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India’s Manufacturing PMI Slows to 4-Month Low in Feb – Top Indian Market Updates

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

India’s manufacturing PMI slows to 4-month low in Feb

India’s manufacturing sector expanded at the slowest pace in four months in February. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.3 in Feb, compared to 55.4 in Jan. New orders and output rose sharply last month, indicating strong domestic demand despite inflationary pressures. 

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

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February GST collection at Rs 1.50 lakh crore, up 12% YoY

The gross Goods and Service Tax (GST) revenue collection in February 2023 stood at Rs 1,49,577 crore, an increase of 12% on an annual basis. Of the total revenue collected, central GST is Rs 27,662 crore, state GST is Rs 34,915 crore, integrated GST is Rs 75,069 crore, while cess is Rs 11,931 crore.

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Auto sales data for Feb 2023: Highlights  

Maruti Suzuki India posted a 5% year-on-year (YoY) increase in wholesale sales to 1.72 lakh units in Feb 2023. Sales of its mini & compact vehicle segment rose 4.4% YoY to 1.01 lakh units. Exports fell 28.4% YoY to 17,207 units.

Tata Motors Ltd registered a 7% YoY increase in passenger vehicle sales to 43,140 units in Feb. The automaker’s commercial vehicle sales declined by 3% YoY to 36,565 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 30,538 units in Feb, an increase of 10% YoY. M&M’s tractor sales rose 26% YoY to 25,791 units. 

TVS Motor Company’s total sales stood at 2.76 lakh units in Feb, down 2% YoY. Meanwhile, Bajaj Auto’s sales fell 11% YoY to 2.8 lakh units.

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Axis Bank completes acquisition of Citigroup’s India consumer business for Rs 11,603 crore

Axis Bank has completed the acquisition of Citigroup’s India consumer business from Citibank N.A. and NBFC consumer business from Citicorp Finance (India) Ltd. as going concerns. The transaction has been completed for an overall consideration of Rs 11,603 crore in cash, based on the contracted computation of closing positions of assets, assets under management (AUMs), and liabilities as of Jan 31, 2023.

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PNB withdraws divestment process in Canara HSBC Life Insurance

Punjab National Bank (PNB) will discontinue the process of divestment in associate company Canara HSBC Life Insurance. The bank had acquired a stake in the life insurer post-amalgamation of the erstwhile Oriental Bank of Commerce (OBC). It will hold its stake in the life insurer as an investor, subject to regulatory approvals. 

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Alembic Pharma gets USFDA approval to market generic cancer drug

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Docetaxel Injection in multiple-dose vials. The drug is indicated for the treatment of breast cancer, non-small cell lung cancer, and castration-resistant prostate cancer. According to IQVIA data, Docetaxel injection has an estimated market size of USD 11 million in the US market. 

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Welspun Corp secures order for export of LSAW pipes and bends to Middle East

Welspun Corp Ltd (WCL) has secured an order for the export of LSAW pipes and bends to the Middle East. The contract is for approximately 83,000 MT bare pipes, with an option of coating exercisable by the project owner subsequently. The pipes supplied to the Middle East will be used for offshore production and transport of gas.

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PVR Inox to add 200 screens every year

Multiplex operator PVR is working on “getting economies of scale” after the merger of rival Inox Leisure and expects double-digit growth in its topline (revenue) in FY24, said managing director Ajay Bijli. The company is working on synergies on revenue from ticket prices, food & beverage, advertising, and operating costs. PVR-Inox also plans to add 200 screens every year.

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Adani Group secures $3 billion credit from sovereign wealth fund: Report

According to a Reuters report, Adani Group has told creditors it has secured a $3 billion loan from a sovereign wealth fund. Sources said the credit line from the sovereign wealth fund could be increased to $5 billion, citing a memo that was circulated to participants as highlights of a three-day investor roadshow that ended on Wednesday. The identity of the sovereign wealth fund was not disclosed in the memo.

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Petrol, diesel sales up 12-13% in February

Domestic sales of petrol and diesel rose 12% YoY and 13% YoY, respectively, in February due to increased mobility of people and goods in an expanding economy. Jet fuel sales in Feb 2023 were 41% higher than in the same month last year but 10% lower than in 2020. Sales of liquefied petroleum gas (mainly used for cooking) increased by 2.4% YoY in Feb.

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Bajaj Finserv gets SEBI license to start mutual fund business

Bajaj Finserv has received a SEBI license to start a mutual fund business. The company has formed two wholly-owned subsidiaries — Bajaj Finserv Mutual Fund Trustee Ltd (BFMFTL) and Bajaj Finserv Asset Management Ltd (BFAML). Bajaj Finserv Mutual Fund, with BFAML as the investment manager, will offer a range of mutual fund products, including equity, debt, and hybrid funds to investors.

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Reliance Jio’s ‘True 5G’ Goes Live in Delhi-NCR – Top Indian Market Updates

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

Reliance Jio’s ‘True 5G’ goes live in Delhi-NCR

Reliance Jio has become the only operator to provide True-5G services across the entire Delhi-NCR region. The network will be present across all important localities and areas, including residential areas, hospitals, schools, colleges, tech parks, and government buildings. Jio users in Delhi-NCR can opt for the Jio Welcome Offer, which offers unlimited data at up to 1 Gbps+ speeds.

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Jet Airways to cut employees’ salaries by up to 50%,

The Jalan-Kalrock Consortium (JKC), the owners of Jet Airways, has temporarily reduced the salaries of some employees by up to 50%. They have also placed some employees on leave without pay effective Dec 1. This is part of a host of measures to conserve the airline’s cash, even as the clash between employees and owners continues over unpaid dues.

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Sun Pharma gets USFDA approval for drug to treat neonatal seizures

Sun Pharmaceutical Industries Ltd has received approval from the US Food & Drug Administration (USFDA) for SEZABY, a formulation used for the treatment of neonatal seizures. The drug is expected to be available in the US in the fourth quarter of FY23. Sun Pharma Advanced Research Company (SPARC) recently licensed SEZABY to Sun Pharma, under which SPARC is eligible to receive a milestone payment.

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Welspun Corp to acquire 70% debt of Sintex BAPL: Report

Welspun Corp Ltd (WCL) is set to acquire over 70% of the debts of KKR-backed Sintex BAPL. WCL seeks to take control of the plastic products maker, which is currently undergoing insolvency proceedings. Avenue Capital-backed Asset Reconstruction Company of India and Welspun Corp have been acquiring Sintex BAPL’s loans from lenders since the beginning of FY23.

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Federal Bank partners with JCB India to finance heavy equipment buyers

Federal Bank has partnered with JCB India to finance the prospective buyers of heavy construction equipment and boost its loan portfolio. Under the arrangement, Federal Bank will be the preferred finance partner of the construction equipment manufacturer. JCB India’s customers can avail loans from the lender at competitive interest rates.

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USFDA completes inspection of Bajaj Healthcare’s API facility

The USFDA has completed the pre-approval inspection of Bajaj Healthcare Ltd’s Vadodara-based Active Pharmaceutical Ingredients (API) facility with zero observations. This was the first-ever pre-approved inspection of the said API facility. The US drug regulator inspected the facility from November 14-17. Established in 1993, Bajaj Healthcare is a leading manufacturer of APIs, intermediates, and formulations.

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Bharat Electronics signs licensing agreement with DRDO

Bharat Electronics Ltd (BEL) has signed a licensing agreement with the Combat Aircraft Systems Development & Integration Centre (CASDIC), DRDO, for the transfer of technology of Digital Radar Warning Receiver. The state-of-the-art airborne Electronic Warfare system provides versatile situational awareness to a fighter platform in a dense signal scenario.

In other news, BEL has signed a Joint Development Agreement (JDA) with the Indian Institute of Technology Madras (IITM) for cooperation in the field of Quantum Science and Technology.

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Blackstone files DRHP for Nexus Select Trust retail REIT IPO

Global asset manager Blackstone filed a draft red herring prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO) of Nexus Select Trust (NST). NST is India’s first retail real estate investment trust or REIT. Blackstone is the sole sponsor of the REIT. It intends to raise at least $500 million through the public issue next year. To learn more about REITs, click here.

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Kolte-Patil Developers, 2 other settle case with SEBI

Kolte-Patil Developers Ltd (KPDL) and two others have settled a case pertaining to the alleged violations of listing and disclosure rules with markets regulator SEBI. They have paid over ₹63 lakh towards the settlement amount. KPDL made wrong disclosures of Related Party Transactions on three occasions in two half-yearly disclosures of FY19 and FY20.

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Manufacturing PMI Slows to 3-month Low in Sept – Top Indian Market Updates

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

Manufacturing PMI slows to 3-month low of 55.1 in Sept

India’s manufacturing sector activity fell to a three-month low in September 2022. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.1 in September, compared to 56.2 in August. However, output remained solid despite global headwinds and recession fears. Input costs rose at the slowest rate in almost two years as suppliers’ stocks improved in line with subdued global demand for raw materials.

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

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JSW Cement raises ₹400-crore sustainability-linked loan

JSW Cement Ltd will raise ₹400 crore through a sustainability-linked loan from MUFG Bank India to fund the company’s capacity expansion plans. MUFG Bank acted as the mandated lead arranger, bookrunner (MLAB), and sustainability loan coordinator for this transaction. The fundraise will help JSW Cement towards its target of building up to 25 million tonnes per annum (MTPA) capacity by FY25.

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Adani Ports reports 13% rise in cargo volumes in Sept

Adani Ports & Special Economic Zone (APSEZ) Ltd’s cargo volumes reached 26.1 million metric tonnes (MMT) in September, recording an increase of 13% YoY. In the first six months of FY23, APSEZ managed 177.5 MMT of cargo, an increase of 11% over the corresponding period last year. The company said it is well aligned to meet its annual cargo volume guidance of 350-360 MMT in FY23.

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Reliance Jio in talks with global firms for supply to 5G stack

Reliance Jio is in talks with global network operators to supply its locally developed end-to-end 5G stack. The solution (developed by Jio Platforms) consists of 5G radio, a complete 5G core network, cloud infrastructure deployment, and the cloud-native operation support system (OSS) platforms. Reliance Jio is set to launch 5G services across metro cities of Delhi, Mumbai, Chennai, and Kolkata by Diwali.

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CNG prices may go up by at least Rs 8-12 per kg

As per an Economic Times report, compressed natural gas (CNG) prices are likely to be hiked by ₹8-12 per kg after the Central government raised the prices of input natural gas to a record high. The price of gas piped to household kitchens may be hiked by over ₹6 per unit. Last week, the govt. raised the prices of gas produced from old fields from $6.1 per million BTU to $8.57 per million British thermal units (BTU).

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Welspun Corp to sell its land and building at Dahej unit

Welspun Corp Ltd (WCL) has signed a Memorandum of Agreement with Laxmi Organic Industries Ltd for the sale of land and civil structures at its Dahej unit in Gujarat for ₹130 crore. The unit comprises an insignificant portion of WCL’s operations. The management feels that the transaction would not have any adverse effect on the company’s operations.

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Vodafone Idea CEO urges govt to reduce levies to help telcos invest in capex-heavy 5G networks

Vodafone Idea (Vi) CEO Akshaya Moondra has called on the government to reduce the hefty levies in the telecom sector so that operators can improve cash generation and invest in capital-intensive 5G networks. The govt. levies amount to 58% of industry revenues, including the price of spectrum. He also urged the Centre to take more steps to ease right of way (RoW) rules to boost 5G deployments.

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M&M records highest monthly wholesales in September

Mahindra & Mahindra Ltd reported the highest ever monthly wholesales of 64,486 vehicles in September, mainly driven by strong demand for its sports utility vehicles. The automaker had dispatched 28,112 passenger and commercial vehicles in September 2021. Last month, M&M posted its highest ever monthly sales of SUVs at 34,262 units, recording a 2x year-on-year (YoY) jump.

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Nykaa’s board approves 5:1 bonus share issue

The Board of Directors of FSN E-Commerce (Nykaa) has approved the issuance of bonus shares in the ratio 5:1. The company will issue 5 fully paid-up equity shares of ₹1 each for every 1 fully paid-up equity share of ₹1 each held by a shareholder. The board has fixed November 3, 2022, as the record date for determining investors’ eligibility for the bonus share issue.

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KEC International secures new orders worth ₹1407 crore

KEC International Ltd has secured new orders worth ₹1407 crore across various businesses. Its Transmission & Distribution (T&D) business has received an order for establishing 400 kV transmission lines for the Kuwait-Saudi Arabia interconnection project. The company’s civil business has bagged an order for the construction of official quarters and associated facilities for senior govt officials in India.

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Jet Airways Relaunch Faces Delays – Top Indian Market Updates

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

Jet Airways facing more delays: CEO Sanjiv Kapoor

Jet Airways Ltd’s potential new owners, the Jalan-Kalrock consortium, have been trying to relaunch operations this month. However, the airline faces more delays due to unresolved negotiations between the management and engine makers on more favourable terms in its proposed leasing contracts. 

“We will start operations in a planned and phased manner and share details of our fleet, customer value proposition, and business model when we open for sale,” said CEO Sanjiv Kapoor.

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AGEL commissions 325 MW wind power project in Madhya Pradesh

Adani Green Energy Ltd (AGEL) has commissioned a 325 megawatts (MW) wind energy plant in Dhar, Madhya Pradesh. The plant has two 25-year Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI) at a tariff of Rs 2.83 per kilowatt hour (kwh). The Adani Group will manage the newly commissioned plant via its ‘Energy Network Operation Centre’ platform.

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NARCL to buy 18 distressed accounts totalling ₹39,921 crore by Oct 1: Report

As per an ET Now report, the National Asset Reconstruction Company of India Ltd (NARCL) is preparing to acquire 18 distressed accounts worth ₹39,921 crore by October 31. The bad bank informed lenders that it has created two lists– Phase 1 comprised eight accounts with a debt of ₹16,744 crore. Phase 2 has 10 accounts with a debt of ₹18,177 crore.

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Welspun Corp secures order for pipeline project in the US

Welspun Corp has secured a significant order for a carbon capture pipeline project in the United States. The company will supply 785 miles (1,256 km) or 100,000 MT of high-frequency induction welding pipes. The pipes for the order will be produced at the company’s manufacturing plant in Little Rock, Arkansas, and executed in FY23-24.

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Delhi HC allows Natco Pharma to launch Chlorantraniliprole

The Delhi High Court has allowed Natco Pharma to launch Chlorantraniliprole (CTPR) and its formulations through its non-infringing process. CTPR technical is formulated into broad-spectrum insecticides for pest management on a wide range of crops. Natco Pharma estimates the current market size of products containing CTPR in India to be over ₹2,000 crore.

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Hatsun Agro Products’ board approves rights issue of ₹400 crore

The Board of Directors of Hatsun Agro Products Ltd has approved the proposal for a rights issue aggregating to ₹400 crore. The issue will be available for all existing shareholders. The eligible shareholders will be determined on the record date, which the company will announce in due course. 

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Olectra secures order to supply 123 e-buses to Thane Municipal Transport Undertaking

A consortium formed by Olectra Greentech and EVEY Trans has secured an order for 123 electric buses from the Thane Municipal Transport Undertaking. EVEY Trans will procure these e-buses from Olectra Genentech and deliver them in nine months. Meanwhile, Olectra will maintain the buses during the contract period of 15 years. The total value of the order is ₹185 crore.

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Dixon Tech signs deal with Ibahn for advanced lighting technology

Dixon Technologies (India) Ltd has entered into a binding term sheet with Delhi-based Ibahn Illumination, whereby Ibahn has agreed to transfer its cutting-edge technologies of smart lighting solutions. Ibahn’s BLE Mesh Smart Lighting (app, firmware, hardware, and cloud-hosted database) provides consumers with Wi-Fi-based technology solutions for its lighting products.

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PSP Projects secures work orders worth ₹167 crore

PSP Projects Ltd has secured orders worth ₹167.35 crore in the industrial, precast and residential segments. This includes a major order to construct Phase 2 of a Noodle Factory from a repeat client. With receipt of the above orders, the total order inflow for FY2022-23 till date amounts to ₹1,511.58 crore.

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SEBI introduces framework to prevent misuse of clients’ securities by brokers

The Securities & Exchange Board of India (SEBI) has introduced a new framework that will prevent the misuse of clients’ securities and funds by their stock brokers. Under the framework, depositories need to validate the transfer instruction for pay-in of securities from client Demat accounts to trading member pool accounts against obligations received from the clearing corporations.

In other news, SEBI is looking to boost surveillance of social media and other platforms through a web intelligence tool. Using data analytics, the tool will help to investigate violations of various securities laws by individuals, groups, and other entities.

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Jio-BP to Set Up EV Charging Infra at Omaxe Properties – Top Indian Market Updates

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

Jio-BP to set up EV charging infra at Omaxe properties

Real estate developer Omaxe Ltd has partnered with Jio-bp to establish a battery charging ecosystem for electrical vehicles. Jio-bp is a fuel and mobility joint venture (JV) between Reliance Industries and UK-based bp. The JV will install 24×7 EV charging and swapping infrastructure for two and four-wheelers at Omaxe properties across India.

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Shriram Transport Finance raises $250 million loan from DFC

Shriram Transport Finance Company Ltd (STFCL) has secured long-term funding of $250 million (~Rs 1,944 crore)  from the US International Development Finance Corporation (DFC). The external commercial borrowing is a fixed-rate 10-year loan. The funds raised from DFC will enable STFCL to on-lend for the purchase of new and used vehicles throughout India.

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UltraTech Cement partners with Coolbrook to reduce CO2 emissions at plants

UltraTech Cement has signed a Memorandum of Understanding (MoU) with Finland-based Coolbrook to explore the possibility of reducing CO2 emissions from its cement manufacturing operations. The two entities will explore electrification of the cement kiln heating process. They aim to develop optimal electric process heating solutions for the cement manufacturing process replacing fossil fuels.

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Welspun Corp, Tata Steel to manufacture pipes for hydrogen transportation

Welspun Corp Ltd (WCL) has partnered with Tata Steel to develop the framework and manufacture pipes for transporting pure hydrogen and natural gas-blended hydrogen. Through this strategic collaboration, WCL aims to assess the suitability of its “green” pipes for the transportation of pure hydrogen.

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Fino Payments Bank partners with Go Digit for shop insurance policy

Fino Payments Bank Ltd has exclusively partnered with Go Digit General Insurance Ltd to offer shop insurance policies to small and medium business owners. The tie-up will allow businesses to avail the benefits of Go Digit’s My Business Policy in case of an adverse event. Fino is associated with Go Digit as a corporate agent.

Reliance closes in on Boots acquisition, makes binding offer

The consortium of Reliance Industries Ltd (RIL) and US buyout firm Apollo Global Management Inc. has moved closer to acquiring Walgreens Boots Alliance Inc’s international chemist and drugstore units. The bid for the Boots business is fully backed by committed financing. If completed, the deal will be RIL’s largest cross-border acquisition.

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Coal India floats its first tender for coal imports

Coal India Ltd (CIL) has floated an international competitive bidding e-tender, seeking bids for importing 2.416 million tonnes (MTs) of coal. The coal being sourced on behalf of the state generating companies (gencos) and independent power plants (IPPs) is based on the indents (order) received from them for the period of July-September of FY23. 

Read more here.

Iraqi Airways goes live on Ramco Systems’ aviation system

Ramco Systems Ltd has successfully gone live at Iraqi Airways with its Aviation M&E MRO Suite V5.9. It has completely digitalized all core business processes of the airways. Ramco’s next-gen digital platform offers Iraqi Airways real-time data availability, ensuring 100% aircraft airworthiness on the release.

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Equity mutual fund inflows rise 16% in May: AMFI

Net investments into equity and equity-linked schemes rose 16% over the previous month to Rs 18,529.4 crore in May. Multi caps witnessed the least investments among all categories, while large caps saw the most. The monthly contribution to systematic investment plans (SIPs) grew by Rs 423.33 crore in May. The data was released by the Association of Mutual Funds in India (AMFI).

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Jet Airways to Take Off Again – Top Indian Market News

Jet Airways to take off again after DGCA approval

The Directorate General of Civil Aviation (DGCA) has granted Jet Airways the license to resume commercial flights. The airline conducted its first of three sets of proving flights for the permit on Sunday and the final two on Tuesday. The new owners of Jet Airways, a consortium of Kalrock Capital and middle east-based businessman Murari Lal Jalan, had applied for the security clearance in December 2021.

Read more here.

Zydus Lifesciences Q4 Results: Net profit falls 41% YoY to Rs 397 crore

Zydus Lifesciences Ltd reported a 41.47% YoY decline in consolidated net profit to Rs 397.4 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 5.2% YoY to Rs 3,863.8 crore during the same period. The pharma company’s board has approved the proposal to buy back ~1.15 crore shares, representing 1.13% of the paid-up equity share capital. The board has also declared a final dividend of Rs 2.5 per share.

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Welspun Corp secures order worth over Rs 5,000 crore

Welspun Corp Ltd has secured its largest order for the supply of pipes valued at over Rs 5,000 crore from the United States. The order includes the supply of 325,000 metric tonnes (MT) of large diameter coated pipes for transporting natural gas from the Permian Basin to Houston. The pipes will be produced at the company’s Little Rock plant in the US. Welspun Corp’s order book currently stands at Rs 10,500 crore.

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IDBI Bank to exit insurance JV by selling entire stake to Ageas for Rs 580 crore

IDBI Bank has signed a pact with Ageas Insurance International NV to sell its entire stake in its joint venture Ageas Federal Life Insurance Company Ltd (AFLICL) for ~Rs 580 crore. As of March 31, 2022, IDBI Bank holds a 25% stake in the AFLICL. The transaction is expected to be completed in the second quarter of the current fiscal year 2022-23.

Read more here.

Indigo Paints Q4 Results: Net profit rises 39% YoY to Rs 35 crore

Indigo Paints Ltd reported a 39.1% YoY increase in net profit to Rs 34.58 crore for the quarter ended March (Q4 FY22). Net profit rose 42.3% when compared to the previous quarter. Its revenue from operations rose 13.41% YoY to Rs 288.38 crore during the same period. EBITDA (excluding other income) stood at Rs 53.77 crore, up 25.22% YoY. Indigo Paints’ board has declared a dividend of Rs 3 per share.

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SEBI imposes penalties worth Rs 38.75 crore on 32 entities involved in FHL fund diversion case

Securities Exchange Board of India (SEBI) has imposed penalties totaling Rs 38.75 crore on 32 entities, including Fortis Healthcare Holdings, in a case related to the diversion of funds of Fortis Healthcare Ltd (FHL) and misrepresentations to conceal the fraud. In 2018, a media report stated that the promoters of FHL had allegedly taken massive funds out of the company. SEBI had initiated an investigation into the matter to examine possible violations of the provisions of the Prohibition of Fraudulent and Unfair Trade Practices.

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JK Tyre Q4 Results: Net profit falls 80% YoY to Rs 38 crore

JK Tyre & Industries Ltd reported an 80% YoY decline in consolidated net profit to Rs 38.22 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 13.13% YoY to Rs 3,311.83 crore during the same period. Total expenses stood at Rs 3,280.78 crore in Q4, up 22.71% YoY. Exports contributed significantly to the company’s total revenue and were higher by 60% YoY.

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Saudi Tourism signs MoU with EaseMyTrip

Saudi Tourism Authority and Easy Trip Planners Ltd (EaseMyTrip) have signed a Memorandum of Understanding (MoU) to boost inbound tourism to Saudi Arabia by leveraging the company’s travel network. The two entities will explore opportunities to collaborate on key initiatives and undertake various activities to promote and develop quality tourism experiences in Saudi Arabia and expand their presence in the Indian market.

Read more here.

NTPC Q4 Results: Net profit rises 12% YoY to Rs 5,200 crore

NTPC Limited reported an 11.9% YoY decline in net profit to Rs 5,199.51 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 23.12% YoY to Rs 37,085.07 crore during the same period. EBITDA stood at Rs 11,426 crore in Q4, up 47% YoY. NTPC’s board has declared a final dividend of Rs 3 per share.

Read more here.

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Adani Power’s Net Profit Jumps Multifold to Rs 4,645 crore in Q4 – Top Indian Market News

Adani Power Q4 Results: Net profit jumps multifold to Rs 4,645 crore

Adani Power Ltd reported a multifold jump in net profit to Rs 4,645.47 crore for the quarter ended March (Q4 FY22). It had posted a net profit of Rs 13.13 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations grew 93% YoY to Rs 13,308 crore during the same period. EBITDA stood at Rs 7,942 crore in Q4, up 271% YoY. 

In Q4, Adani Power Rajasthan received nearly Rs 3,000-4,000 crore towards domestic coal shortfall claims, along with carrying cost and late payment surcharge from Rajasthan DISCOMs under a Supreme Court order.

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M&M partners with J&K Bank to offer tractor, farm equipment loans

Mahindra & Mahindra (M&M) Ltd has partnered with Jammu & Kashmir Bank to offer loans for tractors and farm machinery. J&K Bank will provide financing to prospective customers of M&M branded tractors and farm machinery via its branches. They also aim to offer improved access to affordable credit through innovative and attractive financing solutions that will help farmers acquire the latest farm equipment to boost their yields

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Welspun Corp secures order worth Rs 706 crore from IOCL

Welspun Corp Ltd (WCL) has received an order worth Rs 706 crore from Indian Oil Corporation Ltd (IOCL) of approximately 48,000 million tonnes (MT). The order includes setting up a crude oil pipeline system with a capacity of 17.5 million tonnes per annum (MTPA) from Mundra in Gujarat to Panipat Refinery in Haryana. WCL is one of the largest welded line people manufacturers in India.

Read more here.

Marico Q4 Results: Net profit rises 13% YoY to Rs 257 crore

Marico Limited reported a 13.21% YoY increase in consolidated net profit to Rs 257 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 7.4% YoY to Rs 2,161 crore during the same period. Total expenses grew 7.13% YoY to Rs 1,863 crore in Q4. Revenue from the domestic market stood at Rs 1,654 crore, up 5.08% YoY. 

Read more here.

Sona Comstar partners with C-Motive Tech to develop electrostatic drive motors

Sona Comstar has partnered with US-based startup C-Motive Technologies to develop electrostatic drive motors for electric vehicle (EV) applications. The startup uses electrostatic forces to build motors through a series of multiplicative gains in mechanical, electrical, and electrochemical innovations. Sona Comstar will also participate in C-Motive’s latest financing round.

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CAMS Q4 Results: Net profit rises 23% YoY to Rs 74 crore

Computer Age Management Services (CAMS) Ltd reported a 23% YoY increase in net profit to Rs 73.84 crore for the quarter ended March (Q4 FY22). Net profit fell 4.5% when compared to the previous quarter. Its revenue rose 22% YoY to Rs 243.18 crore during the same period. CAMS acts as a registrar and transfer agent to mutual funds.

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L&T secures contract for bullet train project

Larsen & Toubro (L&T) Ltd’s construction arm has secured a large contract (in the range of Rs 2,500-5,000 crore) from the National High-Speed Rail Corporation Ltd (NHSRCL). The order involves the construction of 116 route km of the high-speed ballastless track works for Mumbai-Ahmedabad High-Speed Rail (MAHSR) project. Upon completion, this slab track system will enable trains to travel at a speed of 320 kilometers per hour.

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Firstsource Solutions Q4 Results: Net profit jumps 183% YoY to Rs 132.4 crore

Firstsource Solutions Ltd (FSL) reported a 183% YoY jump in consolidated net profit to Rs 132.39 crore for the quarter ended March (Q4 FY22). Net profit fell 2.26% when compared to the previous quarter. Its total income rose 5.6% YoY (or 5.43% QoQ) to Rs 1,543.54 crore during the same period. FSL is a business process management company headquartered in Mumbai.

Dabur Q4 Results: Net profit falls 22% YoY to Rs 294 crore

Dabur India Ltd reported a 22% YoY decline in consolidated net profit to Rs 294.34 crore for the quarter ended March (Q4 FY22). The FMCG major’s revenue from operations rose 7.7% YoY to Rs 2,517.81 crore during the same period. EBITDA stood at Rs 453.6 crore in Q4, up 2.5% YoY. Dabur India’s board has declared a final dividend of Rs 2.7 crore.

Read more here. 

Tata Power Solar bags Rs 5,500 cr order from SJVN

Tata Power Solar has secured India’s largest solar engineering procurement and construction (EPC) order for a 1 gigawatt (GW) project worth Rs 5,500 crore from state-owned SJVN Ltd. Covering 5,000 acres of land in Rajasthan, this project aims at reducing around 22,87,128 kg of carbon emission. It is expected to generate ~2,500 million units (MU) annually.

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HDFC Bank to Raise up to Rs 50,000 crore via Bonds – Top Indian Market News

HDFC Bank to raise up to Rs 50,000 crore via bonds

HDFC Bank’s board will consider a proposal for raising up to Rs 50,000 crore over the next 12 months. The bank aims to raise funds by issuing Perpetual Debt Instruments (part of Additional Tier-I capital), Tier-II Capital Bonds, and Long Term Bonds (Financing of Infrastructure and Affordable Housing). The board is scheduled to meet on April 16 to consider and approve the financial results for the March quarter (Q4) and FY 2021-22.

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L&T’s building & factories biz secures ‘significant’ orders

Larsen & Toubro Ltd’s (L&T) building and factories business has received significant orders (in the range of Rs 1,000-2,500 crore) from prestigious clients. The health segment of the business has secured an order from the Government of Telangana to construct a 1,750-bed super specialty hospital at Warangal. The project also involves constructing a configuration of the basement and other ancillary buildings.

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Titan reports muted sales in Q4

Titan Company Ltd said it finished the March quarter (Q4 FY22) on a satisfactory note, despite partial Omicron-led lockdowns and other disruptions. The company’s jewellery division reported a 4% YoY decline in revenue during Q4. Revenue from the watches and wearables segment grew 12% YoY. Meanwhile, Titan’s eyecare division recorded 5% YoY growth, while other businesses saw a 23% rise in revenue. 

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Maruti Suzuki to hike vehicle prices this month

Maruti Suzuki India Ltd (MSIL) plans to hike the prices of different models in April due to rising input costs. The automaker did not disclose the quantum of the proposed price hike. It has already hiked vehicle prices by nearly 8.8% from January 2021 to March 2022 due to the constant increase in input costs.

In other news, MSIL has recalled 19,731 units of its EECO model to inspect and rectify incorrect marking of wheel rim size.

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Actis nearing a deal to buy road assets worth $400 million from Welspun Group: Report

According to a Bloomberg report, UK-based Actis is nearing a deal to acquire a portfolio of road assets from Welspun Group for nearly $400 million (~Rs 3,032 crore). The buyout firm is in advanced talks for the assets and is set to beat out several rival bidders. The deal could give Welspun’s road portfolio an enterprise value of about $1.2 billion.

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HAL, Israel Aerospace Industries sign pact for MMTT aircraft

Hindustan Aeronautics Limited (HAL) has signed a Memorandum of Understanding (MoU) with Israel Aerospace Industries (IAI) to convert civil (passenger) aircraft to multi-mission tanker transport (MMTT) aircraft in India. Under this pact, HAL will convert pre-owned civil aircraft into air-refueling aircraft with cargo and transport capabilities. This move aims to provide India’s defence ecosystem with new capabilities and cost-effective solutions in the market.

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Union Bank to invest Rs 1,000 crore to upgrade IT infrastructure

Union Bank will invest Rs 1,000 crore in upgrading its information technology (IT) platforms in the current financial year. It aims to generate revenue from digital channels and save costs. The state-owned bank launched its super app named UnionNxt today. The main thrust of its digital initiatives is to empower customers with smarter ways of banking across all segments.

In other news, Union Bank’s MD Rajkiran Rai G said the lender will transfer 15 bad loan accounts worth Rs 50,000 crore to the National Asset Reconstruction Company (bad bank) by the end of April.

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Equitas SFB gross advances rise 15%, deposits up 16% in FY22

Equitas Small Finance Bank’s (SFB) gross advances witnessed a 15% YoY growth on a provisional basis to Rs 20,648 crore in FY22. Total deposits grew by 16% YoY to Rs 18,951 crore in FY22, compared to Rs 16,392 crore in FY21. The bank’s CASA (current account & savings account) deposits rose 76% YoY to Rs 9,855 crore in FY22. Equitas SFB saw an all-around improvement in performance in the previous quarter (Q4 FY22) as well.

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JSW Steel successfully bids for Ajgaon iron ore block mining license

The Directorate of Geology and Mining, Maharashtra, has declared JSW Steel Ltd as a
“preferred bidder” for a composite licence of an unexplored iron ore mine (Ajgaon Iron Ore Block) in Sindhudurg district. JSW Steel is engaged in the manufacturing and distribution of iron and steel products in India and across the globe.

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Vodafone Idea launches Vi Jobs & Education for job seekers

Vodafone Idea has partnered with Apna, Enguru, and Pariksha platforms to provide over 26 crore customers access to curated job search and exam preparation facilities targeted at Indian youth. The telecom operator has launched Vi Jobs & Education on the Vi App to increase customer stickiness with the brand by offering services to its large prepaid customer base. The platform offers free priority access to India’s most prominent job listings.

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IEX reports 38% YoY rise in trade volumes in FY22

Indian Energy Exchange (IEX) registered a 38% YoY growth in trade volumes at 1,02,035 million units (MUs) in the financial year 2021-22. IEX achieved 9,605 MU volume in March, recording a growth of 16% YoY. The volume comprises 8,702 MU in the conventional power market, 392 MU in the green power market, and 511 MU in the renewable energy certificates market.

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Govt Approves Rs 10,900 crore PLI Scheme for Food Processing Sector – Top Indian Market News

Govt approves Rs 10,900 crore PLI scheme for food processing sector

The Union Cabinet has approved the extension of a production-linked incentive (PLI) scheme for the food processing sector. An outlay of Rs 10,900 crore has been approved as incentives for domestic manufacturing in the sector. This PLI scheme will help create 2.5 lakh jobs by 2026-27, boost exports, and facilitate the expansion of India’s food processing capacity to generate processed food output worth Rs 33,496 crore. The incentives under the PLI scheme would be paid for six years ending 2026-27.

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Kalpataru Power bags new orders worth Rs 625 crore

Kalpataru Power Transmission Ltd (KTPL) has secured new orders worth Rs 625 crore in the domestic and overseas markets. The company’s power transmission business has won orders from Africa and another order for railway electrification in India. KTPL’s international subsidiary has also received new power transmission projects in Europe. With these new orders, KTPL’s overall order book for FY 2020-21 has exceeded Rs 16,000 crore at the consolidated level.

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India’s core sector output contracts 4.6% in February

The output of eight core infrastructure sectors contracted 4.6% in February 2021. Coal production declined by 4.4% last month, while petroleum refinery production declined by 10.9%. Natural gas and crude oil production declined by 1% and 3.2%, respectively. Cement production fell by 5.5%. This signifies India’s uncertain path to recovery amidst the second wave of Covid-19 infections. The data was released by the Ministry of Commerce and Industry.

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IRB Infra Developers secures two highway projects

IRB Infrastructure Developers has won a highway project in West Bengal worth Rs 2,421 crore, which involves six-laning of the Dankuni-Palsit section of NH-19. The company has also secured a Hybrid Annuity Mode (HAM) project worth Rs 828 crore in Himachal Pradesh for four-laning of the Pathankot-Mandi section of NH-20. With these two projects, IRB Infra closes FY 2020-21 with a total order book of Rs 5,004 crore

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Piramal Pharma to acquire 100% stake in Hemmo Pharma for Rs 775 crore

Piramal Pharma Solutions (PPS) will acquire a 100% stake in Hemmo Pharmaceuticals Pvt Ltd for Rs 775 crore. PPS is the contract development and manufacturing organization of Piramal Pharma Ltd. Through this acquisition, PPS will gain access to the growing peptide active pharmaceutical ingredients (APIs) market. With over 38 years of experience, Hemmo Pharma is one of the few pure-play synthetic peptide API manufacturers in the global marketplace.

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SpiceJet partners with Avenue Capital to acquire 50 new aircraft

SpiceJet Limited has signed a Memorandum of Understanding (MoU) with New York-based Avenue Capital Group for financing, acquisition, and sale & lease-back of up to 50 new planes. The MoU sets out the next steps and conditions upon which Avenue Capital will assist with placing SpiceJet’s new aircraft portfolio. SpiceJet has identified the new planes to be ordered as a unique opportunity for investment.

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KNR Construction secures LoA for road project in Kerala

KNR Constructions Ltd has received a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a road project in Kerala. The project consists of six-laning of the Ramanattukara Junction to Valnechery bypass section of NH-66 on a Hybrid Annuity Mode (HAM). The project bid cost is Rs 2,367 crore, and the company’s bid price is Rs 2,116 crore.

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M&M’s Japanese subsidiary collaborates with Kubota

The Japanese subsidiary of Mahindra & Mahindra (M&M), Mitsubishi Mahindra Agricultural Machinery, and Kubota Co. have entered into a business collaboration arrangement. The partnership will focus on expanding mutual OEM (original equipment manufacturing) supply arrangements, joint utilisation of Internet of Things (IoT), and other sophisticated technology solutions. Both companies will explore opportunities in product development for the Japanese market.

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Bharti Airtel receives CERT-IN empanelment to offer cybersecurity services to Union, State govt

Bharti Airtel Limited has received the CERT-IN empanelment to offer its cybersecurity solutions to Union and State governments, as well as Public Sector entities. The Indian Computer Emergency Response Team (CERT-IN) is the nodal agency within the Ministry of Electronics and IT, which deals with cybersecurity threats and works to strengthen the defense of the Indian internet domain. As part of Airtel Secure, Bharti Airtel has set up a state-of-the-art Security Intelligence Centre with access to advanced technology and AI and ML tools to track and mitigate potential online threats.

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Welspun One Logistics Parks launches integrated online platform for landowners, brokers

Welspun One Logistics Parks (WOLP) has launched a first-of-its-kind integrated online platform, “Partner Portal”, for landowners and brokers. The platform is aimed at digitisation of the land buying and leasing process in the industrial real estate sector. The company said it has already seen active participation from several users through the pilot launch phase. WOLP is an integrated funding, development, and asset management platform backed by the Welspun Group.

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Nitin Gadkari Announces Vehicle Scrappage Policy in Lok Sabha – Top Indian Market News

Nitin Gadkari announces vehicle scrappage policy in Lok Sabha 

Union Transport Minister Nitin Gadkari, on Thursday, announced the vehicle scrappage policy in the Lok Sabha. The policy will focus on removing vehicles older than 15-20 years from Indian roads. Owners of old vehicles will get strong incentives to scrap old and unfit vehicles. With this policy, raw materials like plastic, aluminium, steel, copper, would be recycled and will become a lesser cost component for the automotive industry. The minister said that states can make registration fees and road tax lower, which would encourage people to buy new vehicles. This ultimately leads to more sales for the automotive industry.

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TGP Rise Fund to invest $200 million in Airtel Africa mobile money business

Bharti Airtel’s subsidiary, Airtel Africa, announced that investment firm TPG’s Rise Fund will invest $200 million (~Rs 1,452 crore) in the company’s mobile money business. The transaction values Airtel Africa’s mobile money business at $2.65 billion (~Rs 19,245 crore). Airtel Mobile Commerce (AMC) BV is currently the holding company for several of Airtel Africa’s mobile money operations. The Rise Fund will hold a minority stake in AMC BV upon completion of the transaction.

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Adani Green raises $1.35 billion from 12 international banks

Adani Green Energy Ltd (AGEL) has raised $1.35 billion (~Rs 9,800 crore) debt through definitive agreements signed with a group of 12 international lenders. The funds will initially be used to finance the 1.69 gigawatt (GW) hybrid portfolio of solar and wind renewable projects to be set up in four special purpose vehicles (SPVs) in Rajasthan. This is part of AGEL’s vision of scaling up its renewable energy capacity to 25 GW by 2025.   

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Welspun Corp secures orders worth Rs 777 crore in domestic, overseas markets

Welspun Corp Limited said it has received multiple orders worth Rs 777 crore from the overseas and domestic markets. This includes an order of approximately 50 kilometric tonnes (KMT) received from a large client in the Middle East. With these orders, the company’s order book stands at 686 KMT- valued at Rs 5,300 crore. Mumbai-based Welspun Corp is a leading manufacturer of large diameter pipes.

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Dilip Buildcon receives financial closure for NHAI road project in Telangana

Dilip Buildcon announced that its wholly-owned subsidiary, Repallewada Highways, has received the financial closure letter from the National Highways Authority of India (NHAI) for a road project in Telangana. The project consists of four-laning of NH-613 from Repallewada to Telangana on hybrid annuity mode (HAM). The project cost is Rs 1140.5 crore.

Bajaj Auto amends dividend distribution policy

Bajaj Auto Limited has amended its dividend distribution policy to reward shareholders and boost return ratios. The policy will consider the surplus the company has while calculating the dividend payout as a percentage of profits after tax (PAT). The dividend payout will be up to 90% if the surplus funds are over Rs 15,000 crore.

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Varroc Engineering to produce EV chargers for Delta-Q Tech

Varroc Engineering Limited said it has entered into a contract manufacturing agreement with Canada-based Delta-Q Technologies Corp. The company will manufacture Delta-Q’s chargers in India to support the expansion of the electric two and three-wheeler market. Varroc Engineering is a leading automotive component manufacturer based in Aurangabad, Maharashtra.

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Ministry of Corporate Affairs investigating irregularities in Edelweiss’ ARC arm: Report

As per reports from multiple sources, the Ministry of Corporate Affairs (MCA) has ordered an inspection of the books of Edelweiss Asset Reconstruction Company (EARC) after a whistleblower wrote to the Prime Minister’s Office and Reserve Bank of India alleging fraud at the firm. The whistleblower has alleged that Edelweiss Group, along with its partner Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ), diverted at least Rs 1,800 crore from EARC. Edelweiss Financial Services Ltd said it has not received any intimation of any inspection being conducted by MCA.

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Delhi HC restrains Future Retail-Reliance deal on Amazon’s plea

The Delhi High Court, on Thursday, restrained Future Retail from going ahead with the Rs 24,713-crore deal with Reliance Industries. The court has upheld the Emergency Arbitrator’s award that Amazon.com, Inc had won against Future Retail. A single-judge bench of Justice JR Midha held that the retail company has willfully violated Singapore International Arbitration Centre’s (SIAC) order. Future Group entities have been directed to pay a penalty of Rs 20 lakh.

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IPO Updates:

Kalyan Jewellers

The Rs 1,175-crore initial public offering (IPO) of Kalyan Jewellers was subscribed 2.61 times on the final day of bidding. The portion reserved for retail investors was subscribed 2.82 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1.91 and that of qualified institutional buyers (QIBs) 2.76 times.

Suryoday Small Finance Bank

The Rs 582-crore initial public offering (IPO) of Suryoday Small Finance Bank was subscribed 1.01 times on the second day of bidding. The portion reserved for retail investors was subscribed 2 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 20% and that of employees 17%. To know more about the IPO, click here.

Nazara Technologies

The Rs 582-crore initial public offering (IPO) of Nazara Technologies was subscribed 10.55 times on the second day of bidding. The portion reserved for retail investors was subscribed 44.47 times and that of employees 5.33 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 7.73 times and that of QIBs 72%. To know more about the IPO, click here.