Tag: Vedanta

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BSE’s Total Investor Count Touches 12 Crore – Top Indian Market Updates

bse investor count

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

BSE adds 1 crore investors in 148 days

Stock exchange BSE Limited has added 1 crore registered investor accounts to its platform in just 148 days, taking the total count to 12 crore. Maharashtra leads in terms of investors with a share of 20% of the total 12 crore investors. This is followed by Gujarat at 10%, Uttar Pradesh at 9%, and Rajasthan & Tamil Nadu at 6% each. Founded in 1875, BSE is the world’s fastest stock exchange with a speed of 6 microseconds.

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Tata Motors to hike commercial vehicle prices by 2%

Tata Motors Ltd will increase the prices of its commercial vehicles by up to 2% from January 2023 to partly offset a steep rise in input costs. The automaker also added that the price increase will vary across models and variants, but will be applicable across all commercial vehicles. Shares of Tata Motors (up 1.2% at ₹419.3) were largely steady after the announcement.

In other news, Tata Motors’ board has approved the partial divestment of its equity shares in its subsidiary Tata Technologies via an initial public offer (IPO).

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Automobile sales continue to grow even after festive season: SIAM

Sales of automobiles continued to grow on a strong note even after the festive season, with customer demand remaining healthy amid an improvement in supplies. According to data released by the Society of Indian Automobile Manufacturers (SIAM), around 2,76,231 passenger vehicles were sold in November— an increase of 28% over 2,15,626 units sold in the same period last year.

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Vedanta signs pacts with 30 Japanese firms to develop Indian semiconductor manufacturing ecosystem

Vedanta Group has signed pacts with 30 Japanese technology companies to develop an Indian semiconductor and glass display manufacturing ecosystem. The pacts were signed at the Vedanta-Avanstrate Business Partners Summit 2022 held last week in Tokyo, Japan. The company is committed to making India a hub for electronics manufacturing.

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NTPC’s 240 MW Devikot solar project begins commercial operation

NTPC Ltd’s 240 megawatts (MW) Devikot solar project at Jaisalmer in Rajasthan has begun commercial operations. With this, the standalone installed and commercial capacity of the NTPC has become 58,041.27 MW. The total installed and commercial capacity of NTPC has become 70,656.27 MW.

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Bad loans worth ₹10 lakh crore written off by banks in last five financial years: Finance Minister

Finance Minister Nirmala Sitharaman said bad loans worth ₹10,09,511 crore have been written off by banks during the last five financial years. The bad loans or non-performing assets (NPAs), including those in respect of which full provisioning has been made on completion of four years, have been removed from the balance sheet of the bank concerned by way of a write-off.

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TCS partners with Gujarat government to impart digital skills in schools

Tata Consultancy Services (TCS) has partnered with Gujarat’s Samagra Shiksha, Gujarat Council of School Education, to train school students and teachers in new-age digital skills such as computational and design thinking. TCS’ Corporate Social Responsibility (CSR) program will bring the company’s flagship global initiatives (Ignite My Future and goIT) to schools in the state.

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U.S. CPI fell to 7.1% in November, lower than expected

The U.S. consumer price index (CPI) jumped 7.1% in November from a year ago, down from 7.7% in October. Headline inflation has now fallen for five months in a row. But it still remains more than three times the Federal Reserve’s target level of 2.0%. The monthly Core CPI came in at 0.2%, compared to analysts’ estimate of 0.3%.

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Ambani Says Indian Economy to Hit $40 Trillion by 2047 – Top Indian Market Updates

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

Mukesh Ambani says Indian economy to grow 13-fold to $40 trillion by 2047

Reliance Industries Ltd’s Mukesh Ambani said India is likely to become a $40 trillion economy by 2047— a 13-fold jump from its current size. “Three game-changing revolutions will govern India’s growth in the decades ahead: the clean energy revolution, the bio-energy revolution and the digital revolution,” he added. Ambani said India will witness an unprecedented explosion in economic growth and opportunities.

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Bharti Airtel’s Nxtra starts construction of its largest data centre in Kolkata

Nxtra Data, a subsidiary of Bharti Airtel Ltd, has started the construction of its new hyper-scale data centre in Kolkata. The company will invest ₹600 crore in the development of the facility. The data centre will serve the markets of east & north-east regions in India and the SAARC countries and fulfil the growing needs of enterprises and global cloud players.

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Jio adds 7.24 lakh subscribers in Sept, Bharti Airtel gains 4.12 lakh: TRAI

Reliance Jio Infocomm added 7.24 lakh wireless subscribers in September 2022, taking its total user count to 42.68 crore. Bharti Airtel gained 4.12 lakh subscribers in Sept, and its total subscriber count increased to 22.50 crore. Meanwhile, Vodafone Idea (Vi) lost 40.11 lakh subscribers, and its total user count declined to 12.32 crore. India’s total mobile subscriber base fell by 36 lakh in September.

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Steel Strip Wheels to establish EV joint venture with Redler Tech

Steel Strip Wheels Ltd (SSWL) has signed an agreement to form a joint venture (JV) with Israel-based Redler Technologies for the development, manufacturing, and sales of motion controllers for electric vehicles in India. The association will synergise SSWL’s manufacturing capability, large consumer access, and strong Indian presence with Redler Tech’s access to advanced technology.

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Bajaj Finance raises deposit rates for third time in 3 months

Non-banking finance company (NBFC) Bajaj Finance has raised deposit rates for the third time in three months to boost liabilities. It has raised fixed deposit rates by up to 25 basis points for tenures between 12-23 months. Several lenders like State Bank of India, HDFC, and Ujjivan Small Finance Bank raised deposit rates multiple times since April when the Reserve Bank of India started rising interest rates to curb inflation.

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Glenmark Pharma signs settlement pact with Pfizer for cancer drug

Glenmark Pharmaceuticals Ltd has entered into a settlement agreement with Pfizer Inc regarding Axitinib Tablets. The product is the generic version of Pfizer’s Inlyta tablets, used to treat kidney cancer. According to IQVIA data, Inlyta tablets achieved annual sales of around $644.5 million for the 12 months ended September 2022.

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India’s domestic air traffic rises 27% in October: DGCA

Data released by the Directorate General of Civil Aviation (DGCA) showed that Indian airlines carried 1.14 crore passengers in October 2022, up 27% YoY. Domestic air traffic rose 10% compared to the previous month. IndiGo’s market share fell from 58% in Sept to 56.7% in October. SpiceJet and Akasa Air had a market share of 7.3% and 1.4%, respectively, in Oct.

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Dr. Reddy’s Labs to face antitrust litigation in US

An antitrust litigation was filed against several generic pharmaceutical companies, including Dr. Reddy’s Laboratories Ltd, Celgene, and Bristol Myers Squibb in the US. A complaint was filed on Nov 18, 2022, in the District of New Jersey, and the pharma companies have been named defendants. The complaint alleges that the defendants improperly restrained competition and maintained a shared monopoly in the sale of the Revlimid brand through their respective settlements of patent litigation.

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Vedanta declares third interim dividend of ₹17.5 per share

Vedanta Ltd’s board approved the third interim dividend of ₹17.5 per share for the financial year 2022-23. The dividend will amount to ₹6,505 crore. The company has fixed November 30, 2022, as the record date for the dividend. Vedanta paid its first interim dividend of ₹31.5 per equity share in May 2022 and the second interim dividend of ₹19.5 per share to shareholders in July.

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Maruti Suzuki Posts 4-Fold Jump in Q2 Net Profit – Top Indian Market Updates

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

Maruti Suzuki Q2 Results: Net profit jumps 4-fold YoY to ₹2,062 crore

Maruti Suzuki India Ltd reported a 333.72% year-on-year (YoY) jump in consolidated net profit to ₹2,061.5 crore for the quarter ended Sept (Q2 FY23). Higher commodity prices and chip shortage concerns had impacted earnings in the year-ago period. Its revenue from operations rose 46% YoY to ₹29,930.8 crore during the same period. The company sold a total of 5,17,395 vehicles during Q2, the highest ever in any quarter.

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Hero MotoCorp sees double-digit growth in retail sales in festive season

Hero MotoCorp Ltd has registered healthy double-digit growth in retail sales in the festive season. Retail sales increased 20% over the corresponding festive period of FY22. The company’s festival season retails were driven by the strong performance of its popular models, including the 100cc Splendor+, 125cc motorcycles Glamour & Super Splendor, and the XPulse range in the premium segment.

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Tata Power Q2 Results: Net profit rises 85% YoY to ₹935 crore

Tata Power reported an 85% YoY increase in consolidated net profit to ₹935.18 crore for the quarter ended Sept (Q2 FY23). The company’s profit has increased for the 12th consecutive quarter. Its total income rose 39.2% YoY to ₹14,181.07 crore during the same period. EBITDA stood at ₹2,043 crore in Q2, up 18% YoY.

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SpiceJet gets DGCA approval for wet leasing 5 planes: Report

As per an ET report, SpiceJet Ltd has received approval from the Directorate General of Civil Aviation (DGCA) for wet leasing five Boeing 737 Max planes for up to six months. The airline has already deployed two of the aircraft on different routes. The remaining three aircraft will be inducted into SpiceJet’s fleet in the coming weeks. Under a wet lease arrangement, planes are leased along with operating crew and engineers.

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Bandhan Bank Q2 Results: Net profit ₹209 crore

Bandhan Bank reported a net profit of ₹209 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹3,008.6 crore in Q2 FY22. Its net interest income (NII) grew 13.3% YoY to ₹2,193 crore during the same period. The gross non-performing assets ratio (GNPA) improved to 7.19% in Q2 FY23, compared to 10.8% in Q2 FY22. The bank’s provisions fell 77.2% YoY to ₹1,279.7 crore in Q2 FY23.

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Infibeam Avenues gets RBI in-principle approval for payment aggregator licence

Infibeam Avenues Ltd has received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA). This will enable the company to further expand its reach in multiple business segments for both online and offline digital transactions. Its flagship brand, CCAvenue, is well-placed to leverage its new role as a payment aggregator.

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Dr. Reddy’s Labs Q2 Results: Net profit rises 12% YoY to ₹1,114 crore

Dr. Reddy’s Laboratories Ltd reported a 12% YoY increase in consolidated net profit to ₹1,114 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 9.4% YoY to ₹6,332 crore during the same period. EBITDA rose 40% YoY to ₹1,899 crore in Q2. The pharma company’s global generics sales increased 18% YoY to ₹5,595 crore.

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India’s forex reserves fall to two-year low to $524.52 billion

India’s foreign exchange (forex) reserves fell to a two-year low for the week ended October 14. Forex reserves fell by ₹3.85 billion to ₹524.42 billion for the week ending Oct 21. The fall in forex reserves can be attributed to a fall in the Foreign Currency Assets (FCA), which is a key component of the overall reserves. The central bank continues to defend the rupee’s downslide while ignoring depleting forex reserves as a major concern.

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Vedanta Q2 Results: Net profit falls 53% YoY to ₹2,690 crore

Vedanta Ltd reported a 53% YoY decline in net profit to ₹2,690 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 20.6% YoY to ₹36,237 crore during the same period. EBITDA stood at ₹8,038 crore in Q2, down 24.04% YoY. Vedanta’s board has approved the expansion of rolled product capacity at Balco (a subsidiary) from 50 kilotonnes per annum (KTPA) to 180 KTPA at a cost of ₹595 crore.

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SAIL inks pact with AAI for facilitating start of commercial flights from Rourkela

Steel Authority of India Ltd (SAIL) has entered into a pact with the Airport Authority of India (AAI) for facilitating the start of commercial flights from Rourkela, Odisha. The state-owned company has signed an operation and management contract with AAI through its unit Rourkela Steel Plant. AAI will manage the airport on behalf of SAIL’s Rourkela Steel Plant.

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AGEL Commissions World’s Largest Hybrid Power Plant – Top Indian Market Updates

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

Adani Green commissions 600 MW wind-solar plant in Jaisalmer

Adani Green Energy Ltd (AGEL) has commissioned the world’s largest wind-solar power plant of 600 megawatts (MW) capacity in Jaisalmer, Rajasthan. The plant has a power purchase agreement with Solar Energy Corporation of India (SECI) at ₹2.69 per kilowatt-hour (kwh) for 25 years. The project consists of 600 MW solar and 150 MW wind plants.

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Hero MotoCorp partners with Zero Motorcycles to develop electric motorcycles

Hero MotoCorp is finalizing a collaboration agreement with Zero Motorcycles, a California-based manufacturer of premium electric motorcycles and powertrains. The partnership will focus on co-developing electric motorcycles. Hero MotoCorp’s board has approved an equity investment of up to $60 million (~₹490 crore) in Zero Motorcycles.

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IOCL forms subsidiary for treasury operations

Indian Oil Corporation Ltd (IOCL) has floated a wholly-owned subsidiary to carry out finance activities such as fund pooling and treasury operations. The unit will open an office in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (Gift City). The subsidiary will also conduct global treasury operations and utilise IFSC to raise capital and debt from overseas markets.

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Reliance Retail launches fashion stores under Azorte brand

Reliance Retail Ventures Ltd (RRVL) announced the launch of fashion and lifestyle stores under the Azorte brand that will sell mid-to-premium fashion merchandise. The products available in the stores will include private labels created specifically for the format. The stores may also stock third-party brands in categories such as perfumes and accessories. RRVL opened its first Azorte store at 1 MG-Lido Mall, MG Road, Bengaluru. 

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UNO Minda to form JV with Tachi-S Company to manufacture vehicle seat recliners

UNO Minda Ltd (UML) will set up a joint venture (JV) with Japanese firm Tachi-S Company to manufacture and market seat recliners for four-wheeler passenger vehicles in India. UML will hold a 51% stake in the JV, while Tachi-S Company Ltd will have the remaining stake. The JV will initially offer recliners and expand to other seating mechanisms, frames, and complete seating assembly.

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USFDA issues warning letter to Lupin’s Tarapur unit

The US Food and Drug Administration (USFDA) has issued a warning letter to Lupin’s facility at Tarapur, Maharashtra. The federal agency inspected the site from March 22, 2022, to April 4, 2022. Lupin said it does not believe that the warning letter will have an impact or disruption of supplies or the existing revenues from operations of this facility.

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Vedanta increases sourcing of green energy to 1GW

Vedanta Ltd has increased the sourcing of green energy to 1 gigawatt (GW) for various operations. It is also seeking bids for the supply of another 500 MW of renewable energy. The company aims to use up to 2.5 GW of renewable power by 2030. Vedanta has invited Expression of Interest (EoIs) for the supply of hybrid renewable power for its manufacturing units in Rajasthan, Chhattisgarh, and Odisha.

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Adani Enterprises secures ₹10,238 crore fund for Ganga Expressway Project

Adani Enterprises Ltd’s three wholly-owned subsidiaries have achieved financial closure for the access-controlled six-lane greenfield Ganga Expressway Project in Uttar Pradesh. The company has secured finances of ₹10,238 crore from lenders. The concession period of the project will be 30 years with a traffic link extension provision of six years, including three years of construction period.

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CCI approves Adani Power’s acquisition of Digilent Power, DB Power

The Competition Commission of India (CCI) has approved Adani Power’s acquisition of 100% share capital of Diliigent Power Pvt. Ltd. and DB Power Ltd. Diliigent Power provides project management & consultancy services and is the holding company of DB Power. DB Power operates a coal-based thermal power plant with an installed capacity of 1200 MW per hour in Chhattisgarh.

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Centre extends deadline for implementation of 6 airbags in a car by 1 year

Union Road Transport & Highways Minister Nitin Gadkari said the deadline for mandatory implementation of six airbags in a passenger car has been pushed by a year (with effect from Oct 1, 2023). The deadline has been extended due to global supply chain constraints being faced by the auto industry and its impact on the macroeconomic scenario.

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Vedanta Secures Two Coal Mines in E-Auction – Top Indian Market Updates

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

Vedanta secures two coal mines in Odisha in e-auction

Vedanta Ltd has emerged as the highest bidder for two coal mines in Odisha on the second day of the commercial coal mines e-auction. The company won the bid for Ghogharpalli and its dip extension mines. Both coal mines are fully explored and have a peak rate capacity (PRC) of 20 million tonnes per annum. The government placed 10 coal mines on sale on Tuesday and Wednesday. 

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Tube Investments to leverage Murugappa Group firms to boost EV business

Tube Investments of India (TII) is looking to leverage the expertise of all the companies within the Murugappa Group as it sets a roadmap for its electric vehicles (EV) business. The financing expertise of Cholamandalam Investment & Finance Co will help the company fund its customers. Group firms CG Power and Shanthi Gears can help make motors and gearboxes for electric vehicles. TII also plans to invest up to ₹1,000 crore in its EV business.

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Tata Power Solar Systems to set up 100 MW project for SJVN in Gujarat

Tata Power Solar Systems Ltd (TPSSL) will set up a 100 megawatts (MW) ground-mounted solar project for SJVN Ltd in Gujarat for ₹612 crore. The project will get commissioned within 11 months. With this order win, TPSSL’s total portfolio will touch 9.9 gigawatt-peak (GWp). The company’s total order book currently stands at ₹15,520 crore.

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Tamilnad Mercantile Bank to focus on phygital platform, network expansion: CEO

Tamilnad Mercantile Bank (TMB) will focus on strengthening its exposure in the phygital platform and expand its branch network during the current financial year (FY23), said MD & CEO S Krishnan. Retail, agriculture, and micro, small and medium enterprises (MSME) segments would be the bank’s focus areas, as this vertical comprises 88% of its exposure.

Shares of TMB made a muted debut on the NSE today, falling by 2.94% from the issue price. 

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New momentum of auto industry’s innovation for greener alternatives need of the hour: PM Modi

Prime Minister Narendra Modi stressed the need for the automobile industry’s innovation for green alternatives to ensure environmental protection and help make India self-reliant. In a written address to the annual session of the Society of Indian Automobile Manufacturers (SIAM), he said the automobile sector has contributed to the all-round development and growth of the economy through new avenues for employment generation. 

Meanwhile, Kenichi Ayukawa, MD & CEO of Maruti Suzuki, said the Indian auto sector will be near 100% self-reliant by 2047.

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Reliance Jio adds 29.4 lakh subscribers in July; Vi loses 15.4 lakh users

Reliance Jio added 29.4 lakh mobile subscribers in July 2022, taking its total subscription base to 41.59 crore. Bharti Airtel added 5.1 lakh subscribers, and its total user base stood at 36.34 crore. Meanwhile, Vodafone Idea (Vi) lost 15.4 lakh mobile customers in July, and its user base fell to 25.5 crore. Jio and Airtel further widened their market shares to 36.23% and 31.66%, respectively. Vi’s share narrowed to 22.22% in July.

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L&T Construction secures significant orders

Larsen & Toubro Ltd’s (L&T) construction arm has secured a significant order (in the range of ₹1,000-2,500 crore). The Water & Effluent Treatment business has received an order from the Government of Odisha to execute a pressurized underground pipeline irrigation network system for the Lower Suktel Irrigation project. The project aims to provide water to irrigate 27,000 hectares of Culturable Command Area (CCA) in the Balangir district, Odisha. 

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Mindtree designs remote digital solution for L&T green hydrogen plant in Gujarat

Mindtree Ltd has implemented a digital command and control solution for L&T’s recently-commissioned green hydrogen plant in Hazira, Gujarat. The solution enables remote monitoring and control of all services at the plant. It helps optimise operational and energy costs and drive effective utilisation of resources such as solar energy and battery energy storage systems.

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BPCL divestment not on the table as of now: Oil Minister

The divestment of Bharat Petroleum Corporation Ltd (BPCL) is not on the table as of now, said Minister of Petroleum and Natural Gas Hardeep Singh Puri. In August, the Centre told Parliament that it will decide on re-initiating the process of BPCL strategic sale based on a review of the situation in due course.

In May 2022, the govt. formally withdrew its offer to sell its entire 52.98% stake in BPCL. A majority of bidders had expressed their inability to participate in the current privatisation process due to prevailing conditions in the global energy market.

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UPL acquires 26% stake in Clean Max Kratos

UPL Ltd has acquired a 26% stake in renewable energy firm Clean Max Kratos Pvt Ltd. Clean Max was incorporated on July 28 with paid-up capital of ₹1 lakh. The company will develop and maintain a hybrid 28.05 MW solar and 33 MW wind power project. This project will enable UPL to increase its renewable energy usage to 30% of its total global power consumption (from the current level of 8%).

Read more here.

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JSW Steel to Invest $1.2 billion to Cut Carbon Emissions – Top Indian Market Updates

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

JSW Steel to invest $1.2 billion to cut carbon emissions

JSW Steel Ltd will collaborate with Germany-based SMS Group and invest $1.26 billion (~₹10,010 crore) to cut down carbon emissions at its manufacturing plants. SMS group will provide its technology experts, design, and engineering consultancy to execute various projects for decarbonisation. JSW Steel aims to bring down greenhouse gas emissions by 42% to less than 1.95 tonnes of carbon dioxide per tonne of crude steel by 2030.

Read more here.

Reliance Jio gets approval from DoT to launch satellite-based broadband services

Reliance Jio Infocomm has reportedly received approval from the Department of Telecommunications (DoT) to offer global mobile personal communication by satellite (GMPCS) services in India. The telecom major can now provide GMPCS services, including voice and data services, through satellite in permitted service areas. The license is granted for 20 years. 

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Aurionpro launches digital transformation platform ‘Aurobees’ for SMEs

Aurionpro Solutions Ltd announced the launch of ‘Aurobees’, a comprehensive digitalization, fulfillment, and finance platform that assists small & medium-sized organisations (SMEs). The platform helps SMEs to smoothly take their enterprises online by supporting digital presence. It is a highly scalable solution for digitization and fulfillment across the manufacturing, trade, distribution, freight forwarding, warehousing, transportation, and e-commerce industries.

Zydus Lifesciences gets USFDA approval for Lenalidomide capsules

Zydus Lifesciences Ltd has received approval from the US Food & Drug Administration (USFDA) to market Lenalidomide capsules. The drug is used to treat various types of cancers by slowing or stopping the growth of cancer cells. As per IQVIA MAT data, Lenalidomide had annual sales of $2.86 billion in the US during the 12 months ended July 2022.

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Retailers report 15% growth in sales in August: RAI

According to a survey by the Retailers Association of India (RAI), retail businesses across India reported a growth of 15% in sales when compared to pre-pandemic levels (August 2019). “Most items have witnessed inflation. Retailers are indicating that higher price items are selling well, and lower price items are not seeing as much growth,” said Kumar Rajagopalan, CEO of RAI.

Sales across categories showed steady growth in August 2022, with sports goods indicating a strong performance. Footwear, quick service restaurants (QSR), and jewellery also performed better than other categories last month.

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Bajaj Holdings announces interim dividend of ₹110 for FY23

Bajaj Holdings Ltd announced an interim dividend for the current financial year (FY23). The company’s board declared an interim dividend of ₹110 per equity share of the face value of ₹10 for the financial year ending March 31, 2023. Bajaj Holdings has fixed Sept 23 as the record date. The interim dividend will be credited on or around October 10, 2022.

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Infosys partners with Bpost to improve security for postal services experiences

Infosys Ltd has partnered with Bpost (Belgium Post) to secure the cloud environment and build robust cyber resilience for mail delivery and logistics services. Bpost is a leading postal operator and omni-commerce logistics partner in Europe. Infosys and Palo Alto Networks (a global cybersecurity leader) have equipped Bpost with solutions to identify and rapidly respond to suspicious security events.

Read more here.

KEC International secures new orders worth ₹1,108 crore

KEC International Ltd has secured new orders worth ₹1,108 crore across its various businesses in India. The company’s transmission and distribution (T&D) business has received orders for T&D and cabling projects in India, the Middle East, and Africa. Its oil and gas pipelines business has secured an order for laying cross-country pipelines and associated works in India.

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Vedanta, Foxconn to set up semiconductor plant in Gujarat

Mining conglomerate Vedanta Ltd and Taiwanese electronics manufacturing giant Foxconn will make an investment of ₹1.54 lakh crore to set up India’s first semiconductor plant in Gujarat. The 60:40 joint venture of Vedanta-Foxconn will establish a semiconductor fab unit, a display fab unit, and a semiconductor assembling, testing unit on a 1000-acre land in Ahmedabad district.

Read more here.

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DoT Extends Telecom PLI Scheme by One Year – Top Indian Market Updates

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

DoT extends telecom PLI scheme by one year

The Department of Telecommunications (DoT) has extended the production-linked incentive (PLI) scheme for telecom networking products by one year. It has raised the incentive rate by an additional 1%. The DoT has also amended the existing PLI scheme to include design-led manufacturing based on the proposal in the Union Budget 2022.

Read more here.

Apollo Hospitals to manage tertiary hospital in Bangladesh

Apollo Hospitals has entered into a partnership with Imperial Hospital Ltd (IHL) to operate and manage a 375-bed multi-specialty tertiary care hospital in Chittagong, Bangladesh. The state-of-the-art facility in Chittagong was built with support from the World Bank. It will be rebranded as Apollo Imperial Hospital.

Read more here.

Bajaj Finance partners with Worldline India for POS payments

Bajaj Finance Ltd (BFL) has partnered with France-based Worldline to develop point-of-sales (POS) payment solutions for its merchant network. BFL aims to enhance its relationship with both existing and new networks of merchant partners by providing POS terminals. The partnership will provide services like billing integrations, EMI offerings, data analytics, and fraud management services.

Read more here.

Adani Wilmar slashes edible oil prices by Rs 10 to pass on the benefit to its consumers

Adani Wilmar Ltd has cut edible oil prices by Rs 10 to pass on the benefit to its consumers. The maximum retail price (MRP) of Fortune refined sunflower oil’s 1-litre pack was reduced from Rs 220 to Rs 210. The MRP of Fortune Soyabean and Fortune Kachi Ghani (mustard oil) oil 1-litre pack has been slashed from Rs 205 to Rs 195. The steep decline in oil prices comes after the central government reduced the import duties on edible oils, making them cheaper.

Read more here.

Birlasoft partners with Google Cloud to help enterprises accelerate digital transformation 

Birlasoft Ltd has entered into a global partnership with Google Cloud to help enterprises accelerate their digital transformation journey. The two entities will fast-track cloud-enabled digital transformation strategy for Bestseller India, a part of Denmark-based fashion company BESTSELLER. Birlasoft will bring end-to-end cloud adoption capabilities, which will be complemented by Google Cloud’s engineering capabilities and domain expertise. 

Read more here.

Hinduja Global Solutions to launch a new delivery centre in Mysuru

Hinduja Global Solutions Ltd (HGS) has announced plans to open a new delivery centre in Mysuru, Karnataka. The company plans to hire up to 400 people in the area by October 2022 to scale up its operations at the new facility. In the initial stage, the Mysuru centre will provide international non-voice operations and back-office services to a US client. HGS is a business process management (BPM) firm based in Bengaluru.

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India faces slow growth, but low risk of stagflation: Finance Ministry

In its monthly economic report, the Finance Ministry said the Indian economy faces a low risk of stagflation than other nations due to cautious stabilisation policies. [Stagflation is a period of low growth and high inflation.] However, there is an upside risk to the gross budget deficit due to recent cuts in excise duties and spending on welfare subsidies. The report further states that the monetary policy of the Reserve Bank of India (RBI) is fully dedicated to taming inflationary pressures in the economy. 

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Vedanta puts on sale its Sterlite copper smelting plant in Tamil Nadu

Vedanta Ltd has placed its Sterlite copper smelting plant at Thoothukudi, Tamil Nadu, on sale after facing a lot of hurdles in reopening the unit. The plant was forced to close in 2018 following a Tamil Nadu Pollution Control Board’s order over environmental concerns. The Tuticorin plant has been catering to 40% of the national demand for copper and has played an integral role in India’s self-sufficiency in copper.

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KEC International secures new orders worth Rs 1,092 crore

KEC International Ltd has received new orders worth Rs 1,092 crore across its various businesses. Its transmission and distribution (T&D) business has bagged orders for projects in India, the Middle East and the Americas. The civil business has also secured an order for residential, industrial, and defence segments in India.

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5G Spectrum Auction Likely In Early June – Top Indian Market News

5G Spectrum Auction Likely In Early June: Ashwini Vaishnav

The government is planning to hold a 5G spectrum auction in early June, as per telecom minister Ashwini Vaishnav. The minister stated that the Department of Telecom is on track to meet its deadlines and that the process to solve industry concerns about spectrum price is underway. TRAI has seconded a massive auction proposal worth over Rs 7.5 lakh crore for over 1 lakh megahertz spectrum, in case the government allocates it for 30 years and Rs 5.07 lakh crore if it is for 20 years. 

Read more here. 

Canada-based Sagen picks a 31% stake in India Mortgage Guarantee Corporation.

Sagen, a Brookefield subsidiary and Canadian mortgage insurer, is acquiring a 31% share in India Mortgage Guarantee Corporation (IMGC). The deal’s value was not disclosed, and it would be completed subject to legislative and regulatory approvals. According to a public statement, IMGC will use the new funds to expand its business and improve its operational and technological capabilities. IMGC was set up in 2008 as India’s first mortgage guarantee company(MGC). The company has since received investment from  National Housing Bank, International Finance Corp (IFC), Asian Development Bank, and Enact Holdings Inc.

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P&G Hygiene and Health Care Q3 Results: Profit Up 4.6% to Rs 102.85 crore.

Procter & Gamble Hygiene and Health Care Ltd recorded a 4.59% increase in net profit to Rs 102.85 crore in the third quarter ended March 2022Rs 98.33 crore last year. Revenue from operations increased by 28.11% to Rs 973.26 crore, up from Rs 759.66 crore the previous year. Total expenses were up 28.36% at Rs 828.19 crore, against Rs 645.18 crore in the previous year. 

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SBI Life Q4 Results: Profit advances 26% YoY to Rs 672 crore

SBI Life Insurance recorded a 26.27% year-on-year (YoY) increase in net profit to Rs 672.15 crore, from Rs 532.30 crore the previous quarter.  Net premium income increased by 12% year on year to Rs 17,433.77 crore, up from Rs 15,555.74 crore the previous quarter. In the quarter under review, total income increased by 2.5% to Rs 21,427.88 crore, up from Rs 20,896.70 crore the previous year.

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Vedanta Q4 Results: Profit declines 10% to Rs 5,799 crore YoY

For the current quarter Q4FY22, Vedanta recorded a 4.8% year-on-year (YoY) reduction in net profit standing at Rs 7,261 crore. The business had a net profit of Rs 7,629 crore in the same period the previous year. Revenue from operations increased by 41.14% to Rs 39,342 crore, up from Rs 27,874 crore in the previous quarter.

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TVS ties up with Bike-Taxi Platform Rapido

TVS Motor Company and Rapido, a bike-taxi platform, have established a strategic partnership. Both TVS and Rapido signed a memorandum of understanding (MoU) to allow them to capitalize on their synergies in the mobility industry. The partnership will cover both two-wheelers and three-wheelers in both ICE and EV segments. 

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Viacom18 to get an investment worth ~$2 billion

Viacom 18 Media Private Limited is an Indian joint venture between Reliance-owned TV18 and US-based media company Paramount Global. Viacom18 will receive a Rs 13,500 crore ($1.8 billion) investment from Bodhi Tree Systems – run by James Murdoch and Uday Shankar, a former head of Walt Disney India. Reliance Projects & Property Management Services Limited, a wholly-owned subsidiary of Reliance Industries, will invest another Rs 1,645 crore. Paramount Global shall continue to be a shareholder and supply its premium global content to Viacom18.

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World Bank approves $47 million for India’s Mission Karmayog

The World Bank Board of Executive Directors approved a $47 million project today to support the Government of India’s Mission Karmayogi, a national program to build civil service capacity, said the bank in a statement. 

Mission Karmayogi is a program aimed to modernize thinking and approach, improve human resource management practices in the government, and improve the skillset of the millions of civil servants across the country. 

There are nearly 18 million civil servants employed across India, with approximately two-thirds at the state government and local authority levels. While India has steadily improved its performance over the past decade, through the implementation of Mission Karmayogi the Government aims to make the country’s civil service force more future-ready and capable of meeting twenty-first-century challenges, the statement further said. 

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PNB Housing Finance Q4 Results: Net Profit up 34% to Rs 170 crore

PNB Housing Finance report a 34% rise in consolidated net profit at Rs 170 crore compared with Rs 127 crore, the previous year. This was the case even as sales declined 18.52% YoY to Rs 6195.93 crore. Net Interest Income declined 37% QoQ to Rs Rs 377 crore compared to Rs 593 crore. While Gross NPA stood at 7.61% of loan assets while the net NPA ratio stood at 4.49%.

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Tata Power to set up 5,000 EV charging points across Maharashtra

Tata Power has partnered with Maharashtra’s National Real Estate Development Council (NAREDCO) to install up to 5,000 electric vehicle charging outlets across the developer properties of NAREDCO’s members. The two have signed a Memorandum of Understanding(MoU). Through Tata Power’s EZ Charge mobile app, EV owners across members’ properties will enjoy 24×7 vehicle charging, monitoring, and e-payments services.

Read more here. 

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RBI Bars Paytm Payments Bank From Onboarding New Customers – Top Indian Market News

RBI bars Paytm Payments Bank from onboarding new customers

Reserve Bank of India (RBI) has directed Paytm Payments Bank (PPB) to stop onboarding new customers with immediate effect. The central bank has cited serious supervisory concerns observed in the bank. RBI has also directed PPB to appoint an audit firm to conduct a comprehensive audit of its IT system.

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Titan Company’s arm to acquire 17.5% stake in Great Heights Inc for $20 million

TCL North America Inc (TCLNA), a subsidiary of Titan Company Ltd, has signed a pact to acquire 17.5% voting rights in US-based Great Heights Inc for $20 million (~Rs 152 crore). This strategic investment will provide Titan a close view of the fast-growing Lab Grown Diamond (LGD) and Direct-to-Consumer (D2C) sectors. Great Heights retails LGD jewellery through its brand Clean Origin.

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Automobile dispatches fall 23% YoY in Feb: SIAM

Automobile dispatches from factories to dealerships across India declined 23% YoY in February as various supply-side challenges continued to impact demand. This includes the global semiconductor shortage and rise in vehicle prices due to the implementation of new regulations. Wholesales of domestic passenger vehicles, two-wheelers, and three-wheelers fell to 13,28,027 units in Feb 2022. The figure stood at 17,35,909 units in Feb 2021.

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Punjab & Sind Bank to acquire 2% stake in NARCL for Rs 55 crore

Punjab & Sind Bank Ltd has entered into an agreement to acquire a 2% stake in National Asset Reconstruction Company Ltd (NARCL or bad bank) for Rs 55 crore. The equity investment will be done in tranches. The first investment of Rs 28.18 crore is expected to be completed by March 31, 2022. NARCL was incorporated in July 2021 to act as a bad bank for the quick resolution of bad assets (NPAs) of banks. 

In other news, ICICI Bank has announced plans to acquire a 5% stake in NARCL for Rs 137.5 crore.

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Strides Pharma gets USFDA approval for Colchicine tablets

Strides Pharma Global Singapore (SPGS) has received approval from the US Food & Drug Administration (USFDA) to market Colchicine tablets. The drug is used to treat and prevent gout (a common form of arthritis). According to IQVIA MAT January 2022 data, Colchicine tablets had annual sales of $85 million. SPGS is a step-down wholly-owned subsidiary of Strides Pharma Science Ltd.

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DB Realty-led company gets LoA for Mumbai project

DBS Realty, a partnership firm of DB Realty Ltd, has received a Letter of Acceptance (LoA) from the Municipal Corporation of Greater Mumbai (MCGM) to construct 4,000 tenements. The project includes the construction, completion, and handing over of tenements of carpet area 27.88 metres to MCGM. DBS Realty will receive land Transferable Development Rights (TDR) and construction TDR of 1.56 million square feet. It will also get premium per tenement at Rs 39.60 lakh, aggregating to Rs 1,584 crore.

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G R Infra emergest lowest bidder for project in Madhya Pradesh

G R Infraprojects Ltd has emerged as the lowest (L-1) bidder for a project in Rajgarh Special Economic Zone (SEZ), Madhya Pradesh. The order includes the establishment of a transmission system for evacuation of power from RE Projects in Rajgarh SEZ (2500 MW). The project is on a build, own, operate, and maintain (BOOM) basis.

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Vedanta, Welspun, 29 others in race to acquire Mittal Corp

Vedanta Ltd, Welspun Corp, and Jindal Stainless Ltd are among 29 applicants that have shown interest in acquiring distressed steel company Mittal Corp. Mittal Corp is currently undergoing insolvency proceedings and is among 15 shortlisted companies to be transferred to a bad bank. To increase participation, the resolution professional may either invite Expression of Interests (EoIs) again or extend the deadline. 

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IIP growth recovers to 1.3% in January

India’s Index of Industrial Production (IIP) grew 1.3% year-on-year (YoY) in January 2022. It had fallen to a 10-month low of 0.4% in December 2021. Industrial output clocked a growth of 13.7% for April 2021-January 2022, compared to a contraction of 12% in April 2020-Jan 2021. Manufacturing growth grew 1.1% in January 2022, compared to a 0.9% contraction in Jan 2021.

Read more here.

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Vedanta to Invest up to $20B in Semiconductor Biz – Top Indian Market News

Vedanta to invest up to $20 billion in semiconductor business in India

Vedanta Ltd has earmarked $15 billion for its foray into the electronic chip and display manufacturing space. The conglomerate plans to scale up the investment to as much as $20 billion (~Rs 1.49 lakh crore). Vedanta’s group firm Avanstrate will spearhead the semiconductor business. It expects to roll out electronic chips and displays from Indian manufacturing plants by 2025.

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Mahindra Holidays & Resorts to sell entire 10.76% stake in Nreach Online Services

Mahindra Holidays & Resorts India Ltd will sell its entire 10.76% stake in Nreach Online Services Pvt Ltd to Gift Management Asia Pte Ltd (GMAPL) for a consideration of Rs 29.31 crore. The company has entered into an agreement with GMAPL for the sale of its entire investment consisting of 5,738 equity shares in Nreach Online Services. The transaction is expected to be completed on or before July 31, 2022.

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Coal India’s fuel supply stands at 575 MT so far in FY22

Coal India Ltd (CIL) has supplied 575 million tonnes (MT) of coal so far this financial year (FY22), surpassing the total dispatch of dry fuel in 2020-21. The company had dispatched 574.5 MT of coal in FY21. Meanwhile, coal imports were down to a nine-year low due to a sharp increase in international coal prices. 

CIL has warned that the production of coal may fall if the company is not able to raise prices. It is facing cost pressures from a looming rise in salaries and on higher prices of diesel used to power mining equipment.

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IndiGo takes delivery of A320 neo plane powered with sustainable aviation fuel

IndiGo has taken delivery of its first aircraft from Airbus (A320 neo) that operated on a blend of sustainable aviation fuel and normal fuel. The airline’s CEO, Ronojoy Dutta, said they are also talking to a lot of manufacturers on Sustainable Aviation Fuel (SAF). Over a period from 2016 to 2023, IndiGo is aiming at a 16% reduction in carbon emissions.

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Domestic air traffic falls 43% to 64.08 lakh passengers in Jan: DGCA

Domestic air traffic fell around 43% to 64.08 lakh passengers in January 2022. The passenger load factors (or occupancy rates) fell for all Indian carriers last month. SpiceJet reported the highest seat occupancy of 73.4% in Jan, compared to 80.2% in December. IndiGo registered a load factor of 66.6% in Jan, compared to 78.1% in Dec. The data was released by the Directorate General of Civil Aviation (DGCA).

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Bank of Baroda, Canara Bank announce subscription to IDRCL shares

Canara Bank has picked up a 14.9% stake in India Debt Resolution Company Ltd (IDRCL), while Bank of Baroda bought 12.3% in it. IDRCL is an asset management company set up by the government. It will work in association with the National Asset Reconstruction Company Ltd (NARCL) to clean up the banking sector’s bad loans (NPAs). IDRCL will provide management and resolution of assets acquired by NARCL.

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Indian Oil sets up 1,000 EV charging stations

India’s largest oil refiner Indian Oil Corporation Ltd (IOCL) has set up 1,000 electric vehicle charging stations. Now, IOCL has EV charging points in more than 500 towns and cities, including multiple state and national highways. It has collaborated with Tata Power PowerGrid, NTPC, Tech Mahindra, Ola, and BHEL for setting up EV chargers at its fuel stations. The company is targeting to provide EV charging facilities at 10,000 fuel stations in the next three years.

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MRF lines up Rs 1,000 crore expansion plan in Telangana

MRF Limited has announced an investment of Rs 1,000 crore for expansion of its facility and creating a new specialty assembly line at Sangareddy, Telangana. The company’s officials also offered Rs 4 crore to the state government’s ‘Mana vooru – Mana badi’ program under its corporate social responsibility (CSR) initiative.

Read more here.

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Nestle India’s Net Profit Falls 20% YoY in Q4 – Top Indian Market News

nestle

Nestle India Q4 Results: Net profit falls 20% YoY to Rs 387 crore

Nestle India Ltd reported a 19.9% YoY decline in net profit to Rs 386.66 crore for the quarter ended December (Q4 CY21). The company follows the January-Dec financial year cycle. Its revenue rose 9% YoY to Rs 3,739.32 crore during the same period. EBITDA stood at Rs 865.6 crore, up 11% YoY. The FMCG firm reported a one-time loss of Rs 236 crore due to past service costs. Nestle India’s board has declared a final dividend of Rs 65 per share.

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Purvankara to invest Rs 1,550 crore in Kochi realty project

Puravankara Ltd will invest over Rs 1,550 crore to construct a 3 million mixed-use project at Kochi, Kerala. It is part of the realty firm’s plan to expand business amid the rise in demand for apartments post the second wave of the Covid-19 pandemic. The company is expecting a sales realisation of ~Rs 3,000 crore from this project over the next 6-7 years.

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Jio loses 1.29 crore subscribers, Airtel adds 4.75 lakh in December: TRAI

Reliance Jio lost 1.29 crore wireless subscribers, and its total subscriber base fell to 41.57 crore in December 2021. Bharti Airtel gained 4.75 lakh subscribers, and its overall mobile user base stood at 35.57 crore during the same month. Meanwhile, Vodafone Idea (Vi) lost 16.14 lakh subscribers in Dec, and its user base shrunk to 26.55 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

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Apollo Hospitals to operate, manage tertiary care hospital in Uzbekistan

Apollo Hospitals has entered into a partnership with Marafon Group to operate and manage (O&M) an upcoming tertiary care hospital in Uzbekistan. The O&M agreement is for 10 years, which can be extended automatically for a period of 10 years thereafter. Apollo will provide clinical, technical, and feasibility support, along with helping Marafon in setting up diagnostics and pharmacy.

Read more here. 

Maruti Suzuki partners with Quicklyz for vehicle subscription program

Maruti Suzuki India Ltd (MSIL) has partnered with Quiklyz by Mahindra Finance for its vehicle subscription program, Subscribe. Quiklyz will offer a white plate subscription, wherein the vehicle is registered under the user’s name and hypothecated to the subscription partner for a range of MSIL vehicles. MSIL’s Subscribe service is currently available in 20 cities across India.

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Ashok Leyland expects turnaround in CV biz; targets 30% market share in FY23

Ashok Leyland Ltd is eyeing a strong comeback in the commercial vehicle (CV) segment this year. The company is looking to consolidate its position in the intermediate commercial vehicle (ICV) segment. It is also betting on the overall improvement in economic conditions and gradual easing of supply chain issues to cross 30% of the overall market share in the CV segment in FY 2022-23.

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Vedanta signs pact with TERI to accelerate ESG goals

Vedanta Ltd has signed a pact with The Energy and Resources Institute (TERI) to accelerate its environmental, social, and governance (ESG) goals. The company plans to invest ~Rs 200 crore over the next 5-10 years in research & development (R&D) and various initiatives to promote and build a sustainable ecosystem.

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RITES, IIT-Madras signs MoU for marine infra works

RITES has signed a Memorandum of understanding (MoU) with the Indian Institute of Technology, Madras (IIT-M), to cooperate and explore marine infrastructure works. The two entities will collaborate for providing engineering consultancy services and enhancing knowledge sharing for the development of marine infrastructure.

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Punjab & Sind Bank’s gets board approval to raise Rs 4,600 crore by issuing shares to govt

The board of Punjab & Sind Bank (PSB) has given the approval to raise equity capital worth Rs 4,600 crore by issuing preference shares to the government. The Delhi-headquartered bank had posted a record net profit of Rs 301 crore in the quarter ended December 2021. It had posted a net loss of Rs 2,376 crore in the same quarter a year ago.

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BSE EBIX partners with LIC to distribute insurance products

BSE Ebix Insurance Broking Pvt Ltd has signed an Insurance Broker Agreement for the distribution of Life Insurance Corporation (LIC) products on its platform. Under this agreement, BSE EBIX will offer its clients insurance products offered by LIC using its omnichannel digital presence. BSE Ebix is a joint venture of BSE Limited and Ebix Fincorp Exchange Pte Ltd.

Read more here.

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HUL’s Net Profit Rises 17% YoY in Q3 – Top Indian Market News

HUL Q3 Results: Net profit rises 17% YoY to Rs 2,243 crore

Hindustan Unilever Ltd reported a 16.76% YoY increase in net profit to Rs 2,243 crore for the quarter ended December (Q3 FY22). Net profit rose 5% when compared to the previous quarter. Its revenue from operations rose 10.23% YoY to Rs 13,183 crore during the same period. EBITDA stood at Rs 3,279 crore, up 15% YoY. HUL’s home care segment grew 23% YoY, while its beauty & personal care segment grew 7% YoY in Q3. 

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Asian Paints Q3 Results: Net profit falls 18% YoY to Rs 1,016  crore

Asian Paints Ltd reported an 18% YoY decline in consolidated net profit to Rs 1,015.69 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 25.6% YoY to Rs 8,527.24 crore during the same period. The rise in raw input costs offset the benefits of price hikes. The company’s paint business grew 25.4% YoY to Rs 8,319.4 crore. Its domestic decorative business registered an 18% volume growth in Q3.

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Delhi HC restrains HFCL for manufacturing multitube cable as STL claims patent

The Delhi High Court has restrained Himachal Futuristic Communications Ltd (HFCL) and its subsidiaries for allegedly manufacturing and selling optic fibre cable based on Sterlite Technologies Ltd’s (STL) multitube technology in a patent infringement case. HFCL has initiated required legal actions to get the restrain order vacated and also for the cancellation of the subject patent.

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Cyient Q3 Results: Net profit rises 38% YoY to Rs 132 crore

Cyient Ltd reported a 38% YoY increase in net profit to Rs 131.8 crore for the quarter ended December (Q3 FY22). Net profit rose 13.84% when compared to the previous quarter. Its revenue from operations rose 13.3% YoY (or 6.5% QoQ) to Rs 1,183.4 crore during the same period. The digital solutions company registered a 5% QoQ increase in EBITDA to Rs 163.2 crore in Q3.

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Natco Pharma signs pact with MPP to sell Molnupiravir capsules

Natco Pharma Ltd has signed a non-exclusive license agreement with the Medicines Patent Pool (MPP), Switzerland, to manufacture and sell Molnupiravir capsules. The capsules will be sold under the brand name MOLNUNAT for treatment of Covid-19 infection in patients who have a high risk of progression of the disease, including hospitalisation or death. 

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Havells Q3 Results: Net profit falls 12% YoY to Rs 305 crore

Havells India Ltd reported a 12.6% YoY decline in consolidated net profit to Rs 305.82 crore for the quarter ended December (Q3 FY22). Net profit rose 1.13% when compared to the previous quarter. Its revenue from operations rose 15% YoY to Rs 3,664.2 crore during the same period. The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) fell 13.4% YoY at Rs 440 crore.

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Vedanta to create $10 billion fund to bid for BPCL stake, other assets

Vedanta Resources Ltd plans to create a $10 billion (~Rs 74,395 crore) fund to bid for assets, including the Indian government’s stake in Bharat Petroleum Corp Ltd (BPCL). The government is seeking to privatise state-run BPCL by selling its ~53% stake in the firm (worth over $6 billion). The fund will be made up of its own resources and outside investment. Vedanta may also finance the BPCL acquisition through debt.

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Bajaj Finserv Q3 Results: Net profit falls 3% YoY to Rs 1,256 crore

Bajaj Finserv Ltd reported a 2.63% YoY decline in consolidated net profit to Rs 1,256 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 10.21% YoY to Rs 17,589 crore during the same period. The company’s expenses increased by 29% YoY to Rs 899 crore in Q3. Bajaj Finserv’s assets under management (AUM) grew 26% YoY to Rs 1,81,250 crore.

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Larsen &Toubro dispatches coke drums to Mexico

Larsen & Toubro Ltd’s (L&T) heavy engineering arm has dispatched six of the world’s largest coke drums, weighing 658 tonnes, each to Mexico. The drums were manufactured at L&T’s state-of-the-art Heavy Engineering Complex located at Hazira near Surat. It will be used for a refinery project by PTI Infraestructura de Desarrollo, a subsidiary of the Mexico’s state-owned oil company PEMEX (Petróleos Mexicanos).

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Independent directors of PTC Financial Services resign citing governance issues

All three independent directors of PTC Financial Services Ltd resigned on Wednesday, citing corporate governance lapses. They have flagged serious concerns on the conduct of the management of PFS India Ltd (the parent company), led by managing director and CEO Pawan Singh. They also referred to the issues regarding a Rs 125 crore-bridge loan given to NSL Nagapatnam Power and Infratech Pvt Ltd, besides alleging that no action has been taken on certain corporate governance issues.

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PNB Housing Q3 Results: Net profit falls 19% YoY to Rs 188 crore

PNB Housing Finance Ltd reported a 19% YoY decline in net profit to Rs 188 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) fell 26% YoY to Rs 439 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 7.64% in Q3 FY22, compared to 5.94% in Q2 FY22.

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