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Reliance Retail Launches Yousta Brand – Top Indian Market Updates

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

Reliance Retail launches youth-centric fashion brand ‘Yousta’

Reliance Retail has launched its youth-centric fashion brand ‘Yousta’. It also opened its first store in Sarath City Mall, Hyderabad. The Yousta range is also available on e-commerce platforms Ajio and JioMart. The new brand boasts of having contemporary tech-enabled store layouts while promising high-fashion at affordable prices targeted at young consumers.

Read more here.

Reliance Jio, Bharti Airtel add 36 lakh subscribers in June

Reliance Jio added the highest number of wireless subscribers in June 2023, while financially struggling Vodafone Idea continued to lose ground. Jio added 22.7 lakh subscribers in June, taking its total subscriber tally to 43.9 crore. Bharti Airtel added 14.1 lakh subscribers, and its total wireless subscriber base stood at 37.4 crore. Vodafone Idea lost 13 lakh subscribers during June, and its total subscriber base shrank to 22.9 crore. 

Read more here.

Dutch group threatens lawsuit over Tata Steel pollution

FrisseWind.nu foundation (representing at least 1,400 people) took the first steps toward a lawsuit against Tata Steel, alleging it is responsible for pollution near Amsterdam that has caused illnesses for residents. Tata Steel’s massive plant at the mouth of the IJ River has come under increasing fire from residents and health authorities, who accuse it of being the main source of contamination in the air, soil and water.

Read more here.

Hindustan Zinc to ramp up zinc production to 1.5 MT

Hindustan Zinc Ltd (HZL) chairperson Priya Agarwal Hebbar said that the company will ramp up production of zinc to 1.5 million tonnes (MT). HZL is the second largest zinc-lead miner in the world after Swiss firm Glencore and the fourth largest zinc-lead smelter globally. It has now also broken into the top 10 list of silver producers in the world.

Read more here.

Tata Power partners with Zoomcar to promote EV adoption

Tata Power EV Charging Solutions has partnered with car-sharing platform Zoomcar to promote electric vehicle adoption. The collaboration aims to promote Tata Power’s EZ Charge points on the Zoomcar platform. It will focus on supporting existing and aspiring EV owners along with Zoomcar’s existing customers.

Read more here.

USFDA issues ‘EIR’ for Torrent Pharma’s manufacturing facility

The US Food & Drug Administration (USFDA) has issued an Establishment Inspection Report (EIR) for Torrent Pharmaceuticals’ manufacturing facility in Dahej, Gujarat. EIR means the closure of inspection. The drug regulator had conducted a re-inspection of the site in May this year from May 17-25 and issued Form 483 with 2 observations.

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SBI attracts top distressed asset buyers’ interest for bad loans: Report

According to an ET report, several global and local distressed asset investors are considering buying some of State Bank of India’s (SBI) bad loans put up for sale in the financial year that began in April. Earlier this month, SBI identified a list of 331 non-performing assets with a combined outstanding value of ₹96,000 crore. Investors that have expressed interest include New York-based Cerberus Capital Management LP and Hong Kong-headquartered SC Lowy.

Read more here.

AntFin plans to sell 2.27 crore shares of Paytm

Chinese fintech giant Ant Financial is looking to offload a 3.6% stake or 2.27 crore shares in digital payments firm Paytm through block deals on August 25. Citigroup has been appointed as the broker for the deal. The transaction’s floor price has been established at ₹880 per share.

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Tata Comm plans to raise ₹1,750cr via NCDs

Tata Communications plans to raise ₹1,750 crore through the issuance of non-convertible debentures (NCDs). The date of allotment of NCDs is August 29, and they will mature after three years of the allotment date. The NCDs will be listed on the wholesale debt market segment of the National Stock Exchange.

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Gujarat Ambuja Exports gets GPCB approval for new plant

Gujarat Ambuja Exports Ltd (GAEL) has received clearance from the Gujarat Pollution Control Board (GPCB) to set up a greenfield corn-wet milling plant at Himmatnagar, Gujarat. The proposed facility would have the capacity to process corn up to 900 tonnes per day (TPD). GAEL is one of India’s leading manufacturers and exporters of cotton yarn, maize starch, liquid glucose, etc. 

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HDFC Bank’s asset quality continues to be stable: Official

Asset quality of the HDFC Bank continues to be stable even as many of its peers are facing challenges, said the bank’s head for payments business and consumer finance Parag Rao. He added that the bank is witnessing “good traction” on the Unified Payments Interface (UPI) for credit cards. Rao did not share the exact number of NPAs (bad loans) from the credit card business, but added that the number is half of that of its nearest competition.

Read more here.

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GQG Partners, Others Invest Nearly $1 Billion in Adani Group – Top Indian Market Updates

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

GQG Partners, others invest nearly $1 billion in Adani Group stocks

US-based investment firm GQG Partners and other investors have bought close to $1 billion (₹8,200 crore) of additional stakes in Adani Group companies. GQG increased its holding in Adani Enterprises from 3.39% to 4.96%, valued at $1.65 billion (₹13,600 crore). The firm raised its stake in Adani Green from 3.50% to 6.32%, which is valued at $1.17 billion (₹9,600 crore).

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BPCL to raise Rs 18,000 crore via rights issue

The board of Bharat Petroleum Corporation Ltd (BPCL) has approved a proposal to raise up to Rs 18,000 crore through a rights issue. The company will raise the capital by issuing equity shares to eligible shareholders on a rights basis. The record date for the issue will be notified later. The capital infusion is for achieving energy transition, net zero, and energy security objectives.

Read more here.

BEML wins orders worth Rs 385 crore

BEML has secured an order from Bharat Dynamics and Bharat Electronics Ltd for the supply of High Mobility Vehicles (HMV). The total contract value is ₹385 crore. BEML manufactures a wide range of heavy earthmoving equipment, with 50% sales from the mining and construction industry, 23% revenues from vehicles supply for defence forces, and 27% sales contributed by the rail and metro segments.

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Power Grid board approves 3 investment proposals worth Rs 389 crore

Power Grid Corporation of India Ltd’s (PGCIL) board has approved three investment proposals worth ₹389 crore. The first proposal is for a change in scope for the establishment of a dedicated telecom network for the National Transmission Asset Management Centre at a cost of ₹164.38 crore. The second proposal is for the western region expansion scheme at an estimated cost of ₹115.09 crore. The third is for the Information & Communications Technology augmentation at Navsari at an estimated cost of ₹109.47 crore.

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Adani Power’s Jharkhand plant commences supply to Bangladesh

Adani Power has started exporting power to Bangladesh from its 1,600 megawatts (MW) plant in Godda, Jharkhand. The company’s subsidiary, Adani Power Jharkhand Ltd (APJL), has achieved the commercial operations date of its second unit of 2×800 MW Godda ultra-supercritical thermal power plant. It completed the reliability run test, including commercial operation tests of the second unit of Godda power plant, on June 25.

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HDFC, Tomorrow Capital makes strategic investment in Bonito Designs

Housing Development Finance Corporation (HDFC), Tomorrow Capital, and a few high-net-worth individuals (HNIs) have invested ₹40 crore in interior design firm Bonito Designs. Bonito Designs is backed by Lodha Ventures and has a valuation of ₹650 crore. This strategic alliance with HDFC is expected to help the company deepen its presence in Mumbai and Bengaluru.

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Thermax plans entry into renewable power, electrolyser production

Thermax Ltd is planning to make a full-fledged entry into renewable power generation, electrolyzer manufacturing, and green hydrogen generation projects over the coming years. The move comes as the company seeks to meet the needs of customers transitioning to cleaner fuels. Thermax has set up open access-based renewable energy projects for commercial and industrial corporates in Gujarat, Tamil Nadu, and Maharashtra. It has around 250 MW of renewable projects at various stages of development.

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Reliance Jio acquires 30.4 lakh new subscribers in April

Reliance Jio continued its dominance over the Indian telecom space as it added 30.4 lakh subscribers in April 2023, as per data released by the Telecom Regulatory Authority of India (TRAI). Bharti Airtel saw an addition of 76,328 users in April, compared with 10.4 lakh in March. Meanwhile, Vodafone Idea lost 29.9 lakh in April 2023, compared to 12.1 lakh in March.

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Tata Sons challenge Rs 1,500cr tax claim on Docomo settlement

According to an ET report, Tata Sons has disputed a ₹1,500-crore ($183 million) tax demand on its $1.27-billion settlement in 2017 with NTT Docomo over a now-defunct telecom joint venture. The Directorate General of GST Intelligence (DGGI), which had raised the tax claim, has now moved the Bombay High Court seeking a three-month extension for the next hearing on a petition filed by Tata Sons challenging the tax demand.

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Bandhan Bank triples number of branches to 1,500 in <8 years

Bandhan Bank has tripled the number of its branches in nearly eight years of operations, totalling 1,500 at present. The lender has a network of 6,000 banking outlets across the country. The Kolkata-based bank started operations with 501 branches on August 2015. Presently, it is spread across 34 states and UTs.

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Axis Bank Acquires Citi India’s Retail Assets for $1.6B – Top Indian Market News

Axis Bank acquires Citi India’s retail assets for $1.6 billion

Axis Bank has acquired Citi India’s retail assets, valuing the business at nearly $2 billion (~Rs 15,164 crore). The private sector bank will pay a cash consideration of $1.6 billion to Citi for the acquisition of the consumer business. The transaction comprises the sale of the consumer banking businesses of Citibank India, including credit cards, retail banking, wealth management, and consumer loans. It also includes the sale of the consumer business of Citi’s non-banking financial company (NBFC), Citicorp Finance (India) Ltd.

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Reliance Jio lost 93 lakh subscribers in Jan 2022; Airtel gains 7.14 lakh subscribers

As per the latest subscriber data released by the Telecom Regulatory Authority of India (TRAI), Reliance Jio lost 93.32 lakh subscribers in January 2022. Vodafone Idea lost 3.7 lakh subscribers during the same month. Meanwhile, Bharti Airtel gained 7.14 lakh subscribers in Jan. Reliance Jio held the largest market share at 35.49%, followed by Bharti Airtel (31.13%) and Vodafone Idea (23.15%).

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Sundaram Fasteners wins incentive approval under PLI scheme

Sundaram Fasteners Ltd (SFL) has qualified for incentives from the Ministry of Heavy Industries for its proposed investments in making powertrain sub-assemblies for electric vehicles (EVs) and internal combustion engine (ICE) vehicles. Companies selected for incentives under this scheme will get 8-11% of the determined sales value. SFL will set aside Rs 350 crore to make advanced automotive tech components for EVs and ICE vehicles.

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Sun Pharma signs licensing pact with Lundbeck to launch anti-depressant pill

Sun Pharmaceutical Industries Ltd has entered into an exclusive patent licensing agreement with Danish drugmaker Lundbeck to market and distribute its version of antidepressant medication Vortioxetine in India. The drug will be marketed under the brand name Vortidiftm. The product is approved in over 80 countries, including the US, EU, Canada, and Australia.

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CCI raids offices of CEAT, Apollo Tyres: Report

As per a Reuters report, the Competition Commission of India (CCI) raided offices of tyre companies, including Germany’s Continental AG and India’s Apollo Tyres and CEAT, in a case of suspected competition law violations. The report said the case was related to an antitrust investigation into the use of unfair trade practices and rigging of bids while supplying tyres for public transport vehicles in Haryana.

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BHEL secures order for compressor package from Iraq

Bharat Heavy Electricals Ltd (BHEL) has won an order for a compressor package from Iraq. The order was placed by Northern Refineries Company (NRC), a company owned by the Ministry of Oil, Iraq. It includes the design, engineering, manufacturing, and supply of an electric motor-driven recycle gas centrifugal compressor.

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Godrej Properties to develop a 9-acre project in Pune

Godrej Properties Ltd (GPL) has acquired a 9-acre land parcel in the residential micro-market of Pimpri-​Chinchwad in Pune. The development will primarily be for a group housing project. The project will have a developable potential of around 1.7 million sq. ft. of saleable area. Based on current business assumptions, it has an estimated revenue potential of ~Rs 1,400 crore.

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Tata Consumer Products to merge Tata Coffee business with itself

Tata Consumer Products Ltd (TCPL) has announced the merger of all businesses of Tata Coffee Ltd (TCL) with itself. This is part of a reorganization plan in line with TCPL’s strategic priority of unlocking synergies and efficiencies. Initially, the plantation business of TCL will be demerged into TCPL’s wholly-owned arm TCPL Beverages & Foods Ltd (TBFL). Then, the remaining business of TCL (extraction and branded coffee business) will be merged with TCPL.

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Dilip Buildcon emerges lowest bidder for road project worth Rs 1,589 crore

The National Highways Authority of India (NHAI) has declared Dilip Buildcon Ltd as the lowest (L-1) bidder for a road project in Karnataka. The scope of the project includes the development of a six-lane access controlled greenfield highway from Maradgi S Andola to Baswantpur section of NH-150C. The bid project cost for the 65.50 km long project is Rs 1,589 crore. 

In other news, G R Infroprojects Ltd has received a Letter of Award (LoA) from NHAI for five new road projects worth ~Rs 5770 crore.

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HDFC Bank, Shoppers Stop launch co-branded credit cards

HDFC Bank and Shoppers Stop have announced the launch of a new range of co-branded credit cards. The credit cards will be available for over 80 lakh ‘First Citizen’ customers of Shoppers Stop along with HDFC Bank customers. HDFC Bank expects co-branded credit cards to account for 25-30% of total spends in the next 2-3 years. 

Read more here.

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Nestle India’s Net Profit Falls 20% YoY in Q4 – Top Indian Market News

nestle

Nestle India Q4 Results: Net profit falls 20% YoY to Rs 387 crore

Nestle India Ltd reported a 19.9% YoY decline in net profit to Rs 386.66 crore for the quarter ended December (Q4 CY21). The company follows the January-Dec financial year cycle. Its revenue rose 9% YoY to Rs 3,739.32 crore during the same period. EBITDA stood at Rs 865.6 crore, up 11% YoY. The FMCG firm reported a one-time loss of Rs 236 crore due to past service costs. Nestle India’s board has declared a final dividend of Rs 65 per share.

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Purvankara to invest Rs 1,550 crore in Kochi realty project

Puravankara Ltd will invest over Rs 1,550 crore to construct a 3 million mixed-use project at Kochi, Kerala. It is part of the realty firm’s plan to expand business amid the rise in demand for apartments post the second wave of the Covid-19 pandemic. The company is expecting a sales realisation of ~Rs 3,000 crore from this project over the next 6-7 years.

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Jio loses 1.29 crore subscribers, Airtel adds 4.75 lakh in December: TRAI

Reliance Jio lost 1.29 crore wireless subscribers, and its total subscriber base fell to 41.57 crore in December 2021. Bharti Airtel gained 4.75 lakh subscribers, and its overall mobile user base stood at 35.57 crore during the same month. Meanwhile, Vodafone Idea (Vi) lost 16.14 lakh subscribers in Dec, and its user base shrunk to 26.55 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

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Apollo Hospitals to operate, manage tertiary care hospital in Uzbekistan

Apollo Hospitals has entered into a partnership with Marafon Group to operate and manage (O&M) an upcoming tertiary care hospital in Uzbekistan. The O&M agreement is for 10 years, which can be extended automatically for a period of 10 years thereafter. Apollo will provide clinical, technical, and feasibility support, along with helping Marafon in setting up diagnostics and pharmacy.

Read more here. 

Maruti Suzuki partners with Quicklyz for vehicle subscription program

Maruti Suzuki India Ltd (MSIL) has partnered with Quiklyz by Mahindra Finance for its vehicle subscription program, Subscribe. Quiklyz will offer a white plate subscription, wherein the vehicle is registered under the user’s name and hypothecated to the subscription partner for a range of MSIL vehicles. MSIL’s Subscribe service is currently available in 20 cities across India.

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Ashok Leyland expects turnaround in CV biz; targets 30% market share in FY23

Ashok Leyland Ltd is eyeing a strong comeback in the commercial vehicle (CV) segment this year. The company is looking to consolidate its position in the intermediate commercial vehicle (ICV) segment. It is also betting on the overall improvement in economic conditions and gradual easing of supply chain issues to cross 30% of the overall market share in the CV segment in FY 2022-23.

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Vedanta signs pact with TERI to accelerate ESG goals

Vedanta Ltd has signed a pact with The Energy and Resources Institute (TERI) to accelerate its environmental, social, and governance (ESG) goals. The company plans to invest ~Rs 200 crore over the next 5-10 years in research & development (R&D) and various initiatives to promote and build a sustainable ecosystem.

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RITES, IIT-Madras signs MoU for marine infra works

RITES has signed a Memorandum of understanding (MoU) with the Indian Institute of Technology, Madras (IIT-M), to cooperate and explore marine infrastructure works. The two entities will collaborate for providing engineering consultancy services and enhancing knowledge sharing for the development of marine infrastructure.

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Punjab & Sind Bank’s gets board approval to raise Rs 4,600 crore by issuing shares to govt

The board of Punjab & Sind Bank (PSB) has given the approval to raise equity capital worth Rs 4,600 crore by issuing preference shares to the government. The Delhi-headquartered bank had posted a record net profit of Rs 301 crore in the quarter ended December 2021. It had posted a net loss of Rs 2,376 crore in the same quarter a year ago.

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BSE EBIX partners with LIC to distribute insurance products

BSE Ebix Insurance Broking Pvt Ltd has signed an Insurance Broker Agreement for the distribution of Life Insurance Corporation (LIC) products on its platform. Under this agreement, BSE EBIX will offer its clients insurance products offered by LIC using its omnichannel digital presence. BSE Ebix is a joint venture of BSE Limited and Ebix Fincorp Exchange Pte Ltd.

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Bajaj Finance’s Net Profit Rises 85% YoY in Q3 – Top Indian Market News

Bajaj Finserv

Bajaj Finance Q3 Results: Net profit rises 85% YoY to Rs 2,125 crore

Bajaj Finance Ltd reported an 85% YoY increase in consolidated net profit to Rs 2,125 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 40% YoY to Rs 6,000 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 1.73% in Q3 FY22, compared to 2.45% in Q2 FY22. Bajaj Finance’s assets under management (AUM) rose 26% YoY to Rs 1,81,250 crore in Q3 FY22.

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Reliance Retail acquires 54% stake in Addverb Technologies for $132 million

Reliance Retail Ventures Ltd has acquired a 54% stake in robotics startup Addverb Technologies for $132 million (~Rs 984.4 crore). The deal will provide Addverb Technologies an opportunity to deploy robots at scale in omnichannel distribution centres across different segments. The company is planning to deploy its robots across hospitals and airports.

Read more here.

L&T Tech Q3 Results: Net profit rises 34% YoY to Rs 249 crore

L&T Technology Services Ltd (LTTS) reported a 34% YoY increase in consolidated net profit to Rs 248.8 crore for the quarter ended December (Q3 FY22). Net profit rose 8% when compared to the previous quarter. Its revenue from operations rose 21% YoY (or 5% QoQ) to Rs 1,687.5 crore during the same period. EBITDA stood at Rs 314 crore, up 48% YoY. LTTS has declared an interim dividend of Rs 10 per share.

Read more here.

Tata Motors to hike prices of passenger vehicles from Jan 19

Tata Motors Ltd will increase the prices of its passenger vehicles by an average of 0.9%, with effect from January 19. The steep rise in overall input costs has compelled the automaker to pass on some proportion to customers through a minimal price hike. At the same time, Tata Motors has introduced a reduction of up to Rs 10,000 on specific variants in response to customer feedback.

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EaseMyTrip signs pact with Flybig to sell tickets exclusively on its platform

Easy Trip Planners Ltd has partnered with regional airline Flybig to sell its tickets exclusively on the EaseMyTrip platform. All bookings of Flybig by any other online travel portals will also go through and be processed by EaseMyTrip. With this partnership, Flybig aims to explore new avenues for growth and widen its network. Flybig plans to induct five aircraft by the end of March 2022.

Read more here.

DCM Shriram Q3 Results: Net profit rises 38% YoY to Rs 350 crore

DCM Shriram Ltd reported a 38% YoY increase in consolidated net profit to Rs 349.57 crore for the quarter ended December (Q3 FY22). Net profit jumped 122% when compared to the previous quarter. Its revenue from operations rose 26.5% YoY to Rs 2,790 crore during the same period. EBITDA rose 46% YoY to Rs 588 crore in Q3. The chemical manufacturer has declared an interim dividend of Rs 5.2 per share. 

IndusInd Bank sells Rs 4,050 crore distressed loans to ARC in last 9 months

As per a report from the Economic Times, IndusInd Bank sold more than Rs 4,050 crore of distressed loans to asset reconstruction companies (ARC) in the last nine months to clean its books. The bank sold Rs 2,552 crore loans to Edelweiss ARC and Rs 1,500 crore to Omkara ARC in separate pools, comprising retail and corporate loans. The report further states that IndusInd Bank’s aim to maintain its net non-performing assets (NPAs) below 1% could have prompted it to sell the distressed loans.

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Tata Elxsi Q3 Results: Net profit rises 43% YoY to Rs 151 crore

Tata Elxsi Ltd reported a 43.5% YoY increase in net profit to Rs 151 crore for the quarter ended December (Q3 FY22). Net profit rose 20.4% when compared to the previous quarter. Its revenue from operations rose 33.2% YoY (or 6.7% QoQ) to Rs 635.4 crore during the same period. EBITDA grew 46.8% YoY to Rs 210.8 crore in Q3.

Read more here. 

Dixon Tech enters into JV with Imagine Marketing

Dixon Technologies Ltd has entered into a 50:50 joint venture (JV) with the makers of Boat brand of electronics, Imagine Marketing. The JV will undertake the design and manufacturing of wireless audio solutions in India. The partners will also co-invest in the evolving Indian mobile accessory market as part of the Make in India initiative. The joint venture will invest Rs 40 crore over the next four years.

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Nazara Tech acquires 55% stake in adtech firm Datawrkz

Nazara Technologies Ltd has acquired a 55% stake in programmatic advertising and monetisation company Datawrkz. The transaction will value the company at around Rs 225 crore. The acquisition will help enhance Nazara Tech’s in-house capabilities to optimise its customer acquisition spending. It will also help the company enhance yields on ad monetisation of its large consumer base.

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Jio adds 20.1 lakh mobile subscribers in November; Airtel adds 13 lakh users

Reliance Jio Infocomm gained 20.1 lakh mobile subscribers in November 2021. Jio’s total subscriber base rose to 42.86 crore during the same month. Bharti Airtel added 13.1 lakh users, taking its overall mobile user base to 35.52 crore at the end of November. Vodafone Idea (Vi) lost 18.9 lakh subscribers in November and its user base shrunk to 26.71 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

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Trident Q3 Results: Net profit rises 88% YoY to Rs 211 crore

Trident Ltd reported an 88% YoY increase in net profit to Rs 211.09 crore for the quarter ended December (Q3 FY22). Net profit fell 10% when compared to the previous quarter. Its total income rose 51.6% YoY to Rs 1,983.65 crore during the same period. The textile firm’s EBITDA stood at Rs 406 crore in Q3, up 68% YoY.

Read more here.

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Indian Oil Acquires 4.93% Stake in IGX – Top Indian Market News

A logo of Indian Oil is picture outside a fuel station in New Delhi, India August 29, 2016. REUTERS/Adnan Abidi/Files

Indian Oil Corp acquires 4.93% stake in IGX

Indian Oil Corporation (IOC) has acquired a 4.93% stake in Indian Gas Exchange (IGX). At face value, the acquisition will cost IOC Rs 3.7 crore. IGX is India’s first automated national-level gas exchange. It ensures transparent price discovery in natural gas and facilitates the growth of natural gas in India’s energy basket.

In other news, the Board of Directors of IOC has approved an investment of Rs 9,028 crore for laying a crude oil pipeline from Mundra in Gujarat to Panipat in Haryana. The pipeline will have a capacity to transport 17.5 million tonnes (MT) of imported crude oil per annum from the Gujarat port to IOC’s refinery in Haryana.

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NTPC plans to have 35 GW of renewable energy capacity by 2027

NTPC Ltd has announced plans to have total renewable energy (RE) capacity of 35 gigawatts (GW) by 2027. The company expects to generate 10 billion units of green energy by 2022-23. The state-owned power giant has 2,095.5 megawatts (MW) of RE capacity, including solar, wind, and hydro energy. Its RE generation in April-November 2021 stands at 4,089.64 million units.

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Piramal Pharma invests Rs 102 crore for minority stake in Yapan Bio

Piramal Pharma Ltd (PPL) has invested Rs 101.77 crore in Hyderabad-based Yapan Bio to augment the capabilities of its contract development and manufacturing organisation (CDMO) business. PPL will hold a 27.78% stake in Yapan Bio. The investment will allow Piramal Pharma to strengthen its CDMO business by broadening its service offerings.

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Exide Industries to set up li-ion cell manufacturing plant

Exide Industries Ltd has announced plans to set up a greenfield multi-gigawatt lithium-ion cell manufacturing facility in India. The company also plans to apply for the Production-Linked Incentive Scheme for National Programme on Advanced Chemistry Cell (ACC) battery Storage, issued by the Ministry of Heavy Industries. This scheme will facilitate the reduction of import dependence of ACC batteries. It will also reduce the prices of batteries used in electric vehicles.

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Yes Bank board approves raising up to Rs 10,000 crore

The Board of Directors of Yes Bank has approved raising funds up to Rs 10,000 crore through various instruments. The funds would be raised via the issue of equity shares, depository receipts, convertible bonds, debentures, or warrants. The fundraising is subject to necessary approvals from shareholders and regulators.

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Inox Wind secures 150 MW wind project from NTPC Renewable Energy

Inox Wind Ltd has secured a 150 megawatt (MW) wind power project from NTPC Renewable Energy Ltd. The project will help NTPC achieve its target of having over 60 GW renewable energy capacity, constituting ~50% of the company’s overall power generation capacity by 2032. The project will be executed on a turnkey basis at Dayapar site in Kutch district, Gujarat. It is scheduled to be commissioned by April 2023.

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RBI appoints CSB Bank to undertake banking business of central, state governments

The Reserve Bank of India (RBI) has empanelled CSB Bank as an ‘agency bank’ to undertake the general banking business of central and state governments. CSB Bank is now authorised to enter into agreements with central and state government departments for handling tax collections, pension payments, collection of stamp duty, etc. It will also enable the bank to handle a broad range of transactions related to goods & services tax (GST), property tax, and value-added tax.

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Shilpa Medica launches chronic constipation drug

Shilpa Medicare Ltd has announced the launch of ‘Prucalshil’ (Prucalopride), a chronic constipation drug for adults. Prucalopride is used for symptomatic treatment of chronic constipation in adults at times when laxatives fail to provide adequate relief. The launch of Prucalshil will help Shilpa Medicare to build its gastro portfolio. Going forward, the pharma company aims to add more products to its gastro basket.

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SBI acquires minority stake in JSW Cement for Rs 100 crore

State Bank of India (SBI) has acquired a minority stake in JSW Cement Ltd at an investment of Rs 100 crore via compulsorily convertible preference shares (CCPS). The conversion of such CCPS into common equity will be linked to the company’s future business performance and valuation determined at the time of the proposed initial public offering. This capital infusion will support the JSW Cement’s capacity expansion from the current 14 million tonnes per annum (MTPA) to 25 MTPA

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Jio adds 17.6 lakh mobile users in October; Airtel, Vi lose subscribers: TRAI

Reliance Jio Infocomm gained 17.6 lakh mobile subscribers in October. Jio’s total subscriber base rose to 42.65 crore during the same month. Bharti Airtel lost 4.89 lakh users, taking its overall mobile user base to 35.39 crore at the end of October. Vodafone Idea (Vi) lost 9.64 lakh subscribers in October and its user base shrunk to 26.9 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

Read more here. 

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HDFC Bank to Acquire 4.99% Stake in HDFC ERGO – Top Indian Market News

HDFC Bank to acquire 4.99% stake in HDFC ERGO

HDFC Bank Ltd will acquire a 4.99% stake (or 3.56 crore shares) in HDFC ERGO General Insurance Co. from its parent company Housing Development Finance Corp. Ltd (HDFC). The Board of Directors of HDFC Limited has approved the sale of these shares at Rs 536 per share. The aggregate consideration for the sale is Rs 1,906.43 crore. The transaction is expected to be completed by September 30, 2021. HDFC ERGO is a general insurance joint venture (JV) between HDFC and Germany-based ERGO Group.

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NTPC Q4 Results: Net profit jumps 258% YoY to Rs 4,479 crore

NTPC Limited reported a 258% YoY jump in standalone net profit to Rs 4,479 crore for the quarter ended March (Q4). Its revenue from operations declined by 2.5% YoY to Rs 26,567 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 36% YoY to Rs 13,769 crore. The company’s board has declared a final dividend of Rs 3.15 per share. State-owned NTPC Ltd has been ranked 38th in the ‘Great Place to Work’ ranking in 2021. 

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Adani Power emerges as successful bidder for Essar Power’s 1,200 MW Mahan project

Adani Power has emerged as the successful bidder for Essar Power’s 1,200 megawatt (MW) thermal power project (Essar Power MP Ltd) in Mahan, Madhya Pradesh. The company’s bid for the project has been approved by a committee of creditors (CoC). Adani Power will now have to seek approval from the National Company Law Tribunal (NCLT) to acquire the project. Essar Power MP is currently undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC).

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Vakrangee Q4 Results: Net profit declines 33% YoY to Rs 20.7 crore

Vakrangee Ltd reported a 33.28% YoY decline in consolidated net profit to Rs 20.79 crore for the quarter ended March (Q4). Net profit has increased by 23.82% when compared to the previous quarter. Its revenue from operations declined by 50.89% YoY to Rs 101.85 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 11.91 YoY to Rs 62.79 crore. Mumbai-based Vakrangee is a technology company that offers banking, e-governance, e-commerce, and logistics services.  

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Reliance Jio adds 79 lakh subscribers in March: TRAI

Telecom operator Reliance Jio’s total subscriber addition in March 2021 surpassed the combined net addition by its rivals Bharti Airtel and Vodafone Idea. According to data released by TRAI, Jio gained over 79 lakh subscribers in March. Bharti Airtel added 40.5 lakh subscribers, while Vodafone Idea (Vi) gained 10.8 lakh subscribers during March. In terms of total subscriber base, Reliance Jio topped the chart with 42.22 crore subscribers, followed by Airtel at 35.23 crore and Vi at 28.37 crore subscribers.  

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GMR Infra Q4 Results: Net loss at Rs 725 crore

GMR Infrastructure Ltd reported a net loss of Rs 725.47 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 1,127.16 crore in the corresponding quarter last year (Q4 FY20). Total revenue from operations declined by 16.12% YoY to Rs 1,633.76 crore in Q4 FY21. Net loss for the financial year 2020-21 (FY21) widened to Rs 3,427.75 crore, compared to a net loss of Rs 2,198.5 crore in FY20. GMR Infra is a global infrastructure conglomerate with interests in airports, energy, transportation, etc.

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Alkem Labs gets two observations from USFDA for manufacturing unit at St Louis

Alkem Laboratories Ltd said that the US Food & Drug Administration (USFDA) has issued a Form 483 with two observations after inspection of its St Louis-based manufacturing facility. An FDA Form 483 is issued to a firm if an investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic Act and other related norms. Alkem Labs will submit a detailed response to the USFDA to close out all the observations associated with the inspection. 

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Birla Cable Q4 Results: Net profit at Rs 6.32 crore

Birla Cable Limited reported a 6,868% YoY jump in net profit to Rs 6.32 crore for the quarter ended March (Q4). Net profit has increased by 2,086% when compared to the previous quarter. Its total income rose 101.98% YoY (or 40.23% QoQ) to Rs 119.41 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased sharply by 711.8% YoY to Rs 8.20 crore. The company’s board has declared a final dividend of Re 1 per share. Madhya Pradesh-based Birla Cable is a leading manufacturer of fibre optic cables.

Travel tech services firm RateGain plans Rs 1,200 crore IPO: Report

According to a report from Mint, travel technology services provider RateGain Travel Technologies Pvt. Ltd is planning to launch an initial public offering (IPO). RateGain helps travel and hospitality firms in revenue management, e-distribution, and brand engagement. The company claims its services are used by more than 25 out of the top 30 online travel agencies, airlines, hotel chains, and tour operators in India. The report further states that RateGain may raise ~Rs 1,200 crore through the IPO, which will be a mix of primary and secondary share sale.

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Muthoot Capital Q4 Results: Net profit declines 35% YoY to Rs 9 crore

Muthoot Capital Services Limited reported a 34.89% YoY decline in net profit to Rs 9.05 crore for the quarter ended March (Q4). Net profit has declined by 34.09% when compared to the previous quarter. Its total income declined by 25.4% YoY (or 9.23% QoQ) to Rs 109.59 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 14.9% YoY to Rs 51.46 crore.

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Market News Top 10 News

Bharti Airtel Adds 58.9 Lakh Subscribers in January – Top Indian Market News

Bharti Airtel adds 58.9 lakh subscribers in January, Vi adds 17.1 lakh subscribers: TRAI

Bharti Airtel added more wireless subscribers than market leader Reliance Jio for the sixth straight month in January. According to data released by telecom regulator TRAI, Bharti Airtel added 58.92 lakh subscribers, while Jio added 19.56 lakh subscribers in January 2021. Vodafone Idea (Vi) gained 17.1 lakh subscribers during the same month. This is the first time in 15 months that Vi is adding subscribers.

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BHEL emerges lowest bidder for NPCIL’s Rs 10,800-crore tender

Bharat Heavy Electricals Ltd (BHEL) has emerged as the lowest (L1) bidder for the supply of equipment for the 6×700 megawatt (MW) nuclear power projects of Nuclear Power Corporation of India (NPCIL). The lowest bid price offered by BHEL was Rs 10,800 crore. With this tender, BHEL has retained its market leadership position of being the sole Indian supplier of nuclear steam tubes. 

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Domestic air traffic declines 36% YoY in February: DGCA

A total of 78.27 lakh domestic passengers travelled by air in February 2021, which is 36% lower than the corresponding period in 2019. IndiGo carried 42.38 lakh passengers in February, thus securing a 54.2% share of the total domestic market. SpiceJet flew 9.62 lakh passengers, which is a 12.3% share of the market. The data was released by the Directorate General of Civil Aviation (DGCA).

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L&T Technology Services partners with Aspen Tech to deliver engineering solutions

L&T Technology Services Ltd (LTTS) has partnered with Aspen Technolgy, Inc. to offer a complete suite of digital engineering solutions across global enterprises. This will empower customers to optimize the performance of their assets and achieve operational excellence through cloud hosting and virtualisation. LTTS’ cloud engineering services will provide design, delivery, and support for computing, storage, and virtual network infrastructure. 

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ABB Power secures order worth Rs 124 crore from BALCO

Hitachi ABB Power Grids in India has received an order from Bharat Aluminium Company (BALCO) to strengthen power infrastructure at its Korba plant in Chattisgarh. The estimated value of the order is Rs 124 crore. The equipment required for this project will be manufactured domestically in line with the government’s Make-in-India initiative. 

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DLF to raise up to Rs 500 crore via NCD issue

DLF Limited has announced plans to raise up to Rs 500 crore through the issuance of secured, rated, redeemable non-convertible debentures (NCDs). The NCDs will be issued at a coupon rate of 8.25% on a private placement basis in one or more tranches to eligible investors. The realty firm had earlier announced plans of restructuring existing loans with a target of saving Rs 300 crore annually.

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SC orders restoration of MF units back to Dalmia Bharat Group

The Supreme Court of India (SC) has ordered IL&FS Security Services Ltd (ISSL) to release mutual fund units worth Rs 344 crore back to the Dalmia Bharat Group. In August 2019, the SC had passed an interim order that Dalmia Cement, which is a subsidiary of Dalmia Bharat, may encash the securities and an amount of Rs 344 crore shall lie in fixed deposit with ISSL. The mutual fund units of two subsidiaries of Dalmia Cements were fraudulently and illegally transferred by Allied Financial Services Pvt Ltd in collusion with ISSL.

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Shakti Pumps secures export orders worth $35 million from Uganda Government

Shakti Pumps (India) Ltd has secured a contract from the Ministry of Water and Environment, Government of Uganda, for supplying solar-powered water pumping systems. The total contract value is $35.30 million (~Rs 256.23 crore). Shakti Pumps is a manufacturer and exporter of stainless-steel water pumps, motors, and solar pumps.

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Subex partners with SkyLab to offer cybersecurity solutions for shipping industry

Subex Limited has entered into a partnership with SkyLab to offer Internet of Things (IoT) and Operational Technology (OT) cybersecurity solutions and services to the maritime sector. The companies will jointly offer Security Operations Center services and threat risk management support to improve the overall cybersecurity structure of the shipping industry. Subex is a leading enterprise software company based in Bangalore.

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IPO Updates:

Kalyan Jewellers

The Rs 1,175-crore initial public offering (IPO) of Kalyan Jewellers was subscribed 1.21 times on the second day of bidding. The portion reserved for retail investors was subscribed 1.90 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 89% and that of qualified institutional buyers (QIBs) 24%. To know more about the IPO, click here.

Laxmi Organic Industries

The Rs 600-crore initial public offering (IPO) of Laxmi Organic Industries was subscribed 106.77 times on the final day of bidding. The portion reserved for retail investors was subscribed 19.97 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 217.62 times and that of qualified institutional buyers (QIBs) 175.43 times. You can learn more about the IPO here.

Suryoday Small Finance Bank

The Rs 582-crore initial public offering (IPO) of Suryoday Small Finance Bank was subscribed 42% on the first day of bidding. The portion reserved for retail investors was subscribed 84%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 4% and that of employees 6%. To know more about the IPO, click here.

Nazara Technologies

The Rs 582-crore initial public offering (IPO) of Nazara Technologies was subscribed 4.01 times on the first day of bidding. The portion reserved for retail investors was subscribed 16.75 times and that of employees 2.28 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 2.85 times and that of QIBs 36%. To know more about the IPO, click here.