welspun Archives

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

Coal India to spend ₹16,500-18,000 crore over five years

Coal India Ltd expects to spend ₹16,500 – ₹18,000 crore over the next five years as capital expenditure. For FY25, the company has announced a production target of 850 MT, which is 9% higher than the current year’s target. To support the increase in volumes, Coal India said that it is working on developing sufficient rail infrastructure for the same.

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Welspun Corp arm Sintex to set up ₹479 crore manufacturing unit

Welspun Corp Ltd’s wholly-owned subsidiary, Sintex BAPL, has received approval from the Odisha government for its proposal to invest ₹479.47 crore to establish a manufacturing unit. The unit will produce CPVC, UPVC, SWR, agri pipes, PVC fittings, and plastic tanks, boasting an annual capacity of 37,520 tonnes. The company plans to set up the proposed facility in Sambalpur, Odisha.

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SBI’s unsecured lending to see moderation after RBI’s tightening

SBI Chairman Dinesh Kumar Khara announced that there will be “moderation” in the bank’s unsecured lending portfolio following the Reserve Bank of India’s tightening of norms. He said the impact of higher risk weights will have a 0.02-0.03% impact on its net interest margins in the December quarter (Q3), but a better picture will emerge in the next quarter.

Earlier this month, the RBI increased risk weights on unsecured lending for banks and non-banking financial companies (NBFCs).

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Nazara Tech says there will be new gaming IPs in the next six months

Nazara Technologies is looking at more acquisitions to improve its gaming and e-sports business, which together contributed over 86% of its total revenue as of the financial year ending March 2023. The company has built a strong pipeline, especially in core gaming studio intellectual properties (IPs), eSports space, and a little in ad-tech.

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Bharti Airtel begins IPO process for its subsidiary Bharti Hexacom

According to a CNBC-TV18 report, Bharti Airtel Ltd has begun the process of making its subsidiary Bharti Hexacom public. It will be the first IPO from the Bharti Group after over a decade. Bharti Hexacom’s valuation is likely to be estimated at ₹20,000 crore, and the listing process is likely to be completed by early 2024.

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CG Power seeks approval to set up semiconductor assembly unit

CG Power and Industrial Solutions Ltd has filed an application with the Central government to set up an Outsourced Semiconductor Assembly and Test facility (OSAT). The estimated investment in the project over five years is $791 million (approximately ₹6,592 crore). The funding for the project is expected to be through a combination of subsidy, joint venture (JV) partners, equity contribution and debt.

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Aurobindo Pharma’s unit gets USFDA nod for Ryzenuta injection

Aurobindo Pharma’s subsidiary, Acrotech Biopharma, and Evive Biotech received approval from the US Food and Drug Administration (USFDA) for Ryzenuta injection. The injection is used to treat chemotherapy-induced neutropenia (an abnormally low count of a type of white blood cell). The approval was based on the results of the two pivotal Phase 3 studies completed in the United States and Europe.

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IndusInd Bank promoters deny report of raising funds via share pledge

IndusInd Bank’s promoters have denied claims of raising funds by pledging their stake in the bank. The bank denied the information in a Business Standard article titled “Hindujas raise ₹8000 crores by pledging IndusInd stake”. The lender labelled the article as “malicious and factually incorrect.” IndusInd Bank emphasised that information regarding the pledge of a listed entity is readily available in the public domain and can be verified through official channels.

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GMR Power and Urban Infra buys Malaysian partner’s stake in power subsidiary

GMR Power and Urban Infra Ltd has acquired its joint venture (JV) partner’s 29.14% stake in GMR Energy Ltd (GEL) for $28.5 million (approx. ₹237.37 crore). The company has acquired 105.11 crore equity shares, representing a 29.14% stake, in GEL from Power and Energy International (Mauritius) Ltd. Following the stake purchase, the group’s shareholding in GEL has increased from 57.76% to 86.90%

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Servotech Power Systems bags order for 2,649 EV chargers from Bharat Petroleum

Servotech Power Systems has secured an order for 2,649 electric vehicle (EV) charges from Bharat Petroleum Corporation Ltd (BPCL). However, the company did not disclose the value of the order in its statement. The company will manufacture, supply and install 2,649 AC EV Chargers strategically across India, equipping petrol pumps in major Indian cities under the BPCL E-drive Project.

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Cargo traffic at major ports rises by 11.43% in August

Cargo traffic at India’s major ports increased by 11.43% year-on-year (YoY) to 57.59 million tonnes (MT) in August. The country’s 12 major ports had handled 51.68 MT of cargo in August 2020. The ports under control of the central government include Deendayal, Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar, VO Chidambarnar, Visakhapatnam, Paradip, and Kolkata.

VA Tech Wabag secures $11.45 million order for Malaysia’s Petronas Refinery

VA Tech Wabag has secured an order worth $11.45 million (~Rs 83.7 crore) from Dialog E&C Sdn. Bhd. for establishing an effluent treatment plant in Johor, Malaysia. The plant at Pengerang Integrated Complex will be constructed for PRPC Utilities and Facilities Sdn Bhd, a subsidiary of Petronas Refinery and Petrochemical Corporation (PRPC). Wabag will provide design, engineering, procurement, and supervision services for the proposed effluent treatment plant.

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Welspun gets USFDA approval for 3 Ply Surgical Masks

Welspun India has become the first Indian company to receive one of the most stringent and well-recognized quality approvals, the USFDA 510(k) clearance, for its 3 Ply Surgical Masks. The product is made with 100% polypropylene and offers 98% protection against bacterial load. Welspun’s 3 Ply Surgical Masks is already certified by the Bureau of Indian Standards (BIS) and CE (conformity of goods with European standards).

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Lupin partners with TB alliance for new therapy for drug-resistant Tuberculosis

Non-profit drug developer TB Alliance has granted a non-exclusive license to manufacture anti-tuberculosis drug Pretomanid to Lupin Ltd. Pretomanid is part of a three-drug regimen BPaL, which includes bedaquiline and linezolid. It is used to treat those with extensively drug-resistant TB. Lupin intends to commercialize the drug in nearly 140 countries and territories, including many of the highest TB burden nations around the world.

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Ahluwalia Contracts secures order worth Rs 890 crore

Ahluwalia Contracts (India) Ltd has secured an order for the construction of an Animal Science University at Patna from the Executive Engineer Construction Division-1, Building Construction Department, Patna (Bihar). The order is worth Rs 890 crore. The company’s total order inflow in the current financial year (FY22) stands at Rs 1,119 crore.

Zydus Cadila gets USFDA approval for diabetes medication

Zydus Cadila has received approval from the US Food & Drug Administration (USFDA) to market Sitagliptin, a drug indicated to treat diabetes. On October 31, 2020, the pharma company had filed a new drug application (NDA) with the USFDA seeking approval to market Sitagliptin base 25, 50, and 100 mg tablets. The NDA received tentative approval upon completion of the first review cycle on September 2, 2021.

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Tamilnad Merchantile Bank files DRHP for IPO

Tamilnad Merchantile Bank has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise funds via an initial public offering (IPO). The IPO comprises a fresh issue of up to 1.58 crore shares and an offer for sale (OFS) of up to 12,505 shares by existing shareholders. Tuticorin-based Tamilnad Mercantile Bank is a professionally managed lender and does not have an identifiable promoter. The 100-year-old company was established as a lender for the Nadar community in Tamil Nadu.

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Alembic Pharma’s JV gets USFDA approval for Metronidazole gel

Aleor Dermaceuticals, a joint venture (JV) of Alembic Pharma, has received final approval from the USFDA for Metronidazole gel. The gel is indicated for the topical treatment of inflammatory lesions of rosacea (a condition that causes redness and often small, red, pus-filled bumps on the face). According to IQVIA, Metronidazole gel USP had annual sales of $29 million (~Rs 211 crore) for the twelve months ended June 2021.

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NMDC targets iron ore output of 44 MT in FY22; draws up capex of Rs 3,750 crore

NMDC Limited is planning a capital expenditure (capex) of Rs 3,750 crore and targeting an iron ore output of 44 million tonnes (MT) in the current financial year (FY22). The company had achieved an iron ore output of 35 MT during the Covid-hit FY21. NMDC has registered strong volume growth and revenue growth during the first five months of FY22 and expects to sustain the growth momentum.

State-owned NMDC has also reduced the prices of lump ore and fine ore by Rs 1,000 per tonne.

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