Tag: vakrangee

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RBI Keeps Repo Rate Unchanged at 6.5% – Top Indian Market Updates

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

RBI keeps repo rate unchanged at 6.5%

The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% for the fourth consecutive period since May 2023 to control inflation. However, retail inflation stood at 6.83% in August. The GDP growth forecast for FY24 was retained at 6.5%, with Q2 at 6.5%, Q3 at 6.0%, and Q4 at 5.7%. RBI will also consider bond sales via Open Market Operations (OMO) to manage liquidity.

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Kalyan Jewellers to launch 33 more showrooms before Diwali

Kalyan Jewellers plans to open 33 new showrooms in India before Diwali. The company will unveil showrooms in Kalyan and Candere formats across the country. It launched 13 showrooms across non-south markets during Q2FY24. Additionally, the company signed six letters of intent (LoIs) for the first set of pilot franchised showrooms in the south region.

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Sun Pharma files new drug application with USFDA

The US Food & Drug Administration (USFDA) has accepted Sun Pharma’s drug application for deuruxolitinib. The drug is an investigational oral drug for the treatment of adults with moderate to severe alopecia areata. The application is based on two pivotal Phase III trials which included over 1,200 patients across more than 135 clinical trial sites.

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JK Cement signs agreement with Vakrangee to access rural, semi-urban markets

Vakrangee has formed a strategic partnership with JK Cement for lead generation and facilitation of the sale of grey cement products. The sale of the products will be through Vakrangee’s Kendra network. Vakrangee Kendras represents an exclusive branded format of outlets that offer a wide array of financial products and services.

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ONGC approves strategies to enhance OPaL’s financial position

Oil & Natural Gas Corporation Ltd’s (ONGC) board of directors has approved a series of strategic measures aimed at strengthening the financial position of ONGC Petro additions Ltd (OPaL). The company has extended its support for compulsorily convertible debentures (CCDs) issued by OPaL, amounting to ₹5,615 crore. The extension ensures the continuity of CCDs beyond their current maturity period. OPaL is a joint venture (JV) of ONGC, GAIL and GSPC.

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Angel One’s client base grew 47% YoY in September

Angel One Ltd reported a 47% YoY growth in its total client base in September and Q2FY24. The growth was aided by a significant rise in new customer acquisition. The company’s client base rose from 1.63 crore in August to 1.7 crore in September, up 4.4% month-on-month (MoM). Its gross client acquisition jumped 98% YoY during the quarter.

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TCS to consider share buyback on October 11

Tata Consultancy Services Ltd (TCS) will consider a proposal for the buyback of equity shares on October 11. The company will consider its September quarter earnings and an interim dividend (if any) on the same day. TCS had carried out a share buyback worth ₹18,000 crore in 2022, when it repurchased 4 crore shares at ₹4,500 per share.

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Som Distilleries launches QIP to raise funds

Som Distilleries and Breweries Ltd is planning to raise funds through a qualified institutional placement (QIP). It will raise up to ₹350 crore through public or private offerings or the QIP route. The company set the floor price for its QIP at ₹349.24 per share, a 9% discount to Thursday’s closing price of ₹381.55. QIP is a mode of resource raising available for listed firms to mobilise funds from the domestic market.

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States Suffer Power Outages as Coal Stocks Shrink – Top Indian Market News

Indian states suffer power cuts and outages as coal stocks shrink

North Indian states have suffered electricity cuts and face further outages due to a lack of coal. The shortages in India follow widespread outages in neighboring China, which has shut factories and schools to manage the crisis. Over half of India’s 135 coal-fired power plants have fuel stocks of less than three days. These plants supply around 70% of India’s electricity. A blackout warning has been declared in Delhi as there is a severe shortage of coal stock in the thermal power station from where the city gets electricity.

On Friday, the Ministry of Power issued guidelines for operationalising optimum utilisation of generating stations as per the requirement in the electricity grid. 

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Route Mobile to acquire Latin American firm Masiv for $47.5 million

Route Mobile Ltd has acquired Latin American firm Masivian S.A.S (Masiv) for $47.5 million (~Rs 356.8 crore). Masiv is a cloud communication platform service provider that primarily caters to enterprises in Columbia and Peru. It offers multichannel notification services through SMS, OTT business messaging, email, and voice. The acquisition is expected to be completed within the next 60 days.

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Vakrangee Q2 Results: Net profit jumps 101% YoY to Rs 26.7 crore

Vakrangee Ltd reported a 101% year-on-year (YoY) jump in consolidated net profit to Rs 26.74 crore for the quarter ended September (Q2 FY22). Net profit has increased by 33.6% when compared to the previous quarter. Its revenue from operations rose 195% YoY (or 34% QoQ) to Rs 207.19 crore during the same period. Vakrangee provides banking, ATM, insurance, financial services, e-governance, e-commerce, and logistics services in India. 

Inox Leisure opens four-screen multiplex in Guwahati

Multiplex operator Inox Leisure Ltd has launched a four-screen multiplex at Guwahati. The all-new Inox Insignia will offer an ultra-premium multiplex experience with four exclusive auditoriums and a total of 183 recliner seats. With this launch, Inox is now present in 70 cities with 156 multiplexes, 658 screens, and a total seating capacity of 1.48 lakh across India.

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Solar Industries India secures order worth Rs 1,471 crore from Coal India

Solar Industries India Ltd (SIIL) has received an order from Coal India Ltd for the supply of bulk explosives over a period of two years. The total order value is Rs 1,471 crore. SIIL manufactures and supplies industrial explosives and explosive initiating devices in India and internationally. The company also provides defense products, including military explosives, bombs, and warheads. 

IRB Sindhudurg Airport starts commercial operations

IRB Sindhudurg Airport Pvt. Ltd (IRB-SAPL) has started commercial operations of the Greenfield Airport Project at Chipi, Maharashtra. IRB-SAPL is a special purpose vehicle (SPV) of IRB Infrastructure Developers Ltd that was entrusted to develop and operate the airport project. IRB Infrastructure, through the SPV, developed the project at an estimated capital outlay of Rs 800 crore.

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Bandhan Bank’s collection efficiency improves to 90% in Q2

Bandhan Bank’s collection efficiency rate improved to 90% for the quarter ended September (Q2 FY22), compared to 80% efficiency in Q1. The bank’s loans & advances rose 7% YoY to Rs 81,668 crore in the July-Sept quarter. Its total deposits rose 24% YoY to Rs 81,898 crore during the same period. Retail deposits rose 35% YoY to Rs 68,787 crore as of September 30, 2021. 

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Gland Pharma gets tentative approval for Sugammadex injection

Gland Pharma has received tentative approval from the US Food & Drug Administration (USFDA) for generic Sugammadex injection. The drug is used for reversing the effects of the muscle relaxants rocuronium bromide and vecuronium bromide given to patients during surgery. According to IQVIA data, Sugammadex injection had US sales of ~$615 million (~Rs 4,620 crore) for 12 months ended April 2021.

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Mukesh Ambani joins Bezos, Musk in world’s exclusive $100 billion club

Mukesh Ambani has joined Jeff Bezos and Elon Musk in the world’s most exclusive wealth club with a fortune of at least $100 billion. The chairman of Reliance Industries Ltd (RIL) entered the elite group of 11 men as his company’s stock surged to a record high on Friday. According to the Bloomberg Billionaires Index, Mukesh Ambani is now worth $100.6 billion. His wealth has increased by $23.8 billion this year.

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Kalyan Jewellers’ Revenue Grows 60% in Q2 – Top Indian Market News

Kalyan Jewellers’ revenue grows 60% in Q2

Kalyan Jewellers reported a 60% year-on-year (YoY) growth in revenue of its India operations during the quarter ended September (Q2 FY22). The company registered growth in the share of new customers in Q2, largely driven by a shift from the unorganised to the organised segment. The non-south markets recorded a higher same-store sales growth of 70% in Q2, compared to south markets, which recorded same-store sales growth of 40%. During the July-Sept quarter, 92% of its showrooms were operations, compared to 88% in Q2 FY21.

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Total automobile retail sales fall 5.27% in September: FADA 

The Federation of Automobile Dealers Associations (FADA) reported that total sales across all automobile categories declined by 5.27% YoY to 12.96 lakh units in September. Retail sales of passenger vehicles (PV) in September increased by 16.32%YoY to 2,33,308 units. Two-wheeler sales fell 11.54% YoY to 9,14,621 units last month. Meanwhile, commercial vehicle (CV) sales surged 46.64% YoY to 58,820 units. 

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NTPC, EDF to explore power project development opportunities

NTPC Ltd and Électricité de France (EDF) have signed a Memorandum of Understanding (MoU) to explore potential power project development opportunities in the Middle East, Asia, Europe, and Africa. EDF Is a Paris-based power sector firm. The companies will collaborate on knowledge sharing, research and development, technical services, and consultancy assignments globally.

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Ramkrishna Forgings signs MoU with US firm to develop EV powertrain components

Ramkrishna Forgings Ltd (RFL) has signed a Memorandum of Understanding (MOU) with a US-based technology partner for the development of electric vehicle (EV) powertrain components for the Indian EV market. The technology partner is a leading expert in magnetic engineering innovations. Kolkata-based RFL is a leading supplier of rolled, forged, and machined products.

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India’s unemployment rate falls to 6.86% in Sept: CMIE

According to the Centre for Monitoring Indian Economy (CMEI), India’s unemployment rate fell sharply to 6.86% in September from 8.32% in August. Around 85 lakh jobs were created last month. With construction activities picking up pace again, a majority of these jobs were created in rural India. Employment in September 2021 is estimated at 40.62 crore. 

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HAL delivers heaviest semi-cryogenic propellant tank to ISRO

Hindustan Aeronautics Ltd (HAL) has delivered the heaviest semi-cryogenic propellant tank (SC120- LOX) ever fabricated by it to the Indian Space Research Organization (ISRO). The tank will be used in the Mk-III launch vehicle for future missions. HAL’s Aerospace Division has now delivered 244 propellant tanks and 95 water tanks to ISRO for the space programs of PSLV, GSLV Mk-II, and GSLV Mk-III.

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Aurionpro Solutions announces strategic deal in Maldives

SC Soft Pte Ltd, a Singapore-based subsidiary of Aurionpro Solutions Ltd, has been selected as the solution provider of the EMV Open Loop Account Based ticketing system as part of the digitization of transportation solutions across the Maldives. The company will partner with the Bank of Maldives and Mastercard for this project. With this project, Maldives Transport Contracting Company (MTCC) will introduce contactless and digital payments on its transport network.

Mahindra XUV700 SUV receives 25,000 bookings in under an hour

Mahindra & Mahindra (M&M) Ltd’s latest Mahindra XUV700 SUV clocked a total of 25,000 bookings in just under an hour. The company claims these booking numbers are unprecedented in the Indian automotive industry. The price of the new XUV700 has been revised to Rs 12.49 lakh for the entry variant. M&M has gone for a Rs 50,000 price hike for the base variant. Bookings will reopen at 10 am on October 8, 2021.  

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Vakrangee partners with LendDenClub to launch P2P lending platform

Vakrangee Ltd has partnered with LendDenClub to provide investment and borrowing options to its customers in the remotest parts of the country. LenDenClub is one of the leading peer-to-peer (P2P) lending platforms in India. With this integration, customers of Vakrangee can now invest and borrow through LenDenClub. Through its Nextgen Kendras and BharatEasy app, Vakrangee will offer hassle-free instant digital loans in Tier-5 and Tier-6 towns.

GRSE signs concessional agreement with Syama Prasad Mookerjee Port

Garden Reach Shipbuilders & Engineers (GRSE) has signed a concessional agreement with Syama Prasad Mookerjee Port (SMPK), Kolkata, for utilizing Kidderpore Dry Docks and its associated facilities. The concessional agreement will be for 15 years and is further extendable for another 15 years. The facility will be utilized for ship repair and refit activities for Naval & Coast Guard Ships, Port Trust Vessels, and Commercial Ships.  

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HDFC Bank to Acquire 4.99% Stake in HDFC ERGO – Top Indian Market News

HDFC Bank to acquire 4.99% stake in HDFC ERGO

HDFC Bank Ltd will acquire a 4.99% stake (or 3.56 crore shares) in HDFC ERGO General Insurance Co. from its parent company Housing Development Finance Corp. Ltd (HDFC). The Board of Directors of HDFC Limited has approved the sale of these shares at Rs 536 per share. The aggregate consideration for the sale is Rs 1,906.43 crore. The transaction is expected to be completed by September 30, 2021. HDFC ERGO is a general insurance joint venture (JV) between HDFC and Germany-based ERGO Group.

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NTPC Q4 Results: Net profit jumps 258% YoY to Rs 4,479 crore

NTPC Limited reported a 258% YoY jump in standalone net profit to Rs 4,479 crore for the quarter ended March (Q4). Its revenue from operations declined by 2.5% YoY to Rs 26,567 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 36% YoY to Rs 13,769 crore. The company’s board has declared a final dividend of Rs 3.15 per share. State-owned NTPC Ltd has been ranked 38th in the ‘Great Place to Work’ ranking in 2021. 

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Adani Power emerges as successful bidder for Essar Power’s 1,200 MW Mahan project

Adani Power has emerged as the successful bidder for Essar Power’s 1,200 megawatt (MW) thermal power project (Essar Power MP Ltd) in Mahan, Madhya Pradesh. The company’s bid for the project has been approved by a committee of creditors (CoC). Adani Power will now have to seek approval from the National Company Law Tribunal (NCLT) to acquire the project. Essar Power MP is currently undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC).

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Vakrangee Q4 Results: Net profit declines 33% YoY to Rs 20.7 crore

Vakrangee Ltd reported a 33.28% YoY decline in consolidated net profit to Rs 20.79 crore for the quarter ended March (Q4). Net profit has increased by 23.82% when compared to the previous quarter. Its revenue from operations declined by 50.89% YoY to Rs 101.85 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 11.91 YoY to Rs 62.79 crore. Mumbai-based Vakrangee is a technology company that offers banking, e-governance, e-commerce, and logistics services.  

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Reliance Jio adds 79 lakh subscribers in March: TRAI

Telecom operator Reliance Jio’s total subscriber addition in March 2021 surpassed the combined net addition by its rivals Bharti Airtel and Vodafone Idea. According to data released by TRAI, Jio gained over 79 lakh subscribers in March. Bharti Airtel added 40.5 lakh subscribers, while Vodafone Idea (Vi) gained 10.8 lakh subscribers during March. In terms of total subscriber base, Reliance Jio topped the chart with 42.22 crore subscribers, followed by Airtel at 35.23 crore and Vi at 28.37 crore subscribers.  

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GMR Infra Q4 Results: Net loss at Rs 725 crore

GMR Infrastructure Ltd reported a net loss of Rs 725.47 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 1,127.16 crore in the corresponding quarter last year (Q4 FY20). Total revenue from operations declined by 16.12% YoY to Rs 1,633.76 crore in Q4 FY21. Net loss for the financial year 2020-21 (FY21) widened to Rs 3,427.75 crore, compared to a net loss of Rs 2,198.5 crore in FY20. GMR Infra is a global infrastructure conglomerate with interests in airports, energy, transportation, etc.

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Alkem Labs gets two observations from USFDA for manufacturing unit at St Louis

Alkem Laboratories Ltd said that the US Food & Drug Administration (USFDA) has issued a Form 483 with two observations after inspection of its St Louis-based manufacturing facility. An FDA Form 483 is issued to a firm if an investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic Act and other related norms. Alkem Labs will submit a detailed response to the USFDA to close out all the observations associated with the inspection. 

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Birla Cable Q4 Results: Net profit at Rs 6.32 crore

Birla Cable Limited reported a 6,868% YoY jump in net profit to Rs 6.32 crore for the quarter ended March (Q4). Net profit has increased by 2,086% when compared to the previous quarter. Its total income rose 101.98% YoY (or 40.23% QoQ) to Rs 119.41 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased sharply by 711.8% YoY to Rs 8.20 crore. The company’s board has declared a final dividend of Re 1 per share. Madhya Pradesh-based Birla Cable is a leading manufacturer of fibre optic cables.

Travel tech services firm RateGain plans Rs 1,200 crore IPO: Report

According to a report from Mint, travel technology services provider RateGain Travel Technologies Pvt. Ltd is planning to launch an initial public offering (IPO). RateGain helps travel and hospitality firms in revenue management, e-distribution, and brand engagement. The company claims its services are used by more than 25 out of the top 30 online travel agencies, airlines, hotel chains, and tour operators in India. The report further states that RateGain may raise ~Rs 1,200 crore through the IPO, which will be a mix of primary and secondary share sale.

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Muthoot Capital Q4 Results: Net profit declines 35% YoY to Rs 9 crore

Muthoot Capital Services Limited reported a 34.89% YoY decline in net profit to Rs 9.05 crore for the quarter ended March (Q4). Net profit has declined by 34.09% when compared to the previous quarter. Its total income declined by 25.4% YoY (or 9.23% QoQ) to Rs 109.59 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 14.9% YoY to Rs 51.46 crore.

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Barbeque Nation IPO Subscribed 1.33 Times on Day 1 – Top Indian Market News

Barbeque Nation IPO subscribed 1.33 times on first day of bidding

The Rs 452.87-crore initial public offering (IPO) of Barbeque Nation Hospitality Limited was subscribed 1.33 times on the first day of bidding. The IPO has received bids for 66.46 lakh equity shares against an offer size of 49.99 lakh shares. The portion reserved for retail investors was subscribed 6.14 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 7% and that of qualified institutional buyers (QIBs) 37%.

To know more about the IPO, click here.

Adani Green to acquire 75-MW solar projects from Sterling & Wilson

Adani Green Energy Ltd (AGEL) said it will acquire 75 megawatt (MW) operating solar projects of Sterling & Wilson for Rs 446 crore. The company has signed definitive agreements with Sterling & Wilson for acquiring a 100% stake in two special purpose vehicles (SPVs) that own the 75 MW solar projects in Telangana. With this acquisition, AGEL’s operating renewable capacity will increase to 3,470 MW, with a total renewable portfolio of 15,240 MW.

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Rajya Sabha returns Finance Bill 2021; Parliamentary approval for Budget completed

The Rajya Sabha, on Wednesday, returned the Finance Bill 2021 without any new amendment. This marks the completion of the Parliamentary approval for Union Budget 2021-22. The Upper House debated and amended Finance Bill 2021 that was approved by the Lok Sabha (Lower House) on Tuesday. The two houses of Parliament had previously approved the Appropriation Bill, which authorizes the spending (or expenditure) of government funds.

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Prestige to take over $1.4 billion Mumbai housing project from bankrupt Ariisto Developers

Prestige Estates Projects Ltd will take over a Mumbai housing project from bankrupt Ariisto Developers Pvt Ltd, following a court decision on Tuesday. The company estimates revenues of more than $1.4 billion (~Rs 10,162 crore) from the 7.5 million square feet under development. Prestige Estates plans to launch the first phase of the project by May and the second phase towards the end of the year. It will be the developer’s largest project in Mumbai.

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Adani Enterprises’ subsidiary secures Rs 1,040 crore road project from NHAI

Adani Road Transport Ltd (ARTL) has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project in Telangana. The project consists of four-laning the Kodad-Khammam section of NH-365A in Telangana on a Hybrid Annuity Mode (HAM). The company’s bid project cost is Rs 1,039.90 crore. ARTL is a wholly-owned subsidiary of Adani Enterprises Limited.

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IndiGo pays Rs 1,030 crore as refund for flight cancellations during lockdown

InterGlobe Aviation Ltd (IndiGo) said it has paid out refunds worth Rs 1,030 crore to customers, following a Supreme Court order that asked airlines to refund fares for flight bookings made during the government-imposed lockdown last year. The airline has processed 99.95% of the total money owed to its customers.

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L&T-built offshore patrol vessel ICGS Vajra commissioned into Indian Coast Guard

Larsen & Toubro (L&T) announced the commissioning of ICGS Vajra, its sixth vessel in the series of seven offshore patrol vessels (OPVs) being built by the company under a contract with the Defence Ministry. ICGS Vajra was delivered by L&T ahead of schedule. The seventh vessel, ICGS Vigraha, was launched in October 2020 and will soon undergo sea trials.

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Escorts to hike prices of tractors from April 1

The Agri Machinery division of Escorts Limited has announced a hike in prices of all its tractors with effect from April 1, 2021. The increase in prices would vary across models and variants. Escorts stated that the rising commodity prices necessitate a price hike to offset the impact of inflation. 

On Tuesday, two-wheeler maker Hero MotoCorp said it will increase the prices of its motorcycles and scooters by up to Rs 2,500 from next month. 

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Infibeam Avenues’ board approves allotment of 66.55 crore bonus shares

The Board of Directors of Infibeam Avenues has approved the allotment of 66.55 crore equity shares by way of a bonus issue in the ratio of 1:1. The company’s total paid-up equity share capital after the bonus issue will increase to 133.10 crore shares of Re 1 each. [A bonus issue of 1:1 means that existing shareholders will get one extra share for every one share held]

RBI entends validity of authorization issued to Vakrangee for setting up White Label ATMs

Vakrangee Ltd said that the Reserve Bank of India (RBI) has extended the validity of authorization issued to the company to set up, own, and operate White Label ATMs (WLAs) in India. The validity has been extended till March 31, 2022. The central bank had assigned a target of a minimum of 1,000 ATMs to be deployed by Vakrangee for every calendar year starting 2020 for an initial period of three years. [WLAs are ATMs owned and operated by non-banking firms]

ICICI Bank launches instant EMI facility on its internet banking platform

ICICI Bank has announced the launch of an instant EMI (Equated Monthly Instalments) facility on its internet banking platform. The bank’s “EMI @ Internet Banking” facility aims to offer increased affordability to millions of pre-approved customers. It enables customers to convert their high-value transactions up to Rs 5 lakh into easy monthly installments. The facility has been enabled for over 1,000 merchants in categories like online shopping portals, insurance, travel, etc.

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