Tag: union bank

Categories
Editorial

Union Budget 2024-25: Key Priorities for Transforming India’s Future

union budget 2024-25 highlights | marketfeed

Finance Minister Smt. Nirmala Sitharaman presented the Union Budget for the financial year 2024-25 in Parliament on July 23, 2024. Let us take a look at some of the key highlights from the Budget presentation.

The 9 priorities of the budget are: 

1. Agriculture Transformation:

The Indian govt aims to transform agricultural research and productivity. It will support the public and private sectors by introducing 109 high-yielding crop varieties and 32 new releases of horticulture. One crore farmers will be encouraged to take up natural farming based on certification and branding. There’s a proposal to establish 10,000 bio-input centers to create a national-level micro-fertilizer and pesticide manufacturing network. There will also be efforts to increase the production, storage, and marketing of oilseeds like mustard, sesame, soybean, and sunflower.

Besides this, 400 districts and six crore farmers will be added to land registries, while Kisan Credit Cards will be enabled in five states. Shrimp production and exports will be increased under NABARD’s national cooperation policy.

The Centre will allocate ₹1.52 lakh crore to the agriculture and allied sectors.

Do look out for the stocks in the agriculture sector: UPL, Coromandel International, Rallis India, Avanti Feeds, Kaveri Seed Co, PI Industries, and Bayer CropScience.

2. Employment and Skilling

To meet the challenges on the employment front, the government has introduced three schemes:

1. All first-time entries into jobs in every formal sector will be paid one month’s wages in advance— up to ₹ 15,000, subject to a total of 2.1 crore youth (Scheme A).

2. Incentives will be provided directly to both employees and employers on a specified scale for their EPFO contribution in the first 4 years of employment. (Scheme B).

3. The government will reimburse EPFO contributions of employers up to ₹3000 per month for 2 years for all new hires. – Expected to generate 50 lakh jobs (Scheme C).

Measures that attempt to increase female workforce participation include the establishment of women’s hostels and specific programs for skilling. Over the next five years, 20 lakh youth will be skilled, with 1,000 training institutes upgraded. New courses will cater to emerging sectors, and loans up to ₹7.5 lakh will support 25,000 students annually.

3. Human Justice and Regional Development

Development initiatives have been planned under the Purvodiya program, with a focused attention on the eastern states like Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh. An investment of ₹26,000 crore in roadways and ₹21,400 crore in power projects will provide better connectivity through infrastructure projects. New airports and medical colleges will be established in Bihar. The govt will support the Polavaram irrigation project in Andhra Pradesh to ensure food security.

4. Manufacturing and Services

The govt has proposed to give special attention to Micro, Small & Medium Enterprises (MSMEs) through a ₹100 crore credit guarantee scheme, a new way of judging credit, and enhanced Mudra loans of up to ₹20 lakhs for those having repaid their loans earlier. An internship scheme associated with the PM package will offer one crore youth the opportunity to work in top companies for five years, with a stipend amount of ₹5,000 per month.

Under the PPP (Public-Private Partnership) mode, rental housing schemes shall be developed for industrial workers. The shipping industry will benefit from the Critical Mineral Mission aligned with technology and skill in manpower development.

5. Urban Development

Growth in urban areas will be driven by developing cities as hubs with transit-oriented plans in 14 large cities. Housing needs for one crore members will be addressed with a ₹10 lakh crore investment. This is accompanied by initiatives for transparent rental markets and improved water supply & sanitation across 100 cities through bankable projects.

6. Energy Security

The PM Surya Ghar Muft Bijli Yojana will promote rooftop solar installations for one crore households. The govt has proposed to speed up policy implementation for pumped storage, nuclear R&D, and advanced thermal power plants. The govt will scale up energy audits in industrial clusters. A joint venture between NTPC and BHEL will set up a full-scale 800-megawatt (MW) commercial plant.

Top energy-related stocks may include NTPC,  SJVN, NHPC, Tata Power, Adani Green Energy, Adani Power, Bharat Petroleum, Indian Oil Corporation, ONGC, and JSW Energy. 

7. Infrastructure

The Centre will spend ₹11.11 lakh crore on infrastructure in the next five years (which accounts for 3.4% of our GDP.) The state resource support for infra allocation is coming to a total of ₹1.5 lakh crore, including the 4th phase of Gram Sadak Yojana to improve rural connectivity. The Centre will launch Phase IV of Pradhan Mantri Gram Sadak Yojana (PMGSY) to provide all-weather connectivity to 25,000 rural habitations.

Projects at Vishnupad and Mahabodhi temples in Bihar and Nalanda will boost tourism. Financial support for projects with an estimated cost of ₹11,500 crore such as the Kosi-Mechi intra-state link and 20 other ongoing and new schemes will be provided. The govt will provide assistance for flood management and related projects in Assam, Sikkim & Uttarakhand and reconstruction and rehabilitation in Himachal Pradesh.

These are a few stocks to look out for in the Infrastructure sector: NBCC, HFCL, IRB Infra, PNC Infra, KNR Construction, PNC Infratech, RITES, Ahluwalia Contracts,  and Larsen & Toubro Ltd.

8. Innovation and R&D

This priority includes a National Research Fund with a funding pool of ₹1 lakh crore to incentivize innovation and a Space Economy Venture Capital Fund of ₹1,000 crore. The Central Govt will operationalise the Anusandhan National Research Fund to support basic research and prototype development.

9. Reforms for the Next Generation

The govt aims to introduce a new Economic Policy Framework to guide reforms focused on improving employment opportunities and sustaining high growth. This framework will boost productivity across land, labour, capital, and entrepreneurship by leveraging technology and collaboration between the Centre and states. The Centre will work on land-related reforms such as assigning Unique Land Parcel Identification Numbers (ULPIN) and digitising maps for rural areas. Urban areas will see digitisation of land records with GIS mapping. Meanwhile, the Jan Vishvas Bill 2.0 will emphasise digitisation and ease of doing business.

What are the Updates on GST?

  • Medicine and Medical Equipment: GST rate cut for three more cancer medicines.
  • X-Ray Tubes: Revision in Basic Customs Duty (BCD) on certain items to help ‘Healthcare’.
  • Critical Minerals Reduction in Customs Duty on 25 minerals to make them more easily available for Medical use.
  • Marine Products, Leather and Textile BCD on real down filling materials from duck or goose reduced to aid these industries.
  • Precious Metals BCD on gold and silver reduced to 6% and platinum to 6.4% making them cheaper
  • Oxygen-Free Copper Abolition of BCD on Oxygen-Free Copper used in the manufacture of resistors and connectors to increase capacity.
  • Ammonium Nitrate: Hiked from 7.5% to 10% to control usage.
  • Plastics and PVC: Increased BCD to control environmental pollution.
  • Telecom Equipments: Increased BCD from 10% to 15% on certain items to encourage domestic manufacturing.

Direct Tax Reforms in Union Budget 2024-25 & Other Updates

  • Standard Deduction for salaried employees: Increased from ₹50,000 to ₹75,000.
    [Standard deduction is a fixed amount of money that salaried individuals can subtract from their total income before calculating their taxes.]
  • Family Pension Deduction: Increased from ₹15,000 to ₹25,000.
  • Mutual Funds and Unit Trust of India (UTI): Abolished tax deducted at source (TDS) to attract investors.
  • Angel Tax: Abolished for all classes of investors to foster the growth of startups.
  • The Centre has proposed to remove the indexation benefit available for calculating any long-term capital gains (LTCG) presently available for property, gold and other unlisted assets (this will severely impact people who have invested in such assets as to sell during retirement). Meanwhile, the LTCG tax on immovable properties will fall from 20% to 12.5%. – Effective from July 23, 2024.

[Indexation adjusts the purchase price of an asset to adjust for inflation, thus reducing the gains and ultimately tax liability.]

Revised Tax Slabs – New Tax Regime

Income RangeRate of Tax
Up to ₹3 lakh per annumNil
₹3 lakh to ₹7 lakh per annum5%
₹7 lakh to ₹10 lakh per annum10%
₹10 lakh to ₹12 lakh per annum15%
₹12 lakh to ₹15 lakh per annum20%
Above ₹15 lakh30%

With the new tax slabs, salaried taxpayers can now save up to ₹17,500.

Revised Tax Rates for Stock Market Participants

1. Capital Gains Tax

  • Short-Term Capital Gains (STCG): The tax rate has been increased from 15% to 20%.
  • Long-Term Capital Gains (LTCG): The tax rate has been revised from 10% to 12.5%. The exemption limit of LTCG now stands at ₹1.25 lakh per annum.

2. Securities Transaction Tax (STT)

  • With effect from Oct 1, STT on the sale of options will be increased from 0.0625% to 0.01% of the option premium.
  • STT on sale of futures futures will go up from 0.0125% to 0.02% of the price at which such futures are traded.

The Way Ahead

The Union Budget 2024-25 outlines strategies to boost India’s economic growth across key sectors. It focuses on agriculture, employment, infrastructure, and innovation to create a resilient and inclusive economy. Key initiatives include agricultural transformation, employment schemes, regional development (especially in eastern states), MSME support, urban development, and energy security measures. These efforts, along with investments in skilling and innovation, reinforce the ‘Make in India’ initiative and promote sustainable growth.

Tax reforms, GST updates, and new policies aim to improve the business environment. While the plans are ambitious, their effective implementation will be crucial in shaping India’s economic future, driving growth, creating jobs, and enhancing societal well-being in the coming years.

Now let’s look forward to seeing how these strategic plans are implemented! 

Disclaimer: The stocks mentioned in the article are solely for educational purposes. Please do your own research before investing.

Categories
Daily Market Feed Pre Market Report

U.S. GDP Increases. Will Market Follow F&O Data? – Pre-Market Analysis Report

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

U.S GDP expanded by 2.4% on an annual basis in the April to June quarter, higher than the expected 1.8%. Crude Oil also remains strong.

Stocks

Adani Enterprises’ subsidiary has raised a working capital loan facility of Rs 3,231 crore from two foreign banks, for its integrated solar module manufacturing facility.

Indian Hotels reported 31% YoY jump in net profit to Rs 222.4 crore.

Indus Towers reported a 182% YoY growth in profit at Rs 1,348 crore for the quarter, on the back of good operating performance and the highest quarterly tower additions in company’s history.

Major results today: IOC, M&M Financial, Marico, Equitas Small Finance Bank, Laxmi Organics, SBI Cards

What to Expect Today?

NIFTY started the day at 19,850 with a gap-up of 72 points, and tried to move up. But it gave a continuous fall to 19,600 and recovered post 3 PM. NIFTY closed at 19,659, down by 118 points or 0.6%.

BANK NIFTY started the day at 46,285 with a gap-up of 223 points. The index consolidated even while NIFTY was falling, but eventually fell 750 points from the day high. BANK NIFTY closed at 45,579, down by 383 points or 0.8%.

US markets closed in the red. The European markets closed in the green.

The Asian markets are trading mostly in the red, with Japan’s Nikkei down 1.35%.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 19,767.

All the factors combined indicate a flat to gap-down opening in the market.

NIFTY has supports at 19,600, 19,550 and 19,500. We can expect resistances at 19,670, and 19,750.

BANK NIFTY has supports at 45,600, 45,470 and 45,230. Resistances are at 45,900, 46,000, and 46,240.

NIFTY has the highest call OI build-up at 19,800. The highest put OI build-up is also at 19,800.

BANK NIFTY still has strong call OI build-up at 46,000. The highest put OI build-up is also at 46,000.

Foreign Institutional Investors net-sold shares worth Rs 3,979 crores. Domestic Institutional Investors net-bought shares worth Rs 2,528 crores.

INDIA VIX is flat at 10.51.

With yesterday’s monthly expiry, volatility was definitely expected. And as traders and institutions carry forwarded their trades to next month, all of NIFTY’s move were fast.

The futures OI data indicate that the August Futures were not heavily sold as yesterday’s fall. Options also indicate that 19,800 has a huge straddle buildup already for next week with a combined premium of 237 points.

There is enough space for the indices to swing throughout the week, with the premiums of the straddle.

The technicals still indicate that there is bullishness in the market. But today’s gap-down will decide if this view stays relevant. The U.S. GDP numbers and crude oil movements are indicating that the general economy is also in decent shape, for now.

As we get to the end of the week, the expectation is an initial gap-down opening with a recovery towards the middle of the day.

We will be entering new positions on our Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

Categories
Daily Market Feed Pre Market Report

Fed Interest Hike as Expected. Who Will be the Villain for Monthly Expiry? – Pre-Market Analysis Report

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

US Fed hikes interest rates to highest level since 2001 to a range between 5.25-5.5%, which is in line with expectations.

Stocks

Axis Bank reported profit lower than expected profits at Rs 5,797.1 crore for the quarter, but still jumping 40.5% YoY.

Dr Reddy’s recorded an 18% YoY growth in consolidated profit at Rs 1,402.5 crore, but profit margins fell.

Tech Mahindra had a disappointing result announcement as profit fell 39% YoY to Rs 692.5 crore.

Netweb Technologies will get listed today. The final offer price has been fixed at Rs ₹500/share.

Tata Consumer Products registered 22% YoY growth in consolidated profit at Rs 338 crore with growth under all verticals.

The Government of India is going to sell up to 7.09 crore equity shares (3.4%) of RVNL via offer for sale today and tomorrow. Floor price has been fixed at Rs 119 per share, down 14% from current price

Cipla Q1 Results showed profit increasing 45% YoY to Rs 996 crore, beating estimates..

Major results today: Nestle India, ACC, Bajaj Finserv, Indian Hotels, IEX, JK Cement

What Happened Yesterday?

Yesterday, NIFTY started at 19,733 with a gap-up of 52 points above a resistance zone. With help from Reliance, it quickly moved up but later consolidated. A sharp fall was seen at 2:35 PM. Nifty closed at 19,788, up by 97 points or 0.5%.

BANK NIFTY (BNF) started the day at 45,935 and moved up slowly. It continued trading in an upward channel with 46,000 acting as a good resistance. BANK NIFTY closed at 46,062, up by 217 points or 0.47%. 

US markets closed slightly in the green. The European markets closed in the red.

What to Expect Today?

The Asian markets are trading mostly in the green.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 19,867, in the green.

All the factors combined indicate a gap-up opening in the market.

NIFTY has supports at 19747, 19,630 and 19,550. We can expect resistances at 19,846, and 19,920 then at 20,000.

BANK NIFTY has supports at 45,900, 45,635 and 45,470. Resistances are at 46,253, 46,400, and 46,500.

NIFTY has the highest call OI build-up at 20,000 and 19,800. The highest put OI build-up is at 19,700.

BANK NIFTY still has strong call OI build-up at 46,000. The highest put OI build-up is also at 46,000.

Foreign Institutional Investors net-bought shares worth Rs 922 crores. Domestic Institutional Investors also net-bough shares worth Rs 470 crores.

INDIA VIX increased 12% to 10.45.

The market is still indicating technical bullishness, including yesterday’s up-move. Both foreign and domestic institutional investors also continued buying.

Even with the hike in Federal Reserve’s interest rates in the U.S, global markets are looking okay as it was expected. But do not rule out volatility in the Indian market as FII selling may attract big movements.

The straddle buildup at 46,000 has continued throughout the week. The chance of a strong short-covering rally is also less on the upper side as most players are enjoying good decay.

Do not look at OI made on the last many days to take active trades today, as they are already in good profits. Only look at the intraday change in OI to determine your positions.

This being the monthly expiry, there is a high chance of volatility in the second half. But I am not expecting any record highs to be created or the support levels of 45,230 on BNF and 19,500 on NIFTY to be broken. If the respective levels are broken with at least 1 hour to go, market may turn trending.

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

Categories
Daily Market Feed Pre Market Report

Consolidation for Monthly Expiry? – Pre-Market Analysis Report

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

Stocks

Tata Motors said it will cancel DVR shares and issue ordinary shares which will take shareholding of the promoter group down by 3.16%. Reported a consolidated net profit of Rs 3,203 crore for Q1, back to profits due to good sales from Jaguar Land Rover.

Union Bank of India has entered into a strategic partnership with IBM to act as a system integrator in its digital push. The bank has embarked on Project Sambhav to create a Digital bank.

Piramal Enterprises said it will consider a share buyback proposal on July 28.

Larsen & Toubro agreed to buy back 2.4% of equity capital, at a max price of Rs 3,000 per share, for a total of Rs 10,000 crore. Net profit of the company jumped 46.5% YoY to Rs 2,493 crore, and beating estimates.

SBI Life reported a 46.2% YoY increase in net profit at Rs 380 crore for Q1.

Major results today: Axis Bank, BPCL, Cipla, Dr Reddy’s Laboratories, Punjab National Bank, Shree Cement, Tech Mahindra, Bajaj Finance.

What to Expect Today?

NIFTY started the day with a gap-up at 19,729. It was volatile for the FINNIFTY expiry and kept on making sharp moves but ended flat. Nifty closed at 19,680, up by 8.25 points or 0.04%.

BANK NIFTY (BNF) started the day at 46,154 with a gap-up of 231 points. But from the first candle, it could not sustain and started falling. The index had a 300-point fall in 30 minutes at 1 PM but recovered. BANK NIFTY closed at 45,845, down by 78 points or 0.17%. 

US markets closed slightly in the green. The European markets closed slightly in green also.

The Asian markets are trading mixed.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 19,711.

All the factors combined indicate a flat opening.

NIFTY has supports at 19,630, 19,550, and 19,440. We can expect resistances at 19,750 and 19,800.

BANK NIFTY has supports at 45,635, 45,470 and 45,230. Resistances are at 46,253, 46,300, and 46,500.

NIFTY has the highest call OI build-up at 19,800. The highest put OI build-up is at 19,500 and 19,700. 

BANK NIFTY has strong call OI build-up at 46,000. The highest put OI build-up is also at 46,000, indicating expectation of consolidation around that zone.

Foreign Institutional Investors net-bought shares worth Rs 1,088 crores. Domestic Institutional Investors net-sold shares worth Rs 333 crores.

INDIA VIX fell 12% to 10.23.

BANK NIFTY is forming similar candles to the 4th July week. Even with intraday weakness, the index is still in the breakout zone and bullish. The question is how many days of consolidation will we see.

The same goes for NIFTY as well. The moves without news or reason, which I believe are the best moves, have been paused just temporarily.

Options data is also indicating consolidation coming up for the market, and the BNF straddle buildup at 46,000 continues. 

Have an eye on Punjab National Bank and Axis Bank results for today. Otherwise, the next results announcement I will be looking forward to is SBI in August.

I expect some consolidation with selling ahead of the monthly expiry tomorrow.

And as long as 45,230 on BNF and 19,500 on NIFTY are defended, I will not be overly bearish on the market.

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

Categories
Market News Top 10 News

RIL’s Net Profit Falls 11% YoY to ₹16,011Cr in Q1 – Top Indian Market Updates

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

Reliance Industries Q1 Results: Profit falls 11% YoY to Rs 16,011 crore

Reliance Industries (RIL) reported an 11% YoY fall in consolidated net profit to ₹16,011 crore for the quarter ended June (Q1 FY24). Its consolidated revenue also fell 5.3% YoY to ₹2.11 lakh crore during the same period. However, its EBITDA rose 0.25 % to ₹38,093 crore compared to Q1 FY 23. EBITDA stood at ₹37,997 crore in Q1 FY23. The board has recommended a dividend of ₹9 per equity share.

Read more here.

Ramkrishna Forgings to acquire Multitech Auto for Rs 212 crore

Ramkrishna Forgings is set to acquire 100% ownership of Multitech Auto Pvt. Ltd along with its wholly-owned subsidiary Mal Metalliks Pvt. Ltd. The deal is valued at ₹212 crore. The acquisition process is anticipated to conclude within the next six months, subject to obtaining approval from the Adityapur Industrial Area Authority. This strategic acquisition is aimed at facilitating the expansion and growth of Ramkrishna Forgings’ business operations.

Read more here. 

JSW Steel Q1 Results: Net profit rises 179% YoY to ₹2,338 crore

JSW Steel reported a 179% YoY increase in consolidated net profit to ₹2,338 crore for the June quarter (Q1 FY24). The company’s operating revenue for the quarter rose 10.8% YoY to ₹42,213 crore. Additionally, its EBITDA stood at ₹7,046 crore in Q1, up 63.5% YoY.

Read more here.

Jayaswal Neco in talks with funds to refinance its debt of Rs 3,200 crore

Jayaswal Neco Industries is in talks with special situations and private credit funds to refinance a debt of ₹3,200 crore. This high-yield loan is likely to be priced at 18-20%, which will be 600 basis points lower than the current borrowing rate. The company is in talks with funds including Kotak Special Situations Fund and Edelweiss Special Situations Funds.

Read more here.

Vedanta Q1 Results: Net profit falls 40% YoY to ₹2,640 crore

Vedanta reported a 40% YoY increase in consolidated net profit to ₹2,640 crore for the June quarter (Q1 FY24). Its operating revenue also fell 13% YoY to ₹33,342 crore in Q1. Vedanta’s EBITDA stood at ₹6,029 crore, down 38.6% YoY from Q1 FY23.

Read more here.

Lupin unit introduces inhaler for asthma patients in Germany

Lupin has launched a pressurised metered dose inhaler for the treatment of asthma and chronic obstructive pulmonary disease (COPD) in Germany. Lupin’s German subsidiary Hormosan Pharma GmbH introduced Luforbec in the European nation. With a significant portion of the population (5% of adults and 10% of children) currently undergoing asthma treatment, Luforbec aims to provide comprehensive support to patients and healthcare professionals.

Read more here.

UltraTech Cement Q1 results: Net profit rises 7% to ₹1,688 crore

UltraTech Cement reported a 7% YoY rise in consolidated net profit to ₹1,688 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 17% YoY to ₹17,737 crore during the same period. However, its EBITDA fell 1.5% to ₹3,049 crore compared to Q1 FY 23.

Read more here.

DLF to develop a residential project in Mumbai, ties up with Trident Realty

DLF will enter the Mumbai property market with a project in Andheri West. The company will develop around 2.5 million sq ft in the first phase of the project. DLF will allot 9800 equity shares (₹10 face value) at par to Trident Buildtech Pvt Ltd through its subsidiary Pegeen Builders $ Developers Pvt Ltd. Trident realty is already executing projects in Delhi-NCR and Panchkula.

Read more here.

ICICI Securities Q1 Results: Net profit falls 1% YoY to ₹271 crore

ICICI Securities reported a 1% YoY fall in net profit to ₹271 crore for the quarter ended June (Q1 FY24). However, the company’s total revenue rose 18% YoY to ₹934 crore, compared to ₹795 crore in Q1 FY23. The decline in the profit could be attributed to higher expenses, as its total expenses shot up by 33% to ₹570 crore in Q1. 

Read more here.

SJVN inks initial pact with REC to secure Rs 50,000 crore for projects

SJVN Ltd has inked an initial pact with REC Ltd for securing finance of ₹50,000 crore for projects of its subsidiaries and joint ventures. REC will provide financial assistance to set up new power-generating stations based on conventional and renewable sources of energy. Furthermore, REC will assist financially in setting up new technology projects like battery storage, E-vehicles, green hydrogen/ammonia, hydrogen cells storage and manufacturing units for green projects.

Read more here.

Union Bank to sell 8 NAP accounts worth Rs 3,000 cr to NARCL

Union Bank of India has identified eight troubled accounts worth ₹3,000 crore to be sold to the national bad bank NARCL this fiscal. The bank has more than doubled its net income at ₹3,236 crore in the June 2023 quarter on improved asset quality and recoveries. Union Bank had already sold three accounts worth ₹900 crore last fiscal to the national bad bank at a recovery of 33%.

Read more here.

Power Finance Corporation to lend Rs 2.37 lakh crore to 20 clean energy projects

Power Finance Corporation (PFC) has entered into loan agreements worth more than ₹2.37 lakh crore with 20 companies. These firms include Adani Group, Greenco, ReNew Power, Continuum, Avaada, JBM Auto, Rajasthan Renewable Energy and Megha Engineering & Infrastructure, among others. These agreements are part of the company’s plan to position itself as the focal funding agency for the energy transition.

PFC is looking to fund projects like offshore wind, pumped hydro storage, solar modules and cells, among others in the clean energy space.

Read more here.

Categories
Market News Top 10 News

Maruti Suzuki’s Net Profit Jumps 43% YoY to Rs 2,624cr – Top Indian Market Updates

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

Maruti Suzuki Q4 Results: Net profit jumps 43% YoY to Rs 2,624 crore

Maruti Suzuki reported a 43% YoY increase in net profit to Rs 2,624 crore and an operating revenue of Rs 32,048 crore, up 20% YoY, for Q4 FY23. The company sold a total of 514,927 vehicles in Q4 and sales in the domestic market stood at 4,50,208 units, up 7.1% over Q4FY22. The company’s board has approved a dividend of Rs 90 per share.

Read more here.

Patel Engineering JV bags irrigation projects worth Rs 841 crores

Patel Engineering Joint Venture (JV) has secured irrigation projects worth Rs 841 crore in Maharashtra. The JV received a Letter of Award (LoA) for the Krishna Marathwada Irrigation Project – Lift Irrigation Scheme 01 and 02 from the Water Resources Department. The EPC contracts are valued at Rs 841 crore and are to be executed within 36 months. Patel Engineering’s share in the projects is Rs 451.28 crore.

Read more here.

Bajaj Finance Q4 Results: PAT jumps 30% YoY to Rs 3,158 

Bajaj Finance reported a 30% YoY increase in consolidated net profit to Rs 3,158 crore for Q4 FY23. The company’s net interest income (NII) rose 28% YoY to Rs 7,771 crore. New loans grew by 20% to 7.56 million and assets under management rose 29% to Rs 2.47 lakh crore. The gross non-performing assets (NPAs) and net NPAs declined during the quarter at 0.94% and 0.34%, respectively. The board has recommended a dividend of Rs 30 per share.

Read more here.

KPI Green commissions 26.1-MW wind-solar hybrid power project in Gujarat

KPI Green Energy has commissioned a 26.1 MW wind-solar hybrid power project in Bhavnagar, Gujarat. The project comprises 16.1 MW wind and 10 MW solar capacity. It was established under the Gujarat Wind-Solar Hybrid Power Policy 2018, and power purchase agreements have been made with commercial and industrial clients.

Read more here.

KEC International bags orders worth  ₹ 1,017 crore

KEC International won new orders worth Rs 1,017 crore in various segments. The transmission and distribution (T&D) business secured an order for a 765 kV transmission line from a private developer in India, while the civil business received orders for industrial and residential projects. The company’s cable business secured orders for the supply of various types of cables in India and overseas.

Read more here.

ONGC plans to invest Rs 1 lakh crore by 2030 to boost petchem capacity

Oil & Natural Gas Corp (ONGC) plans to invest Rs 1 lakh crore by 2030 to double the combined petrochemicals capacity of its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) and joint venture ONGC Petro additions Ltd (OPaL) to 8 million metric tonnes per annum. The plan will involve the construction of two mega projects on the east and west coast that will either directly use crude to produce chemicals or take other feedstocks.

Read more here.

Dalmia Bharat executes definitive agreements with JAL to acquire cement assets

Dalmia Bharat has executed definitive agreements with Jaiprakash Associates Ltd (JAL) to acquire JAL’s cement assets for an enterprise value of Rs 1,500 crore and costs and expenses of up to Rs 190 crore. The acquisition will be subject to various clearances and approvals related to JP Super plant and mines. Dalmia Cement (Bharat) Ltd (DCBL), a subsidiary of Dalmia Bharat, will acquire JP Super Cement Plant in Uttar Pradesh.

Read more here.

HDFC Life Q4 Results: Profit growth flat at Rs 359 crore

HDFC Life Insurance reported a net profit of Rs 359 crore for Q4 FY23, which is flat compared with the same period last year. However, net profit for the quarter rose 14% from Q3 FY23. The net premium income stood at Rs 19,426 crore, up 36% YoY. The first-year premium income for the quarter rose 73% to Rs 4,467 crore. The company’s board has recommended a final dividend of Rs 1.90 per equity share.

Read more here.

Union Bank to raise funds up to Rs 10,100 crore via QIPs and Bonds

Union Bank of India is planning to raise up to Rs 10,100 crore in capital via public issue, Basel III compliant Additional Tier 1 (AT1) bonds, and Tier 2 bonds. The capital will be raised in tranches of up to Rs 8,000 crore through public issue, rights issue, and private placements, including Qualified Institutions Placements (QIPs). The remaining Rs 2,100 crore will be raised through Basel III compliant AT1 and/or Tier 2 bonds, including foreign currency-denominated bonds.

Read more here.

Categories
Market News Top 10 News

HDFC Bank to Raise up to Rs 50,000 crore via Bonds – Top Indian Market News

HDFC Bank to raise up to Rs 50,000 crore via bonds

HDFC Bank’s board will consider a proposal for raising up to Rs 50,000 crore over the next 12 months. The bank aims to raise funds by issuing Perpetual Debt Instruments (part of Additional Tier-I capital), Tier-II Capital Bonds, and Long Term Bonds (Financing of Infrastructure and Affordable Housing). The board is scheduled to meet on April 16 to consider and approve the financial results for the March quarter (Q4) and FY 2021-22.

Read more here.

L&T’s building & factories biz secures ‘significant’ orders

Larsen & Toubro Ltd’s (L&T) building and factories business has received significant orders (in the range of Rs 1,000-2,500 crore) from prestigious clients. The health segment of the business has secured an order from the Government of Telangana to construct a 1,750-bed super specialty hospital at Warangal. The project also involves constructing a configuration of the basement and other ancillary buildings.

Read more here.

Titan reports muted sales in Q4

Titan Company Ltd said it finished the March quarter (Q4 FY22) on a satisfactory note, despite partial Omicron-led lockdowns and other disruptions. The company’s jewellery division reported a 4% YoY decline in revenue during Q4. Revenue from the watches and wearables segment grew 12% YoY. Meanwhile, Titan’s eyecare division recorded 5% YoY growth, while other businesses saw a 23% rise in revenue. 

Read more here.

Maruti Suzuki to hike vehicle prices this month

Maruti Suzuki India Ltd (MSIL) plans to hike the prices of different models in April due to rising input costs. The automaker did not disclose the quantum of the proposed price hike. It has already hiked vehicle prices by nearly 8.8% from January 2021 to March 2022 due to the constant increase in input costs.

In other news, MSIL has recalled 19,731 units of its EECO model to inspect and rectify incorrect marking of wheel rim size.

Read more here.

Actis nearing a deal to buy road assets worth $400 million from Welspun Group: Report

According to a Bloomberg report, UK-based Actis is nearing a deal to acquire a portfolio of road assets from Welspun Group for nearly $400 million (~Rs 3,032 crore). The buyout firm is in advanced talks for the assets and is set to beat out several rival bidders. The deal could give Welspun’s road portfolio an enterprise value of about $1.2 billion.

Read more here.

HAL, Israel Aerospace Industries sign pact for MMTT aircraft

Hindustan Aeronautics Limited (HAL) has signed a Memorandum of Understanding (MoU) with Israel Aerospace Industries (IAI) to convert civil (passenger) aircraft to multi-mission tanker transport (MMTT) aircraft in India. Under this pact, HAL will convert pre-owned civil aircraft into air-refueling aircraft with cargo and transport capabilities. This move aims to provide India’s defence ecosystem with new capabilities and cost-effective solutions in the market.

Read more here.

Union Bank to invest Rs 1,000 crore to upgrade IT infrastructure

Union Bank will invest Rs 1,000 crore in upgrading its information technology (IT) platforms in the current financial year. It aims to generate revenue from digital channels and save costs. The state-owned bank launched its super app named UnionNxt today. The main thrust of its digital initiatives is to empower customers with smarter ways of banking across all segments.

In other news, Union Bank’s MD Rajkiran Rai G said the lender will transfer 15 bad loan accounts worth Rs 50,000 crore to the National Asset Reconstruction Company (bad bank) by the end of April.

Read more here.

Equitas SFB gross advances rise 15%, deposits up 16% in FY22

Equitas Small Finance Bank’s (SFB) gross advances witnessed a 15% YoY growth on a provisional basis to Rs 20,648 crore in FY22. Total deposits grew by 16% YoY to Rs 18,951 crore in FY22, compared to Rs 16,392 crore in FY21. The bank’s CASA (current account & savings account) deposits rose 76% YoY to Rs 9,855 crore in FY22. Equitas SFB saw an all-around improvement in performance in the previous quarter (Q4 FY22) as well.

Read more here.

JSW Steel successfully bids for Ajgaon iron ore block mining license

The Directorate of Geology and Mining, Maharashtra, has declared JSW Steel Ltd as a
“preferred bidder” for a composite licence of an unexplored iron ore mine (Ajgaon Iron Ore Block) in Sindhudurg district. JSW Steel is engaged in the manufacturing and distribution of iron and steel products in India and across the globe.

Read more here.

Vodafone Idea launches Vi Jobs & Education for job seekers

Vodafone Idea has partnered with Apna, Enguru, and Pariksha platforms to provide over 26 crore customers access to curated job search and exam preparation facilities targeted at Indian youth. The telecom operator has launched Vi Jobs & Education on the Vi App to increase customer stickiness with the brand by offering services to its large prepaid customer base. The platform offers free priority access to India’s most prominent job listings.

Read more here.

IEX reports 38% YoY rise in trade volumes in FY22

Indian Energy Exchange (IEX) registered a 38% YoY growth in trade volumes at 1,02,035 million units (MUs) in the financial year 2021-22. IEX achieved 9,605 MU volume in March, recording a growth of 16% YoY. The volume comprises 8,702 MU in the conventional power market, 392 MU in the green power market, and 511 MU in the renewable energy certificates market.

Read more here.

Categories
Market News Top 10 News

CCI Suspends Amazon’s 2019 Deal With Future Group – Top Indian Market News

CCI suspends Amazon’s 2019 deal with Future Group citing suppression of information

The Competition Commission of India (CCI) has suspended Amazon.com, Inc’s 2019 deal with Future Group following a review of allegations that the e-commerce giant had concealed information while seeking regulatory approval. CCI has also imposed a penalty of Rs 200 crore on Amazon. The step taken by CCI could have far-reaching consequences on Amazon’s legal battles with now-estranged partner Future. 

Over the past year, Amazon has successfully used the terms of its $200 million investment in 2019 to block Future Group’s attempt to sell retail assets to Reliance Industries Ltd for $3.4 billion.

Read more here.

Hindalco to acquire Hydro’s aluminium extrusion unit in Andhra Pradesh

Hindalco Industries Ltd has signed a definitive agreement to acquire Norway-based Hydro’s aluminium extrusions business in India for Rs 247 crore. Hydro’s integrated facility at Kuppam, Andhra Pradesh, has a 15,000-tonne aluminium extrusions capacity. It is integrated with advanced value-added capabilities for surface finishing and fabrication. It offers custom aluminium extrusion products and solutions for auto, building and construction, and industrial applications.

Read more here.

Tata Motors partners with Maharashtra govt to set up vehicle scrappage facility

Tata Motors has signed a Memorandum of Understanding (MoU) with the Govt of Maharashtra to set up a registered vehicle scrapping facility (RVSF). in the state. The scrappage centre will have a recycling capacity of up to 35,000 vehicles per year for end-of-life passenger and commercial vehicles. The automaker had earlier signed an MoU with the Gujarat government for setting up a scrapping facility in Ahmedabad.

Read more here.

Union Bank of India enters into co-lending partnership with HomeFirst 

Union Bank of India and Home First Finance Company India Ltd have entered into a strategic co-lending partnership to offer home loans to customers at competitive interest rates. The partnership aims at leveraging the strengths of both firms to provide a seamless experience to retail home loan customers in the priority sector. HomeFirst will originate loans as per the agreed credit policy of the bank in line with the provisions of RBI’s co-lending model. 

Read more here.

KEC International secures new orders worth Rs 1,041 crore

KEC International Ltd has secured new orders worth Rs 1,041 crore across its various businesses. The company’s Transmission & Distribution (T&D) segment has received orders for T&D projects in India, the Middle East, and the Americas. The civil business has secured an order for building a Data Centre in Western India. KEC International’s cables business has secured orders for various types of cables in India and overseas.

Bharti Airtel prepays Rs 15,519 crore towards deferred spectrum liabilities

Bharti Airtel Ltd has pre-paid Rs 15,519 crore to the Department of Telecommunications (DoT) towards the complete deferred liabilities pertaining to the spectrum it acquired in the 2014 spectrum auction. The company had acquired 128.4MHz of spectrum for a consideration of Rs 19,051 crores in the 2014 auction. 

Read more here.

Domestic air traffic saw 17% growth in November: DGCA

Domestic air passenger traffic witnessed a 17% month-on-month (MoM) growth in November 2021. Around 10.52 million passengers took to the skies in November, compared to 8.99 million in October and 7.07 million in September. IndiGo carried 5.71 million passengers during November and secured a 54.3% market share. SpiceJet carried 1.08 million passengers, registering a market share of 10.3%.

Read more here.

RCF gets Govt approval for setting up new NPK plant

Rashtriya Chemicals & Fertilizers Ltd (RCF) has received approval from the Department of Fertilizers (DOF) for setting up a 1,200 million tonnes per day (MTPD) NPK plant. The nitrogen-phosphorus-potassium (NPK) plant will be set up at an estimated cost of Rs 914.58 crore. The project will be completed in 36 months.

Read more here.

Raymond to raise up to Rs 100 crore via NCDs

The Board of Directors of Raymond Ltd has approved the issue of non-convertible debentures (NCDs) for an amount up to Rs 100 crore on a private placement basis. The tenure of the NCDs, which carry a coupon rate of 7.6% per annum (payable annually), is 1,095 days from the deemed date of allotment. The NCDs will be listed on the National Stock Exchange (NSE).

Read more here.

GAIL, Gujarat Alkalies to set up bio-ethanol plant in Gujarat

GAIL (India) Ltd has signed a pact with Gujarat Alkalies & Chemicals Ltd (GACL) to set up a 500-kilolitres per day Bio Ethanol Plant in Gujarat and explore other business opportunities of mutual interest. In other news, GAIL’s board of directors is scheduled to meet on December 23, 2021, to consider the interim dividend pay-out for FY 2021-22. 

Read more here.

Vakrangee partners with Upstox to offer trading services through BharatEasy app

Vakrangee Digital Ventures Ltd has partnered with Upstox to offer online trading account opening services through its BharatEasy mobile app. The company will also provide services from its physical network of Vakrangee Kendras. Vakrangee Digital is a wholly-owned subsidiary of Vakrangee Ltd, a technology company that provides banking, insurance, e-governance, e-commerce, and logistics services. 

Read more here.

Categories
Market News Top 10 News

Bharti Airtel’s Net Profit Jumps 300% QoQ in Q2 – Top Indian Market News

airtel

Bharti Airtel Q2 Results: Net profit jumps 300% QoQ to Rs 1,134 crore

Bharti Airtel Ltd reported a 300% quarter-on-quarter (QoQ) jump in consolidated net profit to Rs 1,134 crore for the quarter ended September (Q2 FY22). Net profit was boosted by a one-time gain of Rs 722 crore incurred from the transfer of spectrum to Reliance Jio Infocomm. Its revenue from operations rose 5.4% QoQ to Rs 28,326 crore during the same period. Bharti Airtel’s mobile services business posted a 6.2% QoQ growth in revenues to Rs 15,191 crore in Q2. The average revenue per user (ARPU) increased from Rs 146 in Q1 FY22 to Rs 153 in Q2 FY22.

Read more here.

Delhivery files DRHP to raise Rs 7,460 crore via IPO

Logistics firm Delhivery has filed its Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 7,460 crore through an initial public offering (IPO). The IPO comprises a fresh issue of shares worth Rs 5,000 crore. It also includes an offer for sale (OFS) by existing investors worth Rs 2,460 crore. The company provides supply chain solutions to e-commerce marketplaces and direct-to-consumer enterprises.

Read more here.

Sun Pharma Q2 Results: Net profit rises 13% YoY to Rs 2,047 crore

Sun Pharmaceutical Industries reported a 13% YoY increase in consolidated net profit to Rs 2,047 crore for the quarter ended September (Q2 FY22). Net profit increased 42% compared to the previous quarter. Its revenue from operations rose 12.5% YoY to Rs 9,625.9 crore during the same period. The pharma company’s expenses stood at Rs 7,562 crore in Q2, an increase of 9.7% YoY.

Read more here.

IEX electricity volume rises 36% YoY to Rs 9,165 MU in October

Indian Energy Exchange (IEX) traded 9,165 million units (MU) of electricity in October 2021, achieving a 36% YoY growth. The traded volumes of the day-ahead market grew 19.4% YoY to 6,585 MU in October, with the average monthly price at Rs 8 per unit. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 225 MU during the same month.

Read more here.

Dabur India Q2 Results: Net profit rises 5% YoY to Rs 504 crore

Dabur India reported a 4.7% YoY increase in consolidated net profit to Rs 504 crore for the quarter ended September (Q2 FY22). Net profit increased 15% compared to the previous quarter. Its revenue from operations rose 12% YoY (or 8% QoQ) to Rs 2,818 crore during the same period. Dabur’s FMCG business reported volume growth of 10%, marking the fifth consecutive quarter of double-digit growth. The company’s board has declared an interim dividend of Rs 2.5 per share.

Read more here. 

CCI approves HDFC Life’s acquisition of Exide Life

The Competition Commission of India (CCI) has approved HDFC Life Insurance Company’s acquisition of 100% shareholding in Exide Life Insurance Co Ltd. The deal was inked for Rs 6,687 crore, allowing HDFC Life to expand its presence in South India. Of the total deal value, HDFC Life will pay Rs 725.98 crore in cash and the rest by issuing 8.7 crore shares at Rs 685 per share to Exide Industries Ltd.

Read more here.

Godrej Properties Q2 Results: Net profit jumps 403% YoY to Rs 36 crore

Godrej Properties Ltd reported a 403% YoY jump in consolidated net profit to Rs 35.72 crore for the quarter ended September (Q2 FY22). Its total income rose 36.6% YoY to Rs 105 crore during the same period. The real estate developer witnessed a total booking value of Rs 2,574 crore in Q2, a growth of 139.6% YoY. Its total booking volume rose 108% YoY to Rs 3.61 million sq. ft.

Read more here.

HG Infra secures order worth Rs 1,646 crore from NHAI

HG Infra Engineering Ltd has secured a road project in Delhi from the National Highways Authority of India (NHAI). The project is for the development of a six-lane Urban Extension Road on NH-334 M on an engineering, procurement, and construction (EPC) mode. The bid project cost is Rs 1,646.57 crore.

HPCL Q2 Results: Net profit falls 22% YoY to Rs 1,923 crore

Hindustan Petroleum Corporation Ltd (HPCL) reported a 22.4% YoY decline in net profit to Rs 1,923.5 crore for the quarter ended September (Q2 FY22). Net profit increased 7.1% compared to the previous quarter. Its revenue from operations rose 60.6% YoY to Rs 82,774.69 crore during the same period. Domestic sales of petroleum products increased 8% YoY to 8.79 million metric tonnes (MMT) in Q2.

Read more here.

Union Bank Q2 Results: Net profit jumps 3-fold to Rs 1,526 crore

Union Bank of India reported a nearly three-fold YoY jump in net profit to Rs 1,526.12 crore for the quarter ended September (Q2 FY22). Its total income rose 2.5% YoY to Rs 20,683.95 crore during the same period. The gross non-performing assets ratio (GNPA) stood at 12.64% in Q2 FY22, compared to 14.71% in the corresponding quarter last year (Q2 FY21). Provisions for bad loans fell 12.2% YoY to Rs 3,723.76 crore in Q2 FY22.

Read more here.

Categories
Market News Top 10 News

MRF Reports 51% YoY Decline in Net Profit in Q4 – Top Indian Market News

MRF Q4 Results: Net profit declines 51% YoY to Rs 332 crore

MRF Limited reported a 51.1% YoY decline in consolidated net profit to Rs 332.15 crore for the quarter ended March (Q4). Net profit has declined by 36.2% when compared to the previous quarter. Its revenue from operations rose 30.7% YoY to Rs 4,816.46 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 10.2% YoY to Rs 1,277.07 crore. The tyre manufacturer’s board has recommended a final dividend of Rs 94 per share and a special dividend of Rs 50 per share.

Read more here.

Centre to provide free Covid-19 vaccines to all adults from June 21: PM Modi

In his address to the nation, Prime Minister Narendra Modi stated that the Centre will take over the task of vaccination from state governments and provide Covid-19 vaccines free of cost to all adults from July 21. Out of the total vaccine being produced in India, the Centre will buy 75% and give it to states for free. Private hospitals will continue to have access to 25% of all vaccines. The government has also decided to extend the Pradhan Mantri Garib Kalyan Anna Yojana (free ration scheme) till Diwali in November. 

Read more here.

L&T Construction wins significant orders for various businesses

The construction arm of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) for its various businesses. Its water and effluent treatment business has received an order from Bangalore Water Supply & Sewerage Board to design, build, and operate sewage treatment plants and pumping stations in the city. The buildings and factory business of L&T Construction has secured an order for the construction of sports infrastructure facilities at Kalinga Stadium in Odisha. 

Read more here. 

Central Bank of India Q4 Results: Net loss at Rs 1,349 crore

Central Bank of India reported a standalone net loss of Rs 1,349.21 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 1,529.07 crore in the corresponding period last year (Q4 FY20). The bank’s total income declined by 14% YoY to Rs 5,779.84 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio fell to 16.55%, compared with 18.92% in the year-ago period. Net profit for the entire financial year 2020-21 fell 20.84% YoY to Rs 887.58 crore.

Read more here.

Lupin launches Digital Asthma Educator platform

Lupin Limited announced the launch of its Digital Asthma Educator platform for guiding patients on the correct technique of using inhalers. The platform is part of the pharma company’s long-running umbrella program, Joint Airways Initiative (JAI), for patients suffering from respiratory ailments. 

In a separate filing, Lupin announced it has received approval from the US Food & Drug Administration (USFDA) to market generic Emtricitabine and Tenofovir Disoproxil Fumarate tablets in the US market. The drug is used for the treatment of human immunodeficiency virus (HIV)-1 infection.

Read more here.

ED transfers UBL shares worth over Rs 5,600 crore to recovery officer’s demat account

The Enforcement Directorate (ED) has transferred 4.13 crore equity shares of United Breweries Ltd (UBL) to the Demat account of the recovery officer of the Debt Recovery Tribunal. The shares are worth over Rs 5,600 crore. In March 2019, UBL had informed the exchanges that the Debt Recovery Tribunal in Bengaluru had transferred a 2.80% stake worth over Rs 1,025 crore held by United Breweries (Holdings) Ltd in the company in its name. UBL and United Breweries (Holdings) Ltd are promoted by Vijay Mallya.

Read more here.

Union Bank of India Q4 Results: Net profit rises 83% QoQ to Rs 1,330 crore

Union Bank of India reported an 83% quarter-on-quarter (QoQ) rise in standalone net profit of Rs 1,330 crore for the quarter ended March (Q4). Net interest income (NII) declined by 18% QoQ to Rs 5,403 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 13.74%, compared with 13.49% in Q3. The bank stated that the results for the quarter and year ended March 31, 2021, include operations of Andhra Bank and Corporation Bank. The two banks were amalgamated into Union Bank of India on April 1, 2021. Hence, the results are not comparable.

Read more here.

Average spot power price rises 10% to Rs 2.83 per unit in May at IEX

The average spot power price (or market clearing price) in the day-ahead market (DAM) increased over 10% YoY to Rs 2.83 per unit in May 2021 at the Indian Energy Exchange (IEX). The day-ahead market traded 4,364 million units (MU) volume in May with the average monthly price at Rs 2.83 per unit. The average spot power price saw a decline of 24% on a month-on-month basis, as the average monthly price was Rs 3.70 per unit in April. IEX traded 6,540 MU of electricity volume in May, achieving 9% YoY growth.

Read more here.

NCLT approves Piramal Group’s resolution plan for DHFL

The National Company Law Tribunal (NCLT) approved Piramal Capital & Housing Finance’s resolution plan for the stressed mortgage lender Dewan Housing Finance Ltd (DHFL) with a few conditions. The Mumbai bench of NCLT has rejected former DHFL promoter Kapil Wadhawan’s plea to consider his offer for settlement. The tribunal has asked DHFL’s Committee of Creditors (CoC) to consider giving more money to small fixed deposit holders under the resolution plan. The Piramal Group has offered Rs 37,250 crore to DHFL’s creditors.

Read more here.

Mrs. Bectors Food Q4 Results: Net profit rises 41% to Rs 12.77 crore

Mrs. Bectors Food Specialities reported a 41% YoY increase in consolidated net profit to Rs 12.77 crore for the quarter ended March (Q4). Net profit has declined by 38.3% when compared to the previous quarter. Its revenue from operations rose 15.26% YoY to Rs 223.98 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit jumped 138.47% YoY to Rs 72.28 crore. The company’s board has recommended a final dividend of Rs 2.40 per share.

Read more here.

Infosys partners with Archrock for digital technology integration

Infosys Limited has collaborated with Archrock Inc to integrate digital technologies and mobile tools for its field service technicians. Archrock is a leading provider of natural gas compression services in the US. As part of the agreement, Infosys will leverage its pre-configured accelerator for Microsoft Dynamics 365 Field Service Application. This will help streamline and enhance Archorck’s field services and operational efficiencies.

Read more here.

Categories
Market News Top 10 News

HDFC Bank’s Market Cap Crosses Rs 8 lakh crore Mark – Top Indian Market News

HDFC Bank becomes India’s first lender to cross Rs 8 lakh crore in market cap 

HDFC Bank Limited, on Wednesday, became India’s first lender to cross Rs 8 lakh crore in market capitalisation. The private sector bank is the third most valued domestic firm in terms of market capitalization, after Reliance Industries and TCS. This year, the shares of HDFC Bank have gained 15.11% so far. 

[Market Cap of a listed company is calculated by multiplying the total number of shares by the present share price]

Read more here.

MHA announces new Covid-19 guidelines for states/UTs

The Ministry of Home Affairs (MHA) has issued fresh guidelines for the surveillance, containment, and caution against Covid-19. The MHA has asked states to strictly enforce standard operating procedures (SOPs) on various activities, exercise caution, and regulate crowds. States and union territories can also impose restrictions like night curfews, after consultations with the Central Government. The guidelines will be effective from 1st December. 

Read more here.

Cabinet approves merger of Lakshmi Vilas Bank with DBS Bank

The Union Cabinet, on Wednesday, approved the RBI’s proposal to merge Lakshmi Vilas Bank (LVB) with DBS Bank India. As part of the amalgamation plan, DBS India will infuse fresh capital of Rs 2,500 crore into LVB. The restrictions on LVB’s depositors regarding the withdrawal of their deposits have also been removed.

Read more here.

L&T Construction wins order to build India’s longest river bridge

Larsen & Toubro (L&T) announced that its construction arm has secured a large contract to build India’s longest road bridge across the Brahmaputra river. The 19 kilometre-long bridge will be built between Dhubri in Assam and Phulbari in Meghalaya. According to L&T, the bridge will reduce the distance between Assam and Meghalaya by 250 kilometres. The project is valued between Rs 2,500 to Rs 5,000 crore.

Read more here.

HDFC Ltd to acquire 19.9% stake in Renaissance Investment Solutions ARC

HDFC Limited announced that it will acquire a 19.9% stake in Renaissance Investment Solutions ARC for Rs 49.8 lakh. The investment would result in HDFC holding 4,98,750 equity shares of Rs 10 each in the asset reconstruction company (ARC). HDFC Ltd stated that Renaissance Investment will undertake the business of asset reconstruction after it receives the receipt of approval from the Reserve Bank of India.

Read more here.

Route Mobile wins contract from BSNL to deploy SMS Firewall

Bharat Sanchar Nigam Ltd. (BSNL) has selected Route Mobile Limited to deploy its SMS Firewall Platform across the Southern and Western Zones in India. Route Mobile will provide control and security over BSNL’s user SMS traffic and the monetization of international SMS traffic terminating over their network. Mumbai-based Route Mobile is a leading communications platform service provider.

Read more here.

USFDA releases details of warning letter issued to Aurobindo Pharma’s New Jersey unit

The U.S Food and Drug Administration (USFDA) has released details of a warning letter issued to Aurobindo Pharma’s New Jersey unit. On 22nd October, the drug maker had announced that its subsidiary had received a warning letter from USFDA for its oral solid manufacturing facility situated at Dayton, New Jersey. The warning letter states that methods, facilities, and procedures used at the unit do not conform to the Current Goods Manufacturing Practice (CGMP).

Read more here.

ARSS Infrastructure secures Rs 210 crore order from NHIDCL

ARSS Infrastructure Projects Ltd. has secured an order worth Rs 210 crore from the National Highways & Infrastructure Development Corporation Ltd (NHIDCL). The work order will be for the improvement of the NH-40 section in Meghalaya into a two-lane with paved shoulder road. The order will be based on an engineering, procurement, and construction (EPC) mode.

Read more here.

Union Bank of India to raise Rs 1,000 crore from bonds

Union Bank of India Ltd. has announced that it will raise Rs 1,000 crore from bonds to fund its business growth. The bonds of face value of Rs 10 lakh each and bearing a coupon of 7.18% per annum, will have a maturity of 15 years. The bonds have a fixed allotment date of November 26, 2020. 

Read more here.

Shiva Cement to invest Rs 1,500 crore in new Odisha unit

Shiva Cement Ltd has announced plans to invest Rs 1,500 crore in a new 1.36 million tonne clinker unit project in the Sundergarh district of Odisha. The company is a subsidiary of JSW Cement Ltd. It has stated that Rs 1,150 crore will be raised through debt instruments. JSW will invest Rs 150 crore through redeemable preference shares, and the remaining amount will be raised through a rights issue.

Read more here.