Tag: TCS

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SpiceJet Calls for 10-15% Hike in Airfares – Top Indian Market Updates

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

SpiceJet to hike airfares up to 15% on fuel, forex costs

SpiceJet Ltd has called for a 10-15% hike in airfares to counter high fuel costs and a weak rupee. Operating costs have increased to unsustainable levels. The airline’s MD Ajay Singh noted aviation turbine fuel prices have increased by more than 120% since June 2021. He has called on the federal and state governments to cut taxes.

Read more here.

IRB Infra’s arm achieves financial closure for Rs 6,538 crore expressway project in UP

Meerut Budaun Expressway Pvt. Ltd, a wholly-owned subsidiary of IRB Infrastructure Developers Ltd, has achieved financial closure for a Rs 6,538-crore project in Uttar Pradesh. The Ganga Expressway Group-1 is a greenfield project that will be carried out under Build, Operate, and Transfer (BOT) mode. A consortium of lenders extended financial support of Rs 2,659 crore for the six-lane greenfield expressway corridor of 129.7 km.

Read more here.

Glenmark Pharma launches asthma drug

Glenmark Pharmaceuticals Ltd has launched a novel fixed-dose combination (FDC) drug for patients with uncontrolled asthma. It will be sold under the brand name Indamet. The drug will help manage uncontrolled asthma by improving lung function, better symptom control, and reducing exacerbations.

Read more here.

Dredging Corp secures maintenance contract worth Rs 250 crore

Dredging Corporation of India Ltd has secured a yearly maintenance contract worth Rs 250 crore for Mumbai and the JNPA navigation channel. It includes dredging of ~20 million cubic meters. The company is aiming at its highest ever turnover of Rs 1,000 crore for the financial year 2022-23 after the extension of the contract by Jawaharlal Nehru Port Trust (JNPT).

Read more here.

TCS partners with QIAGEN for digital transformation

Netherlands-based QIAGEN has selected Tata Consultancy Services (TCS) as the strategic partner for its cloud transformation journey.  QIAGEN is a leading global provider of sample-to-insights solutions in life sciences and molecular diagnostics. TCS will assist QIAGEN with its deep contextual knowledge of the company’s infrastructure, applications, and systems.

Read more here.

Lockdown in China may have an adverse impact on sales outlook in FY23: Tata Motors

In its Annual Report, Tata Motors Ltd stated that the recent lockdowns in parts of China due to the spread of Covid-19 are adversely impacting its supply chains. Suppliers are unable to produce or deliver products to them. The automaker also said it is witnessing a temporary decline in demand. They are anticipating a severe impact on its sales outlook in FY23.

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ICICI Bank hikes FD interest rates

ICICI Bank has raised its interest rates on fixed deposits (FD). The interest rates on amounts below Rs 2 crore have been increased effective from June 16, 2022. The bank now offers an interest rate between 2.75% to 5.75% for tenors from 7 days to 10 years. Term deposits with a maturity of 185 to less than one year now pay 4.60%. Those with a maturity of one year to two years will fetch 5.30% interest.

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5G network rollout likely in August: Telecom Secretary

Telecom secretary K Rajaraman said 5G rollout is expected to begin in August once the auctions are conducted in July. On Wednesday, the Union Cabinet cleared the 5G spectrum auctions after accepting the spectrum reserve prices recommended by the telecom regulator. Around 72 GHz of airwaves will be placed for auction to rollout 5G services in India. The auction will take place from July 26.

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Wipro partners with Eros Investments to scale AI & ML-based content localisation solution

Wipro Ltd has partnered with Eros Investments to evolve and scale an Artificial Intelligence (AI) and Machine Learning (ML)-based content localisation solution. The solution will automate the time-consuming process of subtitling and dubbing with near human-level accuracy. It will drive significant cost and time savings for global media organizations and direct-to-consumer over-the-top (OTT) streaming platforms.

Read more here.

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RBI Raises Repo Rate to 4.9% – Top Indian Market Updates

rbi

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

RBI raises repo rate to 4.9%

The Reserve Bank of India (RBI) has raised its key repo rate by 50 basis points (bps) to 4.90% to curb the rising inflation in our country. It is the second hike by the RBI in two months and is expected to hike borrowing costs for corporates and individuals. The government has entrusted RBI to ensure that retail inflation remains at 4%, with a margin of 2% on either side. 

Repo rate is the interest rate at which a central bank lends money to all the other banks in the country. A hike in repo rates makes bank loans costlier, leading to lower circulation of money in the economy.

Read more here.

Ramkrishna Forgings secures order worth Rs 115 crore

Ramkrishna Forgings Ltd (RFL) has received an export order worth Rs 115 crore from a European Tier-1 supplier for a new differential housing case business. This order win will provide a boost to RFL’s geographical diversification strategy and strengthen its European order book. RFL supplies rolled, forged, and machined products.

Read more here.

India’s coal production rises 34% YoY to 71.3 MT in May

India registered a 33.8% YoY increase in coal production to 71.30 million tonnes (MT) in May. Out of the top 37 coal-producing mines, 23 produced at more than 100% capacity. The performance of 10 mines stood between 80-100%. Coal-based power generation declined by 3.82% YoY to 98,609 million units (MUs) in May.

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Yes Bank to seek another term for CEO, restructure board

Yes Bank will seek shareholder approval for another three-year term for CEO Prashant Kumar and reconstitute the board by adding five new members. Three board members, including chairman and former AIG executive Sunil Mehta, will leave the bank. All three members were appointed by a government notification under a special scheme of restructuring after the bank nearly collapsed due to its failure to raise capital in March 2020.

Read more here.

Wipro, TCS to work at IBM’s Kochi centre to co-create AI-based automation tech

Tata Consultancy Services (TCS) and Wipro will work at IBM’s new automation innovation centre in Kochi to develop artificial intelligence (AI)-based solutions. The new centre will allow IBM and its ecosystem partners to build automation solutions through their lifecycle— product design, engineering, and support. It will help clients in the areas of business automation, Artificial intelligence for IT Operations (AIOps), and integration.

Read more here.

Tata Power Solar commissions 450 MW project in Rajasthan

Tata Power Solar has commissioned a 450 megawatt (MW) capacity solar plant for Brookfield Renewable India in Rajasthan. The project will produce over 800 gigawatt-hour (GWh) of clean energy annually and help reduce up to 600,000 tons of annual CO2 emissions. With the commissioning of this project, the company’s total utility-scale solar project portfolio touches 9.7 gigawatt-peak (GWp).

Read more here.

BLS International’s arm to acquire Zero Mass

BLS E-services Pvt. Ltd (BEPL) will acquire a 100% stake in Zero Mass Pvt. Ltd (ZMPL) for Rs 120 crore. ZMPL undertakes business correspondent services for various banks for last-mile connectivity. BEPL is a wholly-owned subsidiary of BLS International Services, a trusted global tech-enabled services partner for governments and citizens.

Read more here.

Ujjivan SFB’s board to raise Rs 1,500 crore via NCDs

Ujjivan Small Finance Bank Ltd’s board has approved a proposal to raise up to Rs 1,500 crore through the issue of non-convertible debentures (NCDs). The issue will be on a private placement basis in one or more tranches (rounds).

Lupin gets USFDA approval for cystic fibrosis drug

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) to market Ivacaftor tablets in the U.S. The drug is used to treat cystic fibrosis (a disorder that damages the lungs, digestive tract, and other organs). As per IQVIA March 2022 data, Ivacaftor tablets had estimated annual sales of $109 million in the US.

Read more here.

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Major IT Stocks are Falling! Find Out Why!

The stock markets have not been kind to investors over the past few months. Foreign institutional investors (FIIs) have pulled out nearly Rs 1.65 lakh crore so far from the Indian equity markets this year. Major IT stocks (mostly considered defensive stocks historically) have been under heavy selling pressure. The NIFTY IT Index has fallen ~24% since the beginning of April. For comparison, the NIFTY50 fell 9% during the same period. TCS, Infosys, and HCL Tech have all plummeted 10% each since mid-April, while Wipro crashed ~17%! 

In this article, we discuss the factors behind the downtrend in IT stocks.

Reasons Behind the Fall in IT Stocks

Rising Inflation:

Globally, inflation rates are at sky-high levels. Goods and services have become expensive. India’s inflation rate has surpassed RBI’s projections due to many global factors, especially the Ukraine-Russia crisis and rising crude oil prices. It is time for the government to withdraw money out of the system.

The US Fed, Reserve Bank of India (RBI), and other central banks have increased interest rates aggressively. Unfortunately, this move could lead to a slowdown in the global economy. Many investors resorted to dumping IT stocks with high valuations in anticipation of a hike in interest rates.

To make matters worse, clients will be willing to spend less on digital projects, thereby affecting the revenues of IT firms.

Disappointing Q4 Results: 

Even though IT giants like Tata Consultancy Services (TCS) and Infosys reported healthy revenue numbers in the March quarter (Q4 FY22), it did not translate into a comparable increase in profits. Most IT firms reported lower-than-expected earnings with weak operating margins. Thus, market participants simply lost confidence in the IT sector.

Decline in Margins: 

The attrition rate within the IT industry remains at an all-time high. [The rate signifies the number of employees who had either resigned or retired and are not replaced. IT employees often have to endure long working hours and the pressure of meeting targets, leading to burnout.] Moreover, employee and travel costs have been rising rapidly after Covid-19 restrictions were lifted.

As a result of heavy competition and a limited supply of talent in the industry, most prominent IT firms are giving out salary hikes to retain employees. They have also resorted to mass hiring, which is a significant loss of man-hours and other resources. All these increased expenses are adversely impacting margins.

The Way Ahead

Most analysts are expecting IT stocks to drag down the markets further. The slowdown in economic growth, along with revenue and margin pressures, could continue. This phenomenon is not just unique to India. In fact, all major IT and growth stocks in the global stock markets have been severely hit by the prospects of higher interest rates.

On the flip side, this could turn out to be a good opportunity for investors to add or average IT stocks to their portfolios. Look into fundamentally strong companies in the Indian IT industry and buy them at fair valuations.

Have you added IT stocks over the past month? Let us know in the comments section of the marketfeed app.

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Coal India’s Supplies to Power Sector Rise 14% – Top Indian Market News

Coal India’s supplies to power sector rise 14% amid surging demand

Coal India Ltd (CIL) has increased supplies to coal-based electricity generating plants by 14.2% in the first half of April. The company’s supplies have hit 1.6 million tonnes per day (MTPA) during this period. However, soaring power demand due to hotter-than-normal summer seems to have exceeded the upsurge in supplies. CIL is coordinating with the ministries of coal, power, and railways to build up stocks at power plants. 

Read more here.

Amazon, Reliance, Sony competing for IPL broadcast rights: Report

Amazon.com, Inc., The Walt Disney Co., and Reliance Industries Ltd are among those that have signaled an intention to bid for the broadcast rights of the Indian Premier League (IPL). Sony Group Corp, Zee Entertainment Enterprises Ltd, and fantasy-sports platform Dream11 have also purchased bid-related documents from the Board of Control for Cricket in India (BCCI). The BCCI will be conducting the online auction from June 12 onwards.

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IndiGo, Qatar Airways reactivate codeshare partnership

Qatar Airways and IndiGo are reactivating their codeshare partnership following India’s decision to resume regular international passenger flights from March 27. In a codeshare partnership, each carrier on its distribution system can sell seats of other’s flights. As part of this expanded code-share agreement, Qatar Airways will place its marketing code on IndiGo-operated flights between Doha and Delhi, Mumbai, & Hyderabad, starting from April 25.

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L&T secures orders for its water & effluent treatment business

Larsen & Toubro Construction’s international arm has secured a contract for its water & effluent treatment business to construct and commission water supply schemes for various towns in Tanzania. The project will be funded by the EXIM Bank of India. The company has also received add-on domestic orders from the Uttar Pradesh State Water & Sanitation Mission to implement various rural water supply projects.

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Ajmera Realty targets sales value realisation of Rs 5,000 crore in the next 3-5 years

Ajmera Realty & Infra India Ltd expects to clock in sales worth Rs 5,000 crore in the next 3-5 years from its existing projects and future launches. The company also announced plans to launch six projects in the current and the next financial year with a revenue potential of Rs 4,000 crore. The funding for these new projects will be via a mix of internal accruals, bank funding, and sales advances.

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TCS expands multi-year partnership deal with IRONMAN Group Oceania 

Tata Consultancy Services (TCS) has expanded its partnership with The IRONMAN Group Oceania in a multi-year deal for Sun-Herald City2Surf, the world’s largest fun run. The IT firm will continue to power the official event app, enhancing the fun run experience with live results tracking and leader board data. It will also include custom City2Surf selfie frames and a personalised race-ready checklist.

Read more here.

Patel Engineering secures contract worth Rs 419 crore from MCGM

Patel Engineering has bagged a contract worth Rs 419.70 crore from the Municipal Corporation of Greater Mumbai (MCGM). The scope of the contract involves the construction of a tunnel from Powai to Ghatkopar high-level reservoir and further up to Ghatkopar low-level reservoir. The work is scheduled to be completed in 51 months as per the contract terms.

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Reliance Jio loses 36 lakh subscribers in Feb, Bharti Airtel adds 15 lakh: TRAI 

Reliance Jio lost 36.6 lakh subscribers in February 2022, taking its total customer base to 40.27 crore. Bharti Airtel gained 15.91 lakh subscribers in Feb, while Vodafone Idea (Vi) lost 15.32 lakh subscribers. Airtel and Vi’s total customer count stood at 35.8 crore and 26.35 crore, respectively. The data was released by the Telecom Regulatory Authority of India (TRAI).

Read more here.

Reliance Brands to acquire 51% stake in Abu Jani Sandeep Khosla

Reliance Brands Ltd (RBL) has signed a definitive agreement to acquire a 51% majority stake in couturiers Abu Jani Sandeep Khosla (AJSK). AJSK currently has three other labels— ASAL by Abu Sandeep (a formal, occasion & wedding wear, womenswear label) GULABO, and MARD (a formal and occasion wear men’s label). RBL is a subsidiary of Reliance Retail Ventures Ltd.

Read more here.

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TCS Posts 7% YoY Rise in Net Profit in Q4 – Top Indian Market News

TCS Q4 Results: Net profit rises 7% YoY to Rs 9,926 crore

Tata Consultancy Services (TCS) reported a 7% YoY increase in consolidated net profit to Rs 9,926 crore for the quarter ended March (Q4 FY22). Net profit rose 1.6% when compared to the previous quarter. Its revenue from operations grew 16% YoY (or 3.5% QoQ) to Rs 50,591 crore during the same period. The IT company secured new deals worth $11.3 billion in Q4, taking the total order book to $34.6 billion for FY22. TCS’ board has declared a final dividend of Rs 22 per share for Q4 FY22.

Read more here.

Tata Motors to ramp up EV production as demand rises

Tata Motors Ltd will ramp up the production of electric vehicles (EVs) as demand continues to outpace the manufacturing activity by a large margin. The automaker has been receiving an average of 5,500-6,000 bookings in the past two months for its EV range. The company sells three electric products (Nexon EV, Tigor EV, and XPRES-T) in the domestic market. It has also recently unveiled a coupe-style SUV which it plans to launch in the next two years.

Read more here.

Godrej Industries launches Godrej Capital

Godrej Industries Ltd (GIL) announced the launch of Godrej Capital Limited (GCL). GCL will be the holding entity for Godrej Housing Finance and Godrej Finance Ltd (an NBFC). GIL has committed to invest Rs 1,500 crore as capital in the financial services arm. It expects the business to require a total equity investment of Rs 5,000 crore by 2026. With this launch, GIL aims to build a world-class retail financial services business.

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Glenmark Pharma gets DCGI approval for Phase-1 trial of novel molecule

Glenmark Specialty S.A. has received approval from the Drugs Controller General of India (DCGI) to conduct a Phase-1 clinical trial of its novel small-molecule, GRC 54276. The molecule has shown the ability to kill tumor cells in pre-clinical studies as a single agent. Glenmark will initiate a Phase-1 clinical trial in India by June 2022. The study will evaluate the safety and tolerability of GRC 54276 as a monotherapy. 

Read more here. 

MCX to partner with Chittagong Stock Exchange to set up derivatives platform

Multi Commodity Exchange of India (MCX) is planning to collaborate with Chittagong Stock Exchange (CSE) of Bangladesh to provide consultancy services for establishing a commodity derivatives platform in the country. MCX will provide consultation services to CSE in areas of regulations, products, clearing & settlement services, warehousing, etc. CSE is one of the two stock exchanges based in the port city of Chittagong, Bangladesh.

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Tata Steel infuses Rs 625 crore in Tata Steel Mining

Tata Steel Ltd has acquired 32.63 crore equity shares of Tata Steel Mining Ltd (TSML) at a premium of Rs 9.15 per share. The aggregate amount paid for acquiring the shares is Rs 625 crore. This equity infusion is for funding TSML’s acquisition of Rohit Ferro Tech under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code.

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HAL-L&T consortium emerges lowest bidder for ISRO project

A consortium of Hindustan Aeronautics Ltd (HAL) and Larsen & Toubro (L&T) has emerged as the lowest (L-1) bidder to make five Polar Space Launch Vehicles (PSLVs) for ISRO. HAL will be the lead partner with L&T, while other vendors will be involved with the consortium in the manufacturing of the launch vehicles. The contract is yet to be formalized.

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Intellect Design secures digital banking contract from VPBank

Intellect Global Transaction Banking (iGTB) has signed a transformative deal with Vietnam-based VP Bank to digitize and streamline its transaction banking offerings. This deal marks the tenth key digital banking transformation deal in Vietnam. iGTB is the transaction banking specialist from Intellect Design Arena Ltd.

Read more here.

Kesoram Industries Q4 Results: Net loss at Rs 46.6 crore

Kesoram Industries Ltd reported a consolidated net loss of Rs 46.67 crore for the quarter ended March (Q4 FY22). It had reported a net profit of Rs 112.26 crore in the corresponding quarter last year (Q4 FY21). The company’s revenue rose 19.7% YoY to Rs 1,031.78 crore in Q4 FY22. Kesoram Industries is engaged in the manufacture of cement, tyres, tubes, pipes, paper, and heavy chemicals.

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.

Read more here.

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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HDFC to Merge With HDFC Bank – Top Indian Market News

HDFC to merge with HDFC Bank

The Board of Directors of Housing Development Finance Corporation Ltd (HDFC) has approved the merger of the company with HDFC Bank. For every 25 shares held in HDFC Ltd, shareholders will get 42 shares of HDFC Bank. Post the transaction, HDFC Bank will become a full-fledged public company. Existing shareholders of HDFC Limited will own 41% of HDFC Bank. The subsidiaries and associate firms of HDFC will also shift to the bank. The merger is expected to be completed by the second or third quarter of the next financial year (FY24).

Read more here.

India’s manufacturing PMI falls to a six-month low in March

India’s manufacturing activity slowed and dropped to a six-month low in March amidst inflationary/pricing pressures. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54 in March 2022, compared to 54.9 in Feb. While business conditions improved, the latest results showed slower expansions in factory orders and production. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.   

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IOCL, L&T, ReNew announce joint venture for green hydrogen business

Indian Oil Corp. Ltd (IOCL), Larsen & Toubro, and ReNew Power have announced the formation of a joint venture (JV) to develop a green hydrogen business. IOCL and L&T have additionally signed a pact to form a JV to manufacture and sell electrolyzers used in the production of green hydrogen. The JVs will look into manufacturing zero-carbon emitting hydrogen, which can be used in refineries, steel plants, and even for running automobiles.

Read more here.

Tata Power Renewables commissions 300MW solar plant in Gujarat

Tata Power Renewables has commissioned a 300 megawatts (MW) solar plant in Dholera, Gujarat, with the country’s largest single-axis solar tracker system. The project will generate 774 million units (MUs) annually. It will also reduce approximately 70,4340 metric tonnes of carbon emission per year.

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Zomato, Swiggy to face CCI probe

The Competition Commission of India (CCI) has ordered an investigation into the conduct of online food delivery platforms Zomato and Swiggy. “The Commission is of the view that there exists a prima facie case with respect to some of the conduct of Zomato and Swiggy, which requires an investigation by the Director-General (DG), to determine whether the conduct of platforms have resulted in contravention of the provisions,” said CCI. The antitrust body has directed its DG to carry out a detailed investigation and submit a report within 60 days.

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Go Fashion to open 120-130 stores year-on-year

Go Fashion (India) Ltd has announced plans to open around 120-130 new stores year-on-year. The company is also boosting its omnichannel engagements for a seamless user experience, building on a tech-driven growth strategy to reach consumers in Tier-1 to Tier-3 cities. Go Fashion opened its 500th exclusive brand outlet in India. They sell a range of women’s bottom-wear under the brand Go Colors.

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TCS to implement Real-Time Rail payments system for Payments Canada

Tata Consultancy Services (TCS) has entered into a strategic partnership with Payments Canada to transform its payment system operations and help implement the Real-Time Rail (RTR). The new real-time payments system will allow Canadians to initiate payments and receive funds in seconds, 24/7/365. TCS will help Payments Canada create and execute an integration roadmap for the RTR.

Read more here.

MOIL’s turnover grows 22% in FY22

Manganese Ore (India) Ltd (MOIL) has reported a 22% YoY growth in turnover at Rs 1,436 crore for the financial year ended March 31, 2022. The company has also achieved production of 12.31 lakh tonnes (LT) in FY22, registering a growth of 8% YoY. Total sales increased by 6% YoY to 12.12 LT. Nagpur-based MOIL is India’s largest manganese ore mining company. 

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Bank of Maharashtra advances grow 27%; IDFC First Bank’s deposits rise 13% in FY22

Bank of Maharashtra witnessed a 27% YoY growth in gross advances at Rs 1,36,733 crore in FY22. The public sector lender’s deposits grew 16% YoY to Rs 2,02,641 crore. The total business of the Pune-based bank rose by 20.49% YoY to Rs 3,39,374 crore in FY22.

IDFC First Bank’s total deposits increased by 12.6% YoY to Rs 93,138 crore in the previous financial year. The bank’s retail business grew by 26.4%. Gross funded assets grew 12.8% YoY to Rs 1,32,067 crore in FY22.

Read more here.

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IT Dept Raids Hero MotoCorp Premises – Top Indian Market News

IT Dept raids Hero MotoCorp premises

The Income Tax Department has conducted raids at multiple premises of Hero Motorcorp Ltd as part of a tax evasion investigation against the company. Offices and residential premises of the promoters (including chairman & CEO of the group Pawan Munjal) in Gurugram, Haryana, Delhi, and other locations were covered under the raid. Hero Motocorp said the visit by the IT department was part of a “routine inquiry”. The company also said it was cooperating with the tax authorities.

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Adani Power partners with IHI, Kowa to study ammonia co-firing for power generation

Adani Power Ltd (APL) has partnered with IHI Corporation and Kowa Company to study ammonia co-firing for environmentally sustainable power generation. APL aims to lead India’s initiatives in achieving the targets of greenhouse gas reduction. They will evaluate the possibility and potential of ammonia as a fuel in thermal power generation. It will utilize green hydrogen-derived ammonia in APL’s thermal power plant.

Read more here.

HDFC sanctions over Rs 2 lakh crore retail home loans in FY22

HDFC Ltd has approved retail home loans worth more than Rs 2 lakh crore between April 1, 2021, and March 21, 2022, the highest ever in a financial year. The thrust on digital initiatives and inherent demand for housing loans helped HDFC get back to normalcy faster than expected. HDFC has over 2.7 lakhs home loan customers who have availed benefits under the Credit Linked Subsidy Scheme (CLSS), the highest in the industry. 

Read more here.

MTAR Tech secures order worth Rs 135 crore in civil nuclear power sector

MTAR Technologies Ltd was declared the lowest (L-1) bidder for tenders floated by the Nuclear Power Corporation of India Ltd (NPCIL). The order includes a fuel transfer system for GHAVP Nuclear Power Station-1 & 2 reactors. It also consists of establishing a fuel machine bridge and carriage assemblies for GHAVP-3 & 4 nuclear reactors. The total value of the order is ~Rs 135 crore.

CAMS unveils policyholder traceability solution

CAMSRep, a wholly-owned subsidiary of Computer Age Management Solutions Ltd, has unveiled a policyholder traceability solution for the insurance market. It assists insurance companies in addressing their unclaimed amounts. CAMSRep’s PolicyGenie Deep Contact Tracing is a cost-effective solution that leverages emerging digital technologies to track untraceable policyholders and update their contact information.

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Kotak Mahindra Bank, Axis Bank acquire nearly 8% stake each in ONDC

Kotak Mahindra Bank and Axis Bank have each acquired a 7.84% stake in Open Network Digital Commerce (ONDC) for Rs 10 crore. ONDC was incorporated on December 30, 2021. It is engaged in the creation of an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services.

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ICICI Bank partners with Chennai Super Kings for co-branded credit card

ICICI Bank has launched a co-branded credit card in partnership with Chennai Super Kings (CSK). The ‘CSK ICICI Bank Credit Card’ has been designed with a range of privileges, including a joining and renewal gift of 2,000 reward points. The points can be redeemed against CSK merchandise. It also offers complimentary tickets to CSK matches during the upcoming IPL season. Credit card users will also get an opportunity to attend a practice session.

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Adani Wilmar plans acquisition of brands, processing units in mass rice segment

Adani Wilmar Ltd is scouting for the acquisition of regional rice brands and processing units in several states of India. The company will launch branded daily-use rice under the ‘Fortune’ brand beginning with West Bengal from early April. Staple accounts for 11% of Adani Wilmar’s revenues. AWL had recently allocated Rs 450-500 crore for acquisitions.

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TCS ready to roll out 5G network anyday: Report

Officials of Tata Consultancy Services (TCS) said the company is ready to put in place a 5G network for any telecom operator across the globe on any given day. The IT major is working on country-specific gear for the network in India. TCS is a system integrator, and it builds networks of telecom operators based on their requirements. The Indian government is planning to conduct 5G auctions before June so that 5G networks can be launched by August 15.

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Bajaj Electricals extends licence pact with Morphy Richards by 15 years

Bajaj Electricals Ltd (BEL) has extended its trademark agreement with UK-based Morphy Richards for using the ‘Morphy Richards’ trademark for an additional 15 years, with effect from July 1, 2022. The extension of the exclusive license will enable BEL to continue using the trademark for producing, marketing, and selling home appliances in India and neighboring nations.

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Tata Motors to Hike Prices of CVs From April 1 – Top Indian Market News

Tata Motors to hike prices of commercial vehicles from April 1

Tata Motors Ltd will hike prices of its range of commercial vehicles by 2-2.5%, depending upon individual models and variants, from April 1. The increase in prices of commodities such as steel aluminium, and other raw materials has forced the automaker to hike prices. Mercedes-Benz India will hike prices of its entire range by up to 3% from April 1 to partially offset the impact of higher input costs.

Read more here.

Jubilant FoodWorks to acquire 10% stake in JV with Golden Harvest

Jubilant FoodWorks Ltd (JFL) will acquire the remaining 10% stake in its joint venture Jubilant Golden Harvest Ltd (JGHL) from Golden Harvest. After the acquisition, JGHL will become a wholly-owned subsidiary of JFL. JGHL operates Domino’s Pizza outlets in Bangladesh. As of December 31, 2021 (Q3 FY22), JGHL was operating eight restaurants. 

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Indoco Remedies gets final approval from USFDA for Locasamide tablet

Indoco Remedies Ltd has received final approval from the US Food & Drug Administration (USFDA) for Lacosamide tablets. The drug is indicated for the prevention and control of seizures. As per IQVIA January 2022 data, the generic version of the product had achieved annual sales of ~1.7 billion (~Rs 12,933 crore). 

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TCS partners with IIT Madras to launch M Tech in Industrial AI

Tata Consultancy Services (TCS) has partnered with the Indian Institute of Technology Madras (IIT-M) to launch a user-oriented program on Industrial Artificial Intelligence (AI). The program aims to upskill corporate employees on the applications of AI to industrial problems. In consultation with TCS, IIT-M will offer the 18-month course through virtual classes.

Read more here.

Bombay HC allows Invesco’s appeal against ZEEL injunction

The Bombay High Court has allowed an appeal filed by Invesco Developing Markets Fund (IDMF) against a single-judge order granting an interim injunction on holding an Extraordinary General Meeting (EGM) to remove ZEEL’s CEO Punit Goenka. The HC has quashed and set aside the single bench order of October 2021. IDMF is the largest shareholder of Zee Entertainment Enterprises Ltd (ZEEL). In September 2021, Invesco called for an EGM as it felt ZEEL was not running as smoothly as desired. You can read more about it here.

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Hester Biosciences to venture into pet care industry

Hester Biosciences Ltd (HBL) is all set to foray into the rapidly growing pet care industry by April 2022. The company’s initial pet care portfolio will include dermatology, nutrition, grooming, and specialty products. HBL also plans to expand by way of pet biologicals and diagnostics. India has the fastest-growing pet care market worldwide, growing at 14% in 2022. Ahmedabad-based HBL is an animal and poultry vaccines manufacturer. 

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Infosys to acquire German digital marketing firm Oddity for €50 million

Infosys Ltd has announced a definitive agreement to acquire Oddity, a Germany-based digital marketing agency, in an all-cash deal of €50 million. The cost of acquisition will include earn-out, management incentives, and bonuses. Oddity has more than 300 digital experts across Stuttgart, Berlin, Cologne, Belgrade, Shanghai, and Taipei. The acquisition will strengthen Infosys’s creative, branding, and experience design capabilities. 

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M&M Financial’s Quiklyz to lease 500 EVs to BluSmart

Mahindra Group’s vehicle leasing and subscription platform Quiklyz has partnered with electric vehicle (EV) ride-hailing startup BluSmart Mobility. As part of the partnership, Quicklyz will provide customized leases for up to 500 EVs for BluSmart’s fleet. The EVs will be deployed in the Delhi-NCR region and used for BluSmart’s all-electric ride-hailing services.

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SBI Card partners with Nature’s Basket to launch International Gourmet Card

SBI Cards & Payment Services Ltd has partnered with Nature’s Basket to launch the first-of-its-kind credit card, ‘Nature’s Basket SBI Card’. The card will cater to the fast-evolving gourmet taste of premium consumers. Cardholders will be able to derive maximum value from their spending at Nature’s Basket stores and other key spend categories such as international travel, dining, and entertainment.

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Indiabulls to raise up to Rs 50,000 crore via NCDs

Indiabulls Housing Finance Ltd’s board has approved a proposal to raise up to Rs 50,000 crore via non-convertible debentures (NCDs) on a private placement basis. Shareholders’ approval for the issue will be sought at the Extraordinary General Meeting (EGM) on April 18. IHFL is a mortgage lender headquartered in Haryana.

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Adani Green Energy Raises $288M for RE Projects – Top Indian Market News

Adani Green Energy raises $288 million for RE projects

Adani Green Energy Ltd (AGEL) has raised $288 million (~Rs 2,188 crore ) for the construction of its renewable energy (RE) projects. The funds will initially finance the 450 megawatts (MW) hybrid portfolio of solar and wind RE projects that AGEL is setting up in Rajasthan. The extended pool of liquidity strengthens AGEL’s strategy to fast-track the development of its under-construction asset portfolio. AGEL has set a target of achieving 45 GW renewable energy capacity by 2030.

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Airbus in talks with Tatas, Indian carriers for A350XWB aircraft

Airbus is in talks with Tata Group and Indian carriers for a deal regarding the procurement of its wide-bodied A350XWB planes. Currently, only Vistara and Air India have wide-bodied aircraft in their fleet. Wide-bodied planes like the A350XWB have larger fuel tanks that allow them to travel longer distances. “We predict a 6.2% yearly average growth for the air traffic out of India. The world average is at 3.9%,” noted Remi Maillard, President & MD of Airbus India & South Asia.

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Glenmark Pharma gets USFDA approval for Lacosamide tablet

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Lacosamide tablets. The drug is used to treat partial-onset seizures in patients 4-years and older. As per IQVIA January 2022 data, the generic version of the drug had achieved annual sales of ~$1.7 billion (~Rs 12,964 crore). 

Read more here.

Godrej Properties records sales worth Rs 1,002 crore in Pune township project

Godrej Properties Ltd (GPL) has achieved sales of Rs 1,002 crore in 2021-22 in its township project ‘Riverhills’ in Mahalunge, Pune. The realty company has sold over 1,550 homes across 1.5 million sq. ft. in the current financial year. Since the launch of Phase-1 of the township in September 2019, GPL has sold over 3,600 homes with 3.4 million square feet of area and a booking value of over Rs 2,100 crore.

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TCS, Google Cloud secures Fletcher Building digitisation deal

Tata Consultancy Services (TCS) has secured a deal from Fletcher Building to build a Google cloud-based enterprise platform to support long-term growth. TCS and Google Cloud will implement enterprise-grade cloud capability to run the realty company’s mission-critical enterprise workloads. Both entities will develop Fletcher Building’s customer data strategy to create an end-to-end understanding of customer needs and behaviors.

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Wockhardt partners with SII to set up vaccine manufacturing plant in UK

Wockhardt UK has partnered with a subsidiary of Serum Institute of India (SII) to set up a new vaccine manufacturing facility in Wrexham, North Wales (UK). The collaboration between Wockhardt UK and Serum Life Sciences UK Ltd will help create employment opportunities and establish a new sterile fill and finish facility in Wrexham. The facility will deliver an additional 150 million vaccine doses of multiple vaccines.

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NMDC becomes first Indian company to cross 40 MT iron ore production in a year

NMDC Ltd has crossed the milestone of producing over 40 million tonnes (MT) of iron ore in a year, becoming the first Indian company to do so. The company has now set a target of becoming a 100 million tonnes per annum (MTPA) company by 2030. NMDC plans to leverage its expertise in moving towards a multi-mineral outlook with coal, diamond, gold, and other strategic minerals to its portfolio.

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Strides Pharma signs pact with MPP to market Covid-19 drug

Strides Pharma Science Ltd has signed a sub-licence agreement with Medicines Patent Pool (MPP) to commercialise the generic version of Pfizer’s Covid-19 oral treatment (Kovidax) in 95 low and middle-income countries. The product will be manufactured at Strides’ flagship facility in Bengaluru. The company has also secured active pharmaceutical ingredients (API) supplies for the drug via a preferred partnership agreement. 

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KEC International secures new orders worth Rs 1,005 crore

KEC International Ltd has secured new orders worth Rs 1,005 crores across its various business segments. The transmission & distribution (T&D) business has received orders for the supply of towers and poles in the Americas. Its railways business has won orders for overhead electrification and associated works. The company’s civil business has secured an order for the construction of a depot cum workshop in the urban infra segment in India.

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Banks recover Rs 61,000 crore via one-time settlement of loans

The Central Govt informed Parliament that around 11 banks have recovered ~Rs 61,000 crore by way of one-time settlement of loans in nearly four financial years. The figures are for the last three financial years and up to December 2021 of FY22. As per RBI norms, banks are required to have a board-approved loan recovery policy. The policy may cover negotiated settlements through compromise, including one-time settlements (OTS). Such measures will help banks promptly recycle their funds with advantage.

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Domestic air traffic rose 20% in Feb: DGCA

Around 76.96 lakh domestic passengers travelled by air in February 2022, a 20% increase over January. This shows a sign of recovery for the domestic aviation market, which had dipped 43% due to the third wave of the Covid-19 pandemic. IndiGo carried 39.51 lakh passengers in Feb, securing a 51.3% share of the domestic market. SpiceJet Ltd flew 8.2 lakh passengers and Air India flew 8.55 lakh passengers in February.

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Future Retail to Take Action to Reverse RIL’s Store Takeovers – Top Indian Market News

Will act to reverse store takeovers by Reliance: Future Retail

Future Retail Ltd (FRL) accused Reliance Industries Ltd (RIL) of forcefully taking over stores and asserted that it did not hand over any of its retail units to the conglomerate. FRL’s board is committed to taking necessary action to seek value adjustments and reversal of RIL’s takeover of its stores.

Last month, RIL took over the operations of ~950 stores of FRL and offered jobs to its employees after the Kishore Biyani-led group failed to make lease payments.

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Torrent Power to acquire 51% stake in power distribution utility of Dadra & Nagar Haveli

Torrent Power Ltd (TPL) has signed agreements to acquire a 51% stake in Dadra & Nagar Haveli and Daman & Diu (DNH & DD) Power Distribution Corporation Ltd. This acquisition will strengthen TPL’s position as the leading power distribution company in India. It will now have a presence in 12 cities spread across 3 states and 1 Union Territory. With the addition of DNH & DD, TPL will distribute nearly 24 billion units of electricity per annum to over 3.85 million customers.

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L&T Technology Services establishes Digital Twin Practice in collaboration with Microsoft & Bentley Systems

L&T Technology Services Ltd (LTTS) has launched a next-generation IoT-based engineering practice on Digital Twins for the manufacturing and industrial sectors. LTTS has partnered with Microsoft and Bentley Systems to establish a Center of Excellence (CoE) that will address and accelerate the Digital Twin requirements of new-age manufacturing companies. 

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Shyam Metalics’ board approves Rs 990 crore capex plans

Shyam Metalics & Energy Ltd’s (SMEL) board has approved a proposal to allocate Rs 990 crore as capital expenditure (capex) to expand manufacturing capacities. The company aims to expand its capacity by 2.85 million tonnes per annum (MTPA) as it enters FY23. The increased aggregate capacity will now be 14.5 MTPA. SMEL has also commissioned an alumnium-foil-making plant with an annual capacity of 40,000 tonnes. 

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Singapore Exchange selects TCS as strategic partner for NSE IFSC-SGX Connect

Singapore Exchange (SGX) has selected the TCS BaNCS platform to power the NSE IFSC-SGX Connect (Gift Connect) for trade execution and clearing of NIFTY products on behalf of its members globally. SGX has set up SGX India Connect IFSC Pvt Ltd (a special purpose vehicle) at Gujarat International Finance Tec-City. The exchange aims to enable international access to Indian capital markets and create a larger liquidity pool of international and domestic participants. 

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Tata Power partners with Battery Smart to install EV charging stations in Delhi

Tata Power Delhi Distribution Ltd has partnered with Battery Smart, a battery-swapping network for electric vehicles (EVs), to open Swap Stations for two-and-three wheelers across North Delhi in 2022. By creating a vast network of Swap Points across Delhi, both companies are supporting the state government’s ‘Switch Delhi’ campaign. 

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Tata Communications, Formula 1 announce multi-year strategic collaboration

Tata Communications Ltd (TCL) and Formula 1 have announced a multi-year strategic collaboration. TCL will return to the sport of racing as the Official Broadcast Connectivity Provider of Formula 1. The company will provide global end-to-end managed network services for video contribution. It will also deliver and enhance the global fan experience.

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Tech Mahindra partners with Cisco to modernize 5G infra 

Tech Mahindra Ltd has announced a collaboration with Cisco to modernize 5G infrastructure with a routed optical networking solution. The partnership aims to simplify internet transport networks by using optical and routing technologies to converge service over an Internet Protocol (IP) infra. The combined synergies of both companies will enable an end-to-end value proposition for service providers to reduce complexity in their networks.

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Piramal Capital ties up with IMGC to offer home loans

Piramal Capital & Housing Finance Ltd (PCHFL) has partnered with India Mortgage Guarantee Corporation (IMGC) to offer home loans ranging from Rs 5-75 lakh to salaried and non-salaried customers. Under this arrangement, IMGC will provide guarantee on a part of the loan so that it is secured in case of a default. PCHFL aims to generate 10-12% of its business from the partnership by the end of FY23.

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Oil India’s board approves Rs 6,555 crore investment for Numaligarh petrochemical project

Oil India Ltd’s board has approved an investment of Rs 6,555 crore in its subsidiary, Numaligarh Refinery. The capital will be allocated for implementing a petrochemical project (a polypropylene unit and associated facilities) at the refinery. The board has also approved the formation of a joint venture (JV) between Assam Gas and Oil India. The JV will take over three geographical areas offered by Petroleum and Natural Gas Regulatory Board under the 11th round of city gas distribution bidding.

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LIC IPO May Get Pushed to FY23 – Top Indian Market News

LIC IPO may get pushed to FY23 amid volatility 

The government may postpone Life Insurance Corporation’s (LIC) mega initial public offering (IPO) to the next financial year (FY23). The Centre is likely to hold a meeting to reassess the IPO timing amid market volatility due to the Russia-Ukraine war. On February 13, India’s largest life insurer had filed the Draft Red Herring Prospectus (DRHP) for a 5% stake sale by the government. You can read more about it here.

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Vodafone Idea board approves Rs 14,500 crore fund-raising plan

Vodafone Idea Ltd’s board has approved a proposal to raise up to Rs 4,500 crore from its promoters– Vodafone Group and Aditya Birla Group – through a preferential share issue at Rs 13.30 a share. The board also cleared raising another Rs 10,000 crore via equity and debt instruments. The cash-strapped telecom operator is looking to strengthen its balance sheet and invest in network infrastructure after availing of a government bailout.

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Tata Motors to deploy mobile showrooms in rural areas

Tata Motors Ltd will deploy over 100 mobile showrooms across India as part of an initiative to offer doorstep car buying experience in rural areas. The automaker has launched Anubhav, a showroom on wheels, in line with its rural marketing strategy. The initiative will help increase Tata Motors’ reach in rural areas, which have high potential in terms of population and economy.

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LT Foods acquires 51% stake in Golden Star Trading

LT Foods Ltd announced the acquisition of a 51% stake in Golden Star Trading Inc. along with its brand Golden Star through its subsidiary LT Foods Americas Inc. (LTFA). LTFA is a material non-listed subsidiary of LT Foods. It contributes more than 35% to the overall revenue through its flagship brand Royal in North America. The acquisition entails strengthening the share of LTFA in the branded jasmine rice market.

Mahindra Finance’s disbursements up 44% at Rs 2,733 crore in February

Mahindra & Mahindra Financial Services Ltd’s loan disbursements rose 44% to Rs 2,733 crore in February. The collection efficiency during the month stood at 98%. The year-to-date (YTD) disbursement at approximately Rs 23,632 crore registered a yearly growth of 42%. The positive trend in collections led to a month-on-month improvement in asset quality.

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Adani Ports achieves 14% growth in handled cargo volumes in Feb

Adani Ports & Special Economic Zone (APSEZ) Ltd handled cargo volumes of 24.15 million metric tonnes (MMT), registering a growth of 14.4% YoY. During the eleven months of FY22, APSEZ’s portfolio of ports handled a total cargo volume of 283 MMT, recording a 28% YoY growth.

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LTTS secures multi-year engineering contract from Airbus Group

L&T Technology Services Ltd (LTTS) has secured a multi-year contract from European aerospace major Airbus under its Engineering, Manufacturing Engineering, and Services Strategic Suppliers program. The engagement covers all Airbus divisions, subsidiaries, and affiliates. LTTS has scaled up operations across Airbus’ key geographic locations, including Toulouse (France), which will become the main R&D Centre of Excellence (CoE),

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TCS launches Enterprise 5G Edge Suite solutions

Tata Consultancy Services (TCS) has launched its Enterprise 5G Edge Suite of solutions with Microsoft Azure private mobile edge computing (private MEC). The suite brings comprehensive capabilities that help enterprises design, integrate, and operate an enterprise 5G edge ecosystem using the Azure private MEC solution. The new offering will serve various use cases, including bringing together enterprise assessment toolkits for edge and 5G readiness.

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Lupin gets USFDA approval to market Efinaconazole Topical solution in the US

Lupin Ltd has received approval from the US Food & Drug Administration to market Efinaconazole topical solution in the US market. The drug is used to treat fungal toenail infections. The product will be manufactured at the company’s facility in Pithampur, Madhya Pradesh. According to IQVIA-December 2021 data, Efinaconazole topical solution had estimated annual sales of $274 million (~Rs 2,078.6 crore) in the US.

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