Tag: wockhardt

Categories
Market News Top 10 News

JFSL Shares Hit Lower Circuit on Listing Day – Top Indian Market Updates

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

Jio Financial Services shares hit 5% lower circuit on listing day

Jio Financial Services Ltd. closed at a 5% lower circuit at ₹248.50 per share after a muted listing on the Indian exchanges. The shares were listed at ₹262 per share on the National Stock Exchange over the discovered price of ₹261.85. On the BSE, the stock listed at ₹265 over the derived price of Rs 251. This is against the expectation of a listing premium widely expected by market analysts.

Read more here.

Wockhardt shareholders reject proposal to raise ₹1,600 crore from promotor

Shareholders of Wockhardt have rejected a proposal to raise ₹1,600 crore from a promoter entity. The board of the Mumbai-based drug firm had sought shareholder approval for a related party transaction with Khorakiwala Holdings & Investments Pvt Ltd (KHIPL) to raise up to ₹1,600 crore for five years. KHIPL is an RBI-registered non-banking financial company.

Read more here.

Tata Technologies joins AUTOSAR as premium partner

Tata Technologies has joined AUTOSAR, a worldwide development partnership of car manufacturers, suppliers, and other firms, as a premium partner. AUTOSAR aims to standardise the software architecture of vehicle electronic control units (ECUs) to improve the overall efficiency of automotive system software development and integration.

Read more here.

TPREL to supply 9 MW green energy to Tata Motors plant

Tata Power Renewable Energy Ltd (TPREL) will supply 9 megawatts (MW) of green energy to Tata Motors’ plant in Pantnagar as part of an agreement. The project will be commissioned within six months from the PPA execution date. It will utilise rooftop and ground-mounted units for installation. It is estimated to make a carbon emission reduction of 25 tonnes annually.

Read more here.

Alembic, Aurobindo Pharma recall drugs in US market

According to the US Food & Drug Administration (USFDA), Alembic Pharmaceuticals and Aurobindo Pharma are recalling different products in the US market due to manufacturing lapses. The US-based subsidiary of Alembic Pharma is recalling 82,400 bottles of Tobramycin Ophthalmic Solution (used to treat bacterial infections of the eye). Aurobindo Pharma’s US arm is recalling 48 bottles of Rufinamide Tablets (used to treat seizure disorders).

Read more here.

Telecom sector AGR up 2.53% QoQ in Q4: TRAI

According to data released by the Telecom Regulatory Authority of India (TRAI), the telecom industry recorded a 2.53% sequential growth in adjusted gross revenue (AGR) in the fourth quarter of FY23. Reliance Jio’s quarterly AGR (or revenue from licensed services) grew 1.7% sequentially to ₹22,985 crore in Q4, while Bharti Airtel’s rose 1.15% quarter-on-quarter (QoQ) to ₹18,500 crore. Vi’s AGR fell 1.61% QoQ to ₹7,210.63 crore in Q4.

Read more here.

Indian Oil Corp begins digitalisation drive

Indian Oil Corporation Ltd (IOCL) has embarked on a major data-driven digitalisation drive to optimise its crude purchase, refinery operations and financial management, which has helped boost its efficiency and revenues. IOCL generates data daily from its refineries, pipelines, petrol pumps, aviation fuel stations, natural gas networks and petrochemical operations.

Read more here.

Vipul Organics enters into paper segment

Specialty chemicals maker Vipul Organics has entered into the paper segment with products like colourants, dispersions and dyes. The company is in the process of setting up a paper lab that will be fully functional shortly. It has already launched products under two categories in the segment. One range of pigment dispersions is developed exclusively for paper application, while the other one is ‘direct dyes’ for paper coating application.

Read more here.

Tanla Platforms ends pact with Vodafone Idea

Tanla Platforms has decided to discontinue its agreement with Vodafone Idea. The company had entered into a term sheet with Vodafone Idea for the provision of platform and firewall services for international A2P (application-to-person messaging) services in November 2021, which was valid for 2 years. The ending of the partnership would have a revenue impact of ₹17 crore and a net profit impact of ₹9 crore on a full-quarter basis after November 2023.

Read more here.

Inox Green Energy secures ₹40 crore order from NLC India

I-Fox Windtechnik India Pvt Ltd (a subsidiary of Inox Green Energy) has secured an order from NLC India for the Operation and Maintenance (O&M) of 51MW wind turbine generators located in Tamil Nadu. The scope of the contract comprises comprehensive O&M (including a power evacuation system) for 5 years with a revenue realisation of ₹40 crore (inclusive of taxes) during the contract period.

Read more here.

Categories
Market News Top 10 News

WPI Inflation Eases to 13.93% in July – Top Indian Market Updates

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

WPI inflation eases to 13.93% in July

India’s wholesale inflation fell to 13.93% in July due to easing prices of food and manufactured products. The wholesale price index (WPI) stood at 15.18% in June and at a record 16.63% (revised) in May. Inflation in the food articles segment eased to 10.77% in July, compared to 14.39% in June. The fuel and power segment surged 43.75% last month from 40.33% in June.

Read more here.

Adani Ports’ arm acquires inland container depot Tumb for Rs 835 crore

Adani Logistics has acquired inland container depot (ICD) Tumb from Navkar Corporation for Rs 835 crore. ICD Tumb is one of the largest inland container depots and has a capacity of 0.5 million Twenty-foot Equivalent Units (TEUs). The ICD is strategically located between the Hazira Port in Gujarat and the Nhava Sheva Port in Mumbai. Adani Logistics is a wholly-owned subsidiary of Adani Ports & Special Economic Zone Ltd (APSEZ).

Read more here.

SpiceJet enters into settlement agreement with Goshawk Aviation, affiliates

SpiceJet Ltd has entered into a settlement with aircraft lessor Goshawk Aviation and its affiliated entities related to two Boeing 737 MAX aircraft and one Boeing 737-800 NG aircraft. This settlement will allow two more fuel-efficient Boeing 737 MAX aircraft to enter SpiceJet’s fleet. Goshawk Aviation Ltd is one of the main lessors (an entity that leases a property to another) of MAX aircraft of SpiceJet.

Read more here.

Wockhardt initiates phase-III clinical study of new antibiotic candidate

Wockhardt Ltd has initiated a global Phase-III clinical study of its new antibiotic candidate WCK 5222. The company has completed the first site initiation visit for the study. WCK 5222 is an entirely new class of antibiotic known as “β-lactam ENHANCER”. It is targeted for the treatment of hospitalised adults with complicated urinary tract infections. 

Read more here.

Concord Biotech files DRHP with SEBI for Rs 2,000-2,500 crore IPO

Concord Biotech, a fermentation-based active pharmaceutical ingredient (API) maker, filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO). As per reports, the IPO’s size would be Rs 2,000-2500 crore. The issue with a face value of Rs 1 per equity share is a complete offer for sale (OFS) aggregating to 2.09 crore equity shares by Helix Investment Holdings Pte. Ltd.

Read more here.

Unichem Labs gets USFDA nod for Schizophrenia drug

Unichem Laboratories Ltd has received approval for Quetiapine extended-release (ER) tablets from the US Food & Drug Administration (USFDA). The tablets are used to treat schizophrenia, bipolar disorder, and adjunctive treatment of Major Depressive Disorder (MDD). The product will be commercialized from Unichem’s plant in Goa.

Read more here.

Future Consumer defaults on Rs 51.85 cr payment towards debentures

Future Consumer Ltd (FCL) has defaulted on the payment of Rs 51.85 crore towards principal and interest due on non-convertible debentures (NCDs). The default includes an interest amount of Rs 10.73 crore and a principal amount of Rs 41.12 crore. The NCDs were allocated on February 15, 2018, with a coupon rate of 11.07% per annum. As of June 30, 2022, the total financial indebtedness of FCL (including short-term and long-term borrowings) was Rs 446.82 crore.

Read more here.

Indian Oil aims to restart Paradip refinery from mid-Sept: Report

As per a report by Economic Times (ET), Indian Oil Corporation Ltd (IOCL) will restart crude processing at its 300,000 barrels per day Paradip refinery in eastern Odisha from mid-September after a 45-day maintenance turnaround. While the crude unit was shut from Aug. 1, the naphtha hydrotreater, continuous catalytic reformer, diesel hydrotreater, coker, and alkylation units were shut sequentially.

Read more here.

Amul, Mother Dairy hikes milk prices by Rs 2 per litre

Leading milk suppliers Mother Dairy and Amul have increased milk prices in Delhi-NCR and other cities by Rs 2 per litre due to a rise in its procurement and other input costs. Prices of toned milk will increase to Rs 51, while double toned milk will rise to Rs 45 per litre. Cow milk prices have been hiked to Rs 53 per litre.

Read more here.

Categories
Market News Top 10 News

RIL Raises $4 billion in India’s Largest Forex Bond Deal – Top Indian Market News

RIL raises $4 billion in India’s largest forex bond deal

Reliance Industries Ltd (RIL) has raised $4 billion (~Rs 29,780 crore) in US dollar bonds, marking India’s largest-ever foreign currency bond deal. RIL raised $1.5 billion in a 10-year tranche, $1.75 billion in a 30-year, and $750 million in a 40-year deal. The company plans to use the proceeds from the issue to refinance its existing borrowings. The issue was oversubscribed nearly three times, with a peak order book aggregating $11.5 billion.

Read more here.

L&T Construction secures large contracts under water and effluent treatment segment

The Water & Effluent Treatment Business of Larsen & Toubro (L&T) Construction has secured large orders (in the range of Rs 2,500-5,000 crore). The Department of Water Supply and Sanitation, Punjab, has awarded two EPC orders for the bulk supply of treated water to 10 lakh people across 412 villages in Fazilka and Ferozepur districts. The Odisha government has given a repeat EPC order to execute the Under Ground Pipeline Irrigation System for the Rengali Right Irrigation Project (Phase-I).

Read more here.

Reliance Retail acquires 25.8% stake in Dunzo for $200 million

Reliance Retail Ventures Ltd (RRVL) has invested $200 million (~Rs 1,488 crore) in Bengaluru-based Dunzo as it looks to get a foothold in the country’s rapidly growing market of quick delivery. RRVL will hold a 25.8% stake in Dunzo on a fully diluted basis. Dunzo will enable hyperlocal logistics for the retail stores operated by RRVL to boost its omnichannel capabilities.

Read more here.

ADF Foods gets approval under PLI scheme for food processing industries

ADF Foods Industries Ltd has received approval from the Central Government under Production Linked Incentive (PLI) scheme for food processing industries– incentive for branding and marketing expenditure abroad. The company would be an extended financial incentive at 50% of budgeted outlay on international branding and marketing expenditure or 3% of sales of food products (whichever is lower), subject to a maximum incentive of Rs 61.35 crore from FY22 to FY26.

Wockhardt board approves plan to raise Rs 1,000 crore via rights issue

The Board of Directors of Wockhardt Ltd has approved a proposal to raise up to Rs 1,000 crore through a rights issue. The objective of the issue is to meet the company’s financing needs for repayment of subordinated debt due, financing research & development initiatives, and general corporate purposes.

Read more here.

IRB Infra’s subsidiary executes concession pact for Rs 6,555 crore project in UP

Meerut Budaun Expressway Pvt Ltd (MBEPL) has executed a concession pact with Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) for the Rs 6,555 crore Ganga Expressway project. The total length of the project is 129.7 km. MBEPL is a wholly-owned subsidiary of IRB Infrastructure Developers Ltd.

Read more here.

Alembic Pharma gets USFDA approval for generic drug to treat Parkinson’s disease

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Entacapone tablets. The drug is indicated to treat end-of-dose “wearing-off” in patients with Parkinson’s disease. According to IQVIA data, the tablets had a market size of $10.5 million (~Rs 78.2 crore) for the twelve months ended September 2021.

Read more here.

HDFC Life completes acquisition of Exide Life; to start merger soon

HDFC Life Insurance Company Ltd announced the closure of the acquisition of Exide Life. The company acquired a 100% stake in Exide Life from Exide Industries Ltd after issuing over 8.7 crore shares at Rs 685 per share and a cash payout of Rs 726 crore, aggregating to Rs 6,687 crore. HDFC Life will soon initiate the merger of Exide Life with itself. Exide Industries now holds a 4.1% stake in HDFC Life.

Read more here.

SJVN power stations register 1,480 MU of electricity generation in October-December

SJVN Ltd’s power stations have clocked the highest ever 1,480 million units (MU) of electricity generation in the October-December quarter of 2021-22 (Q3 FY22). The state-run company has surpassed the previous record of 1,343 MU in the corresponding period of FY20, from all its power stations. SJVN is aiming to achieve an installed capacity of 5,000 megawatts (MW) by 2023.

Read more here.

Categories
Market News Top 10 News

India Lifts Ban on Boeing 737 MAX – Top Indian Market News

India lifts ban on Boeing 737 MAX aircraft

The Directorate General of Civil Aviation (DGCA) has allowed Boeing 737 MAX aircraft to fly in Indian airspace again— after carrying out necessary safety modifications. The air safety regulator had banned Boeing 737 MAX operations in India in March 2019 after two fatal accidents. Meanwhile, SpiceJet expects B757 MAX jets in its fleet to return to service at the end of September 2021, following a settlement with aircraft leasing company Avolon.

Nearly 175 countries have allowed the B737 MAX to return to service following a safety ban, with 30 airlines already restarting their MAX aircraft services.

Read more here. 

Reliance Life Sciences seeks approval for Phase-I trial of its Covid-19 vaccine: Report

According to a report from ET, Reliance Life Sciences has applied for regulatory approval to begin early-stage human trials of its Covid-19 vaccine candidate. The Subject Expert Committee (SEC) of India’s drug regulator will review the application at a meeting on Thursday. The aim of Phase I clinical trials is to obtain reliable information on the safety, tolerability, and mechanism of action of drugs to determine the maximum tolerated dose (MTD). Reliance Life Sciences is a subsidiary of Reliance Industries Ltd.

Read more here.

Standard Bank selects TCS BaNCS Cloud for digital claims transformation

Tata Consultancy Services (TCS) announced that Standard Bank’s short-term insurance business in South Africa has selected the TCS BaNCS Cloud for Insurance platform to power its digital claims transformation. TCS BaNCS Cloud for Insurance will be offered on a Software-as-a-Service (SaaS) model on AWS Cloud. It will help the insurer coordinate more than 60 products spread across four claims administration platforms, enabling faster and accurate claims processing.

Affle India board stock split in 1:5 ratio

The Board of Directors of Affle India Ltd has approved a stock split (sub-division of equity shares) in the ratio of 1:5. One equity share of the face value of Rs 10 each will be split into 5 equity shares of the face value of Rs 2 each. Affle India has fixed October 8, 2021, as the record date for the stock split. The stock split is subject to the approval of shareholders. A stock split helps boost the stock’s liquidity, particularly among retail investors.

Read more here.

Wockhardt partners with Jemincare for novel respiratory antibiotic Nafithromycin

Wockhardt Bio AG has partnered with China-based Jiangxi Jemincare Group Co. for the development and commercialisation of its novel respiratory antibiotic Nafithromycin in China, Hong Kong, Macau, and Taiwan. The drug is used for the treatment of community-acquired bacterial pneumonia and other respiratory tract infections. Under the terms of the agreement, Jemincare will be responsible for the exclusive development and commercialisation of Nafithromycin in the select markets.

Read more here.

RailTel launches AI-based attendance for 48,000 government schools in Assam

RailTel Corporation of India Ltd has deployed an Artificial Intelligence (AI)-based attendance system for 48,000 government schools across Assam. The state-owned company has configured and customised the system for capturing attendance across the elementary, secondary, and higher secondary schools across all 33 districts of Assam. The total project value for RailTel is Rs 19.20 crore, out of which Rs 12 crore is a one-time cost being released post completion of the project.

Read more here.

Carborundum Universal to acquire 67.94% stake in PLUSS

Carborundum Universal Ltd (CUMI) has entered into definitive agreements for acquiring a controlling stake in PLUSS Advanced Technologies Pvt Ltd. PLUSS is a specialty materials research and manufacturing company based in Gurugram. CUMI will acquire equity shares equivalent to 67.94% of the issued and paid-up share capital of PLUSS by October 31. The acquisition will aggregate to Rs 115 crore and will be funded through internal accruals. CUMI is a material sciences engineering solutions provider and is part of the Murugappa Group.

Read more here.

Thermax secures boiler package order worth Rs 293 crore

Thermax Babcock & Wilcox Energy Solutions (TBWES) has secured a Rs 293 crore boiler package contract from a refinery and petrochemical complex in western India. TBWES is a wholly-owned subsidiary of Thermax Ltd. The scope of the order includes design, manufacturing, installation, erection, commissioning, and testing of 3x oil and gas-fired boilers. Pune-based Thermax is a leading energy and environment solutions provider. 

Read more here.

Wipro partners with DataRobot to deliver Scalable Enterprise AI solutions

Wipro Ltd has announced a global strategic partnership with US-based DataRobot, Inc., a leader in Augmented Intelligence. The partnership will deliver Augmented Intelligence (AI) at scale to help customers become AI-driven enterprises and accelerate their business impact. DataRobot’s Augmented Intelligence platform complements Wipro’s expertise in enterprise AI. The collaboration will help accelerate the execution of AI strategy and ensure quicker ‘data to value’ for businesses. 

Marksans Pharma gets USFDA approval for pain killer drug

Marksans Pharma Ltd has received approval from the US Food & Drug Administration (USFDA) for Acetaminophen Extended-Release Tablets USP, 650 mg. The drug is used as a pain reliever and fever reducer. Marksans will manufacture the products at its USFDA approved solid oral dosage facility located in Goa.

Read more here.

Categories
Market News Top 10 News

PM Modi Launches Vehicle Scrappage Policy – Top Indian Market News

PM Modi launches vehicle scrappage policy

Prime Minister Narendra Modi has launched the ‘Voluntary Vehicle Fleet Modernisation Programme’ or the automobile scrappage policy. The new policy aims to phase out unfit and polluting cars and commercial vehicles which are older than 20 or 15 years, respectively. The scrappage policy will bring in investments of ~Rs 10,000 crore and help India become an industrial hub of automobile manufacturing. The owners who scrap their vehicles will be eligible for a scrap value of 4-6% of the ex-showroom price of that vehicle.

Read more here.

L&T secures order for oxidation reactor from Technip Energies

The heavy engineering arm of Larsen & Toubro (L&T) has secured an order for an oxidation reactor from Technip Energies-India. The order for the technologically critical Titanium Clad Reactor is for a public sector petrochemical project for purified Tereplic sector petrochemical project for purified Terephthalic Acid plant. The scope of supply involves the design, material procurement, fabrication, inspection, and testing of the reactor. 

Read more here. 

Purvankara Q1 Results: Net profit at Rs 154 crore

Purvankara Ltd reported a consolidated net profit of Rs 154.14 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 16.9 crore in Q1 FY21 and a net profit of Rs 8.75 crore in the previous quarter (Q4 FY21). Its revenue from operations jumped nearly three-fold YoY to Rs 542 crore in Q1 FY22. The real estate developer posted a 21% YoY decline in sales bookings to Rs 314 crore during the same period.

Read more here.

Wockhardt partners with RDIF to manufacture, supply Sputnik vaccines

Wockhardt Ltd has partnered with the Russian Direct Investment Fund (RDIF) and Enso Healthcare to manufacture and supply Sputnik V and Sputnik Light Covid-19 vaccines. Dubai-based Enso Healthcare is RDIF’s coordination partner for sourcing Sputnik V vaccines in India. As part of the deal, Wockhardt will manufacture and supply up to 62 crore doses of the two Sputnik vaccines to Enso over the next two years. The first batch of 5-12 crore doses will be delivered by June 2022.

Read more here.

Zensar Tech secures multi-million dollar contract from the City of San Diego

Zensar Technologies Ltd has signed a four-year, multi-million-dollar contract with the City of San Diego to provide workplace and enterprise management solutions. The company will provide support to more than 1,000 servers and associated storage and software that host over 300 city application systems in San Diego. Zensar will also expand its support to science, technology, engineering, and mathematics (STEM) education for youth by investing in programs in the San Diego region.

Read more here.

Grasim Industries Q1 Results: Net profit at Rs 481 crore

Grasim Industries Ltd reported a standalone net profit of Rs 481.6 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 282.9 crore in Q1 FY21. Its revenue from operations jumped 182% YoY to Rs 3,762.68 crore in Q1 FY22. The company’s expenses rose 79.3% YoY to Rs 3,282.34 crore during the same period. Grasim said it expects its businesses to resume their growth trajectory, assuming a low impact of a third wave of the Covid-19 pandemic.

Read more here.

Tata Power Renewable commissions 100 MW solar project in Gujarat

Tata Power Renewable Energy Ltd (TPREL) has commissioned a 100 megawatt (MW) solar project at Raghanesda Solar Park in Gujarat. The installation will reduce 2 lakh tonnes of carbon emission every year. With the commissioning of this project, the total installed capacity of TPREL stands at 2,797 MW, with 1,865 MW of solar power and 932 MW of wind power. TPREL is a wholly-owned subsidiary of Tata Power Ltd.

Read more here.

Suven Pharma Q1 Results: Net profit rises 14% YoY to Rs 105 crore

Suven Pharmaceuticals Ltd reported a 14% YoY increase in consolidated net profit to Rs 105.08 crore for the quarter ended June (Q1 FY22). Net profit has increased by 26.43% when compared to the previous quarter. Its total income rose 10.5% YoY (or 2.71% QoQ) to Rs 269.58 crore during the same period.

Cadila Healthcare gets USFDA approval for Mesalamine ER capsules

Cadila Healthcare Ltd has received final approval from the US Food and Drug Administration (USFDA) for Mesalamine extended-release (ER) capsules. The drug is indicated for the maintenance of remission of ulcerative colitis (an inflammatory bowel disease) in adults. The approved drug will be manufactured at Cadila’s formulation manufacturing facility as the SEZ, Ahmedabad.

Read more here.

HAL Q1 Results: Net profit rises 31% YoY to Rs 194 crore

Hindustan Aeronautics Ltd (HAL) reported a 30.9% YoY increase in consolidated net profit to Rs 194.71 crore for the quarter ended June (Q1 FY22). Net profit has declined by 88% when compared to the previous quarter. Its total income declined marginally by 1.01% YoY (or 83.75% QoQ) to Rs 1,765.96 crore during the same period. State-owned HAL is an aerospace and defence company headquartered in Bangalore.

Glenmark Life Sciences Q1 Results: Net profit rises 24% YoY to Rs 101 crore

Glenmark Life Sciences reported a 24.5% YoY increase in net profit to Rs 100.9 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 32.2% YoY to Rs 524.9 crore during the same period. Revenue from the generic Active Pharmaceutical Ingredients (API) segment grew 38.3% YoY to Rs 4,803 crore in Q1. Recently listed Glenmark Life Sciences is a subsidiary of Glenmark Pharma Ltd.

Read more here.