vst tillers tractors Archives

Manufacturing PMI rises to 53.7 in September

India’s manufacturing activity expanded for the third straight month in September. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 53.7 in September, compared with 52.3 in August. Companies benefited from strengthening demand conditions amid the easing of Covid-19 restrictions. However, the increase in fuel, raw material, and transportation prices pushed the overall rate of input cost inflation to a five-month high.

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

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Auto sales data for September 2021: Highlights

Maruti Suzuki India posted a 34% month-on-month (MoM) decline in total sales to 86,380 units in September 2021. The fall in sales is mainly due to the global semiconductor shortage. Sales from its utility vehicle segment and exports fell 43% and 14.8%, respectively.

Tata Motors Ltd registered an 8.16% MoM decline in passenger vehicle sales to 25,370 units in September. The automaker’s commercial vehicle sales increased 11.6% MoM to 33,258 units. Overall domestic sales rose 9.16% MoM to 59,156 units.

Mahindra & Mahindra’s auto segment posted total sales of 28,112 units in September, a decline of 8% over August. M&M’s farm equipment segment posted an 89% rise in sales to 40,331 units.

Bajaj Auto Ltd posted a 7.7% MoM increase in total sales to 4,02,021 units. Meanwhile, Escorts posted a 54.8% MoM rise in tractor sales to 8,816 units in September.

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Natco Pharma launches Everolimus tablets in the US

Natco Pharma Ltd’s marketing partner, Breckenridge Pharmaceutical Inc., has launched Everolimus tablets 10mg in the US market. The drug is indicated for the treatment of certain types of cancers, tumors, and seizures. According to industry sales data, the generic version of the drug generated annual sales of $392 million (~Rs 2,905 crore) during the twelve months ended July 2021.

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Ipca Labs’ US arm acquires further 20% stake in Bayshore Pharma

Ipca Pharmaceuticals Inc., USA has acquired an additional 20% share capital of New Jersey-based Bayshore Pharmaceuticals LLC. The consideration paid for acquiring the stake is $1.2 million (~Rs 8.90 crore). With this acquisition, Bayshore Pharma is now a wholly-owned subsidiary of lpca Pharmaceuticals Inc, USA. The company will continue to commercialise registered generic drug products in the US market through Bayshore.

IEX power market grows 59% in September

Indian Energy Exchange (IEX) traded 8,997 mega unit (MU) electricity volume in September 2021, achieving a 59% YoY growth. The electricity market registered a 57% YoY growth in volumes to 25,857 MU for the quarter ended September (Q2 FY22). The day-ahead market traded 6,418 MU volume in September, with the average monthly price at Rs 4.4 per unit. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 193 MU during the same month, recording 81% YoY growth.

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NMDC targets 47 MT iron ore production in FY22

NMDC Limited is aiming to achieve 47 million tonnes (MT) of iron ore production during the current financial year (FY22). The state-owned company will also spend Rs 3,720 crore on capital expenditure. NMDC’s total production in September 2021 stood at 2.69 million tonnes, compared to 1.83 MT in September 2020. Its sales increased by 29% YoY to 2.73 MT in September 2021.

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VST Tillers Tractors signs pact with US-based Zimeno

VST Tillers Tractors Ltd (VTTL) has entered into a master service agreement with US-based Zimeno, Inc to develop an integrated tractor powertrain for Zimeno’s electric tractor. VTTL is a leading farm mechanisation player in India, with a dominant market share in the power tiller segment (54% as of FY21). The company also has a market share of 10% in the compact tractor segment.

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Ambuja Cements begins commercial production at Marwar plant

Ambuja Cements Ltd has commenced commercial production of clinker and cement at its Marwar greenfield plant in Nagaur, Rajasthan. The investment for this project is around Rs 2,350 crore. The plant will increase Ambuja Cement’s clinker capacity by 3 million tonnes per annum (MTPA) and cement sales by 5 MTPA. The plant has a Waste Heat Recovery System (WHRS) that converts waste heat derived during the production process into energy.

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Oyo files DRHP to raise over Rs 8,000 crore via IPO

Hotel-booking startup Oyo Hotels & Homes has filed the Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 8,430 crore ($1.1 billion) via an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating up to Rs 7,000 crore and an offer for sale (OFS) of Rs 1,430 crore. According to CB Insights, the startup was last valued at ~$9 billion (~Rs 66,720 crore), making it India’s third most valuable startup. The company is expected to list on the Indian stock exchanges by early next year.

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Tech Mahindra to acquire Germany-based BERIS consulting GmbH

Tech Mahindra GmbH will acquire a 100% stake in BERIS consulting GmbH for a cash consideration of €7 million (~Rs 60.2 crore). BERIS is headquartered in Wolfsburg, Germany, and has about 125+ employees. The acquisition will help Tech Mahindra unlock the transformational growth in the IT and application space for the automotive industry.

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Tata Power to set up 250 MW solar power plant in Maharashtra

TP Saurya Ltd (TPSL) has secured a contract from Maharashtra State Power Generation Co. Ltd (MAHAGENCO) to set up a 250 megawatt (MW) grid-connected solar power plant in Maharashtra. TPSL is a wholly-owned subsidiary of Tata Power. The solar project will be commissioned within 15 months from the date of execution of the Power Purchase Agreement (PPA). With this project, the total renewable capacity of Tata Power will reach 4,611 MW.

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HDFC Bank partners with Paytm to launch co-branded credit cards

HDFC Bank has partnered with digital payments app Paytm to launch a comprehensive range of credit cards powered by Visa. The credit cards will be customized to meet the distinct requirements of retail customers, from new-to-credit users to affluent users. It will offer best-in-class rewards and cashback for users. The launch is planned in October to coincide with the festive season to tap into potentially higher consumer demand for credit card offers and EMIs.

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L&T secures order from Petronet LNG for 2 storage tanks

L&T Hydrocarbon Engineering (LTHE) has secured a significant order (in the range of Rs 1,000-2,500 crore) from Petronet LNG. The contract is for the engineering, procurement, construction, and commissioning of two LNG storage tanks of 1.7 lakh cubic meters each for Phase III-B of the Dahej Expansion Project in Gujarat. LTHE is a wholly-owned subsidiary of Larsen & Toubro (L&T).

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Dabur India forays into face wash category under the Vatika brand

Dabur India is strengthening its presence in the personal care segment with the launch of the Dabur Vatika face wash range. The face wash range has been exclusively launched on Flipkart and is priced at Rs 170. The Vatika Face Wash will be available in a 150ml SKU and comes in three variants. Both Dabur and Flipkart have worked closely to understand the emerging trends in the natural ingredient-based face wash category to come up with this new range.

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Coal India signs pact worth Rs 1,880 crore for commercial extraction of coal bed methane

Bharat Coking Coal, a subsidiary of Coal India Ltd, has signed a contract worth Rs 1,880 crore with Prabha Energy for commercial extraction of coal bed methane (CBM). CBM is an unconventional form of natural gas found in coal deposits or coal seams. It will be extracted from Jharia Block-I under the leasehold area of Bharat Coking Coal. Coal India has selected Ranchi-based consultancy firm CMPDI as the principal implementing agency to oversee the project.

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Tata Communications offers ‘pay-as-you-go’ feature on Ethernet network services in India

Tata Communications Ltd has introduced a Bandwidth-on-Demand (BoD) feature on Ethernet network services in India. The feature enables enterprises to self-provision additional capacity on a ‘pay-as-you-go’ model to meet short-term bandwidth needs conveniently through a self-service customer portal. It delivers flexibility, improves the end-user experience, and brings cost-efficiency. The new BoD feature helps customers manage scalable and resilient Data Center (DC) connectivity.

VST Tillers Tractors launches new power tiller and range of brush cutters

VST Tillers Tractors Ltd has launched a new power tiller— VST 95 DI Ignito for the domestic market. It is a machine used in agricultural fields for cultivation, tillage, sowing, and weeding. The company has also launched brush cutters— VST 226 LD, VST 234 MD, and VST 242 HD for the domestic market. The products were launched for the benefit of the farming community after encouraging results from extensive field trials.

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RPP Infra Projects secures order worth Rs 158 crore

RPP Infra Projects Ltd has received a Letter of Acceptance (LoA) for a new project worth Rs 157.67 crore. The order is for the engineering, procurement, and construction of Bareilly Haat and Handicraft Centre with 1-year defect liability under Smart City Mission. Tamil Nadu-based RPP Infra Projects engages in construction and infrastructure development activities in India, Sri Lanka, and Mauritius.

Adani Ports gets CCI approval to acquire 10.4% stake in Gangavaram Port

The Competition Commission of India (CCI) has approved the acquisition of a 10.4% stake in Gangavaram Port by Adani Ports & Special Economic Zone Ltd (APSEZ). The equity shareholding will be acquired from the Government of Andhra Pradesh. Gangavaram Port owns, develops, and operates a deep-water port at Gangavaram, Andhra Pradesh.

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Vodafone Idea promoters to infuse capital equity into company: Report

According to a report from Fortune India, Vodafone Idea (Vi) may soon see an influx of capital from its promoters. The telecom company is set to receive capital in the form of equity from Vodafone Group and Aditya Birla Group. Vi’s promoters had previously not been willing to infuse additional capital for the debt-ridden company over concerns regarding its stability. With the government’s new relief package, the promoters have more confidence in the long-term standing of the support from the government.

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