Tag: Vodafone Idea

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Bharti Airtel Adds 58.9 Lakh Subscribers in January – Top Indian Market News

Bharti Airtel adds 58.9 lakh subscribers in January, Vi adds 17.1 lakh subscribers: TRAI

Bharti Airtel added more wireless subscribers than market leader Reliance Jio for the sixth straight month in January. According to data released by telecom regulator TRAI, Bharti Airtel added 58.92 lakh subscribers, while Jio added 19.56 lakh subscribers in January 2021. Vodafone Idea (Vi) gained 17.1 lakh subscribers during the same month. This is the first time in 15 months that Vi is adding subscribers.

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BHEL emerges lowest bidder for NPCIL’s Rs 10,800-crore tender

Bharat Heavy Electricals Ltd (BHEL) has emerged as the lowest (L1) bidder for the supply of equipment for the 6×700 megawatt (MW) nuclear power projects of Nuclear Power Corporation of India (NPCIL). The lowest bid price offered by BHEL was Rs 10,800 crore. With this tender, BHEL has retained its market leadership position of being the sole Indian supplier of nuclear steam tubes. 

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Domestic air traffic declines 36% YoY in February: DGCA

A total of 78.27 lakh domestic passengers travelled by air in February 2021, which is 36% lower than the corresponding period in 2019. IndiGo carried 42.38 lakh passengers in February, thus securing a 54.2% share of the total domestic market. SpiceJet flew 9.62 lakh passengers, which is a 12.3% share of the market. The data was released by the Directorate General of Civil Aviation (DGCA).

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L&T Technology Services partners with Aspen Tech to deliver engineering solutions

L&T Technology Services Ltd (LTTS) has partnered with Aspen Technolgy, Inc. to offer a complete suite of digital engineering solutions across global enterprises. This will empower customers to optimize the performance of their assets and achieve operational excellence through cloud hosting and virtualisation. LTTS’ cloud engineering services will provide design, delivery, and support for computing, storage, and virtual network infrastructure. 

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ABB Power secures order worth Rs 124 crore from BALCO

Hitachi ABB Power Grids in India has received an order from Bharat Aluminium Company (BALCO) to strengthen power infrastructure at its Korba plant in Chattisgarh. The estimated value of the order is Rs 124 crore. The equipment required for this project will be manufactured domestically in line with the government’s Make-in-India initiative. 

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DLF to raise up to Rs 500 crore via NCD issue

DLF Limited has announced plans to raise up to Rs 500 crore through the issuance of secured, rated, redeemable non-convertible debentures (NCDs). The NCDs will be issued at a coupon rate of 8.25% on a private placement basis in one or more tranches to eligible investors. The realty firm had earlier announced plans of restructuring existing loans with a target of saving Rs 300 crore annually.

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SC orders restoration of MF units back to Dalmia Bharat Group

The Supreme Court of India (SC) has ordered IL&FS Security Services Ltd (ISSL) to release mutual fund units worth Rs 344 crore back to the Dalmia Bharat Group. In August 2019, the SC had passed an interim order that Dalmia Cement, which is a subsidiary of Dalmia Bharat, may encash the securities and an amount of Rs 344 crore shall lie in fixed deposit with ISSL. The mutual fund units of two subsidiaries of Dalmia Cements were fraudulently and illegally transferred by Allied Financial Services Pvt Ltd in collusion with ISSL.

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Shakti Pumps secures export orders worth $35 million from Uganda Government

Shakti Pumps (India) Ltd has secured a contract from the Ministry of Water and Environment, Government of Uganda, for supplying solar-powered water pumping systems. The total contract value is $35.30 million (~Rs 256.23 crore). Shakti Pumps is a manufacturer and exporter of stainless-steel water pumps, motors, and solar pumps.

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Subex partners with SkyLab to offer cybersecurity solutions for shipping industry

Subex Limited has entered into a partnership with SkyLab to offer Internet of Things (IoT) and Operational Technology (OT) cybersecurity solutions and services to the maritime sector. The companies will jointly offer Security Operations Center services and threat risk management support to improve the overall cybersecurity structure of the shipping industry. Subex is a leading enterprise software company based in Bangalore.

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IPO Updates:

Kalyan Jewellers

The Rs 1,175-crore initial public offering (IPO) of Kalyan Jewellers was subscribed 1.21 times on the second day of bidding. The portion reserved for retail investors was subscribed 1.90 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 89% and that of qualified institutional buyers (QIBs) 24%. To know more about the IPO, click here.

Laxmi Organic Industries

The Rs 600-crore initial public offering (IPO) of Laxmi Organic Industries was subscribed 106.77 times on the final day of bidding. The portion reserved for retail investors was subscribed 19.97 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 217.62 times and that of qualified institutional buyers (QIBs) 175.43 times. You can learn more about the IPO here.

Suryoday Small Finance Bank

The Rs 582-crore initial public offering (IPO) of Suryoday Small Finance Bank was subscribed 42% on the first day of bidding. The portion reserved for retail investors was subscribed 84%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 4% and that of employees 6%. To know more about the IPO, click here.

Nazara Technologies

The Rs 582-crore initial public offering (IPO) of Nazara Technologies was subscribed 4.01 times on the first day of bidding. The portion reserved for retail investors was subscribed 16.75 times and that of employees 2.28 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 2.85 times and that of QIBs 36%. To know more about the IPO, click here.

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Prestige Estates Sells Assets Worth Rs 7,467 crore to Blackstone Group – Top Indian Market News

Prestige Estates sells assets worth Rs 7,467 crore to Blackstone Group

Prestige Estate Properties Ltd has sold assets worth Rs 7,467 crore to investment firm Blackstone Group as part of the first phase of a Rs 9,160 crore deal. Phase-1 of the transaction included the sale of 12 assets comprising of completed retail, office, and hotel properties. With the completion of this transaction, Prestige Estate’s net debt has reduced to Rs 997.5 crore (compared with Rs 8,464.5 crore as of December 31, 2020). Phase-2 of the transaction is expected to be completed by the end of the next quarter.

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Have adequate spectrum to be competitive in market: Vodafone Idea

P Balaji, Chief Regulatory and Corporate Affairs Officer of Vodafone Idea Ltd (VIL), said the company has an adequate spectrum to meet customers’ requirements and to be competitive in the market. He said that VIL had bid for just as much radiowaves as it needed to boost its services and coverage. This commentary comes after several reports stated that VIL may not have acquired large amounts of spectrum in the recent auctions due to financial constraints. Vodafone Idea’s spectrum holding after the recent auction stands at 1,768.60 MHz.

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Kalyan Jewellers IPO to open on March 16; price band fixed at Rs 86-87

Kalyan Jewellers, on Thursday, announced that it will open its initial public offering (IPO) on March 16. The price band of the IPO has been fixed at Rs 86 to Rs 87 per share. The offer size is Rs 1,175 crore, which comprises a fresh issue aggregating to Rs 800 crore and an offer for sale (OFS) of Rs 375 crore. The company will utilise the funds for meeting working capital requirements and for general corporate purposes. The issue will close on March 18.

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JSW Steel’s crude steel production declines 1% YoY in February

JSW Steel Limited reported that its crude steel production declined by 1% year-on-year (YoY) to 13.06 lakh tonnes in February 2021. The average capacity utilisation was 93% last month. The production of flat-rolled products declined 6% YoY to 9.27 lakh tonnes. The production of long-rolled products increased by 10% YoY to 3.4 lakh tonnes during the same period.

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Infosys BPM extends strategic partnership with Newmont Corp

Infosys BPM announced a five-year extension of its strategic collaboration with the world’s largest gold mining company- Newmont Corporation. The company will standardise and digitise delivery models across Newmont’s mining sites. Infosys BPM will leverage its automation, artificial intelligence (AI), and design thinking capabilities to deliver increased value for Newmont. Infosys BPM is the business process management arm of Infosys Limited.

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SpiceJet to offer RT-PCR test for Rs 500 in Mumbai, Delhi

SpiceJet Limited has launched the country’s cheapest Covid RT-PCR testing facility for the general public at Rs 499 through its subsidiary, SpiceHealth. It will also offer the testing facilities at a special price of Rs 299 (which is one-third of the prevailing market rate) to its passengers. In the first phase, SpiceHealth will make its testing facility available in Mumbai and Delhi.

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NMDC declares interim dividend of Rs 7.76 per share

NMDC Limited’s board has approved an interim dividend of Rs 7.76 per share for the financial year 2020-21. The company has fixed March 23, 2021, as the record date for payment of the interim dividend. State-owned NMDC is India’s largest iron ore miner and produces about 35 metric tonnes (MT) of iron ore from its three iron ore complexes in the country.

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Ramco Systems goes live at Nigeria-based Caverton Helicopters

Ramco Systems Limited announced that it has gone live at Caverton Helicopters with its Aviation M&E MRO Suite V5.8, thereby integrating and digitally transforming its business processes. The installed Aviation Suite helps Caverton Helicopters to track transactions, generate flight contract billing, and execute work packages. Caverton Helicopters is a Nigerian aerospace company that serves the West African offshore oil and gas industry.

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Ares SSG Capital completes acquisition of Altico Capital

Hong Kong-based Ares SSG Funds has completed the acquisition of debt-ridden Altico Capital. This buyout marks the first resolution of a defaulting non-banking finance company (NBFC) outside India’s Insolvency and Bankruptcy Code (IBC). State Bank of India (SBI), Bank of Baroda, Yes Bank, ACRE ARC, and Aditya Birla Finance were the main lenders to Altico Capital that have credit exposure. 

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Firms of Rakesh Jhunjunwala, Samir Arora file for mutual fund licenses

Helios Capital Management and Alchemy Capital Management are among four investment firms that have applied for mutual fund licenses with market regulator SEBI within the past 4 months. Singapore-based Helios Capital is founded by Samir Arora, while Alchemy Capital is co-founded by ace investor Rakesh Jhunjunwala. Bajaj Finserv, Capitalmind (Wisemarkets Analytics), Frontline Capital Services, Unifi Capital, and Zerodha Broking are other firms that have applied for mutual fund licenses.

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USTPO grants patent to Newgen Software for invention of advanced binarization process

The United States Patent and Trademark Office (USTPO) has granted a patent to Newgen Software Technologies Ltd for an invention entitled “Image Processing System and Method”. The patent is for a period of 20 years, which starts from March 2018. The invention is an image processing system that binarizes images, which refers to converting colored and grey images to black and white images. The process of binarization is used to reduce image size and to facilitate document analysis.

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NSE, ONGC Buys Stake in IGX From Indian Energy Exchange – Top Indian Market News

NSE, ONGC buys stake in IGX from Indian Energy Exchange

Indian Energy Exchange (IEX) has divested 26% of its equity holding in Indian Gas Exchange (IGX) to the National Stock Exchange of India. NSE will purchase 1.92 crore equity shares of IGX from IEX for Rs 19.20 crore. IEX has also sold 5% of its equity holding in IGX to the Oil and Natural Gas Corporation (ONGC) for Rs 3.69 crore. “Having NSE and ONGC as partners is a natural choice in the endavour to deepen India’s gas markets,” said S N Goel, Chairman & MD of IEX.

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Easy Trip Planners IPO subscribed 159 times on final day of bidding

The Rs 510-crore initial public offering (IPO) of Easy Trip Planners was subscribed 159.30 times on the final day of bidding. The issue received bids for 240.27 crore equity shares against an offer size of 1.5 crore shares. The portion reserved for retail investors was subscribed 70.40 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 382.21 times and that of qualified institutional buyers (QIBs) 77.53 times.

Passenger vehicle sales grow 18% in February: SIAM

According to data released by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales increased by 17.92% year-on-year (YoY) to 2.81 lakh units in February. The utility vehicles (UVs) segment saw a growth of more than 45% YoY. Sales of two-wheelers rose 10.20% YoY to 14.26 lakh units last month. The data also shows that sales of three-wheelers declined by 34% YoY to 27,331 units in February.

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Vodafone Idea partners with Disney+ Hotstar to provide one year of free content to users

Vodafone Idea (Vi) has partnered with Disney+ Hotstar to offer one year of VIP membership to its customers. Vi prepaid users will get three new unlimited recharge plans including one data-only plan with Disney+ Hotstar VIP subscription. The telecom company’s postpaid users can get access to the streaming service on plans starting at Rs 499. The offer comes just in time for the upcoming IPL cricket season, which begins on April 9. 

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Hitachi ABB Power Grids secures orders worth Rs 160 crore to supply transformers to Indian Railways

Hitachi ABB Power Grids in India has secured orders worth Rs 160 crore from the Government of India’s electric locomotive manufacturer, Chittaranjan Locomotive Works (CLW), and the Central Organization for Rail Electrification (CORE) to power electric freight locomotives for the Indian Railways. The company will deliver traction transformers to CLW for one of Indian Railways’ most successful classes of locomotives- the WAG 9. The firm will also supply trackside transformers to CORE.

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Magma Fincorp’s shareholders approve plans to raise Rs 3,456 crore by issuing shares to Rising Sun Holdings 

Magma Fincorp Limited announced that its shareholders have approved the company’s plans to raise Rs 3,456 crore by issuing preference shares to Adar Poonawalla-controlled Rising Sun Holding Pvt Ltd (RSHPL) and two members from the promoter group. Around 49.37 crore preference shares will be issued at Rs 70 per share to RSHPL and the two promoters. After the transaction, RSHPL will hold a controlling stake of 60% in Magma Fincorp.

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Sun Pharma’s subsidiary acquires 12% stake in Australia-based WRS Bioproducts

The Australian subsidiary of Sun Pharmaceutical Industries Ltd has acquired 4.28 lakh shares (or 12% fully diluted equity stake) of WRS Bioproducts Pty Limited. The total value of the acquisition was AUD 2 million (~Rs 11.24 crore). WRS Bioproducts is engaged in developing novel technologies to produce and commercialise supplements and nutraceutical ingredients from diverse algae species in Australia.

Man Infra’s subsidiary secures order worth Rs 84 crore

Man Vastucon, a wholly-owned subsidiary of Man Infraconstruction Ltd, has received an order worth Rs 84.32 crore from Mira Shaindar Municipal Corporation (MSMC). The scope of work consists of the construction of an auditorium situated off Western Express Highway, Mira Road East, Thane. The project will be completed and handed over to MSMC within a year.

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Dr Reddy’s gets 3 observations from USFDA for US-based API plant

Dr Reddy’s Laboratories said that the US Food & Drug Administration (USFDA) has issued a Form 483 with three observations after inspecting its active pharmaceutical ingredients (API) manufacturing plant in Middleburgh, New York. Form 483, which is issued to a firm at the end of an inspection, specifies any conditions that may be in violation of the Food Drug & Cosmetic Act or other regulations. Currently, Dr Reddy’s does not have any sales from this API plant.

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Quick Heal Technologies’ board approves proposal for Rs 155 crore share buyback plan

The Board of Directors of Quick Heal Technologies has approved the proposal to buyback 63.26 lakh equity shares at Rs 245 per share. This represents 0.85% of the total paid-up equity share capital of the software company. The total buyback size will be Rs 155 crore. The board has also approved the de-registration and closure of the company’s wholly-owned subsidiary, Quick Heal Technologies Africa. This closure was part of the firm’s recently concluded business reorganisation exercise.

Board of Shriram EPC approves the issuance of preference shares worth Rs 350 crore to lenders

The Board of Directors of Shriram EPC, on Wednesday, discussed and cleared the issuance of non-convertible redeemable preference shares (NCRPS) worth Rs 350 crore to the lenders of the company against their loans and for other related activities. Shriram EPC is a construction company based in Chennai.

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Editorial

Telecom Spectrum Auctions: Explained

Our government has conducted numerous telecom spectrum auctions over the past two decades. It is truly an interesting process by which major telecom companies attempt to expand their network capacities across India. The auctions also help the Centre to raise funds for various development activities. The much-awaited spectrum auction for a range of 4G airwaves took place between March 1-2. Let us have a detailed understanding of how this process actually works.

What are Telecom Spectrum Auctions?

Key Terms

Firstly, we need to learn certain important terms associated with telecom spectrum auctions. A spectrum is a range of radio waves used for communication purposes. It includes FM and AM radio broadcasts, as well as WiFi or Bluetooth. These waves are defined by important attributes such as wavelength (length of the wave), amplitude (height of the wave), and frequency (number of cycles per second). Radio waves are those that have a frequency of 3 kilohertz (3,000 cycles per second) to 300 gigahertz (3 billion cycles per second). Thus, different frequencies are used for different purposes.  

The Electromagnetic Spectrum (nm-  nanometer)

As we know, our smartphones also require signals to connect from one end to another. These signals are carried on airwaves, which must be sent at designated frequencies to ensure that there is no interference. The most commonly used range for cellular communication is 800 megahertz (MHz), 900 MHz, 1,800 MHz, 2,100 MHz, and 2,300 MHz. 

The Auction Process

The Central government owns all public assets that are available within the geographical boundaries of our country. This also includes airwaves. A spectrum auction is a process by which the government uses an auction system to sell the rights to transmit signals over specific bands of the electromagnetic spectrum. Due to the exponential rise in the number of cellphone and internet users, there is a need to provide more space for the signals. Thus, our government efficiently manages the spectrum available in India through these auctions. 

India has a total of 22 telecom circles. Any company that wishes to offer its services or operate in these circles must purchase a Unified Access Services (UAS) license. The spectrum, which is subdivided into bands with varying frequencies, is sold by the government for a fixed period. The Department of Telecommunications (DoT) conducts auctions of these licenses, which are valid for a period of 20 years. Telecos place their bids for the various frequency bands that are offered. 

The last auction was held in 2016. The government offered 2,354.55 MHz at a reserve price of Rs 5.60 lakh crore. However, it managed to sell only 965 MHz, which was about 40% of the spectrum that was put up for sale. The total value of bids received was just Rs 65,789 crore.

The March 2021 Spectrum Auction

Now, after 4-5 years since the last auction, there was a great need or demand for a new spectrum auction. This was because the validity of some airwaves bought by telecom companies is set to expire in 2021.

On March 1, 2021, the DoT kickstarted the auction of 2,251 MHz at a reserve price of Rs 3.92 lakh crore. The government offered spectrum across seven bands— 700 MHz, 800M Hz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, and 2,500 MHz. Spectrum will be offered for a validity period of 20 years. The Earnest Money Deposit (EMD) amount by Reliance Jio was the highest among the bidders at Rs 10,000 crore. This was followed by Bharti Airtel at Rs 3,000 crore and Rs 475 crore by Vodafone Idea (Vi). An EMD is like a security deposit that a company puts down at the beginning of the auction.

The bidders have an option to pay 50% upfront of the final bid amount for the 1,800, 2,100, 2,300, and 2,500 MHz bands. The remaining amount can be paid in equated 16 installments over two years at an interest rate of 7.3%. For 700, 800, and 900 MHz bands, the upfront amount is 25% of the successful bid. Notably, the final bidders are also required to pay 3% of the Adjusted Gross Revenue (excluding wireline services) as spectrum usage charges for the spectrum won through this auction. 

marketfeed had prepared a detailed article on Adjusted Gross Revenue (AGR). As you may know, Bharti Airtel and Vi owe high AGR dues to the government. You can read more about it here. 

The Result

The spectrum auction received a great response right from the first day. As per official data released by DoT on March 2, the spectrum attracted bids worth Rs 77,814.80 crore. Bids were placed primarily on 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, and 2300 MHz bands. However, there were no takers for airwaves in the premium bands of 700 MHz and 2,500 MHz (as it had high reserve prices).

  • Reliance Jio emerged as the biggest buyer in the auctions. It has placed orders for Rs 57,122.65 crore worth of spectrum. Jio had placed bids for 488.35 MHz spectrum in the auction.
  • Bharti Airtel has acquired 355.45 megahertz (MHz) spectrum across sub gigahertz (GHz), mid-band, and 2,300 MHz bands for Rs 18,699 crores. The company said the acquired spectrum will help improve its coverage in villages. It would also help them provide services to an additional 9 crore customers in India.
  • Vodafone Idea (Vi) bought spectrum worth Rs 1,993.40 crore in the auction. It had placed bids for 0.8 MHz spectrum in the auction. Vi said it had acquired spectrum in five circles, which would help boost its 4G coverage and capacity.

Conclusion

The Indian government has conducted over 14 spectrum auctions so far. The Centre has been able to generate significant revenue through these auctions as well. However, it has also been subject to alleged corruption and fraud. You may remember the 2G spectrum scam, which was ranked as the world’s second-biggest abuse of executive power by Time magazine in 2011. It was found that former Telecom Minister A Raja and other prominent politicians collected bribes from companies such as Swan Telecom, Reliance Telecommunications, and Uninor in exchange for licenses. Since then, the auction process has become more transparent and simpler as a result of technological advancements.

The response to the spectrum auctions conducted recently had beaten all estimates. It shows how telecom companies such as Reliance Jio and Bharti Airtel are committed to providing better services for their customers. Jio, with its deep pockets, clearly has the upper hand as it looks to further dominate the telecom industry. Financially stressed Vodafone Idea was unable to meaningfully participate in the bidding process. 

We would soon be able to see a spectrum auction for 5G airwaves. Interestingly, Bharti Airtel and Jio have already announced plans to launch 5G services soon- by using their recently acquired spectrum. The Indian telecom sector will surely witness a boom in the coming years. Let us look forward to seeing how these companies make use of their spectrum for the further growth of the telecom sector as a whole.

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Adani Ports to Develop West Container Terminal at Colombo Port – Top Indian Market News

adani ports and sez

Adani Ports to develop West Container Terminal at Colombo Port

Adani Ports and Special Economic Zone Ltd (APSEZ) will develop the West Container Terminal (WCT) at Colombo Port. The Sri Lankan cabinet, on Tuesday, approved the plan through a tripartite understanding with India and Japan. WCT will have a 1,400-metre quay wall, terminal area of about 64 hectares, and an annual capacity of 2.6 million TEUs (twenty-foot equivalent unit).

In other news, APSEZ announced that it had handled cargo volume of 21.12 million metric tonnes (MMT) in February 2021, which is an 8% year-on-year (YoY) growth.

Read more here.

Bharti Airtel acquires spectrum worth Rs 18,699 crore in auction

Bharti Airtel has acquired 355.45 megahertz (MHz) spectrum across sub gigahertz (GHz), mid-band, and 2,300 MHz bands for Rs 18,699 crores in the latest spectrum auction. This will help improve the company’s deep indoor and in-building coverage in every urban town. The spectrum will also help improve its coverage in villages. Bharti Airtel said the acquired spectrum would help them provide services to an additional 9 crore customers in India.

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Prestige Estates signs agreement with Blackstone to sell 12 assets in Phase-1 of Rs 9,160 crore deal

Prestige Estate Projects has signed definitive agreements with global investment firm Blackstone to sell 12 completed assets in the first phase of a Rs 9,160-crore deal. In November 2020, Prestige Estates had signed a term sheet to sell a large portfolio of completed and under-construction properties to Blackstone for an enterprise value of Rs 9,160 crore. This includes completed offices, retail properties, and hotel properties. The company will use the funds for future expansion activities and repayment of debt. 

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Vodafone Idea buys spectrum in 5 telecom circles

Vodafone Idea Ltd (Vi) has acquired spectrum in India’s five telecom circles in the latest auction for 4G wireless services. However, the company did not disclose the quantity of spectrum bought or the financial details of the transaction. Vi said it expects that a large quantum of spectrum will be made available for 5G services at fair prices to enable operators to roll out the technology rapidly.

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Jindal Steel to acquire bankrupt Reliance Naval & Engineering: Report

As per a report from BloombergQuint, Jindal Steel & Power Ltd (JSPL) and two other groups were the latest to express interest in bidding for Reliance Naval & Engineering Ltd. “For Jindal Steel, Reliance Naval can be a captive client for the company’s shipbuilding plates”, said JSPL managing director Vidya Rattan Sharma. The reports further state that Dubai-based shipping firm GMS and Kotak Special Situations Fund were among the others that registered to bid for Reliance Naval.

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Engineers India secures consultancy project worth Rs 600 crore

Engineers India Limited (EIL) has received a consultancy project from Indian Oil Corporation Ltd (IOCL). EIL has been awarded the project for execution of ‘Consultancy for Overall Project Management’ and EPCM (Engineering, Procurement, Construction, Management) services for capacity expansion of IOCL’s Panipat Refinery from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA. The total order value is around Rs 600 crore.

Cipla receives USFDA approval for Sumatriptan Nasal Spray

Cipla Limited has received final approval from the US Food and Drug Administration (USFDA) for Sumatriptan Nasal Spray. The drug is indicated for the treatment of migraine attacks. According to IQVIA (IMS Health) data, the generic version of Sumatriptan Nasal Spray had US sales of approximately $53.3 million (~Rs 390 crore) for the 12-months ending December 2020. 

In other news, Cipla said its Gulf subsidiary has expanded its partnership with Alvotech for the marketing and distribution of four biosimilar medicines in Australia and New Zealand.  

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Govt to divest 10% stake in Ircon International

The Government of India announced that it will sell up to 4.70 crore equity shares of public sector construction firm Ircon International. This represents 10% of the issued and paid-up share capital of the company. The floor price for the offer for sale (OFS) has been fixed at Rs 88 per share. The OFS will open tomorrow (March 3, 2021) for retail investors.

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Bajaj Healthcare gets approval from Maharastra PCB to restart Tarapur unit

Bajaj Healthcare Ltd has received approval from Maharashtra Pollution Control Board (MPCB) to resume operations at its Tarapur unit in Maharashtra. The MPCB had issued a notice to the company in January 2021, directing the closure of operations at the Tarapur unit for alleged violation of the provisions of the Water (Prevention and Control of Pollution) Act 1974 and Air (Prevention and Control Pollution) Act 1981.

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Subex joins O-RAN Alliance for open radio access networks

Subex Limited announced that it has become a member of the O-RAN Alliance to support the development and standardisation of Open Radio Access Networks (RAN). [RAN is the part of a telecommunications system that connects individual devices to other parts of a network through radio connections] With its expertise in advanced network analytics based on machine learning, Subex would help drive innovation in the RAN domain. 

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Gayatri Highways acquires 51% stake in Balaji Highways Holding

Gayatri Highways Limited, on Tuesday, said it has successfully completed the acquisition of 51% equity share capital of Balaji Highways Holding Private Limited. Hyderabad-based Balaji Highways is engaged in the business of undertaking infrastructure projects such as the construction of state and national highways.

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Vodafone Idea’s Q3 Net Loss Narrows to Rs 4,532 crore – Top Indian Market News

Vodafone Idea Q3 Results: Net loss at Rs 4,532 crore

Vodafone Idea Ltd (Vi) reported a consolidated net loss of Rs 4,532.4 crore for the quarter ended December (Q3). It had posted a net loss of Rs 7,218.5 crore in the corresponding quarter last year. The company’s revenue grew 1% YoY to Rs 10,894 crore during the same period. Vi saw a one-time net gain of Rs 1,696.5 crore in Q3, which includes gains made on the sale of its stake in Indus Towers. The telecom operator’s average revenue per user (ARPU) improved to Rs 121, compared to Rs 119 in the previous quarter (Q2 FY21).

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ONGC Q3 Results: Net profit falls 67% YoY to Rs 1,378 crore

Oil and Natural Gas Corporation (ONGC) reported a 67.4% YoY decline in net profit to Rs 1,378 crore for the quarter ended December (Q3). Its revenue fell 28% YoY to Rs 17,024 crore during the same period. ONGC’s crude oil production during the quarter declined 3.3% YoY, while gas output declined 6% YoY. The company’s board has declared an interim dividend of Rs 1.75 per share.

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Power Grid to acquire 74% stake of Jaiprakash Power in JV

Power Grid Corporation said its board has approved a proposal to acquire 74% stake of the joint venture partner in Jaypee POWERGRID Ltd (JPL). JPL is a joint venture between Power Grid and Jaiprakash Power Ventures Ltd. The company said the acquisition would be completed within the current fiscal year.

Amara Raja Batteries Q3 Results: Net profit rises 18% YoY to Rs 194 crore

Amara Raja Batteries Ltd (ARBL) reported a 17.98% YoY jump in consolidated net profit to Rs 193.69 crore for the quarter ended December (Q3). Its revenue from operations rose 12.18% YoY to Rs 1,960.43 crore during the same period. The company has announced plans to set up a greenfield lead recycling unit with a capacity of 1 lakh tonnes. This would help ARBL to comply with recycling standards while adopting advanced technology in the most eco-friendly manner. ARBL’s board has approved an interim dividend of Rs 5 per share.

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Ircon International Q3 Results: Net profit rises 35% YoY to Rs 103 crore

Ircon International Ltd reported a 35% YoY increase in net profit to Rs 103 crore for the quarter ended December (Q3). Its revenue from operations rose 29% YoY to Rs 1,244 crore during the same period. Ircon announced it has secured new orders worth around Rs 3,983 crore in the current financial year (Q4 FY21).

Godrej Industries to diversify into housing finance business

Godrej Industries Ltd announced that Godrej Housing Finance Ltd (GHFL) has recently obtained a license to operate as a Housing Finance Company. GHFL is owned by the Godrej Family through Anamudi Real Estates LLP. To pursue the opportunity in the housing finance business, the Board of Godrej Industries has approved the proposal of acquiring shares of GHFL from Anamudi. 

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Prabhat Dairy Q3 Results: Net profit declines 14% YoY to Rs 8 crore

Prabhat Dairy reported a 14.17% YoY decline in net profit to Rs 8.78 crore for the quarter ended December (Q3). Its total revenue declined 53% YoY to Rs 102.89 crore during the same period. Prabhat Dairy is an integrated milk and dairy products company in Maharashtra, catering to institutional and retail customers.

IRFC Q3 Results: Net profit rises 15% YoY to Rs 1,046 crore

Indian Railway Finance Corporation (IRFC) reported a 15.4% YoY increase in net profit to Rs 1,046.74 crore for the quarter ended December (Q3). Its total revenue rose 8.01% YoY to Rs 3,932.46 crore during the same period. On February 12, IRFC listed its $750 million (~Rs 5,444 crore) medium-term note on India International Exchange’s (India INX) debt listing platform. The issue is part of the company’s $4-billion (~Rs 29,000 crore) global medium-term note programme.

Delta Corp Q3 Results: Net profit at Rs 1.25 crore

Delta Corp Ltd reported a net profit of Rs 1.25 crore for the quarter ended December (Q3). It had posted a net profit of 55.07 crore in the corresponding quarter last year. The gaming and hospitality company’s revenue declined 39.58% YoY to Rs 128.93 crore in Q3 FY21.

Sadbhav Engineering Q3 Results: Net profit loss at Rs 24.32 crore

Sadbhav Engineering Ltd reported a consolidated net loss of Rs 24.32 crore in the quarter ended December (Q3). It had posted a net loss of Rs 69.79 crore in the corresponding quarter last year. The company’s total revenue rose 2.12% YoY to Rs 695.76 crore in Q3 FY21. Sadbhav Engineering is a civil engineering construction company based in Gujarat.

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Editorial

Reliance vs Farmers’ Protests

Telecom towers are an essential infrastructure that supports the continuous expansion of telecom companies. Major players such as Reliance Jio, Vodafone Idea, and Bharti Airtel operate tens of thousands of towers across urban and rural areas of India. There are over 5 lakh mobile cell towers that play an important role in accelerating the digital revolution in our country. 

Recently, we have come across reports stating that thousands of telecom towers have been vandalized by farmers in Punjab. Most of these towers were operated by Reliance Jio. Let us understand the reasons as to why Reliance has been facing the heat of the farmers’ protests. We shall also discuss the important developments that have taken place over the past few days.

The Telecom Tower Vandalism

On December 28, major news publications came up with a very shocking report: The farmers and support groups protesting against the Government’s new farm laws have damaged around 1,500 mobile towers of Reliance Jio Infocomm Ltd in Punjab. More than 176 signal transmitting sites were vandalised on a single day- December 27. They disconnected the power supply to the towers and cut fibre cables. The mobile and internet services of the company had been disrupted in the state, causing inconvenience to its consumers. The violent act by farmers also became a threat to the employees and technicians who were running the telecom towers.

The Chief Minister of Punjab, Capt. Amarinder Singh, directed the police to take strong action against anyone destroying telecom towers in the state. The Cellular Operators Association of India (COAI) condemned the vandalism of mobile towers by agitating farmers.

Why are Farmers Boycotting Reliance?

The attacks on Jio’s telecom towers comes amid speculation that the new farm laws allegedly benefit Reliance Industries. As we are aware, farmers from Punjab, Haryana, and Uttar Pradesh have been camping at the borders of Delhi for more than a month. They are protesting against three new farm laws that were passed by the Indian Parliament in September. The primary aim of these laws is to allow farmers to sell their produce to any buyer of their choice. Thus, they would be able to bypass middlemen or commission agents at state-controlled markets (mandis). 

Mandis, or marketplaces for selling farm produce, were set up in the 1950s to end the exploitation of farmers. The government would also pay them a Minimum Support Price (MSP) for their agricultural products. Many farmers see the MSP as a vital safety net, and started to become very sceptical of the new laws. One of their biggest fears is that large companies such as Reliance Retail would exploit these laws and drive them out of business. 

The Central Government and PM Modi have repeatedly said that procurement of crops at MSP will continue under the new laws. However, the farmers have stated that they would not stop their protests until these laws are repealed. They have also demanded the government to ensure a legal guarantee of MSP.

Reliance Jio, a subsidiary of Reliance Industries Ltd (RIL), has been facing the heat of the protesters. On December 27, it was reported that over 1.50 lakh Jio sims have been ported to Bharti Airtel and Vodafone Idea at protest sites. Around 500-600 people were getting their Jio sims ported every day. This was primarily seen in states such as Punjab and Haryana, wherein agriculture is the dominant activity. The farmers have also showed their dissent by torching Jio’s banners and advertisements. And then, the protesting farmers started damaging the telecom towers in Punjab.

Jio’s Allegations Against its Rivals

Reliance Jio sent a letter to the Telecom Regulatory Authority of India (TRAI) on December 10. They alleged that two companies had created an impression that Reliance stands to gain from the three new agricultural laws. It asked TRAI to take action against rivals Bharti Airtel and Vodafone Idea, for allegedly running a false propaganda campaign to attract its subscribers. Jio stated that they have been receiving a large number of port-out (cancellation) requests, which was mainly due to false information being spread to the farmers. It is not clear if Reliance had provided substantial evidence to support this extraordinary claim.

Both Bharti Airtel and Vodafone Idea (Vi) completely denied all allegations made against them. “Despite being provoked by some competitors who we know will go to any length to make baseless allegations, adopt bullying tactics and use intimidatory behaviour, we have always conducted our business with character and transparency”, said Bharti Airtel in a statement. Vi also stated that these were baseless allegations that were made to destroy their reputation.

On January 2nd, Bharti Airtel sent a letter to the Department of Telecommunications (DoT). The letter stated that ‘Jio’s allegations against the firm did not demonstrate any evidence that it had any hand in the ongoing issues that the company is facing.’ Bharti Airtel also said that the complaint should be dismissed “with the contempt that it deserves”. The telecom company also urged the DoT to introduce a policy to mandate ICR (Intra-Circle Roaming) in such situations of vandalism and network outages.

RIL Files Petition in Punjab & Haryana HC

On January 4, Reliance Industries Ltd (RIL) filed a petition in the Punjab and Haryana High Court “to bring a complete stop to the illegal acts of vandalism by miscreants”. The petition stated that “vested interests” were engaging in spreading false rumours against the group. RIL ensured that they had nothing whatsoever to do with the three farm laws, and in no way benefited from them.

In the petition, RIL stated that it is committed to empowering and supporting farmers. It highlighted that the Reliance Group never bought agricultural land for corporate farming and has no plans to do so either. RIL further claimed that it does not purchase food grains directly from farmers. In fact, its suppliers buy agricultural produce only at the Minimum Support Price (MSP) level. RIL urged the High Court to issue a suitable order to help protect its employees and property from vandalism.

On January 5, the Punjab and Haryana High Court issued notices to the Punjab Government and the Centre in response to Reliance Jio’s plea. The company’s lawyer, Ashish Chopra, said that the High Court has sought a response from the concerned government officials by February 8.

What Next?

With the destruction of telecom towers, the ongoing protests by farmers have turned out to be violent. Only a few of the damaged towers have been restored so far. Many subscribers or consumers of Reliance Jio are still facing network issues in Punjab. Major telecom companies are blaming each other for inciting such an aggressive act. The destruction of such vital telecom infrastructure needs to be stopped at all costs. Will the protests lead to Jio losing more subscribers? Will the farmers boycott more products of Reliance Industries? Or, will the concerned authorities find the people who damaged the towers and take strict action against them? We will have to wait and watch.

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Market News Top 10 News

Automakers Fear Container Shortage to Hit Parts Supply, Output – Top Indian Market News

Indian automakers fear container shortage to hit parts supply, output

Automakers in India are bracing for a parts shortage and possible production losses over the next 3-4 months due to a global shortage of available shipping containers. The concern was put forth by the Society of Indian Automobile Manufacturers (SIAM). The trade body stated that shipping freight rates have surged since July and companies are now finding it difficult to sustain normal trade operations. Major auto exporters also have to book containers weeks in advance.

Read more here.

Aurobindo Pharma & COVAXX to develop Covid-19 vaccine for India, UNICEF

Aurobindo Pharma Ltd has entered into an exclusive licensing agreement with US-based COVAXX to develop, commercialize, and manufacture UB-612 for India and the United Nations Children’s Fund (UNICEF). UB-612 is the first Multitope Peptide-based vaccine to fight Covid-19. COVAXX is currently conducting a Phase-1 clinical trial for the vaccine candidate. Aurobindo Pharma will manufacture the finished doses of UB-612 at its facilities in Hyderabad.

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Adani Power terminates pact to buy 49% stake in Odisha Power Gen Corp

Adani Power, on Thursday, said that the agreement to acquire a 49% stake in Odisha Power Generation Corporation (OPGC) from the affiliates of the AES Corporation has been formally terminated. The Odisha government, which holds a 51% stake in OPGC, had exercised the Right of First Refusal (RoFR) to purchase the 49% stake held by AES. In June 2020, Adani Power had announced a share sale and purchase agreement (SSPA) to acquire a total of 89.3 lakh equity shares (or 49% stake) in OPGC from AES OPGC Holding and AES India Pvt Ltd.

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SpiceJet partners with GMR Hyderabad Air Cargo for Covid-19 vaccine delivery

SpiceJet Ltd announced that it has signed a Memorandum of Understanding (MoU) with GMR Hyderabad Air Cargo (GHAC) to provide cargo services to all vaccine manufacturers in the region. SpiceXpress, the cargo arm of SpiceJet, aims to provide the first-mile pickup and last-mile delivery to carry Covid-19 vaccines across the domestic and international markets. Under the MoU, GHAC will provide the required space for SpiceJet’s vaccine shipments and also train its personnel on the handling of the vaccine.

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Vodafone Idea, Airtel file segmented offer details to TRAI

Vodafone Idea and Bharti Airtel have both complied with the telecom regulator’s (TRAI) recent directive and filed details of all their segmented offers made between January and November 2020. On December 4, TRAI had directed all telecom companies to submit details of all segmented offers made between January and November 2020, including offer name, tariff rates, terms and conditions, validity spans, and benefits- within 15 days. TRAI stated that such disclosures would need to be made on a monthly basis for each service area.

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India challenges Vodafone arbitration ruling in Singapore: Report

According to a report from ET, the Indian Government has challenged the international arbitration court’s ruling in favour of Vodafone Plc in the retrospective tax case. In September 2020, Vodafone had won the long-pending arbitration case against India’s income tax (IT) department that demanded over Rs 22,000 crore on a retrospective basis. The tribunal, in its ruling, had said the government must cease seeking dues from Vodafone and pay more than Rs 40 crore to the company as partial compensation for its legal costs.

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Govt of Himachal Pradesh allots three hydro projects to SJVN

The Government of Himachal Pradesh has allotted three hydro projects of 501 MW capacity in Chenab Basin to SJVN Ltd. In a Cabinet meeting held today (which was chaired by CM Jai Ram Thakur), SJVN was allocated 104 MW Tandi, 130 MW Rashil, and 267 MW Sach Khas Hydro Electric Projects in the Chenab Basin. With the allocation of these three projects, SJVN has now secured six projects with a total capacity of 1279 MW in the Chenab Basin.

Lupin gets tentative nod from USFDA for toenail fungus topical treatment solution

Lupin Ltd announced that it has received tentative nod from the US Food & Drug Administration (USFDA) to market generic Efinaconazole topical solution 10%. The solution is used for treatment of fungal infections of toenails. The product is a generic version of Bausch Health Americas Inc’s Jublia topical solution of the same strength. According to IQVIA MAT September 2020 data, Efinaconazole topical solution 10% had an estimated annual sales of $222.9 million (~Rs 1,640 crore) in the US.

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Central Bank to exit housing finance business; to sell JV stake for Rs 160 crore

Central Bank of India will exit its housing finance joint venture, CBHFL, by selling its entire stake of over 64% to Centrum Housing Finance. Centrum Capital, which is the parent of Centrum Housing, stated that the cost of the acquisition is about Rs 160 crore. Centrum Capital said the deal is expected to be closed in about 2-3 months. CBHFL is a financing and mortgage company jointly promoted by four public sector institutions – Central Bank of India, National Housing Bank, Specified Undertaking of Unit Trust of India (SUTTI), and Housing and Urban Development Corporation (HUDCO).

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Caplin Point receives approval from USFDA for anesthetic injection

Caplin Point Laboratories stated that its subsidiary, Caplin Steriles, has received final approval from the USFDA for etomidate injection USP. Etomidate is a general anesthetic, used for the induction of general anesthesia and for the supplementation of sub potent anesthetic agents. According to IQVIA (IMS Health), etomidate injection USP had US sales data of approximately $9 million (~Rs 66.16 crore) for the 12-month period ending October 2020.

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India Asked to Pay $1.2 Billion to Cairn After Arbitration Loss – Top Indian Market News

India loses Cairn tax case at international tribunal; asked to pay Rs 8,000 crore in damages

The Indian Government lost an international arbitration case to British energy giant Cairn Energy over a tax dispute. The international tribunal ruled that India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty. India has been ordered to pay damages worth $1.2 billion (~Rs 8,858 crore) to the oil major.

Cairn Energy had filed a dispute in 2015 against the demand raised by the Indian tax department of Rs 10,247 crore, relating to re-organisation of the group in 2006. The income tax department had then said that Cairn UK Holdings, a fully-owned subsidiary of Cairn Energy, had made capital gains of over Rs 24,000 crore before the public listing of Cairn India. They said that Cairn Energy effectively held 69% of Cairn India. In 2011, Cairn India was sold to Vedanta Group, except for a 9.8% stake. The residual stake sale was barred by the income tax department, and dividend payments by Cairn India to Cairn Energy were also frozen.

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Antony Waste Handling Cell IPO subscribed 15 times on last day

The Rs 300-crore initial public offering (IPO) of Antony Waste Handling Cell was subscribed 15.04 times on the final day of bidding. Investors put in bids for 9.91 crore equity shares, as against an offer size of 66.66 lakh equity shares. The reserved portion for retail investors was subscribed 16 times and that of non-institutional investors 18.68 times. The portion set aside for qualified institutional buyers (QIB) was subscribed 9.67 times. 

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Vodafone Idea loses 2.7 million subscribers in October

According to official data from telecom operator TRAI, Vodafone Idea (Vi) lost 2.7 million mobile subscribers in October 2020. Reliance Jio Infocomm Ltd and Bharti Airtel Ltd saw an increase in their subscriber base by 2.2 million and 3.7 million, respectively, during the same month. As per the data, Jio has a 35% market share of wireless subscribers, followed by Bharti Airtel at 29% and Vodafone Idea at 25%.

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L&T Construction wins large contracts in Madhya Pradesh

Larsen & Toubro (L&T) Ltd said that its construction arm has won large contracts in Madhya Pradesh. The contract consists of the execution of rural piped water supply schemes (under the Jal Jeevan Mission) in various districts of Madhya Pradesh. The company did not specify the exact amount of the contract. As per L&T’s specifications, a ‘large contract’ varies between Rs 2,500 crore to Rs 5,000 crore.

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Parag Milk expands its health & nutrition business

Parag Milk Foods Ltd has announced plans to expand its health & nutrition portfolio through the introduction of high potential lactose products. The company has ventured into whey protein powders, which is a by-product in the cheese manufacturing process. For this, Parag Milk Foods has established facilities with a capacity to manufacture 40 MT of lactose per day.

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Emami to expand ayurvedic product export under Zandu

Emami Ltd announced that it has received the WHO-Goods Manufacturing Practices (GMP) and Certificate of Pharmaceutical Products (CoPP) accreditations for its two plants located at Vapi and Masat in Gujarat. With this, the company plans to export its healthcare portfolio under Zandu into several newer markets. The accreditations are for more than 40 ayurvedic products for three years.

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Glenmark Pharma signs pact with Menarini to commercialise nasal spray in Europe

Glenmark Pharma’s Swiss subsidiary has signed an exclusive licensing agreement with Menarini Group for commercialising its innovative nasal spray Ryaltris across 33 countries in Europe. The nasal spray is used for the treatment of symptoms associated with seasonal allergic rhinitis (SAR) in patients over 12 years of age. Under the terms of the agreement, Glenmark will be responsible for the continued development and regulatory approval of Ryaltris in European markets. After receiving all regulatory approvals, Menarini will be responsible for the commercialisation of the product in those markets.

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Firstsource Solutions acquires US-based PatientMatters

Firstsource Solutions Ltd announced that it has acquired US-based PatientMatters, a healthcare Revenue Cycle Management (RCM) solutions provider. PatientMatters unifies disparate registration, bill estimation, and financial services with intelligent workflows and eligibility services- thus improving revenue realisation for hospitals. The acquisition helps Firstsource in strengthening its presence in large markets like Texas and New York. 

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Ramco Systems secures multi-million dollar deal from ‘a Global Fortune 500 major’

Ramco Systems Ltd announced that it has signed a multi-million dollar agreement with a Global Fortune 500 major to unify and transform its payroll systems for 18 countries in the Asia Pacific region, using Ramco’s Managed Payroll Services. With this win, the company has added three Fortune 500 brands as clients for Ramco Global Payroll in Q3 2020. Ramco HR and Global Payroll services consist of chatbots, voice, and AI/ML. It addresses operational HR modules including Core HR and Time & Attendance & Global Payroll, with statutory compliance across 50+ countries.

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Bharat Forge units reach settlement with Germany’s national competition regulator

Bharat Forge Ltd announced that its three subsidiaries-  Bharat Forge Aluminiumtechnik GmbH, Bharat Forge CDP GmbH, and Bharat Forge Global Holding GmbH- have reached a settlement with Germany’s national competition regulator Bundeskartellamt (Federal Cartel Office or FCO). The company’s units had been found guilty of engaging in illegal competitive agreements. The German subsidiaries have reached a settlement in an aggregate amount of €32 million (~Rs 287 crore) to be paid over the next five years. 

Dilip Buildcon receives LoA for EPC project in Rajasthan

Dilip Buildcon Ltd and its JV partner Altis-Holding Corporation has received a Letter of Acceptance (LoA) from the National Highway Authority of India (NHAI) for an engineering, procurement, and construction (EPC) project in Rajasthan. The project consists of the construction of an eight-lane access-controlled expressway in a section of Delhi-Vadodara Greenfield Alignment (NH-148N) in Rajasthan on EPC Mode. The project bid cost is Rs 1000.08 crore, for a completion period of 30 months.

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CBI Registers Cases Filed by SBI, Canara Bank Over Rs 8,000 crore Fraud – Top Indian Market News

CBI registers cases filed by SBI, Canara Bank over Rs 8,000 crore fraud

The Central Bureau of Investigation (CBI) has registered two separate cases filed by Canara Bank and State Bank of India regarding fraud to the extent of Rs 7,926.01 crore and Rs 313.79 crore, respectively. The first case was registered against a Hyderabad-based private company, its Chairman & Managing Director, additional Directors, and unknown public servants, on a complaint filed by Canara Bank. It was alleged that the private firm had availed credit facilities using multiple banking arrangements. 

The second case was registered against a private company in Chennai, along with its Chairman and Directors, on a complaint by the State Bank of India. It was alleged that the borrower company availed credit limits of about Rs 310 crore from SBI. The loan amounts were said to have been diverted to related parties. 

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PM Modi presents ASSOCHAM Centenary Award to Ratan Tata

Prime Minister Narendra Modi presented the ‘ASSOCHAM Enterprise of the Century Award’ to Ratan Tata, who received the award on behalf of the Tata Group. PM Modi stated that ASSOCHAM and the entire Tata group has worked very hard to strengthen India’s economy and help the common Indian. Ratan Tata has been honoured for his distinguished contributions to the country. PM Modi was delivering the keynote address at ASSOCHAM’s Foundation Week. [ASSOCHAM stands for the Associated Chamber of Commerce of Inda].

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Apple puts Wistron on probation, confirms lapses in supplier code of conduct

Apple Inc. has placed Wistron Infocomm Manufacturing Pvt Ltd on probation and has confirmed lapses in Wistron’s supplier code of conduct that led to payment delays for the employees. This comes on the back of the violence last Saturday, when thousands of employees created unrest in Wistron’s facility in Karnataka, over unpaid dues. Apple stated that Wistron will not receive any new business from the company before they complete corrective actions. 

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Apollo Hospitals plans to raise Rs 1,500 crore in next two months 

Apollo Hospitals Enterprises Ltd (AHEL) is planning to raise around Rs 1,500 crore in the next two months to support its inorganic growth and strengthen its balance sheet. The funds will also be utilised to improve the services of Apollo 24/7, the company’s digital health platform. AHEL also stated that it is preparing to acquire specific businesses to strengthen its presence in key markets.

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Vodafone Idea launches Rs 399 digital exclusive prepaid and postpaid plans for new users

Vodafone Idea (Vi) has launched a new Rs. 399 digital exclusive plan for customers who place an order for a new SIM via its website. The new plan is listed under both prepaid and postpaid plans. The Rs 399 plan comes with data benefits. It has a validity of 56 days and offers 100 SMS per day to the users. The plan also comes with 1.5 GB mobile data per day. Additional benefits include access to Vi Movies and TV.

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IIFL Home partners with ICICI Bank to provide affordable housing and MSME loans

IIFL Finance Ltd announced that its home loan subsidiary, IIFL Home, has partnered with ICIC Bank to provide affordable housing and MSME (Micro, Small, and Medium Enterprise) loans. IIFL Home will originate and service customers through the entire loan life-cycle including sourcing, documentation, collection & loan servicing. ICICI Bank will provide funding to these customers

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IndiGrid buys FRV’s solar projects for Rs 660 crore

India Grid Trust (IndiGrid) has entered into an agreement to acquire 100% stakes in FRV Andhra Pradesh Solar Farm-I Pvt Ltd and FRV India Solar Park II Pvt Ltd, from FRV Solar Holdings XI B.V. The two projects comprise 50 MW of solar assets each. The enterprise value of the acquisition is Rs 660 crore. IndiGrid is India’s first listed power sector infrastructure investment trust (InvIT) and is sponsored by KKR and SPGVL.

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Indian banks pursue UK bankruptcy order against Vijay Mallya

A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya. The banks are pursuing the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines. Vijay Mallya owes more than Rs 9,000 crore to the Indian banks.

Read more here. 

MTAR Technologies files for Rs 650 crore IPO

MTAR Technologies Ltd has filed a draft red herring prospectus with market regulator SEBI for an initial public offering (IPO). The company is likely to raise Rs 600-650 crore through the IPO. It will consist of a fresh issue of up to 40 lakh shares and an offer for sale (OFS) of up to 82 lakh shares of the face value of Rs 10 per share. 

MTAR Technologies is engaged in the manufacturing and development of mission-critical precision components for the nuclear, space, defense and clean energy sectors. The Hyderabad-based company operates 7 manufacturing facilities.

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Punjab National Bank QIP issue falls short of target by 46%

State-owned Punjab National Bank (PNB) was only able to secure 54% of its planned fundraising target through a qualified institutional placement (QIP). PNB had planned to raise Rs 7,000 crore through the QIP that had opened on December 15 (Tuesday). As the issue closed on Friday, it was reported that PNB was only able to raise Rs 3,788.04 crore.

Read more here.

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Cabinet Approves Rs 3,500 crore Sugar Export Subsidy – Top Indian Market News

Cabinet approves Rs 3,500 crore sugar export subsidy

Union Minister Prakash Javadekar announced that the Cabinet Committee on Economic Affairs (CCEA) has approved a Rs 3,500 crore subsidy for sugar farmers. The subsidy will be given on 60 lakh tonnes of sugar exports at the rate of Rs 6,000 per tonne. He stated that 5 crore sugarcane farmers will benefit from this Cabinet decision. The subsidy will be directly transferred to the farmers’ accounts.

In other news, the Cabinet has also approved a project for establishing 2,100 km of additional transmission lines and 36 new Sub Stations in 6 North-Eastern states.

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Laxmi Organics files draft papers for Rs 800-crore IPO

Laxmi Organics has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise Rs 800 crore as its initial public offering (IPO). The IPO consists of a fresh issue of Rs 500 crore and an offer for sale (OFS) of Rs 300 crore by its promoter, Yellow Stone Trust. Laxmi Organic is a Mumbai-based specialty chemicals manufacturer. The company will utilise the proceeds from the issue for setting up a manufacturing facility for fluorospecialty chemicals, working capital requirements, and purchase of plant and machinery. 

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SEBI eases profitability criteria for mutual fund sponsors

The Securities and Exchange Board of India (SEBI) has decided to relax profitability criteria for becoming a mutual fund sponsor. This is to facilitate innovation and expansion in the mutual fund sector. The SEBI board also approved proposals which include dispensing with the requirement to issue physical unit certificates, reducing maximum permissible exit load, and reducing the timeline for payment of dividend.

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Jio fastest network in 4G download in November: TRAI

According to the latest data update from telecom regulator TRAI, Reliance Jio has topped the 4G speed chart with a data download rate of 20.8 megabits per second (Mbps) in November. This was followed by Vodafone at 9.8 Mbps and Bharti Airtel at 8 Mbps. Vodafone was ahead of others in upload speed at 6.5 Mbps, during the same month. Jio’s upload speed was recorded at 3.7 Mbps.

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Future Enterprises Q2 Results: Net Loss at Rs 320 crore

Future Enterprises Ltd reported a consolidated net loss of Rs 320 crore, for the quarter ended September (Q2). The company had posted a net profit of Rs 21.78 crore in Q2 of the previous financial year. Its revenue from operations declined to Rs 237.88 crore in Q2 FY21, as compared to Rs 1,699.84 crore in the corresponding quarter in FY20. Future Enterprises develops, owns, and leases retail infrastructure for the Future Group.

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Ratnamani Metals & Tubes secures order worth Rs 105 crore

Ratnamani Metals & Tubes Ltd (RMTL) has received a domestic order of Rs 105 crore for coated carbon steel pipes from the Oil and Gas sector. The company stated that the order will be executed between May 2021 and September 2021. Gujarat-based RMTL is a leading producer of stainless steel and titanium welded tubes. It also provides total piping solutions to a diverse range of industries.

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Cipla launches Covid-19 diagnostic test kit ‘CIPTest’

Cipla Limited has partnered with Premier Medical Corporation Pvt Ltd to launch ‘CIPTest’- a rapid antigen Covid-19 testing kit. While Premier Medical Corp will manufacture the kits, Cipla will be responsible for marketing and distribution. The pharma company stated that the testing kit will be able to generate results in 15-20 minutes.

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Jubilant Foodworks launches biryani brand ‘Ekdum!’

Jubilant Foodworks announced the expansion of its portfolio with a new biryani brand- Ekdum! The company stated that Ekdum! will offer 20 different varieties of biryanis curated from different parts of India. In addition to biryanis, customers will also be able to choose from an extensive range of kebabs, curries, desserts, and beverages. Currently, Ekdum! has opened three restaurants in Gurgaon, and has plans to launch more in NCR over the next few months.

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Indian Bank declares IL&FS Financial Services account as fraud

State-owned Indian Bank has declared the account of IL&FS Financial Services Ltd (IFIN), as fraud. The bank has fully provided for the non-performing account of IFIN with outstanding dues of Rs 408 crore. The lender has reported the account to the Reserve Bank of India (RBI), as per regulatory requirements. In October, Punjab and Sind Bank had also reported the account of IFIN as fraud, with outstanding dues of over Rs 561 crore. 

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Vedanta to raise $8 billion for BPCL bid: Report

According to a report from Livemint, Vedanta Group plans to raise as much as $8 billion (~Rs 58,913 crore) to secure funds for the acquisition of state-run Bharat Petroleum Corp. Ltd (BPCL). It has been reported that Vedanta Resources Plc has already started talks with banks, and discussions with JP Morgan are at an advanced stage. The report states that funds will be raised through a mix of debt and equity instruments, to acquire a 52.98% stake in BPCL.

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RBL Bank migrates to Infosys Finacle’s digital banking solution

RBL Bank announced that it will migrate its systems to Infosys Finacle, a digital banking solutions platform developed by EdgeVerve Systems. Finacle’s extensive open API (application programming interface) repository will provide the agility required to seamlessly integrate and co-innovate with ecosystem partners, which is one of the key focus areas for the bank. EdgeVerve Systems is a wholly-owned subsidiary of Infosys Ltd.

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India’s Retail Inflation Eases to 6.93% in November – Top Indian Market News

India’s retail inflation declines to 6.93% in November

India’s retail inflation, which is measured by the Consumer Price Index (CPI), declined to 6.93% in November. The CPI for the month of October was 7.61%. Vegetable inflation for November came in at 15.63%, oils & fat at 17.86%, and meat & fish at 16.67%. The RBI expects retail inflation to ease to 5.4% in the third quarter and 4.5% in the fourth quarter of FY2021.

India’s inflation based on the wholesale price index (WPI) increased to 1.55% in November, as manufactured products turned costlier. The WPI inflation was 1.48% in October 2020.

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Reliance Jio asks TRAI to take strict action against Vi, Bharti Airtel for spreading rumors

Reliance Jio has asked the Telecom Regulatory Authority of India (TRAI) to take strict action against Vodafone Idea (Vi) and Bharti Airtel for resorting to “unethical” ways and spreading “frivolous rumors” that Jio will gain from the Farm Bills. The company stated that retailers in certain cities in Punjab and NCR have seen an increase in customers porting out of Reliance Jio and joining either Vi or Bharti Airtel. This comes on the back of more than 50,000 farmers calling for a national boycott of Reliance products, including Jio Sim cards and phones.

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Infosys partners with El Paso Water for customer service transformation

Infosys Ltd has entered into a strategic partnership with El Paso Water to improve the latter’s customer service systems. The IT major will help transform EP Water’s legacy customer information systems (CIS) with Oracle Utilities Customer to Meter (C2M). EP Water stated that this project will help them increase efficiency and customer satisfaction. EP Water is a municipal utility in El Paso, Texas.

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Tata Sons, Air India employees submits expression of interest for struggling airline

As per reports, Tata Sons, US-based Interups Inc, and a consortium of Air India employees have placed an expression of interest (EoI) for the national carrier (Air India). Air India’s employee group, which consists of 219 members, submitted a bid to purchase 51% of the loss-making state-owned carrier. Today is the last day for submission of expression of interest. According to the latest government notification, the qualified institutional bidders (if any) will be invited to start bidding for the airline from December 28.

Burger King India’s share debut becomes biggest since 2017

The shares of Burger King India Ltd surged 131% on its first day of trading, making it one of the biggest share debuts since Aston Paper & Board Ltd in 2017. The company’s stock began trading at Rs 115, which was a 92.25% premium against its issue price of Rs 60. With restaurants reopening and vaccines on the way, investors are betting that Indians will be thronging fast-food chains.

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Schindler partners with L&T Tech for digital & engineering transformation

L&T Technology Services (LTTS) said that it has been selected by Schindler as one of its key partners to provide innovative digital engineering capabilities. LTTS will provide product development, innovation, and engineering solutions that will help Schindler to accelerate its digitization and connectivity initiatives. The Schindler Group is a Swiss multinational company that manufactures escalators, moving walkways, and elevators.

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Delta Corp receives approval for resort in Goa

Delta Corp Limited has received in-principle approval from the Goa Investment Promotion and Facilitation Board for setting up an integrated resort. The company stated that its new resort in Pernem (Goa) will consist of hotels, convention centres, multiplex cinema halls, a retail area, an electronic casino, a water park, and other facilities. Delta Corp is the only listed company engaged in the casino (live, electronic, and online) gaming industry in India.

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L&T Construction secures contracts worth up to Rs 2,500 crore

Larsen & Toubro Ltd’s construction arm said that it has secured contracts in the range of Rs 1,000 crore- Rs 2,500 crore for its various businesses. The orders were secured from clients for two of L&T Construction’s businesses: Building & Factories (B&F) Business and Power Transmission & Distribution Business. The company has also secured a design & build order from a reputed client to construct a multi-specialty hospital at Nagpur.

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Ramco Systems bags multi-million dollar orders from foreign companies

Ramco Systems Ltd announced that its various businesses have signed multi-million dollar agreements with multiple companies based in Europe, Asia, and America. However, the company did not disclose the value of the orders. Ramco Aviation, Aerospace & Defense signed an agreement with a leading European MRO (Maintenance, Repair & Overhaul) to digitally transform their business. Ramco ERP has signed an agreement with Agrifields DMCC for providing modules for inventory, procurement, production, and maintenance for its operations in the Philippines.

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KEC International secures orders worth Rs 1,438 crore

KEC International Ltd announced that it has secured orders worth Rs 1,438 crore across its various businesses. The company’s railways business has secured orders worth Rs 475 crore in the urban infrastructure segment in India. KEC’s civil business has secured orders of Rs 383 crore for infra works from reputed private players in the chemical and cement segments. The cables business has secured orders of Rs 218 crore for various types of cabling projects in India and overseas.

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