Tag: TCS

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RBI Hikes Repo Rate by 25 bps to 6.5% – Top Indian Market Updates

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

RBI hikes repo rate by 25 bps to 6.5%

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) increased the repo rate by 25 basis points (bps) to 6.5%. The MPC has raised the key rate by 250 bps since May 2022. The real GDP growth for 2023-24 is projected at 6.4%. The RBI has hinted at more interest rate hikes to curb rising inflation. 

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Shree Cement Q3 Results: Net profit falls 44% YoY to ₹277 crore

Shree Cement reported a 44% YoY decline in net profit to ₹277 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 15% YoY to ₹4,069 crore during the same period. EBITDA stood at ₹869 crore in Q3, down 7% YoY. Its total volume rose 23% YoY to 8.03 million tonnes. The cement manufacturer’s board has declared an interim dividend of ₹45 per share.

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Bharti Airtel partners with Vultr to offer cloud solutions for enterprise clients

Bharti Airtel has announced a strategic partnership with Vultr to offer cloud solutions to enterprise customers. The partnership will open up a suite of solutions including cloud computing and infrastructure services to India’s digital ecosystem. Vultr will help the telco’s enterprise customers to gain global reach and cost-performance advantage to build, test and run demanding cloud workloads.

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Adani Power Q3 Results: Net profit falls 96% YoY to ₹9 crore

Adani Power Ltd reported a 96% YoY decline in consolidated net profit to ₹8.7 crore for the quarter ended December (Q3 FY23). The revenue from operations grew 44.8% YoY to ₹7,764.4 crore during the same period. EBITDA stood at ₹1,469.7 crore in Q3, down 17% YoY.

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UK govt offers counter-package to Tata Steel for Port Talbot plant

The UK government has offered a counter-package to Tata Steel Ltd against its proposal seeking a financial package to execute its decarbonisation plans for its plant in Port Talbot. Tata Steel owns the UK’s largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. The company had sought 1.5 billion pounds from the UK government to execute its decarbonisation plans.

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Adani Wilmar Q3 Results: Net profit rises 16% YoY to ₹246 crore

Adani Wilmar reported a 16% YoY increase in net profit to ₹246.2 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 7.4% YoY to ₹15,438 crore during the same period. EBITDA rose 20.2% YoY to ₹605.3 crore in Q3. The standalone volume grew by 17% YoY to 1.41 million MT.

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Ujjivan Small Finance Bank launches app to ease banking access for ‘digitally challenged’

Ujjivan Small Finance Bank launched ‘Hello Ujjivan’, a mobile banking application with voice, visual, and vernacular-enabled features to provide banking access to individuals who have limited reading and writing skills. Customers can speak to the app in their native language to perform banking transactions and access services such as paying loan EMIs, opening FD and RD accounts, transferring funds, checking account balances, and updating passbooks.

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Jio-bp rolls out E20 blended petrol

Fuels and mobility entity Jio-bp announced the roll-out of E20 blended petrol (20% ethanol and 80% of fossil-based fuel). Customers with E20 petrol-compatible vehicles will be able to opt for this fuel at select Jio-bp outlets, and the offering will soon be expanded across the network. Operating under ‘Jio-bp’, Reliance BP Mobility Ltd (RBML) is an Indian fuels & mobility joint venture between Reliance Industries and UK-based bp.

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TCS secures $700-million deal from UK insurance services provider

Tata Consultancy Services (TCS) has announced an expansion of its long-standing partnership with Phoenix Group (the UK’s largest long-term savings and retirement provider) through a contract valued at over £600 million (~₹6,000 crore).  TCS will digitally transform Phoenix’s ReAssure business, including its administration services. This will be one of the largest deals for the IT company in the coming quarter.

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HUL’s Profit Rises 12% YoY in Q3 – Top Indian Market Updates

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

HUL Q3 Results: Net profit rises 12% YoY to ₹2,505 crore

Hindustan Unilever Ltd (HUL) reported an 11.6% year-on-year (YoY) increase in net profit to ₹2,505 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 16% YoY to ₹14,986 crore during the same period. This revenue growth was largely driven by Beauty & Personal Care (up 10%) and Home Care segments (up 32%). HUL said its royalty and central services fees to Unilever Plc will increase from 2.65% to 3.45% over three years.

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BHEL secures ₹300 crore order to modernise 2 units at Ukai plant

Bharat Heavy Electricals Ltd (BHEL) has secured an order worth ₹300 crore to renovate and modernise (R&M) steam turbines at Ukai thermal power station in Gujarat. BHEL is also the Original Equipment Manufacturer (OEM) of these turbine sets, which have been successfully operating for nearly 40 years. BHEL will not only extend the life and reliability of the two units at the plant but will also improve the efficiency levels of the turbines.

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AU Small Finance Bank Q3 Results: Net profit rises 30% YoY to ₹392 crore

AU Small Finance Bank (SFB) reported a 30% YoY increase in net profit to ₹392.82 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 41% YoY to ₹1,153 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 2.6% in Q3 FY22 to 1.81% in Q3 FY23. The bank’s operating profit stood at ₹555 crore in Q3 FY23, up 21.17% YoY.

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Maharashtra govt. approves M&M’s proposal to set up ₹10,000Cr EV plant in Pune

The Maharashtra govt. has approved Mahindra & Mahindra’s proposal to set up a ₹10,000-crore electric vehicle (EV) plant in Pune under the state’s industrial promotion scheme for EVs. The automaker will make this investment over 7-8 years for setting up the manufacturing facility, development, and production of its upcoming Born Electric Vehicles (BEVs). These models will include the e-SUVs under M&M’s iconic brand XUV.

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Havells India Q3 Results: Net profit falls 7% YoY to ₹283 crore

Havells India Ltd reported a 7.2% YoY decline in net profit to ₹283.54 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 12.8% YoY to ₹4,119.71 crore during the same period. Revenue from the cable business stood at ₹1,412 crore in Q3, up 17% YoY. The company’s board has declared an interim dividend of ₹3 per share.

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Alembic Pharma gets tentative USFDA approval for blood cancer treatment drug 

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Acalabrutinib Capsules. The capsule is used to treat mantle cell lymphoma (MCL) in adults who have received at least one previous treatment for their cancer. MCL is a type of blood cancer that affects white blood cells. As per IQVIA data, Acalabrutinib Capsules had an estimated market size of $1.5 billion in the US for the 12 months ended Sept 2022.

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L&T Tech Services Q3 Results: Net profit rises 22% YoY to ₹303 crore

L&T Technology Services Ltd reported a 22% YoY increase in net profit to ₹303.6 crore for the quarter ended December (Q3 FY23). The company’s revenue from operations rose 21.4% YoY to ₹2,048.6 crore during the same period. LTTS had 5 deal wins above $10M in total contract value (TCV). Airbus named the company as a strategic partner during the quarter.

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PVR Q3 Results: Net profit at ₹16 crore

Multiplex operator PVR Limited reported a net profit of ₹16.15 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹10.18 crore in the corresponding quarter last year (Q3 FY22). PVR’s revenue from operations rose 53.17% YoY to ₹940.69 crore in Q3 FY23. The company witnessed a sharp bounce back in profits on the back of strong content performance (high-grossing movies).

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Bombardier selects TCS as strategic partner for faster digital transformation

Canadian aerospace manufacturer Bombardier has selected Tata Consultancy Services (TCS) as a strategic partner to accelerate its digital transformation and drive innovation. TCS will help Bombardier drive its organisation-wide IT and digital transformation that aims to enhance agility. It will modernise the aviation leader’s legacy systems that support its engineering, manufacturing, aftermarket services, and defence activities.

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Asian Paints Q3 Results: Net profit rises 6% YoY to ₹1,073 crore

Asian Paints reported a 6% YoY increase in consolidated net profit to ₹1,073 crore for the quarter ended December (Q3 FY23). The company’s revenue from operations rose 1.3% YoY to ₹8,636.74 crore during the same period. The extended monsoon in October affected retail sales during the peak festival season, but demand picked up in November and December. International sales increased 2.1% YoY to ₹778.82 crore in Q3.

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Sun Pharma to acquire US-based Concert for $576 million

Sun Pharmaceutical Industries Ltd will acquire U.S.-based Concert Pharmaceuticals for $576 million to gain access to an experimental drug for treating patchy baldness. Concert’s lead candidate, deuruxolitinib, is being evaluated as a treatment for the autoimmune condition alopecia areata, which results in patchy hair loss.

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TCS Posts 11% YoY Rise in Net Profit in Q3 – Top Indian Market Updates

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

TCS Q3 Results: Profit rises 11% YoY to ₹10,846 crore

Tata Consultancy Services (TCS) reported an 11% year-on-year (YoY) increase in consolidated net profit to ₹10,846 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 19% YoY (or 5.2% QoQ) to ₹58,229 crore during the same period. Its order book stood at $7.8 billion in Q3, down from $8.1 billion in Q2. The results are below street/analysts’ estimates. TCS’s board has approved an interim dividend of ₹8 per share and a special dividend of ₹67 per share.  

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IDBI Bank divestment process to complete in FY24: DIPAM

The divestment process of IDBI Bank will complete in the fiscal year 2023-24, said Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey. Multiple expressions of interest were received for the strategic disinvestment of Centre and LIC’s stake in IDBI Bank. The transaction will now move to the second stage in which the potential bidders will conduct due diligence before putting in financial bids.

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Reliance Capital lenders decide to go for fresh auction: Report

According to an Economic Times report, Reliance Capital’s lenders have proposed holding a fresh auction next week at a minimum bid threshold of ₹9,500 crore for the bankrupt financial services firm. This follows a row over the Hinduja Group bid that came in after the last auction deadline and was higher than the top offer that had been made within the stipulated time by Torrent Investments.

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OVL retakes 20% stake in Sakhalin-1 oil, gas fields

ONGC Videsh Ltd (OVL) has re-taken a 20% stake in the Sakhalin-1 oil and gas fields in Russia. OVL is the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC). Sakhalin-1 is a large oil and gas field in far-east offshore Russia spread over 1,140 square kilometers. It was producing 220,000 barrels per day (bpd) of oil before Russia invaded Ukraine. Of this, OVL’s share was 44,000 bpd or 2.2 million tonnes per annum.

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Adani Total Gas hikes CNG price by ₹1 in Gujarat

Adani Total Gas Ltd (ATGL) hiked the price of compressed natural gas (CNG) in Gujarat by ₹1 per kilogram, said Federation of Gujarat Petroleum Dealers Association President Arvind Thakkar. This has taken the price from ₹79.34 to ₹80.34 per kilogram. The hike by ATGL comes days after state-run Gujarat Gas raised the price of CNG by nearly ₹3.5 per kg.

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L&T’s heavy engineering arm wins multiple orders in Q3

The heavy engineering arm of Larsen & Toubro won multiple significant orders (in the range of ₹1,000-2,500 crore) in the October-December quarter (Q3) of FY 2022-23. In the overseas market, L&T Heavy Engineering secured orders for one of the heaviest reactors and screw plug heat exchangers for a refinery in Mexico. It also secured orders for the supply of critical reactors and vessels for blue ammonia projects in the US and Uzbekistan.

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India’s thermal coal imports up nearly 15% in 2022: Coalmint

According to a Coalmint report, India’s imports of thermal coal (used for power generation) grew 14.7% YoY to 161.18 million tonnes (MT) in 2022, driven by higher domestic production and shipments by utilities. Meanwhile, imports of coking coal rose 0.8% to 56.1 MT, anthracite (hard coal) grew 12.2% to 1.79 MT, and PCI pulverized coal injection (PCI) shipments increased 8% YoY to 13.43 MT.

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Dr. Lal PathLabs to ramp up operations in Western India

Diagnostic chain Dr. Lal PathLabs is eyeing a leadership position in Western India. Its subsidiary, Suburban Diagnostics, has opened its largest reference lab in Vidyavihar, (Mumbai), which is expected to ramp up testing capabilities and volumes significantly in the coming months. The company will also expand the number of diagnostic centres from 750 to 2,800 and later to 4,500.

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M&M launches new versions of Thar

Mahindra & Mahindra (M&M) launched the latest versions of its popular sports utility vehicle (SUV) Thar. The prices for the new version will start at ₹9.99 lakh (ex-showroom) and go up to ₹13.49 lakh. The latest range includes rear-wheel drive variants (without 4-wheel drive capability) in two engine options with manual and automatic transmissions.

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India’s fuel demand rises 3.1% YoY in December

India’s fuel consumption (or oil demand) rose 3.1% YoY to 19.60 million tonnes (MT) in December, as per data from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry. Sales of petrol were 5.9% higher at 2.98 MT. Cooking gas or liquefied petroleum gas (LPG) sales increased by 3.9% YoY to 2.58 MT last month.

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BSE’s Total Investor Count Touches 12 Crore – Top Indian Market Updates

bse investor count

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

BSE adds 1 crore investors in 148 days

Stock exchange BSE Limited has added 1 crore registered investor accounts to its platform in just 148 days, taking the total count to 12 crore. Maharashtra leads in terms of investors with a share of 20% of the total 12 crore investors. This is followed by Gujarat at 10%, Uttar Pradesh at 9%, and Rajasthan & Tamil Nadu at 6% each. Founded in 1875, BSE is the world’s fastest stock exchange with a speed of 6 microseconds.

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Tata Motors to hike commercial vehicle prices by 2%

Tata Motors Ltd will increase the prices of its commercial vehicles by up to 2% from January 2023 to partly offset a steep rise in input costs. The automaker also added that the price increase will vary across models and variants, but will be applicable across all commercial vehicles. Shares of Tata Motors (up 1.2% at ₹419.3) were largely steady after the announcement.

In other news, Tata Motors’ board has approved the partial divestment of its equity shares in its subsidiary Tata Technologies via an initial public offer (IPO).

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Automobile sales continue to grow even after festive season: SIAM

Sales of automobiles continued to grow on a strong note even after the festive season, with customer demand remaining healthy amid an improvement in supplies. According to data released by the Society of Indian Automobile Manufacturers (SIAM), around 2,76,231 passenger vehicles were sold in November— an increase of 28% over 2,15,626 units sold in the same period last year.

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Vedanta signs pacts with 30 Japanese firms to develop Indian semiconductor manufacturing ecosystem

Vedanta Group has signed pacts with 30 Japanese technology companies to develop an Indian semiconductor and glass display manufacturing ecosystem. The pacts were signed at the Vedanta-Avanstrate Business Partners Summit 2022 held last week in Tokyo, Japan. The company is committed to making India a hub for electronics manufacturing.

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NTPC’s 240 MW Devikot solar project begins commercial operation

NTPC Ltd’s 240 megawatts (MW) Devikot solar project at Jaisalmer in Rajasthan has begun commercial operations. With this, the standalone installed and commercial capacity of the NTPC has become 58,041.27 MW. The total installed and commercial capacity of NTPC has become 70,656.27 MW.

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Bad loans worth ₹10 lakh crore written off by banks in last five financial years: Finance Minister

Finance Minister Nirmala Sitharaman said bad loans worth ₹10,09,511 crore have been written off by banks during the last five financial years. The bad loans or non-performing assets (NPAs), including those in respect of which full provisioning has been made on completion of four years, have been removed from the balance sheet of the bank concerned by way of a write-off.

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TCS partners with Gujarat government to impart digital skills in schools

Tata Consultancy Services (TCS) has partnered with Gujarat’s Samagra Shiksha, Gujarat Council of School Education, to train school students and teachers in new-age digital skills such as computational and design thinking. TCS’ Corporate Social Responsibility (CSR) program will bring the company’s flagship global initiatives (Ignite My Future and goIT) to schools in the state.

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U.S. CPI fell to 7.1% in November, lower than expected

The U.S. consumer price index (CPI) jumped 7.1% in November from a year ago, down from 7.7% in October. Headline inflation has now fallen for five months in a row. But it still remains more than three times the Federal Reserve’s target level of 2.0%. The monthly Core CPI came in at 0.2%, compared to analysts’ estimate of 0.3%.

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Retail Inflation Eases to 5.88% in Nov – Top Indian Market Updates

Consumer Price Index

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

India’s retail inflation eases to an 11-month low of 5.88% in Nov

India’s retail inflation (based on the Consumer Price Index or CPI) eased to an 11-month low of 5.88% in November on an annual basis. The figure came within the Reserve Bank of India’s (RBI) tolerance band for inflation of 2-6% for the first time this year. CPI stood at 6.77% in October. The decline can be attributed to a fall in food prices, which account for almost 40% of India’s CPI basket. Food inflation for November came in at 4.67%, compared to 7.01% in Oct. 

Meanwhile, India’s factory output (measured by the Index of Industrial Production or IIP) witnessed a (-)4% contraction in October 2022.

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OnePlus partners with Reliance Jio for 5G

Reliance Jio has partnered with global technology brand OnePlus to bring in the evolutionary standalone (SA) 5G technology ecosystem in India. As a part of the collaboration, all the OnePlus 5G devices will be powered by Jio ‘True 5G’ technology. Currently, Reliance Jio is rolling out 5G SA in Delhi-NCR, Mumbai, Kolkata, Varanasi, Chennai, Bengaluru, Hyderabad, and Pune. 

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India’s steel output grows 5% to 10.34 MT in Nov: SteelMint

According to SteelMint India, India’s crude steel output rose by about 5% YoY to 10.34 million tonnes (MT) in November 2022. SAIL, Tata Steel, JSW Steel, JSPL, AMNS India, and RINL produced 6.28 MT of steel, and the remaining 4.06 MT came from the secondary sector. The consumption of the alloy surged 13.42% to 9.66 MT in November, compared to 8.52 MT a year ago.

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ONGC to invest ₹2,150 crores on drilling 53 exploratory wells in Andhra Pradesh

Oil & Natural Gas Corporation (ONGC) will invest ₹2,150 crores to drill 53 exploratory wells in Andhra Pradesh. It will carry out the exploration of 50 wells in the Krishna Godavari (KG) basin in East and West Godavari districts. Meanwhile, three drillings will be carried out in the Cuddapah basin in Kurnool, Anantapur, and YSR districts.

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TCS faces lawsuit in the US for alleged discriminatory hiring practices

Tata Consultancy Services (TCS) is facing a class action civil rights lawsuit from a former employee in the US for discriminatory hiring practices. Shawn Katz has filed a lawsuit against TCS seeking relief for alleged discrimination based on race and national origin at the US District Court for the District of New Jersey. He alleged that the IT firm discriminates against non-South Asian and non-Indian applicants and employees.

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Dalmia Bharat to acquire Jaypee Cement for ₹5,666 crore

Dalmia Bharat Ltd’s cement subsidiary will acquire the cement and power plants of Jaiprakash Associates Ltd for ₹5,666 crores. The assets include a cement manufacturing capacity of 9.4 million tonnes (MT), a clinker capacity of 6.7 MT, and thermal power plants of 280 megawatts (MW). The new plants will take Dalmia Cement’s cement manufacturing capacity from 35.9 million tonnes per annum (MTPA) at present to 46.3 MTPA.

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All-India electricity demand may grow 7% to 1,480 BU in FY23: Icra

Electricity demand in India is expected to grow 7% year-on-year (YoY) to 1,480 billion units (BU) in the current financial year (FY23), according to rating agency Icra. In the previous financial year (FY22), the all-India power demand was at 1,380 BU. The estimates are based on the fact that all-India electricity demand increased 10.6% YoY in the first eight months of FY23 amidst a severe heat wave in the north and central India.

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Glenmark Pharma gets warning letter from USFDA for lapses at Goa plant

Glenmark Pharmaceuticals Ltd has received a warning letter from the US Food & Drug Administration (USFDA) for manufacturing lapses (including failure to establish required laboratory control mechanisms) at its Goa-based manufacturing plant. The warning letter summarises significant violations of Current Good Manufacturing Practice (CGMP) regulations for finished pharmaceuticals. USFDA inspected the manufacturing facility from May 12, 2022, to May 20, 2022.

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Macrotech Developers raises ₹3,547 crores via QIP

Macrotech Developers (Lodha) has raised around ₹3,547 crores from foreign and domestic institutional investors through a Qualified Institutional Placement (QIP). This was the largest QIP by any Indian corporate this year. Capital Group, UBS, Abu Dhabi Investment Authority, and Nomura have picked up over 7.2% stake in the real estate company.

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Tata Group plans to open 100 small exclusive Apple stores: Report

According to an Economic Times report, the Tata Group aims to open small exclusive Apple stores across India. Apple is reportedly partnering with Tata-owned Infiniti Retail, which runs the Croma store chain, for the venture. Infiniti Retail will become an Apple franchisee partner. It intends to open 100 such outlets of 500-600 sq. ft. each at malls and high-street locations.

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India Achieves 166GW of Renewable Energy Capacity Till Oct – Top Indian Market Updates

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

India achieves 166GW of renewable energy capacity till October

India has achieved 165.94 gigawatts (GW) of renewable energy capacity till October, compared to the target of 175GW by the end of 2022. A capacity of 76.13 GW (of renewables) is under various stages of implementation. A 36.44 GW capacity is under various stages of bidding. The Ministry of New & Renewable Energy is working towards achieving 500 GW of installed electricity capacity from non-fossil sources by 2030.

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USFDA lists Sun Pharma’s Halol unit under ‘import alert’

The US Food & Drug Administration (USFDA) has placed Sun Pharmaceuticals Ltd’s Halol unit under ‘import alert’. All future shipments of products manufactured at this facility are subject to refusal of admission to the US market until it becomes compliant with Current Good Manufacturing Practice (CGMP) standards. The USFDA has excluded 14 products from this import alert subject to certain conditions.

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JSPL acquires debt-ridden Monnet Power for ₹410 crore

Jindal Steel & Power Ltd (JSPL) has acquired debt-ridden Monnet Power for ₹410 crore through the insolvency route. The transaction for the Odisha-based 1,050-megawatt power asset was completed on Wednesday. The new asset will provide power to JSP’s steel plant in Angul (Odisha).

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HUL to acquire stake in Oziva and Wellbeing Nutrition

Hindustan Unilever Ltd (HUL) will invest in Zywie Ventures and Nutritionalab to enter the ₹30,000 crore health & wellness market. Zywie Ventures sells plant-based supplements under the Oziva brand, while Nutritionalab sells nutritional products under “Wellbeing Nutrition”. HUL will acquire a 51% equity stake in Oziva for ₹264 crore in the first round. The company will also buy a 19.8% equity stake in Wellbeing Nutrition for about ₹70 crore.

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IndusInd Bank signs co-lending pact with SV Credit Line

IndusInd Bank has partnered with SV Credit Line for a co-lending agreement for a ₹500 crore loan exclusively to women borrowers. The agreement will help rural women access affordable loans that can be used for a wide range of economic activities like agriculture, animal husbandry, trading, and local manufacturing. SV Credit Line lends only to women customers. It has a customer base of 3.5 lakh across 10 states and 130 districts.

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Power deficit declines from 2% in April to 0.1% in October

The power deficit (or the gap between electricity required and supplied) has fallen from 2% in April to 0.1% in October 2022. The data showed that the deficit was 2,752 million units (units) in April this year, which came down to 124 MU in October. The Compound Annual Growth Rate (CAGR) for electrical energy requirements from 2021-22 to 2026-27 is 6.67% and for peak electricity demand is 6.42%.

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Reliance, Ashok Leyland in talks for engines running on hydrogen

According to an Economic Times (ET) report, Reliance Industries Ltd (RIL) is in advanced talks with Hinduja Group’s Ashok Leyland Ltd (ALL) for the development and supply chain of hydrogen-powered engines. ALL will retrofit an existing fleet of 45,000 trucks with fuel-cell engines so that these vehicles can use green hydrogen instead of diesel. RIL has contracted these trucks to ferry refined products and other marketing goods.

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Protests against Adani port called off, construction resumes at Vizhinjam

Protesters have called off a 130-day-long agitation against the Vizhjinjam seaport for now. The Adani Group resumed construction of the seaport on Thursday, with trucks full of material rolling into the project site. APSEZ will prioritize completing the construction of the 2,960-meter-long breakwater, of which around 1,400 metres have already been completed.

Several fishermen have demanded an end to the construction work and have asked authorities to conduct a coastal impact study in connection with the multi-crore project.

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TCS partners with Barclays to help specially-abled children

Tata Consultancy Services (TCS) and Barclays in India have expanded their partnership to help children with neuro-muscular disabilities become self-reliant. TCS will bring its Virtual Habilitation (VHAB) solution to Bal Kalyan Sanstha in Pune. VHAB is a digital assistive solution that improves the physiotherapy regimen for children with locomotor disabilities due to cerebral palsy or autism. Barclays will provide hardware and equipment support for the project.

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Kalyan Jewellers plans to add 52 showrooms in 2023

Kalyan Jewellers plans to expand its retail footprint by over 30% in the next calendar year by adding 52 showrooms. The expansion will mainly focus on the non-South region, which currently contributes 35% to its Indian business. This project will be fuelled by franchisees. The company operates on Franchise Owned Company Operated (FOCO) model.

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Govt Gets ₹5,001Cr Dividend From ONGC – Top Indian Market Updates

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

Government gets ₹5,001 crore dividend from ONGC

The government has received around ₹5,001 crore as dividend from Oil & Natural Gas Corporation (ONGC). This takes the total dividend receipt from all Central Public Sector Enterprises (CPSEs) in this financial year (FY23) to ₹23,797 crore. CPSEs are required to pay a minimum annual dividend of 30% of profit after tax (PAT) or 5% of net worth, whichever is higher.

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Mankind Pharma acquires majority stake in Upakarma Ayurveda

Mankind Pharma has acquired a majority stake in Upakarma Ayurveda, which manufactures and sells ayurvedic and herbal products. The pharma company’s decision to invest will empower Upakarma Ayurveda to develop a wider range of products and offerings. Mankind Pharma acquired the ayurvedic solutions firm through one of its subsidiaries.

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TCS launches quantum computing lab on Amazon Web Services

Tata Consultancy Services (TCS) has partnered with Amazon Web Services (AWS) to launch a quantum computing lab on the Amazon platform. The platform will help enterprises develop & test business solutions and accelerate the adoption of quantum computing. TCS will help customers explore and co-create new use cases of quantum computing to tackle business challenges that defy the capabilities of conventional technologies.

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EaseMyTrip introduces special program for its elite customers

EaseMyTrip announced the introduction of EMTPRO— an invite-only, special program for its elite customers. Under this program, EaseMyTrip’s customers will be enrolled in a ‘Refer Now & Earn Forever’ program. Users will get exciting cash-backs on flights, hotels, holidays, buses, and train bookings for one year by referring a new user to book from the EaseMyTrip website or mobile application.

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Bank credit grows to 17.2% in September: RBI

The Reserve Bank of India (RBI) released quarterly statistics on deposits and credit on Monday. It highlighted bank credit growth to 17.2% on an annual basis in September from 14.2% a quarter ago. The credit growth remained broad-based with all population and bank groups recording double-digit annual growth. Private sector banks have been outpacing public sector banks, foreign banks, and regional rural banks in deposit mobilisation.

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Zydus Lifesciences gets USFDA approval for Levothyroxine Sodium injection

Zydus Lifesciences Ltd. has received tentative approval from the US Food & Drug Administration (USFDA) to market Levothyroxine Sodium injection in the American market. The injection is used to treat myxedema coma or severe hypothyroidism. The pharma company will manufacture the drug at its injectable facility in Vadodara, Gujarat.

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Signature Global gets SEBI approval for its ₹1,000 crore IPO

Realty firm Signature Global (India) Ltd has received approval from markets regulator SEBI for its initial public offer (IPO). The company will raise up to ₹1,000 crore to clear debt and land acquisition. As per the DRHP, the IPO will comprise a fresh issue of equity shares worth up to ₹750 crore and an Offer for Sale (OFS) of up to ₹250 crore. Signature Global primarily focuses on affordable and mid-housing segments. 

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Hero MotoCorp to revise prices of its two-wheelers

Hero MotoCorp Ltd will raise the prices of its motorcycles and scooters by up to ₹1,50, with effect from December 1, 2022, due to inflationary cost pressures. “The upward revision of the prices of our two-wheelers has been necessitated due to overall inflationary costs. We will continue to provide innovative financing solutions to cushion the impact on the customers,” said Niranjan Gupta, Chief Financial Officer.

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NBCC gets ₹271Cr order in stalled projects of Amrapali Group

NBCC (India) Ltd secured work orders worth ₹271.62 crore in projects of erstwhile realty firm Amrapali Group. It got an order of ₹42.44 crore for the construction of balance works of Amrapali Corporate Hub at IMT Manesar, Gurugram. NBCC got another order of ₹229.18 crore for special repair and upgradation works of Amrapali Projects at Noida & Greater Noida.

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Bajaj Finance to acquire 40% in Snapwork Tech

Bajaj Finance will acquire up to 40% stake in Mumbai-based Snapwork Technologies for an all-cash consideration of up to ₹93 crore. The transaction is expected to be completed prior to December 31, 2022. Snapwork Technologies is engaged in developing, consulting, marketing, and implementation of software technology and allied products.

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Tata Motors to Supply 1,000 Buses to Haryana Govt – Top Indian Market Updates

FILE PHOTO: Tata Motors logos are seen at their showroom in Mumbai February 14, 2013. REUTERS/Vivek Prakash/File Photo

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

Tata Motors to supply 1,000 buses to Haryana govt

Tata Motors Ltd has secured an order for 1,000 buses from Haryana Roadways. The company will supply 52-seater fully-built diesel buses in a phased manner. The buses offer superior passenger comfort, high fuel efficiency, reliability, and low total cost of ownership. The bidding process was carried out through the state government’s e-tender process.

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Ashok Leyland delivers 150 vehicles to Tanzania Police Force

Ashok Leyland Ltd has delivered 150 trucks and buses to the Tanzania Police Force. The supplies are part of a contract signed between Ashok Leyland and the Ministry of Home Affairs, Tanzania. It is financed through a long-term soft loan extended by the Export-Import (EXIM) Bank of India. Currently, the Tanzania Police Force has a fleet of 625 Ashok Leyland vehicles.

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Kolte Patil Developers raise ₹206Cr from Marubeni Corporation for new residential project

Kolte Patil Developers Ltd has raised ₹206 crore from Japan-based Marubeni Corporation for its upcoming residential project located in Pimple Nilakh micro market, Pune. Based on the agreement, Marubeni Corporation will be entitled to 2.85 lakh sq. ft. of saleable area. The Pimple-Nilakh residential project has a total development potential of nearly 8 lakh sq. ft.

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Maruti Suzuki partners with IIT Bombay to drive innovation programs for startups

Maruti Suzuki India Ltd (MSIL) has partnered with the Indian Institute of Technology, Bombay to drive innovation programs for startups. MSIL and the Society for Innovation & Entrepreneurship (SNIE) at IIT Bombay will jointly shortlist startups for some of the complex business problems identified by the automaker. SNIE will also support outreach and incubation of potential startups who can be part of MSIL’s innovation programs.

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Govt hikes windfall tax on domestically produced crude

The Indian government has raised the windfall tax on domestically produced crude oil from ₹9,500 per tonne to ₹10,200 per tonne. [A windfall tax is a higher tax rate levied by governments against certain industries when economic conditions allow those industries to experience above-average profits.] The Centre has also reduced the special additional excise duty on the export of diesel from ₹13.00 per litre to ₹10.50 per litre. The duty on aviation turbine fuel exports remains unchanged at ₹5 a litre.

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Jewellery industry estimated to register 60% growth in Q2 FY 2023: ICRA

According to rating agency ICRA, the domestic jewellery industry is estimated to have registered a healthy growth of 60% in Q2 FY23 compared to pre-Covid levels (Q2 FY20). On a year-on-year basis, the demand recorded a contraction of 2% in Q2 due to a high base. The industry grew 70% YoY in Q2 FY22 due to pent-up demand after easing of Covid-19-related restrictions.

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Blackstone acquires majority stake in R Systems for ₹2,904 crore

Global investment fund Blackstone has acquired a majority stake in R Systems International Ltd for $359 million (~Rs 2,904 crore). R Systems is a leading provider of IT services, specializing in digital product engineering. It serves over 250 customers in the technology, media, telecom, and financial services sectors globally. Blackstone acquired the stake from founder Satinder Singh Rekhi and other current promoters.

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RateGain partners with Booking.com for AI-powered solutions

RateGain Travel Technologies Ltd’s Content AI platform has established a new and improved integration with online travel agency Booking.com. The integration will help in seamless content distribution and easier property management. The Content AI platform will save customers’ time and allow travellers to see up-to-date content and images from the accommodation on Booking.com.

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TCS expands deal with HR services company Randstad

Tata Consultancy Services (TCS) has expanded an existing deal from Dutch multinational human resource consulting firm Randstad. The IT company will modernize Randstad’s application estate on the cloud, strengthen the security posture, and accelerate its transformation journey. Randstad selected TCS as a strategic transformation partner in 2016 to digitise its sourcing solutions.

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Bharti Airtel launches 5G services at Pune airport

Bharti Airtel has deployed its Airtel 5G Plus service at Pune Lohegaon Airport, making it the first airport in Maharashtra to enjoy ultrafast 5G services. Airtel customers with 5G smartphones will enjoy high-speed 5G service on their existing data plans. With this launch, Airtel has deployed its 5G network in 11 cities. 

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ABFRL to bring French Galeries Lafayette stores to Delhi, Mumbai

Aditya Birla Fashion & Retail Ltd (ABFRL) and Galeries Lafayette have entered into a partnership to open stores of the French luxury retailer in India in the next 2-3 years. They will also open a dedicated e-commerce platform. Galeries Lafayette is known for its luxury store at Boulevard Haussmann in Paris. The flagship stores in India will bring more than 200 luxury and designer brands under one roof.

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TCS Posts 8% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

TCS Q2 Results: Net profit rises 8% YoY to ₹10,431 crore

Tata Consultancy Services (TCS) reported an 8.4% YoY increase in consolidated net profit to ₹10,431 crore for the quarter ended September (Q2 FY23). The IT company’s revenue from operations rose 18% YoY to ₹55,309 crore during the same period. Its order book stood at $8.1 billion in Q2. TCS’s board has approved a dividend of ₹8 per share. 

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JSW Steel’s combined production grows 12% to 5.68 MT in July-Sept

JSW Steel Ltd reported a 12% year-on-year (YoY) growth in its combined steel production at 5.68 million tonnes (MT) during the quarter ended September (Q2 FY23). Production was down 3% compared to 5.88 MT in the April-June period (Q1). The fall in production can be attributed to extended maintenance shutdowns, subdued market conditions in the US, and lower capacity utilisation in various units in India. 

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Adani Group in talks for Jaiprakash’s cement unit for $606 million: Report

According to an ET Now report, Adani Group is in advanced talks with debt-laden Jaiprakash Power Ventures Ltd. to acquire its cement unit. The group could pay about ₹5,000 crore (~$606 million) for a cement grinding unit and other smaller assets. The deal will help consolidate the Adani Group’s dominance in the cement sector, which started after it recently bought Ambuja Cements Ltd. and ACC Ltd. from Switzerland’s Holcim Ltd.

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India’s fuel demand slips to 10-month low in September

India’s monthly fuel demand in September was at its lowest since November 2021. Total monthly fuel demand in September fell 3.6% from August, although it was up 8.1% when compared with September 2021. Consumption of fuel totaled 17.18 million tonnes (MT) in September, up from 15.89 MT a year earlier. Sales of diesel grew 13.4% YoY to 6.26 MT in Sept but dropped 1.4% month-on-month.

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EaseMyTrip’s board approves bonus shares and stock split

The Board of Directors of Easy Trip Planners Ltd has approved a bonus issue. It will issue three bonus shares for every one share held in the company. Easy Trip Planners will need free reserves of ₹130.4 crore (created out of the company’s profits in FY22) for implementing the bonus issue. The board also cleared a proposal to split its stock in the ratio of 1:2 (each equity share with a face value of ₹2 will be split into two equity shares with a face value of ₹1). 

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India Cements divests entire stake in Springway Mining to JSW Cement for ₹477 crore

India Cements Ltd has signed a pact with JSW Cement to divest its entire stake in Springway Mining Pvt Ltd (SMPL) for ₹477 crore. SMPL owns limestone-bearing land in Madhya Pradesh’s Panna district. It is also setting up a cement plant in Damoh district. JSW Cement has paid ₹373.87 crore towards part of the deal amount. The rest has to be paid on or before December 31, 2022. 

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Gravita starts commercial production at aluminium recycling plant in Senegal

Gravita India Ltd’s step-down subsidiary in Senegal (West Africa) has commenced commercial production of aluminium from a new recycling plant. The plant has an annual capacity of around 4,000 metric tonnes per annum (MTPA). The company is expecting an additional revenue of approx. ₹60 crore per annum with gross margins of nearly 20% from the new capacity.

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Equity inflows surge in September despite volatility: AMFI

Data released by the Association of Mutual Funds in India (AMFI) showed that equity mutual funds witnessed a net inflow of ₹14,077 crore in September 2022, compared to a net inflow of ₹5,942.2 crore in August. Total assets under management for the mutual fund industry stood at ₹38.42 lakh crore as of September 30, compared to ₹39.33 lakh crore as of August 31. Contribution through SIP went up to ₹12,976 crore in September when compared to ₹12,693 crore in August. 

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Nykaa Fashion partners with Revolve to offer new range of global fashion labels

E-commerce platform Nykaa’s fashion arm, Nykaa Fashion, announced a partnership with California-based Revolve to offer access to a range of global fashion labels. With this collaboration, Nykaa Fashion will offer consumers curations spanning over 26,000 options and over 400 brands across apparel, footwear, and accessories, including REVOLVE and its own online platform.

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Tata Motors’ global sales up 33% in Q2

Tata Motors reported a 33% YoY increase in global sales (including that of Jaguar Land Rover) to 3,35,976 units during the quarter ended September (Q2 FY23). Global wholesale units of all Tata Motors’ commercial vehicles and Tata Daewoo range in the quarter stood at 1,03,226 units, up 16% YoY. Sales of JLR stood at 89,899 units in Q2 FY23, compared to 78.251 units in Q2 FY22.

Read more here.

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Retail Inflation Rises to 7% in August – Top Indian Market Updates

inflation - top market updates - marketfeed
Food and Price Inflation Rises After Monetary Value Growth Ideas Financial problems and forecasting market crashes crisis risk. The young man pushed the shopping cart along the rising arrow chart.

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

CPI inflation rises to 7% in August

India’s retail inflation, measured by the Consumer Price Index (CPI), jumped to 7% in August 2022, compared to 6.71% in July. Headline inflation remains above the Reserve Bank of India’s upper target for the eighth month. Inflation in food and beverages stood at 7.6% against 6.69% in July. Fuel and light inflation was at 10.8% in August, compared to 11.76% in July.

The Index of Industrial Production (IIP), which measures total factory output, saw a growth of 2.4% YoY to 134.6 in July. 

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JSW Steel posts 22% rise in production in August

JSW Steel Ltd reported a 22% YoY increase in crude steel production in August 2022 to 16.76 lakh tonnes. The private steel company had produced 13.77 lakh tonnes in August 2021. Long product volume grew by 25% YoY to 3.75 lakh tonnes. The average capacity utilisation was lower at 87.4% due to a shortage of iron ore in the Karnataka and Odisha regions.

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India plans $2.5 billion aid to oil firms hit by soaring costs: Report

As per a report by Economic Times, the Indian govt. plans to pay nearly $2.5 billion (~₹19,855 crore) to state-run fuel retailers (IOCL, HPCL, BPCL) to partly compensate them for losses and keep a check on cooking gas prices. State oil companies must buy crude at international prices and sell locally in a price-sensitive market. These firms have also been holding down gasoline and diesel pump prices since early April to curb accelerating inflation.

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Bharti Airtel’s arm Nxtra to deploy fuel-cell clean energy tech at data centre

Nxtra Data Ltd, a subsidiary of Bharti Airtel Ltd, has partnered with Bloom Energy to deploy low-environmental impact fuel cell installation at its data centre in Karnataka. It will help reduce carbon emissions through a cleaner, hydrogen-ready fuel supply. Nxtra by Airtel has a network of data centers in India with 12 large and 120 edge data centers across the country. It will invest over ₹5000 crore over the next four years to expand its capacity by 3X to over 400 MW.

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ITC to launch over 20 properties in two years

ITC Ltd is exploring options and discussing alternate structures for the demerger plan of its hotel business, said Anil Chadha, Divisional Chief Executive at ITC Hotels. The company plans to launch more than 20 hotels in the next two years. It is also evaluating its overseas expansion and considering the Middle East market. The group currently has around 115 properties with over 11,000 keys across brands in India. 

Happiest Minds Tech announces expansion of Noida campus

Happiest Minds Technologies Ltd announced the expansion of its Noida facility (Smiles 5) to increase its delivery capacity and leverage the area’s diverse high-technology talent pool. With the additional facility, the IT company will have a capacity of 450 in the NCR region. This launch follows the announcement of Happiest Minds’ acquisition of a 1,600-seater property in Bengaluru in July 2022 and expansion in newer locations like Bhubaneswar.

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TCS wins cloud transformation deal from Penumbra

Tata Consultancy Services (TCS) has secured a deal from US-based healthcare company Penumbra to transform its core processes. TCS has completed the first phase of this cloud transformation process across order management, finance and procurement functions. The IT major has integrated internal and external data sources to enable real-time insights for decision-making and self-service.

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Zydus gets final USFDA approval to market Cariprazine Capsules

Zydus Pharmaceuticals (USA) Inc., a subsidiary of Zydus Lifesciences Ltd, has received final approval from the US Food & Drug Administration (USFDA) to market Cariprazine Capsules. The drug is an atypical antipsychotic indicated for the treatment of schizophrenia and acute treatment of manic or mixed episodes related to bipolar disorder. The pharma company will manufacture the product at its facility at the Special Economic Zone (SEZ), Ahmedabad.

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Bajaj Finserv to trade ex-bonus and ex-split on Tuesday

The shares of Bajaj Finserv Ltd will trade ex-bonus and ex-split on Tuesday. The company announced bonus share issuance in the ratio of 1:1. It also declared the sub-division of its shares from the face value of ₹5 to the new face value of ₹1. These announcements helped the stock rally up to 11% in a month and cross the ₹17,000 mark.

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Mindtree Reports 37% YoY Rise in Net Profit in Q1 – Top Indian Market Updates

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

Mindtree Q1 Results: Net profit rises 37% YoY to Rs 472 crore

Mindtree reported a 37.3% YoY increase in net profit to Rs 471.6 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 36.2% YoY (or 7.7% QoQ) to Rs 3,121.1 crore during the same period. The IT company’s earnings before interest & tax (EBIT) stood at Rs 598 crore, up 47% YoY or 9% QoQ. Mindtree registered its highest-ever order book of $570 million (~Rs 4,547 crore) in Q1.

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RITES signs pact with CRILS to explore rail tech opportunities

Rail India Technical and Economic Service Ltd (RITES) has signed a Memorandum of Understanding (MoU) with the Centre for Railway Information Systems (CRIS) to explore information technology-based opportunities in the railway sector. Both entities will leverage each other’s expertise and collaborate to drive digitalisation in railway technologies. CRIS and RITES will work on national and international projects.

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TCS launches its 5th global research and innovation centre in Toronto

Tata Consultancy Services (TCS) has launched TCS Pace Port Toronto, its fifth global research and co-innovation centre. The centre provides companies with access to the latest technologies and “breakthrough thinking” from TCS Research labs, startups, entrepreneurs, and academia. TCS Pace Port hubs around the world include 4,000 researchers and innovators, 2,300 start-up partners, and over 30 innovation labs.

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Glenmark Pharma claims its nasal spray can reduce Covid-19 viral load by 93.7% in 24 hours

Glenmark Pharmaceuticals Ltd and its strategic partner SaNOtize Research and Development Corp published their peer-reviewed Phase-3 clinical trials of their Nitric Oxide Nasal Spray (NONS). When administered to adult Covid-19 patients, the nasal spray demonstrated a reduction of viral load by 93.7% in 24 hours and 99% in 48 hours. The nasal spray has been launched in India under the brand name FabiSpray.

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ED files FIR against IndusInd Bank employees, others for remittance irregularities

The Enforcement Directorate (ED) has filed a first information report (FIR) against a few employees of Indusind Bank and some entities in connection with alleged irregularities in remittances for import transactions between 2011-2014. “There is no credit exposure of the bank to these entities,” said Indusind Bank in an exchange filing.

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RBL Bank partners with IMGC to offer MG-backed home loans

RBL Bank has partnered with India Mortgage Guarantee Corporation (IMGC) to offer Mortgage Guarantee (MG) backed home loan products for prospective customers. This partnership with IGC will help RBL Bank extend MG-backed home loans to new borrower segments through its network of over 500 branches across India. It will also allow RBL Bank to mitigate credit risks by leveraging IMGC’s expertise.

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Antony Waste Handling Cell reports record-high operating revenues in Q1

Antony Waste Handling Cell Ltd (AWHCL) handled 1.05 million tonnes (MT) in the April-June quarter (Q1 FY23), an increase of 17% YoY. The company’s collection & transportation (C&T) business managed approx 0.40 MT in Q1, a growth of 15.8% YoY. The total tonnage of waste processed by the firm rose 17.8% YoY to 0.65 MT. Total operating revenue improved by nearly 26% YoY in Q1. AWHCL provides a full spectrum of Municipal Solid Waste (MSW) services.

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Adani Ports achieves 100 MMT cargo volume in Q1

Adani Ports & Special Economic Zone Ltd (APSEZ) registered a cargo throughput of 100 million metric tonnes (MMT) in the first 99 days of FY23. The present growth in cargo is supported by a 12% YoY increase in June 2022 at 31.88 MMT. APSEZ was able to handle 100 MMT cargo volume due to innovations that integrate conventional business processes with new-age digital technologies.

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Signature Global files draft papers with SEBI for Rs 1,000 crore IPO

Gurgaon-based real estate developer Signature Global has filed the Draft Red Herring Prospectus (DRHP) with SEBI to raise Rs 1,000 crore via an initial public offering (IPO). The IPO will include a fresh issue of shares worth up to Rs 750 crore and an Offer for Sale (OFS) of up to Rs 250 crore. Signature Global primarily develops affordable housing projects in the National Capital Region (NCR).

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Tata Power’s arm secures hybrid power project from SECI

TP Saurya Limited (TPSL) has received a ‘Letter of Award’ (LoA) from Solar Energy Corporation of India (SECI) for establishing a 600 megawatt (MW) hybrid power project in Karnataka. The project will be commissioned within 24 months. By securing this project, Tata Power’s total renewable capacity has reached ~5,524 MW.

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TCS Reports 5.2% YoY Rise in Net Profit in Q1 – Top Indian Market Updates

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

TCS Q1 Results: Net profit rises 5.21% YoY to Rs 9,478 crore

Tata Consultancy Services (TCS) reported a 5.21% YoY increase in consolidated net profit to Rs 9,478 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 16.2% YoY to Rs 52,758 crore during the same period. The last twelve months IT services attrition rate stood high at 19.7%. The IT firm’s board has declared an interim dividend of Rs 8 per share.

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M&M plans to sell 2 lakh electric vehicles by FY27

Mahindra & Mahindra Ltd (M&M) hopes to sell two lakh electric vehicles (EVs) by FY27. It has begun a new path to grab a share of the shift towards electrification. The automaker plans to invest over $1 billion in the EV business and develop a portfolio of five EVs in the next five years. M&M recently raised ~Rs 1,980 crore from British International Investment (BII) for its new wholly-owned EV company.

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Tata Motors’ global wholesales up 48% YoY to 3.16 lakh units in Q1

Tata Motors Ltd’s global wholesales (including JLR) increased by 48% YoY to 3,16,443 units in the April-June quarter (Q1 FY23). Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q1 stood at 1,03,529 units, up 97.3% YoY. The company’s global sales of all passenger vehicles rose 31% YoY to 2,12,914 units.

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City Union Bank partners with Shriram General to distribute insurance products

City Union Bank has partnered with Shriram General Insurance to distribute insurance products across the bank’s 727 branches in India. The deal gives space for Shriram General to offer personal lines of insurance products such as motor, personal accident, home, and travel. The agreement allows City Union Bank to provide non-life insurance products to its customers.

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Mahindra Holidays plans to add 1,000 rooms in next 2-3 years

Mahindra Holidays & Resorts India Ltd (MHRIL) plans to add ~1,000 rooms in the next 2-3 years, said chairman Arun Nanda. The company is looking at greenfield projects, expansion of existing facilities, acquisitions, and lease opportunities to drive significant growth in room inventory in the next few years. MHRIL added 385 rooms during the financial year 2021-22 (FY22). The total room inventory now stands at 4,568 units across 84 resorts.

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Kotak Mahindra Bank bags DLL India’s agri & healthcare equipment financing portfolio

Kotak Mahindra Bank has acquired the agriculture and healthcare equipment financing portfolio of asset finance company DLL India. DLL India is a subsidiary of Netherland-based De Lage Landen International B.V., owned by Rabobank. With this acquisition, the bank will gain access to over 25,000 customers with a total standard loan outstanding of ~Rs 582 crore. Kotak Mahindra Bank has also acquired the non-performing assets (NPA) portfolio of DLL India with a total loan outstanding of ~Rs 69 crore.

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Happiest Minds partners with CloudFabrix’s RDAF

Happiest Minds Technologies Ltd has entered into a strategic partnership with US-based CloudFabrix’s Robotic Data Automation Fabric (RDAF) to unify data observability, artificial intelligence for IT operations (AIOps), and automation. RDAF consolidates diverse data sources, converges on the root cause by applying AI/ML pipelines, and concludes by remediating with intelligent automation.

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Investor flow to equity mutual fund schemes fall 16% in June: AMFI

Net investments into equity and equity-linked schemes fell 16.3% over the previous month to Rs 15,497.7 crore in June. The number of systematic investment plan (SIP) accounts stood at an all-time high at 5.54 crore and monthly SIP contribution at Rs 12,276 crore in June. The net assets under management  (AUM) for the Indian mutual fund industry stood at Rs 35.64 lakh crore in June, registering a 6% YoY growth. The data was released by the Association of Mutual Funds in India (AMFI).

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HAL, Safran to develop new helicopter engines

Hindustan Aeronautics Ltd (HAL) has signed an agreement with France-based Safran Helicopter Engines to create a new joint venture (JV) to develop helicopter engines. The JV will meet the requirements of HAL and the Ministry of Defence’s future helicopters, including the 13-tonne Indian Multi-Role Helicopter (IMRH). This partnership will involve and utilise the Indian defence manufacturing ecosystem within India.

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ONGC, OIL, GAIL emerge winners of OALP-VII bidding round

Oil & Natural Gas Corp (ONGC), Oil India Ltd. (OIL), and Gas Authority of India Ltd. (GAIL) have walked away with most of the eight blocks offered for exploration and production of oil and gas in the Open Acreage Licensing Policy (OALP) 7th bidding round. ONGC won three blocks in this round, while OIL won two. GAIL won one block in Rajasthan. The government has now launched the OALP Bid Round-VIII for 10 blocks.

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