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Tata Motors Secures Order for 1,300 CVs – Top Indian Market News

Tata Motors secures order for 1,300 CVs from VRL Logistics

Tata Motors has secured an order for 1,300 commercial vehicles (CVs) from VRL Logistics. The order comprises medium & heavy commercial vehicles (MHCV) and intermediate & light commercial vehicle (ILCV) range, which suit the logistics operations of VRL Logistics. The vehicles provide superior drivability, high fuel efficiency, and a low total cost of ownership.

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NCLT approves Tata Steel Mining’s resolution plan for Rohit Ferro-Tech

The Kolkata bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Tata Steel Mining Ltd (TSML) for the acquisition of debt-ridden Rohit Ferro-Tech Ltd. TSML is a wholly-owned subsidiary of Tata Steel. Tata Steel is also in the process to acquire Odisha-based Stork Ferro & Mineral Industries for Rs 155 crore. This move will augment the company’s ferro-alloys processing capacities.

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Hester Biosciences gets Rs 60 crore grant from govt to make Covaxin drug substance

Hester Biosciences Ltd has received a grant of Rs 60 crores from the government’s Biotechnology Industry Research Assistance Council (BIRAC) to manufacture Covid-19 vaccine under Mission Covid Suraksha. The Ahmedabad-based poultry and animal vaccine maker is a part of the Gujarat Covid Vaccine Consortium (GCVC). In May 2021, GCVC signed an agreement with Bharat Biotech for manufacturing Covaxin drug substance.

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Bank of Maharashtra to divest entire 4% stake in ISARC

Bank of Maharashtra will divest its entire stake in India SME Asset Reconstruction Company (ISARC) for Rs 4 crore. The bank’s 4% stake, equivalent to 40 lakh equity shares, will be sold at Rs 9.80 per share for a cash consideration of Rs 3.92 crore. The transaction is expected to be completed by the end of December 2022.

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Lupin launches generic contraceptive drug in the US

Lupin Limited has launched Merzee capsules, a medication used to prevent pregnancy, in the US market. The product was launched under an exclusive license, marketing, and distribution agreement with Slayback Pharma LLC. As per IQVIA data, the generic version of the drug had estimated annual sales of $90 million (~Rs 685 crore) in the US during the 12 months ended February 2022.

In other news, Lupin has completed the acquisition of a portfolio of brands from Anglo-French Drugs & Industries Ltd (AFDIL) and its associates. The acquisition will strengthen the company’s India formulation business.

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Axis Bank signs partial guarantee pact with ADB to support supply chain financing

Axis Bank has partnered with Asian Development Bank (ADB) for a partial guarantee program with an initial outlay of $150 million (~Rs 1,139.85 crore). The program is aimed at supporting supply chain financing for impact sectors. ADB will provide guarantees for the loans issued by Axis Bank. It will have a special focus on environmental, social, and governance (ESG) and priority sectors. 

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Domestic pharma industry revenues to grow by 6-8% in FY23: ICRA

According to rating firm ICRA, the revenues of leading domestic pharma companies are likely to grow by 6-8% in the current financial year (FY23). Sales growth in FY23 is expected to be supported by a growth of 7-9% in the domestic market, 12-14% in the emerging markets, and 7-9% in the European business. Meanwhile, growth in the US business is expected to remain muted due to a subdued pricing environment in the market in the near to mid-term.

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L&T Construction secures contracts under various businesses

Larsen & Toubro Ltd’s construction arm has secured significant orders (in the range of Rs 1,000-2,500 crore) under various businesses. The Water & Effluent Treatment business has bagged a contract from the Rural Drinking Water & Sanitation Division, Karnataka, to construct drinking water supply facilities for 396 rural habitations in Dharwad and Belagavi. L&T GeoStructure has received an order from Tata Chemicals to commission a jetty-based marine outfall system and allied works in Gujarat.

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Godrej Consumer gains market share in 85% of its categories 

Godrej Consumer Products Ltd (GCPL) said it has been gaining market share in 85% of its categories despite the Indian FMCG industry witnessing a consumption slowdown over the past few months. “In India, we expect to deliver close to double-digit sales growth, driven entirely by pricing. Our 2-year [sales] CAGR would be in the early twenties. We witnessed a mixed performance in our Personal Care and Home Care categories,” said GCPL in an exchange filing. 

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Motherson Sumi completes acquisition of 55% stake in CIM Tools

Motherson Sumi Systems Ltd (MSSL) has completed the acquisition of a majority stake in Bengaluru-based CIM Tools Private Ltd. In October 2021, MSSL had announced the acquisition of a 55% stake in CIM, a leading supplier in the aerospace supply chain. This acquisition marks MSSL’s entry into the aerospace industry. It also provides access to an existing and well-established customer base.

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Invesco divests 7.8% stake in ZEEL

Invesco Developing Market Funds sold a 7.8% stake in Zee Entertainment Enterprises Ltd (ZEEL) via a block deal today. It will sell 7.74 crore shares, which are worth around Rs 2,200 crore. Invesco will continue to hold an 11% stake in ZEEL. To learn more about ZEEL’s boardroom battle, click here.

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Bandhan-led consortium to acquire IDFC Mutual Fund biz for Rs 4,500 crore

IDFC Ltd has decided to sell IDFC Asset Management Company and IDFC AMC Trustee Company Ltd to a consortium comprising Bandhan Financial Holdings (BFHL), GIC, and ChrysCapital for Rs 4,500 crore. IDFC AMC manages over Rs 1.15 lakh crore of assets under management (AUM) as of FY22. It has a presence in over 50 cities and investors in 750 cities and towns nationwide.

Read more here.

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

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

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

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Tata Power commissions 160 MW solar project in Rajasthan

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

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L&T secures orders under its transportation infra biz

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

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

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

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

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

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

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

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

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

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Ramkrishna Forgings secures export order worth Rs 135 crore 

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

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

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

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TCS signs multi-year contract with US company

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

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Suven Pharma to acquire Casper Pharma for $20.5 million

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

Read more here.

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Coal India’s Output Grows 4% in Feb – Top Indian Market News

Coal India’s output grows 4% to 64 MT in February

Coal India Ltd (CIL) produced 64.3 million tonnes (MT) of coal in February 2022, registering a growth of 4% YoY. On a month-on-month basis, CIL’s average production increased to 2.3 MT per day in Feb. The company’s production at 542.4 MT during the April-February period of FY22 was a historic high for this period. CIL expects to post the highest ever production by the end of the current financial year (FY22).

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Auto sales data for February 2022: Highlights  

Maruti Suzuki India posted a 6.26% month-on-month (MoM) decline in total sales to 1,64,056 units in February 2022. Sales of its compact vehicle segment rose 8.19% MoM to 97,486 units. Exports increased by 34% MoM to 24,021 units.

Tata Motors Ltd registered a 1.95% MoM decline in passenger vehicle sales to 39,981 units in Feb. The automaker’s commercial vehicle sales rose 6.5% MoM to 37,522 units. Overall domestic sales rose 1.91% MoM to 73,875 units.   

Mahindra & Mahindra’s auto segment posted total sales of 54,455 units in Feb, an increase of 16.34% over January. M&M’s farm equipment segment posted a 9.8% fall in sales to 20,437 units. 

Escorts posted a 7.13% MoM growth in tractor sales to 6,114 units in February.  

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BPCL to invest Rs 4,000 crore for gas distribution project in Aurangabad, Ahmednagar

Bharat Petroleum Corporation Ltd (BPCL) has launched a gas distribution network in the Aurangabad and Ahmednagar districts of Maharashtra. The company will invest Rs 4,000 crore for the completion of the project. BPCL plans to connect 3 lakh customers in the first phase and seven lakh in the next five years.

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Lupin launches generic drug in US market

Lupin Ltd has launched Sevelamer Hydrochloride tablets (800 mg) in the US market. The drug is used to treat hyperphosphatemia in patients with chronic kidney disease. The medication will be manufactured at the pharma company’s facility in Nagpur. As per IQVIA December 2021 data, Sevelamer Hydrochloride tablets had estimated annual sales of $75 million (~Rs 567.6 crore).

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Adani Group to acquire minority stake in Quintillion Business Media

Adani Media Ventures, a wholly-owned subsidiary of Adani Group, has entered into a binding term sheet with Quint Digital Media Ltd. The Adani Group will acquire a minority stake in local Quintillion Business Media Pvt Ltd (QBM), an indirect subsidiary of Quint Digital. The proposed transaction is only for QBM, a local digital business news platform. Adani will not acquire a stake in other digital media/tech properties owned by Quint Digital such as The Quint, thenewsminute, and Youthkiawaaz.

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Mumbai Court temporarily stops Future Enterprises from selling stake in insurance JV

The City Civil Court in Mumbai has temporarily restrained Future Enterprises Ltd from selling its stake in Future Generali India Insurance Co. Ltd to its joint venture partner Generali Group until further orders. The court was hearing a plea filed by IDBI Trusteeship Services Ltd (on behalf of its bondholders) for an injunction against Future Group. Debt-laden Future Group is facing trouble on multiple fronts. Recently, Reliance Industries seized control of over 300 large-format stores and shuttered them for alleged non-payment of rents.

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Parag Milk Foods hikes milk prices by Rs 2 per litre

Parag Milk Foods Ltd has raised the price of its Gowardhan brand of cow milk by Rs 2 per liter due to rising input costs. On Monday, Gujarat Cooperative Milk Marketing Federation (GCMMF) announced a hike in milk prices by Rs 2 per litre from March 1. GCMMF markets milk and milk products under the Amul brand. The rise in energy, packaging, and logistics costs has led to an increase in the overall cost of operation and milk production.

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Reliance Retail acquires majority stake in Abraham & Thakore

Reliance Retail Ventures Ltd (RRVL) has invested in Abraham & Thakore Exports Pvt Ltd (A&T) for a majority stake. RRVL will leverage Reliance Brands Ltd’s deep understanding of the affluent Indian customer and their influence across digital, retail operations, marketing, and supply chain platforms to build A&T’s global appeal in the fashion and lifestyle category.

Inox Leisure commences operations of multiplex in S Mall, Tumakuru

Inox Leisure Ltd has commenced commercial operations of a multiplex cinema theater at S Mall, Tumakuru in Karnataka. The multiplex has five screens and 1,069 seats. INOX is now present in 72 cities with 160 multiplexes, 675 screens, and a total seating capacity of 1.52 lakh across India.

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HCL Tech launches two new 5G applications

HCL Technologies Ltd has launched two new 5G applications to help mobile network operators optimize their customer experience. It will also help reduce energy consumption across their 4G and 5G infrastructure. The HCL ANA Platform is HCL’s next-generation network optimization solution that enables mobile operators to effectively manage their 5G and 4G services. HCL’s QoE application allows mobile network operators to provide seamless, fast, and reliable 5G services using artificial intelligence (AI).

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Tata Steel arm to acquire bio-ceramics firm Ceramat

Tata Steel Advanced Materials (TSMAL) has executed a share purchase cum shareholders’ agreement to acquire a 90% equity stake in Ceramat Pvt Ltd (CPL). TSMAL, a subsidiary of Tata Steel Ltd, will acquire 90% of the equity shares of CPL for Rs 90,000. The deal is expected to close in 60 days. CPL, a healthcare-focused ceramics company, is yet to commence production.  

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Adani Green Energy’s unit gets LoA to set up 150 MW solar power project

Adani Renewable Energy Holding Fifteen Ltd (AREHFL) has received a letter of award (LOA) to set up a 150 megawatt (MW) solar power project. The fixed tariff for this project capacity is Rs 2.34 per kilowatt-hour (kWh) for a period of 25 years. With this project, Adani Green Energy Ltd has a total renewable energy project portfolio of 20.434 MWac.

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

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

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

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HDFC Bank starts online customs duty payment facility for customers

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

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

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

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

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

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Lupin launches Molnulup for Covid-19 treatment

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

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Alembic Pharma gets tentative USFDA approval for depressive disorder drug

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

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

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

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TCS wins second phase of Centre’s Passport Seva Program

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

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KEC International secures new orders worth Rs 1,025 crore 

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

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

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

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ZEEL, Sony Sign Definitive Merger Agreement – Top Indian Market News

ZEEL, Sony sign definitive merger agreement

Sony Pictures Networks India Pvt Ltd (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) have signed definitive agreements to merge the two firms and combine their linear networks, digital assets, and program libraries. SPNI will hold a majority stake of 50.86% in the merged entity. The promoters of ZEEL will hold 3.99%, and other ZEEL shareholders will hold a 45.15% stake in the merged entity.

Under the terms of the agreement, SPNI will have a cash balance of $1.5 billion to enable the combined entity to drive sharper content creation across platforms and strengthen its footprint in the rapidly evolving digital ecosystem.

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L&T Construction secures significant order to build township in Bengaluru

Larsen & Toubro (L&T) Ltd’s construction arm has secured a significant order from a reputed developer to build one of the largest residential townships in Bengaluru. The scope of work consists of the design and construction of the entire civil structure, including waterproofing, masonry, plastering, and electrical conduiting. The project involves the construction of 6,768 apartments spread across 39 towers.  

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Gujurat Flurochemcials to foray into battery business for EVs

Gujarat Fluorochemicals Ltd (GFCL) has announced plans to foray into the battery business for electric vehicles (EVs). The company has set up GFCL EV Products Ltd, a wholly-owned subsidiary, for this purpose. The subsidiary will provide solutions for the entire value chain of all types of batteries, battery components, and products for EVs.

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Quess Corp’s Monster.com raises Rs 137.5 crore in latest funding round

Monster.com, a Quess Corp company, has raised Rs 137.5 crore in its latest funding round. The round was led by Akash Bhanshali of Volrado Venture Partners and Mohandas Pai of Meridian Investments, with participation from Quess Corp. Monster.com is valued at close to $100 million after the funding round. Quess Corp Ltd is a provider of technology and business services based in Bangalore.

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Zydus Cadila gets USFDA approval to market Pimavanserin tablets

Zydus Cadila has received approval from the US Food & Drug Administration (USFDA) to market Pimavanserin tablets in the US market. Pimavanserin is used to treat symptoms of a certain mental or mood disorder (psychosis) that might occur with Parkinson’s disease. The drug will be manufactured at the pharma company’s formulation facility at Special Economic Zone (SEZ), Ahmedabad.

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ABB India’s board approves creation of arm to divest turbocharger business for Rs 310 crore

The Board of Directors of ABB India Ltd has decided to incorporate a wholly-owned subsidiary to which it will sell its turbocharger business for Rs 310 crore. In June 2021, the company had announced a proposal to divest/sell its turbocharger business in the Process Automation business segment. The slump sale will be completed by February-end 2022. 

PNC Infratech secures order worth Rs 369 crore from NHAI

PNC Infratech Ltd has received a Letter of Acceptance (LoA) for an order worth Rs 369 crore from the National Highways Authority of India (NHAI). The contract is for the collection of user fees at the 135 km long Eastern Peripheral Expressway Fee Plazas in Haryana and Uttar Pradesh for one year. PNC Infratech operates as an infrastructure construction, development, and management company in India.

Apollo Hospitals, IIM Lucknow launch executive programme in healthcare management

Apollo Hospitals Ltd has partnered with IIM Lucknow to launch an executive programme in healthcare management (EPHM). The program aims to develop appropriate managerial capacities for the fast-growing health sector in India. The EPHM has been designed by taking inputs from both the public and private health sectors of India.

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Indiabulls Real Estate to raise up to Rs 1,500 crore via QIP 

The Board of Directors of Indiabulls Real Estate Ltd approved raising funds up to Rs 1,500 crore through one or more Qualified Institutions Placements (QIPs). The funds will be used to augment the long-term resources of the company. It will also be used to maintain sufficient liquidity for meeting funding requirements for existing/new projects and future business growth.

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Tata Steel’s UK plant helps build world’s largest offshore wind farm

Tata Steel Ltd announced that its Port Talbot plant in Wales is working on the world’s largest offshore wind farm project— Dogger Bank Wind Farm. The wind farm will make use of steel processed into hollow sections at Tata Steel’s Corby and Hartlepool sites in north-east England and fabricated to build the first two phases. Tata Steel said hundreds of tonnes of its products will be used for the giant wind farm project, which is due to be completed by 2026.

Read more here.

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Editorial

Q2 Result Analysis: Tata Steel Net Profit Soars 660% YoY

TATA STEEL q2 results

Tata Steel, the steel giant, saw incredible growth this quarter in terms of profits, Q2FY22. In the second quarter, the steelmaker saw its revenue grow by ~62% YoY and ~13% QoQ. The revenue growth eventually resulted in a whopping ~660% growth over a year. In the current quarter, Q2FY22, the company scored a net profit of Rs 11,918.1 crore against Rs 1,565.4 crores last year, the same quarter. The company’s profits grew by ~33% over the previous quarter.

Source: Company Website

What Drove The Quarterly Results?

In the previous marketfeed articles, we have discussed the steel market in COVID-19 times. We have addressed the industry’s stress globally, China’s involvement, and how the sector recovered post-pandemic. To know more, you can read: 

Global Steel Prices Volatility, China-Australia Trade War and Indian Metal Market: Analysis

Reasons Behind the Rise in Steel Prices in India

Steel Prices Surge in India; is China Hoarding Global Steel?

To sum it up, steel plants were operating below capacity, China, the largest steel supplier, had disrupted global supply citing environmental concerns. Post-pandemic, the supply picked up, at least in India, yet, the prices remained high globally. Indian steelmakers took advantage and gained higher margins on exports. 

The current quarter saw high vaccination rates, normalised trade, and healthy steel prices in the international steel market. Like other steel companies, Tata Steel managed to gain higher realisations in the domestic market. In the global market, Tata Steel managed to play on better price realisations and increased volumes. However, lesser ‘deliveries’ in Europe impacted the profit numbers

For Tata Steel, production increased by 2% on QoQ and 4% on a YoY basis despite planned maintenance shutdowns. Steel sales volume increased by 4% QoQ base with best-ever quarterly sales of Rolled Products.

Currently, Tata Steel is working on offsetting its debt. The company’s debt stood at Rs 88,501 crore in the quarter ended March 2021. The debt was reduced by 11.2% to Rs 78,163 crore in the current quarter. The company plans to reduce gross debt by nearly Rs 14,000 crores in FY22 while prioritising off-shore debt repayment.

The company saw its operating expenses increase by 41% YoY and 17% QoQ. The expenses increased primarily due to an increase in the purchase of  Iron ore and coal consumption cost across its key entities and also higher purchase of Finished & Semi-finished goods.

In other news, the shortage of semiconductors in the automobile has hit the demand. The problem is likely to persist in the short term. Once the problem is mitigated, one can expect a healthy steel sales volume in the automobile sector.  

The company’s investor presentation states its future goals. The company plans to offset a huge amount of debt and aim for strong earnings and improved cash flow performance. It intends to focus on capital allocation, cashflow, and working capital management. Moreover, the company plans to spend Rs 10,000- Rs 12,000 crore as capital expenditure. 

Recovering markets have paved the way for greater demand for steel and lowered material costs. India steel demand is expected to improve, supported by govt’s push for infrastructure spending and consumer demand with the onset of the festive season. One can expect demand improvement across segments and high coking coal prices. Coking coal is a very critical raw material in manufacturing steel. 

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Tata Steel Reports 654% YoY Jump in Net Profit in Q2 – Top Indian Market News

Tata Steel Q2 Results: Net profit jumps 654% YoY to Rs 12,547 crore 

Tata Steel Ltd reported a 653.6% YoY jump in consolidated net profit to Rs 12,547.70 crore for the quarter ended September (Q2 FY22). Net profit increased 28% compared to the previous quarter. Its revenue from operations rose 54.8% YoY to Rs 60,282.8 crore during the same period. EBITDA jumped 182% YoY to Rs 15,566 crore. TSL’s total expenses stood at Rs 47,135.28 crore in Q2, an increase of 27.4% YoY.

Read more here.

ZEEL Q2 Results: Net profit jumps 187% YoY to Rs 270 crore

Zee Entertainment Enterprises Ltd (ZEEL) reported a 187% YoY jump in consolidated net profit to Rs 270.2 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 15% YoY to Rs 1,978.8 crore during the same period. ZEEL’s subscription revenues fell 1.5% YoY to Rs 788.5 crore, while advertisement sales grew 20.7% YoY to Rs 1,089 crore in Q2. The company saw an addition of 13 million monthly average users during the July-September quarter of FY22. 

Read more here.

Godrej Consumer Q2 Results: Net profit rises 5% YoY to Rs  crore

Godrej Consumer Products Ltd (GCPL) reported a 4.6% YoY increase in consolidated net profit to Rs 478.9 crore for the quarter ended September (Q2 FY22). Net profit increased 16% compared to the previous quarter. Its revenue from operations rose 8.5% YoY to Rs 3,163.6 crore during the same period. GCPL’s India business posted a revenue of Rs 1,838.14 crore in Q2, registering a growth of 9.5% YoY. Total expenses rose 11% YoY to Rs 2,579.45 crore.

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Piramal Ent Q2 Results: Net profit falls 32% YoY to Rs 426 crore

Piramal Enterprises Ltd (PEL) reported a 32.1% YoY decline in consolidated net profit to Rs 426.49 crore for the quarter ended September (Q2 FY22). Its revenue from operations fell 5.9% YoY to Rs 3,105.52 crore during the same period. PEL’s financial services business posted a 20.2% YoY decline in revenue to Rs 1,481.1 in Q2. The pharma business reported a revenue of Rs 1,621.42 crore, an increase of 12.5% YoY.  

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Berger Paints to hike prices by 10% from Nov 12

Berger Paints Ltd will hike product prices by 10% from November 12. The company has already revised its prices by 6-7% in the past few months following pressure of rising raw material costs. Berger Paints MD Abhijit Roy is optimistic that the company would cross Rs 8,000 crore turnover in the current financial year (FY22). 

Read more here.

Page Industries Q2 Results: Net profit rises 45% YoY to Rs 160 crore

Page Industries Ltd reported a 44.76% YoY increase in net profit to Rs 160.48 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 46.43% YoY to Rs 1,084.01 crore during the same period. Total expenses stood at Rs 874.54 crore in Q2, an increase of 46.2% YoY. The company said its sales momentum has picked up significantly after setbacks of the Covid-19 pandemic.

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J Kumar Infra secures Rs 168 crore order for Navi Mumbai Metro Rail Project

J Kumar Infraprojects has received a Letter of Acceptance (LoA) for an order worth Rs 168 crore from Maharashtra Metro Rail Corporation (MMRL). The order consists of designing and constructing concrete & fabricated steel structures, architectural works, plumbing, and sewerage of six elevated metro stations for the Navi Mumbai Metro Rail Project.

Indiabulls Housing Finance Q2 Results: Net profit falls 11% YoY to Rs 286 crore

Indiabulls Housing Finance Ltd reported an 11% YoY decline in net profit to Rs 286 crore for the quarter ended September (Q2 FY22). Net profit increased 2% compared to the previous quarter. Its net interest income fell 7% YoY (or 16% QoQ) to Rs 625 crore during the same period. The company is on track to disburse Rs 1,000 crore of retail loans through co-lending in the October-Nov quarter (Q3).

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Zomato pulls out of all international markets except UAE

Zomato Ltd has shut down almost all its international businesses, including the United States, United Kingdom, Singapore, and now Lebanon. The company will continue to operate in the United Arab Emirates (UAE), but as a dining-out business and not a food delivery one. India is the biggest market for Zomato in terms of revenue, followed by the UAE.

Read more here.

IPO Updates:

The Rs 2,073.25 crore initial public offering (IPO) of Sapphire Foods India was subscribed 6.62 times on the final day of bidding. Retail investors have subscribed 8.70 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 3.46 times and 7.50 times, respectively, against their reserved portions. 

The Rs 600 crore IPO of Latent View Analytics was subscribed 23.22 times on the second day of bidding. Retail investors have subscribed 69.56 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 33.29 times and 3.51 times, respectively, against their reserved portions. To learn more about the IPO, click here.

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Market News Top 10 News

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

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

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

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

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

Read more here. 

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

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

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

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

Read more here.

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

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

Read more here.

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

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

Read more here.

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

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

Read more here.

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

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

Read more here.

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

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

Read more here.

Adani Power Q2 Results: Net loss at Rs 230 crore

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

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

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

Read more here.

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Editorial

Why are Zinc and Aluminium Stocks Rallying? Will Base Metal Stocks Move More?

India’s base metal market is booming. Steel, Aluminium, Zinc, Copper, and other such metals are known as base metals. They are used extensively in industries. The base metal market was facing headwinds as COVID-19 restrictions were being lifted throughout the world. Competition from China, capacity rebuilding, reserve stock shortage, and unfavourable international market prices were a few of the many problems facing the sector. As China seems to battle environmental concerns, cutting down on production capacity and trimming exports, the world seems to benefit from it. In this article, we talk about the recent surge in base metal prices. 

Why Are Base Metal Stocks Rallying?

Indian base metal shares have been rallying for quite some time, facing timely corrections arising from profit bookings. The steel industry is the most polluting one in China. As the country battles environmental concerns, it is now increasing export duties along with cutting down much of the steel production. This has created a supply crunch globally and has made way for other major steel-producing countries to ramp up production. Higher steel prices and increasing production translates into better realization and profit margins for Indian companies. Steel companies that have higher exports are benefitting from it. Shares like Tata Steel, SAIL, JSW Steel, and other steel companies rallied anywhere between 8%-10% in nearly two weeks. 

Coming to Aluminium, China is facing a shortage of the raw material, magnesium. China is also the largest exporter of aluminium. Parallel to the steel sector, China has a huge part to play in the Aluminium stock rally as well. The National Aluminium Company (NALCO), Vedanta, and Hindalco Industries rallied anywhere between 15%-25% in two weeks’ time in mid-October. During the same period, Hindustan Zinc rallied ~23% and Hindustan Copper moved up by ~19% 

The following is the share price appreciation of some of the important base metal stocks between October 6, 2021, and October 18, 2021.  

Company Name% Change In Share Price
Tata Steel+10.3%
JSW Steel+8.4%
SAIL+12.1%
National Aluminium Company+27.0%
VEDANTA+28.8%
HINDALCO+14.1%
Hindustan Zinc+23.1%
Hindustan Copper+19.2%

What Should Investors Watch Out For?

While India’s domestic demand and market price for base metals remained relatively stable, a shortage of supply in the international market is pushing certain metal producers to export. This is the case for almost all base metals. The price moment for Steel stocks, Aluminium stocks, Copper stocks, and that of other base metals is running nearly parallel. 

The demand for metals remained robust, yet the metal manufacturers are faced with rising input and logistics costs. Nevertheless, the manufacturers have been successful in transferring the extra costs to customers. 


The metal stocks rally broke down after profit-booking and China’s vow to curb coal prices. This increased selling pressure significantly since the uncertainty around coal and base metal supply was reduced. Rising coal prices were earlier adding to manufacturing costs for base metal manufacturers. 

As is the case with many sectors, China seems to be pulling the strings for most. One should be cautious around any policy changes that China makes. These include import or export duties, production levels, and other trade limits that the country poses. Nevertheless, the domestic demand for metals seems healthy, yet the volatile global market situation could turn out to be beneficial for Indian stocks,  

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Market News Top 10 News

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.

Read more here. 

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.

Read more here. 

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).

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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Bharti Airtel to Invest Rs 5,000 crore in Data Centre Business – Top Indian Market News

Bharti Airtel to invest Rs 5,000 crore to triple data centre capacity by 2025

Bharti Airtel will invest Rs 5,000 crore over the next 3-4 years to scale up its data centre capacity in India to meet the surging demand from domestic and global customers. The telecom company has unveiled a refreshed brand identity— ‘Nxtra by Airtel’ for its data centre business. Nxtra has the largest network of data centres in India. It currently operates 10 large and 120 edge data centres located strategically across the country. As per Bharti Airtel’s estimates, the data center market in India will reach $4 billion (~Rs 29,600 crore) in the next 4 years. 

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Tata Steel divests entire stake in NatSteel Holdings for Rs 1,275 crore

Tata Steel Ltd (TSL) has sold its entire stake in Singapore-based NatSteel Holdings Pte for $172 million (~Rs 1,275 crore). NatSteel Holdings is a steel-making unit under T S Global Holdings (TSGH) Singapore, a 100% indirect subsidiary of Tata Steel. TSL will use the consideration received from the stake sale for reducing its offshore debt.

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TCS secures order from MCX to transform core trading systems

Multi Commodity Exchange of India (MCX) has selected Tata Consultancy Services (TCS) as the technology solution provider for its growth and transformation journey. TCS will help MCX build a new technology core and transform its trading and post-trading functions. The IT major will design and deploy a cutting-edge, ultra-low latency, and high-performance solution that integrates multiple systems to transform MCX’s end-to-end operations.

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NTPC’s renewable arm signs green term loan of Rs 500 crore with Bank of India 

NTPC Renewable Energy Ltd (REL) has signed its first green term loan agreement for Rs 500 crore. The loan agreement is at a competitive rate with a tenure of 15 years with Bank of India for its 470 megawatts (MW) solar project in Rajasthan and 200 MW in Gujarat. NTPC REL currently has a renewable project portfolio of 3,450 MW, of which 820 MW is under construction. NTPC REL will construct India’s largest local solar power park of 4.75 gigawatts (GW) in Kutch, Gujarat.

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Indel Money partners with IndusInd Bank to offer gold loans

Non-banking financial company Indel Money has entered into a co-lending partnership with IndusInd Bank to offer gold loans at competitive rates. Indel Money will originate and process gold loans based on mutually formulated credit parameters and eligibility criteria. IndusInd Bank will take into its book 80% of the gold loan generated by the co-lending arrangement, while the remaining 20% will be funded by Indel Money.

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JMC Projects secures orders worth Rs 1,849 crore

Civil engineering firm JMC Projects (India) Ltd has secured new orders worth Rs 1,849 crore. The projects include B&F projects in India of Rs 857 crore and social housing projects in the Maldives of Rs 992 crore. Currently, the company’s total order inflow stands at Rs 7,959 crore. JMC Projects is one of the leading civil construction and infrastructure EPC companies in India. It is a subsidiary of Kalpataru Power Transmission Ltd.

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Sterling and Wilson Solar secures order worth Rs 1,500 crore

Sterling and Wilson Solar Ltd (SWSL) has received the first order for its waste-to-energy business from a leading developer of energy assets in the UK and Europe. The order is worth approximately Rs 1,500 crore. Last month, the company had announced the expansion of its renewable energy offerings to include hybrid energy, energy storage, and waste-to-energy solutions. SWSL’s facility will process 23.2 tonnes of non-recyclable solid municipal waste per hour. It will help divert over 185,600 tonnes of waste each year.

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Centre hikes domestic natural gas prices by 62%

As per a notification from the Petroleum Planning and Analysis Cell (PPAC), the price of domestically produced natural gas would be $2.90 per million British thermal unit (mmBtu) from October 1, 2021, to March 31, 2022, from the current $1.79. Domestic gas prices have been hiked by 62% from the previous revision in April. The maximum sale price allowed for natural gas production from deepwater, ultra-deepwater, and high-pressure discoveries has been increased from $3.62 per mmBtu to $ 6.13 per mmBtu.

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Maruti Suzuki warns of production hit for second month due to chip shortage

Maruti Suzuki India Ltd is expecting total vehicle production in October at two of its plants to be around 60% of normal levels due to the global chip shortage. Maruti’s Haryana plant and its contract manufacturing company, Suzuki Motor Gujarat Private, will see production curbs in October. The acute shortage of semiconductors is forcing car manufacturers to drastically cut production.

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ABSL AMC IPO subscribed 1.08 times on second day of bidding

The Rs 2,768.26 crore initial public offering (IPO) of Aditya Birla Sun Life AMC was subscribed 1.08 times on the second day of bidding. Retail investors have subscribed 2 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 40% and 6.13%, respectively, against their reserved portions. 

To learn more about the IPO, click here.

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WPI Inflation Rises to 11.39% in August – Top Indian Market News

WPI inflation rises to 11.39% in August

India’s wholesale inflation, measured by the Wholesale Price Index (WPI), spiked to 11.39% in August 2021. WPI grew 11.16% in July and 12.07% in June. The food articles segment witnessed a (-)1.29% change in August, as prices of vegetables and fruits contracted. Inflation in the fuel and power segment stood at 26.09% in August, compared to 26.02% in July. The manufactured products segment registered inflation of 11.39% in August. The data was released by the Ministry of Commerce & Industry.

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Invesco calls ZEEL EGM for removal of MD, directors

Invesco and OFI China, which together hold a 17.88% stake in Zee Entertainment Enterprises Ltd (ZEEL), have called for an extraordinary general meeting (EGM) of shareholders to pass resolutions, including the removal of current CEO Punit Goenka and the appointment of new independent directors. The move comes on the back of institutional proxy advisory firm IIAS calling for investors to reject the resolution for reappointment of certain directors to ZEEL’s board at the Annual General Meeting (AGM).

Read more here. 

Tata Motors signs pact with Tata Power for rooftop solar project in Pune

Tata Motors has signed a solar power purchase agreement with Tata Power to install and operate a 3 megawatt (MW) solar rooftop project at its passenger vehicle plant in Pune. The project will generate nearly 45 lakh kilowatt-hour (kWh) per year and reduce carbon emission by ~3,538 tonnes per year. Tata Motors said it will continue to introduce measures to conserve energy at its manufacturing facilities, optimise the consumption of non-renewable fossil fuels, and lower operating costs.

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Escorts partners with IndusInd Bank to provide affordable loans to farmers

Escorts Ltd has signed a Memorandum of Understanding (MoU) with IndusInd Bank to provide affordable financial offerings to the farming community. Both entities will jointly launch various financial programs to help customers invest in modern farm machinery to enhance their productivity and income. IndusInd Bank will utilise its understanding of rural customers and penetration throughout India to help Escorts achieve its goals of supporting the farming community.

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Gravita starts operations at aluminium recycling unit in Mozambique

Gravita India’s step-down subsidiary in Mozambique has commenced commercial production of aluminium from its new recycling plant. The unit has an aluminium recycling capacity of 4,000 million tonnes per annum (MTPA). It also has a lead recycling facility with a capacity of 4,500 MTPA. Gravita’s subsidiary is in the process of setting up a plastic recycling unit in Mozambique (East Africa). The company expects to achieve additional revenue of ~Rs 50 crore per annum and gross margins of 18% from the new recycling plant.

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HCL Tech enters into strategic partnership with HANCOM

HCL Technologies Ltd has signed a strategic partnership with South Korea-based HANCOM Inc. The two companies will share advanced software technology solutions and establish a mutual bridgehead for overseas expansion. HCL Tech will support training for software development at HANCOM’s research & development (R&D) center in India. The IT firm will also share its development studio and provide HR support to meet demand and development capacity at the R&D center.

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BLS International partners with NHA to process Ayushman Bharat cards across India

The National Health Authority (NHA) has selected BLS International Ltd for processing Ayushman Bharat cards under Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). The scheme offers financial security against medical treatment costs, medicines, diagnostics, and pre-hospitalisation expenses. BLS International Services is an outsourcing service provider for government and diplomatic missions worldwide

Read more here.

Laurus Labs partners with Unitaid, CHAI to develop pediatric HIV drug

Laurus Labs has partnered with Unitaid and the Clinton Health Access Initiative (CHAI) to develop, commercialise, and register the second and third-line HIV treatment darunavir boosted with ritonavir (DRV/r) for children. Unitaid and CHAI will work with Laurus Labs to ensure Children Living with HIV/AIDS (CLHIV) have access to the generic, fixed-dose combination version of DRV/r.

Read more here.

Tata Steel commissions India’s first-ever carbon dioxide capture unit

Tata Steel Ltd has commissioned a carbon capture unit at its plant in Jamshedpur. The unit can capture up to five tonnes of carbon per day. Tata Steel has become India’s first steel company to adopt such a technology that extracts carbon dioxide (CO2) directly from the blast furnace gas. The steel company will reuse the captured CO2 on-site to promote a circular carbon economy. The project has been executed with technological support from Carbon Clean, a global leader in low-cost CO2 capture technology.

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HG Infra declared lowest bidder for Rs 448 crore road project in Rajasthan

HG Infra Engineering has been declared as the lower (L-1) bidder by Public Works Department (PWD), Rajasthan, for a road project. The project involves the development and maintenance of the Bewar Masuda Goyala section of SH-26A, Arian Sarwar section of SH-7E and NH-12, and Laxmipura Dora Dabi Ranaji ka Gudha Section of SH-115. The total length to be constructed is 160.63 km. HG Infra’s bid project cost is Rs 448.11 crore. The project has to be completed within 550 days.

Read more here.