Tag: wpi inflation

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WPI Inflation Surges to Record-High of 15.08% in April – Top Indian Market News

WPI inflation spikes to record-high of 15.08% in April

India’s inflation based on the Wholesale Price Index (WPI) surged to a record high of 15.08% in April 2022. WPI inflation stood at 14.55% in March and 10.74% in April 2021. The heatwave across India led to a spike in the prices of perishables such as fruits, vegetables, and milk. Fuel inflation rose to 38.66% in April, while inflation for manufactured products rose to 10.85%.

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Bharti Airtel Q4 Results: Net profit jumps 164% YoY to Rs 2,008 crore

Bharti Airtel Ltd reported a 164.46% YoY (or 142% QoQ) jump in consolidated net profit to Rs 2,007.8 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 22.3% YoY (or 5.5% QoQ) to Rs 31,500 crore during the same period. The average revenue per user (ARPU) stood at Rs 178 in Q4 FY22, compared to Rs 162 in Q3 FY22 and Rs 145 in Q4 FY21. The telecom company’s board has declared a final dividend of Rs 3 per share.

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Abu Dhabi’s IHC invests Rs 15,400 crore in Adani Group firms

Abu Dhabi-based International Holding Company PJSC (IHC) has completed a $2 billion (~Rs 15,400 crore) investment in three Adani Group companies— Adani Green Energy Ltd, Adani Transmission Ltd, and Adani Enterprises Ltd. The investment will support and accelerate the group’s growth plan to supply India with 45 gigawatts (~9% of the country’s non-fossil energy) by 2030.

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IOCL Q4 Results: Net profit falls 31% YoY to Rs 6,022 crore

Indian Oil Corporation Ltd (IOCL) reported a 31% YoY decline in net profit to Rs 6,022 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 25.6% YoY to Rs 2.06 lakh crore during the same period. The average gross refining margin stood at $11.25 per barrel (bbl) in Q4 FY22, compared to $5.64 per bbl in Q4 FY21. IOCL’s board has declared a final dividend of Rs 3.6 per share.

The board has also approved the issue of bonus shares in the ratio 1:2 (one bonus share for every two shares held in the firm).

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PM Modi inaugurates India’s first 5G testbed

Prime Minister Narendra Modi inaugurated India’s first 5G testbed to enable startups and industry players to test and validate their products locally. It will also help reduce dependence on foreign facilities. Companies are gearing up to launch 5G networks over the next few months. PM Modi said the next-gen mobile broadband technology (5G) will boost India’s economy by $450 billion in 15 years. He also stated that India is targeting the rollout of 6G telecom network by the end of the decade.

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Abbott India Q4 Results: Net profit rises 39% YoY to Rs 211 crore

Abbott India Ltd reported a 38.6% YoY increase in net profit to Rs 211.41 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 14.5% YoY to Rs 1,255.02 crore during the same period. The drug maker’s board has declared a final dividend of Rs 145 per share and a special dividend of Rs 130 per share.

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LTI to launch dedicated Google Cloud Business Unit

Larsen & Toubro Infotech (LTI) is expanding its global partnership with Google Cloud. The company is setting up a dedicated Business Unit for Google Cloud’s six key solution pillars: Application Modernization, Data Management, Infrastructure Modernization, Smart Analytics, Artificial Intelligence, and Security. LTI’s unit will develop state-of-the-art IP, industry-specific solutions, and accelerators. 

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DLF Q4 Results: Net profit falls 16% YoY to Rs 405.33 crore

DLF Limited reported a 16% YoY decline in consolidated net profit to Rs 405.33 crore for the quarter ended March (Q4 FY22). Total income fell 13.34% YoY to Rs 1,652.13 crore during the same period. The realty company’s net profit for the financial year 2021-22 stood at Rs 1,500.86 crore, registering a growth of 37.2% YoY.

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Tata Power partners with Hyundai Motor to build EV charging infra

Tata Power Company Ltd has partnered with Hyundai Motor India Ltd (HMIL) to build an electric vehicle (EV) charging network. The company will install Tata Power EZ Charge fast chargers (DC 60 kW) at HMIL’s existing EV dealer locations across 29 cities. It will also supply, install, and commission home chargers for HMIL’s EV customers. 

Tata Power is India’s leading provider of EV charging solutions, with over 1,500 public and semi-public EV chargers installed.

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Jubilant Ingrevia Q4 Results: Net profit rises 26% YoY to Rs 68 crore

Jubilant Ingrevia Ltd reported a 26.18% YoY increase in consolidated net profit to Rs 68.59 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 87.91% YoY to Rs 1,275.87 crore during the same period. The specialty chemical manufacturer’s board has declared a final dividend of Rs 2.5 per share.

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WPI Inflation Rises to 14.55% in March – Top Indian Market News

WPI inflation rises to 14.55% in March

As per data released by the Ministry of Commerce & Industry, India’s Wholesale Price Index (WPI) rose to 14.55% in March 2022. Wholesale price inflation has remained in double-digits for the 12th consecutive month since April 2021. WPI grew 13.11% in February, while WPI for January stood at 13.68%. The food articles segment witnessed a rise of 8.06% in March, compared to 8.19% in Feb.

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JSPL reports record steel production, sales in FY22

Jindal Steel and Power Ltd (JSPL) reported record sales of 7.63 MT in the previous financial year (FY22), up 5.03% YoY. It also produced a record 8.1 MT of steel in FY22. The company posted the highest ever production of 2.11 MT in Q3 FY22, up 2% YoY. JSPL’s Angul plant expansion is on track. They expect to reach more than 15 MT capacity by FY25.

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Mindtree Q4 Results: Net profit rises 49% YoY to Rs 473 crore

Mindtree Ltd reported a 49.1% YoY rise in consolidated net profit to Rs 473 crore for the quarter ended March (Q4 FY22). Net profit rose 8% compared to the previous quarter. Its revenue from operations rose 37.4% YoY (or 5.4% QoQ) to Rs 2,897.4 crore during the same period. Mindtree’s board has declared a final dividend of Rs 27 per share. 

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Ashok Leyland to enter used commercial vehicles business

Ashok Leyland Ltd has partnered with Mahindra First Choice Wheels to enter the used commercial vehicles business. The two entities will establish a platform that facilitates the exchange, proper disposal, and purchase of old commercial vehicles. Ashok Leyland aims to streamline the used vehicles market by leveraging its digital ecosystem and its existing and potential channel partners in over 700 parking yards spread across India.

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Indiabulls Real Estate to use Rs 865 crore QIP proceeds for land acquisition, reducing debt

Indiabulls Real Estate Ltd (IBREL) will utilise Rs 865 crore raised by issuing shares to institutional investors mainly for land acquisition and debt reduction. The Mumbai-based firm launched its Qualified Institutional Placement (QIP) on March 7. The current shareholders of IBREL diluted a 15.8% stake through the QIP.

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Passenger vehicle exports from India rose 43% in FY22

Passenger vehicle (PV) exports from India increased 43% YoY to 5,77,875 units in FY22. Maruti Suzuki India led the segment with dispatches of over 2.3 lakh units. Passenger car shipments saw 42% growth at 3,74,986 units, while utility vehicle exports rose 46% to 2,01,036 units in FY22. The data was released by the Society of Indian Automobile Manufacturers (SIAM). 

In other news, Maruti Suzuki has increased the prices of its entire model range by 0.9-1.9% to offset the impact of rising input costs.

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SBI raises $500 million via IFSC Gift City branch

State Bank of India (SBI) has raised $500 million (~Rs 3,800 crore) through its IFSC Gift City branch. This is the first offshore USD Secured Overnight Financing Rate (SOFR) linked syndicated loan raised by SBI through its Gift City branch. MUFG, Bank of America, and JP Morgan were the joint lenders for this offering. First Abu Dhabi Bank acted as the facility agent.

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Zydus Lifesciences gets USFDA approval for Vitamin B12 injection

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Cyanocobalamin injection. The drug is used to treat and prevent Vitamin B12 deficiency caused by pernicious anemia. It will be manufactured at the pharma company’s injectables manufacturing facility at Jarod, Gujarat.

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L&T planning to merge L&T Infotech, Mindtree to create $22 billion firm: Report

According to a Bloomberg report, Larsen & Toubro Ltd. is weighing a merger between two of its publicly traded software firms— L&T Infotech and Mindtree. The boards of the two companies will reportedly consider share swap ratios for the merger as early as next week. The merger will result in cost synergies for both IT companies as admin costs would come down.

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Mahindra Lifespaces acquires 11.5-acre land parcel in Pune

Mahindra Lifespace Developers has acquired an 11.5-acre land parcel in Pimpri, Pune. The land is estimated to have a developable potential of ~2 million sq. ft. of saleable area and a gross development value of around Rs 1,700 crore. The realty firm expects to launch the first phase of the project within the next 12 months. 

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RVNL signs MoU with Mahanadi Coalfield for rail infra projects

Rail Vikas Nigam Ltd and Mahanadi Coalfields Ltd (MCL) have signed a Memorandum of Understanding (MoU) for the implementation of rail infrastructure projects. The pact will help in expediting the development of critically important rail infra projects of MCL for evacuation of coal to meet the growing energy demand of India. MCL operates seven open cast mines and three underground mines in Odisha.

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WPI Inflation Rises to 13.11% in Feb – Top Indian Market News

inflation - market updates | marketfeed

WPI inflation rises to 13.11% in February 

India’s wholesale price-based inflation accelerated to 13.11% year-on-year (YoY) in February, compared to 12.96% in January. Fuel and power inflation stood at 31.5% YoY in Feb, compared to 32.27% in Jan. Inflation in manufactured products rose 9.84% in Feb, as against 9.42% in the previous month. This signals that producers have begun passing part of their rising input costs to end-users. The food index moderated from a 24-month high of 9.55% in Jan to 8.47% in February.

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HAL signs pact with SASMOS to work together in aerospace domain

Hindustan Aeronautics Ltd (HAL) has signed a Memorandum of Understanding (MoU) with SASMOS to work together on advanced electronics, electrical, and fibre optic interconnections in the aerospace domain. The MoU is intended to explore business cooperation, especially in north India. Naini Aerospace Ltd (NAeL), a subsidiary of HAL, was also a signatory to the MoU.

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DLF to invest Rs 550 crore to construct office building for StanChart GBS in Chennai

DLF Limited has announced an investment of Rs 550 crore to construct a one-million sq. ft. office building for Standard Chartered Global Business Services’ campus in Chennai. In October 2020, DLF had pre-leased 7.7 lakh square feet of office space to StanChart GBS. The campus will be completed by mid-2024. The 2.3 million sq. ft. currently under construction would be completed by the first quarter of 2023 (H1 FY23). 

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Hero Electric partners with L&T Finance for retail financing solutions

Hero Electric has partnered with L&T Finance to offer customers easy financing solutions for its entire product portfolio across its 750-plus dealership network. Customers can avail hassle-free quick loan approvals in under 3 minutes at attractive interest rates, ranging from 7.99% onwards. Hero Electric is expanding personalized funding options and facilitating easy purchase decisions.

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Kotak Mahindra Bank hit by highest number of bank frauds in Apr-Dec FY22

Kotak Mahindra Bank has been hit by the highest number of frauds at 642, involving Rs 1 lakh and above, in the April-December period of 2021-22. It was followed by ICICI Bank and IndusInd Bank at 518 and 377 bank frauds, respectively. In the case of State Bank of India (SBI), the number of frauds declined over the last three years. There were as many as 923 incidents in FY18, 931 in FY19, 673 in FY20, and 283 in FY21.

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Alembic Pharma gets USFDA approval for Macitentan tablets

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Macitentan tablets. The drug is used to treat pulmonary arterial hypertension to delay disease progression. As per IQVIA December 2021 data, Macitentan tablets had an estimated market size of $797 million.

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L&T Construction secures contracts under its water and effluent treatment business

Larsen & Toubro Construction has received significant contracts (in the range of ~Rs 1,000-2,500 crore) under its water and effluent treatment business. The Gujarat Water Infrastructure (GWIL) has placed an order for the design and construction of the Dhanki-Navda Bulk Pipeline project. The business has also been awarded a project from a prestigious client for the supply, installation, testing, and commissioning of water distribution networks and large meter connections in Dubai. 

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Power Mech Projects secures order worth Rs 2,120 crore

Power Mech Projects Ltd has secured orders worth Rs 2,120 crore under the Indian government’s Jal Jeevan Mission (JJM) program. The company has won the orders under Phase-III projects in 2120 villages of Pratapgarh, Fatehpur, and Meerut districts in Uttar Pradesh. The Rs 3.6 lakh crore Jal Jeevan Mission aims to ensure tap water supply to all rural households by 2024.

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BHEL dispatches 42nd nuclear steam generator to NPCIL

Bharat Heavy Electricals Ltd (BHEL) has dispatched its 42nd nuclear steam generator to Nuclear Power Corporation of India Ltd (NPCIL). The steam generator is to be installed at a 700 MWe unit at NPCIL’s Rajasthan Atomic Power Project. BHEL has been catering to India’s nuclear program since 1976. It has designed, manufactured, and supplied critical nuclear components like reactor headers and steam turbine generators.

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Vodafone Idea partners with Nazara Technologies to launch Vi Games

Vodafone Idea (Vi), in partnership with Nazara Technologies Ltd, has launched Vi Games on the Vi App. The telecom operator’s customers will get access to a wide range of gaming content on Vi Games, including popular game titles from various franchises in India. It will offer over 1,400 gaming titles across 10 popular genres. Vi Games will be available in three categories on the Vi App— Free Games, Gold Games, and Platinum Games. 

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RIL subsidiary to acquire assets of Lithium Werks for $61 million

Reliance New Energy Ltd (RNEL) has signed a definitive agreement to acquire the assets of Lithium Werks BV for a total transaction value of $61 million (~Rs 466.5 crore). The assets include the entire patent portfolio of Lithium Werks, a manufacturing facility in China, and key business contracts. Lithium Werks is a leading provider of cobalt-free and high-performance Lithium Iron Phosphate (LFP) batteries. 

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WPI Inflation Eases to 13.56% in December – Top Indian Market News

WPI inflation eases to 13.56% in December

India’s wholesale price index (WPI)-based inflation eased to 13.56% in December, compared to 14.23% in November. The fall in the prices of manufactured products and fuel & power offset costlier vegetable prices. Inflation in manufactured goods stood at 10.62%, compared to 11.92% in November. Fuel & power inflation stood at 32.3% in December, against 39.8 in November. The inflation in vegetables surged to 31.56% in Dec, compared to 3.9% in Nov.

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HCL Tech Q3 Results: Net profit falls 13% YoY to Rs 3,442 crore

HCL Technologies Ltd reported a 13.6% YoY decline in consolidated net profit to Rs 3,442 crore for the quarter ended December (Q3 FY22). Net profit increased 6% when compared to the previous quarter. Its revenue from operations rose 15.7% YoY (or 8% QoQ) to Rs 22,331 crore during the same period. The IT major secured deals worth $2,135 million in Q3, up 64% YoY. HCL Tech has declared a dividend of Rs 10 per share.

In other news, HCL Tech has agreed to acquire Budapest-based Starscheme for $42.5 million (~Rs 315 crore). With this acquisition, the IT company aims to strengthen its data engineering services and presence in Central and Eastern Europe. 

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Oberoi Realty acquires 4.2-acre land parcel in Mumbai

Oberoi Realty has acquired a 4.2-acre land parcel on LBS Marg in Mumbai’s central suburb Bhandup for Rs 115 crore. The developer acquired the property through one of its subsidiaries, Oberoi Constructions. The plot has a total residential development potential of around 8-9 lakh sq. ft. Based on the current property rates, the project can fetch a revenue of around Rs 900-1,000 crore.

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Glenmark Pharma gets USFDA approval for nasal spray to treat rhinitis

Glenmark Specialty SA (Switzerland), a subsidiary of Glenmark Pharmaceuticals Ltd, has received approval from the US Food & Drug Administration (USFDA) to market Ryaltris in the US. Ryaltris is a nasal spray used for the treatment of seasonal allergic rhinitis (irritation and inflammation of the mucous membrane inside the nose). The product is currently under review by Health Canada.

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Aditya Birla Fashion to acquire 51% stake in House of Masaba

Aditya Birla Fashion & Retail Ltd (ABFRL) will acquire a 51% stake in House of Masaba Lifestyle for Rs 90 crore. Founded by Masaba Gupta in 2009, House of Masaba Lifestyle sells under the brand name Masaba and offers a wide array of products ranging from cosmetics to clothes. It is targeting annual revenues of around Rs 500 crore in the next five years and will be scaled primarily through its online platform.

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Ashoka Buildcon emerges lowest bidder for NHAI road project worth Rs 829.5 crore

Ashoka Buildcon Ltd has emerged as the lowest (L-1) bidder for a road project of the National Highways Authority of India (NHAI). The project consists of six-laning the Belgaum-Sankeshwar Bypass (NH-48) in Karnataka on an engineering, procurement, construction (EPC) mode. The quoted bid price of the project is Rs 829.49 crore.

Passenger vehicle sales fall 13% YoY in December: SIAM

Passenger vehicle (PV) dispatches from factories to dealers declined 13% YoY to the lowest level in five years in December. As per the Society of Indian Automobile Manufacturers (SIAM), PV dispatches stood at 2,19,421 units in December 2021, compared to 2,52,998 units in December 2020. Two-wheeler wholesales fell 11% YoY to 10.06 lakh units in December 2021. The automobile industry continues to face production issues due to the semiconductor shortage.

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Hero MotoCorp expands operations in El Salvador

Hero MotoCorp Ltd has expanded operations in El Salvador with the commencement of retail sales at a newly opened flagship outlet in the country’s capital city of San Salvador. The two-wheeler manufacturer has a distribution network of over 200 touchpoints in El Salvador. This includes five company-owned showrooms, 15 dealerships, 85 retail & 26 spare part outlets, and service centres across 14 cities.

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Delhivery gets SEBI approval for Rs 7,640 crore IPO

The Securities and Exchange Board of India (SEBI) has approved new-age logistics startup Delhivery’s Rs 7,460 crore initial public offering (IPO). The IPO includes a fresh issue of shares worth Rs 5,000 crore and an offer for sale (OFS) of up to Rs 2,460 crore. Early investors Softbank and Carlyle Group will offload shares worth Rs 750 crore and Rs 920 crore, respectively.

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Reliance, Mahindra bid for incentives under India’s $2.4 billion battery scheme: Report

As per a report from Reuters, Reliance Industries, Hyundai Motor Co, and Mahindra & Mahindra are among the companies that have submitted bids under India’s $2.4 billion battery scheme. Last year, the Centre had finalised a Production Linked Incentive (PLI) scheme to encourage companies to invest in the local manufacturing of batteries. Ola Electric, Larsen & Toubro, Amara Raja Batteries, and Exide Industries have also reportedly submitted bids.

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Wholesale Inflation Rises to 14.23% in November – Top Indian Market News

Wholesale inflation rises to 14.23% in November

Wholesale price inflation (WPI) surged to a 12-year high of 14.23% in November, compared to 12.54% in October. The WPI inflation has been in double digits for the past 8 months. The high rate of inflation is primarily due to the rise in prices of mineral oils, basic metals, crude petroleum, natural gas, chemicals products, and food. Inflation in the fuel and power basket was higher at 39.81% in November, as against 37.18% in October.

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ABFRL to buy exclusive rights to sell, distribute Reebok in India

Aditya Birla Fashion & Retail Ltd (ABFRL) has signed a long-term licensing agreement with US-based Authentic Brands Group to distribute and sell Reebok products in India and other Southeast Asian countries. The deal signals ABFRL’s entry into India’s sports and activewear segment. The company will sell Reebok products through wholesale and e-commerce.

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Nykaa to invest Rs 100 crore over 2-3 years to expand retail footprint

Nykaa has set aside almost Rs 100 crore of capital expenditure over 2-3 years, said Group CFO Arvind Agarwal. The company plans to expand its retail footprint as it believes in an omnichannel strategy. He further stated that Nykaa’s ambition is to be in the top 100 cities in the country, which would mean 250-300 stores within the next 3 years. They are also investing in fulfillment centres, including large mechanised and tech-driven warehouses.

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Adani Green signs pact with SECI to supply 4,667 MW solar project

Adani Green Energy Ltd (AGEL) has signed an agreement with the Solar Energy Corporation of India (SECI) to supply 4,667 megawatts (MW) of green power. This is the world’s largest-ever green power purchase agreement (PPA). AGEL has a total portfolio of 20.3 gigawatts (GW), including operational and under-construction projects. The Adani Group has committed to a $50-70 billion investment in the renewables space.

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Glenmark’s subsidiary enters pact with Almirall for novel drug to treat autoimmune diseases

Ichnos Sciences, a subsidiary of Glenmark Pharmaceuticals, has entered into an exclusive agreement with Spain-based Almirall to out-license its novel monoclonal antibody therapy ISB 880. The drug is used in the treatment of autoimmune diseases. As per the agreement, Ichnos will receive an upfront payment of €20.8 million (~Rs 178.5 crore). It will also obtain additional development & commercial milestone payments and royalties based upon future global sales.

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L&T Infotech opens new delivery center in Hyderabad

Larsen & Toubro Infotech (LTI) has expanded its operations in Hyderabad by setting up a new facility in the city. The 1.1 lakh sq. ft. state-of-the-art delivery center is designed and equipped to house over 3,000 employees. The centre will focus on delivering digital, data, and cloud solutions to global clients.

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Lupin receives EIR from USFDA for its manufacturing site in Goa

Lupin Ltd has received an establishment inspection report (EIR) from the US Food & Drug Administration (USFDA) for its Goa manufacturing facility. This indicates that the pharma company is probably closer to resolving the drug regulator’s warning letter. EIR means the closure of inspection. USFDA inspected the facility in September 2021 and issued 7 observations, which were mostly related to the investigation of out-of-specification (OOS) drug productions. 

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Orion Corp selects Infosys to transform ERP, planning platforms

Finland-based pharma company Orion Corporation has selected Infosys Ltd to transform its enterprise resource planning (ERP) and planning platforms. The IT major will also enhance Orion’s employee experience and drive business value realisation. Infosys will adopt standardised best SAP practices to enable end-to-end visibility across Orion’s operations and reduce business costs.

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Natco Pharma proposes to acquire Dash Pharmaceuticals

Natco Pharma Ltd has announced plans to acquire Dash Pharmaceuticals LLC, subject to the satisfactory completion of due diligence and execution of definitive agreements. US-based Dash Pharma is a front-end pharmaceutical sales, marketing, and distribution entity. This acquisition provides Natco with a front-end to engage with its customers directly in the US, which is the largest pharmaceutical market in the world.

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Bharti Airtel partners with Capgemini to bring 5G-based solutions for Indian enterprises

Bharti Airtel has partnered with French IT company Capgemini to bring 5G-based enterprise-grade solutions to the Indian market. Under this partnership, both firms will bring together their experience in 5G solutions and system integration capabilities to develop a range of India-focused use cases. Two 5G use cases (smart health and remote assistance) have already been deployed by Capgemini at Bharti Airtel’s 5G lab.

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L&T Construction secures order for buildings, factory business

Larsen & Toubro’s construction arm has received a large order for its buildings and factories business from the Odisha government to construct clinical blocks and allied infrastructure for a hospital in Cuttack. The duration of the engineering, procurement, and construction (EPC) project is 30 months. The project involves the construction of four clinical blocks comprising composite structural systems and other ancillary buildings.

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WPI Inflation Hits Five-Month High of 12.54% in October – Top Indian Market News

inflation - market updates | marketfeed

WPI inflation hits five-month high of 12.54% in October

India’s wholesale inflation accelerated to a five-month high at 12.54% in October 2021. The wholesale price index (WPI) grew 10.66% in September and 1.31% in October 2020. The high rate of inflation is primarily due to the rise in prices of mineral oils, basic metals, food products, crude petroleum & natural gas. Food inflation contracted 1.69% in October, compared to a 4.69% contraction seen in September. The inflation in manufactured products stood at 12.04% in October from 11.41% a month ago.

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HCC-KEC JV wins Rs 1,309 crore Chennai Metro order

Hindustan Construction Company (HCC), in consortium with KEC International Ltd, has secured a Rs 1,309 crore order as a part of the second phase of Chennai Metro Rail. The order entails the construction of an 11.61 km elevated viaduct section and 11 elevated stations on corridor-5 of the second phase of Chennai Metro. The order is scheduled to be completed in 36 months.

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Vodafone Idea clarifies on reports of getting SBI loan after govt’s relief measures

Debt-ridden Vodafone Idea Ltd issued a clarification on a Bloomberg report that suggested that the company may get fresh loans from State Bank of India (SBI) after the government’s relief measures. “The company keeps discussing with various banks its funding and other requirements in the ordinary course of its business, including with SBI who is one of our main bankers. As of now, there is no development, which would require disclosure under the SEBI Listing Regulations,” Vodafone Idea informed in an exchange filing. 

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Power Mech Projects secures orders worth Rs 725.17 crore

Power Mech Projects Ltd (PMPL) has secured two orders worth Rs 725.17 crore. The company has bagged an order worth Rs 645 crore from the National Highways Authority of India (NHAI). The order is for four-laning of NH-365A from Kodad to Khammam in Telangana under the Centre’s Bharatmala Pariyojana project. PMPL has received another order worth Rs 80.17 crore from Howe India to design and build a coal handling plant in Odisha.

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Ashok Leyland in talks with investors to raise funds for EV arm

Ashok Leyland Ltd is in talks with strategic and financial investors to raise funds for Switch Mobility, its newly formed electric vehicle (EV) subsidiary. The trucks and bus manufacturer has hived off its EV division to better tap growth opportunities through the onboarding of partners.  The company also plans to roll out CNG-fitted commercial vehicles during the later part of this financial year.

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Dixon Tech partners with BSH for manufacturing of fully automatic washing machine

Dixon Technologies (India) Ltd has commenced production of fully automatic washing machines for BSH Household Appliances Manufacturing Pvt Ltd. The product will be manufactured at Dixon’s state-of-the-art manufacturing facility at Tirupati. Germany-based BSH is the largest manufacturer of home appliances in Europe.

Bharti Airtel forms ESG Committee to strengthen its focus on sustainable business

Bharti Airtel has formed a Committee of Board of Directors, called the ESG Committee, to sharpen the company’s focus towards its Environmental, Sustainability, and Governance (ESG) agenda. The committee will provide strategic guidance and oversight to the company’s progress on ESG targets, initiatives, and best practices. The telecom operator has named Manish Kejriwal, Lead Independent Director on the Board, as the Chairman of the ESG Committee.

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Delhi HC rules in favour of Britannia over Good Day brand

The Delhi High Court has ruled in favour of Britannia Industries after it had challenged oral care maker Good Day over its brand name, which is identical to one of Britannia’s mainstay biscuit brands Good Day. The court has directed the oral care maker to stop manufacturing, selling, and advertising Good Day toothpaste. ‘Good Day’ is a known trademark of Britannia and protected across all product categories.

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Parliamentary panel stresses on cryptocurrency regulation in meeting: Report

A Parliamentary Standing Committee on Finance, led by former union minister Jayant Sinha, held a meeting today with industry associations and experts on cryptocurrency. During the meeting, there was a consensus that crypto can’t be stopped, but must be regulated, news agency ANI reported. The meeting saw the participation of representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), among others.

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Tata Steel revives plans to sell its Thailand business

Tata Steel Ltd (TSL) has revived plans to sell its Thailand business. The company looks to exit less profitable overseas units in the ongoing supercycle. The proposed sale, coming on the heels of TSL’s move to offload its Singapore business NatSteel Holdings, will aid the company cut its debt further. Bangkok-listed Tata Steel Thailand has a market value of over $410 million (~Rs 3,049 crore).

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WPI Inflation Eases to 10.66% in September – Top Indian Market News

WPI inflation eases to 10.66% in September 2021 

Inflation based on the Wholesale Price Index (WPI) fell to 10.66% in September 2021 from 11.39% in August, as prices of primary articles, fuel & power, and food fell during the period. The benchmark inflation index has remained in double digits for the last six months. Food inflation decelerated to 1.14% in Sept from 3.43% during August. Fuel and power prices rose by 24.81% in September on a yearly basis compared to 26.09% in August.

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HCL Tech Q2 Results: Net profit rises 3.7% YoY to Rs 3,259 crore

HCL Technologies Ltd reported a 3.69% YoY increase in consolidated net profit to Rs 3,259 crore for the quarter ended Sept (Q2 FY22). Net profit rose 1.68% when compared to the previous quarter. Its revenue from operations rose 2.9% QoQ to Rs 20,655 crore during the same period. HCL Tech secured 14 large deals worth $2.3 billion during Q2. The IT company’s board has approved an interim dividend of Rs 10 per share.

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Passenger vehicle wholesales fall 41% in Sept: SIAM

According to the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle (PV) wholesales in India decreased by 41% in September. Automobile manufacturers struggled to produce adequate units owing to the semiconductor shortage. The total PV production fell 37.5% YoY to 1.60 lakh units, while two-wheelers were down by 17% YoY to 15.28 lakh units.

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GTPL Hathway Q2 Results: Net profit falls 4.5% YoY to Rs 

GTPL Hathway Ltd reported a 4.51% YoY decline in consolidated net profit to Rs 43.08 crore for the quarter ended Sept (Q2 FY22). Net profit declined by 9.23% compared to the previous quarter. Its total income rose 3.51% YoY to Rs 605.23 crore during the same period. GTPL Hathway is engaged in cable TV and high-speed broadband service distribution. 

Lupin recalls all Irbesartan tablet batches in US due to impurity

Lupin Ltd has voluntarily recalled all batches of Irbesartan tablets and lrbesartan and Hydrochlorothiazide tablets in the US due to an impurity. As part of Lupin’s ongoing assessment, analysis revealed that certain tested API batches (but not finished product batches) were above the specification limit for the impurity N-nitrosolrbesartan (a substance that could cause cancer). lrbesartan tablet USP is used to treat hypertension and to tower blood pressure.

Read more here.

Indiabulls Real Estate Q2 Results: Net profit jumps 107% YoY to Rs 5.53 crore

Indiabulls Real Estate Ltd reported a 107.27% YoY jump in consolidated net profit to Rs 5.53 crore for the quarter ended Sept (Q2 FY22). Net profit rose 16.23% compared to the previous quarter. Its total income increased by 651.9% YoY (but declined by 28.45% QoQ) to Rs 381.24 crore during the same period. Indiabulls Real Estate is one of the largest real estate companies in India, with a well-diversified presence in both commercial and residential real estate development.

DoT approves 31 proposals worth Rs 3,345 crore for telecom equipment PLI

The Department of Telecommunications (DoT) has approved 31 proposals, accumulating an investment of Rs 3,345 crore over four-and-a-half years under the production-linked incentive (PLI). The selected candidates will be eligible for incentives worth Rs 12,195 crore spread over the next five years. A total of 31 companies, comprising 16 micro, small, and medium enterprises (MSMEs), 15 non-MSMEs have been given approval.

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Inox Wind Q2 Results: Net loss at Rs 57.26 crore

Inox Wind Limited reported a consolidated net loss of Rs 57.26 crore for the quarter ended Sept (Q2 FY22). The company had posted a net loss of Rs 76 crore in Q2 FY21 and a loss of Rs 52.32 crore in the previous quarter (Q1 FY22). Its total income fell 5.16% YoY (or 1.93% QoQ) to Rs 167.51 crore during the same period. Noida-based Inox Wind is an integrated wind energy service provider.

Nykaa gets SEBI approval for IPO

According to reports, omnichannel beauty and consumer-care products retailer Nykaa has received clearance from the Securities and Exchange Board of India (SEBI) for an initial public offering. The company is likely to file an updated Draft Red Herring Prospectus (DRHP) with SEBI today to increase the issue size from Rs 525 crore to Rs 630 crore. The IPO will also include an offer for sale (OFS) in which existing shareholders will sell up to 431.1 lakh shares.

Read more here.

Cyient Q2 Results: Net profit rises 44% YoY to Rs 121 crore

Cyient Limited reported a 44.6% YoY increase in consolidated net profit to Rs 121.3 crore for the quarter ended Sept (Q2 FY22). Net profit rose 5.48% compared to the previous quarter. Its revenue from operations rose 10.8% YoY to Rs 1,111.6 crore during the same period. The company’s order intake grew 23% year-on-year. The digital engineering and technology firm’s board has declared an interim dividend of Rs 10 per share.

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WPI Inflation Rises to 11.39% in August – Top Indian Market News

WPI inflation rises to 11.39% in August

India’s wholesale inflation, measured by the Wholesale Price Index (WPI), spiked to 11.39% in August 2021. WPI grew 11.16% in July and 12.07% in June. The food articles segment witnessed a (-)1.29% change in August, as prices of vegetables and fruits contracted. Inflation in the fuel and power segment stood at 26.09% in August, compared to 26.02% in July. The manufactured products segment registered inflation of 11.39% in August. The data was released by the Ministry of Commerce & Industry.

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Invesco calls ZEEL EGM for removal of MD, directors

Invesco and OFI China, which together hold a 17.88% stake in Zee Entertainment Enterprises Ltd (ZEEL), have called for an extraordinary general meeting (EGM) of shareholders to pass resolutions, including the removal of current CEO Punit Goenka and the appointment of new independent directors. The move comes on the back of institutional proxy advisory firm IIAS calling for investors to reject the resolution for reappointment of certain directors to ZEEL’s board at the Annual General Meeting (AGM).

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Tata Motors signs pact with Tata Power for rooftop solar project in Pune

Tata Motors has signed a solar power purchase agreement with Tata Power to install and operate a 3 megawatt (MW) solar rooftop project at its passenger vehicle plant in Pune. The project will generate nearly 45 lakh kilowatt-hour (kWh) per year and reduce carbon emission by ~3,538 tonnes per year. Tata Motors said it will continue to introduce measures to conserve energy at its manufacturing facilities, optimise the consumption of non-renewable fossil fuels, and lower operating costs.

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Escorts partners with IndusInd Bank to provide affordable loans to farmers

Escorts Ltd has signed a Memorandum of Understanding (MoU) with IndusInd Bank to provide affordable financial offerings to the farming community. Both entities will jointly launch various financial programs to help customers invest in modern farm machinery to enhance their productivity and income. IndusInd Bank will utilise its understanding of rural customers and penetration throughout India to help Escorts achieve its goals of supporting the farming community.

Read more here.

Gravita starts operations at aluminium recycling unit in Mozambique

Gravita India’s step-down subsidiary in Mozambique has commenced commercial production of aluminium from its new recycling plant. The unit has an aluminium recycling capacity of 4,000 million tonnes per annum (MTPA). It also has a lead recycling facility with a capacity of 4,500 MTPA. Gravita’s subsidiary is in the process of setting up a plastic recycling unit in Mozambique (East Africa). The company expects to achieve additional revenue of ~Rs 50 crore per annum and gross margins of 18% from the new recycling plant.

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HCL Tech enters into strategic partnership with HANCOM

HCL Technologies Ltd has signed a strategic partnership with South Korea-based HANCOM Inc. The two companies will share advanced software technology solutions and establish a mutual bridgehead for overseas expansion. HCL Tech will support training for software development at HANCOM’s research & development (R&D) center in India. The IT firm will also share its development studio and provide HR support to meet demand and development capacity at the R&D center.

Read more here.

BLS International partners with NHA to process Ayushman Bharat cards across India

The National Health Authority (NHA) has selected BLS International Ltd for processing Ayushman Bharat cards under Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). The scheme offers financial security against medical treatment costs, medicines, diagnostics, and pre-hospitalisation expenses. BLS International Services is an outsourcing service provider for government and diplomatic missions worldwide

Read more here.

Laurus Labs partners with Unitaid, CHAI to develop pediatric HIV drug

Laurus Labs has partnered with Unitaid and the Clinton Health Access Initiative (CHAI) to develop, commercialise, and register the second and third-line HIV treatment darunavir boosted with ritonavir (DRV/r) for children. Unitaid and CHAI will work with Laurus Labs to ensure Children Living with HIV/AIDS (CLHIV) have access to the generic, fixed-dose combination version of DRV/r.

Read more here.

Tata Steel commissions India’s first-ever carbon dioxide capture unit

Tata Steel Ltd has commissioned a carbon capture unit at its plant in Jamshedpur. The unit can capture up to five tonnes of carbon per day. Tata Steel has become India’s first steel company to adopt such a technology that extracts carbon dioxide (CO2) directly from the blast furnace gas. The steel company will reuse the captured CO2 on-site to promote a circular carbon economy. The project has been executed with technological support from Carbon Clean, a global leader in low-cost CO2 capture technology.

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HG Infra declared lowest bidder for Rs 448 crore road project in Rajasthan

HG Infra Engineering has been declared as the lower (L-1) bidder by Public Works Department (PWD), Rajasthan, for a road project. The project involves the development and maintenance of the Bewar Masuda Goyala section of SH-26A, Arian Sarwar section of SH-7E and NH-12, and Laxmipura Dora Dabi Ranaji ka Gudha Section of SH-115. The total length to be constructed is 160.63 km. HG Infra’s bid project cost is Rs 448.11 crore. The project has to be completed within 550 days.

Read more here.

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Aramco, RIL in Advanced Talks for $25 billion Deal – Top Indian Market News

Saudi Aramco in advanced talks with Reliance for $25 billion deal: Report

According to a report from Bloomberg, Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in Reliance Industries Ltd’s (RIL) oil refining and chemical business. Aramco is discussing the purchase of a nearly 20% stake in the Reliance unit for about $20-25 billion (Rs 1.48 – 1.85 lakh crore) worth of Aramco shares. The report further states that RIL could reach an agreement with Suadi Aramco as soon as the coming weeks.

RIL had announced the sale of a 20% stake in its oil-to-chemicals (O2C) business to Aramco for $15 billion in 2019. However, the deal stalled after oil prices and demand crashed last year due to the Covid-19 pandemic.

Read more here. 

India’s WPI inflation eases to 11.16% in July

The inflation based on the Wholesale Price Index (WPI) eased to 11.6% in July 2021, compared to 12.07% in June. Inflation in manufactured products stood at 11.2% in July, compared with 10.88% in June. The inflation in food articles remained flat against a 3.09% annual rise in June. The fuel and power index rose 26.02% annually in July, compared to an increase of 32.83% in June. The data was released by the Ministry of Commerce and Industry.

Read more here.

Tata Motors partners with Bank of Maharashtra for car loan scheme

Tata Motors has partnered with the Bank of Maharashtra to offer car loan facilities for its ‘New Forever’ range of passenger vehicles. Under the partnership, the bank will provide loans to Tata Motors’ customers at an interest rate starting from as low as 7.15% linked with Repo Linked Lending Rate (RLLR). The ‘Maha Super Car Loan scheme’ will offer a maximum of 90% financing on the total cost of the vehicle (on-road pricing) for salaried employees, self-employed people, and businessmen.

Read more here.

HDFC Bank to raise funds by issuing AT-1 bonds in overseas market

HDFC Bank has announced plans to raise capital by Additional Tier-I (AT1) bonds in the overseas market to fund its business growth. The bank is expected to raise up to $1 billion (~Rs 7,420 crore) from the dollar-denominated bonds. An offering memorandum (OM) has been prepared and will be available to prospective investors in relation to the contemplated issue of debt instruments.

Read more here.

Tyre industry body ATMA urges government to allow duty-free import of natural rubber

The Automotive Tyre Manufacturers Association (ATMA) has asked the government to allow the duty-free import of natural rubber. The shortage of the commodity in India has become a major obstacle for the tyre industry to support domestic manufacturing. According to ATMA, natural rubber consumption is likely to increase further, and the annual demand is expected to cross 13 lakh tonnes in FY22. The tyre industry accounts for over 70% of natural rubber consumed in India.

Read more here.

Tata Steel lays out capital expenditure of Rs 3,000 crore for European operations

“Tata Steel has laid out a capital expenditure of Rs 3,000 crore for its European operations as its focus is to make the business stronger”, said CEO and Managing Director T.V. Narendran. The company’s operations in Europe are being separated into Tata Steel Netherlands and Tata Steel UK, which would help in cost efficiencies and management focus. Tata Steel’s CEO further stated that the European business will be cash positive in terms of EBITDA and Profit After Tax (PAT) in the current financial year (FY22). 

Ruchi Soya gets SEBI approval to launch Rs 4,300 crore FPO

Ruchi Soya Industries Ltd has received approval from market regulator SEBI to sell fresh shares worth up to Rs 4,300 crore through a follow-on public offer (FPO). The FPO is being launched to meet SEBI’s minimum public shareholding norm of 25% in a listed entity. Ruchi Soya’s promoters will dilute a 9% stake in the company through the FPO. According to reports, the proceeds from the FPO will be used for reducing the company’s debt and meet working capital requirements. Ruchi Soya is owned by Baba Ramdev’s Patanjali Ayurveda.

Read more here.

Rules on retro tax to be framed soon: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has stated that the rules that will lead to the scrapping of the retrospective tax demands made on companies such as Cairn Energy plc and Vodafone plc will be framed soon. Earlier this month, the Parliament had passed a bill to scrap all tax demands made using the 2012 retrospective tax legislations. The Finance Ministry officials are conducting discussions with Cairn and Vodafone on the closure of retro tax cases, refund, and settlement. You can learn more about retrospective taxation here.

Read more here.

Olectra Greentech secures order worth Rs 70 crore for 50 e-buses

Olectra Greentech Ltd has received a Letter of Award (LoA) from Gujarat State Road Transport Corporation (GSRTC) for the supply of 50 nine-meter electric buses. The supply will be on a Gross Cost Contract (GCC) basis for a period of ten years. The order is valued at Rs 70 crore. The buses will be delivered over a period of 12 months. Hyderabad-based Olectra Greentech is a leading manufacturer of e-buses and insulators in India.

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Ramkrishna Forgings wins order worth €20 million

Ramkrishna Forgings Ltd has secured a multi-year order from a European Tier-1 customer in the auto segment worth €20 million (~Rs 174 crore). The order is to be implemented over a period of four years. Ramkrishna Forgings is a leading manufacturer and supplier of open and closed die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel.

Read more here. 

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Infosys Reports 23% YoY Rise in Net Profit in Q1 – Top Indian Market News

infosys | market updates

Infosys Q1 Results: Net profit rises 23% YoY to Rs 5,195 crore

Infosys Limited reported a 22.7% year-on-year (YoY) increase in consolidated net profit to Rs 5,195 crore for the quarter ended June (Q1 FY22). Net profit has increased by 2.3% when compared to the previous quarter. Its revenue from operations rose 17.87% YoY (or 6% QoQ) to Rs 23,665 crore during the same period. The IT company signed large deals worth $2.6 billion (~Rs 19,300 crore) in Q1. Infosys has announced plans to hire 35,000 college graduates globally in the current financial year (FY22).

Read more here.

India’s WPI inflation eases to 12.07% in June

The inflation based on the Wholesale Price Index (WPI) eased to 12.07% in June 2021, compared with 12.94% in May. There was a decline in the prices of crude oil, power, and food items last month. Inflation in manufactured products stood at 10.88% in June, compared with 10.83% in May. The inflation in food articles stood at 3.09% YoY in June, compared to 4.31% in May. The fuel and power index rose 32.83% annually in June, against an increase of 37.61% in May. The data was released by the Ministry of Commerce and Industry.

Read more here.

Zomato IPO subscribed 1.05 times on first day of bidding

The Rs 9,375 crore initial public offering (IPO) of Zomato Limited was subscribed 1.05 times on the first day of bidding. The IPO has received bids for 75.60 crore equity shares, compared to the issue size of 71.92 crore shares. Retail investors have subscribed 2.7 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have put in bids for 13% and 98%, respectively, against their reserved portions. The IPO closes on July 16 (Friday).

To learn more about the IPO, click here.

ITC to enter boutique lifestyle hotel segment with ‘Storii’

ITC Limited will venture into the boutique lifestyle hotel segment with a new brand— Storii. The launch is part of the company’s strategy to focus more on managing properties rather than owning them. With Storii, ITC aims to offer curated travel experiences to new-age travellers. The company revealed that its new hotel signings and openings took a hit in 2020-21 due to the Covid-19 pandemic. However, it has assured of bouncing back again as the state of affairs normalises.

Read more here.

L&T Tech Q1 Results: Net profit rises 84% YoY to Rs 216 crore

L&T Technology Services (LTTS) reported an 84% YoY increase in net profit to Rs 216.2 crore for the quarter ended June (Q1 FY22). Net profit has increased by 11% when compared to the previous quarter. Its revenue from operations rose 17% YoY to Rs 1,518 crore during the same period. The company secured six deals with a total contract value (TCV) of more than $10 million (~Rs 74.5 crore) in Q1. LTTS is the engineering services arm of Larsen & Toubro.

Read more here.

CEAT to supply tyres for M&M’s new seven-seater Bolero Neo

CEAT Limited will supply its range of high-performance CZAR HP tyres for Mahindra & Mahindra’s (M&M) new seven-seater Bolero Neo SUV. The seven-seater SUV is built on third-generation chassis, shared with Scorpio and Thar. CEAT’s tyres are designed to provide better steering control and higher fuel efficiency. The company said the tyres have been optimised to perfectly complement the exceptional performance of Bolero Neo.

Read more here.

Quess Corp counters IT department, denies concealing income of Rs 880 crore

Quess Corp has denied allegations of concealing income after the Income Tax (IT) Department claimed that it had revealed undisclosed income of ~Rs 880 crore during raids of the company’s two premises in Bengaluru. “We extended full cooperation to the Department, including providing complete information in a timely manner, and have not received any claims to date,” said Quess Corp in a statement. Quess Corp said the IT Dept had conducted surveys at its registered offices during July 8-10.

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IndiGrid acquires 100 MW solar assets from FRV for Rs 660 crore

India Grid Trust (IndiGrid) has acquired the entire stake in two solar energy assets from Fotowatio Renewable Ventures (FRV) for Rs 660 crore. The cumulative capacity of the solar assets is 100 megawatts (MW). IndiGrid has become the first infrastructure investment trust (InvIT) to acquire renewable energy assets in India. With this acquisition, IndiGrid’s asset portfolio will consist of 14 diversified projects— 40 transmission lines, 11 substations, and 100 MW solar power plants across 18 states and one Union Territory.

Read more here.

Mahanagar Gas hikes prices of CNG, domestic PNG

Mahanagar Gas Limited (MGL) has announced a hike in prices of Compressed Natural Gas (CNG) and Domestic Piped Natural Gas (PNG) for Mumbai and surrounding areas. The rate of CNG has been hiked by Rs 2.58 per kilogram, taking it up to Rs 51.98 per kg. Domestic PNG rates have been hiked by Rs 0.55 per standard cubic meter (SCM). MGL has increased prices to offset operational costs and high gas pipeline transportation costs.

Read more here.

Marico to acquire 60% stake in Apcos Naturals

Marico Limited will acquire a 60% stake in Apcos Naturals Pvt Ltd over the next two years through primary infusion and secondary buyouts. Apcos owns Just Herbs, a range of ayurvedic and organic skin and hair care products. The brand had posted sales of Rs 17.5 crore during the financial year 2020-21 (FY21). Marico will acquire a 52.4% stake in Apcos by the end of July, while the balance 7.6% stake will be bought by March 2023.

Read more here.

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Report of NSDL Freezing 3 FPI Accounts ‘Erroneous’, says Adani Group – Top Indian Market News

Report of NSDL freezing accounts of FPIs are erroneous: Adani Group

In a filing to the stock exchanges, the Adani Group clarified that reports of the National Securities Depository Ltd (NSDL) freezing the accounts of three foreign portfolio investors (FPIs) are “blatantly erroneous”. They stated that the report was meant to deliberately mislead the investing community. Earlier today, the Economic Times had reported that NSDL froze the accounts of Mauritius-based Albula Investment Fund, Cresta Fund, and APMS Investment Fund due to ‘insufficient disclosure of information regarding beneficial ownership’. These foreign funds reportedly hold shares worth Rs 43,500 crore in four listed companies of the Adani Group.

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Coal India Q4 Results: Net profit falls 1% YoY to Rs 4,587 crore

Coal India Limited (CIL) reported a 1.1% YoY decline in consolidated net profit to Rs 4,586.78 crore for the quarter ended March (Q4). Net profit has increased by 48.66% when compared to the previous quarter. Its revenue from operations fell 4.2% YoY to Rs 24,510.80 crore during the same period. CIL’s total production fell 4.8% YoY to Rs 203.42 million tonnes (MT) in Q4. Net profit for the financial year 2020-21 (FY21) declined by 24% YoY to Rs 12,699.89 crore. CIL’s board has recommended a final dividend of Rs 3.5 per share.

Read more here.

WPI inflation hits record high of 12.94% in May

Inflation, as measured by the Wholesale Price Index (WPI), hit an all-time high of 12.94% in May 2021, compared to the corresponding month last year. This is mainly due to rising crude oil prices and higher costs of manufactured products. WPI stood at 10.97% in April. The inflation of primary articles stood at 9.61% year-on-year (YoY) in May, against 10.16% in April. Prices of food articles stood at 4.31% YoY in May, compared with 4.92% in April. Fuel and power inflation rose to 37.6% YoY during May, against an increase of 20.94% in April.

Meanwhile, inflation based on Consumer Price Index (CPI) rose to 6.3% in May, compared to 4.32% in April.

Read more here.

Amara Raja Batteries to diversify into emerging energy opportunities

Amara Raja Batteries Ltd (ARBL) has announced plans to invest an estimated $1 billion (~Rs 7,320 crore) over the next 5-10 years to expand into new sectors and enter new geographies. The company has decided to invest in green technologies, including lithium-ion batteries, to capitalise on fast-evolving trends in the energy and mobility sectors. The government’s Rs 18,000 crore PLI scheme for advanced chemistry cells provides ARBL a push towards building a domestic supply chain for lithium to serve the fast-growing electric vehicle (EV) and energy sectors.

Read more here.

Indian Overseas Bank Q4 Results: Net profit jumps 2-fold to Rs 350 crore

Indian Overseas Bank (IOB) reported an over two-fold YoY jump in consolidated net profit to Rs 349.77 crore for the quarter ended March (Q4). Net profit has increased by 64.31% when compared to the previous quarter. Its total income rose 10.75% YoY to Rs 6,073.80 crore during the same period. The gross non-performing assets ratio fell to 11.69% in Q4 FY21, compared to 14.78% in the year-ago period (Q4 FY20). Net profit for the financial year 2020-21 (FY21) jumped 109.75% YoY to Rs 831.47 crore. IOB’s board has approved a proposal to raise up to Rs 1,000 crore by issuing bonds.

Read more here.

Natco Pharma’s partner gets USFDA approval for anti-cancer drug

Breckenridge Pharmaceutical Inc., a marketing partner of Natco Pharma, has received approval from the US Food and Drug Administration (USFDA) for Carfilzomib vials. The drug is used to treat multiple myeloma (cancer that forms in a type of white blood cell known as plasma cell). According to industry sales data, the generic version of the drug had annual US sales of $696 million (~Rs 5,096 crore) for the twelve months ended December 2020.

Read more here.

Tata Motors to raise up to Rs 500 crore via NCDs

The Board of Directors of Tata Motors has approved a proposal to raise up to Rs 500 crore through the issue of securities on a private placement basis. The company will issue 5,000 rated, listed, unsecured, redeemable, non-convertible debentures (NCDs) of the face value of Rs 10 lakh each. The automaker did not share details on how it plans to use the capital.  

Read more here.

Greenply Q4 Results: Net profit at Rs 28.63 crore

Greenply Industries Ltd reported a consolidated net profit of Rs 28.63 crore for the quarter ended March (Q4 FY21). It had reported a net loss of Rs 21.49 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations rose 15% YoY to Rs 396.70 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) increased by 28.91% YoY to Rs 60.91 crore. The company’s board has recommended a final dividend of Rs 0.4 per share.

Read more here.

Kajaria Ceramics Q4 Results: Net profit jumps 169% YoY to Rs 131 crore

Kajaria Ceramics reported a 168.7% YoY jump in consolidated net profit to Rs 131.17 crore for the quarter ended March (Q4). Its revenue from operations rose 46.08% YoY to Rs 952.51 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 21.83% YoY to Rs 308.90 crore. The company’s board approved the expansion of a manufacturing facility at Gailpur (Rajasthan) for ceramic floor tiles. Kajaria Ceramics is the largest manufacturer of ceramic/vitrified tiles in India and the eighth largest in the world.

Read more here.

IPO Updates:

Shyam Metalics

The Rs 909-crore initial public offering (IPO) of Shyam Metalics and Energy Ltd was subscribed 1.23 times on the first day of bidding. The portion reserved for retail investors was subscribed 2.19 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 70% and that of employees 27%. You can learn more about the IPO here.

Sona BLW Precision Forgings

The Rs 5,550-crore initial public offering (IPO) of Sona BLW Precision Forgings Ltd was subscribed 11% on the first day of bidding. The portion reserved for retail investors was subscribed 51%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1% and that of qualified institutional buyers (QIBs) 2%.

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WPI Inflation Jumps to 11-Year High of 10.49% in April – Top Indian Market News

WPI inflation jumps to 11-year high of 10.49% in April

India’s wholesale inflation, as measured by the Wholesale Price Index (WPI), rose to an 11-year high of 10.49% in April 2021. WPI stood at 7.39% in March and 4.83% in February. The annual rate of inflation is high primarily due to the rise in prices of crude petroleum, mineral oils, and manufactured products as compared to April 2020. The prices of food articles rose 3.84%, while prices of manufactured products rose 1.65% over March 2021. The fuel and power index rose 20.94% compared to April 2020, but contracted by 1% over March 2021.

Read more here.

Bharti Airtel Q4 Results: Net profit falls 11% QoQ to Rs 759 crore

Bharti Airtel reported an 11% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 759.2 crore for the quarter ended March (Q4). The telecom company’s revenue fell 2.9% QoQ (up 17% YoY) to Rs 25,747 crore during the same period. The average revenue per user (ARPU) fell to Rs 145 from Rs 166 in the October-December quarter (Q3). Airtel Africa posted a 32.8% QoQ rise in net profit to $154 million in Q4. Bharti Airtel’s global customer base stood at ~47 crore at the end of the financial year 2020-21. 

Read more here.

Shilpa Medicare partners with Dr Reddy’s for production of Sputnik V vaccine

Shilpa Biologicals Pvt Ltd (SBPL), a wholly-owned subsidiary of Shilpa Medicare, has entered into a three-year definitive agreement with Dr Reddy’s Laboratories for the production of Sputnik V Covid-19 vaccine. SBPPL will produce and supply the vaccine from its integrated biologics research & development (R&D) and manufacturing centre at Dharwad, Karnataka. The company aims to produce up to 50 million doses of Sputnik V within the first 12 months.

Read more here.

Federal Bank Q4 Results: Net profit rises 58% YoY to Rs 478 crore

Federal Bank reported a 58.6% YoY increase in net profit to Rs 477.8 crore for the quarter ended March (Q4). Its net interest income (NII) rose 16.8% YoY to Rs 1,420.4 crore during the same period. [NII is the difference between the interest income a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPA) ratio stood at 3.41% in Q4, compared with 2.71% in Q3 FY21. Federal Bank’s board has recommended a final dividend of Rs 0.70 per share. 

Read more here.

Panacea Biotec files suit against Sanofi for patent infringement

Panacea Biotec has filed a suit before the Delhi High Court seeking to refrain Sanofi Healthcare India from marketing a fully liquid hexavalent vaccine. The pharma company said a case has been filed in order to stop the infringement of its patent for fully liquid Whole Cell Pertussis-based fully liquid Hexavalent vaccine— EasySix. Both firms have been contesting this particular patent before the Indian Patent Office since 2017. 

Read more here.

Gland Pharma Q4 Results: Net profit rises 34% YoY to Rs 260 crore

Gland Pharma Ltd reported a 34% YoY increase in net profit to Rs 260.4 crore for the quarter ended March (Q4). Net profit has grown by 27% when compared to the previous quarter. Its revenue from operations rose 40% YoY to Rs 887.7 crore during the same period. The drugmaker’s revenue from its core markets of the US, Europe, Canada, and Australia rose 29% YoY to Rs 619.3 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 29% YoY to Rs 996.96 crore.

Read more here.

Bharat Forge to acquire 49% stake in Kalyani Strategic Systems

Bharat Forge Ltd announced that it will acquire the remaining 49% stake in its subsidiary, Kalyani Strategic Systems Ltd (KSSL). The company currently holds 51% stake in KSSL. The acquisition of shares in KSSL is subject to the prior approval of the Ministry of Home Affairs or the Department for Promotion of Industry and Internal Trade.

Colgate-Palmolive Q4 Results: Net profit rises 54% YoY to Rs 314 crore

Colgate-Palmolive India reported a 54.1% YoY increase in net profit o Rs 314.6 crore for the quarter ended March (Q4). Net profit has risen by 26.7% when compared to the previous quarter. The FMCG company’s revenue from operations rose 20.2% YoY to Rs 1,275 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 26.8% YoY to Rs 1,035.39 crore.

Read more here. 

Rane Brake Q4 Results: Net profit rises 53% YoY to Rs 14.27 crore

Rane Brake Linings reported a 53.11% YoY increase in net profit to Rs 14.27 crore for the quarter ended March (Q4). Net profit has risen by 10% when compared to the previous quarter. Its revenue from operations rose 25.2% YoY to Rs 148.4 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 7.4% YoY to Rs 31.8 crore. The company’s board has recommended a final dividend of Rs 25 per share.

TVS NTORQ crosses 1 lakh sales mark in international markets

TVS Motor Company said its scooter brand NTORQ 125 has crossed the one lakh sales milestone in international markets. The company sells the scooter in 19 countries across South Asia, Latin America, the Middle East, and the Association of Southeast Asian Nations (ASEAN). “This achievement is a reinforcement of our commitment to grow the TVS NTORQ brand by setting benchmarks in innovation and creating aspiration for customers,” said TVS Motor Company Director and CEO K N Radhakrishnan in a statement.

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Shakti Pumps Q4 Results: Net profit at Rs 30.5 crore

Shakti Pumps (India) Ltd reported a consoldiated net profit of Rs 30.5 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 6.15 crore in the corresponding period last year (Q4 FY20). Its revenue from operations jumped 245% YoY to Rs 319.71 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 75.59 crore. It had posted a net loss of Rs Rs 14.08 crore in FY20. The company’s board has recommended a dividend of Rs 8 per share.

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Subex Q4 Results: Net profit declines 51% YoY to Rs 15.6 crore

Subex Limited reported a 51.23% YoY decline in consolidated net profit to Rs 15.6 crore for the quarter ended March (Q4). Net profit has increased by 79% when compared to the previous quarter. Its revenue from operations declined by 7.78% YoY to Rs 96.16 crore during the same period. The company’s board has recommended a final dividend of Rs 0.25 per share. Subex is an enterprise software company based in Bangalore. It provides digital trust products to communication service providers.