Tag: Tech Mahindra

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India’s Manufacturing PMI Falls to Lowest in Seven Months – Top Indian Market News

India’s manufacturing PMI declines to 7-month low of 55.4 in March

India’s factory activity grew at its weakest pace in seven months in March, as renewed lockdowns to curtail an increase in Covid-19 cases dampened domestic demand and output. The IHS Markit Purchasing Managers’ Index (PMI) for India’s manufacturing sector declined to 55.4 in March from 57.5 in February. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

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Adani Ports to acquire remaining 25% stake in Krishnapatnam Port

Adani Ports & Special Economic Zone Ltd (APSEZ) will acquire a 25% stake of Vishwa Samudra Holding in Krishnapatnam Port for Rs 2,800 crore. The company currently holds a 75% stake in Krishnapatnam Port. With this latest acquisition, the port will become a wholly-owned subsidiary of APSEZ. The transaction is expected to be completed within three months. Krishnapatnam Port is located in the Nellore district of Andhra Pradesh. It is an all-weather, deep-water port, with a current capacity of 64 million tonnes per annum (MTPA).

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Panacea Biotec to make 100 million doses of Sputnik V vaccine

Panacea Biotec Limited has signed an agreement with the Russian Direct Investment Fund (RDIF) for manufacturing 100 million doses of Sputnik V vaccine every year. According to a study conducted by The Lancet, Sputnik V showed an efficacy rate of 91.6%. The production of the vaccine at Panacea Biotec’s manufacturing units will help facilitate its global supply to the international partners of RDIF.

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Indian Oil Corp buys its first Johan Sverdrup crude cargoes: Report

As per a report from Reuters, Indian Oil Corporation (IOC) has bought 4 million barrels of  Norway’s Johan Sverdrup crude for the first time via a tender. IOC is looking to speed up the diversification of crude imports. The report states that IOC will take delivery of 2 million barrels each of the North Sea crude in May and June. The move follows the government’s call to cut dependence on crude from the Middle East due to the standoff between India and the world’s largest crude importer— Saudi Arabia.

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Tech Mahindra to launch blockchain solution for BFSI clients

Tech Mahindra Ltd has partnered with Netherlands-based Quantoz to launch a ‘stablecoin-as-a-service’ blockchain solution for global banks and financial institutions. Quantoz is a leading blockchain application incubator. Tech Mahindra will help customers integrate Quantoz’ NEXUS platform into their legacy infrastructure. This will enable automated token, crypto, and fiat transaction processing for a variety of banking and payment functions.

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Bharti Airtel partners with Apollo 24/7 to offer e-healthcare services

Bharti Airtel has partnered with Apollo 24/7 to offer a wide range of e-healthcare services to its customers as part of their exclusive ‘Thanks’ benefits. Under the partnership, Airtel Platinum and Gold customers will get complimentary membership to the Apollo Circle. This will include virtual consultation with top doctors and specialists from Apollo, as well as online test booking facilities. It will also offer home sample collection facilities and home delivery of medicines with cashback benefits.

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HDFC Bank Q4 advances grow 14% Rs 11,32,000 crore

HDFC Bank said its advances aggregated to approximately Rs 11,32,000 crore as of March 31, 2021 (Q4 FY21). This is a growth of 13.9% over Rs 9,93,700 crore as of March 31, 2020. Deposits grew by 16.3% YoY to Rs 13,35,000 crore in Q4. Domestic retail loans were up by 7.5% YoY, and domestic wholesale loans increased by 21% YoY during the same period.

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Marico expects to deliver low double-digit bottomline growth in Q4

Marico Limited said it expects low double-digit bottomline growth in the fourth quarter of the financial year 2020-21, after being impacted by the Covid-19 pandemic. The FMCG firm has witnessed healthy momentum building across its key portfolios. The company said it expects its operating margin to fall in Q4 due to input cost pressures. In Q4 FY21, the fast-moving consumer goods (FMCG) sector continued to exhibit improving demand trends as quarterly economic growth has moved into positive territory and the Covid-19 vaccination rollout gathered pace.

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GAIL India to invest in startups through ‘Pankh’

GAIL (India) Limited has launched a new initiative— ‘Pankh’, which aims to support startups in identified focus areas. The company has opened a fresh round for solicitation of investment proposals from startups that operate in natural gas, petrochemicals, energy, project management, bio-manure marketing, nano-materials, IoT, data mining, environment, and healthcare. The Solicitation Round will be open till May 30, 2021.

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Ircon International’s board approves bonus issue of 1:1

The Board of Directors of Ircon International has approved the issuance of bonus shares in the ratio 1:1. A 1:1 bonus issue means that exiting shareholders will receive one additional share for each share held in the firm. The record date for the bonus share issue is yet to be announced. State-owned Ircon International is an engineering and construction company specialized in transport infrastructure.

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India’s WPI Inflation Rises to 4.17% in February – Top Indian Market News

India’s WPI inflation rises to 4.17% in February

Wholesale inflation in India jumped to a 27-month high in February 2021, as prices of food, fuel, and power surged. Inflation based on the Wholesale Price Index (WPI) increased to 4.17% in February, compared to 2.03% in January. The WPI Food Index rose to 3.31% in the same period, compared with -0.26% in January. It is estimated that core-WPI inflation will climb to 7-7.5% by May 2021. This indicates that there is increased pressure on India’s economy. The data was released by the Ministry of Commerce and Industry. 

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Adani Ports receives LoI to build West Container Terminal at Colombo Port

A consortium led by Adani Ports and Special Economic Zone Ltd (APSEZ) has received a Letter of Intent (LoI) from the Sri Lankan government to build and run the West Container Terminal (WCT) at Colombo Port. APSEZ will own a majority stake of 51% in the terminal, while local partner John Keels Holding PLC will hold 34%. The remaining 15% will be held by Sri Lanka Ports Authority (SLPA). WCT will have an annual capacity of 2.6 million twenty-foot equivalent units (TEUs). [TEU is used to measure cargo capacity for container ships and container terminals]

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Laxmi Organic Industries IPO subscribed 2.28 times on first day of bidding

The Rs 600-crore initial public offering (IPO) of Laxmi Organic Industries was subscribed 2.28 times on the first day of bidding. The issue received bids for 7.42 crore equity shares against an offer size of 3.25 crore shares. The portion reserved for retail investors was subscribed 4.34 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 49% and that of qualified institutional buyers (QIBs) 1%.

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Finance Minister introduces Bill in Rajya Sabha to allow 74% FDI in insurance

Finance Minister Nirmala Sitharaman, on Monday, introduced a Bill in Rajya Sabha that seeks to amend the Insurance Act in order to increase foreign direct investment (FDI) in the insurance sector from 49% to 74%. On Wednesday (March 10), the Union Cabinet gave its approval for amendments to the Insurance Bill 2021. The increase in FDI limit will help improve life insurance penetration and create more value-based affordable healthcare for all Indians.

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Adani Welspun discovers gas in Mumbai Offshore’s Tapti-Daman sector

Adani Welspun Exploration Ltd (AWEL) announced its first-ever gas discovery in Nelp-VII block in the Tapti-Daman sector of the Mumbai Offshore basin. AWEL is a joint venture (JV) between Adani Group and Welspun Enterprises. The block is spread across 714.6 sq km and AWEL owns 100% interest in it. “This discovery will help take India closer to its target of becoming a gas-based economy,” said Gautam Adani, Chairman of the Adani Group.

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ITC to expand food portfolio by launching milkshakes, cakes: Report

As per a report from BloombergQuint, ITC Limited plans to expand its offerings in categories such as chocolates and staples, as it looks to boost its food portfolio. The report states that the company has also launched three varieties of cakes under the Sunfeast brand at Rs 10 per pack. It has also launched Sunfeast Wonderz Milk (milkshakes) in the range of Rs 25-35. The launches are part of ITC’s efforts to generate Rs 1 lakh crore revenue from its fast-moving consumer goods business.

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Tech Mahindra to acquire majority stake in Perigord Asset Holdings

Tech Mahindra Ltd has announced plans to acquire a 70% stake in Perigord Asset Holdings Ltd, an Ireland-based business process outsourcing (BPO) services company. The majority stake will be acquired directly and indirectly through its wholly-owned subsidiary— Mahindra Engineering Services (Europe) Ltd. The total cost of the acquisition is €21 million (~Rs 181.65 crore). The remaining 30% stake will be acquired over the next 4 years.

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Anupam Rasayan IPO subscribed 3.64 times on second day of bidding

The Rs 760-crore initial public offering (IPO) of Anupam Rasayan India was subscribed 3.64 times on the second day of bidding. The issue received bids for 3.53 crore equity shares against an offer size of 97.01 lakh shares. The portion reserved for retail investors was subscribed 6.6 times and that of employees 93%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1.39 times and that of qualified institutional buyers (QIBs) 37%.

To know more about the IPO, click here.

Shree Cement starts commercial production at Odisha unit

Shree Cement Limited has commenced commercial production at its new cement grinding unit at Athagarh Tehsil in Cuttack District, Odisha. The unit has a grinding capacity of 3 million tonnes per annum (MTPA). Shree Cement is a leading cement manufacturer based in Kolkata. It also produces and sells power under Shree Power and Shree Mega Power.

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Craftsman Automation IPO subscribed 55% on first day of bidding 

The Rs 823.70-crore initial public offering (IPO) of Craftsman Automation was subscribed 55% on the first day of bidding. The issue received bids for 21.31 lakh equity shares against an offer size of 38.70 lakh shares. The portion reserved for retail investors was subscribed 1.06 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 9%. QIBs are yet to put in bids for the IPO.

To know more about the IPO, click here.

Natco Pharma to launch pheromone-based product to control pests in cotton crop

Natco Pharma Limited will launch its first Green Label Pheromone product for the effective management of Pink Bollworm (PBW) in cotton crop during the Kharif season. The product will be launched under the brand ‘Natmate PBW’. This is the first pheromone-based product made in India that has received approval from the Central Insecticide Board (CIB). The damage to the quality and yield of cotton due to PBW is significant and severely affects the livelihood of small farmers in India.

Read more here.

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Wholesale Inflation Rises to 2.03% in January – Top Indian Market News

Wholesale inflation rises to 2.03% in January

India’s wholesale inflation, calculated by the Wholesale Price Index (WPI), rose to 2.03% in January 2021. This is primarily due to a rise in the prices of fuel, crude petroleum & natural gas, manufactured items, etc. The WPI stood at 1.22% in December 2020 and 3.52% in January 2020. The index of primary articles declined by 1.77%, while prices of crude petroleum and natural gas increased by 9.48% in January 2021, as compared to December 2020.

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Jaguar Land Rover to become net-zero carbon business by 2039

Tata Motors said its British luxury unit Jaguar Land Rover (JLR) aims to become a net-zero carbon business by 2039. All Jaguar models and 6 out of every 10 Land Rover models will be electric by 2030.  JLR will invest about £2.5 billion (~Rs 25,243 crore) a year into electrification and related technologies. Tata Motors said that JLR is on the path towards double-digit EBIT (earnings before interest and tax) margins and positive cash flow.

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Wipro secures 5-year contract from Telefónica Germany

Wipro Limited has secured a five-year IT transformation contract from Munich-based Telefónica Germany. As part of the contract, Wipro would work with the telecom company and its wider ecosystem to transform its business support systems and associated quality assurance. This would enable Telefónica to provide a superior customer experience and improve growth in the business-to-business (B2B) market segment. 

In other news, Tech Mahindra Ltd has entered into a strategic partnership with Telefónica Germany/O2 to drive its end-to-end IT transformation. This tie-up would help Telefónica to deliver faster product launches and provide a more ‘human-centered’ experience to its customers.

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Geojit Financial Services partners with Lotusdew to launch small, mid-cap stock basket

Geojit Financial Services, through its Smartfolios platform, has tied up with Lotusdew to offer a basket of stocks that uses behavioural finance and artificial intelligence (AI) to identify dominant market conviction. Lotusdew is a SEBI and US Securities and Exchange Commission (SEC)-regulated firm. Through this partnership, Geojit will offer a small and mid-cap basket of stocks called Lotusdew Prestige.

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Nureca IPO subscribed 5.73 times on first day of bidding

The Rs 100-crore initial public offering (IPO) of Nureca Limited was subscribed 5.73 times on the first day of bidding (February 15). The IPO has received total bids of 80.33 lakh equity shares, against an offer size of 14.01 lakh shares. The portion reserved for retail investors was subscribed 31.23 times, while that of employees is 91% subscribed so far. The portion set aside for non-institutional investors witnessed a subscription of 54%.

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RBI to conduct special OMO of Rs 10,000 crore on February 25

The Reserve Bank of India (RBI) will conduct simultaneous purchase and sale of government securities under open market operations (OMO) aggregating Rs 10,000 crore each on February 25. The central bank will conduct the OMO through a multiple price auction method. This is to ensure better liquidity in the Indian monetary system.

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SIS Limited approves Rs 100-crore share buyback plan

The Board of Directors of SIS Limited has approved a Rs 100-crore share buyback plan. The company will buy back 18.18 crore equity shares at Rs 550 per share. The security company’s share price closed at Rs 423.70 on the NSE today. 

V2 Retail opens new retail store in Uttar Pradesh

V2 Retail Limited has announced the opening of a new retail store in Prayagraj, Uttar Pradesh. It now operates 91 retail stores across strategic locations in India. The company’s stores offer a large variety of apparel across several categories. The share price of V2 Retail surged by 4.97% after the announcement took place.

Mazagon Dock Shipbuilders delivers third Scorpene submarine to Indian Navy 

Mazagon Dock Shipbuilders Ltd (MDL), on Monday, delivered the third Scorpene submarine of Project P-75 to the Indian Navy. The acceptance document was signed by Vice Admiral (Retd) Narayan Prasad, Chairman & MD of Mazagon Dock Shipbuilders, and Rear Admiral B Sivakumar, Chief of Staff Officer (Tech) of Western Naval Command. The submarine will be commissioned into the Indian Navy as INS Karanj.

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Shilpa Medicare launches Sunitinib Capsules in India

Shilpa Medicare Limited has announced the launch of Sunitinib Capsules under the brand name ‘SUNISHIL’. The product is used for the treatment of G.I stromal tumor, a disease in which abnormal cells form in the tissues of the gastrointestinal tract. The capsules were launched in three strengths— 12.5 mg, 25 mg, and 50 mg. It will be manufactured and supplied from a state-of-the-art finished product facility at Jadcherla, Telangana.

Read more here. 


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India to Start Covid-19 Vaccination Drive from Jan 16 – Top Indian Market News

India to start Covid-19 vaccination drive from January 16

The Central Government announced that the nationwide Covid-19 vaccination drive will be launched on January 16. Priority will be given to nearly three crore healthcare and frontline workers. The decision was taken after Prime Minister Narendra Modi reviewed the status of India’s Covid-19 situation and vaccine preparedness. After healthcare and frontline workers, priority will be given to those above 50 years of age and the under-50 population groups with pre-existing health conditions. Around 30 crore people will be vaccinated in the first phase.

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Avenue Supermarts Q3 Results: Net Profit rises 16% YoY to Rs 447 crore

Avenue Supermarts Ltd (DMart) reported a 16% year-on-year (YoY) increase in consolidated net profit to Rs 447 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 384.04 crore in the corresponding period of FY20. Revenue from operations rose 10.8% YoY to Rs 7,542 crore in Q3 FY21. The company stated that its overall sales and sales mix is trending closer to its usual times, except for specific customer consumption changes post Covid-19.

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Reliance Infra completes sale of 74% stake in PKTCL to IndiGrid for Rs 900 crore

Reliance Infrastructure Ltd has completed the sale of its entire 74% equity stake in Parbati Koldam Transmission Company Ltd (PKTCL) to India Grid Trust (IndiGrid) for an enterprise value of Rs 900 crore. PKTCL was a joint venture (JV) between Anil Ambani-led Reliance Infra and Power Grid Corporation of India Ltd (PGCIL). The divestment is a part of Reliance Infrastructure’s plan to divest assets to reduce debt.

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India’s fuel demand at 11-month high in December

India’s fuel demand rose for the fourth straight month in December, as the resumption of economic activity took consumption to an 11-month high. According to provisional data released by the Oil Ministry’s Petroleum Planning and Analysis Cell, the total demand for petroleum products in December 2020 stood at 18.59 million tonnes. India had consumed 17.86 million tonnes in November.

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CBI books Coastal Projects Ltd in connection with Rs 4,736 crore bank fraud

The Central Bureau of Investigation (CBI) has filed a case against Hyderabad-based Coastal Projects Ltd for allegedly causing a loss of over Rs 4736 crores to a consortium of banks led by the State Bank of India. CBI conducted searches at the premises of Coastal Projects, its Chairman and Managing Director Sabbineni Surendra, and other directors. Several incriminating documents have been recovered as part of an ongoing probe, which also accuses many public servants. The loan account of the company was declared fraud in February 2020.

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Shipping Corporation to partner with IWAI to commence coastal shipping service

Shipping Corporation of India (SCI) will collaborate with the Inland Waterways Authority of India (IWAI) to commence coastal shipping services. The service will be undertaken by its Kolkata-based wholly-owned subsidiary- Inland & Coastal Shipping. The proposed development assumes significance after another state-run entity, Container Corporation of India, had discontinued its coastal shipping operation.

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Mamata Banerjee allows 100% occupancy in cinema halls in West Bengal

West Bengal Chief Minister Mamata Banerjee has allowed 100% occupancy in cinema halls in the state but asserted following precautionary measures in the view of Covid-19. The decision comes a few days after the single screen owners sent a letter to the chief minister. They cited lesser revenues since the reopening of cinema halls in October and no known instance of the spread of Covid-19 through theatres as the basis of their demand.

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RBI approves re-appointment of Vishakha Mulye as ICICI Bank Executive Director

The Reserve Bank of India (RBI) has approved the re-appointment of Vishakha Mulye as an Executive Director of ICICI Bank for a three-year period. The bank stated that the re-appointment is effective from January 19. ICICI Bank further stated that Shareholders at the Annual General Meeting on August 24, 2020, had already approved the re-appointment of Mr. Mulye for a period of five years effective from Jan 19, 2021. 

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Tech Mahindra’s market cap crosses Rs 1 lakh crore mark

Tech Mahindra Ltd’s market capitalisation went past the Rs 1 lakh crore mark, helped by a rally in its stock price on Friday. At the close of trade, the company’s market valuation was at Rs 1.02 lakh crore on the NSE. The IT company’s shares saw a rise of 5.35% to close at Rs 1,048 on the NSE on Friday. Tech Mahindra has become the fifth IT firm to enter the Rs 1 lakh crore market capitalisation club, after TCS, Infosys, HCL Technologies, and Wipro.

Read more here.

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Tech Mahindra: A Stock for the Future?

Mahindra & Mahindra is one of the biggest groups in India. The IT arm of the group, Tech Mahindra is the 5th biggest IT company in India. It is one of the major sources from where the Mahindra group generate their revenue. marketfeed did an editorial on the future plans of Mahindra & Mahindra. You can find it here. Very soon, the Indian IT companies will be coming out with their Q3 results. Before that happens, let’s dig deeper and understand more about the company.

About Tech Mahindra

Tech Mahindra Limited was incorporated on October 24th 1986 as a joint venture between Mahindra and British Telecom. In 2009, Tech Mahindra purchased a major stake in the Satyam Computer Services after the famous Satyam scam. You can read about the Satyam scam here. Tech Mahindra changed Satyam’s name to Mahindra Satyam. To take the benefits of existing synergies, Mahindra Satyam was merged with Tech Mahindra in 2013.

Since then, Tech Mahindra has focussed on both organic and inorganic growth to march forward. They have acquired many companies over the years. Few to mention are CJS Solutions Group LLC, DynaCommerce BV, BORN Group and more. They have ventured into different industries and provided their solutions and tech-supports for companies to thrive.

In today’s era, every business in any industry requires a robust IT support to make a mark. Thus, it is no surprise to see Tech Mahindra offer services to a number of industries. The chart below shows the percentage of revenue they collect from each industry. The highest contributor to their top line comes from the communications sector.

Strengths of Tech Mahindra

The biggest strength for Tech Mahindra comes from the range of services they offer in several industries. They try to provide a holistic service experience to their customers with its huge portfolio of offerings. Every business is associated with some kind of risks. For example, imagine if Tech Mahindra was serving only hotels and tourist companies, their business would be nearly shut due to pandemic. But, as they serve a range of sectors, even a slowdown in one or two industries does not stop their business as they continue to serve others.

Tech Mahindra’s major chunk of the revenue comes from North America and Europe. In fact, almost 75% of the total revenue comes from these two continents. All in all, Tech Mahindra is present in more than 90 states across Europe, North America, Africa, Middle-East, Australia and Asia-Pacific. In India itself, they operate 38 offices across 14 and more states. This enormous geographical presence helps them to expand and establish as one of the most all-rounded tech companies.

An eye on financials of Tech Mahindra

Tech Mahindra is one of those very few companies which has always seen its top-line growing over the years. At the end of FY20, the company reported revenue from operations to be Rs 36,868 crore. This was up by 6% to what was recorded in FY19. The chart below shows the revenue from operation trend in the last five years. The CAGR for the same stands at 8.6%.

Source: Company’s annual report

The bottom line for the company saw a slight decline in FY20 for the first time in four years. Tech Mahindra recorded profits worth Rs 4,033 crore in FY20 against Rs 4,298 registered in FY19. This was mainly because of a slight increase in the cost of services and higher depreciation. Depreciation amount can go up and down each year so a company should not be judged on that basis alone. The CAGR for the net profit stands at 7.7% as shown by the chart below. Like most companies, Tech M is also net-debt free which allows it to invest more in upcoming technologies and better staff.

Source: Company’s annual report

Tech Mahindra has the highest dividend yield percentage in its sector. It holds a Dividend yield % of 1.61% which is higher than Infosys and TCS’ 1.47% and 1.15% respectively. Their 12-month Earnings Per Share(EPS) currently stands at Rs 41 which is at par with Infosys’ Rs 41 and HCL’s Rs 44. The other two tech giants, TCS and Wipro have an EPS of Rs 81 and Rs 16 respectively. This proves that Tech Mahindra has been making robust and stable money for each share as per the industry pattern.

Leveraging on Technology

Tech Mahindra’s Makers Lab develops solutions with the aid of new technologies so that their clients receive the most innovative experience. They utilize next-generation technologies like Artificial Intelligence (AI), Machine Learning (ML), Robotics, Internet of Things (IoT), Virtual Reality (VR) and 5G. All these techniques aid them to make solutions which are faster as well as easier for the clients to incorporate. All these are the technologies of the next generation, which makes this stock very exciting.

Currently, they have more than 50 technology platforms and solutions. By building intelligent and next-gen solutions, they help their clients to transform digitally. To solve complex business problems across different sectors, Tech Mahindra produced more than 20 Blockchain platforms in FY20 only. These blockchain platforms make the operations of their clients more secure and faster. They also launched the inaugural Blockchain accelerator program for the State Government of Telangana. This program aims to empower Blockchain start-ups across India.

Conclusion

The stock market fall of 21st December 2020 reminded us that we are still in an economic mess. And, this seems to continue until we find a robust fix to the virus. The market fell rapidly wiping out a huge amount of gains of many traders. A similar fall occurred in March when the news of lockdown just started to hit. Which sector was able to revive the fastest? The IT sector.

Tech Mahindra is currently trading at their all-time high. Even the recent bloodbath seems to be relatively comfortable for the IT stocks. Maybe, people will realise this faster and start investing more in the IT companies which are deemed to thrive in the ‘digital’ future. What are your views on Tech Mahindra? Let us know in the comment box. Until next time.

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

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

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

Read more here.

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

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

Read more here.

Gravita India secures contract to supply lead products to Luminous Power

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

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Dilip Buildcon incorporates SPV for road project worth Rs 882 crore

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

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

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

Read more here. 

L&T emerges as lowest bidder for Uttarakhand Railway Project

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

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HCL Tech completes acquisition of Australian IT solutions firm DWS

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

Read more here. 

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

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

Read more here.

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

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

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

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

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RBI Announces Co-Lending Scheme for Banks, NBFCs – Top Indian Market News

RBI announces co-lending scheme for banks, NBFCs

The Reserve Bank of India has announced a Co-Lending Model (CLM) scheme for banks and non-banking finance companies (NBFCs). Under this scheme, banks can provide loans along with NBFCs to priority sector borrowers, through a prior agreement. A specified portion of loans will be provided to specific sectors such as agriculture and micro & small enterprises. RBI has stated that this scheme will provide more flexibility to the lending institutions.

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Saudi PIF to invest Rs 9,555 crore in Reliance Retail

The Public Investment Fund (PIF) of Saudi Arabia will invest Rs 9,555 crore for a 2.04% stake in Reliance Retail Ventures Ltd (RRVL). The investment values RRVL at a pre-money equity value of Rs 4.58 lakh crore. Earlier, PIF had also acquired a 2.32% stake in Jio Platforms.

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Aditya Birla Capital Q2 Results: 3% YoY rise in Net Profit

Aditya Birla Capital reported a 3.3% year-on-year (YoY) increase in consolidated net profit at Rs 264.34 crore, for the quarter ended September (Q2). The company’s revenue from operations increased by 16.1% YoY to Rs 4,589.12 crore, during the same period. The company is present in areas such as housing finance, asset management, and life insurance.

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Berger Paints Q2 Results: Net Profit up by 13.55% YoY to Rs 221 crore

Berger Paints India Ltd. reported a 13.55% year-on-year (YoY) increase in consolidated net profit to Rs 221.05 crore, for the quarter ended September (Q2). The company’s revenue from operations has increased by 9% YoY to Rs 1,742.55 crore, during the same period. The paint company has stated that its sales are back at pre-Covid levels.

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Tech Mahindra partners with Subex to provide solutions for telecom operators

Tech Mahindra has announced its partnership with Subex Ltd. to provide blockchain-based solutions for telecom operators globally. These solutions will be aimed at fraud detection and improving the operational efficiency of communication service providers. The strategic partnership will help to reduce overhead costs and improve business profitability for telecom operators. 

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Lupin Q2 Results: Net Profit stands at Rs 211 crore

Lupin Limited reported a consolidated net profit of Rs 211 crore, for the quarter ended September (Q2). The company had posted a net loss of 185.3 crore in Q2 of the previous financial year. Revenue of the Mumbai-based drug maker declined by 1.2% YoY to Rs 3,835 crore in Q2 FY21.

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Bajaj Electricals Q2 Results: Net Profit at Rs 53 crore

Bajaj Electricals Ltd. reported a consolidated net profit of Rs 53.11 crore, for the quarter ended September (Q2). The company had posted a net loss of Rs 32.54 crore in Q2 of the previous financial year. The revenue of the consumer electricals firm has increased by 11.1% YoY to Rs 1,217.71 crore in Q2 FY21.

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Apollo Tyres Q2 Results: Net profit jumps two-fold to Rs 200 crore

Apollo Tyres Ltd. reported a two-fold year-on-year (YoY) increase in consolidated net profit at Rs 200 crore, for the quarter ended September (Q2). The company’s net sales increased by 8% YoY to Rs 4,234 crore, during the same period. Apollo Tyres has stated that its sales volumes have gone up in both truck tyres and passenger car tyres.

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Godrej Consumer Q2 Results: Net profit jumps 11% YoY

Godrej Consumer Products Ltd. reported a 10.66% year-on-year (YoY) increase in consolidated net profit to Rs 458.02 crore, for the quarter ended September (Q2). The company’s revenue has increased by 10.83% YoY to Rs 2915.12 crore, during the same period. The FMCG firm has also stated plans to launch new products and improve its e-commerce platform.

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Inox Leisure Q2 Results: Net Loss at Rs 68 crore

Inox Leisure Ltd. reported a consolidated net loss of Rs 67.83 crore, for the quarter ended September (Q2). The multiplex chain had reported a net profit of Rs 35.13 crore in Q2 of the previous financial year. The company’s revenue from operations declined by 99.93% YoY to Rs 36 lakh in Q2 FY21. The share price of Inox Leisure saw a rise of 4.50% today, after cinema halls were allowed to open in Maharashtra.

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L&T wins contract worth Rs 25,000 crore – Top Indian Market News

L&T wins contract worth Rs 25,000 crore for bullet train project

Larsen & Toubro (L&T) has secured its single biggest order of Rs 25,000 crore from the National High-Speed Rail Corporation. The company will build a portion of the 508 km corridor for the Mumbai-Ahmedabad bullet train project. The High-Speed Rail project is set to be completed by 2024, and will be operating at a speed of 320 km/h.

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Vodafone Idea Q2 Results: Net Loss reduces to Rs 7,218 crore

Vodafone Idea Ltd. has reported a consolidated net loss of Rs 7,218 crore, for the quarter ended September (Q2). The telecom company had posted a consolidated net loss of Rs 50,921 crore in Q2 of the previous financial year. The revenue from operations declined by 0.49% YoY to Rs 10,791.20 crore in Q2 FY21.

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Maruti Suzuki Q2 Results: Net Profit rises 1% YoY to Rs 1,371 crore

Maruti Suzuki India Ltd. reported a 1% year-on-year (YoY) increase in net profit to Rs 1,371 crore, for the quarter ended September (Q2). The company’s revenue has increased by 10.40% YoY to Rs 18,744 crore. The carmaker has stated that Q2 performance has improved due to better demand recovery, and gradual improvement in supply conditions.

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Tech Mahindra signs Rs 400 crore contract with HAL for ‘Project Parivartan’

Tech Mahindra, on Thursday, said that it has entered into a Rs 400 crore contract with Hindustan Aeronautics Limited (HAL). The IT company will implement Enterprise Resource Planning (ERP) to support HAL’s ‘Project Parivartan’. Tech Mahindra will help to improve and standardize HAL’s business processes.

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Havells Q2 Results: Net Profit rises 82% to Rs 326 crore

Havells India Ltd. reported an 81.97% year-on-year (YoY) increase in consolidated net profit at Rs 326.36 crore, for the quarter ended September (Q2). The revenue from operations increased by 10.16% YoY to Rs 2,459.49 crore, during the same period. The company has stated that its initiatives in rural and online engagements have provided good results.

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Dr. Reddy’s partners with Department of Biotechnology for Sputnik-V clinical trials in India

Dr. Reddy’s Laboratories has announced its partnership with the Biotechnology Industry Research Assistance Council (BIRAC), of the Department of Biotechnology. The partnership has been aimed at providing advisory support on clinical trials of the Sputnik-V vaccine in India. Dr. Reddy’s will use some of BIRAC’s clinical trial centers for the vaccine.

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IndiGo Q2 Results: Net Loss increases to Rs 1,195 core

InterGlobe Aviation Ltd. (IndiGo) reported that its net loss has increased to Rs 1,194.8 crore, for the quarter ended September (Q2). The airline company had posted a net loss of Rs 1,062 crore in Q2 of the previous financial year. IndiGo’s total revenue has declined by 65% year-on-year (YoY) to Rs 3,029 crore in Q2 FY21.

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Bank of Baroda Q2 Results: Net Profit stands at Rs 1,679 crore

Bank of Baroda reported a net profit of Rs 1,679 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) during the quarter has increased by 6.8% to Rs 7,507.5 crore. NII is the difference between the interest earned by a bank on its loans, and the interest it pays to depositors.

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Laurus Labs Q2 Results: Net Profit jumps 326% YoY to Rs 242 crore

Laurus Laboratories Ltd. reported a 326% YoY increase in net profit to Rs 242.47 crore, for the quarter ended September (Q2). The company’s revenue saw a rise of 59% YoY to Rs 1,138.84 crore, during the same period. Laurus Labs has been focusing on major acquisitions to expand its portfolio.

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Pidilite Industries to acquire Huntsman unit for Rs 2,100 crore

Pidilite Industries Ltd., which is the owner of Fevicol, has signed an agreement with US-based Huntsman Group for acquiring a 100% stake in one of its Indian subsidiaries. The company will acquire Huntsman Advanced Materials Solutions Pvt. for Rs 2,100 crore, as per a regulatory filing. The share price of the company saw a rise of 5.03%, and closed at Rs 1,595 on the NSE today.

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IDBI plans to raise Rs 6,000 crore via issue of equity shares

IDBI Bank, on Thursday, said that it has received shareholders’ approval to raise Rs 6,000 crore by issuing equity shares to institutional investors. It would be the first time in many years that IDBI Bank will be raising funds from investors via a share sale. The bank is planning to raise a total of Rs 11,000 crore through various modes, to strengthen its capital requirements.

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Hero MotoCorp to Sell Harley-Davidson Motorcycles in India – Top Indian Market News

Hero MotoCorp to sell and service Harley-Davidson motorcycles in India

Hero MotoCorp Ltd. has signed an agreement with Harley-Davidson Inc. to develop and sell premium motorcycles in India, under the Harley brand name. According to the distribution agreement, Hero will also sell the accessories, parts, and merchandise of the US-based motorcycle maker. This would allow Harley Davidson to retain its operations in India.

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Tata Motors Q2 Results: Net Loss increases to Rs 307 crore

Tata Motors Ltd. reported a consolidated net loss of Rs 307.3 crore, for the quarter ended September (Q2). The company’s total revenue from operations declined by 18.19% to Rs 53,530 crore, during the same period. The company has now reported a net loss for three quarters in a row. The share price of Tata Motors saw a rise of 2.21%, and closed at Rs 136.65 on the NSE today.

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TCS partners with Equinor for digital transformation

Tata Consultancy Services (TCS) has been selected as a strategic partner by Equinor, a Norway-based global energy company. The partnership will help to accelerate Equinor’s vision of becoming a digital energy company. TCS will use its expertise and technology framework to help Equinor achieve its growth and transformation objectives.

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Bharti Airtel reports net loss of Rs 763 crore in Q2

Bharti Airtel Limited has reported a consolidated net loss of Rs 763 crore, for the quarter ended September (Q2). The company’s revenue from operations increased by 22% year-on-year (YoY) to Rs 25,785 crore, during the same period. The share price of Bharti Airtel fell by 0.17%, and closed at Rs 433.30 on the NSE today.

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HCL Tech completes acquisition of Cisco’s SON platform

HCL Technologies Limited has completed the acquisition of Cisco’s Self Optimization Network (SON) technology. The cost of the acquisition has been estimated at $49 million (~Rs 361 crores). The Cisco SON platform will help HCL to meet the needs of its customers in the telecommunications industry.

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Angel Broking reports Profit after Tax at Rs 74.6 crore in Q2

Angel Broking has reported its highest-ever quarterly profit after tax (PAT) at Rs 74.6 crore, for the quarter ended September (Q2). The total income has increased by 29% quarter-on-quarter (QoQ) to Rs 317.9 crore. The Board of Directors of Angel Broking has approved an interim dividend of Rs 4.15 per share.

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Tech Mahindra acquires Momenton and Tenzing to boost financial services business

IT major Tech Mahindra, on Tuesday, said it has acquired Australian-based Mementon, a digital enterprise technology firm, for Rs 75 crore. The IT company has also acquired New Zealand-based Tenzing Ltd., which is a technology consulting company, for Rs 217.3 crore. The two companies will help Tech Mahindra to further strengthen its financial services position in the Australia-New Zealand (ANZ) market.

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Amara Raja Batteries Q2 Results: Net Profit falls 8% YoY to Rs 201 crore

Amara Raja Batteries Limited has reported an 8% year-on-year (YoY) decline in net profit to Rs 201 crore, for the quarter ended September (Q2). The company’s revenue from operations increased by 14% to Rs 1,936 crore, during the same period. The share price of Amara Raja Batteries saw a rise of 3.38%, and closed at Rs 786 on the NSE today.

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Ceat Limited Q2 Results: Net Profit jumps four-fold to Rs 182 crore

Ceat Limited, on Tuesday, reported a four-fold increase in net profit to Rs 182.18 crore, for the quarter ended September (Q2). The tire manufacturing company’s revenue from operations increased by 16.96% to Rs 1,978.47 crore, during the same period. The share price of Ceat Ltd. saw a rise of 1.19%, and closed at Rs 1,142 on the NSE today.

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Patel Engineering gets Rs 1,564 crore order to build hydro project in Arunachal Pradesh

Patel Engineering Limited has received an order worth Rs 1,564.42 crore to build the 2,000 MW (megawatt) Subansiri Lower Hydro Electric Project in Arunachal Pradesh. The company has stated that this would be the largest hydro power generation project in India. The project is located at Kolaptukar village, in Kamle district of Arunachal Pradesh.

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