Tag: wpi inflation

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WPI Inflation Rises to 8-Year High of 7.39% in March – Top Indian Market News

WPI Inflation rises to 8-year high of 7.39% in March

According to data released by the Ministry of Commerce & Industry, wholesale inflation in India rose to an 8-year high of 7.39% in March. The Wholesale Price Index (WPI) stood at 4.17% in February and 2.51% in January. The prices of crude oil, petroleum products, and basic metals increased substantially in March, as compared to the corresponding month last year. The food articles segment witnessed a 3.24% rise last month. 

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Wipro Q4 Results: Net profit rises 28% YoY to Rs 2,972.3 crore

Wipro Limited reported a 27.78% year-on-year (YoY) increase in consolidated net profit to Rs 2,972.3 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased marginally by 0.14%. The IT company’s revenue from operations rose 3.4% YoY to Rs 16,245.4 crore during the same period. The firm had closed 12 large deals during the quarter with a total contract value of $1.4 billion (~Rs 10,511 crore). Wipro expects revenues from its IT services to grow 2-4% on a sequential basis in the June quarter (Q1).

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L&T secures contracts worth upto Rs 2,500 crore in Q4

Larsen & Toubro (L&T) Limited said it has bagged significant orders (in the range of Rs 1,000-2,500 crore) in the quarter ended March (Q4). L&T Heavy Engineering secured an order for 12 steam generators for a 3×700 megawatt electrical (MWe) pressurised heavy water reactor. In the area of refinery, petrochemicals, and oil & gas, L&T Heavy Engineering received a critical reactor system package order for Indian Oil Corporation’s petrochemical project.

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Tata Steel unveils multi-million-pound plan for tube making site in UK

Tata Steel Limited unveiled its transformation plans for a steel tube-making site in East Midlands, United Kingdom. Work has commenced at the 150-acre site at Corby, which produces vital steel tube products for sports stadiums, skyscrapers, hospitals, and renewable green energy schemes around the world. Under the transformation plans, manufacturing processes on the site will be brought closer together as part of a 25-million pound scheme.

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Tinplate Company Q4 Results: Net profit rises 107% YoY to Rs 56 crore

Tinplate Company of India reported a 107.04% YoY jump in standalone net profit to Rs 56.15 crore for the quarter ended March (Q4). Its revenue from operations rose 59.82% YoY to Rs 754.97 crore during the same period. The company’s board has recommended a dividend of Rs 2 per share. Tinplate Company manufactures various grades of electrolytic tinplates, tin-free steel sheets, and full hard cold rolled sheets used for metal packaging. It is a subsidiary of Tata Steel.

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Mahindra fails to find buyer for SsangYong Motor; falls in court receivership

The Seoul Bankruptcy Court has put SsangYong Motor under court receivership after its parent company, Mahindra & Mahindra, failed to find a buyer for the insolvent firm. SsangYong had defaulted on a loan payment worth ~Rs 680 crore on December 21, 2020, following which it applied for court receivership. However, the company was given three months to secure funds after saying it was in talks with US-based HAAH Automotive. SsangYong is expected to submit a rehabilitation plan to the court in June 2021.

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NMDC raises lump ore price by Rs 1,100 per tonne

NMDC Limited said it has hiked prices of iron ore with effect from April 14, 2021. The prices of lump ore were increased by 18.80% (or Rs 1,100) to Rs 6,950 per tonne. The prices of iron ore fines jumped 10.96% to Rs 5,060 per tonne. State-owned NMDC is the largest iron ore producer in India. The company presently produces around 35 million tonnes of iron ore from 3 mechanised mines.

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GE Power India to acquire 50% stake in NTPC GE Power Services

The Board of Directors of GE Power India Ltd has approved the acquisition of a 50% stake in NTPC GE Power Services Pvt Limited. The cost of the acquisition is Rs 7.2 crore. GE Power would enter into renovation and modernization of thermal power plants and partner with state-owned NTPC Limited. This investment and joint venture (JV) with NTPC is expected to strengthen GE Power’s portfolio and open avenues for expanded scope of business for future projects.

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RBL Bank partners with Mastercard to offer first-of-a-kind payment functionality

RBL Bank has entered into a partnership with Mastercard to launch a mobile-based consumer-friendly payment solution— the Pay by Bank App, a first-of-its-kind payment functionality in India. The bank’s account holders can enjoy contactless transactions across the world through their mobile banking application both in-store and online. This functionality will be available at all Mastercard accepting merchants that accept contactless and online payments.

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IL&FS addresses debt of Rs 43,000 crore so far

IL&FS said it has addressed aggregate group debt of Rs 43,000 crore till date through the sale of assets and other cash receivables. The crisis-ridden company has also increased the debt recovery target to Rs 61,000 crore. The increased estimate represents the resolution of nearly 62% of overall fund-based and non-fund-based group debt of ~Rs 99,000 crore as of October 2018. IL&FS collapsed around August 2018 when it started defaulting on bonds that came due to investors. 

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India’s WPI Inflation Rises to 4.17% in February – Top Indian Market News

India’s WPI inflation rises to 4.17% in February

Wholesale inflation in India jumped to a 27-month high in February 2021, as prices of food, fuel, and power surged. Inflation based on the Wholesale Price Index (WPI) increased to 4.17% in February, compared to 2.03% in January. The WPI Food Index rose to 3.31% in the same period, compared with -0.26% in January. It is estimated that core-WPI inflation will climb to 7-7.5% by May 2021. This indicates that there is increased pressure on India’s economy. The data was released by the Ministry of Commerce and Industry. 

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Adani Ports receives LoI to build West Container Terminal at Colombo Port

A consortium led by Adani Ports and Special Economic Zone Ltd (APSEZ) has received a Letter of Intent (LoI) from the Sri Lankan government to build and run the West Container Terminal (WCT) at Colombo Port. APSEZ will own a majority stake of 51% in the terminal, while local partner John Keels Holding PLC will hold 34%. The remaining 15% will be held by Sri Lanka Ports Authority (SLPA). WCT will have an annual capacity of 2.6 million twenty-foot equivalent units (TEUs). [TEU is used to measure cargo capacity for container ships and container terminals]

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Laxmi Organic Industries IPO subscribed 2.28 times on first day of bidding

The Rs 600-crore initial public offering (IPO) of Laxmi Organic Industries was subscribed 2.28 times on the first day of bidding. The issue received bids for 7.42 crore equity shares against an offer size of 3.25 crore shares. The portion reserved for retail investors was subscribed 4.34 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 49% and that of qualified institutional buyers (QIBs) 1%.

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Finance Minister introduces Bill in Rajya Sabha to allow 74% FDI in insurance

Finance Minister Nirmala Sitharaman, on Monday, introduced a Bill in Rajya Sabha that seeks to amend the Insurance Act in order to increase foreign direct investment (FDI) in the insurance sector from 49% to 74%. On Wednesday (March 10), the Union Cabinet gave its approval for amendments to the Insurance Bill 2021. The increase in FDI limit will help improve life insurance penetration and create more value-based affordable healthcare for all Indians.

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Adani Welspun discovers gas in Mumbai Offshore’s Tapti-Daman sector

Adani Welspun Exploration Ltd (AWEL) announced its first-ever gas discovery in Nelp-VII block in the Tapti-Daman sector of the Mumbai Offshore basin. AWEL is a joint venture (JV) between Adani Group and Welspun Enterprises. The block is spread across 714.6 sq km and AWEL owns 100% interest in it. “This discovery will help take India closer to its target of becoming a gas-based economy,” said Gautam Adani, Chairman of the Adani Group.

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ITC to expand food portfolio by launching milkshakes, cakes: Report

As per a report from BloombergQuint, ITC Limited plans to expand its offerings in categories such as chocolates and staples, as it looks to boost its food portfolio. The report states that the company has also launched three varieties of cakes under the Sunfeast brand at Rs 10 per pack. It has also launched Sunfeast Wonderz Milk (milkshakes) in the range of Rs 25-35. The launches are part of ITC’s efforts to generate Rs 1 lakh crore revenue from its fast-moving consumer goods business.

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Tech Mahindra to acquire majority stake in Perigord Asset Holdings

Tech Mahindra Ltd has announced plans to acquire a 70% stake in Perigord Asset Holdings Ltd, an Ireland-based business process outsourcing (BPO) services company. The majority stake will be acquired directly and indirectly through its wholly-owned subsidiary— Mahindra Engineering Services (Europe) Ltd. The total cost of the acquisition is €21 million (~Rs 181.65 crore). The remaining 30% stake will be acquired over the next 4 years.

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Anupam Rasayan IPO subscribed 3.64 times on second day of bidding

The Rs 760-crore initial public offering (IPO) of Anupam Rasayan India was subscribed 3.64 times on the second day of bidding. The issue received bids for 3.53 crore equity shares against an offer size of 97.01 lakh shares. The portion reserved for retail investors was subscribed 6.6 times and that of employees 93%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1.39 times and that of qualified institutional buyers (QIBs) 37%.

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Shree Cement starts commercial production at Odisha unit

Shree Cement Limited has commenced commercial production at its new cement grinding unit at Athagarh Tehsil in Cuttack District, Odisha. The unit has a grinding capacity of 3 million tonnes per annum (MTPA). Shree Cement is a leading cement manufacturer based in Kolkata. It also produces and sells power under Shree Power and Shree Mega Power.

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Craftsman Automation IPO subscribed 55% on first day of bidding 

The Rs 823.70-crore initial public offering (IPO) of Craftsman Automation was subscribed 55% on the first day of bidding. The issue received bids for 21.31 lakh equity shares against an offer size of 38.70 lakh shares. The portion reserved for retail investors was subscribed 1.06 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 9%. QIBs are yet to put in bids for the IPO.

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Natco Pharma to launch pheromone-based product to control pests in cotton crop

Natco Pharma Limited will launch its first Green Label Pheromone product for the effective management of Pink Bollworm (PBW) in cotton crop during the Kharif season. The product will be launched under the brand ‘Natmate PBW’. This is the first pheromone-based product made in India that has received approval from the Central Insecticide Board (CIB). The damage to the quality and yield of cotton due to PBW is significant and severely affects the livelihood of small farmers in India.

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Wholesale Inflation Rises to 2.03% in January – Top Indian Market News

Wholesale inflation rises to 2.03% in January

India’s wholesale inflation, calculated by the Wholesale Price Index (WPI), rose to 2.03% in January 2021. This is primarily due to a rise in the prices of fuel, crude petroleum & natural gas, manufactured items, etc. The WPI stood at 1.22% in December 2020 and 3.52% in January 2020. The index of primary articles declined by 1.77%, while prices of crude petroleum and natural gas increased by 9.48% in January 2021, as compared to December 2020.

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Jaguar Land Rover to become net-zero carbon business by 2039

Tata Motors said its British luxury unit Jaguar Land Rover (JLR) aims to become a net-zero carbon business by 2039. All Jaguar models and 6 out of every 10 Land Rover models will be electric by 2030.  JLR will invest about £2.5 billion (~Rs 25,243 crore) a year into electrification and related technologies. Tata Motors said that JLR is on the path towards double-digit EBIT (earnings before interest and tax) margins and positive cash flow.

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Wipro secures 5-year contract from Telefónica Germany

Wipro Limited has secured a five-year IT transformation contract from Munich-based Telefónica Germany. As part of the contract, Wipro would work with the telecom company and its wider ecosystem to transform its business support systems and associated quality assurance. This would enable Telefónica to provide a superior customer experience and improve growth in the business-to-business (B2B) market segment. 

In other news, Tech Mahindra Ltd has entered into a strategic partnership with Telefónica Germany/O2 to drive its end-to-end IT transformation. This tie-up would help Telefónica to deliver faster product launches and provide a more ‘human-centered’ experience to its customers.

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Geojit Financial Services partners with Lotusdew to launch small, mid-cap stock basket

Geojit Financial Services, through its Smartfolios platform, has tied up with Lotusdew to offer a basket of stocks that uses behavioural finance and artificial intelligence (AI) to identify dominant market conviction. Lotusdew is a SEBI and US Securities and Exchange Commission (SEC)-regulated firm. Through this partnership, Geojit will offer a small and mid-cap basket of stocks called Lotusdew Prestige.

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Nureca IPO subscribed 5.73 times on first day of bidding

The Rs 100-crore initial public offering (IPO) of Nureca Limited was subscribed 5.73 times on the first day of bidding (February 15). The IPO has received total bids of 80.33 lakh equity shares, against an offer size of 14.01 lakh shares. The portion reserved for retail investors was subscribed 31.23 times, while that of employees is 91% subscribed so far. The portion set aside for non-institutional investors witnessed a subscription of 54%.

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RBI to conduct special OMO of Rs 10,000 crore on February 25

The Reserve Bank of India (RBI) will conduct simultaneous purchase and sale of government securities under open market operations (OMO) aggregating Rs 10,000 crore each on February 25. The central bank will conduct the OMO through a multiple price auction method. This is to ensure better liquidity in the Indian monetary system.

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SIS Limited approves Rs 100-crore share buyback plan

The Board of Directors of SIS Limited has approved a Rs 100-crore share buyback plan. The company will buy back 18.18 crore equity shares at Rs 550 per share. The security company’s share price closed at Rs 423.70 on the NSE today. 

V2 Retail opens new retail store in Uttar Pradesh

V2 Retail Limited has announced the opening of a new retail store in Prayagraj, Uttar Pradesh. It now operates 91 retail stores across strategic locations in India. The company’s stores offer a large variety of apparel across several categories. The share price of V2 Retail surged by 4.97% after the announcement took place.

Mazagon Dock Shipbuilders delivers third Scorpene submarine to Indian Navy 

Mazagon Dock Shipbuilders Ltd (MDL), on Monday, delivered the third Scorpene submarine of Project P-75 to the Indian Navy. The acceptance document was signed by Vice Admiral (Retd) Narayan Prasad, Chairman & MD of Mazagon Dock Shipbuilders, and Rear Admiral B Sivakumar, Chief of Staff Officer (Tech) of Western Naval Command. The submarine will be commissioned into the Indian Navy as INS Karanj.

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Shilpa Medicare launches Sunitinib Capsules in India

Shilpa Medicare Limited has announced the launch of Sunitinib Capsules under the brand name ‘SUNISHIL’. The product is used for the treatment of G.I stromal tumor, a disease in which abnormal cells form in the tissues of the gastrointestinal tract. The capsules were launched in three strengths— 12.5 mg, 25 mg, and 50 mg. It will be manufactured and supplied from a state-of-the-art finished product facility at Jadcherla, Telangana.

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India’s WPI Inflation Eases to 1.22% in December – Top Indian Market News

India’s WPI inflation eases to 1.22% in December

Wholesale inflation in India fell to the lowest level in four months, mainly due to a decline in the prices of food articles. Inflation based on the Wholesale Price Index (WPI) fell to 1.22% in December from 1.55% in November. The WPI was at 2.76% in December 2019. The WPI Food Inflation fell from 4.27% in November to 0.92% in December, as vegetables and pulses became cheaper.

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Passenger vehicle sales up 13.59% in December: SIAM

According to data released by the Society of Indian Automobile Manufacturers (SIAM), the total sales of domestic passenger cars increased by 13.59% to 2.52 lakh units in December 2020, as compared to 2.22 lakh units in December 2019. Two-wheeler sales rose by 7.42% YoY to 11.27 lakh units in December 2020. However, the latest figures from SIAM show that automobile exports from India declined by 18.87% to 38.65 lakh units in 2020. Overseas shipments of vehicles in the Jan-Dec period in 2019 stood at 47.63 lakh units.

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HFCL Q3 Results: Net Profit rises 86% YoY to Rs 85 crore

HFCL Ltd reported an 86.73% YoY increase in net profit to Rs 85.11 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 45.58 in the corresponding period in FY20. HFCL’s revenue rose by 49.68% YoY to Rs 1,277.48 crore during Q3 FY21. HFCL (or Himachal Futuristic Communications Ltd) is a fiber optic cable manufacturing company.

Adani Enterprises wins Rs 1,838-crore highway project from NHAI in Kerala

Adani Enterprises Ltd (AEL) has won a Rs 1,838-crore highway project from the National Highways Authority of India (NHAI) in Kerala. The project, granted under the Hybrid Annuity Mode (HAM), is part of the Bharatmala Pariyojna of the Central Government. The 40-km road project pertains to six-laning of the Azhiyur-Vengalam section of NH-17 (New NH-66) in Kerala. With this, Adani Group has a total of six NHAI road projects under HAM in Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, and Kerala.

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Indigo Paints to launch IPO on January 20; price band fixed at Rs 1,488-1490

Indigo Paints will launch its initial public offering (IPO) on January 20. The price band of the IPO has been set at Rs 1,488-1,490 per share. It comprises fresh issuance of equity shares aggregating to Rs 300 crore and an offer for sale (OFS) of up to 58.4 lakh shares by Sequoia Capital India Investments IV,  SCI Investments V, and promoter Hemant Jalan. The three-day IPO will conclude on January 22.

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DEN Networks Q3 Results: Net profit rises 238% YoY to Rs 65 crore

DEN Networks Ltd reported a 238.69% year-on-year (YoY) increase in consolidated net profit to Rs 65.57 crore for the quarter ended December (Q3). It had posted a net profit of Rs 19.36 crore during the corresponding period in FY20. The firm’s revenue increased by 7.58% YoY to Rs 342.18 crore in Q3 FY21. DEN Networks is a cable distribution company in which Reliance Industries (through its subsidiaries) holds a majority shareholding. 

Dixon Technologies’ board to meet on Feb 2 to consider stock split plan

Dixon Technologies Ltd announced that its board will meet on February 2 to consider the sub-division of equity shares of the company. It will also consider and approve financial results for the third quarter ended December 31, 2020. Generally, a company plans to go for a stock split to make the shares more affordable for small retail investors and increase liquidity. 

As per a report from Economic Times, Padget Electronics (a wholly-owned subsidiary of Dixon Technologies) will begin assembling phones for HMD Global at its factory in Noida. HMD Global is the maker of Nokia and Motorola smartphones. The report also states that LED TVs of brands including Nokia, Intex, Lloyd, and Toshiba will be manufactured at Dixon Tech’s Chittor factory.

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Bharat Dynamics and Thales partner to manufacture STARStreak Air Defence System in India

Bharat Dynamics Ltd (BDL) and Thales have signed a Teaming Agreement to work in partnership on the STARStreak Air Defence system, with the support of the Governments of India and the UK. BDL will become a part of the STARStreak global supply chain. This would provide the opportunity for exporting the system to existing and future STARStreak Air Defence customers. The agreement would also allow BDL to offer the STARStreak missile system to the Indian Armed Forces, with a minimum of 60% indigenous content, under the ‘Make in India’ programme.

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L&T receives multiple orders in domestic market

Larsen & Toubro (L&T) announced that its construction arm has received multiple orders across its business segments in the domestic market. The orders fall under the “significant” category, which ranges between Rs 1,000 crore and Rs 2,500 crore. The firm’s buildings and factories business has won an order from a reputed developer to construct an office space in Mumbai. It has also won an order from the Haryana Government to construct a Medical College at Jind.

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Indian Hume Pipe Company receives LoA for water supply project from Govt of Karnataka

Indian Hume Pipe Company Ltd has received a letter of acceptance (LoA) for an order worth Rs 198.80 crore from Minor Irrigation and Ground Water Development Division- Kalaburgi, Karnataka Government. The order consists of filling tanks in Kalaburgi (South) Taluka by lifting Water from Bennethora Reservoir for ground-water development & drinking water purpose on a turnkey basis. The contract also includes operation and maintenance services for 5 years. The project is to be completed within 24 months.

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Garden Reach Shipbuilders signs $12.7 million deal with Government of Guyana

Garden Reach Shipbuilders & Engineers (GRSE) has signed a contract with the Government of Guyana to build a passenger and cargo ship for $12.7 million (~Rs 92.75 crore). GRSE is one of India’s leading shipyards, located in Kolkata. It builds and repairs commercial and naval vessels.

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