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Bajaj Auto Announces Rs 2,500 crore Share Buyback Plan – Top Indian Market Updates

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

Bajaj Auto announces Rs 2,500 crore share buyback plan

Bajaj Auto Ltd’s board has approved the buyback of shares worth up to Rs 2,500 crore. The two-wheeler manufacturer intends to buy back 54.35 lakh shares (aggregating up to 1.88% of the total paid-up share capital) via the open market at Rs 4,600 per share. The buyback price is a 20.64% premium to Friday’s closing price of Rs 3,812.80.

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India’s petroleum products’ export falls 1% in May: Oil Ministry data

India’s total export of petroleum products fell 1% year-on-year (YoY) to 5.7 million metric tonnes (MMT) in May 2022. Exports had risen 22% YoY in April as demand soared in the domestic market. Imports increased 14% YoY to 3.2 MMT in May, compared to 3.8 MMT in April. Diesel and petrol make up three-fourths of India’s petroleum products exports in terms of volume, while LPG comprises 40% of imported fuels.

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TTK Prestige acquires 40% stake in Ultrafresh Modular Solutions

TTK Prestige Ltd will acquire a 51% majority stake in Ultrafresh Modular Solutions (UMS). This move mark’s the company foray into the fast-growing modular kitchen solutions segment. TTK Prestige has invested nearly Rs 20 crore to acquire a 40% stake in UMS. It will invest another Rs 10 crore to acquire a further 11% stake. The acquisition is in line with TTK Prestige’s overall goal of becoming a total kitchen solutions brand.

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Aurobindo Pharma receives SEBI’s warning letter over ongoing USFDA audit

Aurobindo Pharma Ltd has received a warning letter from the Securities & Exchange Board of India (SEBI) for non-disclosure of details related to an ongoing audit of one of its manufacturing units in Hyderabad and observations made by the US Food and Drug Administration (USFDA). The warning letter observes that the company had “disclosed very limited and restricted information”. It also did not disclose detailed reasons for the audit and did not consider the observations of USFDA as serious.

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ISRO’s optical imaging system technology transferred to Paras Defence & Space

New Space India Ltd (NSIL) has signed a letter of intent (LoI) with Paras Defence and Space Technologies Ltd for transferring the ‘Optical Imaging System’ technology developed by the Indian Space Research Organisation (ISRO). The tech will be handed over through a Technology Transfer Agreement for the development, manufacturing, and sale of Optical Imaging Systems in India and abroad.

Maruti Suzuki bets big on hybrids over EVs

Maruti Suzuki India Ltd (MSIL) stated that electric vehicles (EVs) are not the solution for decreasing carbon emissions, at least not immediately. The automaker believes that vehicles powered by hybrid technology, natural gas, and biofuels will be much better options than EVs as India generates ~75% of its electricity from coal. MSIL is planning to launch its first hybrid car under a partnership between Suzuki Motor Corp and Toyota within 12 months.

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Adani Enterprise’s arm raises Rs 6,000 crore loan to set up greenfield copper plant

Kutch Copper Ltd (KCL), a subsidiary of Adani Enterprises Ltd, has secured a debt of Rs 6,071 crore. The funds will be utilized towards setting up a copper refining capacity of 0.5 million tonnes per annum (MTPA) as part of Phase-1 of the greenfield plant. The total planned capacity is 1 MTPA in two phases. KCL aims to boost the production of refined copper, which plays a vital role in strengthening India’s shift towards renewables and EVs.

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M&M launches all-new Scorpio-N; price starts at Rs 11.99 lakh

Mahindra & Mahindra (M&M) Ltd has launched the all-new seven-seat Scorpio-N SUV in the Indian market. The prices of the manual variants of the SUV start at Rs 11.99 lakh and go up to Rs 19.49 lakh (ex-showroom). Bookings will start on July 30, 2022, at dealerships and M&M’s online website. Deliveries are set to commence during the festive season.

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Zydus Cadila’s ZyCoV-D Gets Emergency Use Approval in India – Top Indian Market News

Zydus Cadila’s ZyCoV-D gets emergency use authorisation in India

The Subject Expert Committee (SEC) of Central Drugs Standard Control Organisation (CDSCO) has recommended the Emergency Use Authorization (EUA) for Zydus Cadila’s Covid-19 vaccine, ZyCoV-D, in India. The three-dose vaccine is applied using a needle-free system known as Tropis, which can also lead to a significant reduction in any kind of side effects. ZyCoV-D has an efficacy rate of 66.6% in a late-stage trial of more than 28,000 volunteers nationwide.

In other news, Zydus Pharmaceuticals Inc. (a subsidiary of Zydus Cadila) has signed a pact with Italy-based CHEMI SpA to launch a generic drug used in the treatment of Deep Vein Thrombosis (blood clot formed in deep veins of the body). 

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Ujjivan founder flags asset quality, attrition concerns as CEO resigns

A day after Nitin Chugh resigned as CEO of Ujjivan Small Finance Bank, Samit Ghosh (the founder of Ujjivan Financial Services) highlighted two major concerns at the bank. The extent of provisions against bank loans over the last year and the high attrition rate (the rate at which people leave) at various levels were concerning. Ujjivan SFB’s board will undertake a review of the bank’s loan book to identify accounts where further provisioning is needed. The bank’s gross non-performing assets (GNPA) ratio jumped from 7.1% in Q4 FY21 to 9.8% in Q1 FY22.

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TTK Prestige to commence normal operations at Khardi unit

TTK Prestige Ltd announced that a long-term settlement has been reached with the permanent workmen at its manufacturing unit at Khardi, Maharashtra. The company’s management had declared a lock-out at the unit on November 17, 2020. Under the new settlement, the workmen have agreed not to indulge in disruptive activities henceforth and have also accepted improved productivity norms. Normalised manufacturing operations are expected to commence on August 23, 2021.

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Ashoka Buildcon secures 1,500 MW solar parks project in Madhya Pradesh

Ashoka Buildcon Ltd has secured an order for a 1,500 megawatt (MW) solar parks project in Madhya Pradesh from Rewa Ultra Mega Solar. The accepted contract price of the project is Rs 186.11 crore. Ashoka Buildcon is a leading construction engineering company based in Nashik, Maharashtra.

SpiceJet launches 14 new domestic flights

SpiceJet Ltd has launched 14 new flights, including 12 industry-first non-stop flights. It will be the first airline to connect Bhavnagar-Delhi, Bhavnagar-Surat, Gwalior-Jaipur, Kishangarh (Ajmer)-Mumbai, Pune-Tirupati, and Varanasi-Dehradun. The airline also plans to launch a non-stop flight connecting Bhavnagar (Gujarat) with Mumbai.

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Natco Pharma faces setback in US patent litigation

A US District Court has ruled against Natco Pharma and its partner Alvogen in patent litigation related to Chicago-based AbbVie’s Pharmacyclics LLC’s Imbruvica. The court upheld Pharmacyclics LLC and Johnson & Johnson’s Janssen Biotech’s four patents related to Imbruvica. AbbVie’s Pharmacyclics owns the patents and markets the drug with Janssen Biotech. Imbruvica is used to treat certain blood cancers.

In 2018, Natco Pharma and Alvogen had filed an Abbreviated New Drug Application (ANDA) for a generic version of Imbruvica.

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Facebook India launches ‘Small Business Loans Initiative’ for SMBs across 200 cities

Facebook India has launched the ‘Small Business Loans Initiative’ to help small and medium businesses (SMBs) that advertise on the social media platform to get quick access to credit through independent lending partners. India is the first Facebook country where this program is getting rolled out. The initiative is open to registered businesses across 200 towns and cities across India. The interest range for these loans is pre-defined between 17-20% per annum.

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Steel Strip Wheels secures export orders worth Rs 81 crore

Steel Strip Wheels Ltd (SSWL) has secured an export order valued at close to $11 million (~Rs 81 crore) from Western Hemisphere. SSWL will complete the execution of the orders by December 2021 from its Chennai and Dappar plants. The company said orders of similar capacity are anticipated in coming months from a similar customer base, as business continues to recover rapidly.

Adani Total Gas to acquire 50% stake in Smartmeters Technologies

Adani Total Gas has executed a Share Subscription and Shareholders’ Agreement (SSSA) with Gujarat State Export Corp Ltd (GSEC) and Smartmeters Technologies Pvt Ltd (SMTPL) to acquire a 50% stake in SMTPL. The acquisition is expected to be completed by September 2021. Gujarat-based SMTPL is a manufacturer of gas meters with end-to-end solutions and services.

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L&T Secures Massive Order from Tata Steel – Top Indian Market News

L&T secures order from Tata Steel for supply of mining equipment

Larsen & Toubro (L&T) announced that it has secured an order from Tata Steel to supply 46 units of Komatsu Mining Equipment. The agreement includes the supply of equipment and a full maintenance contract for 60,000 hours of equipment operation. The units will be deployed at Tata Steel’s iron ore mine in Odisha, and its coal mine in Jharkhand.

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Union Steel Minister calls for reducing imports of finished steel goods

Union Steel Minister Dharmendra Pradhan, on Wednesday, called for reducing imports of finished steel goods. He has urged the steel industry to leverage the technology and resources available in India. The Steel Ministry has also suggested that industry players could form joint ventures to set up special grade steel plants in the country.

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Pfizer vaccine 95% effective in final trials with no safety concerns

Pfizer Inc. announced that the final results of the clinical trials show its Covid-19 vaccine was 95% effective. The company stated that the vaccine is showing signs of being safe for people of all ages. The vaccine candidate is being developed through a partnership between Pfizer and Germany-based BioNTech. The companies are all set to seek emergency authorization for use of the vaccine from the US Food & Drug Administration (USFDA).

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India’s domestic air traffic down 57% YoY in October: DGCA

Domestic air traffic in India declined by 57% year-on-year (YoY) in October, as the number of Covid-19 cases has continued to rise. According to data released by the Directorate General of Civil Aviation (DGCA), Indian airlines carried 52 lakh passengers in October. The Civil Aviation Minister, Hardeep Singh Puri, had stated that the domestic aviation sector will reach pre-Covid levels by the beginning of January 2021.

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Vedanta submits expression of interest to buy stake in BPCL

Vedanta Ltd., on Wednesday, submitted a preliminary expression of interest (EoI) for buying the government’s stake in Bharat Petroleum Corporation Ltd (BPCL). The company’s interest in India’s second-largest fuel retailer is because of synergies with its existing oil and gas business. The government is selling its entire 52.98% stake in BPCL, and the last date to submit the EoI was November 16.

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IRB Infra InvIT completes second round of fund raising by securing Rs 510 crore

IRB Infra InvIT said that it has completed the second installment of its fund raising programme by securing Rs 510 crore. The GIC Affiliates, which hold a 49% stake in the InvIT, have contributed Rs 250 crore. IRB Infrastructure Developers Ltd, being the 51% stakeholder, contributed Rs 260 crore. IRB Infra InvIT is India’s first infrastructure investment trust.

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Cipla signs licensing deal with Belgium-based MultiG

Cipla Limited announced that it has signed a licensing agreement with a Belgian-based firm, MultiG. As per the deal, Cipla will distribute its Covid-19 rapid antibody testing (RAT) kit across most emerging markets and Europe. The Mumbai-based drug firm will be selling the RAT kits under the brand name Covi-G. The testing kit will provide results within 10 minutes.

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M&M to make new K2 series tractors in Telangana

Mahindra & Mahindra Ltd. said that it will manufacture the new K2 tractor series exclusively at its Zaheerabad plant in Telangana. The company has stated that it will increase its investments at the facility by Rs 100 crore, and double employment by 2024. Mahindra will introduce 37 models of the new K2 series for both domestic and international markets.

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Vedanta Zinc suspends operations at South Africa mine after accident

Vedanta Zinc International (VZI), a unit of Vedanta Ltd, has suspended all mining-related activities at its Gamsberg zinc mine in South Africa. The company has stated that a geotechnical failure had trapped ten employees at the mine on Tuesday night. As of 5 am IST today, VZI said that eight of the workers were rescued, and efforts to locate and rescue the remaining two were its “main priority”.

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TTK Prestige declares lockout at Khardi unit in Maharashtra

TTK Prestige Limited said that a lockout has been declared in its Khardi unit in Maharashtra. The workers had conducted an illegal sit-down strike at the company’s unit. The firm has also stated that it has adequate alternate capacities in other factories, and the lockout would not cause a major financial impact.

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Sadbhav Engineering receives Letter of Acceptance from NHAI for EPC road projects

Sadbhav Engineering Ltd. announced that it has received a Letter of Acceptance (LoA) from the National Highway Authority of India (NHAI). The LoA has been provided for two Engineering, Procurement, and Construction (EPC) road projects in Gujarat. The contract value of the project has been estimated at Rs 1,572.30 crore.

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