Tag: Zydus Cadila

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Tata Motors Secures Biggest Ever EV Fleet Order – Top Indian Market Updates

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

Tata Motors bags biggest ever EV fleet order in India

Tata Motors Ltd has secured an order for the supply of 10,000 XPRES-T EV units from BluSmart Electric Mobility. The deployment of 10,000 units makes this the biggest ever EV fleet order in India. The vehicles will be used across India for commuters, helping minimise the carbon footprint.

In other news, Tata Motors has partnered with Kolte-Patil Developers Ltd to set up EV charging infra across Pune, Mumbai, and Bengaluru.

Read more here.

Adani Enterprises to set up hyper-scale data centre at Bengal Silicon Valley

The West Bengal government has given approval to Adani Enterprises to set up a hyper-scale data centre at Bengal Silicon Valley. The project will come up on 51.75 acres of land. Bengal Silicon Valley is an innovative information technology hub. It is envisioned to attract investment in IT and telecom projects with employment potential.

Read more here.

Zydus Lifesciences gets USFDA approval for Famotidine tablets

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Famotidine tablets. The drug is a histamine H2 receptor blocker, which works by reducing the amount of acid in the stomach. The pharma company will manufacture the product at its drug formulation facility at SEZ, Ahmedabad.

Read more here.

TVS looks to raise up to Rs 5,000 cr in EV push: Report

TVS Motor Co. Ltd is reportedly in advanced talks to raise Rs 4,000-5,000 crore from private equity firms to fund the expansion plan of the group’s newly formed electric mobility arm. The company aims to consolidate its position as a leader in the EV segment through relevant product offerings and increase its network presence across India.  TVS has achieved a 19% market share in the highspeed electric scooter segment in FY 2021-22.

Read more here.

Cyient to acquire Portugal-based Celfinet for €41 million

Cyient Ltd has signed a definitive agreement to acquire Celfinet, a Portugal-based wireless engineering services firm, for €41 million (~Rs 341 crore). Celfinet offers end-to-end network planning and performance optimization services. This acquisition will help Cyient strengthen its wireless engineering practice to support Communication Service Providers (CSPs) and enterprises to deploy their connectivity networks at scale.

Read more here.

Automobile retail sales remained low in May compared to pre-Covid period: FADA

As per data from the Federation of Automobile Dealers Association (FADA), total retail vehicle sales stood at 16,46,773 in May 2022, compared to 5,36,795 units in the same period last year. Sales were lower by ~10% compared with the pre-covid month of May 2019. FADA said the government’s reduction in fuel prices will tame inflation and boost vehicle sales.

Read more here.

L&T Construction to construct Bandra wastewater treatment facility

The Water & Effluent Treatment business of L&T Construction has secured a large order (in the range of Rs 2,500-5,000 crore) from the Brihanmumbai Municipal Corporation (BMC). The project involves the construction of a state-of-the-art wastewater treatment facility with best-in-class treatment standards.

Read more here.

Power Mech Projects secured orders worth Rs 522 crore

Power Mech Projects Ltd (PMPL) has received a Letter of Award (LoA) for five separate work orders worth Rs 521.95 crore. The company bagged an order worth Rs 119 crore from BHEL for civil structural works for the flue gas desulphurization (FGD) system in the existing 1×800 megawatt (MW) North Chennai Thermal Power Plant. PMPL has secured an order worth Rs 126.91 crore from Thyssenkrupp Industries India for supplying structural steel fabricated items.

Read more here.

IRB Infra Developers offers Vadodara Kim Expressway to IRB InvIT Fund

IRB Infrastructure Developers Ltd has offered Vadodara Kim Expressway to IRB InvIT Fund. The Vadodara Kim stretch, part of the Delhi-Mumbai Expressway (DME), is 23.740 km long and has a project cost outlay of Rs 2,094 crore. IRB InvIT Fund is a publicly offered and listed infrastructure investment trust (InvIT).

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ZEEL, Sony Sign Definitive Merger Agreement – Top Indian Market News

ZEEL, Sony sign definitive merger agreement

Sony Pictures Networks India Pvt Ltd (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) have signed definitive agreements to merge the two firms and combine their linear networks, digital assets, and program libraries. SPNI will hold a majority stake of 50.86% in the merged entity. The promoters of ZEEL will hold 3.99%, and other ZEEL shareholders will hold a 45.15% stake in the merged entity.

Under the terms of the agreement, SPNI will have a cash balance of $1.5 billion to enable the combined entity to drive sharper content creation across platforms and strengthen its footprint in the rapidly evolving digital ecosystem.

Read more here.

L&T Construction secures significant order to build township in Bengaluru

Larsen & Toubro (L&T) Ltd’s construction arm has secured a significant order from a reputed developer to build one of the largest residential townships in Bengaluru. The scope of work consists of the design and construction of the entire civil structure, including waterproofing, masonry, plastering, and electrical conduiting. The project involves the construction of 6,768 apartments spread across 39 towers.  

Read more here.

Gujurat Flurochemcials to foray into battery business for EVs

Gujarat Fluorochemicals Ltd (GFCL) has announced plans to foray into the battery business for electric vehicles (EVs). The company has set up GFCL EV Products Ltd, a wholly-owned subsidiary, for this purpose. The subsidiary will provide solutions for the entire value chain of all types of batteries, battery components, and products for EVs.

Read more here.

Quess Corp’s Monster.com raises Rs 137.5 crore in latest funding round

Monster.com, a Quess Corp company, has raised Rs 137.5 crore in its latest funding round. The round was led by Akash Bhanshali of Volrado Venture Partners and Mohandas Pai of Meridian Investments, with participation from Quess Corp. Monster.com is valued at close to $100 million after the funding round. Quess Corp Ltd is a provider of technology and business services based in Bangalore.

Read more here.

Zydus Cadila gets USFDA approval to market Pimavanserin tablets

Zydus Cadila has received approval from the US Food & Drug Administration (USFDA) to market Pimavanserin tablets in the US market. Pimavanserin is used to treat symptoms of a certain mental or mood disorder (psychosis) that might occur with Parkinson’s disease. The drug will be manufactured at the pharma company’s formulation facility at Special Economic Zone (SEZ), Ahmedabad.

Read more here.

ABB India’s board approves creation of arm to divest turbocharger business for Rs 310 crore

The Board of Directors of ABB India Ltd has decided to incorporate a wholly-owned subsidiary to which it will sell its turbocharger business for Rs 310 crore. In June 2021, the company had announced a proposal to divest/sell its turbocharger business in the Process Automation business segment. The slump sale will be completed by February-end 2022. 

PNC Infratech secures order worth Rs 369 crore from NHAI

PNC Infratech Ltd has received a Letter of Acceptance (LoA) for an order worth Rs 369 crore from the National Highways Authority of India (NHAI). The contract is for the collection of user fees at the 135 km long Eastern Peripheral Expressway Fee Plazas in Haryana and Uttar Pradesh for one year. PNC Infratech operates as an infrastructure construction, development, and management company in India.

Apollo Hospitals, IIM Lucknow launch executive programme in healthcare management

Apollo Hospitals Ltd has partnered with IIM Lucknow to launch an executive programme in healthcare management (EPHM). The program aims to develop appropriate managerial capacities for the fast-growing health sector in India. The EPHM has been designed by taking inputs from both the public and private health sectors of India.

Read more here.

Indiabulls Real Estate to raise up to Rs 1,500 crore via QIP 

The Board of Directors of Indiabulls Real Estate Ltd approved raising funds up to Rs 1,500 crore through one or more Qualified Institutions Placements (QIPs). The funds will be used to augment the long-term resources of the company. It will also be used to maintain sufficient liquidity for meeting funding requirements for existing/new projects and future business growth.

Read more here.

Tata Steel’s UK plant helps build world’s largest offshore wind farm

Tata Steel Ltd announced that its Port Talbot plant in Wales is working on the world’s largest offshore wind farm project— Dogger Bank Wind Farm. The wind farm will make use of steel processed into hollow sections at Tata Steel’s Corby and Hartlepool sites in north-east England and fabricated to build the first two phases. Tata Steel said hundreds of tonnes of its products will be used for the giant wind farm project, which is due to be completed by 2026.

Read more here.

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Centre to Buy 1 Crore Shots of Zydus Cadila’s Covid-19 Vaccine – Top Indian Market News

Centre to buy 1 crore shots of Zydus Cadila’s Covid-19 vaccine

The Central government has placed a purchase order of 1 crore doses of Zydus Cadila’s three-dose Covid vaccine ZyCoV-D at Rs 265 per dose. The needle-free vaccine will cost Rs 93 per dose (excluding GST). The complete dose of the vaccine will cost Rs 1,128. ZyCoV-D was approved by India’s drug regulator in August 2021 for emergency use in adults and children aged 12 years and above.

Read more here.

Britannia Industries Q2 Results: Net profit falls 23% YoY to Rs 384 crore

Britannia Industries Ltd reported a 23% YoY decline in consolidated net profit to Rs 384.22 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 5.5% YoY to Rs 3,607.4 crore during the same period. The FMCG company’s raw material cost stood at Rs 1,914.7 crore in Q2, an increase of 8% YoY. Britannia said it is witnessing unprecedented inflation in market prices of key ingredients such as palm oil, industrial fuel, and packaging material.

Read more here.

JBM Auto secures order for 200 low-floor electric buses from Delhi govt

JBM Auto Limited has received an order for 200 electric buses from Delhi Transport Corporation (DTC). The order has been placed under the central government’s FAME II electric vehicle policy. The company will supply, operate and maintain 200 air-conditioned fully built low-floor electric buses of 12-meter length. Gurgaon-based JBM Auto is a leading manufacturer of key auto systems, electric vehicles, and buses.

Read more here.

Sobha Q2 Results: Net profit jumps 198% YoY to Rs 48 crore

Sobha Ltd reported a 198% YoY jump in consolidated net profit to Rs 48.3 crore for the quarter ended September (Q2 FY22). Net profit jumped 347% compared to the previous quarter. Its total income rose 52% YoY to Rs 832.3 crore during the same period. The realty firm’s board has approved the issue of unlisted, secured, non-convertible debentures (NCDs) worth up to Rs 140 crore on a private placement basis.

Read more here.

L&T’s construction arm secures orders worth up to Rs 2,500 crore

Larsen & Toubro’s (L&T) construction arm has secured significant orders (in the range of Rs 1,000-2,500 crore) from the metal industry and Defence Research & Development Organisation (DRDO). The order from DRDO consists of constructing a flight control system facility at Aeronautical Development Establishment, Bengaluru. L&T has also received an engineering, procurement, and construction (EPC) order for a 12 million ton per annum (MTPA) dry circuit system for a screening plant (SP-III) from NMDC Limited in Chhattisgarh.

Read more here.

Shyam Metalics Q2 Results: Net profit jumps 159% YoY to Rs 414 crore

Shyam Metalics & Energy Ltd (SMEL) reported a 159.22% YoY jump in consolidated net profit to Rs 414.18 crore for the quarter ended September (Q2 FY22). Net profit fell 9% compared to the previous quarter. Its revenue from operations rose 87% YoY to Rs 2,494.34 crore during the same period. EBITDA stood at Rs 689 crore in Q2, an increase of 96% YoY. SMEL is a leading integrated metal producing company in India.

Exchanges to launch T+1 settlement cycle from Feb 25

The National Stock Exchange (NSE) and other Market Infrastructure Institutions (MIIs) are bracing to launch T+1 trading settlement cycle from February 25, 2022. All listed stocks across stock exchanges (BSE, NSE & MSEI) will be ranked in descending order based on daily market capitalization averaged for the month of October 2021.

Currently, if an investor buys or sells a stock on Monday, they receive the money or shares on Wednesday (T+2 working days). With T+1 settlement, the transfer will be completed on Tuesday itself. You can learn more about T+1 settlement cycle here.

Read more here.

Balrampur Chini Mills Q2 Results: Net profit rises 6% YoY to Rs 83 crore

Balrampur Chini Mills Ltd reported a 6.1% YoY increase in consolidated net profit to Rs 83.1 crore for the quarter ended September (Q2 FY22). Its revenue from operations fell 5.9% YoY to Rs 1,213.8 crore during the same period. EBITDA stood at Rs 134.8 crore in Q2, an increase of 5.6% YoY.

Read more here.

DCM Shriram to invest over Rs 350 crore on expansion of sugar business

DCM Shriram Ltd has announced an investment of over Rs 350 crore to expand the capacity of its sugar mills. The company approved three investment proposals for its sugar business to capitalise on the increase in sugarcane availability in its catchment area. These investments will help enhance production capacity for refined sugar production and build flexibility of feedstock for its distilleries.

Read more here.

Paytm IPO subscribed 18% on first day of bidding

The Rs 18,300 crore initial public offering (IPO) of One97 Communications Ltd (Paytm) was subscribed 18% on the first day of bidding. The IPO has received bids for 88.23 lakh equity shares against the issue size of 4.83 crore shares. Retail investors have subscribed 78% against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 2% and 6%, respectively, against their reserved portions. 

To learn more about the IPO, click here.

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Tata Wins Bid to Buy Air India For Rs 18,000 crore – Top Indian Market News

Tata wins bid to buy Air India for Rs 18,000 crore

The Centre has declared Tata Group as the winning bidder for debt-laden national carrier Air India. Tata will pay Rs 18,000 crore to acquire Air India from the government, of which 15% would go to the Centre and the rest will go towards clearing debt. The transaction is expected to close by the end of December 2021. The group will also retain all Air India employees for one year and offer voluntary retirement scheme (VRS) in the second year.

Read more here.

TCS Q2 Results: Net profit rises 29% YoY to Rs 9,624 crore

Tata Consultancy Services (TCS) reported a 29% YoY increase in consolidated net profit to Rs 9,624 crore for the quarter ended September (Q2 FY22). Net profit rose 6.84% when compared to the previous quarter. The IT company’s revenue from operations increased by 16.8% YoY to Rs 46,867 crore during the same period. TCS’ board has approved an interim dividend of Rs 7 per share. 

Read more here.

RBI keeps repo rate unchanged at 4%

The Reserve Bank of India’s Monetary Policy Committee (MPC) has left the Repo Rate unchanged at 4%. The Reverse Repo Rate also remains unchanged at 3.35%. It is the eighth time in a row that the policy rates have been kept on hold. RBI’s projection for real GDP growth is retained at 9.5% for the current financial year (FY22). The central bank has proposed to increase the per transaction limit of Immediate Payment Service (IMPS) from Rs 2 lakh to Rs 5 lakh.

Read more here.

Motherson Sumi’s board approves acquisition of 55% stake in CIM Tools

The Board of Directors of Motherson Sumi Systems Ltd (MSSL) has approved the acquisition of a 55% stake in CIM Tools Pvt Ltd. This acquisition marks MSSL’s entry into the aerospace industry. It aligns with the company’s growth strategy to venture into the non-automotive sectors as outlined in its five-year plan, Vision 2025. CIM is engaged in machining and sub-assembly of components for the aerospace industry. 

Read more here.

Power Ministry’s new framework to lower electricity rates

The Ministry of Power released a framework for the implementation of market-based economic despatch (MBED) to enhance competition in the power sector and lower the cost of electricity in India. With this move, state power distribution companies (DISCOMs) will be able to plan power purchases from the day-ahead market at the power exchange (IEX). DISCOMs will also be able to meet their electricity demand from the cheapest generating sources in India. With the implementation of MBED, the ministry expects a ~5% reduction in the cost of power to consumers.

Read more here.

Zydus Cadila gets tentative approval to market generic acne drug

Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market generic Adapalene and Benzoyl Peroxide gel in the American market. The drug is used for the treatment of acne. It works by killing the bacteria that cause acne and by keeping the skin pores clean. The product will be manufactured at Zydus Cadila’s topical plant in Ahmedabad.

Read more here.

Trident launches e-commerce portal “myTrident.com”

Trident Limited has launched its direct-to-consumer website, myTrident.com. The website features products from the house of Trident Group ranging from towels, bedsheets, paper, notebooks, bathrobes, rugs, cushions, and more. Customers can avail of up to 55% discount on myTrident.com. The company further plans to announce more exciting discount offers during Diwali.

Read more here.

Equity mutual funds see inflows for seventh month in a row: AMFI

Inflows into equity mutual funds stabilised in September and were almost similar to August figures. Investors poured in a net Rs 8,677.41 crore into equity mutual fund schemes, compared to Rs 8,666.68 crore in August. Multi-cap funds saw the biggest inflow of Rs 3,569.45 crore, while sectoral and flexi-cap funds saw net inflows of Rs 2,000 crore each. The data was released by the Association of Mutual Funds in India (AMFI). 

Read more here.

Maharashtra Seamless secures Rs 237 crore order from ONGC

Maharashtra Seamless Ltd (MSL) has secured an order worth Rs 237 crore from Oil and Natural Gas Corporation Ltd (ONGC) for the supply of seamless casings pipes. The product is widely used in high-pressure applications, including refineries, hydraulic cylinders, and oil and gas infrastructure. New Delhi-based MSL is the flagship company of the well-diversified DP Jindal Group. 

Mobikwik gets SEBI approval for Rs 1,900 crore IPO

Digital payments platform Mobikwik has received approval from the Securities and Exchange Board of India (SEBI) for its Rs 1,900 crore initial public offering (IPO). The company is expected to launch its IPO before Diwali (November 4) and is likely to fetch a valuation of $1 billion. The Gurugram-based company is among a growing list of consumer internet firms, including Paytm, Nykaa, and PolicyBazaar, that are eyeing stock market debuts this year.

Read more here.

Reliance to bring 7-Eleven stores to India

Reliance Retail Ventures Limited (RRVL) has entered into a master franchise agreement with 7-Eleven Inc for the launch of 7-Eleven convenience stores in India. The first 7-Eleven store is set to open on Saturday (October 9) in Andheri East, Mumbai. This will be followed by a rapid rollout in key neighborhoods and commercial areas, across the Greater Mumbai cluster to start with.

Read more here.

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SJVN to Set Up 1,000 MW Solar Power Project – Top Indian Market News

SJVN to set up 1,000 MW grid-connected solar power project

Satluj Jal Vidyut Nigam (SJVN) has secured a contract to set up a 1,000 megawatt (MW) grid-connected solar power project through the bids floated by the Indian Renewable Energy Development Agency (IREDA). The tentative cost for the construction and development of the project is Rs 5,500 crore. It is expected to generate 2,365 million units (MU) of power in the first year. The power generated from the project will be solely for self-use or use by government entities, either directly or through power distribution companies (DISCOMs).

Read more here.

Zydus Cadila signs pact with Shilpa Medicare to manufacture ZyCoV-D vaccine

Cadila Healthcare Ltd has entered into a definitive agreement with Shilpa Medicare to manufacture its Covid-19 vaccine ZyCoV-D. Shilpa Medicare will produce and supply the vaccine from its integrated biologics R&D cum manufacturing center at Dharwad, Karnataka. India’s drug regulator had given emergency use authorisation for Cadila’s ZyCoV-D on August 20. It is the world’s first DNA plasmid vaccine that can be administered to adults and children aged 12 years and above.

Read more here.

NBCC secures Rs 968 crore contract to construct 2,000 flats in the Maldives

State-owned NBCC Limited has secured a contract worth Rs 968.5 crore for the construction of 2,000 social housing units in the Maldives. This project is NBCC’s biggest-ever order in the overseas market. A loan agreement was signed between Fahi Dhiriulhun Corporation Limited (FDC) and Exim Bank of India for financing the project. The project covers over 7.2 acres of land across seven plots.

Read more here.

Caplin Point Labs’s CRO arm completes USFDA audit with zero observations

The US Food & Drug Administration (USFDA) had completed a virtual audit of Caplin Point Laboratories’ clinical research organisation (CRO) division. The audit ended with zero observations. The pharma company said it is committed to maintaining the highest standards of quality and compliance at all its units. The CRO division, Amaris Clinical, performs clinical studies for submissions to various regulators.

Ircon International to set up 500 MW solar power plant

Ircon International Ltd has won a bid to set up a 500 megawatt (MW) solar power plant through an e-reverse auction under the Central Public Sector Undertaking (CPSU) Scheme-II floated by the Indian Renewable Energy Development Agency (IREDA). The approximate cost of the project is Rs 2,400 crore. State-owned Ircon International is a railway infrastructure company.

Read more here.

IIFL Finance to raise up to Rs 1,000 crore via bonds

IIFL Finance Ltd will open a public issue of secured bonds on September 27 to raise up to Rs 1,000 crore. It will utilise the funds for business growth and capital augmentation. The bonds offer a yield of up to 8.5% per annum and a high degree of safety. The company will issue secured and redeemable non-convertible debentures (NCDs) aggregating to Rs 100 crore, with a greenshoe option to retain an over-subscription up to Rs 900 crore.

Read more here.

Global oil and gas investment will be 30% below pre-Covid level: ONGC

Global investment in the upstream oil and gas sector this year will be around 30% below pre-Covid levels according to Oil and Natural Gas Corp (ONGC) Chairman Subhash Kumar. He also stated that industry outlooks expect India’s energy demand to double by 2050 with strong growth in natural gas. Meanwhile, ONGC has started gas production from the second deep-water well in its KG basin block in the Bay of Bengal.

Read more here.

Auriopro launches ‘AuroPay’ platform to offer wide range of services in payment ecosystem

Aurionpro Solutions Ltd has expanded its footprint in the payment business by launching a payment platform. The company has incorporated Aurionpro Payments Pte Ltd (APPL) as a subsidiary in Singapore. APPL has unveiled ‘AuroPay’, an innovative payment platform that offers secure online payment services. The platform will provide gateway services to merchant organizations and become a one-stop shop covering a wide range of services in the payment ecosystem.

CCI fines United Breweries, Carlsberg in beer price-fixing case

The Competition Commission of India (CCI) has imposed a penalty of Rs 750 crore on United Breweries Ltd. and Rs 120 crore on Carlsberg India for indulging in cartelisation in the sale and supply of beer in the country. The two companies and SABMiller India engaged in price coordination and supply restrictions of beer between 2009 and 2018. CCI has also directed the companies, All India Brewers’ Association (AIBA), and various individuals to “cease and desist” from anti-competitive practices in the future.

Read more here.

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TCS to Invest Rs 690 crore to Set Up Innovation Park in Kochi – Top Indian Market News

TCS to invest Rs 690 crore to set up Innovation Park in Kochi

Tata Consultancy Services (TCS) has agreed to invest Rs 690 crore to set up an Innovation Park in Kochi. The Kerala state government has allocated 36.84 acres of land to TCS for setting up a unit for Electronics Hardware & IT/ITES in KINFRA Electronics Manufacturing Cluster at Kakkanad, Kochi. The first phase of the project will commence operations in the financial year 2023-24 (FY24). The campus will have a capacity to cater to 10,000 employees once it becomes fully operational.

Read more here.

Zomato, Swiggy to collect 5% GST on deliveries

Online food delivery apps such as Zomato and Swiggy will now have to collect and deposit 5% Goods & Services Tax (GST) on food deliveries instead of restaurants they pick orders from. The rule was approved by the GST Council to stop revenue leakages that were occurring under the current structure, as many restaurants were avoiding GST payments on food deliveries. There will be no extra tax burden on end consumers taking food delivery from restaurants registered with GST.

Read more here.

Wipro launches co-innovation space with Google Cloud in Bengaluru

Wipro Ltd has launched the Wipro-Google Cloud Innovation Arena in Bengaluru to accelerate the adoption of cloud services. The cloud collaboration space will provide in-house technical expertise and ensure seamless cloud adoption. It will also accelerate innovation to drive business transformation for customers. The arena will also showcase the talent, tools, and best practices requires to develop and deploy applications on Google Cloud.

Read more here.

Phoenix Mills looks to double its portfolio of retail properties by FY26

Mall developer Phoenix Mills Ltd is looking to double its portfolio of retail properties by the financial year 2025-26 (FY26). The company also wants to add 1 million square feet each year post FY26. Currently, Phoenix Mills has 6.9 million sq. ft of malls in cities such as Mumbai, Pune, and Beng­aluru. 

Read more here.

Tata Motors launches Safari Hold Edition at Rs 21.89 lakhs

Tata Motors Ltd has launched a special edition of its flagship model Safari, priced at Rs 21.89 lakh, to further spruce up the range ahead of the festive season. The Safari Gold Edition comes in two carefully crafted special colour schemes— White Gold and Black Gold. It is set to be showcased at the upcoming second leg of the VIVO IPL 2021.  

Read more here.

Zydus Cadila gets USFDA approval for antidepressant drug

Zydus Cadila has received final approval from the US Food and Drug Administration (USFDA) to sell new generation anti-depressant Vortioxetine in the US market. The drug works by increasing serotonin (the key hormone that stabilizes our mood and happiness) in the brain. It is classified as a selective serotonin reuptake inhibitor and serotonin receptor modulator. The pharma company will manufacture the drug at the group’s formulation manufacturing facility at the SEZ, Ahmedabad.

Read more here.

Moratorium to give Bharti Airtel, Jio cash relief of Rs 16,000 crore per year: Report

According to industry analysts, a potential annual cash flow relief of over Rs 16,000 crore from the four-year moratorium allowed on statutory payouts will give telecos Bharti Airtel and Reliance Jio the financial headroom to participate aggressively in the 5G airwaves sale (spectrum auctions) early next year. Airtel will opt for the four-year deferred option for adjusted gross revenue (AGR) and spectrum payments. Vodafone Idea, weighed down by Rs 1.9 lakh crore of debt and with a cash balance of Rs 920 crore, is also expected to opt for the deferred payment option.

Read more here.

Supreme Court to review 2019 verdict in Adani Power case

The Supreme Court has decided to reconsider its 2019 judgment, which affirmed Adani Power-Mundra’s call to terminate the power purchase agreement (PPA) signed with Gujarat Urja Vikas Nigam (GUVNL). A five-judge bench issued notices on a curative petition filed by GUVNL after noting that the plea raises significant questions of law. Apart from Adani Power (Mundra), notices have also been issued to Gujarat Electricity Regulatory Commission (GERC) and an NGO, Consumer Education and Research Society.

Read more here.

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Zydus Cadila to Supply 1 crore Doses of Covid-19 Vaccine in October – Top Indian Market News

Cadila Healthcare to supply 1 crore doses of Covid-19 vaccine next month: Report

According to a report from Mint, Cadila Healthcare Ltd will supply 1 crore doses of its Covid-19 vaccine ZyCoV-D in October 2021. The vaccine has received approval to be administered to adolescents between the ages of 12 and 18. ZyCoV-D is the world’s first plasmid DNA vaccine for Covid-19. India is expected to achieve the 100-crore vaccination mark by the first week of October.

Read more here.

IDFC’s board approves divestment of mutual fund business

The Board of Directors of IDFC and IDFC Financial Holding Company Ltd (IDFC FHCL) have approved the divestment of its mutual fund business— IDFC Asset Management Company (IDFC AMC). IDFC AMC is the direct subsidiary of IDFC FHCL and an indirect subsidiary of IDFC. As of March 31, 2021 (FY21), IDFC held 99.96% stake in IDFC AMC. The divestment is subject to requisite regulatory approvals.

Read more here.

Biocon unit plans 15% stake sale to Serum Institute for access to vaccines

Biocon Limited’s biologics unit will sell a 15% stake to a subsidiary of Serum Institute of India (SII) for access to 100 million doses of vaccine annually for 15 years. The 15% stake in Biocon Biologics is valued at more than $730 million (~Rs 5,370 crore). As part of the deal, the Biocon unit and SII’s subsidiary will make and distribute vaccines and antibody treatments. They will solely focus on Covid-19 vaccines in the initial years. 

Read more here.

PNB cuts repo-based lending rate by 25 bps to 6.55%

Punjab National Bank (PNB) has reduced the repo-linked lending rate (RLLR) by 25 basis points (bps) to 6.55%. RLLR is a floating rate-based personal or retail loan that is linked to external benchmarks such as the repo rate of the Reserve Bank of India (RBI). Repo rate is the rate at which the RBI lends money to commercial banks for their short-term requirements.

In other news, IIFL Home Finance has entered into a co-lending agreement with state-owned PNB.

Read more here.

Rajesh Exports secures deal worth Rs 691 crore from Germany

Rajesh Exports Ltd has secured an order worth Rs 691 crore for its designer range of jewellery from Germany. The company will be executing the order from its manufacturing facility, which has a processing capacity of 250 tons of jewellery and gold products per annum. It expects significant orders for its new range of jewellery from international markets. Rajesh Exports is a leading gold retailer in India that refines, designs, and sells gold and jewelry. 

Read more here.

Dynamatic Tech to manufacture aerostructure assemblies for Boeing’s fighter aircraft

Dynamatic Technologies Ltd has secured a contract for manufacturing aerostructure assemblies for Boeing’s latest F-15EX Eagle II fighter aircraft. The company will supply the assembly requirements to Boeing from the financial year 2021-22 (FY22) onwards. The aerostructures will be manufactured at Dynamatic Tech’s facility in Bengaluru. Dynamatic Technologies designs and builds highly engineered products for automotive, aerospace, hydraulic, and security applications.

Read more here.

Marine Electricals secures order from Adani Data Center’s Chennai Project

Marine Electricals (India) Ltd has received an order worth Rs 6.25 crore for the supply of HT Panels and RMU Panels for Adani Data Center’s Chennai Project. HT Panels are used to supply power to various electrical devices and distribution boards. Ring Main Unit (RMU) panels are used to ensure an uninterrupted power supply. Marine Electricals is an integrated technical services provider in the fields of electrical automation & information and communication technology solutions.

Read more here.

Matrimony.com completes acquisition of 100% stake in Boatman Tech

Matrimony.com Ltd has completed closing conditions with regard to the acquisition of a 100% stake in Boatman Tech Pvt Ltd. Boatman Tech is the promoter of ShaadiSaga.com, a Delhi-based online wedding services company. It has over 40,000 vendors across multiple services and caters to customers across 15 major cities. This acquisition will enable Matrimony.com to scale up its presence in the north and west regions and strengthen its product capabilities.

Bajaj Holdings’ board declares interim dividend of Rs 90 per share

The Board of Directors of Bajaj Holdings & Investment Ltd (BHIL) has declared an interim dividend of Rs 90 per share. The company has fixed September 29, 2021, as the record date for determining the members eligible to receive the interim dividend. BHIL operates as a non-banking financial company (NBFC) in India. It acts as a primary investment company and focuses on new business opportunities. 

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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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Cargo Traffic at Major Ports Rises by 11.43% in August – Top Indian Market News

Cargo traffic at major ports rises by 11.43% in August

Cargo traffic at India’s major ports increased by 11.43% year-on-year (YoY) to 57.59 million tonnes (MT) in August. The country’s 12 major ports had handled 51.68 MT of cargo in August 2020. The ports under control of the central government include Deendayal, Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar, VO Chidambarnar, Visakhapatnam, Paradip, and Kolkata. 

VA Tech Wabag secures $11.45 million order for Malaysia’s Petronas Refinery

VA Tech Wabag has secured an order worth $11.45 million (~Rs 83.7 crore) from Dialog E&C Sdn. Bhd. for establishing an effluent treatment plant in Johor, Malaysia. The plant at Pengerang Integrated Complex will be constructed for PRPC Utilities and Facilities Sdn Bhd, a subsidiary of Petronas Refinery and Petrochemical Corporation (PRPC). Wabag will provide design, engineering, procurement, and supervision services for the proposed effluent treatment plant.

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Welspun gets USFDA approval for 3 Ply Surgical Masks

Welspun India has become the first Indian company to receive one of the most stringent and well-recognized quality approvals, the USFDA 510(k) clearance, for its 3 Ply Surgical Masks. The product is made with 100% polypropylene and offers 98% protection against bacterial load. Welspun’s 3 Ply Surgical Masks is already certified by the Bureau of Indian Standards (BIS) and CE (conformity of goods with European standards).

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Lupin partners with TB alliance for new therapy for drug-resistant Tuberculosis

Non-profit drug developer TB Alliance has granted a non-exclusive license to manufacture anti-tuberculosis drug Pretomanid to Lupin Ltd. Pretomanid is part of a three-drug regimen BPaL, which includes bedaquiline and linezolid. It is used to treat those with extensively drug-resistant TB. Lupin intends to commercialize the drug in nearly 140 countries and territories, including many of the highest TB burden nations around the world.

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Ahluwalia Contracts secures order worth Rs 890 crore

Ahluwalia Contracts (India) Ltd has secured an order for the construction of an Animal Science University at Patna from the Executive Engineer Construction Division-1, Building Construction Department, Patna (Bihar). The order is worth Rs 890 crore. The company’s total order inflow in the current financial year (FY22) stands at Rs 1,119 crore.

Zydus Cadila gets USFDA approval for diabetes medication

Zydus Cadila has received approval from the US Food & Drug Administration (USFDA) to market Sitagliptin, a drug indicated to treat diabetes. On October 31, 2020, the pharma company had filed a new drug application (NDA) with the USFDA seeking approval to market Sitagliptin base 25, 50, and 100 mg tablets. The NDA received tentative approval upon completion of the first review cycle on September 2, 2021.

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Tamilnad Merchantile Bank files DRHP for IPO

Tamilnad Merchantile Bank has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise funds via an initial public offering (IPO). The IPO comprises a fresh issue of up to 1.58 crore shares and an offer for sale (OFS) of up to 12,505 shares by existing shareholders. Tuticorin-based Tamilnad Mercantile Bank is a professionally managed lender and does not have an identifiable promoter. The 100-year-old company was established as a lender for the Nadar community in Tamil Nadu.

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Alembic Pharma’s JV gets USFDA approval for Metronidazole gel

Aleor Dermaceuticals, a joint venture (JV) of Alembic Pharma, has received final approval from the USFDA for Metronidazole gel. The gel is indicated for the topical treatment of inflammatory lesions of rosacea (a condition that causes redness and often small, red, pus-filled bumps on the face). According to IQVIA, Metronidazole gel USP had annual sales of $29 million (~Rs 211 crore) for the twelve months ended June 2021.

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NMDC targets iron ore output of 44 MT in FY22; draws up capex of Rs 3,750 crore

NMDC Limited is planning a capital expenditure (capex) of Rs 3,750 crore and targeting an iron ore output of 44 million tonnes (MT) in the current financial year (FY22). The company had achieved an iron ore output of 35 MT during the Covid-hit FY21. NMDC has registered strong volume growth and revenue growth during the first five months of FY22 and expects to sustain the growth momentum.

State-owned NMDC has also reduced the prices of lump ore and fine ore by Rs 1,000 per tonne.

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Zydus Cadila’s ZyCoV-D Gets Emergency Use Approval in India – Top Indian Market News

Zydus Cadila’s ZyCoV-D gets emergency use authorisation in India

The Subject Expert Committee (SEC) of Central Drugs Standard Control Organisation (CDSCO) has recommended the Emergency Use Authorization (EUA) for Zydus Cadila’s Covid-19 vaccine, ZyCoV-D, in India. The three-dose vaccine is applied using a needle-free system known as Tropis, which can also lead to a significant reduction in any kind of side effects. ZyCoV-D has an efficacy rate of 66.6% in a late-stage trial of more than 28,000 volunteers nationwide.

In other news, Zydus Pharmaceuticals Inc. (a subsidiary of Zydus Cadila) has signed a pact with Italy-based CHEMI SpA to launch a generic drug used in the treatment of Deep Vein Thrombosis (blood clot formed in deep veins of the body). 

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Ujjivan founder flags asset quality, attrition concerns as CEO resigns

A day after Nitin Chugh resigned as CEO of Ujjivan Small Finance Bank, Samit Ghosh (the founder of Ujjivan Financial Services) highlighted two major concerns at the bank. The extent of provisions against bank loans over the last year and the high attrition rate (the rate at which people leave) at various levels were concerning. Ujjivan SFB’s board will undertake a review of the bank’s loan book to identify accounts where further provisioning is needed. The bank’s gross non-performing assets (GNPA) ratio jumped from 7.1% in Q4 FY21 to 9.8% in Q1 FY22.

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TTK Prestige to commence normal operations at Khardi unit

TTK Prestige Ltd announced that a long-term settlement has been reached with the permanent workmen at its manufacturing unit at Khardi, Maharashtra. The company’s management had declared a lock-out at the unit on November 17, 2020. Under the new settlement, the workmen have agreed not to indulge in disruptive activities henceforth and have also accepted improved productivity norms. Normalised manufacturing operations are expected to commence on August 23, 2021.

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Ashoka Buildcon secures 1,500 MW solar parks project in Madhya Pradesh

Ashoka Buildcon Ltd has secured an order for a 1,500 megawatt (MW) solar parks project in Madhya Pradesh from Rewa Ultra Mega Solar. The accepted contract price of the project is Rs 186.11 crore. Ashoka Buildcon is a leading construction engineering company based in Nashik, Maharashtra.

SpiceJet launches 14 new domestic flights

SpiceJet Ltd has launched 14 new flights, including 12 industry-first non-stop flights. It will be the first airline to connect Bhavnagar-Delhi, Bhavnagar-Surat, Gwalior-Jaipur, Kishangarh (Ajmer)-Mumbai, Pune-Tirupati, and Varanasi-Dehradun. The airline also plans to launch a non-stop flight connecting Bhavnagar (Gujarat) with Mumbai.

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Natco Pharma faces setback in US patent litigation

A US District Court has ruled against Natco Pharma and its partner Alvogen in patent litigation related to Chicago-based AbbVie’s Pharmacyclics LLC’s Imbruvica. The court upheld Pharmacyclics LLC and Johnson & Johnson’s Janssen Biotech’s four patents related to Imbruvica. AbbVie’s Pharmacyclics owns the patents and markets the drug with Janssen Biotech. Imbruvica is used to treat certain blood cancers.

In 2018, Natco Pharma and Alvogen had filed an Abbreviated New Drug Application (ANDA) for a generic version of Imbruvica.

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Facebook India launches ‘Small Business Loans Initiative’ for SMBs across 200 cities

Facebook India has launched the ‘Small Business Loans Initiative’ to help small and medium businesses (SMBs) that advertise on the social media platform to get quick access to credit through independent lending partners. India is the first Facebook country where this program is getting rolled out. The initiative is open to registered businesses across 200 towns and cities across India. The interest range for these loans is pre-defined between 17-20% per annum.

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Steel Strip Wheels secures export orders worth Rs 81 crore

Steel Strip Wheels Ltd (SSWL) has secured an export order valued at close to $11 million (~Rs 81 crore) from Western Hemisphere. SSWL will complete the execution of the orders by December 2021 from its Chennai and Dappar plants. The company said orders of similar capacity are anticipated in coming months from a similar customer base, as business continues to recover rapidly.

Adani Total Gas to acquire 50% stake in Smartmeters Technologies

Adani Total Gas has executed a Share Subscription and Shareholders’ Agreement (SSSA) with Gujarat State Export Corp Ltd (GSEC) and Smartmeters Technologies Pvt Ltd (SMTPL) to acquire a 50% stake in SMTPL. The acquisition is expected to be completed by September 2021. Gujarat-based SMTPL is a manufacturer of gas meters with end-to-end solutions and services.

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SpiceJet to Transfer Cargo Business to SpiceXpress – Top Indian Market News

SpiceJet seeks shareholders’ approval to hive off cargo, logistics business

SpiceJet Ltd has sought permission from its shareholders to transfer its cargo and logistics business to its subsidiary, SpiceXpress. All related assets and liabilities, including trademark, licenses, franchises, customer contracts, and distribution network will be transferred on a slump sale basis to SpiceXpress. The airline has also sought shareholders’ approval to raise up to Rs 2,500 crore through the issuance of shares via a Qualified Institutional Placement (QIP).

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RBI partially lifts technology-ban on HDFC Bank: Report

According to a report from CNBC-TV18, the Reserve Bank of India (RBI) has partially lifted the technology ban on HDFC Bank with effect from August 17. The central bank has allowed HDFC Bank to source new credit cards. However, the ban on digital launches will continue for the time being. In December 2020, the RBI had banned India’s largest private-sector lender from selling new credit cards and also launching new digital services due to a series of network outages.

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RBI introduces Financial Inclusion Index

The Reserve Bank of India (RBI) has introduced the Financial Inclusion (FI) index to capture the extent of financial inclusion in the country. The FI-Index has been conceptualised as a comprehensive index, incorporating details of the banking, investments, insurance, postal, and pension sectors in consultation with the government and respective sectoral regulators. This was part of the announcements made in RBI’s first bi-monthly monetary policy in April 2021.

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Dixon Tech to manufacture smartphones for Orbic in India

US-based smartphone maker Orbic has partnered with Dixon Technologies to manufacture its smartphones in India. The new Orbic Myra 5G UW will be the first 5G millimeter-wave (mmWave) product to be produced in India for export to the US. The smartphones will be manufactured at Dixon Tech’s facility in Noida. Dixon is one of the 14 local and global companies that has received approval from the Ministry of Electronics and IT under the Production Linked Incentive (PLI) scheme for IT hardware manufacturing.

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Sterlite Power Transmission files DRHP for Rs 1,250 crore IPO

Sterlite Power Transmission Ltd (SPTL) has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise ~Rs 1,250 crore via an IPO. SPTL is promoted by mining magnate Anil Agarwal and Twin Star Overseas. The company manufactures power products and is in the business of power transmission. The proceeds from the IPO will be used to repay or prepay certain borrowings availed by the company and Khargone Transmission Ltd (KTL).

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Dilip Buildcon gets financial closure of NHAI road project in Gujarat

Dhrol Bhadra Highways, a subsidiary of Dilip Buildcon Ltd, has received a financial closure letter from the National Highways Authority of India (NHAI) for a road project in Gujarat. The project consists of four laning of Dhrol-Bhadra Patiya section of NH-151A and Bhadra Patiya-Pipaliya section of NH-151A on a design, build, operate, and transfer (DBOT) basis. The bid project cost is Rs 882 crore.

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Caplin Point’s subsidiary gets approval from Brazil’s ANVISA

Caplin Steriles has received approval from Brazil’s National Health Surveillance Agency ANVISA for its sterile injectable manufacturing site near Chennai, Tamil Nadu. The approval grants the company access to register and market its products in Brazil, the largest pharmaceutical market in Latin America. Caplin Steriles is a subsidiary of Caplin Point Laboratories Ltd.

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Canara Bank opens Rs 2,500 crore QIP; floor price set at Rs 155.58 per share

Canara Bank has launched a Qualified Institutional Placement (QIP) of equity shares to raise ~Rs 2,500 crore. The lender’s Board of Directors has approved a floor price of Rs 155.58 per equity share for the QIP. The Capital Planning Process Committee of Canara Bank’s board will meet on August 23, 2021, to consider the issue price for the equity shares and the number of shares to be allotted to Qualified Institutional Buyers (QIBs).

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Zydus Cadila gets USFDA approval for cancer drug

Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market Lenalidomide capsules. The drug is used to treat various types of cancers. It works by slowing or stopping the growth of cancer cells. The drug will be manufactured at the pharma company’s formulation manufacturing facility at the SEZ, Ahmedabad.

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SBI Cards raises Rs 500 crore by issuing bonds

SBI Cards and Payment Services Ltd has raised Rs 500 crore by issuing bonds on a private placement basis. The company’s Stakeholders’ Relationship & Customer Experience Committee has approved the allotment of 5,000 fixed-rate, redeemable non-convertible debentures (NCDs) of the face value of Rs 10 lakh each, aggregating to Rs 500 crore. SBI Cards will offer a coupon rate of 5.7% per annum on the bonds.

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RailTel Corp secures two orders worth Rs 39 crore

RailTel Corporation of India Ltd has received two works of tunnel communication of Central Railway from Indian Railways. The total anticipated project cost of the work is Rs 38.83 crore. The order has to be completed within 12 months. RailTel is an Information and Communications Technology (ICT) company. It is a wholly-owned subsidiary of the Government of India and is run by the Ministry of Railways.

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Bank NPAs Could Rise To 9.8% in March 2022, says RBI – Top Indian Market News

Bank NPAs could rise to 9.8% in March 2022, says RBI

The Reserve Bank of India (RBI) has said in its Financial Stability Report that Non-Performing Assets (NPA) at Scheduled Commercial Banks (SCBs) could rise to anywhere between 9.8% to 11.2% by March 2022. The Gross NPA ratio for SCBs stood at 7.4% in March 2021. The report further states that Public Sector Undertaking (PSU) banks could see their bad loans rise to 12.52% by March 2022. PSU Banks had reported a gross NPA ratio of 9.54% as of March 2021.

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Edelweiss Financial Services to exit insurance business

Edelweiss Financial Services will exit the insurance broking business by selling its 70% stake in Edelweiss Gallagher Insurance Brokers Ltd (EGIBL) to US-based Arthur J. Gallagher & Co. (AJG). AJG currently holds a 30% stake in EGIBL. The transaction is likely to be completed within 10 months. This acquisition is subject to approvals by the Insurance Regulatory and Development Authority of India (IRDAI). 

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SBI MF launches ETF on Nifty India Consumption Index

SBI Mutual Fund is going to launch an exchange-traded fund that shall track the Nifty India Consumption Index. The new fund offer (NFO) which began on June 30, 2021, shall end on July 14, 2021. The Nifty India Consumption Index tracks a basket of companies that represents domestic consumption. The index contains stocks like Hindustan Unilever (HUL), ITC, Asian Paints, Bharti Airtel, Maruti Suzuki India, and many more.

Bharti Airtel launches ‘Black Plans’ to increase revenue

Bharti Airtel Ltd has announced a new plan known as ‘Airtel Black’. This plan intends to bundle telecom, DTH, and fibre under a single billing plan. The subscribers of Airtel Black will be entitled to priority resolution of faults and extra benefits. The move is aimed at attracting high-paying customers and driving average revenue per user (ARPU).

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India’s exports hit $95 billion in April-June 2021: Piyush Goyal 

India’s exports have touched $95 billion or nearly Rs 7 lakh crore in the April-June quarter this year, said Minister of Commerce and Industry Piyush Goyal at a conference. The minister also commented that despite Covid-19, India saw foreign direct investment (FDI) inflows of almost $81.72 billion (~Rs 6.09 lakh crore) for the financial year 2020-21 (FY21). The top investors who contributed to India’s high FDI inflow in FY21 include Singapore (29%), followed by the US (23%) and Mauritius (9%).

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Zydus Cadila gets USFDA approval to market generic HIV infection treatment tablets

Zydus Cadila has received approval from the US Food and Drug Administration (USFDA) to market generic Emtricitabine and Tenofovir Disoproxil Fumarate tablets. The drug is used with other HIV medications to help control HIV infection. The tablets will be manufactured at the pharma company’s formulation facility at SEZ, Ahmedabad.

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Laurus Labs receives license to manufacture Covid-19 drug 2DG

The Defence Research & Development Organisation (DRDO) has granted a license to Laurus Labs to manufacture and market 2-Deoxy-D-Glucose (2DG). The Drugs Controller General of India (DCGI) has given emergency approval for 2DG for use on Covid-19 patients in our country. Two other companies— Shilpa Medicare and Dr Reddy’s Laboratories— have also received approval to market 2DG.

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Mindtree completes acquisition of NxT Digital Business from L&T

Mindtree Limited has completed the acquisition of Nxt Digital Business from Larsen & Toubro (L&T). This will enable the IT firm to capture opportunities in the Internet of Things (IoT) and Industry 4.0 space. The cost of the acquisition was Rs 198 crore. L&T is also the promoter/holding company of Mindtree with a 61.03% stake.

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Adani Ports registers 83% YoY rise in cargo volumes in June

Adani Ports and Special Economic Zone (APSEZ) handled cargo volumes of 25.54 million metric tonnes (MMT) in June 2021, registering a growth of 83% on a year-on-year (YoY) basis. In the container segment, APSEZ handled cargo volumes of 0.67 million twenty-foot equivalents (TUEs) in June. The company handled cargo volumes of 75.69 MMT for the April-June quarter (Q1 FY22).

UPI hits record 280 crore transactions in June 

The United Payments Interface (UPI) hit a record high of 280 crore transactions in the month of June 2021. The value of UPI transactions grew by 12% from Rs 4.5 lakh crore in May to Rs 5.5 lakh crore in June this year. The is mainly due to the recovery in our economy, as the number of Covid-19 cases slowly decline and businesses reopen.

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