Tag: Zee Entertainment

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SBI’s Net Profit Rises 178% YoY to Rs 16,884Cr in Q1 – Top Indian Market Updates

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

SBI Q1 Results: Net profit jumps 178% YoY to ₹16,884 crore

State Bank of India (SBI) reported a 178.24% YoY jump in net profit to ₹16,884 crore for the quarter ended June (Q1 FY24), beating street estimates. Its Net Interest Income (NII) increased 24.7% YoY to ₹38,905 crore during the same period. The bank’s Gross Non-Performing Assets (NPA) reduced to 2.76% compared to 2.78% in Q1 FY23. On the balance sheet side, credit growth was recorded at 13.9% YoY with domestic advances growing at 15.08% YoY.

Read more here.

MCA examines SEBI’s allegations against Zee Ent

According to an ET Now report, the Ministry of Corporate Affairs (MCA) is examining irregularities in Zee Entertainment Enterprises as alleged by the market regulator SEBI. However, the company said it is not aware of any MCA probe and has not received any such notification from the ministry, news agency Reuters said citing a source. The MCA has taken cognizance of SEBI’s interim order which alleged bogus book entries and siphoning of funds, and is probing lapses in corporate governance issues.

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M&M Q1 Results: Net profit rises 98% YoY to ₹2,774 crore

Mahindra & Mahindra (M&M) reported a 98% YoY increase in standalone net profit to ₹2,774 crore for Q1 FY24. Its revenue from operations rose 22% YoY to ₹24,056 crore during the same period. EBITDA stood at ₹3,547 crore, up 46% YoY. In the automotive segment, the company recorded the highest-ever first-quarter volumes at 186,000, up 21% over the previous year’s quarter.

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India’s forex reserves fall $3.2 billion to $603.87 billion as on July 28

As per RBI data, India’s foreign exchange reserves dipped $3.2 billion to $603.87 billion for the week ending July 28. Foreign exchange reserves stood at $607.03 billion for the week ended on July 21. Foreign currency assets (FCAs) dropped by $2.4 billion to $535.33 billion. In October 2021, the country’s forex kitty reached an all-time high of USD 645 billion.

The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

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BHEL Q1 Results: Net loss at ₹343 crore

Bharat Heavy Electronics Ltd (BHEL) reported a consolidated net loss of ₹343 crore in Q1 FY24. The company reported a consolidated net loss of ₹187.99 crore in Q1 FY23. The total income of the company rose to ₹5,117.20 crore in the quarter from ₹4,742.28 crore in the same period a year, up 7.9% YoY. However, the company’s total expenses rose to ₹5,595.47 crore in the quarter from ₹5,006.50 crore in the June quarter last year. 

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IT dept conducts searches across several premises of Kalpataru group

The Income Tax (I-T) department searched the real estate development company Kalpataru Group’s premises in Rajasthan and Mumbai on Friday. According to Deccan Herald, the search sites include the residences of group founder Mofatraj P Munot and Managing Director Parag M Munot. A source quoted in the report said that the misappropriation of funds of “hundreds of crores” have been uncovered.

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Delhivery Q1 Results: Net loss narrows to ₹89.5 crore

Delhivery reported a consolidated net loss of ₹89.5 crore for the June quarter (Q1 FY24). Net loss stood at ₹399 crore in Q1 FY23. Consolidated revenue from operations rose 10.5% YoY to ₹1,929 crore during the same period. Express parcel shipment volumes grew 19% YoY to 182 million in the quarter. Truckload and supply chain services businesses saw robust sequential revenue growth of 20% and 10%, respectively.

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Blackstone sets its sights on buying out Hamieds from Cipla

Blackstone is set to submit a non-binding bid as early as next week to acquire the entire 33.47% promoter stake in Cipla. Cipla is India’s third-largest generics company by revenue. This will formally start a process that could see the eventual exit of the Hamied family from the company they created in 1935. The move by Blackstone, if it comes about, will also trigger an open offer for an additional 26% of the company. 

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Devyani International Q1 Results: Net profit falls 84% YoY to ₹12 crore

Devyani International reported a 84% YoY fall in net profit to ₹11.75 crore for Q1 FY24. Net profit stood at ₹73.84 crore in Q1 FY23. However, its revenue from operations rose 20% YoY to ₹846.63 crore during the same period. The decline in net profit was due to a 24% jump in its total expenses which stood at ₹793.16 crore in Q1FY24. The company’s sales were up 12% quarter-on-quarter (QoQ).

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IndiGo reaches milestone of 1,900 flights per day

IndiGo crossed a significant milestone in its history by reaching 1,900 flights per day on its 17th anniversary. The airline has come a long way from launching its inaugural flight in 2006 to etching its name in history on June 19 this year by bagging the largest order in aviation history of 500 A320 aircraft. The order solidified the company’s position as the airline with the biggest order in the industry.

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USFDA clears Granules India’s foreign arm with zero observation

The United States Food and Drug Administration (USFDA) has completed a ‘post-marketing adverse experience inspection’ for Granules India’s foreign arm with zero observations. The inspection was conducted at Granules India’s wholly-owned foreign subsidiary, Granules Pharmaceuticals Inc., located in Virginia, United States, from July 31 to August 3. The inspection was closed with zero observations. 

Read more here.

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NCLT Approves HDFC-HDFC Bank Merger – Top Indian Market Updates

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

HDFC-HDFC Bank merger gets NCLT approval

The National Company Law Tribunal (NCLT) has given its approval to the HDFC-HDFC Bank merger. In April 2022, HDFC Bank agreed to take over the biggest domestic mortgage lender in a deal valued at about $40 billion. The proposed entity will have a combined asset base of around Rs 18 lakh crore. The merger is expected to be completed by the second or third quarter of FY24.

Read more here.

Tata ceases discussions with Bisleri to acquire the packaged water giant

Tata Consumer Products has ended discussions with Bisleri for the potential acquisition of the packaged water giant. In November 2022, owners of Bisleri International said they will divest the company to the Indian conglomerate for an estimated ₹6,000-7,000 crore. Bisleri’s owners were reportedly looking to raise about $1 billion from a deal.

Read more here.

Bharti Airtel launches unlimited 5G data offer

Bharti Airtel has launched an unlimited 5G data offer to hold on to its higher-paying postpaid users and also push its 4G users to upgrade to its next-gen wireless broadband service. This move comes after Reliance Jio’s new postpaid plans were announced earlier this week. The unlimited 5G data offer will be available to all postpaid customers as well as prepaid ones with data plans of Rs 239 and above.

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Va Tech Wabag secures order worth Rs 800 crore in Bangladesh

VA Tech Wabag has secured a Rs 800 crore project funded by the World Bank and Asian Infrastructure Investment Bank (AIIB) in Bangladesh. The company will design, build and operate a sewage treatment plant with a capacity of 200 million litre per day (MLD) in Dhaka. This project has the potential to be expanded to 600 MLD in the future

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Havells commences commercial production of ACs at Sri City plant

Havells India Ltd has commenced commercial production of air conditioners (ACs) at its Sri City plant. The company manufactures home appliances, lighting for domestic, commercial, & industrial applications, LED lighting, fans, modular switches & wiring accessories, water heaters, etc.

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Zee Entertainment calls report of $10 million repayment ‘speculative’

Zee Entertainment Enterprises Ltd (ZEEL) called the report saying it will repay $10 million to IndusInd to wrap the Sony deal as “speculative”. The media company said it is exploring several strategies related to the ongoing dispute. On Thursday, Bloomberg reported that ZEEL has agreed to repay its dues to the IndusInd Bank to resolve insolvency proceedings against it and get a step closer to completing its merger with the Sony Group.

Read more here.

GAIL signs MoU with Shell Energy India for exploring ethane sourcing opportunities

GAIL (India) Ltd. signed a Memorandum of Understanding (MoU) with Shell Energy India for exploring ethane sourcing and other energy value chain opportunities. Through this agreement, GAIL expects to dive into the prospects of importing and handling different hydrocarbons that serve as essential chemical and petrochemical precursors. The company said this is a step towards achieving improved sustenance in business operations.

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Unichem Labs gets USFDA approval for chronic angina treatment tablets

Unichem Laboratories Ltd has received approval from the US Food and Drug Administration (USFDA) for its Ranolazine Extended-Release tablet. The drug is prescribed for the treatment of chronic angina (a type of chest pain caused by reduced blood flow to the heart). The product will be commercialised from its manufacturing facility in Goa. 

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Maiden Forgings to launch IPO next week

Steel bars and wires manufacturer Maiden Forgings will launch an Initial Public Offering (IPO) to raise Rs 24 crore. The IPO will open on March 22 and close on March 24. Out of the total 37,84,000 equity shares on offer, not more than 17,97,000 equity shares have been reserved for Qualified Institutional Buyers (QIB). A total of 5,39,100 shares have been reserved for Non-Institutional Investors (NII) and the rest for retail individual investors.

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NTPC Commissions Green Coal Plant in Varanasi – Top Indian Market Updates

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

NTPC commissions green coal plant in Varanasi

NTPC Ltd has commissioned a first-of-its-kind commercial green coal project in Varanasi, which will make torrefied charcoal from municipal waste. The total capacity of this plant after installation of all three modules shall be 600 tonnes per day (TPD) of waste handling capacity. The process is environment-friendly as there is no burning of waste.

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Sumitomo Wiring Systems sells a 3.4% stake in Samvardhana Motherson International

Japan’s Sumitomo Wiring Systems (SWS), along with a subsidiary, has offloaded a 3.4% stake in Samvardhana Motherson International Ltd (SAMIL). SWS and its wholly-owned subsidiary HK Wiring Systems Ltd (HKWS) jointly held 17.72% shares of SAMIL. SWS was the first JV partner of Motherson and promoter of SAMIL since its IPO in 1993.

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Glenmark Pharma gets USFDA nod to begin trials for potential cancer drug

Glenmark Pharma’s investigational new drug (IND) application for potential cancer drug GRC 54276 was accepted by US Food & Drug Administration (USFDA). The approval paves the way for Glenmark Specialty to proceed with a Phase 1/2, first-in-human, clinical study of GRC 54276 for the treatment of patients with advanced solid tumours and lymphomas. To date, 16 patients with various types of advanced cancers have enrolled in this ongoing study in India.

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GAIL to get LNG shipments from Germany’s Sefe after nearly a year

GAIL (India) Ltd will get two cargoes of liquefied natural gas (LNG) each in March and April from Germany’s Sefe for the first time since supplies were halted in May. Sefe was supplying cargoes from its non-Russian portfolio in Egypt, United Arab Emirates and the United States. The first cargo for March has already arrived at the Dahej terminal in western India.

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Vedanta looks to raise up to $1 billion from credit funds

According to an ET report, Vedanta Group is planning to raise funds from names like Farallon Capital, Davidson Kempner and Ares SSG Capital to meet more than $1 billion in upcoming repayments. This comes as banks have become aggressive towards Vedanta on a $1 billion loan amid a tightening credit market. The pricing being offered by the banks is 300 basis points above the expected rate.

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Dr Reddy’s sells cosmetic derma brands to Eris for Rs 275 crore

Dr. Reddy’s Labs has sold nine cosmetic dermatology brands to Eris Lifesciences for Rs 275 crore. As per IQVIA, the divested portfolio has sales of Rs. 60 crore in 2022. Eris said the transaction helps expand the cosmetic dermatology business of the company by way of expansion in the product offerings.

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DLF sells 1,137 flats for over Rs 8,000 crore within three days in Gurugram

DLF Limited has sold 1,137 luxury apartments (priced Rs 7 crore and above) for over Rs 8,000 crore within 3 days in its housing project in Gurugram. This can be attributed to the strong demand for premium flats across major cities. DLF will build 1,137 4BHK apartments across five towers (38-39 storeys) in this 25-acre project.

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Zee Entertainment likely to repay IndusInd $10 million to wrap Sony deal

As per a Bloomberg report, Zee Entertainment Enterprises Ltd (ZEEL) has likely agreed to repay dues owed to IndusInd Bank Ltd. as the company seeks to resolve insolvency proceedings initiated against it and move closer to completing a merger with a Sony Group unit. IndusInd Bank has agreed to withdraw its insolvency proceedings against the media company once the repayment is made.

Read more here.

Zomato liquidates step-down subsidiary in Jordan

Zomato Ltd has dissolved its step-down subsidiary Zomato Ireland Ltd – Jordan (Zomato Jordan) with effect from March 12, 2023. The liquidation of the d unit will not have any material impact as its contribution to the turnover and overall net worth of the parent company was nil. 

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Man Industries secures export order of Rs 1,300 crore

Man Industries (India) Ltd has won a new export order of approximately Rs 1,300 crore. The company’s total order book now stands at approximately Rs 2,000 crores, which would be executed in the next 6-8 months. Man Industries is a manufacturer of carbon steel line pipes.

Read more here.

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Viacom18 to Stream IPL for Free – Top Indian Market Updates

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

Viacom18 to stream IPL for free after paying $2.7 billion

Viacom18 will stream Indian Premier League cricket games for free using its exclusive rights to one of the world’s most-watched sporting events. Viacom18 Media Pvt., the joint venture between Paramount Global and Mukesh Ambani’s Reliance Industries Ltd., licensed the IPL streaming rights last year for $2.7 billion (~₹23,700 crore). The company’s executives have estimated that an audience of over 55 crore will watch the weeks-long IPL games.

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Biocon raises $129 million from Kotak to fund biosimilars deal

Kotak Mahindra Group’s asset management arm is set to invest $129 million (₹1,070 crore) in Biocon Ltd to help it fund its acquisition of Viatris Inc’s biosimilars business. Biocon Biologics completed the $3.34-billion acquisition of U.S.-based Viatris’s biosimilars business in late November. At the time, the company paid $2 billion in cash to Viatris and issued convertible preference shares worth $1 billion to fund the deal.

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Patel Engineering bags projects worth Rs 1,026 crore

Patel Engineering has bagged a water tunnel and an irrigation project totalling Rs 1,026 crore in Maharashtra and Karnataka. With the latest contract, the company’s total order book has increased to Rs 18,600 crore. The first project includes the design and construction of a long treated water tunnel in Raigad district of Maharashtra.

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Adani firm repays Rs 1,500 cr to SBI Mutual Fund, Aditya Birla Sun Life

Adani Group paid Rs 1,000 crore to SBI Mutual Fund and Rs 500 crore to Aditya Birla Sun Life Mutual Fund on commercial papers that matured on Monday. SBI MF had an exposure of around Rs 1,000 crore to Adani Group, which has been repaid on maturity. With this payment, SBI MF has no further exposure to the Adani Group.

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HDFC Bank signs deal with Lulu Exchange to enhance cross-border payments

HDFC Bank and UAE-based Lulu Exchange have signed a Memorandum of Understanding (MoU) to strengthen cross-border payments between India and the Gulf Cooperation Council (GCC) region. As Phase 1 of the partnership, it launched a digital inward remittance service called ‘RemitNow2India’. This will allow resident individuals of UAE to send money to any bank account in India via IMPS and NEFT through HDFC’s digital banking channels

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Bankruptcy court admits Zee Entertainment under the insolvency resolution process

The Mumbai bench of the National Company Law Tribunal (NCLT) admitted Zee Entertainment Enterprises Ltd. (ZEEL) and Siti Network Ltd under the Corporate Insolvency Resolution Process (CIRP). The development is likely to cause issues with ZEEL’s merger with Culver Max Entertainment (Sony). IndusInd Bank had approached the tribunal against ZEEL seeking payment of default of over Rs 89 crore.

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Wipro freshers’ salary cut: IT union NITES files complaint with labour ministry

Pune-based labour union Nascent Information Technology Employees Senate (NITES) has filed a complaint against Wipro Ltd with the central labour ministry alleging “unethical reduction” in salary offers of more than 4,000 candidates. The offer has been made to all ‘Velocity’ graduates of the 2022-23 batch. ‘Velocity’ is a skilling and training program undertaken by Wipro Elite candidates (₹3.5 LPA) to be eligible for the Turbo package (₹6.5 LPA) after they go through some skill upgradation courses.

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SBI allows BHIM-based real-time payment with Singapore

State Bank of India announced a partnership with PayNow, the online payment system of Singapore for cross-border payments. The facility is offered through SBI’s BHIM SBIPay mobile application and the linkage will allow fund transfers from India to Singapore through registered mobile numbers and from Singapore to India using the UPI ID. The inward bilateral remittance between the two countries was around $949 million in 2021.

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FDI equity inflows decline 15% to $36.75 billion in Apr-Dec FY23

Foreign direct investment (FDI) into India declined by 15% YoY to $36.75 billion during the April-December of FY23, according to the latest Department for Promotion of Industry and Internal Trade data. The computer software and hardware sector attracted the highest inflows of $8 billion during the same period. Singapore emerged as the top investor with a $13 billion FDI.

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Disney Star Sublicenses ICC Men’s TV Rights to ZEEL – Top Indian Market Updates

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

ZEEL, Disney Star sign licensing pact for ICC Men’s TV rights

Disney Star has sub-licensed the television rights of the International Cricket Council’s (ICC) Men’s tournament to Zee Entertainment Enterprises Ltd (ZEEL) for four years. This association enables ZEEL to be the exclusive TV rights holder of ICC men’s events, including two ICC Men’s T20 World Cups (2024, 2026), ICC Men’s Champions Trophy (2025), ICC Men’s Cricket World Cup (2027), and key ICC Under-19 events.

Read more here.

Nazara Technologies acquires WildWorks game studio

Nazara Technologies Ltd announced the acquisition of US-based children’s interactive entertainment company WildWorks for $10.4 million (~₹82.75 crore). The company will acquire 100% of WildWorks and its intellectual property (IP) from existing shareholders in an all-cash transaction. WildWorks is a game development studio focused on gamified early learning for 8-12-year-olds. Its mobile apps have attracted over 150 million players in the past decade.

Read more here.

EoI for IDBI Bank stake sale likely next month: Report

As per a PTI report, the Indian government is likely to issue Expression of Interest (EOIs) for selling a stake in IDBI Bank next month. The discussions between the Centre and RBI are at the final stages. The Cabinet Committee on Economic Affairs had given in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank in May 2021. Currently, the Indian government holds a 45.48% stake in the bank. Life Insurance Corp of India (promoter) owns a 49.24% stake.

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Shriram Transport to raise ₹5000 crore in second half of FY23

Shriram Transport Finance Company Ltd plans to raise an additional ₹5000 crore ($627.20 million) in the second half of the financial year to fund growth opportunities. Most of the fund-raising is likely to be via non-convertible debentures (NCDs) with a maturity of 3 years. In December 2021, the commercial vehicle financier announced a merger with promoter Shriram Capital and Shriram City Union Finance, which is expected to be completed by October.

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OMCs stare at losses in Q2, government unlikely to get any dividend: Report

According to an ET NOW report, Oil Marketing Companies (OMCs) in India are likely to record losses in the July-Sept quarter (Q2), which may affect the government’s share of dividends. During the period of rising international crude oil prices a few months ago, Indian fuel retailers were losing ₹20-25 per litre on diesel and ₹14-18 a litre on petrol. These losses have been cut short by the fall in oil prices.

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Hero MotoCorp launches first Xpulse Xperience centre

Two-wheeler manufacturer Hero MotoCorp Ltd has inaugurated the first of its ‘Xpulse Xperience Centre’ in India. The centre is designed to provide an off-road bike training experience to Xpulse 200 4V owners and enthusiasts. The Xpulse Xperience Centre will have trainers and a curriculum focused on building the skills, knowledge, and personality required to be an expert off-road rider.

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Granules India gets USFDA approval for diarrhea drug

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for Loperamide Hydrochloride and Simethicone Tablets. The drug is indicated to relieve symptoms of diarrhea, bloating, pressure, and cramps. As per IQVIA MAT data, the generic version of the tablets had sales of $60 million (~₹477.5 crore) during the most recent twelve months.

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Central Bank of India enters into co-lending partnership with Shapoorji Pallonji Finance

Central Bank of India has entered into a strategic co-lending partnership with Shapoorji Pallonji Finance (SPF) to offer loans to micro, small & medium enterprises (MSMEs) borrowers at competitive rates. Under this pact, SPF will originate and process MSME proposals under the priority sector as per jointly formulated credit parameters and eligibility criteria. Central Bank of India will take 80% of the MSME loans into its books under mutually agreed terms. 

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Glenmark Pharma’s partner Hikma launches specialty drug Ryaltris in US

Glenmark Pharma’s partner Hikma Pharmaceuticals has launched its specialty nasal spray Ryaltris in the US. Ryaltris is used to treat symptoms of seasonal allergic rhinitis (SAR) in adults and pediatric patients 12 years and older. Glenmark developed the drug, while Hikma will commercialise it in the US market.

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SBI Q2 Net Profit Rises 67% – Top Indian Market News

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SBI Q2 Results: Net profit rises 67% YoY to Rs 7,626 crore

State Bank of India (SBI) reported a 67% YoY increase in net profit to Rs 7,626.5 crore for the quarter ended September (Q2 FY22). Net profit increased 17% compared to the previous quarter. Its net interest income (NII) rose 10.6% YoY to Rs 31,184 crore during the same period. The gross non-performing assets ratio (GNPA) stood at 4.90% in Q2 FY22, compared to 5.32% in Q1 FY22. Provisions against bad loans stood at Rs 2,699 crore in Q2, down 52% YoY.

Read more here.

India’s services PMI grows at the fastest pace in over a decade in October

India’s services sector activity expanded at the strongest pace in ten-and-a-half years in October. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 58.4 in October, compared to 55.2 in September. Companies indicated that a notable pick-up in new business led to the fastest expansion in output in over a decade, and as a result, more jobs were created. However, business confidence remained subdued due to growing inflationary concerns. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month. 

Read more here.

Infosys collaborates with Shell to Market Shell Inventory Optimizer Solution

Tech-giant Infosys has announced a collaboration with Shell Global Solutions International B.V. (Shell) as the commercialization partner of the “Shell Inventory Optimizer” solution targeted towards energy companies. The “Shell Inventory Optimizer” uses Artificial Intelligence to optimize warehouse inventory levels based on historical consumption. This will allow energy companies to improve demand planning, reduce time and labour, and bring down cost of operation.

Read more here. 

Zee Ent. To Announce Q2 Results on Nov 27 Amidst Shareholder Turmoil

Zee Entertainment has announced November 27, 2021, as the date for a board meeting to announce quarterly results (Q2). This comes after the company had cancelled its results meet on October 27, 2021, citing a lack of quorum. ZEEL’s single-largest shareholders Invesco Developing Markets Fund and OFI Global China Fund LLC who hold 17.88% stake in the company jointly have been pressing for an extraordinary general meeting(EGM) for the removal of its Managing Director Punit Goenka, besides opposing Zee’s proposed merger deal with Pictures Network India (SPNI). Two of Zee’s independent board members Manish Chokhani and Ashok Kurien have already resigned amidst certain allegations. The two major shareholders and Zee have locked horns with Invesco and OFI Global approaching the Mumbai Bench of the National Company Law Tribunal (NCLT) whereas Zee has approached the Bombay High Court leveling allegations against each other resulting in an ugly public spat. 

Read more here.

Vodafone Idea: Co Partners With Nokia India For 5G Trials

Vodafone-Idea(VI) and Nokia have announced their partnership to test 5G using ‘E-Bands’ in areas where fiber is challenging to deploy. The two claimed a speed of 9.85 Gbps while testing the 5G networkings. “We are delighted to partner with Vi in trials to deliver 5G services by connecting small cells & macrocells with fiber-like speed through E-Band, in areas where fiber is challenging to deploy”, said Nokia in a tweet. 

Read more here.

Hindalco Industries to acquire Polycab’s 100% stake in Ryker

Hindalco, the Aditya Birla Group’s flagship metal company has announced the acquisition of a 100% stake in Ryker Base Pvt. Ltd., a wholly-owned subsidiary of Polycab Industries for an enterprise value of Rs 323 crore. Ryker owns a 225,000-ton plant to manufacture cast and rolled copper wire rods. On the other hand, Hindalco owns the world’s largest single-location custom copper smelters at Dahej in Gujarat, with a capacity of 345,000 tons.

Read more here.

Adani Power Get NCLT Nod To Acquire Essar’s 1,200 MW Mahajan Project 

Adani Power got approval from the National Company Law Tribunal to acquire Essar Power’s 1,200 MW thermal power project in Mahan, Madhya Pradesh. The Principal Bench of NCLT at New Delhi approved Adani Power’s resolution plan to acquire EPMPL (Essar Power M P Ltd) which is currently undergoing bankruptcy proceedings.

Read more here.

ABFRL Q2 Results: Consolidated Revenue Doubles!

Aditya Birla Fashion and Retail Limited (ABFRL) reported a net profit of Rs 5 crore this quarter against a net loss of Rs 188 crore last year in the same quarter. The consolidated revenue doubled YoY to Rs. 2054 crore from Rs 1028 crore in the same period. The company’s overall business recovered to 90% of pre-COVID levels where the Branded Business recovered to over ~95% of normalized level and Pantaloons to ~73% of pre-COVID levels. Additionally, the E-commerce business grew by 74% over last year. The company added 160+ stores across businesses during the quarter.


Read more here. 

Eicher Motors Q2 Results: Profit After Tax Grows 9%

Eicher Motors reported a net profit of Rs 373 crore, growing at 9% YoY and 44% QoQ. The consolidated revenue of the company stood at Rs 2,250 crore, up 5.4% from the same quarter of the previous financial year. Royal Enfield sold 123,515 motorcycles during the quarter, a decline of 17.2% from 149,120 motorcycles sold over the same period in FY 2020-21. Royal Enfield ended the quarter with the best ever performance in international markets for the second successive quarter with total exports at 17,922 units, more than 132% increase over 7,714 in the same period last year. VE Commercial Vehicles, a joint venture between Volvo and Eicher reported a profit of Rs 9 crore against a loss of Rs 3.85 crore in the same quarter last financial year. 

Read more here.

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Editorial

What Led to the 40% Rally in ZEEL?

The shares of India’s largest media house, Zee Entertainment Enterprises Ltd (ZEEL), surged 40% to hit Rs 261.55 on Tuesday. It was a stellar intraday rally. The shares of its group companies such as Zee Media (+5%) and Zee Learn (+20%) were also locked in their respective upper circuit limits on Tuesday. 

Unfortunately, ZEEL has found itself in the midst of a complicated boardroom battle. In this article, we shall analyse the events that transpired over the past few days.

Concerns Raised by IiAS

On September 10, proxy advisory firm Institutional Investor Advisory Services (IiAS) raised fresh concerns at ZEEL. They asked the media company’s shareholders not to vote for the reappointment of two independent directors on its board— Manish Chokhani and Ashok Kurien. They were both members of the company’s audit and remuneration committees. Chokhani and Kurien had resigned from their respective posts ahead of ZEEL’s Annual General Meeting (AGM) on September 14.

In its report, IiAS pointed out that ZEEL’s Nomination and Remuneration Committee (NRC) had approved a 46% increase in CEO Punit Goenka’s pay for the financial year 2020-21, during a time when employees did not receive raises. Moreover, the CEO’s revised pay was much higher than what shareholders had approved back in the AGM of 2020. The advisory firm also warned shareholders against the adoption of ZEEL’s financial statements, citing serious corporate governance issues. 

The problems did not stop there. Ashok Kurien is classified as one of ZEEL’s promoters. However, IiAS alleged that the company had reclassified him as a non-promoter without mandatory regulatory filings or shareholder approval. Further, both Chokhani and Kurien failed to address and deal with crucial governance concerns that led to the resignation of several independent directors in the past.

Interestingly, IiAS had raised concerns over Goenka’s pay revision last year as well. It had asked shareholders to vote against the CEO’s reappointment at ZEEL’s 2020 AGM, citing weak oversight and control, loan & investment write-offs, sketchy related party transactions, and pay revision. Thus, a lot of red flags have been raised with respect to the company’s Board of Directors and management.

What’s Next for ZEEL?

Invesco Developing Markets Fund and OFI Global China Fund, which together hold a 17.88% stake in ZEEL, have now called for an Extraordinary General Meeting (EGM) of shareholders to pass important resolutions. This includes the removal of CEO Punit Goenka and the appointment of six new independent directors. As per reports, the Board of Directors of Zee Entertainment Enterprises may call an EGM within three weeks. If the board fails to call for a meeting, investors or shareholders may call an EGM themselves within three months.

Possible Future Scenarios

Market analysts have narrowed down three possible scenarios:

  1. There could be a change in ZEEL’s board, followed by a change in management. This scenario assumes the appointment of a new Chief Executive Officer (CEO) by a new board. There is also a possibility that the new board would receive interest from strategic investors to acquire a majority stake and management control in ZEEL.
  1. There could be a change in the media company’s board, but with continuity in its management. Punit Goenka would continue as the MD and CEO. However, they would seek better cash generation and tighter control on capital allocation.  
  1. There would be continuity of management with a new set of investors. This case assumes that existing shareholders would exit ZEEL, and a new set of investors will emerge by backing Punit Goenka as MD & CEO.

Conclusion

ZEEL is one of India’s largest media and entertainment companies, with nearly 46 channels broadcasting in 11 languages. As per reports, the change in management is unlikely to affect the company’s brand and market position. Moreover, the appointment of a new professional board and leadership team can be considered a positive move. This may have been a trigger for the stock’s breakout/rally on Tuesday. 

Over the past few years, ZEEL has reinvented itself by reducing its debt and improving financial performance. The company’s OTT platform, ZEE5, is the largest domestic non-sports platform with ~8 crore monthly average users. While ZEEL has started seeing an improvement in its business prospects, the move by major shareholders was backed by a narrative that highlights corporate governance issues. These issues have time and again damaged the company’s reputation.

The staggering 40% rally of ZEEL’s shares was fuelled by bulk deals from ace investor Rakesh Jhujhunwala’s Rare Enterprises and BofA Securities Europe SA. On Sept 14, Rare Enterprises bought 50 lakh shares (0.52% stake) of ZEEL at Rs 220.44 per share through bulk deal transactions on NSE. Meanwhile, BofA Securities purchased 48.65 lakh shares (0.51% stake) at an average price of Rs 236.2 per share.

If you wish to learn more about ZEEL, you can read our in-depth company analysis published in June. What are your views on the entire ZEEL saga? Are you invested in the company? Let us know in the comments section of the marketfeed app.

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Market News Top 10 News

SAIL Reports 31% YoY Rise in Net Profit in Q4 – Top Indian Market News

SAIL Q4 Results: Net profit rises 31% YoY to Rs 3,470 crore

Steel Authority of India Ltd (SAIL) reported a 31% YoY increase in consolidated net profit to Rs 3,469.88 crore for the quarter ended March (Q4). Net profit has jumped 136.34% when compared to the previous quarter. Its total income rose 41.98% YoY to Rs 23,533.19 crore during the same period. The company’s total output rose 6% YoY to 4.56 million tonnes (MT) in Q4. Net profit for the financial year 2020-21 (FY21) increased by 95.6% YoY to Rs 4,148.13 crore. SAIL’s board has declared a final dividend of Rs 1.80 per share. 

Read more here.

Industrial output falls to seven-month low in April

India’s industrial output fell to the lowest level in seven months in April due to the resurgence of Covid-19 cases. The Index of Industrial Production (IIP) fell 13% over the previous month to 126.6 in April 2021. The index for manufacturing output contracted by 12.6% over March to 125.1. The mining output index contracted 22.1% month-on-month (MoM) to 108 in April. The index for electricity generation stood at 174 in April, compared to 180 in March. The data was released by the Ministry of Statistics and Programme Implementation (MoSPI).

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TCS extends 17-year partnership with Virgin Atlantic

Tata Consultancy Services (TCS) has extended a 17-year strategic partnership with UK-based Virgin Atlantic to help them embark on a new phase of recovery and growth. The IT major will take exclusive responsibility for the airlines’ end-to-end operational management and digital transformation. TCS will build innovative digital solutions with Cloud-First guiding principles to help Virgin Atlantic improve agility and performance in its purpose-led transformation.

Read more here.

DLF Q4 Results: Net profit at Rs 481 crore

DLF Limited reported a consolidated net profit of Rs 480.94 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 1,857.76 crore in the corresponding quarter last year (Q4 FY20). The real estate developer’s total income rose 1.75% to Rs 1,906.59 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) stood at Rs 1,093.61 crore. This is compared to a net loss of Rs 583.19 crore in FY20. DLF has appointed two of its executives, Ashok Tyagi and Devinder Singh, as Chief Executive Officers (CEOs).

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Ashoka Buildcon emerges lowest bidder for road project in Punjab

Ashoka Buildcon Ltd has been declared the lowest (L-1) bidder for a road project in Punjab by the National Highways Authority of India (NHAI). The project consists of six-laning of IT City Chowk to Kurali Chandigarh Road, the design length of which is 31.23 km, in Punjab. The quoted bid price for the project is Rs 726 crore. The road project comes under the Indian government’s Bharatmala Pariyojana— Package II.

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Heranba Industries Q4 Results: Net profit rises 64.5% YoY to Rs 43 crore

Heranba Industries Ltd reported a 64.51% YoY increase in net profit to Rs 43.20 crore for the quarter ended March (Q4). Net profit has declined by 3.42% when compared to the previous quarter. Its revenue from operations rose 25.34% YoY to Rs 267.83 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 57.9% YoY to Rs 154.22 crore. The chemical manufacturing company’s board has recommended a final dividend of Rs 0.70 per share.

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Ipca Laboratories acquires 13% stake in Trophic Wellness for Rs 21 crore

Ipca Laboratories Ltd has acquired an additional 13.09% stake in Trophic Wellness Pvt Ltd (TWPL) for a cash consideration of Rs 21.20 crore. The pharma company currently holds a 52.35% stake in TWPL. With this acquisition, Trophic Wellness has become a subsidiary of Ipca Laboratories. TWPL is a nutritional and wellness products company that offers a wide variety of dietary supplements of global standards. 

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BHEL Q4 Results: Net loss at Rs 1,035 crore

Bharat Heavy Electricals Limited (BHEL) reported a consolidated net loss of Rs 1,034.82 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 1,532.67 crore in the corresponding quarter last year (Q4 FY20). Its total income rose 40.23% YoY to Rs 7,245.16 crore in Q4 FY21. BHEL’s power vertical posted a 51% YoY growth in revenues to Rs 4,789 crore. Net loss for the financial year 2020-21 (FY21) stood at Rs 2,697.11 crore. This is compared to a net loss of Rs 1,466.01 crore in FY20.

Zee Entertainment to launch OTT platform ZEE5 in the US on June 22

Zee Entertainment Enterprises Ltd (ZEEL) will launch its video streaming service, ZEE5, in the United States on June 22. The over-the-top (OTT) platform is currently present in international territories such as the United Kingdom and the Middle East. The ZEE5 annual pack (priced at $84) will be available across devices at a limited launch offer price of $49.99. ZEE5 will provide 130,000 hours of content across 18 languages. You can learn more about ZEEL here.

Read more here.

Deccan Cements Q4 Results: Net profit at Rs 22.08 crore

Deccan Cements Ltd reported a net profit of Rs 22.08 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 2.96 crore in the corresponding quarter last year (Q4 FY20). The company’s revenue from operations rose 72.83% YoY to Rs 213.83 crore in Q4 FY21. Net profit for the full financial year 2020-21 (FY21) jumped 103.27% YoY to Rs 115.13 crore. The cement company’s board has recommended a final dividend of Rs 5 per share.

Read more here.

Cochin Shipyard Q4 Results: Net profit rises 71% YoY to Rs 236 crore

Cochin Shipyard Ltd reported a 71.76% YoY increase in consolidated net profit to Rs 236.21 crore for the quarter ended March (Q4). Net profit has increased by 5.53% when compared to the previous quarter. Its total income rose 33.35% YoY (or 50.41% QoQ) to Rs 1,148.24 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 3.7% YoY to Rs 608.66 crore. Cochin Shipyard’s board has recommended a final dividend of Rs 2.50 per share.

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Editorial

Can Zee Entertainment Reach Pre-Covid Levels?

If you have ever watched television, even for a few days, you must have come across Zee channels. It is one of those companies that we can all associate very well, as we have used its services through some medium. In this article, we discover more about Zee and how fundamentally strong the company is.

Company Profile – Zee Entertainment

Zee Entertainment is one of the largest global content providing companies. It was started in the year 1982 by Subash Chandra who is also known as the Media Baron of India. It operates in multiple businesses like Broadcasting (both domestic & international), OTT digital platforms, Movies & Music and Live entertainment. They boast of having 100+ channels under their name and have 1.3 billion viewers, which is a staggering number.

When you have this high viewership, it is obvious that you are not present in only one or two languages. Zee provides their services in more than 10 languages, which is very important considering the diverse country we live in. Slowly and steadily, their new regional channels have established dominant positions in their respective markets. Their viewership is not only restricted to India but is spread to more than 170 countries with 8 foreign languages.

ZEE5 is the OTT platform under their brand which has been expanding its reach. It is relatively a very young OTT platform, especially when you compare it to the giants like Netflix or Prime. It was launched in February 2018 but has been taking a place in the audience’s heart due to its eye-catching regional content. In FY21, more than 75 original shows and movies were released on ZEE5. The reunion episode of the popular TV show FRIENDS was premiered in India on ZEE5.

According to Manish Kalra, the chief business officer of ZEE5 India, their OTT platform gets 65.9 million monthly active users and 5.4 million daily active users. Not only this but Zee has a huge presence as a music channel on Youtube. Zee Music added more than 4 million subscribers on Youtube which have taken their total subscribers tally to 72.8 million, making it the second most subscribed Indian music channel on YouTube.

A look at Financials

The company admits that its financials are suppressed due to the negative impacts of Covid-19. Zee reported operating revenue of Rs 7,729 crore which is 5% less than what they reported in FY20. However, due to sensible management, the company was able to reduce its expense by 8.6% to Rs 5,939 crore in FY21 as compared to Rs 6,495 crore in FY20. Overall, the EBITDA of the company increased by more than 15% to Rs 1,577.57 crore on an annual basis. 

Comparing the performance of Q4 FY21 to Q4 FY20, Zee declared an increase in advertising revenue by 8% from Rs 1,038 crore to Rs 1,123 crore. However, the impact of the Covid-19 on the first two quarters proved to be too heavy. The advertising revenue in FY21 decreased to Rs 3,748 crore from Rs 4,681 crore reported in FY20. This fall of almost 20% is of high significance keeping in mind that India is yet to pass through the grueling second wave.

To Zee’s benefit, they were able to reduce the Programming cost by 19.2% during the fourth quarter of this financial year. The fixed assets under the company shrunk on an annual basis by 9.3%. However, an increase in the cash, loans & other investments category helped the company see a marginal rise of 3% in the total assets for this year. 

The impact of the pandemic can also be seen on the company’s EPS (Earning per Share) which has fallen below Rs 9 for the first time since 2016. At the same time, they have tried to make their investors happy by paying a dividend of Rs 2.50 per share. With this, their dividend payout ratio has increased to 30% for FY21, the highest in a decade. 

Without a doubt, the financials of the company have taken a huge hit, but what we can infer is the company is firmly looking to bolster itself. Their financial performance is increasing which can be a great sign for the company. We cannot ignore the effects of the pandemic but Zee has tried to fight this battle very well till now.

The fate determiner of NIFTY Media

The NIFTY Media index consists of media & entertainment stocks. Without a doubt, this is one sector that is intensely battered due to this pandemic. Zee Entertainment has the highest weightage in NIFTY Media. In fact, its weight is as high as 27.16%, which means almost one-third of the whole index. It is followed by PVR, Sun TV Network, and TV18 Broadcast with 16.44%, 15.97%, and 12.51% respectively. This tells that for this index to go up, ZEE needs to show some upward movement as well.

(Source: NSE India)

FIIs have been bullish by increasing their stake in the stock from 44% to 65% in the last two years. Many analysts believe that their single-digit growth in the advertisement could even turn into double-digit growth if the impact of the second wave is not too hard on them. 

They still have the highest Market share of 36% in the Indian Television Market. The rise of ZEE5 into prominence has shown that the company is not only dependent on its Television advertisements. They are aware of the competition digital platforms pose in front of them. Thus, backing ZEE5 has been a very sensible step for the company. 

Online streaming is for sure the right way to go. With more India specific shows and originals, Zee is competing fiercely with Disney+Hotstar. This will be a tough game to win, but there can be more than 1 winner.

It is one of the few large-caps which have not crossed its pre-Covid highs. There is still potential in the stock with the interesting valuation and Price to Book ratio of just over 2. Currently trading at a good resistance zone and can be watched by short-term players as well! Long term investors need to be concerned about the confusions at the management level.

What are your views on ZEE Entertainment? Do you believe its dominance in the entertainment sector can help it achieve success? Do let us know your opinions in the comments section by using the marketfeed app!

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Market News Top 10 News

Bosch Reports 5x Jump in Net Profit in Q4 – Top Indian Market News

Bosch Q4 Results: Net profit jumps 5 times to Rs 482 crore

Bosch Limited reported a 495% YoY increase in net profit to Rs 482 crore for the quarter ended March (Q4). Net profit has jumped 161% when compared to the previous quarter. Its revenue from operations rose 44% YoY to Rs 3,217 crore during the same period. Bosch’s Mobility Solutions Business segment grew 56.6% in Q4. For the financial year ended March 31, 2021 (FY21), net profit has declined by 26% YoY to Rs 480.7 crore. The company’s board has recommended a dividend of Rs 115 per share.  

Read more here.

Cipla launches RT-PCR test kit ‘ViraGen’ in India

Cipla Limited announced the launch of ‘ViraGen’— a polymerase chain reaction (RT-PCR) test for Covid-19 in India. The pharma company will launch the test kit in partnership with Ubio Biotechnology Systems. It will commence the supply of ViraGen from May 25, 2021. This will be Cipla’s third offering in the Covid-19 testing segment. 

Read more here.

HPCL Q4 Results: Net profit rises 28% QoQ to Rs 3,018 crore

Hindustan Petroleum Corporation Ltd (HPCL) reported a 28% quarter-on-quarter (or 400% YoY) increase in net profit to Rs 3017.96 crore for the quarter ended March (Q4). Its total income stood at Rs 85,748 crore in Q4 FY21, compared with Rs 71,978.62 crore in Q4 FY20. The average gross revenue margin (GRM) stood at $3.86 per barrel, compared to $1.02 per barrel in Q4 FY20. HPCL’s board has recommended a final dividend of Rs 22.75 per share.

Read more here.

Unichem Labs receives approval from USFDA for generic antidepressant drug

Unichem Laboratories has received approval for its Abbreviated New Drug Application (ANDA) for Amitriptyline HCl tablets from the US Food & Drug Administration (USFDA). The drug is indicated for the relief of symptoms of depression. It is a generic version of ‘ELAVIL’ of AstraZeneca Pharmaceuticals. The product will be manufactured and distributed from Unichem Lab’s plant in Goa.

Read more here.

Havells India Q4 Results: Net profit rises 71% YoY to Rs 304 crore

Havells India reported a 70.95% YoY increase in consolidated net profit to Rs 303.83 crore for the quarter ended March (Q4). Net profit has declined by 13.2% when compared to the previous quarter. Its revenue from operations rose 50.59% YoY to Rs 3,339.21 crore during the same period. The company’s cable segment grew 50.85% YoY to Rs 1,029.20 crore, while revenue from the lighting and fixtures segment rose 43% YoY to Rs 336.74 crore. The board of Havells India has announced a total dividend of Rs 6.50 per share.

Read more here.

SEBI fines Biocon, senior executive for violating market norms

The Securities and Exchange Board of India (SEBI) has imposed a total penalty of Rs 14 lakh on Biocon Limited and one of its senior executives for violation of market norms. Narendra Chirmule, senior Vice President of Research & Development (R&D), had traded in the company’s shares when the trading window was closed. Biocon failed to notify the particulars of the executives’ trading details to SEBI within the stipulated time. The company is facing a penalty of Rs 9 lakh for violating various provisions of Prohibition of Insider Trading (PIT) norms.

Read more here.

Relaxo Q4 Results: Net profit rises 97% YoY to Rs 102 crore

Relaxo Footwears Ltd reported a 97.23% YoY increase in net profit to Rs 102.17 crore for the quarter ended March (Q4). Net profit has increased by 13.4% when compared to the previous quarter. Its revenue from operations rose 38.3% YoY to Rs 747.68 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 28.86% YoY to Rs 291.56 crore. The company’s board has recommended a final dividend of Rs 2.5 per share.

Read more here.

Steel Strips Wheels secures export orders of over 97,000 wheels for US and EU market

Steel Strips Wheels Ltd (SSWL) has received export orders of more than 97,000 wheels from the trailer and caravan markets of the US and European Union (EU). The orders will be executed by early July 2021 from its plants in Chennai and Dappar (Punjab). SSWL stated that orders of similar capacity are anticipated in the coming months from a similar customer base as businesses continue to recover rapidly.

Zee Entertainment Q4 Results: Net profit at Rs 276 crore

Zee Entertainment Enterprises Ltd (ZEEL) reported a consolidated net profit of Rs 275.8 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 766.70 crore in the corresponding period last year (Q4 FY20). ZEEL’s revenue from operations grew 0.8% YoY to Rs 1,965.8 crore in Q4 FY21. The company’s advertising revenue grew 8.09% YoY to Rs 1,122.96 crore during the same period. ZEEL’s board has recommended a dividend of Rs 2.5 per share.

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Happiest Minds signs pact with CyberArk to deliver access management services 

Happiest Minds Technologies has signed a managed service provider (MSP) agreement with CyberArk to deliver end-to-end next-gen privileged access management services to customers across verticals and geographies. CyberArk is an information security company based in the United States. Through this deal, Happiest Minds aims to address the evolving need for credentials management in multi-cloud environments and robotic process automation through end-to-end consulting, implementation, and maintenance services.

Read more here.

Torrent Power Q4 Results: Net profit at Rs 398 crore

Torrent Power reported a consolidated net profit of Rs 398.10 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 273.94 in the corresponding quarter a year ago (Q4 FY20). Its total income rose 3.17% YoY to Rs 3116.54 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has increased by 10% YoY to Rs 1,295.87 crore. Torrent Power’s board has announced a final dividend of Rs 5.5 per share and an interim dividend of Rs 5.5 per share.

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JK Lakshmi Cement Q4 Results: Net profit rises 54% YoY to Rs 153 crore

JK Lakshmi Cement reported a 54.22% YoY (or 34% QoQ) rise in net profit to Rs 152.91 crore for the quarter ended March (Q4). Its total income rose 25% YoY to Rs 1,451.72 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 63.5% YoY to Rs 405.38 crore. The company’s board has recomennded a final dividend of Rs 3.75 per share.

Mindtree to acquire L&T’s NxT Digital for Rs 198 cr

Mindtree Ltd has signed an agreement to acquire NxT Digital Business from Larsen and Toubro (L&T) Group for Rs 198 crore. This acquisition would enable Mindtree to capture opportunities in the Internet of Things (IoT) and Industry 4.0 market by leveraging the capabilities of NxT Digital Business to cross-sell and create holistic solutions for new prospects as well as for existing clients. The transaction is expected to be completed by July 31, 2021.

Read more here.

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Market News Top 10 News

India’s Manufacturing PMI Remains Stable in December – Top Indian Market News

India’s manufacturing PMI in expansionary zone for fifth straight month

Aided by improved domestic demand, business activity in India’s manufacturing sector continued to recover in December 2020. IHS Markit’s Manufacturing Purchasing Managers Index (PMI) rose from 56.3 in November to 56.4 in December. The loosening of Covid-19 restrictions, strengthening demand, and improved market conditions had led to an increase in factory orders during December. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

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SII to sell first 100 million doses of Covid-19 vaccine at Rs 200 per dose

Serum Institute of India (SII), the manufacturer of the Covishield vaccine, has announced that it plans to charge a special price of Rs 200 per dose for the first 100 million shots that it supplies to the government. Adar Poonawalla (the CEO of SII), stated that his firm is making around 50-60 million doses a month of the AstraZeneca-Oxford vaccine, which is cheaper than the one developed by Pfizer-BioNTech. It is also easier to store and transport. He further said that SII plans to price the vaccine at Rs 1,000 per dose in the open market if the government allows it to do so.

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No plans to enter contract farming, won’t purchase any agricultural land: Reliance Industries

Reliance Industries Limited (RIL) on Monday said it has no plans to enter contract or corporate farming and is committed to empowering farmers. RIL stated that it never bought agricultural land for corporate or contract farming and had no plans to do so either. RIL further said that its subsidiary, Reliance Retail, does not purchase food grains directly from farmers. 

Over the past few weeks, around 1,500 mobile towers and telecom gear owned by RIL’s Jio were vandalised in Punjab, allegedly by farmers. It was reported that farmers were angry over the company’s perceived role in framing three agricultural laws recently passed by Parliament. RIL also said it has filed a writ petition in the Punjab and Haryana High Court against vandalism of its communication towers.

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Jindal Steel & Power posts record sales, production numbers in December

Jindal Steel and Power Ltd (JSPL) posted a record 30% YoY jump in its standalone production and 25% YoY growth in sales during December 2020. The company’s total production from its plants in India was at 7.27 lakh tonne (LT) in December, as compared to 5.59 LT during the same month in 2019. The firm’s standalone sales were at 7.11 LT during the same month, as against 5.67 LT in December 2019. JSPL said the company recorded its highest ever production and sales numbers in December 2020, as well as in the October-December period.

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Income Tax Department raids 15 locations of Zee Entertainment

The Income Tax (I-T) Department has conducted a search and survey at 15 locations of Zee Entertainment Enterprises Ltd (ZEEL). The searches are based on alleged tax evasion data submitted by the Directorate General of GST Intelligence to the I-T department. A spokesperson for ZEEL stated that concerned officials of the company are providing all the required information and extending complete co-operation.

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L&T Hydrocarbon Engineering secures order worth over Rs 7,000 crore from HPCL Rajasthan Refinery

L&T Hydrocarbon Engineering (LTHE) has bagged an order worth over Rs 7,000 crore from HPCL Rajasthan Refinery Ltd (HRRL). The engineering, procurement, construction, and commissioning (EPCC) contract is for setting up a Dual Feed Cracker Unit (DFCU) for the Rajasthan Refinery Project at Barmer, Rajasthan. HRRL is a joint venture between Hindustan Petroleum Corporation (HPCL) and the Government of Rajasthan. 

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GMR Hyderabad, Dubai Airports launch global vaccine supply corridor

GMR Hyderabad International Airport Ltd and GMR Hyderabad Air Cargo have signed a Memorandum of Understanding (MoU) with Dubai Airports to build an exclusive vaccine air freight corridor product called HYDXB-VAXCOR (Hyderabad to Dubai Global Vaccine Corridor). They will prioritise the temperature-sensitive vaccine shipments moving between GMR Hyderabad and Dubai Airports for further connections to various continents for vaccine customers and logistics stakeholders. Hyderabad is the world’s emerging vaccine capital, with five major vaccine producers in the vicinity.

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Bajaj Auto sales rise 11% in December at 3.72 lakh units

Bajaj Auto Ltd, on Monday, reported an 11% YoY increase in total sales at 3,72,532 units in December 2020. The company had sold a total of 3,36,055 units in December 2019. Total motorcycle sales were at 3.38 lakh units in December, as compared to 2.84 lakh units in December 2019. Exports jumped 27% to 2.32 lakh units, as compared to 1.82 lakh units in the same month a year ago.

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Govt to divest 26% stake in BEML, invites bids till March 1

The Indian Government has invited preliminary bids for the strategic sale of a 26% stake, along with the transfer of management control, in BEML Limited. Bidders can submit their Expression of Interest (EoI) for buying the stake in BEML by March 1. SBI Capital Markets Limited has been appointed as the transaction adviser to advise and manage the strategic disinvestment process. BEML Ltd is engaged in the manufacturing and supply of equipment for mining, construction, defence, and rail projects. 

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Marico reports double-digit volume growth in Q3 FY21

Marico Ltd on Monday said it has witnessed a faster than expected recovery in consumer sentiment in India, aided by the festival season and a declining Covid-19 graph. The FMCG major’s Indian business posted a double-digit volume growth, while revenue growth was at par with volume expansion. The company stated that it has witnessed strong performance across its portfolio, with general trade continuing to grow healthily.

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Cochin Shipyard declares interim  dividend of Rs 9 per share

The Board of Directors of Cochin Shipyard Ltd has declared an interim dividend of Rs 9 per equity share of Rs 10 each, for the financial year 2020-21. The company has fixed January 14, 2021, as the record date for the interim dividend. The dividend will be payable to the eligible shareholders on or before February 2, 2021.

Read more here.

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Market News Top 10 News

Mrs Bectors Food IPO Subscribed 199 Times on Final Day of Bidding – Top Indian Market News

Mrs Bectors Food IPO subscribed 199 times on final day of bidding

Mrs Bectors Food Specialities’ initial public offering (IPO) was subscribed 199.41 times on the final day of subscription. It has become the most successful IPO in 2020. As per NSE data, the IPO received bids for 262 crore shares, as against 1.32 crore shares on offer. The qualified institutional investor category was subscribed 178.08 times and the non-institutional category was subscribed 625.20 times. Retail investors and employees’ reserved portion was subscribed 29.53 and 45.8 times, respectively. The shares of Mrs Bectors Food Specialities will be listed on December 28.

Read more here.

Zee Entertainment acquires film production, distribution business from Zee Studios

Zee Entertainment Enterprises Ltd (ZEEL) said that its board has approved the acquisition of film production and distribution business from Zee Studios. Formerly known as Essel Vision Productions Ltd, Zee Studios is a wholly-owned subsidiary of ZEEL. As of March 31, 2020, the turnover of Zee Studios’ film production and distribution business stood at Rs 124.11 crore. ZEEL stated that it will take approximately two months to complete this acquisition.

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IFC and IFC Emerging Asia Fund to invest $76 million in Purvankara affordable housing

 IFC and IFC Emerging Asia Fund (EAF) have partnered with Puravankara Ltd to invest $76 million (~Rs 559 crore) in the development of up to four residential projects in India. The projects come under Puravankara’s affordable housing-focused ‘Provident’ brand. Two of the four projects are planned in Kochi and Bengaluru, with a saleable area of 4.5 million square feet. Puravankara stated that around 4,000 housing units will be built in the next 5-7 years.

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Manappuram Finance board gives approval to raise Rs 400 crore via bonds

The board of Manappuram Finance Ltd has approved raising Rs 400 crore through the issue of non-convertible debentures (NCDs) on a private placement basis. The company will issue secured, rated, listed, and redeemable NCDs for an amount of Rs 100 crore, with an option to retain oversubscription up to Rs 300 crore, which will aggregate to Rs 400 crore

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Tata Motors to buy out Marcopolo’s share in bus venture for Rs 100 crore

Tata Motors Ltd said it will buy out its partner’s stake in bus joint venture (JV) firm Tata Marcopolo Motors, for around Rs 100 crore. The company has entered into a share purchase agreement with Marcopolo S.A., through which it will purchase the balance 49% shareholding in Tata Marcopolo Motors Ltd (TMML). After the transaction is executed, TMML will become a wholly-owned subsidiary of Tata Motors. TMML is a 51:49 JV formed in 2006 between Tata Motors and Marcopolo S.A., that builds and sells buses under the Starbus and Starbus Ultra brands.

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HFCL’s cable manufacturing facility starts commercial production

HFCL Limited announced that it has started commercial production of Fibre-to-the-home (FTTH) cables at its new facility in Hyderabad. With this, HFCL, along with its subsidiary company, HTL Ltd, has become the largest manufacturer of FTTH cables in India, with a capacity of 6 lakh km per annum. The company will be supplying FTTH cables to telecom service providers in India, and will also export them to more than 30 countries.

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Mahindra World City receives certification for Zero Waste to Landfill

The Mahindra World City (MWC) in Chennai has become India’s first integrated city to receive third-party Zero Waste to Landfill (ZWL) certification. As part of its ZWL commitments, MWC Chennai is diverting 99 percent of waste (which is nearly 135 tonnes of waste) generated within its industrial zone away from landfills. This helps to avoid 115 tonnes of CO2 emissions every month. The certification was granted on MWC Chennai by Intertek, a globally recognised organisation that is responsible for auditing and certifying ZWL sites.

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L&T Hydrocarbon Engineering emerges lowest bidder for HPCL Rajasthan Refinery: Report

As per a report from Business Standard, L&T Hydrocarbon Engineering (LTHE) has emerged as the lowest bidder for HPCL Rajasthan Refinery Ltd’s two engineering, procurement, construction, and commissioning (EPCC) packages. The combined value for both packages is around Rs 13,000 crore. The scope of HPCL’s order involves the engineering, procurement, and construction of two critical process blocks of a 9.0 MMTPA (million metric tonnes per annum) integrated Refinery cum Petrochemical Complex.

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Mindspace REIT raises Rs 200 crore through issue of debentures

Mindspace Business Parks REIT has raised Rs 200 crore by issuing debentures on a private placement basis. The non-convertible debentures are proposed to be listed on the wholesale debt market (WDM) segment of BSE Limited. The tenure of the debentures is 36 months, with a coupon rate of 6.45% per annum. The REIT (real-estate investment trust) is likely to utilise the fund to refinance its existing debts.

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IndusInd Bank launches metal credit card ‘PIONEER Heritage’

IndusInd Bank, in partnership with Mastercard, has announced the launch of its first metal credit card- ‘PIONEER Heritage’. The bank stated that the card comes equipped with best-in-class features and privileges across an array of categories like travel, wellness, and lifestyle. The credit card has been specially curated to match the requirements of affluent Indian professionals and entrepreneurs.

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Board of Rane Holdings approves investment of up to Rs 60 crore in Rane (Madras) Ltd

The Board of Directors of Rane Holdings Ltd has approved a further investment in its subsidiary, Rane (Madras) Ltd, by up to Rs 60 crore. The funds for the investment will be raised by way of subscription to equity shares and/or convertible securities. The investment is subject to further regulatory approvals.