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Ambani Says Indian Economy to Hit $40 Trillion by 2047 – Top Indian Market Updates

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

Mukesh Ambani says Indian economy to grow 13-fold to $40 trillion by 2047

Reliance Industries Ltd’s Mukesh Ambani said India is likely to become a $40 trillion economy by 2047— a 13-fold jump from its current size. “Three game-changing revolutions will govern India’s growth in the decades ahead: the clean energy revolution, the bio-energy revolution and the digital revolution,” he added. Ambani said India will witness an unprecedented explosion in economic growth and opportunities.

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Bharti Airtel’s Nxtra starts construction of its largest data centre in Kolkata

Nxtra Data, a subsidiary of Bharti Airtel Ltd, has started the construction of its new hyper-scale data centre in Kolkata. The company will invest ₹600 crore in the development of the facility. The data centre will serve the markets of east & north-east regions in India and the SAARC countries and fulfil the growing needs of enterprises and global cloud players.

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Jio adds 7.24 lakh subscribers in Sept, Bharti Airtel gains 4.12 lakh: TRAI

Reliance Jio Infocomm added 7.24 lakh wireless subscribers in September 2022, taking its total user count to 42.68 crore. Bharti Airtel gained 4.12 lakh subscribers in Sept, and its total subscriber count increased to 22.50 crore. Meanwhile, Vodafone Idea (Vi) lost 40.11 lakh subscribers, and its total user count declined to 12.32 crore. India’s total mobile subscriber base fell by 36 lakh in September.

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Steel Strip Wheels to establish EV joint venture with Redler Tech

Steel Strip Wheels Ltd (SSWL) has signed an agreement to form a joint venture (JV) with Israel-based Redler Technologies for the development, manufacturing, and sales of motion controllers for electric vehicles in India. The association will synergise SSWL’s manufacturing capability, large consumer access, and strong Indian presence with Redler Tech’s access to advanced technology.

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Bajaj Finance raises deposit rates for third time in 3 months

Non-banking finance company (NBFC) Bajaj Finance has raised deposit rates for the third time in three months to boost liabilities. It has raised fixed deposit rates by up to 25 basis points for tenures between 12-23 months. Several lenders like State Bank of India, HDFC, and Ujjivan Small Finance Bank raised deposit rates multiple times since April when the Reserve Bank of India started rising interest rates to curb inflation.

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Glenmark Pharma signs settlement pact with Pfizer for cancer drug

Glenmark Pharmaceuticals Ltd has entered into a settlement agreement with Pfizer Inc regarding Axitinib Tablets. The product is the generic version of Pfizer’s Inlyta tablets, used to treat kidney cancer. According to IQVIA data, Inlyta tablets achieved annual sales of around $644.5 million for the 12 months ended September 2022.

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India’s domestic air traffic rises 27% in October: DGCA

Data released by the Directorate General of Civil Aviation (DGCA) showed that Indian airlines carried 1.14 crore passengers in October 2022, up 27% YoY. Domestic air traffic rose 10% compared to the previous month. IndiGo’s market share fell from 58% in Sept to 56.7% in October. SpiceJet and Akasa Air had a market share of 7.3% and 1.4%, respectively, in Oct.

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Dr. Reddy’s Labs to face antitrust litigation in US

An antitrust litigation was filed against several generic pharmaceutical companies, including Dr. Reddy’s Laboratories Ltd, Celgene, and Bristol Myers Squibb in the US. A complaint was filed on Nov 18, 2022, in the District of New Jersey, and the pharma companies have been named defendants. The complaint alleges that the defendants improperly restrained competition and maintained a shared monopoly in the sale of the Revlimid brand through their respective settlements of patent litigation.

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Vedanta declares third interim dividend of ₹17.5 per share

Vedanta Ltd’s board approved the third interim dividend of ₹17.5 per share for the financial year 2022-23. The dividend will amount to ₹6,505 crore. The company has fixed November 30, 2022, as the record date for the dividend. Vedanta paid its first interim dividend of ₹31.5 per equity share in May 2022 and the second interim dividend of ₹19.5 per share to shareholders in July.

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LTTS Posts 22% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

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

LTTS Q2 Results: Net profit rises 22% YoY to ₹282 crore

L&T Technology Services (LTTS) reported a 22.7% YoY increase in consolidated net profit to ₹282.4 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 24% YoY to ₹1,995 crore during the same period. LTTS secured a ₹60 million-plus deal in the second quarter. The IT company’s board has declared an interim dividend of ₹15 per share.

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Jio adds 32.8 lakh subscribers in August, Vi lost 19.6 lakh

Reliance Jio added 32.8 lakh wireless subscribers in August 2022, taking its user base to 41.92 crore. Bharti Airtel gained 3.26 lakh subscribers, while Vodafone Idea (Vi) lost 19.6 lakh subscribers in August. The data released by the Telecom Regulatory Authority of India (TRAI) shows that Bharti Airtel’s wireless customer base stood at 36.38 crore in August and Vi’s user base fell to 25.31 crore.

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Polycab Q2 Results: Net profit rises 37% YoY to ₹270 crore

Polycab Ltd reported a 37% YoY increase in consolidated net profit to ₹268 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 10.8% YoY to ₹3,332.3 crore during the same period. EBITDA stood at ₹426.8 crore in Q2, up 45.81% YoY. Revenue from the company’s wires and cables business grew 13% YoY to ₹2,925.9 crore.

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Apollo Hospitals partners with Bombay Hospital to boost liver transplants in Mumbai

Apollo Hospitals Enterprises Ltd entered into a Memorandum of Understanding with Bombay Hospital to boost liver transplants in Mumbai and Western India. The collaboration with Bombay Hospital will increase access to Apollo’s advanced liver transplant program for patients across the Mumbai Metropolitan Region.

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Tata Communications Q2 Results: Net profit rises 25% YoY to ₹532 crore

Tata Communications Ltd reported a 25.13% YoY increase in consolidated net profit to ₹532.29 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6.15% YoY (or 2.8% QoQ) to ₹4,430.74 crore during the same period. EBITDA stood at ₹1,130 crore in Q2, up 1.5% YoY (or 5% QoQ). The company’s data business revenues grew 11.2% YoY to ₹3,493 crore.

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Suzlon secures order to supply wind turbines to Adani Green Energy

Suzlon Energy Ltd has secured an order to supply 23 wind turbines totalling 48.3 megawatts (MW) from Adani Green Energy Ltd. The company will install 23 units of their wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located in Mandvi, Gujarat, and is expected to be commissioned in 2023.

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GAIL wins bid for debt-laden JBF Petrochemicals

GAIL (India) Ltd emerged as the successful bidder to acquire debt-laden JBF Petrochemicals. The state-owned company’s resolution plan received a 100% vote from the committee of creditors of JBF. GAIL was among a host of major companies like ONGC, Reliance Industries, Indian Oil, and others that showed interest in JBF Petrochemicals, which has defaulted against a bank loan of nearly ₹5,000 crore. 

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TV18 Broadcast Q2 Results: Net profit falls 95% YoY to ₹10.28 crore

TV18 Broadcast Ltd reported a 95.55% YoY decline in consolidated net profit to ₹10.28 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 12.65% YoY to ₹1,473.43 crore during the same period. The media company’s total expenses stood at ₹1,485.95 crore, up 34.59% YoY.

Its parent company, Network18 Media & Investments Ltd, reported a consolidated net loss of ₹28.84 crore in Q2 FY23. It had posted a net profit of ₹199.27 crore in the corresponding quarter last year (Q2 FY22). Revenue from operations rose 11.65% YoY to ₹1,548.89 crore in Q2 FY23.

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USFDA issues four observations to Alembic Pharma’s Panelav plant

Alembic Pharmaceuticals has received a Form 483 with four procedural observations for an inspection conducted by the US Food & Drug Administration (USFDA) at its Panelav formulation facility. USFDA inspected the company’s oncology injectable formulation facility at Panelav from October 4-14. None of the observations are related to data integrity, and the pharma company’s management believes that they are addressable. 

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Vedanta Secures Two Coal Mines in E-Auction – Top Indian Market Updates

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

Vedanta secures two coal mines in Odisha in e-auction

Vedanta Ltd has emerged as the highest bidder for two coal mines in Odisha on the second day of the commercial coal mines e-auction. The company won the bid for Ghogharpalli and its dip extension mines. Both coal mines are fully explored and have a peak rate capacity (PRC) of 20 million tonnes per annum. The government placed 10 coal mines on sale on Tuesday and Wednesday. 

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Tube Investments to leverage Murugappa Group firms to boost EV business

Tube Investments of India (TII) is looking to leverage the expertise of all the companies within the Murugappa Group as it sets a roadmap for its electric vehicles (EV) business. The financing expertise of Cholamandalam Investment & Finance Co will help the company fund its customers. Group firms CG Power and Shanthi Gears can help make motors and gearboxes for electric vehicles. TII also plans to invest up to ₹1,000 crore in its EV business.

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Tata Power Solar Systems to set up 100 MW project for SJVN in Gujarat

Tata Power Solar Systems Ltd (TPSSL) will set up a 100 megawatts (MW) ground-mounted solar project for SJVN Ltd in Gujarat for ₹612 crore. The project will get commissioned within 11 months. With this order win, TPSSL’s total portfolio will touch 9.9 gigawatt-peak (GWp). The company’s total order book currently stands at ₹15,520 crore.

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Tamilnad Mercantile Bank to focus on phygital platform, network expansion: CEO

Tamilnad Mercantile Bank (TMB) will focus on strengthening its exposure in the phygital platform and expand its branch network during the current financial year (FY23), said MD & CEO S Krishnan. Retail, agriculture, and micro, small and medium enterprises (MSME) segments would be the bank’s focus areas, as this vertical comprises 88% of its exposure.

Shares of TMB made a muted debut on the NSE today, falling by 2.94% from the issue price. 

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New momentum of auto industry’s innovation for greener alternatives need of the hour: PM Modi

Prime Minister Narendra Modi stressed the need for the automobile industry’s innovation for green alternatives to ensure environmental protection and help make India self-reliant. In a written address to the annual session of the Society of Indian Automobile Manufacturers (SIAM), he said the automobile sector has contributed to the all-round development and growth of the economy through new avenues for employment generation. 

Meanwhile, Kenichi Ayukawa, MD & CEO of Maruti Suzuki, said the Indian auto sector will be near 100% self-reliant by 2047.

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Reliance Jio adds 29.4 lakh subscribers in July; Vi loses 15.4 lakh users

Reliance Jio added 29.4 lakh mobile subscribers in July 2022, taking its total subscription base to 41.59 crore. Bharti Airtel added 5.1 lakh subscribers, and its total user base stood at 36.34 crore. Meanwhile, Vodafone Idea (Vi) lost 15.4 lakh mobile customers in July, and its user base fell to 25.5 crore. Jio and Airtel further widened their market shares to 36.23% and 31.66%, respectively. Vi’s share narrowed to 22.22% in July.

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L&T Construction secures significant orders

Larsen & Toubro Ltd’s (L&T) construction arm has secured a significant order (in the range of ₹1,000-2,500 crore). The Water & Effluent Treatment business has received an order from the Government of Odisha to execute a pressurized underground pipeline irrigation network system for the Lower Suktel Irrigation project. The project aims to provide water to irrigate 27,000 hectares of Culturable Command Area (CCA) in the Balangir district, Odisha. 

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Mindtree designs remote digital solution for L&T green hydrogen plant in Gujarat

Mindtree Ltd has implemented a digital command and control solution for L&T’s recently-commissioned green hydrogen plant in Hazira, Gujarat. The solution enables remote monitoring and control of all services at the plant. It helps optimise operational and energy costs and drive effective utilisation of resources such as solar energy and battery energy storage systems.

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BPCL divestment not on the table as of now: Oil Minister

The divestment of Bharat Petroleum Corporation Ltd (BPCL) is not on the table as of now, said Minister of Petroleum and Natural Gas Hardeep Singh Puri. In August, the Centre told Parliament that it will decide on re-initiating the process of BPCL strategic sale based on a review of the situation in due course.

In May 2022, the govt. formally withdrew its offer to sell its entire 52.98% stake in BPCL. A majority of bidders had expressed their inability to participate in the current privatisation process due to prevailing conditions in the global energy market.

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UPL acquires 26% stake in Clean Max Kratos

UPL Ltd has acquired a 26% stake in renewable energy firm Clean Max Kratos Pvt Ltd. Clean Max was incorporated on July 28 with paid-up capital of ₹1 lakh. The company will develop and maintain a hybrid 28.05 MW solar and 33 MW wind power project. This project will enable UPL to increase its renewable energy usage to 30% of its total global power consumption (from the current level of 8%).

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Bharti Airtel Pays Rs 8,312 crore for 5G Spectrum – Top Indian Market Updates

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

Bharti Airtel pays Rs 8,312.4 crore to DoT for 5G spectrum

Bharati Airtel Ltd has paid Rs 8,312.4 crore to the Department of Telecommunications (DoT) towards dues for spectrum acquired in the recently concluded 5G auctions. With this payment, the telco has paid four years of 2022 spectrum dues upfront. 

The upfront payment, the moratorium on spectrum dues, and AGR-related payments for four years will free up future cash flows and allow Bharti Airtel to dedicate resources to concentrate on the 5G rollout.

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India’s oil demand to rise 7.7% in 2023: OPEC

As per an OPEC report, India’s demand for petroleum products like petrol and diesel will grow by 7.73% in 2023, the fastest pace in the world. The country’s demand for oil products is projected to rise from 4.77 million barrels per day (bpd) in 2022 to 5.14 million bpd in 2023. India is the world’s third largest oil importing and consuming nation behind the United States and China.

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Sona Comstar partners with Israeli startup Drive to develop new tech in smart mobility

Sona Blw Precision Forgings Ltd (Sona Comstar) has partnered with Israel-based startup Drive to develop and commercialise new technologies in the smart mobility space. The partnership will give Sona Comstar access to Drive’s new testing, evaluation, and development centre. As an innovation-hub partner, the company can participate in Drive’s startup commercialisation program FastLane.

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Kalpataru Power moves court in Paris to enforce Rwanda Energy arbitration award

Kalpataru Power Transmission Ltd (KPTL) has approached the Judicial Court of Paris to seek enforcement of an arbitration award of over $32 million (~Rs 240 crore) against Rwanda Energy Group (REG). KPTL had entered into a contract with REG in November 2013 to install and commission a 220 kilovolt (KV) power transmission network connecting the Democratic Republic of Congo and Rwanda. A dispute arose when REG refused to pay KPTL for price adjustment.

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UPL signs pact with Oro Agri for co-distribution of ‘Orange Oil’

UPL Ltd has partnered with US-based Oro Agri for the co-distribution and development of Orange Oil, a bio-solution effective against a variety of pests and illnesses. The company will co-distribute the bio-protection formulation starting in 2023. While UPL will leverage its global distribution network to explore new markets and expand its client base, Oro Agri will continue to supply current customers directly.

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Ashok Leyland announces merger of Hinduja Leyland Finance with NXTDIGITAL

Ashok Leyland Ltd has announced the merger of non-banking financial company (NBFC) Hinduja Leyland Finance (HLF) with NXT DIGITAL. The move will help integrate business operations, ensure efficiency in cash management, and formulate integrated operational and marketing strategies. The share exchange ratio for the merger will entail 23 shares of NXTDIGITAL to be allocated for every 10 shares of Leyland Finance held. 

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India’s 10-year bond yield drops 10 basis points

Indian government bond yields declined on Wednesday, with the benchmark 10-year yield crashing 10 basis points (bps), following a sharp fall in global oil prices that could further lower the inflation trajectory. The benchmark 10-year govt bond yield was at 7.1966% as of 10:25 AM today. It had fallen to 7.1947% earlier in the day, after closing at 7.2894% on Friday. Global oil prices dropped, with the benchmark Brent crude contract declining to its lowest level in six months on Tuesday.

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Jio adds 42.2 lakh subscribers in June; Bharti Airtel gains 7.9 lakh users 

Reliance Jio Infocomm gained 42.23 lakh mobile subscribers in June 2022, taking its total user base to 41.3 crore. Bharti Airtel added 7.93 lakh users, and its total mobile subscriber count rose to 36.29 crore. Vodafone Idea lost nearly 18.01 lakh mobile subscribers during June. India’s total wireless subscribers count increased marginally to 114.73 crore at the end of June 2022. 

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M&M in talks with different states to set up EV production site

Mahindra & Mahindra has initiated talks with various state governments in India to set up manufacturing infrastructure for its upcoming range of electric sports utility vehicles (SUVs). It will evaluate incentives offered by different state governments before finalising a strategy for the production of these EVs. The automaker has lined up five new electric SUVs. The first four are expected to hit the roads between December 2024 and 2026.

Read more here.

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Coal India Exploring Green Mining Tech – Top Indian Market Updates

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

Coal India exploring green mining technologies

Coal India Ltd is exploring the deployment of green mining technologies in its mines to minimise adverse environmental impact. The company aims to ramp up its underground (UG) production four-fold to 100 million tonnes (MTs) by FY 2030. UG output is environmentally clean, minimally invasive on land degradation, and society friendly. Around 70% of India’s coal reserves are favourable for UG mining.

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PVR launches its first multiplex in Patiala

PVR Limited launched its first multiplex in Patiala, Punjab. The new multiplex is located on the Rajpura Highway, with a total seating capacity of 621 people. The company now has 63 screens in 12 properties in Punjab. In FY23, PVR launched 858 screens at 174 properties in 75 cities (India and Sri Lanka). 

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Reliance considering buying out Revlon in US: Report

According to an ET Now report, Reliance Industries Ltd (RIL) may buy out Revlon Inc., days after the cosmetics giant filed for bankruptcy. The New York-based multinational company deals in cosmetics, skincare, fragrance, and personal care. Revlon failed to keep pace with changing tastes, and sales have fallen sharply over the past few years. It has been losing market share to big rivals like Procter & Gamble and newcomer cosmetic lines.

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Jio adds 16.8 lakh subscribers in April; Bharti Airtel gains 8.1 lakh users

Reliance Jio Infocomm gained 16.8 lakh mobile subscribers in April 2022, taking its total user base to 40.5 crore. Bharti Airtel added 8.1 lakh users, and its total mobile subscriber count rose to 36.11 crore. Vodafone Idea lost nearly 15.7 lakh mobile subscribers during April. Data from the Telecom Regulatory Authority of India (TRAI) showed that India’s total wireless subscribers count increased marginally to 114.3 crore at the end of April 2022.

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Delhivery announces ‘guaranteed’ same-day delivery across 15 cities in India

Delhivery Ltd has launched its ‘guaranteed’ same-day delivery (SDD) service in 15 cities across India. This new service will allow direct-to-consumer (D2C) brands to deliver their webstore orders on the day the order is received. Delhivery will partner with brands and identify fast-moving Stock Keeping Units (SKUs). These units will be stocked in warehouses within a city, close to the end consumer.

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HUL, Wipro Enterprises get HC relief in case against USV

The Bombay High Court (HC) has restrained USV Pvt Ltd, the Indian distributor of German skincare brand Sebamed, from “disparaging” or “infringing” the brands owned by Hindustan Unilever Ltd (HUL) and Wipro Enterprises Pvt Ltd in any manner. In January 2021, HUL approached the HC, seeking its intervention to restrain USV from running ads that allegedly defamed its Lux, Pears, and Dove brands. Wipro Enterprises also petitioned the court on similar grounds with regard to its Santoor brand.

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Aster DM to open 550-bed super specialty hospital in Trivandrum

Aster DM Healthcare Ltd has launched a 550-bed super-specialty hospital in Trivandrum, Kerala. The company will invest around Rs 500 crore for the entire project, with the first phase having a capacity of 350 beds. Phase-1 is expected to be operational by FY26. This would be the company’s 7th hospital in Kerala and the 16th in India.

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HDFC Life to raise up to Rs 350 crore debt capital via bonds

HDFC Life Insurance Company’s board has approved a proposal to raise up to Rs 350 crore through the issuance of 3,500 non-convertible debentures (NCDs). The bonds will carry a coupon rate of 8.2% per annum. It will be listed on the wholesale debt market segment of the National Stock Exchange (NSE).

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Deltatech Gaming files DRHP for Rs 550 crore IPO

Deltatech Gaming Ltd., a digitally native, technology-led gaming platform, has filed the Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 550 crore through an Initial Public Offering. The IPO comprises a fresh issue of equity shares worth up to Rs 300 crore and an offer-for-sale of Rs 250 crore by Delta Corp Ltd (promoter).

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Retail Inflation Spikes to 7.79% in April – Top Indian Market News

Retail inflation spikes to 7.79% in April

India’s retail inflation, measured by the Consumer Price Index (CPI), surged to an eight-year high of 7.79% in April. Retail inflation stood at 6.95% in March. This is the fourth consecutive month that CPI data has breached the Reserve Bank of India’s (RBI) upper margin of 6%. Inflation in the food basket spiked in April to 8.38%.

India’s factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a growth of 1.9% in March. IIP had surged 24.2% in March 2021 (due to a low base).

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Tata Motors Q4 Results: Net loss at Rs 1,033 crore

Tata Motors Ltd reported a consolidated net loss of Rs 1,032.84 crore for the quarter ended March (Q4 FY22). The automaker has posted a net loss of Rs 1,516.14 crore in Q3 FY22 and a loss of Rs 7,605.4 crore in Q4 FY21. Its revenue from operations fell 11.5% YoY to Rs 78,439 crore in Q4 FY22. Jaguar Land Rover (JLR) posted revenue of £4.8 billion in the March quarter, up 1% QoQ.

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IndiGo, Air France-KLM implement codeshare agreement

Air France-KLM and IndiGo have implemented a codeshare agreement, allowing each airline to sell seats on other’s flights. Under this pact, Air France and KLM will offer their passengers access to 30 new Indian cities. IndiGo will be able to sell seats on the European airline group’s flights on more than 300 routes. From their hubs in Paris and Amsterdam, Air France-KLM will operate flights to Delhi, Mumbai, Chennai, and Bengaluru.

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L&T Q4 Results: Net profit rises 10% YoY to Rs 3,620 crore

Larsen & Toubro Ltd reported a 10% YoY increase in net profit to Rs 3,621 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 10% YoY to Rs 52,851 crore during the same period. The company bagged orders worth Rs 73,941 crore in Q4, registering a growth of 46% YoY. L&T’s board has declared a final dividend of Rs 1.75 per share.

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BIAL partners with Kotak Mahindra Bank, Phi Commerce to facilitate one-stop payment solution

Bangalore International Airport Ltd (BIAL) has partnered with Kotak Mahindra Bank and Phi Commerce to facilitate a one-stop omnichannel payment solution at Kempegowda International Airport. The solution will enable a secure, scalable, and unified payment experience. It will power business-to-business (B2B) and business-to-consumer (B2C) payments across online and offline channels.

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RBL Q4 Results: Net profit jumps 162% YoY to Rs 197 crore

RBL Bank Ltd reported a 162.7% YoY jump in net profit to Rs 197.83 crore for the quarter ended March (Q4 FY22). Net interest income (NII) rose 24.9% YoY to Rs 1,131.4 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 4.4% in Q4 FY22, compared to 4.84% in Q3 FY22. Provisions fell 36% YoY to Rs 400.67 crore in Q4 FY22.

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Dalmia Cement to invest Rs 2,600 crore in Tamil Nadu

Dalmia Cement (Bharat) Ltd has drawn up a Rs 2,600-crore investment plan spread over the next four years to take up expansion of its existing facilities and also set up new manufacturing units in Tamil Nadu. The company will set up two greenfield grinding units with a capacity of producing two million tonnes per annum each.

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Ujjivan SFB Q4 Results: Net profit falls 7% YoY to Rs 126.5 crore

Ujjivan Small Finance Bank reported a 7% YoY decline in net profit to Rs 126.5 crore for the quarter ended March (Q4 FY22). Its total income rose 25% YoY to Rs 920 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 7.34% in Q4 FY22, compared to 7.1% in Q4 FY21.

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Reliance Jio adds 12.6 lakh subscribers in March; Bharti Airtel adds 22.5 lakh: TRAI

Reliance Jio added 12.6 lakh subscribers in March 2022. Bharti Airtel gained 22.5 lakh subscribers in March, while Vodafone Idea (Vi) lost 28.1 lakh subscribers. Jio continued to have the largest market share at 35.37%. Bharti Airtel and Vodafone Idea’s market shares stood at 31.55% and 22.83%, respectively, in March. The data was released by the Telecom Regulatory Authority of India (TRAI).

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Apollo Tyres Q4 Results: Net profit falls 61% YoY to Rs 113 crore

Apollo Tyres Ltd reported a 61% YoY decline in consolidated net profit to Rs 113 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 11% YoY to Rs 5,578 crore during the same period. EBITDA stood at Rs 626 crore in Q4, down 23% YoY. The tyre manufacturer’s board has declared a dividend of Rs 3.25 per share.

Kalpataru Power Transmission, subsidiaries secure orders worth Rs 4,474 crore

Kalpataru Power Transmission Ltd (KPTL) and its subsidiaries have bagged new orders worth Rs 4,474 crore. KPTL received orders from India and international markets in the power transmission business of Rs 1,957 crore. The company secured oil and gas pipeline projects in India and the Middle East worth Rs 169 crore. Its subsidiary, JMC Projects (India) Ltd, bagged water supply projects of Rs 2,193 crore in India.

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

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

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

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

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

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IndiGo, Qatar Airways reactivate codeshare partnership

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

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

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

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

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

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TCS expands multi-year partnership deal with IRONMAN Group Oceania 

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

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Patel Engineering secures contract worth Rs 419 crore from MCGM

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

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

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

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

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

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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.

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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. 

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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.

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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. 

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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. 

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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.

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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. 

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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.  

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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.

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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. 

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CCI Imposes Rs 200 crore Penalty on Maruti Suzuki – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

CCI imposes Rs 200 crore penalty on Maruti Suzuki over dealer discount policy

The Competition Commission of India (CCI) has imposed a penalty of Rs 200 crore on Maruti Suzuki India Ltd for indulging in anti-competitive practices by restricting discounts offered by its dealers. It was revealed that the automaker had employed mystery shopping agencies to ensure no additional discount was offered to customers by its dealerships. 

In 2019, CCI launched an investigation into the allegations that Maruti Suzuki forced its dealers to limit their discounts. An order based on the investigation was released today (August 23), in which the CCI directed Maruti Suzuki to ‘cease and desist’ from indulging in such practices and asked the company to deposit the fine within 60 days.

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Infosys CEO meets FM Sitharaman amid persistent tech issues with IT portal 

Union Finance Minister Nirmala Sitharaman met with Infosys CEO Salil Parekh to discuss the critical issue of persistent glitches in the new Income Tax (IT) portal. Since June 8, taxpayers using the e-portal have faced technical glitches, errors, and challenges in accessing it or several functions within the website. According to reports, the FM has demanded that the issues faced by taxpayers on the current functionalities of the IT portal should be resolved by Infosys within September 15, 2021. 

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Jio adds 54 lakh subscribers in June; Vodafone Idea loses 43 lakh subscribers

Reliance Jio Infocomm and Bharti Airtel added 54.6 lakh and 38.12 lakh wireless subscribers, respectively, in June 2021. Jio’s total subscriber base rose to 43.6 crore during the same month. Bharti Airtel’s overall mobile user base stood at 35.2 crore at the end of June. Meanwhile, Vodafone Idea (Vi) lost 42.8 lakh subscribers in June, and its user base shrunk to 27.3 crore. The data was released by the Telecom Regulatory Authority of India (TRAI).

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HDFC Bank partners with Paytm to offer digital banking services

HDFC Bank has entered into a strategic partnership with Paytm to expand its suite of digital banking services offered to individuals and merchants. The companies will build payment gateway and point-of-sale (PoS) solutions for merchants. Paytm and HDFC Bank will also launch a co-branded PoS product in the retail segment, which Paytm will have the option to offer to its own customer base. They will also look to offer credit products such as Paytm’s Buy Now-Pay Later solution Paytm Postpaid, Eazy EMI, and Flexi Pay.

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HCL Tech signs contract with Munich Re for digital workplace services in 40 countries

HCL Technologies Ltd has signed a contract with Germany-based insurer Munich Re to create a next-generation digital workplace for its workforce. The IT major will modernize and standardize workplace services for more than 16,000 employees across 40 countries. HCL Tech will adopt a “glocal” strategy to support Munich Re’s global workforce in multiple languages from near-shore locations.

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SSWL signs MoU with Western Hemisphere for $105 million deal

Steel Strips Wheels Ltd (SSWL) has signed a Memorandum of Understanding (MoU) with Western Hemisphere for an order worth nearly $105 million (~Rs 778 crore). The order includes the supply of steel and aluminium wheels for a minimum period of three years. The supplies of steel wheels will begin from SSWL’s Chennai and Dappar plants by September 2021. Supplies of aluminium wheels from its Mehsana plant will commence from the end of December 2021.

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Indian Hotels to raise Rs 3,000 crore via rights issue to meet financing needs

The Board of Directors of Indian Hotels Company Ltd (IHCL) has approved a proposal to raise Rs 3,000 crore through a rights issue. The objective of the issue is to meet the company’s financing needs for capital expenditure, growth plans, and debt repayment. IHCL’s board has also approved the formation of a Committee of Directors to decide the terms and conditions of the rights issue, including details of the issue price, record date, etc. Mumbai-based IHCL is the parent company of Taj Hotels.

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Eicher Motors reappoints Siddhartha Lal as Managing Director

Amidst a tussle over remuneration, the Board of Directors of Eicher Motors Ltd has decided to re-appoint Siddhartha Lal as Managing Director (MD) with effect from May 1, 2021. As per reports, Lal’s reappointment as MD was voted down earlier by the shareholders over a 10% hike in his salary proposed amid the Covid-19 pandemic— when the revenue and profit growth of the company has been slow. Eicher Motors’ board will now go back to shareholders for approval through a postal ballot.

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RattanIndia Enterprises forms subsidiary for drone business in India

RattanIndia Enterprises will incorporate a wholly-owned subsidiary to kickstart its Unmanned Aerial Vehicle (UAV) drone business operations in India. The company had recently announced a strategic investment in the US-based urban drone logistics platform Matternet. Drone systems have a wide variety of commercial and industrial applications in healthcare and e-commerce logistics, infrastructure monitoring, agriculture, weather monitoring, surveying, etc.

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Centre announces Rs 6 lakh crore National Monetisation Plan

The Central government has announced a Rs 6 lakh crore National Monetisation Plan (NMP) for monetising infrastructure assets across key sectors. The plan would cover a wide range of sectors, including road and railway assets, airports, power transmission lines, and gas pipelines. FM Nirmala Sitharaman stated that the assets would not be sold to the private sector but will only be given to them for their better utilisation. 

NMP is in line with Prime Minister Narendra Modi’s strategic divestment policy, under which the state will retain its presence in only a few identified sectors and the rest will be privatized. 

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CAIT Demands Ban on Amazon’s E-commerce Operations in India – Top Indian Market News

(FILES)This file photo taken on November 28, 2019, shows the Amazon logo at one of the company's centre in Bretigny-sur-Orge. - US logistics giant Amazon announced on April 27, 2020, that it was extending until May 5, 2020, the suspension of activity at its distribution centres in France, after a court decision requiring it to assess the risks associated with the COVID-19 outbreak, caused by the novel coronavirus. (Photo by Thomas SAMSON / AFP)

CAIT demands ban on Amazon’s e-commerce operations in India

The Confederation of All India Traders (CAIT) demanded that the government should impose a ban on Amazon’s e-commerce portal and its operations in India. The traders’ body has accused the US-based company of indulging in predatory pricing, deep discounting, and inventory control. CAIT has also urged the government to probe the business practices of Amazon and Flipkart.

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Ambuja Cements Q4 Results: Net profit rises 24% YoY to Rs 732 crore

Ambuja Cements Ltd reported a 24% YoY increase in consolidated net profit to Rs 732.24 crore for the fourth quarter ended December (Q4 CY20). The company follows the January-December financial year cycle. Its revenue from operations grew 4.58% YoY to Rs 7,452.87 crore during the same period. The company witnessed significant growth in sales volumes under its Master Supply Agreement (MSA) with ACC Ltd.

The Board of Ambuja Cements has approved the renewal of the existing MSA with ACC Limited for a period of 3 years. 

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L&T Construction receives contract to build 2 units of Kudankulam plant

The construction arm of Larsen & Toubro (L&T) has secured a contract from Nuclear Power Corporation of India Ltd (NPCIL) for civil work at the main plant of Kudankulam Nuclear Power Plant’s units 5 and 6. The value of the contract is in the range of around Rs 1,000-2,500 crore. The scope of the order includes the construction of the reactor building, turbine building, and safety structures.

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India’s domestic air passenger traffic declines 40% YoY to 77.34 lakh in January

India’s domestic air passenger traffic declined 39.60% year-on-year (YoY) to 77.34 lakh in January 2021. IndiGo flew the most number of passengers at 42.03 lakh and obtained a market share of 54.30% of the total domestic traffic. This is followed by Vistara, which carried 9.92 lakh passengers, and secured a 12.8% market share. The air traffic data for January was released by the Directorate General of Civil Aviation (DGCA).

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GAIL share buyback offer to open on February 25

GAIL (India) Limited will open its share buyback offer on February 25 for 6.97 crore fully paid-up equity shares of the face value of Rs 10 each. This represents 1.55% of the total number of equity shares issued by the company. GAIL will buy back shares from all existing shareholders and beneficial owners as on the record date- January 28. The share buyback will close on March 10.

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Arvind Fashions to raise Rs 200 crore via rights issue

Arvind Fashions said its Committee of Directors has approved raising around Rs 200 crore through a rights issue. The company will issue 1.48 crore partly paid-up equity shares (of the face value of Rs 4 each) at an issue price of Rs 135 per share to all existing shareholders. The rights entitlement ratio is 3 rights equity shares for every 20 equity shares held in the company. 

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RBI approves Piramal’s resolution plan for DHFL

The Reserve Bank of India (RBI) has approved the resolution plan submitted by the Piramal Group to revive debt-ridden Dewan Housing Finance Ltd (DHFL). The Committee of Creditors (CoC) will now take the proposal to the National Company Law Tribunal (NCLT). On January 15, 2021, the creditors to DHFL gave more than 94% votes in favour of the resolution plan submitted by the Piramal Group.

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Dr Reddy’s launches Fluphenazine Hydrochloride tablets 

Dr Reddy’s Laboratories has launched Fluphenazine Hydrochloride tablets in the US market. The tablets are used for treating manifestations of psychotic disorders. The product is a therapeutic equivalent generic version of Prolixin tablets approved by the US Food and Drug Administration (USFDA). According to IQVIA Health data, the Prolixin brand had US sales of approximately $134 million (~Rs 9.72 crore) during the calendar year 2020.

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RailTel IPO subscribed 42 times on final day of bidding

The Rs 819-crore initial public offering (IPO) of RailTel Corporation of India was subscribed 42.39 times on the final day of bidding. The issue received bids for 259.4 crore equity shares against an offer size of 6.11 crore shares. The portion reserved for retail investors was subscribed 16.79 times, while that of employees was subscribed 3.36 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 73.25 times. The reserved portion for qualified institutional buyers (QIBs) was subscribed 65.14 times.

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RPP Infra Projects JV secures order worth Rs 176 crore

RPP-SMC JV (a joint venture between RPP Infra Projects and SMC Infrastructures) has received a Letter of Acceptance (LoA) for a project worth Rs 176.58 crore. The scope of the project includes the strengthening and widening of Triuneveli-Sengottai-Kollam Road of SH-39.  

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Bharti Airtel adds 40 lakh subscribers in December; Vodafone Idea loses 57 lakh: TRAI

Bharti Airtel added more subscribers than market leader Reliance Jio for the fifth straight month in December. According to data collected by telecom regulator TRAI, Airtel gained 40.5 lakh subscribers, while Jio added 4.7 lakh subscribers in December 2020. Vodafone Idea lost nearly 57 lakh subscribers during the same month.

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