Tag: titagarh rail systems

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RBI Imposes Rs 2.5Cr Fine on L&T Finance – Top Indian Market Updates

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

RBI imposes ₹2.5 crore fine on L&T Finance

The Reserve Bank of India (RBI) has imposed a penalty of ₹2.5 crore on L&T Finance Ltd for non-compliance with certain norms concerning non-banking financial companies (NBFCs). The RBI reported that the NBFC did not disclose info about the gradation of risk and rationale for charging different interest rates to different categories of borrowers in its loan application forms.

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JSW Steel Q2 results: Net profit at ₹2,760 crore

JSW Steel Ltd posted a net profit of ₹2,760 crore for the quarter ended September (Q2 FY24); beating street estimates. The steel company posted a net loss of ₹848 crore in Q2 last year. Its consolidated revenue from operations rose 7% YoY to ₹44,584 crore in Q2 FY24. EBITDA stood at ₹7,886 crore, up 350.11% YoY.

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Adani Group refinances $3.5 billion debt taken for ACC-Ambuja buy

The Adani Group is to sign a definitive agreement to refinance $3.5 billion of loans taken for last year’s acquisition of ACC Ltd and Ambuja Cement. At least 18 global banks have agreed to join the consortium led by Barclays, Deutsche Bank, and Standard Chartered. The Adani family will prepay around $300 million. This will also be the largest refinancing exercise across the Asia Pacific this financial year.

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Paytm Q2 Results: Net loss narrows to ₹290 crore

One97 Communications Ltd (Paytm) reported a net loss of ₹290 crore for the quarter ended September 2023 (Q2 FY24). Net loss stood at ₹357 crore in the same period a year ago. Its revenue from operations rose 32% YoY to ₹2,519 crore in Q2 FY24. EBITDA stood at ₹153 crore, up 82% YoY. 

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Godrej Properties’ subsidiary gets ₹260Cr GST demand order

Godrej Properties’ subsidiary, Godrej Landmark Redevelopers, received an order from tax authorities over an alleged non-payment of Goods & Services Tax (GST). The notice is concerning one of the projects developed by the company. The Additional Commissioner, CGST, Navi Mumbai, has issued the order with a GST demand of ₹129.39 crore along with interest and a penalty of ₹129.39 crore.

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Hindustan Zinc Q2 Results: Net profit falls 35% YoY to ₹1,729 crore

Hindustan Zinc Ltd reported a 35% YoY decline in consolidated net profit to ₹1,729 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations fell 16% YoY to ₹6,619 crore during the same period. EBITDA stood at ₹3,139 crore, down 24% YoY.

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Titagarh Rail Systems secures ₹350Cr contract from Gujarat Metro

Titagarh Rail Systems Ltd (TRSL) secured a ₹350 crore contract from Gujarat Metro Rail Corporation (GMRC). TRSL will design and manufacture 30 standard gauge cars for the Ahmedabad Metro Rail Phase-II Project. The prototype has to be delivered within 70 weeks from the Letter of Acceptance (LOA) and delivery completion will be 94 weeks from the LOA. These metro cars will be manufactured at the company’s facility in Uttarpara, West Bengal.

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Kotak Bank gets RBI approval for acquisition of Sonata Finance

Kotak Mahindra Bank has received approval from the Reserve Bank of India (RBI) for its ₹537 crore acquisition of microlender Sonata Finance. The approval is for acquiring 100% of the issued and paid-up capital in Sonata. RBI has allowed Kotak to make Sonata as its business correspondent subsidiary, and the entity will now be a wholly-owned subsidiary of Kotak Mahindra Bank. 

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Samvardhana Motherson announces three acquisitions

Samvardhana Motherson International Ltd (SAMIL) has made three acquisitions valued at over ₹380 crore in the aerospace, health and medical sectors to strengthen its non-automotive businesses. The aerospace division of the company is building its capabilities in a phased and strategic manner, enabling it to offer a much wider range of services to aerospace original equipment manufacturers (OEMs).

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ONGC to acquire PTC India’s power generation subsidiary

PTC India’s board has approved a bid submitted by ONGC Ltd for the acquisition of a 100% stake in its wholly-owned subsidiary, PTC Energy Ltd (PEL), for ₹925 crore. PEL has a renewable energy portfolio of 288.8 MW, consisting of 50 MW wind power projects in Madhya Pradesh, 50 MW wind power projects in Karnataka and 188.8 MW wind power projects in Andhra Pradesh. PEL recorded revenue from operations of ₹296.77 crore during FY23.

Read more here.

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India’s Manufacturing PMI Slows to 5-Month Low in Sept – Top Indian Market Updates

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

India’s manufacturing PMI slows to a 5-month low in Sept

India’s manufacturing sector slowed to a 5-month low in September 2023. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 57.5 in September, compared to 58.6 in August. The contraction in manufacturing activity was due to a soft increase in new orders, which slowed production.

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

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IHC raises its stake in Adani Enterprises to above 5%

International Holding Co (IHC) has increased its total stake in Adani Enterprises (AEL) to above 5%. The development comes days after it decided to offload stakes in two other group companies as part of its portfolio restructuring/rejig. Although IHC hasn’t disclosed the amount invested in the company, a 5% stake in AEL as of Tuesday is valued at ₹13,600 crore.

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Bajaj Finserv’s insurance arm receives GST Demand Notice

Bajaj Allianz General Insurance Company Ltd (BAGIC) received a show cause cum demand notice from the Directorate General of Goods and Services Tax (GST) Intelligence. The authority alleged a tax demand of ₹1010.05 crore. BAGIC is Bajaj Finserv’s insurance subsidiary. As per the notice, the company failed to pay GST between July 2017 and March 2022.

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PFC sanctions ₹15,000 crore loans, forays into funding of airport projects

Power Finance Corporation (PFC) has sanctioned ₹15,000 crore loans for various projects. Furthermore, it has entered into funding airport projects. As part of its diversification strategy and funding for infrastructure projects, PFC sanctioned its first financing for a greenfield airport project in Andhra Pradesh. PFC’s Board of Directors also reviewed strategic agendas pertaining to the company’s business diversification strategy.

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India’s coal production rises 16% YoY in September

India’s coal output increased 15.81% YoY to 67.21 million tonnes (MT) in September, compared to 58.04 MT in September FY22-23. The cumulative coal production up to September increased to 428.25 MT in the current financial year, over 382.16 MT in the year-ago period. Coal India Ltd’s (CIL) output increased to 51.44 MT in September as against 45.67 MT a year ago. CIL accounts for over 80% of domestic coal production.

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JSPL starts coal production at Chhattisgarh’s Gare Palma mine

Jindal Steel & Power Ltd (JSPL) has started coal production at its Gare Palma IV/6 mine in Chhattisgarh. The mine will support the proposed expansion of its Raigarh integrated steel plant from the existing 3.6 MTPA to a capacity of 9.6 million tonnes per annum (MTPA).

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Vedanta to complete steel asset sale this fiscal year

Vedanta Ltd will complete the divestment of its steel assets by March 2024. The company started the review of its steel and steel raw material business in June. Vedanta is also planning to demerge its business unit into independent companies. Its parent company, Vedanta Resources, has been struggling to raise funds due to rating downgrades and concerns about meeting its debt obligations.

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NCC secures 3 orders worth ₹4,206 crore

NCC Ltd secured three orders worth ₹4,205.94 crore in September from both Central and State government agencies. These orders are to different divisions within the company: ₹819.20 crore for the water division, ₹173.19 crore for the electrical division, and ₹3,213.55 crore for the transportation division. 

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Strides Pharma gets USFDA approval for Ethyl capsules

Strides Pharma Global Pte. Ltd has received approval from the US Food & Drug Administration (USFDA) for its generic version of Icosapent Ethyl capsules. The capsules are used to control triglyceride levels in the blood and is bioequivalent and therapeutically equivalent to the reference listed drug Vascepa of Amarin. As per IQVIA, the product has a market size of around $1.3 billion. Strides Pharma Global Pte. Ltd is a wholly-owned Singaporean subsidiary of Strides Pharma. 

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TRSL secures ₹857 crore order from Gujarat Metro Rail

Titagarh Rail Systems Ltd (TRSL) has secured a contract worth ₹857 crore with the Gujarat Metro Rail Corporation Ltd (GMRC) to manufacture 72 standard gauge cars. These metro cars are destined for the first phase of the Surat Metro Rail Project. The contract for designing, manufacturing, supplying, testing, commissioning, and training for these metro cars. The execution of this contract is scheduled to commence 76 weeks after its signing. 

Read more here.

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RIL Partners With NVIDIA to Develop AI Infra – Top Indian Market Updates

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

Reliance partners with NVIDIA to develop India’s own AI infra

Reliance Industries is partnering with NVIDIA to develop India’s own large language model. The model will be trained on local languages and tailored for generative artificial intelligence (Al) applications. According to Nvidia, the companies will work together to build Al infrastructure that is “more powerful than the fastest supercomputer in India today”. NVIDIA will provide access to the most advanced NVIDIA GH200 Grace Hopper Superchip and NVIDIA DGX Cloud, an Al supercomputing service in the cloud.

According to a Reuters report, Tata Group is also likely to announce a partnership with NVIDIA for AI.

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NTPC Green Energy to develop green hydrogen hub in Tamil Nadu

NTPC Green Energy Ltd (NGEL) has partnered with V O Chidambaranar Port Authority (VOCPA) to develop a green hydrogen hub at Tuticorin in Tamil Nadu. Both entities signed a Memorandum of Understanding (MoU) in this regard. Green hydrogen and its derivatives such as green ammonia and green methanol will be produced at the hub to be built on the land provided by VOCPA.

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AU Small Finance partners with Bank Bajaj Allianz Life Insurance to offer insurance products

AU Small Finance Bank (AUSFB) and Bajaj Allianz Life Insurance have entered into a strategic partnership to offer insurance products. The partnership will help AUSFB’s customers gain access to Bajaj Allianz Life’s life insurance products. AUSFB aims to leverage technology-based solutions for its customers through life insurance products offered by Bajaj Allianz Life Insurance.

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Oil India plans net zero by 2040

Oil India Ltd aims to invest ₹16,500 crore ($1.98 billion) in clean energy projects to meet its 2040 net zero carbon emissions goal. Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, GAIL (India) Ltd, and Oil & Natural Gas Corp have already announced their net zero goal. Together with Oil India, the six state-run energy companies plan to invest ₹6.38 lakh crore towards reducing carbon emissions.

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Natco Pharma sued in US for generic cancer drug

Natco Pharma and other drug makers have been named defendants in an antitrust lawsuit regarding a generic cancer treatment drug in the US. Drug makers including Celgene Corporation, Bristol Myers Squibb, and Breckenridge Pharmaceutical Inc. have been named defendants by Louisiana Health Service & Indemnity Company, D/B/A Blue Cross and Blue Shield of Louisiana and HMO Louisiana Inc. regarding anti-cancer treatment medication Pomalidomide.

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SJVN signs agreement with BBMB to set up 18 MW solar project

SJVN Ltd has signed a 25-year Power Purchase Agreement (PPA) with Bhakra Beas Management Board (BBMB). The PPA is to set up an 18-megawatt (MW) solar power project at an investment of ₹90 crore. SJVN signed the agreement through its wholly-owned subsidiary SJVN Green Energy Ltd (SGEL). The project will be developed on the land parcels of BBMB in Himachal Pradesh and Punjab.

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Coffee Day Global faces ₹228-crore default allegations

Coffee Day Global Ltd (CDGL) has been facing a legal challenge under Section 7 of the Insolvency and Bankruptcy Code, 2016. CDGL owns and operates the Cafe Coffee Day chain of cafes. The case has been brought by IDBI Trusteeship Services Ltd and filed with the National Company Law Tribunal (NCLT) in Bengaluru. The lawsuit alleges that Coffee Day Global has defaulted on payments totalling ₹228.5 crore.

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Titagarh Rail to expand production capacity by year-end

Titagarh Rail Systems plans to raise its production capacity to 1,000 wagons per month by the end of this financial year. Currently, it is operating at a capacity of 600-700 wagons per month. The decision comes as the company continues to secure orders and expand its presence in the domestic (Indian Railways) and export markets.

Read more here.

Angel One to enter into asset management and lending business

Angel One is all set to enter the lending business by the year-end. The company is also planning to get into asset management services. Angel One has been experiencing steady organisational growth in the recent past by adding diversified business verticals into its fold. It also plans to offer a broader spectrum of financial services as part of this growth strategy.

Read more here.

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ED Flags Suspicious Activities by 16 Entities in Adani Case – Top Indian Market Updates

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

ED flags suspicious activities by 16 entities in Adani case

According to reports, the Enforcement Directorate (ED) has investigated links of an Indian private bank and 15 more entities in the case related to short selling of shares of Adani Group companies. This comes days after market regulator SEBI submitted the status of its probe in the Adani-Hindenburg Research matter to the Supreme Court. 

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SAT to hear Punit Goenka’s appeal against SEBI order on Sept 8

The Securities Appellate Tribunal (SAT) directed market regulator SEBI to file its response by September 4 in an appeal filed by Punit Goenka, the promoter of Zee Entertainment Enterprises Ltd (ZEEL). The tribunal will now hear the matter on September 8. Goenka aims to contest SEBI’s order that prevents him from taking up directorship or managerial roles in listed companies or their subsidiaries.

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Titagarh Rail Systems secures ₹350-crore contract for Ahmedabad metro project

Titagarh Rail Systems Ltd (TRL) has received a letter of acceptance for a ₹350-crore contract from Gujarat Metro Rail Corporation (GMRC) for the design, manufacturing, supply, testing, commissioning and training of 30 standard gauge cars. The gauge cars are for the Ahmedabad Metro Rail Phase-II project. TRL is also involved in several other Metro rail projects in India.

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YES Bank goes live with UPI interoperability on CBDC

YES Bank has gone live with Unified Payments Interface (UPI) interoperability on the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) app. With this move, users will now be able to scan any UPI QR code through the YES Bank Digital Rupee app and undertake transactions seamlessly.

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Ramkrishna Forgings bags €8.25 million order in South America

Ramkrishna Forgings has secured an order worth €8.25 million (₹73.65 crore) to supply equipment to a client in the South American market. The company will supply front and rear axle components for the next five years. The Kolkata-based company is a leading supplier of rolled, forged, and machined products.

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Strides Pharma arm gets USFDA nod for generic Mycophenolate Mofetil oral suspension

Strides Pharma Science’s wholly-owned arm, Strides Pharma Global Pte. Ltd, Singapore, has received approval from the US Food & Drug Administration (USFDA) for generic Mycophenolate Mofetil for oral suspension. The drug is indicated for organ transplant patients to avoid rejection. The product will be manufactured at the company’s facility in Bengaluru.

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DGCA carrying out technical evaluation of two incidents involving IndiGo planes

The Directorate General of Civil Aviation (DGCA) is coordinating with IndiGo to carry out the technical evaluation of engine issues faced by the airline’s two aircraft. Two flights of IndiGo (one from Kolkata to Bengaluru and another from Madurai to Mumbai) suffered engine issues on Tuesday. IndiGo’s fleet is powered by Pratt & Whitney (P&W) engines, and several aircraft are on the ground.

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Tata Power-DDL gets 3-year extension from DSIR for in-house R&D unit

Tata Power Delhi Distribution Ltd (Tata Power-DDL) has received a three-year extension till 2026 from the Department of Scientific and Industrial Research (DSIR) for its in-house R&D unit. TP-DDL is a joint venture between Tata Power and the Government of NCT of Delhi. DSIR is a part of the Ministry of Science and Technology, the Government of India.

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NTPC approves Rs 15,530-crore investment for Lara Super Thermal Power Project Stage-II in Chhattisgarh

NTPC Ltd’s board has approved an investment of ₹15,529.99 crore for the Lara Super Thermal Power Project, Stage II. The power station is situated in the vicinity of Lara village within the Pussore Taluk of Chhattisgarh’s Raigarh district. It boasts a combined installed capacity of 1,600 megawatts (MW).

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Fortis Healthcare expands footprint with Rs 225-crore acquisition of Medeor Hospital Manesar

Fortis Healthcare Ltd will acquire Medeor Hospital Manesar for ₹225 crore. The acquisition involves the procurement of both the Medeor Hospital Manesar asset and all moveable assets housed within the facility. This strategic move is aimed at expanding Fortis’ presence in key geographic clusters. The Medeor Hospital Manesar is a multi-speciality healthcare facility in Sector 5 of IMT Manesar, Gurgaon, Haryana.

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Reliance in Talks for $2 Billion Loan – Top Indian Market Updates

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

Reliance in talks for $2 billion loan to fuel expansion

According to a Bloomberg report, Reliance Industries Ltd is in discussions with lenders to secure a foreign-currency loan of up to $2 billion. The company plans to utilise India’s dedicated external commercial borrowing route to obtain the loan. The maturity period of the facility is expected to be between 3-5 years, with the funds intended for capital expenditure and refinancing an existing loan set to mature in September. Notable lenders involved in the talks include Bank of America Corp, Citigroup Inc, and Standard Chartered Plc.

Read more here.

India’s goods trade deficit hits a 5-month high in May

According to government data, India’s trade deficit for May FY23 narrowed to $10.35 billion, compared to $12.20 billion in the same period in FY22. The trade deficit declined 35.41% for April and May combined. However, the merchandise trade deficit widened to $22.1 billion in May from $15.2 billion in the previous month. This is primarily due to a surge in goods imports, which reached a five-month high.

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Godrej Properties to buy land for a luxury residential project in Kolkata

Godrej Properties Ltd has acquired a 7.44-acre land parcel in the premium residential locality of New Alipore, Kolkata, from West Bengal Housing Infrastructure Development Corporation Ltd. The land has a developable potential of approximately 9.8 lakh square feet, with an estimated revenue potential of nearly Rs 1,200 crore. This marks Godrej Properties’ second luxury development in the city.

Read more here.

Cochin Shipyard wins Rs 580 crore order for cargo vessels

Cochin Shipyard’s subsidiary Udupi Cochin Shipyard Limited (UCSL) has secured an international order from Norway-based Wilson Shipowning AS. The order is for the design and construction of six new-generation diesel-electric 3800 DWT general cargo vessels. The contract includes an option for an additional eight vessels. Wilson Ship Management AS is one of the largest short-sea fleet operators in Europe, with a fleet of around 130 vessels.

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Titagarh Wagons-BHEL consortium signs ₹24,000 crore contract with Indian railways

A consortium of Titagarh Rail Systems Ltd (TRSL) and Bharat Heavy Electricals Ltd (BHEL) has secured an order worth ₹24,000 crore from Indian Railways to manufacture and supply 80 Vande Bharat sleeper trains. They are responsible for manufacturing fully assembled trains by 2029 and maintaining them for 35 years. The trains’ final assembly, testing, and commissioning will occur at the Indian Railway facilities in Chennai. Each train will consist of 16 coaches, accommodating over 880 passengers.

Read more here.

Dilip Buildcon Completes Highway Upgrade Project

Dilip Buildcon has announced the completion of the Chandikhole-Bhadrak Section of National Highway 5 (NH5) in Odisha. The project involved the rehabilitation and upgrade of the highway to a six-lane highway. The subsidiary, DBL Chandikhole Bhadrak Highways Ltd, executed the Rs 1,522 crore project under the hybrid-annuity model as part of the National Highways Development Project Phase V.

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TVS Motor Company sells 43.54% stake in Emerald Haven Realty

TVS Motor Company Ltd has announced the sale of its entire stake of 43.54% in Emerald Haven Realty Ltd. The company sold its holding of 11.12 crore equity shares on June 14, 2023.

In other news, the Indian Navy has partnered with TVS Motor Company for a motorcycle expedition in Ladakh as part of the ‘Azadi ka Amrit Mahotsav’ celebrations.

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Jindal Stainless signs deal with Germany’s Dassault Systemes 

Jindal Stainless Ltd (JSL) has entered into a partnership with Germany-based Dassault Systemes to enhance its production and operational functions at its Hisar and Jajpur units. The agreement aims to strengthen JSL’s production planning, scheduling, and execution processes by leveraging Dassault Systemes’ expertise. With the recent merger and capacity expansion, JSL seeks to seamlessly manage end-to-end production and operations between its facilities in Hisar, Haryana, and Jajpur, Odisha.

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Ashok Leyland partners with Aidrivers for autonomous electric terminal trucks

Ashok Leyland has partnered with Aidrivers to manufacture autonomous electric terminal trucks. This collaboration aims to address the port industry’s requirements for net-zero emissions. By combining their expertise, both companies will work towards sustainable autonomous transportation in ports. The initial fleet of vehicles will be manufactured at Ashok Leyland’s facilities. The fleet is projected to be operational for terminal operations by early next year.

Read more here.

ONGC signs MoU with IndianOil for petrochemicals

ONGC has partnered with Indian Oil Corporation (IOC) to explore opportunities in the petrochemicals sector. The Memorandum of Understanding (MoU) aims to investigate downstream prospects, including greenfield projects and acquisitions, in the petrochemical industry. ONGC already operates two downstream petrochemical plants through its subsidiaries.

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Tata Steel, Germany’s SMS group to explore low carbon steel-making technology

Tata Steel has partnered with Germany’s SMS group to collaborate on the development of a low-carbon steelmaking process. Under a Memorandum of Understanding (MoU), the two companies will engage in technical discussions and take steps towards conducting a Joint Industrial Demonstration of the EASyMelt technology, created by SMS group. Tata Steel plans to demonstrate at its Jamshedpur plant’s E Blast Furnace, aiming to achieve a CO2 emission reduction of over 50% compared to the furnace’s current operation.

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Coal stock grows 44% to over 110 MT

The Ministry of Coal has reported that the total coal stock has increased by 44% YoY to 110.58 million tonnes (MT) . This significant rise in coal stock demonstrates the commitment to ensuring an abundant supply of this essential fuel, which is crucial for electricity generation. The current stockpile at mines, thermal power plants, and in transit has substantially increased compared to the stock of 76.67 MT on the same day last year, emphasizing the improved availability of coal resources.

Read more here.

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RBI Keeps Repo Rate Unchanged at 6.5% – Top Indian Market Updates

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

RBI keeps repo rate unchanged at 6.5%

The Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 6.50%. The decision was made by RBI’s Monetary Policy Committee (MPC) unanimously, with a majority vote on withdrawing accommodation to tackle inflation and prioritise growth. The RBI has maintained India’s GDP growth estimate for the financial year 2023-24 at 6.5%.

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Mahindra forays into dual-fuel small commercial vehicle segment with Supro CNG Duo

Mahindra & Mahindra has ventured into the dual-fuel segment for small commercial vehicles by introducing the Supro CNG Duo, priced at Rs 6.32 lakh. This model can operate on both CNG and petrol, providing flexibility. With a payload capacity of 750 kg and a CNG tank capacity of 75 litres, it offers a range of 325 km. Additionally, it includes a five-litre petrol tank to address concerns about range anxiety.

Read more here.

SpiceJet partners with FTAI Aviation to restore fleet

SpiceJet announced a lease agreement with FTAI Aviation to obtain up to 20 engines. The company plans to reactivate some of its grounded aircraft within 2-3 months. This partnership aims to reduce maintenance costs, minimize aircraft downtime, and improve the airline’s overall performance. SpiceJet had previously initiated the revival of 25 grounded planes using its own funds and a $50 million credit line from an Indian government scheme.

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Dilip Buildcon secures order worth Rs 780 crore from NHAI in Andhra Pradesh

Dilip Buildcon Ltd has announced that its subsidiary has signed a concession agreement with the NHAI for a Rs 780.12 crore road project. The project involves constructing a six-lane access-controlled greenfield highway in Andhra Pradesh as part of the Bharatmala Pariyojana Phase-I. It will be completed within 24 months from the appointed date and have a 15-year operation period from the commercial operation date (COD).

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L&T Finance Holdings recommends final dividend of Rs 2 per share for FY23

L&T Finance Holdings Ltd announced that its board of directors has proposed a final dividend of Rs 2 per equity share for the fiscal year 2022-23. If approved at the Annual General Meeting, the dividend will be disbursed within 30 days from the AGM. The company’s consolidated net income for the March 2023 quarter increased by 46% YoY to Rs 501 crore.

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Titagarh Rail’s board to consider raising funds

Titagarh Rail (previously Titagarh Wagons) has announced that it will convene a board meeting on June 10 to discuss raising funds. The company is considering various options, such as issuing equity shares, securities, or a combination of methods, including preferential issue, Qualified Institutional Placement (QIP), and rights issue. The purpose of the meeting is to deliberate and decide on the best approach for raising the necessary capital.

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Zydus receives final approval from USFDA for esomeprazole magnesium

Zydus Lifesciences Ltd has obtained final approval from the US Food & Drug Administration (USFDA) for esomeprazole magnesium. It is an oral suspension used to treat stomach and oesophagus issues. The medication aids in healing acid damage, prevents ulcers, and may reduce the risk of esophageal cancer. Zydus Lifesciences will manufacture the product at its formulation manufacturing facility in Moraiya, Ahmedabad.

Read more here.

Tanla Platforms to acquire ValueFirst for Rs 346 crore from Twilio

Tanla Platforms has announced its acquisition of ValueFirst from Twilio in a Rs 346 crore ($42 million) all-cash deal. The company has signed a definitive share purchase agreement, with the acquisition set to close in July 2023. Additionally, Tanla has signed a binding term sheet to acquire ValueFirst Middle East FZC for Rs 20 crore, aiming to enhance its global presence. This acquisition is projected to be completed by September 2023, pending closing conditions. 

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Aether Industries signs LoI with US-based global oilfield services company

Aether Industries has signed a Letter of Intent (LoI) with a US-based global oilfield services company, establishing them as a strategic supplier and contract manufacturing partner. The LoI sets the stage for the execution of a Strategic Supply Agreement (SSA) within three months, as stated in Aether Industries’ regulatory filing. Under this agreement, Aether will be responsible for manufacturing four specific products for the new customer, with a combined monthly volume of 1,325 metric tons.

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GAIL completes insolvency resolution process of JBF Petrochemicals in 15 months

GAIL (India) Ltd has completed the corporate insolvency resolution process (CIRP) for JBF Petrochemicals Ltd (JBFPL) within a remarkable 15 months. The payment has been released to all stakeholders of JBFPL, marking one of the fastest transaction closures in the post-COVID period for the National Company Law Tribunal (NCLT). GAIL has already invested Rs 2,101 crore in the resolution plan and now holds a 100% stake in JBFPL.

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Tata Power Renewable Energy arm bags contract to set up 966 MW renewable project for Tata Steel

Tata Power Renewable Energy, via its subsidiary TP Vardhaman Surya Ltd, has secured a contract to establish a 966 MW round-the-clock hybrid renewable power project for Tata Steel. The project consists of a combination of 379 MW solar and 587 MW wind power capacities. Tata Steel aims to meet a significant portion of its green energy requirements through this project. This leads to a reduction of 23.9 lakh tonnes of CO2 emissions annually.

Read more here.

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ZEEL’s Net Loss at Rs 196Cr in Q4 – Top Indian Market Updates

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

ZEEL Q4 Results: Net loss at Rs 196 crore

Zee Entertainment Enterprises Ltd reported a net loss of Rs 196 crore for the quarter ended March (Q4 FY23). The company posted a net profit of Rs 181 crore in Q4 FY22. Its revenue also declined 9% YoY to Rs 2,112 crore during Q4 FY23. EBITDA stood at Rs 152 crore, down 69% YoY. The company’s operating profit was hit by the advertising spending slowdown, investment in ZEE5, movie launches, and sports.

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Reliance completes acquisition of Lotus Chocolate

Reliance’s Reliance Consumer Products (RCPL) acquired a 51% stake in Lotus Chocolate Company Ltd for Rs 74 crore. They also subscribed to non-cumulative redeemable preference shares of Lotus for Rs 25 crore. RCPL gained sole control of the company on May 24, 2023, after completing the open offer under SEBI Takeover Regulations.

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Biocon Biologics may raise additional equity of $300 million in FY24

Biocon Biologics plans to raise an additional $300 million in equity by the end of FY24 to reduce the debt incurred from the $3.3 billion acquisition of Viatris’ biosimilar business. The funds would provide flexibility for business development and asset in-licensing. While preferring clean private equity investments, Biocon Biologics remains open to structured investment deals with assured returns.

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Wipro Chairman Rishad Premji takes a 50% compensation cut

Wipro’s Chairman Rishad Premji has taken a nearly 50% reduction in his remuneration for the financial year ended March 2023 after the IT firm cut employees’ variable pay. He will receive a total compensation of $951,353, which is almost half of his remuneration from the previous financial year. This marks the first reduction in his compensation since the pandemic, after a 31% cut previously.

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Page Industries Q4 Results: Net profit falls 59% YoY to Rs 78 crore

Page Industries reported a 59% YoY decline in net profit to Rs 78 crore in Q4 FY23. Its operating revenue also declined 13% YoY to Rs 1,111 crore during the same quarter. EBITDA stood at Rs 134 crore, down by 50% YoY. The company’s board has declared a dividend of Rs 60 per equity share.

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Titagarh Wagons rebrands as Titagarh Rail Systems

Titagarh Wagons has undergone a major transformation and is rebranded as Titagarh Rail Systems. The new name reflects the company’s expanded focus on various rail-related activities, including wagon manufacturing, rail infrastructure development, and modernization. The company has also merged its shipbuilding segment with the freight rail system segment. This strategic rebranding has received a positive market response.

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Bharat Dynamics Q4 Results: Net profit falls 42% YoY to Rs 153 crore

Bharat Dynamics reported a 42% YoY fall in net profit to Rs 153 crore in Q4 FY23. Its revenue declined 41% YoY to Rs 797 crore during the same quarter. EBITDA stood at Rs 182 crore, down 52% YoY. Delays in the receipt of certain electronic components and explosives due to the ongoing Russia-Ukraine war affected the performance during FY23.

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Granules India hit by IT security breach

Granules India has reported an information technology security breach and stated that it is currently investigating the incident. The affected IT assets have been isolated, and the company is taking necessary actions to address the breach. The containment and remediation measures are being carried out in a controlled manner. The company will bear the expenses related to the incident and subsequent remediation efforts.

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Tata Chemicals cuts soda ash prices by 3.5% to the lowest level in 15 months

Tata Chemicals has once again cut soda ash prices, reducing them to the lowest level in 15 months. It has cut the price of light soda ash from Rs 35,100 per million tonnes (MT) to Rs 33,900 per MT. The price cut has been undertaken in Andhra Pradesh, Telangana, Karnataka, Maharashtra, Bihar, Jharkhand, and Chhattisgarh. Soda ash is one of the most highly consumed inorganic materials on the planet with nearly half of the global production of the compound being used in glass manufacturing.

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