GW capacity by 2025.

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SJVN bags 679 MW hydroelectric project in Nepal

SJVN Ltd has received an order from the Investment Board of Nepal to construct a 679 MW Lower Arun Hydropower Project. The project will be constructed under a Build, Own, Operate and Transfer (BOOT) model. On completion, the project will generate 3,561 million units of electricity per annum. 

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Kansai Nerolac Paints Q3 Results: Net profit rises 76% YoY to Rs 204 crore

Kansai Nerolac Paints reported a 76.58% YoY increase in consolidated net profit to Rs 204.5 crore for the quarter ended December (Q3). Its revenue rose 19.68% YoY to Rs 1,606.86 crore during the same period. The company stated that both the decorative and industrial segments witnessed double-digit volume growth in Q3. 

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Coromandel Q3 Results: Net profit rises 26% YoY to Rs 333 crore

Coromandel International Ltd reported a 26.20% YoY increase in net profit to Rs 333.80 crore for the quarter ended December (Q3). Its revenue rose 7.76% YoY to Rs 3,541.87 crore during the same period. The company’s board has declared an interim dividend of Rs 6 per share. Hyderabad-based Coromandel International is in the business of fertilizers, pesticides, and specialty nutrients.

Tata Power gets LoI for distribution and retail sale of electricity

Tata Power Ltd has received a Letter of Intent (LoI) from the Odisha Electricity Regulatory Commission (OERC) for the distribution and retail supply of electricity in the 5 circles of North Eastern Electricity Supply Company of Odisha Ltd’s (NESCO) Utility. This includes the areas of Balasore, Bhadrak, Baripada, Jajpur, and Keonjhar. The proposed sale of NESCO Utility to Tata Power will be through the formation of a Special Purpose Vehicle (SPV) entity.

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Zensar launches integrated Digital XDR solution

Zensar Technologies Ltd has launched an integrated Digital XDR (extended threat detection response) solution as part of its Digital Foundation Services offerings. The XDR solution provides organizations with adaptive expert intelligence and threat prediction capabilities by prioritizing the business risk tailored to their environment. This offering eliminates the need for expensive hardware appliances and provides usage-based threat detection and hunting services. 

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Rane Brake Q3 Results: Net profit rises 26% YoY to Rs 12 crore

Rane Brake Lining Ltd reported a 25.9% YoY increase in net profit to Rs 12.88 crore for the quarter ended December (Q3). Its revenue rose 4.7% YoY to Rs 126.58 crore during the same period. The Chennai-based company manufactures and sells brake pads, brake blocks, and other friction materials for the automobile industry.

MRPL Q3 Results: Net loss at Rs 71 crore

Mangalore Refinery and Petrochemicals Ltd (MRPL) reported a net loss of Rs 71 crore for the quarter ended December (Q3). It has posted a net loss of Rs 37 crore in the corresponding period last year. The company’s revenue from operations stood at Rs 14,136 crore in Q3, compared with Rs 16,745 crore in Q3 FY20. The gross refining margin (GRM) of MRPL stood at $3.26 per barrel in Q3 FY21, as against $3.19 per barrel in the corresponding period last year.

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NCC secures five new orders worth Rs 1,200 crore

NCC Limited announced that it had received five new orders worth Rs 1,200 crore in the month of January 2021. Out of these, orders worth Rs 607 crore pertain to the Water & Environment Division, and order worth Rs 593 Crore pertain to its Buildings Division. These orders have been received from various Central/State Government agencies.

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Maruti Suzuki Q3 Profit Rises 24% YoY – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q3 Results: Net profit rises 24% YoY to Rs 1,941 crore

Maruti Suzuki India Ltd reported a 24% year-on-year (YoY) increase in net profit to Rs 1,941 crore for the quarter ended December (Q3). Its revenue from operations rose 13.3% YoY to Rs 23,458 crore during the same period. The company sold a total of 4.95 lakh units in Q3, up 13.4% YoY. The carmaker said that capacity utilisation in the quarter improved, which reflected in the double-digit volume growth for the company. The operating performance was aided by lower promotional costs and overall cost reduction efforts.

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Bharti Airtel successfully demonstrates live 5G services in Hyderabad

Bharti Airtel Ltd has announced that it has become the first telecom service provider in the country to successfully ‘demonstrate and orchestrate’ live 5G service. The demonstration took place in the city of Hyderabad. The company used a spectrum block in the 1,800MHz band to operate both 5G and 4G simultaneously on its network. Bharti Airtel said that it will be able to roll out the services across several parts of the country as soon as the Department of Telecommunications (DoT) permits the commercial launch of the 5G and auctions spectrum in the mid-size bands (3,300-3,600MHz).

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IndiGo Q3 Results: Net loss at Rs 620 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 620 crore for the quarter ended December (Q3). It had posted a net profit of Rs 496 crore in the corresponding period in FY20. The company’s total revenue declined 50.2% YoY to Rs 5,142.8 crore in Q3 FY21. The airline said that it operated 40.8% less seats during Q3 compared to the same period last year.

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Airtel adds 44 lakh subscribers in November; Vodafone Idea loses 29 lakh: TRAI

Bharti Airtel added more subscribers than market leader Reliance Jio for the fourth straight month in November. According to data collected by telecom regulator TRAI, Airtel gained 43.7 lakh subscribers, while Jio added 19.4 lakh subscribers in November 2020. Vodafone Idea (Vi) lost 28.9 lakh subscribers during the same month. Vi’s market share shrunk to 25.10%, while Bharti Airtel’s expanded to 28.97%. At 35.34%, Reliance Jio remains India’s biggest telecom operator by market share. 

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Laurus Labs Q3 Results: Net profit jumps 271% YoY to Rs 273 crore

Laurus Labs Ltd reported a 271.33% YoY increase in net profit to Rs 272.85 crore for the quarter ended December (Q3). Its revenue rose 76% YoY to Rs 1,288 crore during the same period. The company’s performance in Q3 was led by its Active Pharmaceutical Ingredient (API) division, which recorded a growth of 100%. Laurus Labs’ board has declared an interim dividend of Rs 0.4 per share.

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Dilip Buildcon JV signs pact with NHAI for Rs 1,000 crore highway project in Rajasthan

Dilip Buildcon Limited – Altis Holding Corporation joint venture (JV) has entered into an agreement with the National Highways Authority of India (NHAI) for a Rs 1,000 crore highway project in Rajasthan. The project will be built on an engineering, procurement, and construction (EPC) mode. The completion period for the 8.30 km project is 30 months.

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TVS Motor Q3 Results: Net profit at Rs 266 crore

TVS Motor Company Ltd reported its highest-ever net profit of Rs 266 crore for the quarter ended December (Q3). Its revenue rose 31% YoY to Rs 5,404 crore during the same period. TVS Motor’s overall two-wheeler sales were up 23% YoY to 9.52 lakh units. The company’s two-wheelers sales in the domestic market have grown by 21% and in the export market by 31% in Q3. The company’s board has declared an interim dividend of Rs 2.10 per share.

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USFDA grants orphan drug designation to Zydus Cadila’s Saroglitazar Mg

The US Food & Drug Administration (USFDA) has granted orphan drug designation (ODD) to Zydus Cadila’s Saroglitazar Mg tablets. The tablets are indicated for the treatment of patients with Primary Biliary Cholangitis (a liver disease). The drugmaker stated that the ODD provides eligibility for certain development incentives, including tax credits for qualified clinical testing, prescription drug user fee exemptions, and seven-year marketing exclusivity.

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RBL Bank Q3 Results: Net profit rises 110% YoY to Rs 147 crore

RBL Bank reported a 110% YoY increase in net profit to Rs 147.1 crore for the quarter ended December (Q3). Its total revenue rose 6% YoY to Rs 1,488 crore during the same period. Net interest income (NII) fell 2% YoY to Rs 932 crore. The bank’s gross non-performing assets (NPAs) fell to 1.84% of the gross advances, compared to 3.33% in the corresponding period last year. RBL Bank’s provisions fell by 2% YoY to Rs 609.76 crore.

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Tata Power Solar receives letter of award to build GSECL project

Tata Power Solar Systems Ltd (TPSSL) has received a letter of award (LoA) to build a 95 megawatt (MW) solar photovoltaic project for Gujarat State Electricity Corporation Ltd (GSECL). The project’s order value is about Rs 460 crore. The commercial operation date for this project is set for April 2022. With this addition, the order pipeline of TPSSL stands at about 4.2-gigawatt peak (GWp) with a value of about Rs 12,500 crore.

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Stove Kraft IPO subscribed 18 times on final day of bidding

The initial public offering (IPO) of Stove Kraft was subscribed 18 times on the final day of bidding (Jan 28). The IPO received bids for 10.59 crore equity shares against an offer size of 58.94 lakh equity shares. The portion set aside for qualified institutional buyers has seen a subscription of 8.02 times, while the reserved portion of non-institutional investors has been subscribed 32.72 times. The portion reserved for retail investors was subscribed 26.4 times.

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UltraTech Cement’s Q3 Net Profit Rises 122% YoY – Top Indian Market News

UltraTech Cement Q3 Results: Net profit rises 122% YoY to Rs 1,584 crore

UltraTech Cement Ltd reported a 122.7% YoY increase in consolidated net profit to Rs 1,584 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 711.17 crore during the corresponding period in FY20. Revenue from operations rose 17% YoY to Rs 12,254 crore in Q3 FY21. During the quarter, it had a volume growth of 14% to 22.82 million tonnes. UltraTech Cement’s performance in Q3 was driven by pent-up demand, supply restoration, and improving cost efficiencies.

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Tata Power Solar wins Rs 1,200 crore order to set up 320 MW project

Tata Power Solar Systems announced that it has bagged an order worth Rs 1,200 crore from state-run power giant NTPC Ltd for setting up a 320 MW ground-mounted solar project. The company is a wholly-owned subsidiary of Tata Power Limited. The scope of work includes the acquisition, engineering, procurement, installation, and commissioning of the grid-connected solar project on a turnkey basis. The commercial operation date for this project is set for May 2022.

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Mahindra Lifespaces Q3 Results: Net loss at Rs 11.19 crore

Mahindra Lifespace Developers Ltd reported a consolidated net loss of Rs 11.19 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 1.81 crore in the corresponding period in FY20. Total income declined 17% YoY to Rs 70.19 crore in Q3 FY21. The company stated that it has important project launches lined up and a few land acquisition deals expected to conclude in the current quarter (Q4).

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Apollo Hospitals raises Rs 1,170 crore through allotment of shares to QIBs

Apollo Hospitals announced raising Rs 1,169.99 crore through allotment of shares to qualified institutional buyers (QIBs). Its Fund Raising Committee has approved the allotment of 45.59 lakh equity shares of the face value of Rs 5 each to eligible QIBs, at the issue price of Rs 2,511 per share. The issue opened on January 18 and closed on January 22.

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Zydus Cadila gets USFDA approval for thyroid drug

Zydus Cadila has received final approval from the US Food & Drug Administration (USFDA) to market Liothyronine Sodium tablets. The tablets are indicated for the treatment of underactive thyroid. The drug will be manufactured at the group’s formulation manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.

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DCB Bank Q3 Results: Net profit at Rs 96 crore

DCB Bank Ltd reported a net profit of Rs 96.21 crore for the quarter ended December (Q3). The bank had posted a net profit of Rs 96.7 crore in the same period last year. Net interest income (NII) increased by 4% YoY to Rs 335 crore in Q3 FY21. Provisions rose 150% YoY to Rs 147 crore during the same period.

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Birla Corp Q3 Results: Net profit jumps 82% YoY to Rs 148 crore

Birla Corporation Ltd announced an 82.1% YoY increase in net profit to Rs 148.42 crore for the quarter ended December (Q3). Its revenue rose 5% YoY to Rs 1,823 crore during the same period. The company’s performance in Q3 was driven by growth in sales volume for the cement division, aggressive cost rationalisation, and higher sales of premium products. Birla Corp is on course to expand its production capacity to 25 million tonnes (MT) by 2025.

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Supreme Industries Q3 Results: Net profit rises 153% YoY to Rs 312 crore

Supreme Industries Ltd reported a 153.08% YoY increase in net profit to Rs 312.28 crore for the quarter ended December (Q3). Revenue rose 34.26% YoY to Rs 1,843.80 crore during the same period. The company has announced plans to invest around Rs 400 crore to support construction activities at seven production sites. Supreme Industries is an Indian plastics company, based in Mumbai.

Petrol price touches record high of Rs 85.70 in Delhi; diesel at Rs 75.88

Petrol and diesel prices on Saturday touched new all-time highs after rates were increased for the fourth time this week. This took the petrol price in Delhi to Rs 85.70 per litre and diesel price to Rs 75.88 per litre. All prices have gone up by Re 1 per litre this week. Earlier this week, Oil Minister Dharmendra Pradhan blamed the Saudi oil output cut for the surge in oil prices but remained non-committal on tax cuts.

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Polycab Q3 Results: Net profit rises 19% YoY to Rs 263 crore

Polycab India Ltd reported a 19.07% YoY increase in net profit to Rs 263.62 crore for the quarter ended December (Q3). Its revenue rose 11.63% YoY to Rs 2,798.83 crore during the same period. The company saw volume growth across its two product segments- wires & cables and fast-moving electrical goods (FMEG).

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Govt Finalises Covid-19 Vaccine Transport Module – Top Indian Market News

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

Govt finalises Covid-19 vaccine transport module

The Central Government has prepared a detailed draft for air transportation of Covid-19 vaccines. Pune will be the central hub from where the vaccine distribution will take place. There are a total of 41 destinations (airports) across the country that has been finalised for the delivery of vaccines. The movement of vaccines to different parts of India is likely to begin by today or tomorrow. The development comes ahead of the Covid-19 vaccine dry run in all states across the country on January 8.

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Tata Power secures 110 MW solar power project worth Rs 488 crore from KSEB

Tata Power Company Ltd has bagged a contract worth Rs 488 crore from the Kerala State Electricity Board (KSEB) to develop a 110 MW solar project. The energy will be supplied to KSEB under a Power Purchase Agreement (PPA), valid for 25 years from the date of scheduled commercial operation. The plant is expected to generate about 274 million units (MUs) of energy per year and annually offset approximately 274 million kg of carbon dioxide. 

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SBI raises $600 million from overseas bond sale at coupon rate of 1.8%

State Bank of India (SBI) on Thursday raised $600 million (~Rs 4,403 crore) from selling bonds to international investors at a coupon rate of 1.80%. The issue, oversubscribed by 2.1 times, is part of the SBI’s $10 billion (~Rs 73,392 crore) medium-term note programme. The 5.5-year issue, denominated in US dollars, was priced at 140 basis points (bps) over the US treasury. The bonds issued through SBI’s London branch will be listed on Singapore Exchange and India INX.

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L&T Hydrocarbon Engineering secures offshore contract from ONGC

L&T Hydrocarbon Engineering (LTHE) has received an order from state-owned Oil & Natural Gas Corporation (ONGC). The contract involves engineering, procurement, construction, installation, and commissioning of a new living quarter platform, ‘NQL Platform’ with 120 men capacity. The platform will be constructed at NQ Complex in ONGC’s Mumbai High Asset on the west coast of India. The value of the contract ranges between Rs 2,500-5,000 crore.

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SEBI to allow more players to set up stock exchanges, depositories

The Securities and Exchange Board of India (SEBI), through a discussion paper, has proposed to ease ownership norms for entities that plan to start new stock exchanges in India. According to the discussion paper, any resident individual/domestic institution can set up a market infrastructure institution such as a stock exchange or a depository with 100% control, provided it is a public limited company. Earlier, individuals (resident or foreign), either directly or indirectly, could not hold more than 5% in a stock exchange or a depository.

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NMDC resumes diamond mining in Panna after forest department approval

The Madhya Pradesh Forest Department has allowed National Mineral Development Corporation Ltd (NMDC) to resume operation of its diamond mine at Majhgawan in Panna district. The operation was suspended as the environmental clearance for the mine came to an end on December 31, 2020. The state government has now extended the lease for the next 20 years. The matter of renewal of lease is pending before the State Wildlife Board and National Wildlife Board.

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Bharat Biotech enrolls over 25,800 volunteers for Covaxin Phase-3 trials

Bharat Biotech has enrolled 25,800 volunteers for Phase-3 clinical trials of its Covid-19 vaccine- Covaxin. The recruitment was supposed to be concluded by December 31 but was extended by a week since it was short of 4,000 volunteers at that time. The trials will be conducted at around 30 clinical sites throughout India. On January 3, Oxford-AstraZeneca’s Covishield (manufactured by SII) and Bharat Biotech’s Covaxin had received approval from India’s drug regulator DCGI for emergency use authorization.

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ABB India launches new range of circuit breakers for electrical retail market

ABB India Ltd has launched Formula DIN-Rail, a complete range of Miniature Circuit Breakers (MCBs), Residual Current Circuit Breakers (RCCBs), and Isolators for the electrical retail market. The company stated that its new range meets international standards and is manufactured in ABB’s Smart Buildings factory in Bengaluru. The ABB Formula DIN-Rail portfolio would be available through the ABB Electrification business retail network across India. It will also be available on ABB eMart, the company’s online marketplace.

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Mahindra Logistics launches EV-driven last-mile cargo delivery service

Mahindra Logistics Ltd (MLL) has announced the launch of its electric vehicle (EV) based last-mile cargo delivery service under the brand name ‘EDel’. The new service would initially operate across 6 major cities in India, including Bengaluru, New Delhi, Mumbai, Pune, Hyderabad, and Kolkata. MLL plans to expand EDel to a total of 14 cities in the next 12 months.

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Lupin gets USFDA nod for generic diabetes drug

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) for its Empagliflozin and Metformin Hydrochloride extended-release (ER) tablets. The tablets are indicated for the treatment of diabetes. The product will be manufactured at Lupin’s Nagpur-based manufacturing facility. As per IQVIA MAT November 2020 data, Empagliflozin and Metformin Hydrochloride ER Tablets had estimated annual sales of $357 million (~Rs 2,618 crore) in the US.

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Govt Ready to Roll Out Covid-19 Vaccine by Jan 13 – Top Indian Market News

Ready to roll out Covid-19 vaccine by January 13: Health Ministry

The Union Health Ministry on Tuesday said that it is prepared to roll out the coronavirus vaccine by January 13. “Based on the feedback of the dry-run, the government said it is ready to introduce the Covid-19 vaccine within 10 days from the date of emergency use authorisation,” said Union Health Secretary Rajesh Bhushan. On January 3rd, the Drugs Controller General of India (DCGI) had announced approval for two vaccines- Oxford-AstraZeneca’s Covishield (manufactured by Serum Institute of India) and Bharat Biotech’s Covaxin. The vaccine will be first offered to one crore healthcare workers and two crore frontline & essential workers. 

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Work in progress to set up 16,000 km of new gas pipeline network: PM Modi

Prime Minister Narendra Modi on Tuesday said that work is in progress to set up 16,000 km of a new gas pipeline network in the country, which will be completed over the next four to six years. He stated that this would help set up 700 compressed natural gas (CNG) stations and 2.1 million people to avail piped natural gas (PNG). He further said that India plans to spend $60 billion in creating gas infrastructure till 2024, which would include pipelines, liquefied natural gas (LNG) terminals, and city gas distribution (CGD) networks. PM Modi inaugurated the 450-km Kochi-Mangaluru natural gas pipeline via video conferencing today.

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Gravita India secures contract to supply lead products to Luminous Power

Gravita India Ltd has signed an annual agreement with Luminous Power Technologies for supplying 12,000 million tonnes (MT) of refined lead and lead alloys. The contract will be executed in the calendar year 2021, which at current lead prices would be an approximate contract value of Rs 180 crore. Yogesh Malhotra, the CEO of Gravita India, stated that this agreement will help the company to boost sales and strengthen its presence in the domestic market. 

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Dilip Buildcon incorporates SPV for road project worth Rs 882 crore

Dilip Buildcon Ltd has incorporated a special purpose vehicle (SPV) as a wholly-owned subsidiary for a new Hybrid Annuity Model (HAM) project. The SPV will be used for four laning of Dhrol-Bhadra Patiya section of NH-151A and Bhadra Patiya-Pipaliya Section of NH151A in Gujarat, through public-private partnership on a design, build, operate and transfer basis. The HAM project is worth Rs 882 crore and will be completed in 2 years.

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Tata Power partners with SIDBI to offer affordable financing for MSMEs in rooftop solar segment

Tata Power Ltd has announced its partnership with the Small Industries Development Bank of India (SIDBI) to offer an easy and affordable financing scheme for Micro, Small, and Medium Enterprises (MSMEs) in the rooftop solar segment. The companies have joined hands to design a solar financing solution to help MSME customers with financial aid without any collateral, at an interest of less than 10%. Tata Power stated that this scheme will empower MSMEs to adopt sustainable energy for their businesses and promote greener tomorrow.

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L&T emerges as lowest bidder for Uttarakhand Railway Project

The Heavy Civil Infrastructure business of L&T Construction has emerged as the lowest bidder for Package 4 of the new broad-gauge line between Rishikesh and Karnaprayag. The scope of the engineering and construction project includes completing tunnel work, construction shaft, and ancillary works in Uttarakhand. The order, which is worth about Rs 3,338 crore, is a contract from Rail Vikas Nigam Ltd (RVNL). 

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HCL Tech completes acquisition of Australian IT solutions firm DWS

HCL Technologies Ltd announced that it has completed the acquisition of Australian IT solutions firm DWS. In September 2020, HCL Tech had announced that it will acquire DWS, a move that will help the Noida-based company to strengthen its position in the Australian and New Zealand market. The IT company had said that the total equity value pay-out will be AUD 158.2 million (~Rs 850.33 crore). The DWS Group provides a wide range of IT services including digital transformation, application development & support, and consulting.

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Tech Mahindra partners with College of Military Engineering to build defence solutions

The research and development (R&D) arm of Tech Mahindra Ltd, Makers Lab, has collaborated with the College of Military Engineering (CME), Pune to address challenges in the field of defence through technological innovations. CME will leverage the partnership to address critical military problem statements and be future-ready using next-generation technologies of Artificial Intelligence (AI) and Robotics. As a part of this partnership, Tech Mahindra will establish a Makers Lab at CME to utilise their diverse set of capabilities and promote R&D to provide cutting-edge technology solutions for defence forces.

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RBI imposes Rs 2.5 crore penalty on Bajaj Finance for violation of norms

The Reserve Bank of India (RBI) on Tuesday imposed a monetary penalty of Rs 2.5 crore on Bajaj Finance Limited for violation of rules pertaining to recovery and collection methods. The lapses were linked to risk management and a specific fair practice code. RBI stated that Bajaj Finance had failed to ensure that its recovery agents did not resort to harassment or intimidation of customers as part of its debt collection efforts.

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Salasar Techno’s subsidiary secures contract worth Rs 252 crore from Texmaco

Salasar Adorus Infra LLP, a subsidiary of Salasar Techno Engineering Ltd, has entered into a work contract with Kolkata-based Texmaco Rail and Engineering Ltd. The order consists of carrying out a portion of the design, supply, installation, testing, and commissioning of ‘Ballastless Track of Standard Guage’ in the elevated viaduct section and an underground section for the Bangalore Metro Rail Project. The company stated that the value of the contract is around Rs 252 crore.