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Tanla Platforms’ Board Approves ₹170 crore Buyback Plan – Top Indian Market Updates

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

Tanla Platforms’ board approves ₹170 crore share buyback proposal

The Board of Directors of Tanla Platforms Ltd has approved a share buyback proposal aggregating ₹170 crore. The equity shares offered under the buyback have a face value of ₹1 each. The company has fixed ₹1,200 per share as the floor price for the buyback. The offer price represents a premium of 66.39% over the closing price of Tanla’s shares on NSE on Sept 1, 2022.

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Adani Group-led consortium gets extension to complete Haifa Port purchase

A consortium led by Adani Group has requested and received an extension from the Israeli Government to complete its purchase of Haifa Port. The extension of a month and a half comes at the consortium’s request and takes into account Jewish holidays, said Israel’s Finance Ministry. It set a new final date of Nov. 27.

In July 2022, Israel announced it would sell Haifa Port (a major trade hub on its Mediterranean coast) to winning bidders Adani Ports and local chemicals & logistics group Gadot for $1.2 billion.

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Tata Power RE to set up 100 MW solar project in Maharashtra

Tata Power Renewable Energy Ltd, a subsidiary of Tata Power, will set up a 100 MW solar power plant for Viraj Profile Pvt. Ltd (VPPL) in Maharashtra. The plant is expected to generate about 200 million units (MUs) of energy and offset approx. 170.43 million kg of carbon dioxide annually. VPPL is a stainless steel manufacturer, which owns and operates a plant located at Tarapur at Nandgaon.

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Dr. Reddy’s Labs launches generic Revlimid in US market

Dr. Reddy’s Laboratories Ltd has announced the launch of Lenalidomide Capsules in the US market. The drug is used to treat various types of cancers. It is a therapeutic equivalent generic version of Revlimid Capsules approved by the US Food & Drug Administration (USFDA). With this volume-limited launch, Dr. Reddy’s Labs is eligible for first-to-market, 180 days of generic drug exclusivity for Lenalidomide Capsules.

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USFDA asks Panacea Biotec to take corrective measures at Himachal unit

The US Food & Drug Administration (USFDA) has asked Panacea Biotech Ltd for further corrective actions at the manufacturing unit of its wholly-owned arm at Baddi, Himachal Pradesh. Otherwise, the health regulator may withhold approval of any pending product applications from the facility. After inspection of the unit in May-June, USFDA issued Form 483 with eight observations related to improvements in existing procedures.

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TVS Motor unveils updated Apache range

TVS Motor Company Ltd has unveiled the 2022 models of its flagship Apache range. The new models are upgraded versions with a host of new features and would strengthen the company’s product portfolio. The motorcycles of the new range are priced at ₹1.17 lakh for the 160cc (base variant) and ₹1.30 lakh (ex-showroom New Delhi) for the 180cc base variant.

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Hindustan Zinc incorporates fertilisers subsidiary

Hindustan Zinc Ltd (HZL) has formed fertiliser subsidiary called Hindustan Zinc Fertilisers. The newly formed entity will manufacture, sell, and deal with multiple grades of nitrogenous, phosphatic, and potassic fertilisers. Last week, HZL announced an investment of ₹350 crore for a 26% stake in a special purpose vehicle (SPV) that was created on February 18 to implement renewable energy power projects.

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Govt to acquire stake in Vodafone Idea after shares stabilise at ₹10 or above

According to reports, the government will acquire a stake in debt-ridden Vodafone Idea (Vi) after its stock price stabilises at ₹10 or above. Vi’s board has offered a stake to the government at a par value of ₹10 per share. The Finance Ministry had cleared the proposal to acquire a stake in VIL in July.

The Ministry of Finance cleared a proposal to convert the accrued interest on dues related to deferred adjusted gross revenue (AGR) worth Rs 16,130 crore of Vi into equity, reported Economic Times today.

Read more here.

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Future Enterprises Faces 2nd Plea to Initiate Insolvency – Top Indian Market Updates

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

Future Enterprises faces second plea to initiate insolvency

Debt-ridden Future Enterprises is facing a second insolvency plea filed by an operational creditor before National Company Law Tribunal (NCLT). The latest petition was filed by Retail Detailz India, claiming a default of ₹4.02 crore before the Mumbai bench of the NCLT. Last week, Foresight Innovations (another operational creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016 for an alleged default amount of ₹1.58 crore.

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Maruti Suzuki recalls 166 Dzire Tour S due to defective airbag unit

Maruti Suzuki India Ltd (MSIL) will issue a recall of its Dzire Tour S due to faulty airbag control unit. This recall will affect 166 units of the Maruti Suzuki Dzire Tour S manufactured between August 6th, 2022 – August 16th, 2022. The Dzire Tour S is the commercial version of the Dzire from MSIL and is retailed through its commercial division.

Read more here.

Omaxe to invest ₹2,100 crore to build sports facility at Dwarka

Real estate developer Omaxe Ltd has acquired 50.40 acres of land from Delhi Development Authority (DDA) at Dwarka to develop an indoor and outdoor sports facility with a total investment of ₹2,100 crore. A cricket-cum-football stadium and a commercial centre are also being planned in this area. The retail portion would offer spaces for shopping, dining, and sports-related activities. 

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Lupin gets USFDA approval for Formoterol Fumarate Inhalation Solution

Lupin Ltd has received approval from the U.S. Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA)— Formoterol Fumarate Inhalation Solution. The drug is used to control the symptoms of chronic obstructive pulmonary disease (COPD) in adults. As per IQVIA MAT June 2022 data, the solution had annual sales of $282 million in the US.

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Adani Green’s 2,021% debt-equity ratio is second-worst in Asia: Bloomberg

Adani Green Energy Ltd (AGEL) has seen its debt-to-equity ratio surge to the second-highest in Asia. As per data compiled by Bloomberg, AGEL’s debt-to-equity ratio of 2,021% is only behind 2,452% of China’s Datang Huayin Electric Power Co. among 892 listed companies in Asia. AGEL is the most leveraged of the companies in the Adani Group by this metric as it takes on debt to fund a $70 billion pivot toward renewable energy.

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Info Edge to invest ₹7.5 crore in Happily Unmarried Marketing

Info Edge (India) Ltd has announced plans to invest ₹7.5 crore in Happily Unmarried Marketing through its wholly-owned subsidiary. Happily Unmarried is engaged in the business of personal care under the brands ‘Ustraa’ and ‘HU Girls.’ Post this investment, Info Edge’s aggregate shareholding in Happily Married would be 30.57% on a fully converted and diluted basis.

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TVS Motor to acquire 48% stake in two-wheeler startup DriveX

TVS Motor Company Ltd will acquire a 48% stake in racing driver Narain Karthikeyan’s pre-owned two-wheeler startup ‘DriveX’ for ₹85 crore. The company will acquire a 48.27% stake in NKars Mobility Millennial Solutions Pvt. Ltd (NMMSPL), which operates under the brand ‘DriveX’, through primary and secondary investments. DriveX sells, trades, and distributes pre-owned two-wheeler motorcycles and scooters.

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Parag Milk Foods raises ₹131 crore via preferential allotment

Parag Milk Foods Ltd has raised a total of ₹131 crore through preferential allotment from marquee investors and promoters. The current proceeds of preferential shares and warrants would be utilised to fund the company’s long-term capital requirements and to enhance the working capital needs. Parag Milk Foods sells milk and milk products under the brand name “Pride of Cows.”

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Tata Power to raise $320M in sustainability-linked loans

As per an Economic Times report, Tata Power will raise $320 million via sustainability-linked loans from foreign lenders led by Bank of America. A borrower of sustainability-linked loans can generally avail money up to 25 basis points (or 0.25 percentage points) cheaper than normal loans. The company plans to use the proceeds to refinance and expand in power generation plants.

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ONGC rebids KG gas, seeks $15 price

Oil & Natural Gas Corporation (ONGC) has relaunched a tender to sell gas from its KG fields at a higher price of $15 per metric million British thermal units (mmBtu) as it looks to capitalise on a global surge in energy prices. The company sought bids for the sale of 0.75 million standard cubic meters per day of gas for one year from the KG-D5 fields in the Bay of Bengal.

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Bajaj Finserv Posts 57% YoY to Rs 1,309 crore in Q1 – Top Indian Market Updates

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

Bajaj Finserv Q1 Results: Net profit rises 57% YoY to Rs 1,309 crore

Bajaj Finserv Ltd reported a 57% YoY increase in consolidated net profit to Rs 1,309 crore for the quarter ended June (Q1 FY23). Its total income grew 14% YoY to Rs 15,888 crore during the same period. The company’s board has approved the sub-division of shares in the ratio of 1:5 (each share having a face value of Rs 5 will be split into five shares of Re 1 each). It has also announced the issuance of bonus shares with a face value of Re 1 each for every fully paid-up share of Re 1.

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Vodafone Idea conducts 5G trial at MG Road Namma Metro Station in Bengaluru

Vodafone Idea (Vi) demonstrated 5G download speed of 1.2 gigabits per second (Gbps) during a trial at MG Road Metro Station in Bengaluru. The trial involved checking 5G coverage at road level, platforms, and tracks on both sides. The learnings from this project will be used for 5G deployment in other metro rail networks across India.

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Dr. Reddy’s Labs Q1 Results: Net profit jumps 108% YoY to Rs 1,187 crore

Dr. Reddy’s Laboratories reported a 108% YoY jump in consolidated net profit to Rs 1,187.6 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 6% YoY to Rs 5,215.4 crore during the same period. EBITDA stood at Rs 1,778 crore in Q1, up 74.5% YoY. The Pharmaceutical Services and Active Ingredient (PSAI) segment posted a 6% YoY decline in revenue to Rs 710 crore.

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Tata Motors partners with Axis Bank for EV financing

Tata Motors has partnered with Axis Bank to offer an exclusive electric vehicle (EV) dealer financing solution to its authorised passenger EV dealers. Dealers can obtain inventory financing over and above their Internal Combustion Engines (ICE) finance limit with pricing linked to Repo Linked Lending Rate (RLLR). The repayment tenure for this program will range from 60 to 75 days.

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Jubilant FoodWorks Q1 Results: Net profit rises 63% YoY to Rs 113 crore

Jubilant FoodWorks reported a 63% YoY increase in consolidated net profit to Rs 112.58 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 40.5% YoY to Rs 1,255.09 crore during the same period. Total expenses stood at Rs 1,104.94 crore in Q1, up 35.65% YoY. The company opened 58 new restaurants for Domino’s Pizza, adding 12 cities to its network.

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Exide Industries’ arm to set up Li-ion battery cell manufacturing facility in Bengaluru

Exide Energy Solutions Ltd (a subsidiary of Exide Industries) has announced plans to set up a lithium-ion battery cell manufacturing facility in Bengaluru. The company has executed the lease-cum-sale agreement with Karnataka Industrial Areas Development Board (KIADB) for procuring land parcels in Bengaluru. The area will be used to set up a Li-ion battery cell manufacturing facility for the electric mobility and stationary application businesses in India.

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Nestle India Q2 Results: Net profit falls 4% YoY to Rs 515 crore 

Nestle India reported a 4.31% YoY increase in net profit to Rs 515.34 crore for the quarter ended June (Q2 CY22). The FMCG company follows the January-December financial year cycle. Its revenue from operations grew 15.68% YoY to Rs 4,055.94 crore during the same period. Its board has approved the acquisition of the pet food business from Purina Petcare India Private Limited for Rs 123.5 crore.

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Adani Capital planning IPO in 2024 at $2-bn valuation

Adani Capital, a non-bank lender backed by Gautam Adani, is planning to raise at least Rs 1,500 crore ($188 million) in an initial public offering that could take place as early as 2024. The IPO will offer about a 10% stake in the company and target a valuation of around $2 billion. Adani Capital aims to capture more of the market for loans from Rs 30,000 to Rs 3 lakh using technology.

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TVS Motors Q1 Results: Net profit at Rs 305.37 crore

TVS Motor Company Ltd reported a consolidated net profit of Rs 305.37 crore for the quarter ended March (Q1 FY23). It had posted a net loss of Rs 10.55 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 56% YoY to Rs 7,315.7 crore in Q1 FY23. The company’s total sales rose 37.8% YoY to 9.07 lakh units during the same period. 

Read more here.

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Tata Motors Secures Biggest Ever EV Fleet Order – Top Indian Market Updates

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

Tata Motors bags biggest ever EV fleet order in India

Tata Motors Ltd has secured an order for the supply of 10,000 XPRES-T EV units from BluSmart Electric Mobility. The deployment of 10,000 units makes this the biggest ever EV fleet order in India. The vehicles will be used across India for commuters, helping minimise the carbon footprint.

In other news, Tata Motors has partnered with Kolte-Patil Developers Ltd to set up EV charging infra across Pune, Mumbai, and Bengaluru.

Read more here.

Adani Enterprises to set up hyper-scale data centre at Bengal Silicon Valley

The West Bengal government has given approval to Adani Enterprises to set up a hyper-scale data centre at Bengal Silicon Valley. The project will come up on 51.75 acres of land. Bengal Silicon Valley is an innovative information technology hub. It is envisioned to attract investment in IT and telecom projects with employment potential.

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Zydus Lifesciences gets USFDA approval for Famotidine tablets

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Famotidine tablets. The drug is a histamine H2 receptor blocker, which works by reducing the amount of acid in the stomach. The pharma company will manufacture the product at its drug formulation facility at SEZ, Ahmedabad.

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TVS looks to raise up to Rs 5,000 cr in EV push: Report

TVS Motor Co. Ltd is reportedly in advanced talks to raise Rs 4,000-5,000 crore from private equity firms to fund the expansion plan of the group’s newly formed electric mobility arm. The company aims to consolidate its position as a leader in the EV segment through relevant product offerings and increase its network presence across India.  TVS has achieved a 19% market share in the highspeed electric scooter segment in FY 2021-22.

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Cyient to acquire Portugal-based Celfinet for €41 million

Cyient Ltd has signed a definitive agreement to acquire Celfinet, a Portugal-based wireless engineering services firm, for €41 million (~Rs 341 crore). Celfinet offers end-to-end network planning and performance optimization services. This acquisition will help Cyient strengthen its wireless engineering practice to support Communication Service Providers (CSPs) and enterprises to deploy their connectivity networks at scale.

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Automobile retail sales remained low in May compared to pre-Covid period: FADA

As per data from the Federation of Automobile Dealers Association (FADA), total retail vehicle sales stood at 16,46,773 in May 2022, compared to 5,36,795 units in the same period last year. Sales were lower by ~10% compared with the pre-covid month of May 2019. FADA said the government’s reduction in fuel prices will tame inflation and boost vehicle sales.

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L&T Construction to construct Bandra wastewater treatment facility

The Water & Effluent Treatment business of L&T Construction has secured a large order (in the range of Rs 2,500-5,000 crore) from the Brihanmumbai Municipal Corporation (BMC). The project involves the construction of a state-of-the-art wastewater treatment facility with best-in-class treatment standards.

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Power Mech Projects secured orders worth Rs 522 crore

Power Mech Projects Ltd (PMPL) has received a Letter of Award (LoA) for five separate work orders worth Rs 521.95 crore. The company bagged an order worth Rs 119 crore from BHEL for civil structural works for the flue gas desulphurization (FGD) system in the existing 1×800 megawatt (MW) North Chennai Thermal Power Plant. PMPL has secured an order worth Rs 126.91 crore from Thyssenkrupp Industries India for supplying structural steel fabricated items.

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IRB Infra Developers offers Vadodara Kim Expressway to IRB InvIT Fund

IRB Infrastructure Developers Ltd has offered Vadodara Kim Expressway to IRB InvIT Fund. The Vadodara Kim stretch, part of the Delhi-Mumbai Expressway (DME), is 23.740 km long and has a project cost outlay of Rs 2,094 crore. IRB InvIT Fund is a publicly offered and listed infrastructure investment trust (InvIT).

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Jio-BP, TVS Motor to Collaborate on EV Charging Solutions – Top Indian Market News

Jio-BP, TVS Motor to collaborate on EV charging solutions

Jio-BP has partnered with TVS Motor Company to establish public electric vehicle (EV) charging infrastructure for electric two-wheelers and three-wheelers across India. The customers of TVS electric vehicles will get access to the widespread charging network of Jio-BP. Both companies will bring the best of their global learnings in electrification and apply them to the Indian market to create a differentiated customer experience.

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Tata Power commissions 160 MW solar project in Rajasthan

Tata Power Solar Systems (TPSS) has commissioned a 160 megawatts (MW) AC solar project at Jetstar, Rajasthan. Around 6.75 lakh monocrystalline photovoltaic (PV) modules were used in this installation. The project will produce 387 million units (Ms) of energy per year. The Jetstar project was completed within 15 months. TPSS is a wholly-owned subsidiary of Tata Power.

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L&T secures orders under its transportation infra biz

The construction arm of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) for its transportation infrastructure business. The business has secured an order from the Tamil Nadu Road Infrastructure Development Corp. to construct the Chennai Peripheral Ring Road EPC-02 Package of Section-II. It has also received an order from the Uttar Pradesh Metro Rail Corporation (UPMRCL) Ltd.

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Dr. Reddy’s launches generic Methylprednisolone Sodium Succinate for injection in US

Dr. Reddy’s Laboratories Ltd has launched its generic Methylprednisolone Sodium Succinate for injection in the US market. The drug is indicated for various conditions, including arthritis, blood disorders, and severe allergic reactions. As per IQVIA data, the generic version of the drug had sales of $144 million (~Rs 1,083 crore) in the US during the twelve months ended Feb 2022.

Read more here.

Adani Power receives Rs 3,000 crore dues from Rajasthan discoms

Adani Power Ltd has received Rs 3,000 crore dues with interest from state-owned power distribution companies (discoms) of Rajasthan as compensation for higher fuel costs. On February 25, the Supreme Court ordered the Rajasthan discoms to pay Rs 3,048.63 crore along with interest within four weeks. It also ruled that the discoms would otherwise be liable for contempt of court.

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Nazara Tech to invest Rs 19 crore in US-based Bitkraft Ventures

Nazara Technologies Ltd plans to invest $2.5 million (~Rs 18.81 crore) in a US-based game fund, Bitkraft Ventures. The investment was made by Nazara Tech’s Singapore arm. Two-thirds of the amount will be deployed over a period of three years. Bitkraft Ventures is an early-stage investment firm that backs startups in gaming, Web3, and immersive technology.

Read more here.

Tata Steel uses inland waterways to ship heavy machinery for Kalinganar project

Tata Steel Ltd has used inland waterways in Odisha to bring in heavy machinery for its ongoing Kalinganagar plant expansion project. Development of inland waterways for the steel industry is a focus area of the government as transporting goods through this route is cheaper compared to rail and road. The move will pave the way for a sustainable logistics model with a potential cost advantage.

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Ramkrishna Forgings secures export order worth Rs 135 crore 

Ramkrishna Forgings Ltd has received an export order worth Rs 135 crore from a Euroasian original equipment manufacturer (OEM). The order is for the supply of heavy-duty commercial vehicle crankshafts to be executed over the next five years. The company’s management is confident of rapid growth on the back of higher capacity and improving utilization.

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Karur Vysya Bank’s business turnover crosses Rs 1.25 lakh crore in FY21

Karur Vysya Bank’s total business crossed Rs 1.25 lakh crore by the end of the previous financial year (FY22). Total business constitutes the total deposits and advances of the bank. Total deposits of the lender stood at Rs 68,676 crore as of March 31, 2022, while the total advances stood at Rs 58,086 crore.

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TCS signs multi-year contract with US company

Tata Consultancy Services (TCS) has signed a material multi-year contract with a large US company, expanding its long-standing partnership to accelerate its cloud transformation journey. The transformation will serve as a platform for the company’s future growth to enable business expansion, incubate new business models, improve customer experience, and other strategic benefits. The cloud-enabled operating model will be powered by advanced cognitive automation capabilities.

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Suven Pharma to acquire Casper Pharma for $20.5 million

The Board of Directors of Suven Pharmaceuticals Ltd has approved the acquisition of Hyderabad-based Casper Pharma for $20.5 million (~Rs 155 crore). Casper has an installed manufacturing capacity of 120 crore for solid oral dosage forms such as tablets or capsules. The acquisition is expected to be completed within 30 days.

Read more here.

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TVS Motor Exports Over 10 lakh Units in FY22 – Top Indian Market News

tvs

TVS Motor exports over 10 lakh two-wheelers for the first time in a year in FY22

TVS Motor Company Ltd has sold over 10 lakh two-wheelers in overseas markets this year. This is the first time ever that the company crossed the 7-figure sales mark in a financial year. It has a presence across 80 countries in Africa, Southeast Asia, the Indian sub-continent, and Central and Latin America. The company is also looking to enter more markets in Europe and North America. The key exports include the TVS Apache, HLX, Raider, and Neo two-wheelers.

Read more here. 

Dabur India partners with IndianOil for direct-to-home sales

Dabur India Ltd has announced an exclusive partnership with IndianOil to offer its range of products to nearly 14 crore Indane LPG consumers across India. Indane LPG distributors will become retail business partners for the FMCG company. They will help sell Dabur products directly to LPG consumer households through their network of delivery personnel. Both companies are working on technological system integration for seamless supplies across the value chain.

Read more here.

Adani Enterprises divests stake in DC Development Hyderabad, NDCL

Adani Enterprises Ltd (AEL) has divested its entire stake in DC Development Hyderabad Pvt Ltd and Naida Data Center Ltd (NDCL) to AdaniConnex Pvt Ltd. The two firms have ceased to be wholly-owned subsidiaries of AEL. AdaniConnex is a 50:50 joint venture company of AEL with EdgeConneX Europe B.V.

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Spandana Sphoorty expects to disburse Rs 1,000 cr in Q4 of FY22

Spandana Sphoorty Ltd has resumed disbursements and expects to lend Rs 1,000 crore in the fourth quarter (Q4FY22). The microfinance institution had put disbursements on hold in the previous quarter (Q3) after its managing director Padmaja Reddy resigned abruptly in November 2021. The company has disbursed new loans worth Rs 30 crore so far in February.

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Cadila Healthcare gets USFDA approval for type-2 diabetes drug

Cadila Healthcare Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Dapagliflozin Tablets. The drug is used with a proper diet and exercise program to control high blood sugar in people with type-2 diabetes. It will be manufactured at the Cadila’s formulation manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.

Read more here.

M&M Finance launches special deposit schemes

Mahindra & Mahindra Financial Services Ltd announced the launch of a special deposit scheme for digitally affluent customers. Depositors will have the opportunity to interact directly with the deposit-taking companies for the placement of deposits. To leverage the opportunity, Mahindra Finance will launch an innovative scheme that will offer 20 basis points (bps) higher interest rates per annum on direct deposits. 

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Vodafone Group looks to sell 5% stake in Indus Towers to Bharti Airtel: Report

According to a PTI report, Vodafone Group is in talks to sell its ~5% stake in Indus Towers (valued at over Rs 3,300 crore) to Bharti Airtel. The proceeds from the sale will be pumped into the loss-making Vodafone Idea Ltd (VIL). During an analyst call earlier this year, VIL’s management had reiterated March 2022 as the deadline for raising capital to finance its operations. This move comes after the telco opted to convert its AGR and spectrum dues into equity, making the Indian government the largest shareholder of the company.

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D-Mart all set to enter GIFT City

Avenue Supermarts Ltd (ASL), which owns and operates D-Mart stores, is all set to open a store in GIFT City, Gujarat. GIFT City is India’s first operational smart city and International Financial Services Centre (IFSC). ASL was recently allotted 70,000 sq. ft. development rights in the smart city. The new store seeks to provide customers with a distinctive shopping experience, comprising a wide range of everyday consumer products.

Read more here.

India could export $500 billion in green energy over 20 years: Mukesh Ambani

India could become a global green energy superpower with exports of clean energy rising to $500 billion over the next 20 years, said RIL chairman Mukesh Ambani. He added that India should have a strategy to end dependence on fossil fuels in the next 2-3 decades. India would have to follow “low-carbon and no-carbon strategies” in the near and medium-term.

Companies such as Reliance Industries and the Adani Group have announced plans worth billions of dollars to boost India’s renewable energy capacity. You can read all about it here. 

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ZEEL asks NCLT to dismiss IndusInd Bank’s insolvency plea

Zee Entertainment Enterprises Ltd (ZEEL) has filed an application in the Mumbai bench of the National Company Law Tribunal (NCLT), seeking dismissal of IndusInd Bank’s insolvency petition against the company. Earlier this month, IndusInd Bank had moved NCLT against ZEEL under the Corporate Insolvency Resolution Process, claiming a default of over Rs 83.08 crore.

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RIL to Invest $80 billion in Green Energy Projects in Gujarat – Top Indian Market News

RIL to invest $80 billion in green energy projects in Gujarat

Reliance Industries Ltd (RIL) will invest $80.49 billion (~Rs 5.95 lakh crore) in green energy and other projects in Gujarat. The company will invest Rs 5 lakh crore over 10-15 years to set up a 100 gigawatts renewable energy power plant. RIL will invest Rs 60,000 crore for setting up solar modules and fuel cells. It will further spend Rs 7,500 crore to upgrade its Jio telecom network and invest Rs 3,000 crore in its retail business.

Read more here.

Mindtree Q3 Results: Net profit rises 34% YoY to Rs 437 crore

Mindtree Ltd reported a 34% YoY increase in consolidated net profit to Rs 437.5 crore for the quarter ended December (Q3 FY22). Net profit increased 9.7% when compared to the previous quarter. Its revenue from operations rose 36% YoY (or 6% QoQ) to Rs 2,750 crore during the same period. The IT major’s order book stood at $358 million (~Rs 2,645 crore) in Q3, up 14.6% YoY. 

Read more here.

TVS Motor partners with Swiggy to strengthen electric commercial mobility segment

TVS Motor Company Ltd has signed a pact with delivery platform Swiggy to strengthen the electric commercial mobility segment. The partnership highlights the two-wheeler maker’s commitment to strengthen electrification across diverse mobility segments and align with Swiggy’s efforts to enable the adoption of EVs in its delivery fleet. The entities will test the implementation of TVS Motor’s EV for food delivery and other on-demand services of Swiggy.

Read more here.

NCLAT admits Amazon’s plea against CCI order on Future Coupons

The National Company Law Appellate Tribunal (NCLAT) has admitted Amazon’s plea challenging the Competition Commission of India’s (CCI) order, which had suspended its earlier approval of the e-commerce giant’s investment in Future Coupons. NCLAT also issued notices to CCI and Future Group and refused to give any interim relief. The next hearing will be on February 2.

Read more here.

Adani Group signs MoU with POSCO to set up integrated steel mill in Gujarat

The Adani Group has signed a non-binding Memorandum of Understanding (MoU) with South Korea-based steel company POSCO to develop and establish an integrated steel mill in Mundra, Gujarat. Around $5 billion (~Rs 37,000 crore) will be earmarked for the project. POSCO and Adani intends to further collaborate at the group business level in various industries such as renewable energy, hydrogen, and logistics in response to carbon reduction requirements 

Read more here.

Equitas Small Finance Bank’s gross advances rise 13% YoY in Q3

Equitas Small Finance Bank’s (SFB) gross advances increased 13% year-on-year (YoY) to Rs 19,642 crore for the quarter ended December (Q3 FY22). Gross advances rose 3% compared to the previous quarter. Total deposits grew 13% YoY to Rs 17,884 crore during the same period. The current account savings account (CASA) stood at Rs 9,085 crore in Q3, up 129% YoY or 11% QoQ.

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Aditya Birla Money Q3 Results: Net profit rises 52% YoY to Rs 6.4 crore

Aditya Birla Money Ltd reported a 53.8% YoY increase in net profit to Rs 6.46 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 23.53% YoY (or 4% QoQ) to Rs 60.27 crore during the same period. EBITDA stood at Rs 16.9 crore in Q3, up 32% YoY and 5% QoQ.

Vodafone Idea partners with Ciena to upgrade its national backbone network

Vodafone Idea (Vi) has revamped its national backbone network in partnership with US-based telecom equipment manufacturer Ciena to prepare for its 5G network rollout. Vi has deployed Ciena’s 6500 packet-optical platform for high-speed network services. With this deployment, the telecom operator will maximise fiber capacity and network efficiencies to prepare for 5G. Vi has also partnered with technology and ecosystem players to develop various 5G use cases relevant for Indian enterprises and consumers. 

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GTPL Hathway Q3 Results: Net profit rises 21% YoY to Rs 54.6 crore

GTPL Hathway Ltd reported a 20.83% YoY increase in consolidated net profit to Rs 54.6 crore for the quarter ended December (Q3 FY22). Net profit increased 27% when compared to the previous quarter. Its revenue from operations declined by 7.42% YoY to Rs 599.13 crore during the same period. EBITDA stood at Rs 133 crore in Q3, down 5% YoY and 1% QoQ. GTPL Hathway provides digital television cable, satellite, wired Internet, movies on demand, and broadband services across India.

Tata Motors global wholesales rise 2% YoY to 2.85 lakh units in Q3

Tata Motors Ltd reported a 2% YoY increase in group global wholesales (including Jaguar Land Rover) to 2,85,445 units for the quarter ended December (Q3 FY22). Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q3 stood at 1,02,772 units, a growth of 14%. The global wholesales of passenger vehicles fell 3% YoY to 1,82,763 units during the same period. Jaguar Land Rover sold 83,110 vehicles globally in Q3.

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Passenger Vehicle Sales Fall 19% in November – Top Indian Market News

Passenger vehicle sales fall 19% in November: SIAM

Passenger vehicle wholesales in India fell 19% in November as the semiconductor shortage continued to impact vehicle production. Total passenger vehicle (PV) dispatches last month stood at 2,15,626 units, a decline of 19% from 2,64,898 units in November 2020. Two-wheeler sales fell sharply by 34% YoY to 10,50,616 units. Three-wheeler dispatches stood at 22,471 units, down 7% YoY. The data was released by the Society of Indian Automobile Manufacturers.

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Factory output grows 3.2% in October

India’s factory output, as measured by the Index of Industrial Production (IIP), grew 3.2% in October 2021, led by growth in primary goods. The growth comes on the back of a 4.5% rise witnessed in the same period last year as the economy was recovering from the first round of lockdown-induced contraction. The manufacturing sector’s output grew 2% in October, while mining output surged by 11.4%. Power generation went up by 3.1%.

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LIC gets RBI approval to increase stake in IndusInd Bank to 9.99%

The Reserve Bank of India (RBI) has allowed Life Insurance Corporation of India (LIC) to raise its stake in IndusInd Bank to 9.99%. LIC currently holds 4.95% of the total issued and paid-up capital of the private sector lender. The approval is valid up to December 8, 2022. The RBI norms mandate that an entity that intends to acquire more than a 5% stake in a private bank has to take prior approval from the central bank.

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RIL raises stake in HFCL to 5% via QIP

Reliance Industries Ltd (RIL) has increased its stake in HFCL to 5% by investing in its qualified institutional placement (QIP). HFCL is India’s largest integrated telecom network provider. In an exchange filing, HFCL said its board had approved the allotment of 8.73 crore equity shares at Rs 68.75 per share to qualified institutional buyers (QIBs). The company has raised Rs 600 crore through the QIP issue.

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Cadila gets USFDA approval to start clinical trials in patients with PBC

Cadila Healthcare Ltd has received approval from the US Food & Drug Administration (USFDA) to initiate the Phase 2(b)/3 clinical trials to evaluate the efficacy and safety of Saroglitazar Magnesium in patients with Primary Biliary Cholangitis (PBC). PBC is a severe liver disease that leads to cirrhosis of the liver, liver failure, and possibly death. Nearly 50% of PBC patients are unable to benefit from the existing therapy due to lack of response or intolerable side effects.  

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Sterlite Tech unveils 5G-from-India offering at IMC 2021

Digital networks integrator Sterlite Technologies Ltd (STL) has unveiled its 5G-from-India offering at the India Mobile Congress (IMC) event. The company’s 5G portfolio includes optical, radio, and deployment solutions. STL expects that the end-to-end nature of solutions will fundamentally alter the game for super-fast and high-quality 5G deployments.

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Apollo TeleHealth secures ISO certification from BSI

Apollo TeleHealth (ATH) has become the first-ever organisation in the world to attain the ISO 13131:2021 certification presented by the British Standards Institution (BSI). ISO 13131:2021 belongs to a class of standards that provides flexible, general guidelines that support innovation in healthcare. ATH is a multi-specialty telemedicine network and part of the Apollo Hospitals Group.

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Greenlam Industries temporarily shuts plant in Rajasthan

Greenlam Industries Ltd (GIL) has temporarily closed down manufacturing activities at its plant in Behror, Rajasthan, as per the directions from Commission for Air Quality Management in National Capital Region and Adjoining Areas on December 9, 2021. The company stated that the facts and reports issued by the commission seem improper. GIL has already presented its case before the competent authority in this regard. It is taking the necessary steps to resolve the matter at the earliest.

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Lupin launches diagnostic business; to open 100 labs in India

Lupin Ltd has announced the launch of its diagnostics arm as part of its strategy to provide integrated healthcare services in India. The company commenced operations with 11 labs, including a 45,000 sq. ft. national reference lab in Navi Mumbai and 200 collection centres in West and East India.  The pharma company plans to open over 100 labs across and 1000 collection centres across India in the next three years.

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Alembic Pharma acquires stake in US biotech RIGImmune

Alembic Pharmaceuticals Ltd has made a strategic investment in RIGImmune, a US-based biopharmaceutical research company. The pharma company has acquired shares in RIGImmune that amount to a 19.97% post-money stake in the first closing of the series seed round. RIGImmune focuses on the development of novel treatments for RNA (ribonucleic acid) viruses.

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TVS Motor strengthens product portfolio in Philippines market

TVS Motor Company announced the launch of its premium Apache RR310 and 125cc scooter TVS NTORQ in the Philippines market. The company has launched TVS Apache RR310 with Race Tuned Fuel Injection and feature-rich connected scooter TVS NTORQ 125 for aspirational young customers in the Philippines.

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RBI Grants Scheduled Bank Status to Paytm Payments Bank – Top Indian Market News

RBI grants scheduled bank status to Paytm Payments Bank

Paytm Payments Bank Ltd (PPBL), a group company of Paytm, has received the Reserve Bank of India’s approval to function as a scheduled payments bank. This will help PPBL expand its business opportunities. As a scheduled payments bank, PPBL can participate in Request for Proposals (RFP) advertised by the government and large corporations, primary auctions, fixed-rate and variable rate repos, and reverse repos. It will also be eligible to be a partner in government-run financial inclusion schemes.

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Adani Ports removes export-import ban from Afghanistan, Pakistan, and Iran

Adani Ports & Special Economic Zone Ltd has withdrawn its decision to stop handling export-import (EXIM) containerised cargo originating from Iran, Afghanistan, and Pakistan at its ports. The company had imposed a ban on containerised cargo from the three countries after 3,000 kilograms of heroin were seized from two containers at the port. The ban was removed after consultations with terminal and vessel operators, customs broker associations, and importers who had agreed to adhere to security compliance.  

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Airtel, Invest India launch innovation challenge for startups to develop solutions in 5G, IoT

Bharti Airtel Ltd and Invest India has launched the ‘Airtel India Startup Innovation Challenge’ for early-stage technology companies. The startups will be required to develop differentiated solutions in 5G such as business-to-business (B2B) and business-to-consumer (B2C) use cases and applications, innovative Internet of Things (IoT) solutions for enterprises. Invest India is the National Investment Promotion and Facilitation agency of the Indian government.

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TVS Motor partners with Grupo Q for strengthening its presence in Central America

TVS Motor Company Ltd has partnered with Grupo Q for distribution in the Nicaragua and Costa Rica markets to further expand its business in Central America. Active Motors SA (a subsidiary of Grupo Q) will support TVS Motor with dedicated sales, service, spares, and customer relationship management (CRM). As a part of the partnership, Active SA Motors will facilitate the opening of three flagship outlets and about 50 dealerships for TVS Motor in a phase-wise manner across Nicaragua and Costa Rica.

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Dr. Reddy’s Labs launches drug to treat high blood pressure, heart failure in US market

Dr. Reddy’s Laboratories Ltd has launched Valsartan tablets in the US market. The drug is used for the treatment of high blood pressure and heart failure. As per IQVIA data, the generic version of Valsartan had US sales of approx. $150 million (~Rs 1,130 crore) for the 12 months ended October 2021.

In other news, Dr. Reddy’s Labs partnered with Prestige BioPharma for exclusive rights to supply and commercialise the Singapore firm’s proposed trastuzumab biosimilar in select Latin America and Southeast Asian countries. The biosimilar can be prescribed for the treatment of HER2-positive breast cancer and metastatic gastric cancer.

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Shyam Metalics to increase iron manufacturing capacity by 20%

Shyam Metalics and Energy Ltd (SMEL) has announced a capacity expansion as outlined in its capital expenditure (capex) plans for the financial year 2021-22. The total installed capacity for sponge iron products will increase by 20%, from 1.39 million tons per annum (MTPA) to 1.67 MTPA. SMEL is a leading integrated metal producing company, which focuses on long steel products and ferro alloys.

Asian Paints refutes InGovern’s claims on related-party transactions

Asian Paints Ltd has refuted all allegations made by InGovern on related-party transactions. Corporate governance advisory firm InGovern had claimed that Paladin Paints, controlled by Asian Paints’ promoter directors, formed 7% of the value of goods purchased from promoter-led entities. The paint major stated that the reports released by InGovern are based on incorrect facts and premises. 

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Bajaj Electricals board approves review of corporate structure

The Board of Directors of Bajaj Electricals has approved a review of its corporate structure, including a move to hive off its power transmission and power distribution business verticals as an independent entity. The company would explore a full range of options and alternatives, including demerger and strategic partnerships. The objective of this move is to streamline the business structure to enhance market positions and deliver long-term growth.

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UBL challenges Rs 752 crore CCI penalty before NCLAT

United Breweries Ltd (UBL) has approached the National Company Law Appellate Tribunal (NCLAT) against the Rs 751.8 crore penalty imposed on the company by the Competition Commission of India (CCI). The fair trade regulator has imposed a fine for alleged cartelization in the sale and supply of beer.

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Equity mutual funds see inflows for ninth straight month: AMFI

Inflows into equity mutual funds jumped to the highest level in four months. As per data released by the Association of Mutual Funds in India (AMFI), net inflows into equity and equity-linked schemes more than doubled month-on-month to Rs 11,614.73 crore in November. Monthly systematic investment plan (SIP) contributions hit a fresh all-time high of Rs 11,004.94 crore last month.

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TVS Motors to Invest Rs 1,200 crore in Future Tech and EV – Top Indian Market News

TVS Motors to invest Rs 1,200 crore in future technologies and EV

TVS Motor Company Ltd has signed a Memorandum of Understanding (MoU) with the Govt of Tamil Nadu to invest Rs 1,200 crore in future technologies and electric vehicles (EVs) over the next four years. The investment would be for the design, development, and manufacturing of new products and capacity expansion in the EV space. TVS Motor said the signing of the MoU was in line with its firm belief in the potential of the state in terms of human resources, infrastructure, and overall business environment. 

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NCLAT stays Rs 200 crore penalty imposed by CCI on Maruti Suzuki

The National Company Law Appellate Tribunal (NCLAT) has stayed the Rs 200 crore penalty imposed by the Competition Commission of India (CCI) on Maruti Suzuki India Ltd. However, NCLAT directed the automaker to deposit 10% of the total penalty amount with the NCLAT’s Registrar within three weeks. It will take up the appeal filed by Maruti Suzuki for admission on December 15.

On August 23, 2021, CCI had imposed a penalty of Rs 200 crore on MSIL for allegedly restraining competition with its policy of controlling the discounts that dealers could offer customers. 

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NPCI Bharat BillPay onboards Tata Power to facilitate electricity bill payments

NPCI Bharat BillPay has onboarded Tata Power on its platform ClickPay— making it the first power company to go live on the newly launched platform. Tata Power will generate the ClickPay link and share it with customers, which will redirect them to the payment page. This initiative will enable more than seven lakh customers of Tata Power to pay their electricity bills in a hassle-free and seamless manner. 

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KIOCL signs pact with Truman Engineering to set up heat recovery coke oven plant

KIOCL Ltd has entered into an agreement with Tauman Engineering Ltd for setting up a heat recovery coke oven plant at a contract price of Rs 185 crore. The plant will have a production capacity of 1,80,000 tonnes per annum (TPA). The company has signed a tripartite agreement with Tauman Engineering and CSIR-Central Institute of Mining and Fuel Research for providing the technology and know-how. 

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Alembic Pharma gets USFDA approval for formoterol fumarate inhalation solution

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic version of formoterol fumarate inhalation solution. The drug is indicated for the treatment of constriction of airways in patients with chronic obstructive pulmonary disease. According to IQVIA data, the inhalation solution had a market size of $310 million (~Rs 2,308 crore) for twelve months ended September 2021.

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TCS expands partnership with Swiss Re to build cloud-based digital workplace

Tata Consultancy Services (TCS) has expanded its strategic partnership with Swiss Re to help them build a more social and open digital workspace. As part of this initiative, TCS will support the reinsurance company to develop its future-ready, cloud-based digital workplace using Microsoft technologies. It will enable Swiss Re to accelerate the innovation pipeline within the organisation.

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Future Retail employees urge Supreme Court to clear asset sale in Amazon dispute

The Future Retail Employee Welfare Association has filed a special leave petition in the Supreme Court (SC), seeking to intervene in the current proceedings of the company’s dispute with Amazon over its 2019 deal with Reliance. The association has stated that the interests of nearly 27,000 employees of Future Retail have been affected by the orders passed in arbitral proceedings. Amazon is trying to block the sale of Future Group’s retail, wholesale, and logistics business to Reliance Industries Ltd (RIL) for Rs 24,713 crore for allegedly breaking contracts.

In other news, the SC has deferred the hearing in the legal tussle between Amazon and Future Group to December 8. This is on account of the inconvenience caused by the bulky documents placed on record by the parties.  

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Nxtra by Airtel launches new hyperscale data centre park in Chennai

Bharti Airtel Ltd’s subsidiary Nxtra launched its new 38 megawatts (MW) hyperscale data centre park in Chennai on Tuesday. The centre is fully integrated with Airtel’s global submarine cable network, providing an end-to-end secure connectivity solution to hyperscalers. Nxtra claims to operate the largest network of data centres in India. It aims to invest Rs 5,000 crore by 2025 to increase its data centre capacity three times to over 400 MW. 

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Greaves Electric Mobility inaugurates its largest EV production facility in Tamil Nadu

Greaves Cotton Ltd’s e-mobility arm, Greaves Electric Mobility, announced the opening of its largest EV production facility at Ranipet in Tamil Nadu. Spread across 35 acres, the plant is located in the industrial centre of Tamil Nadu. It will serve as an e-mobility hub for both domestic and export markets. The manufacturing facility with additional assembly lines will produce up to 10 lakh vehicles a year. 

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Equitas SFB partners with HDFC Bank to offer co-branded credit cards

Equitas Small Finance Bank (SFB) has partnered with HDFC Bank to launch its new co-branded credit cards. This strategic partnership draws on HDFC Bank’s strengths as India’s leading issuer of credit cards and superior customer engagement to extend best-in-class services to Equitas SFB’s customer base. The credit card is available in two categories— Excite Credit Card (offers a credit limit of Rs 25,000-2 lakh) and Elegance Credit Card (provides a credit of over Rs 2 lakh).

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SpiceJet brings back Boeing 737 Max; customers to enjoy free onflight WiFi

SpiceJet Ltd has brought back Boeing 737 MAX aircraft into operation after a gap of around two-and-a-half years. Earlier this month, the airline had entered into an agreement with Boeing to settle outstanding claims related to the grounding of 737 Max aircraft and its return to service. SpiceJet has started flying two Boeing 737 Max planes in India, and 11 more such aircraft will start flying in India in the next 15-20 days. The domestic carrier will also offer free onboard WiFi on the Boeing 737 Max.

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Tech Mahindra Reports 26% YoY Rise in Net Profit in Q2 – Top Indian Market News

Tech Mahindra Q2 Results: Net profit rises 26% YoY to Rs 1,339 crore

Tech Mahindra reported a 25.8% year-on-year (YoY) increase in consolidated net profit to Rs 1,338.7 crore for the quarter ended September (Q2 FY22). Net profit fell 1.07% compared to the previous quarter. Its revenue from operations rose 16.1% YoY (or 6.7% QoQ) to Rs 10,881.3 crore during the same period. EBITDA stood at Rs 1,995 crore, up 17.2% YoY and 6.3% QoQ. The IT company’s board has declared a special dividend of Rs 15 per share.

Tech Mahindra has acquired Lodestone, a digital engineering quality assurance provider for new-age digital firms, for $105 million (~Rs 789 crore). It has also acquired WMW by Born London Ltd, UK, for ~Rs 97 crore.

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Tata Power completes installation of over 1,000 EV charging stations in India

Tata Power announced that it now has a network of more than 1,000 electric vehicle (EV) charging stations across the country. The network provides innovative and seamless EV charging experiences for Tata Power’s customers across offices, malls, hotels, retail outlets, and places of public access. Tata Power EZ Chargers ecosystem covers the entire value chain of the public, captive, bus/fleet, and home chargers.

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Indus Towers Q2 Results: Net profit rises 38% YoY to Rs 1,559 crore

Indus Towers reported a 38% YoY increase in consolidated net profit to Rs 1,559 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 8% YoY to Rs 6,877 crore during the same period. EBITDA stood at Rs 3,641 crore in Q2, up 17% YoY. With a portfolio of over 1.83 lakh telecom towers, Indus Towers is one of the largest tower infrastructure providers in India, with a presence in all 22 telecom circles. 

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JSW Steel to set up colour coated steel facility in Kashmir

JSW Steel will set up a colour-coated steel facility in the Pulwama district of Kashmir with a total investment of Rs 150 crore. With a capacity of 120,000 metric tonnes per annum (MTPA), the facility will also have special lines to produce steel sandwich panels and steel doors for the local market in Jammu and Kashmir. JSW Steel is India’s leading integrated steel company with a capacity of 27 MTPA. It aims to produce 40 million tonnes of steel annually by 2025.

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SRF Q2 Results: Net profit rises 21% YoY to Rs 382 crore

SRF Limited reported a 21% YoY increase in consolidated net profit to Rs 382.45 crore for the quarter ended September (Q2 FY22). Total income rose 35% YoY to Rs 2,850.1 crore during the same period. Earnings before Interest and Tax (EBIT) increased 19% YoY to Rs 570 crore in Q2. To enhance the production capacity of a key product in the agrochemical segment, SRF’s board has approved an expansion project at Dahej at a projected cost of Rs 27.5 crore.

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TVS Motor partners with Bahwan International Group to strengthen presence in Iraq

TVS Motor Company has signed a tri-party deal arrangement with Bahwan International Group (BIG) to boost its presence in Middle East’s Iraq and other North African regions (MENA). As per the deal, ARATA International FZC (a subsidiary of BIG) will be the new distributor of TVS in Iraq. BIG and its channel partners plan to operate more than 30 dealerships for TVS Motor Company.

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CSB Bank Q2 Results: Net profit rises 72% YoY to Rs 119 crore

CSB Bank reported a 72% YoY increase in net profit to Rs 118.57 crore for the quarter ended September (Q2 FY22). Net profit rose 94.4% compared to the previous quarter. Its net interest income (NII) rose 21% YoY to Rs 278 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest paid to depositors]. The bank’s gross non-performing assets (GNPA) ratio stood at 4.11% in Q2, compared to 4.88% in the previous quarter. Deposits grew 9.09% YoY to Rs 19,055.49 crore in Q2.

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Mindtree launches industry-specific IoT solutions built on ServiceNow Connected Operations

Mindtree has announced an expanded relationship with US-based ServiceNow, a leading digital workflow company. As a partner for ServiceNow Connected Operations, Mindree will build industry solutions to help enterprises turn data from their Internet of Things (IoT) infrastructure into actionable workflows. The combined solutions of Mindtree and ServiceNow will allow customers to break down data silos and resolve issues proactively. 

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CEAT Q2 Results: Net profit falls 77% YoY to Rs 42 crore

CEAT Limited reported a 77% YoY decline in consolidated net profit to Rs 42.28 crore for the quarter ended September (Q2 FY22). Net profit increased 75% compared to the previous quarter. Its revenue from operations rose 24% YoY (or 29% QoQ) to Rs 2,451.76 crore during the same period. The tyre manufacturer’s total expenses stood at Rs 2,401.64 crore in Q2, an increase of 32.3% YoY. CEAT Ltd’s board has approved a proposal to raise up to Rs 500 crore via the issue of non-convertible debentures (NCDs).

The Ramco Cements Q2 Results: Net profit jumps two-fold YoY to Rs 515 crore

The Ramco Cements reported a 111.83% YoY jump in consolidated net profit to Rs 515.84 crore for the quarter ended September (Q2 FY22). Net profit increased 200.87% compared to the previous quarter. Its total income rose 18.6% YoY (or 21.8% QoQ) to Rs 1,510.33 crore during the same period. The cement manufacturer’s total expenses stood at Rs 1,231.6 crore in Q2, an increase of 32.3% YoY. Cement sales grew 23% YoY to Rs 2.71 million tonnes.

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Colgate-Palmolive Q2 Results: Net profit falls 2% YoY to Rs 269 crore

Colgate-Palmolive India reported a 1.83% YoY decline in consolidated net profit to Rs 269.17 crore for the quarter ended September (Q2 FY22). Net profit increased 15% compared to the previous quarter. Its revenue from operations rose 5.19% YoY to Rs 1,343.96 crore during the same period. The company’s board has declared an interim dividend of Rs 19 per share.

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IEX Reports 75% YoY Rise in Net Profit in Q2 – Top Indian Market News

IEX Q2 Results: Net profit rises 75% YoY to Rs 77 crore

Indian Energy Exchange (IEX) reported a 75% YoY increase in consolidated net profit to Rs 77 crore for the quarter ended September (Q2 FY22). Net profit increased by 25% compared to the previous quarter. Its revenue from operations rose 56% YoY (or 21% QoQ) to Rs 109 crore during the same period. IEX’s board has recommended bonus issue of equity shares in the ratio 2:1 (two additional shares for every share held in the company).

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Asian Paints Q2 Results: Net profit falls 29% YoY to Rs 605 crore

Asian Paints Ltd reported a 29% YoY decline in consolidated net profit to Rs 605.17 crore for the quarter ended September (Q2 FY22). Net profit increased by 5% compared to the previous quarter. Its revenue from operations rose 33% YoY to Rs 7,096 crore during the same period. The company saw a 72% YoY rise in the cost of raw materials to Rs 4,570 crore in the July-Sept quarter of FY22. Asian Paints’ board has approved an interim dividend of Rs 3.65 per share.

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Jio-BP to open first petrol pump near Mumbai

Global energy supermajor BP plc will open its first ‘Jio-bp’ branded petrol pump in partnership with Reliance Industries Ltd (RIL) near Mumbai. In 2019, BP had bought a 49% stake in over 1,400 petrol pumps and 31 aviation turbine fuel (ATF) stations owned by RIL for $1 billion. The existing petrol pumps of RIL have since been transferred to the joint venture, Reliance BP Mobility. 

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JSW Steel Q2 Results: Net profit jumps 350% YoY to Rs 7,170 crore 

JSW Steel Ltd reported a 350% YoY jump in consolidated net profit to Rs 7,170 crore for the quarter ended September (Q2 FY22). Net profit increased by 21.4% compared to the previous quarter. Its total revenue from operations rose 69% YoY to Rs 32,503 crore during the same period. Steel sales stood at 3.83 million tonnes (MT) in Q2, an increase of 10% QoQ. JSW Steel reported its highest ever EBITDA at Rs 10,417 crore in the July-Sept quarter of FY22.

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Vodafone Idea partners with Athonet to test, validate 5G-based solutions

Vodafone Idea has announced a partnership with private LTE and fifth-generation solutions platform provider Athonet to test 5G-based solutions for enterprise use cases. The tests will be conducted in Pune using the spectrum allocated by the government for 5G trials. The deal with Athonet comprises a demonstration of enterprise use cases on 5G in several areas such as smart construction, warehouse, agriculture, and workplace.

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IDBI Bank Q2 Results: Net profit rises 75% YoY to Rs 567 crore

IDBI Bank reported a 75% YoY increase in net profit to Rs 567 crore for the quarter ended September (Q2 FY22). Net profit declined by 6% compared to the previous quarter. Its net interest income (NII) rose 9% YoY to Rs 1,853.6 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest it pays its depositors]. The gross non-performing assets (GNPA) ratio declined to 20.92% in Q2 FY22, compared to 25.08% in Q2 FY21.

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Kotak Mahindra Bank partners with Pine Labs to expand point-of-sale services

Kotak Mahindra Bank has partnered with Pine Labs to expand its point-of-sale (PoS) services to more merchants, especially retailers. Through this tie-up, merchants in India will be able to get the advantage of Kotak Mahindra Bank’s PoS payment solutions bundled with Pine Labs’ technology stack to help grow their business. Pine Labs has a network of over 2.45 lakh merchants across Asia.

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TVS Motor Q2 Results: Net profit rises 35.1% YoY to Rs 242 crore

TVS Motor Company reported a 35.1% YoY increase in consolidated net profit to Rs 242.17 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 23.4% YoY to Rs 6,483.42 crore during the same period. The company sold 8.7 lakh two-wheelers in Q2 FY22, compared to 8.34 lakh units in Q2 FY21. Total three-wheeler sales grew 33.3% YoY to 0.47 lakh units in Q2 FY22.

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Bombay HC directs ZEEL to call for EGM as sought by Invesco 

The Bombay High Court has asked the board of Zee Entertainment Enterprises Ltd (ZEEL) to consider the requisition notice of its largest shareholder Invesco to convene an extraordinary general meeting (EGM). The court also asked the parties to propose a date and name of some neutral chairperson to conduct the EGM. While calling for the EGM, ZEEL’s right to contest the validity of the resolutions post the EGM can be reserved. You can read about the entire ZEEL-Invesco tussle here.

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Wipro signs multi-year deal with National Grid to drive digital innovation

Wipro Ltd has signed a multi-year global strategic IT and digital deal with London-based National Grid to accelerate its digital innovation journey. National Grid is a leading multinational electric and gas utility provider. The IT company will employ standardized tools and processes to provide cloud services to strengthen National Grid’s infrastructure services and support its strategic business objectives.

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CONCOR Q2 Results: Net profit rises 41% YoY to Rs 264 crore

Container Corporation of India reported a 41.2% YoY increase in net profit to Rs 264 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 21.4% YoY to Rs 1,823.9 crore during the same period. EBITDA stood at Rs 338.2 crore in Q2, an increase of 49.2% YoY. The company saw a 20% rise in rail freight to Rs 983.8 crore. CONCOR’s board has declared an interim dividend of Rs 4 per share.

Read more here.