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Recovery Seen in Nifty and Bank Nifty! – Post-Market Analysis

NIFTY started the day flat at 19,053. Right after opening, the index came crashing down till Friday’s low— a fall of nearly 145 points. After taking support at 18,940, the index bounced back/moved up with strength to 19,160 levels. It recovered nearly 220 points from the day’s low. Nifty closed at 19,140, up by 93 points or 0.49%.

Nifty chart October 30 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 42,721.40 with a small gap-down of 60 points. After falling 420 points initially till the previous day’s close, the index recovered 720 points— touching a high of 43,110 levels. BNF closed at 43,039, up by 501 points or 1.19%.

Bank Nifty chart October 30 - post-market analysis | marketfeed

All indices except Nifty Auto (-0.9%) and Nifty FMCG (-0.42%) closed flat-to-green.

Major Asian markets closed mixed (Japan’s Nikkei fell 0.95%). European markets are currently trading in the green.

Today’s Moves

BPCL (+3.57%) was NIFTY50’s top gainer. The company reported a net profit of ₹8,243.55 crore for Q2 FY24 as marketing margins improved.

Shares of Vodafone Idea (+6.8%) rallied over 8% to a two-week high ahead of its quarterly earnings call. On Friday, the telco said it will make significant investments to roll out 5G network and expand 4G coverage.

Supreme Industries (+7.4%) reported strong Q2 financial performance.

UPL (-3.58%) was NIFTY50’s top loser. The company reported a net loss of ₹189 crore for Q2 and cut FY24 revenue & EBITDA guidance.

SBI Cards (-5.07%) fell sharply over 7% after most market analysts cut its FY24 earnings estimate. 

Markets Ahead

The Indian stock markets have been volatile lately. Today, we witnessed a sharp fall followed by a recovery. We can see that buyers are trying to support the markets, but there are major resistance levels ahead that have to be taken out for the markets to turn bullish again.

Nifty: The immediate resistance for Nifty is near 19,160 levels. If that is breached, the index may move up to the 19,240 resistance level. Meanwhile, a breakdown from the previous swing support of 19,090 could bring the index down to 19,000 and 18,950 levels, which would indicate major bearishness again.

Bank Nifty: The immediate resistance for BNF is near 43,050. A breakout from this level might take the index up to 43,350. On the other hand, the immediate support to watch out is near the previous swing of 42,900. A breakdown from there could bring the index back to 42,700 and 42,400.

Both indices are near their respective Fibonacci rejection levels. So if there’s a negative price action tomorrow, the index can turn bearish again. For a bullish reversal, 50% fib rejection levels of 43,350 in Bank Nifty and 19,350 in Nifty have to be crossed.

Market sentiment remains cautious in the short term, with investors closely monitoring geopolitical tensions in West Asia, upcoming corporate earnings, and key economic data, (including PMI figures for October).

How did trading in November go? Are you in net profit or loss?

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Markets Take a Pause! Nifty Hits Fresh All-Time High – Post-Market Analysis

Markets Take a Pause - post-market analysis | marketfeed

NIFTY started the day at 20,127 with a gap-up of 57 points. The index moved up 40 points to 20,170 levels— creating a fresh all-time high! After making a double top, Nifty fell to 20,050 levels and consolidated within a 50-point range between 20,050 and 20,100 levels for the most part of the day. Nifty closed at 20,103, up by 33 points or 0.16%.

Nifty chart Sept 14 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 46,013 with a gap-up of 103 points. After the initial up-move to 46,150 levels, the index faced rejection and fell over 350 points till the 45,800 support zone. It later bounced back to 46,000 levels and consolidated between these levels for the most part of the day. BNF closed at 46,000, up by 91 points or 0.2%.

Bank Nifty chart Sept 14 - post-market analysis | marketfeed

All indices except Nifty Media (-0.4%) and Nifty FMCG (-0.15%) closed in the green. Nifty PSU Bank (+1.64%) moved up the most. 

Major Asian markets closed up to 1.5% in the green. European markets are currently trading mixed.

Today’s Moves

UPL (+3.85%) was NIFTY50’s top gainer. Antique Stock Broking has revised the stock’s rating to ‘Buy’.

Central Bank (+10.89%) jumped on the back of strong volumes.

NBCC (+7.7%) moved up after the civil construction firm received an order worth ₹180 crore from Steel Authority of India Ltd.

Sugar stocks Dhampur Sugar, Avadh Sugar, Balrampur Chini Mills, Rana Sugar, Shree Renuka Sugars, Eid Parry, Triveni Engineering, and others closed 4-11% in the green. Reports reveal that sugar prices may rise as Maharashtra’s sugar output is set to fall to a 4-year low in the 2023-24 crop year.

Asian Paints (-1.14%) was NIFTY50’s top loser. Stocks of paint companies were in focus today after Grasim Industries announced plans to launch its paints business ‘Birla Opus’ in Q4 FY24.

Markets Ahead

Our targets of 20,150 levels in Nifty and close to 46,200 in Bank Nifty were achieved. The markets are holding these higher levels and the current dips appear to be minor corrections. Given the ongoing strength in the markets, you could consider option buying trades, which may offer more rewarding opportunities with a higher probability of success.

Nifty: The index is currently facing strong resistance around the 20,100 level. If Nifty manages to surpass this hurdle, it may potentially reach its all-time high at 20,170, with the next target being 20,250. On the other hand, if there’s a decline below 20,040, it could push the index down to the 20,000 mark and 19,950 as the second target.

Bank Nifty: In the case of Bank Nifty, a crucial resistance level to watch is the round level of 46,000. If there’s a breakout above this level, it could potentially drive the index up to 46,150 and ultimately to its all-time high at 46,300. Meanwhile, a significant support level to keep an eye on is at 45,750. If the index breaks below this support, it may lead to targets of 45,500 and 45,300.

The markets have formed a DOJI candle on the daily time frame, indicating indecision. A breakout or breakdown, followed by confirmation, will likely determine the direction in which the markets will trend.

Consumer inflation in the US rose for the second consecutive month in August. The US Consumer Price Index (CPI) rose by 0.6% last month, the largest gain since June 2022. This was mainly due to higher gas prices.

Meanwhile, India’s wholesale inflation increased slightly to -0.52% in August 2023 vs. -1.36% in July. WPI-based inflation has been in the negative territory for the fifth month in a row!

How did expiry day trading go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

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Panic Selling in the Markets. Pharma Stocks Surge! – Post-Market Analysis

NIFTY started the day at 19,463 with a gap-down of 62 points. Initially, the index tried moving up, but the earlier support of 19,500 now turned into resistance. After forming a double top near the 19,500 zone, the index crashed without a retracement till 19,300 and then gave a sharp recovery of 100 points like yesterday to 19,400 levels. Nifty closed at 19,381, down by 144 points or 0.74%. 

BANK NIFTY (BNF) started the day at 44,862 with a gap-down of 132 points. Initially, the index tried moving above 45,000, but that level acted as a strong resistance. Similar to Nifty, Bank Nifty also fell nearly 750 points to the low of 44,300 levels (which is also a support zone). Then, there was a small retracement to 44,600. BNF closed at 44,513, down by 482 points or 1.07%. 

All indices except Nifty Pharma (+1.04%) and Nifty Media (+0.91%) closed in red. Nifty Realty (-1.78%) fell the most. 

Major Asian markets closed mixed (Japan’s Nikkei fell 1.6%). European markets are currently trading in the red.

Today’s Moves

Adani Ent (+2.39%) was NIFTY50’s top gainer. The company posted a 44% YoY increase in net profit to ₹674 crore, while revenue fell 38% YoY to ₹25,438 crore.

IRFC (+12.6%) hit a 52-week high of ₹45.3 today. IRFC and RITES signed an agreement to explore avenues of mutual collaboration in the railway ecosystem and transport infrastructure sector. Read more reasons for the stock’s recent rally here.

Pharma stocks Mankind Pharma (+9.1%), Laurus Labs (+5.4%), Lupin (+4.1%), Gland Pharma (+3.1%), and others showed strong grains in a weak market.

UPL (-3.02%) was NIFTY50’s top loser. The stock hit over a 2-year low on weak June quarter results.

Vedanta (-6.65%) fell up to 9% after a block deal took place on the exchanges wherein ~16.5 crore shares of the company worth ₹4,270 crore changed hands.

Godrej Properties (-5.2%) fell after the company said its pre-sales declined by 11% YoY to ₹2,250 crore as delayed launches adversely affected bookings. 

Markets Ahead

As said in yesterday’s post-market report, the target of 19,300 in Nifty was achieved today. But 44,150 in Bank Nifty is yet to be achieved.

Markets are clearly under selling pressure without any retracement. So tomorrow, we can expect a range-bound movement if the market opens with a big gap up or gap down. If the market opens flat and breaches today’s low, more bearishness can kick in.

Nifty: The important support for Nifty is now clearly 19,300. If that level is breached, the index can fall to 19,200 levels. The important resistance to watch out for is the 19,400-420 region, and 19,500 can be achieved if this resistance is crossed.

Bank Nifty: The important support for Bank Nifty is at 44,500 and the important resistance will be 44,750. A breakdown from 44,500 can give us a target of 44,150 and a breakout from 44,750 can give us targets of 45,000-200.

The markets are still under selling pressure. So even if there’s an up-move, it can be just a pullback, and the markets can continue to fall in the coming days.

If one played safely on today’s expiry day, it could’ve been an easy day for non-directional option sellers as well. Option buyers might have found it difficult to capture the trade as there was no retracement given for an entry.

Meanwhile, India’s services activity recorded the fastest growth rate in 13 years on strong demand. S&P Global’s India Services Purchasing Managers’ Index rose from 58.5 in June to 62.3 in July.

How did your expiry go? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Maruti Suzuki Posts 2.5x Jump in Net Profit in Q1 – Top Indian Market Updates

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

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

Maruti Suzuki Q1 Results: Net profit jumps 2.5x to ₹2,485 crore

Maruti Suzuki India reported a 2.5x YoY jump in consolidated net profit to ₹2,485 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 22% YoY to ₹32,327 crore during the same period. The automaker sold 498,030 units during the quarter, registering a growth of 6.4% YoY.

Read more here.

SAIL awards ₹30,483 crore mine development project to Power Mech

Power Mech Projects has secured a mine development and operation (MDO) project of ₹30,438 crore by state-owned steel maker SAIL. The duration of the contract is 28 years, which includes two years of development period. The contract will primarily comprise mine infrastructure development, removal of overburden and extraction of coking coal, crushing, transportation, and setting up of coal washery of 3.5 MTPA capacity.

Read more here.

UPL Q1 Results: Net profit falls 81% to ₹166 crore

UPL Limited reported an 81% YoY decline in consolidated net profit to ₹166 crores for the quarter ended June (Q1 FY24). Its revenue from operations fell 17% YoY to ₹8,963 crore during the same period. UPL has significantly cut its earnings guidance for FY24. The company now sees revenue growing 1-5% in FY24, compared to 6-10% earlier.

Read more here.

Nirma closes in on Glenmark’s API subsidiary

The Nirma Group is the frontrunner to acquire Glenmark Life Sciences (GLS), an 82.84% subsidiary of Glenmark Pharmaceuticals. The conglomerate emerged as the sole bidder late last week. Nirma is using healthcare subsidiary Aculife Healthcare as the likely vehicle for the acquisition. GLS is a leading active pharmaceutical ingredient (API) platform.

Read more here.

Adani Green Q1 Results: Net profit rises 51% YoY to ₹323 crore

Adani Green Energy Ltd reported a 51% YoY increase in consolidated net profit to ₹166 crores for the quarter ended June (Q1 FY24). Its revenue from operations rose 33% YoY to ₹2,176 crore during the same period. Revenue from power supply was up 55% YoY to ₹2,059 crore in Q1. The sale of energy has increased by 70% YoY to 6,023 million units.

Read more here.

DGCA renews Jet Airways flying permit

The Directorate General of Civil Aviation (DGCA) has renewed Jet Airways’ flying permit till September as the fate of the airline still remains uncertain. The company’s air operator’s certificate (AOC) lapsed after it shut operations in April 2019. The airline has been undergoing insolvency proceedings in India’s bankruptcy court (NCLT).

Read more here.

GAIL Q1 Results: Net profit falls 51% YoY to ₹1,412 crore

GAIL (India) Ltd reported a 51.5% YoY decline in net profit to ₹1,412 crores for the quarter ended June (Q1 FY24). Its revenue from operations fell 14% YoY to ₹32,227.47 crore during the same period. The company’s board has approved a proposal to increase the cost of its new petrochemical plant in the Raigad district of Maharashtra from ₹7,823 crore to ₹11,256 crore.

Read more here.

Laxmi Organic board approves ₹710 crore capex to set up manufacturing site

Laxmi Organic Industries Ltd’s board has approved a capital expenditure of ₹710 crore for setting up a manufacturing site in Dahej, Gujarat. The proposed capacity addition of the site in Dahej will be more than 1 lakh tonnes every year. The first phase of the product portfolio at this new site will include speciality items like Diketene and Ketene derivatives.

Read more here.

Vi partners with TSSC to launch IoT Centre of Excellence

Vodafone Idea Foundation has partnered with the Telecom Sector Skill Council (TSSC) to launch the IoT Centre of Excellence at Indira Gandhi Delhi Technical University for Women (IGDTUW) in Delhi. The centre will provide hands-on training in new age and emerging technologies such as 5G, artificial intelligence/machine learning (AI/ML), IoT (internet of things), security, and surveillance to build a skilled workforce for the future.

Read more here.

India’s core sector growth output at 5-month high of 8.2% in June

Growth of eight key infrastructure sectors slowed down to 8.2% YoY in June 2023 due to a decline in the production of crude oil, natural gas, and electricity, as against 5% in May. The coal sector saw a growth of 9.8% YoY in June after growing 32.1% in the same month a year ago. Natural gas grew 3.6% YoY, while crude oil saw a dip of 0.6% YoY.

Read more here.

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Coal India’s Profit Falls 18% YoY to Rs 5,528Cr in Q4 – Top Indian Market Updates

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

Coal India Q4 Results: Net profit falls 18% YoY to Rs 5,528 crore

Coal India reported an 18% YoY decline in net profit to Rs 5,528 crore for Q4 FY23. Its operating revenue rose 17% YoY to Rs 38,152 crore during the same quarter. EBITDA stood at Rs 6,898 crore in Q4 FY23, down 24% YoY. The company’s board has recommended a dividend of Rs 4 per equity share.

Read more here.

ITC Hotels signs three more Storii properties

ITC Hotels has signed agreements for three new properties under its boutique Storii brand in Goa, Himachal Pradesh, and Uttar Pradesh. The Storii brand is becoming popular in the experiential segment, offering travellers unique local experiences. The Storii Moira Riviera in North Goa features Mediterranean-style architecture and 15 boutique rooms with plunge pools and spa facilities.

Read more here.

Canara Bank Q4 Results: Net profit rises 90% YoY to Rs 3,175 crore

Canara Bank reported a 90% YoY increase in net profit to Rs 3,175 crore for Q4 FY23. The bank’s Net Interest Income (NII) stood at Rs 8,616 crore, up 23% YoY. Its Net non-performing assets (NNPA) ratio fell from 2.65% in Q4 FY22 to 1.73% in Q4 FY23. The bank’s board has recommended a dividend of Rs 12 per equity share.

Read more here.

Happiest Minds Technologies Q4 Results: Net profit rises 11% YoY to Rs 58 crore

Happiest Minds Technologies reported an 11% YoY increase in consolidated net profit to Rs 58 crore for Q4 FY23. Its operating revenue rose 26% YoY to Rs 378 crore during the quarter. EBITDA stood at Rs 101 crore, up 23% YoY from Q4FY22. The company’s board has recommended a dividend of Rs 3.4 per equity share.

Read more here.

ITC launches first millet cookies as part of Sunfeast Farmlite

ITC Foods has launched its first millet cookies under the Sunfeast Farmlite brand as part of the ITC Mission Millet initiative, which aims to develop a “good-for-you” product portfolio, implement sustainable farming systems, and enhance consumer awareness of millets. The cookies come in two variants – Multi Millet & Choco-chip Multi Millet.

Read more here.

UPL Q4 Results: Net profit falls 7% YoY to Rs 245 crore

UPL reported a 43% YoY fall in consolidated net profit to Rs 792 crore for Q4 FY23. However, its revenue increased 4% YoY to Rs 16,569 crore during the quarter. EBITDA stood at Rs 3,033 crore in Q4 FY23, down 16% YoY. The company’s board has recommended a dividend of Rs 10 per equity share.

Read more here.

Aditya Birla Fashion to raise up to ₹800 crore for TCNS acquisition

Aditya Birla Fashion & Retail (ABFRL) plans to raise ₹700-800 crore in external debt to finance its acquisition of a 51% stake in TCNS Clothing. ABFRL will also fund the acquisition through internal accruals. The remaining stake in TCNS will be acquired from the founder promoters, and the public shareholders will receive 11 shares of ABFRL for every six shares held in TCNS. The two companies will be merged after the transaction.

Read more here.

IOL Chemicals gets approval to export paracetamol in European market

IOL Chemicals and Pharmaceuticals has received certification from the European Directorate for the Quality of Medicines & HealthCare, allowing it to export paracetamol to Europe. The Punjab-based company is a manufacturer of Active Pharmaceutical Ingredients (APIs) and specialty chemicals and has a total capacity of 3,600 tonnes for producing paracetamol.

Read more here.

Pennar Industries secures orders worth Rs 682 crore

Pennar Industries has received orders worth Rs 682 crore across various business verticals. The company won orders from leading players across industries such as Tata Steel, Ashok Leyland, Hindalco, Tata Power, and Kirloskar Toyota, among others. It is expected to execute the orders within the next two quarters.

Read more here.

Indirect taxes department to soon adjudicate MRF, Bombay Dyeing, and Vedanta for evasion on imports

The Central Board of Indirect Taxes and Customs (CBIC) is reportedly planning to adjudicate show-cause notices issued to importers for Integrated GST (IGST) evasion. The affected importers include Bombay Dyeing, BALCO, Vedanta, JSW Steel, and MRF. In addition, the CBIC has ordered Directorate of Revenue Intelligence (DRI) field formations to begin adjudication in cases of misuse of pre-import and physical export conditions.

Read more here.

India coal imports surge to 162 MT in FY23

India’s coal imports increased by 30% YoY to 162.46 million tonnes (MT) in the 2022-23 financial year. The import of coking coal rose 5.44% YoY to 54.46 MT in FY23. India is among the top five coal-producing countries in the world. However, some parts of its coal requirement are met through imports as the country is also among the major consumers of the dry fuel.

Read more here.

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Adani Enterprises FPO Fully Subscribed on Final Day – Top Indian Market Updates

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

Adani Enterprises FPO fully subscribed on final day

The follow-on public offering (FPO) of Adani Enterprises Ltd secured bids for 50.85 million shares against an offer size of 45.5 million shares (representing a 1.12 times subscription) on the final day of bidding. Non-institutional investors (NIIs) put in bids for over three times the 96.16 lakh shares reserved for them. The 1.28 crore shares reserved for qualified institutional buyers (QIBs) were almost fully subscribed. The FPO received a muted response from retail investors.

Read more here.

India’s GDP growth to slow down to 6-6.8%: Economic Survey

According to the Economic Survey released by the government, India’s economic growth is forecast to be 6.5% in FY24, compared to 7% in the current financial year (FY23). The projection is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, IMF, and RBI. Meanwhile, the govt has achieved 48% of its disinvestment target of ₹65,000 crore for FY23 as of Jan 18.

Read more here.

IOCL Q3 Results: Net profit falls 92% YoY to ₹442 crore

Indian Oil Corporation Ltd (IOCL) reported a 92% YoY decline in net profit to ₹442 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 22.7% YoY to ₹2.04 lakh crore during the same period. Total expenses increased 20.18% YoY to ₹2.29 lakh crore in Q3. Domestic sales volume rose by 10.22% YoY to 23.17 million metric tonnes (MMT), while export sales fell 27.71% YoY to 1.135 MMT.

Read more here.

Lupin gets tentative USFDA approval for DETAF tablets

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for its new drug application Dolutegravir, Emtricitabine, and Tenofovir Alafenamide (DETAF) tablets. DETAF is used to manage HIV infections and will be available for supplies to low and middle-income countries. The product will be manufactured at Lupin’s facility in Nagpur. 

Read more here.

UPL Q3 Results: Net profit rises 16% YoY to ₹1,087 crore

UPL Limited reported a 16% YoY decline in consolidated net profit to ₹1,087 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 21% YoY to ₹13,679 crore during the same period. EBITDA stood at ₹3,305 crore in Q3, up 14% YoY. In India, UPL saw healthy growth driven by strong traction in its seeds business, while the crop protection business saw flat growth.

Read more here.

Godrej Properties buys 89-acre land parcel in Khalapur

Godrej Properties Ltd has entered into an agreement for the outright purchase of an 89-acre land parcel in the Khalapur locality of Maharashtra’s Raigad district. The plot is estimated to have a development potential of around 1.9 million sq ft of saleable area consisting primarily of residential plotted development. It is in proximity to the Mumbai-Pune Expressway and offers good connectivity to Mumbai, Navi Mumbai, and Pune.

Read more here.

Sun Pharma Q3 Results: Net profit rises 5% YoY to ₹2,166 crore

Sun Pharmaceutical Industries Ltd reported a 5% YoY increase in consolidated net profit to ₹2,166 crore for the quarter ended December (Q3 FY23). The pharma company’s revenue from operations rose 14% YoY to ₹11,241 crore during the same period. Sun Pharma’s board has also declared an interim dividend of ₹7.50 per share. 

Read more here.

Hindustan Zinc to invest $1 billion to replace diesel-run mining vehicles with EVs

Hindustan Zinc Ltd (HZL) will invest $1 billion to convert around 900 diesel-run mining vehicles into battery-operated ones over the next five years. The company is steadily switching to electric vehicles for its underground mine operations. With the help of Finnish technology company Normet Group Oy, HZL has inducted battery-powered service equipment and utility vehicles into underground mining to help decarbonise and improve environmental sustainability in the mining industry.

Read more here.

Godrej Consumer Q3 Results: Net profit rises 3.5% YoY to ₹546 crore

Godrej Consumer Products Ltd reported a 3.5% YoY increase in consolidated net profit to ₹546.34 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 9% YoY to ₹3,598.92 crore during the same period. Its India business sales grew by 11% YoY to ₹1,975 crore and volumes rose 3% YoY. 

Read more here.

Income Tax Department conducts survey action against Cipla: Report

As per a CNBC-TV18 report, the Income Tax Department has carried out a survey action against drug major Cipla Ltd. The department is conducting the surprise action to check the balance sheets and other business documents of the pharma company as part of an alleged tax evasion investigation. 

Read more here.

India’s core sector growth at 3-month high of 7.4% in Dec

Production of eight infrastructure sectors rose at a three-month high of 7.4% in December 2022, compared to 4.1% in Dec 2021. The production of coal rose by 11.5%, fertiliser by 7.3%, steel by 9.2%, and electricity by 10% in Dec 2022 compared to a year ago. Crude oil production declined by 1.2% YoY in December 2022.

Read more here.

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NTPC Group Crosses 3 GW Operational Renewable Energy Capacity – Top Indian Market Updates

ntpc
ntpc

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

NTPC Group crosses 3 GW operational renewable energy capacity

NTPC Group (including joint ventures and subsidiaries) has crossed 3 gigawatts (GW) of operational renewable energy (RE) capacity. The group achieved this milestone with the commissioning of Phase 1 of the 300 megawatts (MW) Nokhra Solar PV Project at Bikaner, Rajasthan. The company now has 36 operational RE projects spread across 12 states with a cumulative capacity of 3,094 MW.

Read more here.

Delhivery to acquire supply chain solutions provider Algorhythm Tech

Delhivery Ltd will acquire Pune-based supply chain solutions provider Algorhythm Tech (AT) to strengthen its offerings in this space. Post completion of this transaction, AT will operate as a wholly-owned subsidiary of the company. Algorhythm Tech offers end-to-end supply chain planning and execution products to clients across various sectors such as FMCG, pharma, steel, auto, and telecom.

Read more here.

Adani Group company VCPL has picked up 8.27% stake via open offer: NDTV

NDTV has disclosed that Adani Group firm Vishvapradhan Commercial Pvt. Ltd. (VCPL) has acquired an 8.27% stake in the company in the recently concluded open offer. Adani’s total shareholding in the media company has increased to 37.45% with the closure of the open offer. The open offer was triggered after VCPL acquired a 99.5% stake in RRPR Holding Pvt. Ltd. (RRPR), which translated to 29.18% of the shareholding in the TV news company. To learn more about the takeover, click here.

Read more here.

Shyam Metalics enters stainless steel business with Mittal Corp buyout

Shyam Metalics & Energy Ltd (SMEL) seeks to conclude its acquisition of Mittal Corp to strengthen its metal portfolio by entering the stainless steel/wire rod & bar mill business. The company has embarked on a ‘diversification approach’ in the metal space to chart its growth journey and proposes to further invest ₹7,500 crore over the next five years. SMEL aims to increase its capital expenditure (capex) to ₹10,000 crore in the next five years for organic and inorganic expansion.

Read more here.

Banks write off loans worth ₹11.17 lakh crore in last 6 years

Banks have written off bad loans worth ₹11.17 lakh crore from their books in the last six years till the financial year 2021-22, said Minister of State for Finance Bhagwat Karad. The non-performing assets (NPAs), including those in respect of which full provisioning has been made on completion of four years, are removed from banks’ balance sheets by way of write-offs. Banks write off NPAs as part of their regular exercise to clean up their balance sheet, avail tax benefits, and optimise capital.

Read more here.

Tata Motors migrates dealer management system to Oracle Cloud Infrastructure

Tata Motors announced the migration of its entire Dealer Management System (DMS) to Oracle Cloud Infrastructure (OCI). The move is expected to boost the automaker’s operational efficiencies with deeper business insights, greater security, increased flexibility, and cost optimisation. The DMS supports Tata Motors’ pre-sales, sales, and after-sales market touchpoints across all segments of passenger and commercial vehicles.

Read more here.

Bharti Airtel acquires strategic stake in Lemnisk

Bharti Airtel has acquired a strategic stake in Lemnisk (Immensitas Private Limited) under its StartUp Accelerator Program. Airtel will work towards creating a customer data platform (CDP) across its digital business, including ad-tech (Airtel Ads), Digital Entertainment (Wynk Music and Airtel Xstream) and Digital Marketplace (Airtel Thanks App) through this acquisition.

Read more here.

Capacit’e Infraprojects bags Rs 117 crore order from DLF

Construction firm Capacit’e Infraprojects Ltd has bagged an order worth ₹117.20 crore from DLF Ltd for the construction of a mall in Goa. The contract amount excludes GST and labour cess. The company said the order inflow for the current fiscal, along with the existing order book, gives it confidence to deliver good growth in the coming quarters.

Read more here.

CCI approves Brookfield’s minority stake buy in UPL Sustainable Agri Solutions Ltd

The Competition Commission of India (CCI)  has approved Woodhall Holdings Ltd’s acquisition of a minority stake in UPL Sustainable Agri Solutions Ltd (UPL SAS). The deal has been cleared under the green channel route. Under this framework, a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the fair trade regulator.

Read more here.

Care Ratings predicts 12-15% growth in general insurance premium

Care Ratings expects the gross direct premium of general insurance companies to grow by 12-15% in the medium term, with private insurers continuing to outperform government-owned insurers. Lower health insurance payouts post Covid, increase in prices of group insurance and easing of solvency requirements for crop insurance will support growth for general insurance companies in the next financial year, said the rating agency.

Read more here.

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Reliance Industries Posts Q2 Results – Top Indian Market Updates

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

RIL Q2 Results: Net profit flat at ₹13,656 crore

Reliance Industries Ltd (RIL) reported a 0.17% YoY (or 24% QoQ) decline in consolidated net profit to ₹13,656 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 33.7% YoY to ₹2.32 lakh crore during the same period. RIL’s revenues from the oil-to-chemicals (O2C) business increased by 33% to ₹1.41 lakh crore.

Reliance Jio’s net profit increased by 28% YoY to ₹4,518 crore in Q2. The telecom major’s revenue from operations rose 20% YoY to ₹22,521 crore.

Read more here.

CIL starts 17 more first-mile connectivity projects worth Rs 11,000 crore

State-owned Coal India Ltd (CIL) has started 17 more first-mile connectivity projects worth ₹11,000 crore under the third phase. First-mile connectivity (FMC) refers to the transportation of coal from pitheads to dispatch points. CIL is preparing a rollout plan to float tenders for the latest projects by FY25, and the projects would be commissioned by FY27.

Read more here.

JSW Steel Q2 Results: Net loss at ₹915 crore

JSW Steel Ltd reported a consolidated net loss of ₹915 crore for the quarter ended Sept (Q2 FY23). It posted a net profit of ₹7,179 crore in Q2 FY22. Its revenue from operations rose 29% YoY to ₹41,778 crore in Q2 FY23. Total expenses stood at ₹43,354 crore in Q2, up 29% YoY. The company’s consolidated crude steel output fell 3% QoQ to 5.68 million tonnes (MT).

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IEX trade volume falls 11% to 23.1 billion units in Q2

The total trade volume of the Indian Energy Exchange (IEX) fell over 11% to 23.1 billion units (BU) in the July-September quarter (Q2). The volume comprised 19.7 BU in the conventional power market, 1.5 BU in the green market segment, and 1.9 BU in the Renewable Energy Certificates (REC) market. The average Day Ahead Market prices increased to ₹5.40 per unit during Q2 FY23, compared to ₹4.14 in Q2 FY22.

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Bajaj Finserv Q2 Results: Net profit rises 39% YoY to ₹1,557 crore

Bajaj Finserv Ltd reported a 39% YoY increase in consolidated net profit to ₹1,557 crore for the quarter ended Sept (Q2 FY23). Its total income grew 16% YoY to ₹20,803 crore during the same period. Total expenses rose 8.7% YoY to ₹16,545.23 crore. Its subsidiary, Bajaj Finance, recorded its highest-ever quarterly consolidated profit of ₹2,781 crore in Q2, up 88% YoY.

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Ramkrishna Forgings secures export order worth ₹121.5 crore

Ramkrishna Forgings Ltd received a long-term supply contract worth ₹121.5 crore for two electric vehicle components from a Swedish original equipment manufacturer (OEM). This is the company’s third order in nearly two months. Last week, it received an order worth ₹131.50 crore from a Tier-1 axle maker for a component used in North American heavy commercial vehicles (HCVs).

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IDBI Bank Q2 Results: Net profit rises 46% YoY to ₹828 crore

IDBI Bank reported a 46% YoY increase in net profit to ₹828.09 crore for the quarter ended Sept (Q2 FY23). Its net interest income (NII) rose 48% YoY to ₹2,738 crore during the same period. The gross non-performing assets ratio (GNPA) improved to 16.51% in Q2, compared to 19.9% in Q1. The bank’s provisions rose 77% YoY to ₹1,380 crore in Q2 FY23.

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HAL concludes contract with Indian Air Force for indigenous trainer aircraft

The Indian Air Force and Hindustan Aeronautics Ltd (HAL) concluded a contract for 70 HTT-40 indigenous trainer aircraft worth Rs 6,800 crore. The aircraft has state-of-the-art contemporary systems and has been designed with pilot-friendly features. Prime Minister Narendra Modi unveiled HAL’s HTT-40 at the 12th DefExpo organised in Gujarat.

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HUL Q2 Results: Net profit rises 20% YoY to ₹2,616 crore

Hindustan Unilever Ltd (HUL) reported a 19.6% YoY (or 14% QoQ) increase in net profit to ₹2,616 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 16% YoY to ₹14,751 crore during the same period. EBITDA stood at ₹3,479 crore, up 8% YoY. HUL’s board has declared an interim dividend of ₹17 per share.

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UPL restructures business into four units

Fertiliser manufacturer UPL Ltd. will restructure its major businesses into four separate units to simplify the group structure. The company will transfer its crop protection business on a slump-sale basis to UPL Sustainable Agri Solutions. The global crop protection platform (excluding India) will be housed under UPL Ltd., Cayman. The seed business will be transferred to a new company named Advanta Enterprises Ltd. 

Read more here.

Ambuja Cements Q2 Results: Net profit falls 94% YoY to ₹51 crore

Ambuja Cements Ltd reported a 94.24% YoY decline in consolidated net profit to ₹51.3 crore in Q2, mainly due to rising fuel prices and related inflationary impact. Its revenue from operations rose 7.46% YoY to ₹7,143.17 crore during the same period. Total expenses stood at ₹7,179.9 crore in Q2, up 29.5% YoY.

Read more here.

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Adani Acquires Holcim’s Stake in Ambuja Cement, ACC – Top Indian Market Updates

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

Adani completes acquisition of Holcim’s stake in Ambuja Cement, ACC

The Adani Group has completed the acquisition of Ambuja Cements and its subsidiary ACC Ltd from Switzerland-based Holcim Group for $6.4 billion (~₹51,030 crore). This transaction comprises Holcim’s entire 63.11% stake in Ambuja Cement and a 4.48% direct stake in ACC. Ambuja holds a 50.05% interest in ACC Ltd. The two cement makers together make Adani the second largest cement player in India after Aditya Birla Group’s UltraTech Cement. 

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Govt clears 23 strategic projects under National Technical Textiles Mission

The Central Govt. has cleared 23 strategic research projects of ~Rs 60 crore in the areas of specialty fibres, sustainable textiles, geotextiles, and sports textiles under the National Technical Textiles Mission. Textiles Minister Piyush Goyal emphasised the importance of contributions of technology & segment experts, scientists, and academicians to the future growth of technical textiles in India.

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Domestic air passenger traffic rises 3% in August: DGCA

Domestic air traffic grew marginally by 3% in August 2022 to 1 crore passengers, compared to 97 lakh domestic passengers in July. IndiGo flew the most number of passengers, with a market share of 58%. Tata Group airlines (Air India, Vistara, and AirAsia India) had a 24% market share as of August. Data released by the Directorate General of Civil Aviation (DGCA) showed that airlines flew with an average seat occupancy of 75% last month.

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Godrej Properties clocks ₹1,210 crore sale bookings in two new projects

Godrej Properties Ltd has achieved sales bookings worth ₹1,210 crore in its two new housing projects in Mumbai. The realty company launched two projects— Godrej Ascend at Thane and Godrej Horizon at Wadala— during Q1 FY23. It has cumulatively sold more than 700 homes accounting for an area of ~8.08 lakh square feet for both projects.

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Hero MotoCorp to launch EV model next month

Hero MotoCorp plans to enter the electric segment next month with the launch of its first model in the domestic market. The company confirmed in a quarterly report that “a new era in mobility is about to begin,” referring to an event in Jaipur under its “Vida” brand on October 7. The two-wheeler manufacturer has sent invitations for the event to its dealers, investors, and global distributors.

Read more here.

UPL partners with Cleanmax to build hybrid power project in Gujarat

UPL Ltd will partner with Mumbai-based CleanMax Enviro Energy Solutions to set up a hybrid energy power plant in Gujarat. The companies will operate a hybrid captive power plant with a capacity of 28.05 MW of solar power and 33 MW of wind power. The project will allow UPL to increase its renewable energy usage to 30% of its total global power consumption (from 8% currently).

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Zydus Lifesciences gets tentative USFDA approval for Sugammadex injection

Zydus Lifesciences Ltd’s US-based subsidiary has received tentative approval from the US Food & Drug Administration (USFDA) to market Sugammadex injection. The drug is indicated for the reversal of neuro-muscular blockade induced by rocuronium bromide and vecuronium bromide (used in modern anesthesia) in adults undergoing surgery. The injection will be manufactured at the pharma company’s facility at Jarod, Gujarat.

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ED freezes ₹46.66 crore held in merchant accounts of Paytm, Razorpay

The Enforcement Directorate (ED) has frozen ₹46.67 crore held in merchant accounts maintained by Paytm, Razorpay, Cashfree, and Easebuzz in the instant Chinese loan app case. As per ED’s investigation, Lillion Technocab and Shigoo Technology Pvt. Ltd. used to route their money via HPZ token to the merchant accounts of these digital payment firms.

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Zomato’s Blinkit starts home delivery of iPhone 14

Zomato-owned quick-commerce platform Blinkit has partnered with Unicorn Info solutions to deliver iPhones 14 and other Apple products to doorsteps. The service is currently available in Delhi, Gurugram, and Mumbai. Customers in India can get the iPhone 14 for ₹79,900 and the 6.7-inch iPhone 14 Plus for ₹89,900 (available from Oct 7).

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Harsha Engineers IPO subscribed 74.7 times on final day

Harsha Engineers’ IPO was subscribed 74.7 times on the final day of bidding. The portion reserved for retail investors was subscribed 17.63 times. Non-institutional investors (NIIs) have subscribed 71.32 times against their reserved portion. The portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 178.26 times.

Harsha Engineers International is the largest manufacturer of precision bearing cages in terms of revenue in the organised sector in India. The company had fixed ₹314-330 per share as the price band for the ₹755 crore IPO.

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

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

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

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

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

Read more here.

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

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

Read more here.

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

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

Read more here.

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

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

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

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

Read more here.

Ashok Leyland announces merger of Hinduja Leyland Finance with NXTDIGITAL

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

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

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

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

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

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

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

Read more here.

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Manufacturing PMI Hits 8-Month High in July – Top Indian Market Updates

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

Manufacturing PMI hits 8-month high in July

India’s manufacturing sector activity hit the highest level in eight months in July 2022, driven by significant growth in business orders. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 56.4 in July, compared to 53.9 in June. Demand continued to advance in July on the back of easing price pressures.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.  


Read more here. 

Auto sales data for July 2022: Highlights  

Maruti Suzuki India posted an 8.3% year-on-year (YoY) increase in total sales to 1,75,916 units in July 2022. Sales of its compact vehicle segment rose 17% YoY to 1,05,151 units. Exports fell 4.3% YoY to 20,311 units.

Tata Motors Ltd registered a 52% YoY increase in total sales to 78,978 units in July. The automaker’s commercial vehicle sales rose 43% YoY to 34,154 units. Overall passenger vehicle sales rose 57% YoY to 47,505 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 28,053 units in July, an increase of 33% YoY. M&M’s tractor sales fell 14% YoY to 23,307 units. 

Bajaj Auto posted a 4% YoY decline in total sales to 3,54,670 units in July. Meanwhile, TVS Motor Company’s total sales stood at 3,14,639 units in July, up 13% YoY.

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UPL Q1 Results: Net profit rises 29% YoY to Rs 877 crore

UPL Limited reported a 29% YoY increase in consolidated net profit to Rs 877 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 27% YoY to Rs 10,821 crore during the same period. Revenues remained firm on the back of better product realizations, favourable exchange rates, and higher volumes. EBITDA stood at Rs 2,342 crore, up 26% YoY.

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Bharti Airtel acquires 19,800 MHz spectrum in 5G auction for 43,084 crore

Bharti Airtel Ltd has acquired 19,800 megahertz (MHz) spectrum for Rs 43,084 crore in India’s first 5G spectrum auction. It secured a pan India footprint of 3.5 GHz and 26 GHz bands. The telecom company plans to launch 5G services in every part of India, starting with key cities. Airtel is convinced that its higher-quality customer base will adopt 5G devices at a rapid pace in the country.

Meanwhile, Vodafone Idea has acquired spectrum in the 3300 MHz and 26 GHz bands to deliver 5G experience to its customers and strengthen enterprise offerings.

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Zomato Q1 Results: Net loss at Rs 186 crore

Zomato Ltd reported a consolidated net loss of Rs 185.7 crore for the quarter ended June (Q1 FY23). The online delivery platform had posted a net loss of Rs 356.2 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 67.4% YoY (or 16.6% QoQ) to Rs 1,413.9 crore in Q1 FY23. Zomato’s gross order value (the total value of all orders placed online on its platform) grew 41.6% YoY to Rs 6,430 crore in Q1, with average monthly transacting customers at 16.7 million.

Read more here.

Coal India’s output rises 11% in July

Coal India Ltd (CIL) produced 47.3 million tonnes (MT) of coal in July, registering a growth of 11% YoY. The state-owned company has maintained a double-digit rising streak for four consecutive months of the current financial year (FY23). CIL produced 207.1 MT of coal during April-July, recording a 24.3% YoY. The company accounts for more than 80% of domestic coal production.

Read more here.

ITC Q1 Results: Net profit rises 34% YoY to Rs 4,390 crore

ITC Limited reported a 34% YoY (or 4.6% QoQ) increase in consolidated net profit to Rs 4,390 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 39% YoY to Rs 19,831.27 crore during the same period. Its FMCG segment posted a 19.5% YoY increase in revenue at Rs 4,451 crore. Revenue from ITC’s hotel segment stood at Rs 554 crore, up 332.8% YoY.

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IndusInd Bank partners with Rupyy to offer loans for used cars

IndusInd Bank has announced a strategic partnership with Rupyy– a new-age digital lending platform that offers 100% paperless loan processing. This partnership will allow users of Rupyy to avail of simplified documentation and instant processing of loans for used cars from IndusInd Bank. The bank’s customers can now opt for flexible repayment options while transacting on Rupyy.

Read more here.

GST collections rises 28% to Rs 1.49 lakh crore in July

India’s Goods and Services Tax (GST) collection rose 28% YoY to touch the second-highest level of Rs 1.49 lakh crore in July 2022, driven by economic recovery and steps taken to curb tax evasion. In July, revenues from import of goods were 48% YoY higher, while revenues from domestic transactions (including import of services) were 22% YoY higher. This is the sixth time that the monthly GST collection crossed the Rs 1.40-lakh-crore mark since the implementation of GST in 2017.

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Ramco Cements Q1 Results: Net profit falls 36% YoY to Rs 109.23 crore

The Ramco Cements Ltd reported a 36.37% YoY decline in consolidated net profit to Rs 109.23 crore for the quarter ended June (Q1 FY23). Its total income rose 44% YoY to Rs 1,785.64 crore during the same period. EBITDA fell 17% YoY to Rs 308 crore in Q1, mainly due to a sharp increase in fuel prices and weak cement prices. The company’s sold 3.31 million tonnes (MT) of cement in Q1 FY23, compared to 2.14 MT in Q1 FY22.

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Apollo Tyres gears up to meet demand from EV segment

Apollo Tyres Ltd expects electric vehicle (EV) adoption to pick up pace over the next few years and is gearing up to cater to demand both in passenger vehicle and two-wheeler segments. The company has launched two tyre brands— Amperion and Wav— for electric passenger vehicles and two-wheelers, respectively. It is also looking to cater to electric models in the European market through its “Vredestein” brand.

Read more here.

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Bharti Airtel Opts to Defer AGR Dues by 4 Years – Top Indian Market Updates

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

Bharti Airtel opts to defer Rs 3,000 crore AGR dues for FY18, FY19 by 4 years

Bharti Airtel Ltd has opted for the four-year moratorium on adjusted gross revenue (AGR) dues for FY18 and FY19, amounting to ~Rs 3,000 crore. The company will not avail of the option to convert accrued interest on such statutory dues into government equity. The Department of Telecommunications (DoT) had recently offered the two options to all telcos as part of its support package for the industry.

Read more here.

Manappuram Finance to raise up to Rs 770 crore via NCDs

Manappuram Finance Ltd’s board has approved a proposal to raise up to Rs 770 crore via non-convertible debentures (NCDs) on a private placement basis. The company will issue secured, unrated, and redeemable NCDs of the face value of Rs 10 lakh for a principal amount of ~Rs 770 crore. Kerala-based Manappuram Finance is one of India’s leading gold loan non-banking financial companies (NBFCs).

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JB Chemical’s board approves acquisition of Dr Reddy’s 4 brands

JB Chemicals & Pharmaceuticals’ board has approved a proposal to acquire four pediatric brands (Z&D, Pedicloryl, Pecef, and Ezinapi) from Dr. Reddy’s Laboratories Ltd for ~Rs 98 crore. All four brands are focused on the pediatric segment in India. The combined sales of these brands stood at around Rs 33 crore for FY 2021-22. The acquisition will be funded primarily through long-term debt.

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Vodafone Idea boosts 4G experience in Uttarakhand, UP West

Vodafone Idea (Vi) has enhanced its 4G experience in Uttarakhand & Uttar Pradesh West, enabling a better network experience and faster speeds. It has deployed the 900MHz spectrum on 3100+ sites and the 1800 MHz band on 10,295 sites in Uttarakhand & UP West, providing 97.5% of the population in the circle with stronger network indoors.

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Zydus Lifesciences gets USFDA approval for Lacosamide injection

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Lacosamide injection. The drug is used to treat partial-onset seizures. It acts on the central nervous system to reduce the number and severity of seizures. The pharma company will manufacture the drug at its injectables facility in Jarod, Gujarat. 

Read more here.

SBI Cards partners with Aditya Birla Finance to launch credit cards

SBI Cards and Payment Services Ltd has entered into a strategic partnership with Aditya Birla Finance Ltd (ABFL) to launch the ‘Aditya Birla SBI Card’. The card will offer customers significant reward points on their telecom, fashion, travel, dining, entertainment, and hotel payments. The credit card is available in two variants— Aditya Birla SBI Card SELECT and Aditya Birla SBI Card— on the Visa platform.

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Devyani International launches its 1000th outlet in Mumbai

Devyani International Ltd (DIL) has announced the milestone opening of its 1,000th outlet. Its newest Pizza Hut outlet in Mumbai marks DIL’s commitment to business growth across geographies. DIL is the largest quick-service restaurant (QSR) operator franchisee (or operator) of popular fast-food chains such as Pizza Hut, KFC, and Costa Coffee in India. 

CCI approves Google International’s acquisition of 1.28% stake in Bharti Airtel

The Competition Commission of India (CCI) has approved Google International’s buy of a 1.28% stake in Bharti Airtel. According to the agreement signed between the two firms, Google will acquire a 1.28% stake in Bharti Airtel for $700 million. It will also invest $300 million over the next five years in commercial arrangements in the areas of affordable mobile devices, 5G networks, and cloud technologies.

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ABB partners with THINK Gas to automate operations

ABB India Ltd has partnered with THINK Gas for automating operations across its gas network, which includes many remote terminals spread across multiple locations. THINK Gas has licenses to distribute compressed natural gas (CNG) across Punjab, Madhya Pradesh, Bihar, and Uttar Pradesh. ABB has created a system to integrate, monitor, and control the day-to-day operations of the company. It will help automate workflows to support operators and improve safety.

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UPL partners with Bungle to establish ‘Origeo’ in Brazil

UPL has partnered with US-based Bunge to increase productivity, profitability, and sustainability for farmers in Brazil. The two entities will establish Origeo, a company that will provide end-to-end solutions to farmers, in Brazil’s MAPITOBAPA macro-region. Origeo will combine Bunge’s expertise in financing, trading, and logistics with UPL’s sustainable agricultural inputs, solutions, and services portfolio.

Read more here.