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Markets Take a Pause Due to ITC, Reliance – Post-Market Analysis

NIFTY started the day flat at 19,748. The index was volatile within a 100-point range between 19,780 and 19,680 with a bearish bias. It has been moving in a downward channel since Friday. Nifty closed at 19,672, down by 72 points or 0.37%.

BANK NIFTY (BNF) started the day at 46,131 with a small gap-up of 56 points. Similar to Nifty, BNF fell sharply after 11:30 and consolidated in a 230-point range for the remainder of the day. The index has also formed a triangular pattern. BNF closed at 45,923, down by 152 points or 0.33%. 

All indices except Nifty Pharma (+0.4%), Nifty Realty (+0.2%), Nifty PSU Bank (+0.1%), and Nifty Auto (+0.17%) closed in the red. Nifty FMCG (-1.7%) fell the most.

Major Asian markets closed mixed. France’s CAC40 is currently trading in the red, while UK’s FTSE100 and Germany’s Dax are in green.

Today’s Moves

SBI Life (+2.05%) was NIFTY50’s top gainer on the back of strong volumes. 

Aarti Drugs (+18.6%) surged after the company approved plans for a buyback of 6.65 lakh fully paid-up equity shares. The floor price for the buyback is set at ₹900 per share, which is over 72% higher than the stock’s closing price on Friday.

ITC (-3.89%) was NIFTY50’s top loser. The company’s board has given in-principle approval for the demerger of its hotel business.

Kotak Bank (-3.7%) fell sharply despite reporting better-than-expected Q1 results.

Tejas Networks (-8.1%) crashed after the company’s net loss widened sequentially in the April-June (Q1) quarter.

Hikal (-7.28%) moved down after the Gujarat Pollution Control Board (GPCB) asked the pharma company to close down its plant in Bharuch for alleged violation of environmental norms.

Markets Ahead

Both Nifty and Bank Nifty are at crucial support zones and can give good moves on either side tomorrow.

Nifty: The index is now below its support of 19,700. But if there’s a flat or gap down opening, the index can further come down to the 19,560 level. If there’s a gap up and further up-move, the index can go back into the consolidation zone of 19,800 and 19,700.

Bank Nifty: 45,900 in Bank Nifty is a very important support zone. A breakdown from here can give us the target till the round levels of 45,500 and then eventually to 45,200 zones. But looking at the triangular pattern Bank Nifty has formed, a breakout on the upside is more likely to happen and if the market goes up tomorrow, we can expect a target of 46,400.

Meanwhile, Reliance Industries shares fell over 2% today after the company reported lower-than-estimated Q1 earnings. The US will report its manufacturing PMI data tonight.

Being FIN NIFTY expiry tomorrow, major indices can be volatile. Since it’s the monthly expiry also, we can expect some directional moves tomorrow. So trade cautiously if you’re a non-directional player! 

Which levels are you watching out for FIN NIFTY expiry tomorrow? Let us know in the comments section of the marketfeed app.

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India’s Manufacturing PMI Hits a 3-Month High in March – Top Indian Market Updates

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

India’s manufacturing PMI hits a three-month high of 56.4 in March

India’s manufacturing sector expanded at its quickest pace in three months in March on improved output and new orders. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 56.4 in March, compared to 55.3 in Feb. Foreign demand for Indian goods increased as well, with new export orders rising in March.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

Auto sales data for March 2023: Highlights  

Maruti Suzuki India wholesale sales remained flat at 1.70 lakh units in March 2023. Sales of its mini & compact vehicle segment fell 14% YoY to 83,714 units. Exports rose 13.7% YoY to 30,119 units.

Tata Motors Ltd registered a 4% YoY increase in passenger vehicle sales to 44,225 units in March. The automaker’s commercial vehicle sales remained flat at 46,823 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 35,997 units in March, an increase of 30% YoY. M&M’s tractor sales rose 18% YoY to 35,014 units. 

TVS Motor Company’s total sales stood at 3.17 lakh units in March, up 3% YoY.

Read more here.

Axis Bank launches business management solution for merchants

Axis Bank, in partnership with Visa, launched an app that will empower merchants to accept payments through various digital modes and enable them to manage their day-to-day business digitally. The app (Digital Dukaan) has been specifically designed to address business requirements such as accepting digital payments, inventory management and billing.

Read more here.

NTPC and NHPC to merge

The Indian government is considering selling NTPC Ltd’s two hydropower firms to NHPC Ltd to create a single hydropower company. This move will improve efficiency, cut costs, and help meet high demand at night when solar projects do not run. NTPC acquired the projects (THDC India Ltd and NEEPCO) three years ago for about $1.34 billion under a consolidation plan by the Indian government. 

Read more here.

SAIL produces record 18.28 MT crude steel in FY23

Steel Authority of India (SAIL) has reported a 5.3% year-on-year rise in crude steel production to a record 18.28 million tonnes (MT) in the financial year 2022-23, with hot metal production up 3.6% YoY to 19.40 MT. SAIL, the country’s largest steel producer, has been focusing on value-added and special-steel production. It has five integrated and three special steel plants across India.

Read more here.

SpiceJet hives off cargo and logistics business into separate entity

SpiceJet Ltd has separated its cargo and logistics business, SpiceXpress, into a separate entity named SpiceXpress and Logistics Pvt Ltd. The move has resulted in a one-time gain of Rs 2,555.77 crore for SpiceJet. The separation also enables SpiceXpress to raise funds independently. SpiceXpress, which reported a net profit of Rs 51.4 crore for the April-December period of FY23, is expected to attract more investments and partnerships to further grow its business.

Read more here.

Yulu and Zomato announce tie-up for last-mile deliveries

Yulu, a shared electric Mobility-as-a-Service (MaaS) platform, has partnered with food delivery platform Zomato to use Yulu DeX EVs for intra-city deliveries. Yulu will provide about 25,000-35,000 Yulu DeX to delivery partners onboarded on Zomato’s platform for last-mile deliveries on custom-made rental plans. Once deployed, these Yulu DeX have the potential of serving 3 lakh green deliveries every day by 2026. 

Read more here.

TCS secures contract from Norwegian rail network operator Bane NOR

Tata Consultancy Services (TCS) has won a contract from Bane NOR to enable secure access to its digital systems. As TCS’ strategic partner, the company will provide identity governance and administration, access management, identity lifecycle management, and application management operations in a managed services model. Bane NOR is the government agency responsible for maintaining and developing the Norwegian railway network.

Read more here.

Tejas Networks bags record order from BSNL

Tejas Networks has received an advance purchase order worth Rs 696 crore from Bharat Sanchar Nigam Limited (BSNL) to upgrade its pan-India IP-MPLS-based Access and Aggregation Network (MAAN). The company will supply, install, and commission over 13,000 of its TJ1400 series of next-generation routers for a converged multi-service packet network being rolled out nationwide.

Read more here.

Oil prices surge 8% after OPEC+ announces surprise output cut

Oil prices surged nearly 8% today morning, with Brent Crude making a high of $86.44 after Saudi Arabia and OPEC+ announced a surprise cut in production of around 1.16 million barrels per day. West Texas Intermediate or WTI Crude prices also surged up to 7.5% to $81.58 per barrel. The cuts will begin in May and go on till the end of the year.

Read more here.

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India’s Services PMI Hits 11-Year High in June – Top Indian Market Updates

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

India’s services PMI hits 11-year high in June

Services activity in India expanded at the fastest pace in 11 years in June 2022. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 59.2 in June, compared to 58.9 in May. The data indicated further accelerations in new business growth and output at Indian services companies amid ongoing improvements in demand conditions. However, concerns surrounding price pressures restricted business confidence. 

[PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.]

Read more here. 

Adani Power to seek shareholders’ approval for deal worth Rs 5,000 crore with AdaniConnex

Adani Power Ltd (APL) will seek shareholders’ approval for the proposed related-party transaction worth ~Rs 5,000 crore with AdaniConnex Pvt. Ltd (ACPL) during its annual general meeting on July 27. The transaction involves the sale of APL’s special purpose vehicles (SPVs) or subsidiaries to ACPL. AdaniConneX is a 50:50 joint venture (JV) between Adani Enterprises and US-based EdgeConneX that builds data centres across India.

Read more here.

Passenger vehicle sales rose 40% in June: FADA

As per data released by the Federation of Automobile Dealers Association (FADA), retail passenger vehicle sales in India rose 40% YoY to 2,60,683 units in June. An increase in dispatches indicates that supplies of semiconductors have improved. Two-wheeler retail sales increased 20% YoY last month to 11,19,096 units.

Read more here.

KEC International aims to double civil contracts business to Rs 4,000 crore in FY23

KEC International Ltd is betting on its civil contracts business and aims to double revenue in the segment during the current financial year (FY23). The company’s total revenue increased 5% YoY to Rs 13,700 crore in FY22, led by growth in the civil, railways, and cables businesses. The contribution of the civil business to the total revenue stood at Rs 1,900 crore.

Read more here.

Tata Steel’s output remains flat at 7.66 MT in Q1

Tata Steel Ltd’s consolidated steel output remained flat at 7.66 million tonnes (MT) during the April-June quarter (Q1) of the current financial year (FY23). The company produced 7.65 MT of steel in Q1 FY22. Consolidated sales fell 4% YoY to 6.53 MT during the same period. Tata Steel India registered over a 6% YoY rise in output at 4.92 MT. Its sales fell 2% YoY to 4.06 MT.

Read more here.

RBL Bank’s total deposits rise 6% YoY in Q1

RBL Bank Ltd’s total deposits rose 6% year-on-year (YoY) to Rs 79,217 crore as of June 30, 2022 (Q1 FY23). Deposits rose 0.27% when compared to the previous quarter. The bank’s current account-savings account (CASA) stood at Rs 28,525 crore in Q1, up 14% YoY or 2% QoQ. Gross advances grew 7% YoY and 0.24% QoQ to Rs 62,095 crore in Q1.

Read more here.

IEX electricity volume rises 17% YoY in June

Indian Energy Exchange (IEX) registered a 17% YoY growth in power trade volumes to 8,267 million units (MU) in June 2022. This comprises 7,058 MU in the conventional power market, 536 MU in the green power market, and 673 MU in the renewable energy certificate market. Prices at the day ahead market reduced from Rs 6.76 in May to Rs 6.49 per unit in June due to improved supply-side availability. For the first quarter of FY23, IEX achieved 23,437 MU volume across all segments, registering a 10% YoY growth.

Read more here.

Tejas Networks acquires 62.65% stake in Saankhya Labs for Rs 276.24 crore

Tejas Networks Ltd (TNL) has acquired a 62.65% stake in Saankhya Labs for Rs 276.24 crore. The company intends to acquire the balance 37.35% stake in the Bengaluru-based firm in due course. The acquisition will help enhance TNL’s wireless offerings by adding 5G ORAN, 5G Cellular Broadcast, and satellite communication products to its product portfolio. It also gives the company access to in-house semiconductor chip design expertise for specialised applications.

Read more here.

Biocon Biologics gets EU GMP certification for new facility in Bengaluru

Biocon Biologics (a subsidiary of Biocon Ltd) has received the Europen Union’s Good Manufacturing Practice (GMP) certification from the Health Products Regulatory Authority (HPRA), Ireland, for its new monoclonal antibodies (mAbs) drug substance manufacturing facility at Biocon Park, Bengaluru. The GMP accreditation is offered to pharmaceutical manufacturers who adhere to a minimal standard in their production practices. 

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Adani Ports Acquires 100% Stake in Ocean Sparkle – Top Indian Market News

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Adani Ports acquires 100% stake in marine services firm Ocean Sparkle

Adani Ports & Special Economic Zone Ltd’s (APSEZ) subsidiary, Adani Harbour Services Ltd, has entered into a definitive agreement for the acquisition of a 100% stake in Ocean Sparkle Ltd (OSL). OSL ranks first in India and 11th globally in providing end-to-end marine services. Key activities carried out by OSL include towage, pilotage, and dredging. It has an asset base of 94 owned vessels and 13 third-party-owned vessels.

Read more here.

Hindustan Zinc Q4 Results: Net profit rises 18% YoY to Rs 2,928 crore

Hindustan Zinc ltd reported an 18% YoY increase in consolidated net profit to Rs 2,928 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 26.6% YoY (or 10% QoQ) to Rs 8,797 crore during the same period. EBITDA stood at Rs 5,007 crore, up 29% YoY or 14% QoQ. Mined metal production increased by 2.6% YoY to 295 metric kilotonnes. 

Read more here.

Nykaa makes investments in Earth Rhythm, Nudge Wellness, Kica Active

Nykaa has made strategic investments in brands across the clean beauty, athleisure, and nutri-cosmetics categories. The company has acquired an 18.51% stake in Earth Rhythm, a clean beauty and personal care cosmetics brand, for Rs 41.65 crore. It has acquired a 60% stake in dietary supplement and nutri-cosmetics products maker Nudge Wellness. Nykaa has also acquired Kica, an activewear athleisure brand, for Rs 4.51 crore.

Read more here.

Tejas Networks Q4 Results: Net loss at Rs 49 crore

Tejas Networks Ltd reported a net loss of Rs 49.62 crore for the quarter ended March (Q4 FY22). The company had posted a net profit of Rs 33.5 crore in Q4 FY21 and a loss of Rs 24 crore in Q3 FY22. Its revenue from operations fell 37.2% YoY to Rs 126.5 crore in Q4 FY22. Tejas Network’s order book stood at Rs 1,175 crore, up 73% YoY.

Read more here.

Zen Tech secures order worth Rs 55 crore

Zen Technologies Ltd has signed an annual maintenance contract worth Rs 55 crore for simulators for a period of 5 years. The company’s total order book stands at Rs 477.04 crore. Hyderabad-based Zen Tech designs, develops, and manufactures world-class, state-of-the-art training simulators.

Allied Digital Services secures order worth Rs 85 crore

Allied Digital Services Ltd has secured an order from the Lucknow Safe City Project worth Rs 85 crore. The order includes setting up a city-wide surveillance system, artificial intelligence-based video analytics, integrated smart control room, data center, and cloud-based disaster recovery. The project has to be executed within 9 months. Allied Digital is an IT service management company based in Mumbai.

Wendt India Q4 Results: Net profit rises 40.9% YoY to Rs 7.47 crore

Wendt India Ltd reported a 40.94% increase in consolidated net profit to Rs 7.47 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 4.25% YoY to Rs 47.30 crore during the same period. Wendt India’s board has declared a final dividend of Rs 45 per share. The company manufactures and sells super abrasives, high precision grinding, honing, special purpose machines, and high precision components.

Maruti Suzuki plans its biggest product offensive to regain market share

Maruti Suzuki India is on track to execute one of its biggest product offensives this financial year (FY23). It aims to regain market share despite the uncertainties in the current business environment. The automaker launched the all-new XL6, a premium multipurpose vehicle (MPV) priced between Rs 11.29-14.55 lakh. An SUV jointly developed with Toyota, codenamed YFG, will take on segment leader Hyundai Creta. Meanwhile, the all-new Jimny is expected to challenge Mahindra Thar.

Read more here.

Future Group lenders reject Reliance’s retail assets deal: Report

Lenders have rejected the slump sale proposal of Kishore Biyani’s Future Group to Reliance Retail Ventures (RRVL). The rejection by lenders comes amid a long-drawn legal challenge by US-based Amazon.com Inc. The e-commerce giant has accused Future of violating certain contracts by dealing with Reliance.

Read more here.

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Jubilant FoodWorks Posts 58% YoY Rise in Net Profit in Q2 – Top Indian Market News

Jubilant FoodWorks Q2 Results: Net profit rises 58% YoY to Rs 121 crore

Jubilant FoodWorks Ltd reported a 58% YoY increase in net profit to Rs 121.5 crore for the quarter ended September (Q2 FY22). Net profit increased by 73% compared to the previous quarter. Its revenue from operations rose 36.6% YoY (or 25% QoQ) to Rs 1,100.7 crore during the same period. Operating profit stood at Rs 290 crore in Q2, an increase of 33% YoY. The company saw a 43% YoY rise in the cost of raw materials to Rs 227 crore in the July-Sept quarter of FY22.

Read more here.

Honeywell Automation secures Rs 496 crore Bengaluru Safe City project

The Central Govt has selected Honeywell Automation India to lead the Rs 496.57 crore Bengaluru Safe City project under the Nirbhaya Fund. The project was initiated by the Ministry of Home Affairs to create a safe, secure, and empowering environment for women and girls in public places. As part of the contract, Honeywell Automation will install 7,000 cameras across 3,000 locations across Bengaluru. The system will have facial recognition and advanced analytics capabilities. 

Read more here.

Havells India Q2 Results: Net profit falls 7.2% YoY to Rs 301.6 crore

Havells India reported a 7.2% YoY decline in net profit to Rs 301.6 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 31.4% YoY to Rs 3,221 crore during the same period. EBITDA stood at Rs 443.5 crore in Q2, an increase of 5.3% YoY. The company’s total expenses stood at Rs 2,850.85 crore in Q2 FY22, compared to Rs 2,107.44 in the same period last year (Q2 FY21). Havells India’s board has declared an interim dividend of Rs 3 per share.

Read more here. 

IndusInd Bank launches EMI on debit cards ahead of festive season

IndusInd Bank has launched Equated Monthly Instalments (EMI) facility on debit cards to enable its customers to convert their high-value transactions into easy installments. A debit cardholder of the bank can walk into any participating store and use the new facility by swiping or tapping their debit cards at a merchant point of sale (PoS) terminal. Customers can use also use the debit card EMI feature on online purchases as well. 

Read more here.

Mastek Q2 Results: Net profit rises 42% YoY to Rs 72.3 crore

Mastek Ltd reported a 42% YoY increase in net profit to Rs 72.29 crore for the quarter ended September (Q2 FY22). Net profit increased 4.31% compared to the previous quarter. Its revenue from operations rose 30% YoY to Rs 553.93 crore during the same period. Mastek’s revenue in dollar terms rose 2.6% QoQ to $72 million. The software company secured deals worth $155.5 million in Q2. 

Read more here.

Mindtree secures multi-year IT transformation deal from Western Asset

US-based Western Asset has selected Mindtree as a strategic partner to help drive innovation and differentiated experiences. Mindtree will help Western Asset accelerate the transition to a platform-based operating model, automate enterprise systems, and maintain industry-leading best practices for IT services. The IT company will enable Western Asset to create a more flexible operating model that can quickly adapt to changing business needs.

Read more here.

Tejas Networks Q2 Results: Net profit falls 19% YoY to Rs 3.66 crore

Tejas Networks Ltd reported a 19.21% YoY decline in consolidated net profit to Rs 3.66 crore for the quarter ended September (Q2 FY22). Net profit fell 51.52% compared to the previous quarter. Its revenue from operations rose 57% YoY (or 19.78% QoQ) to Rs 172.78 crore during the same period. Tejas Networks secured orders worth Rs 258 crore in Q2, taking its total order book to Rs 783 crore. 

Jio gains 6.49 lakh subscribers in August, Bharti Airtel adds 1.38 lakh: TRAI

Reliance Jio Infocomm and Bharti Airtel added 6.49 lakh and 1.38 lakh wireless subscribers, respectively, in August 2021. Jio’s total subscriber base rose to 44.4 crore during the same month. Bharti Airtel’s overall mobile user base stood at 35.4 crore at the end of August. Meanwhile, Vodafone Idea (Vi) lost 8.33 lakh subscribers in August, and its user base shrunk to 27.1 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

In other news, Vi has accepted the four-year spectrum payment moratorium. It has become the first telco to accept the deferred payment option provided under the telecom relief package. 

Read more here.

Tata Communications Q2 Results: Net profit rises 10.6% YoY to Rs 425 crore

Tata Communications reported a 10.6% YoY increase in consolidated net profit to Rs 425 crore for the quarter ended September (Q2 FY22). Net profit increased 43.7% compared to the previous quarter. Its revenue from operations fell 5.2% YoY to Rs 4,174 crore during the same period. EBITDA declined by 3.9% YoY to Rs 1,113 crore in Q2. Tata Communications’ data revenue stood at Rs 3,140 crore, a growth of 1.1% QoQ and a decline of 2.2% YoY.  

Read more here.

L&T Finance Q2 Results: Net profit falls 15% YoY to Rs 224 crore

L&T Finance Holdings (LTFH) reported a 15% YoY decline in consolidated net profit to Rs 224 crore for the quarter ended September (Q2 FY22). Net profit rose 26% compared to the previous quarter. Its revenue from operations fell 10% YoY (or 3% QoQ) to Rs 3,051.82 crore during the same period. LTFH’s total assets under management (AUM) stood at Rs 86,936 crore in Q2 FY22, compared to Rs 98,923 crore in Q2 FY21.

Read more here.

Hathway Cable Q2 Results: Net profit falls 63% YoY to Rs 19 crore

Hathway Cable & Datacom Ltd reported a 63.59% YoY decline in consolidated net profit to Rs 19.05 crore for the quarter ended September (Q2 FY22). Net profit fell 61% compared to the previous quarter. Its revenue from operations rose 3.85% YoY to Rs 447.87 crore during the same period. The company’s total expenses in the September 2021 quarter stood at Rs 450.75 crore, an increase of 10.5 YoY. 

Read more here.

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Jio Adds 65 lakh Subscribers, Vi Loses 14 lakh in July – Top Indian Market News

Reliance Jio adds 65 lakh subscribers in July, Vodafone Idea loses 14 lakh

Reliance Jio Infocomm added 65.1 lakh wireless subscribers in July 2021, taking its gross user base to 44.32 crore. Bharti Airtel gained 19.4 lakh subscribers, while Vodafone Idea (Vi) lost 14.3 lakh subscribers in July. Jio consolidated its leadership in rural India by adding 34.8 lakh subscribers in rural markets. Vodafone Idea and Bharti Airtel lost 9.9 lakh and 4.1 lakh subscribers, respectively, in rural markets. The data released by the Telecom Regulatory Authority of India (TRAI) shows that Jio and Airtel have widened customer market shares to 37.34% and 29.83%, respectively, in July. 

Read more here.

Tejas Networks secures optical network expansion deal from Bharti Airtel

Bharti Airtel has selected Tejas Networks to enhance its optical network capacity in key metropolitan markets. The telecom gear maker will supply, install, and support its optical transmission products for extending Bharti Airtel’s optical networks towards the edge, supporting 5G backhaul, business-to-business (B2B) services, and broadband applications. The order given to Tejas Networks will enable Bharti Airtel to deliver a world-class experience to its customers.

Read more here.

BPCL, SBI Card launch co-branded RuPay contactless credit card

Bharat Petroleum Corp Ltd (BPCL) and SBI Cards and Payment Services have launched a co-branded RuPay contactless credit card. The card will offer 13X reward points on every Rs 100 spent on fuel purchases at BPCL petrol pumps. It will also offer a 1% fuel surcharge waiver on every transaction up to Rs 4,000, translating to a 4.25% value back. Cardholders will also get accelerated savings on other categories of spends, including groceries, departmental stores, dining, and movies.

Read more here.

JBM Auto gets orders for 500 CNG, electric buses from various states

JBM Auto Ltd has secured orders for supplying 500 compressed natural gas (CNG) and electric buses from various state governments. The company has received orders for BS-VI CNG buses from Delhi Integrated Multi-Modal Transit System Ltd. It will also supply electric buses to Bengaluru Metropolitan Transport Corp (BMTC). These orders will be executed in the current financial year (FY22).  

Read more here.

CAMS, KFin Tech launches new platform for mutual fund transactions

Computer Age Management Services (CAMS) and KFin Technologies have launched MFCentral, a one-stop platform for all mutual fund investors. The platform minimises the need to visit the websites of multiple mutual fund houses to access your portfolio, statements, service requests, and investments. MFCentral will offer digital access to investor lifecycle engagement with the entire mutual fund industry under one roof. 

Read more here.

Adani Airports signs pact with Flamingo, Mumbai Travel Retail to operate duty-free outlets in airports and seaports

Adani Airport Holdings Ltd (AAHL) has entered into a strategic partnership with Flemingo Travel Retail Pvt Ltd. and Mumbai Travel Retail Pvt Ltd (MTRPL) to operate duty-free outlets in airports and seaports. AAHL is a wholly-owned subsidiary of Adani Enterprises Ltd. Under this partnership, AAHL will subscribe to 28.49 lakh equity shares (of the face value of Rs 10 each), constituting 74% of the total share capital of MTRPL, for an aggregate investment of Rs 2.85 crore.

Read more here.

G R Infra secures road project worth Rs 927 crore in Punjab

G R Infraprojects Ltd has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project in Punjab. The order consists of the development of the six-lane Amritsar-Bathinda Greenfield section of NH-7S4A as part of the Amritsar-Jamnagar Economic Corridor in Punjab. The bid project cost is Rs 927 crore, while the first-year operation and maintenance cost is Rs 3.87 crore.

RIL denies reports of JBF Industries acquisition

Reliance Industries Ltd (RIL) has denied reports of a takeover of stressed polyester manufacturer JBF Industries in consortium with CFM Asset Reconstruction Company (ARC). RIL clarified that no negotiations are taking place for the takeover of JBF Industries and its assets. A news site had reported earlier that RIL is likely to acquire JBF and that bankers had sought takeover bids in July. The report further stated that CFM ARC is believed to have put in a Rs 825 crore bid for the company that owes Rs 2,116 crore to its lenders.

Read more here.

Ahluwalia Contracts secures order worth Rs 58.8 crore

Ahluwalia Contracts (India) Ltd has secured an order for the construction of Infosys Regional Office Building for Software Development Block (SDB) at Kolkata. The order is worth Rs 58.8 crore. The company’s total order inflow in the current financial year (FY22) stands at Rs 1,198.66 crore.

HCL Tech selects RISE with SAP to modernise digital estate

HCL Technologies Ltd has selected RISE with SAP offering to further modernise its enterprise digital landscape. As an SAP strategic partner, HCL will help its clients by leveraging their combined experience in the industry cloud transformation space. Germany-based SAP and HCL will deploy the full stack framework for RISE with SAP along with HCLCloudSmart suite of industry cloud solutions to drive cost-effective modernization of business processes for enterprises worldwide. 

Read more here.

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Zydus Wellness Reports 92% YoY Jump in Net Profit in Q4 – Top Indian Market News

Zydus Wellness Q4 Results: Net profit rises 92% YoY to Rs 133 crore

Zydus Wellness reported a 92.66% YoY increase in consolidated net profit to Rs 133.13 crore for the quarter ended March (Q4). Its revenue from operations rose 24% YoY to Rs 600.75 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 16.22% YoY to Rs 118.73 crore. Its e-commerce business grew by ~250% in FY21, which accounted for nearly 3.6% of its overall domestic revenue. The company’s board has recommended a final dividend of Rs 5 per share.

Read more here.

SBI Cards raises Rs 455 crore via issue of bonds

SBI Cards and Payment Services said it has raised Rs 455 crore by issuing bonds. The Stakeholders’ Relationship Committee of the company has approved the allotment of 4,550 fixed-rate, unsecured, rated, taxable, redeemable, non-convertible debentures (NCDs). Under this, SBI Cards will issue NCDs of the face value of Rs 10 lakh each, aggregating to Rs 455 crore, on a private placement basis. The bonds will offer a coupon rate of 5.70% per annum. It will be listed on the wholesale debt market segment of the BSE.

Read more here.

Cipla, Lupin, Sun Pharma to manufacture and sell low-cost versions of Eli Lilly’s Covid-19 drug

US pharmaceutical firm Eli Lilly has issued royalty-free, non-exclusive voluntary licenses to Cipla, Lupin, and Sun Pharmaceutical Industries to manufacture and sell low-cost versions of its Covid-19 drug Baricitinib in India. This will enable the Indian pharma companies to leverage their distribution footprints and make the essential drug accessible across the country. On May 3, India’s drug regulator DCGI had given approval for the restricted emergency use of Baricitinib for treating Covid-19 infections. 

Read more here.

Reliance, affiliates buy more than three-fourths of KG-D6 gas volumes: Report

According to a report from Economic Times, Reliance Industries Ltd (RIL) and its affiliates have picked up more than three-fourths of the new gas volumes from the firm’s eastern offshore KG-D6 block. Last week, RIL and its UK-based partner BP Plc auctioned 5.5 million standard cubic meters per day (mmscmd) of incremental gas from the newer discoveries in the KG-D6 block. India Gas Solutions (IGS), a gas sourcing and marketing joint venture of RIL and BP, picked up another 1 mmscmd. The report further states that the remaining volumes were picked up by Adani Gas, IRM Energy, GAIL, and Torrent Gas. 

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Venky’s Q4 Results: Net profit at Rs 77.90 crore

Venky’s (India) reported a standalone net profit of Rs 77.90 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 96.73 crore in the corresponding period last year (Q4 FY20). On a quarterly basis, net profit fell 26.85% in Q4 FY21. The company’s revenue rose 42.44% YoY to Rs 941.35 crore during the same period. Its oilseeds vertical grew 52% YoY to Rs 515.63 crore, while the poultry products vertical grew by 32% YoY to Rs 391 crore. The board of Venky’s (India) has approved a dividend of Rs 17 per share.

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Vehicle registrations in India declined 30% in FY21: FADA

According to a report from the Federation of Automobile Dealers Association (FADA), total vehicle registrations in India declined by 29.85% YoY to 1.52 crore units in the financial year 2020-21. Two-wheeler and three-wheeler segments fell 31.51% and 64.12%, respectively, in FY21. Registrations in the commercial vehicles and passenger vehicles segment declined by 49% and 13.96%, respectively (compared with FY20). Total vehicle registrations in April 2021 were down 28.15% at 11.85 units, compared to March.

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Federal Bank partners with UAE-based Mashreq Bank to facilitate instant money transfer

Federal Bank has entered into a partnership with Mashreq Bank to facilitate instant money transfers from the UAE to India. This partnership will support Mashreq’s faster payment product— QuickRemit, which was launched in 2017. Mashreq Bank is one of the oldest banks in the UAE and has a presence in twelve countries across Europe, the US, Asia, and Africa.

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Vinyl Chemicals Q4 Results: Net profit declines 19% QoQ to Rs 3.87 crore

Vinyl Chemicals India Ltd reported a 19.88% quarter-on-quarter (QoQ) decline in net profit to Rs 3.87 crore for the quarter ended March (Q4). Its revenue rose 31.29% QoQ to Rs 166.88 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 52.14% YoY to Rs 11.35 crore. The company’s board has recommended a final dividend of Rs 3.75 per share.

Vivimed Labs receives DGHS approval to make Favipiravir

Vivimed Labs Limited has received approval from the Directorate General of Health Services (DGHS), Govt of India, to manufacture and market Favipiravir tablets in the Indian market. The pharma company will be marketing the oral anti-viral drug under the brand ‘Favulos’. Favipiravir has been approved for treating patients with mild-to-moderate Covid-19 infections in several countries.

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TelOne Zimbabwe selects Tejas Networks’ DWDM solution for network capacity expansion

Tejas Networks Ltd announced that Zimbabwe-based TelOne has deployed its 100G/100G+ coherent DWDM solution for its network expansion. [Dense Wavelength Division Multiplexing or DWDM is a technology used to increase bandwidth over existing fiber networks]. The company’s state-of-the-art solution was selected by TelOne after a competitive bidding process and a successful field trial. Tejas Networks was able to successfully demonstrate the high-speed transmission of multiple 100G lambdas while meeting the stringent performance and reliability requirements in a cost-effective manner.

Dabur India enters pain relief spray category

Dabur India has announced the launch of a pain relief spray under the existing ‘Dabur Rheumatil’ pain-relieving brand, which is used for joint aches. The product has already been launched across e-commerce platforms and through regular retail channels. The Dabur Rheumatil Spray is priced at Rs 130 for a 40g/ 57 ml pack. In this category, Dabur will be competing against Reckitt and Sun Pharma that sell popular pain relief sprays and ointments such as Moov and Volini, respectively.

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HFCL Q4 Results: Net profit at Rs 84.6 crore

HFCL Limited reported a net profit of Rs 84.67 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 5.78 in the corresponding period last year (FY20). On a quarterly basis, net profit has increased by 2.95% in Q4 FY21. The company’s revenue from operations rose 109% YoY (or 8% QoQ) to Rs 1,391 crore during the same period. HFCL’s board has recommended a final dividend of Rs 0.15 per share.

IndiGo’s board approves raising up to Rs 3,000 crore via QIP

The Board of Directors of InterGlobe Aviation Ltd (IndiGo) has approved fundraising of up to Rs 3,000 crore through a qualified institutional placement (QIP). The proposal is subject to shareholder and other regulatory approvals. In January 2021, IndiGo had shelved plans to raise funds up to Rs 4,000 crore through a QIP. Instead, the airline opted to raise money through sale and leaseback (SLB) transactions and other alternative options.

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ICICI Securities’ Net Profit Jumps Two-Fold in Q4 – Top Indian Market News

ICICI Securities Q4 Results: Net profit jumps two-fold to Rs 329 crore

ICICI Securities Limited reported over a two-fold year-on-year (YoY) increase in net profit to Rs 329 crore for the quarter ended March (Q4). Its revenue jumped 53% YoY to Rs 739 crore during the same period. The revenue growth was supported by a strong performance of equities and allied operations. The company’s private wealth management and investment banking businesses also showed significant growth. ICICI Securities has declared a final dividend of Rs 13.5 per share.

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Hero MotoCorp partners with Gogoro with focus on electric mobility

Hero MotoCorp Limited has announced a strategic partnership with Taiwan-based Gogoro Inc. to accelerate the shift to electric mobility in India. The companies will establish a battery swapping joint venture (JV) to bring Gogoro’s industry-leading battery swapping platform to India. The partnership will also focus on electric vehicle (EV) development to launch Hero-branded, powered by Gogoro network vehicles to the market.

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KEC International secures orders worth Rs 1,245 crore

KEC International Limited has secured new orders worth Rs 1,245 crore across various business segments. Its transmission & distribution business has secured orders worth Rs 629 crore in India, Middle East, Africa, and the Americas. The company’s railways business has secured orders worth Rs 446 crore, and civil business has won orders of Rs 107 crore for infrastructure works in the defence and industrial segments in India. With these orders, the total order inflow for FY 2020-21 stands at Rs 11,876 crore.

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Phillips Carbon Black Q4 Results: Net profit rises 75% YoY to Rs 128 crore

Phillips Carbon Black Limited reported a 75.55% YoY increase in consolidated net profit to Rs 127.73 crore for the quarter ended March (Q4). Its revenue rose 23.75% YoY to Rs 866.73 crore during the same period. The company’s carbon black segment posted a 24.77% YoY increase in revenue to Rs 848.28 crore. Kolkata-based Phillips Carbon Black is the largest carbon black manufacturer in India. [Carbon black is used as a reinforcing agent in tires. It is also used for printing and as a coating for electric wires]

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Merger of TV18 Broadcast, Hathway Cable, Den Networks with Network18 Media cancelled

Den Networks Limited said it has decided not to proceed with the composite scheme of arrangement in which TV18 Broadcast, Hathway Cable & Datacom, and Den Networks were to merge into Network18 Media & Investments. The company said the shareholders are aware that the scheme was filed with both NSE and BSE for their no-objection letter. On February 17, 2020, Reliance Industries Ltd (RIL) had announced the consolidation of its all media and distribution businesses under one umbrella brand ‘Network18’.

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Tejas Networks Q4 Results: Net profit at Rs 33 crore

Tejas Networks Limited reported a net profit of Rs 33.55 crore for the quarter ended March (Q4). It had posted a net loss of Rs 126.53 crore in the corresponding period last year. Revenue from operations rose over 269% YoY to Rs 201.55 crore in Q4 FY21. The company posted a 35% YoY increase in total revenue to Rs 526.60 crore and a net profit of Rs 37.54 (against a net loss of Rs 237.12 crore) for the financial year ended March 31, 2021. 

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Indiabulls Housing Finance enters into co-lending partnership with HDFC

Indiabulls Housing Finance Limited (IHFL) has entered into a strategic co-lending partnership with HDFC Limited to offer housing loans to homebuyers at competitive rates. IHFL will originate retail home loans as per jointly drawn-up credit policy and retain 20% of the loan in its books, and 80% will be on HDFC’s books. IHFL will service the loan account throughout the life cycle of the loan. Technology-led co-lending will help IHFL to offer a convenient and seamless experience to its customers. It will also help the company to expand its presence in Tier-3 and Tier-4 cities in India.

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5Paisa Capital Q4 Results: Net profit at Rs 6.21 crore

5Paisa Capital Limited reported a consolidated net profit of Rs 6.21 crore for the quarter ended March (Q4). The company had posted a net loss of Rs 1.76 crore in the corresponding period last year. Total revenue from operations rose 41% year-on-year (YoY) to Rs 49.9 crore in Q4 FY21. 5 onboarded more than 2 lakh new clients during the quarter, taking the total number of registered clients to 13.5 lakh.

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Tata Steel, HSBC execute a blockchain-enabled paperless trade transaction

Tata Steel Limited and HSBC (an investment banking company) have executed a blockchain-enabled, paperless trade transaction of export of steel by Tata Steel (India) to UAE-based Universal Tube & Plastic Industries. The end-to-end paperless trade transaction was done through a collaboration pivoted by Tata Steel across the spectrum over the Contour and essDOCS platforms. This transaction validates the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.

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Vaccine updates: States to get Covishield vaccine at Rs 400; Covaxin shows 78% efficacy in Phase-3 interim analysis 

The Serum Institute of India (SII) announced that state governments will get the Covishield vaccine at Rs 400 a dose and private hospitals at Rs 600. The price for the central government stays at Rs 150 per dose. SII will address the limited capacity of scaling up vaccine production within the next two months. According to a PTI report, Covishield comprises more than 90% of the 12.76 crore Covid-19 vaccines administered in India so far.

Bharat Biotech said its Covid-19 vaccine, Covaxin, demonstrated overall interim clinical efficacy of 78% in Phase-3 trials. The efficacy against severe Covid-19 disease was 100%. The Hyderabad-based biotechnology company has announced plans to produce up to 3 crore vaccines next month.

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Editorial

Is Tejas Networks Really Your Multibagger Stock?

The telecommunications industry has played a pivotal role in accelerating the growth of economies around the world. Telecom companies (such as Jio, Bharti Airtel, and Vodafone Idea) and other internet service providers have focused on providing high-quality services at affordable rates to individuals, business enterprises, and government entities in India. To ensure that communication networks are in line with global standards, certain companies provide essential networking products and services specifically for telecos. We are witnessing a surge in demand for their products amidst the Covid-19 pandemic. More people and businesses require faster connectivity than ever before.

Let us take a look at one such company that has developed sophisticated networking products and solutions over the past two decades— Tejas Networks.

Company Profile – Tejas Networks

Tejas Networks Limited is engaged in the design, development, and marketing of optical and data networking products for telecom service providers, internet service providers, and web-scale internet companies. It also caters to the large-scale network requirements of defense companies and government entities in India and several countries around the world. The company was established in 2000 and is headquartered in Bengaluru. It is the first deep-technology product company to be publicly listed on the Indian stock exchanges. Deep tech basically refers to technology that is based on cutting-edge engineering innovations or scientific discoveries.

Tejas Networks’ product portfolio consists of:

  • Integrated Optical Products: Used for optical transmission and broadband access
  • Wireless Products: Used for Long-Term Evolution (LTE)/5G wireless services
  • Switches: Primarily ethernet switches, used for building critical infrastructure (including data centers and cloud-based deployments) 
  • Network management software

The company is ranked among the top 10 suppliers in the global optical aggregation segment. They have deployed their products in more than 75 countries. Over the past few years, Tejas Networks have focused extensively on establishing a strong base in India, South & Southeast Asia, Middle East, USA, Mexico, Canada, and Brazil.

Strong Client Base 

Through its well-funded Research & Development (R&D) vertical, Tejas Networks has developed and launched a wide range of products for prominent Indian and international firms. It has received significant orders from RailTel Corp, L&T Construction, Airtel, Tata Communications, Power Grid, GAIL, BSNL, and Mexico-based GigNet. Notably, Tejas Networks helped build India’s first Metro DWDM network in Mumbai. This particular system helps increase bandwidth over existing fiber networks. The company has also built a smart communications network for the Delhi Metro Rail Corporation (DMRC).

It is interesting to note that Tejas Networks had developed an extensive smart city infrastructure for India’s first industrial township— Electronic City in Bengaluru. They are also known for providing smart LTE solutions for broadband connectivity in remote islands.

Financial Performance

Unfortunately, Tejas Networks has been posting inconsistent revenues since 2017. Over the past 5 years, its revenue has grown at a CAGR of 1.39%, whereas the industry average stood at 7.67%. The company had reported a whopping Rs 937.01 crore in total revenue in FY19. In fact, they had also posted a significant rise in profits as well. However, amidst the outbreak of the Covid-19 pandemic, it faced a steep decline in revenue by more than half to Rs 424.19 crore in FY 2019-20. Tejas Networks also incurred a staggering net loss of Rs 237.12 crore in the same financial year.

The company saw a strong turnaround in its financial performance for the quarter ended December (Q3 FY21). It reported a 3.68% year-on-year (YoY) increase in consolidated net profit to Rs 9.23 crore. Revenues jumped 55.6% YoY to Rs 134.88 crore during the same period. This can be attributed to the large inflow of orders from both domestic and international markets. As people were confined to their homes, there was a huge rise in demand for high-speed home broadband connections on optic fiber. Telecom operators had also turned to Tejas Networks to upgrade their backbone network capacities.

The firm’s Return on Capital Employed (ROCE) stands at -11.23%, which is very low when compared to its peers. However, the company is almost debt-free. Tejas Networks has only been able to secure a market share of 2.93%. The company faces stiff competition from its peers in the communication services industry (such as OnMobile Global, Sterlite Technologies, HFCL, GTPL Hathway). 

Stock Performance

The share price of Tejas Networks had been falling constantly since 2018. Moreover, the weak financial performance in FY20 was received negatively by investors. The stock hit a record low of Rs 28.90 in May 2020. Since then, it has surged by around 480% and is currently trading at around Rs 170-levels. This could mean that investors have regained their confidence in the firm based on its future prospects.

However, one important factor to consider is that the total promoter holding in the company is zero. Financial analysts have highlighted that the stock has become technically weak as a result of significant insider selling over the past few months. For example, in February 2021, R. Murali (a promoter) reportedly sold equity shares worth Rs 53 lakh for Rs 175 per share. This was the biggest insider sale of Tejas Network shares in the past year. Thus, retail investors have become very cautious about investing in this stock due to the lack of promoter confidence. This is clear from the low trading volumes shown in the graph below.

1-Day Chart of Tejas Networks. Source: TradingView

Conclusion

The poor financial performance in FY20 and the sale of shares by its promoter group had been a major cause of concern. However, Tejas Networks has shown a strong rebound in order size and product sales. Its R&D segment is constantly developing the latest networking solutions based on the current trends in the domestic and international markets. Going forward, the company is likely to show very gradual yet consistent growth. Let us look forward to seeing how the company has performed in the January-March (Q4 FY21) quarter and how it plans to expand in this highly competitive industry.

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MTAR Technologies IPO Subscribed 200.8 Times on Final Day of Bidding – Top Indian Market News

MTAR Technologies IPO subscribed 200.8 times on final day of bidding

The Rs 596.41-crore initial public offering (IPO) of MTAR Technologies was subscribed 200.79 times on the second day of bidding. The issue received bids for 145.79 crore equity shares against an offer size of 72.60 lakh shares. The portion reserved for retail investors was subscribed 28.4 times. The portion set aside for non-institutional investors (NIIs) was subscribed 650.7 times and that for qualified institutional buyers (QIBs) 165 times.

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Kotak Mahindra Bank divests 10% stake in ECA Trading Services to its subsidiary

Kotak Mahindra Bank has divested 10% stake in ECA Trading Services to its wholly-owned subsidiary, Kotak Securities, for Rs 1.98 crore. A total of 1.09 crore equity shares were sold to the subsidiary at Rs 10 per share. The divestment was done to comply with the prudential limit set by the Reserve Bank of India (RBI) on investment in a non-financial services entity.

On Thursday, Kotak Mahindra Bank signed a Memorandum of Understanding (MoU) with the Indian Army. The private sector lender will now handle the salary accounts of Indian Army personnel.

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PNB Housing Finance, Yes Bank enters into co-lending partnership

PNB Housing Finance and Yes Bank have entered into a strategic co-lending agreement to offer customised retail loans for homebuyers at competitive interest rates. The Delhi-based housing finance company will serve customers through the entire loan lifecycle including sourcing, documentation, and collection with an information-sharing arrangement with Yes Bank. Both companies will jointly do due diligence and co-originate the loan at an agreed ratio. 

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Tejas Network secures order from Mexico-based GigNet

GigNet, a Mexico-based digital infrastructure company, has selected Tejas Networks Limited’s optical networking and broadband access products for their high-capacity fiber-optic network expansion in the Cancun region of Mexico. Tejas Networks will supply its full range of last-mile access products to support the rapid growth of GigNet’s Smart Communities business segment for planned developments across the region.

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Lenders agree to JSW Steel’s terms for buying Bhushan Power: Report

As per a report from BloombergQuint, the lenders to Bhushan Power & Steel Ltd (BPSL) have agreed to the terms set by JSW Steel for purchasing the assets of insolvent BPSL. A majority of the financial creditors on Friday voted in favour of accepting JSW Steel’s Rs 19,350-crore offer for the sale. The report further states that the deal will be closed by the end of March.

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Dilip Buildcon receives LoA for two HAM projects in Karnataka

Dilip Buildcon Limited has received the Letter of Acceptance (LoA) for two Hybrid Annuity Mode (HAM) projects worth Rs 2,439 crore in Karnataka. The scope of the first project involves four laning of the Bangalore to Malur section of Bangalore-Chennai Expressway. The second project is for four-laning the Malur to Bangarpet section of Bangalore-Chennai Expressway. Both projects are to be completed within 24 months.

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Sun Pharma’s subsidiary to acquire Australia-based WRS Bioproducts

Sun Pharmaceutical Industries announced that one of its wholly-owned subsidiaries will acquire 4.28 lakh equity shares (or 12.5% stake) of Australia-based WRS Bioproducts. The consideration to be paid for acquiring the stake will be AUD 2 million (~Rs 11.21 crore). WRS Bioproducts is engaged in developing novel technologies to produce and commercialise supplements and nutraceutical ingredients from diverse algae species in Australia. Sun Pharma expects to complete the acquisition by March 15, 2021.

PVR opens new six-screen property in Mysuru

Multiplex operator PVR Limited announced the launch of a new six-screen property in Mysuru, Karnataka. The latest PVR Cinemas in Mysuru spreads across an area of 32,240 sq feet and can accommodate a total of 1,078 audiences. PVR said the new property features advanced cinematic technological solutions that offer a holistic movie-going experience. With this opening, PVR now operates 844 screens at 177 properties in 71 cities across India and Sri Lanka.

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Shilpa Medicare gets USFDA approval for Apremilast Tablets

Shilpa Medicare has received tentative approval from the US Food and Drug Administration (USFDA) for Apremilast Tablets- 10 mg, 20 mg, and 30 mg. The tablets are indicated for the treatment of psoriatic arthritis. According to IQVIA MAT 2020 data, the US market for Apremilast Tablets is approximately $2.4 billion (~Rs 17,541 crore). 

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Coal India declares second interim dividend of Rs 5 per share

The Board of Directors of Coal India Limited (CIL) has approved the payment of a second interim dividend for the financial year 2020-21 of Rs 5 per share. The record date for the same has been fixed as March 16. The date of payment of the interim dividend is March 24. CIL has also revised its capital expenditure (capex) plans to Rs 13,000 crore from Rs 10,000 crore after the government asked the company to push expenditure to spur demand in the post-lockdown period.  

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Reliance Jio Makes All Domestic Voice Calls Free From Jan. 1 – Top Indian Market News

A shopkeeper displays JIO simcards at a mobile phone store in Mumbai on July 19, 2017. Indian oil-to-telecom conglomerate Reliance Industries's first-quarter consolidated profit jumped 28 percent July 20, pumped up by higher margins from its core oil refining business it said, beating analyst estimates. / AFP PHOTO / INDRANIL MUKHERJEE (Photo credit should read INDRANIL MUKHERJEE/AFP via Getty Images)

Reliance Jio to make domestic voice calls free from Jan 1

Reliance Jio announced that all off-net domestic voice calls from its network to other networks anywhere in India will be free from January 1, 2021. This has been done because interconnect usage charges (IUCs) for all domestic voice calls are coming to an end from Friday. In September 2019, telecom regulator TRAI had extended implementation of IUC on mobile-to-mobile calls beyond January 1, 2020, after which Jio began charging its customers for off-net voice calls.

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India’s fiscal deficit reaches 135% of budgeted target during April-November

The Union Government’s fiscal deficit soared to Rs 10.75 lakh crore or 135.1% of the 2020-21 Budget Estimates (BE), during April-November 2020. This is mainly on account of the low realisation of revenue due to disruption in business activities amid the Covid-19 pandemic. The government’s total receipts stood at Rs 8.30 lakh crore (37% of BE 2020-21) till the end of November 2020. [Fiscal Deficit is the difference between the total income of the government (total taxes and non-debt capital receipts) and its total expenditure] 

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Eight core industries’ output contracts 2.6% in November

Contracting for the ninth consecutive month, the output of eight core infrastructure sectors dropped by 2.6% in November. This has been mainly due to a decline in the production of natural gas, refinery products, steel, and cement. The production of eight core sectors had recorded a growth of 0.7% in November 2019, as per data released by the Ministry of Commerce and Industry. The output of crude oil, natural gas, and refinery products declined by (-)4.9%, (-)9.3%, and (-)4.8%, respectively, in November 2020.

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L&T Construction wins significant orders in overseas, domestic markets

Larsen & Toubro (L&T) Ltd announced that its construction arm has received orders in the overseas and domestic market. The orders fall under the ‘significant’ category, which ranges between Rs 1,000 crore and Rs 2,500 crore. L&T stated that its power transmission and distribution business has won two transmission line packages in the Kingdom of Saudi Arabia. Its water and effluent treatment business has secured an EPC (engineering, procurement, and construction) order in Gujarat to execute a package in the SAUNI Yojna Link 3. 

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Jubilant FoodWorks to acquire 10.76% stake in Barbeque Nation for Rs 92 crore

Jubilant FoodWorks Ltd (JFL), on Thursday, said it will invest Rs 92 crore into Barbeque Nation Hospitality Limited for an equity stake of 10.76%. The company will acquire 36,50,794 fully paid-up equity shares of the face value of Rs 5 per share in the casual dining restaurant chain. The transaction is expected to be completed by January 25.

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BHEL receives orders worth Rs 3,200 crore for hydro projects

Bharat Heavy Electricals Ltd (BHEL) has secured orders valued at Rs 3,200 crore for Electro-Mechanical (E&M) works for a Hydro Electric Project (HEP) in Andhra Pradesh and E&M works of pump-motor sets for lift irrigation schemes (LIS) in Telangana. BHEL’s scope of work in the above projects includes design, engineering, manufacturing, supply, and supervision of erection, testing & commissioning of the equipment. The above orders have been received from the EPC contractor for these projects- Megha Engineering & Infrastructure Ltd.

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IRCTC launches upgraded version of e-ticketing website and app

Union Railway Minister Piyush Goyal, on Thursday, unveiled a more passenger-friendly and upgraded version of the IRCTC e-ticketing website and mobile application. Passengers will now be able to book tickets, meals, and accommodations at the same time. The website has in-built features for enhancing cybersecurity by using appropriate captchas. Predictive entry suggestions using AI will be given to the passengers when they enter a station. The website will also have simpler checking of the refund status on the user accounts page.

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Tejas Networks wins international order worth $13 million

Tejas Networks Ltd has received a purchase order amounting to $13 million (~Rs 94 crore) from a leading telecommunications service provider in South East Asia. As per the contract, Tejas Networks will supply and install its TJ1400 ultra-converged broadband products to extend high-speed broadband services to underserved rural communities in the region. The project is expected to be executed within the next 12 months.

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CCI gives nod to Jamnalal Sons to acquire 51% stake in Mukand Sumi Specialty Steel

The Competition Commission of India (CCI) has approved the acquisition of 51% of the equity share capital of Mukand Sumi Special Steel Ltd (MSSSL) by Jamnalal Sons Private Ltd (JSPL). The proposed combination entails the acquisition of 51% of the equity share capital of MSSSL from Mukand Limited and its nominees by JSPL. A nominal number of equity shares of MSSSL (not more than 60), which are being acquired by JSPL, shall be held jointly by JSPL and certain individuals. This is to comply with the minimum shareholding requirements under the Companies Act, 2013.

Glenmark Pharma receives USFDA approval for Tadalafil tablets

Glenmark Pharmaceuticals Ltd has received final approval from the United States Food & Drug Administration (USFDA) for Tadalafil tablets USP. The tablets are indicated for the treatment of erectile dysfunction and enlarged prostate. The approved product is a generic version of Cialis tablets of Eli Lilly and Company. According to IQVIA sales data for the 12 months ending November 2020, Cialis tablets achieved annual sales of approximately $125.5 million (~Rs 913 crore).

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