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Tata Motors to Hike CV Prices by 3% in Oct – Top Indian Market Updates

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

Tata Motors to hike commercial vehicles prices by 3% in Oct

Tata Motors will raise the prices of its commercial vehicles (CVs) by up to 3%, its third hike in 2023, to offset the residual impact of past input costs. The price hike, effective Oct. 1, will be applicable across its range of CVs. The automaker previously raised prices by 1.2% in January and by 5% in March to ensure its vehicles comply with the new emission norms.

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SBI launches digital opening of NRE/NRO account setup via YONO

State Bank of India (SBI) has introduced a digital facility for Non-Resident Indians (NRIs) to effortlessly open NRE and NRO accounts (both savings and current accounts) through its mobile app YONO. This service is designed for NTB or ‘new to bank’ customers, providing them with ease and efficiency in the account opening process.

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Petromin Corporation signs 3 agreements with HPCL to invest $700 million

Petromin Corporation KSA will invest $700 million in partnership with Hindustan Petroleum Corporation Ltd (HPCL) in three strategic areas. It will invest around $100 million to set up around 1,000 vehicle service centres at HPCL retail outlets in India. Petromin will also invest around $100 million to install and operate up to 5,000 electric vehicle charging units at HPCL-operated stations throughout India.

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NTPC mining arm to explore battery minerals overseas

According to a Reuters report, NTPC’s mining arm will explore overseas sourcing of battery minerals such as lithium, cobalt and nickel. India has been pursuing pacts with other countries to secure key minerals in resource-rich countries such as Australia, Argentina and Chile. The country aims to be a net zero emitter of greenhouse gases by 2070.

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Torrent Pharma looks to partner with CVC Capital to fund Cipla purchase

Torrent Pharmaceuticals Ltd is in advanced negotiations with CVC Capital Partners to form a consortium and raise at least $1.2-$1.5 billion. The fundraise is for its proposed acquisition of Cipla. Torrent is also engaged with Brookfield to raise $1-1.2 billion in mezzanine debt. The company’s founders, the Sudhir and Samir Mehta family, are seeking to dilute equity and create a non-disposable undertaking (NDU) using their shares as collateral for loans.

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India’s net direct tax collections rise over 23% to ₹8.65 lakh crore

According to the Income Tax department, India’s net direct tax collections grew 23.51% to ₹8,65,117 crore till September 16, 2023, in the current financial year (FY24). The provisional figures show net collection figure for the corresponding period in FY23 was ₹7,00,416 crore. This surge can be attributed to a balanced mix of Corporation Tax (CIT) and Personal Income Tax (PIT), which includes Securities Transaction Tax (STT).

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India’s trade deficit widens to $24.16 billion in August

India’s trade deficit in August 2023 surged 17% month-on-month to $24.16 billion. The trade deficit in July stood at $20.67 billion. This rise can be attributed to an 11% increase in goods imports, whereas exports only experienced a modest 6.9% growth during the same period. [Trade deficit is the difference that arises when the amount of imports by a country exceeds its exports.] 

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VA Tech WABAG signs pact with Al Jomaih Energy and Water

VA Tech WABAG Ltd signed a Memorandum of Understanding (MoU) with Al Jomaih Energy and Water (AEW), a developer of energy and water projects in the Middle East. The companies examining collaborative opportunities in water project development across Saudi Arabia and the broader Middle East region.

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Sona BLW Precision concerns over auto workers’ strike in US

Sona BLW Precision Forgings Ltd informed of a strike at the plants of three of its key clients in the United States. United Auto Workers (UAW) in the US went on strike at some of the plants of three original equipment manufacturers (OEMs) on September 15, 2023. The company added that it supplies to these three OEMs in the US, directly or indirectly.

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HFCL secures ₹1,015 crore order from Madhya Pradesh govt

HFCL secured a ₹1,015 crore order from the Madhya Pradesh Jal Nigam for providing engineering, procurement and construction (EPC) services. The order involves a provision for laying optical fibre cables on critical routes and execution of a multi-village drinking water supply network in the Sheopur district of the state. The project will be executed by the company in 24 months in collaboration with Khilari Infrastructure Pvt. Ltd.

Read more here. 

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India Approves Rs 2,980Cr for Exploration of Coal and Lignite Scheme – Top Indian Market Updates

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

India approves Rs 2,980 crore for Exploration of Coal and Lignite scheme

The union government has approved the continuation of the central sector plan ‘Exploration of Coal and Lignite scheme’ with an estimated expenditure of Rs 2,980 crore from FY 2021-22 to FY 2025-26. The scheme includes promotional exploration and detailed drilling in non-CIL (non-Coal India Ltd) areas to estimate coal resources. The geological reports generated through these explorations are utilized for auctioning new coal blocks.

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Cabinet approves Rs 89,000-crore revival plan for BSNL

The Union Cabinet approved an Rs 89,047 crore revival package for state-run telecom company BSNL. Measures include equity infusion for 4G/5G spectrum and increased authorised capital. BSNL aims to become a stable telecom provider, focusing on remote connectivity. BSNL partnered with TCS for nationwide 4G deployment amidst rivals’ 5G rollouts. The company’s struggle with poor infrastructure and tough competition from Jio, Airtel, and Vodafone Idea prompted this move. 

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NHPC signs agreement for developing 7,350 MW pumped storage hydropower projects in Maharashtra

NHPC has partnered with the Maharashtra government to construct pumped storage hydro projects with a total capacity of 7,350 MW and an investment of Rs 44,000 crore. The agreement also includes the development of other renewable energy projects in Maharashtra. The MoU aims to utilise pumped storage projects as energy storage solutions to support the national objective of achieving 500 GW of renewable energy capacity by 2030 and becoming net zero by 2070.

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Torrent Power to build 3 hydro projects for Rs 27,000 crore in Maharashtra

Torrent Power Ltd has signed a Memorandum of Understanding (MoU) with the Maharashtra government. The agreement is for the development of three pumped storage hydro projects in the state. The projects, with a capacity of 5,700 MW and an investment of around Rs 27,000 crore are expected to create employment for approximately 13,500 people during the construction phase. Torrent plans to complete the projects within 5 years.

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KPI Green Energy gets LoI for 40 MW hybrid project in Gujarat

KPI Green Energy has received a letter of intent (LoI) to develop a 40 MW hybrid green energy project in Gujarat. The project will consist of 21.50 MW wind and 18.5 MW solar capacity. Anupam Rasayan India issued the largest single LoI to KPI Green for this venture. The company sees this LoI as a major achievement, demonstrating its robust presence in the renewable energy sector.

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Allcargo arm to sell stake in logistics parks to Blackstone for Rs 400 crore

Allcargo Logistics Ltd’s subsidiary Transindia Real Estate Ltd is selling the Jhajjar logistics park and a 10% stake in other parks to Blackstone. The Jhajjar Park will be sold for approximately Rs 625 crore. Additionally, the company will divest its 10% stake in various logistics and industrial parks for around Rs 60 crore. These divestments will provide Transindia Real Estate with over Rs 400 crore, supporting its growth, financial capabilities, and strategic investments in new opportunities.

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Coal India free float to increase in FTSE on June 7

FTSE has announced an increase in the free float of Coal India Ltd after a successful Offer for Sale (OFS). The rise in free float could result in an inflow of approximately $18.5 million and 6.6 million equity shares. This adjustment will occur on June 7, affecting indices such as FTSE All-World, FTSE MPF All-World, FTSE Global Large Cap, and FTSE Emerging. The updated shareholder information for Coal India prompted the investability weight change in these indices.

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VA Tech Wabag wins Rs 420 crore project in Maharashtra

VA Tech Wabag has been awarded a project worth Rs 420 crore by CIDCO, a Maharashtra government agency. The water treatment and desalination solutions provider will undertake the design, build, and operation (DBO) of a water treatment plant (WTP) in Jite, Raigad district. The proposed capacity of the plant is 270 Mega Litres per Day (MLD) as per the project details.

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HCL Tech launches 5G test lab in Chennai

HCL Technologies has launched a cutting-edge test lab in Chennai, facilitating global telecom infrastructure OEMs to validate 5G solutions. The facility is equipped with advanced scanners for testing large base stations and small antennas used in various devices. With experienced engineers, HCL Tech ensures precise testing and verification of cellular and non-cellular products.

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Tata Elxsi partners with ISRO to develop crew recovery models for Gaganyaan Mission

Tata Elxsi has partnered with the Indian Space Research Organisation (ISRO) for the Gaganyaan Mission, creating crew module recovery models (CMRM) for training. The mission aims to demonstrate human spaceflight capability, with a 400-kilometre orbit and a three-day mission. Safe crew recovery in Indian sea waters is crucial, requiring minimal time delay.

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HAL Registers Rs 26,500 cr Revenue for FY23- Top Indian Market Updates

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

HAL registers Rs 26,500 crore revenue for FY23

Hindustan Aeronautics Ltd has registered its highest-ever revenue from operations of around Rs 26,500 crore (provisional and unaudited) for FY2022-23, up 8% YoY. The order book of the Bengaluru-headquartered company stood at around Rs 82,000 crore at the end of March 2023. The cash flow of the company has improved substantially with payments of around Rs 25,000 crore received from various Defence customers.

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Larsen & Toubro secures multiple EPC projects in domestic market

Larsen & Toubro’s power transmission & distribution (PT&D) business has secured multiple significant orders (in the range of ~Rs 1,000-1,500 crore) in the domestic market. The company will establish 765kV and 400kV gas-insulated substations to serve as pooling substations at the RE zone of Khavda Renewable Energy park in Gujarat’s Kutch region.

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Sanofi looks to spin off its consumer business in India: Report

As per an Economic Times report, French drugmaker Sanofi has initiated a process to turn its consumer healthcare business in India into a listed entity through a demerger. The unit’s products include leading anti-allergy brands such as Allegra and Avil, pain management drug Combiflam, and Vitamin D brand Depura. The business posted revenue of Rs 1,000-1,250 crore in CY22.

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Va Tech Vabag secures Rs 4,400 cr seawater desalination project in Tamil Nadu

Va Tech Wabag has secured a Rs 4,400 crore seawater reverse osmosis project in Tamil Nadu. After completion, it would be the largest sea-water desalination project in the South East Asia region. The project will enhance the water security for Chennai through a stable source of drinking water.

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Bandhan Bank adds 50 new branches to its network

Bandhan Bank has added 50 more branches to its existing network of around 1350 others across the country. The majority of the new branches opened are in Bihar, Gujarat and Madhya Pradesh. The private sector lender also plans to introduce new products and increase the width of services in the next financial year (FY24).

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IDBI Bank gets NCLT approval to set off accumulated losses of Rs 45,396 crore

IDBI Bank has received approval from the National Company Law Tribunal (NCLT) to set off its accumulated losses worth Rs 45,396 crore by reducing its share capital. The bank plans to utilize the balance of Rs 50,719.75 crore in its Securities Premium account to offset the losses. The Central government and the Life Insurance Corporation of India are currently in the process of selling their stake in the bank.

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Coal India exceeds annual output target of 700 mn tonnes for first time in 17 years

Coal India Ltd (CIL) has exceeded its annual production target of 700 million tonnes (MT) for the first time in 17 years. It produced an estimated 703.4 MT in the financial year ended March 2023 (FY23). This marks a 13% increase from the previous year and the highest annual production volume in the company’s history. CIL is targeting a production of 780 MT in the upcoming financial year (FY24) to meet the increasing demand from India’s power utilities.

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ZEEL enters into a one-time settlement with Standard Chartered Bank for credit facility availed by Siti Networks

Zee Entertainment Enterprises Ltd (ZEEL) has reached a one-time settlement agreement with Standard Chartered Bank for a loan taken by Siti Networks, a subsidiary of the Essel Group. The bank had provided credit facilities to Siti Networks that were secured by a Debt Service Reserve Account (DSRA) support and undertaking from ZEEL. While the amount has not been disclosed, the settlement will resolve any outstanding issues related to the loan.

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RVNL secures road project worth Rs 720.67 crore

Rail Vikas Nigam Limited (RVNL) has been declared the lowest bidder for a project worth Rs 720.67 crore by the National Highway Authority of India (NHAI). The project involves the construction of a 7.192-kilometre-long six-lane elevated Kona expressway in West Bengal. 

Meanwhile, RVNL’s joint venture with Metrowagonmash & Locomotive Electronic System has received an order from the Ministry of Railways for manufacturing Vande Bharat Trainsets. The contract involves the supply of 200 trainsets, with a cost per set of Rs 120 crore.

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Reliance Jio, Bharti Airtel gain subscribers in Jan

Reliance Jio Infocomm and Bharti Airtel gained 16.5 lakh and 12.8 lakh mobile users, respectively, in January 2023. Jio and Bharti Airtel’s user bases jumped to 42.6 crore and 36.8 crore, respectively. Meanwhile, Vi lost nearly 13.6 lakh mobile users in January, further shrinking its user base to 23.9 crore. 

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Tech Mahindra and YIT Corp Enters into Strategic Partnership

Tech Mahindra has entered into a strategic partnership with Finland-based YIT Corporation to drive its business transformation. As per the partnership, Tech Mahindra will provide a significant part of YIT’s IT services and consolidate the current services to one dedicated supplier. The IT company will also optimise YIT’s business processes through automated IT operations.

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BEL secures export orders worth $52 million

Bharat Electronics Limited (BEL) has received export orders worth $52 million in March. This includes communication equipment, electronics assembly, micro modules and mechanical parts for various customers from France, Israel, and the US. Yesterday, the Ministry of Defence signed 10 contracts worth ₹5,498 crore with BEL for the three armed forces.

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NCLT Approves HDFC-HDFC Bank Merger – Top Indian Market Updates

hdfc

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

HDFC-HDFC Bank merger gets NCLT approval

The National Company Law Tribunal (NCLT) has given its approval to the HDFC-HDFC Bank merger. In April 2022, HDFC Bank agreed to take over the biggest domestic mortgage lender in a deal valued at about $40 billion. The proposed entity will have a combined asset base of around Rs 18 lakh crore. The merger is expected to be completed by the second or third quarter of FY24.

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Tata ceases discussions with Bisleri to acquire the packaged water giant

Tata Consumer Products has ended discussions with Bisleri for the potential acquisition of the packaged water giant. In November 2022, owners of Bisleri International said they will divest the company to the Indian conglomerate for an estimated ₹6,000-7,000 crore. Bisleri’s owners were reportedly looking to raise about $1 billion from a deal.

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Bharti Airtel launches unlimited 5G data offer

Bharti Airtel has launched an unlimited 5G data offer to hold on to its higher-paying postpaid users and also push its 4G users to upgrade to its next-gen wireless broadband service. This move comes after Reliance Jio’s new postpaid plans were announced earlier this week. The unlimited 5G data offer will be available to all postpaid customers as well as prepaid ones with data plans of Rs 239 and above.

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Va Tech Wabag secures order worth Rs 800 crore in Bangladesh

VA Tech Wabag has secured a Rs 800 crore project funded by the World Bank and Asian Infrastructure Investment Bank (AIIB) in Bangladesh. The company will design, build and operate a sewage treatment plant with a capacity of 200 million litre per day (MLD) in Dhaka. This project has the potential to be expanded to 600 MLD in the future

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Havells commences commercial production of ACs at Sri City plant

Havells India Ltd has commenced commercial production of air conditioners (ACs) at its Sri City plant. The company manufactures home appliances, lighting for domestic, commercial, & industrial applications, LED lighting, fans, modular switches & wiring accessories, water heaters, etc.

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Zee Entertainment calls report of $10 million repayment ‘speculative’

Zee Entertainment Enterprises Ltd (ZEEL) called the report saying it will repay $10 million to IndusInd to wrap the Sony deal as “speculative”. The media company said it is exploring several strategies related to the ongoing dispute. On Thursday, Bloomberg reported that ZEEL has agreed to repay its dues to the IndusInd Bank to resolve insolvency proceedings against it and get a step closer to completing its merger with the Sony Group.

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GAIL signs MoU with Shell Energy India for exploring ethane sourcing opportunities

GAIL (India) Ltd. signed a Memorandum of Understanding (MoU) with Shell Energy India for exploring ethane sourcing and other energy value chain opportunities. Through this agreement, GAIL expects to dive into the prospects of importing and handling different hydrocarbons that serve as essential chemical and petrochemical precursors. The company said this is a step towards achieving improved sustenance in business operations.

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Unichem Labs gets USFDA approval for chronic angina treatment tablets

Unichem Laboratories Ltd has received approval from the US Food and Drug Administration (USFDA) for its Ranolazine Extended-Release tablet. The drug is prescribed for the treatment of chronic angina (a type of chest pain caused by reduced blood flow to the heart). The product will be commercialised from its manufacturing facility in Goa. 

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Maiden Forgings to launch IPO next week

Steel bars and wires manufacturer Maiden Forgings will launch an Initial Public Offering (IPO) to raise Rs 24 crore. The IPO will open on March 22 and close on March 24. Out of the total 37,84,000 equity shares on offer, not more than 17,97,000 equity shares have been reserved for Qualified Institutional Buyers (QIB). A total of 5,39,100 shares have been reserved for Non-Institutional Investors (NII) and the rest for retail individual investors.

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Adani Enterprises to Raise ₹20,000Cr Via FPO – Top Indian Market Updates

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

Adani Enterprises to raise up to ₹20,000 crore via FPO

Adani Enterprises Ltd’s board has approved a proposal to raise up to ₹20,000 crore through a follow-on public offer (FPO). The capital raise will boost the Adani Group’s aggressive growth across business verticals, both organically and via acquisitions.

As per a Financial Times report, Adani Group is planning to invest more than $4 billion in a petrochemical complex in Gujarat. Gautam Adani also plans to launch a “super app” in the next 3-6 months to connect Adani airport passengers with other Adani Group services.

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JLR to cut production at UK factories till spring: Report

According to a Guardian report, Tata Motors-owned Jaguar Land Rover has decided to cut production at factories in Solihull & Halewood (UK) between January & March. The global auto industry has suffered from semiconductor shortages and supply issues since the Covid-19 pandemic broke out in early 2020. Semiconductor shortages have left JLR customers waiting more than a year for their vehicles, with sales suspended for some variants.

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Castrol India to acquire 7.09% stake in TVS Automobile Solutions’ digital arm

Castrol India Ltd (CIL) will acquire a 7.09% stake in TVS Automobile Solutions’ digital subsidiary Ki Mobility Solutions (KMS) with an investment of ₹487.5 crore in an all-cash deal. With this strategic investment, CIL aims to expand its presence in service & maintenance for both internal combustion engine (ICE) and electric vehicles (EV). It will also leverage myTVS’ digital and operational capabilities.

Read more here.

Krsnaa Diagnostics plans 600 testing centres by end of FY24

Krsnaa Diagnostics plans to enter the retail segment of diagnostic services by setting up 600 collection centres under franchisee model by end of FY24. The company will open collection centres across Maharashtra, Himachal Pradesh, Punjab, West Bengal, and Rajasthan. Krsnaa will leverage its network of labs that are operational under public-private partnership (PPP) mode for its business-to-consumer (B2C) expansion.

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Reliance Jio rolls out True-5G in Gujarat

Reliance Jio has started rolling out its True-5G services in Gujarat. The state has become the first in the country to get Jio True-5G connection across all 33 district headquarters. Jio will launch a series of True 5G-powered initiatives across the education, healthcare, agriculture, and industry 4.0 sectors in Gujarat and then extend it across the country. Jio users in Gujarat will have access to 1 Gbps+ speed at no additional cost.

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Shriram Properties acquires Suvilas Realities

Shriram Properties Ltd (Ltd) has completed the acquisition of Suvilas Realities Pvt. Ltd. through its wholly-owned subsidiary, Shriprop Builders Pvt Ltd. Suvilas Realities is currently developing a 0.65 million square feet residential project at Jalahalli, Bengaluru, under the brand name “Shriram Suvilas Palms”. The project has a revenue potential of over ₹400 crore.

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IEX’s board approves buyback of shares at ₹200 per share

Indian Energy Exchange’s (IEX) board has approved a share buyback of up to Rs 98 crore at ₹200 per share through the open market route. The maximum buyback price of ₹200 per share represents a 36.01% premium to Thursday’s closing price of ₹147.05 on the BSE. The maximum number of equity shares to be bought back under the buyback would be 49 lakh.

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Nykaa records 12x jump in revenue on first day of Pink Friday Sale

Nykaa recorded a 75% year-on-year (YoY) growth in gross merchandise value (GMV) and a 12-fold jump in revenue on Day 1 of its Pink Friday sale. The company recorded over 400 orders per minute on Nov 21. The number of visitors on Day 1 of the sale grew 37% YoY to 1 crore. The sale will be live until November 28 on its website, app, and Nykaa stores. Purchases of make-up, skincare, and haircare jumped 14x, 12x, and 9x, respectively.

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VA Tech Wabag to raise ₹200 crore via NCDs

VA Tech Wabag Ltd’s board has approved a proposal to raise ₹200 crore through non-convertible debentures (NCDs) in one or more rounds to Asian Development Bank (ADB). The NCD proposal will further help the company to optimise debt. The tenure of the debt instrument would be 5 years and three months. VA Tech Wabag offers turnkey solutions for water & wastewater treatment to municipal and industrial segments in India and abroad. 

Read more here.

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Tata Power to Set Up Mega Solar Project in TN – Top Indian Market Updates

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

Tata Power to invest Rs 3,000 crore to set up mega solar plant in Tamil Nadu

Tata Power Ltd has signed a Memorandum of Understanding (MoU) with the Tamil Nadu Government to invest ~Rs 3,000 crores in a new 4 gigawatt (GW) solar cell and 4 GW solar module manufacturing plant in Tirunelveli, Tamil Nadu. The investment in the plant will be made over 16 months and will create over 2,000 employment opportunities. The MoU outlines the commitment made by both parties to stimulate clean energy transition and employment in the state.

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APSEZ cargo handling grows 8% to record 90 MT in Q1

Adani Ports and Special Economic Zone Ltd (APSEZ) handled the highest-ever cargo in a quarter at 90.89 million metric tonnes (MMT) during the April-June period (Q1) of FY23, registering a growth of 8% YoY. In June alone, the company handled the highest ever monthly cargo of 31.88 MT, registering a 12% YoY growth. Mundra (21%), Hazira (16%), Kattupalli & Ennore combined (38%), and Dahej (70%) are the key ports that helped drive this monthly volume growth.

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Muthoot Finance gets RBI approval to open 150 new branches across India

Muthoot Finance Ltd has received approval from the Reserve Bank of India (RBI) to open 150 new branches across India. It will help the company expand its customer base and assist new customers with gold loan finance and other services. Muthoot Finance plans to carry out branch expansion across South and North India. This expansion will also aid in creating employment opportunities in the sector.

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AU Small Finance Bank’s loans grow 42 % YoY in Q1 

AU Small Finance Bank (SFB) posted a 42% year-on-year (YoY) and 5% QoQ growth in credit to Rs 49,366 crore in the quarter ended June (Q1 FY23). Loan disbursements jumped 345% YoY to Rs 8,445 crore during the same period. The lender’s total deposits grew by 48% YoY (or 4% QoQ) to Rs 54,631 lakh crore in Q1.

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Tata Motors plans to sell five lakh cars in FY23

Tata Motors Ltd has announced plans to sell five lakh cars in the current financial year (FY23). Chairman N Chandrasekaran also expressed confidence that electric vehicle (EV) sales will cross one lakh units by the next fiscal year. The automaker aims to expand the product portfolio to 10 EVs by 2025 and expects the share of EVs in total sales to rise to 25% in the next five years.

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Va Tech Wabag secures order worth Rs 430 crore from Reliance Industries

Va Tech Wabag Ltd has secured a Rs 430 crore order from Reliance Industries Ltd for establishing a desalination plant at Jamnagar. The scope of work includes the design, engineering, procurement, construction, and commissioning of the seawater reverse osmosis (SWRO) plant. This plant is scheduled to be completed over a 21-month period.  

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NTPC power generation rises 22% YoY in Q1 

NTPC Limited reported a 22% YoY growth in power generation at 104.4 billion units (BU) in the April-June quarter (Q1 FY22). The company posted a 29% YoY rise in power generation at 34.8 BU during June 2022, compared to 26.9 BU in June 2021. NTPC has also become India’s first energy company to declare its energy compact goals as part of the UN High-level Dialogue on Energy (HLDE).

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RBI imposes Rs 1.05 crore penalty on Kotak Mahindra Bank

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 1.05 crore on Kotak Mahindra Bank. The penalty can be attributed to non-compliance with the Banking Regulation Act, 1949, and directions on ‘Customer Protection– Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’, and ‘Loans and Advances– Statutory and Other Restrictions’. 

In other news, RBI has imposed a penalty of Rs 1 crore on IndusInd Bank for non-compliant with certain Know Your Customer (KYC) norms.

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Adani Enterprises declared lowest bidder in CIL import tender

Adani Enterprises Ltd has emerged as the lowest bidder in Coal India Ltd’s first coal import tender. The company quoted Rs 4,033 crore for the supply of 2.416 million tonnes (MT) of coal on a freight-on-road (FOR) basis. The imported coal will go to seven state-generating companies and 19 private power plants.

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Manufacturing PMI at 54.6 in May – Top Indian Market Updates

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

Manufacturing PMI expands in May despite high inflation rate

India’s manufacturing activity expanded in May and sustained strong growth despite historically high inflation. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54.6 in May 2022, compared to 54.7 in April. Factory output was boosted by a jump in international orders, which was at the highest level in over 11 years. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.   

Read more here.

Auto sales data for May 2022: Highlights  

Maruti Suzuki India posted a 7.14% month-on-month (MoM) increase in total sales to 1,61,413 units in May 2022. Sales of its compact vehicle segment rose 12% MoM to 85,355 units. Exports rose 47% to 27,191 units.

Tata Motors Ltd registered a 3.1% MoM increase in total sales to 74,755 units in May. The automaker’s commercial vehicle sales rose 5.13% MoM to 31,414 units. Overall passenger vehicle wholesales rose 4.2% MoM to 43,341 units.

Mahindra & Mahindra’s auto segment posted total sales of 53,726 units in May, an increase of 15.44% MoM. M&M’s farm equipment segment posted a 12.74% YoY decline in sales to 35,722 units. 

Bajaj Auto posted an 11.23% MoM fall in total sales to 2,75,868 units in May.  

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VA Tech Wabag gets €18 million order from Korea’s DL E&C in Russia

VA Tech Wabag Ltd has secured an order worth €18 million (~Rs 149 crore) from Korea’s DL E&C CO for a water treatment package for a EuroChem methanol production facility in Kingisepp, Russia. This order includes the design & supply, installation, and commissioning of a water treatment plant, scheduled to be completed in 15 months. The project will employ softening, ultrafiltration, and reverse osmosis technologies to treat brine water which will be reused as processed water in the facility.

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Natco Pharma launches first generic version of Nexavar tablets in US

Natco Pharma Ltd announced the launch of the first generic version of Nexavar (Sorafenib) tablets in the US market. The product will be launched by Natco Pharma’s Hyderabad-based commercial partner, Viatris. Nexavar registered sales of $69.7 million for the year ending December 2021 as per IQVIA data.

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Aditya Birla Group launches digital venture TMRW

Aditya Birla Group has announced the launch of its new direct-to-customer (D2C) entity– TMRW, which will acquire and incubate 30 brands over the next three years. The digital venture will also enable multiple founders to operate within a synergistic platform. TMRW will also tap into the capabilities and networks of the Aditya Birla Group and Aditya Birla Fashion and Lifestyle ecosystems.

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Yes Bank shortlists JC Flowers as its ARC partner: Report

As per a CNBC-TV18 report, Yes Bank has shortlisted US-based private equity firm JC Flowers as its joint venture (JV) partner for its proposed asset reconstruction company (ARC). It is the second attempt by the bank to set up its own ARC after the Reserve Bank of India (RBI) turned down its earlier proposal in March 2021. As per the latest proposal, Yes Bank would hold a minority 20% stake in the proposed ARC. The remaining 80% stake would be held by its foreign JV partner.  

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Vodafone Idea launches AdTech platform Vi Ads

Telecom operator Vodafone Idea announced the launch of its ad-tech platform Vi Ads. The artificial intelligence/machine learning (AI/ML) driven Adtech platform will provide marketers a return on investment (ROI)-focussed programmatic media buying platform. Vi Ads will enable marketers to engage with the operator’s over 243 million subscribers through multiple channels.

IT dept conducts searches in premises linked to Embassy Group

The Income Tax (IT) Department has conducted searches across premises linked to real estate developer Embassy Group in Bangalore, Gurgaon, and Mumbai for alleged tax evasion. The searches have been reportedly conducted across ~50 offices of Embassy Group and its affiliates.

The IT Dept is also searching premises of Indiabulls Real Estate in Mumbai’s Bandra-Kurla Complex (BKC) and Gurgaon area in the backdrop of its upcoming merger with Embassy.

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Cargo Traffic at Major Ports Rises by 11.43% in August – Top Indian Market News

Cargo traffic at major ports rises by 11.43% in August

Cargo traffic at India’s major ports increased by 11.43% year-on-year (YoY) to 57.59 million tonnes (MT) in August. The country’s 12 major ports had handled 51.68 MT of cargo in August 2020. The ports under control of the central government include Deendayal, Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar, VO Chidambarnar, Visakhapatnam, Paradip, and Kolkata. 

VA Tech Wabag secures $11.45 million order for Malaysia’s Petronas Refinery

VA Tech Wabag has secured an order worth $11.45 million (~Rs 83.7 crore) from Dialog E&C Sdn. Bhd. for establishing an effluent treatment plant in Johor, Malaysia. The plant at Pengerang Integrated Complex will be constructed for PRPC Utilities and Facilities Sdn Bhd, a subsidiary of Petronas Refinery and Petrochemical Corporation (PRPC). Wabag will provide design, engineering, procurement, and supervision services for the proposed effluent treatment plant.

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Welspun gets USFDA approval for 3 Ply Surgical Masks

Welspun India has become the first Indian company to receive one of the most stringent and well-recognized quality approvals, the USFDA 510(k) clearance, for its 3 Ply Surgical Masks. The product is made with 100% polypropylene and offers 98% protection against bacterial load. Welspun’s 3 Ply Surgical Masks is already certified by the Bureau of Indian Standards (BIS) and CE (conformity of goods with European standards).

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Lupin partners with TB alliance for new therapy for drug-resistant Tuberculosis

Non-profit drug developer TB Alliance has granted a non-exclusive license to manufacture anti-tuberculosis drug Pretomanid to Lupin Ltd. Pretomanid is part of a three-drug regimen BPaL, which includes bedaquiline and linezolid. It is used to treat those with extensively drug-resistant TB. Lupin intends to commercialize the drug in nearly 140 countries and territories, including many of the highest TB burden nations around the world.

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Ahluwalia Contracts secures order worth Rs 890 crore

Ahluwalia Contracts (India) Ltd has secured an order for the construction of an Animal Science University at Patna from the Executive Engineer Construction Division-1, Building Construction Department, Patna (Bihar). The order is worth Rs 890 crore. The company’s total order inflow in the current financial year (FY22) stands at Rs 1,119 crore.

Zydus Cadila gets USFDA approval for diabetes medication

Zydus Cadila has received approval from the US Food & Drug Administration (USFDA) to market Sitagliptin, a drug indicated to treat diabetes. On October 31, 2020, the pharma company had filed a new drug application (NDA) with the USFDA seeking approval to market Sitagliptin base 25, 50, and 100 mg tablets. The NDA received tentative approval upon completion of the first review cycle on September 2, 2021.

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Tamilnad Merchantile Bank files DRHP for IPO

Tamilnad Merchantile Bank has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise funds via an initial public offering (IPO). The IPO comprises a fresh issue of up to 1.58 crore shares and an offer for sale (OFS) of up to 12,505 shares by existing shareholders. Tuticorin-based Tamilnad Mercantile Bank is a professionally managed lender and does not have an identifiable promoter. The 100-year-old company was established as a lender for the Nadar community in Tamil Nadu.

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Alembic Pharma’s JV gets USFDA approval for Metronidazole gel

Aleor Dermaceuticals, a joint venture (JV) of Alembic Pharma, has received final approval from the USFDA for Metronidazole gel. The gel is indicated for the topical treatment of inflammatory lesions of rosacea (a condition that causes redness and often small, red, pus-filled bumps on the face). According to IQVIA, Metronidazole gel USP had annual sales of $29 million (~Rs 211 crore) for the twelve months ended June 2021.

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NMDC targets iron ore output of 44 MT in FY22; draws up capex of Rs 3,750 crore

NMDC Limited is planning a capital expenditure (capex) of Rs 3,750 crore and targeting an iron ore output of 44 million tonnes (MT) in the current financial year (FY22). The company had achieved an iron ore output of 35 MT during the Covid-hit FY21. NMDC has registered strong volume growth and revenue growth during the first five months of FY22 and expects to sustain the growth momentum.

State-owned NMDC has also reduced the prices of lump ore and fine ore by Rs 1,000 per tonne.

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India to Target 20% Ethanol Blending in Petrol by 2025, says PM Modi – Top Indian Market News

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India advances 20% ethanol blending in petrol to 2025: PM Modi

Prime Minister Narendra Modi, on Saturday, said the target date for achieving 20% ethanol-blending with petrol has been advanced by five years to 2025 to cut pollution and reduce import dependence. The E100 pilot project related to the production and distribution of ethanol was also launched in Pune today. Ethanol extracted from sugarcane and damaged food grains is less polluting and its use will also provide farmers with an alternate source of income. 

Last year, the Central government had set a target of reaching 10% ethanol blending in petrol (10% ethanol mixed with 90% diesel) by 2022 and 20% doping in 2030.

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VA Tech Wabag Q4 Results: Net profit at Rs 32 crore

VA Tech Wabag Ltd reported a standalone net profit of Rs 32.82 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net profit of Rs 1.38 crore in the corresponding quarter last year (Q4 FY20). Total income rose 39.2% YoY to Rs 701.09 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit rose 24.3% YoY to Rs 73.03 crore. VA Tech Wabag is a water treatment company based in Chennai.

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IOL Chemicals Q4 Results: Net profit declines 16% YoY to Rs 75 crore

IOL Chemicals and Pharmaceuticals Ltd reported a 16.63% YoY decline in net profit to Rs 75.25 crore for the quarter ended March (Q4). Net profit has declined by 35.5% when compared to the previous quarter. Its revenue from operations rose 4% YoY to Rs 467 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 23.05% YoY to Rs 444.46 crore. The company’s board has recommended a final dividend of Rs 2 per share.

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GST collection declines in May; still holds above Rs 1 lakh crore mark 

The gross Goods and Services Tax (GST) revenue collected in May 2021 stood at Rs 1,02,709 crore, as per data released by the Ministry of Finance. This marks the eighth month in a row that GST revenue has stayed above the Rs 1 lakh crore mark. GST collection took a severe hit in May due to lockdowns and other restrictions imposed by states to curb the second wave of Covid-19 infections. The total GST revenue in May 2021 stands 65% higher than the corresponding month last year. GST collections in April 2021 stood at a record high of Rs 1.41 lakh crore.

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PNB targes 3-fold rise in profit at nearly Rs 6,000 crore in FY22 

Punjab National Bank (PNB) announced that it is expecting a nearly three-fold jump in net profit to Rs 6,000 crore during the current financial year (FY22). The lender said this target will depend on credit growth and overall demand in the economy. It projects a loan growth of 8-10% for the banking industry on the assumption that the economy will grow at 9.5% in 2021-22. PNB has also identified bad loans (NPAs) worth Rs 8,000 crore, which will be transferred to the National Asset Reconstruction Company Ltd (NARCL).

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REC subsidiary transfers two project specific SPVs to PowerGrid

REC Power Distribution Company Ltd, a wholly-owned subsidiary of REC Limited, has handed over two project-specific Special Purpose Vehicles (SPVs) to Power Grid Corporation of India. The SPVs include Fatehgarh Bhadla Transco Ltd and Sikar New Transmission Ltd. The selection of PowerGrid was carried out through Tariff Based Competitive Bidding (TBCB) conducted by the Ministry of Power, Government of India.

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Dynemic Products Q4 Results: Net profit declines 27% YoY to Rs 5.8 crore

Dynemic Products Ltd reported a 27.72% YoY decline in consolidated net profit to Rs 5.79 crore for the quarter ended March (Q4). Net profit has declined by 30% when compared to the previous quarter. Its revenue from operations rose 29.43% YoY to Rs 56.56 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 17.87% YoY to Rs 28.49 crore. Dynemic Products is a leading manufacturer of food colours.

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IPO-bound Paytm reports loss of Rs 1,701 crore in FY21

One97 Communications Ltd, the parent company of Paytm, reported a consolidated loss of Rs 1,701 crore for the financial year ended March 31, 2021 (FY21). It had posted a loss of Rs 2,942 crore in FY20. Its total revenue declined by 10% YoY to Rs 3,186 crore. Expenses fell 22% YoY to Rs 4,782.95 crore. Last week, Bloomberg reported that Paytm is planning to raise ~Rs 21,800 crore via an initial public offering (IPO). The digital payments provider is targeting a valuation of $25 billion to $30 billion.

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NHPC to lease electric vehicles, fast charging devices from EESL

NHPC Limited has signed an agreement with Energy Efficiency Services Ltd (EESL) for leasing 25 electric vehicles (EVs) and three fast-charging devices to be used by its officials. With the induction of these EVs, NHPC will have the biggest fleet of zero-emission cars among all major public sector undertakings (PSUs). EESL has been procuring EVs from automakers such as Tata Motors and Mahindra & Mahindra (M&M) and supplying them to different ministries and PSUs.

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IFGL Refractories Q4 Results: Net loss at Rs 2.53 crore

IFGL Refractories Ltd reported a consolidated net loss of Rs 2.53 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 13.93 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 27.66% YoY to Rs 283.52 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit jumped 237.22% YoY to Rs 65.59 crore. The company’s board has approved a total dividend of Rs 10 per share.

IFGL Refractories is a manufacturer of specialised refractories (materials that can withstand very high temperatures) used in steel plants.

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