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Manufacturing PMI at 56.2 in August – Top Indian Market Updates

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

Manufacturing PMI hits 8-month high in August

India’s manufacturing sector activity continued to grow at a robust pace in August, led by a pick-up in demand amid softening input cost inflation. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 56.2 in August, compared to 56.4 in July. Both output and new orders grew during the month.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.  

Read more here. 

Auto sales data for August 2022: Highlights  

Maruti Suzuki India posted a 26.4% year-on-year (YoY) increase in total sales to 1,65,173 units in August 2022. Sales of its compact vehicle segment rose 42% YoY to 93,719 units. Exports rose 4.2% YoY to 21,481 units.

Tata Motors Ltd registered a 41% YoY increase in total sales to 76,479 units in August. The automaker’s commercial vehicle sales rose 6% YoY to 31,492 units. Overall passenger vehicle sales rose 68% YoY to 47,166 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 29,852 units in August, an increase of 87% YoY. M&M’s commercial vehicle sales jumped 142% YoY to 21,492 units. 

Bajaj Auto posted an 8% YoY increase in total sales to 4,01,595 units. Meanwhile, TVS Motor Company’s total sales stood at 3,15,539 units in August, up 15% YoY.

Read more here.

GMDC to study economic viability of rare earth elements processing unit in Gujarat

Gujarat Mineral Development Corp. Ltd. (GMDC) said it would conduct a study to determine the economic viability of setting up a rare earth elements (REE) processing unit in Gujarat. REE is crucial for developing green energy technologies like permanent magnets for electric vehicles, wind turbines, and LEDs. The company also plans to carry out a pre-economic assessment for the deposit at Ambadongar (Gujarat) and test for REE oxide production.

Read more here.

CIL achieves 108% of its annual supply target to power sector during April-August

Coal India Ltd’s (CIL) supplies to the power sector rose to 243.3 million tonnes (MTs) in April-August against the annual action plan (AAP) target of 225.4 MTs. With improved coal supplies, coal stock at power plants rose to 30 MT in August. This is higher than 12.8 MTs of coal stocks at the end of August in FY22.

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NDTV says stake sale to Adani needs approval from tax authorities

New Delhi Television Ltd (NDTV) said a major stake sale by its founders to the Adani Group would require clearance from India’s tax authorities. In 2017, the Income Tax Dept. provisionally barred NDTV’s founders, Prannoy and Radhika Roy, from selling a part of their stake as part of a reassessment of their taxes. Last week, the Adani Group unveiled plans to control a majority stake in the news network.

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Lux Industries aims to double market share of its innerwear brand in India

Lux Industries Ltd is aiming to double the market share of its brand Lux Venus in the Indian innerwear segment. The company has repositioned Lux Venus and has rolled out a brand-new campaign, “Sabko Maangta Hai”, featuring actor Salman Khan. Currently, Lux Venus has a strong presence in the market due to its high brand recall and enjoys a market share of 15-16% in the men’s innerwear market. 

Read more here.

Zomato shares rise 8% on launching next-day intercity delivery service

Shares of Zomato Ltd were trading more than 8% higher today after the company launched ‘Intercity Legends’, its intercity delivery service for popular dishes. By leveraging Zomato’s vast network of restaurant partners and delivery partners and a deep understanding of food technology, dishes will be delivered from across India, the very next day of ordering. State-of-the-art mobile refrigeration technology preserves food without the need to freeze it or add any kind of preservatives.

Read more here.

HDFC Bank to open 207 branches in Maharashtra

HDFC Bank announced plans to open 207 branches and 80 smart banking lobbies in Maharashtra this financial year (FY23). Of these, 90 branches will be opened in metro and urban areas, while 117 branches will be in semi-urban and rural areas. As part of the expansion plan, the bank said it plans to hire over 3,000 employees across the state. 

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BEL signs MoU with Smiths Detection to manufacture high-energy scanning systems in India

Bharat Electronics Ltd (BEL) has signed a Memorandum of Understanding (MoU) with Smiths Detection to offer advanced, high-energy scanning systems to the Indian market. UK-based Smiths Detection is a threat detection and security inspection technologies company. The MoU will leverage the high-end technological capabilities of both firms to meet India’s domestic security needs.

Read more here.

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Zomato Discontinues Pro, Pro Plus Programs – Top Indian Market Updates

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

Zomato discontinues Pro, Pro Plus programs

Food delivery platform Zomato has stopped onboarding new members and merchant partners to ‘Pro’ and ‘Pro Plus’ programs. These are members-only programs that assured food delivery on priority and exclusive discounts. After membership terms expire, active members won’t be able to extend or renew their subscriptions. The company said it will come up with a new program as a replacement for the discontinued schemes.

Read more here.

L&T secures large contract from Indian Oil Corporation

The hydrocarbon-onshore division of Larsen & Toubro’s energy business has secured a large contract (in the range of Rs 2,500-5,000 crore) from Indian Oil Corporation Ltd (IOCL). The contract is for setting up a Residue Hydrocracker Unit (RHCU) for IOCL’s P-25 Project. IOCL is implementing the Panipat refinery expansion (P-25) project to enhance capacity from 15 million metric tonnes per annum (MMTPA) to 25 MMTPA.

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Hatsun Agro approves plan to raise Rs 700 crore

Hatsun Agro Products Ltd’s (HAPL) board has approved a proposal to raise Rs 700 crore through private placement of shares via a Qualified Institutional Placement (QIP). The board also gave its approval to acquire paid-up share capital (not exceeding 20%) of Huoban Energy 4 Pvt. Ltd. The investment is done for consuming solar energy captively for HAPL’s plant in Maharashtra.

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RIL files contempt petition against SEBI before Supreme Court

Reliance Industries Ltd (RIL) has filed a contempt plea against the Securities & Exchange Board of India (SEBI) before the Supreme Court (SC), alleging ‘wilful disobedience’ about an order of the apex court that had directed the market regulator to give RIL access to certain documents in a 20-year-old stock allotment case. The move comes when SEBI plans to file a review petition in SC against the August 5 order that had ruled in favour of RIL on accessing the relevant documents.

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Aurionpro secures order from one of the largest public sector banks in India

Aurionpro Solutions Ltd (ASL) has secured an order from one of the largest public sector banks in India. The order is for providing 24×7 support monitoring services for the Murex Treasury Platform at the bank. “The recent upgradation of our partnership with Murex and this new win has strengthened our position in the market, and we are looking forward to further deepening our engagement with the bank,” said ASL in a statement.

Creditors to Future Retail place claims worth Rs 21,000 crore

Future Retail Ltd. has received claims of Rs 21,057 crore from 33 financial creditors, as per data released by the company that is under the corporate insolvency resolution process. Of the total claims received, Rs 17,511.69 crore has been verified by the interim resolution professional (IRP). Claims worth Rs 3,546 crore have not yet been verified. State Bank of India, Punjab National Bank, and other state-owned lenders have claimed over Rs 12,755 crore.

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Bank of Baroda plans to raise Rs 2,500 crore via AT1 bonds

Bank of Baroda has announced plans to raise debt capital of Rs 2,500 crore through Additional Tier-1 (AT1) bonds in single or multiple rounds. AT1 bonds are a type of perpetual (no maturity date) debt instrument that banks use to augment their core equity base. They offer higher returns to investors but carry higher risk as well. 

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Subex to deploy its fraud management solution for Ethio Telecom

Ethio Telecom has selected Subex Ltd to deploy its fraud management solution. The solution will replace Ethio’s existing legacy fraud management system, enabling them to move from a traditional rules-based approach to an AI-first approach. They will be able to bring in enhanced accuracy, coverage, and time-to-detect. Ethio Telecom is Ethiopia’s leading integrated telecom solutions provider with over 50 million subscribers.

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Cipla aims to double India business in 5 years, looks at innovation in US: CEO

Cipla Ltd hopes to transform itself into a global healthcare organisation, with a sharp focus on strengthening its presence in the US market and doubling its Indian business, said CEO Umang Vohra. He said Cipla has the potential to double US business on the back of new launches in the next five years. The pharma major is also looking at China, Brazil, South Africa, and Australia as key markets, with Australia likely to be a $100-million market shortly.

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Sobha settles nearly Rs 2.93 crore with SEBI in trade case

Real estate developer Sobha Ltd has settled Rs 2.925 crore with market regulator SEBI. Following this, the adjudication proceedings initiated against Sobha and its three Executive Directors have been disposed of. The settlement order has been passed on Monday and came into force with immediate effect.

During FY17-19, SEBI investigated certain transactions carried by Sobha with D.K. Shivakumar (DKS) and his family members/associates, which was allegedly against the interest of the minority shareholders of Sobha.

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Editorial

5 Things Wrong With The Indian Startup and VC Ecosystem

Do you know what’s common between OYO, PayTM, BYJUS, and Swiggy? While they have a valuation of greater than $10 billion, none of them are profitable. Startups have for long aimed for valuation and growth. Profitability is far from visible for many unicorns. 

Speaking of India’s largest IPO turned fiasco, the PayTM IPO. The IPO was oversubscribed 1.89x and ended up listing at a discount, costing investors $900 million in just two days. The party seems to have ended with PayTM IPO, where investors have lost close to 60% of their wealth as of February 2022. Institutional investors and venture capitalists (VCs) offloaded shares right before PayTM’s IPO, while retail investors later bore the brunt. Even anchor investors exited the company as soon as their lock-in period ended.

Starting in 2022, there has been a lot of chatter on startups closing down, firing all of their workforces, employees being ill-treated, startup founders being fired for governance issues, and much more. This brings us to a question: what’s wrong with the Indian startup ecosystem?

Valuation is King! Not Profit

As of February 2022, India is home to 91 unicorns, and most aren’t profitable. While the ultimate aim of a firm used to be ‘profit maximization’, now it has become ‘increasing shareholder’s wealth’. It seems like profits are for businesses and startups earn valuation. While sky-high valuation (with no profitability) is something that helps VCs and founders grow their wealth and enterprises, it lays the groundwork for a bubble that could explode once the ecosystem runs out of liquidity.

Customer Is King…At The Cost Of Employees?

Recent startups have had reports of poor human resource (HR) practices. It seems that the entire ecosystem is following a single motto: ‘Hire To Grow, Fire To Sustain’. Unicorns like OYO, PayTM, and Byju’s have laid off employees without any benefits or even a notice period and violated essential labor laws. Gig workers for unicorns like Zomato and Swiggy often go on strikes and claim to be underpaid.

BYJUS and WhiteHat Jr were in the news after clips of management’s misbehavior with its employees surfaced on social media. Pradeep Poonia, a software engineer, exposed malpractices to startups like BYJUS and WhiteHat Jr. through social media.

LIDO, an edtech startup, shut its operations and fired all of its employees without a notice period or prior intimation. The startup closed down nearly 5 months after it raised $10 million. Tiger Global-backed OkCredit fired around 35% of its workforce. On the contrary, the company had planned to ‘double its workforce’ by the FY22 end. These are not the only reported cases. Most HR malpractices go unquestioned by the ecosystem, making ‘hire to fire’ a norm in the startup world.

High Customer Acquisition Cost (CAC)

Point blank, Indian startups have a very High Customer Acquisition Cost (CAC). At a seed or early stage, when resources are limited, startups tend to spend way too much on advertising, marketing, and promotion. Eventually, startups end up exhausting their capital on acquiring customers instead of spending more on customer service or product development.

Poor Product and Flawed Business Models

Looking around the startup ecosystem markets, it feels like any product + e-commerce = a million-dollar startup. While e-commerce is the backbone of most successful enterprises, startups fail to understand the backbone of the business. They fail to realize that a product is its best salesperson.

Startups Spread Fast and Fail Faster

Startups intend to spread like wildfire and end up getting engulfed by one. Most startups in today’s time want to expand across India. Each area in the country comes with a different set of social, cultural, economic, political, physical, and physiological challenges. Instead of focusing on one area at a time, startups scatter their locations, making it problematic to handle.

Startups have been a hot topic in our country ever since the business reality television series Shark Tank India aired. The general public is more aware that bootstrapped or seed-round startups face challenges. The startup bubbles have started popping, and VCs are now more conscious about practices that could drive a startup down. One can expect startups to have a more disciplined approach and a greater success rate in the next ten years.

What are your views on the current state of the Indian startup ecosystem? Let us know in the comments section of the marketfeed app.

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Market News Top 10 News

Bharti Airtel Signs 5G Network Deals with Nokia, Samsung – Top Indian Market Updates

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

Bharti Airtel signs 5G network deals with Ericsson, Nokia, Samsung

Bharti Airtel Ltd has signed 5G network agreements with Swedish equipment maker Ericsson, Nokia, and Samsung to commence deployment of 5G networks from August. Ericsson will provide 5G connectivity in 12 circles for Bharti Airtel. The multi-year deal with Nokia will provide equipment from its AirScale portfolio and solutions for network management, deployment, planning, and optimisation services. Samsung will act as Airtel’s network partner to deploy 5G services.

Read more here.

Adani Power Q1 Results: Net profit jumps 16x YoY to Rs 4,780 crore

Adani Power Ltd reported a 16-fold YoY jump in consolidated net profit to Rs 4,780 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 115% YoY to Rs 15,509 crore during the same period. The company’s performance in Q1 was aided by a surge in power purchase agreement (PPA) tariffs due to higher import coal prices and greater alternate coal usage. EBITDA stood at Rs 7,506 crore, up 227% YoY.

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Tata Power Green commissions 225 MW hybrid power project in Rajasthan

Tata Power Green Energy Ltd (TPGEL) has commissioned a 225 megawatts (MW) hybrid power project in Rajasthan. The power generated from the project will be supplied to Tata Power-Mumbai Distribution under a Power Purchase Agreement (PPA) for 25 years. The plant will annually offset approximately 700 million kilograms of carbon dioxide.

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Adani Wilmar Q1 Results: Net profit rises 10% YoY to Rs 194 crore

Adani Wilmar Ltd reported a 10.2% YoY increase in consolidated net profit to Rs 193.59 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 30.2% YoY to Rs 14,731.62 crore during the same period. EBITDA stood at Rs 496 crore, up 14% YoY. Overall volumes grew 15% YoY to 1.19 million metric tonnes (MMT). The company’s edible oil business posted a 6% YoY growth in volumes, while its food & FMCG segment grew 53% YoY.

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Inox Wind secures order for 200 MW wind power project from NTPC

Inox Wind has secured an order to establish a 200 MW wind power project from NTPC Renewable Energy Ltd. The project will be executed in Kutch District, Gujarat, and is scheduled to be commissioned by January 2024. As part of the order, Inox Wind will supply and install Wind Turbine Generators with 113 meters rotor diameter and 92 meters hub height. The company will also provide comprehensive operation and maintenance (O&M) for the project.

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Vodafone Idea Q1 Results: Net loss at Rs 7,297 crore

Vodafone Idea Ltd (Vi) reported a consolidated net loss of Rs 7,296.7 crore for the quarter ended June (Q1 FY23). The telecom major had posted a net loss of Rs 7,319 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 13.7% YoY to Rs 10,410 crore in Q1 FY23. The average revenue per user (ARPU) stood at Rs 128 in Q1 FY23, compared to Rs 104 in Q1 FY22.

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SpiceJet in talks with investors for stake sale: Report

As per a report from ET NOW, a Middle Eastern airline has expressed interest to pick up a 24% stake and a board seat in SpiceJet Ltd. Sources added that a big Indian business conglomerate has also approached promoter Ajay Singh to acquire a stake in the budget carrier. Ajay Singh holds around a 60% stake in SpiceJet. The cash-strapped airline urgently requires capital to keep flying.

Read more here.

IndiGo Q1 Results: Net loss narrows to Rs 1,064 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 1,064.3 crore for the quarter ended June (Q1 FY23). The airline had posted a net loss of Rs 1,681.80 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped 327.5% YoY to Rs 12,855.3 crore in Q1 FY23. IndiGo’s passenger ticket revenues stood at Rs 11,466.9 crore, up 399% YoY.

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Uber sells 7.8% stake in Zomato for Rs 3,100 crore

Uber Technologies sold its entire 7.78% stake in Zomato Ltd in a bulk deal on the BSE today. The US-based company sold 61.22 crore shares of Zomato, which it had earned by selling Uber Eats in an all-stock deal in 2020, at Rs 50.44 per share. Meanwhile, Fidelity’s Emerging Market Fund bought 5.44 crore shares of Zomato in the bulk deal at an average price of Rs 50.26. ICICI Prudential Life Insurance bought 4.5 crore shares at Rs 50.25 per share.

Read more here.

Inox Leisure Q1 Results: Net profit at Rs 57 crore

Inox Leisure Ltd reported a consolidated net profit of Rs 57.09 crore for the quarter ended June (Q1 FY23). The multiplex operator had posted a net loss of Rs 122.28 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations stood at Rs 582.26 crore in Q1 FY23, compared to Rs 22.31 crore in Q1 FY22 (when cine exhibition was impacted due to the second wave of the Covid-19 pandemic). The company added three new properties with 17 screens in Q1 FY23.

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India’s services PMI falls to 4-month low in July

India’s services sector lost momentum in July as demand was curtailed by competitive pressures, high inflation and unfavourable weather. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 55.5 in July, compared to 59.2 in June. Both output and sales increased at the weakest rates for four months.

[PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.]

Read more here.

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Manufacturing PMI Hits 8-Month High in July – Top Indian Market Updates

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

Manufacturing PMI hits 8-month high in July

India’s manufacturing sector activity hit the highest level in eight months in July 2022, driven by significant growth in business orders. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 56.4 in July, compared to 53.9 in June. Demand continued to advance in July on the back of easing price pressures.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.  


Read more here. 

Auto sales data for July 2022: Highlights  

Maruti Suzuki India posted an 8.3% year-on-year (YoY) increase in total sales to 1,75,916 units in July 2022. Sales of its compact vehicle segment rose 17% YoY to 1,05,151 units. Exports fell 4.3% YoY to 20,311 units.

Tata Motors Ltd registered a 52% YoY increase in total sales to 78,978 units in July. The automaker’s commercial vehicle sales rose 43% YoY to 34,154 units. Overall passenger vehicle sales rose 57% YoY to 47,505 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 28,053 units in July, an increase of 33% YoY. M&M’s tractor sales fell 14% YoY to 23,307 units. 

Bajaj Auto posted a 4% YoY decline in total sales to 3,54,670 units in July. Meanwhile, TVS Motor Company’s total sales stood at 3,14,639 units in July, up 13% YoY.

Read more here.

UPL Q1 Results: Net profit rises 29% YoY to Rs 877 crore

UPL Limited reported a 29% YoY increase in consolidated net profit to Rs 877 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 27% YoY to Rs 10,821 crore during the same period. Revenues remained firm on the back of better product realizations, favourable exchange rates, and higher volumes. EBITDA stood at Rs 2,342 crore, up 26% YoY.

Read more here.

Bharti Airtel acquires 19,800 MHz spectrum in 5G auction for 43,084 crore

Bharti Airtel Ltd has acquired 19,800 megahertz (MHz) spectrum for Rs 43,084 crore in India’s first 5G spectrum auction. It secured a pan India footprint of 3.5 GHz and 26 GHz bands. The telecom company plans to launch 5G services in every part of India, starting with key cities. Airtel is convinced that its higher-quality customer base will adopt 5G devices at a rapid pace in the country.

Meanwhile, Vodafone Idea has acquired spectrum in the 3300 MHz and 26 GHz bands to deliver 5G experience to its customers and strengthen enterprise offerings.

Read more here.

Zomato Q1 Results: Net loss at Rs 186 crore

Zomato Ltd reported a consolidated net loss of Rs 185.7 crore for the quarter ended June (Q1 FY23). The online delivery platform had posted a net loss of Rs 356.2 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 67.4% YoY (or 16.6% QoQ) to Rs 1,413.9 crore in Q1 FY23. Zomato’s gross order value (the total value of all orders placed online on its platform) grew 41.6% YoY to Rs 6,430 crore in Q1, with average monthly transacting customers at 16.7 million.

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Coal India’s output rises 11% in July

Coal India Ltd (CIL) produced 47.3 million tonnes (MT) of coal in July, registering a growth of 11% YoY. The state-owned company has maintained a double-digit rising streak for four consecutive months of the current financial year (FY23). CIL produced 207.1 MT of coal during April-July, recording a 24.3% YoY. The company accounts for more than 80% of domestic coal production.

Read more here.

ITC Q1 Results: Net profit rises 34% YoY to Rs 4,390 crore

ITC Limited reported a 34% YoY (or 4.6% QoQ) increase in consolidated net profit to Rs 4,390 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 39% YoY to Rs 19,831.27 crore during the same period. Its FMCG segment posted a 19.5% YoY increase in revenue at Rs 4,451 crore. Revenue from ITC’s hotel segment stood at Rs 554 crore, up 332.8% YoY.

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IndusInd Bank partners with Rupyy to offer loans for used cars

IndusInd Bank has announced a strategic partnership with Rupyy– a new-age digital lending platform that offers 100% paperless loan processing. This partnership will allow users of Rupyy to avail of simplified documentation and instant processing of loans for used cars from IndusInd Bank. The bank’s customers can now opt for flexible repayment options while transacting on Rupyy.

Read more here.

GST collections rises 28% to Rs 1.49 lakh crore in July

India’s Goods and Services Tax (GST) collection rose 28% YoY to touch the second-highest level of Rs 1.49 lakh crore in July 2022, driven by economic recovery and steps taken to curb tax evasion. In July, revenues from import of goods were 48% YoY higher, while revenues from domestic transactions (including import of services) were 22% YoY higher. This is the sixth time that the monthly GST collection crossed the Rs 1.40-lakh-crore mark since the implementation of GST in 2017.

Read more here.

Ramco Cements Q1 Results: Net profit falls 36% YoY to Rs 109.23 crore

The Ramco Cements Ltd reported a 36.37% YoY decline in consolidated net profit to Rs 109.23 crore for the quarter ended June (Q1 FY23). Its total income rose 44% YoY to Rs 1,785.64 crore during the same period. EBITDA fell 17% YoY to Rs 308 crore in Q1, mainly due to a sharp increase in fuel prices and weak cement prices. The company’s sold 3.31 million tonnes (MT) of cement in Q1 FY23, compared to 2.14 MT in Q1 FY22.

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Apollo Tyres gears up to meet demand from EV segment

Apollo Tyres Ltd expects electric vehicle (EV) adoption to pick up pace over the next few years and is gearing up to cater to demand both in passenger vehicle and two-wheeler segments. The company has launched two tyre brands— Amperion and Wav— for electric passenger vehicles and two-wheelers, respectively. It is also looking to cater to electric models in the European market through its “Vredestein” brand.

Read more here.

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Zomato to Acquire Blinkit for Rs 4,447 crore – Top Indian Market Updates

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

Zomato to acquire Blinkit for Rs 4,447 crore

Zomato Ltd’s board has approved the acquisition of quick commerce company Blinkit for Rs 4,447 crore in an all-stock deal. The food delivery firm already holds a more than 9% stake in Blinkit. This acquisition will help Zomato broaden its offerings and fuel its instant grocery delivery play. In March, Zomato had extended a lifeline to cash-strapped Blinkit through a loan of $150 million to its parent company Grofers India Pvt Ltd (GIPL).

Read more here.

Canara Bank to raise up to Rs 9,000 crore via bonds

Canara Bank’s board has approved a proposal to raise up to Rs 9,000 crore via debt instruments. The lender will raise up to Rs 5,500 crore through Basel-III compliant additional tier I bonds and Rs 3,500 crore via Basel-III compliant additional tier-II bonds during FY 2022-23. The proposal is subject to market conditions and necessary approvals.

Read more here.

Raymond aims to be net debt-free company in next 3 years

Raymond Ltd aims to be a net debt-free company in the next three years. According to its latest annual report, the company is focused on liquidity management through cost reduction initiatives and working capital optimisation. For the financial year ended March 31, 2022 (FY22), Raymond’s net debt has been reduced to Rs 1,088 crore. Net debt stood at Rs 1,416 crore in FY21 and Rs 1,859 crore in FY20.

Read more here.

Tata Chemicals Europe opens UK’s largest carbon capture plant

Tata Chemicals Europe (TCE) has officially opened the UK’s first industrial-scale carbon capture and usage plant. The move signals a key milestone in the race to meet UK’s net-zero targets. TCE completed the £20 million investment for the plant in northwest England. The company claims it can now manufacture one of the world’s lowest carbon footprint sodium bicarbonate and sodium carbonate products. These chemicals are used to make a wide array of everyday items seen in many households.

Read more here.

NTPC declares commercial operation of 92 MW floating solar capacity in Kerala

NTPC Ltd has started commercial operations of the last part capacity of 35 megawatts (MW) out of 92 MW Kayamkulam Floating Solar PV Project at Kayamkulam, Kerala. Spread over a 480-acre reservoir, this floating solar project will generate electricity from more than 3 lakh solar PV modules. NTPC’s total installed renewable energy capacity has now crossed the 2 gigawatts (GW) mark.

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Tata Steel Mining completes 100% acquisition of Rohit Ferro-Tech

Tata Steel Mining Ltd (TSML) has completed the acquisition of the remaining 10% stake in Rohit Ferro-Tech (RFT) for Rs 20 crore. On April 12, Tata Steel’s subsidiary (TSML) completed the acquisition of a 90% stake in RFT as per the approved resolution plan under the Insolvency and Bankruptcy Code 2016. TSML’s investment in RFT was made through a combination of equity of Rs 10 crore and an inter-corporate loan of Rs 607.12 crore.

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Suven Life Sciences to raise up to Rs 400 crore via rights issue

Suven Life Sciences Ltd’s board has approved a proposal to raise up to Rs 400 crore via a rights issue. The company’s board has also approved an increase in the authorised share capital from Rs 20 crore divided into 20 crore equity shares of Re 1 each into Rs 30 crore divided into 30 crore equity shares of Re 1 each and consequential alteration in its Memorandum of Association.

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Vodafone Idea opts to pay Rs 8,837 crore dues in six annual installments

Vodafone Idea Ltd (VIL) has opted to pay adjusted gross revenue (AGR) related dues amounting to Rs 8,837 crore for FY18 and FY19 in six equal annual installments starting March 31, 2026. The Department of Telecommunications (DoT) recently offered the option in addition to its support package for the telecom industry announced in 2021.

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Dr. Reddy’s Labs acquires branded, generic injectables from Eton Pharma

Dr. Reddy’s Laboratories has acquired a portfolio of branded and generic injectable products from US-based Eton Pharmaceuticals Inc. Under the terms of the agreement, Dr Reddy’s acquired the portfolio for an upfront payment of ~$5 million in cash, plus contingent payments of up to $45 million. These products had a total addressable market value of $174 million as of April 2022 in the US.

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Market News Top 10 News

JSW Steel’s Crude Steel Output Rises 31% in May – Top Indian Market Updates

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

JSW Steel crude steel production rises 31% in May

JSW Steel Ltd’s crude steel production (standalone) increased by 31% year-on-year (YoY) to 17.89 lakh tonnes in May. The production of flat-rolled products also expanded by 29% YoY to 12.84 lakh tonnes. The company’s production of long items stood at 3.86 lakh tonnes, up 25% YoY. Currently, JSW Steel has an installed annual crude steel capacity of 18 million tonnes in India.

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Jio-bp to power Zomato’s 100% electric vehicle fleet

Jio-bp has entered into an agreement with Zomato Ltd to support the food delivery company’s commitment toward a 100% electronic fleet by 2030. The joint venture between Reliance Industries and UK-based bp will provide electric vehicle mobility services to Zomato. It will also offer access to Jio-bp pulse branded battery swapping stations for last-mile delivery.

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UPL’s arm acquires 100% stake in Kudos Chemie

UPL Speciality Chemicals Ltd, a wholly-owned subsidiary of UPL Ltd, has acquired a 100% stake in Punjab-based Kudos Chemie Ltd. Kudos manufactures speciality chemicals used as ingredients in the beverages and pharmaceutical industries. It has a manufacturing facility near Chandigarh. UPL has paid Rs 40 crore as the total consideration for the acquisition.

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SEBI issues demand notices to BSE, NSE in Karvy Stock Broking case

The Securities & Exchange Board of India (SEBI) has sent notices to stock exchanges BSE and NSE, asking them to pay over Rs 5 crore in a case related to Karvy Stock Broking Ltd (KSBL). It has warned of attachment of assets and bank accounts if they fail to make the payment within 15 days. In an order dated April 12, SEBI had imposed a penalty of Rs 3 crore on BSE and Rs 2 crore on NSE for failure on their part in detecting misuse of clients’ securities by KSBL.

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Tata Power Solar commissions 66 MW project for Vibrant Energy

Tata Power Solar Systems Ltd (TPSSL) has commissioned a 66 megawatt (MW) EPC project for Vibrant Energy. The project is expected to generate up to 110,029 units of energy per year, resulting in a 9 lakh tonne reduction in carbon emissions. It covers 191 acres and includes 1,27,268 solar modules. TPSSL’s entire utility-scale solar project portfolio now stands at 9.7 gigawatt-peak (GWp).

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Lupin opens first reference laboratory in Patna

Lupin Diagnostics, a subsidiary of Lupin Ltd, has opened its first regional reference laboratory in Patna, Bihar. The lab has the capabilities to conduct a broad spectrum of routine and specialized tests in the fields of molecular diagnostics, microbiology, hematology, immunology, and routine biochemistry. Lupin Diagnostics now operates through more than 280 centers across India.

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Nazara Tech plans to invest and acquire more gaming studios in India and abroad

Nazara Technologies Ltd’s MD Nitish Mittersain said the company is planning to invest and acquire more gaming studios in India and abroad. It aims to scale up the premium business segment rapidly this year and next. Nazara Tech operates a gaming and sports media platform in India and internationally.

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India’s trade deficit at $24.29 billion in May

India’s trade deficit widened to $24.29 billion in May 2022, compared to $6.53 billion a year ago. Total imports rose 62.83% YoY to $63.22 billion, while imports rose 20.55% YoY to $38.94 billion. Petroleum and crude oil imports surged 102.72% to $19.2 billion in May. Imports of coal and coke increased from $2 billion in May 2021 to $5.5 billion in May 2022.

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Cabinet approves 5G spectrum auction

The Union Cabinet has approved a proposal of the Department of Telecommunications (DoT) to conduct a 5G spectrum auction. Spectrum will be assigned to successful bidders for providing 5G services to the public and enterprises. The government will auction a total of 72097.85 MHz spectrum with 20 years of validity by July end.

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Editorial

Zomato Q4 Results: How Has The Food and Delivery Platform Fared?

Zomato got listed in July 2021. The food delivery platform’s share price has tanked by nearly ~42% since then. Amidst tough economic conditions, the company is trying to expand into the B2B segment with Hyperpure, growing breakneck, and keeping up with peers like Swiggy, Zepto, and Dunzo. 

Zomato had recently announced its Q4 results for the quarter ended March 2022. The company has seen an 11-15% jump in share prices in the past few days. This article explores how the food delivery giant performed last quarter and how it plans to expand its wings. 

Q4 FY22 Results

  • In the quarter ended March 2022, Zomato’s consolidated net loss jumped 434% QoQ and 168% YoY to Rs 360 crore. The company had a net loss of Rs 134 crore in the previous fiscal year. In Q4 FY22, consolidated revenue from operations increased 75% YoY and 9% QoQ to Rs 1,212 crore, up from Rs 692 crore last year.
  • Zomato’s expenses outweighed its revenue. The company’s total expenses almost doubled to Rs 1,701 crore from Rs 880 crore in the same quarter the previous year.
  • Average monthly transacting customers were at an all-time high of 15.7 million in Q4 FY22, growing from 15.3 million in the previous quarter. The average monthly active restaurant partners and delivery partners were at all-time highs as well. The Average Order Value (AOV) for FY22 was Rs 398 as compared to Rs 397 for FY21. For the top 8 cities, AOV increased by 3% YoY. Gross Order Value (GOV) grew by 6% QoQ and 77% YoY to a record high of Rs 5,850 crore
Source: Zomato Company Filings

Business Segments

  • The company’s B2B segment (Hyperpure) saw an 18% QoQ increase in revenue to Rs 160 crore in Q4 FY22. Hyperpure delivers fresh, hygienic, high-quality ingredients and supplies to restaurants and other businesses.  
  • The e-commerce, last mile, and hyperlocal delivery platforms currently face a shortage of workers due to high fuel prices and the post-COVID effect. “We are seeing some stress on the availability of delivery partners in the current quarter in select large cities since the last week of April. This is short-term in nature, as the post covid economic recovery has brought back jobs in cities. We lost some delivery partners to such jobs”, said Deepinder Goyal, Founder & CEO of Zomato. 
Source: Zomato Company Filings
  • Labour-intensive companies worldwide are doubling employee benefits to retain employees who are resigning in a phenomenon known as “The Great Resignation”. Similarly, Zomato’s employee benefit expenses have nearly doubled, increasing by 92% YoY to Rs 406 crore in Q4 FY22. 

What Lies Ahead

Zomato has recovered measurably from the post-COVID lull. While we do see a jump in the company’s revenue, we also see increasing expenses led by rising fuel costs, delivery costs, and acquisition costs. The company has a negative working capital. Cash is collected upfront from customers and paid to delivery and restaurant partners in a few days. Zomato also has a small capital expenditure (CAPEX). 

The company has been acquiring minority equity investments in relevant businesses to expand its own horizons. According to Founder CEO Deepinder Goyal, “The rationale behind making minority investments has been twofold – 1) put the building blocks for a robust quick-commerce business in India, and 2) accelerate digitisation and growth of the food and restaurant industry which accelerates our core food business”.

While still being in loss, the company is on its way to growth and prosperity after a long period of doldrums. It could be in an investor’s best interest to look at the company’s growth in a positive light. Certain factors could drive Zomato towards profitable growth. These include a stable labour market, decreasing fuel costs, and declining marketing and customer acquisition costs. high expenses. 

Do you think Zomato might be profitable in the near future? Can it be a good investment bet? Let us know in the comments section of the marketfeed app.

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Divi’s Labs Reports 78% YoY Rise in Net Profit in Q4 – Top Indian Market News

Divi’s Labs Q4 Results: Net profit rises 78% YoY to Rs 895 crore

Divi’s Laboratories Ltd reported a 78.2% YoY increase in consolidated net profit to Rs 894.64 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 40.83% YoY to Rs 2,518.44 crore during the same period. EBITDA stood at Rs 1,104.4 crore in Q4, up 54% YoY. The pharma company’s board has declared a dividend of Rs 30 per share.

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Tata Motors, Tata Power to install 7 MWp solar rooftop expansion project in Pune

Tata Power and Tata Motors will co-develop a 7 megawatt-power (MWp) solar rooftop project at the automaker’s passenger vehicle plant at Chikhali, Pune. The installation is expected to generate 23 million units (MUs) of electricity, mitigating 5.23 lakh tonnes of carbon dioxide. It is the third phase of a joint 17 MWp on-site solar project developed by the two companies.

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Expectations of higher rates ‘a no brainer’: RBI Governor

Reserve Bank of India (RBI) Governor Shaktikanta Das said the central bank wants to raise interest rates in the next few meetings. The expectation of higher rates is a ‘no brainer.’ RBI will also release a new inflation forecast in its June meeting. It aims to bring down liquidity in a calibrated and phased manner.

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GIC in talks to acquire a stake in ABFRL worth Rs 2,330 crore: Report

As per reports, Singapore’s sovereign wealth fund GIC is in talks to buy a stake in Aditya Birla Fashion & Retail (ABFRL) worth $300 million (~Rs 2,330 crore). ABFRL’s board will meet on May 24 to discuss the proposal. Funds raised will be used for scaling growth as the retail sector bounces back after the Covid-19 pandemic. ABFRL has been strengthening its fashion portfolio over the last two years by acquiring premium labels and needs funds to boost its digital platforms for direct-to-consumer sales.

Tata Steel, JSW Steel, others crash as Indian govt imposes 15% export duty on steel

The Nifty Metal index crashed 8% as Tata Steel, JSW Steel, NMDC, and SAIL hit fresh 52-week lows on Monday. The fall in steel stocks came after the government imposed an export duty of 15% on steel for the second time after 2008. To increase domestic availability, the duty on exports of iron ore was hiked up to 50% and a few steel intermediaries to 15%. 

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HDFC Bank, Retailio to launch co-branded credit cards for chemists, pharmacies

HDFC Bank has partnered with RetailIo to launch a new range of co-branded credit cards targeted at chemists and pharmacies in the merchant segment. Retailio is India’s largest business-to-business (B2B) pharma marketplace. The collaboration is likely to cover over 1.4 lakh merchants in the first phase of its roll-out. It will also be available to over 1 lakh customers of Retailio from their existing merchant base and new customers.

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BEL Q4 Results: Net profit falls 15.6% YoY to Rs 1,154 crore

Bharat Electronics Ltd (BEL) reported a 15.6% YoY decline in consolidated net profit to Rs 1,154.2 crore for the quarter ended March (Q4 FY22). Net profit rose 93.7% when compared to the previous quarter. Its revenue from operations fell 8% YoY to Rs 6,211 crore during the same period. EBITDA stood at Rs 1,449 crore in Q4, down 21% YoY. BEL’s board has approved a dividend of Rs 1.5 per share.

Marico acquires majority stake in True Elements

Marico Limited has acquired a 54% stake in HW Wellness Solutions through primary infusion and secondary buy-outs. HW Wellness Solutions owns the True Elements brand, which sells healthy breakfast items and snacks. The acquisition of the digital-first brand will help Marico to expand its total addressable market in the healthy foods segment.

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Ramco Cements Q4 Results: Net profit falls 45% YoY to Rs 118 crore

The Ramco Cements Ltd reported a 45.2% YoY decline in consolidated net profit to Rs 118.27 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 4.94% YoY to Rs 1,722.68 crore during the same period. Total expenses rose 20.34% YoY to Rs 1,559.77 crore in Q4. The cement manufacturer’s board has declared a dividend of Rs 3 per share.

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Zomato Q4 Results: Net loss widens to Rs 360 crore

Zomato Limited reported a consolidated net loss of Rs 359.7 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 134.2 crore in the corresponding quarter last year (Q4 FY21). Revenue from operations rose 75% YoY to Rs 1,211.8 crore in Q4 FY22. Zomato launched operations in 300+ new cities during the same period.

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HDFC to Merge With HDFC Bank – Top Indian Market News

HDFC to merge with HDFC Bank

The Board of Directors of Housing Development Finance Corporation Ltd (HDFC) has approved the merger of the company with HDFC Bank. For every 25 shares held in HDFC Ltd, shareholders will get 42 shares of HDFC Bank. Post the transaction, HDFC Bank will become a full-fledged public company. Existing shareholders of HDFC Limited will own 41% of HDFC Bank. The subsidiaries and associate firms of HDFC will also shift to the bank. The merger is expected to be completed by the second or third quarter of the next financial year (FY24).

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India’s manufacturing PMI falls to a six-month low in March

India’s manufacturing activity slowed and dropped to a six-month low in March amidst inflationary/pricing pressures. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54 in March 2022, compared to 54.9 in Feb. While business conditions improved, the latest results showed slower expansions in factory orders and production. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.   

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IOCL, L&T, ReNew announce joint venture for green hydrogen business

Indian Oil Corp. Ltd (IOCL), Larsen & Toubro, and ReNew Power have announced the formation of a joint venture (JV) to develop a green hydrogen business. IOCL and L&T have additionally signed a pact to form a JV to manufacture and sell electrolyzers used in the production of green hydrogen. The JVs will look into manufacturing zero-carbon emitting hydrogen, which can be used in refineries, steel plants, and even for running automobiles.

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Tata Power Renewables commissions 300MW solar plant in Gujarat

Tata Power Renewables has commissioned a 300 megawatts (MW) solar plant in Dholera, Gujarat, with the country’s largest single-axis solar tracker system. The project will generate 774 million units (MUs) annually. It will also reduce approximately 70,4340 metric tonnes of carbon emission per year.

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Zomato, Swiggy to face CCI probe

The Competition Commission of India (CCI) has ordered an investigation into the conduct of online food delivery platforms Zomato and Swiggy. “The Commission is of the view that there exists a prima facie case with respect to some of the conduct of Zomato and Swiggy, which requires an investigation by the Director-General (DG), to determine whether the conduct of platforms have resulted in contravention of the provisions,” said CCI. The antitrust body has directed its DG to carry out a detailed investigation and submit a report within 60 days.

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Go Fashion to open 120-130 stores year-on-year

Go Fashion (India) Ltd has announced plans to open around 120-130 new stores year-on-year. The company is also boosting its omnichannel engagements for a seamless user experience, building on a tech-driven growth strategy to reach consumers in Tier-1 to Tier-3 cities. Go Fashion opened its 500th exclusive brand outlet in India. They sell a range of women’s bottom-wear under the brand Go Colors.

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TCS to implement Real-Time Rail payments system for Payments Canada

Tata Consultancy Services (TCS) has entered into a strategic partnership with Payments Canada to transform its payment system operations and help implement the Real-Time Rail (RTR). The new real-time payments system will allow Canadians to initiate payments and receive funds in seconds, 24/7/365. TCS will help Payments Canada create and execute an integration roadmap for the RTR.

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MOIL’s turnover grows 22% in FY22

Manganese Ore (India) Ltd (MOIL) has reported a 22% YoY growth in turnover at Rs 1,436 crore for the financial year ended March 31, 2022. The company has also achieved production of 12.31 lakh tonnes (LT) in FY22, registering a growth of 8% YoY. Total sales increased by 6% YoY to 12.12 LT. Nagpur-based MOIL is India’s largest manganese ore mining company. 

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Bank of Maharashtra advances grow 27%; IDFC First Bank’s deposits rise 13% in FY22

Bank of Maharashtra witnessed a 27% YoY growth in gross advances at Rs 1,36,733 crore in FY22. The public sector lender’s deposits grew 16% YoY to Rs 2,02,641 crore. The total business of the Pune-based bank rose by 20.49% YoY to Rs 3,39,374 crore in FY22.

IDFC First Bank’s total deposits increased by 12.6% YoY to Rs 93,138 crore in the previous financial year. The bank’s retail business grew by 26.4%. Gross funded assets grew 12.8% YoY to Rs 1,32,067 crore in FY22.

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Zomato’s Net Loss Narrows to Rs 63 crore in Q3 – Top Indian Market News

Zomato Q3 Results: Net loss narrows to Rs 63 crore

Zomato Ltd reported a consolidated net loss of Rs 63 crore for the quarter ended December (Q3 FY22). It had posted a net loss of Rs 352 crore in the corresponding quarter last year (Q3 FY21). Its revenue from operations rose 82.5% YoY to Rs 1,112 crore during the same period. This was driven by Rs 7.5 per order reduction in customer delivery charges in Q3. Zomato’s gross order value (GOV) grew 84.5% YoY (or 1.7% QoQ) to Rs 5,500 crore.

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ACC bags Kannur Limestone Block in Karnataka

ACC Ltd has been declared as the successful bidder for Kannur Limestone Block in Karnataka. Through this mining block, the company has secured estimated limestone resources above 250 million tonnes (MT). This limestone block is in close proximity to the company’s existing Wadi cement plant.

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Carborundum Universal Q3 Results: Net profit rises 28% YoY to Rs 111 crore

Carborundum Universal Ltd reported a 28% YoY increase in consolidated net profit to Rs 111 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 22% YoY to Rs 899 crore during the same period. The company incurred a capital expenditure of Rs 118 crore at the consolidated level during Q3. The Murugappa Group company’s board has declared an interim dividend of Rs 1.5 per share.

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Mahindra Lifespace to buy 9.24-acre land in Mumbai from M&M for Rs 365 crore

Mahindra Lifespace Developers Ltd will purchase about 9.24 acres of land in Kandivali, Mumbai, from Mahindra & Mahindra Ltd (M&M) for Rs 365 crore for the development of a housing project. M&M is the promoter and holding company of Mahindra Lifespace Developers. This new project will be Mahindra Lifespace’s second residential development in Kandivali after its successful ‘Mahindra Roots’ project and will offer about 1 million square feet of carpet area.

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Sundaram Fasteners Q3 Results: Net profit falls 17% YoY to Rs 103 crore 

Sundaram Fasteners Ltd reported a 16.8% YoY decline in net profit to Rs 103 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 8.7% YoY to Rs 1,024 crore during the same period. SFL’s domestic sales volume witnessed a marginal increase of 3.4% to Rs 658 crore. Export volume grew by 21.2% to Rs 336 crore.

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Reliance Industries to acquire stake in EV tech firm Altigreen

Reliance Industries Ltd (RIL) announced the acquisition of a stake in electric vehicle (EV) technology and solutions company Altigreen Propulsion Labs Pvt Ltd for Rs 50.16 crore. The transaction is proposed to be completed before March 2022. The investment is part of the company’s strategic intent of collaborating with innovative companies in new energy and new mobility ecosystems.

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M&M Q3 Results: Net profit jumps 155% YoY to Rs 1,353 crore

Mahindra & Mahindra (M&M) reported a 155% YoY jump in standalone net profit to Rs 1,353 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 8% YoY to Rs 15,239 crore during the same period. M&M’s total sales fell 2% YoY to 1,18,174 units in Q3. M&M’s tractor sales declined 9% YoY to 91,769 units.

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Torrent Power to acquire 25 MW solar plant in Gujarat

Torrent Power Ltd has entered into a share purchase agreement with Blue Daimond Properties Pvt Ltd and Balrampur Chini Mills for the acquisition of 100% equity share capital of Visual Percept Solar Projects Pvt Ltd for about Rs 163 crore. Visual Percept Solar Projects (VPSP), currently owned 55% by Blue Daimond Properties Private Ltd and 45% by Balrampur Chini Mills, operates 25 MW solar power in Gujarat. VPSP has a long-term power purchase agreement with Gujarat Urja Vikas Nigam Ltd (GUVNL) for 25 years.

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MRF Q3 Results: Net profit falls 71% YoY to Rs 149 crore

MRF Limited reported a 71% YoY decline in net profit to Rs 149.4 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 6% YoY to Rs 4,920 crore during the same period. EBITDA stood at Rs 492.98 crore in Q3, up 49.5% YoY. Operating expenses increased by 19.2% YoY to Rs 4,787.33 core. MRF’s board has declared an interim dividend of Rs 3 per share.

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Repo rate unchanged at 4% for 10th consecutive time

The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) has kept the repo rate unchanged at 4% for the 10th consecutive time. The reverse repo rate too was kept unchanged at 3.35%. It will maintain an ‘accommodative stance’ as long as necessary. RBI Governor Shaktikanta Das said that India is charting a different course of recovery from the rest of the world and the country is poised to grow at the fastest pace YoY among major economies as per projections by IMF.

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Market News Top 10 News

Jindal Steel to Start Building Botswana Coal Mine in 2022 – Top Indian Market News

JSPL to start building Botswana coal mine in 2022

Jindal Steel & Power Ltd (JSPL) will start building a coal mine in Botswana’s southeastern Mmamabula coalfields in 2022, aiming to supply the export market and a planned coal power plant. The company aims for the mine to produce 4.5 million tonnes of coal per year. Despite the global shift from coal, Botswana is pushing ahead with developing its estimated 212 billion tonnes of coal resources. 

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Centre repeals 3 farm bills; PM urges protesting farmers to go home

Prime Minister Narendra Modi on Friday announced that the Centre will repeal the three controversial agricultural laws. He has requested protesting farmers to go back to their fields and homes. “The three laws were in the benefit of farmers but we could not convince a section of them despite our best efforts”, said the PM. To learn more about the three contentious bills and why farmers protested against it, click here.

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ABB Power Products rebrands itself as Hitachi Energy India

ABB Power Products & Systems India announced its rebranding as Hitachi Energy India Ltd. The company has reaffirmed its commitment to accelerating the clean energy transition in India. Hitachi Energy (the parent company) views India among its top five markets for expansion. It aims to expand its portfolio to meet the needs of the evolving energy landscape in India and grow faster than the market.

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Biocon and Viatris to distribute Insulin Glargine through Walgreens in the US

Biocon Biologics and Viatris Inc. announced that they would distribute Insulin Glargine injection through the Walgreens Prescription Savings Club in the US. Members will get savings of up to 80% on the cash price of comparable long-acting insulins purchased at Walgreens. The biosimilar product was co-developed by Biocon Biologics (a subsidiary of Biocon Ltd) and US-based Viatris.

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Zydus Cadila gets USFDA approval for Nelarabine injection

Zydus Cadila has received final approval from the US Food & Drug Administration (USFDA) to market Nelarabine Injection in the US with 180 days of marketing exclusivity. The drug is used to treat certain types of leukemia and lymphoma by slowing or stopping the growth of cancer cells. According to IQVIA data, Nelarabine Injection had annual sales of $34.5 million (~Rs 256 crore) in the US for the year ended September 2021.

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HPCL partners with IDFC First Bank for fuel payments using FASTags

Hindustan Petroleum Corporation Ltd (HPCL) and IDFC First Bank have signed an agreement to facilitate fuel payments by motorists at HPCL’s retail outlets using the bank’s FASTags. IDFC First Bank’s FASTags can now be bought, recharged, and replaced by passenger vehicle users at select HPCL retail outlets.

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Zomato may invest $500 million in Grofers to push its quick commerce play: Report

According to a report from Economic Times, Zomato Ltd is in talks to invest as much as $500 million (~Rs 3,715 crore) in grocery delivery service Grofers. The proposed deal marks an extension of its food delivery battle with Swiggy into the ultrafast commerce segment, which is attracting heavy investor capital globally.

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Railway Board issues order to resume serving cooked meals to passengers on trains

The Railway Board has issued an order to resume serving cooked meals to passengers on trains, a service that was discontinued due to Covid-19 restrictions. The board has asked the Indian Railway Catering and Tourism Corporation (IRCTC) to resume the service. Ready-to-eat meals will also continue to be served to passengers.

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ONGC to invest up to Rs 6,000 crore in its petrochemical arm: Report

According to a report from Livemint, Oil and Natural Gas Corporation Ltd (ONGC) is planning to invest Rs 6,000 crore in its petrochemicals unit ONGC Petro additions Ltd (OPaL). The company already holds compulsorily convertible debentures (CCDs) in OPaL that would be converted into equity worth Rs 6,000 crore. Currently, ONGC holds a 49.4% stake in OPaL, GAIL has a 49.2% stake, and Gujarat State Petroleum Corp Ltd holds 1.4%.

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