Tag: zensar tech

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India’s GDP Grows 5.4% in Q3 – Top Indian Market News

India’s GDP grows 5.4% in Q3

India’s gross domestic product (GDP) grew by 5.4% in the December quarter (Q3 FY22), lower than 8.4% growth in the previous quarter (Q2 FY22). The agricultural sector grew at 2.6% in Q3 FY22, compared to 3.7% in Q2. The mining sector grew 8.8% in the October-December quarter of FY22, compared to 14.2% growth in the last quarter. India’s construction sector witnessed a -2.8% growth in Q3, compared to 8.2% in Q2. 

According to the latest estimates from the Ministry of Statistics and Programme Implementation, the economy is likely to grow at 8.9% in FY 2021-22. There are rising risks from higher prices of crude oil and commodities after Russia’s invasion of Ukraine.

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Biocon Biologics acquires Viatris’ biosimilar business for $3.34 billion 

Biocon Biologics Ltd (BBL) has entered into a definitive agreement with its partner Viatris Inc to acquire its biosimilar business for $3.34 billion. The deal will enable BBL to secure a robust commercial engine in the developed markets of the US and Europe. Viatris would receive cash of $2 billion upon closing the deal and up to $335 million as additional payments in 2024. BBL will also issue Compulsorily Convertible Preference Shares (CCPS) worth $1 billion to Viatris. BBL is a subsidiary of Biocon Ltd.

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Mahindra Logistics acquires Hyderabad-based Whizzard

Mahindra Logistics Ltd (MLL) has acquired a majority stake in Hyderabad-based last-mile delivery services provider Whizzard. This acquisition will complement MLL’s existing last-mile delivery business and its electric vehicle (EV)-based delivery services. Whizzard offers seamless handling of 60-million packages per year across diverse segments.

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Zen Technologies secures export order worth Rs 13.5 crore

Zen Technologies Ltd has secured an export contract worth Rs 13.50 crores for the supply of training equipment. The company’s total order book currently stands at Rs 428.56 crore. Hyderabad-based Zen Tech designs, develops, and manufactures state-of-the-art training simulators. It also offers drones and anti-drone solutions.

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Piramal Enterprises to raise up to Rs 500 crore via NCDs

The Administrative Committee of Piramal Enterprises Ltd’s board has approved a proposal to raise up to Rs 500 crore by issuing non-convertible debentures (NCDs) on a private placement basis. It has approved the issue of NCDs of up to Rs 100 crore, along with an option to retain an oversubscription of up to Rs 400 crore (greenshoe option). The NCDs will have a tenure of 30 months with a coupon rate of 8% per annum.

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IndiGo, SpiceJet to operates special flights to evacuate Indians stranded in Ukraine

SpiceJet Ltd and IndiGo will operate special flights from Budapest (Hungary) and Bucharest (Romania) on Monday and Tuesday to evacuate Indians stranded in Ukraine due to Russia’s military offensive. Around 14,000 Indians, mainly college students, are currently stranded in Ukraine. Tata Group-owned Air India has evacuated a total of 1,156 Indian nationals in five evacuation flights till now.

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HPCL, SECI to work together in electric mobility, alternative fuels

Hindustan Petroleum Corp Ltd (HPCL) has signed a Memorandum of Understanding (MoU) with Solar Energy Corporation of India (SECI) for collaboration in the field of renewable energy, electric mobility, and alternative fuels. The two entities will also develop environmental, social, and governance (ESG) projects. The partnership is in line with the Indian government’s vision of a carbon-neutral economy by 2070.

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DLF expects Rs 700 crore sales revenue from housing project in Chennai

DLF Limited has launched a new housing project in Chennai and expects a sales revenue of Rs 700 crore over the next 18 months. The realty company will invest ~Rs 100 crore to develop infrastructure at the 85-acre housing project (termed ‘Parc Estate’). DLF will develop 1,500 plots, having a 2.15 million sq. ft. area. It will sell 750 plots in the first phase in a price bracket of Rs 20 lakh to Rs 1.25 crore.

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Sterlite Tech partners with Analog Devices to develop O-RAN 5G radio units

Sterlite Technologies Ltd (STL) has partnered with US-based Analog Devices, Inc. to develop 5G Open RAN radio units (O-RU). The two firms will build 5G-ready solutions to expand the diversity of commercially available O-RUs. STL and Analog Devices will work closely with other ecosystem providers, including leading power amplifier (PA) vendors.

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IndiaMART acquires stake in Realbooks

IndiaMART InterMESH Ltd has announced an investment of ~Rs 13.75 crore in Adansa Solutions Private Ltd. As part of the transaction, IndiaMART has agreed to acquire shares via a mix of primary and secondary share purchases. Its final shareholding in Adansa will stand at 26.01%. Adansa Solutions, under the brand name Realbooks, offers a cloud-based accounting software product for businesses.

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Tanla Platforms partners with Truecaller

Tanla Platforms Ltd has entered into an exclusive partnership with Truecaller, a global platform that verifies contacts and blocks unwanted communication. Under the partnership, Truecaller Business Messaging will be exclusively powered by Tanla’s Wisely CPaaS platform. Wisely is one of the world’s largest blockchain-enabled communications platform as a service (CPaaS) platforms. The collaboration aims to help businesses reach out to more than 300 million active users of Truecaller with relevant messages.

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Jio-BP Partners With BluSmart to Set Up EV Charging Stations – Top Indian Market News

Jio-BP partners with BluSmart to set up EV charging stations

Jio-BP has partnered with electric ride-hailing platform BluSmart to set up a network of electric vehicle (EV) charging stations across India. As part of the partnership, Jio-BP will set up charging stations for passenger EVs and cabs across the country, starting with the National Capital Region (NCR). Each charging station will have the capacity to accommodate a minimum of 30 vehicles. Jio-BP is a joint venture between Reliance Industries Ltd and UK energy giant BP.

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Govt gives final approval to privatise 13 airports

The board of the Aiport Authority of India (AAI) has given its approval to privatise 13 airports across India. The major airports at Bhubaneshwar, Varanasi, Amritsar, Trichy, Indore, Raipur, and seven smaller airports will be privatised. The government aims to generate Rs 3,660 crore of private investment into the airports by FY24. This will be the first major asset monetisation exercise by the Indian government as part of the National Monetisation Pipeline (NMP). To learn more about NMP, click here.

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Greaves Cotton to set up multi-brand EV retail stores

Greaves Cotton has announced its entry into the multi-brand electric vehicle (EV) retail segment with ‘AutoEVmart’. The platform serves as a marketplace for EVs in India and will offer two-wheelers, three-wheelers, electric cycles, and accessories under one roof. AutoEVmart will enable customers to choose from a wide range of EVs, including Greaves Cotton brand Ampere Electric. The company will be launching its first multi-brand EV retail store in Bengaluru soon.

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TCS signs 10-year digital contract with Transport for London

Tata Consultancy Services (TCS) has secured a ten-year contract from Transport for London to design, implement, and operate a cloud-based smart mobility system for the administration of taxis and private hire vehicles. TCS will build and operate a system for managing records, licensing payments, and refunds to vehicle operators and owners through digital channels. The IT major will design and launch the new system using its DigiGOV framework for rapid digital transformation.  

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Macrotech Developers partners with Tata Power for EV charging infra

Macrotech Developers (Lodha) has partnered with Tata Power to provide end-to-end EV charging solutions in all its residential and commercial projects across Mumbai Metropolitan Region (MMR) and Pune. Under this partnership, Tata Power will install EV charging stations at Lodha developments across MMR and Pune. These chargers will be accessible to all Lodha residents and visitors who are EV owners. 

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Zydus Cadila gets USFDA approval for schizophrenia treatment drug

Zydus Cadila has received tentative approval from the US Food and Drug Administration (USFDA) to market Brexpiprazole tablets. The drug is used as adjunctive therapy to antidepressants for the treatment of Major Depressive Disorder (MDD) and schizophrenia. The product will be manufactured at Cadila’s formulation manufacturing facility at the SEZ, Ahmedabad.

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Ashoka Buildcon emergest lowest bidder for NGIDCL road project in Assam

Ashoka Buildcon Ltd has emerged as the lowest bidder (L-1) for a road project of National Highways & Infrastructure Development Corporation Ltd (NHIDCL). The project consists of four-laning of the Kwaram Taro Village – Dillai section of NH-29 in Assam on an engineering, procurement, and construction (EPC) mode. The quoted bid price of the project is Rs 282.11 crore. 

Zensar Tech partners with FRISS to provide fraud prevention solutions

Zensar Technologies has partnered with Netherlands-based FRISS to provide fraud detection and prevention solutions for Property and Casualty (P&C) insurers. This strategic partnership will enable Zensar Tech’s clients to access the latest market-ready artificial intelligence (AI), a multitude of data sources, and unparalleled customer service directly through FRISS. 

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Aditya Birla Fashion approves allotment of NCDs worth Rs 400 crore

The Board of Directors of Aditya Birla Fashion & Retail Ltd has approved the allotment of 4,000 listed, unsecured, rated, and redeemable non-convertible debentures (NCDs) of Rs 10 lakh each (aggregating to Rs 4,000 crore) on a private placement basis. The NCDs hold a coupon rate of 5.8% per annum. The date of allotment is Sept 9, 2021, and the date of maturity is Sept 9, 2024.

Blue Dart commences trials for vaccine delivery by drones

Blue Dart Express has partnered with drone delivery startup Skye Air to flag off the first drone flight for Telangana Government’s ‘Medicine from the Sky’ project. The trials for delivery of medicines and vaccines will be held in Vikarabad, Hyderabad, from Sept 9 till Oct 17. The drone flights will have consignments of vaccines, medical samples, and other healthcare items.

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Editorial

An Analysis of India’s Online Gaming Industry

gaming industry analysis

Many of us were fortunate enough to have grown up playing some of the greatest games on our PCs or gaming consoles. Right from Super Mario and Tetris all the way to GTA and FIFA, gaming has been a major part of most of our lives. With the arrival of affordable smartphones and cheap data packs, people from all age groups had turned to PUBG Mobile, Angry Birds, and Candy Crush. The online gaming industry is witnessing a massive boom in India, and many companies are lining up to secure a share of it. 

In this article, we dive into India’s online gaming industry and learn more about the listed companies that operate in it.

India’s Online Gaming Industry: An Overview

The Indian gaming industry is quite different from what we find abroad. PC gaming has been fairly successful in India, but there is low penetration of high-end personal computers as they are expensive. Platforms such as Playstation and Xbox are also not accessible to the average Indian. However, our country has made a quick and direct transition to mobile gaming over the past decade. The rise of cheap smartphones and low telecom tariff rates has accelerated the growth of mobile/online gaming. PUBG Mobile is a prime example of how these factors were monetized.

Within the first nine months of 2020, India secured the number one spot in mobile game downloads worldwide, registering nearly 730 crore total installs. This can be attributed to the lockdowns imposed due to the Covid-19 pandemic. A major portion of our population had turned to popular mobile games to pass the time. At its peak, PUBG Mobile had an estimated 3.4 crore Indians playing daily! Mobile users form a staggering 85% of the gaming industry, followed by PC users at 11%, and tablet users at 4%.  

According to a report from consulting firm KPMG, the Indian online gaming market was valued at Rs 13,600 crore in the previous financial year (FY21). It is projected to grow at a CAGR of 21% to reach Rs 29,000 crore by FY25! The online casual gaming sub-segment is valued at Rs 6,000 crore, accounting for 44% of the total online gaming revenues. The number of gamers in India is expected to grow from 43.4 crores (currently) to 65.7 crores by FY25.

Moreover, there are over 400 gaming startups at present that are accelerating the growth of the sector. Let us now look at some of the listed companies that operate in the Indian gaming industry.

Nazara Technologies

Nazara Technologies Ltd operates as a diversified gaming and sports media platform in India. The Mumbai-based company was incorporated in 1999. It primarily operates through the following segments: 

  • Freemium– games can be downloaded for free, but users will have to watch ads or pay for full access.  
  • Gamified Early Learning– the ‘Kiddopia’ brand approaches early-level education by using video game design and game elements in learning environments. The segment caters to kids between ages 2-6 years of age.
  • eSports– competitive online multiplayer gaming. Nazara Tech handles gamers, events, broadcasting, prizes, and other aspects of eSports. 
  • Subscription-based model– One-time payment of a monthly or annual fee to gain unlimited access for the duration.

Nazara Tech also receives cash flows from advertisements and several premium games. The company operates Nodwin Gaming and Sportskeeda in the eSports and eSports media segments, respectively. They also operate HalaPlay and Qunami under the skill-based, fantasy, and trivia games category. Nazara Tech had recently announced the acquisition of OpenPlay, a skill-based gaming platform. It has a presence in the Middle East, Africa, and North America as well. The company is backed by investors such as Rakesh Jhunjhunwala, IIFL, Abu Dhabi Investment Authority (ADIA), and Westbridge Capital.

Zensar Technologies

Zensar Technologies Ltd is a digital solutions and technology services company based in Pune. Established in 1991, the company provides information technology (IT) services and solutions across the globe. They provide services such as mobile app development, web development, e-commerce development, game development, Artificial Intelligence (AI) and Automation, Cloud Infrastructure, Data Management, Data Science, and other technologies. 

OnMobile Global

OnMobile Global Limited provides telecom value-added services in India and across the globe. The company was founded in 2000 and is headquartered in Bengaluru. It offers apps and services under the ONMO brand name. They also offer carrier services, such as ringback tones, videos, contests, and games.

Moreover, IT majors such as Tata Consultancy Services and Infosys have experienced personnel that develop 3D games and Augmented/Virtual Reality games. There is heavy competition amongst game developers worldwide.

Concerns Regarding Gaming in India 

As mentioned before, mobile gaming makes up a large chunk of the Indian gaming market as a result of access to affordable smartphones, high-speed 4G internet penetration, and the world’s lowest data tariffs. Improved disposable income amongst Indians has also led to greater willingness to make in-app purchases as well. The surge in gaming comes from an evolving demand for virtual entertainment with friends, family, and peer groups. There is also a sharp rise in the number of influencers that encourage Indians to play more games. These factors have reportedly made India the fourth-largest market for online games globally.

Time and again, experts and government authorities discuss the negative effects of gaming at length. Heavy-duty online gaming is frowned upon in India, as certain studies have shown that it could lead to several physical and mental problems, including addiction. While online games have become a vital element for time pass and entertainment, there is potential for overuse or misuse among the young population. There are risks related to exposure of children to inappropriate content, cyberbullying, gambling, and sexual exploitation. The gaming industry is also prone to constant cyber-attacks and data breaches. It is important to find an essential balance between the potential benefits and harmful effects of online gaming.

China, the largest market for online gaming, recently imposed a rather harsh rule that forbids under-18s from playing online games for more than three hours a week. Such a crackdown could severely impact the country’s $46 billion gaming industry and companies such as Tencent and Bilibili Inc.

What are your views on India’s online gaming ecosystem and industry? Let us know in the comments section of the marketfeed app. 

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PM Modi Launches Vehicle Scrappage Policy – Top Indian Market News

PM Modi launches vehicle scrappage policy

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

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L&T secures order for oxidation reactor from Technip Energies

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

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Purvankara Q1 Results: Net profit at Rs 154 crore

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

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Wockhardt partners with RDIF to manufacture, supply Sputnik vaccines

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

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

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

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Grasim Industries Q1 Results: Net profit at Rs 481 crore

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

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Tata Power Renewable commissions 100 MW solar project in Gujarat

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

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

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

Cadila Healthcare gets USFDA approval for Mesalamine ER capsules

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

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

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

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

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

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Aarti Drugs Reports 12% YoY Decline in Net Profit in Q4 – Top Indian Market News

Aarti Drugs Q4 Results: Net profit declines 12% YoY to Rs 51.6 crore

Aarti Drugs reported a 12% year-on-year (YoY) decline in consolidated net profit to Rs 51.6 crore for the quarter ended March (Q4). Net profit has declined by 24% when compared to the previous quarter (Q3 FY21). The drugmaker’s net sales rose 11.6% YoY to Rs 501.75 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 98.3% YoY to Rs 280.41 crore. Net sales have grown by 19.3% YoY to Rs 2,154.78 crore in FY21.

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Kesoram Industries Q4 Results: Net profit at Rs 96.4 crore

Kesoram Industries reported a consolidated net profit of Rs 96.41 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 82.17 crore in the corresponding quarter a year ago (Q4 FY20). Net profit has jumped 80.5% when compared to the previous quarter (Q3 FY21). Revenue from operations rose to Rs 861.56 crore in Q4 FY21, compared with Rs 532.49 crore in the year-ago period. The company’s board has approved fundraising of up to Rs 600 crore, including a rights issue of Rs 200 crore. The funds will be utilised to repay debts.

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Zensar Technologies to acquire US-based digital engineering firm M3bi

Zensar Technologies has signed definitive agreements to acquire M3bi, a US-based data engineering and digital engineering firm, for $30.6 million (~Rs 224 crore). The company will acquire the entire share capital of M3bi Private Ltd (M3bi India), while its wholly-owned subsidiary— Zensar Technologies Inc (USA) will acquire the entire share capital of M3bi LLC. This move will enhance Zensar Tech’s capabilities in the field of business intelligence and analytics, data warehousing & big data.

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Pfizer likely to sell 50 million doses to India by Q3: Report

According to a report from the Times of India, drug manufacturer Pfizer is likely to sell 50 million doses of its Covid-19 vaccine to the Indian government by the third quarter of this year. The report states that the Centre is in ‘high-level’ discussions with Pfizer, which is proceeding in a successful direction. A recent study revealed that the Pfizer-BioNTech vaccine appeared to work against highly transmissible variants of Covid-19. 

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Trident Q4 Results: Net profit rises 90.5% YoY to Rs 76.45 crore

Trident Limited reported a 90.5% YoY increase in consolidated net profit to Rs 76.45 crore for the quarter ended March (Q4). Net profit has declined by 31.8% when compared to the previous quarter (Q3 FY21). Its total revenue rose 35.69% YoY to Rs 1,344.95 crore during the same period. The company’s board has recommended a final dividend of Rs 0.36 per share.

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Tata Steel approves conversion of 56.02 lakh partly-paid up shares

The Board of Directors of Tata Steel has approved the conversion of 56.02 lakh partly paid-up equity shares (Rs 2.504 paid-up) of the face value of Rs 10 each to fully paid-up equity shares of the face value of Rs 10 each, on which the first and final call money of Rs 461 per share has been received. The call money includes the face value of Rs 7.496 per share and securities premium of Rs 453.504 per share.

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You can learn more about partly paid-up shares here.

Kirloskar Industries Q4 Results: Net profit rises 73% YoY to Rs 67.49

Kirloskar Industries reported a 73.72% YoY increase in consolidated net profit to Rs 67.49 crore for the quarter ended March (Q4). Its revenue from operations rose 63.5% YoY to Rs 750.82 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 70.8% YoY to Rs 163.79 crore. The Board of Directors of Kirloskar Industries has recommended a dividend of Rs 10 per share. The company’s board has also approved an investment of up to Rs 15 crore in its wholly-owned subsidiary— Wellness Space Developers Ltd.

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PNB closes QIP issue at 5% discount to floor price

Punjab National Bank (PNB) has closed its qualified institutional placement (QIP) offering with ~5% discount to the floor price of the issue. Equity capital was raised at Rs 33.75 per share, as against the floor price of Rs 35.53 per share fixed earlier by PNB. The bank has not revealed the actual amount it has raised through this QIP. PNB was looking to raise Rs 1,800 crore, including an option to retain oversubscription up to Rs 600 crore.

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Geojit Financial Services Q4 Results: Net profit rises 94% YoY to Rs 36 crore

Geojit Financial Services Ltd reported a 94.08% YoY rise in consolidated net profit to Rs 36.39 crore for the quarter ended March (Q4). Net profit rose 18.8% when compared to the previous quarter (Q3 FY21). Its revenue from operations rose 47% YoY to Rs 121.38 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 161.8% YoY to Rs 123.16 crore. The company’s board has recommended a final dividend of Rs 2 per share.

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Quick Heal Tech Q4 Results: Net profit jumps 195% QoQ to Rs 39.7 crore

Quick Heal Technologies reported a 195% quarter-on-quarter (QoQ) jump in consolidated net profit to Rs 39.72 crore for the quarter ended March (Q4). Its revenue from operations rose 50% QoQ to Rs 105 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 43.77% YoY to Rs 106.98 crore. The company’s board has recommended a final dividend of Rs 4 per share.

IRB InvIT’s Q4 distribution stands at Rs 2.5 per unit

IRB Infrastructure Investment Trust (InvIT) announced that it will be distributing Rs 2.5 per unit for Q4 FY21. This takes the overall distribution to unitholders to Rs 8.5 per unit for the financial year 2020-21. IRB InvIT owns, operates, and maintains a portfolio of toll road concessions in India. Its gross income for Q4 stood at Rs 334 crore, compared with Rs 316 crore in the corresponding period last year (Q4 FY20).

Devyani International files DRHP for Rs 1,400 crore IPO

Devyani International has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 1,400 crore through an initial public offering (IPO). The company is the largest franchisee of Pizza Hut, KFC, and Costa Coffee in India. The IPO comprises a fresh issue of Rs 400 crore and an offer for sale (OFS) of up to 12.53 crore equity shares by promoters.

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Finance Minister Presents Union Budget 2022 in Parliament – Top Indian Market News

Finance Minister presents Union Budget 2022 in Parliament

Finance Minister Nirmala Sitharaman has presented the Union Budget 2021-22 in the Parliament. The minister has announced the scrapping of income tax for senior citizens above 75 years and new rules for the removal of double taxation for NRIs. Sitharaman has also announced a Rs 64,180 crore package for the healthcare sector, which will be spread over the next 6 years. A voluntary scrapping policy for old vehicles has also been launched. India’s fiscal deficit is set to jump to 9.5% of the GDP in 2020-21.

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Automobile companies register strong sales growth in January

Major automobile companies registered healthy sales growth during January 2021. Tata Motors posted a 28% YoY increase in domestic sales to 57,742 units, which was led by higher car sales. TVS Motor Company reported a 31% YoY increase in total sales to 3.07 lakh units in January. Mahindra & Mahindra’s farm equipment sales rose 50% YoY to 34,778 units. Maruti Suzuki posted a 4.3% YoY increase in total sales to 1.60 lakh units during the same period.

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Adani Green Energy commissions 100 MW solar power plant in Uttar Pradesh

Adani Solar Energy Four Pvt Ltd, a subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 100 MW (2×50 MW) solar power project at Jalalabad in Uttar Pradesh. The two solar plants have power purchase agreements (PPAs) with Uttar Pradesh Power Corporation Ltd (UPPCL) at Rs 3.22/kWh and 3.19/kWh, respectively, for a period of 25 years. This places AGEL’s total renewable portfolio of 14,815 MW well on track to reach its vision of 25 GW capacity by 2025.

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SJVN bags 679 MW hydroelectric project in Nepal

SJVN Ltd has received an order from the Investment Board of Nepal to construct a 679 MW Lower Arun Hydropower Project. The project will be constructed under a Build, Own, Operate and Transfer (BOOT) model. On completion, the project will generate 3,561 million units of electricity per annum. 

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Kansai Nerolac Paints Q3 Results: Net profit rises 76% YoY to Rs 204 crore

Kansai Nerolac Paints reported a 76.58% YoY increase in consolidated net profit to Rs 204.5 crore for the quarter ended December (Q3). Its revenue rose 19.68% YoY to Rs 1,606.86 crore during the same period. The company stated that both the decorative and industrial segments witnessed double-digit volume growth in Q3. 

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Coromandel Q3 Results: Net profit rises 26% YoY to Rs 333 crore

Coromandel International Ltd reported a 26.20% YoY increase in net profit to Rs 333.80 crore for the quarter ended December (Q3). Its revenue rose 7.76% YoY to Rs 3,541.87 crore during the same period. The company’s board has declared an interim dividend of Rs 6 per share. Hyderabad-based Coromandel International is in the business of fertilizers, pesticides, and specialty nutrients.

Tata Power gets LoI for distribution and retail sale of electricity

Tata Power Ltd has received a Letter of Intent (LoI) from the Odisha Electricity Regulatory Commission (OERC) for the distribution and retail supply of electricity in the 5 circles of North Eastern Electricity Supply Company of Odisha Ltd’s (NESCO) Utility. This includes the areas of Balasore, Bhadrak, Baripada, Jajpur, and Keonjhar. The proposed sale of NESCO Utility to Tata Power will be through the formation of a Special Purpose Vehicle (SPV) entity.

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Zensar launches integrated Digital XDR solution

Zensar Technologies Ltd has launched an integrated Digital XDR (extended threat detection response) solution as part of its Digital Foundation Services offerings. The XDR solution provides organizations with adaptive expert intelligence and threat prediction capabilities by prioritizing the business risk tailored to their environment. This offering eliminates the need for expensive hardware appliances and provides usage-based threat detection and hunting services. 

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Rane Brake Q3 Results: Net profit rises 26% YoY to Rs 12 crore

Rane Brake Lining Ltd reported a 25.9% YoY increase in net profit to Rs 12.88 crore for the quarter ended December (Q3). Its revenue rose 4.7% YoY to Rs 126.58 crore during the same period. The Chennai-based company manufactures and sells brake pads, brake blocks, and other friction materials for the automobile industry.

MRPL Q3 Results: Net loss at Rs 71 crore

Mangalore Refinery and Petrochemicals Ltd (MRPL) reported a net loss of Rs 71 crore for the quarter ended December (Q3). It has posted a net loss of Rs 37 crore in the corresponding period last year. The company’s revenue from operations stood at Rs 14,136 crore in Q3, compared with Rs 16,745 crore in Q3 FY20. The gross refining margin (GRM) of MRPL stood at $3.26 per barrel in Q3 FY21, as against $3.19 per barrel in the corresponding period last year.

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NCC secures five new orders worth Rs 1,200 crore

NCC Limited announced that it had received five new orders worth Rs 1,200 crore in the month of January 2021. Out of these, orders worth Rs 607 crore pertain to the Water & Environment Division, and order worth Rs 593 Crore pertain to its Buildings Division. These orders have been received from various Central/State Government agencies.

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USA, Mexico Authorizes Emergency Use of Pfizer Vaccine – Top Market News

USA, Mexico authorizes emergency use of Pfizer vaccine

The US Food and Drug Administration (USFDA) and Mexico’s drug regulator- Cofepris have authorized the Covid-19 vaccine developed by Pfizer-BioNTech for emergency use in their respective countries. So far, the Pfizer-BioNTech vaccine has been approved for emergency use in a total of five countries- the United Kingdom, Bahrain, Canada, the United States, and Mexico.

India’s economic recovery faster than expected: PM Modi

Prime Minister Narendra Modi, on Saturday, stated that economic indicators have shown encouraging signs of recovery of the Indian economy. He stated that India has seen record Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI) inflows during the pandemic. PM Modi was addressing FICCI’s 93rd Annual General Meeting and Annual Convention via video conferencing. On farm laws, PM Modi said that that the new reforms will give farmers new markets and access to technology. He further stated that the farm reforms will help bring investments in agriculture that will benefit farmers.

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Yes Bank sells 2.56% stake in Coffee Day group-owned Sical Logistics

Yes Bank has sold 15 lakh shares, which is equivalent to a 2.56% stake, in Sical Logistics. The nominal value of each share was Rs 10. Sical was acquired by Coffee Day group in 2011. It is engaged in customs handling, trucking & steamer agency businesses, mining, port logistics, road & rail transport, etc.

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Finance Ministry approves Rs 9,879 crore capital expenditure proposal of 27 states

The Finance Ministry has approved Rs 9,979.61 crore worth of capital expenditure proposals of 27 states. Out of the total amount, Rs 4,939.81 crore has been released as the first installment. This is part of the newly announced government scheme for ‘Special Assitance to States for Capital Expenditure’, under the Atmanirbhar Bharat package.

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L&T to win orders worth Rs 5,500 crore, including NPCIL and Chennai Metro Rail jobs: Report

According to a report from ET Prime, Larsen & Toubro (L&T) has emerged as the lowest bidder for three orders worth around Rs 5,500 crore. This includes a contract from the Nuclear Power Corporation of India (NPCIL) for its Kudankulam project. The two other orders are from Chennai Metro Rail and energy major Oil & Natural Gas Corporation (ONGC). The report states that L&T is likely to officially receive the orders from these clients in the last quarter of 2020-21.

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Tata Motors offers VRS scheme to control costs

Tata Motors Ltd has offered a voluntary retirement scheme (VRS) to its employees, in an effort to control costs and efficiently implement its turnaround plans. The VRS scheme is open till January 9, 2021, and will cover nearly half of Tata Motors’ 42,957 employees. This is the third time in four years that Tata Motors is floating a VRS. 

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Banks select Vedanta’s offer of Rs 5,000- Rs 6,000 crore for Videocon: Report

According to a report from ET Prime, banks have selected Vedanta group’s Rs 5,000- Rs 6,000 crore offer for the debt-ridden Videocon Industries. The Vedanta group was engaged in negotiations with a group of lenders, led by State Bank of India, after submitting its first offer. The final offer by Vedanta would imply the recovery of 16-20% of the total dues of Videocon to its lenders. Videocon Industries owes banks Rs 30,000 crore, including interest accumulated over the years.

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Violence brakes out at Wistron Corp’s iPhone manufacturing plant near Bengaluru

Workers at Wistron Corporation’s factory in Narasapura (near Bengaluru) went on a rampage on Saturday morning over the non-payment of wages and extended working hours. The protesters raised slogans against the management, pelted stones at the office, and set fire to a company name board. According to reports, 80 employees of Wistron have been arrested so far. Taiwan-based Wistron Corp is a contract manufacturer for Apple iPhones.

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ICICI Prudential’s assets under management cross Rs 2 lakh crore

ICICI Prudential Life Insurance Company’s assets under management (AUM) have crossed Rs 2 lakh crore, as it entered its 20th year of operations. AUM is the total market value of the investments that an entity manages on behalf of clients. The company stated that this milestone demonstrates its steadfast focus on customer-centricity and the commitment of its employees and other stakeholders.  

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Board of Zensar Tech approves change in MD and CEO

The Board of Zensar Technologies Ltd announced that Ajay Bhutoria will be succeeding Sandeep Kishore as Chief Executive Officer and Managing Director. Prior to this, Ajay Bhutoria was chief executive of L&T-NxT, before which he was country head of Cognizant Switzerland. Sandeep Kishore, who had been appointed for five years, shall leave on January 11, 2021 (after his term ends). 

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