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Tech Mahindra Reports 39% YoY Rise in Net Profit in Q1 – Top Indian Market News

Tech Mahindra Q1 Results: Net profit rises 39% YoY to Rs 1,353 crore

Tech Mahindra Ltd reported a 39.17% YoY increase in net profit to Rs 1,353.2 crore for the quarter ended June (Q1 FY22). Net profit has increased by 25.13% when compared to the previous quarter. Its revenue from operations rose 11.98% YoY to Rs 10,197.6 crore during the same period. In dollar terms, revenue grew 14.6% YoY (or 3.9% QoQ) to $1,384 million. Tech Mahindra secured deals worth $815 million (~Rs 6050 crore) during the April-June quarter.

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PVR Q1 Results: Net loss at Rs 220 crore

PVR Limited reported a consolidated net loss of Rs 219.4 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 225.7 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 367% YoY to Rs 59.4 crore in Q1 FY22. The Covid-19 pandemic continues to adversely impact the company’s operations and financial performance. During the current financial year, PVR had availed additional borrowing of Rs 200 crore under the Emergency Credit Line Guarantee Scheme (ECLGS) 3.0 scheme of the Indian government.

JSW Energy signs agreement with Australian firm to produce green hydrogen

JSW Energy Ltd has entered into a framework agreement with Australia-based Fortescue Future Industries (FFI) for potential projects related to the production of green hydrogen. The companies will assess the potential of green hydrogen for green steel manufacturing, hydrogen mobility, green ammonia, and other industrial applications in India. FFI is the renewable energy and industry company of Fortescue Metals Group.

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Colgate-Palmolive Q1 Results: Net profit rises 18% YoY to Rs 233 crore

Colgate-Palmolive Ltd reported an 18% YoY increase in net profit to Rs 233.2 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 12% YoY to Rs 1,157.8 crore during the same period. The company’s expenses on advertising and promotional activities grew 40.6% YoY (or 7.6% QoQ) in Q1. EBITDA increased by 15% YoY to Rs 350 crore.

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IFC acquires 5% stake in Federal Bank for Rs 916 crore

IFC and two investment funds managed by IFC Asset Management Company (AMC) have acquired a 4.99% stake in Federal Bank for Rs 916 crore. The investment will support Federal Bank’s commitment to environmental, social, and governance (ESG) standards. It will also strengthen the lender’s Tier-1 capital adequacy ratio (CAR) and expand its micro, small, & medium enterprises (MSME) and climate finance portfolios. International Finance Corporation (IFC) is an arm of the World Bank Group.

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TVS Motor Q1 Results: Net loss at Rs 15 crore

TVS Motor Company Ltd reported a consolidated net loss of Rs 15 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 183 crore in the corresponding quarter last year (Q1 FY21) and a net profit of Rs 310 crore in Q4 FY21. Total income jumped 141% YoY to Rs 4,692 crore in Q1 FY22. TVS Motor Company’s total two-wheeler and three-wheeler sales (including exports) increased by ~146% YoY to 6.58 lakh units during the same period.

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Tata Teleservices partners with Zoom to offer communications solutions to enterprises

Tata Teleservices Ltd has partnered with Zoom Video Communications Inc. to offer scalable and secure video communications solutions to enterprises. The company will provide Zoom’s platform services such as Zoom Meetings and Zoom Webinars primarily to small and medium enterprises (SMEs). The partnership will benefit industry segments such as Banking, Financial Services, and Insurance (BFSI), IT-enabled businesses, and education with unified communications solutions backed by Tata Teleservices’ support.

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Jyothy Labs Q1 Results: Net profit falls 20% YoY to Rs 40 crore

Jyothy Labs Ltd reported a 20% YoY decline in consolidated net profit to Rs 40 crore for the quarter ended June (Q1 FY22). Net profit has increased by 48% when compared to the previous quarter. The FMCG company’s revenue from operations rose 21% YoY (or 6% QoQ) to Rs 525 crore during the same period. Jyothy Labs’ fabric care segment posted a sales growth of 27.5% YoY, while its dishwashing segment grew 22% YoY in Q1.

Bharti Airtel loses 46.1 lakh subscribers in May; Jio adds 35.5 lakh subscribers.

Bharti Airtel lost a staggering 46.13 lakh wireless subscribers in May 2021, while Reliance Jio added 35.54 lakh subscribers. Meanwhile, Vodafone Idea’s subscriber base declined by 42.8 lakh users during the same month. Jio, Bharti Airtel, and Vodafone Idea had a subscriber base of 43.12 crore, 34.9 crore, and 27.7 crore, respectively, at the end of May. India’s overall mobile subscriber figure fell by 62.7 lakh to 117.6 crore. The data was released by the Telecom Regulatory Authority of India (TRAI).

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Laurus Labs Q1 Results: Net profit rises 40% YoY to Rs 241 crore

Laurus Labs Limited reported a 40% YoY increase in consolidated net profit to Rs 241 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 31.3% YoY to Rs 1,279 crore during the same period. The company’s synthesis business registered a strong growth of 95% YoY, with ongoing commercial supplies for four products. Hyderabad-based Laurus Labs is a leading research and development (R&D) driven fully integrated pharmaceutical and biotech company.

Glenmark Life Sciences IPO subscribed 44 times on final day of bidding 

The Rs 1,513.6 crore IPO of Glenmark Life Sciences was subscribed 44.17 times on the final day of bidding. Retail investors have subscribed 14.63 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 122.54 times and 36.97 times, respectively, against their reserved portions. 

Meanwhile, the Rs 731 crore IPO of Rolex Rings Ltd was subscribed 9.26 times on the second day of bidding. Retail investors have subscribed 15.89 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 5.85 times and 23%, respectively, against their reserved portions. You can learn more about the IPO here. 

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India’s GDP Grows 1.6% in Q4; Contracts 7.3% in FY21 – Top Indian Market News

India’s GDP grows 1.6% in Q4; contracts 7.3% in FY21

India’s Gross Domestic Product (GDP) for the January-March quarter (Q4 FY21) grew by 1.6%, as per the provisional estimates released by the Ministry of Statistics and Programme Implementation (MoSPI). This indicates that an economic recovery was well underway before the second wave of the Covid-19 pandemic struck the country. The GDP contracted by 7.3% for the entire financial year 2020-21. The Gross Value Added (GVA), which is a more accurate way of assessing the actual economic growth, contracted by 6.2% in FY21.

The agricultural sector grew 3.1%, while the manufacturing sector grew by 6.9% in Q4 FY21. The mining sector contracted by 5.7% during the quarter, and the financial services sector grew 5.4%.

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Aurobindo Pharma Q4 Results: Net profit falls 7% YoY to Rs 801 crore

Aurobindo Pharma Ltd reported a 7.2% YoY decline in consolidated net profit to Rs 801 crore for the quarter ended March. Net profit has declined by 72.8% when compared to the previous quarter. Its revenue from operations fell 2.5% YoY to Rs 6,001.5 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 47% YoY to Rs 5,333.83 crore. 

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PNB Housing Finance to raise Rs 4,000 crore from multiple entities

The Board of Directors of PNB Housing Finance has approved fundraising of up to Rs 4,000 crore via the issue of shares and warrants to multiple investors. Pluto Investments, an affiliated entity of private equity fund Carlyle, will invest up to Rs 3,185 crore through a preferential allotment of equity shares and warrants at Rs 390 per share. Existing shareholders of the company and funds managed by Ares SSG and General Atlantic are also participating in the capital raise.

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Man Industries Q4 Results: Net profit rises 106% YoY to Rs 25.86 crore

Man Industries (India) Ltd reported a 106.88% YoY increase in consolidated net profit to Rs 25.86 crore for the quarter ended March (Q4). Net profit has declined by 15.4% when compared to the previous quarter. Its revenue from operations declined by 20.76% YoY to Rs 540.09 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 81.7% YoY to Rs 100.85 crore during the same period. The company’s board has declared a final dividend of Rs 2 per share. Man Industries is a leading manufacturer and exporter of large diameter carbon steel line pipes.

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TVS Motors expands in Iraq, launches two new products

TVS Motor Company said it will launch two new products in Iraq as part of its expansion plan in the country. It had opened a new showroom with sales, service, and spares support in Baghdad. The company will launch its commuter motorcycle TVS StaR HLX 140 5 Gear and three-wheeler TVS King Deluxe Plus in Iraq. The new retail outlet has been set up with distribution partner Ritaj International General Trade LLC, which has been distributing TVS Motors’ products since 2017.

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Magma Fincorp Q4 Results: Net loss at Rs 626 crore

Magma Fincorp Ltd reported a net loss of Rs 626 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 35 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations declined by 17% YoY to Rs 446 crore in Q4 FY21. The company cleaned its balance sheet by writing off all default account beyond the 90 days past dues in the SME lending business and beyond 180 days past dues in the vehicle finance business.

Magma Fincorp has appointed Adar Poonawalla as its chairman and will soon be rebranded as a Poonawalla Group company.

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Intellect Design Arena partners with CWB to enhance payment service technology for business owners

Intellect Design Arena announced that Canadian Western Bank (CWB) has partnered with Intellect Global Transaction Banking (iGTB). The partnership aims to enable more efficient payment capabilities and opportunities to meet the evolving needs of Candian business owners. The solution is architected on a cloud-enabled technology for the high availability and scalability needed for a payments platform. 

Shilpa Medicare Q4 Results: Net profit declines 78% YoY to Rs 7.83 crore

Shilpa Medicare reported a 77.35% YoY decline in consolidated net profit to Rs 7.83 crore for the quarter ended March (Q4). Net profit has increased by 2.10% when compared to the previous quarter. Its revenue from operations declined 5.44% YoY to Rs 208.03 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 5.36% YoY to Rs 147.78 crore. The pharma company’s board has declared a dividend of Rs 1.10 per share.

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J Kumar Infraprojects secures Rs 1,307.88 crore order from MMRDA

J Kumar Infraprojects Ltd has secured an order worth Rs 1,307.88 crore from the Mumbai Metropolitan Region Development Authority (MMRDA). The order is for part design and construction of balance works of the Mumbai Metro Rail project. J Kumar Infraprojects is engaged in construction activities in India. It executes contracts of various infrastructure projects, including transportation engineering, irrigation projects, civil construction, etc.

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Kolte-Patil Developers Q4 Results: Net profit at Rs 21 crore

Kolte-Patil Developers Ltd reported a consolidated net profit of Rs 20.9 crore for the quarter ended March (Q4 FY21). It had reported a net loss of Rs 2.18 crore in the corresponding quarter last year (Q4 FY20). The revenue from operations rose 33.52% YoY to Rs 296.08 crore in Q4 FY21. The company’s sales volumes increased by 27.1% YoY to 0.85 million sq. ft. This has been the best-ever sales quarter in the last six years, both in terms of volume and value.

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RBI clarifies on 2018 cryptocurrency circular, asks banks to carry out customer due diligence

The Reserve Bank of India (RBI) has clarified that banks and other regulated entities cannot cite its 2018 circular on cryptocurrencies, as it had been set aside by the Supreme Court in March 2020. The RBI asked banks to continue to carry out the necessary customer due diligence process in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT), and obligations of regulated entities under Prevention of Money Laundering Act.

Recently, several large private and public sector lenders had cited the RBI’s 2018 notice to caution customers from dealing in digital currencies and deny services of certain cryptocurrency exchanges.

 

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WPI Inflation Jumps to 11-Year High of 10.49% in April – Top Indian Market News

WPI inflation jumps to 11-year high of 10.49% in April

India’s wholesale inflation, as measured by the Wholesale Price Index (WPI), rose to an 11-year high of 10.49% in April 2021. WPI stood at 7.39% in March and 4.83% in February. The annual rate of inflation is high primarily due to the rise in prices of crude petroleum, mineral oils, and manufactured products as compared to April 2020. The prices of food articles rose 3.84%, while prices of manufactured products rose 1.65% over March 2021. The fuel and power index rose 20.94% compared to April 2020, but contracted by 1% over March 2021.

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Bharti Airtel Q4 Results: Net profit falls 11% QoQ to Rs 759 crore

Bharti Airtel reported an 11% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 759.2 crore for the quarter ended March (Q4). The telecom company’s revenue fell 2.9% QoQ (up 17% YoY) to Rs 25,747 crore during the same period. The average revenue per user (ARPU) fell to Rs 145 from Rs 166 in the October-December quarter (Q3). Airtel Africa posted a 32.8% QoQ rise in net profit to $154 million in Q4. Bharti Airtel’s global customer base stood at ~47 crore at the end of the financial year 2020-21. 

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Shilpa Medicare partners with Dr Reddy’s for production of Sputnik V vaccine

Shilpa Biologicals Pvt Ltd (SBPL), a wholly-owned subsidiary of Shilpa Medicare, has entered into a three-year definitive agreement with Dr Reddy’s Laboratories for the production of Sputnik V Covid-19 vaccine. SBPPL will produce and supply the vaccine from its integrated biologics research & development (R&D) and manufacturing centre at Dharwad, Karnataka. The company aims to produce up to 50 million doses of Sputnik V within the first 12 months.

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Federal Bank Q4 Results: Net profit rises 58% YoY to Rs 478 crore

Federal Bank reported a 58.6% YoY increase in net profit to Rs 477.8 crore for the quarter ended March (Q4). Its net interest income (NII) rose 16.8% YoY to Rs 1,420.4 crore during the same period. [NII is the difference between the interest income a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPA) ratio stood at 3.41% in Q4, compared with 2.71% in Q3 FY21. Federal Bank’s board has recommended a final dividend of Rs 0.70 per share. 

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Panacea Biotec files suit against Sanofi for patent infringement

Panacea Biotec has filed a suit before the Delhi High Court seeking to refrain Sanofi Healthcare India from marketing a fully liquid hexavalent vaccine. The pharma company said a case has been filed in order to stop the infringement of its patent for fully liquid Whole Cell Pertussis-based fully liquid Hexavalent vaccine— EasySix. Both firms have been contesting this particular patent before the Indian Patent Office since 2017. 

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Gland Pharma Q4 Results: Net profit rises 34% YoY to Rs 260 crore

Gland Pharma Ltd reported a 34% YoY increase in net profit to Rs 260.4 crore for the quarter ended March (Q4). Net profit has grown by 27% when compared to the previous quarter. Its revenue from operations rose 40% YoY to Rs 887.7 crore during the same period. The drugmaker’s revenue from its core markets of the US, Europe, Canada, and Australia rose 29% YoY to Rs 619.3 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 29% YoY to Rs 996.96 crore.

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Bharat Forge to acquire 49% stake in Kalyani Strategic Systems

Bharat Forge Ltd announced that it will acquire the remaining 49% stake in its subsidiary, Kalyani Strategic Systems Ltd (KSSL). The company currently holds 51% stake in KSSL. The acquisition of shares in KSSL is subject to the prior approval of the Ministry of Home Affairs or the Department for Promotion of Industry and Internal Trade.

Colgate-Palmolive Q4 Results: Net profit rises 54% YoY to Rs 314 crore

Colgate-Palmolive India reported a 54.1% YoY increase in net profit o Rs 314.6 crore for the quarter ended March (Q4). Net profit has risen by 26.7% when compared to the previous quarter. The FMCG company’s revenue from operations rose 20.2% YoY to Rs 1,275 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 26.8% YoY to Rs 1,035.39 crore.

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Rane Brake Q4 Results: Net profit rises 53% YoY to Rs 14.27 crore

Rane Brake Linings reported a 53.11% YoY increase in net profit to Rs 14.27 crore for the quarter ended March (Q4). Net profit has risen by 10% when compared to the previous quarter. Its revenue from operations rose 25.2% YoY to Rs 148.4 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 7.4% YoY to Rs 31.8 crore. The company’s board has recommended a final dividend of Rs 25 per share.

TVS NTORQ crosses 1 lakh sales mark in international markets

TVS Motor Company said its scooter brand NTORQ 125 has crossed the one lakh sales milestone in international markets. The company sells the scooter in 19 countries across South Asia, Latin America, the Middle East, and the Association of Southeast Asian Nations (ASEAN). “This achievement is a reinforcement of our commitment to grow the TVS NTORQ brand by setting benchmarks in innovation and creating aspiration for customers,” said TVS Motor Company Director and CEO K N Radhakrishnan in a statement.

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Shakti Pumps Q4 Results: Net profit at Rs 30.5 crore

Shakti Pumps (India) Ltd reported a consoldiated net profit of Rs 30.5 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 6.15 crore in the corresponding period last year (Q4 FY20). Its revenue from operations jumped 245% YoY to Rs 319.71 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 75.59 crore. It had posted a net loss of Rs Rs 14.08 crore in FY20. The company’s board has recommended a dividend of Rs 8 per share.

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Subex Q4 Results: Net profit declines 51% YoY to Rs 15.6 crore

Subex Limited reported a 51.23% YoY decline in consolidated net profit to Rs 15.6 crore for the quarter ended March (Q4). Net profit has increased by 79% when compared to the previous quarter. Its revenue from operations declined by 7.78% YoY to Rs 96.16 crore during the same period. The company’s board has recommended a final dividend of Rs 0.25 per share. Subex is an enterprise software company based in Bangalore. It provides digital trust products to communication service providers.

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IndiGrid InvIT to Acquire Power Transmission Project From Sterlite Power – Top Indian Market News

IndiGrid InvIT to acquire power transmission project from Sterlite Power for Rs 4,625 crore

India Grid Trust (IndiGrid) has signed a share purchase agreement to acquire NER-II Transmission Limited from Sterlite Power. The indicative value of the acquisition is Rs 4,625 crore. The 830 circuit-km long transmission project is spread across Assam, Arunachal Pradesh, and Tripura. With this acquisition, IndiGrid’s assets under management (AUM) will increase by 35% to over Rs 20,000 crore.

IndiGrid is an infrastructure investment trust (InvIT) that owns inter-state power transmission assets in India.

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Jaguar Land Rover to lay-off one-third of its workforce in India

Tata Group-owned Jaguar Land Rover (JLR) has announced job cuts in India in line with this ‘Reimagine’ strategy. As per reports, JLR will lay off one-third of its workforce in the country to cut costs. The layoffs have already started and are likely to continue throughout this month. JLR’s global strategy is to remove about 2,000 employees working in the non-manufacturing departments by the next financial year.

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To know more about JLR’s Reimagine strategy, click here. 

Indian Bank to divest stake in asset reconstruction JV ASREC (India)

Indian Bank will divest its stake in joint venture (JV) entity ASREC (India) Limited as part of an asset monetisation exercise. ASREC is an asset reconstruction company in which Indian Bank, Bank of India, Union Bank of India, Life Insurance Company (LIC), and Deutsche Bank are shareholders. State-owned Indian Bank holds a 38.26% stake in the entity. The bank had earlier announced plans to monetise (or sell-off) its non-core assets to boost capital, even as it is looking to raise Rs 4,000 crore through a share-sale.

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Embassy REIT receives approval for simplifying the holding structure of key portfolio assets

Embassy Office Parks REIT announced that it has received approval from the National Company Law Tribunal (NCLT) in relation to the scheme of arrangement among its entities. This consists of restructuring Embassy REIT’s key portfolio assets including Embassy Manyata and Embassy TechZone. Embassy REIT had initiated the scheme to simplify its holding structure by reducing the shareholding tiers, as well as to increase the dividend component of its unit-holders. 

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You can learn more about REIT’s here.

Cipla announces liquidation of step-down subsidiary Cipla (UK)

Cipla Limited announced that its step-down subsidiary, Cipla (UK), has been voluntarily liquidated with effect from March 5, 2021. The pharma company said that the liquidation was a part of an internal reorganisation and it will not affect the performance or revenue of the firm. [Liquidation is the process of closing or winding down a company and selling off its assets]

Govt open to experimenting with cryptocurrency: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharman has hinted that the Centre may not go for a blanket ban on digital currencies. She said that the government is keeping windows opens for experimentations in the cryptocurrency world. The minister further said that the call on cryptocurrencies will be taken only after deliberations with the Reserve Bank of India (RBI) and cabinet members are over.

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DHFL auditor finds another fraud of Rs 1,424 crore

Dewan Housing Finance Limited (DHFL) said its administrator has filed additional affidavits in NCLT Mumbai in connection with fraud amounting to over Rs 1,424 crore. DHFL’s auditor recently found certain transactions that were undervalued and fraudulent in nature, which amounted to Rs 1,424 core. The company is being run by an administrator in the aftermath of the IL&FS crisis in 2018 and unearthing of massive fraud. DHFL is currently undergoing a corporate debt resolution process in the National Company Law Tribunal (NCLT), Mumbai. 

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TVS Motor Company to provide free Covid-19 vaccination to all employees

TVS Motor Company announced that it has extended free Covid-19 vaccination for all employees and their immediate family members. The vaccination drive will cover 35,000 direct and indirect company employees across India. “With this vaccination drive, we continue our endeavour to prioritise the health and safety of all our employees and their families”, said R Ananda Krishnan, Executive Vice President of Human Resources at TVS.

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Sayaji Hotels to expand its presence to 7 new locations

Sayaji Hotels Management Ltd (SHML), a wholly-owned subsidiary of Sayaji Hotels Limited, has announced plans of setting up properties across seven cities in India. This includes Vizag, Bhuj, Dehradun, Udaipur, Jamnagar, Nashik, and Morbi. This expansion plan will lead to an addition of 476 new rooms and an overall increase of 1,000 rooms into the company’s portfolio by the next financial year (FY 2021-22).

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Bharat Biotech’s Covaxin Gets Approval for Emergency Use – Top Indian Market News

Bharat Biotech’s Covaxin gets approval for restricted emergency use: Report

The Subject Expert Committee of the Central Drugs Standard Control Organisation (CDSCO) on Saturday gave its approval for the restricted emergency use of Covaxin in India. Covaxin is jointly developed by Bharat Biotech and the Indian Council of Medical Research (ICMR). This is the second Covid-19 vaccine that has been recommended for emergency use approval to DCGI, after Serum Institute’s locally produced Oxford-AstraZeneca vaccine ‘Covishield’. The Drug Controller General of India (DCGI) will give the final approval to both the vaccine candidates. [This has been reported by news agencies PTI and ANI, citing government sources]

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SEBI fines RIL, Mukesh Ambani for manipulative trades in RPL

The Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 25 crore on Reliance Industries Ltd (RIL) and Rs 15 crore on its chairman, Mukesh Ambani, for their alleged role in manipulative trades in Reliance Petroleum Ltd (RPL) in 2007. The penalties imposed pertain to the trading of RPL shares in the cash and futures segments in November 2007. SEBI believes illegal profits were made by RIL and other parties through manipulation of RPL’s share prices. This followed RIL’s decision in March 2007 to sell a 4.1% stake in RPL, a listed subsidiary that was later merged with RIL in 2009.

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Tata Steel transfers stake in processing arms to TSDPL

Tata Steel Ltd has transferred the 51% stake it holds in Jamshedpur Continuous Annealing & Processing Company Private Ltd (JCAPCPL) and 50% stake it holds in Tata BlueScope Steel Private Ltd (TBSPL) to Tata Steel Downstream Products Ltd (TSDPL). The company stated that this step was taken to reorganise the company’s India footprint into four clusters to drive scale, synergies, and create value for all stakeholders. The transfer will help consolidate its downstream steel processing services.

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EID Parry to close sugar unit in Tamil Nadu

EID Parry India Ltd has decided to close down one of its non-operating sugar units in Tamil Nadu. The company stated that the expectation of revival of cane cultivation in the area is low due to a variety of factors. The company’s sugar mill at Pettavaithalai in Tamil Nadu had not been operational due to the continuous non-availability of adequate sugar cane. East India Distilleries (EID) Parry India Limited is a wholly-owned subsidiary of the Murugappa Group.

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Exports decline by 0.8% in December; trade deficit widens to $15.71 billion

India’s exports declined marginally by 0.8% to $26.89 billion in December 2020 due to contraction in sectors like petroleum, leather, and marine products, according to preliminary data released by the Ministry of Commerce & Industry. The trade deficit in December widened to $15.71 billion, as imports grew by 7.6% to $42.6 billion. During the same period, oil imports declined by 10.37% to $9.61 billion.

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Tower damage case: Airtel writes to DoT, says Jio’s charges are baseless

Bharti Airtel has sent a letter to the Department of Telecommunications (DoT), slamming Reliance Jio’s allegations that channel partners of rival telecom companies were inciting and provoking agitators involved in tower disruption. The company stated that Jio’s complaint should be dismissed “with the contempt that it deserves”. Airtel further urged the DoT to bring forth a policy to mandate ICR (Intra circle roaming) in such situations of vandalism and network outages as a matter of course so that customers were never inconvenienced.

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Free Covid-19 vaccine for all healthcare workers in first phase: Harsh Vardhan

Union Health Minister Dr. Harsh Vardhan on Saturday said that in the first phase of Covid-19 vaccination, free vaccine shall be provided across the nation to most prioritised beneficiaries that include one crore healthcare and two crore frontline workers. He also said that details of how further 27 crore priority beneficiaries are to be vaccinated until July are being finalised. As India began its nationwide Covid-19 vaccine dry run from today before the rollout of a potential vaccine to the citizens, the health minister appealed to people not to pay heed to rumors about the Covid-19 vaccine.

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PFC raises borrowing limit to Rs 1.18 lakh crore

State-owned Power Finance Corporation (PFC) has raised its borrowing limit to Rs 1.18 lakh crore for the ongoing financial year. The company now plans to raise a maximum of Rs 83,000 crore from long-term borrowing, Rs 15,000 crore from long-term foreign currency borrowing, Rs 5,000 crore from short-term borrowing, and Rs 15,000 crore from commercial papers. PFC further stated that it does not see any challenges in raising the borrowing amount, which is being used to lend for various power sector projects in India.

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India-UK flights to restart from Jan 6: Puri

Aviation Minister Hardeep Singh Puri on Saturday said that flights from India to the United Kingdom will resume from January 6, while services from that country to here would resume from January 8 onwards. He stated that this schedule is valid till 23 Jan 2021 and further frequency will be determined after reviews. Earlier, India had suspended all passenger flights connecting the two countries from December 23 to January 7, as a new variant of coronavirus emerged in the UK.

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TVS reports 17.5% increase in sales in December

TVS Motor Company Ltd, on Saturday, reported a 17.5% YoY increase in total sales to 2,72,084 units in December. The company, which primarily makes two-wheelers and three-wheelers, had sold 2,31,571 units in December 2019. The total two-wheeler sales during the month increased by 20% to 2,58,239 units, as against 2,15,619 in December 2019. The total exports increased by 28% to 94,269 units last month, as against 73,512 in the year-ago period.

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